emac, is the esident right or wrong? >> no, he is wrong. he said at that time he had no patience with what was going on in the irs. he found it outrageous that the irs must be held accountable. and irs workers are saying this a task force in washington d.c. basically oversaw the political targeting. the head of the irs ting to silence the opposition and didn't like the way the country was run. >> rick, usually when you hear politicians saying it is phoney and fake, usually that means we have hit on something, no? >> only when it is democrats. >> yeah, look. the president is t suddenly saying that the irs targeting of conservaves di't happen. as liz said he acknowledged it. but he is drawing a ne to the white house exhibited by the daily caller when they pretended that the irs attorney went to a meeting, which he did in the white house two days before. >> what was the pretense. he was there and we have a picture. >> take a look at that picture. you will see him with three other agency people and at meeting with thepresident. they come from a

. >> emac, you asked why everything has to be a multi-cultural event, but it isn't.have a special day every once in a while. >> what's wrong with that? >> isn't it getting exhausting, all the time, multi-cultural. i'm sorry. my point is we already have the olympics. why don't we have multi-cultural bowling, tennis and hockey? >> because most cultures don't play tennis, hockey, bowling. >> exactly. >> andy, there is one culture, it's called america. if you don't like it, get the hell out of here. >> move to canada. why don't we celebrate canada day on july 1. >> because it's canada? >> no, there has to be -- you can't get ridiculous. >> see, you just answered your own question. >> canada is ridiculous. >> canada day, will they be celebrating justin bieber. seriously. >> i think justin bieber should go to a baseball game and get sensitivity training. >> whatever clubs still have bat day, they hand out the bats to people on the way out. >> interesting. >> that's a new development. >> something they could have thought of 50 years ago. 21st century device. >> but, bill, h

. >> i don't understand the left's love of violence and french emacing the camboddian murderers in the60s or embracing the oklahoma city bomber. this is what people should do. write to the advertisers and corporate officers and board of directors and write to every advertiser and said is this what you stand for and are these your values in>> this is something very commercial. did the ploy work? have we talked about it enough. >> the good thing and redoming thing about a boycott and a competitive economy that the power is limited. what would be scary if someone had monoply power and i don't like the politics of your owner and you can't get a permit in my city. >> john, is a boycott necessary or not? >> rolling stones is a private enitiy. if it want it on the cover it is fine. it works both ways i think. >> and businesses had nothing to do with the verdict. they are finding themselves in a violent. why is capitalism unr attack. and you want to quit shelling out green in the pump. some say get rid of the >> ouch. pain hitting drivers everywhere. natial average for gas jumping $0.20 a gall

emac, how can they do this without congressional approval? >> that is exactly right. three gop members. house, fill roe, kevin brady and darrell issa saying same thing. you can't ignore the law and constitution, constitution article iii, section 2, you have to dutifully to execute the law. you don't have discretionary power to enforce the law and what laws you pick and choose. kevin brady saying, i may hold a hearing and phil roe i want congressional reserve service to look into it. adam: did heay what resource congress would have tt make the president follow the law? >> he didn't say what recourse, treasury and administration saying, national federation of independent business said we want this delay. it will cost 1.6 million jobs. as we pointed out, what about the individual mandate why not die lay that? that takes effect this january 1, 2014. if that individual doesn't have affordable insurance offered to them, do they get put into the state exchanges? already we're seeing those costs doubling for the state exchanges. that is has got orrin hatch up in arms too. ada

know that, so on that picture that we have of him on the medical examiner's table now, it does look emaceated. but here's him three months before that night. so it's in evidence. take a look at it. because this is the person and this is the person that george zimmerman encountered that night. this is the person who all of the evidence was attacked, or attacked george zimmerman, broke his nose or something close to it. and battered him on something, and the state now may say, oh, maybe it was a -- and no intent to hurt there, because it was just coincidence that he was bashing his head on something hard. it was a drain box. really? c'mon. really? those injuries? you've seen this before, it was out of this darkness that trayvon martin decided to stalk, i guess, plan, pounce, i don't know, all i know is that when george zimmerman is walking back to his car, out of darkness, be it bushes or darkness or left or behind, or somewhere, trayvon martin came towards george zimmerman. out of this. and we know what happened. that the picture is what happened. and it's supported by evidence. you know you k

liz: is here with emac's bottom line. liz macdonald. >> california, arizona, texas.ey're buying in new york, nevada, georgia and north carolina. lori: that is not surprising. that is where i would buy. >> that's right. those are the resort areas. they're the vacation areas. china is the fastest growing group of foreign buyers here in the united states. get this. 70% of the deals are all cash deals. they're buying pricey homes. 70% of the deals are all cash. check out these statistics. from the national association of realtors. they are buying median, 425,000-dollars home. median nationwide being purchased is 276. the thing is, yes, china is still second to canada in terms of number of foreign buyers here in the u.s. they are coming in big-time. they are fastest growing group of buyers. listen to this. in california, more than half of the homes bought by foreign purchasers are bite by china. adam: are they doing this as investment or people for second homes moving here? >> that is a key question. they're buying in suburbia. they're buying where tech companies are. chi

liz: with emac's -- elizabeth macdonald's bottom line. >> what we're talking about here, essentiallyeing charged with securities fraud. here is what they did with making their financials hot dogs and weaners. they essentially took money from a construction fund to fill, make up their finances in the general fund. ashley: sure. >> in order to lowering their borrowing costs in the muni bond market, right? ashley: right. >> they issued three separate bond offerings but got great credit ratings on them. lo and behold, fraud, falseification, misleading investors based on the finances were worse than what they were showing to investors. got to the point the sec got so angry, should be noted the sec has a unit inntheir enforcement division looking at muni bond fraud. here is what a sec official said about what is going on in miami. the look at this quote. the fact that a city official would enable the false and misleading disclosures to investors? they have already been reprimanded in 2003 for doing this in 2000 one? they had a cease and desist order. he said this is appalling and unaccepta

emac's bottom line. hi, lizzie. >> good to be with you, tracy and ashley.theme here is bore something actually sexy when you see the year-to-date returns, wow, they're more than double digits. some of the regionals, little guys, are really making a lot of money and stocks are showing it. year-to-date change, up 73%, all the way down to homebanc shares, up 59%. bank of the ozarks reports after the bell. we're looking for 57 cents a share. that stock is up 37% year-to-date. fifth third reports next week. they're up 24%. what is going on here? they're making money the old-fashioned way. long term lending rate is up a full percentage point since may. that fastest growth we've seen since 2010. they can raise prices on new loans. we know they are pummeled by slim lending margins and net interest margin everyone talks about has been razor thin but they may be expanding for these banks. we're not just talking regionals like fifth third. the other thing at play. some stocks are momentum plays. they hit a crater during the financial collapse and troughing along a the

with more on the story elizabeth macdonald joins us with emac's bottom line. >> they want to drop itfor fiscal 2014. that is lower than the 11.9 billion than fiscal 2013. thed if wants 12.9 billion. representative nita low which waying in. a democrat on house appropriations committee. not like hearing what the gop and house budget are doing. here is nita lowey. >> cud cutting the funding to the irs is totally irresponsible. if you don't like the work of the irs, if you think you can improve upon it, then, suggest that we replace those who ran it and caused part of these scandals. that is in fact what the administration did. >> the republican chair of the house appropriations committee, hal rogers, disagrees with congresswoman nita lowey. here is hal rogers. >> this is a way for the irs to show us that they can do their job albeit at less cost. >> here's what the bill would seek to do in cutting the irs's budget back. again they're very upset. of course house gop members of the appropriations committee. according to sources there, with irs targeting of the tea party and conservative g

thanks, emac. ashley: coming up to a quarter past the hour.oor of the nyse. you're following the latest on boeing. >> obviously they continue their investigation as to the fire and what happened at heathrow airport. the stock is up 3 1/2%. one of the reasons we're seeing boeing doing so well today because the findings thus far that it is not the lithium-ion battery and that watts number one problem of the dreamliner. so just ruling that out alone is, a time of celebration for the shareholders here. they see the stock is up 3.5% at 105.50. obviously they're continuing their investigation. now as the plot thickens here honeywell is being brought in and they have confirmed, honeywell the company, is too participating in the u.k. investigation into the fire on the 787 operated by ethiopian airlines and the fire on the tarmac at heathrow airport and now they have a part that was a locator transmitter. it was built by honeywell and maybe, a possible a cause of the fire. a emergency locator transmitter. so they are looking into that as well. we see h

emac. >> good to be with you be ashley and tracy.ss conference behind us, preet bharara and the assistant director of the fbi new york office calls it systemically. calls it basically the worst insider trading case they have seen in history. substantial pervasive insider trading where sac capital actively recruited research analysts and portfolio managers to have, to basically mine data and mine information at publicly-traded companies. 20 different publicly-traded companies including cisco, yahoo!, dell. preet bharara saying essentially that sac capital turned into basically a magnet for cheaters. here is preet bharara. >> today's indictment though is not just a narrative of names and numbers. it is more broadly an account of a firm with zero tolerance for low returns but seemingly tremendous tolerance for questionable conduct. and so sac became overtime a veritable magnet for market cheaters. >> and also preet bharara saying that this insider trading took place for more than a decade at sac capital. fox business asked preet bharara

lori: thanks very much, emac.been two days since google announced the chrome thumb device to plug back in the tv. google is putting kibosh on netflix promotion due to overwhelming demand. you buy that gadget get three months chrome video streaming service. $35 included in the netflix thing and comcast, i'm trying to speak here but not doing any job. lori: i'm not doing any better, backing up explanation. dennis: sold out on amazon.com. i have one from the show last night. they're supercool. it will be available in best buy stores by the end of the month apparently. very cool, it will wipe out apple tv. well, no, maybe not. google is not that good of consumer stuff. such a cool device, guys. think of it. now there are big boxes feeding video to computer. a little thumb drive. plug the baby back in a slot. that is so cool. lori: market getting tighter because of competition. dennis: as we do every day at this time, check the markets. we have jason weisberg on the floor of the new york stock exchange. hey, we were do