melissa: yeah. >> there is no reason for us to do this. two greatest heart surgeons, denton cooley and dennis dabake were here. they started this industry and we've just had a monstrous growth. melissa: yeah. >> we've recruited one top doctor after another. it's hard to get them to come the first time. once they're here and they realize the capabilities that we have here. melissa: really. >> because of the heat. they hear all the stories and all you guys on the east coast say all the time. melissa: we've said nothing about how gorgeous the weather is. >> you have. but they think we're still a cow town. if you look behind us there isn't anybody on horseback with a gun i don't think. melissa: no. >> we get down here and easy place to live. it face nominal job market. we have had the money. we've been fortunate enough to have the money to develop. melissa: yeah. >> at ut, one of the things that we, the university of texas system, voluntarily said to us, look you've got the biggest medical center in the world. let's build the best. if you look

melissa: wow. >> so the universities have to be motivate to do it. that is the place to start. lissa: why have we gotten to this point? are the jobs not lucrative enough? are americans not naturally interested in this? >> it is interesting because if you take the software industry we're shorten gears continually. in america right now, engineering is a full employment practice. so it is a great place to start a career. it is a well-rewarding career. and i do say that the engineers create jobs. not only are they jobs with, where they, create manufacturing opportunities and they create jobs in america. melissa: you're all about economic incentive. should we structure loan programs or make it cheaper to borrow money to go to school to become an engineer? >> i don't think you need to do that. i think we need the engineering programs. we have to get people in this country to understand exactly where engineering can take people. it is at the core of many of the things we do, whether it is process or technology. whether it is business generation, engineers are the at core of it. melissa

melissa: do you have a television? >> i have several. nd jerry's board. >> what kind you have? [laughter] melissa: well done. >> you left it out there. i had to. melissa: all right. let's move on. this is unbelievable. an employee at the bank of america subsidiary was a set of a when he was being paid, so he moved his bosses at the end of the meeting. he wasn't even fired. in fact, his boss said that he was one of a one percentage could be granted

do. melissa: right. >> you've had german leaders, one on the bank board itself saying do not buy bonds. ad others saying we must buy bonds. merkel herself has been a bit of a sphinx in this. melissa: they all go down together. moody's cites deterioration in creditworthiness of e.u. member-states. do you think? that seems pretty obvious at this point. >> it is not just a financial issue. it's very important, and u emphasized this repeatedly on your show. there is a real economy issue. in spain, for example, turns out they went into recession in the last quarter of 2011. it's been a mild recession so far. but it's been a double-dip. what you've seen in the united states is how much pressure there is politically on leaders. we've been growing at 1.5 to 2%. melissa: right. >> any cutbacks get tremendous resistance. that is all you see at the democratic convention this week. imagine what would happen if we were in recession. melissa: real quick before you go, is there any chance we check out on this, this is very annoying. it doesn't affect me, i don't want to pay any attention anymore? does

melissa: yeah. >> it is what we need to do. we've always done to get a real job-driven recovery going. melissa: yeah, peter i thought she was going to say that we need to spend more money to have the government buy stuff but she said we need to get people back to work so they could go buy stuff a little birth of a circular argument. how do we get people back to work? the government tried it. seems like the private sector needs to do it. how do you do that? >> well economists agree there is not enough demand and one of the biggest holes of demand in america today is the huge trade deficit, $600 billion. half of it with china and half of it with oil. the president shut down the development of virtually all offshore oil. we have some onshore development but if we opened that back up again, you know, instead of importing eight million barrels a day from the middle east and other place it is would be four million barrels a day. that would translate into easily 2 1/2 million jobs. if we took the actions towards china, that the presid

do that, i don't know. maybe for a short period of time. melissaone thing we're mind fu of as we're out here, sitting against the backdrop of sequestration across the board funding cuts. and i know that is not what you do but, what is the impact, how valuable is the money spent here? let me ask it that way. >> well, it is really, i think it all goes back to the global economy and global bill village we live in. it is an investment to keep this global commerce going. and so. without that investment we can only speculate what might happen if we weren't here. melissa: i think it is fair to say without the strength of the u.s. navy patrolling these vital commercial sea lanes we would be seeing even more dramatic swings in price flush wages -- fluctuation in the oil market. >>> how crucial are the u.s. efforts in protecting the strait of hormuz for the world's oil supply? i spoke to fadel gheit who knows every aspect of the oil industry from his work as an engineer with mobile oil. he is now one of the most respects oil analysts on wall street and here

what will you do to help our people? melissa want to hear about lowering the deficit at democratic national convention you will be waiting for a very long time. i don't think there is anywhere on the list at all. why do you think that is important then, and if you don't get it there are you not voting for those guys? >> no. it is a matter of this. if you don't have a plan to lower our deficit, america's going to end up in the same problems that many european countries ended up with. they keep on running debt and our dollar gets devaluated. the u.s., the united states gets deevaluated. this is wrong. they have got to bring up what are we going to do, what is your administration going to do? but more important, i haven't heard anything new. what are going to do to lower the deficit? what will you do to create more jobs? what will you do to be more accountable for that? if they don't mention that, america becomes like europe and none of us in america want that. none of us want that. melissa: from the reports i've been hearing about

melissa: do you have the numbers? do you know how close they are to parity right now? how much longer it wou take? >> they're producing, they said under president obama, wind has doubled. under president bush it doubled also but as an energy source they're still less than 10% if you include solar as well, and that is a generous estimate. natural gas is way above that. coal of course is way above that in terms of electricity generation. this is a niche product. we're not saying it shouldn't exist in the marketplace but there is no way it will ever come to make up for the energy that is produced from coal, oil an natural gas. melissa: no but you know clean energy advocates once again, i'm not counting myself among them, i'm trying to make the debate fair and balanced would say it is all about having a mixture of energy out there. that we want to have it in the mix, so you would support it for a while so that it could be part of the solution. is that a valid argument? >> well it is certainly valid argument if we're talking about the marketplace. that should be the arbiter

melissa: yeah. >> and, what we're trying to do is make fracking more benign with this technology. ssa: yeah. what other kind of deals are you out there looking at? can you gift us a hint what industry they're in? i know energy is your focus but what o you like? >> well, sure. we are looking at an a and p company that, you know, drills also in the per me an basin. they have been very successful going into old wells. and here's an example again about water. this is not water used for fracking. this is water produced along with the oil. and we can make 50 to 100 barrels a day of oil but along with it it we get about a thousand barrels of water. we have to figure out ways to dispose of that water. now in this instance we can pump it back into the ground into some of the existing reservoirs but the fact we have a way to deal with water disposal makes this an investment that otherwise we might not make. melissa: very interesting. we're going to have to follow these invests. thank you so much for coming on, appreciate it. >> you bet. melissa: that was joe foster of course. texas's economy

when they are it doesn't do any of us any favors. melissaainly there is a lot of abusive practices targeted at them. when you talk about these payday lenders who charge usury rates to simply cash someone's paycheck if getting that, so what do you do about this problem? how do you turn it around? >> well it's a big problem. bretton woods study from 2011 show people paying on average, $720 a year for alternative services. that is lot of money for the people on the lower end of the economic spectrum. a lot of ways to get people on. i'm in philadelphia. it has a terrific bank on philadelphia programs. it creates low cost low fee bank accounts get people into a simple product and demystify the entire banking system. melissa: jason, thanks for coming on. i was so surprisedded by this study. thanks for breaking it down. >> thanks for having me. melissa: a nasty tax hike could be on the way for windy city taxpayers. talks on the teachers strike is reportedly making progress. we'll crunch the numbers on this one coming up next. >>> plus, who knew far

we believe there is time and space to do so. melissa: does this help the president persuade the world that he is tough on terror? let's talk with someone who definitely is, new york city mayor rudy giuliani. what do you think of that? >> i thought president obama pursue basically failed policy from the day he got into office. he was telling us that four years ago we were going to pursue diplomacy. in that four years iran enriched-uranium three times more than when president obama came into office. they're on the verge of becoming a nuclear power. the president pointed out they're the biggest sponsor of terrorism in the world. what happens when the biggest sponsor of terrorism in the world has nuclear materials to give to terrorists? that is disaster for the entire world. melissa: he says i'm tough on terror. i got bin laden. >> yeah. well, that's about it. you see how tough he is on terror. shouldn't dissuade the people in egypt from the protests they engage in. didn't stop people in libya for killing an american ambassador, the first o

melissa: yeah. does anyone have the political will out there to do it? >> no. no, they do not. they do not. certainly not between now and election time. melissa: what about after the election? >> we don't know. all depend who wins. we've seen what happened with one administration. frankly they didn't address these issues which was really the sad part of what they came into office with. they did not really solve any of the major problems we faced with as a country. melissa: i don't know if anyone has the political will to address it even after the election that is my fear. >> i disagree with you. melissa: good. >> a president who addresses this issue will actually enhance his political standing. we are looking into this country for political leadership. we didn't get it. we know we need it. it is only way you can get anything done as ronald reagan did with tip o'neill, the democratic speaker of the house when they reformed and revamped social security in 1983 when it was about to go bust. we need that bipartisan relationship. this administration has no relationship with people on the other si

doing with it? wearing it on the ring? melissaan come up with 15 million by then. >> oh, yes. i have some money put aside. >> when you do research it traded hands about 20 years ago in 1993 and then it was 10 million, so it's kind of on demint 50% of its value in 20 years. >> not that great. melissa: you know, obviously difficult to unload, not terribly liquid. your frawley to 50 percent is great. >> on friday it the analogy. a huge, huge. melissa: that would be hard to wear. what you do with that? >> you could come up with something. >> nothing and would not do. that it cannot ride. >> i always knew it. melissa: the royal wedding is on the auction block. the first slice sold for more than $20,500. the piece is said to be very well preserved. i mean -- >> what would you do for a slice of cake? that's what i want to know. back to the cake. the year-old. here we go. so there are three pieces of cake that are actually part of this auction. one from the royal wedding of prince charles and lady diana. so that is old and, i don't know,

do? >> absolutely. i agree, melissa. thanks for having me. do have a contingency plan we're having schools and parks open for kids to come to but let's cut to the chase as you said. this strike is a shame they're on strike. they should not be. they should be in the, teachers, we have fantastic teachers. i support the teachers. but the union by calling this strike made a severe mistake. our kids are not being taught. our parents are having to find other coverage for them. it is a shame. it should have never happened. they're very close on a couple small issues. melissa: alderman, i have a couple problems with what you said already. you say the teachers are doing a great job. alarms me here anyone is asking for pay raise when you look at facts, 15% of the fourth graders are proficient in reading. >> 15%? >> right. melissa: in 2012 chicago's freshman dropout rate was 39.4%. that is just terrible. i'll give you last one. only 60% of the chicago high school students graduate, compared to national average of 75%. given those statistics why does any

melissa: do you have a photo? do you hang out all the time?: when he was ceo of merrill lynch was having that ridiculously expensive office. just let me finish. [ talking over each other ] this is a news story. do you want people to watch? lori: go on. charlie: my nose is itching. he does not have the same office. it is described to me as lots of formica and plastic. very low-key. it kind of looks like an insurance office. got that out of the way. cit. he has learned his lesson. can he sell cit to a big u.s. bank? he wants the work back on wall street and want to run one of these places. since the london wales trading mishap, what i understand, what bankers are telling me, regulators have clamped down on major acquisitions by the six or so systemic important things. wells, bank of america, citigroup, the big players. they are really worried whether these banks are not just too big to fail, but too big to manage. what bankers are saying right now and maybe after the election, there will not be a major acquisition. does that mean zero, none, i d

do you ever have too much money? ♪ . melissaho do you think make more money state government employees or people in the private sector in in a new report citizens against public waste says public workers. on average they make 6.2% more an hour in wages and benefits than the same exact job in the private sector. with me with the details is fox business's very own rich edson. rich, what did they find? >> well melissa that government spending watchdog here in d.c. says every state in the united states pays its workers on average more than employees doing the same job for a private company. and the group says much of the blame falls on retirement benefits. now these pension and salary totals vary by state. the report says the states paying workers closest to private sector salary and benefits, new hampshire, rhode island, vermont, south dakota, and wyoming. states with large of the gap, california, new york, north carolina, ohio and texas. for comment the american federation of state, county municipal employees referred fox business

. >> melissa, do you want to make that proposal? highlighting the block of th e post of van ness and franklin which would put the cathedral hill development in 25. >> that is a population of one person. >> who lives there? >> the guards. >> the deviation for district 2 would be -5%. we will be checking on that. >> it is still ok. it is still ok. >> would you like us to check on the deviation? we can take a look at it. >> it becomes 6.9944. >> i have some good news for you. the deviation is 4.998%. >> ok. please highlight it. 4.998%. commissioner tidwell: yes. commissioner schreiber: there are fewer people who live on the median strip on 19th avenue. yes. commissioner pilpel: no. commissioner mondejar: yes. vice chair lam: yes. commissioner leigh: yes. commissioner alonso: yes. >> please make this change. yes, mr. schreiber. commissioner schreiber: i had this on my list as something that you mentioned. commissioner pilpel: the tingly trade that i describe the other day and we did not come to consensus on doingis to take the area sout

they will be out there doing that, regardless of the level of threat. they will just be more careful. melissa: we had a guest on yesterday saying international companies will pull back, having their people out in regions where they are receiving these threats. it seems like it is the smart thing to do. now you have al qaeda saying that they are focusing on threatening companies internationally as well and their personnel. do you think this poses a threat to international business, and in fact the global economy? >> first of all, not to the global economy. in the terms of american business interests, each company must, based upon its own legal and insurance policies, take care with its own employees, particularly when there are threats out there like that. each company has its own polly, melissa. again, i do not think this will have to long-term, significant impact we can measure on either the american business posture in the middle east or on the global economy. melissa: you are somebody who has, pretty much unique experience out there in the exact areas that we're talking about, facing these

international community, by the united states, israel may have to do what it has to do and then make the phone calls. melissa: yeah. we were all sort of stunned in the newsroom and stood up and looked at this because he is holding up this giant whiteboard to make his point. what do you think the reaction will be now? >> well the reaction of course on behalf of the iranian regime and their allies, that would be the syrian regime, hezbollah in lebanon, some politicians in iraq, hamas maybe, they could attack the prime minister of israel and accuse him of escalation. reality others in the region, such as saudies, kuwaities, threatened by the iranians have someone speaking on their behalf but not a arab leader, the leader of israel. melissa: i was in the middle east recently and leaders are definitely nervous. they see this as almost an inevitable conclusion at this point. do you think 70% to a bomb is about where they are? do you think it is even further than that? >> i think iranians are working on two tracks. one is slowly gradually to get to the bomb, maybe 70% or so possibly but there's another track, melis

i think that will do the trick. melissa don't think the breathalyzer will be a festive the way it is to prevent truckdrivers. if you are a tribe that does not mean that you are likely to, you know, create this problem. if you're hung over you're not going to have any alcohol in your bloodstream. it more likely. >> regard to show up and defend them. you're not really drunk. this press machine has issues. all the time. there we go. melissa: one more. take a look. these are nuggets of delicious dishes that are now at pizza hut. it is the kitcat pop. kitcat candy bars wrapped in pizza dough. pizza hut is only selling them in the middle east. what? come on. why would this be more appropriate in the middle east than right here. >> i thought you had some on set. come on. to this story, we have to sample before we can talk about it. >> anyone getting of these roller-coaster is. kitcat bars. melissa: i don't know. they look delicious kids and a blanket. all right. here's the question. are americans getting dumber? fox business tom s

melissa: was is basis? >> they doe a right to strike based on teacher evaluations and those types of trivial issues. they only have a right to strike is based on pay, finances. melissa: it has to be about money. >> right. and this is not about money. all they have debt allege in their paper work, one percentage is about money. and he did promise them 4% increases last year. now he has rescinded that. that is part of the platform. they will get over that hump. now the mayor has a second point. this strike is endangering the welfare of the children because they are out of school. melissa: i think that's a good argument. if i was apparent in this district would be reporting at. >> and the parents are. one day, two days, we will back you up but now we're into the second week. however, right after summer break to say that children who were just on for two months, if they stay home and extra week, their welfare is in danger. it's a little bit of a wrist. parents do plan for when children go back to school. obviously day car

melissa: doing something so dramatic and so big, doesn't he? >> i will tell you this, democrats in the house were hammering away, say we need more money, we need more money. anytime ben bernanke would go to capitol hill the democrats said inject more money into this economy right now. the connection between what the fed is doing, independent of politics, but the last couple of years they have intruded on some of these decisions they have made. >> have a long ways to go on that one. thank you for coming in. >> that is the scary thing, we spend so much, at some point you have to pay the piper. gerri: that is absolutely right. it is always good to see you, sir. i'll be joined by scott martin will tell us how the announcement would affect you and your money. listen to this, one group of people hit particularly hard our returning veterans, but there is the hope with websites like heroes to hire. their mission matching those with military training, civilian jobs are right for them. founder and ceo helping launch these sites. >> we saw there was a gap

melissa: exactly in new york we build that for a garage. >> why do his chickens live better than i dothis. melissa: i don't know. get this guy on the show. >> like the great gonzo from the muppets. >> what happens to the chickens though? do they kill them and eat them? melissa: that can't possibly be the case. we have a guy selling a million dollar gold vacuum. maybe he could sell this to that guy. that might be his customer. one way a campaign raises money selling their flag. here is some of our favorite items. have you seen these. campaigns, these are roo he will. -- real. obama's campaign made in america mug complete with his birth certificate. that is pretty funny. t-shirt that reeds, health care is still a bfd. you guys are not --, not laughing though? a mug for joe biden, cup of joe. that is pretty cute. birth certificate is pretty funny. >> i have that one. i'm an idiot but i bought that mug. >> obama people, spent 15 bucks on a mug. stop sending me solicitation. melissa: pay to be on -- >> i get more e-mail from president obama than our princes trying to --. melissa: want to h

melissa: you have the all-star panel. >> we do day in, day out. lissa: 41 days to the election, you have got a lot to talk about. >> indeed we all do and a lot to pray over. melissa: lou dobbs, thank you so much. it is quarter to and as we do every 15 minutes let's check the markets. nicole petallides on the floor of the new york stock exchange. after two years of talks between dollar-thrifty and hertz they seem to be closing in on a deal? >> this is one to look at. this is go shop period. in other words a company makes an offer but the company being offered tons of money i want to shop around to see what i could get. turns out that dollar-thrifty find no other buyers other than hertz. so hertz is finally feeling pretty good here. their buyout offer of 87.50 a share is scheduled to expire october 5th. we'll see what happened. dollar-thrifty's board recommended stockholders accept the offer because they're not getting too many offers. hertz announced it would agree to a $2.3 billion deal for dollar-thrifty a month ago. we'll continue to watch it. yo

melissa: yeah. dok there is some people who think there's been a real fundamental shift in housing? that we'll never see the price inflation that we have soon in the past and housing won't be the sail type of investment, at least, you know, in our lifetimes, maybe our kids lifetimes? we won't see that same kind of push higher? do you think there has been a real fundamental change? >> absolutely. if we go back to the late late 1990s, franklin raines, i don't know if you remember him, ceo of fannie mae, had a video, touting advantages of homeownership. housing only goes up. melissa: amazing. >> they took the video off the internet. said there was no risk to it. i saw it back then and said, what the heck? i think americans no longer buy that poppycock. lori: anthony, sorry to cut you off. i have such a bad habit of doing that. i want to talk to the median price going down for a second month but we're still on track. do you agree for an overall gain in house prices this year? prices were down last year, ri

melissa: time for stocks now as we do every 15 minutes.ack to the floor of the new york stock exchange. nicole petallides. nicole, the dow is losing steam. it was up more than 100 points at one point. i'm curious if you and traders watching the tv screen and seeing all the unrest and protests going on, continuing in north africa, the anti-american sentiment and if that is setting off concerns about our stability? >> those are the types of things that circulate among traders here on the floor of the exchange. we've seen oil higher. you see the dollar dropping, the vix, the fear index is up again. yesterday when the markets were taking off the vix dropped significantly. so the fear index is up significantly again. we have lost the gains significantly from the high of at 13,653. look at telecom companies and at&t and verizon. both were downgraded at stifel nicolaus. cut to a hold from a buy. weaker margins because they have to subsidize the iphone 5. while apple is hitting new highs at almost $700 you're seeing telecom stocks coming under pre

tell me how you do that? melissa: no, bruce.t to talk a little bit about your history. you're someone, you had a furniture company here in the u.s. you sold it to another company. they outsourced a lot of the jobs and ended up closing the factory where you live. you decided to reopen that business, to start over again, essentially from scratch. now you have a lot of workers and once again, another thriving business. why do you think that mitt romney is the right guy to help duplicate that experience or help people like you create jobs around the country and dig us out of this mess? >> governor romney, i believe, will surround himself with like-minded business leaders who understand the business community and the need that businesses have, large and small, for capital and enforcing existing trade laws, education and all those, all those tasks that are required to, to help businesses. and better yet, i believe that governor romney will be able to not only propose these ideas but he will be able to pass a budget that will have part

melissa: yeah. >> we're not doing terrible. at are they making in switzerland so great and putting them at the top? melissa: chocolate? >> it's a secret. [laughter] melissa: only thing i would quibble with the animation piece. i read the study. we still have apple. and a lot -- no, we don't? no good? you have an iphone? macbook? >> i mean, when you start to --. melissa: ipod? >> evaluation of our competitiveness and our innovation the great technology companies reside, for the most part in the united states. melissa: right. >> that is where most great strides have taken place in technology. unfortunately, when you start looking at, you know, the biological sciences, life sciences, where once we dominated, they are moving, around the world. we are losing in some quarters of where once we dominated. pharmaceuticals, just the number of pharmaceuticals that are american, those companies, at a time, particularly when it seems we need them more than ever, we have fewer than we have ever had. lori: that's such a great point. whenever w

melissa: they do that in europe all over the place. lori: a lot of news going on, also, the iphone 5 debuted, and we have pictures. tim cook, the ceo of apple, says this is the most beautiful product ever made, bar none. made of glass-aluminum. 4 inches screen, 20% lighter than the previous iphone models. the 4g speed, compatible with other phones out there, and the iphoniphone 5 adding another rof icons. speak to the world's thinnest phone. lori: this is where apple does a lot of their debuting events. we will continue to bring you the latest developments in faux and announcements. melissa: and more pictures. he does not plan a hedge fund anytime soon. >> have been talking to friends, here's what they say. it is kind of interesting, some people addicted to love, jon corzine is addicted to trading. no doubt, i am not kidding. this is what his friends say. he is communicating this to his friends, one person removed, three people removed, one person, one layer. friends say jon corzine say he will not start a hedge fund anytime soon. he s

melissa: what do we get about this whole thing? rudy giuliani coming up 5:00 p.m. ern here on "money". lori: have a fantastic show, melissa. philadelphia fed president charles plosser is not happy with the fed's monetary policy. what should be done? find out his views after the break. peter barnes has the exclusive interview. melissa: first a look at some of today's winners and losers. research in motion topping the list. up 31 cents on that stock. we'll be right back. lori: it is quarter till. as we do every 15 minutes let's check the markets. nicole petallides on the floor of the new york stock exchange with a major analyst call today. >> that's right. taking a close look here at walgreen's for the folks who live here in new york city. you're very familiar with duane reade pharmacy and that is under the umbrella of walgreens. look at the stock here. a gain of 1.5% here for walgreens. goldman sachs adding walgreens to the conviction buy list today. what is interesting back in january they cut walgreens. they reinstated the buy because they think they're regaining c

we should do this every day. melissa: why not? why not do it at the same time?at's a great idea. lori: we always come up with new an brilliant things. >> the producers must be proud. lori: we will watch i at 7:00 and 10:00 eastern as well this evening. tonight catch joel klein, executive vice president of news corporation to talk to lou about the latest on the chicago teachers strike. have they finally reached a deal and what will it cost taxpayers. melissa: it is almost quarter to. lori: are we late? melissa: we try to do it every 15 minutes. nicole petallides on the floor of the new york stock exchange. you're looking at major movers. >> we're looking at energizer. let's start off with energizer when you look at it you think about batteries for the most part. they are completing a review. this should ultimately work well. up 12% today. working on cost structure and operating model which will bring them cost savings of $200 million. so that will improve their profitability and drive the long-term growth. they're noting they reaffirmed earnings outlook for the f