peter morici. to you as well, james. >>> money is flying around the world starting in australia where the man is selling his home for bitcoins. cliff white is so taken with the virtual currency he accepted an offer on his house from an american buyer. white who owned the home for more than a decade, plans to keep the proceeds as bitcoin because he expects its value to continue to grow. i will sell this guy a bridge in brooklyn. he originally purchased $9,000 in 2010. it is nearly worth $100,000. not a bad return. >>> in u.k. brits are going crazy over boxing day sales. seen retail stores slash prices in an event similar to our black friday in united states. shoppers rush out to stores in city centers across the u.k. to find bargains on big-ticket items. they lined up for hours despite heavy rain that had part of the country under water. >>> authorities find illegal smuggling tunnel from the south to hong kong. it started in a parking lot and stretched for almost 130 feet under a river. the tunnel w

. >> our economic crew there, peter morici, ron insana, thanks so much, guys.t wraps up this hour of "jansing & co." thomas roberts is up next. stick around. eing your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. >>> we begin this hour with developing news. a second bombing in as many days in the same city in southern russia with the start of the olympics now just weeks away. this is a major concern. hi, everybody, good morning. i'm thomas roberts. those security concerns in russia, that tops our agenda for you this morning. so far no one has claimed responsibility for the twin attacks that killed at least 30 people. the target of the latest attack, a crowded trolley bus in volgograd. its roof was blown off by the suicide bombing. this follows sunday's blast. you've seen this by

peter morici, who is an economist at the university of maryland, economist and economics professor andfrequent guest on fox writes this in his online posting today. he said eventually, mr. zeints, who is the guy tasked with fixing the website, will have this monster fulfilling all its functions but likely will be balky frustrating website much like those other websites run by private firms enjoying monopoly power. dealing with tax filing. bureaucrats will have easy access to sensitive personal data which obama administration political moles can use to target, harass and sometimes destroy critics and simply occupy millions hours of citizens time could be used more productively. what do you think about the way professor morici sees it there? >> i think he makes a lot of fair points. the administration always claimed was the only problem was the glitched website, once it is fixed everyone would be happy. americans in 36 states relying on healthcare.gov, they haven't been able to go on there themselves and see how much are their rates going up? are they going to keep their doctor? millions

peter suit. i'm suprprised what i'm hearing from you morici.elationship between income inequality and economic growth. let me quote a little bit. in a highly consumption driven economy such as ours, the upward distribution of growth to those with lower propensities to consume should lead to slower growth. i know you caveat that it's hard to find all of the evidence to prove it but you seem clear that income inequality is bad for economic growth. >> yeah, well, the thing that you just quoted is widely accepted by economists and the idea is simple. it sounds narly but it's simple. the idea is that if you're somebody with a lot of money, you're not very income con strained. if you want something or need something, you have the means to go out and get it. so if we get you an extra dollar, the propensity for you to spend that is pretty low, relative to a middle or low aged worker. inequality which channels growth up to the top of the scale is bad for a growth and 70% consumption economy like ours. it's hard to find evidence for that and there's a lo