david: adam shapiro.n reported house speaker john boehner introducing plan b as he called it, legislation to raise taxes on those earning a million dollars or more. this after president obama raised his threshold for topping income earners to 400,000. taxes are set to rise for everybody if some kind of a deal isn't reached by the end. year. liz: take it off the desk. you don't like the high taxes? in france, well move to belgium. french actor gerard d pechlt l pardieu says is doing that. he will welcome anyone from france who thinks taxes are way too enter us -- onerous who wants to follow in the actor's shoes to escape the high taxes the foreign minister says it is france's own fault if its citizens are leaving and they should accept the consequences, i agree. time to go off the desk. shaquille o'neal launching his own line of vodka. according to the "new york post" it will be called love shaq. luvshaq. our crew is giving it thumbs down. it might taste well. it will hit it next year. cocoa nut flavored v

adam shapiro has the details. >> i am not the grinch who will ruin shopping. will be up according to both surveys. the question is, by how much? we will still have sales growth of 4.1%. that is the good news. now the bad news. shopper track which tracks foot traffic says the trend is down. for the week that ended december december 15, they are saying that sales fell or were on track to paul 4.3% over last year. they are revising their total holiday picture. now, they are saying growth will only be 2.5%. they are saying it will be a $257 billion season. online, online expectations were that we would see anywhere from 15-17% growth. growth is actually about 8.4%. roughly $48 billion spent by consumers online. actually, i know 42 billion of that comes out of your own pocket. ashley: if only i could spend that much. i think it is tracy byrnes, who sits next to me, typing away. >> she was buying shoes. we can blame tracy byrnes for that. ashley: adam, thank you so much. appreciate it. christmas day is finally here tomorrow. if you think the holiday shopping season

matt shapiro of mws capital joins us now for a closer look at g.e.morning to you matt. > > good morning angie. > why is this stock, and why now? > > have you noticed lately, the past week or two, the dow seems to be catching up and doing a little bit better, even, than the s&p 500. and one of the reasons are these big stocks like g.e., that i think are finally coming out of a slumber and are going to have a great year next year. > but haven't we missed the rally on this stock? > > a lot of people have kind of forgotten about g.e. everyone is thinking about apple, facebook, research in motion. what is the next hot stock, recovery-wise? but g.e. used to be $18, just sitting there, a total dog. now that it's popped up to $22, people are scratching their heads. where can it go? what i think it can do is go a lot higher. this stock used to be $40 before the financial crisis, and its businesses are still more than fine. it is paying a 3% dividend, and, as i said, the dow is doing a lot better lately, you will notice, and it's these big, diversified industr

matt shapiro, president of mws capital, joins us this morning for chart talk.rning to you matt. > > good morning angie. > and is the name of the game still to find those companies that are flush with cash? > > absolutely, ones that pay special dividends and pay good dividends. and one i really like is franklin resources. not a natural resources stock. franklin templeton global investments, very large money manager and mutual fund company. very strong balance sheet. $9 billion in retained earnings. paid a special dividend early in the year, and also late this year. and it is a stock i am buying for everybody right now. i really like this as a long-term, all-american company with great prospects. > is this stock too late to buy at these levels though? it already has a return of 42% over the past year. > > it is a stock i am buying at all-time highs, because its projected p/e is only about 11, and i think the prospects are very bright, for not only the stock market as a whole, but a fund manager such as franklin templeton - excellent long-term record, great distri

here iadam shapiro with the latest.dam. >> their ceo is actually saying users incorrectly interpted instagram's revised terms of service which was released yesterday to mean user photos would be sold to others without compensation. this is quote from t ceo. this is not true and it is our mistake that this language is confusing. he went on to say, to be clear, it is not our intention to sell your photos. we're working updated language in back to you, melissa. >> that is a lot of backpedaling. adam shapiro, thanks so much. turning to the middle east and iran. a top iranian nuclear energy official says iran will knot stop high grade uranium enrichment despite threats from other countries. this as iranian president ahmadinejad said western sanctions could cause at most, quick tap on the brakes for their nuclear program. what does it mean for the climate in the middle east and price ofil? with me is michael o'hanloo from the brookings institution. thanks for coming on the show. they say these sanctions aren't causing them th

shapiro: the purpose of the smurrf is to treat dry weather runoff, which is coming from storm drains. dry-weather runoff occurs when people waste water through washing their cars in the street, hosing down sidewalks and parking lots, their irrigation systems overspray. narrator: in a city of 12 million people, those seemingly small bits of wasted water accumulate to enormous amounts. shapiro: so all that ends up in our streets, ends up in catch basins, storm drains, into our storm drain system, and for some of the city, parts of the city, it ends up here at smurrf. 350,000 gallons come here on a daily basis, producing recycled water, and that can be reused for landscape irrigation and indoor toilet flushing. the pumps can only handle so much water, which is generally when it's not rain, the dry-weather runoff, so if you get a storm of a decent size, the pumps will shut down automatically and the water will just continue to flow out into the ocean and it carries a lot of bacteria and people can get sick when they're swimming in the water near a flowing storm drain. everyone knows you d

david: money with adam shapiro is right now. >> i'm adam shapiro in for melissa francis. here's what is money tonight. let the last minute panic begin of the president obama is set to fly back to washington in the next few hours to try to scrape out a fiscal cliff deal but hope is fading fast. if that weren't bad enough, the treasury now says the u.s. will hit the debt ceiling on new year's eve. will this be a game-changer for reaching a deal? >>> plus as if the fiscal cliff wasn't bad enough, now critical ports across the u.s. could be brought to a standstill starting this weekend. we'll explain how a looming union worker strike could sink businesses across the united states. >>> the major sports leagues do a touchdown dance after a federal judge's ruling. their lawsuit to spike sports gambling in new jersey get as crucial green light but new jersey isn't taking it sitting down. details how that state is fighting back and preparing to give vegas a run for its money. even when they say it's not, it's always about money adam: thank you for joining us. we want to look first

shapiro is stepping done on december the 14th.ails shows she may have been persuaded by lobbyists to change her mind on the jobs act which makes it easier to raise capital. she reportedly didn't consult with other commissioners and her decision went against recommendation of sec staffers. the most searched terms of 2012 r9 u.s. election and iphone 5 according to yahoo!. most certained person, kim kardashian. ska kate middleton and political polls also made the top ten list. john tweets says the re-election of president obama was the top story of 2012. susie was the most interesting was the facebook ip ochtd and t and the tech glitch that ensued. i'm sure we'll wrap it all up as we normally do in between christmas an new year. let's remind you where we stand ahead of the u.s. open. we had a pretty good november all told. ftse up nearly 1.5%, dax up 2%. it is monday, so it does mean eurozone finance ministers are having a meeting in brussels. and they're hearing details of the bond buy back plan from greece. grooe greek prime minist

stuart: adam shapiro is here. we were talking during the break.riminals don't read websites. >> can we take a step back and a collective sigh of deep breath because that -- violent crime is down over the last 20 years. the majority of people whether they have a gun are not are not thinking about how my going to do harm to somebody? what the paper did is -- a lot of people would have been uncomfortable with publishing that kind of information but the idea that there are ironies of bad guys out there waiting for i am going to get you, i don't buy that. is john stossel talking about life is better. >> in new york state 80% of handgun crimes are committed with illegal handguns, stolen or crossing state lines. in westchester county two large cities, yonkers and vernon. [talking over each other] >> of those 80% of people with legal handguns were they in tending and plotting who they were going to attack or were they on the street? what was the climate? >> various array of different crimes but now what we have is crimes tend >> with technology. stuart: i

. ♪ >> i am adam shapiro with your fox business brief.ntiment fell earlier this month to its lowest level since august. dr horton and jefferies are joining a chorus of u.s. companies hoping to save shareholders from the hefty taxes in 2013. accelerating the payment of all quarterly dividend that would have been paid next year. jefferies approved $0.7.05 a share to december 31. the videogame industry suffered another sales slump in november despite the release of high-profile installment in the call of duty and halo franchises. overall sales were down 11% from the same time last year. that is the latest from the fox business network. giving you the power to prosper. ♪ [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer a questions and offer advice.

thank you very much, adam shapiro.iscal cliff, mortgage interest deduction perhaps no longer the sacred cow. it is on the table for cuts to avoid going over that cliff. joining me with the take on how this affects you and the housing market overall is they're serious about that at this point. both candidates, president obama and mitt romney were not willing to address it in the debate. now it is on the table. what do you think our viewers should know. >> we have been talking about mortgage interest deduction back through the campaign but they're getting more specific for one possibility, the amount will be capped instead of 1 million or the rate at which mortgage could be deducted would be lower than the top marginal tax rate. cheryl: let's say i am deducting $100 so at this point it is thirty-five dollars but my deduction will be 28. >> one option, instead of being able to deduct $35 for every $100 of interest it might be $28. that is one option. cheryl: one third of filers in this country itemized deduction, a big pi

thank you very much, adam shapiro. dagen: thank you very much adam.ne thing working in retailers' favor on this christmas eve, gas prices are at near their lowest levels for the year. tom kloza, the best in the business on gas prices joins us next with his outlook. dennis: and too hot to work alongside her, we're going to tell you why the iowa supreme court ruled it was legal for a dentist to fire this woman for being too attractive. dagen: let's look at some world currencies, shall we, how they are holding up against the dollar? dagen: gas prices bottomed out nor the year at least -- for the year at least about $3.21 a gallon rough days ago but have been going higher since then. here with more is tom kloza, chief oil analyst joining us on the phone. can we hold steady here for the next several months maybe? >> yeah, i think so. i think we start the year with a little bit of a wobble higher, particularly in some parts of the country, but i think that generally we should see lower peaks and maybe a little bit deeper valleys in 2013. got a lot of cheap

. -- ira shapiro. he played important roles in foreign intelligence surveillance and the completing of the metrorail system. during the clinton administration, it he served as a leading u.s. trader and .arned the rank of staff thaman he was described as antidote and he promised to deliver. he practiced international trade law and washington. on behalf of the west virginia state society, i would like to introduce ira shapiro. [applause] >> thank you for the kind introduction. thank you to the society for giving me the chance to be here. thanks to mike who did so much to organize the event. he is an old friend. thank you, mike. i'm delighted to be here today with corbin. we have two books that talk about robert byrd from different perspectives. my book is basically about the senate and the last great senate as i refer to it. senator byrd was the majority leader during the period of time i wrote about. it gives you an ensemble sense of how the senate works. the book originated in 2008. i had been in the s

i can barely get shapiro right.ain existed the travel time was twrept hours between the two cities. now it only takes eight hours. will we ever see something like this in the united states? julie, do we need it? is it relevant for high-speed rail in the united states? >> for those of us who ride the corridor for every stuck up. adam: faster sometimes to go on the regular train. >> i love this. apparently if we had the high-speed rail, new york to d.c., god knows why you want to go to d.c. under hour which i love. americans love their cars. adam: bingo. >> china doesn't have competitive airline industry. we've got rival airlines that make it cheaper. adam: study said, i recall this a year ago, pointed out putting money united states is investing in high-speed rail into fixing our highways and creating different kinds of fueling spots, if you want to go electric would be far better use of the money than building high-speed rail. >> exactly. >> we have transportation trust fund's cross this country are broke. new jerse

we have shibani joshi and adam shapiro as well and first to nicole, j.c. penney, a lot of people worried about retail sales, think it's going to hit companies like j.c. penney hard? guess what? the stock is up 4%, why? >> that's a huge move on a day when the major market average, look the at j.c. penney, it's posted comments from oppenheimer this morning, talking about the fact that promotions are working well and bringing traffic into john kerry opiniony, you know that we spoke about ron johnson and came up from apple and his whole theory, was no promotion and great prices all the time and that really was working. the and so, they're back to the promotions this holiday season and it's working. traffic is pretty busy there. >> it's working very well, at least today for the stock. thank you, nicole. well, president obama has always promised not to raise taxes on the middle class, but if he can't reach a deal with republicans in the next seven days, that's exactly what will happen and adam shapiro, i've got to tell you, looking at the numbers, if the preside

adam shapiro on the treasury. >> it involves aig. the u.s. is announcing public offering for all its remaining common stock in aig. the treasury department says after the remaining 234.2 million aig shares it will still hold warrants to purchase aig common stock. liz, back to you. liz: we'll be watching as the stock trends down a bit in after-hours. what you were saying about the center and where the money people will bid on? >> this is to carry forward robert kennedy he is unfished work. this is for schools across the country and around the world and teaching kids about stopping bullying and human rights. we do grassroots human rights work. we're trying to stop the anti-homosexuality bill in uganda which would make homosexuality punishable by the death penalty. liz: have you accomplished some of the things you've set out to today the? >> absolutely. we freed prisoners from south korea and kenya. we created change on basic human rights issues around the world and in the united states. liz: but it all requires money. >> exactly. liz: here is w

i am adam shapiro.e if the trading session and a few days until the fiscal cliff with time running out, president obama meets with congressional leaders in one hour and they do what they haven't been able to do for months, years, make the deal. wall street is anxiously awaiting washington. the dow down 79 points. how will the cliff shape the final stretch for stocks in 2012? the lackluster holiday shopping season comes to an end, detail is slashing prices trying to break even and get you to spend some box. retail analyst christian benz tells us why it could be too little too late. time for stocks every 15 minutes on the fox business network. lauren simonetti on the floor of the stock exchange. anything change? >> may be accelerated the losses, the dow is down by 79 points, market's weighting in less than an hour we have the key meeting on how to avert a fiscal cliff so we are in this standby mode. the final hour of trading should be interesting. this week has not been good. stock down five days in a row

adam shapiro of the fox business network. weeks it's been reported that investors had already figured into the numbers if you will the fiscal cliff. why are we here? >> you mean at the point that we're down on the dow and down today? >> harris: yeah. >> first of all it could have been worse. when you saw the future last night what he would realized there was not going to be a deal in the house investors said it's not going to be good. they pulled back. there is still 10 days. some investors believe that will happen. priced. in big money investors already pulling out of the market. they were selling some of their stocks in anticipation what will be a tax hit for them no matter what. they were getting ready for. this you still have optimism among some investors that there could be a deal. monday is going to be a low volume day. it's a half day of trading anyway. >> harris: that's a blessing. >> that is a blessing there are still people who expect this to go right up to the last possible second. and, remember, warren buffet when

ari shapiro, michelle bernard, and chris join me.nt, boehner, behind closed doors, they're not reading anything. they did it without any other leaders. i think the real negotiations have finally started. >> that's a good sign when we're not hearing much, when they're saying everything is a disaster or we're making progress. when they're meeting and saying we're not going to tell anybody what happened behind closed doors, to me that's getting somewhere. >> look at the clock. if everybody wants to get up. senator joe man offion. the smell of the jet fumes from national all want to be out here before the 24th. if if the bill on the 18th it at the latest, that means to get a bill written like that you need to have the frame wok by the 14th or 15th. today is the 10th. >> the framework a little plug and play. >> you can do an extension. if it really comes down -- i know no one will want to hear that, you can say here is the framework. we buy ourselves two months' time, whatever it might be, to write the legislation, and then you do it when

fox business network's adam shapiro has that news. adam?oliday shopping season, when you crunch the numbers, may not prove to be as merry as some people had hoped for. first the good news, national retail federation saying they are still on track for growth of 4.1% over the last we have 586 billion-dollar holiday shopping season. according to the nrf. we won't get the final numbers until after the holidays have played out. already though, shopper track is indicating it's not going to be such a great season. here is why. shopper track says for the week and thenned december 15th, sales were down 4.3% compared to the same time last year. that is also a trend that is continuing according to shopper track. so they are revising their overall predictions for the holiday shopping season. originally they thought it would be 3.3% growth over the last year. now they are saying 2.5% growth. their dollar figure is roughly $257 billion. one of the reasons they indicate this is happening of course, there is still the aftermath from hurricane sandy. they a

fox business network adam shapiro is with us now. this is a stunning set of circumstances. one set of rules for the bank and another set for somebody else? >> it looks that wait a minute we had lanny brewer saying the activities of this bank threaten the lives of u.s. citizens that they were helping terrorist organizations and not one executive will be held accountable despite the facts and this is the evidence, this is the case the government had, 2008, internal review of anti-money laundering programs at the bank was presented to senior business executives. they didn't do anything about it. >> the justice department claimed today that these bankers didn't mean to break the law. >> didn't mean to break the law? going on back to the 1990s the bank's european office was instructing affiliates in places like iran how to get around the u.s. law. then they would set up procedures. read it right here. employees manually removed all references to sanction entities. that means that someone at the bank had to tell people working for them remove this information, remove that informa

let's see what's going on with the market today with matt shapiro, president of mws capital. good morning to you. > > good morning angie. > this is certainly one moody market. it seems to move on every word that comes out of washington. > > absolutely. actually, i am surprised, given the stalemate that we had this weekend and the gop yesterday having a counter offer - they are miles apart, but the market really held in there, and i think, at this point, the market is just basically pricing in that nothing really good is going to happen in washington, at least for now. > what about manufacturing matt? the numbers came in solid for china, not so good for the u.s. there was a bit of a slip. > > i think some of that is the concern. but at least the silver lining is positive for china. but realize, china is $8 trillion. our market is about twice the size. so we really need those manufacturing numbers to kick in next year. but of course there have been so many good confidence and housing numbers to sort of buttress that weaker number yesterday. > what is your stock strategy in the

adam shapiro in the newsroom with the details. thought it was way busier last year than it was this weekend. >> no. here are some numbers. for the period of october to eight and december 24, sales grew. in 2011, sales for that period of time grew 2%. they are using that as an indicator that things will not be as good as we thought going into the holiday shopping season. on monday, shopper track indicated and revise their outlook for the holiday spending growth from 3.3% down to 2.5%. the only holdout is the national retail federation. it is saying that they still expect growth this holiday season to be 4.1% over the last year. they are sticking to those numbers. one of the reasons spending polls believe we saw a drop-off and had to revise the predictions for the year, superstorm sandy. they do not think it was consumers fear got as much as it was on the drops of the markets in the middle east. back to you. lori: i think they did more online also. joining us now is founder and resident of sica wealth management. this is what i am t

adam shapiro live in our new york city newsroom from fox business network. adam, how will wall street react come monday? >> that is everybody's question right now. but already you can take a look at what's called the fear index. the volatility index. the vix. you can see it's at its highest level since july. and investors are nervous because we still don't know what the actual tax ramifications are going to be going into 2013. there is a real potential. you could see people trying to get out of this market on monday in order to avoid perceived higher income taxes. higher taxes, capital gain taxes because we don't have any clear picture yet on what reid and mcconnell might be crafting. >> harris: wow. people getting out of market suddenly. which companies stand to lose if that happens? >> this is a really interesting list of companies that was actually compiled by goldman sachs. we were reporting this today. these are companies that get 50% of their sales, or more, from the u.s. government. deals of the government. lockheed martin, granted construction. grume

but first, matt shapiro, president of mws capital, joins us now for a look back at the standout stocks of 2012. good to have you on the show this morning. > > thanks a lot angie. > definitely facebook was the leader of the pack. it was the third largest ipo ever, and one of the worst opening days ever. > > what a typical disaster for today's vacuous electronic markets. but, if you held off, remember, it was $18.75 before its last earnings report, and bounced all the way up. so, not only was it the worst ipo, but, it was a story rebound stock. and it's kind of the age of 2012, was these big tech stocks. which one do you buy and where do you buy it? > there were good times and bad for apple. at one point it was the must-own stock, and then it was "you must sell quickly before the end of the year and take home your profits." > > exactly. and you know, of course, a lot of analysts are now pounding the table. apple's valuation is very compelling in the low $500 ranges. but of course, everyone stampeded into the stock. but, guess what happens? sometimes the story stocks work, sometimes every

our next guest ira shapiro is the author of "the last great senate:courage and statesmanship in tames of crisis." welcome to the program. >> nice to be here. >> why do you call it the last great senate? >> well, because from the early 'sick through about 1980 we had a senate that was in the forefront of everything that was going on in the country, and accomplished a great deal. the senate of humphrey, muskee, baker, ted kennedy, many other great americans. and we haven't had a senate like that for the last 30 years. i don't mean it's the last great senate we'll ever have, but we haven't had one since. >> why the decline, do you think, from that caliber of political leadership that we had in that era? >> a lot of reasons. first, it's actually harder to be a senator in this day and age of campaign finance demands. lobbying corps that's grown five-fold, 24-hour media. it's a much more difficult situation. but the real key is that the senate was not a partisan institution, the great senate. bipartisanship ran deeply in sort of the life blood of the senate. now for the last 20 years about

joining us is the president and ceo of consumer electronics association, gary shapiro.t's funny, we're talking about the fiscal cliff stuff and jobs seem to be left out of the conversation. we haven't heard about much to jump start the economy. tell us what the jobs act is. >> first of all, the financing cliff, you can either raise taxes, cut spending or grow the economy. there has been very little discussion about growth. congress did something great and president obama signed it. it was called the jobs act. it was about growth and a lot of growth through innovation. what it did is made easier forebitt entwhistles to raise money. they could crowd funds, go out to more people before having these commission regulations, they could do many other things they couldn't do under the present law. but it did require the security and exchange commission to issue some rules. it turns out those rules have still not been issued. it's been about a year now and they've been held up because the chairman of the sec, chairwoman, shapiro, no relation to me, decided to sit on them because

from td ameritrade. >> i am adam shapiro.d planning to invest $770 million on new equipment and capacity, 6 manufacturing facilities in southeast michigan, the automaker says it is part of a commitment of $6 billion in plants nationwide by 2015. nokia selling its lineup of smart phone that discounted post holiday prices. wall street journal reports it is betting on the success of its new phones to soften the blow following a string of financial, and amazon.com is the place to go for online shopping, according to a new survey the company which measures customer satisfaction says amazon took the top spot thanks in part to its wide variety of merchandise and user-friendly title. that is the latest from the fox business network giving you the power to prosper. tracy: stocks in the red after harry reid says it looks like we are flying over the fiscal cliff. the budget crisis is trickling down to consumers. confidence level fell to a four month low, to get its act together. the chief market strategist, the market hasn't forced gove

brochure and tom allen president and chief executive officer of american publishers and we have james shapiro a shakespearean scholar and in the professor and vice president of the authors guild and is from columbia university. and peter jaszi professor of copyright law from the washington end college of law and is also an author and although he would not want me to was recently given the great honor by his colleagues to have a lecture named after him. congratulations. [applause] our topic is "copyright and the book" a very small topic. i want to reflect on the title because "copyright and the book" at its core is about the public interest with authors and publishers as part of the public interest. i would underscore that because sometimes in political circles it is brought up were authors and publishers are empathetic call or in the competition with the public that is not the foundational history at all. you will have a discussion how it brings together all of those in respect to copyright law to serve the readers in the valley with publishers and freedom of expression. we will talk about ho

shibani joshi and adam shapiro are here and did not take the day off from work and probably they couldn't. we'll talk about that next. ♪ the wise way to say merry christmas to you ♪ >> well, we have no deal on the fiscal cliff and the president is vacationing in hawaii. not bad. and here is his response, by the way, to abc's jake tapper from the news conference last week and asked the president about his first four years in office. here was the president's response and i have to quote him here. i've been president of the united states dealing with the worst economic crisis since the great depression and the auto industry on the verge of collapse, two wars and i don't think i've been on vacation. he is now. >>. >> he is new and give mimm a break, it's christmas eve and it looks bad when he everyone is sitting around waiting for a deal to get done in congress if he's the leader of the vacation and got to set an example to some extent. david: maybe you could go to somewhere in maryland or something, but to go all the way to hawaii for a brief break, are you okay with that, adam? >> i've been

. >> i'm adam shapiro with your fox business brief.inancial times reports three dozen bankers and senior managers will be implicated in the rigging of leiber interest rates when ibf settles with global regulators later this week. close to finalizing a deal in the united states, the uk and switzerland in which the bank will pay roughly 1.5 alien dollars. morgan stanley paying $5 million fine to the state of massachusetts over facebook ipo. the complaint against the banking giant cited improper influence of bankers over wall street analysts. morgan stanley shifted into fox business state is pleased to have reached a settlement and put the matter behind us. american drivers are getting more relief at the pump as gas prices dropped to the lowest level of the year. according to aaa daily fuel gauge, the national average is down $3.25 per gallon. we continue our countdown to the closing bell with liz claman. liz: thanks, adam. nicole, let's get to you. looking at one mobile phone record that has been on a roll. everybody has these things for

shapiro for refusing to stand and say the pledge allegiance at a romney political rally and "washington pos

adam: keith, i'm adam shapiro. know where do you get the figures that inflation is at 20%? give me where that comes from because that seems pretty pretty high to at least my ears. >> you bet. i think that if you look at a couple different sources. you can track it individually. you can look at what your health insurance premiums are doing, your education bills but y favorite site is something called shadow stats, they track cpi and it varies between 8, 10, 12 percent depending on which versions you use. because every administration seems to adjust those figures to proactively reflect and keep them down. and the government has every incentive to do that because cost of living increases are tied to that, military spending is tied to that, a lot of things are tied to cost of livings increases that are in fact tied to inflation. david: let's face it, the federal reserve has become a branch of the u.s. government essentially. it's supposed to be a private institution. it's been essentially printing money to bail out all

lori: adam shapiro has been all over this story all morning long. joining us with the very latest in the ongoing news conference. melissa: and take a look at where metals are as we head out to break. gold trading down $5. silver getting hit the hardest. we will be right back. i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the misize price. i'm going b-i-g. [ male announcer ] good choice business pro. good choice. go national. go like a pro. melissa: breaking news right now. the justice department announcing hsbc will pay a whopping $1.9 billion to settle a money-laundering probe. o'connell charges be filed? adam s

. >> i am adam shapiro with your fox business brief.tended losses into a fourth session as washington battles. the u.s. is likely to roll off the fiscal cliff in just a few days. reid will speak to supporters about the negotiation at 3:00 p.m. eastern. right now, the dow is down. the conference index fell to the lowest level in four months. the six month outlook also fell to the lowest level since 2011. jobless claims fell to nearly a 4.5 year low last week with 350,000 americans filing for first-time benefits. that's the latest from the fox business network. giving you the power to prosper. ♪ liz: welcome back. as if this fixing of the fiscal cliff is not hard enough. we have a storm going across the states. we have live team coverage. anna du quoin man is. let's start with peter barnes. peter: everything here at reagan national is pretty normal. there are a few delays. i looked at the schedule for maine which is getting hit very hard and there are flights canceled. nationally, fewer flights canceled today than yesterday. just 548 so f

adam shapiro joining us with more.s we see the high end and hold off during the holidays versus the low end. are there any winners this year? >> sax is offering 70% off on some items. there are e-mail coupons, lot of retailers are offering for 30% to 60% off. when you look at the numbers this may not be the holiday shopping season they anticipated. let's look at what happened according to spending pulse. it is reflective of all kinds of spending not only credit cards the cash, checks, sales growth between october 28th through dec. 24 will only grow by at 0.7%. we got the numbers last week on monday regarding another survey which showed it is time to revise the holliday growth period. shopper track was telling us on monday that they are revising 3.5% growth to 2.2% and national retail federation, they are still holding to a fact they will see year-over-year growth by 0.4% with $586 billion season. the problem is spending polls track might be off. superstorm sandy hid the regions of the country where we saw the biggest d

adam shapiro, thank you very much. phil flynn is live at the cme next.e are waiting for the president at 1:30 p.m. eastern. we will listen in. we will bring you his comments live as soon as they happen. first, i want to show you the dollar. looking more and more likely we are going over the cliff. the dollar is stronger against the euro. the pound is weaker against the yen, but stronger against the canadian dollar. we will be right back. the local >> 20 minutes past the hour your fox news minute, president obama will nominate john kerry as his pick for secretary of state today. the president is scheduled to make that announcement a few minutes from now. it confirmed he will replace outgoing secretary hillary clinton, nomination represents his first move in administration over all over the second term. the u.s. ambassador to russia says he is concerned with the kremlin's response to u.s. human rights law. the russian parliament voted overwhelmingly to ban americans from adopting russian children. to impose visa band and asset freezes, and north korea deta

fox business network to explain that with adam shapiro. did you do shopping on-line? >> i got my sister-in-law, i got her a dvd stars keira knightley. i bet you are a love action kind of woman. on monday you could have gotten these for 5 bucks at amazon.com. people were shopping. it was cyber week. cyber monday had sales of 1.5 billion. but tuesday and wednesday were over a billion dollars. this was the best we have had over to 11 up the whole week almost 11 percent. 5.4 billion spent on-line. it will not be called cyber monday it will be cyber week. instead of live in phoenix for one day, send me to phoenix for one week. i love the sun. >> i love that they got extended. the best and worse housing markets. >> over the next five years we will see housing prices go up. some are going to sky rocket others aren't going to grow that much. best housing markets oregon expected to go up something like 11.2 percent. panama city florida 7.9 percent. california go up 8.8 percent. not great increases miami florida expect to do fall and fort lauderdale down two tenths of a cent. >

acknowledge foreign minister lieberman, deputy prime minister meridor, ambassador oren, our ambassador dan shapiro, my former deputy secretary jim steinberg, everyone who's made this journey to be with us tonight. and i think that we have a lot to celebrate, because for years we have told you, our israeli friends, that america has israel's back. and this month, we proved it again. [applause] when israel responded to a rain of rockets, when sirens sounded and schools emptied and air raid shelters filled, america's next move was never in question. president obama and i stood before the international community and supported israel's right to defend itself from a threat no country would tolerate. the iron dome system -- invented by israel, underwritten by america -- knocked rockets out of the sky like never before. we supported regional and international efforts to de- escalate the conflict and then seized on a diplomatic opening when it came. working closely with president obama from halfway around the world, i left the east asia summit in cambodia to fly to tel aviv, to drive to jerusalem, to meet w

french imperial shapiro released the seven and a less with the most mobile quotations of the year.top of the last minute romney's comments of the 47 percent of the population depending on the government. romney made the comment at a private fund-raiser and a that was secretly recorded and posted on line in september by mother jones magazine. no. 2 as romney again with the binders of women, and he made during the second presidential debate and have said the york. president obama takes the no. 3 and 4 spot saying at a campaign appearance " somebody and vested in roads and bridges. have you got a business you didn't build that. the fourth best " also comes from obama saying please proceed governor during a presidential debate when he and romney were our gang weather and soviet attack was an act of terrorism. coming and that ninth comes from the south korean rapper and pop stars side. it was my role on youtube with 900 million heads. >> the overall australian but also had a hoax phone call to the british hospital where kate nelson was staying say they were in tears and shattered after

. ♪ ♪ >> i am adam shapiro with your fox business brief. it was another down day for the markets.y continue to focus on the fiscal cliff. more americans are getting a better handle on their debt. the "wall street journal" reports u.s. households spent just over 10% in the third quarter of the year. that is the lowest level since 1983, according to the federal reserve. while the ultimate procrastinators are hitting stores today, retailers are also bracing for a busy day on wednesday. industry watchers say the lines were returning gifts will be as long, if not longer, then the lines consumers had to buy the things in the first place. that is the latest from the fox business network. giving you the power to prosper. ♪ lori: how has the franchise industry than coping with the fiscal uncertainty coming out of washington? joining us now is nick powell. welcome. >> thank you. thank you for having me. lori: i have to imagine this is probably one of the most difficult times. what do you think? >> well, it is obviously dependent on the way you look at the statistics. i think it is a great o