tv Forbes on FOX FOX Business October 28, 2012 9:00am-9:30am EDT
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people with a lot of minerals and a long-term play . >> he put brazil ahead of here's another bomb. >> with just 10 days until it is time to pull the lever, the economy is not in full recovery mode. the presint is pulling out a 20 page pamphlet that he said will bring the economy back. but if you look inside there is new spending from teachers and infrastructure and energy investments and it is a stimulus plan that will not work. so is this the right or wrong plan to get america working again? hi, everybody. welcome to forbes on fox and go with steve forbes and rick unger and elizabeth mcdonald
and john. >> right or wrong
policy for america? >> it is a doctor bleeding the patient. it will not cure the patient but make it worse. it takes resources and will cost jobs and every job created with that means two or fewer job private sector. that will not make the economy comeack. >> rick, the new economic patriotism. does it mean i am unpatriotic if i don't agree with this. >> i don't think so. >> don't like patriotism with economic plan. >> if youre going to get behind the country you need to get behind some of the thing in the plan. most particularly i like the infrastructure part of the plan. i wish congress had taken it more sriously and i like to point out the same people who
are concerned about the ficit and the impact on our children infrastructure is every bit as important. if we don't bring it up to speed it will hurt. >> john, do you think that building better school is going to change the education of our students. isn't it tougher standard and more competition. >> not one iota. it is a desperate act of the administration that ismenting to be perceived as doing 100,000 new teachers will not make investment rise . salary takers from the federal government can train jobs for the put future is laughable. best way to do that is are duce the burden. >> mark, is this another stimulus plan that is going to work the same way the last one did? >> i think the last one was
ineffective because members of the congress decileded to block it and we spend little and we needed to snd two or three times t amount. it is 287 billion and we should have spent triple that and we have a 14.8 trillion. halfwent to loans and aid to bail out wall street. >> and so why are we going to spend money on jobs? we also have a 16.2 trillion debt. and of course, the last bit of spending did nothing to affect that. >> by the way, mark, five trillion in new spending from this president which is equivalent of germany and south korea. >> where are you getting that. >> hold on, mark. >> that is the math accord toth cpo . spring 2009, the had 60 votes of democrats, it is not just
gop filibuster as you would like to say. hang on a second. this is a plan for a second first term. i can see no money back, none of your money back guarantees for gm on the back it is a warmed over kelly blue book of ed car ideas that the president has tried. we have seen these pamphlets twice before. >> this is filled with a lot of stuff that hasn't worked before. >> we are in need of infrastructure and utilitiys and so forth. the answer is toet the government off of the back of these industries. and to reduce the regulation. we need more entrepreneural activity in telecommunication. america is falling in our band width per capita. why is that happening? because private capitol doesn't want to go in a rig uld system that favors the incumbents.
same thing with utilitis and get the epa and mlrp off the backs of the private. >>t is not true. we unburden wall street and look what they brought us, one of the worst economic. >> how did we unbuen. >> we are talking about manufacturing. >> wait, wait, wait a minute. there is not a hit and run here. how did we unburden wall street, mark? >> we allowed repeal. >> we, wasn't that done under president clintonon's watch. >> yes, it was. 1999. >> it was done eronously and shouldn't have been done. in fact, we allow people to speculate in derivatives in a shadow economy. it is brought us down. >> get back john to the subject at hand which is the pamphlet called economic
patriotism. i am spending 50 percent of my income on government programs that go down the solyndra rat hole. isn't that enough patriotism. >> it i the opposite of the patriotism. you are not getting money to real producer to get jobs to market. when we pay taxes we are taking capt cament away and not helping the economy. >> we are talkug in the plan, it is period admits it would happen quay. we are buying you didn't build that economy . a presidt who sneers because you think you are so smart you can do it on your own and it is the idea of letting the government do it. >> and rick, we have seen it with the wind mills and it didn't work out. >> it is faulty. if you are going to build a building that you are renting space in for 75 to 100 years,
do you amortize that. >> rick, rick, rick, the point is. the windmill program and started out with 7,000 jobs and it hasn't expand they have 300 billion and it is shrink not growing. >> thosere two different pointings. >> not at all. it was part of the stimulus plan. >> they pointed out something. she's right. 12 million jobs no matter what. and governor romney -- >> and you are talking about an entirely different issue. >> not at all. >> it was part of the stimulus plan, rick, quickly though. >> it is not the same as time as 1.9 million per job. ty are long-term changes. >> that exactly the same. it was a stimulus program and they claimed they were going to last an there were 7000 and now 300. >> quick, quick, quick, david,
how about trying stable dollar and stop the binge spend more free enterprise in public health and by golly, this country would roar ahead. >> jobs has affected friends of mine and family of mine. i think that is something we need to be paying attention to and it is not just one vote but it is the collective of all of us. >> it is a very important election and important time to be an american. >> no one covered it like neal to the convention and debate. he will be on it right to the end. join neal as he hosts a special live cost of freedom. it is kicking off at 10 a.m.. we'll be back on sunday for a special on sunday. and biggest and brightest name in business and politics all weekend long. you can't afford to mix it.
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on the website at foxnews.com. >> autobail out a popular google term. >> these companies need to go through a managed bankruptcy and they can get government help. but they have to get rid of excess cost and the debt burden they built up. >> governor romney. >> we did look that up and governor romney is right. the federal government should provide guarantees for post bankruptcy financing . car buyers, their cars are not at risk. the federal commurt will help rather than seal it with a bail out check. so he said in 2008 in the new york timings. you say mitt romney's right and his plan would have sached
billions of dollars. >>e's broadly rht. this is just bailout of obama was theft. it was taking money from creditors and giving it to the hands of union. the idea that a company goes bankrupt and disappear is a fiction that the obama administration would like you to believe. airlines and companies go bankrupt and restructure the loans and get lean yer taxpayers are off of the hook and everybody is happy and get better cars. a lot of mom and pops called it theft. the real fiction here. yes, it is true a company can go in bankruptcy and emerge. real life was gm-chrysler didn't have enough money to pay suppliers or employees, and by the timehe government
could have negotiated guaranteed with anybody that might step up to make a loan, those companies were out of the business. it is reality and he's showing why republicans never say i am sorry. it is ridiculous. >> steve, is rick right, that bankings were so bad shape they would have gone in bankruptcy and no one would have lent them money. >> in the fall of the 2008 there was a panic on government guarantees. but general motors and chsler should have gone in controrsey. equity funds would be willing to get the assets. bankrupt nation and equity funds in greece are saying this is low price and we are come nothing and buying their bonds. >> even bain capital turned it down. the president said if we
listened to romney you are buying foreign cars. what about chrysler isn't that a foreign car? >> of course we would be buying. >> is chrysler a foreign car company it is owned by fiat. >> all of the companies are world car companies were a global economy. the issue is should government guarantee it. yes. in the case of guarantee. look what happened in wall street. the private sector didn't save bear sterns or fannie mae or freddie mac. the government had to step in . fannie mae and freddie mac were government guaranteed. >> can we focus here? we have to save the american companies to keep them american and now chrysler is owned by fiat.
>> the president had his own problem with reality. i am not for ball identities or guarantee. instead of things done f economic purposes they are done for political purpose. look how tax paters are hose the stock is down and equities in general are up. and there is a myth if gm shut down and never open all of the jobs would have lost. capitol in gm , be reallocate many other jobs would be created in the economy. they weaken automakerings. out of bankruptcy they would be owned by car makers that knew how to make a profit. >> thank you very much. worker burnout part ofhe economic fall out. sounds right, but it is wrong. silver lining on hard working
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don't mess with texas. on election day un will be monitoring poling statn and texas general said if they overep texas law he will arrest them and not just texas florida congressman calling to cut u.s. funds to the un over this issue. >> we don't need the un we have a federal election commission and by the way, the un has no jurisdiction over th u.s. election . you know the new york rubber room for teachers. they are a rubber room for general motor bureaucracy. they never cared. they get mon yethere is fraud and abuse. >> isn't there manage wrong with them monitoring our election. >> if there is, how come they haven't complained. it does raise the question. what are they so worried about somebody seeing.
there are organizations you y disagree with organizations. but they are concerned about voters suppression and want member there to keep an eye on it. >> a lot of them are concerned about frankly is that obama might lose the election. it is that simple. >> yes, it is and it stinkings of high heaven. in 2008 members of the new black panther party intim dating white voters investigation was stone walled by eric holder. i don't remember them looking for the un, are we turning over our voters security to ahmadinejad? >> and the they are noartisan and ty don't have a horse in the race? >> it is not a big deal. looking at polls it say close election maybe it doesn't hurt to have another set of eyes putting out a report. we don't want to see a
reprise. we shouldn't cut fund toz. un! another set of the eyes so partisan. to virginia where fraudulent absentee ballots cast and milwaukee where the adult population exceeded by those who voted. they are not looking for fraud. they are trying to embarrass the republicans. bad for obama to have the un in. >> and hear about the companies cutting staff and the stocks you want to hire, too.
>> companies that are adding workers and ready to pay you. morgan store. >> i like them. they are hiring and analyst >> emac? >> it costs more. the stock is pricier than walmart or target. >> you like them. >> they are up 33 percent . they have a sweet dividend and hi the earnings power is so smart.
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