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tv   Varney Company  FOX Business  September 17, 2013 9:20am-11:01am EDT

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♪ imus in the morning >> what costs a quarter of a billion to make and brings in a billion dollars as soon as it goes on sale? answer, an entertainment product that hits the market today. good morning, everyone, grand theft auto 5 from take-two interactive out now. a video game. the gamers already love it. in one week, one game will bring inasmuch as the top ten movies of the year combined. that is technology. now look at the forbes rich list. five billionaires under 40. how did they make their money? technology. this is not your father's economy, is it? one last one, powerball, the prize is now $400 million, but
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it's a rotten deal. not your father's numbers game, is it? you thought this was going to be opening up with the fed? wrong, a lively, exciting and riveting "varney & company" is about to begin. [ male announcer ] legalzoom has helped sta over 1 million businesses. if you have business idea, we have a personalized legal solution that's right for you. with easy step-by-step guidance, we're here to help you turn your dream into a reality. start your business today with legalzoom.
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>> oh, well, it looks different from when i was a young man. back then it was general motors, u.s. steel. today it's about tech and the rich guys are getting younger and younger. check out the under 40 tech billionaires on the brand new forbes list. we'll start with facebook co-founder, the youngest 29 years old. worth more than $5 billion. facebook's mark zucker burg, also 29, 19 billion dollars. napster's founder former facebook president, sean parker, 33, 2 billion and serves as the musical director
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of spod phi-- spodfy. and robert perra. and how do the youngsters fit into our financial culture? do you, do young people record regard them as role models or recent them? later, charles payne and jason mattera will talk about that. times do change. let me follow the other stories, i've got three amongst many. first up, two year anniversary of occupy wall street, sort of autonomous actions in and around lower manhattan starting 8 a.m. eastern time. i guess they still don't have jobs. now they want a robin hood tax. another consequence of obama care, your doctor will have to ask you about your sex life or face a fine. your answers will be stored
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electronically. the judge has something to say about that. and a study that says fracking isn't as bad as the greenies claim it is. it doesn't leak as much carbon loaded atmosphere, as the critics have been saying and i'll have my take on that a little later. remember, everyone, we're here to make you money on "varney & company" and we also tell it dead straight. flat-out, the markets are in a holding pattern today, at least until ben speaks tomorrow afternoon at 2:30 eastern unless of course, breaking news interven intervenes. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor...
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[ all ] whoa. yeah. [ male announcer ] get away fast with unlimited double miles from the capital one venture card. you're the world's best teacher. this is so unexpected. what's in your wallet? ♪ why can't we be friend, why can't we be friends♪ >> that's a good one. a fight over obama care is really turning ugly in the senate. democrats dredging up old dirt on a republican senator because he doesn't think that congressional status should be exempt from obama care. we've got that for you. and the opening bell approaches, here comes scott shellady. don't tell me you're not going to be doing anything between now and 2 p.m. eastern. you're not going to be trading, are you? >> no, we're not going to expect anything, we're going to
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watch the market flatline. whether or not they taper, i don't know. i think they're bullied into it. we're not growing, gdp 1 1/2, 2%, consumer price index not growing, where is the growth? what are people making? >> i think they'll cut it to 75 billion a month. what do you think. >> i think you're right. stocks will sell off initially and everybody will realize they're accommodating the 75 billion a month and we'll go up from there. stuart: you better turn around and do some trading there, scott, looks pretty active behind you, contrary to expectations. all right, the opening bell high school rung, we're up 10 points. and pretty much on a hold for much of the day, i think, in advance of ben tomorrow. and let's look at microsoft. the stock is-- i think it's up big. they've got a big buyback program in place and they've raised the dividend. nicole, where are we? >> the 1.8% right now.
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it's 33.39 so they're raising the dividend by 22% so they'll pay out 28 cents a share and also a new repurchase program of 40 billion dollars, which replaces the other, that was set to expire at the end of september. i should also note that you mentioned occupy wall street. oh, i knew before i knew it was occupy wall street anniversary, there was obviously something going on because some blocks away from around this building, there are paddy wagons, horses, it feels like a million and one police officers and i'm glad they're here and i didn't see any occupy wall street people. stuart: who said this was going to be a boring old day waiting for ben? microsoft is up. occupy wall street is back, and horses are in the street. that's an exciting day, right, nicole? >> indeed. stuart: thank you, nicole. the dow is up in the early going, 15,524. would you rather download a
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movie or rent a movie out of the store. shares are down, and coinstar change counting machines, they own. you've got to get into streaming and look at the stock go down. grand theft auto 5, it's on sale today made by take two subsidiary, rock star. it's a quarter billion to make and it's expected to be a billion dollar seller quickly. 17 bucks on take two. apple was a drag on an otherwise positive market. why was that? it didn't release information on pre-orders for iph it usually does. investors are worried about that. nicole, any bounce. nicole: resulting news out of china pertaining to how much people would have to pay for iphones. it's up 1/3 of 1% and i'm sure there are shareholders to say, come on, apple, right? and friday is the release of the new iphone 5 and s and 5c.
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i've seen the people on sleeping bags on fifth avenue since last week and if you go to the store they're waiting for the iphones. stuart: is that true. nicole: yeah. charles: they're there now. stuart: are they literally in sleeping bags outside here? >> they are on fifth avenue and 59th street. stuart: now, were they planted by someone with an interest in public it i? i just wonder. it's an innocent question. nicole: ask them and report back. stuart: you're on. nicole: all right. stuart: the president spoke publicly about the economy after he addressed the d.c. shooting. he seemed to want the government to shut down so he could score points against the republicans and seemed to blame the republicans for the weak economy. david is here, and why are we so weak nearly five years into a recovery? >> because we had a terrible crisis, we destroyed trillions
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in wealth. the dallas fed has an estimate on what the estimate really cost and we have policies in place which means that growth is going to come back slowly. that's what we have, and we have very little inflation, look at today's numbers. that's where we are. slow growth, low inflation, and a big political fight. one side bangs the other side, back and forth, neither tries to come together to find a concensus, some middle ground to go forward. stuart: now, we've got a fight over the debt ceiling. we've got a fight over the budget and we've got a fight over obama care. the two sides are far apart, they're going to clash the end of this month into the middle of october. do you think that's holding into the economy? >> of course, it's definitely holding back the economy. there's no question. there's plenty of evidence to support it and it's masked by the unemployment rate. the unemployment rate goes down because the labor participation rate goes down. and if you held the labor
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participation rate constant for the last few years, the unemployment rate would be close to 11% instead of 7%. and that's what we can confront. meanwhile, for markets, it's bullish, for the economy, no, but slow growth, low inflation for markets in this political fight means the deficit is shrinking. we were at a 1.4 trillion run rate deficit at the peak. we're about 400 billion run rate deficit now. so, the pressure of federal finance is shrinking. that's good for markets, but lousy for the economy. stuart: that's interesting, david, because i think at 10:00 this morning, 10:00 eastern time the congressional budget office comes out with the latest pro j ex-- projections of the deficit. we're expecting a much lower deficit for this fiscal year, now, you say that's good for the markets, but it doesn't do anything for the general health of the economy, right?
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>> well, the contraction of the deficit is what they call fiscal drag because there's a fiscal component, which is stimulus. we don't have it, we have shrink instead of stimulus. we've had it for several years. if obama had his way, he would spend. he wouldn't worry about the borrowing and the republicans don't let him do it. on the other hand, they pick some dumb fights and in so doing, they hurt their own political caucus. and that's the debate that he is going to get into the next year's election. and obama knows that. so he'll pile on the republicans as the evil destroyers of the recovery, it isn't really true. but that's the nature of our political system and they will attack regardless from the other side. no compromise. but if the deficit keeps shrinking, we rein in the fiscal spending and markets like low growth and low inflation, then markets will do better.
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i feel badly for the 20 million americans who are not fully employed. they're the ones who are suffering. >> excellent stuff, david ko it. -- kotok going right at it. the trading volume is very, very low, by the way. new at 10:00, five billionaires under 40 years of age all because of technology. jason mattera is here at the top of the hour. the question, do the young people see the tech people as role models, do they look up to them or recent them? to obama care, the latest fox news poll show 68% of concerned about their health care under the new law. here is liz macdonald and goes into what the exchange is going into effect in two weeks. 68% are worried about it? >> yeah, they're worried about it and this is a trend we've seen take hold the last two years and people worry whether or not they're actually going
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to be able to keep the health care insurance that they have prior to the law. stuart: yes, i don't think we will. i don't think i can keep my doctor, i don't think i can keep my health care coverage, i think a lot of people are in the same boat. one more on obama care. the baffling congress is heating up and it's now ugly. some democrats, some senate democrats are dredging up an old scandal involving republican senator david vitter because vitter is trying to weigh the obama care exemption for congressional staffers. he wants congress to be included in obama care. >> yeah, he wants congress to eat its own cooking by getting insurance via the health exchanges. this is what senator grassley wanted, to. and this is a ugn ugly thing, a old prosecution scandal to make him shut up. a prosecution scandal that he apologized for with his wife at
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his side and other people are saying to mr. vitter, no to your bill that would force the pullback of subsidies of health insurance for congress. they're saying, listen, we will continue this fight according to politico. and they may draft legislation, that says if you're guilty of a prostitution scandal you'll get the subsidies in the health exchange. stuart: almost childish. >> an ugly fight. stuart: for sure. and gas prices surpassing the mark for consecutive days. go back to december of 2010? >> we've never seen this. and gas shot up after earthquake had katrina and came back down and triple-a is saying expect 1,000 more days of gasoline above $3 a gallon and nothing tests the sanity of americans like gas prices, right? >> right. >> and also the worst states to live in are new york, new jersey, hawaii and california
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for gasoline. stuart: i figured. let's check the big board, we're up 35 points, very low volume. 15, 531, an interesting level there. a big day for video gamers, grand theft auto 5 released today expected to bring in a billion dollars in sales in just the first month. we'll deal with that next. ♪ (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help.
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>> we're holding right there at 15,529. as for the price of gold. in the low 1300's, down 4
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bucks. and the price of oil touched 105. it's coming down and it's 110 a week to ten days ago, 105 now. a look at pandora. the business is slowing and not good news for the stock. it's down yesterday and down 2 1/2 and now down 23. the video game grand theft auto 5 goes on sale today. and is expected to be the biggest entertainment release of the year. despite glowing reviews, it's facing a lot of criticism for its violent content. polygon co-founder joins the company. put the violence aside, how much money will this bring in. >> sure. stuart: i said at the stop of the show, gta 5 will bring in a month more than what the top ten movies bring in in a year. is that accurate? >> it sounds right.
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it's crazy when you think about it that way. and think about this, it's developed for four years, no movie takes that long, maybe avatar, but that's about it. all the buildup is release that people are super excited for and they love it. >> i don't think that a lot of people have gotten used to the idea that a video game can bring in billions of dollars. it's not entered the psychpsych think. >> and remember the number of people that play video games. the average is 30 years old. it's in the culture and everyone you know, you know, my age, you're talking 20's, 30's, 40's, everyone plays video games. it's a huge market, a market that advertisers want to reach. of course the new games are booming and won't go anywhere soon. stuart: no commercials written into a video game. >> sometimes there are, not in grand theft auto, but sometimes a ford ad, yeah. stuart: the average age is 30,
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is it going up? >> it's growing, it slowly has been going up the last few years as people get older, but newcomers are still getting involved in it, more on the lines of ipad, angry birds is for the younger set. stuart: you don't play these games on an iphone, a smart phone, the screen is too small. >> actually grand theft auto games are on iphone, but not this particular game. stuart: and it's heavily male and not female. >> a lot of females are playing games on facebook, solitaire, stuff like that, it's not quite as male or female as you think. stuart: there's lot a big money earner at video games aimed at females, is there? >> there is, actually. if you look at for years and years, games like farmville were 50-50 in terms of males and females playing, there's money to be made there. stuart: i've always said recently i've said, money has no morality. >> sure.
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stuart: a lot of people don't care about the violent content of this game. they will buy the stock. >> yeah. stuart: they don't care about the violent content. don't care about the morality of investing in violence. what do you say? >> that's up to them. you know, what it comes down to it, you realize there's violent content in movies and video games and books, whatever. it's up to you whether you want to support those companies. stuart: do you know of any effort to get people not to put their money into-- >> i know there's always going to be a boycott or something like that happens all the time. whether you pay attention to that, it's up to you. i will say this though, there is the stock market in grand theft auto a, the digital fake stock market. and this is not moral, you can blow up a competitor and then buy stock in the competitor's rival and make a ton of fake money. stuart: in fact, the violence and us talking about it. >> yeah. stuart: is an advertisement for the game. >> that's true. stuart: that a lot of people want that in the game. >> that's true and that's your call to make.
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probably shouldn't buy this for your 12-year-old kid, not a good idea. stuart: i've got a question, i've got to put this to the audience here. here is the question, would you buy shares of take 2 interactive if it profits, and it does, to violent video games like grand theft auto. log on to facebook and log on to twitter, comment about the morality of money, we want to hear from you. thank you very much indeed, i find it fascinating. >> me, too. stuart: i never believed that a video game could pull in a billion dollar in a month. the writing is on the wall, it's time to frack and we are going to do it. my take on that is next.
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>> i've got a couple of big names that are moving. safeway adopts a shareholder rights plan and the thing is up 9%. investment firm hummingbird has taken an 8% stake in the teen retailer aeropostale and it's up. coming up i'm going to talk about hockey, that's right, hey? because the stanley cup will be live on this program. and plus, judge napitano on the latest obama care revelation
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and doctors forced to ask you about your sex life no matter what you're in for. it could be a head cold. they want to know, if they don't ask, they face a fine. and here is my take on fracking, that is hydraulic fracturing. the revolutionary american technology that unlocks vast quantities of oil and natural gas. the opponents, get out of the way or get on board because we and the rest of the world are going to frack. several news items, a study at fracking sites shows far less carbon in the drilling process than the government told us, two, america's total emissions have gone back to 1992 levels. do you know why? fracking, it emits less natural gas than other fuels.
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it's indeed climate friendly. number three, announced this morning, enormous shale oil deposits have been discovered in argentina, siberia, algeria. bigger than what's under the ground in north america. you think the russians are going to leave it in the ground because the greenies don't like fracking? the writing it on the wall. fracking does not pollute as the greenies say it does. fracking lowers carbon epolice stations, unlocks massive energy reserves all over the world. it's a revolution and it just arrived. this is a rare victory for growth, jobs and chief american energy. that's not quite the way that darryl hanna saw it when she visited us. the department says that those tarsands contribute 0.01% of global emotion. >> take that paper and crumble it up and throw it away. that's a piece of garbage. [ tires screech ]
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...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
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no two people have the same financial goals. pnc investments works with you to understand yours and helps plan for your retirement. talk to a pnc investments financial advisor today. ♪ at this. said it ain't so. occupy wall street is back. the obama shock troops return with another demand to tax the rich. there is more. obamacare and demand in turkey and on your sex life. who have you been with recently? del or female? are you out of the guarantees he? the doctor doesn't ask the doctor may be fined. we will be talking about the federal reserve. we will get it in. david stockman is in. we crash if we stop printing, so
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he says. of british press reporter is here. will the american people to back an attack on syria or iran? he will answer. vocalist trophy in sport, the stanley cup, sandra smith will punch in and correct spelling mistakes. ♪ stuart: 47 points higher in the first half hour of business. very low volume. everyone is waiting for dan tomorrow afternoon. after wall street today is the two year anniversary of occupy wall street. there are commemorative events. going through until tonight. they want a robin hood tax that would tax all financial transactions. charles is here. did they take days off from the
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jobs? charles: assuming you have a job. two things they want, money out of politics. got money last night. money out of politics and of course it is interesting, rather than tax they talk about an 11 country, germany and france. at of when the left points to europe as an example is stuart: that the economy. i say you guys tell me europe is doing that that is why we shouldn't do it. anyway, the united nations we once said you guys messed up because you were not focused, they're trying to get focused right now all. stuart: the youngsters of this world, he is young, what is with this occupy wall street back again after two years? do you think occupy wall street is doing what it tried to do two years ago and was successful at that is leading the youth vote to the left? >> it is a clown show today, to
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echo charles you have to have dagon in order to have days off so i don't think they are taking days off to go to the park and then on their drums and yell these idiotic chance. they an opportunity not just to continue to be younger voters but the vast majority of americans to a noble goal at first which was to look at how the political crash makes the middle class subsidize the pet projects out of washington d.c.. instead it is a panoply of the left-wing objectives, public financing and a robin hood tax and on a press release they also included gun-control. they are phony hacks now. stuart: hold that thought and still right there. more stuff for you later. right now to capitol hill where rich edson has breaking news from the congressional budget office about the deficit.
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i take it it is a bit lower. rich: peter: this is an examination of debt to gdp ratio, the cbo's long-term outlook, two familiar words from the cbo, ultimately unsustainable. it says if congress does nothing by 2038 entitlement spending will have doubled as a percentage of gdp as it is now, spending on everything else will fall with low level as a percentage of gdp since the 1930s, interest payments will double as a percentage of gdp and the debt will hit 100% of gdp by 2038 if congress does nothing. stuart: that is long term negative versus short-term contraction of the deficit this year. that is the news from the cbo? >> if you look at what the deficit, these are annual deficits what we at annually to the national debt it will go down until 2015-2018, then begins to gradually increase on an unsustainable path.
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stuart: just after president obama leaves office. thank you very much. charles: obama hits the tea party saying they want to hurt america was the most divisive thing he could have said, talked about the deficit issue and he wanted to get out of this sort of thing. they knew this was an coming out, let's talk about what is happening right now, take the usual way which was the central issue and continues to be the central issue with good reason, you heard from rich. stuart: to wall street and nicole petallides. arrow postal up big. sandra: the stock up 16.5%, a huge day because you have a private equity fund, that fund has taken nearly 8% stake which has been struggling in the latest quarter, vostok to the downside, they called it an attractive investment saying they were with the company
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itself, the management, the business, the strategies that they have, the future plan, among other issues. what are the issues? look at what is going on here? it is up 17%. i see a hummingbird on that banner, and i have sycamore, the same thing. and making some plans. stuart: who ever bought an 8% stake, 17% on the investment. back to the story, jason is with us. tektite none did the age of 40. and they lifted them at the top of the show, there are 5 billionaires', multi-billion years under the age of 40. you represent the youth of america. do you people, you people, do you look up to these billionaires', or do you resent
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them? >> i certainly don't resent them but there are many in the occupy wall street who does resent the success, and huge financial gain with their innovation. i look at this and young people should look at this not as mark zuckerberg or others in that category as personal role models. i don't know their private lives or if it should be commendable but we look at the testament of free enterprise, testament and success of capitalism, how someone like mark zuckerberg can start a social media forum in his dormitory that wasn't the result of government bureaucrats and the success didn't come at the hand, it is a great way paula and what young people use today. stuart: 20 years ago, early to
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mid-1990s, the idea of the entrepreneur, in the technology, make a lot of money. that was a role model, they were lauded consistently, and the distinct impression that right now there looked down on. it is up to you youngsters to turn that around. do you think you can? >> look at the vast majority of users with the social network platforms including twitter, facebook and the host of others and that is young people so young people instinctively not only get free market capitalism but they are users of it. they have to have the connection to have government come off of their backs and allow the innovation and the juices to start flowing without the heavy onerous regulation. you are right. is harder today in the climate because of the political class warfare and politics of greed
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and envy that the left is always using to beat up on conservatives but in spite of all that we have these success stories we can point to and kudos to mark zuckerberg. is a dork worth $9 billion or whatever. $19 billion, a don't know that. i must be in the wrong business. at least i get to come on television and talk to you so there is that but mark zuckerberg isn't making that -- stuart: we will never get him as a guest on this program but going. charles: i want to say also we could talk about the entrepreneur thing beyond technology. a lot of people feel i am not a geek. the yogurt company takes a dive from turkey to take a plant, refitted and start selling yogurt, and so many small businesses out there being created by people, they are not
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hard, reinvent the hamburger. the problem is we got to tell young people you can go out there and do it and not be do . a recent survey 4% of young people said they wanted to be in the 1%. stuart: that is it? you have work to do. you people have work to do. get out there and start transforming this country. i got to run. i thought the stanley cup was waiting for us. this is a switch of gears, stanley cup. returned to chicago. the black hawks won the championship in june. i'm a huge mistake in a staff meeting this morning. i am out of touch with hockey. let's go to sandra smith who was standing beside the cup itself. sandra: this is the secret in the city of chicago, and standing next to carry duffey, chairman of this exchange in chicago and the captain of the
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stanley cup champion team. this is a huge day, this is what it is like in chicago. business show, i got to go to carry and say something a lot of people don't know is kerri is accused blackhawks fan. go to most of the games. >> my family and i go to every game and that is our family time together and we are blessed to have friends like that. sandra: you are close with these guys and what made you parrot with an iconographic like the black hawks? >> it is important, i am a big brand guy, the cme it has been around 170 years, it is important not only in chicago but throughout the world especially washington d.c. and you need to partner up with certain organizations and couldn't have a better one. this was lightning in a bottle because in 2011, the first year, 2012-2013, the first year of our sponsorship and here we are.
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sandra: you couldn't help but see when he goes into the locker room of the cme and is above the jerseys, it was on the boards during the stanley cup. you are the youngest nhl captain in history. today you are only 25, have been capt. for five years. >> really short years. >> i'm going to ask a question you would want to ask which is how do you handle this success? stanley cup champion you probably dreamed of this growing. >> i would like to thank our panel as well but all these people are here to see me but they are here to see the stanley cup so i get full of myself sometimes, it has been a lot of fun and such a big part. >> success comes money. how are you handling that? >> what do you think? johnny has done an exceptional job making sure he maintains his finances properly. >> they even gave him his own
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trading jacket with his and badge. this is not only a good day for the city of chicago but for sandra smith to be standing with these guys on the trading floor. stuart: the crowd are watching you and the stanley cup so obviously they are not trading. number 2, a believe there are spelling mistakes on the stanley cup and i want to know if jonathan's name is spelled correctly. >> is your name spelled correctly on the stanley cup? >> i think so. i checked the few times. should be all right as long as it is the same as last year. >> you spend your days kissing that drove the? >> a couple times off the bat, then i take it easy. you don't know where it has been. sandra: thank you for playing. stuart: thank you, all you traders get back to work. sandra, thank you very much indeed.
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i got to get to nicole petallides because earlier microsoft was on a tear. nicole: i thought everyone was here to see me. they are here to see you and "varney and company," we talked about the big news on microsoft this morning coming off of the earlier highs but looking great, they are boosting their dividend and now also reinstating a share buyback program as the other expires on september 30th of 1/2%, 3301. stuart: was doing had better have an hour ago. i was retiring at 9:35 and now i am not. thank you very much. another result of obamacare, your doctor will have to ask you about your sex life. how many partners, monogamous or not? invasion of privacy? you think? the judge is next on that. ♪
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...personalized home security and automation... [ lock clicks ] ...that lets you loser to home. that's so cool. [ male announcer ] get $100 in instant savings when you order digital life smart security. limited availability in select markets. ♪ do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps,'s taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? how did he not see that coming? nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with
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hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. stuart: time to make some money. charles easier to tell us how to do it and looking at soda stream. charles: we made a lot of money
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with soda stream and time to get back. stuart: when you include me in that? charles: varney viewers. you know the soda machine. avenue design coming out, the design is fantastic and will make its debut at the london design principal, 19, twenty-second created by this guy, the name you will become a household name, chief creative officer of jawbone. this guy is amazing. you should see how they streamlined this product, looks fantastic, the blood going to like it. revenues, earnings, continues to do well and there's a gigantic position. stuart: you recommended this some time ago. you like it? charles: every time it pulls back is a bah, gigantic cash flow, this design is phenomenal. stuart: i haven't obamacare
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bombshell. doctors will be required to ask their patients very personal questions about their sex lives, if they don't ask the question they face a fine. i say that is a gross invasion of privacy. let's see what the judge says, judge andrew napolitano is here. you go to the doctor and under the rules of obamacare he or she must ask you, about your sexual partners, frequency of sexual activity, nature of sexual activity. judge napolitano: the physicians are required to ask that question the first-time you visit the physician, not every time. and if the answers are irrelevant to the reason for which you are there. let's say you are visiting the foot doctor to address the bunion on your foot, a foot doctor, they ask questions about sexual behavior, the foot
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doctor, would be required about your ownership, and the frequency with which you use them. and gross violations of the right to privacy. the questionnaire is of private person you have chosen to go to, the impetus for the question is a federal law that will punish them if they don't ask it. it is even worse, when they ask the questions they record the answers in their laptops which were issued by the federal government and bureaucrats and health and human services have access to the questions and the answers and can share it among themselves so you could say something about your sex life or use of handguns to the foot doctor and suddenly the local police know about it even though you have a right to remain silent. brings me to another issue. the doctor has to ask but you don't have to answer. you have a right to say i am not
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answering, none of your business. i know why are asking, tell the feds to take a hike. you can give those answers, the doctor has discharged his or her lawful obligation to ask any retained the right to remain silent. where does this take us? this is part of the bill, even the forces that love this bill, nancy pelosi and barack obama and the progressives, they accepted the right to privacy in some areas. people right to abortion in this country is based on the right to privacy without the right to privacy there is no constitutional basis for abortions of the obamacare people better be careful what they ask for because they may get it and undo some sacred cows in their world. stuart: i can see how asking questions about your sensuality or gun ownership could be
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relevant to a general state of health going forward? judge napolitano: why does a foot doctor need to know? stuart: someone went to a chiropractor and was asked about sex life from the chiropractor. charles: sort of like a policeman if we don't answer that? judge napolitano: a good question. my guess is most physicians are as uncomfortable asking these questions as we would be answering them. they don't care if we don't answer unless they need the answers to diagnose you. if you have a sexual problem is a different story. almost all occasions the questions and answers are utterly irrelevant to why you are there. stuart: a real shocker to me. peter: judge napolitano: your countrymen, george orwell in
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'94, actually worse. at stuart: thank you very much. the power ball jackpot, $400 million is the prize. after the break charles tells you why you should not buy a ticket. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it,
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stuart: the market holding pretty steady in advance of been speaking tomorrow but up 40 points. tomorrow's power ball that but will be more than $400 million. you have been looking at the numbers. can you tell me, for every dollar that goes in, how much is paid out in prizes? charles: the exact number varies but this is a tough one. so many different formulas but the amount paid out is a small fraction. i don't have the exact numbers. i have been going through this thing. stuart: am i right in saying if it is $400 million it is only
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$400 million if you take it over 20 years. if you take a lump-sum it is less than $400 million and then you attacks on what you have left on top of that. charles: according to this article this $400 million you better take the money over a 20 year period and you will need every dollar, it may use a different model but talk about break-even at $345 million. you are suggesting the rest of it through whatever expenses it goes to you don't end up in your pocket. in other words it is a complete rip-off and before the taxes, sort of a complicated model. the bottom line -- stuart: don't do it. charles: $400 million. if you and to take a shot, take a shot. it is a tax on poor people and all that but when members get to four hundred million don't think you'll end up with all that money in your pocket. stuart: new study reveals some
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touch screens on tablets and smart phones carry more germs than a toilet seat. you have been delving into this one. charles: anytime you see a touchscreen you have more germs than a ploy that seat, amazing. the bacteria, exponentially more prevalent on ipad, iphones, one of the problems is people take these into the toilet with them but even without that the problem is cleaning and. people don't clean them. they rarely ever clean them. clean up the bacteria. at minimum occasional sickness, vomiting, things like that, they get worse. we were talking whether or not giving radiation or brain cancer and this is like more dangerous than the toilet seat.
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stuart: this is interesting. charles: that is what wanted to talk about two days before they unveiled the new phone. stuart: we just beat up on 4 and the million dollar prizes for power ball and a dirty touch screen. stuart: for most people who buy lottery tickets -- stuart: we have no influence whatsoever, do you realize that? after the break a guest who says once the fed stops printing the markets will crash so will janet yellen come running to the rescue and keep printing? that is next. ♪
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stuart: this company runs those red box dvd rental machines at the grocery store. you are not renting that many dvds, you would rather stream, it used to be known as points of our, it is down 13%, we are streaming. apple can time out with numbers on pre orders after announcing new iphone is, stock can't go down on that but a modest bounce
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at 456. ben speaks tomorrow afternoon at 2:30 eastern time, and janet yellen is expected to be the person who takes over from ben when he steps down. here is reagan budget director david stockman. two points to make. after you said many times, when the fed stops printing money, we will have a real problem at the stock market. you used the word crash blues suppose we print a little mess. do we still have stock-market problems? we find out tomorrow afternoon. >> the market is fixing to throw a hissy fit of biblical proportions. only a question of when and the catalyst. look at this perfect relief rally we have had yesterday
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spilling over into today. , boys and girls on wall street are addicted to their monetary apps that they cannot see that larry summers is effectively john maynard's vicar on earth. and happen soon enough, lasted longest. they point i am making, that he is a threat to the future than that is the measure of how sick, all distorted, al unbalanced this market is. janet yellen obviously is likely to be appointed and i can understand why the market is cheering. after all janet yellen told the congressional crisis inquiry commission in 210 that she sought none of these bubbles
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coming, that the effectively she is a self certified member of the double blind, did not see the securitization was problematic, did not see the market was an accident waiting to happen, did not see the gains, rating agencies were playing. so my point is if that is who we are going to have running the fed and going forward, we are in for i think a disastrous period. stuart: not yet. as long as the fed prints you think we are going to be ok? >> i don't think so because we don't know what the catalyst, the black swan, what the unexpected development is going to be that will cause people to sell. if the market begins to sell off, even more money printing is not going to stop the carnage that will result. stuart: what did.
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>> bubbles everywhere, we have recreated. >> absolutely inevitable. the russell 2,000 is 22% higher than in the fall of 2007. and the mainstream economy, the russell 2,000, and not any stronger or more sustainable, more productive than the fall of 2007 before the last crisis. charles: you are starting, and in the midst of a serious pull back the market is oversold. >> i am starting from the fall of 2007. charles: what about the market? >> i have no idea but it is below where it was today. the market is trading at 19 times, trailing gap earnings, the real thing, that is not all
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doctors and axe items. stuart: 19 times reported earlier. is a fairly normal? >> it is what album of the question. 19 times trailing exactly where it was in october of 2007 for one. secondly i don't know why the market is allegedly discounting the future. i don't know why anyone would believe with all the head winds we face whether it is in europe or china or going through a judgment whether it is japan -- stuart: the alternati is not attractive. why would i put my money into a bond which be turned the two or 3%, treasury bond is less than 1%. was put into a cd which gives me nothing? or will put in the stock market where i have a shot at coin. >> that is a measure of low distortion caused by the fed policy. the a telling the favorites of america we want you to go out on the risk spectrum.
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we want you to get into the russell 2,000, to buy junk bonds or mutual fund, you're not allowed to earn anything on your lifetime savings and that is a totally wrong policy and is not sustainable. just because there is no alternative doesn't mean there won't be. stuart: when do you think the fed either stops printing or there is a black swan event and everybody sells stocks? what is the time frame? >> the blacks one event can occur any time beginning now into the indefinite future. the fed is going to stop printing in a small way if the meeting is going to conclude tomorrow. the question is when does the market have its wake up hissy fit? it is coming. who can predict when? stuart: we were moving along nicely talking about toilet seats and tablet screens. look what you did. thanks very much for joining us,
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come again soon, great analysis, we like it. the country is in retreat. president obama outmaneuvered by russia on syria. are we turning into a nation of isolationists? that is next. but
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stuart: think you have a lot to drink and not sure you can drive home? there is an apps for that called the breathofmir for iphones and
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android, the play's your users will now call level in seconds and can call you a cab. $650 million in welfare benefits will be distributed to illegal aliens's parents and los angeles in 2013. that according to county officials. so far $376 million in welfare benefits and food stamps have been distributed through july. the federal government pool and a record of approximately $2.5 trillion in tax revenue between october 12th through the end of august this year, despite record tax revenues the federal government still accumulated a $755 billion deficit. next, america, isolationist, back in a moment.
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thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions...
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in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. stuart: another time we will make some money or so charles says. his stock is weatherford international. what do they do? charles: they make equipment for oil drilling, mostly what they call unconventional, shell, oil sands, heavy oil, artificial lift, hydraulic stuff. and tremendous demand for products and services all rum world. i mention this at least once on the show with you, maybe more. the next big leg up, close above 16, then looking at a target of $20. stuart: when you feel really good about this. charles: i get nervous about it.
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stuart: this number comes from new research, 46% of americans believe the united states should, quote, minded and business internationally and lead other countries along the best they can on their own. sounds like strong isolationist sentiment in the nation, does it not? here is michael cammed, former adviser to the u.k. ministry of defense and former special forces kind of guy. welcome to the program. my reading of that poll is america isn't an isolationist face and there is no public support, very little a to attack syria or iran. you read the tea leaves for a living. >> these accusations have been from russia, a country that has recently unanimously bought into the propaganda of no traditional sexual relations or anti-gay rights bill, these accusations should be back. stuart: you are talking about the tweet out of russia yesterday polk in the americas
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saying we are not exceptional, look at what is going on in d.c. the shooting yesterday. >> absolutely. america is 237 years old, the number one political power in the world in terms of influence around world, spend $700 billion on defense to do that so back up its power with syria, economically it has gone 440 billionaires' in the country, russia has gone 100 billionaires', defense wise it as well aircraft carriers, the closest nation to that is russia at one aircraft carrier. these facts stand alone, the data stands alone and is created by embracing exceptionalism, by exceptional people. stuart: but we don't want to use that power. that is my reading of american public opinion. no way on god's green earth that the american public would back president obama in an attack on syria at any point for anything. >> i agree with you but we are
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in this position because of the old notion of soft power backed up by hard power. soft power or diplomacy is most effective when you have a big bat behind you to back up. what we have to do is we have to look at the ramifications of using the big bat because we are now in the contemporary environment where military strikes are only credible if they have international and domestic acquiescence. military strikes as a stand-alone no longer become as effective as they were and we can talk about the radicalization of an indigenous threat, the biggest threat to the u.s. at the moment, the u.s. home borders is by non state actors. it is not by assad or russia. we should be embraccng russia in terms of the threat they have to deal with with jihadists and islamists metastasizing in places like that. stuart: we should embrace russia? >> absolutely in terms of the security aspect. they are facing on a global
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scale the same problems america is facing and the west. stuart: they won't do anything about poison gas weapons in syria, won't do anything about iran denies nuke. we embrace that? >> i disagree they are not doing anything. i think russia has given obama a lifeline. charles: motivation with respect to syria. if it did in the wrong hands they could be used against russia at some point but for me the problem is in america we don't have the stomach, think how many people died at gettysburg in one day and go down to all wars. if we move 1,000 soldiers, the american public no matter how honest it is, we throw in the towel. stuart: do you really think the russians will enforce this, that they will make sure those syrians hand over all those poisons to international, you think they will do that? >> i can't say whether they will won't but we have to give the
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diplomatic avenues, an opportunity, at the blood instrument of military strikes. this is on the doorsteps of russia. let's go back to 2004 with the schooling where 1100 people were taken hostage. 70 of them children, 350 people died. that was created through an islamist movement. they have a serious terrorist problem on their doorstep and by invoking military strike on syria it will spread rapidly within the region and they don't want that. stuart: we hear you, you know what you are talking about and thanks for joining us. come back soon. thank you. ed snowden, nominated for a humanitarian award. we have details on that in a moment. she took an early spring break thanks to her double miles from the capital one venture card. now what was mrs. davis teaching? spelling. that's not a subject, right? i mean, spell check. that's a program. algebra. okay. persons a and b are flying to the bahamas.
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stuart: facebook back up a little, it is not approaching its all-time high. it took a dip yesterday. charles: it broke out, gave up a lot yesterday. stuart: that may be the closing, 45, 62 is the high, twenty-four million shares is active trading.
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make time for this. this is a jam. ed snowden nominated for a human-rights prize by the european union. this prize includes previous honorees who include nelson mandela. can you imagine this? a great man, truly great man like nelson mandela received the same price as -- charles: he is nominated for it. it would really hurt. stuart: trying to calm me down? charles: i was passed when i heard about it. named after the guy who went through hell, didn't go through hell, freedom of thought, fine, narrow down to a short list of three names. hopefully won't make the short and in october the final recipient of the list but he shouldn't have been recognized but the greens with a once nominated him. stuart: what do they have to do
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with a weaker? charles: anything that smacks of anarchy. stuart: anything anti-american. those europeans -- don't get me started. stuart: i'm glad the information came out but not the way he handled everything. stuart: you are calling me down remarkably well and i congratulate you. more varney after this. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need without any surprise fees. ♪ it's not rocket science. it's just common sense. from td ameritrade. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history.
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instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans.
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stuart: during our 9:00 a.m. hour, i asked you if you would buy shares of take two did. here is a sampling. jeff says, sure, i would. i do not hold things responsible for the problems of unbalanced
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individuals. on twitter, eric echoes, i cannot remember anyone saying not to invest in sony because they make violent movies and video games. charles, would you allow him to buy and play this game? charles: he cannot wait for the game to come out. he knows all of those songs. he is salivating to get his hands on it. washington navy yard gunmen "obsessed with violet video games." stuart: did that promote his activity? did it promote his killing? that is one angle.
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charles: i do not buy it. bullets kill. no, people kill people. we have an epidemic of violence in this country. let's build with that. this guy was a citgo in my mind. overall, the crisis in this country is out of hand. stuart: do you draw the line on investing in and being part of any company? charles: the only are some of the stem cell companies. stuart: we are out of time. thank you very much.
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dagen mcdowell. dagen: you missed pornography. [laughter] dagen: they lost that lawsuit. they have to pay their strippers minimum wage. this is news we are talking about. love you, stuart. thank you so much. the national average for gasoline has been above three dollars for 1000 days. it may very well stay there forever. for saatchi mansion sold moments ago. one of the bidders was, of course it was, donald trump. who did buy that man should? one of the more bizarre ad


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