tv Markets Now FOX Business October 31, 2013 11:00am-1:01pm EDT
all these stories. it is bringing down the president's approval rating. then, did she know? reports janet yellen did know about the housing bubble in 2004 but did not say anything in public. is that a big problem quest mark surroundin?surrounded by contro. the redskin name stays. we look at why money can be a big factor in that decision. and yes, we do know it is a halloween. a holiday spigots to see $6 billion in spending, $2 billion of that just uncanny. --dash on candy. we will talk about that. and hopefully avoid clowns. cannot stand clowns. today brings up a lot of bad memories for me. a lot coming up, dagen mcdowell on "markets now" as well. were there clowns a video when i was talking hashtag dagen: i
don't know, but clowns are creepy and scary. you know the scariest thing on the planet is quest mark chainsaws. you don't even need a gun at your house, you just need a chainsaw. smells horrible, the sound is downright scary. connell: happy halloween. dagen: happy halloween to you as well. looking at these markets yesterday pulling back from those record highs again do we blame the federal reserve benchmark three-point loss on the dow right now. lauren simonetti is at the dow. lauren: it is the final day in the month of october. the broader market up about 5% this month. despite the down arrows we are seeing this morning. the chicago pmi number really strong. huge upside surprise. maybe the economy is a little bit stronger if we see a follow through with the national isn tomorrow suggesting a taper may be sooner rather than later. we also have a talk about facebook shares. this is up 18% after the hours.
soft this morning. investors are concentrating on choosing younger teens back in school not using facebook as much. also facebook is not increasing the frequency of it as they show the users. some analysts comments. i see one downgrade, at least 12 brokerages are raising their price targets on the stock of the same time. 7250. back to you. connell: now let's get to these numbers on the president. president obama's job approval has dropped to an all-time low. 42% of americans approve, 41% disapprove. dagen: monica crowley fox news exhibitor and host, where does it go now that he has kind of been exposed for not telling the full truth about the health care law? review the over and over again for years.
>> like your health care and your doctor, you can keep these things. now know it is not true. the "wall street journal" poll you just cited 42% jobs approval is deal with the gallup showed us yesterday which is 42% job approval p had clearly the trend is downward for him. they were polling the folks here before the lie became public news and started to really gain traction. for me, look, i think every president sort of has a basement level where he doesn't go any lower. george w. bush in the mid to upper 30s, presidents nixon during watergate same thing. obama's level a little bit higher, he is sort of a historic figure first black president, that might be built into it. 42% is a danger zone for any president. very tough to come back. connell: he will say he wasn't lying about that. very aggressive in speech in boston. you think that will be the taxi
takes saying you guys, people who are talking about it, people like us and others, you're misrepresenting what i really said. taken out of context. you think that is the taxi will continue to take? >> i think he will. it is not about the details or really the truth. for him it is about the fundamental transformation of america of which obamacare was the central pillar. for him it is all about the bigger picture and the details. the american public, and this is the big problem for him, the american public don't like to be lied to by their leaders. if you have a president who is lying at it is not directly affecting the public's like bill clinton when he was impeached, people perceive that as lies about his life or personal life or whatever. but with this people are actually starting to feel real and acute pain because of the lie. their insurance is getting canceled, they're losing their doctors, premiums are going up, taxes are going up, deductibles
are going up, they are losing work, losing wages, losing hours. that can be directly linked to him and it has already begun, that line he told us to acute and direct paint the america people i think you will see the poll numbers fall even further. dagen: frankly in the speech yesterday he seemed to say you lost your insurance, get over it, by better insurance. the political calculus seems to be this applies to 5% of the population or less. it is negligible. we don't care, get over it. other people will not feel like they were lied to. >> i don't think he cares much, you guys. he's not running for reelection again. connell: you've got to care about health care. that's his thing. >> but he does to the big picture. nationalizing won six of the economy from a socialist point of view, that is what it is all about. he was never that interested in the minutia. connell: this interview has been
way too easy for monica. i want to ask one question to make a somewhat uncomfortable. dagen: if you did really truly karen was passionate about it, why did he allow these basically to fall on his face? >> you're right. he would have been writing them to make sure it was being launched properly on the right state and he didn't do it. connell: what of it all works at some point years from now what if obamacare works? >> oh, connell, you are so cute. connell: that has to be their argument. >> that is what they are trying to say. connell: the launch was horrible but years from now we will be better off for it. >> very cute. connell: you don't give this any percentage chance? >> no. this is the easy part. get a website up and running. the problem is not with the website, the problem is with the law. all the kind of government intervention.
dagen: medicare is going to run out of money in about 13 years. however, all the people on medicare love it, they love it. they get a great benefit. so my point is even if it is financially flawed, as long as enough people like what they're getting, that's all that matters. >> and that's the point. that's the whole point from the far left point of view no matter what it's slammed in its place. this is all about getting government control over the health care system. then we'll worry about the details later. she is not just cute, she's gorgeous. dagen: there are a lot of people who get big benefits from this though. they are going to be haves and have-nots and it depends on how they vote at the end of the day. >> this is about government locking into people government dependency. gave the democratic majority. it was always about government power and control. connell: trying to get your work done.
>> you are so cute. connell: we have to talk about janet yellen from this. quite a transition. the president's nominee to be the next chairman of the federal reserve is janet yellen. there is a new report that came out that may make her confirmation hearing a little bit tougher. the story says she thought when she was san francisco fed president that the housing bubble was coming back in 2004 but she didn't speak up publicly about that. from memphis, senior vice president chief economic strategist. it is good to see you. is that a problem of janet yellen in san francisco thinking this whole thing will blow up and she tells her colleagues in private but never says anything publicly? >> good morning, connell. you have to remember one thing. overall as a fed bank president it is different than the role of the fed chairman. her role is to provide input at the committee meetings and certainly she raised the flags of the housing problem.
and i think she did her job and that regard. while i don't necessarily like the accommodative monetary policy i think she will pursue, you have to remember they are trying to blame this on her because she didn't do more about the housing issue back then. it's a little bit off the mark. connell: is a little bit interesting because you look at the fed speeches that are made by various figures, she was one of them when she was in san francisco. you look at the fed officials speaking. a grain of salt and every single remark we get from these people and only listen to the chairman? >> you certainly have to look at all of the remarks and sort of way them. they don't want to be alarmist. if you think there is a housing problem out there, she will be a little bit remiss to go to the region and say we are about to a housing collapse especially when everybody else says we are not that about it. connell: is self-fulfilling prophecy at that point?
>> absolutely. connell: tell me about what you think of me started talk about this, her policy will actually mean for the economy and for the federal reserve. you think the same old, same old, we will keep printing until we cap print anymore. is that the janet yellen chairmanship we will see? >> i do think she is dovish. from a transition template it is great. from policy will have a similar transition from bernanke to yellen. but she hasn't always been completely dovish. there have been points she has been more aggressive on the hawkish side. i think what you have is somebody who believes in aggressive monetary policy and right now the day that they rely on says they need to be accommodative. you will see more aggressive accommodation, maybe even more so than we have under bernanke. if we start to see inflation will she be as aggressive in her response to that? history says she may be.
connell: i don't know that i even need to say it. but at least get her true remarks and what she says when she is the chairman of the federal reserve and i guess you wouldn't find somebody who got it right. thank you very much for coming on and we will talk to you very soon. >> thank you, connell. dagen: from janet yellen's new job to edward snowden. a lawyer for the nsa whistleblower says his client will be joining one of russia's largest websites as a technical support role. the lawyer did not say what website snowden will be working for but he did say he starts tomorrow. he has been in russia since given asylum. the irony is the russian government is spying. so enjoy living in russia where they spy on everything you do. connell: google glass, which we have talked about on this show
come all the rage. driving while wearing these glasseclasses will cost you a py penny. one woman just found out about that. we will tell you about it. dagen: and making history. $1000 plus wager seats definitely worth it for game six last night. connell: congratulations. the city of boston. speaking of sports, not changing the redskins name becoming a big controversy but we will talk about why money was a big issue for him and how the team should move forward coming up. state and for all that on "markets now." a look at oil now, and then we will come back and talk baseball. when we made our commitment to the gulf, bp had two big goals:
help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
i told him you will regret it the rest of your life if you don't go. connell: you take credit for everything. dagen: i take credit for their win last night. that ended in game six, not seven. connell: creating number of jobs almost 400 in the u.s. and lauren simonetti has that joining us from the new york stock exchange. lauren: the stock is not doing much at the moment. but we do have an announcement from the u.s. walmart ceo as well as the secretary announcing at an investment summit 385 u.s. jobs will be created with walmart in partnerships with three global suppliers. they produce footwear and glassware respectively. this is where walmart commitment to create additional jobs here in the u.s. by contracts with suppliers. back to you. dagen: thank you, lauren. so much for hands-free calling and navigation. driving while wearing google
glasses may be illegal in some states. a california woman received a traffic ticket for sporting the eyewear behind the wheel. as if the cost of the google glasses wasn't enough, their legalities in question because the device enables video watching which would be dangerous while driving and off-limits. google glass is just available for app developers but they will be released for general consumption and purchase sometime next year. 1032. connell: thank you for pointing that out. dagen: how many people do you see in traffic texting and driving all the time? connell: too many. good news for the great city of boston as they celebrate nearly a century in the making. red sox beat the cardinals 6-1. they won their third world series in 10 years but the first
time that clinched it at home since babe ruth was pitching for them in 1918. our senior producer and good friend was there with his wife who is a better producer than he is as it may be. dagen: a better person. connell: neither one of them showed up for work today. largely because of this. dagen: again he went to last weeks, he went to the game and drove back and didn't sleep and went to work anyway. connell: and he wasn't fairly wy useless. dagen: i told him you've got to go. you will regret it the rest of your life if you don't go. connell: this is like one of those stories. it is his story. dagen: it is true, i'm not making it up. connell: it had to be great for him. dagen: we're happy for them given everything they have gone
through. that is less idiotic because your team just won the world series. anybody wearing a jets jersey. connell: who is wearing a jets jersey? members of the jets will not even where a jets jersey. dagen: coming up, from the government shut down to our mounting debt, the u.s. is the best place to be, baby. officials trying to convey to the world today. connell: even if the protests grows over this redskins name, they are requesting to change it now. is this battle long-term one that he can win? keep it on "markets now." it's a growing trend in business:
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connell: obama administration teaming up with business leaders to track foreign investments here to the united states. dagen: peter barnes in washington, d.c., with much more. peter: hey, dagen and connell. demonstration is bringing out the big guns this event. president obama will be speaking at this group later today. 1200 participants including more than 630 foreign companies from nearly 60 markets represented. herb as additives from nearly
all the states here to try and pitch foreign companies to come to the united states facilities to create jobs. one of the big hitters with me now is francisco sanchez, he runs international trade administration for the commerce department. thank you for joining foss business. there is a new initiative in menstruation not today. one stop shopping. what's that about? >> this is about t making easier to attract foreign investment. the united states has historically been a great place to bring foreign investment and we've done very well as a country. but the competition has been fierce. anything we can do to make it easier we want to do. it is intended to do just that, make it easier for investors to set up their operations and create jobs for us. peter: so how does that work? they work with state department people in u.s. embassies in 30 countries, how does it work? >> you've got it about right.
all of government approach. depending on the sector, depending on the business a company may need to talk to the department, may need to talk to epa, the department of interior. it is going to be coordinating the government efforts so when a company comes here, it is easy to get your permits to do whatever it is you need to do to get going. peter: so a single point of contract somewhere who helps navigate all this for a country. >> that is exactly right. peter: how has it been going? foreign investment in the united states on the rise here, the states for example a huge energy boom, are we attracting more foreign companies to the united states? >> we are. i have to say prior to june of 1911, we were really suffering from the competition we see from all over the world. in june of 2011 president obama
stood up a program called select usa which is housed in the international trade administration that was our first attempt at an all of government approach to facilitate foreign direct investment. coupled with what you just mentioned lower energy costs, and very strong and robust market, well-trained workforce and a strong rule of law. all of these are coming together to make us very attractive for investment. peter: good luck. as you get companies to select usa. back to you. connell: thank you very much. dagen: are investors completely ignoring risk in the bond market was mark vanguard, they know more about bonds than anybody in this country. he is here to tell you where your money should go and what you should avoid like the plague. connell: coffee bean prices hitting thei the lowest level se
'09. why this could mean coffee in your cup will hit your wallet a little harder. we'll have the story coming up. jeff flock is all over it. stay tuned. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. once wrote something on a sheet of paper and placed it in his factory for all to see. ♪
to help maintain healthy blood sugar levels. metamucil. 3 amazing benefits in 1 super fiber. connell: we go back to the stock exchange with lauren simonetti into day. tech stocks dragging that sector lower. >> let's talk about apple in the green, this stock is not positive for 2013. hard to imagine a great year for the s&p and the nasdaq actually a little bit. concerned about ipad market share slipping below 30% for the
first time. the other stocktaking of huge hit is sony, it is down in the double digit, cut full-year profit outlook, there's a lot of concern about the movie business, and validating what dan said about this. cheryl: investors pulling the one$.6 million from emerging-market bond fund in the last week alone but in a yield starve the world's maybe the time to go against the crowd. bob bauer is here to weigh in on fixed income and oversees about 3-quarters of the $1 trillion in money-market and bond assets. people think they have stress in their lives, but not even close to yours. great to see you as always. why do you think people are ignoring risks these days in the bond market where it is miss price, they are not getting paid to take on the risks that they are.
>> we are certainly having that situation. a lot of complacency in the marketplace driven by the fed's quantitative easing program, keeping interest rates low, the pc be doing the same thing. a country that still has a lot of problems, spain. its yield this morning on ten year government bond actually went lower than 4%, almost 7% in july last year. you have a country with a 26.4% unemployment rate, youth unemployment near 50%, one of the largest regions of the country, comparable to california, united states, they want to secede from the country but the yield is down 4%. if that doesn't use of the 9 don't know what does. dagen: is the risk worth it in emerging-market? >> there are some. i guess you can't call spain and emerging-market dependent with the view of their economy but that has gotten beat up quite a
bit because a lot of buyers in that marketplace look more at absolute yields than when the yields moved up during the summertime, they jumped. so we are seeing opportunities out there and some high-quality pay for example malaysia's oil company. the yield on that you can get an extra 1.5% on treasurys and that looks pretty attractive. there is the chilean copper co. that wanted a premiere copper co. and that is cheap as well. dagen: do you anticipate, this is a bigger picture question, when we get a signal from the federal reserve, even more firm than they gave us earlier in the year that they will begin pulling back on this bond buying. can you expect to see a spiral down in all fixed-income around the globe? is there anything that will be safe? money does get destroyed but
will those assets and go somewhere else? and where? >> i don't expect a spiral down downhill. i think what you saw happen in the summertime was there was a lot of securities bought on leverage and those particular parties got hit with margin costs. a lot of the papers back in real money hands, you will see some loss in price but not that big. dagen: again, you worked in a firm that is one of the biggest stock and bond managers in the country, do you anticipate that money, once you start to get some losses in fixed income will that money go to equities? >> we are seeing that to some degree. it is possibility. frankly at other times what happened is the yields moved up and we had buyers come back into the marketplace and to move out of our money market funds which
believe it or not, a yield of almost exactly zero, 0.03%. our money funds, assets near all-time record highs of people are scared. dagen: not you but other people underestimated how shaken people were not just by the downturn in 2008 but the downturn earlier in that part of the decade. bob, they were burned badly. great to see you as always. bob horner -- connell: copy been prices at the lowest level in years but that does not mean a price you pay for the, the company -- copy your drinking hours tending lower. dagen: jeff flock has more on this story. jeff: it may not be that you invest in starbucks and other coffee purveyors at this point. this came out of the roaster. dennis jackson, what is that i
am looking at? >> coffee from guatemala, it is from the farm. connected you get this added discount? >> no. jeff: i will talk with brian boveri here in the process of making coffee, operations director in chicago. you guys are not making a pile of money? putting numbers up on coffee futures, it has been 41 years since you sustained a drop off. >> we are not rolling in money. jeff: neither you nor starbucks. >> starbucks might be doing a little better than we are but not so much. jeff: what are you growing? >> i am making a coffee from ethiopia, and ethiopia -- what is happening is all but co2 that is in the coffee grounds is bubbling out and i have a timer set and after 45 seconds i will
start adding the rest of the water. jeff: why the decline in prices doesn't help so much? >> it doesn't affect much of our bottom line. there is so much that goes into sourcing coffee from origin and bringing it here and preparing it to the consumer, labor utilities, etc.. jeff: take a look at the stock in a couple different companies, that makes maxwell house, craft, folders, smokers, these are companies that are helpful little bit more by this because they are not buying the same coffee smaller roasters are buying. >> some of those guys are buying the commodity level. jeff: i don't drink it but if i did this would be the place to get in. where is this from? columbia. don't know if i'm supposed to touch that or not.
>> too late now. game at green beans will be roasted so it will roast all of the germs off of the beans that you just put on them. >> those are hot. connell: always an adventure. jeff flock. dagen: washington redskins noted dan snyder standing firm, we will tell you why some much of this decision has to do with money invested in the brand. connell: del users are crying foul when it comes to one of the laptop's. many think the machine was assembled near a letter box. dagen: i am sure there will be plenty of cat costumes out there tonight, the big business of halloween. if you dress up like miley cyrus you're going to look fat. giving you a warning. connell: thanks.
service. dell the airline says pending half a approval devices could be used on its flights beginning tomorrow. must manufacturing its highest level since march of 2011. research 10 points in october to 65.9 from sixty-five.7 in september. it is the largest monthly jump in 30 years. higher customer demand credited for that increase. the number of americans filing for unemployment benefits fell for the carriage trade week to 40,000 people filing first-time jobless claims. last week the estimate was 339,000. that is the latest from the fox business network giving you the power to prosper.
the ceo, charles payne is with us to talk about this. give them a break for having this pick the stocks, big redskins guide. dan snyder. still go to a lot of games? we are going to talk about this. we could get into whether the name should change or not but let's just for our purposes talk about if they were going to change the name, they made that decision, is it automatic that would be a good many decision? do you think people would die the jerseys or wooded the huge risk because you would change a name everyone is familiar with? >> you have a short-term challenge in that you have a lot of fans who are disappointed with the name change. and will be a short-term backlash but people will want to support the team and you have a lot of opportunities to sell merchandise and a lot of costs associated with making that brandon change. dagen: why not make the change and move on? the he won't go way for the redskins and dan snyder.
>> dan snyder is one of these guys who becomes wealthy be because he is afraid of heat. he is standing on principle, his own principal. he doesn't think the symbol is insulting or the name is insulting but i got to tell you if you look at the status of native americans in america, of all the things the list of ranking and challenges for them the name of the washington redskins to be 1,143. realistically for me personally and every time i talk about this i get the same tweet as a black man how could you like that name? i don't see it as being offensive. if it was the washington zulu warriors, i have seen this happen to black people in the 1970s when movies were black men were euros, dressing sharp and making love to women and drove right cars and all the exploitation and the naacp jumped in and said it was bad. how can it be that? before that black people were afraid to go to the basement. now they were the heroes and they stopped making those movies
that you have to engage a walker who was happy living in the project. i say to native americans be careful. don't get sucked into this because it is a side track. connell: speaking of sidetracked this gets away from the money discussion but the same passion charles brings to every story which is fine but do you understand let me ask you this how some native americans might -- charles: that is my point. how many were saying this the 4 became the topic two or three months ago? . connell: you don't understand? charles: somebody could be offended by whole lot of things. america as three hundred million people in it, someone is always offended by something someone says. i did not see a groundswell of native american protesting this name. >> we seen this paula of before. even if it is not majority of americans the diffraction of native americans that have now got a story they will hold onto like being attacked by a pit bull. you can run away for a while but
as soon as you get bit to the pit bull is not going away and this won't go away for the redskins. dagen: syracuse changed the name from orange men and now syracuse orange. there have been a lot of name changes. is the support for syracuse any less today than it was? absolutely not. why not just doing? i am a lifelong redskins fan. i understand an attachment to a name but at some point you got to move on. charles: he is being pushed around because dagen mcdowell wants to make changes and i agree. i won't change things about me. >> not because of money. charles: michael jordan changed his number. moneymaker because they bought a new name. >> will get radioactive. all of a sudden people won't associate with redskins, san francisco chronicle not exactly a conservative newssaper, said they won't use the name.
what always plays out in these situations is advertisers who are very conservative decide they need to disassociate, find other places to put their money. all of a sudden dan snyder gets squeezed and he can stand on principle as much as you wants but ultimately he will change the name. dagen: i want to ask charles this as a fan. if they pick a really good name. charles: zulu warriors. dagen: if they pick a really good name that identify themselves with the team and the history of the team and the area it is located fans won't care. stuart: for the fans will initially there will be some backlash because even fans feel they are being pushed around and all polls even the most recent polls of native americans say the majority didn't find it offensive but ultimately people of their teams. eventually it will change. connell: it is a good discussion that we will come back to. if michael is right. charles: the bigger problem is
the winning season. dagen: cover your eyes, thank you so much. connell: the jets change their name back to titans. interesting problem. you will decide if it is interesting. users of the latitudes laptops are complaining the computer, a smell that resembles that of at p. the computer smell like cat p. the prompter says the. it seems to be coming from the keyboard. one user wrote in and its public was assembled near the cat's litter box. similar issues in the past have been linked to adhesives used and dell won't say what the cause is. they are assuring there is no health hazard or anything. they changed the manufacturing process and replace the laptops but users say it still smells.
dagen: it is nothing worse than the smell of cat urine. it really is awful. connell: we had to get that story out. dagen: stories about me saying redskins change their name and i don't care. i am a redskins fan. charles likes that. dell come from him. $7 million can the holiday. 1 fifty-eight million people are going to be celebrating halloween. get ready to hit the streets and fill your bags. connell: sleep later. it's a growing trend in business: do more with less with ss energy.hp is help. soon, the world's most intelligent servers, designed by hp, will give ups over twi the performance, using forty percent less energy. multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind.
the most hated candy corns, candy corn made the list. dagen: i am looking at them. you are out of your mind. you should be glad to be getting some candy. connell: who are you talking to? american spending $2 million on halloween candy, even ones that are headed, plenty of candy to go around. dagen: joining us is anti obesity activist meme roth. they have a problem with the holiday? >> no. is it not cause the obesity crisis. i don't have a problem with halloween but we treat every day like halloween. connell: we are going to be the most hated people. dagen: it is wednesday. connell: the most heated people in america for booking and and i obesity activists on halloween. childhood obesity to be serious is a serious problem. is it getting worse or better?
>> supposedly bottomed out. any child under the age of 10 is fat, that is on us. no excuse for is that. i come from fat people with i worked my butt off to not be fat. it is hard but you can overcome that. here is the thing about children who are overweight. do they not get to trick or treat? that is mean but doesn't make a problem worse? yes. won't helped got out tonight and you know what? let them go. record treat, have a great time and then ration out and get rid of the candy after a couple days. dagen: not just candymaking the country over weight. >> no. we are crying all over the web site about obamacare. that is the least of the problems. the problem with health care is not a website but no one is trying to be healthy. there was a report in reuters a couple weeks ago that 8% of us eat right and don't drink to
excess and kind of exercise. 8% of us are trying to. my health insurance is more expensive, yours is more expensive and everyone signing up on a faulty website once they get there will be more expensive. connell: and all over the news given a letter. dagen: i don't think that is true. nobody is that stupid. it would be worse than the aids people throw at the house. connell: don't believe everything you read on the internet. >> just making up. good to see you. connell: while we are speaking of halloween cheryl casone and dennis kneale are coming up, dressed up as news anchors. that is not funny. they're always news anchors. you should be very afraid if you are in the stock market. talk about where money should be put coming up on markets now so you are not afraid anymore. dagen: the unemployment rate for veterans lower than the national average but not for long coming
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stay in the groove with align. >> if you're one of the more than 250 million americans who already have health insurance, you will keep your health insurance. this law will only make it more secure and more affordable. so if you're getting one of these letters, just shop around in the new marketplace. that's what it's for. dennis: the president changing his script at more than 2 million americans getting booted from the health care plan. i am dennis kneale here with cheryl casone to take you through the next hour of "markets now" did the white house try to contain the political damage today as the president's approval rating falls to an all-time low. but its secrecy the biggest obstacle to fixing the obamacare mess? the market on tractor and october in the green but we have a guess that says short everything now.
extended jobless benefits, are they making unemployment in america even worse? it's what's bugging me. tweet me your thoughts. in the next hour of "markets now." ♪ well, happy halloween, cheryl. cheryl: certainly it is an interesting halloween day. the markets in the red. down 23. as you saw the market have the negative reaction to the fed statement. we had new intraday highs in the middle of the day ahead of the statement. dennis: certain to lose the fed having a little uncertainty there, thanks guys. cheryl: lauren simonetti on the floor of the new york stock exchange. that is an interesting component to all of this. they did not make any changes, but the statement itself kind of pointed to the fact the fed was saying we are going to wait a little bit and stocks sold off.
lauren: it was a less dovish stock. today is the final trading day of a great october. the s&p up about 5% this month and stocks trying to get into the green today. dow down 25 points, the nasdaq is up a point and the s&p is down by one point. you were talking abou with the d and the potential paper. the dollar up to date, commodities down and we had the midwest manufacturing, the pmi survey really great numbers. tomorrow we get national isa na. maybe it will have a little bit earlier than expected. it is halloween, so i have something for you. can we say the bears are out on wall street? cheryl: i think you just did. lauren: more to come, so this is my halloween bear.
cheryl: the more sugar they eat, the faster they trade. dennis: the troubled rollout of obamacare taking its toll on president obama's image as the president's approval rating hits a new low. rich edson with the latest. rich: well, dennis, the botched rollout of healthcare.gov and americans losing their cheaper insurance plans despite president obama's thomas' approval ratings have hit an all-time low. 42% approve of his work. 51% disapprove and this is the first time in this paul more americans disapprove than approve. 22% said they had a positive view of the g.o.p., only 37% favor democrats. the democrats continue to defend obamacare and says he was not lying when he promised americans could keep their insurance if they liked it. president obama: anybody peddling the notion insurance is canceling the plan without
mentioning all the insurers are encouraging people to join better plans with the same carrier and stronger benefits and stronger protections while others get better plans of new carriers through the marketplace, and that many will get new help to pay for the better plan and make them cheaper. if you leave that stuff out, you're being grossly misleading to say the least. rich: through analysis, the administration has knowledge to the health care law would lead the cancellation of these bare-bones cheaper plans despite the presidential promise. while some democrats are calling for a delay in the individual mandate, white house chief of staff, and cms administrator are all meeting with senate democrats this afternoon. back to you. dennis: thank you, rich edson. cheryl: there was an interesting exchange between mississippi congressman and secretary sebelius during her testimony yesterday. it is getting a lot of traction
today. he was here live on this show with his reaction immediately after this all went down. here's how it happened in case you missed it. speaker is great that you're a team player and taking responsibility. it is the president's ultimate responsibility, direct? >> you clearly, whatever, yes, he is the president, he is responsible for the government program. >> did that surprise you a member of the administration said that to you? spiege>> was not expect mass. i would much rather of course, come his men, the president is responsible for his administration but i accept responsibility would have been sort of a grown-up answer i was looking for. i have not heard a "whatever" since i was in high school. cheryl: that term whatever getting traction again today. that appears to be their defense against the health care debacle did dennis: she said sorry but didn't really mean it. what led to the disaster that is
obamacare? secrecy. this according to our next guest, a reporter for tech crunch joining us now. you had a nice line in a column you referred to in "the daily beast." the president's signature bill is a culture of authoritarianism, cronyism and secrecy. >> secrecy is destroying obamacare. he refuses to let the public participate in the website. dennis: how so? >> there are three major aspects to secrecy destroying the website. first of all big government contractors are really the only ones who have access to even build the website in the first place. so it favors companies who have put more money into lawyers and lobbyists than programs. dennis: instead of hiring amazon or something. go ahead. >> the second part is it is pretty standard practice in the tech industry to solicit the best ideas from the rest of the world and bring those ideas in.
dennis: open source movement. and this is not open source. >> no, no, no. cgi global did the entire programming completely in secrecy. nobody can figure out why because the obama administration promised to do it the exact opposite way. and then it gets even worse. the president promised a tech surge of the best and brightest but he refuses to tell the public who is actually involved. the one company we do know that is involved, verizon, have their own website meltdown last sunday. dennis: so that's pretty good three points. and then they get in trouble with it and we are trying to ascertain how many people were not able to sign-up, how may people ended up giving up and we will not even get those numbers. >> president obama in a google+ hang out last spring said i have the most transparent administration in history. and it's just a yes because he is being so secretive with his signature law. dennis: more if you had to
classify yourself or more in the obama camp and you like the concepts behind the law, right? >> i really like the concepts behind the law. he has been a trailblazer in some aspects of tech with data.gov, but for some reason on this bill he has completely held back. dennis: why? is it because they were under siege from the start? is it because from the start they felt like everybody would attack it so they clamped down? >> i think so. it is almost like a turtle defense. they pulled in. it is too bad because the one party websites that works, the fancy graphic with the smiling person, that was done the opposite way. a small startup called development seed that released the programming code to the public and took feedback. when obama abides by his own principles, things work. but when fear controls the policymaking and the agenda, it all goes to hell.
dennis: you have to wonder if it is too late to open up now. thank you for being with us. nice job. cheryl: buyer beware. if you are not spooked by the fed, the government and/or stock valuations, you could be setting yourself up for a big fall. investments chairman is here. it is halloween. you say we have to be so afraid we have to stay in cash right now. your note to your clients right now is titled "what a mess." elaborate. >> it is a mess. it is all a mess. we are not saying take everything i put it in cash right now. we are saying they're more concerned today than we have been since basically the end of 2006. valuations are stretched, there is no margin of error. but that doesn't mean we can't go higher. but you definitely want to be very cautious and makes you have plenty of cash in your portfolio
right now. cheryl: a lot of investors are still in cash. but you are also saying short the s&p 500, but yesterday that a new intraday high before the fed came out with their statement. i don't want to miss that, correct? i am making the bet the other way. >> correct. and we also believe yesterday has the potential you never knoo chart pattern to after-the-fact. within just like the bank a key reversal day to use technical analysis speak. we saw a new intraday high, we reversed the lower on what was supposed to be pretty decent news. we have seen good economic news. some good earnings news. but the market wants to probably take a breather here. we believe the small caps are the most vulnerable place, some of the positions we have put on is too short the russell 2000 and belong the s&p. that gives you a little bit less risk.
cheryl: you also said judgment day is coming. and when will that be? a lot of people are trying to time the rest of the year as we are approaching december. >> correct. obviously that is the trillion dollars question bid a buddy who can now that judgment day will mint money. we saw the market go much further than the shed. great investors that carried out on stretchers because they shorted too early. we have to be careful of that because liquidity can continue to drive this market higher. we have only been at this valuation twice. 1999 and also 2007. both of those scenarios ended up pretty badly. so we definitely need to see growth takeover, or we have to believe valuations will continue to expand without merit. that's a high risk environment. we think people have to be cautious here. dennischeryl: cautious but somee want to make equity bets. the average portfolio.
you do like energy and i want to ask about that because we had earnings from exxonmobil, conoco phillips. issues legally aside, this group has been very strong. do you like energy right now? >> we do, but we definitely like them at cheaper prices. great companies, very well run but we do think they're a little bit rich right now. lots more opportunity in production companies really take advantage of the shell opportunities around this country. with a complete revolution on the energy we are able to produce so those folks who have very focused interest in major basins such as those, this infamous moves in the stock price is because the fundamentals are so good. wait for a pullback and go long those names. cheryl: i like the fact he told your clients this morning we need term limits in congress. you think. i think too much everybody agrees with that if you look at
the approval rate. thank you so much, good to see you. >> thank you. dennis: our extended government benefits pushing unemployment higher? and new study says so. we want to hear from you. cheryl: and the unemployment rate for war veterans coming in lower than the national average but that may not be the case for long. author and world war ii veteran coming up. always good to talk to him. but first, loo a look at energyd the energy companies after a short break. ♪
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they pump more oil and gas than last year, update eight. even though a lot of concern of the sector overall. the energy sector if you will, give you a snapshot. conoco coming up this morning up $0.50 this morning. kind of a mixed day for these stocks. stocks every 15 minutes, let's go back to -- what is she going to be wearing this time i toss it to lauren simonetti? lauren: i think it is the next time we will have something for you but maybe this time it is on the products on my face he cannot quite see. a couple cosmetic and skin care companies in opposite directions. avon is down, almost 23%, and estée lauder up 1%. on a conference call the ceo saying it is a tough quarter, no shortage of challenges for us. having a problem with recruitment here in the u.s. if you look at estée lauder,
they had a great quarter. bullish about the holiday. a lot of new fragrances coming out. while they had weaknesses in some regions like southern europe, all in all a great quarter. cheryl: thank you very much. cannot wait for the next time i see you in 15 minutes. lauren: good. dennis: what's bugging me is unemployment benefits. they are out of control and a stunning new study says they're making unemployment rates worse, not better. five years we have paid out over half a trillion dollars in unemployment benefits. in 2128.3% of u.s. workers were out of a job and we paid them $94 billion. benefits have almost tripled even though the jobless rate has less than doubled. that is because jobless benefits used to run out and 26 weeks, but now they can last 99 weeks. but the nonpartisan national bureau of economic research said
extended unemployment benefits are the primary cause of high unemployment since the great recession. the study compared to neighboring counties and adjacent states with different payout policies. it says "we found unemployment benefits extensions can account for most of the persistently high unemployment after the great recession." paying some it is that home jobless for 99 weeks is a disincentive to work extended benefits keep local wages higher so businesses will not add new jobs so unemployment stays higher. half a trillion dollars more in debt. so tweet me. that extending government jobless payments make unemployment even worse? economies have already decided yeyesterday cheryl: stay at home in my pajamas and click unemployment or work at mcdonald's. i think i will stay home at my house with pajamas.
dennis: to keep wages higher, not sensing is a lot that we could hire for cheaper so the wages stay heisley did not add jobs. more of the artificial effects of the government intervention. cheryl: lets see the washington track, if you will. showing us the money. president obama and business leaders including the ceo pitching investors around the world to bet on us, the u.s. he will be here with us next. dennis: the faa lightening its reins on the jet use in time for high-speed wi-fi. the ceo coming up next. first, here's how the world currencies are faring against the u.s. dollar. it's a growing trend in business:
peter. peter: that's right, dennis. we are here the usa investment summit organized by the commerce department and brought in a lot of big hitters. treasury secretary was here this morning, the president will be speaking a little later this afternoon. we have one of our cast here today, a panelist at this event, the ceo of deloitte, the world's largest accounting firm. thank you for joining us on fox business. what are your overseas clients saying now about investing in the united states? >> i think generally speaking they are extremely positive, they see all the opportunity and see the growth is 2.5%. notwithstanding the issues in the beltway. peter: what are the variables that make the united states more attractive than opening manufacturing plant in china? >> first of all, people. we have an invigorating workforce, we are highly productive, where the most
productive nation in the world and we retrain our workforce regularly. the rules are the rules. sometimes too complicated. we are like number for the world today, all signs are pointing forward. peter: government officials are saying cheap energy in the united states. >> imagine a world where the united states will be energy sufficient. >peter: what are the reservatios clients might be having right now? is there anything out there like the fiscal colleagues in the washington, government shutdowns, health care form, obamacare, are they concerned about those things, do they make them hesitate and think twice? >> what those things do is create uncertainty. certainty provides confidence, and so if they were looking for some big policy changes.
we need to get bac back to simpe vacation of regulation. if we did those three things, gdp would move from 2.523. dennispeter: you are a regular e white house. is that the message you bring? are you telling them, hey, you guys, fix this stuff. >> start with the how to get your fiscal house in order. that is like basic. but we pump it down after the holidays. make sure that gets solved so we can pivot to the bigger issues. peter: thank you for joining us on fox business. dennis, back to you. dennis: thank you very much, peter barnes. cheryl: the veterans unemployment rate may soon be on the rise. what congress has to do to keep our heroes employed. dennis: remember this ad? consider it ancient history as go daddy says it is cutting the sexy out of its super bowl commercials this year.
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so ally bank has a that wothat's correct.a rate. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. ally bank. your money needs an ally. dennis: stocks every 15 minutes. let's head to the floor of the new york stock exchange and lauren simonetti where this, hope she will dress up as wonder woman. lauren: more like a starbucks barista. how do you take your coffee? he doesn't know how he takes his coffee. starbucks put their earnings out last night. down 2.5%, and then it hit a new
high. investors are concerned about a couple of things. their privat profit guidance can lower than expected. a lot of strength in the u.s. one of the reasons would be evolution, the juices they bought, doing good for the company. jeff flock talking about how coffee futures are at all-time lows perhaps we will see some savings eventually. that is starbucks. also want to talk about joseph a bank. if you remember a couple of weeks ago they wanted to buy their rival for $48 a share. i just got off the phone with a company. they said men's warehouse will not speak to them. they say they will abandon that bid on thursday, november 13. down more than 4%. warehouse down more than 6%. dennis and cherylcome back to you. if you have a coffee order, send it to me in the next 15 minutes.
dennis: stay with us. cheryl: all right. another story we have been following. veterans facing another employment hurdle as the biggest companies over $9000 for hiring a veteran is set to expire at the end of the year. let's bring in world war ii veteran and author of the evolution of an entrepreneur, it is good to have you back. what you make of the fact these companies who have been hiring veterans and getting unemployment rate down may lose that credit come january 1? how high do you think unemployment for our nation's veterans could go? >> i think that's a very tough question, and that takes a long time to answer, but the short answer and the one i think that really works is more veterans need to look into going into their own businesses.
that the entrepreneurship is the solid answer to the economy problems. a couple of years ago i looked back and i saw iconic companies in trouble, and i realized once again we do need more entrepreneurs, more products and more action out there. it is not necessarily a government fix. that is why at my advanced age i sat down to write for my own experience the evolution of an entrepreneur to have a crash course in how to go into business. cheryl: especially with these young veterans getting out, they've got a much higher unemployment rate still about 10% and this was in september. in the overall employment rate,
this is going back to the war in iraq and prior to that. thei don't know how to translate those skills from the battlefield to a company. you say to become an entrepreneur. what does that mean? do they open a franchise? should they go back to school? what do these kids do that are suffering right now? >> i am a veteran, i did fight in world war ii, i know exactly what they're going through, and i came out with just my severance pay, and i started as an entrepreneur. i don't even think the word was invented then. it gives me one thing for the past 70 years, i have had a blast doing it, and i cannot do more than recommended. as a matter of fact, one of my programs is i am sending out
gifts of the to veterans who either want to go into business or are in business. cheryl: jack, i am just curious what you think. such a storied career, you traveled with president reagan back in 1988, he went on a transition with him. you happen focus on veterans for so long. do you think american companies are doing enough when it comes to veterans and getting them hired? are we there, or do we need to do more? >> i don't think it is a primary concern. i think american business like all other business are concentrating on what is good for the business. if we can show them how the veterans are going to help their business, veteran training is really current and how they can charge the economy, then
certainly label put out the effort. the fact is the veterans we all owe a debt of gratitude to these guys and women that went out and sacrifice, but they should come back to a happier home and a happier climate and a happy reception from the business community. cheryl: one thing we are seeing with these young kids now coming back with ptsd. did that happen when you come out of world war ii, was that a common thing? >> very common. only it wasn't publicized as well. anybody who has been in combat and shot at and seen his buddies die is subject to all those terrible things you speak about. it is a question for the individuals to work themselves out of it, and what we have learned in the army and the navy and air force was the discipline
to do these things so that the training the veterans have received is going to help them in civilian life. being in business the next step, and more veterans then you would know or than they know are capable of doing it and doing it well and improving their lives and the economy as well. cheryl: you are still working tough. i've got to say i respect what you are doing and it is great to talk to you. author of the evolution of an entrepreneur. thank you, jack. >> thank you, cheryl. nice to talk to you. the best to the veterans particularly as we approach veterans day. if they check my website, they will find a section on the gifts
to veterans. cheryl: never quit, jack. thank you. dennis: persistent. using your portable electronics now allowed during your entire flight. just in time for high-speed wi-fi in the sky. the ceo up next. cheryl: remember out in california? looks like prices are going higher again. see if it is a trick or treat for traders. when does your work end?
see who does good work and compare costs. it doesn't usually work that way with health care. but with unitedhealthcare, i get information on quality rated doctors, treatment options and estimates for how much i'll pay. that helps me, and my guys, make better decisions. i don't like guesses with my business, and definitely not with our health. innovations that work for you. that's health in numbers. unitedhealthcare. >> i am connell mcshane with your fox business brief. a warning from retailers from morgan stanley today. predicting some of the weakest holiday season missing since '08. as they can shop is to trim holiday spending for consumer confidence remain low. midwest manufacturing activity hitting the highest level march of 2011.
surging more than 10 points in october. the readings 69.9 up from september. the biggest monthly jump in six years. higher customer demands and inventory replenishment credit for that particular increase. the number of americans filing for unemployment benefits down. estimate 339. those are the latest stories we are following on the fox business network, giving you the power to prosper.
thank you for being with us, mark. let us know what you think of the action today. you were taking some sort of a panel to build this in advance of rules being lifted. >> yeah, i think it is good. i am a big user, i buy a lot and it would be better to be active the whole time. dennis: what does your service do anything better than the proceedings? speak of the big issues with in-flight wi-fi now is it is really expensive it is not very fast and it does not work well if a lot of people an airplane use it. what we put together is a system that is much faster, delivering speeds 12 megabits per second, everybody who uses it. pretty comparable for good cable home broadband. dennis: i think it is even better. >> better than the average, so it is a fast system. the other thing is it is so
economical people, almost everybody in the airplane will use it. our indication is look at what happens when the airplane lands. everybody pulls off their phones and they want to see what they missed. if it were free or if it were very low-cost all those people would be connected the whole time. dennis: what price are you charging compared with what previously? >> if you look at in-flight broadband now it ranges from a stellar's, $10, up to $20 per flight. our service is a little bit different. we deal with the airlines. a lot of services are agents and will have a retail service they charge the passenger for to share that with the airline. jetblue especially who's our launch partner airline has a concept where they make for instance directv free during the flight. we have an arrangement with jetblue the cost to them is low. they said it is low enough at
least to start with they will make the service available for free. to the passengers. dennis: free is a lot better than $20. moving this out to other airlines, what would you have thtocharge versus the range of p to $20? >> we are aiming for in the $1 range. dennis: oh, my gosh. how is it your wi-fi in a flight in the air is so much cheaper than what we have an faster my cable access at home? what is the secret sauce? >> that goes back to the satellite was launched. we started the satellite project in 2008 that launched in 2011 and the primary purpose for it was to deliver broadband to people at home. on that satellite now we are closing in on half a million customers on that satellite. so delivering blood mac broadband to the airplane for an
hour is a relatively light load for that satellite. so basically we look at the in-flight wi-fi business and we think it will be a big market, but it is adjunct in the consumer broadband market at home. our cost are so low we can make it available in the same way. dennis: is it also going to allow me to use my cell phone? that would be really irritating to have the guy next to you talking away on a cell phone versus surfing the web silently. >> right. i think that seems to be the sentiment in the u.s. that is really a policy decision. we will support that as will the airline partners be it dennis: time somebody starts phase timing, there will be a problem, sir. ceo of viasat. cheryl: if you like a good
steak, listen up. as demand continues to surge. let's go to the trading pits of the cme. what is behind all of this? i did a story of these cows being stolen in california because of high prices. what else is happening? >> there are not a lot of cattle. if you look at the price of meat, this is where we were a couple of years ago. this is where we are now. i bring this every day. as much as capital has gone up because of the drought a few years ago and because of course of the terrible snowstorm we have had, the cost had gone up to a record high. but you know what, for the producers it is not high enough. we have seen cattle prices pull back today because the farmers say we are not making enough profit at these levels. the cost to feed the cattle and the cost to get it done. we are thinking about shutting back the slaughter plant to drive prices even higher.
which means the cost of this cheeseburger has gone up from here to here, and maybe by the end of the week when you go to mcdonald's it will be up to here. cheryl: that is collusion. i am sure the fda will have something to say about this and the administration. that is inflating prices. i think that is illegal, i don't know. >> they do it with supply and demand. we have seen resistance at the grocery store for these higher prices. people aren't willing to pay these prices so they bought plenty of supply for the short term. the farmers say we will not bring our cattle to market unless the prices get a little bit higher. cheryl: that is a huge cheeseburger. conoco phillips this morning on earnings, exxonmobil, they are drilling more.
i'm curious what the oil traders are saying about that today. >> i thought they were very happy with exxonmobil. production is the new story. now these guys can get their hands on oil, that is the good news for everybody. cheryl: phil flynn and giant cheeseburger. >> i'm going to have to put this back or they will not let me out of here. cheryl: thank you, phil. dennis: in today's media minute, sony in a setback. down 13% at one point today now down 11% as the stumbling electronics giant posted a surprise loss of $200 million in the quarter blaming the flop of two major budget films. a tough blow for sony's new ceo. it could embolden daniel loeb who has pushed unsuccessfully to
have sony's been off a of its entertainment business. and when is 66% sales growth not enough? when you are facebook. popping up 15% overnight but it fell back down before the open and today it is backup 3%. wall street worried to facebook number of ads appearing on newsfeeds won't increase. facebook has 1.2 billion people and surely he can figure out a way to sell them something else. say it ain't so, daddy. go daddy.com say it is dropping sexy super bowl ads in favor of humor. without so much as a wiggle, jiggle or double entendre giggle as usa puts it. the marketing chief says we need to take this brand to a new level. cheryl: focus on what they actually do. much better strategy be at dennis: i don't think they have anything else to say. cheryl: ready in 30 minutes or less and delivered by a drone.
details coming up in the "west coast minute." dennis: the u.s. paying on implement benefits the last 12 years. is it making unemployment even worse? and a look at the winners over on the nasdaq. (vo) you are a business pro. maestro of project management. baron of the build-out. you need a permit... to be this awesome. 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
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called drones deployed. making software to direct drones to do things like land surveillance errands and maybe one day pizza delivery. los angeles mayor eric garcetti announced the city is creating cyber intrusion command centers built with the help of the fbi and secret service. it is imperative the city department are preparing the events of the cyber attack the city infrastructure airport can support and be protected. in southern california one high school saying no to the twerk. the dance made famous by miley cyrus is to sexually suggestive and should not be allowed on campus or at school. and that is your "west coast minute." dennis: extending jobless benefits, is it actually making unemployment worse? here's what some of you had to say. don says yes, probably. on the upside it prevents riots
for the time being. and mike says it as little encourages people to sit on the couch. why job hunt when you don't have to. government borrows the money and create loafers. darrell says saying that for years. no study needed. like a city that says men and women are different biologically. goes without saying. cheryl: you got a lot of good responses today. exxon and conoco phillips with better-than-expected postings. dennis: government following every turn in the name of revenues. judge andrew napolitano weighs in on the plan to put a black box in your car to measure the mileage and charge you for it. coming up next hour on fox business. [ male announcer ] it is more than just a new car...
earnings beat expectations, we are breaking down the numbers with all-star analyst. lori: obamacare taking its toll on the president's approval rating, looking to smooth things over with senate democrats, the latest from the belt way just said. >> looking to with to bring in tax revenue but judge andrew napolitano says it is an invasion of privacy and it could change life as we know it. lori: looking at the business of helsinki and the still showing no sign of slowing down and you won't believe how much we expending on costumes for our heads. actually i would. adam: you would? when a and guilty as charged. adam: the dow is positive.