tv Varney Company FOX Business May 1, 2014 11:00am-1:01pm EDT
it is all yours. liz: that is a fine introduction and i will take it right away. stuart: good morning. and relending bad news for the president. look at the stock market right at record. the parade of presidential problems, obamacare, 1-third of enrollees that didn't pay, spike in laos and you can't blame that on the weather. and we haven't even started on benghazi which is breaking wide open. the irs sees in your money, no warning, no cause, just suspicion. we are covering all of that. we asked the question who is the real big brother? facebook move to control your phone. they will know you really well. "varney and company," we are about to begin. let's start with an example of
the abuse of power by the irs. george will in a washington post op-ed tells the story of a michigan grocery store owner who would make small deposits into the bank very regularly to avoid having too much cash on hand. this aroused the suspicion of the irs. they assumed he must have been up to no good. they launched an investigation, presumed his guilt, used an arcane rule called civil forfeiture to empty his bank account. all of this was done without ever talking to that business owner or charging him with a crime. all rise. judge andrew napolitano kicks off the program. welcome back. what is going on here? judge napolitano: george will is our colleague and one of the finest writers in america today and also one of the most fearless points our problem which is bubbling beneath the surface for many years and this is the fault of congress for letting it happen. congress enacted a statute that said for every deposit or withdrawal from any bank account no matter the type of bank
account, $10,000 or more the bank has to report it to the irs. some people in order to avoid the reporting requirement started withdrawing or depositing slightly less than $10,000 so congress responded by making that a crime. if you structure your deposits for your withdrawal just to come slightly under the 10,002 on a regular basis that is a crime. it is considered a constructive frustration of the reporting requirement of the bank. if you innocently deposit a series of cash deposits slightly under or innocently withdraw money slightly above the $10,000 the irs will presume that you are guilty and will see is that money from you and that is exactly what happened to these people about whom george will wrote this morning. stuart: the regularity of
deposits or withdrawals under $10,000 arouses suspicion and in some cases to the irs they say you are doing something. judge napolitano: you would think the irs would have conducted an inquiry of the people. you would think they would have at least said can you explain to us why these deposits are always $9,900 a week fees withdrawals are always $9,900? is there some reason? can you demonstrate how you get this number? no. they just seize the money. whose fault is this? congress. everything the irs does the congress permits them to do and in this case, not in this very case but civil forfeitures, before the allegation of criminality the supreme court says they can do it. stuart: everything is legal. judge napolitano: reprehensible, immoral in my view. the headline of the column is it is theft but it is legal. stuart: let's put ourselves in a position of this michigan person
who was -- had his bank accounts east. he has to hire a lawyer. he has to pay for that lawyer, has to get his money back. i understand in this case he got 20% of his money back. >> they hold the money for the duration of the time period of the statute of limitations. they will not get that 80% back for quite a while. can they do this? the congress let them do it. these people are refugees. he arrived in michigan in the 70s or 80s, i think. they are probably refugees from this regime. they thought they left the country where it happened all the time only to come to another one where the same thing happens. stuart: does any other agency have that kind of power?
>> no. only the irs can do this and get away with it. the congress permits them to do so. congress is complicit in all. >> do you think that there is any likelihood? >> no. this is what eliot spitzer pled guilty to. structuring his with draws from his bank account to pay the madam so it did not incur the intention of the irs. this is really only in america. 80% of films assets should be and their account. stuart: no wonder we opened the show with you, judge. >> i am just a post man
delivering the message. stuart: thank you, judge. appreciate it. let's get to the markets. where are we now? the company raised its dividend 10%. do not forget, exxon is one of the biggest tax payers in the country. $101 a share for exxon. look at the big board. that would be the dow jones industrial average. the first record high close of the year. 16570. come on in, charles. you have to explain this. dismal report from the gdp. go. charles: this is ten-20 years ago, there would be a more direct correlation between the stock market and the economy. it is not.
it is about the global economy. sales in america were up 3% in the last three months. in asia, up 20.5%. in latin america, up 8.9%. that more than offset a slow 3% growth in america. 21% in asia? that means the stock is worth more. the company is worth more. it means it is worth more money. stuart: there is an alternate explanation. very weak economy. it makes stocks more attractive. off goes the stocks. charles: that is very complicit and has very little to do. stuart: hold on a second.
if i've got a chunk of money to invest, i have to put it somewhere. i have a bank cd, pays me nothing. i have a bond. pays me very little. i will make that call. charles: i am talking about what actually happened. have we seen a great bond rotation? absolutely not. one of the big things we keep hearing about this market is how low the volume is. a mad rush into the stock market? it is not outrageous. stuart: you have two answers, ladies and gentlemen. take your pick. charles: people who hate obama will take your side. people who do not want to give
credit to the greatest company in the world, will not take that side. i am just being honest with you. a lot of people think that if you say the market is doing well, obama will get credit. harley-davidson has nothing to do with obama. make money in the market, people. stuart: yelp. i think that the stock is up. nicole: you are so right, stuart varney. the stock is up 13%. up over 130% in the last year. all the analysts now seem to be getting nervous. all cutting their price targets. the stock has run up. there is no doubt about that. quarterly revenue jumped. they have their rivals in this yelp. they have been expanding and
restaurants, event management, payment. yelp is a stellar performer. stuart: well, it is now. it was not then, but it is now. charles: immediately caught last night, the stock was down. stuart: back up this morning. charles: right. the knee-jerk reaction is bad. stuart: i want to check facebook. they just announced one new feature on their mobile phones. maybe it has something to do with the stock rally today. let's explain this. it uses your facebook account to connect seamlessly all of the apps that you use on your phone. collect them all together. it also gives facebook nearly unlimited access to everything you do on your phone. let's get more on this from greg. you have to explain this to me. a way that i understand in my
viewers understand. they have this app. it brings together everything on your smart phone. all within facebook. they make a lot of money out of it. am i right? >> you may be right about the last point. let me get a little more granular with some of the details. it took me a couple cycles to really understand it myself. really, there are two concepts here. as you know, apple and google have built out their mobile platforms. when you want to connect with another app, there is not really a great way to connect them. what facebook is doing, they are saying this is something that we need for the web that.
stuart: okay. your business is based on facebook. you are all in favor of this. >> i am in favor of interconnected web. i really want to create a multiuser experience on the web. when you click on those on your mobile device, you cannot -- stuart: hold on a second, this connectivity, ring it all together on facebook. that led facebook into my entire life on the phone. >> not necessarily. this is an open standard. generally, it is the operating systems like apple and android
that already have a full view of what you are doing online. stuart: okay. they will make money on it; right? >> there is always a money angle on these things. we are excited about enabling facebook ads to be shown on other apps as well. they will be expanding their advertising revenue significantly. stuart: okay. we hear you. what i do understand is the stock is up significantly this morning. greg, thank you very much, indeed. next case. obamacare. it will save big companies $700 million over the next ten years because you, you employees, you have to pay. monica crowley on that next.
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♪ stuart: a record closing high yesterday. that flat. almost dead flat this morning. the price of gold is down today. the price of oil, yes, $99 per barrel. still under that $100 level. as of right now. weight watchers. look at that. 23% higher. how about that for weight watchers. that is a rally, is it not. i have two numbers for you on obamacare. one third of obamacare enrollees have not paid. do they have insurance? we'll ask monica crowley in just a moment. obamacare could save, potentially, big companies up to
$700 billion. that is because the responsibility is pushed off the employers and onto the employees. big companies make huge savings because you and i, employees, have to pay more. >> yes. this is the logical extension of government intervention in the sect there. of course, they will incur costs. they do not absorb those costs, they pass it onto the customer or their employees. stuart: they raise the cost to the employees. they simply pass that along so they save. they probably pay less and we pay more. >> and the customer or employee ends up paying more. that will come in the form of higher premiums. higher deductibles. stuart: companies should be in favor of obamacare because they will when. >> some of them are.
the backbone of the u.s. economy are small businesses. what are they going to do? pass it along to their customers. stuart: one third of those people that enrolled for obamacare did not pay. for me, that means that they are not insured. do they know that? >> i do not know if they know that. they may take a visit to the doctor and find out that they are not covered. one of the reasons why the obama white house refused to give us their numbers is because they were afraid of this very data point that came from insurers yesterday. charles: 65% and over.
>> it looks like only about 25% of those who have enrolled and paid their first month premium are those young folks. they needed upwards of 40% of the young and healthy type to uphold this whole thing. the disaster has just started. stuart: i would like to turn to the camera and tell our viewers the exact status of obamacare. i cannot do that. charles: you simply cannot keep up. they will not be honest. somehow obama administration cannot figure it out. stuart: 2.65 million people have enrolled in obamacare and have paid the premium. 2.65 million. hold on a second. did we get into this to ensure
30, 40 million people? >> we have taken one sixth of the united states economy, the healthcare sector, which has had its issues, but we took that whole sector into absolute upheaval and chaos for 2.65 million people. how many of those actually just got into the obamacare system because they lost their coverage thanks to obamacare? how many were previously unemployed? that was the whole reason for doing this in the first place. charles: it will be shocking if it is over 1 million. >> we have thrown the whole system into chaos for that. stuart: monica, they give very much. always a pleasure. the controversy surrounding the
lake lepers owner donald sterling raises a question. can anything you say in private be made public in a new software for it? your reaction from facebook and twitter is next on that question. ♪ seems like everywhere i go ♪ i know ♪ one thing ♪ that i love you ♪ i love you ♪ i love you ♪ i've been a lot of places all around the world ♪ ♪ i've seen a lot of joy ♪ and i've seen a lot of pain ♪ i just want to write a song about a boy and a girl ♪ ♪
>> if you were joking with your friends and you said something horrible trying to get a reaction and somebody recorded that, could that be used against you later? >> the answer is yes. >> should he be protected by the law? >> no. stuart: here is the issue, should public figures be punished for recorded conversations can't possibly be recorded a legally and in private?
bernie has this. the reason he got so much slack over this is because he is a billionaire. owns an nba team and it was a slow news day. if he was a truck driver, nothing ever would have been said. this discussion has come to the point that most people i know have turned off the tv when the subject comes on. whatever he thinks or says in private is his business. get over it. we will discuss this issue further. john stossel, and our next hour, it is a big deal. free speech is involved. stossel on tis hour. a bond.
a bribery probe. the stock is down. the opposite is true of mastercard. the stock is up a nice solid 2.8%. it is may 1. also known as mayday. communist holiday. it is being celebrated around the world today. demonstrations, protests, taking place in many countries. police are trying to disperse the crowd with tear gas and water canyons. the white house says, we can think obamacare for that .1% growth in the economy. you won't believe what jay carney said about it yesterday. we will play you the clip after this. ♪ you're no good ♪ you're no good ♪ baby, you're no good
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never heard of. charles: you have heard of it, you just do not remember. it is at 37. i still think it will go up. the numbers are absolutely fantastic. they read out equipment. construction equipment. their growth rates are up. they have pricing power. the fleet of equipment is like 34 month old. if you are ready to do something , companies will not buy this equipment. they will go out there and start to rent it. they said march is amazing. stuart: the economy expands nicely. charles: we have a lot of things that have not happened in this country for a long time.
i see a lot of things being constructed. small projects. strip malls. things like that. stuart: you are convinced they will make us some money if we put our money in there right now. charles: i am absolutely convinced. stuart: it is mayday. you are safe. let's get to that gdp story. the economy grew a mere one tenth of 1%. now, of course, some of it can indeed be blamed on the weather. listen to jay carney's explanation. >> consumer spending on healthcare health drive economic growth in the first quarter. that is radically related to the increased to people who have insurance because of the affordable care act.
>> i guess the phrase drive economic growth is not the one i would use. now, maybe we will get stronger growth next quarter. who knows. these are all specifics that we talk about. let's try to put the human face on this. this is the month of may. every college and university will have a graduating class. in 2013, the total number of graduates was 1,744,000. that is a lot of kids; right? what will they do this year for a living? a lot of the jobs are temporary. what do they have to look forward to. that was the obama phase. they are the ones that will be
facing student that that they will not be able to pay off because the economy is not growing at the level that it should be. stuart: it is a longshot for the third or fourth quarter. 1,400,000 college grads coming out of universities. that is the human face of this statistic. >> that is just college graduates. that is a human face of it. we have seen this story before. growth last year was under 2%. it has been about 2.2%. barack obama has simply produced a weak economy. you may ask, what is his policies? he himself admits that they should be focusing on this. the only policy that they have is spending.
they spend it on consumer goods. they have been doing this for five years. there is no evidence that that works. stuart: and it will not change. it is not reversed course. he will not change. you have a pretty grim outlook for the rest of the three-year term that he has available. this is not a pretty picture. >> i would agree with that. there are several things that can be done. he could do tax reform. he could get the corporate rates back down. he will not do that either. charles: could he become a bill clinton, against all odds? >> i am inclined, charles, to
agree with stuart. he does not change his mind. he does not change course. i dow that obama will. stuart: one last statistic and i heard it yesterday. some 40% of youngsters with a college degree are working in a job that does not require a college degree. >> underemployment. working in, you know, hotels, things that they did not simply spent time in college training for. stuart: i am a lucky guy, i guess. >> there is always a silver lining, two words. stuart: two stories coming up for you in a moment. first, mcdonald's has an image problem. the franchisee getting angry with the company. we will explain why in a minute.
♪ speech back some economic data out this morning. jobless claims. 344,000 people claimed for first-time jobless benefits. of course, this comes ahead of tomorrow's big monthly number from the government. the unemployment rate expected to take down. consumer spending had its largest increase in more than 4.5 years. consumer spending, of course, accounts for more than two thirds of total economic activity here in the u.s. corporate layoffs rising in april. plans to lay off 40,000 people last month. teenagers still want to work? are they lazy?
that story is coming up. ♪ who are we? we are thinkers. the job jugglers. the up all-nhts. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours.
[ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim from td ameritrade. stuart: mcdonald's has tried just about everything to get its customers back into the restaurant. they are making over their image. changing the menu. you name it, they are doing it. >> the problem with all of these changes is it means additions to
the kitchen and it is slowing down the speed of mcdonald's restaurants. many of them are franchises. how do you rate your relationship with the corporation? one-five. you will never guess what they gave. 1.73. very unhappy right now. stuart: you know what, when i go to mcdonald's, i want my food to be fast.
what is going on, nicole? nicole: he walks very quickly. netflix up 6.5%. there is so much going on with netflix. also, moody's came with some positive comments. try to compete with netflix. the analysts have a hold rating on this stock. stuart: a nice gain. that was a fast move up. thank you, nicole. the number of teenagers with summer jobs has fallen. roughly 72% of teenagers age 16-19, had a job. charles, did you use the word
lazy as a promotion for this story? are you saying that these kids are lazy? charles: there is a large swath. part of it is the economy and there is no doubt about it. kids think mcdonald's -- you are in tenth grade. you have a seventh grade reading level. mcdonald's is beneath you? it is really interesting. some people blame the culture. the inside and may play video games all day. they have small social circles. stuart: that is a provocative statement to say some portion of this age group is lazy. charles: guess what, we blame the parents for then the kids.
they are doing things like this because they are trying to get people in. they will have better spreads and make more money. i think the stock is still a buy hold. stuart: a few moments ago, you were talking about teams. you use the word lazy. charles: some of it is societal. would you say that things have changed in the last five years?
>> i think it is the idea of pulling yourself up by the bootstraps. families united. i have worked since i was 12 years old. stuart: how do you change it back again? charles: i will give you a 39% raise for doing the minimum. how about we make an official language? everything we are doing in this country right now, we are arguing over minimum wage. the dna is still there. i do not want to say that all of these kids are lazy.
there are some great kids out there doing great things. overall, it is a crisis. stuart: yesterday it was reported that the economy grew at an annual rate of 0.1%. charles: you will go out there and check around a little bit. hitting the bricks for a long period of time is not there. sticking it out, i think. again, we have been told, you do not necessarily have two. stuart: what about the influence of youngsters, people coming from central america? mexico and central america. doing yard work. mowing lawns. those jobs used to be held by
teenagers. charles: i cut grasses. i mowed lawns. people came to this country and want it more than we do. stuart: the marketplace has changed. the nature of workers have change. charles: i use the word crisis. we are in a crisis. america is still the place to be if you want to be rich and wealthy. hong kong, by far leads the list. by far. not even in the top 30, france. you entice people not to work. you entice people to be lazy. you entice people to have
frustration and anger. stuart: what? charles: in the meantime, hong kong is missing out on billionaires and millionaires by the handful. stuart: this is a true story. i traveled around the world when i was a young man. i spent six months in india. india is a tough place. things did not work very well. after six months, i got on a plane and flew straight to hong kong. what a difference. this is the mid- 1970s. everything worked like clockwork. people were busy on the streets. it was raw, naked capitalism right there. the society was up and moving with vigor and life. that was capitalism.
you feel it. you feel it. stuart: nicole, what do you have? get me out of this. nicole: i wanted to take a look at facebook. it is up 3%. it is unveiling a new feature. many of them have doubled last year. they have been a little more tepid this year. however, facebook looking good here. stuart: thank you very much,
nicole. we are trying to get together with the ceo of ford motor company's. we have some technical issues at the moment. we are trying to work them out. we will get there momentarily. check the bed board. we have a dead flat market. we have retreated by 1.5 points from that. this is very low volume trading right. tomorrow at 8:30 a.m. eastern time, we get the jobs report. that will make a difference for how the stock arcade trades. the market will react. i do not know how it will react, but it will react. hold on a second. okay. we are now with down nine
points, down eight points on the dow jones industrial average. okay. we will start our two starting a little early. thank you very much for joining us. we are very glad to have you with us. let's go through what we have for you the next hour or so. remember our -- gaming. whoa. it is a whole new world. case and point. 17-year-old invented a huge winner. he will be here. republican bill cassidy is running for the senate against mary landrieu in louisiana. does he need any other issue than obamacare? he is with us. five years in, five years of failure. john stossel on private comments. "varney & company", our two beginning momentarily.
♪ does any other agency have anything like that kind of power? >> no. only the irs can do this and get away with it. the congress permits them to do so. it is complicit. stuart: that was judge napolitano weighing in on the latest irs outrage. george will, tell us the story of a michigan business owner that at $35,000 seized by the irs. they suspected it may have been involved in criminal activity.
this was part of what is called structuring. congress passed a law against structuring. when you pay into western amount of money, under $10,000 into your bank account regularly or take out from your bank account regularly you are making structured payments, grounds for suspicion from the irs. in this case they went after the guy's bank account and indeed it. liz macdonald is with me. >> this is a growing problem. the dollar amounts the government is taking for civil forfeiture has grown dramatically. what happened was this supermarket owner basically was depositing cash. the supermarket transacting in cash. this is scary. he deposits some money and
didn't get audited. the irs saw these repeated deposits and figured he may be involved in money-laundering, criminal activities like drug dealers do so usually when you are a small business owner you know the rule is if it is above 10,000 your cash deposit you got to file the report. suddenly the irs will endure bank accounts, as they were not even -- they didn't even know about this until the bank account was empty. stuart: they didn't ask him. they didn't say what are you up to? this looks suspicious. they didn't say that, didn't approach him. nothing. liz: we have the federal government that spends $3 trillion with limited resources now being predatory, not understanding the irs how small businesses conduct their operations. gas station owners, you name it. you have an irs that doesn't know what it is doing going
after small businesses and draining their bank accounts without due process or letting them know ahead of time, what is going on behind the scenes at this powerful agency? stuart: and it was legal. that is the point. you are not allowed -- if you do this structured, regular payment you are under suspicion and the irs can come get you. it is an outrage. we thank george will, our colleague at fox news for putting this in the washington post and us following through on it. check the big board. will the dow closed at another record today? we are kind of close to it, down 6 from the record high we lodged yesterday. pay no mind to the economy growing only 0.1% last quarter. more money coming in at yelp. investors like it. that stock is up 11%. that is a nice gain. look at twitter, shares bouncing back a little after trading as
low as 37, back at 40 on twitter. then we have at&t looking to buy direct tv. that is big. nicole: it is big. watch directtv. continue to watch it now and throughout this weekend the stock is up 5.5%, hitting a new ect tv and don't forget back in march there was talk that dish network can approach direct tv for a tie up so we will see what happens. if at&t, approaches directv for a possible purchase in the satellite company, about $40 billion, they will take on rivals like comcast everybody is not saying about speculation, not commenting, these companies but is it going to be a battle for direct tv? is at&t fighting it out to get directv?
we will see. directv stocks are nice. stuart: everyone is circling, up goes the stock that is being circled. thank you. look at google, the company running into trouble in canada using people's health history to target ads. loren has details on this even though google -- what have you got on this? >> stricter privacy laws in the u.s. rich: 83 days to new law about all of this. canadian manhattan sleeping problem and notice a couple days later said seeing ads targeting him for this sleeping problems so he reported it to the privacy commissioner and did something about it, google is working with its advertisers to make sure they don't exploit these privacy laws but as data mining and sharing is a big business these days and everyone is doing it who is policing it? stuart: you could target ads for a certain medical condition if
your medical condition was obvious to all but you can't do that in canada. >> the data privacy laws in the u.s. have been called confusing among other things. stuart: it would be bad news if you tie in the america, you couldn't do that, that would be bad news for the googles and facebooks of this world. liz: is like asking cats to heard themselves. and if they did that a lot of trouble. i take flights to new zealand and australia occasionally. fly me to new zealand or australia, get it all the time. let's move on. look at this, the dow is dead flat, record high yesterday, dead flat. don't buy or sell anything. 16581, there we are. turns out anyone can make an error when, just 13 years of age, michael learned how to code
by googleing the steps. it led him to create the game 4 sammamish. today it is among the top 100 apps in the apps store out ranking big guys like starbucks and yelled and the graduates high school two weeks from now. welcome to the show, great to have you with us. >> thank you for having me. stuart: you are a whiz kid, you are welcome on this program. i want to see if i have got this right, explain what your game does those that the audience understands it. it is called 4 snap. you take four pictures, the pictures to your friends and they try to guess what word you are hinting at with your four pictures. have i got it? >> exactly. that is exactly how it works. stuart: how big is this game you have created? >> i didn't think it would be that big. i made the apps because i had
fun with it, enjoy it, my sister liked it, that is a good indication so i publish it on the apps store and we have 250,000 players, it is crazy. stuart: it is free, right? >> yes. stuart: at some point you will want to make money out of this. how do you make money? >> of course. the application is to make money. behind every apps is the modernization strategy and with my applications although they are free the market has shifted in the apps store and many other stores from a type of system where you have paid applications to free applications and how do you monetize? by having different types of advertisements that target the users especially so that type of monitors asian strategy i implement in my apps. stuart: i kind of thing game creation that you are a game creator.
it has become democratized because it is a relatively simple thing to do if you have the right idea in the first place and know how to code. just about anybody could do it with the right knowledge and the right idea to become a success. i am saying this is democratized. would you agree with me? >> for sure definitely because when i first uttered working on this there when i had $500 in my bank account for promotion and didn't really know how to spend it or what to do and basically try to find a way to load that different social network or different things like that to try to market the apps to get my friends to download and it truly is democratize in a way that anybody can make an apps and have the same chances. stuart: forgive me for asking that have been made any money on it so far? >> yes i have made money on it. i'm not going to say how much. stuart: i am often criticized because i ask very personal questions about how money, how
much you would sell for. i am going to do it. you know it is coming because i know our producers prepped you for this. would you sell tomorrow morning for $10 million? >> i don't think so. stuart: come on. >> i would not sell it for $10 million. stuart: you wouldn't? really? >> i would not. stuart: what are you going to do in the future? make more games? >> i actually think i wouldn't sell it because i think there is so much potential for it in the future. with the application and many other applications it is kind of like a social network that can come out of it. not just a game but more than that and i have seen people sharing the application like crazy. 50,000 people have already shared about -- is crazy like that and i think i don't know. the application has potential so i can't really say for sure yes
or no but right now is leaning towards i don't know. let's see how well the application code goes. stuart: there is no limit. i talked to you about the democratization of game invention. am i right in saying you are the opposite end of the spectrum from making games with big black video consoles? you are the exact opposite. >> the laptop, my pick kitchen counter, nothing professional. don't have a big team of people or anything like that. on the opposite end. stuart: have you acquired any employees yet? >> no but i wish i had. it would make the process alive faster. stuart: we think you are fantastic. we love success stories. you are a clear success story. we wish you the best of luck in the future. come and see us again, broadened
out in scope and you are going to sell. come and tell us. >> thank you so much. i hope you can try it out. stuart: on will do exactly that. young genius, thanks for joining us. we appreciate it. that was good. that is a fine young man. next case, can anything you say in private be made public? and then end up hurting you? this is the freedom of speech issue, john stossel on that is next. john: you never have a society where ideas clash with cheap other and come up with the best ideas.
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into the open so you can better argue about them. society as a whole land on a global scale has decided these things are wrong. stuart: joining us is the host of stossel. was mr. sterling's free speech rights, where they violated? john: no. free-speech is about what the government can do to you but nba can have whatever rules it wants, fox can fire as for what we say today. stuart: are we in for more of this? where a public person may have said something at some time in the past on a controversial subject, it may have been recorded, comes back and is presented in public and that person is punished and shame the. are we in for this? john: probably and as long as we have an open discussion about it fine. i am creep out by the kid i interviewed, a law student, these future lawyers, we should have free speech but there
shouldn't be paid speech and there should be limits on corporate speech because they have too much money and you shouldn't be allowed to burn the flag or blasphemy should be banned. i brought out the bill of rights, which have free-speech except for blasphemy, this and that, i guess you went too far but the instinct is to always do more. stuart: always goes back to is that. what is real freedom of speech? are you free to shout in a crowded movie theater fire? is that freedom of speech? john: yes if there is a fire. but you can't incite violence or do things that would directly harm people. we can't lie about people, you can't defame people. we already have some limits. they should be few. stuart: fewer limits. take some of the limits of a free-speech. i want to raise one more issue with you. in light of the sterling controversy harry reid, senator harry reid on the floor of the senate says it is time to change the name of the washington redskins.
listen to this. >> how long will the nfl continue to do nothing? it took so much pain on native americans. do what is morally right and remove this degrading term by changing the team's name. john: give me a break. who is he to decide? one survey of people who self identify as indians that we don't care. it has been the team name forever, no big movement says this is hurtful to indians. what do you call an indian? i ask indians this. they say don't call me an indian. i am not from a macro or native america, i am not an american. i was here before those people came. stuart: i was not aware of that controversy. native american is not right because they were here before american were americans. john: always someone will take offense.
stuart: why was harry reid doing that? john: i don't know why harry reid does anything. why does the town of berkeley change columbus day to indigenous peoples day? stuart: you could say to a native american indigenous person you are an indigenous person, that would be totally politically neutral, culturally neutral, you are ok with that. that is free speech. what is the premise of your show tonight? john: what we gain from this hurtful, noxious speech. the guy who really moved my brain is the author of a book called kindly inquisitors that makes you think about the power of the open discussion. he is a gay man who says look how much like for me has changed. in 20 years we used to be illegal to serve in the military. you could be jailed, beaten, because people have been allowed to talk about being gay and there has been open debate there
has been more tolerance. stuart: more speech, the more free-speech, more open debate the more free we are and the more likely we are to find a solution to what ever problem is the subject of that speech. john: if we hate the speech don't ban it, fight it with more speech. stuart: tough one because you always have a block of people who are offended by what somebody said and will vote against you and obtain political power by exploiting the resentment of what you said. you can't do anything about that. john: colleges don't say man up because it is sexist and hurts women. stuart: as a man with three youngsters in college at the same time next year i feel the pain of free-speech, very expensive speech. what is the time again? john: 9:00. stuart: 9:00 eastern time on the fox business network can you are
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trwith secure wifie for your business. it also comes with public wifi for your customers. not so with internet from the phone company. i would email the phone company to inquire as to why they have shortchanged these customers. but that would require wifi. switch to comcast business internet and get two wifi networks included. comcast business built for business. stuart: a couple notables, look at tesla, that stock is up 40% this year, it is up 2% today, $212 a share. strong numbers from yelp. apparently that helps other internet names like netflix, netflix is up $18, strong gain, release 6%. senator mary landrieu democrat louisiana is one of those vulnerable democrats come november.
in a few minutes we will talk to one of the republicans looking to unseat her. congressman bill cassidy will join us. foreign-policy a mess. the economy stalled. obamacare disaster. benghazi, the irs, the pipeline, what ought we to make of this presidency? here is my take. there is no joy for anyone in failure. when the chief executive takes the country downhill, we are all taken with him like a not. is a village and we all have to live in obamaville for another three years. this presidency has disappointed on several fronts but two standout. mr obama won't change. we really do have three more years of this. in the face of policy failure this president doesn't care. he will stick rigidly with his ideology and that is all government all the time, tax, regulate, ignore the debt.
most other chief executives would change course and look for something that works. even socialist france looks at tax cuts, not president obama. no change from him. that is a failure of leadership. second we have been deceived. we cannot keep the health insurance we like and we have got to pay more for it, not less. he sold obamacare with the exception. perhaps worse the irs was used to cripple political opponents in the middle of a presidential election and is now revealed his administration covered up the true nature of events in benghazi to avoid embarrassment. the killing of an american ambassador, knowingly spun? to help reelection. that is pretty low. what is the reaction of everyday america? television offers some insight. when the president appears he is being tuned out. the ratings people follow closely who is watching what and
when stations run a full length presidential speech, the number of viewers drops. i suspect that is an accurate reflection how the country is responding to this president. he is being ignored, tuned out. not good. is not going to get much better. the president has dug himself into a hole with scandal, is in the bunker on benghazi and the irs, would not dream of dropping disastrous obamacare and the debt will keep spiraling no matter what he does. his best hope is a rebound for the economy. is possible that the dynamism of american capitalism will leap over the dead hand of government and give us some real growth. isn't that ironic? the best hope for a far left president is private enterprise.
stuart: one of the most important midterm election races will happen in louisiana this november. incumbent senator mary landrieu, democrat versus congressman bill cassidy, republican. mary landrieu came out in support of the keystone pipeline. she has a bill out today in favor of building the pipeline. she joins us now. senator, i am trying to figure out your angle here, your line of approach.
i assume you're going after obamacare. >> the keystone -- for you talking might election or the keystone issue? stuart: when your strategy. what issue you are going to go after senator mary landrieu on? >> you talk about what the people wish to discuss and what they wish to discuss as far as the president's health-care law which has been a very problematic for most people back home and they are concerned the senate has become a rubber stamp for president obama. if harry reid favors something that is what happened and harry reid favors senator obama, president obama's agenda senator mary landrieu supports that, folks are frustrated with that. stuart: you do that in your campaign. >> i'm running to change the direction of the country. louisiana will be the seed the party controls the u.s. senate.
senator mary landrieu, 50 democrats, joe biden cast the deciding vote and continues to be a rubber-stamp for the president. but bill cassidy, there will be 51 republicans, 49 democrats, the people of louisiana have cast the deciding vote in the country begins to return to the center. that is what i'm running on. stuart: it would have authorized the export of liquefied natural gas. i know it went through the house and will sink in the senate. i want to know why the united states of america cannot export its abundant natural gas so the we have real leverage over the russians. why won't we do it, congressman? >> i assume on the left, they assume if you increase markets for fossil fuels that you will somehow contribute to climate change ignoring that as we have increased our use of natural gas the carbon footprint has fallen.
is insensitivity to working families. you spoke about how free-market scan rescue even this left-wing president. the driver of middle-class employment over the last six years has been oil and gas. there are wells being shattered because industry does not want the dry gas produced in north louisiana which would be opened creating jobs all the way downstream if we were to approve the expedited construction of export terminals. this is the jobs bill, national security bill, is an economic prosperity bill, the left which is to discourage it for all the reasons we just discussed. stuart: i got to tell you i am astonished, the power of the left because it seems so obvious that we should go and get the natural energy resources which are ours under our turf, readily available for us to exploit. i am astonished the relatively small number of people should
stymie the development of such riches which would then rich america. i can't explain it. i really cannot explain it. can you? >> no i cannot. when you say and rich america you mean enriching american families. my family moved to baton rouge in 1958. my dad between jobs went to serve those who are working in the petrochemical plant. my dad never went to college. as a son who is running for the senate, this is the power of those jobs that create a better prosperity, the left does not care. they want their paradigm imposed on the rest of us and the consequences to the family be damned and that is too bad. stuart: thanks for taking time, we appreciate you being with us. california considering a bill that would give tax breaks to companies with a small gap between it ceo pay and the median pay of its workers.
oswald back, you get a tax increase, companies where the margin between the top guy and the media and worker is day. can you really affect the pay structure of a private corporation with taxation? liz: california is trying to do that by basically trying to change behavior about ceo pay via the tax code. can they do it? what would the fallout be? the companies would try ways to lower their tax bills in other ways. stuart: are they going to do this? have they said we're going to do it? stuart: looks like a serious move, the financial reform bill which for the first time says all publicly traded companies you have to disclose your ceo worker median a ratio, and public companies will be at risk, other states copycat
calif.. this is the fallout from the occupy wall street issue a few years ago. the movement wanted this, also an attack on wall street, walmart ceo, wall street ceos forgetting a lot of money by the worker. stuart: dodd-frank was the reform of the financial system, you're telling me within dodd-frank there is a part of that bill that says all publicly traded companies must expose their pay structure for everybody. outsiders can look at the sec paper and say this guy owns this much, that is too big gap, tax them. any industry. liz: state legislatures can control the back end lovett. we are in an intense global competition for jobs so california, they were worried about losing businesses. this is one way this could happen.
stuart: i hope they leave in droves. big day tomorrow for the markets and that economy, the all-important jobs report will be released at 8:30 eastern time. we will get everybody's predictions on what to expect on tape. stay right there. the real halftime report is next. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade.
>> facebook announced a new feature on mobile phones, all of what you use on the phone, facebook's nearly unlimited access to everything you do on your phone. what error when to use and how you use them. facebook shares are up 9.5% liz macdonald trying to make over its image to get customers back, mcdonald's changed its menu, offered promotions like free coffee. customers announced -- back in january mcdonald's at c 0 admitted the menu is, quote, overscomplicated with too many new products too fast. shares at down 2/3%. the real halftime report starts next.
you want to tell me what is going on? >> these markets certainly don't want to go down. everybody counts on the fed really correct anything or make up for any bad economic data, we have lots of bad economic data and the dow making a new high, all-time high yesterday, the s&p, short points away, really interesting to watch the stock index continues to rally on economic news. stuart: what do you say? >> i agree with him quite a bit. good news for investors, it will help with confidence. when we see weak economic news people expect more action from the fed. i am not surprised the began a little bit of a rally. stuart: we get the big april jobs numbers at 8:30 eastern. give me the number on new jobs created. >> you will be lower than people think, gdp was a big surprise,
my number is 180,000. stuart: when your number? nicole: 300 plus would be beautiful. in my heart i want to say 200 or less but the estimates are 210 because i'm in good mumbai will go with 205. stuart: what is your number? >> i'm on a low end today. i say 165,000 primarily because we had a week first quarter with the weather and construction. some logistics of getting crews going i am looking for it to be lower in the month of april but probably exceed forecasts for the month of may when we get the pipeline and construction and other industries going again. stuart: i see you at 215,000 new jobs in line with what everybody else at expectations are of the company, the consensus. liz: i am probably overly optimistic. 250,000 and probably less. stuart: you are on the same page. >> more bullish in the group. what do we get if we are right?
stuart: nothing. we have other stories we are watching. the cloud storage company called box may delay its ipo. michael robinson, why the delay? >> timing is not good for them. a few institutions past five years where we have so many ipos coming that once and time to draw back a little bit. the tech center is under pressure the last four six weeks, it was start to drop back and wait to see if they could get better valuations sometime this summer. stuart: general motors, taxpayers lost $11 billion on the general motors bailout, about $1 billion more than first reported. any -- does this mean anything to you? >> the expectation was off by nearly $1 billion and it comes
at the same time that gm is doing the massive recall, fights about opening up bankruptcy as a gm again, allegations of bankruptcy fraud committed by gm when it got the bailout. stuart: the stock is up despite all of the above. i am not going to forget about yelp. many coming in, mobile labs doing very well, lauren? >> the numbers were pretty good, revenue topped by 66%, more local ads, more ads on mobil's a look at the bounce for the stock and look at the level, 6514. d. hy of the stock was just about $102 in march. this stock has been cut nearly in half? stuart: we have a bigger pot at weight watchers. >> popping the stock is nice. you see a good move here, great numbers for revenue. what a different picture than
the last earnings report. they worked hard on the members they had and fighting off the internet that has all these free apps to gauge the diet. companies and insurance, doing personal programs to try to keep the members coming in. stuart: let's wrap it up, thanks one and all for the real halftime report. see you again soon. here is what is next, create a popular apps. the possibilities are endless, could even make $1 million a day. the atari founder on that next.
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game, a good game to the apps world, not the big budget games made for play station and x box, the future of the video game is in the apps. that is what i am told. the father of the modern video game and creator of atari, is that correct? nolan, the future of games is now the apps and you play them on tablets and smart phones? that is where we are going? >> not really. what is really happening is tremendous fabrication. quite frankly the consul business, pc games are rocking and rolling, multiplied online games and add to the mix apps so the business is huge but is so fragmented.
stuart: does that young man reminds you of you, yourself a few years ago? >> way too much. stuart: when you started out and created this remarkable qatari, would you have sold for $10 million cash? would you have done it? >> understand i sort of did. i sold for $28 million but in those days, $28 million equivalence to 120, $130 million now. i was willing to cash out, got too many ideas. stuart: you kept the money? did you see the future? did you imagine people would be playing games on tablets and smart phones? could you see that far in the future 20 or 30 years ago?
>> i could not. i estimated it was going to be very big but i didn't see the hand-held market and shame on me. stuart: we are going to ask about the tee, the atari game based on the famous movie. widely regarded i am told as one of the worst videogames ever made, many unsold copies were dumped into a landfill in new mexico three decades ago and have just been sounds this week. they did the mob. i am told that is the game that killed at hardy. any comment? >> remember i was gone for five years but somebody smuggled me a cartridge before it was released and i played the game and i thought it was a mistake. the game was unplayable. the fact that it actually got released, i think, is testament
to idiocy of the high order. stuart: i have to ask this. did you invent pond? banging against the wall, that one? >> yes. it was myself -- actually did the program, and use all the technology and i was responsible for a few things. stuart: that is the only video game i ever played seriously. the press club, we are out of time but thank you for joining us and hope you can come again. >> i would love to do it. stuart: contempt charges against los lerner could be coming next week. the latest developments on that next.
really... so our business can be on at&t's network for $175 dollars a month? yup. all five of you for $175. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share. what about expansion potential? add a line anytime for 15 bucks a month. low dues... great terms... let's close. new at&t mobile share value plans. our best value plans ever for business. stuart: breaking news from capitol hill.
eric counter announcing the house will continue contempt if charges for lois lerner next week. tuesday, maybe wednesday. >> submitting all of the e-mails that they have requested, two. those e-mails could expose people in the campaign or the white house. >> that is right. the question on why she is not giving the information they have asked for. stuart: the pressure is on for her to release all of those e-mails. >> yes. stuart: here is deirdre bolton. deirdre: thank you very much,
stuart. i am deirdre bolton. thank you for joining us on "risk and reward." cloud storage company delaying its ipo. a rough first quarter for public tax stops. ali baba wants its online team back. the e-commerce trying to find a steak. the godfather of new york angel investing on how to increase your chances of backing a technology winner. putting the track record on the record. it is a fox exclusive. ♪