tv Cavuto on Business FOX Business June 21, 2015 2:30am-3:01am EDT
long-term vanguard government bonds. >> twitter has acknowledged their prons. i think the stock turns up 20% on the year. >> get in on the debate. let's take a politician's vote. bought and paid for. i guess himself. >> i've done an amazing job. i hire people. they do a website. it costs me $3. >> i'm really rich. i have lobbyists that can produce anything for me. >> net worth, 8,737 million. i don't need anybody's money. it's nice. >> home run. hello. hi everyone. i'm neil cavuto. that single-handedly has made the election season. and isn't that rich? the donald telling america that it's okay to be rich. even when you're running for the white house. is that the message americans need to hear no matter the size of their house?
that's why i want you to forget about what you might think of the messenger and focus on the content of donald trump's message. rich and proud of it and you liberals whining about it, well can just stuff it. to ben stein, charlie gasparino. along with julie. by the way, the very rich charles payne is off today, no doubt piling more point into his considerable pot. adda lishinsky also off, no doubt trying to find ways to take that money from said pot. my point is i'm not here to express positively or negatively on his campaign but the message is rich and proud of it. what do you think? >> look i think the message is about greatness, not just the amount of money. the message of this country in recent years is about limitation and not potential. it's about welfare and not workfare. and all this talk about if you're poor and middle class
it's because others are rich and keeping you down. i love the message and i hope he keeps talking about it. >> i totally agree with gary. this is a message that's sorely missing from politicians these days. the american dream of working hard and building something and becoming successful and if you get rich in the meantime while you're doing that that is great and you are welcome to brag about it. i know trump is the poster boy of pomposity but he's still -- >> i like that. poster boy for pomposity. speaking of which,. is that a little overdone? >> i have to say i really like donald personally. i've known him for a long time covered him for a long time. listen there were many more messages in that speech. the aspirational part of it was the best. it's where he soared. where he totally i thought lost it was on the -- talking about mexican immigrants who come to this country -- he wants to put up a wall. he says mexico is going to pay for it. he basically said that mexican
immigrants are rapists -- >> you don't necessarily know that's false. because if he were president they might volunteer to do just that. >> i doubt it. oh yeah. they don't want -- i mean my point is that he said some things about the economy that i think were really wrong about mexicans coming to this country. >> i understand that. but on the message he's going to embrace the wealthy. if mitt romney had done, that ben stein, i wonder if it had been a different result. he was always hiding on defense because he was successful. >> i don't think the fact that mr. trump is rich has anything to do whatsoever with whether or not he would be a good president. it's fine if he wants to brag about it. to me it's like chuckles the clown bragging about being funny. but i think what we need is -- i did a lot of writing for your sister entity "barron's" and some of it was about mr. trump, and i'd like somebody to go back into those and find out how mr. trump got to be so rich. some of it's not so pretty. >> yeah well i know a lot of those writings. i do my due diligence here.
and i sent them all back to donald trump so he could review it himself. >> believe me i heard from him when he this came out. >> i bet you did. but julie, on that notion i mean obviously hillary clinton is very wealthy. we have a couple of candidates in the race who are very wealthy. not donald trump wealthy but to charlie gasparino's point maybe that is a bit specious. and to ben stein. but what do you make of that? a candidate who's going to come out there and say i'm aspirational you can have this too, we can go ahead and do this we can get everything that you dream of and do it all over again. what do you think? >> first of all, i'm pretty skeptical donald trum subpoena as rich as he says he is. i want to see those tax returns before i take his word for. but to his message, the problem with mitt romney wasn't so much that he was rich. that's fine. the problem with mitt romney was the policies he embraced would have helped the rich and not anybody else. >> have you ever met a republican whose policies you did like? >> many times. >> give me one. >> i voted republican many times. >> when? when did you vote for
republican? >> the last governor of new york i did not vote democratic. how's that? >> interesting. >> i did. >> well there's a political problem here for donald too. if you start say that you're rich, you great, you created all this wealth then it gets back to what ben stein says. the central theme of your candidacy is being rich. people are going to judge you. how did you become rich? >> now you've got 24 days or something -- >> it's going to come. and i'm telling you -- >> that's why you think he's not serious. >> i don't think he's serious. i think he's going to back out. and here's the other thing. it was somewhat of an aspirational speech. it was less aspirational -- >> i thought you were going to say something else. >> but think about it. he's sitting there talking about how rich he is instead of saying how great we can make other people and then he goes and attacks immigrants. i'm telling you, it's -- >> what message -- let's compare messages. what message do you want to hear? do you want to hear from elizabeth warren hillary clinton, barack obama about -- hold on a second. >> but you're comparing -- >> let gary finish.
>> my main point is their message is if you're rich you got there some nefarious way and you're keeping others down. >> but gary you're comparing it to the lowest of the low. >> wait a second. i just want to hear from the high-ups that from wherever you are in life you can become great at something and instead of being jealous and envious of greatness how about learning from them and following -- >> that's not quite what he said. that's not -- >> but i think that's the emphasis. >> i don't think that's what he said. he said i'm great, i'm rich, and i'm going to make you -- and by the way, if you don't like me the american dream is over. that's what he said. >> you don't need to compare trump to elizabeth warren. >> i agree. >> but you can compare trump to -- >> grey poupon. >> mitt romney. you've had candidates in recent history, even john kerry because he married into wealth they tried to kind of like ignore that they had money or -- >> yeah. >> -- kind of turn their back to -- >> that's a good point. embrace who you are. if you're rich. just don't brag about it. >> particularly with the mitt
romney how he built it. but then you get into the whole private equity thing. >> he should have taken that on directly. >> i agree. i said that. >> being wealthy from hard work is not a dirty thing. >> is it dirty to say i'm rich i'm great, i'm wonderful, the only thing standing between people getting the american dream and utter failure? that's what he said. it was insane. >> i just think he was going down the escalator with marble -- >> i love that. with his wife. >> that was brilliant. >> she's going to be the best-looking first lady ever. >> i'm just saying. julie, one of the things -- >> laura bush. >> one of the things that's going to come up, i'm wondering, and i know you and i differ on this but there is a focus on more republicans' wealth than democrats' wealth. this year we're being a little bit tougher than we've normally seen in the media on hillary explain her wealth and her speeches but nothing compared to what mitt romney went through for his wealth. i don't think anybody made a big
deal of john kennedy's wealth to the degree we see today or fdr in his time. fortunately, kennedy was able to joke about it and saying his father wasn't going to buy him a landslide. but by and large it is disproportionate and uneven when it comes to republican wealth in the candidates and democratic wealth in the candidates. and on that level are you ashamed to be a liberal because of it? yes or no? >> every day, neil. every single day. and i can't wait for donald trump -- you mentioned fdr there was going to be a chicken in every pot. now donald there's like a gold-plated toilet in everybody's house. >> it would be brass. >> brass. >> brass. >> you just made my earlier point for me which is that nobody minds wealth like fdr if you actually embrace policies that lift everybody else up. the difference between mitt romney and fdr is mitt romney never embraced those policies. mitt romney embraced policies drsh. >> that's your opinion. you didn't think those policies would. enough americans agreed with you that they stuck with what they had. so ben, i'm looking at this and wondering where does donald trump go now?
because no pless than carl icahn, he was telling me on fox business i'm flattered that donald trum subpoena considering me as the treasury secretary. i think he pooh-poohed the idea. but he does agree with donald trump on his views of the markets that they're rigged they're propped up by helium and a lot of fed buying and all of that and does think it's dangerous and is saying it's getting choppy out there. does that insight give donald an edge that maybe other candidates don't have? >> donald trump is not a particularly smart person in my opinion. he has unlimited chutzpah. i think a very thorough investigation of how he made his money is in order and let's see what that turns up. i think it's going to be a pretty interesting story. >> all right. chutzpah. those of you not familiar just outrageous gall. when we come back did a former fed chief named paul volcker just call chris christie a joker? >> monday. >> this isn't a plan that's just going to help the wealthy. it's going to help people in every strata. >> rand paul said he's got a plan to save the economy. so what is it? he explains to trish. powerful daytime line-up kicking off with "ka vuto coast to
all right. well forget a coming rate hike. did former federal reserve chief paul volcker just tell me on fox business that certain governors should take a hike? >> biggest single problem is many states are not taking care of their pensions which they're obligated to do. >> new jersey comes to mind. >> new jersey is a prime suspect in that particular respect. they're not alone, but they are certainly important in new jersey. >> now, they essentially put off tomorrow to do something folks say they should do today. chris christie argued well, things changed, i couldn't make good on that payment, wants to bring this back to get them all to table again, but a judge has
effectively said he could do that but you argue it doesn't help. >> it's postponing the pain. you've got to live up to that at some point. because these are obligations they've undertaken. and not to be changed. new jersey it's not just this present government. it's been you know a bipartisan neglect in new jersey for some years. >> all right. i want to go to ben stein on what paul volcker was saying about all the liabilities of all these states that dwarfs our own debt on a federal level. what do we make of that that we're not paying attention to that and a lot of governors are playing games with that? >> paul volcker is a national treasure a genuine hero, an amazingly intelligent man of great integrity. we disregard anything he says at our peril. this is a guy we should listen to. he's been right over and over and over again. he is a really important voice to listen to. >> gary i think what ben just said is he agrees. that's a concern. we've got to pay attention. >> 100%. >> what do you think? >> neil greece is in their
situation because a large portion of that government spending is for early retirement government workers, which is a large part of the workers as a whole. and see illinois see massachusetts, see all these other states. there is the problem. on top of the fictional accounting they use 8% returns on the money when they're not even getting it. and it's an accident waiting to happen. and i don't know what year it's going to happen. but look out below. >> what he did say, julie, is i think 42 of the 50 states have pled fast and loose with the moneys and punted on things that weren't paying attention to now. like their unfunded pensions other liabilities. is that a concern? >> yeah it is. and i echo everything that ben said about paul volcker. he's absolutely right. chris christie this should not be a surprise to chris christie. his own revenue projections were off every single year. >> well they wouldn't be the first governor guilty of that. >> no, but he's the first governor i think to do tin tensionally because somebody wanted to run for president and didn't want to tackle hard decisions there.
>> oh no. how about mario cuomo back in '90? >> we're talking about new jersey. >> talking about all the states that have financials, where are all the bums who elect the people who run these sfats and we're the very bums buying the municipal bonds funding these bad habits. but be careful what you wish for. look at what governor jerry 's righted that state's finances. what did he do? created new income tax brackets although temporary, ha ha for the wealthy, and raised the sales tax. >> but he solved the problem to some extent. >> he didn't solve the problem. no no, no. he did not solve the problems. and here's where volcker -- listen i have amazing respect, great respect for paul volcker, but he's a liberal. and what he refuses to acknowledge is that liberal policies in these states of high taxes -- >> everything's politics with you. >> this is policy. high taxes -- >> no everything's nasty politics. >> high taxes and big government has been chasing businesses out of -- >> but volcker when he was talking to me one on one in that exclusive was telling me -- >> did he say that we should cut
taxes? >> he said a combination. that whatever we do we've got to look at this because the real problem in democratic and republican-run states -- >> i listened to that interview. he did not say -- >> you're just on the fact that jimmy carter appointed him and that he worked with barack obama and that he has only said wonderful things about democratic presidents. >> yeah that's it. that's my other thing. >> he wanted the safety that was california and part of that was tax increases that you argue -- >> a large part of their finance fix was tax increases. and you are living in trump land if you think those tax increases aren't going to be -- >> if you think more businesses aren't going to leave with those tax increases. >> i know you follow the markets. i know you've been bearish of late whether this is one of those little ticking time bombs we don't appreciate. and part of this volcker coalition is to look at these states that are doing this because he says a lot of republicans in particular, a lot of people talk about the debt, i
would get entitlements under control. but each of these states the vast majority are time bombs in and of themselves. >> just study history. massive debt has always caused problems. massive leverage. and also the lying about that massive debt and massive leverage. look we can just go back to 2007, 2008, with housing and leverage. that all came because of massive debt. and i just don't think we can roll this thing back because it is so gargantuan. we talk about big government. it is gargantuan government. some of the spending of these states have more than doubled over the last five ten years -- >> we should point out the debt is at zero percent. any slight uptick -- >> you never talk about the huge -- >> someone's a hater. >> he never spoke about the size -- >> you can listen to the warning. >> that changes the -- >> you agree with the host.
this guy doesn't. we're going to take a quick break. when we come back forbes on fox. dave what do we have in store? >> hi neil. if iran won't let us verify a nuclear deal what good is a white house czar to enforce that deal? are taxpayers looking at another raw deal? plus hillary clinton's campaign promising tax hikes. wait a minute i'm sorry. i meant revenue enhancements are on their way. hey, if they can't call it what it is is it time for you to worry about it? we'll see you soon neil. >> thank you, david. and after that massive hacking guess who, the government agency at the center of this hiring cyber guys to boost its security. try coaches to boost its employee morale. what about our morale? the ones paying the bills.
well get this. the government agency at the center of the largest hack attack in our nation's history is now spending money to make its workers feel better. essentially, they're trying to understand -- look i know you feel like everyone's piling on you but maybe it's touchy-feeliness. >> where are my scented candles, neil? where's my incense? where's my foot rub? i need a morale boost. >> there are plenty of volunteers. >> i'd be glad to rub your feet. >> oh man. >> was that on the air? i guess it was. >> yeah. >> i'm angry. >> i understand. >> you want to rub my feet? >> no i do not. i just want you to get me out of this hole. >> i need some morale boost. say something nice please about me. >> no. but that seems a little weird for the government -- >> government is so politically correct. they probably think that this has some impact on helping
people work harder and better. and obviously -- >> they did this to the tsa. they talk about low morale at the tsa all the time. here's your morale boost. you're going to get fired unless you do your job better. there's your morale boost. this is ridiculous. >> but they don't get fired. >> i know. that's the point. >> oh that was a metaphor. got you. julie, do you find it weird that we're doing this? now, i understand the workers are beat endown and everything they do is deemed to be foolish and all that. but do we really need to be doing this? >> i'll take a bottle of grey goose. that's my morale boost. >> i'm with you. >> i don't need anybody to talk to me. just he give me a bottle of grey goose. i'll see you monday. >> i see where you're going with that. >> this is ridiculous. there are other ways to do it. dagen wants scented candles. i prefer something stronger. >> a sausage pepper hoagie would do it for me. >> ben stein, it tells you in a way everything you ever feared about government. if you think about it we've not fired anyone in the administration. no one has lost their job outside of a couple who've
resigned and are still getting paychecks with the irs. and i could go on and on and on. so where is the accountability to dagen's point? >> being in the civil service means never having to say you're sorry. that's the sad truth. i was in the civil service for a large part of my work life. the work was incredibly boring and dreary. but lifetime security. it's got its perks. they don't get paid a lot but it's got its perks. >> i think you need a morale boost. >> gary what do you think? >> neil there is not one shred of accountability. there is absolutely no profit motive when it comes to government. and when nobody's looking over your shoulder you can do whatever you want to do and sign up for anything you want. i'm surprised they do not have foot massages and grey goose on the table. >> we don't know that for sure. >> they do. >> they're supposed to catch you. right? you're supposed to trust them? >> the trust exercise. >> i wish we had more time for both these guys but look at this. charlie and dagen. i want to thank julie.
you owned your car for four years. you named it brad. you loved brad. and then you totaled him. you two had been through everything together. two boyfriends. three jobs. you're like "nothing can replace brad!" then liberty mutual calls. and you break into your happy dance. if you sign up for better car replacement, we'll pay for a car that's a model year newer with 15,000 fewer miles than your old one. see car insurance in a whole new light. liberty mutual insurance. all right. we've got some stocks ready to sprint ahead for you right now. ben, what have you got? >> i love northern southern. i'm not an expert in high-tech. but northern southern is a darn good railroad. they're not making any more of them. >> interesting. what have you got, gary? >> cvs drugstore. just very good consistent growth. and they just did a great deal with target which is going to be a creed of i think 20% to 25% in
the next year. >> gary the exact moment we hit this market top could you clue me in? >> september 3rd at 11 -- look i'm bearish on half the market bullish on the other half right now. >> there you go. more now with dave. you go. more now. >> so you don't trust iran to live up to any nuclear deal? well then get a tsar to make sure they do. days left to wrap up nuclear talks with iran that's what the administration is planning to do but did the iranian president just do something that proves they'll never let a czar or anyone else enforce a deal. hi everybody. welcome to forbes on fox. let's go in focus with steve forbes rich elizabeth mcdonald, sabrina shafer mike and bruce. rich the iranian president saying again they're not going to let any inspectors in to military sites. how is a czar supposed to help? >> well you identified the problem