earlier. it crossed over the 16,000 mark for the first time in the history of numbers. cavuto will have context, perspective, and whatever else he can think of. when news breaks out, we'll break in. see you then. other. on the marks to 16,000, then someone got in the way. welcome everybody, i'm neil cavuto and this is "your world." so close on a day when dow was flirting with sweet 16 and staying over sweet 16 and reverses course. a billionaire investor, karl icon, warning we could be on the verge of a big stock market drop. and ben willis is here on where we go. and whether the average investor is feeling richer here, and dave in denver on the one thing that

could help the market propel even higher from here. first to wall street and ben willis at the new york stock change. first off, to carl icahn putting out a warning, saying this is being propelled by a general obvious fed that is handing out candy. >> i had my party hat already and he kind of took that away from us. he is not wrong that the fed is fanning this. but that's their job. that the whole point of quantitative easing or going back to t.a.r.p. they're trying to reignite the flame of the economy. i believe they're starting to succeed in that, which i why i think taper is not a bad thing. rising interest raise or the smoke of the fire, and for equity investors that's a very good thing. >> he has been pretty true to investors close 80 years on the planet. a vulture investor where he fines opportunity or others do not or he can stir up dust and get a big response in the stock

so he was already bemoaning amp if it weren't karl ike -- icahn we wouldn't pay as much attention. >> every professional investor has been very intimidated by this bull run. we would call it bulline ya, and there's no alternative, and what carl icahn was pointing out -- i'm concerned about the speed that we have managed to hit 16,000. that's not necessarily healthy thing, but again, carl icahn, if you're a buyer, of course you're going to tell at the seller your not that impressed with the goods. >> we might have had an agenda here. >> i think he always had an agenda. never knew him not to. >> let's step back and take a look at what maybe these marks are telling us about in the pursuit of 16,000.

it is rich and many could say on a price earnings basis. the dow is not cheap but not obscenely rich. do you agree with that? >> i agree. as far as historical measurements go, we are in the middle of range and that -- in the middle of a range of a slow and painful recovery. we should be much further along, but the fact of the matter is this has been the slowest recovery i've seen in my lifetime. we should be much further ahead and therefore so should the dow. that's the reason the fed had the excuse not to pull away from the market, they continue to intervene in places with the quantitative easing and the treasury market which has nonabout effect. the effectiveness is in the mortgage-backed securities area. so that's part and parcel. so, for an investor, if there is no alternative, bonds are not the place -- if you plan on retiring anytime soon, bonds ills not the place for you to have your money.

it's going to be equities and there will be corrections and that will be a time for you to be aying to your portfolio, not panicking and running away. >> we shall see. ben willis, thank you, my friend. we are definitely noticing a trend here, that the worse the healthcare rollout gets -- generally 0 -- not all -- generally the higher the statistic market goes. the worst it looks for a big government initiative, the better for the private sector? >> some of that to me it's like the wizard of oz, to some extent obamacare is the house, and the house has landed own the witch from the business community's perspective, which has been the president, who is not a friendly guy to profits or capitalism or entrepreneurship or investment in businesses, and when that house lands, and figuratively speaking the wicked witch is dead, the munchkins come out in the street and celebrate, and you're seeing that.

this is not just the healthcare side of it. this is also you're seeing it in op-ed where folks say this might be the end of the progress receive -- progress -- progressivism circumstance whether it's union rules or environmental and global warming policy, all of these things this administration has said are so important to it are now deeply at risk, and that lends itself to a large degree of economic vitality and excitement and that is what has been missing from this market. >> david, i got to say, there's something -- not you, but along this swarmy worms you might talk to -- they resent it when we do anything big government-wise, for, let's say, healthcare initiative. they're fine when it's the federal reserve providing 85 bill bucks a month for them to keep this party going.

so me detects a double standard. that's just me. >> neil, i cooperate agree with -- couldn't agree with you more. what you have in some way is a rally that has had two elements to it. one, the artificial fuel that the fed keeps shoveling on the fire. but, two, remember, this technological wave that the real results of this information wave has been to strip enormous amounts of inefficiency and expense out of the economy. that's why the profits have been great but the revenues revenuese dynamics of the economy have not been there. so it is two-pronged and i'm saying if you add in a third prong of real clear runway economic growth and energy, you could see a lot more things happening. >> we shall see. david, thank you as always. showing you the numbers on the dow. while not 16,000 again, this is good enough for the record. so stocks are running rich.

are you feeling rich? lindsey says there's something about 16,000 or close to it. but mark bender says it takes more than a level on the dow to change people's psyche. so, lindsey, just the talk about going in and out of record territory, hitting 39 records for the dow and the s&p, that's enough to make people feel better? >> a significant impact. when sides see their investment portfolio rise in value, they feel wealthier and more confidence. even people who are not invested in the stock market, they read the report about a new high and feel more confidence but a that suggests that things are improving. >> less doubtful about going to the store? >> there's present mr. of job to be mess miss -- pessimistic but consumer confidence is still above 0 and something is putting the floor that there and that the rising market. >> mark, you sense a trap, though, is that at the gist of

it? >> i don't think that we have had that much of a wealth effect. if you look at the whole funs data, household wealth is back where it was precrisis, but the gains are very heavily secured toward the upper en. the federal reserve bank of st. louis did a study to look to see how evenly the gains from the stock market haves been. the top 7% of households, healthiest howholds, have seen their holdings value go up. the other 93% have seen them go down. the truth is that middle income and upper middle income households just haven't been aboard the rally, so they missed and it consumer confidence has had the slowest recovery we have seen. it's still lower today than it was at the depths of the 2001 recession. so it's moving in the right direction, but we're looking at a pretty soft christmas. the one area that is doing very well, though, the upper end. art auctions in new york. record prices for all the

paintings, 15 million dr. ferrari. there's incredible stuff going on. >> i can't believe the 100 mental plus for one painting but i digress. there is this dichotomy that it might ben fit the cartiers and the tiffanies but when you're hearing from wal-mart, who is -- you're not seeing it there, so we might see this sort of quite literally buy fur cakes, the upper income spending like contracts and the others not. >> the retailers are right to brace for a lackluster holiday season but it would be even worse if we didn't see this runup in equities. >> even for people who are not part of this. they look at this and say something must be going well. >> there's a big psychological element. people look at that and hear about the numbers and say, things are improving. so i'm going to spend this christmas and worry about it next year. >> mark i hear this and it's on

the other side, the -- less paper value and less value of their home, which is more important, value of homes increasing, obviously not at the pace they were -- and their portfolio is increasing, longer term, is that going to be helpful? >> well, longer term is helpful. i think the increase in the value of homes is more in the last year than the rise of the stock market. more people have exposure to the housing market. a lot of folks are hoping for more on the housing front. haven't regained as much as prices have fallen off. but better to have a rising stock market than a declining stork enactor. a rising market makes you feel more security about your job, because job gains are associated with a rising market. job losses associated with a weak stock market. so, there is some benefit to psyche from that. you want a stronger stock market for a lot of reasons. more than --

>> of course, lower gas prices will help holiday spending as well. >> we shall see. we'll know soon. now we know millions or losing their current health plans and this democrat says her party enough it all along, even bigger problems for the president? ♪

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millions of americans might not have seen these health plan agents coming but democratic senator says she did. we will get reaction from an american booted from her plan later in the hour to ed henry at the white house. >> reporter: a series of pressures on the president, you also have a "washington post" report suggesting they're perhaps lowering the bar on what success will be defined as in terms of getting the web site fixed. the post reporting the white house will be satisfied with 80% of online users actually enrolling in health care plans

by the end of the month. that could potentially leave up to 20% of those online users not being able to enroll. then you have democratic senator -- gillibrand saying that the democrats are not surprised that the president's promise about people being able to keep their health care would never turn out to be true. >> he should have just been specific. we all knew. the whole point of the plan is to cover things people need. like preventive care, birth control. pregnancy. >> the next question, of course, will be, will there be any heads that roll? the white house consistently said they're not going to do what they call monday-morning quarterbacking about what went wrong here. but after the president's news conference last week where he said this was clearly fumbled by him and others, his own firmer press secretary said on nbc if this were the private sector, somebody already would have been fired and in the estimation of

gibbs, the people who are dealing with the web site problems right now should not move forward with the implex addition of the law. jay carney suggest thread will not be a shakeup of the white house staff now but left the door open to down the road. >> the president has made clear, ever since we saw the problems we have had with the web site and with the roll out of the marketplaces, that he wants his team focused on making the necessary fixes, so that the american people are served well by the affordable care act and are able to receive the benefits it offers. >> now, jay carney went on to say that while this whole question of 80% of users being able to enroll is out there, there are other ways for people to enroll, such as sending it by mail or call big phone, although there's obviously questions about whether people can get through on the lines as well. >> a few of those. ed, thank you very much.

millions kick off their current healthcare plans but lawmakers get keep theirs? citizens united president is trying to stop this. joining him, republican senator david visiter who has been fighting this for the same amount of team. gentlemen, good to have both of you. >> senator, it's just more of a cosmetic type issue, whether you guys have great insurance or not, it doesn't matter. this is bad. you're saying lead by example. >> this more than cosmetic. it's the principle. washington should not be an elite ruling class that lives on a different, better planet than every other american. but second -- >> i youth -- thought you guys did. >> with need to change that. there's a practical reason, because when the chefs don't eat their open cooking, the cooking is bad and when the chevs eat

their open cooking, it gets betterful with we play the same rules to washington as america, things coming out of washington would get better, including obamacare. >> i like the chef analogy. it does make sense. the issue now is that, look, they're serving the meal. this is the meal you're stuck with. you can't change it. maybe you should focus more on changing the menu. >> they have so many problems with the healthcare rollout. >> really, problems? >> the funny part is there's stories out now, what are the next major problems? i really think we have to take a step back and take a deep breath and figure out exactly what your question poses, which is what should we be focused on? should we be focusing solely on the issue? no we need to look at the grander picture. >> why do you run into opposition from colleagues who say it does make sense if wore going to foist this on people, we should foist it on ourselves.

>> because i don't want to live in this train wreck, because they have their self-interest and pocket book at issue. think this can be a powerful fours for change in terms of bringing reforms that change for all of obamacare if washington is living through it -- >> kathleen sebelius says, easier said than done, switch -- did she lie? >> well, i think there's been so many lies. her just pales in comparison to the president's lies. let's put it on the table. >> you've say lies from the president you. don't buy the argument he wasn't into this, wasn't jazz -- >> he had to get -- >> you think he knew. so the gillibrand thing -- >> completely accurate. >> what due you make of it, we knew all long. >> those cancelled plans, that is no at glitch, not a web site problem. that's not a mistake. that's the core of the obamacare statute. >> did you discuss amongst yourselves when you heard the democrats say this won't cost anything, you were warning and

saying -- but that i didn't remember too many democrats saying, oh, no, you have to pay for this. >> definitely part hoff the -- part of the debate. a lot of debate on the floor. >> uninsured americans, and it's going to cost. great goal but it's going to cost. >> absolutely. and in the law there were clearly these minimum standards that a lot of policies that were below. so all of those from the very beginning were -- >> in the meantime do you want to go ahead, eat the cooking -- >> again, i think if congress has to live with all of these challenges personally, has to go home, deal with all of these challenges with their family, i think that is a big incentive to get things right quicker. >> that's right, and folks in america need to support senator vitter go to live by your laws.com and sign the petition. only with an outcry -- we have had tens of thousands of people sign up and it's a web site that

works. >> a good point. i always avoid the restaurants where the chef is telling me, i wouldn't touch this stuff. >> live by you law, die by your law. >> it's important in obamacare and important across the board. >> thank you very much. forget black friday. the way unions are rising up against wal-mart, think of it as black and blue friday. we thought we would talk to wal-mart, getting down to business, fox business, with the president of the biggest retailer in the business.

block. [shouting] [shouting] >> here we go given you hear a lot about all these wal-mart protests. how about wal-mart promotions.

the number one retailer in america and the world, announcing 25,000 such promotions, so fair and balanced, on fox business tonight and only fox business you'll hear wal-mart's side of things from the man running all u.s. things. take a look. >> this is a great opportunity for us to talk about how proud we are of our people and how proud we are of jobs in retail. our associates have asked to us stand up for them, and we are. today, for example, at town halls in three cities across the country, we called associates together and invited them to what amounts to a regular conversation that we have with our associates, but unbeknownst to them, each of them applied for a propossession and we brought them together and the found out they'd all been promoted. >> when you say promoted, a bump up in position and pay? >> they are all increases inposd pay. in fact eave year, 160,000

people in our business get promoted. about 40% of them in their first year. and our folks love working for us so much. we have 300,000 have been with us for more than ten years. so we're proud of our jobs and our people and we wanted the opportunity to talk about that. >> disproportionate number of those workers lousily volunteer volunteer to work on thanksgiving. what's -- >> most people might not know this but we have been open on thanksgiving day since the late '8s so. it's part of who we were as a company. you surf customer when they want to shop and it's an opportunity for us to provide customer a chance to buy the products they need for their thanksgiving day meal, and as the opportunity for black friday began tee involve it wasn't -- to evolve it was that difficult to shift at the timing. so we take care of our

associates. they all get holiday pay, very, very deep discount on the products we sell, for their christmas dinner and christmas giving, and we take care of them with a thanksgiving meal. >> you almost think the workers were chained to shelves. to hear the prevailing media view, you're awful. >> it bothers me because it diminishes and disrespects to a certain extent those people who work very, very hard to serve customers in our stores and take care of their fellow community members and are really moving forward in their lives. you can join us at any life stage in your journey from 16 all the way to 76, plug in at all the way to 76, plug in at every

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the death toll now at eight after string of deadly storms and tornadoes ripped through a dozen states in the midwest. mike tobin is in washington, illinois, one of the hardest hit areas. mike? >> reporter: this is the center of the hardest hit area here in washington. and what i can see in every direction as i look around me, the people going through the rubble of what once was their home, picking through, salvaging whatever they and can getting ready to restore their lives, and they're doing it all in the bitter cold that followed this storm. if you look at the aerial view, you get a much different perspective and you get a perspective that really shows you the focused fury of this tornado. about a quarter mile wide,

estimated to be two to three miles long. and what you can see is you have intact structures on either side of the path of the tornado, and the center here, you have this absolute devastation, it was noted by illinois' governor. >> i thought this was bad but from above it's just -- a whole different perspective. it's sad. i can't describe it. >> reporter: that was the mayor here of washington, illinois. illinois governor pat quinn says some search and rescue is underway but the priority now is recovery, getting people an opportunity to piece their lives together and getting a roof over their heads, particularly now as the colder weather is rolling in. neil? >> thank you very much. well, are these storms a signal of nasty weather to come? do they link to what could be a busy winter storm season?

janice deep, meteorologist. >> it doesn't. we have had a very quiet tornado season. we had an above average tornado count in january, which tells you that we can have tornadoes really any month of the year. but looking at the springtime, below average for april, may, june, july, august, september, about average for october, and now've average for november. this has been a tornado drought for 2013. the lowest amount of tornadoes since 1998, i believe. taking a look at the imtornado imtornado -- illinois tornadoes. the think that makes this so remarkable is the amount of tornadoes we saw so far north and the destruction. ef-4 tornadoes two in illinois so far, and the destruction as you can see on your screen. this is washington, one of the most devastated areas. the entire town, parts of it, wiped off the map, and winds in

exist of 170 to 190 americans. so that's why we- -- 170 to 190-miles-an-hour, and that's why we'll remember this season, the sheer amount. 84 tornadoes, over 500 wind records, 40 reports of hail are. so right now we're at number three for the top november outbreaks. back to you. >> thank you, janice. >> well, it's probably right up there these days with getting a letter from the irs. getting one from your health insurance company. millions have and it reads something like this: your policy has been canceled. now get ready to pay more. now imagine getting three letters like that. meet the woman who did and will have you reaching for masking tape for your mail box. the day we rescued riley was a truly amazing day.

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should have just been specific. we all knew. the whole point of the plan is to cover things people need,

like preventive care, birth control, pregnancy. >> we all knew? that people would have their plans cancelled and premiums raised? i covered this nonstop in washington. i don't remember once saying that. not a single democrat supporting this, and neither does this young lady, susan wilcox, received no fewer than three letters from her insurance company telling her, her policy would be changed. change generally means stopped or charged more? which was it? >> well, they cancelled our health insurance -- the first letter we got is when they started the affordable care act plan, saying due to sweeping changes they were going to raise our premiums 29% in 2011. that followed up in 2012 with another letter saying they were going to raise our premiums

another 9% so we we are up 35% premiums, followed by a letter this year from our group health saying they're going to cancel our insurance at the end of this year. >> how did the describe the last announcement? probably the most damning. that were they a substandard plan? one that the president calls not up to snuff? what? >> they just said, due to sweeping changes in reforms in the affordable care act as our underwriter had elected to drop our healthcare coverage. >> so what are you going to do? >> what am i going to do? well, currently in ohio i spoke with our representative. we don't have an open healthcare exchange i can go into, and avma representative sent us an e-mail said don't bother going to the obamacare web site because we're not going to qualify. so we have to seek insurance for people like me -- i have to look for private insurance,, for

myself. >> and pay a lot more as a result. right? >> yes. i was told by one insurance adjustor i will be paying about 417 months after that 35% increase over the past two years, and now they're going to drop us. i'm going to be paying somewhere she said about a thousand dollars a month. >> i don't want to get too personal, if i am, tell me to shut up. is there any extenuating circumstances, preexisting conditions or anything lock that would get the insurance companies to say, ah-ha, or just part of not meeting the healthcare law's new standards to cover everything and then some? >> i have hypothyroidism, and i also have a condition known as keratonis from a back surgery but those are easily managed. i was told because i'm of that certain age as a woman.

>> incredible. so, when you hear senator gillibrand and eyes say we knew this was coming and this was a possibility in fact a probability, now you might have been more close than i was covering it at the time but i don't remember that. do you? >> well, i am disappointed we're not leaving healthcare decisions in the hands of medical professionals. i mean, seriously do you want harry reid doing open heart surgery on you? i don't think so. i think we should be leaving this to the hands of medical doctors. we were taught in school, the first thing is, do no harm, and i think we need to leave the health and well-being of people and life and death decisions in the hands of medical doctors and physicians. and not in politicians' hands. >> three times getting letters like that. well ex-everyone remembers what

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as we approach the 50th anniversary of jfk's assassinate, what if i told you he was more to the right than the left likes to admit? we'll let him explain. >> our true choice is not between tax reduction on the one hand and the avoidance of large federal deficits on the other, it is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax

rates will never produce enough revenues to balance our budget. just as it will never produce enough jobs or enough profits. >> wait a minute. sounds like a conservative, but he's a liberal, right? the author of jud"jfk conservative." why do we have the other view, that he was a spendthrift liberal? >> it's a myth. he wasn't able to say it wasn't true. >> to what end? what would be the benefit of doing that? >> well, the advance of policy debate in their direction. if you're a liberal, you want to claim the martyred president as your guy. >> now, this push for tax cuts as you wrote came to fruition after his death and led to a boom. they are going -- the rates were a lot higher than. you distinguish those. explain. >> well, the capital gains rate at that time was 25%. kennedy wanted to bring that down to 19.5%, which is lower

than it is now. top right now is 23.8% including the obama care tax. >> this is the same president who, at least in a couple speeches, for health care for everybody. maybe not the type we have today, but that he still had a lot of big government in him. you say what? >> well, kennedy was never for universal health care, that was nixon. kennedy was for medicare. he described it as a limited plan. he didn't really push for it. his priorities were the tax cut and free trade. >> but we look at these charts. my favorite part of this speech that he gave, where it was before ross perot. you cut taxes, the revenue will grow. that was an abhorrent notion at the time, wasn't it? >> "the wall street journal" editorial opposed it and later said he was wrong. >> why did they oppose it? they fear it would be reckless? is that their view? >> they thought they should cut spending by the same amount to make sure there was no deficit. >> jfk said no, why? >> because he knew that cutting

the tax rates would grow the economy. so that the government revenues were higher. but he didn't want a big revenue for the federal government. he just thought people could use the money more efficiently than the government could. they would save and invest. >> where did the democrat party veer after that? >> well, it's a sad story. mcgovern, carter, it took until bill clinton was dragged to a capital gains tax cut by newt gingrich. >> but to be fair, he did lower a lot of investment-related rates, albeit with a push from republicans. but lesson is what? >> jfk was a conservative. and if we want growth, we need tax cuts. if we want peace, we got to spend on the military, and as we remember kennedy, he was a conservative, by the book. >> all right. don't hear it often, jfk, a

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all right, we're now getting word that janet yellen will be put to a vote to be the next chairman of the federal reserve replacing bernanke. this is said to be a perfunctory vote. most expect she will pass confirmation and become the first female to head thatte en institution. meanwhile, it is payback time. this payback is going to cost big time. charlie gasparino on the fallout. >> the court is saying whatever's left has to give it back to the people who lost their money. remember the customer funds were

commingled, he basically took that to pay off the creditors. people like farmers and ranchers and people who invested in commodities lost their money. they will be made whole. it's also kind of an interesting end to jon corzine's career. >> you're convinced this is the end? >> i know it was a story in "the times" last year that said he wanted to start a hedge fund. he will never start a hedge fund. >> this disallows this? >> it doesn't officially but in all practicality, this guy ran a fund, this guy ran a company that blew up, that was ineptly managed, and it cost people a billion -- >> well, a billion. how much of that is compaing ou of his pocket? >> none. here's the thing he has to worry about, is the private litigation. now, this kind of puts a stamp of disapproval on what he did. private litigants are going to sue him and say, hey, look at this. the courts have ruled he ran a screwed up operation. and, you know, we want some more

money. we deserve damaged. that's what he faces. he faces lots of private litigation. not only that, he also faces a likely lifetime ban from the securities industry. >> what a fall from grace. former co-chair at goldman sachs. what happened? >> you're right, he was chairman. chairman -- when it was a partnership. listen, he wasn't a very good chairman. they used to call him fuzzy and it had nothing to do with his beard. remember, they got embroiled with long-term capital. he screwed up their ipo. hank paulson led this sort of coup that got rid of him. then he went into government. used a lot of his money. and then this was supposed to be his entry back on wall street. his bet on bonds turned out to be right. he bought two year -- what he was bad at was managing that bed. it was pure corzine. >> you're saying he's finished? >> he didn't do anything illegal. he was an inept manager. he was incompetent.

at running a company. >> okay, with that, charlie, thank you. the ceo of walmart usa. how he's going to respond to all these unions bashing him. on fox business tonight at 8:00. see you then. hello, i'm dana perino along with kimberly guifoyle, greg gut felt and bob beckle. this is "the five." 12 more days until we hit the president's self-imposed deadline of getting healthcare.gov working. the administration promised it would be up and running by november 30th. by up and running, they mean 80% of the time. jay carney was asked about that today. >> the issue here is, can we make the website function effectively for the vast majority of users who go on it?