tv Cashin In FOX News October 2, 2010 11:30am-12:00pm EDT
stock, we'll leave it at that. that's it for forbes on fox have a wonderful weekend. thank you for watching. we continue now with cashin'in. >> all the rain focusing on democrats, punting a vote on bush tax cuts. did you know states are already slapping americans with the largest tax hikes in over 30 years folks? are those the taxes we need cut right now? welcome to cashin'in! our crew this week, jonathan, tracey, our buddy is back, hey john. also joining us radio talk show host mark levin for the entire half hour. welcome to everybody. john i've missed. we haven't seen tax taxes -- state taxes jump this high since carter was in office.
>> look at 1937 you raise taxes in a recession you push the economy further in a recession this isn't about taxes. texas vs. california, perfect example. california has huge taxes, huge government, they also have huge unemployment, unfunded pension liabilities they will never meet. they are writing iou's to creditors, pasadenaing on debt, asking state employees to take -- furloughs. no state income tax. texas is running a nine billion dollar surplus, low unemployment. texas has a full rainy day fun. these states ned need to come to texas, sit at feast governor perry. >> and you will eat well, try the catfish. i recollection machine it. tracy let's talk about new jersey where you are. property taxes, jersey up 22% this modest town getting
hammered. >> right, right, right john is right we need lower state taxes. we are in such a mess we can. governor christie said he wants to bring them from 9% to 6 states are so broke. utah is doing it lower taxes bringing business in. you get states like washington even florida state considering implementing a state tax because they don't know how else to raise money and get themselves out of the mess they've made. >> in fiscal 2010, 29 states raising taxes at the state level. 24 billion dollars more that's a lot of money mark. >> it is. john andl3,(+uz+h'ow they want to cut taxes. when the republicans voted every one in february 2009 to force the stays to raise taxes, they opposed it. what was in the obama stimulus package? aid to the states. obama wants to cut state and local taxes, every republican voted to raise them.
i argued then and now that prolongs the recession. >> i think and a lot of folks think by helping out top earners they will contribute to the economy in places like california, new york, connecticut, even oregon are getting hit on the state level as well as the federal level. >> they are get annihilated. -- in new york 51%. you work from january 1st, until july, then you start to make a dollar for yourself or for your small business. i think the panel is right, taxes are taxes, doesn't matter it is state, local, federal whatever. it is not being used to fund the courts, the police. it is not to fight militant islam. it is sent to the unions, entitlement programs. everyone wants to grow the economy, you don't do that by sending more money to
government bureaucrats. >> going back to texas. no state income. an issue in texas in particular real estate has been fairly stable compared to the rest of the country. what are they doing right there that the rest the -- of the states aren't getting? >> they are a fiscally sound responsible government in dallas 30% -- you have a sound government. to mark's point i love when you are talking about extremists from left or right. if you don't agree with the message go after the messenger. the republicans did it! >> they did john. you know they did you supported them doing. >> i don't care who put us into this mess. i understand this, we have 192 billion dollar shortfall among states right now. if you take all of the rich which you guys hate so badly apparently in this country if you make money you are an evil person. take all of it from 2006 it
accounts for only 1.3 trillion dollars. that doesn't even cover the deficit. you can take all of their money -- [ talking over each other ] >> they don't have any of it in washington, d.c.. i don't call if you call them republicans or democrats, none of them have it. >> every democrat voted to make states lower taxes. every republican voted to force the states to raise their taxes -- [ talking over each other ] >> wrong! >> mark, where is the federal spending? so improperly dispersed the states have no choice but to raise taxes right now. there are shortfalls left and right. stimulus money that your people sent is nowhere to be found. [ talking over each other ] >> all of you know it, no one has disputed it. if they hadn't cut it states
wouldn't have to raise their taxes. >> i'm not going to defend the republicans certainly mark is right they spent a lot too. democrats' whole political platform is money, redistribute, higher taxes. their whole philosophy is that wealth is public. it is their idea to allocate it in a more rational way. >> to jonathan's point we are going to start to see states getting bailed out any day now. [ talking over each other ] >> i should be paying for california because they can't take care of a budget? bad enough i'm paying for my own state. >> mark, i'm begging you please this tabloid sensation from the left wing, right wing is what is wrong. 695 billion dollars has again to the states this year.
60 billion out of stimulus going to cover it. the reason the states like the housing crisis, the reason the stays have not had fiscal responsibility government because they used money we borrowed from china. you can keep going to that and -- you don't have to balance your budget. the problem is at some point -- [ talking over each other ] >> hold on guys. let me point out something that is critical this is the discussion we are having about the states. i think the point here is that if you are talking raising taxes at the federal level particularly on the top earners, 58% of americans are telling us they oppose tax increases of any sort that then you look at the state level jonathan that's where you are getting kicked in the can. >> exactly enormous tax
burdens. no one likes paying taxes. but it is your life. it is your productive effort that is being more and more allocated for the public good. that's the philosophy people are fighting here. not the sense that yes we need a government, military, proper government. to redistribute all this income for entitlement programs for unions, that's where people say in has got to stop now >> one point mark you brought up. you are saying we need to raise tacks to fun the next bailout. >> no, no, no. -- -- >> what i'm saying is republicans voted to raise taxes in february '09 in state and local governments across the country. middle class tax cut now if republicans didn't insist on giving $100,000 to every millionaire. 98% of americans got money from the obama tax cuts, republicans not democrat -- [ talking over each other ]
>> zero to do with deficits. i'm independent, i don't care what they did. [ talking over each other ] they are going to spend a trillion and a half not the tax side it is the spend side. >> coming up everybody, right now in d.c., union workers out protesting the tea party agenda as big labor's financial mess gets worse. should they be marching against their own union leaders. >> plus the best september for stocks in 31 years and you can thank washington? we report and you decide. hi. you know, if we had let fedex office pri our presentation, they could have shipped it too. saved ourselves the hassle. i'm not too sure about this. look at this. [ security agent ] right. you never kick off with sales figures. kicking off with sales figures! i'm yawning. i'm yawning some more. aaaaaaaand... [ snores ]
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independently-run claims fund. i was born in new orleans. my family still lives here. i'm gonna be here until we make this right. right now big labor busing in thousands of union workers to the nation's capital to protest the tea party. one of the reported goals is to protect all those pricey pensions. jonathan says they should be lashing out at their own union bosses instead. why do you say that? >> sure, i think they should be busing them to the house of the afl/cio. airlines, autos education. the tea party the whole idea only started in february of last year, it is a real honest to goodness great roots movement driven by idea, the union have had decades of political patronage on their
side. >> one of the things i was looking at is the change the pension situation. one under funded by 20 five%. we are seeing a shift in how unions are operating. some are -- are at a fiscal disadvantage. do they maybe have it wrong today? >> it has been an ongoing shift for years. shifted to the rich has been going on for decades. they can vote for people who run them. they don't like a union boss they can vote them out. unlike a corporation. >> that is not true. the worst part is these union bosses make their people look so poor. don't blame the teachers, the teachers are god's angels blame the damn union bosses who won't make concessions especially in new jersey. the union bosses need to come to the table, i don't know, [ talking over each other ] >> hurt the working-class,
right? [ talking over each other ] >> the working-class people go to work everyday and don't have ran jobs and pensions for the rest of their lives. enough of it, we are broke! give me a break the irony is the unions were the first tea parties ever originated. they were the voice of the people. now they've done nothing but make a mess. >> it is because they are weak the working-class people are suffering that's why we need stronger unions. >> that will save your economy. >> i was looking at some of the s of -- some of the actions of their former boss, andy stern he spent 61 million dollars to put president obama in office. i'm wondering if some of the members protesting today are thinking they are not getting what they thought out of administration. >> exactly. i don't mean to be disrespectful. mark, what is indicative of extremists on both sides, absolutely zero taxes and you use tabloid sensational propaganda to bash the other
side with no answers. it is all republicans to you guys for the far right all democrat, liberals that doesn't what is wrong with america. it only inflames the vitriol that is going on in this country. there is no money for these unions. >> but there's money for millionaires and billionaires, right? >> absolutely not. you can take all the billionaires' money and it doesn't -- you have to default on these pensions. there is no other way. [ talking over each other ] >> the only way to get these guys out of this is default like the general motors did with the help of the government. >> in mark's defense, it is not so much a political issue more of a monetary issue in my mind. >> i think it is a political issue. the unions have been given special political favors for decades. they've been given government advantage. mark likes to chastise the tea
party as rich playboy. i was in tennessee this last couple of weeks with a group they don't identify themselves as a tea party group people bus themselves in, they drive themselves in they take the freaking greyhound to be there. your most gets free ride, free t-shirt, what kind of grass roots movement is that? [ talking over each other ] >> mark, i remember when everyone was going after wall street executives, aig here in upstate new york and the union bosses were paying for the buses. paying to take them in. the same we are seeing in washington. it seems like a waste of money. if i was paying dues i would say do they need to be spending my hard earned money on this? >> the waste of money is the aig bonuses when are we going to learn that -- if you fail you should lose your salary. [ talking over each other ]
>> mark, do you know any teachers? most of the good teachers out there want to be paid by performance. >> i know a lot of teachers. >> they don't want to be under this union umbrella. that's bs, garbage. >> let me bring in -- >> mark, -- >> go ahead. >> that's the dumbest thing i've heard today. you are blaming the aig bonuses on the automakers' union? you have to be kidding me! >> the point here is maybe it -- these bosses need spend this money differently. we are going to talk about wall street. we've had a record -- what is the smart money telling us about the midterm that you can't afford to miss.
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>> reporter: the cia is stepping up in pakistan increasing the use of predator drones over the border between afghanistan and pakistan. the activity has increased tends between pakistani officials and the u.s.. some local residents are outraged. a live report coming up in the next 10 minutes. >> one nation working together rally just getting started on the national mall here in washington over 400 liberal groups the rally will focus on jobs and education. scientist are saying the
discovery of a new planet could help improve the existence of life somewhere other than earth. the so-called goldilocks planet is 20 light-years from earth with the potential to sustain life. we talk to an astronomer who worked on the project. more coming up. i hope you join us, see you then. congress is doing something great by doing nothing at all. kind of. wall street seeing its best september in 71 years as gridlock between republicans and democrats brings d.c. to a screeching halt. tracy you say the city going to get better from here, why? >> the republicans sweep as they are expected to in november there is expected to be more gridlock. d.c. is the only place where gridlock is good. there's so much uncertainty on the sidelines no one knows
what to do with their money. they don't know what to do with it. give me gridlock, tell mekong res going do get rid of anti-business rhetoric for a while i might start putting my money back in. then you will see the volume increase and that can continue to keep it going. >> jonathan she is saying gridlock. there's not other market forces here at work? it is not excepting -- something else helping the market? >> my two cents is if -- there was and believable amount of name had built up. people had been pulling money out for months. in september you saw the snapback of that. the world didn't end and people realized maybe i can venture back into risk assets. it is great the stock market was up the dollar lost 9% for the quarter. you have more dollars in your pocket that are worthless. not a rousing endorsement of this economic plan.
>> mark, look at august, a horrible month for the markets. maybe it was buying opportunities out there. >> i think it was. republicans were saying we going to undergo a double dip recession pull fog for the economy to fail and it didn't. we are doing well. i'll bullish on the economy. the stimulus saved 3 1/2 million million jobs. >> unemployment is un-- still pushing 10%. there's still a lot of cash on the sidelines. i don't note doing all that great. >> there's massive head winds now unemployment will stay high for a long time. gridlock is good. when caterpillar reports and most growth is from asia that has nothing to do either for or against the current administration. obama belongs on mount rushmore now because the market is almost double .
the real thing is look at the unprecedented drop in liquidity because of uncertainty. look at the massive lay-offs in wall street that are coming because of the uncertainty this administration has given. >> good point. there needs to be a big distinction between the market and economy. you cannot say this economy is doing well, it is not. the market may be holding on much better. >> mark, let me ask you about october real quick. up or down? >> up. >> john? >> i believe it is going to be flat. you have a great growth outside of the united states and europe that's -- >> jonathan? >> well, you know sheryl, i own some stocks, i also own commodities. foreign currency, i think there's capital occurring from this country not a reason for jubilation, but fear. >> i'm with john. i say sideways until this election is done and people get certainty back.
>> mark levin, great to have you on the show this week. >> good fun. >> all right, are all of those bank protests backfiring? what one major lender is doing that might be a sign we are heading to a new financial crisis. and had your shoes shined. well, i made you a reservation at the sushi plce around the corner. well, in that case, i better get bk to these invoices... whh i'll do right after making your favorite pancakes. you know what? i'm going to tidy up your side of the office. i can't hear you because i'm also making you a smoothie. [ male announcer ] marriott hotels & resorts knows it's better for xerox to automate their global invoice process so they can focus on serving their customers. with xerox, you're ready for real business. ♪ i was young and i was stupid ♪ i had just turned 17 ♪ a harmonica and a box guitar ♪ ♪ in a canvas-covered wagon stuffed... ♪ [ male announcer ] while the world's been waiting on the electric car,
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government involvement treatments more of a mess in the enter. prolonging the inevitable yet again. >> i like that, kind of scary john? >> being a lifelong texas ranger fan i didn't know they played baseball in okay. nolan ryan, my hero has got our boys going to october. texas companies like dell, 3.6 billion dollar in cash flow. >> i need to know is texas going to have a decent year this year? >> texas won the division. i don't know i think they are going. >> you never know. >> jonathan, what you got? >> skip dell. jd mentioned caterpillar right the company is making huge profits in the asian markets. my pick is a japanese tractor manufacturer. i've never driven a tractor, i don't
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