tv Your World With Neil Cavuto FOX News October 25, 2010 4:00pm-5:00pm EDT
still crank out the model. it entered the world in 1979 and made the way for other personal on the go music players, 220 million sales later, the walkman, dead, today, at 31. now you know the news. that's the later program and here, that's it for "studio b" because we are awaiting the arrival of neil cavuto who will tell us about a great day in stocks. won't you? >>neil: tea party has been dunked. by a commission. welcome, everyone. i am neil cavuto. talk about teed off. reaction to talks, talks, that a commission will punt on slowing all of the tax dollars going out and focus, instead, on ways to
bring more tax dollars in because if the wall street journal is right they think touching social security or medicare or medicaid would be wrong. what is right? going after tax breaks, like deductions for mortgage and. so, grandmother is safe, but are you? to the parent who says don't count on it this is not curving the government beef but finding more ways to feed it. and with the patriots, the founder of tea party 365, i think with all respect, you have been dunked and punched. how do you feel? >>guest: well, i feel bad. the american people need to finally wake up and face the music, the time is now. this country is going down. and the tea party, it is the problem with the two parties, the two party system is trying to rean the chairs on the titanic and saying "be calm," and the music is playing on
because help is coming soon and that is not the case. help is not coming. the government should leave us alone. it is simple: decrease spending, decrease the costs, leave our tax, do not raise taxes on the american people. >>neil: but the debt commission, and the devil is in the final details in the final report due in december after the midterms, but they areering more open the size of raising money than in cutting spending. ocean eggs that is not unusual. after all, the cbo said a few weeks ago you have two ways to go and this was reported in the "wall street journal." raise taxes," cuts spending. the only way to cut spending and the way to cut government is to start slicing and dieing and that ddicing, to not, span the commissions. >>neil: but they are not. and this is a commission to whom
politicians punted to make the tough choices when the commission punts you have to be worried. >>guest: you should. in washington they form a commission for political cover. this is the problem with the commissions. this is electioneering. they are not going to touch entitled. bitter pill is we are going to have to protect those already vested in the retirements and enentitlements and restructure and rework the system through private investment, different models to take more people and give them another option so we can sustain this. >>neil: if you had seen they might have looked at ways to cut back folks' deduction, or they had coupled it with entitlement reform or looked at medicaid, medicare, social security, maybe this was a trial, but we do know what is being done on the revenue enhancers, and we know little about what is being done
to address spending, would it be more acceptable to you if they combined the two? >>guest: we should leave nothing untouched at this point. we need to look at the entitlement system and cut entitlements. and leave the private sector alone. so the private sector can create jobs again. and increase productivity. >>neil: when you say "leave everything," does that include closing deductions, either for home owners or those would write off a portion or all of their health care benefits. are you open to that? >>guest: i don't consider the tax deductions on mortgage an entitlement i think we need to look at social security, we need to look at the health care bill that was rammed down our throats, that will increase costs --. >>neil: do you agree? is that fair game? >>guest: i has to be fair. the bit are pill is not
something innocuous. we are going to have to hit the floor with the housing market so we can get a correction. we cannot prop it up like we did with programs and the number one thing we have to do if you cut the size of government you have to cut the size not just continue to grow it which mean we will have to trim defense spending, streamline it, we have to fix the contracting system. there are multiple things and not one individual item is going to resolve this. >>neil: i wish i had more time but i want to steal you back, these are the early readings we are getting from the debt commission, our colleagues at the wall street journal, and anything can change. it is a trial balloon, but if it is out there, it is up to you to accept it, pop it, debate it. in the meantime, the tea party people are ticked but dennis is slighted as in ohio democratic congress plan who long opposed
going after entitlements, especially social security, and it is happy that for now the president's debt commission is, as well. congressman, it seems weird to me that the early read is they are going after ways to raise revenue and finding creative ways to do that than ways to stop spending. >>guest: first of all what is very strange about this discussion is that no one is talking about the fact that social security is rock solid through the year 2036 without any changes whatever. there is $77 billion surplus. >>neil: but you assume that is in its own lock box and untouched. >>guest: well, look, the way social security is et cetera up it is a dedicated fund, and off budget. >>neil: but it isn't. everyone raids it. >>guest: if you raid it for tax cuts to go to the top that is a huge problem.
>>neil: congressman, both parties have raided it. lately you have been raiding it for a vor right. >>guest: i am not here as a partisan. >>neil: but to say it is lock solid until 2036 knowing full well there is no lock box and that there is no exclusive trust fund, is not representing reality. >>guest: that money belongs to the american people and people will get their benefits if you need to adjust social security's revenue stream, raise the cap. that is not, that is something that is doable. and we have to remember there are a lot of people --. >>neil: raise your cap on what you tax. maybe that is a good idea but your immediate inclination was to go to raise the tax to support it. not scaling back benefits. >>guest: my immediate inclination is, get the economy going again.
create jobs. help businesses expand. that's what we ought to be doing. we should not be looking at, the economy is in bad shape so right away we have to start talking about trimming social security. our first thing, get the economy going again. create more wealth. if we create more wealth we wouldn't be having this discussion. >>neil: how can raising taxes be creative with revenue enhancements, whatever the guys call hit, how is that long term helping the economy or the deficit? >>guest: you do not have to get into discussion of raising taxes. if you get to the discussion of making the economy move again. you get people a chance to create. >>neil: we are not there? >>guest: right now we are wealth accelerated to the top. that is a problem. the middle-class is destroyed. >>neil: but we spent over $1 trillion to goose the puppy. >>guest: and more on the war in iraq. >>neil: i share your spending concern but i amount -- am
telling you for all of that we have this: nothing. >>guest: we have what? >>neil: a slow recovery. and it is 10 percent unemployment. >>guest: i am not satisfied with our economy. >>neil: how is spending more going to help? >>guest: we ought to take a paining from fdr and put millions back to work. the reason we have 15 million unemployed most of those unemployed worked in the private sector because they shed the jobs to increase the stock market profile and what president bush said last week he was disappointed he did not move to set up the private accounts, the performance of the market during the period of 2007 october, to 2009 in march, the market lost 53 percent of the value, and for my people --. >>neil: but how does all the spending under -- hear me out, $3 trillion more sense he took office, the $5 trillion more since nancy pelosi became
speaker, how has this helped the job situation? you come to a point where you say, well, obviously, spending the way we have done it, hasn't cut it. >>guest: we have to stimulate the economy, and get people back to work. >>neil: but spending has not helped. >>guest: we spent money on wall, a nobel prize winning economist said --. >>neil: i am saying all the spending you purposely focus on, just helping the economy, you just said have kept us in a bad job situation, to this day. so, how is spending more going to help. >>guest: the percentage of the spending that is dedicated to infrastructure was a good investment. and, also, we had to help states meet the payrolls of certain public employees. we don't want our safety net and infrastructure to collapse. we have a tough time in america right now. everyone is struggling. there are many people hanging on by their finger nails but the welts of the people in their homes, the equities is destroyed, people lot their
pensions, and --. >>neil: you are saying more government spending may be targeted to them, as some of the other spending was not targeting them, would do the trick? >>guest: i want the government involved in things like letting nasa help with technology where we can create endless new industries. we are losing our creative abilities in america. we are focusing just on what we don't have. >>neil: maybe because the government will not get out of the way. >>guest: wait a minute. we need cooperation. government, get out of the way, think what happened with wall street ran people's investment into the ground and people had their investment stolen from them. >>neil: but you guys were the police, were you? you were the police. >>guest: here is one guy who was watching, my investigates ever subcommittee exposed bank of america's high jinks with the shareholders and i am telling you have to have people protecting the investors and make sure the government has a way to stimulate the economy working in concert with the
private sector but if the private sector does not stimulate the economy and is pocketing their money at the fed in the case of the banks letting it raise sprtd, not -- letting it raise interest rates, then they have to --. >>neil: always great having you on, thank you. >>guest: good talking to you. >> after years of historic deficits, this 110th done will commit itself to a higher standard: pay as you go, no new deficit spending. >>neil: do you remember that? vowing to hold deficit spending when sworn in as speaker of the house of representatives. since then, the nation has wracked up $5 trillion in debt if only nancy had her own platform. no earmarks. no tax hikes. a 10 percent cut. in all government programs. only italian food served in our
nation's capitol. if only nancy knew then what of course you backers foe -- know now, the tough election fights could be a lot fewer. now, for those curious for an update you can read the cavuto platform on the front of half an index card at foxnews.com/yourworld. you can take our poll, there: would you like to see the president's debt commission adopted cavuto campaign plan.
>> meet the hollywood director behind the movie "airplane," hoping to take her title away. >> yes, ma'am. >> senator. i meant general. >> major general. >> general. >> gentleman, please, please. gentleman. three more years, i worked so hard to get that. >> i worked hard for them. >> i know, i know, you worked so >> i know, i know, you worked so hard to get that fricking title. appraiser: and i would say if this were to go to auction today,
sadly, no. oh. but i did pick up your dry cleaning 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. is a powerful force. set it in motion... and it goes out into the world like fuel for the economy. one opportunity leading to another... and another. we all have a hand in it. because opportunity can start anywhere, and go everywhere. let's keep it moving. ♪
tom coburn, i and another doctor in the senate have gone to the senate floor to talk about the consequences of the terrible health care law, the second report comes out today, grim diagnosis, a checkup on the federal health law. we did one at the 100-day mark. and we are now at the 6th month mark. the at president's summit, nancy pelosi said if this is signed there will be 400,000 new jobs created. the congressional budget office says, no, actually you will lose 800,000 between now and 2019 when fully implemented. >>neil: it does not include the offsets they say they will get? >>guest: this is going to be an committee killer, a job killer, and a patient killer. bad for patients, bad for providers and nurses and doctors, and taxpayers. terrible for them. you talk about the debt commission, if they are not looking at the health care law as a way to save money and to repeal parts of this, if not all of it, they are making a
mistake. >>neil: you say 800,000 jobs will be lost. >>guest: where are the 400,000 nancy pelosi said would show up immediately. >>neil: where would the jobs be lost from? >>guest: from those that do new technology, pacemakers and those things because there is a new tax, excite tax not on profits but on sales. that will cut into it. and the incentive the president talks about with the four million postcards that went out to small business, the way the small businesses actually can take the tax incentives they have to lower the salaries of people that are employed by them and cut jobs. that is the way they get the incentives by firing people and lowering the salaries. >>neil: and it would be expensive to industries and they are not looked on favorably and they lay off. eggs expetion they may -- eggs expetion -- >>guest: and they
may go overseas. >>neil: i hear your leadership talking about repealing. >>guest: we need to repeal and replace and make sure president obama is a one term president because anyone we pass immediately he will veto and the way to starve it is not give the $10 billion for the internal revenue service for the 15,000 new agents who will look into people's tax situations to see if they have health insurance. we want to repeal the mandates for individuals. >>neil: but try to repeal it with a democratic president. >>guest: so you starve it. and you take $10 billion away from health and human services so they cannot put the poors and commissions in place. and senator graham and i want states to opt out entirely. >>neil: the debt commission report fining ways to raise revenue, no so big on entitlements. what to you think. it is early.
>>guest: we don't know if this is a trial balloon or what it is but the problem is not we are taxed too little but the problem is we spend too much. we need to get the spending under control. that is what we hear. that is what i hear all across the country. the president said there are better ways to spend the money and i say, respectfully, it is not your money, leave it in the pockets of the people. >>neil: thank you very much. and a realtor who is talking and a realtor who is talking about the housing industry. have built a new facility to identify the most productive strains of algae. algae a amazing little critters. they secrete oil, which we could turn into biofuels. they also absorb co2. we're hoping to supplement the fuels that we use in our vehicles, and to do this at a large enough scale to someday help meet the wor's energy demands.
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percent last month the second month in a row we have seen that. but the housing market is trying to regain the footing will the debt commission stop the recovery by stopping a popular tax deduction? it has a realtor very nervous. we should explain that the debt commission, among the many things it is looking at to raise revenue for the government, is to close our wipe out that deduction. >>guest: terrible timing. it will make everyone run for the hills as if they are not already running for the hills. a bad move. even to float the discussion as everyone nervous and people changing appointments and doubting if they should keep a contract. everyone factors in the mortgage tax. >>neil: do you have clients saying, am i hearing this right? >>guest: yes, they factored in, in the bid, they would have $1.1 million motor tax deduction which in new york is all used up
the $1.1 tax deduction and if i don't get that my my versus rent changes and i am redoing my numbers and maybe i will resubmit. i said, wait, wait, wait, i don't think anyone will be passed, it is just being floated. >>neil: but they have talked before about staggering it, like not too many years ago, they reduced the limit. from $1 million. and everyone thought that would be the death of the vacation home market. and it wasn't. >>guest: during a strong economy when the market was going straight up, nothing would be the death of it. free money. >>neil: so it was just a blip. >>guest: here where it is fragile we have to be super careful to float it. forget pass it or consider it. just floating it is making people nervous. >>neil: but you are an interesting egg because you argued against artificial numbers, or methods to keep industry going.
that is, housing and rebate checks and all of that, you have been against that, and you are for this. >>guest: i am for this at least now. if you said to me five years from moscow -- now consider phasing it out and consider a flat tax, i would say that is different. but to target this, now, when the economy is so fragile, and the real estate market, in particular, is so fragile, it's a huge mistake. >>neil: do you think housing has gotten special treatment in our tax code? >>guest: without question. >>neil: car guy's envy and others envy and they say, play fair. >>guest: without question, housing is the sacred child. so to speak. and this deduction has been holy. but that is what it has been been and that is what our numbers are based on and to change it and to go full swing around will change everyone's
consideration of what they are doing. >>neil: how likely do you think it is? >>guest: i think there will be huge protests. >>neil: they would be willing to keep it and work means test. >>guest: yes, means testing. i don't want my children supporting me. >>neil: i do. good to see you. thank you very much. one of the most successful brokers in the world. and we have special election coverage on saturday 10:00 a.m. eastern, who is booted and who is broke with radio talk show ledge end and the welchers and the former head of the new york stock exchange and back on, on
sunday, working throughout the weekend, 4:00 p.m. eastern, and on election night, on the fox business network, all night long, imagine, spending the night with us. calm down, ladies. talking about president obama's former czar, and fdr's grandson, and the follow head of a.i.g., and wisconsin republican congressman ryan, and former democratic governor, wilder, and former head of american airlines, former speaker of the house, hastert and rod blagojevich, and california force former republican governor pete wilson, and gray davis and fair and balanced, all sides covered like nowhere else. relax. i talked to brett favre, ran into him last week and he said it's okay, tivo him, watch me. in the meantime, on the ballot, a push to give noncitizens the
right to vote on all future ballots. i kid you not. and hollywood director taking on the democratic accept boxer with her own words. feeling all the stuff i missed. [ male announcer ] no one really wants plaque left on their teeth. done. [ male announcer ] but ordinary manual brushes can leave up to 50% of plaque behind. oral-b power brushes are inspired by the tools professionals use,
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to help you choose the plan that's right for you. as with all medicare supplement plans, you can keep your own doctor and hospital that accepts medicare, get help paying for what medicare doesn't... and save up to thousands of dollars. call this toll-free number now. >>neil: not a citizen. not a problem. people in san francisco and portland, me, will decide whether to let noncitizens to vote in future local elections several other areas allow this. and now our reporter from the washington times says this is a growing trend. i thought when i saw this, what? what? it is here in the washington area, about two decades ago, tacoma park in the washington, dc and maryland line, allowed this voting in school elections and it is a growing trend. the argument for it, is folks
say, well, although you are not a citizen, because of constitution and the federal law, schools are required to educate your children, so, since the schools are acting with your children you should have a stay in school board decisions and a vote on who is in the school board and then grown from there to some municipalities saying extend that to the tax issues, local tax issues and what not, as well. but they are not citizens? >> that is right. they would be open to anyone from legal immigrants to in some cases illegal el -- immigrant, the portland referendum requires you are in the country legally, and some, that is not even a requirement. >>neil: what do you show when you go to the polling place? >>guest: whatever residency, proof of residency you have that you are part of living in that jurisdiction.
>>neil: you have no reason to be, you are illegal here and you can decide what happens when your municipality, your school district. >>guest: in some instances. there are differing, in spaces require you to be here legally, even if you are a noncitizen and other places allow illegal immigrants. >>neil: and the argument is if your kids are here or born here you have a right to everything they do? >>guest: well, you have a right to control, to have a say in how they are educated and the argument on the other side is, the more, voting is a right and a responsibility, the more stake you have in becoming a citizen, taking the stuff to become a citizen shows you are serious about wanting to be engaged in the political process and caring about your kid' future and that is the argument for keeping it to citizens only.
one combined serving of vegetables and fruit with the goodness of green tea and powerful antioxidants. refreshingly good. >>neil: senator scolds and a legal wood director spoofs. do any of you remember this? >> why has it been delayed? >> ma'am, this is a --. >> could you say "senator" instead of ma'am, i work sod hard to get that title. it is a thing. i would apresident bush at -- appreciate it. >>neil: hollywood director, behind "airplane," and more is guing for the california democratic senator a week before
the big day. look at this. my record here, general, indicates the transfer of funds occurred during the previous fiscal year. >> ma'am, this --. >> do me a favor, could you say "senator," instead of ma'am, it's just a thing i worked so hard to get that title. thank you. i can explain, senator, military is to refer to all senior ranking clerks, including sir or ma'am, including members of of congress. thank you, major. >> major colonel. i am captain, major, colonel. >> i get it, you worked hard, i worked hard. >> yes. >> senator. >> major general.
>> gentleman, gentleman, please, please. >> ouch. ouch. sir. three more years residency. i worked so hard to get that. >> i got one. >> goodness. i worked hard for that. >> i know, i know, you worked so hard to get that fricking title. >> order, order, order. please. officer. i worked so hard. >> i worked so hard. >> chief i worked so hard. hasn't senator boxer worked hard enough? maybe it's time to give hour a rest. >> i don't understand. >> senator, while you were waiting i have a $900 billion bill for your signature. >> we called her "senator" for 20 years, it's time to call her "ma'am." >> mother superior.
it's just a thing, i worked so hard to get that title, i would appreciate it. thank you. i wanted to show that entire, it's so funny. with us now, the brain behind that ad. we did call accept boxer, and we have not heard back yet, but from here on out, if you don't mind, david, i am mr. cavuto, if we can continue along. >> i am sure you worked very hard for that. >> it was content. what gave you the idea for that exchange? this is funny stuff. >>guest: somebody e-mailed me this exchange and my immediate thought was, this is too outrageous, how could anyone do that, and it's so disrespectful to these guys, it's a volunteer army as i understand it, they
risk their lives, and they are working hard, at least as hard as the senator, and so would cares what the protocol is, she should cut the guy a break, and i was embarrassed, i was embarrassed that this senator appropriates me and she infer apologized, so, i figured, and the guy never, the general, himself, never really responded, because these guys are pretty respectful and pretty plight -- polite, and it was never answered. and, then, the senator never apologized. you would think she could just apologize for it. and i think it was pretty bad form what she did. so, i wanted to answer it. and the best way to do it, i think, is just with ridicule. so i hope this worked. >>neil: humor is powerful stuff but what is the reaction you have gotten from, i am not saying all your friends in hollywood or los angeles are of one mind, but many still love
you just the same, but what have they said to >> almost universally positive, they laughed, and as you know, you may know, i have a lot of democrat friends including my entire family and everyone has reacted positively except a woman who said not amused, and went off against glenn beck so i have --. >>neil: glenn who? >> glenn beck. he didn't have anything to do with this. >>neil: heard of him. you are humorous, and you are known for poking fun at folks but obviously something stuck with this exchange. a lot of people who know barbara boxer say much was made of this she was finding offensive the "ma'am" reference and it was nor no more or less than that and now you doing this, people of saying, he is making a big deal out of nothing.
what do you say? >>guest: well, it goes to character and it probably strikes a chord and it's no matter that i object to what has become her whole, really, radical left agenda as i see it, with obama. i'm just not, i'm not in step with turning the country into a social democracy, and it's aside from that, it's kind of an arrogance they know better than we to. and i'm no arch conservative although i may be considered that in hollywood today but i used to be center left and i voted for clinton right and now i am center right. but i don't like the extremes of either side and i think that boxer and obama really are the extremes. and he was voted in on one agenda and people thought it was going to be a certain thing and i think people are realizing
that this isn't what we thought was going to be changed and i think the country is really upset with this. >>neil: that might be, david, i know the ad is just sort of hit the airways but boxer has widened the lead and i don't know how long that will hold. and i don't know your opinion on the former c.e.o. but what if people have formed their own compression that this exchange notwithstanding in a very big democratic state where it is said you have to take 20 percent of the democratic vote if you want to be the winning republican, it is an uphill climb. >>guest: it is. i acknowledge that. but in an election this important, this is, we're talking about six more years of something and it's, i didn't want to sit out and do nothing.
because i think there is a big difference now between people who are running on the republican ticket or independent and the democrats who, many of which have a far left agenda which i just don't agree with. i am okay with center left and center right. whoever played the indian chief, stole the show. >>guest: that was ed ames. >>neil: funny stuff. the kids in college, when the old and familiar meet the young and restless.
>>neil: now the college kids showing the president's deficit commission how it is done, launching ads taking aim at government spending because they are fearful for their future. my next guest is behind the ad with crnc. what kind of reaction have you gotten from other kids at school? >>guest: our reaction has been fantastic. this is the second television ad we are running through the election and it was based on the results from the first which was well received and we started talking to college republicans across the country and we said, how is this ad playing on the campus and they said it is great and we are calling our parents and telling them about it and about the dangers of the college kid vote and how the policies affect us and we have a new concept, that would be cool if we could put that on tv and it
worked and judging by the coverage we have today, and the reception from our national membership we could not be happier. >>neil: well you are on show today sow are getting it done. not all but most college campuses are liberal, including the student body and the professors teaching, not across the board and i wonder about the mood you bump into with friends who could be democrats or a liberal who say this is right wing nonsense. >>guest: i disagree. one of the most profound misconceptions in american politics is young people vote democratic. it is just not true. reagan won youth vote, and george bush, and bush split with gore. it was in the clear what the party stood for and that is why 66 percent voted for president
obama but what we see people recognize how dangerous the policy has been. >>neil: you think they are swinging back and going away from him, now? >>guest: absolutely coming back, our field program, the numbers we have and the amount of volunteer hours are indicative of that but more importantly we are showing by a poll last week only 44 percent of the same college demographic approve of president obama, a decline of 20 percent. and the more kids read about what they are doing the more they line up with the republicans. >>neil: like they don't like the bills they will have to pay? >>guest: they don't like the debt. >>neil: interesting stuff. if no one is reading these bills, why the heck is anyone writing them? more proof that our whole country is going "poof."
what is this? 140 characters. no, they had to make the dang thing more than 2,000 panels knowing full well no one would read more than 2,000 pages. so politicians who voted for it are shocked to find out the fine print because of it. insurance premiums going up and covered americans going down. take it from someone who read the bill. i actually did. i reported on the not so goodies in the bill, as i was covering the debate and finally the vote in washington. no one, i repeat, no one reads. look at this. the fine print, the whole print. up in of it prints -- none of it prints, not any of the document. not the folks that got over their head who knew they couldn't afford it and thanks themselves the very foreclosure documents on if folks who didn't read mortgages they knew they couldn't afford. did you hear about this? bank of america is discovering sloppy details in
foreclosures that were apparently pushed by bank personnel. like missing documents, blank pages. you name it, even these guys missed it. not just a few foreclosures, lots of them. the very thing that got us in this housing mess, not reading we might be going into a housing mess, we are still doing, trying to come can out of the housing met. even the lawyers who helped put it in the binder. now we're all in a bind. because we're all too busy tweeting than reading. we wonder why our politicians are twits. we let them get that way. because i really don't know what is getting sicker? their bills, or their skulls? read them and weep. now or later. we will pay and dearly. speaking of all that, a reminder. we are all elections, all the time. straight through election day. we're kicking off