Transcripts For FBC Varney Company 20130221

Spend my whole paycheck on some old wreck and i could name you a few i gotta get drunk and i sure do dread it because i know just what im gonna do i gotta get drunk, lord, a lot of good people in town if you hear me holler, see me spend my dollar, need a lift from town a lot of good doctors keep telling me george, you better start slowing down more old drunks than there are old doctors so i guess we better have another round imus in the morning is this the new normal for americas Economic Performance . Dull, slow, weak . Good morning, everyone, walmart sold less stuff. Thats a measure of the overall economy. Walmart took in less money. Walmart sales were down. Walmart tells the economys story. Whats going on here . Well, start with gas prices, up again today, by the way. Up nearly 50 cents this year, you cant spend at walmart when your gas costs so much more, so suddenly. And then theres taxes up for everyone as of january the 1st. You spend less when your paycheck shrinks, throw in rising unemployment and a president who wants another round of tax hikes and youve got a weak economy. Telling me, really . Is it all the republicans fault . Varney company is about to begin. [ male announcer] surprise youre having iplets. [ babies crying ] surprise your house was built on an ancient burial ground. [ ghosts moaning ] surprise your car needs a new ansmission. [ coyote how ] how about no more surprises . Now you can get all the online Trading Tools you need without any surprise fees. Its not rocket science. Its just common sense. From td ameritrade. All eyes on the market this morning. Question, will the selloff continue . Remember, two Federal Reserve governors say not so fast on all of bens money and look what happens. Right down, everybody, 100 point loss on the day started around 2 15. Today the fallout from ben continues. Look at gold, please. And way below 1600, no balance back at all. If theres any hint that the Printing Presses go. Gold goes down. Look at it. Oil prices lower as well. Very interesting this. Oil is back down to 93 per barrel, where it is right now. 93. What does that mean for the gas price spike . Maybe its going to come to an end. Here is the latest number. The drop in oil could mean that the spike is coming to an end, but were at 3. 77 as of right now. We went up about another penny and a half overnight and that means, 35 Straight Days gas has gone up. Just in the past month. It spiked 46 cents to be precise. Here is our glimmer of hope that it may be coming to an end. Chicago, where gas has gone up much more than the National Average prices there, dropped overnight. Down just 1 2 cent, but down. You still pay more than four bucks in chicago. We get existing home sales, and thats a very big number for a lot of people. Youll get that number at the top of the next hour. And we have for you some homes that were bargains, but now, they are not. Like this house in san diego. Two bedrooms, two bathrooms, almost 425,000 in 2011. Can you guess what its on the market for right now . Ive got a hint for, a lot more. Tanya from Team Investments joins the company at ten oclock and reveals the current price on this home, and two of us like it, that will be coming up at 10 50. And ben might stop printing money. The markets do not like it. So is the stock market rally over . Should we pack up our cow record graphic for now . Weve got an answer because the opening bell is next. Friday night, buddy. You are gonna need a wingman. And my cash back keeps the party going. But my Airline Miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. Announcer you never know when, but thieves can steal your identity and turn your life upside down. Hi. Hi. You know, i can save you 15 today if you open up a charge card account with us. 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A couple of feds governors suggest we might stop printing money and the markets take a big tumble, complete reversal of the trend. Joining us now is ed butowsky with chapwood investments, frequent guest on the program. Question, short time to answer it, is the rally over . Maybe, most likely. Stuart really . In the short run, yes, because once we hit 136, 137 on the dow Technical Analysis says were going to drop 10, 15 . Stuart 13927. So put your seat belt on i think its coming. Stuart you think its coming. Absolutely. Stuart you think the shortterm rally is over. Usually 137, 136 were going down. Stuart were not there. I want to talk to you about walmart, an Economic Indicator. Let me bring you up to speed. The market about a half minute away. A couple of items in the news background this morning, number one, 362,000 new claims for jobless benefits last week, thats a high number. Its up 20,000 from the week before. We dont consider these really market moving numbers, but its another indicator of a relatively weak economy, along with the walmart indicator, as well. The Consumer Price index showed no gain, no loss at all in the latest reporting series. Okay. We are off and running. We were expecting the dow to open lower, lets see where the opening trend is, yes, its down just a little. Were just above the 139 level as of right now. But, weve not continued the real tumble that we got yesterday after those two fed governors made their statements about ben printing money. Were down and old is down, gold is down. Let me get to walmart, less money in your paycheck because of the payroll tax increase and less money to spend at walmart because of the gas price spike. That really did take a toll on walmarts sales. And now, walmart is an Economic Indicator. Now, look at walmart as the stock. Nicole, where did it open . Right, were seeing it up a little bit here, for the big picture, walmart is a great economiccator, like you noticed, stuart. Its about payroll taxes and had an internal memo that we found out about. And they know that the payroll taxes are hitting americans, consumer spending, higher gasoline, thats what were looking at. So, thats why were seeing the big news on walmart. And the dividends. Hold on a second, nicole, im looking now at walmart regaining 70 per share and thats because they did indeed raise the dividend, as you pointed out, and also, they squeezed more profits out of the lower sales. Now, if your profit goes up and you increase the dividend, it doesnt matter what kind of indicator you are, up goes your stock and walmart has regained 70 per share. And by this crowd, this is for michael kors. This is what the crowd is for, while you may see it trading away its not open here at the exchange, theres heavy volume on the open. Stuart ill get to you in a second. Im interested in michael kors, you know because i have four daughters. Nicole, thanks a lot. And ive got geewhiz items for you and all of that google here showing off the voice command glasses. Apparently these let you search, navigate, chat, take photos like the headsup display that the Fighter Pilots use. 1500 a pop and thats a geewhiz. Watch out ipad and surface from microsoft, google has developed a touch screen laptop powered by chrome. Googles stock took a tumble yesterday. Almost back to 800 this morning. Now were not going to put blackberry on death watch, we have he a learned our lesson. Early only list reports show that the sales of the new blackberry in the u. K. And canada, blackberry 10, tepid at best. Goes on sale here next month and up 1 . Sony unveiled the new playstation last night or did it. Sony didnt actually show us the console. Didnt tell us how much its going to cost or when it will go on sale. Nicole come back in. What about sony . Where are they . Oh, sony, i was at the michael kors trying to find out whats the deal. And this is what i am finding out. Zo sony 1 1 2 . And the 4. We havent gotten a price how much it will cost and of course your Microsoft Xbox theyll be releasing a new xbox this summer so the two can compete. Do you know whats happening with michael kors. While i was standing here and talking to the guys here, the secondary offing of new shares and thats why everybody tries to get in there and down 1 1 2 . Stuart its not a new hand bag or purse or something, you had me worried there, nicole. A new round of buying in the varney household. Thank you, nicole. Lets get back to walmart with ed butowsky. Im taking walmart as an Economic Indicator, im saying its not a good indicator for the economy and you say what . No question about it. The way i look at walmart, sort of like the homeland for middle class america. I shop there as well as everybody else. And thats the indicator that we use. And the number is out today. As you said thats unchanged. Thats a flatout lie and stuart all the time, gas prices, vegetable prices are higher. Everything we spend money on are going up and as a result less money in peoples pockets and odd on to that, people are start to go contribute to the 401 k plans the beginning of the year. At the end of september, peoples 401 k contributions disappear and thats why people are spending less and we have higher taxes, higher prices for everything, less money in our pockets, and people arent getting raises and people who are miserable who dont have money. Are we headed for recession . Theres no question. And ive been saying it for a long time. Told you almost six months ago, this country was in stagflation and we are. Stuart but you say recession . Okay, lets be technical just for a second. Absolutely. Stuart a recession is backtoback quarters, thats my opinion, backtoback quarters where the economy shrinks. Okay. We hear, First Reading the last part of last year, that the economy shrank. Thats right. Stuart you think that stretches over into this year and it wont be revived and we will actually show, we are in recession . Really . Whats changed . Tell me has anything gotten better anywhere in this country . Okay, youve got me. The Fourth Quarter was contracting, whats happened in the First Quarter to change that. Stuart supposing we do go through these spending cuts, sequestration, does that push us into recession for sure . Sequestration is obviously a big problem, all right, but at the same time its a minor, you know, relative to the fact of the economy its minor. The biggest problem this country is in stagflation and were in rigger mortise going no one. Stuart if gas prices take the money out. Tax increases taking money out, you wouldnt invest in stocks in that environment with you. The funny thing, if it affects stock prices obviously i wouldnt. In terms of earnings, but when you start seeing, remember, 44 of our Earnings Growth for Major Companies comes from outside of our country, but thats the answer. Stuart and multinationals, if youre a big corporation, get a lot of profits from overseas, thats good for ed butowsky . Its good for everybody. Stuart all right, we hear you, ed. A pleasure, come back soon. Now i want to bring you this, an american chief executive officer criticizing the french. Maurice taylor from titan international, here is the already he wrote to the french government after refuse to go open a tire plant in france. The french force works three hours. One hour for break and lunch and talk, and work for three hours. I told the french Union Workers to their faces and they told me thats the french way. And any comments . Youre laughing. Well, the answer to that, its just absolutely ridiculous, thee hours a day they work . And what can you say . What can you say . I think weve said enough. Thank you very much indeed. By the way, ill have more on this, on the french outrage and american honesty coming up at 10 25 this mornings program. Take a look at ford. Ford motor company, please. Announcing this morning that it plans to invest 6. 2 billion dollars in u. S. Plants by the year 2015. So, joining us now is joe h henricks, fords president of the americas. Good morning. Stuart we get to the investment in america. I have to ask you this, you guys are going to get hit with higher gas prices and lower paychecks, arent you . Well, the automotive consumers been pretty resilient last months. Month to month, november, january, february is off to a good start, too, you know, on the auto consumers side while were watching everything going on. Demand still is there and still growing. Stuart good for you. What about the 6 billion dollars . What are you investing it in . What kind of car are you putting 6 billion dollars into in america . Well, our entire product lineup from cars, utilities trucks, small, medium and large and when you look at it. The announcement today all right the two liter eco boost, goes in the fusion behind me, our great lineup. Were investing in the product lineup and added manufacturing capacity because were growing, last year added over 8,000 jobs in the u. S. And this year, this announcement plus our flatrock, michigan announcement adding more jobs, growing american manufacturing. Stuart thanks very much indeed. Joe, we appreciate you being with us, sir, good luck for the 6 billion dollars, good to hear about that. Thank you. Stuart it is thursday morning, ive got seven early movers for. Better than expected results at the maker. Up it goes. Disappointing from the tech firm, its town. Wider than expected of loss at the electric car maker, tesla, more on that coming up and down 2 bucks aa 36. Disappointing profits at the Filtration Company polipor and the Vacation Home rental website, home away, up nicely there, the Electronics Payments company verifone slashed forecasts, whoa, chopped off at the knees, down 38 . And listen to this one. Sam adams beer in a can made it to shelves early summer and the Parent Company boston beer reported lower profits, but it said demand was strong for its seasonal brews, nonetheless down 4. 148 on sam adams. Check the big board, please, we are down. This is a follow through from yesterdays selloff. Now at 41 points. 138 is the number to look at right now. Ive got 60 seconds worth of what weve got for the rest of the show. Item one, president obama doesnt have to face any tough questions, does he, about gas prices, about the socalled armageddon that hes predicting if the spending cuts go through. Why is that . Were talking about it coming up the top of the hour and number two, greenies insist of Keystone Pipeline will make Global Warming worse and oil from canadas tar sands is so dirty it will pollute the environment more. Well be joined by a sensible environmentalists saying the left is promoting a climate of fear. Wait until you hear this, a company that sets up a fake girlfriend for you online, even sends fake messages and voice mails. Well tell you how much it costs. Will people really pay for this . I bet they do. Were talking about it at 9 50 this morning. Lets get back to the price of oil. Wow, look at that. 93. 17. Way, way down, down two bucks, thats a selloff. Will gas prices follow . We shall see. The honeymoon could be over for the markets. The fed hints that it will stop printing. And its just a hint. Radio host and former investment banker carol roth is here. Her take on that and jon corzine, he might be banned from financial trading for life. Okay . Carol roth on that in just a moment. And we know how joe biden feels about mr. Corzine, listen to this. Literally, the first guy i called was jon corzine. Not a joke. Not a joke. And first of all, hes the smartest guy that i know. announcer at scottde, our clients trade and invest exactly how they want. With scottrades online banking, i get one view of my bank and brokerage accounts with one login. To easilmove my money when i need to. Plus, when i call my local scottrade office, i can talk to someone who knows how i trade. Because i dont trade like everim with scottrade. Me. announcer scottrade. Awarded fivestars from smartmoney magazine. All your imptant legal matters in just minutes. Protect youramily. And launch your dreams. At legalzoom. Com we put the law on your side. And launch your dreams. train horn vo wherever our trains go, the economy comes to life. Norfolk southern. One line, infinite possibilities. So we created the extraordinarily comfortable sleep number experience. A collection of innovations designed around a bed with dualair technology that allows you to adjust to the support your body needs each of your bodies. Our sleep professionals will help you find your sleep number setting. Exclusively at a sleep number store. Sleep number. Comfort. Individualized. At the ultimate sleep number event, queen mattresses start at just 599. And save 50 on our limited edition bed. Ends sunday the fed, that would be ben, might stop printing, might. The market does not like to hear that. Joining us now from chicago, the reformed investment banker and current radio host, that would be carol roth. All right, carol, have i got this right . A couple of fed governors show that the fed is split on whether or not we should continue printing money and down goes everything. Am i to infer from that that without a lot of money printing, this market heads south big time . You are 100 as usual, stuart. Ive been saying for months and months and months that there isnt a Strong Foundation behind this market. Its been built on fed printing and its been built on financial engineering. Weve been getting companies that have been increasing their earnings, based on cutting overhead and doing share buybacks, there hasnt been a huge growth in revenue. We need these companies to take the money off of their balance sheets, invest in growth, hire people so we can get Revenue Growth that will grow gdp. That will put Consumer Confidence back into place, spending, and that will create a Real Foundation for the market. We keep tossing around an expression, new normal. Do you think were in a new normal for americas economy, that with a very, very show rate of growth. Modest profitability by our corporations and the accumulation of massive debt. Is that the new former th new n can look forward to for years and years to come. It could be a new normal, not for me. I think if the market is going up. If the economy is going to continue to grow we do need some sort of a catalyst. I dont think this we can stay in limbo land forever. I think that the market wants to go one way or another. Sluggish growth, perhaps, in the interim, but at some point in time somethings got to give here, stuart. Stuart carol, i want to bring to your attention to jon corzine,s futures trader made a mess in chicago. Before we get to a discussion of jon and a possible lifetime ban, i want to play this sound bite from joe biden. Literally the first person you called was jon corzine, not a joke, not a joke. First of all, hes the smartest guy i know. He could be banned for life from futures trading, what do you say. I have to say for joe bidens perspective, somebody can be and morally bankrupt. Theyre not mutually exclusive. Im glad theyre putting him up for a ban, but i dont understand why he wasnt prosecuted. He the House Oversight Committee Said that he was responsible for this and we already have so much distrust of what he is been going on on wall street from the people on main street, i think they made a big mistake in not prosecuting him and he may be the smartest guy, but hes obviously not quite clever when it comes to the moral issues here. All right. Nicely put, carol. I like that. And thats very diplomatic. Carol roth, everyone, thank you very much indeed. Well see you later. Let me bring you up to speed on the price of gold. A tumble yesterday and down again today. 1,570, down another 7 bucks. How much would you pay to make people think you had a significant other . Well, a new website offers that service, fake girlfriends on facebook. Its not cheap apparently. Tanya and Charles Payne will be here in just a moment. What do you think is the going rate for a fake online girlfriend . What do you think is the going rate . I dont know. Well tell you though. It was just my imagination running away with me here is an example of business imitating life. A new website called fake internet girlfriend will allow to rent a fake girlfriend online. It costs 750 for a threemonth commitment. Once you pay, a facebook account will declare itself in a relationship with you. And send you messages and posts on your facebook wall. Charles payne and tanya are here. Okay, is it sad or is it gross . Tanya . Both. I think its disgusting, sorry. Stuart why . Why do we have to fake that . I am perfectly fine being 38 and single and not having kids and not being in a relationship. I love what i do. I dont have to fake it. Stuart are you advertising . No, im not. That was not. Stuart lets move on to charles. [laughter] and 750 for three months. Stuart yes. That adds up. You might as well get a real girlfriend for that for three months. Stuart 750 for three months. They wont tell us how many theyve signed up. Thats ridiculous, but someone is making money. Is it a situation like the Football Player . Good one. Weve got the first endorsement possibility for them. Yes, exactly. Stuart we may or may not revisit this topic later. All right, we get a big housing number its coming up at the top of the hour, its the existing home sales number and our real estate expert is here and her name is tanya marco, made quite a smash on the program. Thank you. Stuart as you can see. President obama never has to face serious questions on gas prices, or that socalled financial and economic armageddon. No serious questions why . Those stories are first in a jam packed hour of varney company, that is just ahead. Today is gonna be an important day for us. You ready . We wanna be our brothers keeper. Whats number two we wanna do . Bring it up to 90 decatherms. How bout ya, joe . Lets go ahead and bring it online. Attention on site, attention on site. Now starting unit nine. Some of the worlds cleanest gas turbines are now powering some of americas biggest cities. Siemens. Answers. Hes going to apply testosterone to his underarm. Axiron, the only underarm treatment for low t, can restore testosterone levels back to normal in most men. Axiron is not for use in women or anyone younger than 18. Axiron can transfer to others through direct contact. Women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. Report these signs and symptoms to your doctor if they occur. Tell your doctor about all medical conditions and medications. Do not use if you have prostate or breast cancer. Serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. Common side effects include skin redness or irritation where plied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. See your doctor, and for a 30day free trial, go to axiron. Com. Stuart the president threatens armageddon for the economy. Were there any hardhitting Media Questions about that . The price of gas has gone straight up. Has the president faced questions or criticism about that . Good morning, everyone. The answer to both questions is no, he has not. President obama granted interviews to eight local news stations about impending spending cuts. They werent interviews. They were a series of questions where he just barrelled through with his politics. Everyone suffers because the republicans protect their millionaire friends, he said. All right, now, a little history on gas prices. Remember the reaction to 2 gas under president bush . Constant critical questions, bush got all the blame. With president obama, the price has doubled on his watch, but hes walked away from it all. So here we are, the economy is sinking, unemployment rising and the debt clearly exploding. When will the president take a probing question . Stuart weve got that big real estate number for you, existing home sales. Now this is on an annualized basis selling in america at an annualized rate at 4. 92 million homes per year. Thats not im not going to make a judgment on that because we have our own guest on that story. I want to ask you, tonya, whats your reaction . 4. 92 million existing homes selling rate this year. What is it . You know, i think obviously were in a better position than we have been. Thens really and thats really important. I think that housing is truly still leading the way out of all the debacle that we have been in. It is great as an investment. Basically you can make your cash flow. You can do a whole bunch of things with housing that you cant do with other investments. Stuart its up 9. 1 , existing home sales, 9. 1 more year over year. Not a bad number. No, it is a great number. Stuart hold on a second. I have a bad number. This is the philly fed. Charles i need you on this one. The philly fed reading shows a minus 12. 5. Okay . Minus 12. 5. Thats i think thats a bad number, isnt it . Charles it is a bad number. Stuart philly fed, what does it mean . Charles the states neighboring pennsylvania, break down the country in 12 regions the Federal Reserve does. Stuart manufacturing . Charles manufacturing. Its very very important. The philly fed and chicago fed seem to have a bigger impact on the market than all the other regional reports. You can look at it in two ways. One obviously it is a bad number. But two, maybe this is what wall street wants after hearing that ben bernanke may take away the punch bowl tomorrow. Were not getting that traction, this manufacturing renaissance that we keep hearing about hasnt materialized. Stuart i want everyone to look at the Market Reaction. There has been reaction especially to that philly fed number. A bad number, the dow is now down 76 points, 13,852. We were not expecting any market stock Market Reaction to the real estate number, which was neither here nor there. Up 9 existing home sales year on year. Were going to talk more about housing later this hour with tonya. Take a look at this home. Okay . This is san diego. It hold for 435,000. That was two years ago. Its back on the market. The asking price has gone up. Tanya is the one who is selling that home. Shes going to reveal how much more she wants for that house. I want you, though she will reveal it later on. I want you to have a guess. Chime into our facebook page. What do you think . 425 two years ago. What is it now . The answer will be here at 10 50. All right. Back to the big board. We are down 75 points. It was a negative reading from the philly fed, thats manufacturing, in that area of the country, doesnt look good, down goes stocks. Less money in your wallet means lower sales at the big name that you know. Nicole, walmart stock, now lets separate the stock from its indicator of the economy. I think the stock is up. Yes, it is. Go. Nicole the stock is up surprisingly really because they didnt say anything great. On the contrary they said that sales were up 1 . They are seeing flat in this current quarter. They talked about february being a disaster month. They noted the payroll taxes that americans are paying more money out of their pockets. We know that gasoline prices have been factored in. They too noted that in their memo when they were concerned about Consumer Sentiment and consumer spending. They really they are an indicator. Obviously they are not seeing stellar sales. The stock is resilient. Stuart the dividend goes up. Their profitability is strong, so the stock goes up. Charles, i have to ask you about them as an Economic Indicator. They seem to fit the narrative established by the philly fed, weak economy. Charles oh, absolutely. You look at the chart over the last four years, it confirms that as well. A lot of people are a little concerned about that memo came out thinking maybe the numbers would be worse, therefore you got a little bit of a bounce. Stuart lets get back to the issue we raised at the top of the hour. President obama is not getting any questions about the spike in gas prices and hes not getting any questions about this, either. Roll tape. People will lose their jobs. It will jeopardize our military readiness. Thousands of teachers and educators will be laid off. Tens of thousands of parents will have to scramble to find child care for their kids. Stuart charles, what do you make of this . Charles listen, its amazing that i guess, you know, listen, this is president obamas creation, okay . Like dr. Frankenstein, i guess at some point you have to say listen the monster has been unleashed and im afraid of it. But its his creation. The notion that he would sort of put this on the lap of the republicans is laughable. I think the republicans should hold their ground. The bottom line hes trying to renegotiate what hes already negotiated. He got an amazing deal, but not good enough for the president. As far as using these human shields at some point, it is ridiculous. Stuart explain that. Charles every time he gives a press conference, thats doom and gloom, hes got police officers, firefighters or even children. You know, and these are human shields to promote his agenda. I think its despicable. Stuart New York Times chiming in, sub headline, spending cut is likely. They have bought the president s line hook line and sinker, have they not . Charles of course, thats not surprising from that particular paper. Obama is a professional truth twister. He likes to throw things out there and turn them around and blame them on the republicans. Theres no entitlement cuts. Doesnt make any sense. And its 2 . He could sign the bill and it would be done. Stuart if we cant get a tiny cut like 2 through without armageddon, how can we ever deal with 16 1 2 trillion dollars debt . Charles and these entitlements. Stuart all right. I have to get back to nicole. I have safeway stock. I believe it is up big. I want to know why. Nicole their quarterly profit jumped 13 . They did well on their revenue. Safeway is up almost 6 here. So certainly doing exceptionally well for safeway. Keep an eye on the other names like supervalue and kroger. I wouldnt necessarily put whole foods in the same market because we know whole foods is different. Stuart all right, nicole. Total change of subject. Secretary of state john kerry gave his first major Foreign Policy speech yesterday. What will be the focus of his first speech . Climate change, yes. Im quoting directly now. If we dont rise to meet it, rising temperatures and rising sea levels will surely lead to rising costs down the road. All right. Weve got that. Later this hour, we will have an environmentalist on. Hes going to be on the show talking about Climate Change and what hes calling the politics of fear. The climate of fear. Harold ambler outspoken critic of the Global Warming hysteria. Hes been slammed for it but hes here in person at 10 35. Lets get to the push for pot tourism in colorado. Joining us now is an executive chancellor. Dale, you teach the pot business. And i really want to know some specifics from colorado because they have gone fully legal. Okay . They want people to go there and buy the weed and smoke it in colorado. I have got that. I have to ask you about prices. I believe that you can buu up an eighth of an ounce in colorado. What would i pay if i were to go to colorado and buy some . Tell me. Well, keep in mind that location, location, location is very important. But right now in colorado, youre always going to pay a little bit more, the smaller increments you go. So youre looking at about 220 to 250 dollars an ounce as an average. If you try to drop that down more to a quarter of an ounce, youre looking between 60, 75 dollars. Stuart okay. So an eighth of an ounce which i believe is the legal limit for an individual purchase, that would be 35, 40 bucks for an eighth; correct . Thats what you are looking at . Well and realize too that you have got various qualities. So you have your 2 buck chuck and you also have your boutique high quality cannabis. Theres a lot of folks who will drop the price ridiculously low but adults could pay easily 60 for something thats high quality hard to get. Stuart youre telling me theres a discount for poor people, is there . Well, what im saying is there are a lot of dispensaries that are currently set up predominantly for medical cannabis patients that offer discounts for low income or individuals that have health issues, yes. Im not saying that you can just walk in and automatically get a discount. It is up to the individual businesses. I just want to point out that theres a lot of businesses that have compassion programs for the very sick. Stuart discount for poor people is very interesting concept. We will leave it for another time. Whats the profitability . If its 40 bucks for an eighth of an ounce, lets go 250 for a full ounce of weed. Whats the profit percentage in that . Im sorry. I should be more specific. Let me break this down, for the retailer so to speak. What kind of profit are they going to make on the sale for one once of weed . For the grower, the creator, the farmer, if you like, whats their profit out of that 250 . Can you break it down for us . Whats interesting about colorado and whats different about colorado is that they are required currently to grow 70 of their own cannabis, so the producer is the seller. You kind of cut out the middleman there and you also cut out an opportunity for the cannabis to get outside of the circle. Those dispensaries cannot actually seek cannabis from their patients the way we do here in california. They can only seek the extra 30 of their stock from other dispensaries. So if you go somewhere like washington, where you have a grower who is a producer that is separate from the retail market, they have an opportunity to tax both with the cultivation and then with the seller. And in fact, also an excise tax usually. So you are looking at 25 at each of these locations. You have a 75 tax youre looking at. Its almost impossible to make much money if you are overinflating what the black market is. And a study was done on this saying if you overtax cannabis, that you are actually encouraging the black market to start up again. This is what colorado did right. Stuart hold on a second, let me go back to colorado. The seller is probably the grower. And therefore indeed. Stuart in colorado, you are going to make a lot more money. The profitability is enhanced significantly because of the way colorado is structured has structured the sale, no . You have a greater opportunity to make a profit, yes, but i also want to point out that colorado has very burdensome well, shall we say recordkeeping. You actually have to have a camera from the seed all the way to handing it to the patient, and while they relaxed some of the standards as far as it being live and observed by officers 24 7, you still have to keep record of all of this and it gets extremely expensive. Stuart ive got it. I dont want so much of the detail. I need to focus on the money here. Okay. Stuart im a grower. I sell it in colorado legally. 250 an ounce. Whats the tax on that . Right now in colorado youre actually only looking at a sales tax, and this is also what colorado did right. I believe its 7. 2 in colorado for sales tax. And when colorado stuart hold on. Ive got it. So i charge 250 bucks, i add on the sales tax on top of that 250; right . Presumably. Stuart if i have grown it and im selling it, despite all the recordkeeping requirements, i have a pretty high profit margin on my 250 bucks an ounce, havent i . If you run a tight business, you do, stuart. You can make some good money in this industry, if you do it well, yes. Stuart dale sky jones, that was good. Thank you very much. I wanted precise numbers. You gave it to me. Thank you very much. Thank you. Stuart more fear tactics from the obama administration. This time from secretary of defense panetta. He warns 800,000 civilian employees would face unpaid leave if the Defense Budget cuts happen in march. After the break, Lieutenant Colonel ralph peters joins us. Hes not happy about how this is being handled at the pentagon. At a dry cleaner, we replaced people with a machine. What . Customers didnt like it. So why do banks do it . Hello . Hello . if your bank doesnt let you talk to a real person 24 7, you need an ally. Hello . Ally bank. Your money needs an ally. More likes. More tweets. So, beginning today, my son brock and his wle team wi be our new senior social media strategists. Any questions . Since we make radiator valves wouldnt it be better if we just let fedex help us to expand to new markets . Hmm gotta admit thats better than a few likes. I dont have the door code. Whos that . He won a contest online to be ceo for the day. How am i supposed to run a business here without an office . [ male announcer ] fast, reliable deliveries worldwide. Fedex. Stuart sony unveiled play station 4 last night or did they . The new console has enhanced graphics, the ability to play a game while its down loading. But they never showed the actual console. Didnt tell us how much it is going to cost or when it is going to go on sale, and sony is down nearly 3 . While sony is looking for a head start, microsoft is expected to unveil its new xbox in june. Its expected to be on the store shelves by the holiday season. Microsoft stock which i own down 1 . Watch out microsoft, new reports out that google is releasing the first touchscreen laptop, complete with its chrome technology. Shares of google almost back to 800 a share. Weather watchers and warnings from weather watches and warnings today, several feet of snow being dumped in some areas, winds and hail in others. Is that coming towards us in the northeast . Watching it carefully. Stuart all right, an electric carmaker. They received 530 Million Dollars from the feds a couple years ago. It may be rescued by a company from china. Some Senate Republicans outraged saying u. S. Taxpayer money could end up boosting the chinese economy. The company is struggling despite the fact that our own tanya who is itting with us now actually bought one of those that you can see who is sitting with us now actually bought one of those that you see right there. Do you like it . I love it. It goes about 100 miles on the electric charge and then a 6 gallon gas tank kicks in just to charge the electric motor and you get about another 200 miles. So 300 miles total. Stuart you like the design . It is an amazing car. 410 horsepower. Stuart fast . Fast, and it just hums. Its silent. Stuart real quiet . Uhhuh. They had to put a hum in because it was silent. In order for people knowing you are coming and going, they need to put a hum in. Stuart i think you need to give thanks to our viewers who subsidized this machine for you. I sure hope out doesnt get sold because it is an American Made car right now. And yes it was on the backs of the taxpayers. Look in the cameras and say thank you. Thank you. Stuart defense secretary panetta telling congress that 800,000 civilian pentagon workers could see some form of unpaid leave if these cuts go through. Joining us now is colonel ralph peters, always a good guest on this program. Colonel, welcome back. Always great to speak to you, stuart. I wish it were a better occasion. Stuart yeah. You are not happy about this, are you . Tell us what you feel. Well, im ashamed because the code of ethics in which i believe for the officer corps is being violated right and left by the joint chiefs and the services, and, you know, this is a kind of behavior i would expect from the pakistani military, not ours. Basically the pentagon is doing everything it can to blackmail congress. Instead of focusing on the mission. Instead of focusing stuart look, the sequestration cuts were explained to me last night. And i am told reliably that it is an across the board cut. Every Agency Within the pentagon, every program, every area within the pentagon takes exactly the same cut. Therefore, the furloughs for 800,000 people are unavoidable. It is not like they are picking on a painful area getting rid of people instead of weapons systems, for example, this is unavoidable, it is the way the sequestration rule was written. They cant do anything about it, colonel. Thats simply not true. First of all, they can work with Congress Instead of trying to blackmail them. But the an earlier guest was speaking about i like to use the word hostages, i think the guest used human shields. Basically the services and secretary panetta are trying to make these cuts and there is flexibility with how you cut within the categories. They are trying to make them as painful as possible, in congressional districts. Classic example, shipbuilding, a huge yard, employs 21,000 people. The announced cuts would immediately cost almost a thousand jobs. The threatened cuts could almost virtually put them out of business. Why does that matter . Because it would be vitally important for virginia congressional delegation and Northern Virginia is going to get hit because thats where the defense workers are concentrated. They want these workers writing to their congressman. Sequestration is poorly done. It is a bad deal. And by the way, everybody agreed to it. Obama sponsored it. Both parties agreed to it. And im so i find these so despicable, unpatriotic and unworthy of our military, for instance, cancels the carrier to persian gulf, there were other places they could have cut, they were trying to get congresss attention. This is shameful. Stuart i have not heard you use Strong Language like that before. You are a frequent guest on the program. You really feel strongly about this. Let me turn a little bit here. In your judgment, are we going to get these cuts because it looks to us like we will get these cuts . Well, we may well get the cuts. I mean, god knows in washington, you can never never count out any level of that. If the cuts come into force, the problem now the military has painted itself in a corner by threatening to do as much damage to itself as possible. Its like i had an old girlfriend in college who is always threatening to kill herself, the military is basically saying if you dont give us our way, were going to shoot ourselves. It violates the fundamental ethics of being a military officer. Again i will use the word for the third time im ashamed of the joint chiefs. Stuart strong stuff, colonel. But look, we really appreciate you coming on, and i want to give you that platform. And we did. And we thank you very much for being with us, sir. Thank you, stuart. I hope nobody who has an honest job loses it. Stuart well said, sir. Thank you very much. See you again. All right. Heres a simple fact, sometimes the truth hurts. My take on one american chief Executives Opinion of the french. Thats next. But we can still help you see your big picture. With the fidelity guided portfolio summary, you choose which accounts to track and use fidelitys analytics to spot trends, gain insights, and figure out what you want to do next. All in one place. Im Meredith Stoddard and i helped create the fidelity guided portfolio summary. Its one more innovative reason seris investors are choosing fidelity. Now get 200 free trades when you open an account. You are gonna need a wingman. And my cash back keeps the party going. But myirline miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. I think they made a big mistake in not prosecuting him. So he may be the smartest guy, but hes obviously not quite clever when it comes to the moral issues here. Stuart that was good. That was carol roth in our last hour talking about jon corzine facing a lifetime ban from futures trading. By the way judge napolitano will weigh in on that subject in a few minutes from now. Lets check the markets pleass because were down again. Down 100 points yesterday. Down 51 so far as of now on the market. 13,875 is where we are. Wait for it, charles has another idea on how to make money. What is this one . Charles you remember this one . Stuart i have been around for a long time. I dont remember it. Charles everyone has written off supercomputers. No one uses them anymore. Are you kidding me . We started the week off talking about chinese hacking. Theres a super computer war going on right now. We just leapfrog the chinese with their new computer. It was unveiled in november. They got orders from switzerland, japan, finland, germany. This is a stock. You can see its made a nice move. If you go back, its been significantly higher. 52 in 03. 66 in 97. I love what they are doing there. Stuart they have a brand new super computer . Charles oh yeah, the xc 30. Its a thousand trillion calculations in a second. Amazing stuff. Stuart in one second . Charles yes, amazing stuff. This war is going to continue. Its been said its great for storm weather, climate predictions, financial, commercial production, manufacturing. He left out automotives and left out aerospace. I like this. I think this stock is going to do extraordinarily well. Stuart you know what happens tomorrow . We look back at the stocks that you said would go up over the past week or so. Charles lets do that. Stuart protests in washington over keystone, environmentalists using some would say fear tactics. Heres the question though, how bad would building the pipeline actually be for the environment . For the climate . Is tar sand oil really as dirty as they say . We ask a reasonable environmentalist that question at 10 45 this morning. Can you speak the truth . Can you be honest and not be vilified . Apparently not. Heres my take i bring you the case of the american executive who gave a frank opinion of french unions. He was blunt. His criticism was factually accurate, however. And he got slaughtered in the french media. Granted, it was over there, but you can surely apply the moral over here. All right, heres the story, the executive is invited to go to france to check out a tire factory. It is in deep trouble. And the french think that maybe the americans with their money will save it. The executive inspects. Hes met by Furious Union demonstrators. They dont want his help. They want more government subsidies or a full scale bailout. The executive talks to them and observes, but they dont work. They dont work hard. In fact, they dont work at all. They barely work. And they earn a ton of money. And they turn out an uncompetitive product. The executive sends a letter to the french government pointing out the workers shortcomings, and he asks how stupid do you think we are to invest our money with unions like that . That did it. In the french press, he was universally condemned. Outrageous and insensitive. A french minister said american tires would be vigorously inspected. Notice that the executive facts were not questioned. Nobody contested the truth. They just attacked it. It is a form of political correctness, just as stifling over there as it is over here, condemning those who speak their minds is a way of stifling the debate. Maybe one day we will seriously question americas policy of endless taxation, endless spending and endless debt. Maybe we should ask that honest american what he thinks. Today is gonna be an important day for us. You ready . We wanna be our brothers keeper. Whats number two we wanna do . Bring it up to 90 decatherms. How bout ya, joe . Lets go ahead and bring it online. 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Com to try lifelock protection risk free for a full 60 days. Use promo code gethelp. Plus get this document shredder free but only if you act right now. Call the number on your screen now stuart just heard my take on the american ceo blasting the french. I want the companys reaction. Charles, you are first. Charles love him. Love him. By the way, thats the companys logo too. This is what he said, guys. He said they get paid high wages but only work three hours. They get one hour for lunch breaks. They talk for three hours and then they work for three. He went on to say titan is going to buy a chinese tire company or an indian one pay less than one euro per hour wages and ship all the tires that france needs. So go take it like that. I love the guy. The number if you want to call them 1800usabear. How can you not love that . Stuart do you want to say anything tanya . I think charles said it all. [laughter] stuart our next guest is with us from chicago. I know you have been listening to this conversation. Do you have anything to say about the titan guy and french unions . Considering i have been pretty hard on the french here, i would have to say that i agree. Can you imagine that theres actually debate here . Hes responsible for investing shareholder money. He wants to do his the best that he can, and thats what is his fiduciary responsibility. If hes going to try to make good investments, then thats the task hes been set to do. Hes doing his job. Stuart okay. Let me get to the subject at hand which is this question of whether or not bens going to keep on printing money. Seems to me like its just money printing thats kept all of these markets up, oil, gold, stocks. If he stops printing, were in deep trouble. You agree . Well, obviously the Market Action yesterday and the weakness today would certainly suggest that. I think the biggest area that i would actually like to see is i would like to see Interest Rates go to some sort of a market dictated rate, rather than a fed manipulated rate, keeping Interest Rates artificially low. So im a free market economist. I want the market to kind of sort out whats the right price. So do i think that we would come under pressure if he pulls away the punch bowl . You bet i do. However, stuart, it just isnt going to happen. Hes not going to back off. In fact, even when we get some numbers, that suggest some negative implications of what hes doing, like you have seen in the u. K. , where youve got positive inflation numbers, i still think that they will make excuses. They will change their targets, and that sort of thing, and they will just keep at it. Central banks are not going to back off. It just isnt going to happen. Stuart you know, people listen to you tres. I suspect you could move the market. Watch out. Thank you very much indeed. Good stuff. Lets move on to jon corzine. He is facing a lifetime ban on any kind of futures trading following the collapse of mf global. Corzine still under investigation. All rise, the judge is here. He knows a thing or two about jon corzine. Well, you know yes, i do know him. I actually feel sorry for him because he was a very intelligent person. Stuart did he appoint you to the bench . No, he didnt. Stuart can i back up for a second . For the sake of our viewers who are not familiar with the jon corzine case. He found mf global. Former governor of new jersey, senator from new jersey. He ran goldman sachs, 300 Million Dollars personal fortune, found mf global. He bets big on the european. He bets big on europe turning around. The bet fails. 1. 6 billion unaccounted for. He may have mingled his Company Money with clients money. Charges unethical behavior. They may ban him for life. And you say what . Well, the charges perhaps should be more severe, more serious than unethical behavior, depending upon what he did with the commingled funds, and what bills he may have paid with the commingled funds. There could actually be criminal behavior. Im not suggesting he committed a crime. Im suggesting the government should look there. With respect to whether or not he can accept funds from clients, for futures trading in the future, most respectfully, dear stuart, what business of that is the government . If someone is wise enough to give him their money or foolish enough to give him their money, thats their business. Not the government. Stuart come on, judge, it is the job of regulators to keep the market on the up and up. It is the job of regulators to interfere with the free choices of investors, thats what they are doing. Stuart no regulation . I couldnt give jon corzine a nickel of mine, but i wouldnt stop him from you, dear sir, from giving all of your nickels to him. Stuart no regulation . You want to get into no regulation, the answer is yes, be u thats a long but thats a long series of arguments before we get there. But with respect to whether this publicly disgraced person, who lost over a billion dollars, can solicit more funds from others, if someone is foolish enough to give him their money, they deserve the outcome. And its none of the governments business. Stuart all right, all right. Im speechless. You didnt expect me to back down, did you . Stuart no, i didnt expect you to say that in the first place. Thats why im chuckling. I know you and your wonderful producer thought i was going to go the other way. Stuart we did. Judge, im flat out of time. That was good. Appreciate it. Stuart fear tactics, Global Warming and the Keystone Pipeline, were going to talk to a reasonable environmentalist after the break. We will ask him if tar sand oil really is as bad as the greeners say. [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All onhinkorswim from td ameritrade. All your imptant legal matters in just minutes. Protect youramily. And launch your dreams. At legalzoom. Com we put the law on your side. Stuart big number in the housing market, came out about 42 minutes ago. Existing home sales up, 9. 1 in january compared to one year ago. We also got the latest read from freddie mac on their 30 year fixed rate mortgages. The rate is 3. 56 , up just a little bit from last week. All this and weekly jobless claims, up 20,000 to 362,000. Weve got a negative reading on manufacturing in the northeast. And that puts the dow down 55 points. 13,872. Another Economic Indicator numbers out from walmart today, reported it took in less money, sold less stufff weve got less money in our pockets, but they raised the dividend. They were more profitable, so the stock goes up nearly 3 . Our next guest, an environmentalist, he is talking Global Warming fear mongering next. Stuart more money making from charles. This time it is the Chicago Bridge and iron company which he likes. Charles i do like it. The company was founded in 1889. I like these companies with long pedigrees. They are headquartered in the netherlands. I think thats for tax reasons. Forget about the hype, solar power, wind energy, it is still all about gas, fossil fuels and it will be for the next 20, 30 years. These guys are making a ton of money around the world building these facilities. They are everywhere. They have been in the middle east for 70 years. Africa for 30 years. All over the world they are building these things. Backlog of 26 billion dollars in projects. This year they got a 250 Million Dollars deal in south korea. Another deal in denmark. Another deal in the u. K. The company is a giant global juggernaut. I think they are going to do extraordinarily well. Stuart are you chasing it . Its already up. That chart tells the story. Charles it is up. But you know what . I think it is going to go higher. You know, people who are afraid to buy a stock thats up. They dont want to buy a successful stock so they keep looking around for the ones that stuart exactly. Look at me and microsoft. [laughter] charles by the way, it is not a trading vehicle. This is a longer term hold. Stuart i want to bring in harold ambler. Hes the author of, get this, heres the title, dont sell your coat. Harold is a sensible environmentalist. This is about the Keystone Pipeline. The greeners say that the oil that would come from canada to america via the Keystone Pipeline, this Tar Sands Oil is really bad stuff. It pollutes as in theres more emissions than in regular oil. Is that true . From what i read, stuart, yes about 12 more carbon is released in the extraction of the Tar Sands Oil. But that we have to unpack this. Okay . So for instance scientists like to obsess about carbon dioxide. James hanson is a nasa scientist likes to tell people that their Carbon Footprint should be made as small as possible. His own Carbon Footprint is not all that small, however. He keeps circling the globe and telling other people to shrink their Carbon Footprint. I think it is more important than carbon dioxide. What is the moral footprint . Stuart i have to center us back on to this tar sands question. Youre telling me that the extraction of the oil in the first place, in canada, not the burning of the oil in somebodys gas tanks, the extraction of the oil in canada produces a lot of co2, emissions, that is accurate, but in my opinion, it is going to be extracted whether it comes in the pipeline south or whether it goes in a pipeline china were going to get this stuff out of the ground one way or the other, shall we . Should we be scared . Should we listen to the scare stories about how Tar Sands Oil will ruin the climate . Well, we absolutely should not. And the scare stories are precisely that. What hanson has said literally is if this pipeline is extended and completed, it is game over for the planet. Now, i cant recall a more reckless statement by any scientist, let alone one in charge of climatology for nasa. Its a small wonder that people in this country are afraid of this pipeline, because they have been misled. As you say, this oil is going to be extracted. And its going to be used. And thats just a simple fact. We are as charles was just mentioning a fossil fuelbased World Economy and will remain one for the foreseeable future. By the way, thats been wonderful for the little guy. People on the left want to believe that they are the protector of the little guy, whereas in fact, making energy needlessly more expensive is an aggressive attack on people of Small Economic means. Stuart all right. Harold ambler interesting point. We will leave it there. Thank you very much harold. We will see you again soon. Thank you. Thank you much. Stuart one last look at this home before we reveal the current selling price. Okay. Sold for 425 im not sure what im looking at. Okay, there we go. Theres the home. It sold for 425,000, a condo in is that right, tanya . Yes. Stuart 425, 2011, two bedrooms, two bathrooms san diego. Now on the market for more. But how much more . We will tell you in a moment. You have been guessing. Bring you uptodate on the contest in a moment. [ male announcer ] it was designed to escape the ordinary. It feels like it can escape gravity. The 2013 cclass coupe. Starting at 37,800. Stuart tanya has been on the company all hour entertaining us throughout the commercial breaks. She has some milliondollar homes for us. Let me start with that home in san diego, which was sold in 2011 for 425,000. Condo; right . Yes, it is. Stuart how much is it on offer for now . How much do they want for it . 999,000, a Million Dollars. Stuart 425 to a million bucks in two year; right . Yes, the 425 was obviously a foreclosure. This is a two bedroom, two bath, 1200 square foot condo in a district that overlooks san diego. Stuart they are not going to get a million bucks for that. No, they are not. The average price in there is about 803. But still 800,000 from 400,000 dollars thats a heck of a return. Stuart by the way, nobody, not one person in our audience even came close to the current asking price. I want to move on. Washington, d. C. , lets see this home. It was 510,000 in the year 2001. It looks nice. Thats d. C. Describe it. It is in wesley heights. They have actually put 400,000 worth of renovations into it in 2012. So its a three bedroom, three bath, 1500 square foot home. And it is priced again at stuart a Million Dollars. A Million Dollars. Stuart its gone from 500,000. They put 400 grand in. Now they want a million. They do. Stuart that doesnt seem like much of a bargain. Exactly. Stuart scottsdale, you have a house that was a million six in 2005. Lets have a look at it. Thats a typical scottsdale home, i have to say. Whats the price now . A Million Dollars. Stuart this one has gone down. This one has gone down and its been listed for about three months. We originally listed it at 1. 15. Its a fourbedroom, sixbath 5,000 square foot house on three fourths of an acre. I just wanted people to see what you get across the country for your money. Stuart for a million bucks, thats what you get, thats scottsdale. Yes, thats scottsdale. Stuart am i selling these homes for you . You are. Stuart am i acting as your commercial representative . Are you my agent . [laughter] stuart lets not get carried away. 38, single, still looking. [laughter] stuart will never ever forget the tax subsidy. No. Stuart the highlight reel is next. I wonder what could be in the highlight reel today. Chantix. When the doctor told me that i could smoke for the first week. Im like. Yeah, ok. Little did i know that one week later i wasnt smoking. 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They say, youre much bigger than this. And you are. [ male announcer ] ask your doctor if chantix is right for you. My i feel so much younger. Tly changed my life and you are. My husband has his confidence back. And he can enjoy the laughter of our grandkids again. I can have fun with my friends again. Feeling isolated . Ready to reconnect . The aarp Hearing Care Program provided by hearusa can help. Call hearusa at. For a free hearing checkup. Plus, receive a free 50 dining card when you get your free hearing check up. Aarp members receive a0 discount on breakthrough hearing aids. Call now, and youll even get a free 3year supply of hearing aid batteries with your hearing aid purchase a 100 value. The aarp Hearing Care Program provided by hearusa comes with a 100 satisfaction guarantee. Call hearusa at. And start loving life again, today. Stuart here is the highlight reel. The president who wants another round of tax hikes and you have a weak economy. Sequestration is poorly done