Theres a challenge that has iv in america in universal disgust. And hes bashing the white house on syria. Breaking news for an initial public offering. Good evening. Good evening, larry. Theyre tweeting. Weve confidentially submitted on the ipo. Theres 1 billion in annual revenue. They come out no later than 21 days before it begins. Twitter will be the latest social Media Company joining linkedin. Their rival facebook. Theres adebayor revenue. All of these stocks are trading well above. And when do we get all of the information. Its across the board. They check the ipos. Goldman sachs will be the lead underwriter. Bank of america and credit suis suisse. Fully listed on the f 1 when they filed. They dont have to do that. They dont have to state a lot of the financials. Its very important. The new piece of legislation that came out. The jobs act. Jump start our business startups. Now, kayla, im a guy who likes information and transparency. Let me ask you if you have any sense. When will investors get all the information about the financials for twitter . Whens that happen . That will happen three weeks before the company goes on its road show which is where it will meet investors face to face in different cities, new york, silicon valley, chicago maybe, baltimore, d. C. Area maybe. So three weeks before that. So that investors actually have time to digest that. Heres whats important. Between now and then they basically have an open door policy with the fcc. This is something that facebook didnt have the benefit of. They had over 1 billion in revenue. At the time it had over 5 billion employees. That was raised to 2,000 shareholders with the passage of the job act. Twitter was in the sweet spot. What it means is it can present an s 1. And say this doesnt sound right. You need to fix this, without the scrutiny of investors. When facebook went public february 2nd, beginning of february. All hell broke loose. All hell broke loose. We criticized every single thing and then when we saw the changes, we criticized it. For those of us who have reported through the financial catastrophe through the last four or five years, i dont know much about twitter, i tweet, but i do know a lot about transparency. Thats something investors should have. Thats why im a little bit skeptical. You believe their revenues are what, twitters . Roughly 600 million. Im not saying that justifies what its valuation is, which is roughly 10 billion. Bankers expect this it will go public at evaluation but not far north of that 10 billion valuati valuation. Im not saying its justified but we roughly know those are the financials. We can go back and forth as far as what defines a user, what exactly the metrics are that investors will need to look at this idea. Thats what theyre talking to them about. I think it has the benefit of time. They can get real time commentary from the sec. If youre a company like facebook youre sometimes waiting six weeks to get comments back. Hed like to have real time commentary from investors because i think the fcc is a bunch of dopey doughs. Seema, let me ask you that. Facebook has had a great comeback. This is after the disaster. One of the houses has targeted 50. Morgan stanley has targeted facebook. Linkedin has soared to almost 250 a share from its 45 offering price. Yelp is up 325 since march 2012 ipa. Groupon didnt make it. Big rally among the social media. Initially there was a certain level around the concept of social media. Thanks to facebook, linkedin, other companies coming on the market, a lot of people are becoming comfortable with the idea of social media. They have the staats to back them up. Verizon mobile ad revenue. Thats very important. I have to leave it there. Thank you very much. Seema mody, kayla tash shi, we approach it. Fire raging in the storm battered town of seaside heights. Thats a town ravaged by last falls superstorm sandy. Theyre reporting that 80 , 80 of the boardwalk has already been destroyed. Were going to go live to the shore a little later this hour. Switching gears now. All of a sudden Government Shutdown looks closer and closer. The deadline, as you know, is september 30th. A republican push to defund or delay obama care is at the heart of the latest budget standoff. You know what, right now its republican versus republican rather than the gop versus the dems. Lets talk. Here is politico reporter jonathan strong from the national review. Thank you, jonathan. I dont really get this because its kind of a moving target. First some of this was going to be defunded through the cr or it was going to be defunded through the debt ceiling. They dont have a quorum majority inside the gop. Tell us whats happening. Good evening. Its a very fluid situation on capitol hill. Majority leader eric cantor introduced his proposal to force a vote on obama care. It provoked a revolt a among the conservatives who are now coalescing around their own plan to try to force a oneyear delay of obama care through this government funding bill. Tom graves and jim jordan are spearheading this push. You have two different factions breaking out within the house gop. I dont want to get too technical, tom, because we dont have enough time or whatever. I tried to convince senator cruz of this. Im an old reagan green eye shade. I worked at the office of management and budget. You cannot use the cr, congressional resolution, you cannot use a continuing resolution to change entitlements. You just cant do it. The cr is about discretionary spending, nonentitlement spending, and the obama care has a lot of entitlements in it thats why i dont know why this argument is still ranging. Heres what i know. I want to get your take on it. If the gop continues with this division and this defunding business, theyre going to get into a hell of a lot of political trouble and the clock is ticking towards september 30th. When i talked to these guys i interviewed jordan and tom graves earlier this afternoon. Theyre less concerned about the vehicle and more concerned about starting the drum beat of delaying obama care and i think you could see this become the message through the cr and then get extended to the debt ceiling. Its very fluid in terms of what precise mechanism theres going to be, but i think that heres a case for why delay of obama care may be conceivable. The republicans are very concerned about those subsidies starting to go out to millions of americans which they feel could make it impossible to ever retract. The democrats, on the other hand, are very concerned about all the implementation difficulties. Delay is somewhere in between that gets both sides something that they want and its not [ applause likely but it is possible. Jonathan, last question. Why not delay the individual mandate, make it real simple . In other words, weve already delayed the businessman date. You probably know this. The labor unions are going nuts, all right, with antiobama care resolutions in the aflcio. The white house is trying to call them to lobby and it didnt work. Labor doesnt want it. Big business doesnt want it. Individuals dont want it. The exchanges arent set up yet. Why not just delay the individual mandate to balance the businessman date . Even the hard liner guys, theyll say to you in prime conversations that theyre okay with that. I think that comes as the secondary. Thats the concession point. You start out with the big ask and then you end up getting that. Jonathan strong, national review. We appreciate it very much. The question is, can the gop leadership get their party on the same page or will the riffs over obama care shut down the government altogether. Here is former chief economies Jared Bernstein and jim from the American Enterprise institute. Both cnbc contributors. Jared, you must love this. I dont love this. Particularly with the debt ceiling, the economy remains too fragile. Weve had 100 bases point spike in the last two months. Once you start screwing around with the debt ceiling more so than the continuing resolution, youre really talking about taking aim at an economy thats trying to recover. So i like nothing about this. I will say one thing, it is not totally clear to me that the way out of this means resolving the republican family squabbles. The way out of this is for john boehner to increase the debt ceiling with a bunch of democrats. Im not saying you can swallow that. Theres not going to be a clean bill. There might be a clean cr, maybe. Theres not going to be a clean debt bill. Jim, the reason i thought jared might like this is this is all republican fighting. I do like that part. I figured you would. Jimmy, i think if the gop is not careful, theyll get themselves into a lot of hot water. Listen, if some day they want to actually repeal and replace obama care, what they need to do is to win the senate and win the presidency. Whatever they do now, that needs to be the longterm goal. How does this set up up for this. Having some fiasco, a shutdown, even wers, debt ceiling, the markets are going crazy does not help them win the senate in 2014. Perhaps the solution to this really is to combine the continuing resolution and the debt ceiling. You solve a debt ceiling and if obama care is part of it, then i think de facto you solve the continuing resolution and the Government Shutdown problem. Even though in a way theres no way it should ever go for delaying the mandate or delaying the subsidies. Republicans think they might go for that if it means delaying the sequester. Democrats hate that sequester. Now thats just where i was going. Ill go to jared on that. There is a potential deal here. Lets say for example as jimmys suggesting, you delay the individual mandate or maybe you delay all of obama care. I think the individual mandate is the one that could be delayed and thats part of the deal which i probably wouldnt like that would get rid of the sequester. A lot of republicans want to get rid of the sequester. A lot of republicans need more money for the military or so they say. Is there a deal for the sequester or delay the obama care . No. I disagree with jonathan. Everything is possible, but i think if you delay the individual mandate, very different than the business side mandate. Youre essentially saying theres nothing going to happen with this bill for a year because you really cant do it without the individual mandate and i just guarantee you the white house isnt going to go there. Sure they dont like the sequester, but at this point i hate to tell you, everybody believes that the sequester is going to be part of the continuing resolution. Right. I love that. I dont like that either. I love that. We dont have time to do much else. I love that. I think thats exactly right. I think the debt ceiling should be raised and spending should be cut to offset it. Jim, 350 economists back janet yellen for fed head. Ive never seen anything like this fighting. They put up a list. You have allen blinder, christina rome, you have all kinds of famous economists, male and female. 350 backing janet yellen. What do you make of this, jim p. Now we know there are 350 economists that barack obama doesnt really care what their opinion is. He really doesnt. Listen, economists and chiefs of this administration is barack obama. He apparently has his heart dead set on Larry Summers. Hes no quantity, no surprises. The friends of larry are very powerful in his administration. Theyll ignore the 350 economist list. Dead set for Larry Summers . People talk about this like its a done deal. We really dont know. Its like theyve already seen the smoke coming out of the chimney in the vatican. If it doesnt work out that way, i agree with jimmy. Theres one person who matters here, and its barack obama. I will say that i dont think barack obama will send Larry Summers up if he doesnt think he can get him out of the Banking Committee onto the floor of the senate so thats kind of where the inside baseball is. Three Democratic Senators, three Democratic Senators have already said they will not vote for summers. Thats a lot of senators in a committee setting. That means he needs some republicans. We dont know. Hes not going to get them. I dont know. Well see. Jared bernstein, jimmy, thank you, gentlemen, we appreciate tnchts thank you, larry. The unions were for obama care before they were against it. Key Union Leaders are calling for the laws to be repealed, kind of like republicans. Later in the show we have new bombshell evidence in the irs conservative target scandal. Lois learner doesnt seem to be able to tell the difference between right and wrong and shed better get some more lawyers and, folks, dont forget free market capitalism is the best path to prosperity. Lets keep that spending. Lets keep a lid on that spending. Thats part of premarket capital. Im kudlow. Well be right back. Big labor doing an about face on obama care. Get this, the aflcio which is americas Largest Union and an early backer of the Health Care Overhaul passed a resolution demanding an obama care fix. The teamsters, long shoreman, United Teachers Union and others are all calling for changes to the president s signature achievement. Just 18 days until the obama care exchanges are supposed to kick in, unions have come to realize that it will drive up the cost of their union sponsored health plan and force some to give up their Union Coverage altogether. Justin wilkin is here from the union center facts. Welcome back, justin. If you had to boil it down. Trump has really gone to the war path. Theyll pass this resolution. Whats the biggest single beef that youre hearing from the labor crowd. You know, this has been a Long Time Coming and we have seen this going on quietly. The fact that labor is coming out as loud and as vocal as they are coming against the proposal, you know, it takes a lot of gujs to come up with tens of health care, theyre losing it. To a certain extent unions have been their own worst enemy for the last five decades. They keep going into competition with the federal government. Thats exactly whats going on here. They cant compete against the subsidies through obama care. They want an exemption. Because let me just go. They cant compete with the subsidies because theyre going to lose subsidies in this bill. Theyre going to lose the old taft hartley Labor Management subsidy. That is incredibly important, secondly, the unions have added some subsidies on their own. Nobody copays anymore or never any copay. Thats the thing. Theyre all going to have to go into the exchanges. They all have to pay much more and they dont like that one bit. Thats my understanding. You know, Union Leaders have never been known for their business prowess because the only thing theyre good at is spending other peoples money. We were warning about this kind of problem with the president S Health Care bins bill well before it was passed. I think frankly representative pelosi is eating her words about having to pass the bill to see whats in it. The union should have seen this coming. Its shocking that they didnt. The difficulty here is that theyre pushing for what they call a fix, a technical fix. According to the Congressional Research service this problem cannot be solved without having the bill redebated on the floor of congress, passed through both chambers and sent back to president obama. I can tell you right now, i dont see that happening. Right. In the end, the unions are being selfish here. Either they get a waiver because there are entitlement issues in this. That brings up budget reconciliation issues. Youre exactly right. They have to go to the floor. Look, last one. If youre a union worker and the Union Delivers you a Great Health Care package for you and your wife and your kids, thats pretty cool, but if the union doesnt deliver a Great Health Care package and instead uses your dues to finance some far left wing person to run for mayor in new york city, what the hell do you need the unions for . Isnt that part of this, too . I think there are a lot of Union Members looking at their paychecks saying why do i have to Pay Union Dues . Frankly, Everything Else that the unions used to do from job place safety, antidiscrimination, wage and hour, those are all handled by the federal government. Unions have basically put themselves out of business because they have nothing left they can fight for. Extraordinary story. Youre right, they should have seen it coming but they didnt bother to read the fine print. Justin wilkin, thanks. Look at this massive fire hitting seaside, new jersey. This is one of the hardest hit towns from hurricane sandy. We have a live report from the scene coming next on the kudlow report. [ woman ] if you have the audacity to believe your Financial Advisor should focus on your longterm goals, not their shortterm agenda. [ male announcer ] join the nearly 7 million investors who think like you do. Face time and think time make a difference. At edward jones, its how we make sense of investing. Face time and think time always go the extra mile. To treat my low testosterone, i did my research. 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Ask your doctor about the only underarm low t treatment, axiron. Breaking news on the new jersey shore tonight. A terrible fire thats still reeling from pier here in. Most of it was destroyed by superstorm sandy. What was left has been consumed