Transcripts For FBC After The Bell 20170512 : vimarsana.com

FBC After The Bell May 12, 2017

Coming up, chief architect of obamacare sikh emanuel. Who is to blame. Massive cyberattack crippling 12 countytries and two american companies. British hospitals forced to turn patients away because of the outage. Reports are that the hackers used leaked nsa hacking tools. Latest on dissing story. David merck and among the dows biggest drags. We have breaking news on unprecedented global cyberattack. We heard a little abt it from melissa. It is now affecting fedex and microsoft in a big way. Ashley webster with details from the new york stock exchange. Ashley, this could change fortunes of some companies. Ashley certainly could, david. Massive attack in europe and asia. 12 countries at last count. You mentioned individual companies. Fedex certainly one of those affecting. They say their windowsbased system has been interfered with. Theyre not say you how widespread the problem is whether it is impacting deliveries. They say they will deal with it as quickly as possible. Microsoft has responded customers who are running their Free Antivirus Software have their windows updates enabled are completely protected. Apparently not everyone had that. They are working with those companies who are still dealing with this malware situation. Wells fargo, you remember the whole story about the bogus Bank Accounts and credit card accounts, some 2 million accounts . Now were hearing from lawyers who representing those claims in a national classaction lawsuit, that the two million could in fact be closer to 3 1 2 million. Wells fargo moving lower. Those bogus accounts going back to may of 2002. 3 1 2 million fake accounts without the customers permission. Quickly for the market, retail pain is what it is all about. Look at these numbers, for the week, penneys down 14 . Nordstrom 15 . Macys 16. Kohls looking great only down 9 . It is the retail ice age. It is here. Juggernaut that is amazon certainly hurting the brickandmortar stores, guys. David well stay on the breaking news about the cyberattack on fedex and other companies. Well bring you details throughout the hour. Melissa. Melissa oil snapping a three day losing streak. Gold snapping a two week losing vehicle. David s p 500 and down for the day and week. Despite a slew of Economic Data that came out today. Discussing this with me, forbes media chairman, steve forbes and former investment banker carol roth. Steve has his sling off. Congratulations just in time for mothers day. Glad to see you in good shape. Really a cascade of good news came out today and this week. Consumer sentiment was way up in may. Jobless claims in the lowest level in 28 years. Thats huge. Risk of recession according to Morgan Stanley decreased to one in four odds. Salaries have soared for the class of set of 2017. People graduating now can expect higher salaries. That is great news for millenials. I knew april would be a good month because it is tax season but budget surplus, 182 billion. I would think all this good news would lead to a booming market. What say you . Markets try to anticipate the future, david. If you look at the legislative front, in aftermath of this comey blowup this week, people wondering will you get a tax cut through congress . Can you get Real Health Care through . The Republican Party in disarray. Amazingly after they passed the Health Care Bill through the house, they did i had not have talking points for members facing angry constituents. Maybe the president is good but the great future they thought they were going to have may not come to pass. David carol, oldest expression on wall street, buy on rumor sell on the news is. That whats happening now . Absolutely. The other thing, david, you have to remember there isnt a direct correlation always between what happens in the markets and what happens in the economy. I think that all the things you can mention are fantastic news for the economy, whether big businesses or small businesses. But as steve said, markets have been anticipating that as well as nice tax reform. So i think in terms of an economic engine, were in a really good place. We need to be focusing, such low unemployment on the skills gap and getting pele bter skills because were running out of people who are looking for work with the skills. But we do need the next level of information and that is tax reform, to push this market higher. Melissa breaking news right now. Russias interior Ministry Says it came under cyberattack. Well have more on the breaking story as it happens. Meantime the obamacare death spiral, aetna is the nations Third Largest insurer. They are announcing theyre withdrawing completely from the obamacare marketplace in 2018, leaving their last two exchanges in delaware and nebraska. Here is ezekiel emanuel, obamacare architect and fox news contributor. What is the solution for the problem . We all know what the solution is. We should be clear they had a time any footprint to withdraw from. 12,000 in nebraska. Melissa they had already given up. The withdrawal hardly affected stock price. The stock price compared to monday was up melissa everybody saw this coming . Because about 1 . Melissa yeah. The three things you need to do enforce the mandate. Costsharing subsidies help families under 60 you thousand dollars pay deductible and reinsurance risk corridors for insurers. We know what they are the administration and Republican Congress refused to actually make these things final. Melissa i mean ends forge mandate is idea that there are Young Healthy people who do not see a benefit in buying insurance because youre paying more for premiums youre using if you paid for million care outofpocket. So youre forcing young people to pay more than theyre using subsidize older people. What is wrong with the idea of creating risk pools where you remember what insurance is . Melissa hang on. I buy Homeowners Insurance orfy Fire Insurance pay a premium now on the off chance somebody bad will happen. Health insurance turns out exactly same. I buy insurance a young person i hope i will not use, i dont need it for cancer. Melissa there is very big difference. You dont buy Health Insurance for tornado if you dont live, Homeowners Insurance if you dont live in a area with it happens a alot. With Health Insurance, it is so rare, risk benefit analysis i might get sick i might not pay all the money meantime. That is little bit beside the point. I want to ask you what you think is wrong with the idea of creating large risk pools for people who use a lot of insurance . This is key centerpiece of republican plan, directing federal funds at that, rather than distortion of trying to get young people to pay . We havent been able to force people to do what is against their own economic interest. It is like socialism it doesnt work. If you direct Government Funds at pools of people who do use a lot of Health Insurance what is wrong with that. Talk about the highrisk pools. Melissa sure. For a second, first of all in the republican bill they have 138 billion. Fred upton pounded his chest getting 8 billion more dollars. Melissa youre saying it is not enough. Every analysis says that is inadequate. Even republicans at American Enterprise institute you need at least 200 billion. So inadequately funded that is the first thing. Melissa okay. Second every Economic Analysis shows you very inefficient way to provide Health Insurance is. Melissa how do you figure. Give subsidies of more than 10,000 to buy insurance that. Is terribly inefficient. Melissa wait a minute. Why is it inefficient if you direct mom at this to people who use it . Why is it inefficient if you direct money at people using it to pay for that care . What is inefficient about that . Well, because we know that 5 of the population uses 50 of the Health Care Costs. Right. So you actually end up subsidizing a huge amount of health care. Where if you spread it out, get everyone insurance spreading out payments across entire population. Much smaller amount. Per person. Melissa but it didnt work. Take the governments money focus at area where people are spending money . You said it, so true, 5 of the people are doing 50 of the costs. Lets direct all of our you know what 50 of the cost if you had to pay for that 50 of the cost, for these people, youre now talking about hundreds of billions, hundreds of billions of dollars. That is a by definition inefficient way to deliver it. Melissa i am with you. These people are using health care. Someone has to pay for it. Apparently were starting from the premise people using the health care are not going to pay for it for whatever reason. If it is not for simple reason if youre real melissa not lets explain. Really sick yoa woman who ends up unfortunately getting Breast Cancer talking about in the First Six Months 80,000dollar bill. Youre going to pay for that . Where Median Income is 56,000. Melissa im not disputing that person cant pay for it. Who is going to pay for night let me finish. That is why we have insurance. And best way of providing insurance to everyone is literal to provide it for everyone. Spreads cost over entire population. Melissa that hasnt workedded. People are too smart for that. Insurance argument with the second argument we really need to focus on cost control, getting our unnecessary care out of the system and inefficiently delivered care out of the system. Speaker ryans bill contains absolutely zero, zo elements of cos controls. Nothing about long term cost control. You want to get rid of high prices in health care, cost control, and speaker ryan did nothing about. What cost controls you were talking about . You were talking about bending the cost curve which is not real thing and doesnt exist. What youre saying would control costs at this point . What would you like to see . Bending the cost curve does exist, rate of inflation year on year out. Through the Affordable Care act as well as other things, the cost curve did bend for five years after 2010. That is just a fact. Melissa okay. I disagree with that but lets move to the idea. Pay doctors, pay hospitals differently. Melissa what is differently . How do you pay them differently . More . What does that mean . Interest in to get rid of inefficient care. Melissa i hear you. Drugs and generics. Melissa has to answer my questions, sir. What do you mean pay them differently . Paying them with money off of street. Give you a good example. Right now if you need a hip replacement, right, we pay the surgeon, we pay the anesthesiologist, we pay the hospital, we pay for the implant. We then pay for the care after the hospital, physical therapy. Melissa right. Go to facility. Rather than pay each of those separately where people dont have interest in collaborating trying to reduce cost, we pay one payment. Were paying 22,000 for that hip replacement. And then people suddenly figure out, oh they can save money. If they save money under that 22,000, they make more money for doing that through efficiency and makes them more money. That is changing how we pay them. No longer feeforservice. What is call bundle payment. They actually realize some of that. They bar gain down price of implant. Use less intensive care. Posthospitals facilities less. Turns out to be efficient. They look at surgical site insurance, those are expensive to them. Melissa thank you. We got to go. We appreciate your time. Thankthank you. David we got to go. Were geing a little reaction to what zeke said and steve forbes and carol roth. What we just heard was essentially an explanation of what is possible, what could work, what should be working but its not working. People see that their Health Care Coverage is getting less efficient, costing a lot more money and insurers are leaving the states. I just wonder all these architects of social Welfare Plans whether for obamacare or something else, once they get down the road their vision stays the same but reality becomes further apart from the vision. This is what happens when you have a topdown third party system, david. It doesnt work because socialism doesnt work f you have a normal market where consumers make the decisions instead of third parties like the government, insurance companies, big employers, insurance will work. Melissa was absolutely right. I dont need Pregnancy Services but im forced to buy it. Young people under obamacare are grossly overcharged for insurance, so they walked away from it. You have a normal market where you can get catastrophic coverage, guess what . Consumers put pressure, patients put pressure on providers like hospitals and things like infections have hospitals post how many people die each month at a hospital from infections received after theyre admitted to hospital. Free enterprise would work if we allow it instead of topdown va type Veterans Administration socialist system. David carol, that is a prime example of what socialized medicine would look like in this country. Again Zeke Emanuels solution spend more money. Need bigger pools if you have highrisk pools. Once you get down that road, unless youre willing to to all the way to socialized medicine, frankly a lot of people in this country see how it works elsewhere, not sadfied way it looks elsewhere, including me, i spent a month in British Health care hospital, i know what it is like, always spending more money. That is only answer they have for fixing things. Not only spending more money, but putting the government in the middle of it, not only do you have the va example but look at Something Like Social Security where you do have young people paying in, understanding that that money is probably not going to be there for them later on. So it is the sail kind of thing. You have another free market person here. So i think that the free market needs to work on both the Health Care Cost control side as well as buying the Health Care Insurance side. If you have that transparency, so you know how much things cost,. David right. You have the level of competition, both for purchasing the Health Care Coverage and as well as receiving the services, that is the only way were going to get costs down, let enough people participate to make this work. Im not sure why especially the republicans in congress dont understand that. David some do, and some are trying to get us away from more government control but again some are working us closer to government control. Steve, carol, wish we had more time. Thank you very much. Melissa. Melissa more breaking news. Two Security Companies say more than 70 countries are affected by this cyberattack with russia hit hardest according to ap. Well have more on this breaking news as it continues. David interesting tharussia was hit the herdest because a lot of people were thinking oh, it is russia. In fact they were one of the victims apparently. Still early days. Well find out more what is happening. New threat coming from north korea. Lieutenant colonel oliver north on a letter the rogue nation sent to our congress. Wait until you hear this. Melissa cracking down on voter fraud. The president launching a new commission looking into whether millions of illegal votes were cast in the last election. Kansas secretary of state kris kobach will lead the charge along with the Vice President , and he will join us. David white house responding to latest tweets to President Trump, including warnings to the former fbi director james comey there may be tapes of their conversations. Details from the briefing coming nix. Next. Hey gary, whatd you got here . This bad boy is a mobile trading desk so that i can take my Trading Platform wherever i go. You know that thinkorswim seamlessly syncs across all your devices, right . Oh, so my custom studies will go with me . Anywhere you want to go the markets hot sync your platform on any device with thinkorswim. Only at td ameritrade. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. David this is breaking news. It continues this hour, hospitals now in the uk, italy and spain, they were all struck by a cyberattack by hackers using ransomware and tools used by the nsa in what appears to be a massive global attack. Hillary vaughn is standing by with the very latest. Hillary . Reporter hi. Security experts are calling the size of this attack, david, unprecedented. Were finding out more about tools used by hackers to hold these hospitals and companies hostage across 70 countries from england to japan, including here in the u. S. Fedex reported their Computer Systems have been hit. One of spains biggest telecommunicationses firms was also targeted. Spanish

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