Canceled, the administration will allow states Insurance Commissioners and Insurance Companies to reissue those plans for only 2014. That doesnt mean the state insurance commissioner will do so. Insurance companies will go ahead and reissue those plans. Insurance Companies Working for months on ways to phase out the plans that would take months to phase them back in. That is a president s announcement, he will allow this under the federal statute for one more year with those with the Administration Calls substandard plans to be reissued again, but doesnt necessarily mean theyre going to do so after they spent all this time and capital phasing them out to get ready for the law. Dagen this looks like a Political Fix because it is one year, it puts the burden on the state and the Insurance Companies to do something about it. Maybe it gets this issue away from the white house. It is a oneyear delay. Democrats said these plans are substandard and this is a way to alleviate the political pressure they have been under ever since every president came out. I have been under a lot of heat basically since the shutdown ended. People have come forward with millions of cancellations on these plans. Connell live comments from the president at the bottom of the hour. Sarcastic rich edson in washington. Dagen it puts a little water on that fire, so to speak. Connell lets see what Monica Crowley has to think of this. Substandard plans, the word of the day. The fix from the president , as dagen said, that is a short fix to say you can keep it for another year. Monica this is a big procrastination move because this is just putting off the inevitable given that obamacare is Going Forward and not repealed. It is the only fix for this thing. In terry obama your premise was built on the idea of getting people out of their private insurance plans into the individual market and into the government exchanges so they could have this pool of people, including many young and healthy types who would uphold the entire system. You put that off for another year, youre putting off the inevitable assuming you go ahead with obamacare in its form. Dagen we are all curious to hear the comments. Many issues we have heard about even from kirsten powers, they are not getting kicked off of their plans, but their premiums are going up significantly for the very same reasons. So will this fix that for a year . This is just a procrastination move. It could make it worse. The whole thing will implode on itself because you are not losing any of the uncertainty. Coming down the pike will have to deal with individual plans changing weather sooner or later they will have to make this move and if you add on top of it, you guys, the fact employer mandates delayed for a year, they can come and the Employer Market that is coming down the pike one year from now that you will have the individual market implode yet again. Connell there are people polar opposite of you make the argument these premiums that this is already being talked about, that would make it worse because the young people who are most likely covered by this, you have them so they will keep whatever they have, the premiums for everybody else can go up. Even the left is not necessarily happy with that part of the fix. Monica because of what he pointed out, the premiums are doubling, even in the middle class i make too much to qualify for a subsidy but i dont quite make enough to afford the double and triple additions to the premium. So now what they are going to say is now we have to expand the pool of people eligible for these subsidies. That will blow up the cost of it in ways you havent seen. Now 60,000 per family for a family of four. Everybody will qualify for a subsidy, and that will be singlepayer. Dagen from the right, it is a Conspiracy Theory that it was designed to fail. Monica it is not a Conspiracy Theory. Most of the folks on the left or on the record saying obamacare is simply a way station on the way to get us to singlepayer. Connell they wanted it to fail on purpose. Monica it was all baked into the cake. People are saying the canceled policies are unintended consequences of obamacare, that is not true. These are intended because it plans to move people of the government exchanges to get the whole thing to work. Dagen the government exchanges, it is still an individual private Insurance Market because the insurance is not being written by the government, insurance is being written by private companies, it is just the government has designed a gateway that is flawed and failed. Monica that is true to this point except what you are going to hear, youre already starting to hear this is they will say we tried the private exchanges, we try the private Insurance Companies, the free market, it clearly didnt work som so now e only have one option. Dagen it is the same thing run by the states. It is working better than the federal run exchanges. Monica the state will only pick up the tab for another two or three years and then that money is essentially going to evaporate and then what are the state is going to do . There is no money. Connell what ties this whole thing, monica is in that, the president knowingly lied. I thought that was a high number. He knowingly lied, that is what led to this whole thing. Half the people think so. Monica january of 2010 before he signed it into law, telling a lot of people it is possible millions of people are going to lose their insurance because that is baked into the cake. You have the political and policy team going into the white house saying this claim you like your plan, you can keep it, that is not necessarily true. Clearly the evidence is that he knew and he lied. Connell it was not accurate. Dagen it is so detailed and so complicated and so vast having read the law when it was originally passed, i dont know how they fix it. I get it is like you stick one finger in, but there are other leaks and you cannot fix it all. Monica the only fix is a full appeal. Connell monica, thanks. We have another big story we are covering in washington. The president and janet yellen hearings the next chairman of the Federal Reserve keeping with this quantitative easing, the bond buying going. Big topic for the market. Hear this. It is important not to remove support, especially when the recovery is fragile. Should the economy falter, given the short term Interest Rates are at zero, it could be costly. Withdraw accommodation or fail to provide adequate accommodation. Connell former Vice President of the Federal Reserve bank of dallas, senior fellow at the Cato Institute joins us now. Seems to be the comment we had as expected from janet yellen. As anything stood out to you so far this morning . Just that she confirmed that she had stated public the in past and repeated today that she does not want the accommodation and i dont think she is prepared. That was pretty clear. Connell that is the type the Federal Reserve will have assuming she is confirmed as the next chairman. What are the consequences of that policy short and longterm . The consequences of the policy are they have proven to be ineffective. I heard this morning jerry jordan say in his opinion they have been retarding the policy. The fed wants to continue to do more of the same. Connell a lot going on with the obamacare comments coming at the bottom of the hour. The other thing they got into was the banks and raising Capital Requirements for the big banks. Do you think anything will change from the bernanke regime to the yellen regime that we will notice . And if so, what would that be . There is no institutional change, you dont get fundamental change without institutional change. I do think she is more inclined to continue the stimulus that even chairman ben bernanke was. Connell for a longer period of time. For her it is the Unemployment Rate. She really means the Unemployment Rate is too high. In other words we have heard 6. 5 , she will not taper before that. Connell there you go. Thank you very much, we will go back to janet yellen hearings as the news comes out. We appreciate it. Thank you. Dagen breaking news, everybody. This out of texas. Near dallas, south of the dallas area, a pipeline explosion. The authority asking people to evacuate the area near highway 77 and 308. A natural gas pipeline explosion, youre looking at video here. We will bring you uptodate on this as we get more information about it. There you go, there is milford, texas. Just south of dallas. Connell we will come back to that. Dagen can you imagine walking away from 3 billion . Cash money. That is what the folks at snapchat did. Facebook, 3 billion. Here you go, we want your company. No way, no how. Connell maybe we will get more. We will see. On the runway for victorias secret. An eight figure bra . Dagen now theyre just making a statement. Can we get some different video . Thank you very much. Connell that is great news. Dagen north americas favorite mare at it again. Talking about an ebay auction. Of what, is the question. And it is not a crack pipe. Take a look at the market. 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However they seem very confident about the Holiday Shopping season though expect a lot of big discounts in the industry across the board. Wwere watching walmart thirdquarter profits on the rise. Narrowing the fullyear numbers. The ceo talked about customers still having that uncertainty feeling about the economy, the government and job stability, which is not good news, ultimately. Dagen jpmorgan canceling plans for a twitter conversation after getting inundated with inappropriate tweets. Jpmorgan asked users to submit questions for an investment banker. What followed was a series of angry and sarcastic responses, some of which included what is your favorite type of well . Why do think it is okay to outright lie, cheat and steal. And can i have my house back . Jpmorgan called off the event tweeting our q a is canceled. Bad idea. Connell that is why we do not do a q a on this show. The crack mayor as he is known, up in toronto, is actually getting more popular as the nonsense comes out. But hundreds lined up at city hall in toronto on tuesday for a chance to buy one of these bobble heads of this joker, former charity, they almost immediately started showing up on ebay. And then after almost 40 bids, 355, i guess u. S. Dollars, more than 18 times the original pri price. It is the gift that keeps on giving. Dagen do you think he stays in office . Connell usually these things and with some sort of resignation. But it is not our country. They were all over him with every acquisition he could think of. Dagen i wish we could play the new video of him. Connell something coming up every hour from him. We have a new offer coming to the company snapshot. We will talk about that coming up. Dagen the president coming up about to make some comments about the problems surrounding healthcare. Gov, an extension for people if you will who lost their plans and want to keep them. Take a look at how the greenback is faring today. Your fox news minute. U. S. Says George WashingtonAircraft Carrier arrived in the philippines to assist in relief efforts. The carrier has 21 helicopters that can be used to reach the difficult to access areas. Philippine soldiers distributing rice and water using chainsaws to remove debris from block roads. The death toll is now above 2300. Four marines were killed in california in what appears to be a terrible accident at camp pendleton. It happened that part of an operation to clear a range of ammunition and other supplies. An investigation is underway. 84yearold gangster Whitey Bulger sentenced today to life in prison for 11 murders and a string of other charges including extortion and money laundering. He was a fugitive for more than 16 years until he was captured in 2011. Those are your News Headlines on the Fox Business Network. Connell thanks. Back to the breaking news we talked about earlier this hour. The gas pipeline that exploded in milford, texas. There it is. And more up close picture of the flames. Learning from the local authorities there have been no injuries reported but were being told nearby schools and homes have been evacuated as a precaution. Live pictures right now, and this story as it develops from texas. Dagen you imagine walking away from 3 billion . Cash money. This guy just did. The founder of snapchat. There he is. Making a 3 billion offer to build the messaging service. Mostly used by teenagers and younger people. Snapshot says every few the offer because it has other investors who value snapchat at a higher price. You have no revenue, no Business Model and teenagers are very fickle, they will move onto Something Else. Connell that is the kneejerk reaction. Maybe a bigger offer. Dagen maybe theyre getting advice from investors they have. Connell unless it is a higher number, which might be good advice. Wall street reviews coming in on our friends at twitter. Connell jo ling kent standing by with more. Now that the pandemonium is over and the twitter excitement has subsided we are seeing valuation concerns ranging from outperform to neutrals to sell. Lets see the fundamentals. An independent Research Firm evaluates tens of thousands of companies on a 1100 scale based on their financial health. Without the Companies Paying them to do so or any subscription they recently gave twitters First FinancialHealth Rating of just 19, which is considered high risk. Compared to facebook at 59 and linkedin at 43. I asked the ceo why this was the case and he took a look back to the 90s tech bubble. We did an interesting study looking at a group of names that came to market in the tech bubble between 96 and 2000. Of the ratios, there were 39 that they had in common as common risk characteristics. If you look at some of the bigger ipo names recently and match them against it we find interesting comparisons or contrast. Facebook had a 33 match, which is quite low. Linkedin had a 46 . Twitter had 92 comparison to that group of names showing it has a lot of characteristics of the companies that came during the bubble. Some of which are no longer with us. Adding janet yellen said chair nomination will only help twitter saying the banks would have never brought the ipo without strong overall market performance. Said twitter is overvalued right now and the Earnings Report not the first quarter, but the Second Quarter to see how they perform. Connell thanks. Good stuff. Dagen we are waiting for president obama to come out and talk about healthcare. Gov, again tried to fix the issues millions of americans have with their insurance being canceled. Li happens. Connell also, victorias secret is a pricey showing. We will have the special video requested by dagen earlier this hour. Coming up. Dagen a real person in the bra is what my request was. Connell thank you for clarifying. Dagen youre welcome. 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Talking about one fix he has in mind for his Health Care Law. Here to tell us how this economy just keeps on chugging. The plow horse has yet to get tired. And a lifesaver for a brand. Lincoln making a big bet for the suv to save the nameplate. Connell some problems with google and hp latest laptop. The chromebook 11 forced the companies to stop selling the device. Nicole theyre trying to be proactive about this one. If you bought the chromebook 11, do not use the charger that came along with it. Apparently there have been a small number of problems, their quote, small number of problems with overheating. Best buy began pulling it and now the companies themselves, google and hewlettpackard have begun looking into this, they are saying dont use the charger because of the problems with it. They explained they receive t