Audi making a dig av competition, sending led to Mercedes Superdome right now. And oreo, power o, no problem. You can still dunk in the dark. A message here, be careful if you mess up in this new social media age, while twitter users of all shapes and sizes will be quick to pounce on you, thank you for watching, well see you. Liz money with melissa is next. Melissa im Melissa Francis and heres whats money tonight. Stocks have seen an epic runup, but that doesnt mean you can retire any earlier. Most people are delaying more than ever. Wait until you hear the numbers. Call him banks super fan. Dick bove predict as 14year bull run for u. S. Banks. The renowned analyst says were looking at them all wrong for years and he is here to explain. They made fan at this football one of the most raunchyest, hilarious hobbies imagine. The dirty mind behind the fxs, the league. Theyre not taking any prisoners. Comedic geniuses jeff and Jackie Schaeffer joins us. Even when they say its not it is always about money. Melissa it is our top story tonight. A day when you can retire and leave the rat race behind, enjoy leisure time, golfg, traveling, for most of us that day is looking further and further away. Sure the dow hit a fiveyear high on friday. But that means if you stayed in you made no money in the past five years. And dont get me started on taxes. Put it together and adds up to big delays in retirement a new study shows nearly 2 3 of americans age 45 to 60, plan to put off the retirement. Todays money power panel is help you to. Spencer patton, steel vine investments the chief investment officer. Peter schiff, europacific capital ceo and susan knox, former Treasury Department advisor under president obama. Spencer, let me start with you, you talk about people retiring later and later, you blame the fed in part. I really do. The fed has done a tremendous disservice in robbing savers, people that are planning on retiring, the people that are not tradg in the stock market, but most people setting aside money, the chance to be able to retire. Youre seeing not only have they not just made money, they have lost money due to the inflation and withering away of the u. S. Dollar as the fed just prints money endlessly. Its horrible and its, just further pushing back retirement for people that cant afford a delay. Melissa peter has retirement become a thing of the past . Were all working until we die and die at our deaths at this rate . Well, you know, i think one day in america, one day soon, retirement will be as rare as a singleincome household. At one time it was the norm in america. Only one paycheck. It was very rare for a married woman to work outside the home. Now it is very common. Well one day it will be just as uncommon for somebody to retire. I agree, it is because of the fed. Its because were destroying the value of our money. Look the stock market is back up to 14,000 or was briefly on friday but that is only in nominal terms. The stock market isnt getting more valuable. Our money is becoming less valuable. Melissa yeah. If you look at the real value of our assets theyre going down. The cost of living is going up. Health care cost, food, energy, everything is getting more expensive. And even if you have these depreciating dollars what kind of yields can you have . You cant get 1 on your money in the bank. Melissa so depressing. Come on, i will be weeping here soon. Rescue me from here since. I was thinking same thing. No wonder these two feel bad how things look. The important thing to realize about a survey you cited it is a snapshot of Consumer Sentiment at time. It is not really entirely predictive what their behavior will look like. How are you file financially and how are you feeling secure. Melissa arent they looking at their 401 k when theyre seeing Something Like this. Looking at people 45 to 60. In your 40s do you have any sense what you will retire. Youre thinking what will the job market look like. Hearing talk about entitlement reform. Youre thinking im not sure Social Security and medicare will be around when i retire so i will have to stay longer in the workforce. This is more indicative what people think about today rather than what they do down the road. Melissa spencer, those are great points and at the same time i talk to people in their 60s. I plan to retire. My home lost a lot of value. I was thinking i would sell it to use that money to retire. A lot of people put their plans on hold. What advice would you give them. Yeah. I want to respond to that because i think that, people are looking at the price of things costing what they cost today versus what they cost 10 years ago and are seeing a dramatic difference. Youre seeing prices, when you include inflation, include the cost of food and energy and see gas prices a high as they are compared to 10 years ago, the price of food versus 10 years ago, tuition for kids 10 years ago. All they do is extrapolate where will we be in 15 years. That is really depressing picture. It is a lot more than just the jobs market. Melissa peter i will give you a crack at it. Do you buy gold . What do you do . You should be buying gold. One quick point before i get to that. People are not talking about unfunded liabilities. Everybodys share about the knox debt. We talk about the National Debt but those are obligations we have because of our government. We have to pay all this money back with interest and Interest Rates arent always going to be low. We cant retire. We have to pay for all the spending not being advanced. Melissa it is hopeless. I feel hopeless s that the messag it is hopeless . What you can do is recognize that the dollar is going to go down dramatically and if you dont want, your money is going to retire before you do. So what you need to do is get out of dollars. Look to diversify internationally. Look to own stocks, bonds, real assets outside the United States. In currencies that the fed cant destroy and own something of real value that pays a decent dividend. So you actually can get a return own your investment and your savings, not just watch the savings being ripped out from under you by the fed. Melissa i feel more depressed than you do. Diversification isalways smart in terms of retirement. The challenge is, it is real easy to say the oh, the fed is destroying the economy. Would you rather they were raising Interest Rates . Yes. Economy would be falling off a cliff. You are insan im sorry, there is no way that would make for productive economy. No, no. The one thing that would fix things here what we have is not productive economy. This is inflationary bubble. Melissa gohead. One thing fix this getting into Economic Growth scenario we dont have. If you start to tighten up Interest Rates were never going to get there. Melissa pete well never get there if we keep Interest Rates low. Melissa arent they same amount of stupid, tightening Interest Rates and raising taxes, both strike me as terrible ideas. I dont want to raise taxes. We want to slash government spending. We want to liquidate bad debt. Let prices readjust. We need to save, produce, we need to export. We cant keep borrowing money to consume imports. That is how we destroyed our economy. Our savings is at one of the highest levels in a decade. But not Economic Growth. Melissa peter, youre fantastic i think we drove a lot of people to drink tonight. Lets wrap it up. Well have you all back soon with a cocktail or something. Now onto the mandatory budget cuts less than a month away and people are bracing for impact. People in charleston, are projecting 1. 2 trillion in cuts over the next 10 years that comes from defense. Charleston is home for 250 defense contractors. The industry generates 10 of the citys economy. How much will this hurt . With me is South Carolina state treasurer curtis losties. Thanks for having me here. Melissa this will be real tough on charleston in particular. Your state will be hit pretty hard. Charleston itself gets 10 of its workforce from these contracts. Thats right. The federal government is very important to states like South Carolina. And the military is. We have a long military tradition. For the jackson is the largest Training Base in the world. 50,000 recruits turned out every year. It means a lot. 140,000 jobs. 16 billion a year. It is 7 00 percent of our states budget. Melissa it is huge. On top of that when we went around asking people what can they do to make up for the loss. Oh, boeing is expanding their dreamliner plant. That is our big cushion here. Thatill save a lot of jobs. I dont know if you heard there are problems with the dreamliner and boeing right now. Seems like this is a just a cluster of bad luck. Well, it is were not at that point yet. Were still in this process. What weve goto do is make sure that we demand a different dynamic. Now what weve got is people negotiating in private or both the left and the right shouting at each other through television cameras. We have to get the adults in a room and they have to in a transparent and accountable way make budget. We cant push the process along other ways, otherwise. Until this happens it just wont work. Melissa what is your hope that will happen . That feels pretty hopeless. It is but sequestration is something no one likes. I come from the rightwing of the party, the conservative branch. I have a visceral attraction to cut budgets. You dont want to take an axe to a pound cake. Thats what were doing here. It doesnt work for anybody. It will affect the States Credit rating, jobs. To go with another cliche, throwing the baby out with the bath water. We can and must do better. Melissa paul ryan says is he prepared to go ahead with the sequestration, do you think he is bluffing because he sounds real serious. He may be buffing but he is wrong. This is an adult problem. The dynamic is played out by children. The American People know better. They know what is happening. Look at polls, and separate from election polls. Well be at 17 trillion by next october. We cant sustain that. Melissa what youre talking about has been going on for a long time. You talk about the children negotiating, both sides yelling at each other. That is what were watching in washington for a very long time, especially recently over these fights. It does seem like maybe republicans have been pushed to the point they would be wailing willing to go through with this, especially because they went ahead with tax increases with the promise of cuts in spending coming down the road. Doesnt seem like that is coming. The president sounds like if you listen to the 60 minutes interview he is doubling down on raising taxes on everyone. Seems weve gotten to a position where republicans are willing to go ahead with this because they see no other way to cut spending. That is the dynamic today. Weve got like 24 days, is that right . Weve got some time. And there is time for adults to act and we must. There is Great Attraction on the left, lets have sequestration to cut the defense. But it is not going to work that well. They have their own constituencies that will be affected. They go you there entitlement programs. We have to have adul in a room with a transparent process. Melissa if you were there, what would you say . You keep talking about adults in the room. I love that idea. How would you make that happen . Would you offer something specific . Would you include specific people . What is your advice. There are certain things must happen. The United States senate must have a budget. They come up for reelection and we have given a pass for four years. They get to go home with santa claus. They never vote for anything. Mand the senate has a budget. That is simple in the constitution. We never should do it. Illustration purposes, they have got a, pay raise in the future. No one should get a pay raise. No one should get a pay raise until we bend the debt curve downward. I come from business. This is unacceptable. You get fired if you have this problem. We can and must demand people go to a room in a transparent way. First negotiation because we did it in private. Melissa that makes a lot of sense, treasurer. Im sorry we have to go. Thanks for coming on the show. We appreciate yoor time. Thank you. Melissa lets turn to todays market moment the bulls took their first hit of twefrt 12. Weaker than expected u. S. Factory orders and political concerns in europe sunk investor optimism. The dow fell back below the 14,000 mark. All s pectors fell in the red. Next on money, hugo chavezs government is scram wling for cash and it may be getting a 2 billion lifeline from, chevron . Why the oil giant may beme a financial savior for the chavez regime. Plus, dont rain on dick boves parade. The legendary analyst predict as 14year bull run for banks. Bove will join us coming up. More money straight ahead. Officemax is celebrating our new collaboration with go daddy with an online package including domain name, Website Builder with five pages and basic email just 49. 99 thats up to 76 percent below online providers and only at Officemax Stores stay top of mind with customers . From deals that bring them in with an offer. To social media promotions that turn fans into customers. To events that engage and create buzz. To emails that keep loyal customers coming back, our easytouse tools will keep you in front of your customers. See whats right for you at constantcontact. Com try. Melissa news is out about chevron today. Reuters reports the oil giant may be loaning venezuelas state oil company 2 billion to boost production. The credit would help the country pay its bills but just the idea of this loan brings up a number of questions, like what is really the intent behind it . Why make a deal like this right now given all the uncertainty about who is going to run the country . Joining me, john kingston, global director for news for platts. Welcome back to the show. My first question when you say loan, you really think venezuela will pay you back. It will be 2 billion in exchange for crude. They have crude to deliver. If theyre paying crude to make the operations run smoothly, obviously they dont have the oil to sell for other cash. This is their fastest way to cash which theyre very much in need of. The official dollar rate is 4 something bolivars to the dollar. Unfacial rate is 19. That cause as tremendous cash crunch in the country. Remember several years ago, partf, i wont say internationalization. Quasinationalization of the operating deals their. Melissa what is nationalization . Remember there are still junior partners. Chevron, e and i, et cetera. They need to, pedavesa does not have the cash to fund their shares of the operations. Theyre the operator. They cant sell shares to make it work. Melissa what a mess. That is disaster. Ive been just reading stories maybe even last week about them trying to raise money from china and other countries. Now that they turned to chevron, does that make you think theyre even more desperate . And is it the right move for chevron to do this. The china deal, mr. Ramirez, the oil minister said last week they received 35 billion from china since 2008 in exchange for deliveries of crude. Chevron from all indications is very wary of this offer. First as you noted who is running the country . We simply dont know. Melissa we dont know. You dont want to do a deal where you have absolutely no idea what the other side is going to be. If mr. Chavez passes away the next government could simply ignore all deals done by previous. Melissa anyone who doesnt know, hugo chavez is very sick with cancer. He has had six surgeries. No one has seen him in public since december 12th. They say he is getting stronger. Fidel castro says he is much better. Fidel castro was we thought was dead and he is alive and making public appearances. Melissa we dont know for sure, if something happened to hugo chavez who would take over. That isnt clear. You dont know who youre making a deal with. So why are they doing it . Not what chef ron is chevron is doing because we dont know what chevron is doing it. Melissa would they do it . I seriously doubt it. Unless they were concerned and provided financing the operations at th projects they have in venezuela would collapse. That is always a concern. As i told you before my biggest concern for years is calamitous collapse of the Venezuelan Oil industry. When theyre that desperate for cash, that kind of raises that fear. Melissa it feels like a collapse is coming closer and closer. At the same time i talk to other analysts who poopoo the fear over that. They say venezuela has been in decline in terms of production. They talk about up who oil they have but who cares. They havent done a great job getting it out of the ground. The rest of the world is learning to live more or less without them. You disagree with that though . Really the u. S. Net imports from venezuela are way, way down from where they were but theyre still about 900,000 barrels a day. Total crude oil imports are still 1. 1, 1. 2 Million Barrels a day. Obviously the ability of the u. S. To sethly raise its production has allowed all other nations to become less important but theyre not that less important. This is still a significant producer. Theyre still a 2. 1, 2 to 2. 1 Million Barrels a day. That is still a lot of oil. Melissa you make the point if we didnt make a deal with despots around the world we wouldnt unfortunately oil does not sit under lands ruled by heirs of thomas jefferson. Melissa john kingston. Thanks for coming on. Appreciate your time. Time for todays fuel gauge report. Oil futures were not safe from todays selloff. Settling at 96. 17 a barrel. U. S. Households spent a record amount on gas. The average household spent 2900. That is according to the Energy Information administration. The previous record was 2750 per household that was set back in 2008. The state of arizona is suing the epa in federal court. Regulators are forcing three arizona coal plants to install pollution control equipment. This is an effort to reduce haze in arizonas national parks. The upgrades will cost up to a billion dollars. But arizonas attorney general claims the only will raise electricityates with little effect on reducing haze. Sounds