Transcripts For FBC The Willis Report 20141118 : vimarsana.c

FBC The Willis Report November 18, 2014

45 goppers will say they will vote for this ink. Up to 15 democrats. Can the senator bring on enough democrats on board to make the bill go . I think she can. I will make prediction. It will be 61 votes. Gerri really . That is turnaround from what weve been hearing. A lot at stake in this vote. What do you think is gained by passing this legislation . Jobs, economic activity, energy independence. America taking bold action which we always should and always have in the past of the of the United States is only person against the xl pipeline. The state Department Approved it five times. Every state it goes through and the country wants it and we need to do it and do it now. Gerri two votes to gain here who will they be . What democrats cross the line . I will not get into naming names. I will wait until they show it on the scoreboard. Gerri well watch for that. Meantime youve been on record backing this proposal obviously. Youve been, added your signature to letters that went to the president. You proposed legislation. Youve been behind this legislation. It is six years since it was originally proposed. Now it is thought that it will cost as much as twice as much to build. Is that something we should rethink . I dont think, i think you would need to always look and be conservative about the costs and increase but that Cost Increases is in inflation and cost of doing business which happens when you delay projects you should do. I was a builder and developer in my private life. I know what happens when you delay. That amount of increase has been caused because of delay in congress of the United States. Gerri white house even today saying they dont like the legislation. Heres press secretary with his comments. Certainly as a piece of legislation that the president doesnt support because the president believes that this is something that should be determined through the state department. As you rightly point out there are similar pieces of legislation that have been introduced in this congress where the president s senior advisors have recommended a veto. Gerri even if you do get the 60 or 61 votes, it is anybodys guess whether the president will sign it . Well if he is true to his word he will veto it which i think would be a mistake. We need to start calling the president s hand. Had basically two years where he pontificate from the white house never have to cast a vote, never issue a veto. Never sign a bit. Time to put americas issue on the president of the United States of americas desk and let him take action. Gerri john boehner today, speak of the house, had some interesting comments what his analysis of the president s actions might be. Here is boehner. Keystone pipeline veto would send the signal that this president has no interest in listening to the American People. It would be equivalent of calling the American People stupid. The equivalent of calling the American People stupid. And we know from surveys that about 60 of the americans support the project. How, is the president still playing to his left base in trying to prevent this project from Going Forward . I think so but i really dont understand where all that pressure is coming from. Moving that Petroleum Underground in a pipeline doesnt emit any carbon as well. Cleanest way to move oil across the country. I dont know who is the president is getting his information from but he is not listening to the state department, he is not listening to american business, he is not listening to his country. Gerri so if this legislation goes down, if it doesnt pass the senate or if the president vetos it, what happens next . Come january the 6th. New marshall will be in town. Mitch mcconnell will be leader of United States senate. You will have a lot more votes. A lot of democrats will join us and well try to override the president s veto to make it happen. Gerri it creates, nine times the house voted to approve keystone. 42,000 jobs initially. Lots of support out there in the heartland for this project. At the end of the day, what will he be missing if this legislation doesnt go through . Well be missing opportunity to be an independent energy nation. Well miss opportunity to take great advantage for opportunity of our people. Well turn our cheek and turn our face an look the other way for prosperity in america. It will be the wrong thing for america not to develop the keystone xl pipeline. Gerri weve taken big steps in becoming energy independent. The u. S. Number two oil producer. Do we need to go further . You know, i learned in the 1970s, when i waited in gas lines to get 10 gallons worth of rationed fast because the arabs controlled all oil supply in the world there is no such thing as having too much oil and too much energy. I think it is important for us to have access to everything we can. Gerri senator isakson, thanks for coming on the show. Thank you very much. Gerri that vote could happen anytime over next hour or two. Well bring you the results as soon as they come down. The Keystone Pipeline could reduce one line item on consumers budgets, thats gas. Of course consumers as i mentioned have seen prices fall 54 days in a row for gas but it is prompting consumers to open their wallets. Is that the big question . The answer may be found in retailers earnings reports. Joining me Cato Institute economist and senior fellow dan mitchell. Thanks for joining the show. Great to have you here. We saw results come down from home depot in particular that would seem to indicate that consumers might be spending a bit more. What do you make of those numbers . I think consumers are simply dealing with the fact that Energy Prices are coming down. That gives them a little more leeway in their budgets and thats benefiting some other types of products and Services Consumers are going to buy. So this is a sector shift in consumer buying patterns enabled by the declining price of energy. Which is basically food news for the American Economy but good news for the american economist. Lets not forget the key thing is in long run not how consumers spend their money but whether we see increases in the amount of money they earn. Gerri that is a big takeaway. Thats what were all waiting for and havent seen yet. Here is numbers on gas price. I mentioned before that the the price of gas per gallon has gone down 54 straight days. Weve been below 3 a ball lon 18 straight days. Good numbers for u. S. Consumers because i want do ask you this because in the pack of peoples minds, they think, weve seen gas prices go down before. They will only down again. But fit is true what the iea is putting out that gas prices next year will be below 3 a gallon, will that reset how much consumers spend. I expect consumers might take time to adjust their buying habits on at least a longrun basis but i also think there will be some safety in terms of Energy Prices because a lot of this energy is now being produced in the United States. The fracking, the Energy Revolution on private land. If we ever then begin to open up governmentowned lands for production, the United States is going to be in a fairly strong position where opec will not wield the kind of control that they did back in the 1970s where bad government policy combined with opec was causing huge disruptions in energy markets. Gerri you mentioned before consumer incomes. We talked a lot on this show how incomes have not been rising. People have been very frustrated with the fact that prices for many things go up, not gas obviously. But they dont have that increase in income allows them to accommodate this. What is your expectation, what is the outlook for consumer and Consumer Spending . Do you think people will get more generous . Do you think there will still be Lessons Learned from 2008, being stingy, thinking, planning ahead. In the long run we have to remember consumers cant spend money unless they first earn money and thats why you have to learn at the macroeconomic picture. The fact that Labor Force Participation is low. The fact that Median Household Income hasnt recovered back to where it was back in 2008. These are some of the longrun negative impacts i think of obamanomics. Whether it is obamacare. Whether the tax increases that went into effect. A lot of the policies weve gotten out of washington made us more like europe. Were getting more european style growth rates. As long as incomes are flat because of government intervening, it is very hard to think in the long run consumers will have the income earnings to enable big increases in Consumer Spending. Gerri you make a very good point. It is as much policy as reality. I think people out there are dissuaded from spending . Theyre concerned, theyre worried about it because they dont know where the next new regulation will come down and weve seen a ton of. That on top of that obamacare really hurting people out there. Weve seen the cost of health care go up and up and up. What is it going to take in your view to increase consumer sentiment, make people happier, make people more at lose . First one thing to understand Consumer Spending doesnt drive economy. It is reflection of the economy. If the economy is doing well, ie, if people are earning more income, if gdp is increasing then people have more money to spend and more money to save. Spending and saving are both good things and we shouldnt put them against each other. Obviously getting to your question, is washington a hindrance or a help . As i said before i worry, and not just under obama. A lot of it began under bush as government played a bigger and bigger role in our economy. That is sort of throwing sand in the gears and making it so that businesses arent, they dont feel comfortable creating jobs. Individuals and households, theyre not gerri chilling effect. And then in the long run, it were, if we have european policy, i really many a afraid well have european performance. Gerri which is subpar, compared to, compared to our history. Exactly. Gerri dan, thank you for coming on. Thank you. We have a lot more to come this hour including good news ns for the millions at risk of heart attacks due to high cholesterol, a new drug. Significant on edge as we await a grand jury decision on the Michael Brown shooting in ferguson. Residents and Business Owners there bracing for the worst. One of those Business Owners joins us live from ferguson coming up. Over 12,000 financial advisors. So, how are things . Good, good. Nearly 800 billion dollars in assets under care. Let me just put this away. How did edward jones get so big . Could you teach our kids that trick . By not acting that way. Ok, last quarter. Its how edward jones makes sense of investing. Gerri as missouri awaits a decision from the grand jury on whether a Ferguson Police officer will be charged in the Fatal Shooting of 18yearold Michael Brown, businesses are preparing for the worst. Violent demonstrators looted at least 30 businesses in and around the area in the last few days. My next guest has had his shop ransacked by looters in august when all this began. Joining me from ferguson is jan lalani. Welcome. Great to have you here. Youre here by phone. Weve been thinking about you through all of this. What is the mood in ferguson as we await a grand jury decision . It is definitely a city on edge like you guys are saying. There are people from both sides. Other people are scared what will happen. People are sick and tired of this whole situation. People are waiting to see what happened. Gerri in august when this whole thing happened. You were looted and there is video of your store being looted. What are you preparing now . What are you doing now . We look some precautions. We got plywood up on inside and bars up on the outside and put unbreakable glass in to kind of hope we could keep people out of the store after closing. Then, just told all my employees they should be. Make sure theyre on top of it. If there is big crowd outside gathering, close up the store as quick as possible and call the police. Gerri were looking at pictures of your store way back on august 9th. The looting that occurred then. The governor there has declared a state of emergency. Done it pretty early. People are wondering is that a net benefit to people like you, people who own businesses in ferguson . I dont know if it will be a benefit to business. I mean its, well have to wait and see. I hope, i hope that people use more sense now and they, they really think about it, what theyre doing. If they cant get anything good out of destroying their local business. So i hope that all that sufficient is out of, is over. And gerri i saw, i saw pictures this afternoon on our Sister Network fnc showing folks taking to the streets. Walking through the streets. And i know that some businesses have been looted. Is there anything like we saw back in august . Not right now. I mean just a lot of people talking. I havent really experienced any bad, atmosphere. People are just, kind of sticking to the, you want to call it, appropriate demonstrating but, i mean gerri good. It is just a matter of waiting. A matter of waiting. Youre an immigrant. Your family immigrated from this country . Yes. Gerri how are you and your dad holding up . It has been tough. It has been a tough couple months since august. We, our sales went down approximately 45 to 50 . There are just now starting to pick up again. We were actually hoping that nothing was going to happen because it has been a couple of rough months. And how much damage did you end up having from the looting back in august . I mean we got hit twice. And, with everything, i mean, i cant even, with the damages on the two days was about 70,000. Plus, i mean our sales have gone down 50 over 2 1 2 months now. So it is a lot of money. It is counting. Wow. Jan, our thoughts are with you over the next days. And possibly even weeks, i suppose. We wish you the best. Please come back and let us know what is going on as soon as you can. Thank you, guys. Gerri thank you. Later in the show, ultimate safety nest net for you and your family. Life insurance what you need to know before you buy. Next being called a medical breakthrough. 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Do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in Blood Pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid long term injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any allergic reactions like rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. Ask your doctor about cialis for daily use and a free 30tablet trial. Gerri we have breaking news for you now. Nations top auto safety officials urging a nationwide recall of all takata airbags, all of them. National Highway Traffic Safety Administration pointing to a specific incident in North Carolina. Nhtsa says they will begin a process with both takata and automakers to force them to recall all affected vehicles. The nations top auto safety officials are urging a nationwide recall of all takata airbags. Well bring you every detail. More details on the North Carolina case as well. On to health care, a major break through preventing heart attacks. A new trial find that cholesterol drug zetia reduces strokes and heart attacks. We have the author of the a new book, dr. Kevin campbell. I out you. Youre taking zetia but youre not paid. I have no financial relationship. I take zetia and statin together and reduced my cholesterol. It works different way than statins. Decreases absorption of cholesterol in the gut. Statins stop production in the liver. Gerri totally different kind ever impact on the body. Which do you prefer . Which do you think is better . Why do you think zetia is better . It may not be better but very good to use within the if you add a second drug you get enhanced effect. That is what were seeing with set yaw and that is why that is so important . Gerri what about sideeffects . I experienced no sideeffects from zetia. Statins have specific sideeffects with muscle ake and weakness. Set tia seems to limit those sideeffects. Do you think people will go on zetia and statin . Do you think this will change the way Heart Patients are treated . I think it gives us another arrow in the quiver to treat high cholesterol. People not at target with cholestero

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