Transcripts For FBC Varney Company 20130212 : vimarsana.com

FBC Varney Company February 12, 2013

Imus in the morning two views of the fate of the union. The way the president sees it and the way you see it. They are very different. Good morning, everyone. Tonight president obama gives what is being called an aggressive state of the Union Address. Its been widely leaked. He will call for robust government involvement in the economy. More spending on education, infrastructure and green energy. Pay for it with more taxes on the private sector and on the rich. The president says the government can rebuild the middle class. On capitol hill there will be numerous Standing Ovations, but 80 thinks that the opportunity for the next generation is disappearing. More than half think the economy will never fully recover and just as the president demands more spending, he reports waste and fraud in the program is put in place. There you have it. The great divide. Thats perhaps the true state of the union. Stay right there, Varney Company is about to begin with dr. Ben carson. All right. Everybody, the headline of this morning is dr. Ben carson, the man who lectured president obama at the National Prayer breakfast last week. He joins us right now. Dr. Carson, youve taken a leadership role whether you like it or not. What is your next move . Are you going to stand for Elective Office . I have no intention of getting into the political arena unless god forces me into it because i think its just such a cesspool and i do think we need voices of reason. We need people who can talk about things that make sense and you know, the amount of emails and calls that weve gotten from across the country, people just resonating so much with something that makes sense and of course, nothing makes sense coming out of washington because everything is attached to some special interest group. Stuart dont you feel a calling . You obviously felt some calling to stand up right in front of the president and make your points. Dont you feel a calling to pursue this and make a real difference to america . Well, i feel that all of us, all of us citizens have a calling to make our voices heard. Thats the problem. You know, this country was for us, the people. And were allowing the government to become the primary entity. It was supposed to be to facilitate things. Were allowing it to rule us completely and that is the natural tendency of government. Those people who founded our nation spelled this out very clearly. I talked about this in the book. Thats the reason i wrote the book to give People Perspective whats going on and glad that people are starting to read it now. But the fact of the matter is, as every government tends to grant power and to get bigger and to take the power away from the people, our framers designed the constitution that was supposed to stop that from happening, but as we begin to disregard the constitution, were thwarting what they so cleverly did. Stuart you, sir, have jumped right into the middle of the ongoing ferocious debate in the United States and we very much thank you, a, for being with us today and b, for jumping right into it. It was a pressure having you back on the program. Come and see us again, soon, dr. Carson. Come back soon, thank you, sir. Thank you. Stuart all right. People not only leaving their states, yeah, they are leaving the country because of taxes. Weve got that for you and stocks opening in a moment. [ male announcer ] at his current pace, bob will retire when hes 153, which would be fine if bob were a vampire. But hes not. Hes an architect with two kids and a mortgage. Luckily, he found someone who gave him a fresh perspective on hisortfolio. And with some planning and effort, hopefully bob can retire at a more appropriate age. Its not rocket science. Its just common sense. From td ameritrade. Its just common sense. All statstep seven pointo mithis itwo one two. His time. Rify and lock. 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Com to try lifelock protection risk free for a full 60 days. Use promo code gethelp. Plus get this document shredder free but only if you act right now. Call the number on your screen now all right. Here comes the opening bell seconds from now. [bell ringing]. Were expecting an upside bias and take us closer back to 14,000. We closed out yesterday at 13, 971. The opening trend should be just a fraction higher, yes, it is not by much. Dont expect a deluge of buying here, not going to happen, not in the early going. Lets bring in nicole, ive got a question to compose here, the president is going to demand more spending. Ive got to believe that the stock market wants more Government Spending, that that is a plus for the market. What do you say . Well, im going to go and say yes on that one, while americans, we want the administration to stop spending and building up the debt. In the meantime, the stock market is reacting differently. We see Health Care Stocks doing well and obamacare and financials doing well and bailouts to the auto industry, spending on solar. So youre seeing the markets doing well and you have the as long charts there. And last week we gained 5 in 2010, 11 in 2009, almost 20 , so, weve had four straight years of gains, plus now as well. So, the stock market looks all right. Government spending works for some. Thanks, nicole. Ive got two stocks for you, big names, you know them. It wants to get into ticket sales as a way to make more money. You want a ticket to a clapton concert, for example, you log on to his Facebook Page and you buy the ticket. The stock show reacting badly. Next company, apple, the chief tim cook is going to attend tonights state of the Union Address and sit next to Michelle Obama and probably wont affect the stock, the stock price now is at 480, however, and inching up towards 500. In the next hour, im going to have my take on what apple should do with that huge pile of cash its got. 137 billion dollars. Talk about that at 10 23 this morning, back to nicole. Burger king expanding the menu . You really like the new options, apparently its all about the premier brand coffee, is that it . Thats right, its all about coffee. Theyre joining mcdonalds and starbucks and dunkin donuts. And we see, theyre talking about a custom beverages, so from lattes to iced coffee. So this is what we are looking at for carnival for burger king. So, thats something that well watch and you can ask eva longoria later, shes right there. Stuart eva is it on the show. Eva longoria is on the show later, okay. Nicole i know. Stuart watch out, here she comes. And Carnival Cruise line, its adrift and no power, ugly. Whats the stock doing. Imagine youre on that ship. Imagine how the stock is faring, this needs to be pull and tugboats out there and imus says how the pilots are backing up. Imagine being stranded on the ship. Stuart but the stock is up, the stock is nearly 39 a share, ou cannot explain it. You can explain it, maybe someone is going to come and rescue the ship. Stuart and thanks, nicole very much. Lets get to gas prices, and youre paying much more at the pump. The National Average for regular now hitting 3. 60. Up two cents just overnight and that means gas up 30 cents in the last month. Its the highest level ever for this time of year. Now, look at california. They spiked 13 cents in the past week, 4. 06. Thats the average for regular in the formerly golden state. All right. Here is the argument. People move or adjust the matter when tax rates go up. Is that true . Lets bring in the man with the evidence. And murdoch is a fox news contributor. First of all, are people leaving the United States, i mean, this is International Tax migration, is that happening . It is happening, stuart. Last year, about 1800 people left the United States and renounced their citizenship and went overseas and ive paid enough tax and going somewhere where i can keep my money. Its not a flood, but up from previous years. It may go up. Higher taxes and peststering, youre the not paying your fair share, how dare you, a lot of negative rhetoric from president obama and allies, and many people say, fine ill go somewhere where ill be treated better. Stuart lets bring in the internal migration. Could you say its a flood of people leaving high tax states to know or low tax states. can you go that far . And one that i say is a pretty swift river. Stuart good one. A book how many must i walk, and found in research between 1995 and 2010, 2 trillion dollars worth of wealth packed up and left high tax states like new york, california, illinois and went to low tax or no income tax states like nevada and florida and generally moving to Southern States where taxes are lower and they go and leave with their money and jobs with them and here in the hightech suffer as a consequence. Stuart more recently, california just imposed a 13. 3 state tax rate at the highest level of income. I would have thought that that would really encourage migration, people leaving california. I mean, rick perry, governor of texas hes in california. Absolutely. Stuart hes he saying come over, come on over. Absolutely. Stuart now, you mentioned 2 trillion dollars worth of wealth, is that going to be now . I think youll see more and more. A great example is Phil Mickelson who lives in california and said im going to make the major change, i cant take that anymore, out of every dollar as a professional golfer, he gets 37 cents. Is that a fair share keep 37 of the doll aar and tiger woods we to florida. Stuart 96. Go to florida theres no income tax. Stuart are the states like california going to say, wait a second, you cant just walk away. Were going to impose an exit fee, an exit tax, thats possible, isnt it . Its entirely possible. Like a financial barbed wire, put financial barbed wire around the state and people are running across the barbed wire and were going to grab money when you leave. Its tyrannical about it, and rich people when they leave. You kind it goes down. And jerry brown wants more money for whatever, high speed rail or whatever, considering lower taxes and wealthy state attract more people in. Rick prry is going to give back surplus money to the people, and more taxes and give some of it back to the taxpayers if hes not able to spend it. I think your message falls on deaf ears, unfortunately in new york. And deroy murdoch, thank you, sir. North korea confirmed its Third Nuclear test came out late last night. And it was significantly larger than the previous test in 06 and 09 and north korea test launched a Ballistic Missile in december. Thats kind of ominous. Now, president obama calls pt nuke test highly provocative. The council is holding an emergency meeting and its going to be fine. New at 10, Actress Eva Longoria is famous. Here she is celebrating president obama at the Democratic National convention. Because eva longoria worked at wendys flipping burgers, she needed a tax break. The eva longoria who works on movie sets does not. Stuart well, does she want higher taxes is the ultimate question. Well, she will be on the program in the next hour. I am going to ask her how she feels about paying more than 50 of her income in taxes to the government and she is going to sell me potato chips. Cant wait for that. Coming up at ten oclock. We want to hear from you, please, send your emails right now varney foxbusiness. Com and were trying to get to some of them and read them on the air this morning. Seven early movers, first off michael kors, a brand i am m familiar with four daughters. Charles payne discussed the stock a month ago. The company said it made more money, up 12 ladies and gentlemen. Next, cocacola profit up, Big International sales, at that stock is down 2 , how about that . Good year tire makes more than expected and predicts more weakness in europe, everybody is predicting that, the stock is down. Next, level 3 communications, losing less money in its core network business. The market doesnt like that, its down 13 , thats a hit. Avon selling more products, but its north American Business is slowing down. Nonetheless, the stock is up. Thats a big move. 11 . Netflix, got to follow this stock. A new partnership with dreamworks to produce childrens shows, that stock is up again. 182 a share, i believe in the past couple of weeks, its almost doubled. Astonishing, last, reynolds american, thats the company. A shipping of fewer cigarettes and the stock is down just a little bit and 43 on reynolds, the dow is opened, its actually dead flat. Its down a half point. That is dead flat. All right, im eating up the time here, so, here are 60 seconds worth of Everything Else weve got for you today. Virtually no coverage of dr. Ben carsons speech in Mainstream Media, virtually none, except those who asked the question, was it offensive . Our media watch dog, brent bozell weighs in on that 10 15. The government gives away free stuff and you know that, all those programs do is bring waste and fraud. More than 2 billion dollars worth of cell phones for poor people and 41 of them cannot prove their eligibility. I think thats waste and fraud. The judge will be in on that one, 10 35. And the city of houston wants to fingerprint, wait for it. Fingerprint and photograph anyone who sells gold to a gold dealer. Theyre looking for thieves. The judge argues invasion of privacy. And paper trail were now up 3 1 2 points, look at oil, please, i think theyre back at 97 a barrel and no end in sight for rising gas prices where you have it now. A shortage of doctors in california. Their solution there. See your pharmacist or a nurse. Devaluing the degree that doctors have earned all in the name of obamacare. Our own doctor, marc siegel joins us next. announcer at scottrade, our clients trade and invest exactly how they want. With scottrades online banking, i get one view of my bank and brokerage accounts with one login. To easily move my money when i need to. 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