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Afternoon good afternoon -- Down 28 points on the Dow Jones Industrial Average not as bad as we've been so far this morning.
As we begin a little bit of a comeback here in the last -- see if we can get into positive territory.
Much like yesterday focus on the Fed on Capitol Hill you know -- deficit which -- happened.
What just happened though which is when the lights went out and capital they went out late in the.
They had good insurance.
The hearing because the lights went out and the microphones all right Elaine say -- -- just happened just mobile and how can sit with the.
Was at some sort of what would happen and Albany for those who may -- here in New York last summer.
When governor Paterson was talking about making cuts in the budget.
The Democrats got so upset that -- turn the lights out.
Like when you wonder about that you're in third grade and this -- was -- -- realize that the were clowning around and turn the lights off and I was supposed to -- -- -- every.
While that's what they did up in Albany they just basically -- What we do.
I don't know -- it's off.
And that -- literally turn the lights off on a legislature so you tell me it probably wasn't a situation like that don't you never now makes you wonder -- maybe in many things weren't going somebody's way and -- -- Maybe it was Johnny from the movie airplane remember when he unplug it he said just kidding you plug it back and -- -- -- something like that on an almost seat on the rich -- has a lot of them -- may -- he's joining us live from Washington DC right now the brits did you glad -- -- see the lights -- out.
I did in fact this is Chris Connors I think it's my second favorite movie reference he's -- -- John.
I really don't want the best was -- males -- I had to check up.
I'll be -- now I'm glad he got the Johnny pride yet that's that's very off year very obscure indie music eligibility -- he's upset about right easy time.
That's right he's the guy it's -- go play and looks like a big white talent knowledge when those.
-- -- -- -- I like -- well and I have no idea no.
You don't see the movie airplane I had but I don't -- Cleland and the lying there.
That all of this he did this -- again that did that women are -- and Venus manner and we aren't exactly right we memorize every line every stupid movie.
All yes what's happening today tomorrow and Friday rich -- this Financial Crisis Inquiry Commission.
Starting today and moving over the next three days old what does hope -- Would be accomplished by this.
It's funny -- gonna have a report the end of this and and when they do -- your report that will detail the findings of the financial crisis and who's to blame and what happened.
The president and Democrats would like congress to have finished working.
On overhauling the financial regulatory system so you know they're going to find out the causes and the reasons why.
Probably after congress takes a vote on over on the regulatory system after it passed its bill the senate banking committee is working on its bill.
And so there's there's a feeling almost of first of all.
Why are we looking into this if we're not waiting to re regulate.
The financial system until we find out what exactly happened.
And then there's this aura of a Budget Committee that almost surrounds and I -- -- this didn't help today because.
They have eight million dollars some of called that way too small for them to do you any type of worker -- any type of research that they need to do.
A there's been some infighting they've been slow to roll out some of some of what they've been trying to do here the -- one out in the beginning of this hearing they had to borrow a hearing room because they're not a regular.
And then at the very end you know we all thought someone with -- -- Kick the plug.
And that satellites -- now.
Yet -- any mention the lack of funds lack of resources and mean are we opening or at least the thought wasn't originally that you have.
A huge volume like the 9/11 commission that would be very comprehensive and we'd be able to go through and it would really give its -- detail and scope of the entire situation but.
They're gonna have the resources to do this they want to -- by December 15 right.
Right and and we're -- we're holding hearings today and and I guess -- away this is Alan Greenspan defending himself.
-- he's been defending himself before we really didn't learn I -- say all that much new accept the good part is you know Alan Greenspan says he's not Fed Chairman anymore he can.
Almost say what he wants to in front of congress he gets the opportunity to be frank and he took that opportunity to actually -- congress.
For much of what -- happened Greenspan basically saying that.
You know congress has amnesia when it comes to this and had.
He recognized -- bubble and had he gone to congress.
Three or four years ago and said there's a housing bubble and we need to do something to confront this congress -- -- call them crazy because they were pushing.
Housing initiatives they wanted everyone to get in the housing game.
And then once the crisis happen they're blaming and pointing fingers and Alan Greenspan so.
That continued today and -- we're gonna hear from some city exacts.
In the afternoon panel and tomorrow.
So it giving it away at least we're work.
Hearing more and we're investigating more in and they are.
And in -- they've they've received something like a half million documents to look into.
Okay what exactly happened from the credit rating agencies from from the mortgage servicers and and and everyone across the government.
Who knows that they come up with but the key thing here is that the very end there they're still writing the financial regulatory overhaul and in this thing isn't due out till December.
All right Rick Jensen joining us from Washington thank you very much for that rich hopefully some -- -- meaningful comes out of these three days of hearings.
We are not gonna go to Michael were -- though he is joining us to see you ever -- -- financial group.
-- are you with.
This I had to hit good afternoon.
You don't really get your perspective behind jobs right now we're sitting here watching the Dow or just below that 111000 mark you know.
Seems like psychologically we're having a hard time getting above there -- And number one thing that most economists they'll say as in order for us to go anywhere economy stock market whatever it is.
We've got to see more jobs created when you think that's gonna happen.
Unfortunately I don't think it's gonna happen any time soon.
Two big issues the the housing market is terrific.
Construction is horrible.
That's a big employer not to mention the manufacturing base that's been constantly -- deluded throughout the last ten years.
Is not there and so the jobs aren't there.
We're gonna have to reinvent other industries we can create jobs I think.
How -- how does this affect the stock market in your mind moving forward because we've known this and we've known this over the last few months certainly that we haven't seen the rebound yet that -- we had hoped.
And -- the market's -- he continues to climb does that separation of low Wall Street and main street continue.
-- it will continue probably for a little while longer.
Well a lot of the games in the market have come as a result of good -- prospects that -- really have.
Companies have done some good for such a good job of coming caution.
-- you can't cut -- to zero cost can't be cut indefinitely and and eventually you really have to start selling something hard to get things back to normal.
When people are worried about their job when they're worried about.
Fair amount of hours that they're there are working there and they're not gonna have that tendency to go on just to spend like they have in the past.
I and some Michael big question becomes if we're gonna play this market -- everybody does -- wanna sit on the sidelines -- I you make decisions on this every day where can we go into the market right now where do you think we will see strength even if we continue to sit at these levels.
-- that that's that's a good question and and its also tough question because it really depends on where you are your life also you're gonna need your money.
How much risk you want to take it if you're -- conservative investor you're close to retirement.
Or if you're in retirement you need your income ought to be generated from your assets to maintain your standard of living.
Than -- you really should probably be conservative at this point.
I don't think you should jump in if you've been out.
If you're out you should wait wait wait for buying opportunity now you're younger and you've got lots of time -- -- have bad habits it's not gonna make much -- And you -- to realize how one aspect of that if -- in should you stay.
-- here and you should stay I think until you see a deterioration put some stop -- -- that term percent below the highs and think you'll be safe and.
What what do you make of this earnings season coming up we're literally just what they'll probably a week away from -- -- giving us earnings so we're we're getting back in -- first quarter earnings you think we'll get that revenue growth.
We'll see at least signs of revenue growth coming back.
While some of the proprietary indicators that we watch suggest that the earnings season is going to be a lot more disappointment people are expecting him and -- and in fact -- -- the revisions for the first scorer probably going to be disappointing.
So we think that's gonna be the catalyst that finally turns the market Iran makes people start paying attention.
To the realities that are occurring here -- and throughout the country Dick.
-- -- presents -- real quick disappointing in the fact that we're finally getting our expectations up to where it.
Where there they -- match reality so to speak.
I exactly I think your GDP estimates are gonna be revised downward I think second -- going to be a lot more negative than most people are respecting and of course what we have coming.
Is higher interest rates mortgages interest rates are increasing now that's gonna make it tougher for people to spend money we have a -- resets coming.
And September and October.
Defaults are continue to -- are -- to rise regardless of what the stock market and economy are doing.
That's gonna weigh heavily on the residential housing markets and continue to do so for for possibly years to come.
Doesn't that there's a lot of land mines out there and if if I'm guiding people through a minefield I'm I'm almost.
My tendency is to walk around and feed be -- be patient.
I and so how we are waiting on speech from Federal Reserve Chairman Ben Bernanke.
A lot of talk about what's gonna happen with the US dollar.
I see that some of the factors that you dis like.
Our precious metals and we're looking at.
Gold right out 11143.
Dollars an ounce it's been still on a pretty good run you say it's gonna go lower from here.
Why think gold is very very good indicator of of inflation I don't see inflation as being an issue long term I think the gold bugs that are true gold -- -- really starting to realize that.
The only other way that gold is going to have have a wrong another run is if things are completely unstable throughout the world -- that may occur.
But that's not something that's very easy to predict.
Michael thank you so much sir.
You're welcome Kurt Michael Rubin Alexandra -- have to do it again some time soon he remembered -- sealed what are you talking about do you have -- -- I'll -- it.
I think even we -- -- deficit -- All of you don't seem to look at this whole haven't checked checked look at this on -- on her show went down -- actually.
But -- so I'm good Tracy inspection but it's an honest I didn't think I lowered my -- to make you not -- a story -- had a little.
Yeah yeah I have seen actually -- college.
That's again after the fact you said at first and I think.
Tell us about AJ because you are taller than me that would lessen the terror -- is a toddler could you need to be that the equipment that because this is gonna.
-- -- right up after the break.
-- -- Yeah yeah I know you're you're cool in the -- have better hair -- okay he.
Okay this is like the whole commercial -- of solid snake bit.
-- line of thought you felt my tour so much horizontal.
This is longer than yours but laser light the whole entire commercial break the -- -- Ryan's plan is -- that sound like they're probably going to help all Clinton clearly much cooler than I am and I'm Chris -- -- this is foxbusiness.com.
That what I'm Sandra Smith but alas I just in DC now I already said that -- you -- I got us looking ahead chemically Tracy -- all I would never.
And -- ever again.
All we -- -- right now down 31 points with I think a little to the back step here John Goodman joins us right now -- -- of the National Center for Policy Analysis you know we talk about.
The new health care legislation and we talk about how it affects certain parts of this country in certain -- -- well.
We know it's gonna affect Medicare because we have to make cuts to Medicare to help pay for this.
How break it dealt with how is it really gonna affect Medicare for the everyday person that might even understand how Medicare works.
Well Chris of course Medicare's -- -- program for the elderly and also includes the disabled and basically more than half the cost of Health Care Reform is going to be paid for.
With cuts and benefits for seniors.
And it's cutting every aspect of the program they're cutting hospital care -- -- -- nursing home care.
Of course the bottom illustrations -- -- just cutting payment rates and we're just cutting out waste and won't affect the patients but.
The Medicare chief actuary came out about a month ago and said this could cause institutions to close these are not small cuts.
You know an but there I have to put -- the other side of this that and that is John that there are actually some new benefits to seniors as well.
There are some new benefits -- seniors are gonna get a free annual check up and they're gonna get help with drugs -- -- -- in over a period of time.
But the cuts are ten times the size of the benefits so that if you add it all -- this is not a good bill for seniors.
It's a part of the bill is to cut waste out of Medicare I ask.
Why wasn't that -- cut out to begin with and why do we need another bill to cut out waste from a program that we've had in place that we know has been an efficient for years decades.
Well that is a very good questions and I think the answer is that.
If people can identify the ways it's easy to cut out but they can't and so that what they end up doing is just reducing the rates they pay to providers.
And hoping that not cut out wasteful things went off on what happens is you cut real benefits for real people.
It I'm looking at that something you recently wrote John and that says the most important feature of Obama care is something no one is talking about what is back.
Well for the young people we're all going to be required to buy health insurance plan Sandra and the cost of that plan is gonna grow at twice the rate of growth of our incomes.
So with each passing year it's just gonna eat -- -- -- our disposable income and eventually that's got back that can't go on forever.
John you know we speak to doctors here all the time we have our own a group of doctors -- -- fox contributors and but they took -- then it doesn't make a whole lot of sense to continue well oftentimes to take Medicare -- to -- what would -- -- -- -- -- -- less -- -- on Medicare -- is that gonna -- -- -- -- get -- -- -- -- -- -- -- -- -- -- -- -- We're gonna have a huge huge problem because if the predictions are right Chris we're gonna ensure an additional 32 million people.
About half those are gonna go into the private sector to private insurance.
And so we're not creating more doctors or -- more nurses say you're gonna have more people trying to get more care.
And if I'm a doctor I wanna take the private insurance patient first.
Medicare next Medicaid -- and and those that are paying a lower rates are gonna get pushed and into the -- mind.
And of course one of the big arguments I hear John is that we're with nearly 1516 million people going on insurance all these millions of people.
Who didn't have insurance before well now have it.
-- what are we gonna do about doctors and nurses were not upping the number of those in this country -- likely this is did they're going to deter some of them from even entering into the field.
So how -- we -- possibly manage.
We're gonna have a huge problem.
Already in Massachusetts you can see that kind of problem we're going to have day.
Cut their health insurance an insurance right and half.
And right now the way to see a -- doctor in Boston is twice as long as in any other US city.
And they thought they are gonna get rid of all the people going to the emergency room but that hasn't happened there just as many people going to.
Emergency -- for health care in Massachusetts -- -- -- before their plans started so that's that's a precursor the kind of problem for missing nationwide full.
Real quickly on this John what's the end game here we talk about a multi tiered system of -- -- talk about work -- care for millions of C uses.
So much worse than it is now.
I think for everybody it's going to be more difficult to see a doctor they're going to be waits for care.
Just as their weights and -- -- won't be quite as bad as in Canada.
And if you're in a plan like Medicare that pays a rate that's lower than what the market is paying your weight is going to be longer than -- -- for others.
All right John Goodman.
President and founder of the national center for policy joining us from Dallas thanks for being with us that I.
February you thank you John all right and -- and wants to go to Peter Barnes Peter are you with us.
I am -- you guys Miami I don't Peter.
Got its bad day bad speaks -- Everything is fed day admit that he seems like he had said yesterday David you said today we're waiting on -- we're waiting on pins and needles one of the -- get a say in and they say what they said yesterday and last month a month before aircraft is upset they're taking away from -- -- time.
The hit it absolutely that's right there.
Bernanke but Bernanke is gonna speak today is he gonna say anything do we hear anything different in the notes that we get and that.
And from what we've heard from two over the last 69 months.
Yet the unit you're right we we pay very close attention to what the Fed Chairman says because.
If he changes one word in there from what he said yesterday -- we have to know what that word change is because words matter.
And the title of -- speech and this is a -- here.
Is economic challenges past present and future he's speaking at the Dallas regional chamber of commerce.
In Dallas Texas and so we can tell from the title that he's gonna talk about.
You know how we got into the financial crisis.
And then how we're gonna work our way out and we've seen this from.
A lot of fed speakers right now about how they kept on wind all these big programs that they launched during the financial crisis you know liquidity backstop -- Liquidity facilities and cutting interest rates to zero and all that other stuff and so.
Bernanke and others have been laying the ground work for eventually.
You know winding all that stuff down and also raising interest rates as the economy recovers to make sure we don't get any surge in inflation.
Along with the story -- -- -- been wondering if that Kansas City fed up president Thomas Tony he's been to one dissenter last -- times that we've gotten the Fed meeting.
But the FOMC meeting and it is this how serious is is this -- and it is it more of a thought process look at some -- I was in the bag in my mind.
Was this really the first -- that -- domino to fall and others will fall in line fairly quickly behind a strong stand.
Well Chris just as a present for you Tom honig is himself speaking today.
As well he is gonna be in Santa -- not giving a speech to the to the matter to -- members of the Denver.
Branch of the of the Saint Louis fed in his district.
And he is gonna hate -- title this speech is what about zero and as you as you were just saying there.
He has been very concerned about keeping these the Fed Funds rate the short term interest rates at.
Zero to a quarter percent target these are we gonna talk about what about -- -- he's worried.
Will contribute to of course a resurgence in inflation help increase inflation pressures which he which he does not want to -- but he's also worried about.
Asset bubbles and he's worried about you know -- -- the housing bubble that we saw for example in the financial.
In the financial bubble and then which of course contributed to the crisis so.
We're gonna hear from on it today and he is also gonna continue this drumbeat.
Of trying to.
-- corral votes here to try to move on interest rates when we interviewed him a couple of weeks ago he said he said I may I might be alone.
But I'm not I'm not I am I'm not he's forget -- next phrase that I might be alone on this but I'm not wrong basically -- Eventually he is right eventually the Fed is going to vote to increase increase interest rates so.
You know a broken clock is is right twice today as well so eventually -- be on the right side.
You know Peter after the minutes were released yesterday after and I put a phone call and one might trigger friends in the trading pits in Chicago.
Ask them what's the latest.
Chances being priced into the Fed fund futures and an interest rate hike in June it's still pretty much zero down.
No chance up right.
That's right and and that and again we saw the minutes yesterday they actually kind of decided to trash the extended period phrase that we've been watching so closely right now in and at that we fed watchers have generally been told that I heard this from about fed bank president not to long ago.
That extended period -- six months all right well now they're saying well it may not mean six months it might have been might be a longer period.
Maybe a shorter period.
What it does is by distancing themselves from that phrase in the tip and they.
And the and the traditional benchmarks because of more flexibility to pull the trigger when they think they need to so.
Right now though it looks like.
As long as unemployment is up here you know.
Close to 10% then it's gonna stay that at that level firm you know pretty much this year.
You know 9% -- so that's still pretty high.
I I don't expect that to see them to really move on the short term Fed Funds rate.
Maybe by the end of the year.
Yet -- futures are indicating November at this point time and that's probably the consensus -- thanks Peter.
OK guys getting November even just a small chance not a probability but just that very thought president as well as answering that people are thinking that the Fed might move for the first time the end of this year so -- -- -- along with -- I wouldn't say it was great to know what happens on the.
-- -- -- -- -- -- -- -- -- -- -- know -- is that this is really interesting story because of course you look back at Goldman -- horrible horrible year for 2009 for them.
Highly criticized by the public highly criticized by their peers for what did or who may or may not have happened during the financial crisis well.
The company and its executive had a had a really mid.
A lot of the tragedy I guess you could call it they -- the longest ever a letter.
To -- to shareholders it with an eight pages note.
This has put out today prevent -- -- of course Goldman -- point of view but after being criticized about -- taking care of the bank's own interests ahead of its clients -- its customers.
And Goldman Sachs chief Lloyd Blankfein.
Said in there that clients are at the top of the pecking order.
We generator nor denying if you well that Goldman bet against its clients using.
Short positions that it took on it before -- residential real estate market crashed.
Remember Goldman's one of the first large institutions to cut back on its real estate exposure.
-- just before the crash so there is a big question of whether or not they were looking at their customers positions and betting against that they are completely denying that saying short positions.
Served to offset our long positions.
And Blankfein also set our goal was and is to be in position to make markets for our clients while managing our risk with prescribed.
Limits by the way Clinton in this letter that again as the longer shareholder letter that the company's ever written eight pages.
And the company's president -- can't use the word -- or clients.
Times not by insiders said they are and coming out in full of facts.
-- ever by not putting their customers for.
Stand it may have been a horrible year for them from the PR perspective and having to fight you that not so from the piano standpoint as they made over thirteen billion dollar bill brightly profiting profit stunning record isn't.
That in -- sharp stick in the united.
We'll take a break Goldman Sachs might be a part of our market movers today woo them might be that's looking for the worst he's ever set up -- -- essentially they're going to be in both states in the.
-- -- Hello -- back everybody -- warmth.
So we -- just this guy now with people are so sick about me saying that so I'll buy -- -- now only about an about area where my snugly over.
-- so -- you know.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Comedy fun movies though most are going higher CKE restaurants it's called -- -- that's hardee's.
I've always admired hardee's because they've never really cared how much fat or calories are in their burgers -- -- look with fast food we're burgers.
That's we make you know when I apologize -- -- -- union apple salad or whatever yeah whatever else he gets in these other places that's what they give you.
Another acquisition offer was made we don't know who it's why but challenging -- -- made insinuate I was 619 million dollar sound like a lot of -- and president I -- -- see the state think.
That's a ninety million seems like there I've seen 690 million hardee's restaurants.
-- -- country up 7% those CKE.
Today Family Dollar Stores.
These guys are ticketed -- -- is a ticker symbol.
Better quarterly profits than expected they've been just nailed their -- -- release -- four and a half percent at some point -- -- got to think they they reach it crest here say -- Sandra but.
You gotta wonder.
The people continue shopping there once we get this media.
I'm -- -- question but -- what it might have won over new customers and their -- so.
Massey Energy by the way also down again today it's rebounding a little bit on the day -- Of course we know owns the coal mine where we had the tragedy two nights ago.
All but they've gone now drop they drop 18%.
-- awful 52 week high on Monday they have -- giving our money talk about 18%.
-- you have analyst Jefferies reiterating by saying that the shares are undervalued before the accident now after NET percent drop still undervalued so.
You know when you take the emotion out of it that's -- there was little doubt that with the with the families from from here.
You know stock appreciation.
What devaluing standpoint which is without the last couple days that's one of the largest coal producers and the country's -- and never mind was very high quality metallurgical coal they used to make steel you mentioned Goldman Sachs that's another mover up 2% on the -- apparently the you know investors.
Sandra enjoying what does mr.
Blankfein had to say that eight page letter to the invest McEnroe I catch up significantly on the day in and now our last -- Monsanto down.
Above bad fiscal second quarter for them lower price.
As for round of the -- used -- -- of course that's awesome.
And other herbicides hurting their sales hurting margins got a lower margins on the herbicides even at a seed.
Segment actually performing very well -- ever smelled around that.
I actually I think in every -- and -- you're brain cells had a groundout and a granddaughter evident again you know what you're becoming a college -- -- -- do whatever you can do.
Well I'm not.
Let's go to Kenya and -- CEOs score America's -- not well.
I think who has a hold my students at the net it's okay that we we've got to turn honest to a serious -- hero -- We need to get out to Jeff Flock he is in West Virginia right now.
We -- just talking about -- bit more on the -- explosion there Jeff I know I saw you earlier on the Fox Business Network talking to the governor of West Virginia.
You also had a lot of time to talk about all the latest there what do you had.
Well you know -- just -- to talk about -- and Danielle talk about how massive Massey is that my -- at the right at this is via upper big branch.
To be -- left of this over here you see -- mining operations owned by Massey.
Have get tiger back out how close how she -- Al -- and real life is here West Virginia.
This is the middle school they bounce he's through -- -- there that's a local mills awarded to a briefings at typical cold we have right.
I don't know right behind it -- this is how close everything is together let's say we were talking earlier.
To the local congressman -- talking -- some of his constituents right now.
And I'll tell you.
We were talking -- him -- out.
The impact on -- -- old Cole was such a huge business here I mean the headline today is we've got four miners still unaccounted for.
They are gonna drill two holes that -- -- already.
-- -- -- before -- -- that the methane gas out and hopefully.
Then -- so they get into the advise alive and there's a long shot but it's a possibility.
But I was talking with congressman -- Hall -- Baptist industry and about.
Regulating it in a way such that it prevents disasters like this one from happening at the same time.
Making it possible for companies to do business like message which is infuse huge deal and -- -- I -- just -- -- a little.
His conversation with his constituents.
-- -- -- -- -- Worked in the -- were working in the -- or have lost loved ones in the -- That's why we're all family.
-- -- of -- conversation and we're just listen in here on the Fox Business Network to congressman ray hall and you'll.
You have connections and had connections.
And congressman we're talking on a business network about how to maintain a business.
That's so important to the people the local residents that live here.
Provide great jobs the same time regulating in a way that they can continue to do that but prevent something like this it happens.
Well -- you know that's a good.
Conflict here -- here speak it out because.
That's they like all of our coal companies are responsible corporate citizens and you'll find -- contributing to.
Cause after terrible cause that picture because indeed -- just given a million dollars to get to this school new school site have found that we're on right here.
I've been at same time you have to recognize.
That there is not a price tag you can put on a coal -- life.
Let's be real here.
Yes everybody's in business to make a profit but the bottom line is protecting their health and safety.
Our most precious resource which is the coal miner emerged that all the cynics some cynics among us might say well -- that contribute to the owner contribute to the local economy but you know.
A -- a -- then within a stone's throw of the local.
Elementary school here and a plea that helmet to school was here before the call them and that's correct and you excerpt from outside and yet -- -- removal projects going on around us as we speak as well and that's it.
-- -- controversial issues mostly it's tough because it's such huge industry here do you find workers at say.
-- worried about safety in here.
But I got a great job and make an eighteen bucks and -- you will.
Find that you'll find that.
Workers have lost loved ones in the -- yet they'll go right back in the next day in or and you can appreciate dad and recognized our courageous they are for doing that.
At the same time they're trying to feed your family -- -- -- device you've got to be drew outlined in your children.
And you got the bread on the table and this is a business -- -- this is a business that does that and not only that fact that you have many accounting instead in West Virginia that honor to represent they would not be able to turn on -- lights that would not be able to our law enforcement personnel.
If they did not have the revenues that come in from the coal industry.
So that's a very important fact is well but at the same time limit be reckoned that that are legitimate coal mining industry it's -- airport.
Sentries and nobody's gonna take that away from it the controversial aspects -- -- mountaintop removal and these accidents that occur.
Our -- something that does not take away from the bedrock.
Coal mining industry that served our nation for decades and served our country.
Served our country as far as energy security and national security this that states -- resources right here on US soil it's -- it's a resources right here -- -- so what we're gonna always need Erik Cole it's always going to be.
The largest generator of electricity in this country and that many people in the big city.
Sometimes take for granted an egg that very morning switch get flicked the light and they don't like the -- they take for granted or come from.
And you're the one of the man in charge of making sure that they can do business profitably at the same time do it safely and not have.
25 -- -- -- over right to say that we might have one behind it we can strike the proper balance.
That's what it's about them to use it there congressman ray -- appreciate your articulate comments as -- thank you very much -- -- -- 34 years in the congress.
Rock solid West Virginia coal seams.
I had all the people at work.
-- -- -- congressman ray Houghton constantly talking about that you could understand why the imports of the coal industry there the same time I've heard over the last couple of days.
People may be questioning where is Nancy why haven't they called me you know I waited they're here for the about my loved ones and I wasn't hearing any -- from the company.
Have you seen -- in it in the past there do you forgive the -- but their presence very strongly there console -- people.
Talking to people.
The CEO of -- other than initial statement -- Andy I think it gave an interview yesterday with one local reporter and brief interview with the Associated Press which he said.
Don Blankenship that it well that my must've been safer or else they would let's keep.
Operating well of course they have all these violations that are pending.
They also got shut down a couple of times and but there have been represented that company -- chief operating officer here was here yesterday talked to reporters he's not here today.
They happened down at the at the family center which is just general premise here.
I think they are talking to the families but there's a lot of tough questions.
I think that they would have to answer.
That at this point.
Have not been answered -- Jeff -- great color from the ground half of the mine explosion site in West Virginia thanks for joining us.
Thanks and -- We are moving on to we're going to head down to Florida now yeah we Tallahassee.
My Carrot Top the list is going to be joining us right now Florida Republican senator -- incoming.
-- senate president Mike thank you so much for joining us.
Think the opportunity on -- it's -- then -- Chris is about to jump in here and.
Yeah I have -- but -- friend on the floor but a day says Tallahassee is God's country with its on the Georgia Tech -- -- finally them.
All -- -- you're proposing something very interesting.
You're gonna ask the legislature for 200000 dollars to form a commission to.
And I guess -- to investigate.
Criminals have been incarcerated -- won't -- correct me if I'm wrong but that's triggered that -- -- right now right.
That's exactly right and fortunes -- problems throughout our state recently where I live in Brevard County.
The Kennedy space and it's located in two weeks examples -- one person was wrongfully incarcerated for twenty years.
More recently another person for 27 years.
DNA evidence proved that this is not.
In case we want to make hit the right persons behind bars to -- two things one.
Make sure the innocent -- not behind bars and to those people who behind bars bring confidence back for criminal justice system.
So -- you're asking the legislature to do what exactly.
-- -- putting this 200000 dollars together we're gonna have one stop shopping meaning making sure that person to feel they're wrongfully incarcerated.
Can find all the facts but to be DNA testing doing the -- background investigations necessary the firm went think innocence or guilt.
Never are are criminal justice system our jury system is not perfect.
They're twelve persons who listen evidence and they find guilty not guilty.
In the cases were talking about Brevard County.
They're twelve cases total and Florida people -- wrongfully incarcerated.
I can only imagine 27 years behind bars and going to bed every night and fortunately it nightmare continues in the morning now what.
200000 dollars get you because in my mind that if you hammered a toilet seat at the Pentagon into the government spending what is it -- really gets you in this process.
Well the good news is we're not Washington DC and that'll stick like dating World Bank or a wedding budget right.
We haven't balanced budget that but that's said that good thing about having it right here in Tallahassee have been an excellent -- -- Florida state university law school -- what you need is some.
Basically some volunteer time people who are getting their degree right here Florida State as you mentioned earlier.
-- feel a volunteer their time.
And again by having it in one location working with the -- State Supreme Court were able to make sure that.
We can move the ball forward -- innocence commission nationwide has found success as a model out of North Carolina that that we are.
Using because in proven success but I don't believe in reinventing the wheel when they've had this present right here in North Carolina it worked well and it's not a big expenditure.
And with the -- resource putting forth by the Stevens -- Florida State University.
We can make sure that the people behind bars -- the right ones to -- justice and should be making mistake we -- if people can get out in the nightmare and finally end.
But senator why are you so driven for this particular cars.
Well and it's it's pretty unique umpire the most conservative Republican our caucus and then and the senate and FBI agent.
But when you meet people who've been behind bars for 22 years or 27 years.
It is is this up he can't imagine I'm only forty years old I can imagine losing half my life behind bars.
For a crime -- did not commit if we're going to be compassionate nation we need to make sure that we look out for the innocent.
And when people have a legitimate case we want to use this commission to make sure that justice is served to put finality on the case to say sorry despite what you're saying you're guilty.
Or and the worst case -- if they're innocent let's get them out of jail and try to put lead a productive life once again.
How was it that that doesn't that that that decision making process doesn't take place throughout the trial I mean because they that is what's supposed to happen.
The guilty beyond -- shadow of a doubt is supposed to get all that through in the trial before conviction.
Why does Florida have such a problem with sending so many innocent people to present.
-- this recall we've got over a 100000 people in jail I think -- right now in the state of Florida -- been told twelve cases where there's been a mistake.
So it's a pretty good percentage.
This is not a perfect system we want to make it better and the one way we do it is by using the latest technology.
-- -- -- -- cases across the country DNA evidence is a new thing.
Again think the criminal justice -- not perfect again.
I want to make -- the right persons behind bars.
The latest innovation the DNA evidence should allow -- -- put a lot of these cases that have been in question for years to bed one way.
Or the other I think it's a great way to affirm our very successful got -- on crime here in Florida.
For example we have 85% will he commit a crime -- got to serve 85% of your sense if you think gallon and the commissioner crime.
You at least served ten years more likely life and we have the death penalty which I support.
But I want to make sure the right persons behind bars is a small investment to make sure we have more confidence in our justice system.
Now I'm -- and time offended there are growing state definite.
-- so I mean it's gonna be pretty hard to talk about something -- a -- potentially cost a lot of money.
I know that you're suggesting 200000 dollars but the -- and seeing recommended 350000.
What happened that you don't -- the volunteers you need this could turn out to be -- costly project.
Well I get it there's legitimate concerns that was recall to keep the person on death row -- or 50000 dollars a year in the state of Florida.
And Everett a prisoner 30000 dollars a year we also have provisions.
What I talked about earlier you're wrongfully convicted we compensate persons at the cost of 50000 dollars a year because they've lost in some cases literally half your life if not more.
We think it's a -- long term investment.
We think it's it's pennies on the dollar and again if we're gonna have a successful society we want to make sure this confidence with the right persons behind bars.
Again in a 67 billion dollar budget that we have I think this investment to get one.
I expect the legal -- to step up as well and do their part makes -- volunteer hours pro Bono work is done this should be at a joint.
Public private partnership and I think we have that support -- Senator what type of evidence -- -- North Carolina their program has been placed for a little over three years now.
-- they seen -- success have you seen some cost savings associated with it as well not to mention the human the human -- -- I think he hit the nail on the head on both your points you -- and it cost savings and human -- never you have person behind bars and shouldn't be there that cost the state money.
And the second side is again you're taking away a person's life.
The pro life person as well and I could not imagine being behind bars wrongfully convicted and and what we're trying to do is step up do the right thing use the technology.
I think we're missing a few of these cases come about because.
Natalie had DNA evidence were able to handle these matters and much more effective matter -- cases that we're dealing with the the cases from 20/20 five years ago.
They didn't have that evidence -- form he's in the latest technology.
And the and the North Carolina scenario again it's one where they have a great relationship with the courts that a good relationship the legal community.
And most important law enforcement sees this as a -- was well that says hey if you're convicted in the state.
You're obviously guilty given all the lucky that we have to make sure that.
We look out for the right thing and we'll.
Senator I can tell you that you have early gotten our viewers all riled up and looking at the chat messages here some say.
-- to do all of this for just a very tiny fraction of a percent of -- -- wrongfully convicted felons on the other hand another viewer saying -- but if that one person was you.
Wouldn't it be a much bigger deal -- a very very interesting conversation a great debate.
Or as much as we waste taxpayer dollars in this country 200000 dollars here one person at a jail it's innocent I'm -- I -- I -- -- more.
Okay thank you much opportunity and we look forward thought in the future thanks senator senator Mike had topless joining us from Florida thanks a lot about their out of Florida joining us from Tallahassee right -- a -- -- break when we come back.
Com we'll talk about.
This 45 dollars the bankruptcy.
It's the bank uses you -- able to charge for your carry on on the only this -- -- look back foxbusiness.com.
This -- and enlistment.
Stop you will you wouldn't interrupt me that's why it through -- -- -- yes I insisted that Chris I welcome back everybody and how you -- If you're planning -- summer getaway.
We're going to -- for alluded to -- if you're seeing you about the last block I messed up this like -- it's not CO score tickets for partisan -- -- Small business consultancy.
Hey Ken how are you.
I think well how are you all.
Everybody got Giambi signed Jimmy got -- like this tour is that this is announcing reporters -- -- -- -- announce it today with the FCC and the FDA.
A program that's gonna help small businesses across this country really learn about broad band and how to use it some -- -- bit more about this program.
-- it's it's a tremendous public private.
It includes the FCC the Small Business Administration.
And a number of fortune 500 companies that are.
Helping score to educate.
Small business owners and potential small business owners on the value of broad -- and how broad band can enable their business you know that.
Broadband is really a tool a pipeline.
To the Internet which allows you to get to.
All of the opportunities that cloud computing provides.
Internet marketing social media.
All of the things -- small business owners need to be aware of today in order to be successful fulfill their dreams.
It's so I'm a small business owner and say I have no idea what you're talking about I -- I'm hearing you talk but I want to know how this is gonna improve my business.
What do I need to know about -- band -- -- setting up.
Well what we want to tell you about is what -- ban in Naples.
We would talk to you about how you use broadband to reach out to.
Social media networks.
-- to reach out to.
Marketing opportunities through Internet marketing via email.
Two communications with your clients.
Communications in terms -- e-commerce how you can sell online.
How you can follow up.
On the sale afterwards how you post a brochure site.
You know I think that any small business today that stars -- doesn't have.
Strategy to use technology and using Internet effectively.
Starting out behind so this initiative again funded by.
Private dollars in in concert with ESP in the FCC is intended to help these small business owners understand the value that this could provide.
Actually how they do -- hands on.
And we're gonna deliver that both face to face to our score chapters online at the score website as well as through web sites and opportunities with the many consortium partners.
Now you think it's -- that consortium can you have put together a who's still.
Of corporate partners for this how are you able to get such an -- list together.
You know it's it's really remarkable listen and includes major companies like HP and Google and Constant Contact them.
And many many others best buy.
You know these companies recognize.
Of having small business owners using broad man.
Many of them are our cloud computing services Constant Contact as an example Google if you happen to have.
HP many of their sales happened online so it -- -- them.
And and certainly Austin is valuable to small business owner.
If these small businesses are enabled and are able to access all these great tools and and services and opportunities that are available.
OK so -- -- from this though you are America's largest nonprofit small business consultancy.
Is this really of the primary concern from small businesses right now new what are you hearing out there.
You know I wouldn't say this is a primary concern but I do think that this is a solution.
We are seeing businesses that tell us what they really need today or more customers and -- That's OK they need to make a sale -- and while many of them do need dead in the and they do need capital.
Most of them are looking for more customers.
And through broadband technologies.
There are so many different marketing opportunities.
Outreach opportunities partnering opportunities.
They can help resolve that problem of finding more customers maybe they find a partnership in their local community that allows -- To access.
An entirely new industry or new customer base so.
-- the the idea of being online and bringing these tools to bear in using them to.
Promote business to do business to make sales to follow with a client.
Is really critical in their effort to resolve what we believed to be their primary content problem which is finding more customers and making -- -- Can I guarantee -- made the day a lot of a lot of our view is when you say funded entirely.
Through private funding they really enjoy hearing that because we just have not heard that very often lately thank you can.
My pleasure thanks for having me again and yes he CO score that's America's largest nonprofit small business consultancy trying to bring broadband.
And there was a class act -- this really the primary concern now than they did Lamar Benton says that anyone had -- -- primary conservative talk alike buckle down in this environment and decide what you need now.
Rather than -- focus on the immediate.
Future and think about what can help -- down around him out of -- I -- the only combat.
How KE -- would you pay 45 I feel back to feed about my keys really got out there because all -- -- -- chatting about that.
Spirit Airlines 45 dollar baggage is it for real.
-- carry on baggage -- Welcome back everybody.
And we are first going to hear what caught Chris cutters -- today.
I should've done this or you just told me during the break as the local -- issue.
And you go -- -- are you familiar -- -- you immediate there always is a little bit about.
Thank you had to he had an -- as he does go online you can has ordered haven't -- there definitive leadership is kind breakthrough.
Missing some of our viewers do this this ship our luggage and right here leaders -- caught my -- there's a poll out that just -- of the business roundtable that's.
A 105 CEOs were pulled him for the first time.
In over two years.
These CEO's and more of them said they plan to hire in the next six months.
Than actually planned to lay people off its close 29% will hire 21% will lay people -- the remainder would just stay status quo but at least it's more in the hiring.
A couple of things to -- -- 3% say they expect sales to grow.
In the next six months that's up from 68% in the fourth quarter won't fly in capex this is a big when we've been talking about in this pointed out nearly half that's 47%.
Expect an increase in ten next spending in the next six months -- Yeah I would say they probably didn't give any indication of this -- 73% say they've heard that whatever sales 70% expect sales to grow their hiring.
The audio is like 29% are gonna hire or the big question will be what type of job at what level of jobs and all that -- CEO Leo -- McDonald says you know we're gonna hire yell across the board.
There is an easy talking about the franchises like -- so you don't know but then again you're right what types of jobs.
-- at the -- there are they ten jobs of the full time does that at least it's again.
It's a tiny step in the right it's some initiatives let's talk about the traveling right after Hannity -- -- once again senior editor of travelocity Julius page -- I would you make of this 45 dollars for carry on.
You vacant and I want people are a lot of you learn outraged I -- invited I think that's the knee jerk reaction that -- to be angry to be charged for something.
Yet again -- -- officer -- used to paint for our checked bag in that out of B charging for carry on bags.
I don't know if it's a one step too far but he is certainly the direction in which the airlines have been going.
Over the past two years if you can be -- Spirit Airlines after August 1.
He should expect to be paying between fifteen and 45 dollars for that carry on back with fifteen news -- what's the -- -- -- -- you -- You know if you are a member of their nine dollar fare club which is now it costs forty dollars here to be proud.
That you got to reduce carry on at the if you pay at the heat -- -- be 45 dollars -- on line.
Think it's unusual -- I think it's just that.
It outraged that people are outraged because guess what -- airlines -- a business just like anyone else trying to profit in a very difficult environment.
If this was what they decided to view and -- -- take -- hit because people say they don't wanna travel on spirit because of this cost.
Then it didn't go quite awhile spirit giving that opportunity.
However and being from travel -- -- -- -- you can comment on this.
I went -- to -- -- -- -- tried to book a flight.
I did this -- -- during early show today tried to book a flight from New York to Aruba.
That cost came up for the cheapest ticket I looked at all the airlines' cheapest flight.
Came up over a 150 dollars more than if I book that flight -- Spirit Airlines -- even if I paid 45 dollars a -- picture back up no overhead compartment.
I'm still below the average price that I I felt so.
I mean -- prices are already low -- They are and their known as the ultra low cost carrier they're kind of the Ryan manner.
Of the US it's in -- -- -- you go to the bathroom read an apple I believe that when I -- -- but perhaps.
The fact is they do have a look -- as well -- the penny -- only paying taxes and fees on the other hand in charge of everything the charging for and against seat assignment including middle seat.
The they charge you for making a reservation in the first place their fee structure is quite complex and -- typical -- average traveler to understand.
But I I agree with you the -- business they do need to make money and people don't like it they can take their business elsewhere the fact is that spirit mostly flies.
And southeast to keep pretty announced.
And Latin America and not places that our service at airlines so you know it it -- speak with -- dollars.
The other thing too is in other -- -- try to influence customer behavior with this too because we've all seen any security lines are terrible now anyways but I got people.
Mellow like John Candy and play thing is not a -- -- -- trunk full of shower curtain -- -- the plane trying to stuff and above you know they're it's a pain in the neck with these feet.
Oh definitely and since airlines has started charging for checked bag it has become a huge issue in terms of crowding and a half days between that attention between flight personnel.
And travelers among travelers pack top -- took a -- and found that the number one millionth among travelers.
Was -- of the upper end.
The flight attendant says he she came out in the last two weeks into the 80% of -- and had been injured.
People's carry on -- they are definitely trying to get people to go back to checking back as evidenced by the fact that Heather checked bag fees.
Are lower than their carry them.
Yeah I don't know that.
I think sitting in the chair when your book I mean it's one thing to have a flight -- getting hurt but losing your check some reason -- this thing up above you and me it's a pain.
Say here's a question for you then.
Why not charge for the overhead luggage so you can get people on not the -- faster.
We -- check bags free its people to the airport earlier I mean I bash we probably wouldn't like to have to -- you know what I ever I'm saying for the convenience of the company and for the flyers.
Why not charge food to carry on bag and make the checked -- free some people -- now.
Well actually it actually does make some sense I don't know if that's the direction where the airlines behind -- and -- question -- will they follow.
And you know I think I'm wolf how even if you connect other low cost carriers jetBlue in particular he's -- even charge for the first checked back.
This seems unlikely that they would jump to this model.
That's sad you know I don't think -- off the table one of our viewers is commenting saying hey carry on luggage is important for medication and it got personal items but.
When you're allowed the -- and take a personal item that I.
Did either in your lap -- under an easy perhaps -- under the seat in front and they Wally Clinton on your lap it's for safety -- but you have to into the sea front -- so.
You can bring your laptop bag you can bring your diaper bag -- everything that I got the funniest press -- that.
He company touting sneak patients -- vacation -- to Spirit Airlines you don't need any luck enters your mind that any patient at a signal.
-- -- again Monroe acquitted airlines and promoting that like while on the plate not today.
Thank you gotta go but what's the overall trend you CR AI is traveling picking up and a.
Definitely airfares are some are 13% from where they -- last summer back to 2008 levels.
On the other hand to calibrate to -- a 12% from the day they were in 2000 -- Jane -- for the -- but for the -- house to concentrate on the hotel value to get most senators that.
Genevieve perfect stuff thanks city show brown once -- -- mid air travel Osce will have her back in.
As we progress to despray trying to get the spring break to show that over with and and look forward to summer should -- on -- good note.
And -- CEOs higher dynasty as the iron not a bad you're paying for luggage payment card of the match remodel our hair taken medication on your carry on that -- doesn't fit in the courtesy -- It's not -- and -- stage management atom bomb with -- To -- us as we go off the not assume there you know -- funding and it will.
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