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tv   Cavuto  FOX Business  October 31, 2013 8:00pm-9:01pm EDT

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ise financial does. that's what they can do with you. that's how ameriprise puts more within reach. ♪ neil: republicans say when it comes to health care this president does not know jack. i think the problem is that the president does not remember jack, jack kennedy. hithis president. we rewrack the tap, mr. president you decide whether it is worth a listen and a lesson. do you wonder what a former health and human services secretary thinks of will one we have now? kids, you better cover your ears. and the media has a big biassed when it comes to reports deficit the.
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we prove you puke. kind of. and think europeans are calming down? now they tell our companies it get some. what a show. we serve it all up starting right now. neil: time to fess up, it is screwed up, mr. president, own up, you own it all of it this is your healthcare law, you have to fix it. that requires you admit it. you are botching it your obamacare thing, you are losing it. and you are losing us. here is what i'm offering you, a way out. but it will require something you have never done. but something your own health and human services offered, albeit half heartedly, personal
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responsibility for a mess, you can do this, tonight we'll show you how. i am neil cavuto, mr. president, i want to talk to you. this is your moment. i hate to break it to you, but you are blowing it. our personal approval rating just hit an all-time long, and publi angst at all-time high. you cannot afford doing this familiar act again and again. no time for wasting time, doing the same old thing time and gain, forget them, focus on you and your legacy. this is where it will hurt. you have to get tough now mr. president. you have to admit that now. you have to say this. maybe not in those words, but words close, that relay that you, sir, screwed this up. i could say, take a cue from
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your health and human services secretary, but that could be beneath you, see is beneath you, she works for you. you need to take a higher cue from someone who knows the rigors of your job, not someone like me who reports on you, someone who has been in your shoes, and might prove a better inspiration for you. another president. who has been there, done that, and now and then botched a thing or 2 like you. forget about offering your republican as an example, i am offering a democracy, like john f. kennedy. have a look. listen and learn. >> we intend to accept full responsibility for our errors, we expect you to point them out when we miss them. >> if you take the wrong course, on occasion i have president bears the burden and
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responsibility rightly, this is difficult to make judgments here about what the effect would be, in this case that we picked right one. in cuba 1961 we picked wrong one. >> this administration intends to be candid about its errors, a weisman said, i error does not became a mistake, until you refuse to correct it. neil: listen to that last line, you are already at the mistake stage, but that does not mean, you still can't contain it, reverse it all you have to do is quilt pointing finger, tell the american people, you are the boss. you are where the buck stops, all of the blaming nonsense stops, the republican governors, you say won't sign on to your exchanges, drop it, say, i
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flubbed it, now i barack obama plan to fix it you can do this, mr. president. it is not as if they can't get worse, look at your poll numbers, they are bad. to the kennedy head center author, said that president provides a road map for maybe how you can turn things around by first acknowledging that you want to and you acknowledge that you want to, larry sabah doe. you point out, you write, john kennedy, might not have been a perfect president. the fact is, when there were big mistakes he owned up to them, he did not suffer in the polls, he rocketed in the polls for doing so. >> yes. there are many examples, i cite them. but the best known one is after the cuban -- the bay of pigs, in
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his administration, when having been misled by some of the carry overs from the cia from, eisenhower administration, misled by some military people, he did not appoint. he could easily have blamed them. he could have turned back and said, president eisenhower approved this, in october and november. i was just carrying out his plan. he did not do that, he did not point fingers,. neil: and he was a new president, he could have said, i inherited this botched plan. i took atlanta their wiz om -- it at their wisdom, but he would have none of it. >> he would have none, he took full responsibility, and he was rewarded for it he didn't know he would be rewarded for it his poll numbers shot up to 80%, you know the people were willing to back a president who was honest with them, that is the contrast right now with president obama.
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it is not just that he is not taking responsibility, we learned very clearly he misled us about whether we can make our doctor and insurance plan under the circumstances, it turns out that many americans cannot. neil: i am wondering about the timing of your debacles, if this president was hurt, now years into it he is still denying, any culpability, and john f. kennedy, you mentioned the bay of pigs, that happened a couple of months into his presidency, there was sort of a honeymoon period where americans are willing to forgive a new young president circumstance it too lat--is it too late for this on? >> it is never too late, i love the selection you selected there, neil, or maybe it was your producer. neil: if it is anything that you liked it is some someone else.
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>> i love that about an error does not become a mistake, unless you refuse to correct it. it applies to all of us, certainly to presidents, no one is expecting a president to be error-free. but they do, particular presidents to correct -- they do expect presidents to correct their mistakes and errors. neil: it gets to be a credibility issue, if you don't acknowledge mistakes, anything that comes, to the public's attention that shows, that those mistakes are there, that you had to know about them, breeds cynicism, maybe you are covering something up. people start questioning everything that you say. i don't know if we're at that stage with barack obama or people are in a cynical mood about the height care law. but -- healthcare but we talk a great deal about getting to the scandals of irs.
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he looks and sounds angry when he is citing them, but there is no follow through. >> there is -- not only is there no follow through, people should look up a column by glen kessler in the washington post, he is an equal opportunity barber, he hands out pinnochios for misstatements, he gave president obama 4 pinnochios for his repeated statements about the fact that no american would lose their doctor or insurance plan under obamacare it is totally untrue, that is what he has to correct. that has really brought into question his credibility, he will have to take that on, and admit he misled people and apologize. neil: what would be the big deal, i could never see this, just saying, i goofed on this, i did not impeac appreciate the me
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of getting it up and running, we botched it, a lot would say, are you kidding me. but i might find is refreshing, saying, all right, it's a big roll out, you admitted it does not look good. >> neil, remember bill clinton? the american public is incredibly forgiving. once you admit an error, it took clinton a long time. but once he confessed, he was forgiven, same would be true here, but first, you have to since s confess, and ask for forgiveness, that is a very catholic thing, i know you know all about that. neil: rhyme referring back to -- i'm referring back to our 4 pinnochios, i got 5, but if was that italian heritage thing. it is the signature book, larry always a pleasure. >> thank you, neil.
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neil: former health and human services secretary michael levitt on how to fix this mess. i was thinking of you and your successor in that office in kathleen sebelius, claims that the buck stops with her, she is responsible for this, it does go to the president. but she took the blame. when you take the blame it requires you to fix something, too, doesn't it? >> neil, i was thinking about roughly 6 years ago, when we were rolling out medicare part d, that was the largest. largest. implementation of this sport that was done to that point, first 6 or 7 weeks, they were rocky, i think most important lesson we learned, we went to the american public, and said, we have problems, here is what they are. and we own them. we own them, we will find them, we will fix them, and we'll finish them. and here is the way in which we'll do it we do find the american people prepared to be
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patient, the key was, we actual dethat and by the time we were in to seventh week, the system began to improve, and to eighth week, people liked it and now you look back, it was a big -- a very successful implementation. but the key is we took responsibility and we delivered. neil: but not right away, you admitted it later on, your critics saying you do not account for the cost, that was then, this is now, but you rapidly acknowledged, we have problems. i think when you don't acknowledge the problems you will never, ever, ever, ever get them fixed. >> i agree, you have to realize up front you have serious problems and dig in. this is began you lar now -- grangranulacts r now.
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they have no metric to gauge it. them saying we'll be done by the end of november, without some way of measuring it. neil: mike levitz, thank you so much. >> thank you. neil: all right, here is a novel way to get your way on getting more information on what happens with the benghazi. hold up, janet yell know' yelleg to become next federal reserve chairman? is that a roll of the dice? or the washington magic way? when we made our commitment to the gulf, bp had two big goals:
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>> neil, i think this is an important intersection between national security, and economic security, a year after benghazi, we still do not have answers on why was ambassador chris stevens in the middle of al qaeda controlled country, with black flags flying everywhere. and where was the president that evening, he pretty much checked out and never checked back in. but, whether you start to look at the problem with our economy, right now. we have a articlefitial economy -- artificial economy it is important to get to the bottom of what is happening with the federal reserve. we cannot continue to print money to buy up our own debt. our government spending 25% of our gross domestic products. neil: here is where i disagree
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with you, i think, they are apples and oranges, janet gel en yellen is going to be running the federal reserve. but, that is nothing to do with benghazi. i think that it hurts republicans to use her nomination hearings as leverage to get answers on something else. you are right to be frustrated by the lack of response you are getting from the white house on benghazi. i don't believe that the yellen confirmation hearings are the venue. >> but neil, what is going to work with this administration, we have a president that lied to the american lead, even after he knew it was a terrorist attack. neil: fine, fine, you might agree with the route that the ted cruz and others took to shut down the government, and bridge to us the debt ceiling brink as many democrats argue.
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but do you want to risk that all over again? if -- >> no i'm not risking that. i don't think so. have you someone that can continue to operate the federal reserve. just hold over ben bernanke until you can get the matter responsibility. the president of the u.s. is responsible to give the right answers to the american people, this is a big issue. did we abandon 4 americans to die a year ago in libya. and i say, that chairman, saying our debt is a national security issue. if we don't think about how what the federal reserve is doing, and what that means for getting our debt under control, you know, i don't -- >> that is fair game, that part is fair game, linking all this other stuff, and for leverage, reflected in the frustration you are seeking is, is, a short-term and i believe long-term risk for
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you, that is all i'm saying. >> we have to have extraordinary measures, we have an administration that for whatever reason is covering up what happened in benghazi, to include current president, and person that believes they want to be president. neil: alan west, i always ask you the tough questions. when you are on remote, it better to do that then. thank you very much. good having you again. >> my pleasure. neil: this is scary, the media is dressing up our deficit, that as a good thing, not saying boo about our terrifying trend, celebrating, hey -- ridiculous. (vo) you are a business pro.
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neil: only a little bit in debt, media separating, our deficit were a trillion dollars for the first time in what about 5 years. not a peep about how we amassed 17 trillion in debt. for more, guy. what do we make of that? little discussion of 17 trillion-dollar debt. whooping it up over 6 or 700 billion-dollar deficits like we hit a home run. >> well, let's stipulate. this is an improvement. now put this in larger context. this is the fifth high of deficit in u.s. history 2013, the other 4 were last 4. all under this president. we can say hurray it has gone down, but u.s. government in
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fiscal year 2013 will spend $700 billion more than it takes in. if that is a success story, then we're in big trouble. neil: the improvement of the deficit, coming off highs, but i can't dismiss the fact that any deficit adds to that debt, it is not going away, and seriously addressing it is not emerging, even with the early budget discussions, i don't see much structurally changing, i'm worried. >> yeah, well, a lot of people are worried when. obama came in there was $1.3 trillion debt, it is now $6 $60 -- >> who is saying good things about it? president, secretary of treasury
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and mick mcconnell, finally something that both parties can be excited about. they can take credit for. what is last time that happened in washington. neil: no, i would -- normally like the 500-pound guy who losing 50-pounds and said i'm done, i guess i can call it a day. i worry about that guy, we get too self satisfies, and too smug, both parties do this, they say, well we're doing okay, now we can put down our weapons. >> i don't think that -- democrats still want to increase taxes on people who benefitted the most in last regime, republicans' to cut spending willy-nilly. neil: no, i don't see a lot of spending ideas offered on the table by any party. i see. saying, record tax revenue we're getting, we want more. we' more of, that i don't hear
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offers for more spending cuts. >> no, let's be clear, the president of united states got his big tax increase on the rich. last year, 600 billion. that is -- >> it is working. >> he is coming back to the well he wants another $1.1 trillion tax increase in next 10 years, in his budget proposal he increases the debt by $8.2 trillions, that never comes close -- -- >> robert, on both sides, the urgency is taken away when you whoop and scream and rejoice at a deficit that is only 600 billion-dollars, we remember it was 60 billion-dollars, jimmy carter said it was all like a fiscal war. i think that was then, this is now. we tolerate what is still very,
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very worrisome news. nancy pelosi said, cupboard is bear, there is no room to cut, harry reid said americans are onboard hiking taxes more, like we live in a make believe world. >> i am in a town right now, it is halloween, everyone is scared. but, i think these are the kinds of questions that congress and president are designed to work out. neil: but they are not working it out. >> that is right, will the budget process, with r, and d's work out, i believe this is a positive sign because of a very difficult 2011 piece of legislation. neil: you continue is a short-lived development, this is like the eye of the storm passing,ll of a sudden, baby boomers and retiring and entitlements and it is over again. >> the big engine is the economy, if the economy continues to grow.
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then good things happen to budget and deficit. that -- >> you are optimistic, guy, you are not? >> i think that is -- looking at polling, vast majority of the american people are not optimistic about the economy over the next year or so, you don't just have to have halloween to call it make believe day in wor washington, y day is make-believe day in washington, our long-term debt is the problem, we can quibble about short-term deficit, long-term debt is the problem. neil: they are not doing it. they are not. >> in the right direction on democratic side, though. neil: okay. thank you very much. the meantime, spied on them, now we're losing business from them, european backlash on us listening to their calls has been them not returning u.s.
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neil: all right we told you there would be repercussions for the spying thing, a lot of european officials say, let's get back at american companies who want to do business here, we won't let them. more and more american companies are finding that out. but the retired general said, this snooping should not be a shocker, everyone cause this. general, a see a faux rage going on. i think of that "casablanca" line, oh, there is gambling going on here, come on. >> when this thing becomes public, you have to show outrage, it has to be part of it. neil: do bluff the president and his people when they say they did not know about it that
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worries me more. >> i would take the president at his worth. but, nsa is not some sort of rogue agents out there doing what they want, a lot of people out there in policymaking community in washington that knows. they read the intelligence of any from the -- derived from some of the intercepts, of course, people know. now if the president knew specifically? i take it at his word he did not. neil: the under belly of that, there is a like rogue shadow government of spies doing stuff that our president, has no idea is going on. that worries me more than knowing and condoning and pursuing it. on face value might not be as damning as it appears, your thoughts ? >> no, i agree with you. if that were true this would be worrying, but i don't think that is true. i don't think my knowledge of nsa, my relationship with keith
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alexander, the general up there. there is a buttoned-up agency that does not do anything without lawyers looking everything over. neil: but what do they do with this stuff, i know in merck will'merkel'scase, she was a ri. they were listening in on her. maybe because he was a rising star, influential player, then i guess they put that save it in a database, whether anyone is listening to it or going through it again, i have no idea. but how is this decided? do you know? >> i think probably decided by the issue. if there is an important issue, you go through your database, and say do we have any insight on this? do we know how german might look at this or europe. those things. but that is pretty much business as usual. and the same thing is done
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coming this way. you know, i never carried a cell phone at chairman of joints steves of staff, i could -- joint chief of staff, i could never have confidence -- you no. neil: what do you think that response of europeans are proposing, stick it to all american business companies. boeing won't get the plane contract and on and on, too aggressive tit-for-tat? >> i think if you come up to strategstrategic level, europe s important to the u.s., and u.s. is purpose to europe. -- is important to europe, our economy relationship. this and i think cutting off noses on spite faces. if they precede down this line. europeans do care about data privacy, and their laws are structure, more strict than the u.s. and so, but i don't think that wholesale sort of cutting u.s. companies off from some of the
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opportunities they had and ways they operate there would be good for either side. neil: general -- >> after all, we -- i'm sorry, we respon spend a lot of our bld pressure keeping europe secure. this is important to both sides. neil: you know a very good point. we have done big, big good things here. let's not forget that. >> and it is essential to north america and europe. neil: absolutely, general, always an honor. >> thank you, neil. neil: all right we come back, this latest assault on banks, they have to cough up billions, forget the lawsuit. you might think they have pockets that are deeper than the grand canyon. where do you think they will have to make up for that?
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neil: now it is bank of america in the government across hairs, they could pay billions of what they knew as a result of the houses crises. this the pile on those who want to get a mortgage or refinance for those who already have. >> i don't think there is a doubt, unintended consequence is withdrawing of credit. you had da dodd-frank, and they limit debit fees, they put a lot of regulation, and sum be -- cue on the banks.
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you had that come out of the market, banks are going to say, if we're getting sued over making mortgages, we'll going to withdraw credit. >> you know, we discussed the topic before. i think you would agree. there are co-sinners. it was the banks who were encouraged, aggressively so, it start lending. they were not lending enough, so congress said, you better lend more, you will true the day, they lent more, and they packaged it stuff, banks being what they do and are maybe go overboard, congress comes back after the meltdown, and said let that be a lesson, then they get mad at them for not lending enough, a civil relationship that gets more bizarre by the scandal. the government is getting a pass, fannie mae is getting
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money from jpmorgan chase over this. it is ridiculous. housing hangs in the balance? >> absolutely, only thing worse with a lower approval rating is normally banks, you are seeing them gone after. they are a easy target. and you have president clinton wrangle, and reins increasing home ownership they had loan commits to find people to loan money to they knew could not pay them back. but if they didn't do, that they were not allowed to get their extra branches or, pand their banks, they were forced to, they took home ownership from 65% to a falsely inflated 70%, creating this market. government was responsible for that when barney frank said, let's roll the dice on mortgages they did not understand. neil: that is was line. >> this is what happened whether all of this, now they turn on the banks, they forced to loan
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and increase the homeownership. they are turning on them for doing what they told them to do, and now they are punishing them to do that. they are trying to find a scapegoat. neil: whether times are good -- when times are good, it was fine. john kennedy line, success has a thousand fathers, and failure is an orphan. neil: john thank you. >> thank you. neil: speaking of former presidents. how about this guy? something he said about social security on this day in 1936. that might prove a lesson, but not a very good lesson for us today. this is the quicksilver cash back card from capil one.
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neil: all right, i love going back in history, we can learn so
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much if we try, 1936, roosevelt speaking about future of social security. >> thus created against both these policies, will be -- by future congress, neil: then we have this thing called the lockbox that we did not have. not a lock, not a box. the things we could learn i'm sorry franklin it did not work out the way you had hoped. there is a lesson to be learned from this. social security started small,
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the programs they get big, and moneys for them get dispersed. it is interesting, you go back to time hear how much we forgot about that. >> that is right. it not just social security, medicare was ca another example5 years after it was running double what they originally projected. neil: this is what 65 million-dollar program, now trillions in obligations today, how does that happen, what happens. i always think that people who construct and come up with these, they have good hearts, we want to help, but it gets out of control. >> well parts of it is, they have limited information. we don't know what the future will look like that is particularly the case in medical care, with social security you have better to go on, you basically project population, but roosevelt could not project world war ii and the baby boom
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that came after that, that is what we're living with today. but health care is tough, medical science is changing, medicare in 1965, what doctors could do in 1965. there was no heart transplants, i remember, when doctor balky did the first heart transplan this was like man landing on the moon? don't givthe. neil: don't give away our age. but you are right. it started out as a third leg of the added to your pension, and to whatever savings you had. not your sole means of support when you retirement people want more support, the government is there. one thing leads to another? >> that is part of it, and you have limited information to project the future, often times
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you are wrong. in recent years, there has been deliberate gaming, we saw this with obamacare, we've seen it before, not just the democrats, republicans were doing it gaming the projects. so, a combination of all of those. but, i mean that public is right to be skeptical when somebody comes in with big new entitlement program. yeah cost never are what we project, they are always more. neil: i heard one analyst, switching around tv said this debacle of a roll out for health care, whether it is fixed or not, has really stained and jolted the role and view of americans in the role of the government with big initiatives, that might be a tea partier's dream, but your thoughts? >> i think that -- my personal thought that it is early to be definitive about that, but it
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could very well be the case. come back and let's have this discussion in maybe three months. and see where we are, we may see that it is headed that way, the big flaw, getting back to your original point, the big flaw in what they did, with obamacare, and also big flaw in hillary care, that did not pass. was they tried to do too much, too quickly, to too many people. >> neil: you are right. >> you are right. >> social security started off small with a few people, low payroll tax, the you know things like that this was -- oh, we'll remake 1/6 of the economy based on what a bunch of bureaucrats think it ought to look like, people are naturally i suspicios when you change too were on them. they may have discredited themselves. neil: we can only hope or provide a lesson, ed thank you. trick or tweet, twitter visitors
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neil: all right. it is time for our spectacular edition. here to lead off, investors are expecting a horror. now having doubts. just weeks after facebook stock was left for dead the stock is surging and ad revenue is growing, suddenly looking promising. now of the rise of facebook is giving future ipos, particularly those like twitter of. what do you think? >> you hit the nail on the head. us this mobile platform. look, the ipo was a lesson learned. they are stocking exchange a test run between the financials and the fact that the mechanics
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seem to be at this point in good shape by think it bodes well. it. neil: they have done everything to avoid that. you can look today. >> i respectfully disagree. i think twitter is no facebook. facebook was already profitable before the ipo. twitter had one-tenth of the revenue that facebook had. it does not have as many aborigines to monetize the user base. that did not think it is a fair comparison. >> the off -- the offering is a fraction. neil: you don't think this will be a successful offering? >> i think facebook is sketchy, so i think twitter is super sketchy. >> there is so much growth. there is demand, and that is key for the platform. suddenly it has been over a year. it has taken time for facebook to get its act together. and twitter, the offering is much smaller, analysts have come
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out in. it is not going to be profitable . the revenue generator is there. >> 2 billion in revenue of 700 billion market cap. small potatoes, big market cap. neil: that's a lot of fun. >> and you can say that people are crazy to invest in it, but it has not turned a profit. we get a lot of faith. i am not my husband. we don't need to accounts. neil: ago daddy now saying that it will skip the scandalous and provocative ad said this year's super bowl. obviously they're saying that sex does not sell -- so they don't want soon. >> the 2005, they did that initial super bowl ad, $100 million to over a billion. neil: i did not watch it. >> i have to say, we might be the wrong people ask.
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is this a good move? >> six has been selling since the beginning of time. i think that there is a to modernize its products. they have to do what it takes to capture people's attention. so long as they get people talking they're doing everything neil: october, a price cap. stocks finishing up this historical the nerve wracking month. very well. >> historically strong. fourth quarter as a whole. you know, you get a break from politics. we know they're not going to commence the tapir. i am -- i think technology for what it's worth. neil: monica. >> not like any other november. the government shut down.
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the numbers of the coming out in the coming weeks will unpack november. neil: the elections next week. be with us. eight to 10:00 p.m. ♪ john: it is hard to drive, spews pollution. that is what we get with obamacare. >> the site is not working 08 is supposed to. >> the obama administration is conceding that some people will have to pay more double-digit increases. john: this halloween politicians give us something we should be scared of, obamacare. >> that product is working. it is really good. john: that is our show tonight. ♪


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