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tv   Cavuto  FOX Business  November 18, 2013 11:00pm-12:01am EST

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neil: next week is thanksgiving. the timing could not be worse. because what unions are saying is the big retailer isn't doing enough for workers. tens of thousands of those workers might just disagree. welcome, everyone, i am neil cavuto. unions have left organizations. once again, targeting wal-mart for just developing the worst employer of all time.
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and right through black friday, they plan to let folks know that all the changers are occurring in the mainstream media likes weed ut the other side of the story, so we thought that we would show it to you. it turns out that the big nions were huffing and puffing and many of them were promoting and advancing. hoping to promote 25,000 workers, 350 associates with that news just today. that brings to mind the more than 150,000, advancing in pay and title this year. unions will likely associated to those having to work on thanksgiving day, but they will likely leave out associates a volunteer to do so. doubling their normal pay, but a 25% discount on hot thanksgiving
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meals to boost. and the media responded and we thought,responded and we thought, again, fair and balanced, might be nice to hear from the company's that are next. wal-mart u.s. is here. i'm only here. thank you for coming, it's great to have you. >> thank you, it's great to be with you. speak you explain these promotions and who you target with those. >> i would be happy to. this is a great opportunity for us to talk about how proud we are of jobs and retail and today, for example, town halls and three cities across the country, we called them together to what amounts to a regular conversation that we have with our associates and each of them
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had applied and we brought them together and they found out that they had been promoting it. >> when you say that, you mean above of imposition and paid? >> position, responsibility and pay, about 40% of them in the first year, and you know, forecastle of working for them so much that we have 300,000 that have been with us more than 10 years and we are proud of our jobs and proud of our people and we want the opportunity to talk about that. >> a disproportionate number of those workers zealously volunteer. it doesn't get much coverage. so what is it doesn't get much coverage. so what is the draw for thanksgiving? >> most people might not notice, but we have been open on things giving day sends -- probably since the late '80s.
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it's who we are as a company. we serve customers when they want to shop and it's an opportunity for us to provide customers a chance to buy the products that they need for their thanksgiving meal. it really wasn't that difficult forus to sign it. we take care of our associates. they get holiday pay and a deep discount on the products that we sell for their christmas dinner in their christmas giving. and of course we take care of them with very nice thanksgiving day meal. we want to hear the prevailing media talk about it, it sounds like you're awesome. >> we work very hard to serve the customers in our stores and take care of the fellow
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community members you can join us at any lifestage in your journey from 16 on the latest 76. plugging in at every level, any job you can think of, except for maybe an astronaut. when people make those choices, we work hard to build a better life for families and themselves. and we have asked them to do that and we are. we are focusing on our people. neil: astronaut is not out of the realm of possibility that. [laughter] >> so what do you think of it and how much of it do you think would go away if you were to be a union shop overnight? >> that is hard to speculate and to answer that question. i think that we have to focus on taking care of customers and people that work for us.
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>> some of your colleagues pay less but are unionized and a pretty large and of in of their own right. that they don't get this and this is just me saying that. they're demonizing or not. >> it's a great point to bring out. the pay is in the top half, side-by-side starting pay is not substantially different and we offer an opportunity, an unparalleled opportunity for people to move forrd and we are proud about that enable talk about that and i cannot speculate as to what it might be if things were different. >> okay, this includes the protesters motivation. >> when the council voted to all
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but double this and the mayor reverse that, you have three stores, is that back on now as a result of the mayor overruling the council? >> that is right, we had stores that had been approved and three that had already been under construction. and it's a fundamental economic equation and we have to evaluate that and there was no change from the city council. >> people at wal-mart but how big you are. you are an economic barometer. and when you forecast conservatively how the christmas sales might go, you are you're getting warnings about. he cited among other things and
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the uncertainty is adding the perspective and next. how real the threat is that and what will that have this holiday? >> i think much like business, anytime there's uncertainty on extended amount of uncertainty to the economy, it tends to dampen the discretionary spending and importable care act is just an example of uncertainty and i don't think it is specifically related to that. as people hear the news about the deficit and debate and all of those. >> do think that they will move down the chain with the stores that might benefit more than you in the event that that really gets to be a pressing problem? >> it's hard to say. people are very impressed and
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amazed at the resiliency of the customer and they figure out how to take their families in whatever circumstances exist and are smart and astute and they know that our job is to find a way to deliver that to them, and that is what we are focusing on. a good economy and a bad economy and we feel like we can be the place for them to come. we don't have to focus on the customer having a sharp rise in taking care of the people, because we take care of our people not to we can do. neil: using the savings and products, all of this stuff that millions of americans enjoy take advantage of your workers and those who grow well beyond minimum wage in the promotions,
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always honestly a lot of americans go through those deals and that is not getting out. is that what you? >> it does to a certain extent, and there's a lot of record for the minimum wage. less than 1% of our workforce and it should be had and the decisions willbe what they will be. but the real issue isn't what you're starting. and there has to be a middle and at wal-mart we provide people the opportunity to start where you want them in advance. >> thank you so much, bill
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neil: you heard from wal-mart ceo that the company is keepin a lot of good going, tens of thousands of them over the last
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couple of months. they are doing what they should be doing, the union said that theyyare not doing what they should be doing and it's time to clash over the cash. jim kessler says don't give them a break so fast. >> i think that he makes a lot of excellent points. limiters concur with something that i think is incredibly important, which is not where you start where you end up. people will move up from them and if you work at wal-mart, you know, at the age of 23 or 24, you will learn skills and grit and determination and how to be a better employee and you should dashiell move out. i mean, i think that there's real value there.
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>> significantly and sufficiently. >> well, you know, i'm a democrat, i'm a longtime democrat. i've never been a part of this crowd because i think the wal-marts of the world and the mcdonald's of the world provide a very valuable service. neil: seemed content you disagree with the unions? >> i get where they are coming from. and unions play that role and i think that they are stocks, private sector union membership is down and that would a lot of employers are doing now is what they guaranteed in the past and they have become a better employer than they were years ago and it's a greener company. >> maybe because of that it has been a better response.
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>> that you love the french, and the american companies like wal-mart. i don't understand it. but it's interesting. >> they have all the same stuff, it's all stuff from china, so the idea -- neil: a lot of it comes from. >> yes, but i live in queens, and where there was going to be a wal-mart there are 599-cent stores. does this make the worker improve wages? now. but they can't have that dialogue and that's really the sentiment of a dying argument. and unions only care about those neil: i suspect if it was unionized as a shopper would go
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away. >> they would love it. they would absolutely love it. and it's all about media attention and wal-mart pr and how bad the pra's. >> i think that wal-mart is a better company all around and it was five or 10 years ago and part of that pressure was put on by the progressive community that wal-mart is a good job as a retailer and an employer. but i think it's undeniable that some of the reason is put on this. >> i also recognize right away, don't forget our customers and the million of people who are in a hard-pressed environment that we provide a low-cost alternative to. so we focus on our customers and
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we are treating them well. >> there is a reason that wal-mart succeeds and across the entire country. you know, they said that we have legal issues, we have union issues, and the institutions and the institutionalized left, the people love it. and for what ever reason, that is capitalism. there is a market to be had in the provide that you provide it well. >> are goodhearted folks would look at this. >> there is free-market capitalism and the first amendment is also why i think
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wal-mart has become a much more responsible company and i think that there will be a point where continuing on the path where people actually give up on wal-mart. but anything is big will be a much more responsible citizen this year. >> thank you guys so much. what if i told you it's all [ indistinct conversations ] [ male announcer ] when you wear dentures you may not know it, but your mouth is under attack. food particles infiltrate and bacteria proliferate. ♪ protect your mouth, with fixodent. the adhesive helps create a food seal defense for a clean mouth and kills bacteria for fresh breath. ♪ fixodent, and forget it.
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neil: stocks continuing to hit new records on a daily basis. the dow jones climbing 16,000 for the first time ever today.
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not the least of which is the health are mass. propelling markets higher because maybe the bugaboo of the government is getting lower. allall right, it is so good to e you. so interesting. second-guessing about government interference. how much of a factor do you think this is? interference. how much of a factor do you think this is? >> it is probably somewhat of a factor because he had the dow jones hitting all all-time highs. all-time highs, new highs, so it's not one industry or one sector. it's a whole market and that usually means that it's a natural factor. we have a government shutdown and we watched at all job. now you have democrats and
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republicans come in the house, and even in the administration. saying that we have to modify this and this includes an announcement by the chinese government earlier in the day that they were going to allow the role instances in this year. but the health care notion is interesting. >> i have to wonder, be careful what you wish for. the government is on its last leg. finding any way that they can, throwing more money at it, we are going through a single-payer system in the markets might not rise. what do you think of it? >> i think that that is right.
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clearly this one its policy fixes and it's going to take time and money to get the website fixed. and so you have to have competitions in things like tort reform. we met i don't think that they will. but my theory is that they look at this and the president was handed over to legislate. it could actually be part of this and i wonder where this has been, thinking that they have dodged a bullet when they are actually looking at a grenade. you see them coming to the notion that there needs to be mixes and you can put lipstick on a pig. an 18% of the economy, once they
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come around, the only policy is to liberalize the involvement of the private sector. >> they are perfectly fine with the federal reserve providing $85 billion a month to keep them going. which is big government despite this. >> but it is weird. >> what happens is the mortgage-backed security and you're talking about this wonderful housing sector that we found a few years ago. and it's all been fused by this. and have you unwind it. they seem to be in the here and now. neil: you are right on that.
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neil: some concerns of a real-estate bubble as a record level of risky note -- luther given now. david stockman says they are popping up every where and they are all linked together something is going on easy lending? but the proponents of this prior to the meltdown what triggered the meltdown? >> 207 -- 2007, 2008 all over again, almost a repeat
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pattern will get the wrestle to thousand the small-cap companies of america and in the last year up to 43%. their earnings our up zero in trading at 70 times which is a crazy evaluation in very similar to where we were in the fall. with the junk bonds there is a massive surge 1.3 trillion will be issued this year four times more than 2,009 in more than an 2010. let's get the stock of the year. vat rate is up told hundred% is us a big grab insolvent word of this state that is us keep of waste.
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neil: what do you say to those that may be 1516 times earnings? not ridiculously high so those pockets notwithstanding are noteworthy but in the aggregate it is not so bad? >> if you look at the leading edge of for bubbles form, they don't form in the heart of the dow but in the speculative the economy to work their way in. neil: you think they are creeping in? to make people think housi has recovered to 50% of sales are funded with cash first-time buyers are out with student dash resale buyers cannot move up. you have massive speculation by those riding into
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scottsdale arizona with a $5,000 to on the back of a john deere lawnmower. the point is two or 3% money from the fed. neil: but it cannot explain the nationwide recovery. some of that has to be legitimate? >> some of that is due to the fact of the 10 year bond rate and with it became the mortgage rate. we forced interest rates to rock-bottom said economic so therefore everybody refinanced and there was some activity in the market and in many markets prices are back up in bubble territory not on organic demand. neil: i am not being an apologist but where we were
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we are back to where we were. >> for 11 years housing went up each and every month the 11 years in a row by 200%. that is not normal. neil: 200%? >> 11 years. neil: okay. so that said easy monday -- easy money printing press mentality. the crash killed us and housing was a disaster. and it is only a matter of time the stock market, led junk-bond market and of course, the biggest bubble of all. i wish i knew but i do know
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that when you have the fed buying 85 billion per month to put the interest rate of zero for six years, holding down the entire yield curve in a totally artificial leg and i suspect not a lot. >> the law of supply a in demand has not been repealed buying 85 million per mth which is all of the treasury, every incremental part over half of gse fannie and freddie is being bought by the fed. neil: but with the economy that week the rates may not be that hi after all. >> to was not buying half of the treasury issues were all treasury in half of gse supply and demand would
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clear the market may be 200 and 300 basis points easily. so therefore we need to get the fed out of the market. neil: you don't like the artificiality of that but early next year toindicate it wk to say 65 billion what about the market? >> even though they know it is coming they knew in may. bernanke gave a small statement sometime down the road we might do something the result of massive reaction some bond class and drops by eight or 15% the emerging market collapsed
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that had to be walked back by the fed to afraid of its own shadow. the market will have a hissy fit the first time yellen says anything. >> they know it is coming. >> but every talking heads says party while the music is playing but i will get out of the way. then try to figure out to go back to something normal this is a monetary poison producing on a massive scale speculation on leverage by the fast money taking prices up through the roof.
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neil: what happens when it happens when it looks like the health care lot dawning of its own accord? but grover norquist is concerned about the repercussions because his administration says they would not let this diquat -- quietly in he joins us now. it is not such a crazy thought sometimes when you come back to is taxes to force it to work? >> 20 taxes are in law
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already taking a fact that are baked into the cake taxes are being raised. this is the entitlement eight hit the middle-class directly the president is apologizing for taking away the health care but he also promised he would raise taxes on any one blessed $200,000 per year. neil: now one has been delayed but to be delayed your debated this other stuff is hell or high water? >> there is a lot of money but right now it looks as though those who work on
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obamacare will be older and less healthy. he had citric young healthy people into making a decision to buy health care you cannot buy your own you have to buy the approved insurance which has a lot of requirements 21 year-old or 25 year olds are not interested to insure against childbirth or hair plugs or something. [laughter] all lots that is built in is that he cannot force the tax issue there were some provisos to have them do that. >> the original thought they pass with a democratic house or a senate and they expected to have that be true over the next 80 years every time one of these
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failed they raise taxes to increase subsidies then they try to even up all the lakes on the table constantly moving stock around because to fix the problem but with a republican house the president has to go to the republicans they say we will help you but the spending increase will not happen so that is not the president's idea of a fix. however there is a lot of leeway some of it the president seems to be making up i cannot seem to find certain exception but other parts this secretary shall decide x or y they could do a lot of damage. neil: they have wide latitude argued legally but
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he could force something to let people protest later but in the interim it could be painful. thank you very much. if the nsa is sght the -- spying on you you are upset ending greek what if they say shot up? this is the quicksilver cash back card from capital one. it's not the "fumbling around with rotating categories" card. it's not the etting blindsided by limits" card. it's the no-game-playing, no-earning-limit-having, deep-bomb-throwing, give-me-the-ball-and-i'll-take- it-to-the-house, cash backard. this is the quicksilver cash card from capital one. unlimited 1.5% cash back on every purchase, everywhere, every single day. so let me ask you... at's in your wallet?
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neil: request skyrocketing nearly 1,000 percent as americans demanding to know how they're being spied on with all the request coming into the attorney who says stop what is this 1,000 percent increase about
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? for individuals or groups? >> coming from individuals are members of the public asking for permission about the nsa surveillance programs coming from a group organization wanting to know more about these programs. neil: with the other government body they are not compelled what is the reaction they get? >> the nsa will frequently take advantage of what limits then need to disclose certain information there is extremely limited transparency even though that will impact millions of americans. neil: as they say were you doing? who are they? >> day are all sorts of people a recent report shows
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members of the use, young people are increasingly interested about how these programs impact their privacy, how it is impacted by internet communications services like these -- facebook or e-mail so the demographics could be a lot of young individuals but it is just ordinary americans. neil: given the sheer volume of those who could comply the traditional response is remake collate the data but we're not targeting you and seems to be of little comfort. >> i think it is because so much of what happens goes on behind closed doors there is very little public reporting there's just not enough transparency right now for the public to trust harry thing goes according how
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they are supposed to operate neil: need to know basis and you don't need to know it is just confounded? >> that is true with the real need for public transparency because otherwise it'll just compound the distress people already have. neil: thank you very much. which abc soone wearing these class is on the street brian. not because you look stupid but because what he is doing is sec
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neil: while you think how we're these look the person wearing them could be snapping pictures of you and you do not even know it. privacy concerns growing by
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the weak what do you think of this makes you more or less inclined to look at google's? >> i do ownhe google's stock but not because of the glasses but it is a creepy and worrisome and feels the nsa partners with them and we just get into a and intrusive society nothing is off the table and welcome to the future people will be taking pictures just be careful what you say and do. >> with these? i am not in my birthday suits that is the good news. neil: i was talking to him. [laughter] but the point is taken that is a that the extension of
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what was going on anyway? >> there is no surprise here but keep in mind it is well intentioned and technology but raises the question how much is appropriate white innovation and privacy intersect typically innovation tens to wind. it will raise questions what people use this for the i pater the iphone you take a picture you can clearly see that but hear that suspicion is put on the device. it raises the question about but put that that was a part of the of company that was consumer centered. neil: the star of of video game more police station for has been sold and the bigger
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version sells on friday. >> it just means my son will ignore me even more. [laughter] if everybody wins. it is a huge the booming business for places like game stop it is amazing thing graphics you can hold onto netflix and people will make at double lot of money. >> the fact that it has come a 1 million sold in the first 24 hours clearly this sets the stage of dominance and momentum for that company. it creates a gauge of how successful the retail shopping system will be to come to our church to beat us puts them in the driver's seat with this important
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market sector. >> if the retail environment it is not cheap for fully loaded systems that has changed not exactly going to the dollar store? >> people deciding what they will spend their money on this is big dollars for the family and the kids before the holidays may impact i think next box will sell a ton also. ♪ neil: you know, what that is this is what they think about before they go to bet. what to watch tomorrow? >> burning embers. first of all, best bike. a company down and out one year ago now reprinting in reinventing itself at the
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all-time high that will tell us how in electronics retailers are doing also home depot. it is a gauge of how the person spends the ready on do-it-yourself there bellwether companies to provide leadership in the fourth quarter. >> i will add to that about 25 companies reporting this week even sears holdings and j.c. penney and target i don't care what they say about the past but what they think of the future. the devil give you a gauge of the rest of the quarter going forward. neil: hearing wal-mart talking about the health care law curbs spending? to read from a corporate standpoint it could but that goes back to confidence. of people feel stable in their job and employment they will spend this holiday season not disappoint at
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home. >> but things are not stable this adds more uncertainty in every dime counts outfittersn eps but shy on revenue. melissa: what a way to start your week with obamacare bailout talk? that's right. very insurance companies getting played by the government right now, will be turning to you to keep them afloat and the president said they could. you got to hear this because even when they say it's not it is always about money. melissa: the bailout for obamacare. taxpayers, meaning you, may now be on the hook for the health care law, all courtesy of a provision called the risk corridor? have you heard about this? no one presumably read this far into the bill. but this clause hidden in the health c


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