lou: for your comments, mikepao wrote me, leave education in the hands of the local parents and leadership. >> andwe we think highly of your your show and opinion, we watch your show all the time, thank t you both.an thank you all for joining us here tonight, good night from new york. neil: a freeze that does not pue a chip in the ice, i am neil cavuto, $ 60 billion off of 16 trillion, i think they call that a rounding error off ao rounding error. total savings, $60 billion overo two years, total added to ourmea debt $2 .5 trillion, it is like usino a teaspoon to dig through anerg

iceberg. picture the death as an icebergs and the rest of us as a titanicm president batting himself on the back bragging about the fiscal course he is charting. i i am worried, he is really sav doubling down on spending,es savings that are dwarfed by more spending, announced this week oy green initiative and tapping credit card funds, those are initiatives? someone tell me where anyone is showing any initiative.. not in washington, where i comeo to expect this.el, but in los angeles where i see more. l.a. council is considering two tax increases, and most minor oi

city pension adjustments. that is just to get by. all but getting up on serious spending cuts that could get the city on track. no gimmicks are easier, addressing systemic spending problems, not.ms massive entitlements still stand ti as in washington. and floating icebergs look ominous, it is as if we knowhe they are out their, but like the but captain of the titanic they are not a threat until the captain hears a bump, then the ice, i'mg telling you, same thing, same bump, same ice burg. no ship. it is like being massively over weight, and thinking you cutrsel your down to just a half galloni of chunky monkey ice cream will make you any less chunky. we're all getting cream saidor,

senator simpson, we're all goin? nowhere farce. >> a rare little monologueha there, sharp as a tact.act, delightful, i was thrilled w listening to it here in cody, cd wyoming, dazzling.omin neil: thank you, but it is sad,b i said what you said many timesm i had congressman nedler on fron new york telling me that is because the debt commission, said recommendations were allec over the map, not everyone n agrees, better to leave them out of the debate it is folly, i ams paraphrasing, i say this is e everything that senator simpsono warned me about. me >> well the other thing is that warning is really come true, everything that president isru doing down has not one thing to do with policy or reality it ali has to do with politics, i nowe

suspect we will have something,t get people all juiced up, thate he did a stroke of genius, he got rid of the lates latest $60 billion. that goes so many ways, and titanic.on and these guys are not going to do a lick, they will do everything possible to gethat reelected, that means everything, that means doingha i nothing about mentioning theonit things that have to do with thing that got us 5 democrats, 5 vote, 5 republican votes, oneind independent, 60 portion of the commission, they just need ahavt plan, they don't have to get down.unle they unless we do d a plan, markets will hit us between the eye. whe neil: when you hear congressman nadler tell me, the debts commission is not the only idea out there, i stressed it was th, only debt commission, he said if you are going to raise it in any

th the debates you should raise all other ideas, i came back, said why, you have only one debt commission, chosen by thecans a president, occupied by the republicans and democrats, whyhe not debate those points at ade debate, he short of nullified the argument. >> he is in the same league witt jan schakowsky. shih was she was a member of the commission, she was there to sock the rich it seemed that see theme was sock it to them, that old "laugh-in" line, i would love to have nadler put out a plan, let's hear what he has to say. neil: i know his plan, he related it to mee, you could solve this by socking it to the rich, what do you make. >> i said once, and i had the ah

figures, let's say anybody thata earns over a million bucks a year, let's scam skate confiscate everything they can. yacht, and the 5 homes, take it all, that would run the country5 for 9 months.t who is kidding who? the interest per year is $250ki billion, that is more than -- as erskine said more than theilli budget of 8 federal agents, defense, commerce -- i mean, if a 1% increase in interest ratesa and you are looking at $600 billion in interestnoing payments, do you nothing it is a trillion in 2020, who is kidding who with these absolutely stupifying base given out to awn poor old gul gullible americane'

public. neil: it is choking us. we spend so much of what we make collectively as a country toward our finance charges.es >> here is one for you, every day we borrow $3,000,000,00600 million bucksbl every day.io and every say, we spend a buck we borrow 41-cents, where is tht brain, where are the people wits the brain? we don't do bs for mush we do -- math, and we can get in a roomt with people, for an hour, and let them ask any question theyso wish, democrat or republican left, right, cooks left, cooks, they will list them and we will get a standing ovation, people are so sick and tired of pure guff. >> you are right. i have said their this before, g you and ir6 erskine both are pum

it out there thank you veryut much. >> you're welcome, carry on god bless you and your warrior work. neil: alan simpson thank youodss very much.r paul ryan out stumping today. te >> do we want to stay on thee path we on? the path of debt, of doubt, a db nation in decline? or do we want to get this economy going against by gettino back behind the people of the g country who are the nucleus of o the economy.he neil: small businesses are -- ceo barry sloan said it is common sense, you can only runun off credit lines for so long, ln and business guys don't have anh opportunity to make their credir lines like the government,ines right. >> we cannot borrow moan as mon effectively as the u.s. government has, and total debt afreshing $16 trillion, as a percentage of the gdp it is 25%,

the ryan plan wants to cut it tb 18%, going back in history, evet during fdr time it was about 10n of gdp, government is borrowing way too much money, taking too many resources. resources out of theds to economy. neil: i think you raise a crucial point, when government confiscates money, that is money that would otherwiseise particularly be -- tissuel appry be in the private world's hands it is strangling that. >> they don't get it, and shame on politicians for not being able to articulate.ab t neil: that is $40 billion a year interest we as a country are>> paying. >> and the scary part is we're in a low-interest rate environment, and u.s. treasury taking its long-term liabilities and turned them to short that

then goes to $20 trillion with a short movement in interest rat rates. >> leaving that aside, do your guys in the small business world, and women, do they look at this and say, this is why i'm uncertain? this is why i'm keeping my cash tight, my sav staff lean and me, this is why i'm not expanding? is there more?ss cto >> we deal with 100,00 customers in our portfolio.s neil: what is the one thing theb would like to see. >> a reduction in the size ofntn government, that will put moreon money in their hands. neil: you have not told them tod hold their breath have you. >> a few are turning blue. wht neil: what about regulationsd/ t and/or taxes.>> that is >> it is problematic.thr ca

that puts a crimp in, why are, they going to spend excess cashh flow with that in our future. neil: i just want to remind i people, i know i obsess aboutre this debt thing but we're drowning in a big old national ' visa bill, we're lucky right now because interest rates are low, if they go up just a little bito katie bar the door, the wholele ship, ugly stuff, i will be on this like stink on you knowgh what, because it is not fair, it has to stop, meanwhile. the rnc is on hurricane watch, a storm is forming that could hitt right during next week's convention in tampa, but we hav> another hurricane. >> the man who will be next president of the united states, brack --tou

>> god rest her soul, oh, wait,s she is still alive, is your dad passed. >> we're going to put y'all back in chains. neil: hurricane joe coming toer tampa, he has a number ofaign campaign stops i their next weeb we will be there, you bet we will be on by biden watch. >> and.>> meanwhile, president could lose key date he is faced his entire campaign oand hollywood moguls m telling crooning clooney on get. >> investors are all smiles during facebook's ipo, now they are looking mia, charlie gas

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neil: all right now the nationah urban league is selling nike j saying just don't do it, saying they need to drop their $300 ahe pair sneakers because they are too pricey, if you don't like the price be don't buy them, bub nike has of right to try to makt money off them, and if you are i my kid, don't even think about asking for them, okay? they are sneakers. >> facebook stock is still face plants, more visitors are still booking out. even the company's cofounder, in dumping his stock, selling off 450,000 shares in the last weeky that is not a good so-called barometer, charlie gasparino, u make? yo >> one of the founding investor? blown out, this speaks to a sort of thing going on in techestii

investing, small visitors somehd worry about, i was critical ofs facebook ipo for a lot of reasons. neil: by the way, before anyone. to your credit. the w >> i didn't think that it showet enough revenue growth, i didn't like the way they hyped it.t. neil: you distinguished ited bet between the googled and promising one. >> google was a growing companyg and facebook -- it has growth ad but it is slowing down. i did not like the way they sold it, a guy that was like a pr gur for white house, he sprague flat to reporters other thing that ia you look at early tech name, googles that sold in 2006 i believe, or excuse me 2004 thee ipo google, the investors, thoss who put money in they left a lot more room for the small

investors to make money, theyey. didn't sort of -- >> did any of them leave anyne money in the company. >> it looks>> like that yeah, i think that -- >> 5 shares.- >> a few bucks, i think that>>it zuckerberg has a few.youk the early tech names, the guyssu that got in early, like apples, and ciscos, and even microsoft, the insiders did not pull cis everything out, there was upside left for the small investors, o you could smell it they were signaling they would sill, theyl owned a huge piece. neil: don't you think this is going to chill the waters? a lot of average investors whove feel they got snookered buying at full price. >> i hope it does. neil: hey, you screwed up, and if this boat comes by again,op we're not getting on. >> it is about time, if you don't know wall street hype machine, and you' to get

involved, only thing that i taki offense to is the notion that vettors were not warned, theyorr were warned, we wrote about itne we talked about it. neil: they may have beenave watching another financialt channel though >> you know, some of that coverage was so over the top,in but, i will tell you there werew people there that were cautious. neil: what do you see happeningi now? >> i hope, i hope that this is -- i hope that stock goes to $12 a share, i dop say that because i want people to lose money.ey,i i say that because, one thingha that we miss from the market, is -- these days, is that notion on consequence to your actions if that goes to $12 a share issuer, investors will now point blank they have to stay away fromor ut companies or understand whatgein they are getting into, maybe a p long tomorrow play, do not to expect to make a lot of money tb right off the bat, know your

company when you do it google, a big difference, the insiders, not a tremendous amount of insiders signaling they weret going to sell. neil: you could see this coming >> yeah, the insiders were talking about selling shares. neil: is 12 a random number for you?pied >> i think a good price, maybehi lower, if you' to start buying,, buy, morale hazard has been created where there is noat whe consequence to risk are this isc one time there needs to beil: consequence to risk. neil: i think it will put atorst chill. >> don't buy hype stuff, that was overhyped.ha neil: thank you, charlie. >> newscorp is not over hyped. neil: is this our parent compa

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neil: t-mobile is teaming up app unlimited data plan. verizon and at&t scrapping their all you can eat plan. >> home sales are heating up this summer, existing sales rising by double digits in july compared to last year, prices rising but not that much, but prices and sales are still well below. >> and luxury homebuilder toll brothers reports best sale in 4

years. >> and meantime, the president blasting big capital, all private equity guys, but now we learn that white house work with one of these evil fat cats to-save a philadelphia refineo. if that went bust there is a better chance gas prices would boom before the election. jonathan hoagland said outrageous. >> the hypocrisy on behalf the obama administration, and president obama himself. he does not miss an opportunity to demonize "thize the investors own administration is doing backdoor deals, because it suits his own political whim.

this is hypocrisy. neil: i think if this were raised in a debate, president would say, i made a shoul issuen because i don't hate private k4r58, capital, what do you say? >> you know, he certainly cites the greater good. that is cronyism. we either have a free economy or we don't, what ended up with 25 million of pennsylvania taxpayer dollars, they suspend the eparegulations for one company, time and again he is able to put aside his own professed morals when it suits his short-term political goals, that is the essence of cronyism,

that is why so many people hesitate to put money in the economy because they know it is being run out of washington right now, not out of wall street 92 he criticized wall street. neil: he hits them up for money, because he needs money, he criticized private capital. he tries to have 3t both ways they just make it, transparent. >> they do, unfortunately, the blame would go to the free market. controls -- >> in other words, if this screws up. >> right, they will say, if there is all the result of bad timing of the economy. the very nature that this refinery is unprofitable was the result of the regulations, instead of fixing it, we had

more intervention from the government, more taxpayer losses and more cronyism, it is shocking, but part and parcel of the hypocrisy of the obama administration 9. neil: jonathan thank you. >> when mainstream goes lame stream, leave it on a guy saying we have to stop, now. these fellas used capital one venture miles for a golf getaway. double miles you can actually use... but mr. single miles can't join his friends because he's getting hit with blackouts. shame on you. now he's stuck in a miniature nightmare. oh, thank you. but, with e capital one venture card... you can fly any airline, any flight, any time.

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neil: for what it is worthy think jake tap sir right, we're all tapped out, it is time to throttle the economyish issues more that is what white house correspondent jake tapper was talking about we are not talking

about the economy enough, media may be chasing the wrong stories, and failing the country, he is right. so many journalists were enraged today, they know he is right. i like to think we're here at fox never stop talking about the economy. it is wrong to obsess overall of the money these candidates are raising more than the money we as a nation are spending, that is what tapper is tapping, this frustration, the things that are really important are those issues that media is missing. actually ignoring, not saying that mitt romney with his dog on his car roof is not interesting, but that this economy still being in the dog house is more interesting, i am not argue that president at hollywood fundraisers is not neat to cover

but more folks in the unemployment lines is more important to cover, this is not about red or blue, it is getting it right, that does not mean beat up the president or the guy challenging him to be president, how about debating both their economic arguments then decides who will be a better president, that is what matters, we should throttle those who argue this other nonsense, but that is just me, i am a nerd . >> so scott barton saying it is the economy stupid, and the media and the rest of us have to get onboard with that, this i ridiculous. >> it is. just look at will polls, the young voters. a lot of debts building up, that is a place that we should be focussing, as we look to kate tory the vote, that i -- kat cao

va vote. >> i will say this, i people thought it was a buyer to be in, i reminded them, my point was, just because something does not excite you, does not mean you have an obligation to explain it to people in a way that does not intimidate or make their eyes glaze over, we are at a point where this is big enough, people's eyes are very worried. >> i think they are extremely worried. the nice thing is. the saves grace is, we have two very distinc camps, we have the obama camp, and we have a choice, that is one thing, in 08

that was not as clear, so people have a way to choose between two things, of course, the result between medicare and social security staying the same or fix it some way with the ryan plan, that is another choice to make. neil: you know, we talked about this many times it comes down to, it does not matter what side you are on, it is government, do you want more government or less government, some are keen on more government, that is fine, there are other people big on less government, that is also find, but it comes back to that as a central issue, not whether mitt romney has a dog on his car or for that matter who barack obama is palling around with this hollywood. we get back to that stuff, i think then both of the candidates are doing the public a huge service. >> i hope they do, now one thing that keep in mind, that i believe is that, a president can only do so much, he has this congress that is out there now that does not want to do anything but blame the federal

reserve for low employment and things like that, when is ridiculous, but the president is also at least hostage to economic cycles and winds of change, outside of their control, president will step in either way with a chance to make differences with choices. that is a great opportunity for either one. neil: you hit on another keen point, that is finger-pointing and blame game, i do not care who is to blame for the debt, president before him was not a great fiscal stewart. i am not interested in who is at fault. i am interested in slowing this down and fixing it, growing $ 4 billion a day, our debt, we can't keep going like, that those serious issues are side tracked by what a particular said of candidate said about rape, and what another candidate said about astrology, on and on

we go with nonsense, they are great press fodder, but throughout those debates, and just this latest one with a certain senator, we have added about 40 billion to our debt. >> right, and the debt is something that whether we're talking about it or not seem to be really the main thing this is affecting business, with regards do hiring and capital investment. that is really going to be key going forward, how to unlock that business risk taking to get them to go out and do that hiring and spending so that the economy really begins to grow, that is all we need is growth, that is not a bad word, there are other 4 letter words with regard to debt that are out there. but as long as we don't grow that is the problem, we have to get growing and get business confidence back. neil: i think even mitt romney a oiold dog would recommend the same. >> that would be cool. neil: scott thank you very much.

>> see you. neil: scott martin. >> a fox business alert for you, michael jordan raising big bucks for the big guy today. but movie mogul behind rain man and batman, no fan of the white house, coming right up. you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways.

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neil: forget about, are you better off than you were 4 years ago, is hollywood, when it comes to making hit or money, they are not making either, that is not the president's fault, necessarily, but the longer this goes on is the big guy's loyal base showing cracks, hollywood uber producer peter goober thinks so. they have earn over $3 billion of green, a lot of president's hollywood pals are seeing red, peter, you sa say they are not

happy. >> well, i think that they are dis80 pointed idisappointed in , they expected more, just this president would be a magic man, somehow would cure-all ails, he was just a man, a first termer, he had not run a big business or companies, he not chase the -- face the challenges too goodwill even with hollywood he went silicon valley, a lot of people who have been doing fundraisers and supporting him have real questions, will there be change in second term, will it be more of the same, should they make a change. i think that issues are out there, and mostar ardent

supporters said that the first term was not the most stellar performance. neil: you know these guys better for i do, but you don't see them really stormin for the mormon. >> i think that is correct, the question is will they remain neutral or not vote. or endorse him. probably not. neil: why are they so monolithically as a group liberal? >> i think you know, not so much that, they are in the arts, arts are more liberal, they are more social relevant in the arts, you know grow into that volatilit et i don't think it is necessarily new york or hollywood but it is the people in that type of industry, i know for example, even myself, very physically conservative, and socially

liberal. have you that dichotomy. what is interesting, people -- that is a distraction, no one is going to vote for somebody because sarah jessica parker is holding a fund-raiser for him, you know, they are not dufus, but they are start coul, they ge attention of the public. they get on air, and news because they have the big events with the celebrities. so it always been that way, i was at sony, and every single republican or democrat would come through california for two years before the main election, i would have a lunch with them, and give them both money, and support both sides, we had to be institution alley equal.

neil: what did you make of that report all major media organizations gave to both candidates, why do you do that? >> you know, i think we're equal tunatuna, buskers, it has been proven that neither party is good. >> i think you cover your bases just in case. >> i think that is right. neil: i think hollywood much like other work groups, there is .001%ers, and general who might not run down your case. it is not a big deal where they pay 35 or 39-point 6%. to them it is like a whatever. it a very big deal to those just at cusp. there might be two hollywoods.

maybe the one that not making that 1% is beginning to bitch now. >> this is like an iceberg, they stick out with the george clooneys, and clint eastwoods, but that part under the water, all the gils -- guilds and crafters and workers, they are hugest part. you are correct, it is not monmonolithic that way, the scrn credit is a distraction with the big issues. it will tip the iceberg over. neil: peter, you might have a future in this business, peter gubber thank you. you. >> thank you. neil: not just the rich and famous, now the young are getting

neil: i think generation y gave the economy an f, worker between anes of 19 and 30 are having trouble finding jobs, they are getting low-paying retail jobs. the same group that was giving the president overwhelming praise years ago, and we discuss, it might not be a matter of keeping the base, but as much could be a problem there well, as you mentioned study shows that young voters, were 30, are working more retail jobs, they are not high paying jobs. so, the bad economy is reflected on this generation, they were a huge support for president in 2008. it will be different in 2012.

he will not have this base of support. the question is, for the voters, will they not show up or vote for romney. neil: you know young people, in a dire straight 4 years ago, unemployment rate was lower for them. but it was still 9.7% then, over 12% now among this group. they are treading water could question is whether they trust either party or just stay home. if they stay home, then hope and change is looking hopeless and searching for change. >> right. so 4 years ago they were in a retail job, if they saw the president's message, and they believed it, he would turn things around, 4 years later, if you are still working in a shopping mall, selling t-shirts s it eye well the morsa lot hardeg polls and vote for change,

nothing has changed. that is interesting he was in ohio this week campaigning about student loan rates, that matters a lot to voters under 30. neil: you know, i do notice some crumbs, i notice weird but i notice the young people as pointed out. but what is going on in florida, among. 68% for president. african-americans were about 96% for president 4 years ago, a little bit less now, i think down to 9%, stil% -- 90%, but, u know, you bleed off enough of your base, the other guy does not have to win the base but it could be close enough. to florida 600 votes separate the winner and loser in 2000,

could we be looking at a situation like, that this turn from the base is enough to turn key states? >> i would not be surprised if we saw turn off drop, that would be index kate wher indicative. people were turned off by the president's base, i would not be surprised to see a turn down, 4 years ago features historic turn out. neil: what about turn out for the base on republican side? they have to be jazzed up to the poll, ryan i understand might have changed, that but doeny nammidynamics.>> this is a realg and enthusiasm dynamic for the republicans, they are excited

about getting barack obama out of the office, they are not too excited boo mitt romney, they are more excited about paul ryan. so we'll see over the next couple months how much that is, we've seen a series of polls over the course of this year, that show the republicans are generally more enthusiastic about voting this year than democrats, a very different electorate on other side, democrats are loyal, a different coalition from 2008. but not as eager to go to polls, but do they need to be? barack obama won by a landslide in 2008, now way we'll see a landslide in 2012. >> you are right, thank you very much. >> thank you, neil. >> 30 bucks a tow? >> 30 bucks a tow? not this seems they haven't been moving much lately.

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neil: i just frankly don't think you are worth 30 a toe, maybe five, tops because you're just 9 years old. maybe when you are 18 and ready to join in the knicks, i'll think about it, but then you can pay for it yourself. stop bugging me. think about this. they are sneaker, and i don't care is lebron james is on them, your feet are in them, and no secret make the feet sore more or stink less. let others riot over them. you, boys, look at me, you are not getting them. you are not getting them. you're not getting