them for health by night. >> of hypocrisy at it's best, stuart. stuart: please, save that refinery. >> i love the highlight reel because i get to hear you say things. that will hang with me all day, i promise you. i am dagen mcdowell. some deal may be made on tax reform. is that a good, no, make that great thing. money drying up with the mississippi river. receiving shorelines and low water levels. the place to look for a job if you belong to generation y. it is the top five employers for this generation. and, no, google and number one.

stocks now and every 15 minutes. nicole petallides on the floor of the new york stock exchange. nicole: del has a tough quarter. here is a look at dell. down seven and a quarter percent. their outlook is below the analysts expect. asian companies, as well as apple. this is a test go of it for dell. it is only for pennies away today from its multi- year low. that is what we are looking at. let's take a look at the major market efforts. we are selling off here.

down 55 points on the dow. dagen: is the mortgage interest deduction cherished by the real estate lobby? the platform weeding out a full-blown endorsement of keeping that reduction. it will disappear if comprehensive tax reform does happen. steve moore is here, joining us from washington, d.c. this is a very big, it does not sound like a big move by that gop, but, oh, it is. tell us why. >> other then that aarp the real estate lobby in washington may be the most powerful lobby in this town. nobody ever wants to take on the realtors, home builders, mortgage backers. that is one of the reasons it has stayed there for 50, 60, 70 years. we try to get rid of it, but no one could overcome the

resistance of the powerful housing lobby. republicans are saying, you know what, if we could do tax reform, one of the deductions we may put on the table is the mortgage deduction. that is the good news story. the bad news is, the republicans move back a little bit. they are saying, well, only in the context of broad reform would we look at illuminating this subsidy. they have a lot of input. dagen: you can write off the interest of $1.1 million of home debt. your initial mortgage being a million dollars. when the median price is only $187,000. >> that has come down, by the way. dagen: is this a way for the gop and the republican party to say, you know what, we are not just

in the pocket of millionaires. if we make an attempt to reduce the amount, that works in their favor. >> good point, dagen. it is the mansions, the million dollar plus homes back at the deductions. those are the homes that are purchased by the donald trumps of the world. the other point, though, i think they key point here is, if you were to eliminate the mortgage deduction in the context of a broader tax reform, would that heard the housing target? my answer to that, dagen, is no. what drives the housing market much more than that deduction and interest payments is whether housing is affordable. whether people's incomes are going. i think tax reform is very pro-

growth. people can buy bigger houses than. dagen: steve, it was great to talk to. one last thing, i want to put you on the spot, credit card interest used to be deductible. do you think this will go away or be reduced? >> you have asked the toughest question. this is the sacred cow, as you know, in the tax deductions. it is the last one congress will get rid of. my dream is that picture all of this pollution will get rid of, we will go to something like a 20% tax rate did it will be great for the economy and great for housing. dagen: great to speak with you, as always. steve moore of the "wall street journal." >> thank you. dagen: if this country. that fiscal cliff at the end of the year, spending gets cut automatically. the u.s. economy goes back into

a recession. the congressional budget office thing just a short while ago. we have chief investment strategist at raymond james. the stock market near a 40 year high is certainly not acting like that will happen. >> it is the most hated riley. everyone seems to be unhappy. they are not a view -- they are not able to keep up with the joneses, the dow joneses. dagen: should, maybe the market is that word enough, the markets are not saying that. >> i think the markets are sniffing out when it comes to the final hour, what you will see a postponement of the cuts and an extensionush tax

cuts. dagen: i am sure of it, where is your money going? >> retail investors have been retailing domestic equity retail fund since 2007. they are piling into bond funds. dagen: it is like two, three, $5 billion every week. astonishing. >> it is one of the reasons i think the stock market does better than most people believe. when the recession doesn't show up, i think you will see a switch out of fixed income and into dividend paying stocks. dagen: will it occur because people start suffering losses in the fixed income funds? people cannot quite get their head around that quite happening with interest rates back up significantly. >> i think the fed is still worried about that. i do not think interest rates back up all that much.

when you come to the realization that you are not going into another recession, i think that stock market with. dagen: does that happen after the presidential election? >> no, i think it happened now. it usually takes two or three attempts. i think, eventually, we look at it that 1420 level and rally stronger than most people think. dagen: jeff, great to see you. thank you so much. come back. you are welcome here. you don't think the mortgage deduction goes away. >> i don't think it does, no. dagen: good man. jeff, they do so much. the mississippi river drying up. we have a live report from the banks of the mississippi river.

bob is here on where your money should be right now. oil, how is it faring today, it is still above that $97 a barrel mark. ♪ if you have copd like i do,

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♪ dagen: making money with charles payne and today charles, well, it pays to discover. what you have for me? charles: you know what is interesting, have you noticed, you are going to use your debit card fewer retailers ask you for a signature anymore. i thought maybe we just became a trusting group. because of new regulations, all of this data, the data rates are capped. the only way these guys can make money is through volume, volume, volume. usually i have something that i think will move in a couple of weeks or months. this is good for people with a 401(k). these guys will do very very well. dagen: how has the stock done recently? >> it is at an all-time high.

>> still trading at 9.2. in other words, from traditional evaluation, it is still extraordinarily cheap. they do home loans, student loans, personal loans -- i think this is phenomenal. discover has a network. paypal has 50,000 workers. the average price is on a transaction when we use debit cards? dagen: $25. charles: $19. i used to go crazy because the fees were so high. now it does not matter. dagen: i can handle losing a credit card. i cannot handle if i lose even $40. it drives me crazy. charles: absolutely.

the stock is at an all-time high. these guys have done things right. they are innovative and you will hear a lot about it. i think it will pay big time to discover discover. dagen: and as always, you look very handsome. charles: thank you. dagen: green and orange, you want it think it works, but it does. it is called dressing in the dark. [laughter] charles: you should see my socks, they don't match. i am just getting. [laughter] dagen: charles, thank you so much. charles payne. it is quarter past the hour, stocks now. nicole: i want to take a look at williams sonoma. the truth of the matter is, they have done exceptionally well.

they have come out with their numbers. the prophet has been on the rise. you can see here right now up about 11%. it traded as high as 42.68. that is a new multiyear high for williams sonoma. one of our team members likes the margaritaville jamie buffett margarita maker. they are going strong. let's take a look at the market, the dow is down 50 points right now. we are seeing some pressure. back to you. dagen: nicole, thank you so much for that. the first and last word on bond. we have bob auwaerter standing by with where you need to put your money right now. people, there is a dow. you would not know it if you look at the amount of food people waste right now.

take a look at how the world currencies are faring against the dollar today.

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>> at 20 minutes past the hour i have your fox news minute. ecuador president says -- is welcome to stay at the country's embassy in london as he fights extradition to sweden. the country is ready to negotiate the wiki readers fate. one of the u.s. top military officials is criticizing an official for it blast against president obama. dempsey is disappointed in the group who recently questioned the president of our security leaks, other things. what happens in vegas, dagen, stays in vegas. i guess not for print area. -- prince harry. the other shows him covering his

crown jewels. he is not just. dagen: did you see them? >> the pictures? i obviously had to do the research for the story. dagen: i made you blush. i will look at them after the show. j, you are the best. long-term interest rates have been heading back up. bob auwaerter is ahead of the fixed income group. bob, if you look at rate taking back up, is this a good thing? >> we have had an interesting environment. we had some rhetoric out of european central banks saying it will do whatever it takes to save the euro. the flight to quality as returned.

credit spreads tightening and volatility has gone down. the markets feel pretty good right now. in my mind, we have not had much in terms of action so far. just a lot of rhetoric. to phrase the old commercial, "where's the beef? ". dagen: with merkel and holland, is the next critical moment when the court rules on the validity of bailout facility and that comes in early september? >> that clearly will be a big thing. in the meantime, you also have spain probably asking for more aid. the greeks want a bite on austerity program. you are right, the big thing is really the constitutional court. they will rule on the legality

on whether germany can -- i see for possible outcomes that could rule the know. they say they will look at it some more. they could rule, and this could really go the markets into a tizzy, is that the government has to put in a referendum. boy, i do not know what will happen there. they could also rule yes. it'll be interesting to see what happens. dagen: minutes from the last meeting out later today. what do you expect our federal reserve to do and how we act here as a central bank? does it have any bearing at all

just in terms of the broad monetary policy in terms of what goes on in europe? >> i do not think a heck of a lot right now. part of the problem with the federal reserve is thenning a r. they want to hold off, they can do quantitative easing again. the impact on interest rates is going to be relatively minimal. the last couple times based on a federal reserve bank it only raised about ten-15 basis points. it may help the stock market and that may give people more interested in spending money, but i think each time the impact becomes less and less. dagen: we have an election coming up. how much more time with the markets give us to write

ourselves financially? >> my opinion, if the markets do not see a program of credible progress, i think you could be in a situation where rates start to move up as the markets really charge a credit rhenium on the united states. i think that will happen gradually. i think you are maybe looking at a three to four year time frame. it is something we have to worry about and i certainly worry about it when i think about positioning our funds. dagen: it is great to talk with you as always. i hope you do get some time off. bob auwaerter of vanguard. >> okay. have a good one. dagen: if a conference call with all of your friends is not enough, how about videoconference with up to 50 people at once. it won't cost anything.

walt mossberg tells us about this. google, inc. top. here are some of today's winners on the s&p 500. ♪ copd makes it hard to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day.

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and top companies to work for if you are part of generation y. google is not number one. it is the bottom of the hour. stocks now and every 15 minutes. nicole, american eagle outfitters? nicole: it is a name that's on the move, been hitting new highs. profit came in -- slipped a little bit, but it is the outlook that really is stellar here. that's why you see an up arrow for american eagle outfitters, full year profits that is above analyst estimates. that is number one. plus, the fact that they are beating out some of their intense competition, aeropost e aeropostale, abercrombie & fitch. this is american eagle outpacing abercrombie & fitch and also aeropostale. hewlett-packard caterpillar intel coming under some

pressure. hewlett-packard reporting after the bell today. that will be one to watch as well. we have you covered here on the fox business network. back to you. dagen: there you go, after the bell today. breaking news right now, europe's markets closing and ashley webster has all you need to know. ashley? ashley: hey, dagen, well it is a sea of red across europe today. we've seen a broad sell off across all major european exchanges as investors take profits and pretty much hedge their bets as the greek prime minister begins his quest to try and win some extra time to enact the budget reforms. let's take a look at the closing bell, starting in london with ftse down 1 1/3%. and the cac down. and the dax also down. investors are worried essentially the currency moved too far and too fast, right now the euro is standing right around 124.61. in athens, greece' prime minister is meeting with euro

group chief. at issue is whether greece has done enough to receive its next bailout money, expected to be doled out next month. the greek prime minister made an appeal by the way directly to the german people, telling a german newspaper that his country needs quote some breathing space, unquote, to revive the economy. but german chancellor merkel says there will be no decisions when she meets with the greek leader on friday. merkel says she will be waiting first for a report on the progress that greece is making on the reforms that international lenders have set as conditions for the bailout. but as your guest said earlier, dagen, we have ecb meeting on september 6th and big german court decision on september 12th. and the markets certainly across europe are keeping a very close eye on those two outcomes. dagen: it could be great and it could be ugly. ashley: it could, yes. dagen: ashley, thanks very much for that. ashley webster in our newsroom.

video chatting with friends and family just got much easier. walt mossberg is here with the inside scoop on a brand new service that allows you to video chat with up to 15 people at the same time for free. joining me now from washington, d.c. in this week's all things digital -- all things digital is walt mossberg. you are all mine today. connell mcshane isn't here, trying to look smart and ask long-winded questions. i will keep it brief because i want to know what you think about the service. what did you think of it? how did it work? it worked really well, dagen. by the way, i'm happy you are here. dagen: thank you. >> it worked really well. the video was excellent. only one test calls had freezing at all. all of the rest of them, everybody was clear, no buffering, no freezing, the audio was great. i did one call, i didn't quite

get up to 15, but i did one test call with 11 people in cities coast to coast. and i really like the product. it has a couple of small down sides, but by in large, i liked it. dagen: now you can do group video calling on skype for a fee. are any services that would directly compete with zoom, where you can do, say a dozen people or more and it's free? >> i don't know of any where you can do a dozen people or more, and it's free. google plus, which is, you know, their competitor to facebook, has a feature called hang-outs and hang-outs let you do up to 10 people for free and it is also very good, but there are people that don't want to get deeply involved in another social network or, you know, aren't that active on g-mail or google's other services. the thing about zoom is it's a

stand-alone service. you do have to log in with credentials from facebook or g-mail but it really is a stand-ahone service. -- stand-alone service. it works on windows mac iphone and ipad and they have an android version coming in the fall. at least for a while, not saying for how long, it is completely free, and it is 15 people, which is enough for, you know, most committees, most families, most groups of friends, not your fans, dagen, you would need to do, i don't know, hundreds of these to do that, but maybe your top 15 fans. i don't know. [laughter] dagen: i can't even name 15 people who i would want to talk to individually, much less simultaneously. >> really. what about me? dagen: i said 15. you're in the sub 15 category walt. i wanted to ask you though what

about the need for this kind of service? is it really there? >> i think it is obviously up to consumers. i personally think there's a need for it. if you have ever been on audio conference calls and i assume you have, they can be really annoying. you don't get the full sense of conversation because you can't see the other people. and i think, you know, this could replace for consumers a lot of things that they're doing now in other ways, in e-mail and chat, in audio calls. for big businesses, there's a lot of things like this. this is really beginning to take off i think as a category for consumers, and zoom just launched yesterday, so that's why i -- and it has the 15, so that's why i went and drilled down on it. dagen: walt, it was good to see you. thank you very much for being here. i will see you next week. but you know the stuffed shirt over here will be back, i think. >> i like him.

he is a good guy. dagen: he is lovely. i really do adore him, but don't tell him that. take care, walt. >> see you dagen. dagen: the drought of 2012. meanwhile, jeff flock is watching the shorelines of the mississippi dry up. jeff? jeff: out on the mississippi this morning, we talking to you dagen. not a barge to be found out here this morning. that's because barge captains are holding their toes because there is a blockade again down on mississippi in the south part of this river. back in a moment with the full story and the prospects for getting any better.

dagen: your fox business brief, existing home sales rising in july as low interest rates and a slight improvement in the labor market led to a modest rebound. sales of previously occupied homes climbing to annual rate of 4.47 million, but that was below analyst expectations. the multibillion dollars patent trial between apple and samsung set to go to the jury today. that's after last minute talks

failed to come to a deal. the companies have been in a heated battle in which apple accused samsung of violating numerous patents with ipad and iphone. and budweiser will remain the beer choice at major league baseball for another six years. parent company anheuser-busch extending nearly 30 year sponsorship of major league baseball, also be presenting sponsor of the first ever wildcard game. that's the latest from the fox business network, your power to prosper. because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter.

dagen: news alert for you, another barge grounded overnight along the mississippi river. traffic is stopped again, stranding more than 100 vessels in the greenville mississippi area of the river. the u.s. army corps of engineers saying it expects the near record low water levels to continue into october. jeff flock is along the river in davenport, iowa with -- well, jeff you are on the water. what do you see? jeff: dagen, that's a big point

down there in mississippi but right here on the upper mississippi barge captains are holding their toes because of the low water conditions down there. just to give you the details on that mississippi situation, maybe you can put up the latest information we have gotten from the coast guard down there, barge traffic as you point out has been shut down because of that grounding overnight. 33 tows did make it through. however before the last night. 94 remain now stuck. but they tell us the last time i talked to the coast guard about an hour ago, that they hope to get that unstuck sometime either this morning or this afternoon to get it opened back up. now back here live, on the northern part of the mississippi, you're looking at what controls the upper part of the mississippi and this is why there are not so many problems up here. they can control the water flow. to the left you see the dam. on the right hand side there you see the lock. that's what all the tow boats

must pass through. and as i said, this is the 15th one here along the river. and we'll be keeping an eye on this today, but i will tell you, dagen, there hasn't been one single tow that has come through. no barge captain wants to get stuck down on the south mississippi if he knows there's a blockade down there. dagen: jeff, terrific work as always. incredible pictures and reporting. jeff, you be safe; all right? jeff flock, on the mississippi river, in davenport, iowa. in addition to hurting the movement of goods up and down the mississippi river, the drought continues to wreak havoc on corn and cattle prices. fox news' alicia acuna is in parker, colorado with more. >> hi dagen. folks might want to start thinking about stocking their freezers in anticipation of the prices going up at the grocery store at the beginning of next year. and that's because ranchers here in this part of the country, all over the west, are starting to

sell off much of their cattle in hopes of simply surviving the drought currently gripping this part of the country. they have little choice considering they cannot grow the grass they need to feed the animals. thinning the herd is the only way. >> that's the tough life of people, that's our business to provide food for the world, and it's in our nature, and so, you know, this is like watching your children go through pain or something. i mean this -- >> all this comes as the price for corn is skyrocketing. analysts say consumers could expect the price of inflation for food could go up as much as 10 or 15 percent. and this is one of the most serious price increases we have seen in some time. >> my hope is that it is a a temporary drought. those of us who have grown up here in the west and have worked on farms and ranches know that

these things unfortunately come in multiples of two, three, four years. if this is the start of another prolonged drought, we're in great trouble out here. >> and dagen, we're here at a ranch in morrison colorado. the owner of this ranch actually foresaw the problem here and he hasn't had to sell anything off because he planned ahead. back to you. dagen: alicia acuna from the fox news channel. thank you very much. we bring you stocks now and every 15 minutes. nicole looking at good and bad movers for us? nicole: that's right. let's start off with ebay. when you talk about ebay, you think of paypal. well it turns out that ebay and discover financial the credit card company have made this great deal here with paypal. paypal can be used in stores. so when you go to a store, over # million -- 7 million merchants for the year 2013 will be signed up for this. wherever you can pay with discover, you will be able to pay with paypal.

that is a really big deal. industry insiders are calling it a milestone for the industry, that you will be able to do this. and so both of these stocks are hitting new 52 week highs. earlier you may remember we were talking about american eagle outfitters, such a great winner in the retail realm, well how about express? it turns out express is really not doing too well. it is geared toward 20 and 30-year-old women, you know, give or take really they are not doing very well and had to cut their forecast again for the second time. and the stock is down 10% right now. back to you. dagen: nicole, thank you very much. despite high food prices, one environmental advocacy group says americans waste as much as 40% of their food. according to a new report from the natural resources defense council, the amount of uneaten food that is dumped and ends up in land fills amounts to 165 billion dollars and about 20

pounds per person per month. since the 1970s, the amount of edible food trash has jumped by 50%. researchers suggest americans should save and eat more leftovers. of course unless they have gone stale and been in your refrigerator for the last three weeks. and moving along, they are the best employers for those who belong to generation y. we will name them for you next. and at the top of the hour, more on that mortgage interest deduction. it's the reason why many people buy homes. but lawmakers could take it away for tax reform. the upside of it all. and first, speaking of upside, some winners on the nasdaq. ♪

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dagen: when it comes to jobs for generation y, tech is king. a study by pay scale reveals generation y workers prefer technology firms because they not only pay well, they also contain more flexible working environments. the survey of 500,000 workers, between the ages of 19 and 30 rated tech giant qualcomm as the best company to work for with an average starting pay of $90,000. google came in second with an average pay of 80,000 bucks. medtronic, intel, and microsoft rounding out the top five. we're getting new details on today's congressional budget office release on the danger of the fiscal cliff.

peter barnes is at the cbo right now. what did you hear? peter: well, dagen, the cbo director just finishing up his briefing at which he said that if congress does not fix the fiscal cliff with the white house, that could send the economy back into a significant recession in the first half of next year. and he just also added that as a result of that, the economy could lose about 2 million jobs because of this lower -- of a recession and lower economic growth that the cbo is forecasting. now from the fiscal cliff, dagen? >> dagen: peter thank you very much. peter: they are predicting a recession in the first half of 2013, a de -- a decline of about 3% of gdp at an annual rate if the fiscal cliff takes effect. dagen: that's tough.

peter thank you very much. tropical storm is posing a possible threat to the republican convention in tampa. meteorologist janice dean is joining us now. >> all eyes are on isaac. we do expect isaac to become a hurricane in the next couple of days. latest track as of 11 a.m. eastern time, new advisories in. 2:00 p.m. the hurricane hunters are flying into the storm to see what they can find in terms of wind speed. here's your latest track, still a storm as we head through thursday, but then we think it's going to become a hurricane, a lot of warm water interaction here moving over cuba as a strong tropical storm. depending on how much land it interacts with, that will give us an idea of how strong the storm will be once it moves across water. here the water temperatures are 89, 90 degrees, like bath water here, so we could see some

strengthening, and as you can see heading into monday, there's miami, some of the computer models actually has this kind of brushing the coastline. so there's tampa. and even if tampa doesn't take a direct hit, we're going to be dealing with incredible flooding, strong winds, and the risk of tornadoes, just a quick look at the tropical storm models that make up that cone of uncertainty. some of the models moving it into florida, so good agreement over the next couple of days. as we head four to five days out, then we get a little bit of discrepancies. we will keep you on the latest. back to you. dagen: i love the cone of uncertainty which came right from you. i hear it all the time. >> i should have trademarked it. dagen: i know, but i don't think you can do that. janice, thank you very much. a restaurant is owned in part by

saints linebacker. he is in a heated legal battle with the nfl to reverse his season long suspension. goodell even pointed to him as one of the ringleaders of the new orleans saints bounty scandal. the restaurant just opened on august 8th and there's a sign up saying don't serve this man, talking about roger goodell. just days after signing on with a minor league baseball team, clemens is scheduled to pitch. he announced a contract with the sugarland texas. he was cleared earlier on federal charmg charges that he lied to congress on steroid use. ahead, peter schiff and erica payne talking about the

fiscal cliff. but say the sun rises on december 22nd, and you still need to retire. td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans?

♪ cheryl: man, i love a good fight command and not talking about dennis and cheryl. and talking about erica and peter coming up. cheryl just told me to my did know this, the cliff and. cheryl: a very busy political season, and it's going to get busier. peter and erica. on the little nervous. it will be okay. right, dennis? dennis:, n.d., it will. i'm dennis kneale. cheryl: and cheryl casone putting with recession. that is where we're headed says the congressional budget office unless washington acts to keep us from falling off of the fiscal cliff. dennis: peter and eric a face-off over this fiscal catastrophe. existing home sales taking higher, but not as high as expected lifting stocks of los we have a guest here was what it means for the housing market.

cheryl: this is going to cost you. congress at a standstill 01 and 11-mile stretch of the drought-stricken mississippi. jeff flock will join us live from the river and moments. dennis: 12:00 sharp. the top of the hour, stocks 315 minutes. nicole petallides and. >> reporter: were seen market here that is been pulling back. the the fear indexes higher. the big picture, using the market's falling off. six straight weeks of gains. basically back on that july 6th number, 12,772. since that time a week of gains and it continues. we'r down about 50 points right now. hewlett-packard, caterpillar, intel, coca-cola, some of those names have been coming under pressure on the dow jones industrial average. the fear index remains very low. it is higher today, but only talk about that we should talk about the fact that it is ethier gage, and when it was a 21 it

was a big deal, 20 was a big deal. here, still holding at 15 mark. basically it levels with a back to 2007. investors being a little more complacent as the markets have around these 4-year highs. cheryl: thank you. obviously a little more action than we're used to seeing, especially at this time of day. thank you very much. we will see you 14 minutes from now. spoken of flip back into recession. we have been covering breaking news dropped morning. obviously this cbo giving as frightening numbers, 3 percent economic loss. peter barnes reporting that 2 million jobs could be lost. the congressional budget office issuing that's robert -- sobering forecast. president and chief investment strategist tries me now. and they have been looking obviously at the disco cliff and the issues for wall street, but from your perspective 2 million jobs. that number is such a sobering

headline number. what do you think happens on the street from this? >> well, from the street's perspective obviously it accentuate the risk that we face as investors going forward because this could throw us back into recession, and nothing happens positive that the economy -- about the economy if this happens. if anything, this let's a fire under the congress and president to try to do something to avoid this kind of job loss. the problem is, of course, the cbo has pointed out, its pay now or later to do nothing about these burgeoning deficits. cheryl: well, if anyone wants to go off, and louise, this is what the cbo says will happen. the deficit will go down. that would lead to a recession. it's a sobering number, but those cuts would be put into place. i mean, what kind of shock in the market and a? we really don't know what congress is point to do. >> well, i think that right now

with the market in, they're betting that congress will do something, but there's no question about it, if they do nothing that is going to put a very wet cloud on the market. keno, at the end of the day the margin, the difference between the two sides is very slight. basically holding hostage the so-called wealthy and saying they don't want to keep the bush tax cuts. but the interesting thing about the cbo report is that it showed only 42 billion in savings, just over 4 percent of the overall deficit projected let -- next year would be saved by that. we think about how little that is relative to what that could do to job creation, to business, it seems like it's a very poor reason to hold this economy hostage. cheryl: we also address the issue of gdp, more than 1 percent growth, but talking about second half gdp, two 1/4%. that is a little bit better. we have to listen to these

levels. >> exactly. basically what it does is also puts into question the idea that we are on the right glide path. we have been told by the current administration things are getting better. the cbo report does not suggest that. it puts into question whether some of the stimulus projects have made any sense. cheryl: really cook from an investment perspective you say that it is risk-on, our viewers should be taking more risk as we go into the final three months of trading for the year. >> most likely result would be to kick the can down the road, which means ultimately a slightly better economy, the fiscal cliff becomes a glide down and ultimately were going to have more inflation down the road, and people who, you know, put all their money into the low yielding treasurys because it's going this way could be burned. cheryl: that would make stocks a little more attractive. appreciated. well, coming up in about 25 minutes from now, erica payne

from the left, peter schiff from the right facing off over the fiscal cliff coming up. dennis: looking for to that one, and traffic at a standstill. yet another barge ran aground overnight in the greenville mississippi era. jeff flock is down along the river with the latest. >> reporter: dennis, traffic has already fallen off the fiscal cliff along the mississippi. you're looking at a stretch of the mississippi by davenport, iowa, not off in the distance. zealous him a show you the perspective that we have here on the mississippi today. no traffic and all. yesterday just one ball went by dislocation because of that problem down there. want to show you the picture of the one tow that went past devonport yesterday. these capital and now want to get nonself. here is the latest on the

situation in greenville. traffic has once again for the third day now been stopped. that is because overnight there was yet another grounding. before that took place the traffic of about 33 boats to pass the .1 did stop. we're going to stop to give you a better look at this in just a second. ninety-four boats remained stuck this is a look at the lock and dam system on the upper part of the mississippi which controls the water levels appear. right now that as an it will then to keep the barges transiting through. the problem is not going to go through here if they can't get down on the south end of the mississippi. right now we aren't seeing much traffic on the upper mississippi. of tell you, the forecasts are for continued dry weather which means there is not going to be water flowing into this watershed which means that the water levels will continue to be

low. army corps is today saying they expect these low water levels until october. that means pleasure boats like these, not pleasure at the moment, working at the moment for us along the mississippi. these are holding sway in to of the barges you normally see out here. dennis: thank you very much. cheryl: well, unfortunately standard and poor's is warning private crop insurers like wells fargo and ace that they could be facing $5 billion in losses from this year's massive drought. the report setting insurers with higher concentrations of premiums in the heartland are going to see up larger share of those losses. the amount will vary depending on how much government and private reinsurance these companies would use. s&p also warning that earnings going to be effective, but it does not plan to take any ratings action solely based on crop insurance loss. dennis: playing a different role, whether in the caribbean

as tropical storm as the perils down and may be on track to hit southern florida by monday. all this having a big effect on orange juice futures. phil flynn of price futures group and a fox business contributor joining us from the trading pits of the cme. >> if you had to pick one market that has been impacted by this storm it is ours choose. we saw limited up move yesterday . today that market is still falling through. the reason is very clear. if you look at the track of the storm, or the project to track, this could go right through the heart of florida's orange crop. that is what the market is very, very concerned. i will tell you this. it's very rare that a hurricane, even in florida, does damage to an orange juice crop. this storm, because of its track could have the biggest chance to do so in many, many years. back to you. dennis: thanks. cheryl: well, very famous movie work -- a well-known movie and

named black diamond. liz macdonald is going to be here, u.s. companies fighting back against the new regulations designed to stop abuse in these mines. >> story. dennis: held one casino may have lost a million and a half. first as they do every day at this time, less take a look below. ♪ we have big dreams.

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cheryl: in. dennis: the move the blood diamond in limited the issue of u.s. companies that pay money to countries accused of human-rights abuses and mining precious metals. now the sec has voted to focus on new disclosures and the company's of crying foul. liz macdonald is here with the bottom-line. >> reporter: the sec just voted to approve new sweeping rules that would force more disclosures about four metals that are mined in the democratic republic of the condo. these rules are proposed in the dodd-frank bill, and now the sec has moved forward. essentially, companies that do mining or use these metals and things like smart phones, so phones, computers, computer chips, and digital cameras are not want to have to tell investors that the gap these

minerals from the democratic republic of the condo which has been locked in a heated military conflict that has brought it all -- slaughtered a lot of innocent civilians. going to have to cut off their supply chain and figure out whether any of these show up, even if they are in recession -- materials or scrap and the fact that they did the out of their supply chain, they have to disclose all that the information. the bottom line, at&t is saying, this is way too sweeping. we don't even know all of the information, possibly what could come into the levels. intel, though, h-p and other companies are already complying. the bottom line is these companies could easily submarine and basically bury disinformation's in an addendum, at the attachment to the and report. a brand new form is coming out called for. [indiscernible] the companies have to disclose it. whether or not investors see it will be the issue. dennis: protect the investors. thank you very much.

cheryl: it is 15 past the hour. stocks of 15 minutes. nicole petallides looking at the builders leading the s&p which is pretty interesting after the new home sales data. >> reporter: that's right. i want to talk specifically about toll brothers which is opening -- helping. the have really had an unbelievable year. many of which up 40, 50%. toll brothers would go right into that room. up 56% year-to-date. today you see a gain of about 4% hitting a new high. this on quarterly numbers. people signing up. overall you are seeing the gains . dr horton is up. so the markets have been trending higher. homebuilders have clearly been outperforming. one to take a look at the market the big picture. the dollar has been virtually flat. the drug stocks and the bank index, looking at the index's are lower while the reach of

indexes i read now. back to you. dennis: thank you. it seemed too good to be true, and you know what they say about that. the players at the game of baccarat at the golden nugget casino kept seeing the same sequence of cards dealt over and over. eyes grew wide, but screw bigger. forty-one consecutive winning hands later the 14 players racked up more than a million and a half dollars in winnings. the golden knight contends that those cards were on shuffled. they have filed suit against the carbon fracture and the gamblers in turn are suing the golden nugget saying it wasn't their fault, and they deserve the nearly $1 million still coming to them. you have a dealer that an even shuffle the cards and your going to bring the car maker? cheryl: have a feeling does it is not try to make it too far. dennis: you win. uses. the pr that they will take on that lawsuit, i think, may outweigh the losses.

cheryl: coming up, everybody, nicole was just talking about those builders, existing home sales are on the road to recovery. david will be here with what it means for the tire industry. dennis: and peter schiff, the man himself from the right and erica payne from left about the latest warnings from the fiscal cliff ahead from the congressional budget office. the currencies and the rest of the world. ♪

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cheryl: the 21 minutes past the hour, and juliet with your washington -- but fox business news meant. a threat against president obama scheduled to appear in federal court the saponin. thirty-one year-old anton was arrested yesterday after officers went to his house and it found themselves facing a man with a shotgun. the charges include a threatening the president and assault and a federal officer. meantime, the egyptian president will visit the u.s. for the first time since taking office. he is making stops in washington and new york during a 3-day visit beginning september 203rd which includes attending the u.n. general assembly. and the slogan organizers are using for contest in seattle, but a new color scheme for the

space needle. that is enjoyable celebrate the 15th anniversary of the world fair. judges are asking for submissions. and that was your fox news minute. back to you. dennis: thank you. existing home sales trending higher in july, but not as high as expected. up over 2% from june, 10% from last year. david joins me now from austin with his take on where we are in this recovery. so, on numbers certainly doing nothing to cheer investors this morning. >> that's right. hon numbers, while better and we are encouraged to see in trending upward, that did not meet expectations. i think what is really interesting about these numbers is who is buying these homes. who is out there really boosting numbers. it is the investors, not as much first-time homebuyers as we would like. although, first-time home buyers increased a bit from the previous month. that is the group we really want to see getting in and becoming a

part, boosting these numbers. dennis: investors, it's a good thing. it takes off of the supply of empty homes, and that helps prices. what is the blow you? >> it's a lot of foreign investors miami and phoenix. both times more investors coming in seeing real estate. single-family dwellings but there will hold for. time here. in the villages to down annulment. they have a sufficient capitol old. madam right does the nation is americans who want to see binaries' helms and i do so. but the less significant part of it is a and first-time home buyers aren't in their and their being charged by investors. that's a sign the bill and not get back to a put on "help the willis says housing market.

dennis: the average household has only $7,000 in savings, and some expertise of some experts argue that most people can't even afford the payments. now let's of your little bit from housing into politics and talk about the republican convention coming up. it recently made a move. there are a platform, kind of their agenda will not include a provision that is shore's america that we love that mortgage interest rate deduction and are not going to take away. yeah not going to promise that's taken away where is four years ago they did something like that to read what kind of impact do you think that has on housing and on votes. >> well, i suspect this is more of a move to allow romney to put forth his vision on housing. at think what has been conspicuously absent from the discussion in this presidential campaign is what is east and its plan going to put forward as to improve this. we know what obama started to

do. he made the first move. wind down. a -- what's so interesting about that, they did not put forward a plan on what will replace them. we need a healthy secondary market. obama is starting to make some moves. i'm not sure it's bringing any kind of certainty to the market, and that is troubling. we really need to see what we're going to see mitt romney do. dennis: kind of the hair of the dog that bit me approach. all that easy money is what got us in trouble in the first place. thank you being with us. >> good to be with you. dennis: so, warnings of recession ahead and the loss of 2 million jobs. that is what the congressional budget office says will happen unless washington gets its fiscal act together. dennis: peter schiff and erica payne ahead on the fiscal fallout. first, take a look at some of

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[ charlie ] try zinc free super poligrip. ,. cheryl: 2 million jobs to be lost according to the congressional budget office. unless washington deals with the fiscal cliff. air big face-off is ahead. the cost of the wildfires, 50 buildings already destroyed. we are live in northern california. jimmy kimmel coming to the rich late-night market. why age may behind the move. dennis: 30 past the hour. stocks every 15 minutes. in the cold. >> reporter: that's right. a movement to that low that we have not seen since late 2010. we broke the $15 mark a short

time ago. you can take a look at trading, lows of the day down 11 and a half%. you think of the 20 and 30-euros the go in there and have everything from cool pence to hearings and they are just not cutting it. they did report lower-than-expected "quarterly revenues. as a result the had to cut there for your numbers again for the second time here. cut the earnings forecast and as a result you're seeing it down a dollar 92. a tough go of it here for express. take a look at the broader market average right now. the s&p 500, 1408. clearly selling off. down 1/3 of 1%. and then the dow is down half a percent, and the nasdaq is the best of the bunch, down about a tenth of a percent. dennis: thank you very much. 2 million is the number of jobs the u.s. could lose if we go over the fiscal cliff according to the latest projection from the congressional budget office. peter barnes broke the story

before the top of the hour. he joins us live. peter, what do you have on this? >> reporter: well, the cbo how with a new analysis of the budget and economy. it says that the budget deficit could shrink to about $600 billion last year, but that is mainly because of the effect of the fiscal cliff. if congress and the white house on fixed taxes and spending, don't extend the bush tax cuts, that would cut the deficit by about $500 billion, and the cbo says that% of the -- that could send the economy into a significant recession down a half a point in gdp for the full year. most of that in the first half of 2013, down about 3% on an annualized basis and sending unemployment back up to 9% costing about 2 million jobs. take a listen. >> i think will we see coming next year under current law is a very large amount of fiscal

tightening, larger reduction of deficit relative to gdp than we have seen in any year since a 1969. that is a sufficiently large negative shock to demand for goods and services next year to push the economy into a significant recession. dennis: the white house responded to this report today saying that this reinforces the need for congress to pass the president's proposed tax plan which would, as you know, extend the bush tax cuts for families, all families making under 250,000 a year and raise them on families that make more than that. dennis: thank you, peter barnes. cheryl: with the cbo numbers, everybody, government spending could be the gravest divide between president obama and not romney. will washington did its fiscal act together? here for a fiscal face-off, erica pang, founder of the agenda project.

peter schiff, the ceo of europe pacific capital. gdp down, unemployment up, recession. is it worth it to go off the cliff. >> we don't want to go off the cliff but what we need is for both parties to it beat compromise to have to compromise extending tax cuts for people who make more than a million dollars a year is not a good part of the plan. cheryl: should be taxed as making a million or more? is that the way we should go? >> i think the real problem is not going over the fiscal cliff, but trying to avoid it. if we actually do the right thing and tackle the deficit it could bring on a short-term recession, but that would be the type of constructive pain that we need to solve a problem. if we try to prevent that we're going to bring on a depression. will we really need to do is slash government spending. if that is painful in the short term for people who depend on checks we need to ensure that

because, believe me, the real fiscal cliff is much worse when because we do nothing we have a sovereign debt crisis and the currency crisis and then we're in real trouble. >> the best way to have a sovereign debt problem is to do things like not raise the debt ceiling and therefore to your creditors that you're not going to meet the obligations to you have already taken on. that is one thing that conservatives keep in mind that for the first time in united states history we had a downgrade of our credit rating because the craze the conservatives in congress decided that they didn't want to meet the financial obligations we have already in the taken. let's keep in mind -- >> your -- you have it backwards. cheryl: peter, let her finish. >> you're talking not about demand. [talking over each other] >> the people who depend on these checks to people like my mother who was a high-school principal of 2,000. my father was a judge.

>> of me get a word in here. >> as a people who are paid by the government. be very careful when you're talking about people who depend on the government. our entire country depends on the government. [talking over each other] >> first of all, you don't know what you're talking about. you don't pay off your debt by going deeper into debt. >> that is actually factually incorrect. [talking over each other] >> if we keep increasing the debt ceiling were going to have no choice but to up repudiate our debts. that is the crisis and talking about. we will have the sovereign debt crisis and the currency crisis if we don't bring these debts under control command are not going to control the spending by raising taxes on the most productive americans, the americans have produced goods and services. >> regular americans who work every day by telling them that people like paris hilton are more constructive than air.

>> is talking about paris hilton >> i'm talking about the job creator. consumer demand. >> to the you think hires them? >> these people more going to spend the money rather than handing it to the people who have made all the money. >> are the consumers get the money to spend. they get it from their employers. the reason there's anything to buy is because somebody produced it. >> the only reason that produced it, you moron, is because somebody wanted to buy it. >> your the one is talking crazy. cheryl: no name calling. i don't want to hear it. i really don't. want to get back to. this is very crucial. the issue of unemployment. we were talking about job creation. the issue of unemployment. the cbo was very specific about 2 million jobs lost. that is -- that is depression in your opinion. on the other side, peter, you

also said that we need to address the issue of spending. which will it be? >> well, i think we have to stop spending. if we want more jobs, and i'm probably the only person here that is crazy. i have over 150 employees. i want to make a profit for myself. and so the only way we're going to give more jobs is if we make it less expensive to hire people. the reason it's so expensive is because the government rules and regulations that unnecessarily add to the cost of employment. if we want more jobs we have to increase the demand for labor which means we have to reduce the price of that labour which means a lot of deregulation, lower taxes, less government. if we stay on this trajectory we are going to destroy jobs. more importantly we're going to destroy productive jobs, replace them with non productive jobs and people might have a paycheck but there will be nothing to buy cheryl: at me take this issue to erica. what he's talking about is job creation. something you have been very

vocal about has been the fact that jobs will be created no matter what after the bush tax cuts expire. how you justify that? we have corporate taxes, the effective corporate tax of 35%, and many ceos coming on the business network in telling us they don't want to hire. the uncertainty is to. >> when you're looking at corporate taxes you can say the effective corporate tax rate is 35%. however, the real corporate tax rate, the rate these corporations are actually paying is substantially lower because they hire armies of lobbyists to go in and pay off. [talking over each other] >> i don't have any lobbyists protecting me. i pay that 35 percent tax. >> crimea river, peter. there are things that need to get done. for example, upgrade our infrastructure 80 percent of which has a c rating. but now we do things like the

internet. >> is going to pay for it? >> create the conditions for an economy and jobs. >> we are broke. we don't have that money. >> let me finish. at eight. cheryl: one at a time. >> government regulation. >> no, it's not. >> what regulations you would like to cut. would you like to cut the office of safety committee osha regulations to make sure that when a coal miner goes in he might jump out a live? is that what you want to cut? cheryl: don't have much time. go ahead. >> it's not about safety. i have bureaucrats in my face constantly all day. >> all day, peter? >> nothing to do with safety. >> i spend billions of dollars complying with regulations that you don't even know existed do nothing. >> you really don't listen. at eighth. >> run up by red tape. >> are you suffering?

[talking over each other] >> employ somebody. walk a mile in my shoes before you criticize me. cheryl: all right. peter did get the right -- last word. interesting discussion. thank you very much. dennis: four months of clanking and she has not called me moron on the area. mcgovern is a light. we have the center for disease control warning an alarming increase in west nile virus cases this year. the cdc telling the associated press there have been 1100 cases of west nile through august. now, we will have a couple of other things. the greek prime minister is pleading his country's case yet again for a bailout extension to her eu leaders. bring you the latest on that, and why generation y is taking their tech obsession into the workplace. first let's take a look at the ten year treasury. ♪

♪ >> i'm adam shapiro with your fox business brief. a sea of red on wall street as the market extends losses for a second straight day. investors are waiting for the minutes from the federal reserve last policy meeting which will be released at 2:00 p.m. eastern. right now the dow is down roughly 75 points.

on the flip side, williams sonoma shares are soaring following better than expected quarterly results. the retailer raised its earnings guidance for a second time this year. williams sonoma is planning to open its first stores outside of north america and australia. shares are on the rise after hiking their quarterly dividend 25%. shareholders can expect the cash payout of $0.10 per share. the company plans to expand share buyback program as well. that is the latest from the fox business network, giving you the power prosper. ♪

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. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. cheryl: it is a quarter ten, 15 minutes stocks. nicole. shares of dell really getting hit after that report. >> reporter: the dell numbers in, and the truth is you are seeing dollar under pressure, slumping sales. they have been a loser year today, down even further today,

reading through the credit suisse notes with a lower the price target to $11. they maintain underperform and talk about the fact that they're operating improvements may prove challenging, issues around client, growth, and barges that are close to peaking are likely to persist. weakness in the desktop, pc, and mobility businesses combined -- combined. weakness in emerging markets. that just shows you, when you leave a note like this one there is nothing promising. no real catalyst to say, i'm going to scoop it up right here. obviously under pressure. the dow, nasdaq, s&p pulling back. the dow has been selling off over this hour. down 77 points now. cheryl: also, european stocks selling off part of the reason why we had a sell-off of cap the -- capital. seventy-seven points. really one of the bigger markets that was hit overseas. take a look at paris. that market losing ground. one-and-a-half percent. then we go to london.

london losing a substantial amount of ground, so a rough day for european markets with asia leading into europe. european stocks obviously in the red. a lot of concern about the status of the greek bailout. greek prime minister, by the way , really in an uphill battle at this point to convince the european counterparts to extend the deadlines for major spending cuts. that the greek prime minister is meeting with euro group president and european commission had. that is all happening today. he did promise that they would honor commitment and the credibility would be restored despite the fact that the greek economy is in continuous recession and is not going to be a will to stand on its feet or cannot stand on its feet right now. we will continue to monitor everything happening in europe. dennis: it is one of the biggest shakeups ever in the ridge late night television market. disney abc network smelling weakness at nbc and cbs, moving

to me to live up to the 11:35 p.m. time slot, beating him directly against his to elders, and jay leno and david letterman. let the ratings. why abc is making a move now. ratings are down 28% since the end of the 09 hat season. letterman down 18% since the end of the 2010 season. jimmy, his ratings of 7 percent since the end of ten and up 14% in the july sweeps. what this really is it as an aids play. sixty-two years old, older than the median age of his viewers. letterman, 65. viewers a bit youngbear. jimmy age 44, close to 20 years younger than his rivals and audience. for years and given leno. cheryl: when it comes to a jobs for generation wide technology is king. generation white workers pervert -- preferred technology firms because not only did they pay

better they provide a more flexible working environment. the survey of 500,000 workers between ages 19 and 30 weighted tech giant qualcomm as the best company to work for command you get to live in san diego with average starting pay of $97,000. intel, croissant rounding out the top five. dennis: all right. wild fires destroying homes across northern california and still burning. the latest on the cost base in the golden state. cheryl: first, as we go to break take a look at some of today's winners. we will be right back. -[ taste buds ] donuts, donuts! -who are these guys?

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♪ dennis: the cost of the western wildfires is piling up. and massive fire in northern california already destroyed 50 buildings that are only half contained. following the story from red bluff california is dan springer. >> reporter: this really is a national economic store because of the cost of fighting the fires. more on that in just a moment. less talk about the fire, the pound rose a fire, 50% complete -- contained. better weather, lighter wind, but yesterday in a different story. wind with gusts up to 25 miles-per-hour, and it was a hairy day for residents and firefighters alike. a close look. flames raced up the mountainside toward homes. helicopters and air tankers

attacked from the smoky skies. there was a water drop about every minute, and tons of fire retardant dumped. and crews worked around the home. they have cut trees and brush and spread out firewood. the california conservation corps. the homeowners watched some of this battle as they packed up their animals and keepsakes, going through this in 1990 when they lost a small cabin and now regret building his home on the very same fires on property. >> we have been discussing that this is not really where we want to retire. we don't want to wake up. there has been more than one occasion to know where we woke up dropping retardant on the helicopter -- helicopters dropping retardant. >> reporter: scenes being repeated throughout the west. the biggest fires burning in idaho with the governor got a helicopter tour yesterday of two wild fires each burning more than 140 square miles, two

fires, each of that size. a potential victim. he owns a vacation cabin in the path of one of these fires. we talk about the cost, this one in northern california just started on saturday. five and a half million dollars, declared a federal emergency. the federal government will pick up the lion's share of that. a big fire in central washington. $8 million. all across the west, massive wildfires racking up huge bills to fight. dennis: thank you. dan springer. cheryl: told brothers earning. existing home sales climbing in july. sandra smith has the trades. >> reporter: not as good as expected existing home sales numbers, but there were still of showing improving trends in the market and earnings from toll brothers, one of the higher and retailers. highest levels of the year, $33

per share. so for a 61% in 2012, guess what , and j.p. morgan just put out reiterating there under weight rating saying it is too pricey at these levels. pe is 80. they like other of their peers by dr horton pursuing similar gains o but this guy has a p/e of just seven, so there are some cheaper homebuilders compared to where toll brothers is trading. cheryl: nice to see some of these stocks recover, and they have been. a good play. good trade. dennis: reverse of gravity. what goes down often must go up. dividend stocks losing appeal. cheryl: lori and ashley standing by with smart place for your money in which that means that -- that means they're playing dividend stocks.

dennis: that the date that cheryl w