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Growing scandal surrounding the White House grilling some White House officials plastered across the news.
Someone what's going on today but mom actually talking about what was going on for decades ago almost to -- -- However want to welcome Neil Cavuto and talk about a little bit -- days of Lou may seventeenth 1973.
The date those Watergate hearings began.
-- into TVs across America captivating and they -- While crippling a presidency and the market Wall Street seeing a lot of red during that summer and would several hearings on tap for this summer.
Are we about to see another great 1970s.
So all over his son Charles Payne Dagen McDowell.
Along with Adam Lashinsky and Charlie Gasparino.
-- -- You know what I'm not sure it depends you know the hearings this week started off with fireworks and they're gonna continue there's no doubt about that -- look at some of these scandals Watergate.
I ran -- true monocle -- Lewinsky.
The economies did really well GDP growth job growth all throughout all those and and really -- -- not Watergate.
Watergate not what the GDP was up for the most part don't -- broke -- I mean toward the end does.
The complete meltdown that's what happens when you -- when the president lives and that kind of disgrace but.
-- I will say that there's a good side to this -- in the idea of stopping the anti business agenda of the of this administration.
I don't think the market is this unhappy with that.
I think it's -- this is too.
Watergate as you know was in the middle stagflation are Arab oil embargoes Lewinsky was in the middle of the -- book boom so it really didn't matter.
I don't think this matters that much I don't think this scandal in perils of presidency right now and this market doesn't care about the president he cares about the head of the Fed.
-- that's all that -- disease printing money to do so that's what this market cares about an -- and if Obama would resign tomorrow the market would probably do nothing.
When Ben Bernanke stayed until there's a -- Joseph Biden stuff to the podium here now that I still think about it nothing today.
I worry what this IRS -- symbolizes about the future of this country of unwieldy government unsupervised.
Bureaucrats and government -- gotten so big.
That the pot -- over weaning politicians.
And that's how.
Our taxpayer money is being spent and I don't know what will reverse that and that is not an environment where this country can cross -- Where this country can continue to grow and up.
-- foment the desires of the American people and encourage him to start new businesses that's what concerns me the most about it.
You know Ben Stein do you think the difference is Watergate and I know you were around that time and then and then remembered well I I -- things a bit of big differences there are multiple.
Scandals going on here not the IRS is going to have to conservative groves of the just department -- AP reporters.
Health and human service says you know maybe -- takes advantage of the law and -- up companies to promote the health care law.
And I could go on and on an audit -- so I think there are a lot of these that that that could differentiate them from from Watergate what what -- you -- Watergate was a totally different situation first of all the media was against the president.
In this case the media except for Fox News is for the president is laying down their lives -- To be -- them despite a slight showing a rebellion in the white house press room.
Main thing is as Charlie Gasparino said -- in the Watergate we're facing.
Very big inflation and stagflation rises because of the Arab oil embargo prices were skyrocketing.
The man was falling rapidly.
Prices earnings per share were falling rapidly.
That's what the market cares about it doesn't get right humiliating.
Obama it wouldn't care one bit of mr.
Obama left to mr.
Biden to -- armor and chuckles the clown to -- -- after him.
It cares about earnings per share adjusted for -- -- -- -- compared with other investments and and these -- having to do with that.
And the Fed and by the way that -- -- come no offense to you Joseph Biden comparison.
I guess what I wanna know Adam is is.
I always think the president's didn't skate by.
If the backdrop -- a good economy I think that did say Bill Clinton I think in large part it helped get Ronald -- through Iran Contra Knight and day differences I grant you.
But because the economy was as bad as it was -- -- and and we've we've we're dealing with inflation and oil embargoes and the rest as 1973 -- -- -- -- it was not it was the wind facing Richard Nixon not -- back so I'm wondering if this relatively.
Improving economy not gangbusters economy.
Could help this president no matter how these hearings evolved.
Well I don't dispute anything is set I'd make a stronger statement I mean that I don't thought they might Richardson dropped but it that's okay this.
-- Nixon even probably could have survived if it didn't turn out that his fingerprints were were on the problem and I think that's the critical difference you know President Reagan was never.
-- plastered directly without Iran Contra and clearly President Obama is not directly involved.
In any of the quote unquote scandals that are going on we don't know not yet we don't know enough you might be we don't know yeah -- that.
Beg beg god -- is not a scandal it's made its incompetence malfeasance whatever you want to call it that that doesn't bring down a president headed appears that what's going up with the IRS is you know the lower low level people who.
Who acted extremely -- don't do nothing to do with the Prez.
Don't blow off the -- limit the political ramifications of this I mean the -- that lets face it we -- mid term elections coming up.
I don't think this has a big impact on the economy the markets for the reasons I laid out but this is a political problem the incompetence of the Obama administration where one man doesn't know what one -- the other -- doing.
Where there -- points people that are idiotic don't make make idiotic mistakes when -- godsey is clearly what is.
Our current like six -- another example of incompetence that -- that will reflect on the president and that will hurt him politically.
Sir with love I don't -- Souza turned things aren't real quickly to my colleagues.
So there was great respect to my -- Ben Ghazi is not incompetence yeah Gaza is -- -- out right now these are right lying right criminal Alaron.
I will I will look really I don't agree with anyway for the -- -- -- weeks that is so true with the bat out of there -- some political what we're all agreed on what we're all agreed on is that there's really a very -- connection between these scandals across time and the and the economy.
There's a -- connection between the actions of the president know and the economy got -- having said that.
That well to have -- having said that there there is no suggestion of criminal behavior it would this big guys situation and Charlie -- you're.
It is not only with the larger -- out -- -- -- and there's obstruction of justice those are not -- our -- here yeah I was looking around at Charles data we have Ford is a little bit odd.
My big thing is up we've gone from an administration that was very hands on detail oriented to hands also and I know I'm not thing.
And so went to one crisis after another the only defense is ignorance -- the only -- is I was out of the loop.
So that alone raises questions and so many different scandals.
That the best defense you have is that you didn't know what was going on and I think that -- didn't do this idea of confidence in the White House and competence in our leadership and that will get to be an exacting problem.
Investors should be happy in the sense that and I do think that this Charlie didn't impedes the president's agenda if not for now I did not they would welcome cannot open -- market welcomes until it was not a brick -- certainly it's big bump -- -- point.
Stephen Miller could tell you that well it was poor planning.
It was nonpartisan.
And by the way we were trying to be more efficient now that was really didn't make it and -- heroic -- I didn't remember everything -- Peabody scared to death about this dip back at this Keeneland in the higher rats.
We're increasingly at the mercy of this police force it has greater as -- -- that's -- more work.
The tax code is that much more complicated we got a whole new jobs senate acts on -- back to tackle -- This is about -- -- -- -- all by the way I highly.
Well I think that health program.
Really think do you really think that those tax exempt groups that they targeted these I know the right the right -- do you think.
They should be tax exempt the problem is that they're focusing on one type.
Those groups should not those those groups of political action can be a little second it's really sort of the well I don't know if -- -- -- -- -- -- argument maybe outside the nation that the group was tied -- I know all but but let's be honest before we start captain's version of the -- you know can enforce the tax code.
It what they did was they would have the groups that should not be -- that.
He should yeah.
They get way yeah.
Political action committee should knowledge exists -- yeah look yeah okay -- -- -- Iraq.
Committee should nonprofit group behind your group united -- caught it right and nonprofit groups why shouldn't they be connected them to while I was like that -- -- -- immediate matters -- that weren't worthy of a whole another show but unfortunately we're out of time.
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