DISCLAIMER: THE FOLLOWING "Cost of Freedom Recap" CONTAINS STRONG OPINIONS WHICH ARE NOT A REFLECTION OF THE OPINIONS OF FOX NEWS AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE WHEN MAKING PERSONAL INVESTMENT DECISIONS. IT IS FOX NEWS' POLICY THAT CONTRIBUTORS DISCLOSE POSITIONS THEY HOLD IN STOCKS THEY DISCUSS, THOUGH POSITIONS MAY CHANGE. READERS OF "Cost of Freedom Recap" MUST TAKE RESPONSIBILITY FOR THEIR OWN INVESTMENT DECISIONS.
LAWMAKERS SCRAMBLE TO MAKE A DEAL WITH FOUR DAYS UNTIL THE SUPER COMMITTEE DEADLINE
Charles Payne: This stuff is egregious. There's no doubt about it. From the super committee's point of view and from the taxpayer's point of view, this is low-hanging fruit. I want them to get to the real issues here. For me, that would be cutting taxes for individuals who work and earn money. Cut taxes for corporations and cut spending. All this other stuff is shocking and that's fantastic because it's grabbing headlines, but it gets us further away from actually hammering together a deal and the clock is ticking.
Charlie Gasparino: It's a delicious irony that all these limousine liberals are keeping bees and getting tax breaks. I think it's really funny that you don't see any Wall Street protests up there. I think you really run a problem if you start doing tax reform in a piecemeal fashion. Closing loopholes, we're all for that. However, you have to do it with comprehensive tax reform.
Adam Lashinsky: This isn't just symbolic and it's not just loopholes. These millionaires and billionaires are the headline stuff, but these aren't just loopholes. It has to do with the fact that they are taking advantage of silly subsidies. Most of those subsidies are bad-paying farmers not to farm and subsidizing high fructose corn syrup because of good lobbyists. If you go after those, you do raise meaningful revenue.
Gerri Willis: Do you think that millionaires are not going to have the biggest sized deductions? Of course they are. They make the most money so they are going to have the biggest deductions. What I found funny about this story was that they were incensed that 1,500 millionaires didn't pay taxes. 47 percent of Americans don't pay income taxes. So, how can you possibly be surprised that a portion of millionaires don't pay taxes? They are probably individual business people who lost money last year and that's why they didn't pay taxes.
OCTOBER CONSUMER INFLATION DOWN 0.1 percent LED BY DROP IN GAS PRICES
Charles Payne: In New Jersey, it costs twice as much to go across the bridge now. Go try to re-register your dog. Life in general is so much more expensive than it has been and that is the disconnect. The government has always been disconnected from the people, but more now than ever before. In part, it is because they want the dollar to be weak. This is the only way we can compete.
Charlie Gasparino: If you're going to keep interest rates at zero for this long, you are going to get parts of the economy, particularly commodities, where there will be inflation. When you look overall, I just don't' see it running away, unless I'm missing something.
Adam Lashinsky: In the economy overall there is not inflation. Food prices are volatile. Auto prices are down. It's not to say people aren't hurting, but there isn't inflation now in the overall economy.
Gerri Willis: There is inflation out there. Everybody at home knows it. If you dig down into those numbers, you'll find that airline tickets are up 10 percent over the year, apparel up 4 percent, food up 5 percent and, at Thanksgiving this year, you're going to be paying 13 percent more for your dinner.
LAWMAKERS CALLED FOR TELEVISED HEALTH CARE ARGUMENTS AT SUPREME COURT
Charles Payne: This is just amazing. Nancy Pelosi has been complicit in the erosion of power of the legislative branch and now she wants to do the same thing-take away power from the judicial branch. This is not a transparent thing. The Supreme Court decides these things deliberately behind closed doors. She and President Obama promised transparency that we have not gotten so far in three years.
Charlie Gasparino: She's a hypocrite. She always has been.
Adam Lashinsky: Politicians will be politicians. Let's remember republicans called for open hearings at the Supreme Court as well. I think the Supreme Court should be televised, but we wouldn't want to televise their private deliberations.
Gerri Willis: I've been watching Nancy Pelosi this week because of her problems with insider trading. The woman wouldn't even listen to the five and a half hours even if it were open to the public.
Charles Payne: Freeport-McMoran (FCX)
Adam Lashinsky: J.C. Penny (JCP)