Today . Well take it up. Much of the leftist media and Business Press were a agog overs inversion of the yield curb. Today, they seems declaring a recession in immediate offing despite more than 70s of country Biggest Companies quarterly earnings, higher than wall street has been expecting. And revenue of the companies in s p up almost 5 over a year ago. So what is the problem . The market sole off, and sole sold off, and sold off big, with us, jackie deangeles, what a day. It was, the worst steepest selloff of the year. We have seen a lot of volatility in august. Lou as is customary. But not with this wide of a band, this is something new. Yes, this is uncertainty, uncertainty over trade, worries about what is happening in other economies, in europe and asia and china specifically, weak data coming out of china. Also out of germany starting this fear mongering happening contraction of the economy in germany. Yeah. And speculation they will cause something that was compounded by inversion of yield curve. Lou as i like at numbers today had, i am scratching my head, inversion of the yield curve, you look along that curve, you saw a considerable shifts, during the course was day. And at the end of the day, socalled end of the day. It was pretty flat. Right. That is the thing, this could be an inverted yield curve if it stayed for a prolonged period of time, it might be a signal of a recession, but sessions they condont typically come for 22 o 24 months after. Lou right now as we sit here and talk about it, it not inverted. It is within a few basis points of being that this is a misterrous attitude on wall street, Business Press and always visible in leftist national media. There seems to be an aggregate of interest in driving market down whether through the professionals talking about recession, seeing earnings slipping. Point of fact weve seen most of the companies and s p beating all of wall streets targets. Were looking at strong growth in this economy. Low unemployment. And just what do you think they could possibly be anticipating. By the way, trade, trade with china, that is results so far in tariffs of about 25 billion dollars since last year, it amounts to. 11 of this massive economy of ours. That is robust, and still growing strong. It is one piece of the steery the trade side, but fundamentals here in United States are strong strong, that is why capital is coming here and inrate and in id 10 year yel10year yield go dow. We have low unemployment. Wage growth, this is not the picture of what i recession looks like. Lou no Television Broadcast should be talking about fractional numbers that were about to show our odd yens, but audience, our audience will endure by boring note on the numbers, 90 day at 1. 96, two year 1. 5 its, 10 year 1. 59. With the except uno exception oe are looking at a smoothing of the curve, the 90 day as you suggested coulding transitory or a problem. Yeah, it is something to think about. There were a couple other data points today excuse me, normally, the 90 day is not considered in the calculus of the yield curve for the purpose of divining what the market will do over the course and the economy over the course of the next year and a half. I should point out that inversion that happened today is first inversion since since e 2007. And that started talk about consumer and parade, are consumers going to pullback and tighten . Are tariffs going to have an impact. Some of them are find for conversation, by right now they are just speculation, they are not elements in play in the economy where it stands tomorrow. Lou tomorrow, weve seen some pattern of two day negative results on the street. Do you top divine what will happen tomorrow. I cant. But you know we can talk about another aspect of this, which is alga riisal algorithm tradin. That is why these swings that weve seen in august have been pronounced and pendulum goes either way so quickly. You dont think that any of these firms that have been talking down the market who are well seemingly somewhat skeptical yo President Trump, yu dont think they are barging bae banking their book on the play. It is possible, anything is possible, a lot of traders tell me when volatility is high, that is best time for them, they can make moves in the market. There volatility. Lou they are shaking and rattling right now, volatile they have a lot. Jooky thanjackie thank you. Thank you. Lou state Department Today backing the demonstrations in hong kong, protesters there, the u. S. Government urging beijing to respect the territors autonomy. And new imaging Shows Chinese military presence here hong kong border, as weve been reporting for days, susan lee is in hong kong with the latest. Reporter good evening. We have daylight breaking here on a new day. We heard from state department urging caution and concern, in terms of military troop build up here in shi. A Court Injunction said amass in a part of the District Across harbor here, high were met by riot police and tear gas. After police say was provocation from the protesters who were beaming laser beams at police, after the hong kong airport reopening. Trying to catch up on flights that have been canceled over last few days, thousands of parents stranded. Passengers stranded. And hong kong this is the eighth busiest airport. They handle around 1100 cargo and passenger flights a day. This tweet we got from the president , in relation to hong kong and his concerns. What he said china might do, President Trump said i know president xi of china, he is a great leader with respect of his tough people, he is a good man in a tough business, i have zero doubt in president xi want to quickly and humanely solve the hong kong problem, he would do it. Personal meeting . Question mark. Lou a positive development, opens of hodg hong kong airport. Is the expectation that there will be some diminish am of the demonstrations today . Reporter i would say it is about who is winning the hearts and minds of the local population here. You know we saw protests, really break out scuffles, and violent protests, the fights that broke out across the images on cable tv news yesterday, a lot of people point the finger at protesters, saying they are causing this violence, and escalating the protest. I think it is about winning hearts and minds. Lou i think we should point out that there are considerable number of charges that those some of those were activists, that are chinese paramilitary in civilian clothing. And trying to create more trouble. Well find the truth of it. Susan lee thank you. From hong kong. Lou breaking news, 6 Philadelphia Police officers that afternoon shot, all of them suffering nonlifethreatening injuries, they were initially responding to narcotics drug dealing when th at least 1 gunmn opened fire on them, that suspect is still hiding in a house. It is a standoff. And refusing to talk with police or their negotiators. The neighborhood itself is as you would expect on lockdown. Police securing the air, this is the first time this year that pose officers in fill that Police Officers in philadelphia have been shot in the line of duty, well update you if there are any major developments, in this story, well update you on the very latest from philadelphia. Up next, what the fbi is calling targeted tax. Targeted attacks, against immigration and Customs Enforcement facilities in texas. The halfhearted responses from one of the dhs officials who just happens to lead the 2k479. Department. White house talking gun control with congress as 2020 president ial hopefuls, the radical dimms keep moving toward an al all out ban, one talking e san diegcome confiscation of our weapons we take it up right after the break. Just a chair. That a handle is just a handle. Or that you cant be both inside and outside. Most people havent driven a lincoln. Discover the lincoln approach to craftsmanship at the lincoln summer invitation. Right now, get 0 apr on all 2019 lincoln vehicles plus no payments for up to 90 days. Only at your lincoln dealer. Your business is up and running, but is it going beyond fast . Comcast business gives you high speed internet. 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Lou the fbi is investigating two separate shootings at immigration and Customs Enforcement facility in san antonio. No one was hurt. But federal agencies are treating this as a targeted attack. Acting dhs secretary, kevin mcleanan had this tepid response to his agents being shot at. Environment were demonizing Law Enforcement for doing their job, and enforcing the law in the books is concerning it can result in people taking action that are not supported by the facts, not in response to anything inappropriate that men and women of i. C. E. Are doing, i think we have to tone it down. Lou we, we have to tone it down, not the radical left. He could hardly have been more mouse like in my opinion. They must be thrilled at their leading. And declaring to tone it down, do we, go out and make sure that criminals are apprehended and arrested. Who would fire on Government Agencies and illegal immigrants, men, women and children in their custody, you were those . Left claims they care about th them. Th a scare proposal today from one of 2020 dem hopefuls, Chris Kirsten gillibrand said she supports a mandatory assault weapon Buyback Program and would criminally prosecute anyone who refuses to give back their guns. You dont people to retain them. The point is, you dont want people using assault weapons, so the point is that if you are arrested, for using an assault weapon, you will have an aggravated felony. Lou he has it figured out, and speaking truth of radical left, they are not interested in a discussion about back ground check, they really your weapons, she was saying, kirstn gillibrand. They want to confiscate our weapons. And i whoever is advises this president about compromising with radical dimms. , you know, you need to get your head straight. Because this is just nuts, and a bad political idea. This all comes amid a number of reports that White House Legislative Affairs director, is actually talking with staffers of senators pat tumi, and joe mansion and chris murphy about possibility of expanding background check for gun purchases, i wonder where that might be. Some of president s misguided advisers appear to be 34urb pusg president to roll back the second amendment. Ed who would be in direct competition with american workers. And this even as American Business right now, is rapidly increasingly use robotics articial intelligence will result in elimination of massive numbers of american jobs. To take that and more up former Reagan White House political director, fox business analyst, ed rollins. Nice to be with you. Lou good to have you here, i am stunned. At gillibrand, radical dimm who would want our guns. She was not so radical when she was a member of congress in upstate new york, before she was appointed to senate she was a big gun advocate at that point, it will not matter, she is not a viable candidate for president. Lou she is speaking out for the radical dimms, i believe sesays what most of them are thinking. She is a bad vote, and we have to make sure she pays for that when she runs again. Reality, talking about white house staff, this is now a group of young people who never had experience in life or politics. Political office. Of lets put up the folks who run that effort. If we got that lets talk about legislative affairs then. You got that . This is i get to test my patience. And i apologize to you and appreciate you exercising your patience with us, thank you. Here former chief of staff to bill fries. He worked for lobbies fund of one of biggest ever. You are thrilled in. Here is the difference, i was in white house. The lobby firm was served in ford administration, nixon administration, tremendous credentials, two years before he became head. Reality now have you a bunch of young people who are all about the hill. They are not about the president or president s program, they are trying to please everyone on the hill. The political shop, and again even comparison what i first joined white house, this like is National Football league there are no walk ons be you are the best or youre not here, my staff, atwater who became the rnc chairman, and barber who ran for senate became governor of mississippi, daniels governor of indiana. One strong team. And i had andy carr, chief of staff at white house, and bill lacy he ran a congressional committee, his strong veterans who were there to serveet president. Lou so when of these folks do you believe, it may be beyoung thiyondthis group beyond this group, but someone is pushing this president to embrace the idea of gun control, he ran against to embrace idea of expanding h1b program that is absolutely, an threat call to his hire american, and buy american motto. Problem, again, they are washington ownians. Lou i dont care what they are, who are they. They are a minor players, now they have the big title in white house, they are young, they cant push back. Lou hell, surely they listen to president of United States and what he ran othis is looking like a pivot on part of the president. I dont think so. Lou you dont think it a pivot. I dont think they know what president ran off. Thane this are dappe thend idiots. That is reality. Lou where the hell is chief of staff, where is mulvaney, he is missing from public view. If this is his handiwork. You think a guy like axelrod or karl rove, they were with reagan, and obama. Lou they knew the agenda. Their job was wait, wait, you are not really seriously tonight suggesting they dont know theyre basically undercutting the president of United States, they dont watch television, they dont read a comic book, come on . I would argue they are getting a lot of feedback from the hill, this is what they are working for the hill not the president . For the establishment, republican establishment, democrat establishment. Washington, d. C. Lou you mean rinos, globalist elites. Absolutely. The people this president ran against. A mind set so. Lou and forgot know man and fod woman. Theyment to make the want toe president do the right thing that is what their attitude is, the right thing is to what he ran on. From my perspective what president promised the voter. Lou they are not doing the right thing. As far as hill. Lou ar are what are you doi . Being sensitive to the establishment, i have to watch you. Im not im not taking their side, im explaining what i think. Lou you call what they calling for the right thing . , i have to tell their read of the right thing. Lou the hell with with their ideas. My point is, we shut down Political Office and ran politics out of campaign. Lou im not sure the campaign is any brighter, a data guy, brad, smart guy, very effective in 2016, this is about politics, sports fans, i dont know what the hell is advis advising this president . Is it mulvaney, that is another grand idea. Both things part time. Melissa. Lou yeah, well. Commenccommensurate to his tale. They have a long, hard way to go, they are not up to league yet. Lou i want you to console me just a little bit. You tell me that these advisers my observation. Lou i understand that, but your opinion carries a lot of weight with me. His instirnl instincts that s forward, i dont see that any in there, nobody about gun control lets look, i am told we have graphic of Political Office. Bryan jack, graduated college in 2010. In is your atwater. And alicia claus in 2016. They experience Republican National committee soar Something Like that. Ashley, director of external relations, a 2015er. Right. Lou oh, my god. That is the problem, back to point, this is a place you could have the best, you should have the best. What in the mulvaney. What are you doing . What are you doing . That is a problem. Lou ed rollins. Everyone they hire comes out of congress, either members or go find best talent and help this president. Lou thank you for cheering me up, ed. Thank you. Lou thank you so much. Update, coming up next on shooting of 6 Police Officers, in philadelphia. Also, what is being done to combat crime in americas innercities, take that up with secretary of housing and urban development dr. Den ben carson with me tonight. Stay with us, well be right back. Doctor bob, what should i take for back pain . Before you take anything, i recommend applying topical relievers first. 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Lease the 2019 rx 350 for 389 a month for 36 months and well make your first month payment. Experience amazing. [ soft piano music playing ] mm, uh, what do you do for fun . Not this. Oh, what am i into . Mostly progressives name your price tool. Helps people find Coverage Options based on their budget. Flo has it, i want it, its a whole thing, and shes right there. Yeah, shes my ride. This dates lame. He has pics of you on his phone. Theyre very tasteful. Lou well talk with dr. Ben carson secretary of hud in a moment, well talk with a terrific panel of experts on about what is doing on in the markets, and prospects on this economy and what is leading these developments. And volatility. And concern about recession, were monitoring new developments, in the shooting of 6 Police Officers in philadelphia, David Lee Miller with the latest. Reporter standoff continues in philadelphia, this is an on going situation. Were told that one of the suspects continues to fire. The Police Deputy tweeting out suspect still firing, and urging residents to avoid the area, stark sayaway. 6 Police Officers have been shot, are treated in area hospitals with nonlifethreatening injuries, additional officers for nongunshot related injuries that was caused by a car accident. And they report three suspects are in custody. One officer is pinned in a bedroom with two suspects that are handcuffed. And a Massive Police responses on the ground in nicetown neighborhood, the shooter is Live Streaming what is happening on facebook. Emergency call came in 4 30, a narcotic call, police flooded the scene, then the shootout began, there are reports that hundreds of shots were fired from the home, numerous agents stoppedded to assist. President has been briefed and continues to monitor the situation as does Justice Department and attorney general. Were also told that the fbi has a s. W. A. T. Team on the scene. But right now they are not have not been called in, but they are there if needed. Lou the Police Department has done an amazing job to secure that area. This is now a threehour ordeal. Which the suspects, do we know how many is there any suggestion of how many people are firing shots . Reporter that is not clear, a report that one individual was taken in handcuffs. That is being reported by local media. This is the third hour were in. At this shooting. And question im sure on minds of many is how much ammunition do the shooters have in the home. Lou david thank you so much appreciate it. David lee miller. Up next, Left Wing National Media unhinged response to todays market selloff. Also a new report by the spying threat posed by huawei. Turns out that huawei is associated with communist china. And the Peoples Liberation army. And there is a some intelligence component as well. How much . Well have that and much more right after this quick break. Stay with us. I cant believe it. That sophie opened up a wormhole through time . speaking japanese where am i . woman speaking french are you crazy nuts . Cyclist pip pip woman speaking french im here, look at me. Its completely your fault. man speaking french ok . Its me. Its my fault . No, i cant believe how easy it was to save hundreds of dollars on my Car Insurance with geico. pterodactyl screech believe it. Geico could save you 15 or more on Car Insurance. When crabe stronger. Strong, with new nicorette coated ice mint. Layered with flavor. Its the first and only coated nicotine lozenge. For an amazing taste. That outlasts your craving. New nicorette ice mint. Lou joining us tonight, secretary of housing and urban develop, former candidate for president as well, dr. Ben carson, great to have you with us, if i may call you doctor instead of secretary, ill give all honorifics in. No problem. Lou good to see you, start with this new program for loans on condominiums. And its importance in your judgment, to what you are doing what you are doing for the american people. Well we were happy to make this announcement today and publish in federal register hud will now be endorsing through the fha. Mortgage loans for single condominium units. Previously it would have to be a whole condominium. You could not get a single unit. Unless the whole unit was approved. There are 150 thousand condo units across the country, this will expand ability of people to get into a Housing Market at a low price level. This is important, Affordable Housing is a critical issue right now. And counsel was impaneled by an economy order by president a couple of months ago. That wonderful news, immediately concern talking about 3. 5 down. And fha backing these loans and the wags are talking about souped this soups like 2 show2007and 08. Back 37 then. They said we have to get people into homes. They did inappropriate things to get people into houses. You put a person in a house they cant afford, you are not doing them any favors. Lou you are sure doing the bank a favor. Unfortunately, were not going to lit that happen during this administration. Lou good to know, it sounds like a terrific program. At same time mortgage debt top p topping levels of two,00 200. Therefore, it is a good sign it is rising, is that correct . It is a supply and demand issue. This is rising, there are more people who are actually able to get into the market because of the job market being so good. We have 7 million Jobs Available and 6 Million People looking for jobs. That does not take into account people who dropped out of the job market. There are a lot of perverse incentives that government has put in place over a long period of time, they have to be removed much we have to look at the problems in a holistic manner, federal, state, local, nonprove is, faithbase working together. Lou with a new seconds to go. Dr. Carson, your sense of the hell owhile health of overal Housing Market, more renters than buyers in trend at least . The market would be a lot healthier if we get some of the regulations out of the way so we could use Incredible Technologies that have been realized in the last few years. Affordable housing is something we can do. But the regulatory barriers prevent it from happening. You have pattern one month Housing Starts up next they are down. I get a chuckle when i look at excitement you know, in the housing community, oh, the sky is falling, or everything is wonderful. You know it is going to continue to be that way, it is never a Straight Line . Next thing, i know the stoke markets stock markets. Oh, boy. Lou they will be well, they will be rollercoastering along. Dr. Ben carson. Thank yo thank you, lou. Lou secretary of housing and urban development. Up next more on the markets big selloff our panel returns. Ght. So you can save big. Get a nofee personal loan up to 100k. 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So call today and consider these numbers for just 149 youll receive five screenings that could reveal what your body isnt telling you. Im gonna tell you that was the best 150 i ever spent in my life. Life line screening. The power of prevention. Call now to learn more. Lou like to update you on the breaking story out of philadelphia. The officers shot. Police commissioner saying that two of the officer are trapped in a house where the shootout began. This is been going on for over 3 hours. There is no word yet on their condition. We were initially told that there were no lifethreatening injuries to any of the 6 Police Officers who have been shot. As best we know, the number is 6. They were responding to a drug deal when at least one gunman opened fire on them. That suspect is refusing to talk to police. We are also lead to believe there may be other suspects firing their weapons in the neighborhood that has been locked down. The neighborhood, on lockdown, police secured that area, well update when you we learn more about this shootout in which 6 Police Officers have been shot, were told that there are no lifethreatening injuries apt this at this hour, joining us to talk about the news of the day, the major markets selloff on wall street bill lee, chief economist at milliken institute, mark grant. And aaron gibbs. Good to have you with us. Aaron, we start with you, this is a trillion dollar day. Going all the wang wei. Yeah, and in end it did feel like it was much to do about nothing. The inversion was short lived. And this was really about investors panicking. The fears and somewhat maybe, i want to say not over blown but when you really look at what kind of indicator an inverted yield curve it, usually a recession two years in advance, were worried something that might happen two years from now. And markets, the u. S. Equity markets can go up for some time, it feels like, low Trading Volume day, and people just over reacted a little bit. Lou and mark. Were talking about as erin said, a transitory moment, we dont know if will be extended to an actual inversion of the yele curve yield curve, and yesterday there was such relief half of tariffs to be imposed on september 1 have been deferred by the administration to december, today it is a new deal. Were talking about the yield curve, that seems to override the while and strength of the health and strength of the economy, other markets. Your thoughts. My thought on yield curve is that people are making the wrong assumption, period. Truth that fed has never bought treasury bills since 2008, and 09, biggest player, biggest buyer has not been in the short space which is distorted the curve. Number two, issues with china are a game of thrones, we talk about it like a trade dispute, it partially is, but this is just for power and control in the world, then you also saw major issue, with germany, the most important country in europe. Their economy went into contraction today, then have you 15. 9 trillion in negative yielding debt. Lou and this country, we have plenty of debt, bill. We have plenty of deficits and stimulus, we have a fed that , were lead to believe will cut rates. And listen to president s taking a long time but they might. Todays actions in market represent mindless programmatic trading that got it wrong, foreign buyers are buying up u. S. Lump data like crazy, negative yield means entrepreneur and investor have no confidence that anywhere el in world to invest your money get positive returns, here in United States, productivity is high, and capital can be used. Ustead instead the market treating this inversion like any other inversion, and work. Y talk of us in market there is a bowli bowl, inversion, everyos buying our assets because it is a good investment, i think that is a mistake. 9 day to on nine fed haso okay just Monetary Policy stan stance. Fed has always been missing in action in a bold statement. Lou had better focus on u. S. And not the globe. Listening to the president my not be a bad idea. Erin, your thoughts a lot of people at home watching there 401 k s. I want to just really to reassure investors, longterm, you are better off in market, we have good growth over the next 12 to 18 months on u. S. Corporations. This not the time to panic, i would not call this the bottom, stay calm. The sky is not falling. Lou mark . My thoughts are that the fed absolutely has to do something. It has nothing to do with the president. You know the fed was created by Federal Reserve act in 1913. I think it is right of any president , republican or democrat, senator, congressman, to say they dont think that the fed is acting appropriately, the fed has been put in the corner by the ecb, and fed has to respond by lowering rates. Bill. Make a statement at jackson hall, tell everyone. Were there and well do whatever it takes to back up u. S. Growth, that will calm the markets and not commit him to anything, he has other tools to use, operation twist and using plan sheet in order. Lou bill lee, mark grand ander ierin gibs. Thank you, lou. Lou stay with us, were coming right back. Lets do it. Come on. This summer, add a new member to the family. Hurry in and lease the glc 300 suv for just 419 a month with credit toward your first months payment at the mercedesbenz summer event. Going on now. They give us excellent customer otservice, every time. E. Our 18 year old was in an accident. Usaa took care of her car rental, and getting her car towed. 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Fisher investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. Clearly better money management. Lou joining us tonight, the senior policy analyst for the independent womens forum. April ryan having having a journalist removed from her speech. She was the freedom of speech award winner. She is a White House Correspondent for an urban radio network. She is often one of those people who loves to call the or the press secretary to the mat in a very belligerent way. She probably doesnt want to be held accountable for whatever she was going to say. Lou its usually the reason no matter who they are. To keep our limits from their doors or keep our ears away. The idea that louisiana has mandated in god we trust in public schools. Thats got to throw you and everyone in the country. It thrills me its important young people understand our motto and understand the underpinnings the underpinnings much why we adopted. Adopted. Lou i hope it Goes National as i know you do as well. What a great decision in louisiana. That it for us. We thank you for being with us. Congressman sean duffy joins us tomorrow. We hope you will as well. Thanks for being with us as well. Good night from new york. Trish breaking right now. Lets take a live look at an active shoot ear situation. The standoff currently unfolding with at least one, possibly two Police Officers being held hostage, being held hostage in a multi family home. One floor above where the suspect is firing at officers. We have gotten reports that that suspect is life streaming these activities on facebook. 60s officers have been wound. We can confirm there are s. W. A. T. Teams along the rooftops. There is a