Transcripts For FBC Mornings With Maria Bartiromo 20240713

Percent. Nasdaq down 53. Major Market Indices falling better than 1 yesterday, the selloff coming after surprise decline in Manufacturing Activity after the World Trade Organization cut global trade forecast for the year, we told you about that yesterday, joining us hodges capital manager, craig hodge. What did you make of manufacturing data and what do you think that tells us about the economy and the markets. Its obviously not positive, we put all the manufacturing, its only ahird of the economy, we are a service economy, consumer is over 70 , one data p, as we go, the consumer what youre talking about the jobs and payroll, that would be more important as we go along. Maria look at the reaction, we have been talking about manufacturing weakening for a little while, dagen, but the market was sizable decline on this news. Dagen because this index contracted in august and expect today rebound above 50 plus and came much worse than expected, worse than literally every estimate that was out there. Just a few things to quickly put out to put it in perspective, weakness in production, backlog exports, one factor that was still above 50 was supplier delivery times but that also fell in september, this could be related not to the broad global slowdown, not to trade tensions, not to weakness in the economy but also boeing and the 737 max jet and also the General Motors strike would be weighing on this. But the fact is that this has a broad impact despite it being a small share of even our gdp, 11 of gdp but manufacturings influence on goods production as those goods are made and then transferred, loaded onto trucks and transferred across the country, the journal points out today, when gdp at 8. 4 annual rate in Fourth Quarter of 2008 during the financial crisis, goods production accounted for the vast majority of that decline, 7 and a half Percentage Points of that decline. Huge, huge impact broadly speaking. Maria what do you want to do in terms of investing today . Yeah, we are focused on the small caps, we think theres a real opportunity in small cap stocks, they are underperformed tremendously, in fact, variance of 10 or more in history, 85, 91 and 98 and every time that the small caps have from the general market die vernalled more than 10 , within 12 months, its more inexpensive place to be and so we are focused there in the small cap area. Maria do you worry about the selloff weakening given the economy is slowing . Not tremendously, we have a pessimistic view out there even though we are near highs and the market has really been resilient and lets look at it from a historical standpoint, the market is not expensive with the lower rates. Maria schwab commission rates. Incredible, no commissions charge. Amazing. Maria how do they make money . Through margin accounts, through fees. Its really an asset, youre trying to gather assets, they make fees in every way they can. We want to talk about economic backdrop, adp report is out this morning, expectation for 140,000 jobs added to the economy in the month of september, then we will get the september jobs report on friday, 145,000 jobs expected that month with Unemployment Rate 3. 7 . How do you see things . The thing that worries me abou jobs numbers is inability of finding workers. One reason manufacture asking down, 58 of employers in manufacturing, Small Businesses that were looking for employees, couldnt find them, how do you add jobs, how do you continue to grow at accelerated pace when no matter what business they talk to theyll tell you they cant find employees, we need to add qualified employees to continue growing. We hear from we hear 2600 company checks, 850 companies and we are hearing a lot the same issue, hiring people is hard and the big problem is people cant pass drug test. Maria a couple of years ago, walmart decided that they were going to stop testing for marijuana, everybody they tested, to, really, they thought they were finding good employees but they failed the drug test, marijuana test, anyway, i dont know where that stands now, youre right, big issue. This is one area that we, i thought we would see further weakness after salt deduction in new york was taken away, whats your take on real estate right now . Some markets are down because of salt. New york is down on residential condo side, wework is going to disrupt the new york city commercial market and washington, d. C. , San Francisco, you are florida doing exceptionally well, charlotte, north carolina, durham area doing really well, you some aspect of real estate doing well but big driver in construction has been new york city, los angeles and then some of the other markets, i think dagen is right, you look at the reduction of manufacturing because of boeing, the uaw and i think also theres a shortage of workers and none of those are bad news kind of bad activities in the economy in terms of the economy itself, i think the economy is doing pretty well, when youre full employment, wages are moving up and wages moving up in free market way as opposed to being on employers like new york city is trying to do and other more progressive cities and states, if you will, i think these are pretty well on real estate, its just where youre doing business and i think right now for new york city, new york city is in a lot of trouble and going to face a lot of pressure and going to continue to see downward pressure on prices and i think you will see stress in financial markets, big savior right now is low Interest Rates. Maria rockbottom rates for sure, does that help anything in terms of backdrop in. The rates are but don mentioned two places, tennessee and florida, zero state income tax. I moved from california, one of the reasons because california is a terrible place to do business and you pay a lot in taxes, you find tax policy having real impact, don is absolutely maria we have been talking about the cities of this nation really seeing terrible situations, San Francisco, la and now new york, we will get into that. Final word from you, craig, in terms of this market, what do you catalyst in terms of next move in investing . Earning season start in about 10 days that will be the next real catalyst, expectations are pretty low, any sort of selloff, any sort of volatility, we will try to take advantage on that. Maria craig, great to have you. We are Getting Started this morning, also next digital founder and entrepreneur jimmy with us live discussing the latest on hong kong, hes on the front line of those hong kong protests as somebody was shot yesterday, we will talk about that tennessee mark green is here. Former ceo and now commissioner of the wnba kathy joining us in cwaa paying College Athletes plus investing, chairman and ceo mario here on septembers manufacturing data and allocating capital today, big 3 hours coming up, stay with us, short break and impeachment inquiry, secretary of state mike pomp bow is warning democrats to stop, quote, bullying as he ready to speak from italy, next hour, north Korea Fires Ballistic Missile days before talks are set with the u. S. , coming up things you can do with schwab you can earn more when you invest your cash. You can get a satisfaction guarantee. You can also wonder why our competitors dont offer that. Schwab, a modern approach to wealth management. Performance comes in lots of flavors. dramatic orchestra theres the ampedup, overtuned, feedingfrenzyof sheetmetalkind. And then theres performance that just leaves you feeling better as a result. Thats the kind lincolns about. Maria welcome back, secretary of state mike pompeo holding joint News Conference with italys Prime Minister after named fact witness in democrats push to impeach President Trump, fox news Griff Jenkins with the very latest, griff, good morning to you. Good morning, maria, we hope to hearing from secretary pompeo being addressed as being labeled fact witness, pompeo has been pushing hard against democrat subpoenas, former state Department Employees issuing letter, they can be understood as attempt to intimidate, bullying and treated properly and several Career Foreign Service officers, democrats wasting no time responding writing secretary of state, pompeo has conflict of interest for reportedly participating in ukraine call and now trying to cover up the list of activities adding any effort would, quote, any effort to intimidate will prevent witnesses from testifying or reporting documents and evidence and meanwhile President Trump whaling against the inquiry, it is a coup, 2020 hopeful harris tweeted at jack dorsey, hey, at jack, something to do something about this, as state Department Inspector general heading to capitol hill after making urgent request to secret lawmaker, specific reason unclear, we should find out more tomorrow by the way the former u. S. Envoy on capitol hill, maria. Maria thats the testimony that everybody is waiting on, kirk, we will watch that. Absolutely. Griff, thank you so much. Griff jenkins in dc, hong kong unrest continues, the city reeling after most violent days of protest days yet, marking 70 years of communist rule, live to hong kong when we come back, activist, special guest and then nogo, the United Auto Workers rejecting gms latestort, protests in week 3 in detroit, back in a minute hmm. Exactly. Liberty mutual customizes your Car Insurance, so you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty on a scale of one to five . One to five . Its more like five million. Theres everything from happy to extremely happy. Theres also angry. Im really angry clive actually, really angry. Thank you. But what if your business could understand what your customers are feeling. 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Maria welcome back, hong kong bracings for more violent protests, take a look at the scene overnight this as prodemocracy demonstrateors scuffled with demonstrators, next digital founder, Majority Shareholder democracy advocate, jimmy, tell us where it stands today. Well, after [inaudible] i think the movement has turned to a new page. I dont know what will happen, itll get more violence but i hope they dont escalate the violence with the police because our resisting movement has to proceed and for long time to wear out the chinese after the pressure of the world, so, you know, we escalate violence which would be wrong thing to do. Maria what do you think, does this represent turning point in terms of turning violence . Yes. Maria you do . Yes, yes. I think the key maria what do the people we wanted to, the last time we speak we were talking about universal suffrage, the ability for hong kong to choose their own leaders to elect, is that one of the main sticking points . Yes. Maria tell us more. Well, now its very obvious that we what need is universal suffrage to have the right to elect the chief executive and lets this is, you know, why we were entitled in basic law that, you know, by china in 19 in 2014. So, you know, now we are fighting maria jimmy, have you seen support from the world on this . Many of us know hong kong to be an International Hub for Global Business among other things, freedom, i mean, the promises that hong kong was made with the handoff from beijing. Right. Maria do you think that youve seen support from the world as a result of some of these proms being broken . Oh, yes, definitely, the world knows that, we are fighting for the right thing, the world knows that china has, you know, on their promise, on the law, we are getting a lot of sympathy and support, moral support in the world, definitely. Maria where is this going, look at what is going on in beijing this morning, showing up military hardware, the communist party celebrating 70th anniversary of communist rule to highlight the new weapons including drones, nuclear missiles, some of these missiles can have a range as far as the United States not to mention the south china sea, how does beijing military might Impact Hong Kong in terms of the message that beijing is trying to send . Well, i they would not be able to intimidate us because we are determined, you know, to fight for this suffrage, we have to keep the way hong kong has been, we come and let them take away our freedom or encroach on rule of law and human right and all that, you know, thats why, they have nowhere to go, they can oy fight, they cannot accept the life, the same as those chinese in china, they cannot accept that. Maria im glad that you said that, tell us who are the people who are actually protesting, you say the kids, this is a lot of young people worried about their future, isnt it . Right, mostly the kids are in the front. We old again generation havent done over, we havent done anything for them, so now the kids turn, kids say, okay, if you havent done anything after 30 years, how about we try our way and thats why we have no other say except to support them, so, you know, i hope that they wont go, you know, go really escalating the violence too much, you know, because otherwise we will lose our moral authority and what we are worried about now. We are with them, we are united together, we will not be separate for kids. Maria right now the president in the u. S. Is trying to negotiate over trade deal, from your standpoint in the middle of these now violent protests in hong kong, what do you think the u. S. Needs to consider when doing a deal with china . Well, hong kong definitely is a very good for them to make the view because, you know, what hong kong people are fighting for is the same share value as the u. S. At the end of the day the trade war is a fight of opposing values, behind the trade war is a new cold war, the cold war is rivalry of opposing values and we are we are, you know, fighting with the same values. U. S. Is fighting with china. Maria yes, this is a debate or a war over values, about how to govern as well, you know, we talked a lot about in the past about how and when things change, you said when when xi jinping came into power, there was a change, hes obviously a dictator for life, tell us what happened when he was named the president in china and how when you began to feel differently in hong kong. Well, i think he has posed himself as a strong man, tts a danger, you know, and since he has been, you know, for 7 years we have seen our freedom, you know, our rule of law is being this is why this time hong kong people, you know, just have different law all stood up to fight for our freedom because last 7 years, we know that, encroachment of freedom is getting more and more surreal, its very obvious and thats why this time we have to stand up and fight, how long are you expecting this to go on, we dont know, its a very difficult thing to do, i dont know that they would be alternative to us we will lose everything and this is why this is only way we have to do, this is the only alternative, theres no other alternative for us except we surrender to the chinese control which we are not leading to. Maria jimmy, real quick as we wrap up, can you give us the sense of what went on today, the end of your day there, 6 26 in the evening in hong kong, was it just as violent as we saw over the weekend . Well, yesterday was tuesday, was very violent, kids were confronting the police and thats the day that young boy was shot by real bullet, luckily hes not not fatal. We dont know today yet. Im sure in the evening theyll be other confrontations by the kids in another 6 or 7 phases. Maria yeah, i know that china is tracking everything. Its going to go on. China is tracking everything, you have the facial recognition cameras all over hong kong too, people must be afraid because china right, right. And also some of the kids, the most wild impeached like those who flow the petro bombs, i heard that, they know who they are, like 40 or 50, they know each one of them but they arrest them, i dont know why they dont do that, you know, because they want more violence which will keep them on movement or they want people to get so annoyed by violence of demonstrator that we turn around and and will not support us any more, i dont know what they want. They definitely want to resolve the problem by violence. You know, this is the only way they see this t solution to it without having to talk to us politically, to solve the political problem. Maria yeah, jimmy, we are watching whats happening, we appreciate your time and catching us up and we are with you, thank you so much, jimmy, thank you so much. Thank you so much. Maria live from hong kong, coming back impeachment inquiry, mike pompeo warning democrats to stop bullying, hes in italy this morning about to hold News Conference later this hour and we will take there you live, Johnson Johnson reaching settlement on opioid crisis, the numbers on j j, back in a minute. Instantly and pay over time. And that turns them into serious fans. Hang on, theres more. Want Customer Insights . Weve got those, too. We use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. And you can offer them the perfecodts that ceo gets it. From adding unique capabilities to your companys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Cologuard colon cancer and older at average risk. So, how can we change ive heard a lot of excuses to avoid screening for colon cancer. Im not worried. 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On the east coast, fears about Economic Growth hitting markets across the world yesterday and overnight, futures indicating the market will continue to selloff, we are looking at decline of 158 points right out of the gate this morning, s p down 17 and nasdaq down 53 on top of yesterday markets tumbled following new data showing factory contracted. Global markets this morning look like and european indices are taking cue from wall street, ftse 100 down in uk down 112 points, 86 points lower and dax index in germany down 151, one and a quarter percent lower n asia across the night, kospi in south korea lost nearly 2 following the latest north Korean Missile test, as you can see China Remains close until october 7th, top story this half an hour, impeachment inquiry, we are awaiting secretary of state mike pompeo as he meets with italian Prime Minister and other officials in italy, pompeo is now in impeachment fight and resisting House Democrats subpoenas for information relevant antonio query, he says to democrats stop bullying staffers, joining us former federal prosecutor and author of ball of collusion t plot to rig an election and destroy a presidency, Andrew Mccarthy, andrew, nice title on the book, thank you for joining us and congrats on the book, whats your take on this latest move from the democrats to try to pull in pompeo, pull in william bar, how do you see it . Well, anyone who has ever studied impeachment or knows anything about how investigations work, the thing to understand here, maria, is there is no impeachment inquiry and there are no subpoenas, this is impeachment show, theres no inquiry, theyve never voted to have an inquiry and thats why very tellingly theyre proceeding by secretary pompeo pointed out a letter, theyre actually asking legally speaking for voluntary cooperation from the 5 people at the state department but they put it in very stark compulsory terms to make the letter appear to be compulsory like a subpoena but its not a subpoena and the reason is very clear, subpoenas get litigated in court, they dont want to go to court because the first thing a judge is going to ask them is what the basis of saying they have an impeachment inquiry is, what the framers were worried about when they put impeachment in the constitution was that it could be used as a stunt by the congress or factions in the congress, partisan factions to be used as political weapon against the presidency, so a lot of whats put in the impeachment clause is designed to make sure that if youre going to talk about impeaching a president , its got to be about egregious misconduct thats so serious that cuts across partisan lines and theres a consensus in the country that the president needs to be removed. This is partisan stunt. Dagen andy, its dagen. Hi, dagen. Dagen i dont think theres a requirement in the constitution under impeachment that pushes, that would force the house to vote to launch the inquiry, so what is the show that they are trying to put on if it smells like obstruction, if it sounds like obstruction, then it is, they are trying to paint these individuals in the administration and make it look like a coverup and then at some later point they launch inquiry, i also want to know what are the powers that the house would have if they do launch an inquiry formally, what are the expanded powers they would get in terms of the investigation . Yeah, thats a great question. The thing is if they formally convene impeachment inquiry, youre quite right, theres nothing in the constitution that says they have to but consequences, one is to vote to have impeachment inquiry the congress has more authority to pull executive misconduct and executive misbehavior and what they are understand normal standard committees of congress which have normal powers which include by the way, impeachment powers but if they were to, if they were to have to litigate in court these letters right. First of all, a letter cant compel anybody to testify, like secretary pompeo says it is a value tear request, second thing is the executive branch will assert privileges like the privilege of privacy and the communications between the president and his advisers and some things which pertain to classified information, if theres an impeachment inquiry, the court is going to give Congress Much broader power to inquire into that and pierce that but if Congress Wont even take the step of formerly endorsing impeachment inquiry, of course theyre not going to go. Maria i think this is all about the coup and the attempted coup to take down donald trump in 2016. They know william barr is getting close, they want to put a lot of noise out there so that the fbi, leadership, cia leadership will fine out, we know they tried to frame him. Addressing double standard when it comes to secretary of state and attorney generals involvement in the impeachment inquiry, democrats and most of the press corps want to impeach mr. Trump for invite ukraine to investigate on joe bidens son. Your thoughts andrew, and i also i want to get your take on this, don, because you said something really interesting during the commercial break, theyre wasting time and good opportunity, go ahead. I think that democrats would have been far better off after the election to focus on governing and moving to country forward, a whole lot of things confronting the country, a whole lot of visions confronting americans an americans want someone to focus on that and they want the government to do that but instead theyve been the part of resistance, so they are just stopping trump no matter what he does, i mean, i think the situation right now about ukraine is more like running a stop sign, i mean, yeah he shouldnt have done it, it was bad judgment. Maria to mention joe biden . Yeah, bad judgment, but then again the president is allowed to have private conversations too and many of them take place, this president happens to have had private conversations transcribed and part of whistleblower suit, so, i mean, again the focus should be on moving the country forward and i think if they do go towards impeachment which i dont think they are going to formally do they are looking atolling too, democrats need only 47 support any kind of impeachment anyway. Maria is it ironic to you, andrew, everything they say trump is doing theyre actually doing and this goes back in the last 2 and a half years, you talk about collusion, Hillary Clinton paid for the dirt on trump with russians, i mean, obstruction, clinton destroyed her devices with a hammer and bleach bit, i mean, now this, you know, so whats your take on all of that and dons dons commentary . Well, look, i always think if threoving lips they are projecting. This isnt just in this particular instance, this goes back decades, i think this is a show, i argue in the book that the counterintelligence investigation was a pretext to do a criminal investigation without a crime,he criminal stuff is pretext to do impeachment and impeachment is pretext to do what they really wanted all along, they wouldnt impeach him if they thought they could remove him but the real objective here is to try to make him unelectable when we get to election season next year and other than that, the only practical strategic thing that they are trying to do here besides please their base which badly wants to hang impeachment around trumps neck like the badge of dishonor, the only other thing they are trying to do is prepare the ground for the fact that we have the horowitz investigation coming and then the barrdurham investigation coming around the bin behind that and they are trying what they can at this point to discredit those two efforts. I dont think its going to work, i think thats what they are up to. Maria thats what i thought from the getgo. Do you agree with that andy puzder . Why did they accept this this thirdhand, second and thirdhand complaint by the whistleblower . The reason is conduct they would engage in and, in fact, conduct they are engaged in, they tended to believe that trump would do it as well, turns out he wouldnt but they want to believe he would of. Maria he had the transcript right in front of him but rather than reading the transcript he embellished. If he had a good story he wouldnt have had to make it pup. Up. Dagen youre going to b actor and read a script, maybe hand it off to people that do that for a living. Maria unbelievable, have you ever seen anything like this . No, no, we have become more and more partisan, look what happened to bill clinton, i mean, he was accused of a felony, in the end, by the way impeachment did not work out for the republicans, i mean, its about trying to make trump unlike unelectable. This is all they have left. They dont have the economy, this is it. Dagen i dont know if we have time for this but i raise the issue that democrats in clinton impeachment won, it was just sex so people in this country could dismiss it even though clinton lied about it but they had the starr reports, giant investigative work, its not going to happen by the end of october, its going to drag deep in Election Year and will backfire, lit backfire on them. Maria andrew, lets not forget the president Just Announced he hauled 125 million in terms of donations, the donors dont seem to be bothered by this, we will see what the voters say. Two edge sword. Political stunt with twoedged sword. Maria we will go back to rome when we come back, stay with us 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Maria welcome back, we are awaiting secretary of state mike pompeo, live in italy, about to speak live any moment, we will take you there, bring you the latest when he begins speaking, we want to tell you about north korea fired Ballistic Missile off east coast yesterday, Cheryl Casone with the details in headlines, cheryl. Cheryl south korean government say it is missile flew 280 miles landed in the sea of japan, launch after a day after kim regime will hold talks, state department issued a statement, here is what they say, we call on north korea to refrain from provocations, abide by obligation under Un Security Council resolutions and remain engage and do their port to ensure peace and stability well, Johnson Johnson lawsuit in cleveland to 20. 4 million, Fourth Company to set until this case accusing drug makers of helping spark the Opioid Epidemic in the u. S. Shares of j j down more than 7 from year ago and theres chart on your screen. Uaw has rejected latest contract offer, proposal came up short in a number of areas including health care, wages and use of temporary workers, uaw has put counterproposal on the table, walkout in third week has cost gm more than a billion dollars, stocks lower in premarket, then theres this, maria, td amritrade will not be outdone, td is going to do the same, they are starting tomorrow, td ceo says we are committed to giving clients possible investing experience with cuttingedge technology, awardwinning investor, education and Service Teams and now that experience just got better, maria, this is interesting because the stock obviously td stock is down in premarket on the news but great for the average investor that likes to do their own trading, wonderful news, some of the commissions were 75 bucks a trade. Maria lower what you see in institutional world, right, these are the discount brokers that are seeing their fees go away, thank you, we want to see what mike pompeo is going to say coming out of italy, what would you expect to hear from the secretary of state after we heard the democrats try to try to i think itll be that its a witch huntand illegitimate investigations and they will focus ahead with the business of the nation. Dagen opticses to make it look like people from the administration are trying to obstruct justice, literally the democrats are trying to gather evidence without a formal impeachment inquiry and you cant do that with a court, so again, its about creating the perception that these Administration Officials are getting in the way of their, quote, investigation, unquote, i just think its to i said this all along, looking into after the Mueller Report came out and all of this the committees run by democrats looking into trying to gather more information, its about changing sentiment in america and they are trying to build, they are watching the polls, trying to move people toward impeachment and republicans are Still Standing by this president. Maria yeah. Dagen editorial in the journal that republicans are not step get away from this president , 55 thereabouts have in favor of impeachment inquiry right now but thats swayed by vast majority of democrats and not people who voted for this president. Maria its so wrong that they refuse to acknowledge what took place in 2016 in my view, i mean, they just ignore it completely, andy. Well, they are trying to cover it up, if anybody is trying to interfere with the election is democrats trying to interfere with 2020, pompeo is a tough guy, he may say this is a coup and we are going to resist it, there was an election and respect the American People, theres another election coming up in a few months, why not wait. Maria just vote. Thats how america works. Its supposed to work. Maria yeah, we are not, you know, one where you use this tools of the u. S. Government that we use on terrorists on your political enemy. Dagen and if you dont right this wrong in terms of surveillance abuse powers, the American People will demand that you take them away from people and the intelligence communities and will make the country less safe if you remove those powers. Maria not to mention people will never trust doj and fbi that its actually above board and independent voice if theres not accountability, what do you think, don . A lot of americans didnt trust the fbi before this, hoover led the effort to discredit Martin Luther king during civil rights movement. The fbi was an enemy of the American People in many circumstances and obstructor of justice himself, i dont think the institutions have as much credibility with the american public, this is a government for the people, by the people, republicans need to start defending themselves and calling out what happened in 2016. I think the democrats are going to keep coming at them, theyre not going to relent, they will continue to push and try to make trump unelectable when it comes to november 2020, its up to the president and his team and other republicans to present their side of the case and call it out and make call it out in a way that the public can hear it and then i think we have to overcome the bias and a lot of the Mainstream Media to my surprise, i mean, 7 to 8 newspapers every morning for the city that we do business in, the vast majority of them have the entire front page covered about trump, you would think theres no local news in new york city, i mean, theres no local news in washington, d. C. , everything is honky doory, we get rid of him and america will be fine, something that we have to question about institutions, the validity of the media and what we hear, i mean, its just so partisan today. Maria they hit him so much, they cant think of anything else, meanwhile there are real problems in new york right now, there are real problems in San Francisco and la in terms of homelessness and there are real problems globally. That are affecting peoples lives every day and no one is focusing on that at a national level, even the president said that he was going the take sop stem to do something about homelessness in california, something desperately needed, theres common ground, everyone agree that is something should be done about homelessness, why not everybody Work Together to solve some of the critical problems that we can all agree on. Maria i wonder that pompeo is in italy, the informant who dropped the bomb on george papadopoulos, russia has Hillary Clinton emails which started off the whole thing. It may have worked with prior administrations, may have worked if republicans were using against democrats, as they understand whats going on, pompeo and barr in particular are very tough negotiators, great job representing the administration, pompeo may well talk about a coup this morning, may really follow up on with whs you were saying, maria. They talk about this as a coup. Maria meanwhile rnc, Republican National committee released numbers for the Third Quarter showing that President Trump and Republican Party raised combined 125 million just over the past 3 months, the 2 days following the impeachment inquiry announcement the party raised over 8 and a half Million Dollars to the president s Reelection Campaign this coming as Democratic Candidates are starting to release fundraising numbers for candidates and so far senator Bernie Sanders is leading the pack over there with 25 million raised, lets get to mike pompeo in italy, lets listen. Yesterday truly excellent hospitality, the finest italian tradition, i look forward showing your president Italian American hospitality when he comes to washington in a couple of weeks, we are both smiling because the deep and biding ties between the United States and italy are personal for me as four minister one of 20 million americans who proudly claim italian heritage and the first one ever to serve as secretary of state. Tomorrow i get a chance to go visit my my ancestral home and hear food is worth it as well. The cooperation well served by President Trumps strong relationship with president and Prime Minister, but true bonds come from central share value set, the commitment to the same principles of democracy, rule of law and respect for human dignity, i was pleased to inform americas commitment earlier this morning in Conference Held at the vatican. Our principles together have produced security, partnership, stability in the west for decades, we are grateful for what italy has done and active leadership in libya and in north africa as well as in iraq and afghanistan. And im also grateful that 30,000 men and women of the United States military, civilians and family members can call italy their temporary home. Your wonderful host for them and we appreciate that. I know too that we could do more together, we should keep using the u. S. Italy Strategic Dialogue to find ways to improve stability on southern frontier and grow cooperation and continue to stand united against iranian aggression. European nations have begun to wake up to the fact that iran is the aggressor but also clear from italys decision and grateful for that. Ive asked for italys support too, we talked about today the necessary attacks of confronting Nicolas Maduro and socialist mismanagement that has taken place in venezuela, eu sanctions should be forced against russia until such time till the situation changes materially and finally italy is a friend, sovereign nation with right to make its own choices but as i have done in budapest, urge italian friends to see how china uses economic power to cultivate political influence in sovereignty, i raise concerns about china to trade investment and what it could mean throughout europe and africa and the world at large. These are complicated issues with no easy answers but my obligation is to speak the truth about these threats, common threats which will continue to create confidence that partnership between two countries will remain strong well begin with the italian journalist. Secretary pompeo, as far as the berlin conference in libya is concerned and given the violence by general haftars troops over the past few hours and days, how does the u. S. Intend to support italys approach when it comes to ending the violence and to promote a cease fire, who do you intend to work with and how . We had extensive discussions today, we had them with the president and Prime Minister about libya. Our mission set is very similar. We recognize that the first and most important thing we need to do is take down the level of violence, achieve a cease fire, to convince all the relevant parties that are on the ground theres as well as he those that have been supporting from the outside that a political solution is the only one that provides any real opportunity to create an outcome in libya that is remotely adequate for italy, but most importantly, for the pele of libya as well. So our mission set alongside our italian partners is to convince all of the relevant parties that the political process must move forward and im hopeful that whether its the berlin conference or some of the other work thats going to take place over the coming weeks, that we can achieve that outcome. This topic was obviously one which was discussed during all the talks we had last week in new york during the u. N. Ga. And we agree on the principle that in order for there to be a cease fire, there should be no countries which stimulate this conflict. On the one side and on the other. And the moral persuasion that a country like italy can have is very important on some of the players involved in the conflict, be they libyan players or nonlibyan players. But of course the role, the moral persuasion that the world power like the u. S. Can exercises just as important and we believe that the berlin conference, if prepared adequately, and by involving the players in the conflict as much as possible, we feel that this can lead to a further step forward. Of course, the step forward has to lead to a cease fire and has to lead towards a political process that can lead to the stabilization of libya. Good morning. Id like to ask both of you to discuss the iran issue in greater detail. Secretary pompeo, do you think that returning to negotiation, be it a directo direct or indt negotiation, we read about the alleged phone call between President Trump andresident rani at the u. N. , but does the department of state favor a renewal in talks and is it willing to reduce this maximum sanctions policy against iran and id also like to ask mr. Dimaio, in your introductory speech you said italy continues to prefer a diplomat ai diplomad political discussion to most serious crisis in the world and the most serious crisis is the iranian one. Secretary pompeo also mentioned mahanair, an iranian company, we dont understand if italy will be able to sanction that air a line too, and one final remark, i think today marks the anniversary of the killing of the saudi journalist, mr. Koshogi. Do you think that murder will have an influence on the way in which our governments looks towards the main players in the middle eastern region. Let me start answering by saying that its obvious, its clear that we agree on the fact maria we are listening to the leadership there in italy as well as secretary of state pompeo. We will get back to that as news develops. So far, we heard the secretary talk about venezuela as well as iran, no question so far about this impeachment inquiry. Well get back to that as news develops there. Want to bring in tennessee congressman, mark green its good to see you this morning. Thank you for joining us. Your reaction to what you heard from secretary pompeo and then we want to broaden out and ask about the happenings in washington. Sure. I really appreciate his stand with iran and of course the issues in libya. I think the berlin conference is going to move us down the road there. What he did mention of course, north korea, launching the Ballistic Missile this morning, hopefully that will come out, there will be a question on that and then the impeachment mess, his comments recently have been really strong and i really appreciate his stand there. Maria weve been talking about that this morning. We want to get your take in terms of how this progresses, why there hasnt been an overall house vote to actually vote to launch the inquiry and is this all about just putting on a show which is what Andrew Mccarthy just said when he came on the show. Did the democrats are the democrats just putting on a show to try to delegitmize donald prt trump . Absolutely. The peoples house represents 800,000 people. When we vote, were letting the voice of the American People be heard, yet the tyrannical leader of the house, the speaker of the house is not letting us have a voice in this issue. Shes just initiating the inquiry which really isnt official because we should have the opportunity to vote. The process is we vote and committees go to work, forming articles of impeachment and doing their investigation. Were not doing is that way because there are 31 democrats sitting in seats that trump won and they dont want to put those individuals on the hot seat. Theyre afraid theyll lose those seats, lose control of the house. So she is going about this without letting the people have a voice or a say in it. That is a threat to democracy. It is insane. Its crazy. I cant believe its happening. Leader mccarthy has tried multiple times to force a vote and they keep tabling it so that they dont have to vote. Its terrible. Its egregious. It should not be happening in america. Congressman, don peoples. Hi, date of birth. Goo hi, don. Good morn. Doesnt congress have more important things to do move the country forward, dont americans have more pressing issues right now and are any of those things being addressed in this congress . Ill give you an example. I have a bill that would help rural hospitals, i think Everybody Knows im a physician, im a businessman maria stay with us for one moment. We want to h get back to italy. The secretary got a question on ukraine. Including the transcript or partial transcript released by the white house accurate and complete and if you were on the call did you hear anything on that in the conversation that raised a red flag, anything inappropriate or anything that gave you any concerns . Secondly, you told you said last week that you as far as you knew, everyone at the state department had acted appropriately in regards to ukraine and including yourself and so is that still the case . Is that still your belief . If it is, why object to the demand for deposition from the house committees on the hill . And then do you have any spes any concerns at all about what the state Department Inspector general is going to be briefing to hill staffers later today . Thank you very much. Thanks, matt. Ill try and answer questions four through seven first and then one through three after that. Back to, first, principles. The predicate of your final question about objecting to what the folks on capitol hill have asked is fundamentally not true. What we objected to was the demands that were put that are deeply violating fundamental principles of separation of powers. They contacted state Department Employees directly, told them not to contact Legal Counsel at the state department. Thats been reported to us. They said the state department wouldnt be able to be present. There are important constitutional prerogatives that the executive branch has to be present so we can protect the Important Information so our partners, countries like italy can have confidence that the information they provide the state department will continue to be protected. So the response that i provided to them was one that acknowledgd that we will of course do our constitutional duty to cooperate with this coequal branch but were going to do so in a way that is consistent with the fundamental values of the american system and we wont tolerate folks on capitol hill bullying, intimidating state Department Employees. Thats unacceptable, not something im going to permit to happen. As for i on the phone call, the phone call was in the context of now i guess ive been secretary of state for coming on a year andahalf, i know precisely what the american policy is with respect to ukraine. Its been remarkably consistent and we will continue to try to drive those set of outcomes. Its what our Team Including ambassador volker were focused on, was taking down the threat that russia poses there in ukraine. It was about helping the ukrainians to get graft out and corrup outside of their government and to help now this new government in the ukraine build a successful thriving economy. Its what the state Department Officials that i have had the privilege to lead haveeen engaged in and its what we will continue to do even while all this noise is going on. Okay. Chris oday, national review. Thank you both for being re. Id like to i guess address the question to both of you. You can kind of take it in whichever order whoever wants to kind of go first. Primarily oriented towards i guess what is conveniently termed kind of the belt and road these days. But on a somewhat broader basis, not just with huawei, but does the u. S. Have any specific plans in terms of how to counter chinas investment in these major Critical Infrastructure assets and i ask that here because it seems like there is a very wide degree of those assets that are financed or operated in italy by Chinese Companies and in particularly in ports and in trieste under the yo new bri mem that was signed, bridges, roads and highways as well. It seems like a great deal of italys economic infrastructure is kind of moving in the direction of sort of chinese influence and i guess underlying point is those types of things tend to require the Chinese Companies to work very closely with Italian Government and Financial Institutions and get more deeply embedded in the way decisions are made and the way budget and resource maria we are watching the press conference in rome. We heard secretary of state mike pompeo said one of the issues was that the democrats contacted staffers directly in the state department and told them dont hire your own Legal Counsel. I just want to point out that that did not work out well for carter page. Thats what they did to carter page in 2016. They told him come here, we want to talk to you. Dont have any Legal Counsel. And then they wiretapped him. Dagen this goes back to what Andy Mccarthy was talking about. This is not a formal process. This is a show. And its a stunt by congress to use this as a political weapon. We wont tolerate the bullying and intimidation of state Department Employees. Congress is a coequal branch of government and what theyre doing violates the separation of powers, you according to the secretary of state. Who do these people think are . The American People need to stand up to this and it needs to show up in the polling. Whats going on here is ridiculous, its antiamerican. I cant believe whats going on in washington delve washington. Maria we are talking with congressman mark green. Congressman, your reaction to what youre hearing here as well as you were in the middle of a thought on don peoples he question of doesnt congress have Better Things to do. Youve got a lot of things hanging in the balance. You look at the belt and road issue theyre talking about right now, there are incredibly complex issues facing america and facing the world and chinas belt and road agreement with italy is very concerning. Id love to dig into that. But ill give you another example. I have a bill that would save rural hospitals. Its a 35mile exclusion and access to conside to critical as dollars and yet i cant get that bill heard. I have a Democrat Committee chairman who signed on to cosponsor the bill. I cant get a that bill heard to help rural hospitals in america because the committees are all tied up investigating this president. And investigating with no authority from the house itself. So the people of america have no voice. She has shut that down and basically initiated this process on her own as the speaker of the house. Its unamerican. I think the democrats would argue that something similar, the obstruction approach was what was confronting barack obama, so when barack obama was president , and republicans had control over congress during his term, there was obstruction as well. Is this the new way politics is done and we have lost a bipartisanship way of governing . Is this what we can see Going Forward . Or how do the American People get their government to work for them . You elect republicans. Thats how you do it. You look when we had control of the house, we passed tax reform that has blown this economy up. We passed in the house at least healthcare reform and sent it over to the senate and there was a little hiccup over there but we did things when we had control of the house. And thats what needs to happen. We need to take back control of the house. I mean, leader mccarthy, i think i was starting this thought when you jumped over to mikes comments, you know, leader mccarthy has tried multiple times to get a vote on this issue. So that the peoples voice can be heard in it. Every time they table the motion and theres no vote taken. So its not the way to do business in a democracy. Mark, andy, being my congressman, i feel free to ask you these questions. Fire away, andy. Impeachments going to have to be bipartisan. Theyre going to need the support of some republicans. The polling is showing that republicans in the general public are very supportive of the president. Are you seeing any weakness in the Republican Caucus on the hill as far as support for the president in this process goes . No, ive seen i think our caucus is standing pretty firm together and i will tell you that in the district, in my district, its hugely supportive of the president and very, very angry about this process. So both the caucus is standing together and i think at least in my district the folks who support me are 100 behind the president. Maria do you think usmca has any shot of coming to the floor . I mean, is that one of the priorities . Are you going to vote for it if it does and do you expect it . Absolutely id vote for it. Its a great deal. Even liberal economists have said that the usmca would produce 200,000 plus jobs in america. I mean, it is a fantastic agreement for farmers. It even helps union members, people that typically republicans have not reached out to, but i mean, this is a fantastic, a fantaic opportunity and we have to get it passed. Id absolutely support it. Do i see it happening . No. I dont have a whole lot of hope that the democrats are going to do anything but investigate the president. I told the president the other day, he needs to go find his Lemonade Stand permit from when he was 12 years old because theyre coming after that too. Maria wow, this is an extraordinary moment in time, congressman. Its unbelievable. Maria it is unbelievable and well see how the voters react. I mean, it looks like the president s not having any trouble raising money but, you know, theres an election next year. Well see how that plays out. Congressman, good to see you. Thank you. Thanks. Thank you. Maria well take a break. When we come back were talking about big tech, Mark Zuckerberg hitting back, the technology chief sounds off on competition and potential regulation, the legal battle for facebook coming up. The best states for your money, florida attracting residents for sand, sun and tax relief. Were looking at the least taxed states in the country. Back in a minute. You can find me in the back of a jacked up tailgate. Sitting around watching all these pretty things. Get down in that georgia clay and ill find peace. dramatic orchestra performance comes in lots of flavors. Theres the ampedup, overtuned, feedingfrenzyof sheetmetalkind. And then theres performance that just leaves you feeling better as a result. Thats the kind lincolns about. Im working to make each day a little sweeter. Adp simplifies hr, benefits, and payroll for magnolia bakery, so employees like sarah can hieve what theyre working for. Maria welcome back. We are focused on big tech now. Facebook founder and ceo Mark Zuckerberg in the hot seat after the Company Meeting conversation leak, it revealed his hypothetical plan to push back against an Elizabeth Warren presidency over her proposal to break up big tech. Watch. Elizabeth warren thinks the right answer is to break up the company. If she gets elected president which bet we would have a legal challenge and i would bet we would win the legal challenge. Does that still suck for us . Yeah. Maria joining us right now is fox news senior judicial analyst, judge andrew napolitano. What do you think about facebook and regulation. I think his fear is legitimate. Heres how it would work. A president warren cant get legislation from the congress to break up facebook because the fifth aa mendment protects insulates them from that. But she could direct her department of justice to commence an antitrust investigation which would have to show, one, that facebook mondahas monopoly on the market and that the monda monopoly harms consum. The product is delivered for free. Its hard to find a way the courts will conclude that it harms consumers. But this type of litigation, think of the microsoft litigation, think of the at t litigation, if Elizabeth Warren were elected president and were reelected, i think the case would survive both of her terms. Thats how long these things take and thats how expensive they are. The governments goal would be to break up facebook as they broke up the bell system into many competing entities. They would have to persuade a judge that is best for consumers and it would take years to make that argument. Maria this is something that both sides agree on. Youve got Elizabeth Warren and ted cruz basically both saying that they want to break up. Business is shaking in their boots over the potential of Elizabeth Warren winning this. What do you think . Look, i think the democratic support, the Financial Support of the Democratic Party are very concerned because theyre Business People and theyre wall street Business People by and large and they are concerned about what would happen to their fund men l tall business. Fundamental business. What this will become if she gets the nomination, which i dont believe she will, it will be socialism versus capitalism. And trump can say, hey, you may not like me, you may not like my style, but if you want socialism, heres your person. And if you want to continue our great capitalistic democracy, im your person. Maria its politics over policy. Dagen we have leaked audio of marge zuckerberg and many if not all Major Technology companies are worried about government regulation. If you were in a business that touches consumers in any way, shape or form and are a tech company, youre worried about much greater regulation. Youre even worried about making acquisitions at this point because youre going to have an ftc this is not just Elizabeth Warren. This is virtually any of the democratic consistent dates running for the nomination and each President Trump, that youre worried about the ftc coming in and saying and looking at every acquisition you potentially make. Maria they are more powerful than theyve ever been. Google does have market share of 90 in search. The statement that maria its an antitrust issue. The statement that Mark Zuckerberg made tells me that he has a legal team preparing for this already, even though these nowhere near the nomination. I agree with you. I dont think shes going to get the nomination. Maria look at the business round table, they come out and say guess what, profits are not our priority anymore. What . Ill tell you the truth. I dont think they meant that. The things they talked about advocating are the kinds of things that would attract millennial customers. I think they actually were, by coming out in favor of the social justice issues that, were trying to bring in that Customer Base which is in the best interest of their shareholders and actually is an exercise in capitalism. Maria are you telling me the communities they operate in were not important before . Come on, give me a break. Its all pr. Thats exactly right, its all pr. They were trying to attract that disa agree with that. Dagen dagen lie to me, tell me i dont need to lose 20 pounds. I believe business has a greater purpose than just making a profit for its shareholders. Maria s thats true. Our democracy is one of the pail later pillars is capita. In order for the economy to work, it needs to include everybody in the economy. When you look at how Women Entrepreneurs are treated in this nation, the access to capital and opportunity, you look at how minorities are treated, Corporate America needs to do a heck of a lot better. Jamie dimon is leading an effort to provide access to capital and opportunity for minorities. I mean, other banks ought to follow what theyre doing. Maria hes done a great job. This is a new demand. In order for business to be able to have the American People support an agenda thats probusiness, theyll have to prove that the sis p testimony works for everybody system works for everybody. I dont think its obvious. Thats how capitalism should work. There is a demand for this and businesses are responding to that demand which is in the best interest of their shareholders and will generate more business. You cant take your eyes off of profit or you wont have a job. No, you cant. But you can be by the way, it is more profitable to be inclusive. Of course. Maria my only point is, youve got to tell me that employees and the communities you operate are important . Really . Yes, because maria i guess i made the sanctioassumptionthat you were. After reagan fired the air traffic controllers. It set the tone that employees dont really matter anymore. Its profits and its economic reward. Dagen it was upside down with facebook where facebook is like kumbaya with all the employees and then with the actual users, they gave Companies Access to peoples data to make money off of it and tried to hide the fact for years and years and years. People were going on the Live Video Service and murdering people. There was a man who murdered his infant child and facebooks at tied was like attitude was like weve got to figure out how to put a stop to it. Maria were a platform. Dagen you dont do anything about it. You asked for Elizabeth Warren to walk in the front door and rip your company up because you didnt do a better job. Youre getting what you got coming. Maria at a minimum, these Companies Risk getting rid of this immunity that they cannot be sued because theyre Platform Companies and not content creators. Im not buying it. Thats congressional. If she became president or whoever is president , donald trump could do this if the votes were in the congress, could enact legislation to do that. Dagen nancy pelosi could but she wont because these are liberal these are big democratic donors, these Technology Companies and theyre too busy trying to take down and anull a president. Maria shes too busy. It resulted in 5 billion fine which was a drop in the bucket. Maria sure was, for facebook. Biggest fine in history from the ftc. Maria i suspect there might be more coming. Facebook, hes coming out against Elizabeth Warren. This is like a big deal politically. What does it mean for the rest of silicon valley, who are they going to support if shes nominated. Maria good point. Quick break. Fed in focus, wee talk with the president of the richmond Federal Reserve bank, Thomas Barkin on the other side of this break. Stay with us. Were talking manufacturing in america. Th schwab you can earn more when you invest your cash. You can get a satisfaction guarantee. You can also wonder why our competitors dont offer that. Schwab, a modern approach to wealth management. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. Liberty Mutual customizes your Car Insurance, so you only pay forly getwhat you need. E. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Maria welcome back. A lot going on this morning. Markets are down. Continuing the selloff yesterday. Our top story this half hour, the Federal Reserve, there are new concerns about the economy after the weak manufacturing data yesterday. President trump slammed jay powell again. Edward lawrence is live in richmond, virginia with the president of the richmond fed, Thomas Barkin. Over to you, edward. Im in a conference harrisonburg, virginia, its investing in Rural America is the conference sponsored by the richmond Federal Reserve. Tom barkin is here, the president of the richmond Federal Reserve. The fed chairman said the economy is expanding, are we seeing a resurgence in Rural America . Well, we got involved in this because our district has a lot of small towns in it, mining towns, agricultural towns, manufacturing towns. And the numbers would suggest to you that employment to population in those towns is 10 to 12 points lower than it is in the bigger cities. I dont think id say theres resurgence quite yet but we are finding positive things happening across our district and we brought practitioners together to share that. Manufacturing is in the news. President trump blamed the Federal Reserve for a slowdown in manufacturing. Any truth to that . The dollars very strong. Are you seeing that in the labor force and Rural America . Manufacturing datas been weak for some time. I think its related to trade and trade related uncertainty. Do you think is manufacturing in a recession, as jim bullard recently said . I dont know how to define a recession on a particular industry basis. What i would say is the manufacturing performance seems to be down. The most recent numbers would be modestly contractionary. How about for the economy, the federal funds rate where it is, do you think the people in Rural America, do they need a rate cut Going Forward in order to keep this going . Whats interesting in most of these small towns is there are jobs available. But were having trouble getting the people to the jobs. Sometimes thats education. And its matching. Sometimes thats transportation, infrastructure, sometimes thats broad band. I think there are jobs out there but the issue of how do we connect people to jobs, thats something were focused on. You dont see that as connected to the federal funds rate. I see it more connected to education. I see it more connected tohe abily to g to a job, the ability to have child care, to help yourself out while youre traveling to a job. Those are the kinds of issues that were talking about at this conference. Going forward, the next couple fomc meetings, youre in the room on the discussions there. Will we see a rate cut Going Forward, do you believe . Which way is the theres a lot of time between this and the other meetings. At least for he me, my posture is very balanced. Im looking at the data on the economy and im looking at the data on uncertainty. Weve taken out some insurance as you know in the next couple meetings. Well see what happens with that insurance, what kind of impact it has and importantly, theres a lot of information thats going to come in between now and then. The expansion keep going, do you see a recession in the future . Im hopeful well see an expansion to continue. On the positive side, Consumer Spending continues to be strong. People have jobs. Thats a very positive thing. Inflation seems to be firming. On the other side, Business Investment has been flat for most of the year and i think that has a lot to do with confidence and in particular Business Confidence and what they see as significant uncertainty in the political and the geopolitical environments and theyre having trouble deciding how to invest without that certainty. How hard is it to navigate with that uncertainty in terms of rate cuts and what the fed does for their tools . I think it is hard to navigate with uncertainty and theres different schools of thought about whether one should move faster so that you can get ahead of the uncertainty or as William Brainerd once said, the higher the uncertainty, the more the caution. Last question here. On inflation last week you said the uncertainty, im going to quote you here, limiting firms ability and willingness to raise prices of. Do you see inflation artificially low then. I think one of the challenges we have against our dual mandate is getting inflation up to our 2 target. I do believe as i talked to businesses, one of the big challenges they have is the confidence they can pass on costs and price increases and theyve been conditioned over many years, expectations are anchored but its also the case whether its transparency on the internet, big box retailers and the power of the purchasing departments, that theyre very nervous about their ability to pass on prices. When uncertainty is high, human nature suggests that we have a little more caution and push through a bigger price increase. I appreciate your time for this. You heard there, no recession coming up in the future there from the ric richmond Federal Reserve, theyre lookingt investing in Rural America and the rural towns may benefit Going Forward. Maria thank you. Money saving moves, where to go if you want the biggest bang for your buck, we have the list for the best state states for taxes. And we have details on the new college law allowing athletes to make money. Im walking on sunshine. Im walking on sunshine, whoa. Im walking on sunshine, whoa. Maria welcome back. We are focused on state taxes now. Personal finance site kip linger out with the list of best and worst tax states in america. Jackie deangeles has more. It pays to live in certain states according to the study. They took a hypothetical married couple that lives in a 400,000 home and they crunched the numbers in each state. They didnt just look at income tax but they also looked at sales tax. They looked at gas tax. Syntaxes, alcohol, tobacco, et cetera. Here is what they found. Well start with the friendliest states first. Wyoming, nevada, tennessee, florida, alaska the top five in that order. Washington, south dakota, north dakota, arizona, ne new hampshi, six of the seven states are states that dont have income tax. Texas is the only one that didnt actually make this list in terms of the tax friendly. But also when i looked at tennessee, north dakota, arizona, new hampshire, very low state income taxes on a relative basis. New hampshire only taxes interest and didend income which i thought was interesting. Lets look at the flip side in terms of the least tax friendly states. Illinois topped the list there. Connecticut, new york, as we were talking about in the break, you can imagine wisconsin, new jersey on that list as well. Very interesting about new york. One of the highest for income tax. One of the highest for sales tax. Then you have the city tax, if you live in new york city. And housing prices are also falling here according to recent reports. Thats because the mansion tax, then the transfer tax and you lost your salt deduction. So its interesting to see how many people are moving out of the state. Don, to your point as we were talking, theres a bloomburg article that says 277 People Per Day are leaving new york. And thats nearly double from a year ago. So what i think is interesting about this conversation is people certainly think about their wallet when theyre thinking about where they live. Even if their policies may be a little bit more liberal and i think when it comes to 2020, that may be something certainly that drives votes. We saw it last time and as long as the economy stays strong, thats how people are thinking right now. Maria i wouldnt even mind paying that whole lit ni litanyf taxes, which i do anyway, if in fact things were going well in new york. There was a robbery outside the building last week. Crime is picking up. What do you think, don . I think new york is indicative of some the other cities that are struggling right now. New york is run poorly. Theres no way to get around it. Maria it is about policy. I think its definitely about policy and salt didnt help new york. But new york is taxing fewer and fewer people because theyre leaving. So the tax base is shrinking. They are raising taxes that perpetuates the exodus out of the city. Quality of life, like what you said, youd pay more, be willing to pay this if you had a good quality of life. The biggest challenge in new york is quality of life. You look at the cities that and the states that we were just discussing, wyoming, a great quality of life. Nevada, great quality of life. Florida, great quality of life. Tennessee, great quality of life. So people are saying were going to you can go to these states, they have no state income tax and a good quality of life versus the highest tax state in the country overall for the top 1 , top 10 is new york and what are you getting for your money . You cant use the Public School system either. Maria you moved to tennessee, right . I did. We were talking earlier, a big part of this is who is leaving the state, not just that people are leaving its the tax base thats leaving of its people that pay the most in taxes who are leaving the state to go other places. s wha happened in california. California has i think 144 people that pay a huge percentage of tax in the state, those people if theyre able to do so are leaving. Same thing is happening in new york. You have taxpayers leaving. In california, why would you pay 13. 3 in income tax plus 37 in federal tax, thats over 50 , slightly. Maria thats not even real estate. Its not gas tax, not syntax. You go to tennessee, you pay 37 . Nashville is a wonderful place to live. So its a real problem for these high tax states. They need to either cut taxes or cut spending. Dagen youre inviting all these rich blue liberals into these low tax states and what they do is they move and then vote in people like, well, de blasio, that changes the economic makeup of these towns and states. They dont vote for i can tell you that the description of of voters youre talking about did not vote for di plays yow. They either de blasio. They either didnt vote or they voted for someone else. Maria are they turning texas blue . Are they turning it purple. I have people ask where are you from and i say california and they say youre not going to vote democrat now that youre here, are you . Dagen look at andrew gilam in florida, he was running against ron de santis for the governor of the state. Maria he got close. Dagen he got close. He was in favor for medicare for all. Which i argue is one of the reasons why he didnt win. Older americans get wind of that and they say no way, no how and they wont vote for you. When these people leave new york city, they take with them their liberal political ideas and their votes and you mark my words maria its not just individuals, right, jackie, you had General Electric leave connecticut. Remember that. You had the Big Hedge Fund managers leave as well, new york. Absolutely. If you can move a corporation, if youre an employee that is using tech until and youre not chained to your location, who wouldnt want a better quality of life and to keep more of what they are earning. I have friends just on an anecdotal basis who constantly are moving down to florida because they dont have to pay the income tax and its beautiful. The weather is nicer and theyre happier. Dagen the shame for people who live in new york city are the residents who cant move and they are forced to wade through what is essentially an open sewer. Their lives they are not as safe as they were. There is excrement all over the streets. Small businesses, big businesses are being theres theft going on every day. People are shop lifting. Theyre not being arrested. And its not going to get any worse until something changes. The pendulum will change. New yorks one of the greatest cities on the planet and its resilient and new yorkers will get engaged. Theyre busy. Theyve been focusing on other things and some people said weve had it, were leaving. But theyre going to as things get worse, new yorkers are not going to tolerate it. Theyll change leadership. Theyll change approach to governing and then youll see a change. But new york tends to have this pendulum that swings to one extreme and then you go a giuliani and then kind of calming down with a bloomburg who we had for 12 years. The pendulum going maria thats why they took away the salt deduction because they want to force policy to change, because they were hiding it behind these they were hiding the high taxes behind the deduction. I know it hurt, hurt all of us. Dagen a lot of these these cities across the country, the smaller and midsize cities, they are not prepared for the influx of residents. We were talking about this. The infrastructure, just the roads in a place like the Research Triangle area of raleigh, durham, chapel hill, even charlotte, north carolina, they dont have the capacity to handle the number of people who are flooding into these areas. In terms of the pendulum swinging back, you get more probusiness policies here. You clean up the streets. You clean up the crime in new york and youll have a reverse migration of people from these smaller cities back here. I dont think youre going to have a reverse migration. I think youll see new york stabilize at a different level and a different place. Technology is liberated companies and individuals to work pretty much anywhere in the planet and soar were going to these other states and these other cities are going to compete for businesses and employees and its going to be driven by quality of life and business policy. Amazon, their Second Headquarters is in consider it talcrystal city,virginia where l tax rate is only 5. 5 . Dagen but worst traffic in the nation, hands down. I had to drive right by there going to my parents house. And theyre opening in nashville. Maria well be talking to one individual who is enjoying florida as well, ken langone is in the studio today. Quick break and then College Stars in focus, wnba commissioner is here on the debate over paying university athletes. Thats next. Back in a minute. Its my life. Its now or never. I aint going to live forever. I just want to live while im alive. N fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. You can get your Interest Rate right by locking in a fixed low rate today. And you can get your money right. With sofi. Check your rate in 2 minutes or less. Get a nofee personal loan up to 100k. Thand find inspiration who win new places. Ct. 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The controversial legislation could have monumental effects on the future of university sports. Joining us now is the commissioner of the wnba. Cathy engelbert. Whats your take on the move as a former College Athlete yourself . Having played, obviously this is a complex issue, more complex than probably is being reported. I think for the wnba players and nba players theyre speaking out. We welcome that. Well monitor its impact on our league and as a former College Athlete, i think the jury is still out on whether its the right move. Maria whats the downside . People follow College Athletics in big part you think about Big College Football programs, big College Basketball programs on the mens and womens side and you think of the fan base and theyre following it because theyre not paid athletes. And it isnt diluted by all the endorsements and things like that. I think its about a fan base, especially a student fan base, which many of these colleges especially at the smaller d1 where i played, so i do think its complex and its complex from an Economic Perspective around how you sell your image in social and things like that. Isnt it a little bit out of balance, though, when you look at the amount of money that College Athletics is generating for these universities. The trade used to be you play basketball as a student athlete or you play some other sport in college and you get a degree for free. So that w a tradeoff. But College Athletics is a big business to many schools, especially many d1 schools and so the athletes to be struggling and pan handling essentially to survive is unfair as well. So thats why you had some of these suspensions and so forth, correct, struggling for money. Its a complex issue where economics comes into it for the school, for the player, and again, i think the fan base as well. But its complicated. Its free labor. You think about it, the players are being theyre playing, theyre generating millions of dollars for the university and theyre getting nothing. And most of them leave there without a degree because the schools have used them as an economic resource, as opposed to keeping their end of the bargain by educating them. I think thats because they want to keep them eligible so they can generate more money for the schools. The good news is for the wnba and women athletes, 95 are College Graduates and get their degree. Dagen they need to get paid more. They need to get compensated so the women dont have to play overseas in the off season which puts a great strain on their body which comes from a friend of mine. Were in negotiations as we speak. Thats been something coming from a three decade career in the Business World thats been great to come every and loo oved look at, we have the same goals on collective bargaining, to work on the Player Experience and work on the economic model for the league. Maria youve got those negotiations ongoing right now. Thats right. Maria cathy, its good to have you. Cathy engelbert joining us. Back in a minute. dramatic orchestra performance comes in lots of flavors. Theres the ampedup, overtuned, feedingfrenzyof sheetmetalkind. And then theres performance that just leaves you feeling better as a result. Thats the kind lincolns about. Its been reported that theres a cyberattack on business every 39 seconds. Ouch. I dont even want to think about it. Comcast business has a solution. We go beyond fast with a cloudbased Security System that automatically updates, so you always have the latest protection. Phishing. Malware. Risky sites. It can help block all of that. 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And you can offer them e rfect products. That ceo gets it. From adding unique capabilities to your compys apps to bringing you loyalty programs, our technology and Financial Solutions are changing whats possible in all sorts of ways. So, how can we change whats possible for you . Welcome back good wednesday morning. Thank you so much for joining us. Today is wednesday october 2, your top stories right now. Today is about Economic Growth in manufacturing slowing, interesting markets across the world. Futures are indicating a decline as a triple digit move down 150 points on the dow dust roll this morning. The nasdaq is down 38 and s p down 12. This on top of big trouble yesterday a new dat data that ce down that u. S. Factory activity contracted for the second month in the row, the isn lowest level in ten years at 47. 8 , that indicates contraction. That is raising concerns about the u. S. Strength of the economy. Dow industrials down, the s p was down one and a quarter without tech was down recordable point. European industry acrosstheboard, s p down sevenpoint to percent 172 points. Wanted two thirds percent, one and a percent. In asia overnight right across the board, the south korea down nearly 2 following the latest north korea missile test, china is closed as the country continues to celebrate 70 years of communist rule as they show off all their new weaponry in beijing. This back in the u. S. A was a blur controversy goes on. Mike pompeo warning he will not tolerate bullying and intimidation from lawmakers and capitol hill. The secretary of state gave a News Conference and he said that the democrats were calling state Department Staffers directly telling them, do not hire any independent counsel. President trump rallied against the impeachment probe calling it a coax. You take Boris Johnson saying the country will leave the eu on october 31, come what may. The latest proposal which he said will grow the uk to an economic platform for a dynamic free capitalism. Warning that the alternative to the new proposal is a no deal brexit. Although stories coming up this wednesday morning. The top story is the trump economy, we are stating by for the latest numbers on jobs. We will get the adp report at 8 15 a. M. Sharp, that is in 13 minutes. There expect a 140,000 private sector jobs added to the economy in the month of september. This is coming as manufacturing data dragging on the market causing triple dodge it losses for the dow. The founder and chairman in the author of i love capitalism. An american story. Can great to see you. Thank you so much for joining us. Lets start with your book, i love capitalism. Capitalism is a country compared to what some democrat candidates are talking about would sound like socialism. Renew deal, medicare for all, what is that the election is set up for . I think the election is on a lot of fronts. So often there educated and also educated, its the income inequality gap, its a lot of things all these issues need to be addressed. They are all serious issues. In their issues that matter and should matter to those people who want a better chance and a better life and we should give that to them. That is a moral obligation as Business People. I do believe that what we are hearing today is insanity. Absolute insanity. It will not accomplish a think. What are we here . We are hearing about 2 asset tax, they are spending it. Look, i stay in new york because i love the city and i love new york, my whole life has been here and i benefited by everything that new york had to offer, and i have an obligation to get back. I could move to florida tomorrow. I have 12 people in manure coffees, we could all get pay increases right away just like that. And not only am i here because i want to be here, i am here because of emotional attachment and the medical center, Ronald Mcdonald house, the boys club in new york, the medical center, my wife, we are attached to the community at large. If i knew what these people were proposing would do the trick, you have to accept honesty further statement. I would embrace it enthusiastically. It does not work, look at russian, venezuela, on the other hand, look at the exact opposite, look at china, look how china is growing. Bernie sanders, the other day he said the u. S. Should not have billionaires. No more billionaires. Are you going to shoot me . Do we want all the money and you said to sense, the Elizabeth Warren is making a point that its a modest tax, 2 cents on every dollar over 50 million of network, she says it goes up to 3 cents on anybody who has 1 billion. People are calling that compensation. Its not income. Was go back to bernie sandere done for the little people, what jobs has he crated . Hears his press release, her plan with increased taxes on greedy pres companies. We started out at home depot 41 years ago. We have almost 500,000 people employed in that company today all providing for the families and building estates. We have 3000 kids that started with us in the parking lot, that is an entrylevel, they are still with us and multimillionaires today. And they changed all of us. Its a semi automatic thing. Bernie stopping being a blowhard. Show me your experience in life when you have done this or that or the other thing, at least he can say hes been there and done that. He can help. What are the tax plans doing to name economy . We know that the tax cut plan out of this ministration and the rollback intimate attorney ministration did move the needle on Economic Growth. What happens if one of these guys gets in change everything raise income tax and institute a wealth tax. All answer the question, let me start by saying, they have no courage. How magnificent, my wife and i have done in this country, how we do give you 4000 a month from the federal government. To have the guts to go in and say fix it, take it away from us. Start with that. Make it easy. You give it away. I never got a Social Security check in my life, ascended over to one of my Favorite Charities every Month Program for challenge youth that work at home depot. Why not just fix Social Security. Because they have not have the guts to. The first rail to go to is raise taxes, soak the rich, no billionaires. Im going to say something, it might surprise you, i have no trouble if you raise my taxes. None whatsoever, provided i see benefit in those taxes going to people, Public Education in America Today is a disgrace, it is a disgrace. We are number 33 or 35. We are number one and spending the 30 most of all countries on the earth number one, we are 28 out of 30 of those results. I want to three Home Depot Stores in pittsburgh just to talk to kids in every store had a sign up that we are hiring, we are hiring. We will hire a kid and give them a great career path. You have to be able to read and count. This is not asking too much of the Public Education system. Income inequality, narrowed the gap. I think it is being narrowed a littl bit. Steve wrote a piece of the journal about how wages are in the Median Income levels are now actually up. Im talking beyond just entrylevel. I am talking about 20, 25, 30. Twice a year in the spring i took 30 store managers out to lunch. And i love to have them tell me their life story. None of them went to college. They all started home depot out entrylevel clerks. I am proud of us but im proud of them. There is only 60, 70 milliondollar businesses, they have 100 150 people working with them. Business is quaking in their boots over Elizabeth Warren. You know that . Tell me about it. I cannot believe the American People would go for it. Who wouldve believed chavez would take control of venezuela. Hitler got into a democratic process in germany. This is what the American People want and they think it is going to do them better, then go vote for. Time will prove whether or not it was better or not. Thats all. How do i feel . You see cycles, how do you think it will impact anything that you do to discourage people from investing in companies and startups in establishments, anything that you do deprives those companies of creating job opportunities, this boys very decision, i think president s of colleges who break them, we should know more about their life and what they should do with the college up there, shed signed documents about the endowment and assets, tell us all about it. If you want to be my leader and you want me too have faith in you, bear your chest. , transparency. 100 . What do you think about the impeachment inquiry that they want to take President Trump down no matter what it takes . Look i will say this you, i wish, again i said this couple weeks ago, i wish donald trump and i are different, he got elected president and i didnt he made pretty tough decisions deregulation, tax cuts, the environment, look whats going on in florida with everglades. You have a republican governor who is doing a hell of a job down there working everglades. You dont even see that story, the whole narrative that the republicans dont care about the environment. You make such a point. Somebody told me one time, if you put a wedding on the front page of the new york post, it would not sell one copy, if you put a murder on the front copy they would sell the mouse. That is human nature. I said last night, at the quarterly meeting at the medical center, we went in and deliberately took over healthcare facility in brooklyn, lutheran hospital, zip code for the hospital has the highest percentage of medicare, medicaid people in the United States. How come it has gone up dramatically . Losses have been stemmed indeed we are making were not making much money we never will. Thats okay. We are providing quality healthcare to people who did not have a before. We have an Outreach Program where we have all these clinics all over w reaching out to people to encourage them to avail themselves of what we have in helping them with healthier and better lives. This is effectively the private sector. We have raised almost 3 billion at the medical center. From billionaires that Bernie Sanders wants to put a bullet through their head. That is only a statement of emotion, he did not say killing anybody, hell be screaming wife said that. He said no billionaires in america. How much money does he got . Show me how much money he has. He says he is 1 million because he wrote a book. Show me how much money is given to charity. Bernie show me how much money you have. Joe biden as Vice President had about half billion dollars income and he had about 4000 to charity. Nice, nice. I want to ask you about jobs, were waiting on the adp number, its expected will see 140,000 jobs added to the economy in the month of september. Honestly yesterday, it was weaker than expected and it caused the selloff in market. Well see what this number is when it comes out, how would you characterize the economy right now . I think the economy is okay. I think its probably throttled back from the growth that we had last year. But i feel good about 1. 5 2 growth and hopefully 2 this year. Lord knows if you look at Consumer Spending, get consumers savings, things are pretty good. I was in pittsburgh two weeks ago, we are booming. We are doing very, very well. People are fixing their homes up, the value in their homes again. But let me go back to your earlier point. Look at transportation in new york city, look at the subway system, it is a mess. You want to turn over things to the government to run, dont expect it to be any different. Look at the va hospitals, we had the scandal there, who is working on fixing that . Our audience knows im very dismayed by the state of our cities in this country, look at San Francisco, l. A. And new york, its in bad shape, we have homelessness, crime on the rise. You are right, the economy so far seems strong and you wonder if there are cracks, the adp number is out and it is eminently out, the estimate is 135,000 is the number, slightly below expectation on 135,000 jobs, that is economy north of septemr. We still create a 135,000 jobs. Look at that number, 135,000 people are working today that were not working a month ago. That is good. More details, let me get to jackie, she has the details on the adp report for september. 135,000 private sector jobs added to the month of september, that is down from 195,000 in august, you can see the future is a little bit lower than it was a few moments ago setting the stage for the nonfarm payroll report on friday. We expect 145,000 jobs to be added to the economy. Thank you so much. As you see, this number is close to the estimates but a little below, do you worry that the trade uncertainty will take the foeconomy further lower . I wish we did not have the trade uncertainty. We have allowed charter to do what they please for 40 years. And nobody pushed back. Now heres an example, i think the makeup of this man gives him the mindset to say to china, enough. If tariffs of what were doing is a tactic that i can live with, if it becomes a strategy i think itll be destructive for the economy. It will hurt the economy how do you bring 70 to the table if you say it is not nice im dealing with you and ive a great deal and you say we have to even this thing up, i said to be a favor well talk about it next year. This is going on every year. Meanwhile the deficit has gotten bigger and bigger and the bigger problemore in china is intellectual property. I think the president has as a key issue in terms of doing a deal. I was with Bob Lighthizer just a month ago, they are very sensitive to the issue. I want to say august was downward as well, and adp is saying that the job market is showing signs of slowdown because in august it was initially 195,000 now its 157 jobs, september lower in august lower. When you speak to managers out there, are they sitting on cash, are they frozen in terms of what they want for money and investing or not. People are expanding their business, the industrial company, run by a fabulous guy, they just made a significant acquisition, there investing back in their plans, hiring people. Look, we are not boiling over think god because that would give us other problems. But i think where the economy is right now, it is sustainable over a longer period of time. It will get better if we can resolve some of the trade issues globally with germany, china. Just like nato, when nato was created they said we will spend 2 of our gdp on military spending. A deal is a deal. They did not. Many did not. Intrepid saint hold on. You mentioned medical, and how well it is done, i know how well its done on the board of university of trustees of nyu with you as well, let me ask you of what you are seeing with healthcare. And talk about the plan for medicare for all and what you want to see done in terms of healthcare. We are all living longer, thank god. We are living more active lives, we have a better quality of life as well. I hear all this noise about the gap between the rich and the poor, come to nyu, go to brooklyn, talk to our patients, these are all medicaid patients, many of them, the quality of care, the outcomes, they are bragging about it, we love it. You gave nyu 100 million. I gave the more money i ever thought i would have. And they matched it and you were able to get free medical school for students. That was bob grossman, by the way why is nyu said that bobs leadership together with the way he is motivated in the Wonderful Team put together all up and down. You never hear that, you never hear that from the plans in terms of raising taxes on these evil billionaires and evil companies, you never hear the story of what you do with your money, you give it away. That is human nature, you live with it. I dont have any problem with people voicing anger or resentment of guys acme, particularly those people that started were i did, because i was where he was. You came from nothing. Actually came from everything, i came from a mother and father who loved me too death. I met richs. Financially nothing. You came from the love i knew that. Great to see you. Thank you for joining us. He is the founder, the outlook on Global Growth in economic slowdown and trade. That is next. At fidelity, we believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Of the value youll find at fidelity. Liberty mutual customizes your Car Insurance, hmm. Exactly. So you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty welcome back secretary of state mike pompeo responded to the democrat plan to get depositions from state Department Officials. During a joint News Conference with Italian Foreign minister you saw on the program, secondary pompeo rejected House Democrats proposal. We will of course do our constitutional duty to cooperate with a coequal branch, but we are going to do so when its consistent with the fundamental values of the market system and i will not tolerate folks bullying, intimidating state Department Employees, that is unacceptable and not something i will permit to happen. The secretary has confirmed he was on the 25th phone call between President Trump and the ukrainian president. British Prime Minister force johnson giving a preview of what he calls his final offer for the uk exit from the european union, he laid out the little bit ago the proposal as a conservative Party Annual Conference warning of consequences for trust and democracy if britain does not leave a you right on the dot october 31. Banks are making Big Investments in technology and that could lead to 200,000 cut in the next decade. Theres been a 450 billion on Technology Every year end robots have already taken over in many call centers and chat rooms. You may be talking to robot you do not know it. Speaking of the robots, a company can make pizza quickly. Robotics Company Created a machine that can crank out 312inch pies an hour. This is in the seattle times. I thought of you. Can you do that . I dont know. Anyway, we have maria, pizza and a special intelligence which you did a whole special on. All in one story. I got to cover it this morning. I cannot believe you found those pictures. I love making pizza with my dad we will talk with ginkgo investors is here, he will give us the outlook on Global Growth and the uncertainty that are weighing on investors right now. Investing in your 401k, we have secrets on success that are rewarding retirement. Back in a minute. 2,000 fence posts. 900 acres. 48 bales. All before lunch, which we caught last saturday. We earn our scars. We wear our work ethic. We work until the works done. And when it is, a few hours of shuteye to rest up for tomorrow, the day well finally get something done. welcome back, good wednesday morning. Thank you so much for joining us today is wednesday october 2. Here is the top story right now, 8 31 a. M. On the east coast. Jobs in america and the adt report is out in lower than expected, it shows 130,000 jobs were added to the economy in the month of september versus of an estimate of 140,000. The number is 135,000. August was lower down from 195,000 to 157,000 jobs. Economic growth are impacting markets across the world. The dow industrial is down 99 points, the s p down ten in nasdaq down 34 on top of a 300 plus philip on the dow yesterday. European markets are down across the board down 160, that is better the 2 . In asia overnight, it was right across the bar, korea down sharply almost 2 after north korea fired another missile test to shanghai and china they closed as they continue to celebrate 70 years of communist rule. 2020 and focus and Bernie Sanders has a role for fundraising. In donald trump also had a huge quarter for fundraising as well. All those numbers coming up. Investing in your future, the 401k knows what you need to make out to retail in style. Although stories coming up, markets and investing today, the adoptable 340point yesterday. A supplies declin to price declo cut it after the air. The isn number is what mark attracted to and the lowest in the ten years. Joining us is the chairman and ceo, maria. Thank you so much for joining us. Tell us how anything has changed and how your allocating capital as we watched the economy that seems to be slowing down. There is no questions or challenges in the consumer is in great shape, even with Student Loans and car loans relative to the last ten years, net worth is at alltime high. Maria, the uncertainty of the Business Community over tariffs is clearly have an impact on xuppercaseletter and that wild dennis moberg, will talk about boeing and all those planes that are parked in obviously on october 15 we will see whether we can do nice with president xi jinping. Im concerned about what happened with korea, north korea, what are they firing, is on a submarine, what are the chinese do with the hypersonic missiles. There is a lot of other news that is interesting, today there are two companies merging with other companies betting on sports, that is not as important but its something that we think about in terms of the opportunity for company. Tell me about that, we just went to the meadowlands and in terms of their Sports Betting, they say that they are rivaling nevada when it comes to the activity end in terms of Sports Betting. Tell me about the strength in this business and why the excitement. Do it a little different, last night there was a playoff game against the brewers and the nationals. In the eighth inning yet a wonderful dynamic, the point is people are watching that an advertisers are seen more potential customers for their products and therefore the sports team will get more revenues in addition to that there is a Gambling Companies that will have the benefit. Fox, the company you are involved in, fox but is involved with one of these companies called the sports group. That is a Company Called flutter, we like william hill and gvc, the American Companies that are involved, bringing into the legal world of great area of Sports Betting is what youre talking about, that is interesting to us. You think that we see other Companies Get into the space or will we see consolidation . I think you have all of the above, md and cut a deal with xyz, a company in reno nevada, el dorado cut a deal, you will see more of that online and im not a big fan of Sports Betting, on the other side i will participate in it, whenhe yas arelaying this friday night, maybe i would be willing to put a bet but i cannot do it to new york online, have to go to new jersey. That will change. That is one area, where else to see growth in the economy . I think theres a tremendous need for aerospace and defense. The supersonic and hypersonic dynamic that is taking place reminds me of the marginal line which was built in the 1930s and the technology caused that to be obsolete. We have to put money into certain parts of our economy for expenditures to handle these new dynamics. It Companies Like textron which has capability, those are kind of intriguing to me even with the notion of a ministration perhaps changing next year this time. 2020, do you think that we see a change in leadership . No, i dont want to get into that. Thats irrelevant to me. They are shaking in their boots over Elizabeth Warren. That is certainly an element because you have all the way on the left and all the weight on the right, you love to have mainstream, we have survived 120 years with really good president s and really bad ones. I think the system that we allocate and with all the faults we have to solv solve student ls and inequalities, we will do that. You have to cut cost and raise taxes. That is interesting wall street doesnt seem to get upset about all of these headlines, they do not see the markets reacting except for the fact that with all the fighting going on they are not getting anything done. Use was to see infrastructure, immigration all these policies get done. Yesterday on the news there was a bridge that collapsed in taiwan, a year ago in italy, this country has 200,000 bridges that need help. Why i was late this money, the highway coming down, the speed bumps, you could not speed anyway, we need infrastructure bill, cut the politics out, lets get it done. Everybody that is common sense that drives that walks, i dont know how they did the 60 odd years ago. What about the china situation how important is not to investors question what the trade tension seems to be an issue for manufacturing. U. S. And china expected to resume these talks next week. They said that they may go further than cutting close to china and when that headline came out on friday it moved market. From my point of view you have the consumer, xuppercaseletter, state and local exports to make gdp in the u. S. , we have a 400 billion deficit with china and that means we owe them 400 billion a year. I have no problem, i grew up in a world in the 1930s, ricardo was good, the free market works but you have to have a fair trade and the companies i talked to say that does not work. However, china is important to Global Growth. And to the degree that there 60 of the world 90 trillion in consumer is like 40 we wanted growth the consumer. I want to tell my friends, they should have more children and do it immediately. Maybe get rid of the law the one child law. Its changing. You have a real expertise, tell me how you see the media and Technology Industry shaking out, theres a lot of conversation about regulation protect companies, media has consolidated, how do you see . There is no question that technology has changed and we have to applaud jeff bezos. Doing things that are going direct to the consumer, and applie thnogy and getting data, artificial intelligence, it has challenges. For my and its not complicate it. Yesterday the court of appeals in washington, d. C. Ruled that a move at the federal communication chairman with regards to a Net Neutrality was valid. Which means if i am hogging the Cable Network with high requirements for the speed, i might be able to charge them more. Its just like a truck going over the George Washington bridge has to pay more than a passenger car. This is very good for allocation of capital and paying people what they create. So there are positives. In terms of what i like a simple company, i think disney coming down like this was 750 of earnings, 130 160 price 30 or 40 years ago, i think they will do well in taking the content globally. I think cbs with 650 million tears, they will do 28 billion in rough numbers of cash flow with cap ex of 120 million, they could put money into r d and i think adobe in a interesting stock. Obviously there is a Company Called fox, and it basically, 650 million shares, where exactly is the cash flow going to go, significant cash flow in the next three or four years is intriguing to me in small broadcasters, tribune is taken over in pieces, and theyre looking at 15 stock, those are interesting. The growth in media, isnt streaming . All of the above. Everything that you can think of, give the consumer what they want and when they want at the lowest possible cost and do it the effective way to make money. Who wouldve thought spotify, pandora so you want to buy the venue because they have 25 of the music and are in library. So he is terrific at 58. There is a lot going on, and nano caps and watch company. Real quick on aerospace, will boeing recover . I will tell you at 1230 tod today. We have an individual that works for us that flew f18s he was in the Marine Corps Reserve as a Lieutenant Colonel and he goes through every day how you have to handle the flight. So you still studying . I think we are past that, the cash flow for boeing over the next few years, a stock that i like because they got certification for longitude and latitude, the new plane at 47 48. There is a lot going on. You like textron for a long time. I like when the stock dropped to 3. 10 years ago. It is only 48 today. As a result of that, i think over the next three or four years you will do well. Would you sell anything, there is always the worry that markets will tumble on the uncertainty. There is no question that one has to say higher probability of an economic slowdown. However, the fact that a year ago, 12 months ago the ten year bond was 321 in today its 167, you have a little bit of a floor, 10 correction in the market, so what. Always good to see you. Quick break and then Bernie Sanders versus billionaires with a progressive democrat going after the wealthiest americans with his proposed tax plans, will see if varney has a thing or two to say about that. Bernie says no billionaires in america. Plus the 401k, the moves you need to make now, we have the secret to success. Stay with us. We believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. With truecar, to sellll find just enter your license plate and see your cars value in real time. Sports package and low mileage . Nice. Within minutes, youll have a true cash offer, and you can head to a dealership and get paid, today, right now. Welcome back, Bernie Sanders showing strength with impressive funders using numbers, Stuart Varney to weigh in. How do i weigh in on Bernie Sanders. The man raised 25 million in the last quarter, a nice number, look a little deeper, the most common occupation of donors was teachers. I dont want socialist teaching my kids in Public Schools. The other one, starbucks, amazon and walmart, the most common employers of donors. It seems like that is vote for me and ill give you a raise. Meanwhile President Trump has rocked up 125 million from all sources in the Third Quarter. 25 million for bernie, 125 for the president. This is a time when money really starts to count. The democrats face primaries and debates, they will advertise, go through the money and meanwhile President Trump piles it up in preparation for 2020. Very interesting numbers on campaign contributions. I think that he raised a lot just two days after the impeachment inquiry, that is notable. I think it was 8 million in number of hours. But he had a ton of money rolled in. It is great to see you, i know you have more in ten minutes. Bernie start right after this. The moves you need to make right after this, the secret to success right after this. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. You can get your Interest Rate right by locking in a fixed low rate today. And you can get your money right. With sofi. Check your rate in 2 minutes or less. Get a nofee personal loan up to 100k. Invested in you, your retirement, most americans will not have a traditional pension that pays a fixed amount each month. The changing strategies when it comes to saving for future. Most of us probably would not so we see the traditional 401ks that allows you to become a partner with the employer and for most people that means they set up automatic payroll deductions and most of the time the companies will make a match. I am an author of, you are so money, visibly if you are not participating you are leaving money on the table. You are already paying 70 bills, you have loans, you are just trying to make ends meet, just 10 a day saves for your 401k and can benefit you with tens of thousands if not more dollars in the future, that is money probably left to your own devices he would not have saved. If you make 100,000 per year you put 5 of your salary away pretax in your company puts away 4 in year 9000 set away for retirement and you dont pay any taxes on investment gains until you withdraw the money at 59 and a half years old. Sometimes people were starting careers are nervous. We heard our guest talk about that, i can barely make ends meet why dont have to say for later, as Albert Einstein said compound is interest is eighth wonder of the world. If youre constantly building it helps. Dont forget theres management fees, most Large Companies they cover the majority but the really important take away dont take out the money unless youre in an absolute emergency before you are 59 and a half, do not take it out, you will be punished. You can take a loan for which you will pay prime plus two. But it does not go back in your account when you repay that, and let you have a little flexibility. The government is becoming a little bit more lenient with what they called hardship cases, few medical expenses or put down money for firsttime residents that you will still have to pay the tax which most people is near 40 that you have saved and you missed out on the investment. Put it away, leave it and forget about it. Great advice, its a lot to digest. I know you have more on foxbusiness. Com. Thank you. Well be right back with final thoughts from the allstar panel. [ applause ] thank you. Its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. I love you only pay for what you need. Liberty. Liberty. Liberty. Liberty. In the last year, of cybercrime every second. When a criminal has your personal information, they can do all sorts of things in your name. Criminals can use ransomware, spyware, or malware to gain access to information like your name, your birthday, and even your Social Security number. [announcer] thats why norton and lifelock are now part of one company, providing an all in one membership for your cyber safety that gives you identify theft protection, device security, a vpn for online privacy, and more. And if you have an Identity Theft problem, well work to fix it with our Million Dollar protection package. There are new Cyber Threats out there everyday, so protecting yourself isnt a one time job, its an ongoing need. Now is the time to make sure that you have the right plan in place. Dont wait. [announcer] norton 360 with lifelock. Use promo code get25 to save 25 off your first year and get a free shredder with annual membership. Call now to start your membership or visit lifelock. Com tv maria welcome back. Final thoughts . Congress needs to get back to work, do its job, pass the usmca. If it doesnt do that when this hysteria dries down about impeachment they wl look at what this president s accomplished, what congress has not accomplished and thats what will show up in the election. Maria right to Stuart Varney. Thanks for joining us. Varney Company Begins right now. Im so sorry about that. Over to you. Stuart well said, andy puzder. Well said, young man. Good morning, maria. Good morning, everyone. Okay. It started 23 hours ago, a bad report on manufacturing, it opened the flood gates to a whole lot of selling and it continues this morning. The word recession is back. The dow dropped 343 tuesday. Looks like its going down about 100 odd points, maybe 150 at the opening bell this morning. The s p down 36 yesterday, down another, what, 15, 16 today. The nasdaq