Transcripts For FBC The Intelligence Report With Trish Regan 20160713

Some business context in boston and chicago the districts there worried about the impact of brexit. Trish, back to you. Trish lets take a look at the markets again. Not really reacting too much to this news. Joining me here is peter and mark. Peter, your interpretation of this report. Nothing has yet changed that. When you consider say against the economy of the 80s, the economy of the First Quarter its darn good. [laughter] trish low standard, my friend. Rir understand. I expect gdp to come about 2. 6 . I expect a corporate profit report over the next couple of weeks will be higher than the First Quarter although year over year observations wont be as good and the second part of the year i expect all of that stuff to be better. The profits will be up. Trish hey, i will take it. I will job the jobs report 270,000 jobs added to the economy, look, im going to qualify that by pointing out, its not enough, we need to be adding 3 to 400,000 jobs to keep up with population growth compared to the month before. 287 sounds good, when you look at the economic data, none of which is all that stelar, do you think its time to go in . Its not bad either. The Citigroup Index continues to go higher. You have to smooth the numbers out and its averaging 147,000 a month. Thats a down shift from last month. Enough to keep the economy positive, therefore i think it remains investable. I do expect equities to grind. Trish i wonder how much the fed is contributing to all of this as well. We all have pointed out, none of the growth is anything to write home about, yet when you look around the world and you look at the challenges that europe is facing, you look at the challenges that asia is facing, maybe we can manage 2 growth for the year, maybe we can grow 200,000 jobs a month, maybe, maybe. Suddenly we look like the pretty girl at the dance, peter. We do. One is the fed being accommodating and we are the prettiest girl at the dance. Lets not underestimate all the new technology thats coming online that will permit us to increase Labor Productivity dramatically. For example, in retailing, and i think that thats going to be very and corporate profits up. Trish i hear you. Corporate profits up and we get in the situation where the investing class is benefiting from low rates from the fed, from technological gains that make every company more efficient and yet youre average person, peter, you know still has to run the risk of getting replaced by the technology in the retail sector. Less and less theres the average person, the person in the middle. There are people who are making smart choices, dont have to go to college to do it. Medical technicians or windmill mechanics and things like that. There are people who make smart choices in college and there are people who make dumb choices, they dont learn anything in high school and take history in college. If you make smart choices with your life trish go to the university of maryland take peters class in economic. Good to see you, guys, mark and peter. We have a lot to talk about the political front including pretty good news for donald trump, five days to go until the republican convention. Trump is leading or tied with Hillary Clinton in three major battleground state, florida, ohio and pennsylvania, in florida thats a huge reversal in june when clinton led by eight points. The stakes heat up and Campaign Said friday, indiana governor meeting with trump and his daughter today at the Governors Mansion after joining trump at the rally, could it be mike pence, trump wrapped up a meeting with Newt Gringrich and reports that sessions is on the way to meet with trump. Trump and christie family, they all met yesterday. Joining me right now, executive director of the new york state Democratic Party, borus, we are going to get to veep stakes in a second. Your reaction, three key states, hes now pulling ahead, why . Absolutely expected. Largely its because of the terrible leaks that Hillary Clinton has had combined with the fact that donald trump, talk about making America Great again and safe. If you contrast with Hillary Clinton who cant be trusted with email, how could she be trusted with nuclear bombs, the people in florida she got off free in terms of the email is contributing to a destruction in poll numbers. No, all of that was built in from a year ago because we have been talking for emails for about a year. If you look at the polling on things like keeping america safe and responses to terrorism, she actually outpolled donald trump quite significantly. Trish how do you explain what happened with the swing states . No, no, hold on. I dont Pay Attention to a whole lot of polls right now. The National Poll that has her between 5 and 15 points ahead of donald trump. Right now is not time to spend focusing on poll. We focus on polls the last two or three weeks in the election, everybody is going to get a bump after the respective conventions, first debate. Thats when you really start to see. People who are don trish i know. One thing i would point out that trade matters in a lot of the states, ohio, pennsylvania, people have lost their jobs to oversea competitors and i said all along, this is a missed opportunity for her the fact that shes so prottp, transpacific trade agreement, i think jobs is going to hurt her. She cant do it because bernie outthanked her so bad. Where have we seen real economic message. Trish we talked quite a bit about trade. I havent heard any serious trish in the republican platform it has quite a bit about trade and how we need to be thinking about putting america the people in pennsylvania and ohio are seeing the huge change from being on the ttp almost four years ago to following donald trump and thats why so many voters behind trish i want to move on on who is going to be the vp for a second. Mike pence is being talked about on top of the list. What is it that you think mike pence brings to the table . A lot for the midwest, somebody who has governing experience, executive experience and would do really trish likable guy. Very likable. He will make a good strong ticket in terms of donald trump appealing to conservatives, independents and democrats and mike pe in ce making sure conservatives come out. Trish an evangelicals. If im donald trump i think that mike pence represents pretty much what he wants. Somebody who is conservetive. Thats pushing him to be [laughter] with that said, i think for donald trump hes right out of central casting. I do think he is i dont know if he actually engages and excites a lot of younger republicans i think he does. That arent as socially conservative as he is quite frankly. Trish in the running thats really going to excite Young Conservatives say, Bernie Sanders, with Young Democrats . Thats a very small percentage of the people that will come out in the general election. To go through some of them, some of the others quickly because i dont have a ton of time, newt gingrich. A lot of experience, you look and say this is something that knows how to work with congress, does donald trump need somebody like that . He doesnt need any type of vp. He will be appealing to ib independents. Trish chris christie, anyone who is going to be Donald Trumps vp has to stand in a ton cringeworthy moments. I dont know if christie is a good pick because its two people from the northeast, i dont know if that actually trish new york and new jersey. Voters to pennsylvania and ohio. Trish its very we didnt get to jeff sessions. We will be watching it carefully, thank you, guys. See you again in a little bit. Lots more politics coming up. Globalization hurting millions of americans and thats the reason we see so many people coming out in support of donald trump. Economist jeffrey zachs this is part of concern and he will tell us exactly what they are after this he has a sharp wit. A winning smile. And no chance of getting an athletic scholarship. And that is why you invest. The best returns arent just measured in dollars. Trish Great Britains decision to leave the europe union goes beyond economic issues, it was also about Economic Security and rejection of globalization and that sentiments can be felt in america right now, you know it. My next guest theres real problems with globalization and its hurting millions of hardworking americans. Its one of the reasons he says donald trump and Bernie Sanders had seen the support that they have gotten. Joining me right now onset world renowned economic jeffrey zachs. Youve been talking about this for years. Globalization as much as many in school of economic professors out there will tell you its good, its good, its going to help everyone, you said no, you need to think about those who get lost in the middle. Explain. The first thing you learn in economics after page one, page two says but not everybody wins, there are winners and losers and the basic idea of globalization is the pie expands, but some people seriously get left behind. Now there are two views about that tough luck, thats their problem or well, those who win should help in some way to compensate those who lose so that everybody is staying in the race. We have taken the view for about 30 years globalization, its great, its going to expand the economy which it has but we dont really care that the gap between the rich and the poor is widening. Trish whats the problem with that . We see the gap between rich and the poor. People with capital that have money that they can invest, they benefited from the fed. Capital with go to highest return anywhere in the world. Its people and communities that are staying there and are saying, where are our jobs or the company saying, you have a job, you have to take a 25 pay cut. As im taking the northeast, amtrak to boston or down to washington from new york, you see a lot of boarded up northeast america, these are places that used to have industry that is now in mexico or half way around the world or in china. Thats a real phenomenon, globalization has expanded the overall size of the economy. Boy, have there been winners and a lot of losers. Trish middleclass americans are losing. To top has really benefited and both donald trump and Bernie Sanders, they picked this up. This is a reaction from both sides of the political spectrum and thats what brexit was as well. Brexit was a vote where basically the city of london which is their wall street, of course, this is great, you have to be crazy not to want this and then all these towns all over england and scotland and whales said whats so great about this. Yeah, london is rich, but what about us. We havent seen it. Theres another thing thats going on also which is very obvious which is both in europe and in the United States theres been a tremendous wave of migration, this is known since the 1960s, we were about 5 foreign born back in the 1965 immigration act was voted, now we are at about 14 or 15 . Okay, one can debate all of that but thats a huge social change as well and both in Great Britain and uk and in the United States but all over europe also. People are saying, our society is changing too much. Whats happening . That backlash is coming through. Trish we are a country that was founded by immigrant, we are all descendants of immigrant and yet at that time when people were coming here in droves there was all the opportunity in the world, there was all the land that needed to be built on and expanded, there were so much here for people to build. We dont have that all here anymore. We have kind of gone through waves. If you look at the simple statistics, the share of the population at any time that is foreign born, it reached a peak around 1920 of around 15 . That was the peak. People then had a backlash, they said thats a lot. We had a huge wave and in 1924 there was restriction on immigration and that proportion of foreign born came down to allow of around 5 in the early 1960s, now weve gone back up to near where that peak was before and i think we are seeing that same, okay, thats a lot, weve absorbed that, what are the limits, what are the boundaries, how do we define this. Trish it doesnt surprise you that donald trump has done as well as he has . The elites and this is on both sides, both the democrats and the republicans are having a great time making a big party but autolot of people in this country that are not feeling that. Im surprised at the specifics of both Bernie Sanders and donald trump this year, im not surprised tat backlash and brexit and not surprised what we are seeing in europe because the elites and both parties have done well and they said everything is great, what are you complaining about and a lot of americans, in fact, the big majority say we are on the wrong track and the mainstream politicians havent gotten it. Trish its so good to see you, i hope you come back because we are out of time but i want to talk about how you think we can fix all of this. Lets continue. Trish the Republican Party meeting right now in cleveland to hammer out nominating rules for the convention as well as Party Platform and Donald Trumps influence is very clear as the party includes a lot of language of building a wall with mexico and crack down on immigration from countries associated with radical islamic terrorism. Trump if ificication [announcer] is it a force of nature . Or a sales event . The summer of audi sales event is here. Get up to a 5,000 bonus on select audi models. Trish we are five days away from the Republican National convention in cleveland where im going to be hosting live coverage throughout the week. Republicans right now theyre gathering to try and shape the Party Platform. Its a platform that has been trumpified, language in building a wall on the u. S. Mexico border as donald trump has called for many times, many, many times during the campaign. Theres also some support for a temporary ban on muslims and for special scrutiny of those seeking to enter the u. S. From islamic friendly countries. Blake berman joins us right now. Blake, what else can you tell us about the platform . Trumpified is a good way to put it, trish. 112 delegates or so that lays out the ideals of the Republican Party. It could present a trap for the nominee if theres language that they dont necessarily agree with from the platform but that was hardly the case with this one. You just layed out a few examples another one to trade, ttp had been mentioned in platform. No mentioned of trade whatsoever. No mention of nafta at all which donald trump has railed against as well. As far as that wall goes, in the 2012 platform they mentioned the fence, but as you talked about donald trump has repeatedly talked about a wall and that is exactly what was put in the platform language, quoted for you real quickly, the border wall must cover the entirety of the southern border and must be sufficient to stop both vehicular and pedestrian traffic. Trump gets his way. All eyes to rules committee which is meeting tomorrow and friday, that will be the last push from the never trump crowd to try to have the delegates unbind themselves, trish, depending on who you listen to here they may have those 28 that would force somewhat awkward vote on the Convention Floor next wining, but even some of the never trump folks that i talked to today its still a big uphill battle. Trish kind of seems like it at this point. Blake, thanks so much. The platform itself, you just heard economist jeffrey zachs who had beaten the trump against globalization for a long time. The fact that you see trade in the republican draft of the platform borus and we dont see it as an issue in the democratic platform, who does that advantage go to when you think about all the middle americans who have lost their jobs as jeff described . Unquestionably goes to trump. Hillary Clinton Clintons relationship with china has damaged jobs in america. Again, republicans does has not won pennsylvania and its because of message on trade and bringing jobs back to america. So this is very important and the fact that the platform has come together behind donald trump shows how much are calling trish the elite has a big problem and its on both sides and this is why Bernie Sanders and trump have done as well as they have. The elite doesnt understand how its hurting the average american. They may not but just going to i dont know with respect to the boris about hillary and china. I dont understand the connection there. Trade relations with china. Look at the democratic platform, theres a lot of in there to the fact that wages are stagnated and cost have gone up. New york has led the charge in terms of 15dollar minimum wage. Thats in the platform. Trish right, shes not talking about people dont want handouts. They want to ability to work. The president has said the same the same thing. Trish my job got sent to mexico, my job has not sent to china. Sure, she doesnt support [inaudible conversations] trish what does that mean in current form . She will work on the trade agreement . No, no. She spoke 45 times. There was no way that she was that against it. Trish not only that it was the obama administration. She was working for the man, so, of course, shes going to have to support the president s agenda. Come on. Well, she can because shes an intelligent person that can look back and say, you know what, the way this is written and now that i understand the impacts that this is going to have trish this is her husband that put this through. A legacy there within the Democratic Party thats been supportive of trade and now you have a republican shockingly a republican because conservatives have been very much in favor of globalization thats saying, okay, enough, i just question if thats going to be the real difference between the two platforms. She can run on her secretary of state, what is she going to run on, useless record as senator . I can tell you her record as senator was stelar, number one. I think it stands stelar. When you look at nafta, ttp, when you look at the trade agreements, even the one with previous administrations, even if you agreed with it at that point, understanding the effects of it now some things you may not have been able to foresee. That said, in the platform today there was real language about how to get americans into the middle class. That is something thats specific in the democratic platform. Trish get them a job. Get them a goodpaying job. We are working in new york and states across the country. Acknowledgment that wages have stagnated and we have to do something to bring something you cant say high ermine mum high ermine mum trish thank you so much. You cant expect the company to pay more. It doesnt work that way. We are a capitalist society. Oil prices have fallen more than 4 after smaller than expected crude inventories. Jeff flock is there at the cme. Hey, jeff. Jeff capitalism lives out here on the floor of cme. We paired our losses, maybe 25 cents better than the than it was but still a terrible day, we were up 4, 6 yesterday, biggest increase in Oil Prices Since april but today we gave almost all of it back. As you report, trish, it was the government inventory report, the drawdown in crude, a little less than they thought, diesel and heating oil. We thought it was going to be a build about 250,000barrels, instead it was 4 million. So the oil market, again, coming out of balance and a lot of traders here saying they think it could get worse before it gets better even in a day that the market was oil, oil stocks hammered so what goes up apparently can in one day come down. Trish all right, there you go. Jeff, good to see you. The very liberal New York Times Editorial Board with editorial saying, donald trump is right. Up next the controversy that got even the New York Times agreeing with donald trump. Thats next whole communities are living on mars and solar satellites provide earth with unlimited clean power. In less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. And if you thought that was amazing, you just wait. Before it became a medicine, it was an idea. A wild whatif. So scientists went to work. They examined 87 different protein structures and worked for 12 long years. There were thousands of patient volunteers and the hope of millions. And so after it became a medicine, someone who couldnt be cured, could be. Me. Trish Supreme Court Justice Ginsburg doubling down on previous comments. Hes a fakeer and he has no consistency about him and says whatever comes to his head at the moment. Sown like shes doing that too. Her mind is shot resign even the New York Times agree that is Justice Ginsburg has taken things a bit too far. Editorial board publishing a piece that donald trump is right aboute gi. Andrew napolitano is with me. I do in large measure. The Supreme Court is the antidemocratic branch of the government. Its not there to do what it thinks the majority wants. Its there to enforce the constitution, to preserve our liberty even if that means frustrating what the majority wants and when it does that consistently and intellectual honesty, even if we dont like to outcome we give it credibility and we follow it. But if the Supreme Court becomes just another political in the government like the congress or president and im not demeaning by calling them political animals, the Supreme Court will lose the moral honesty, ability to to command our attention and to drive the law. So i suggest to you not only is donald trump right, not that she should resign and not that her mind is shot but highly inappropriately to say this publicly, i suggest to you that other members on the court even those who agree with her about donald trump are very unhappy because she said that because its the most blatantly political statement made. Trish has anyone ever said as explosive as this before . Im smiling because she i know her. She is, was the closest friend on the court of my dear late friend Justice Scalia who often said things but not this political and not directly about a candidate and not in the middist of a president ial election. Thats where i disagree with donald trump. I dont think her mind is shot and i dont think it was a slip of the tongue. I think she did this intentionally just because she can. Trish shopt she resign. If she doesnt understand the importance of the position that she holds, that she doesnt understand that shes supposed to be political and interpret the law, then why does she have the job. He probably would be better for himself to get elected and nature to take its course than be in a position to replace her. Look, shes been under another pressure to resign before this. Shes been under pressure to resign during the entirety of president obamas presidency by the left because they wanted him to replace her with somebody half of her age. She told them to take a hike. Shes not going to leave until god or nature intercedes. She has undermine the credibility of the court. A lot more controversies before the court resumes in october but a bad thing for her to say just as it would be a republican appointee to Say Something negative about Hillary Clinton. Trish good to see you, thank you. Pleasure. Trish 56 of americans disagree with the Justices Department not to charge Hillary Clinton in her email scandal, the democrats say the case is closed but republicans are saying, no, no, this one is not over, not so fast. We have more to come. Thats next trish lets give the markets a check. Positive territory in the dow. Trading pretty much in flat line. Amazon Second Annual prime day. Biggest sails day ever. How do you like that . Orders jumped more than 50 from last year and pokemon go is the biggest mobile game in u. S. History with more than 21 daily active viewers, according to new survey the game surpasses the previous record holder candy crush which had 20 million daily users. Despite this nintendo is trading lower. You can see almost 3 . We are going to be right back with why Hillary Clintons email server scandal may be far from over [woodworker] i live in the fine details. Thats why i run on quickbooks. I use the payments app to accept credit cards. And everything autosyncs. Those sales prove my sustainable designs are better for the environment and my bottom line. Thats how i own it. Trish attorney general Loretta Lynch testifying before congress on the fbis investigation of Hillary Clintons emails. Lynchs testimony with a whole lot of Heated Exchange with the House Judiciary Committee as she dodged a number of questions about the Justices Department decision not the indict the former secretary of state, instead the attorney general repeatedly referred to fbi director james comey on the case during his own testimony last week. Take a listen. I as attorney general im not able to provide any further comment. Again, i would have to refer you to director comeys basis. I would refer you to director come yes discussion for that. We got the point. Shes going to refer you to director comey. Good to see you congressman. You were pretty with some of the i will defer you to. She stonewalled every question. Hillary clinton was treated differently. You have an attorney general who was actually appointed u. S. Attorney by bill clinton in the 90s, you have the current president lynchs boss has endorsed hillary and said multiple times he doesnt think that there was any damage to National Security and even had the president getting ready to go on a Campaign Swing with hillary, so you have all of the circumstances and then for her to not even justify the departments decision, only deepness the amount of distrust that Many Americans have about the decision, she was trying to be cute with it but i dont think she did herself any favors. Trish Hillary Clinton suffers when it comes to likability and trust worthiness, this isnt helping. A lot of americans feel that from the start she wasnt really going to have to face any charges, that there was not going to be an indict, why would there given that Loretta Lynch thats working for president obama and she was indicted and indictment against obama administration. Thats right, a talk before decision came down that lynch may be considered to be attorney general under a president Hillary Clinton, you have all the different circumstances and lynch could not even answer basic questions about, okay, as a general matter, is it okay to take top secret information from proper place of storage and put it on unsecured email. She couldnt answer those questions. I think trish you feel like she knew the answers to the questions . Anybody knows the answers the those. Anybody who has given access to classified answer to that, its obvious. When shes doing gymnastics she was more interested in doing damage control for her and agency than actually enlighting the American People with the truth. Trish what happens now . Youre saying this isnt over because a lot of people feel it may be . I think thats got to lead to all of hillarys aids losing their security clearances because they were careless with topsecret information. The house referred criminal to director comey regarding hillarys testimony to Benghazi Committee and she was under oath and comey said they did not consider as part of initial investigation because there wasnt a referral from congress. The referral has happened and certain instances and that testimony that definitely appeared to be in direct conflict with the fact that director comey anunciated last week. Trish i have breaking news i want to get to right now. Donald trump is seeking 10 million for from a former campaign aid alleging a breech of confidentiality in terms of the agreement. Reports that that aid is sam nunberg, we will continue watching the story and bring you new developments as they come in. This is according to associated press. Donald trump is suing aide for 10 million. Theresa may takes the reins, quote, long and messy process thats not going to just hurt the uk but the u. S. As well. Thats next. You both have a perfect driving record. Until one of you clips a food truck. Then your rates go through the roof. Perfect. For drivers with accident forgiveness, Liberty Mutual wont raise your rates due to your first accident. And if you do have an accident, our claims centers are available to assist you twentyfour seven. Call for a free quote today. Liberty stands with you™. Liberty mutual insurance. Trish theresa may arriving at 10 downing street a short time ago, the New Residence as uk Prime Minister may becoming 75th Prime Minister after David Cameron handed over to designation to the queen at buckingham palace. Not an easy thing to do. You have black rock out there, one of the largest Money Managers warning that britains departure will be a, quote, long and messy process. This just breaking moments ago, johnson has been appointed British Foreign minister. She is a former member of the British Parliament herself. Your reaction to this news. This is fantastic news that theresa may, second women Prime Minister, that means he is going to be pretty much in charge of taking britain out of the eu. So shes appointed somebody that backed brexit to run brexit. Trish and you like her because she actually was not in favor of brexit . Indeed, she was not my pick for Prime Minister but she accept it had will of the people and you heard her solid conservative notes there. Trish a lot of investors are concerned that this is going to be bad news for the uk. Youve never quite bought into that louis, why . It was british hiccup, the markets bounced right back. We are going to leave European Union and so shes really committed and the fact that Boris Johnson shows that its a fast process, i think. Trish lets show the viewers a clip from her speech. Lets take a look. Theresa may. Average nine years earlier, if youre black youre treated harshly from the system than if you were white. We will make britain a country that works not for privilege view but for every one of us. Trish she also mentioned the challenges that white men face in the uk. She spoke about injustice you might face if youre u black british citizens and the injustice that is White Working Class men face, we do not hear too much about, trish, she really hit all those kinds trish she understands that everybody got a deal with the eu. I do think that the socialist left is very embarrassed today because the conservative party after margaret have served up the second female Prime Minister are no where near of having [laughter] trish for all the talk in the liberal party of society of making sure women get ahead its interest to go see that the uk the two women who have succeeded are conservatives. Who are the real feminists the conservative side of the bench. We dont cry about it and thats what theresa may showed in the speech today. Trish thank you so much. Here we are a week away from the start of the republican convention. Im going to be there live from cleveland every day right here from the Intelligence Report at 2 00 p. M. Eastern leading our prime time coverage every night at 9 00 p. M. Eastern so you better tune in, believe me, its going to be exciting. You dont want to miss it. I will see you there in cleveland next week and we have more of the Intelligence Report right after this. Indiana has been special to me. The level of receptivity i have had is incredible and the governor has been amazing. We will see what happens. Newt gingrich is coming in to see me here. Chris christie is someone i have liked a long time, he is a total professional, a good guy, people dont understand that. I am narrowing it down. I am at free, potentially 4 but in my own mind i am thinking about two. Trish there was a preview of bret baers interview with donald trump airing tonight on the Fox News Channel at 6 00 pm, he talked about the vetting process about in indiana. Newt gingrich as well as the governor of new jersey. A lot of people are speculating he is in a meeting with senator sessions. Go to my Facebook Page and let me know who you would prefer, sessions, gingrich or governor pens from indiana. I will see one bill oreillys show tonight so tune in on the Fox News Channel. I will see you tonight. Over to you. Liz we have something developing at the white house. President obama is holding a white house meeting with police and civil rights leaders after saying the nation is not as divided as we have seen but we need to work to bring things together, this as the first funerals of dallas officers killed in last thursdays attacks are taking place in dallas. Thousands of mourners turning out to say goodbye to hero cops. This is sure to play a major role in the 2016 election, Hillary Clinton discussing the topic from a historically