tv Making Money With Charles Payne FOX Business October 25, 2017 6:00pm-7:00pm EDT
president trump weighs in on the trump dossier, china and more. charles payne is here now with making money. charles: i'm charles payne. countless questions surrounding the gop tax plan following the feud with bob corker and jeff flake. as far as wall street is concerned, the dow alone shedding over 100 points. what spooked this market to an almost 200-point decline. first we have to get to the main questions surrounding the gop tax plan. critics questioning president trump's attacks on jeff flake and bob corker. though president trump has any doubts about it. >> i don't think they will do that. i know they want tax cuts.
they know we need it for the people, we need it for the middle class. we need it for jobs. i don't think they will do that. i know bob corker. i don't know flake that well. i think they file they have to do -- they think they have to do it for the country. charles: house ways and means committee chairman kevin brady contradicting president trump's previous comments earlier this week saying changes to 401ks are still on the table. president trump says no. >> chairman brady said it could be on the table. >> maybe it is and maybe we'll use it as negotiating. but trust me, one of the great things -- there are certain elements of deals you don't want to negotiate with.
401ks, and kevin knows it, he knows how important 401ks are. charles: tammy bruce and liz peak. this brady thing threw a monkey wrench in this. i'm not sure why they keep bringing things up like this that scare the heck out of the market and almost everybody watching the show. and why they are so focused on this being somehow revenue neutral. whatever happened to belief in supply side economics and reagan-omics. >> they can't even ex press it it's astonishing. under budget reconciliation they have to be budget neutral over a certain period of time. had we replaced and repealed
obamacare we would have an extra trillion to trillion and a half dollars to play with. they are trying to make up for john mccain raising his hand and saying no vote. this is the broccoli and spinach part of this process. it won't be pretty. charles: there has been talk of saying how about we get a dynamic score from the cbo. when i go over across the street and i give the hot dog vendor $10. and how about real wide circulation of money and the way we'll will feel when they get to keep more cash in their pockets. >> under any dynamic with the cbo, they have never been right. to rely on even that dynamic i think is false. what you mentioned, charles, to your point. we know this kind of framework
does bring in more revenue. why not do it this way without worrying about scores. see what happens next year which will prove trump's point. you don't just get one bite at the apple. especially as you note as well, the strangeness for the house to bring up the 401ks is unfortunate when the middle class breestles they paid for a loss. the burden has been on their shoulders. maybe it's time for government to make this work without them bearing the brunt. charles: kudos to the astros for beating the yankees. i guess we'll get it a week from today. the first step, not decided yet on which income levels will have certain tax rates. decided on deduct built with respect to state and local deducted built. hasn't started on the stop
wealthiest americans. other than that, everything is going pretty good. >> americans know what's in this bill besides all those things. i think the reason you are hearing president trump talk this way about 401ks is the primary commitment is the middle class can't in any way see a tax increase or benefit decrease. trump wasn't elected for that reason. what they are looking for are pay fors because they want to satisfy the senate rule on reconciliation. but the parliamentarian who makes these decisions is not the final word. if vice president mike pence wanted to come in and overrule the parlimentarian of the senate they could do a whole bunch of things the president want to do. that's baked into the senate rules for the president to do
that very thing. charles: the president is pounding away and talking about the tax cuts, the historic nature of them. but he's really it seems to me, pushing his own party. i know there is hope a couple democrats will sign on. but he's negotiating or having to push his own party to getting on board. >> that is the case. you have a lot of budget hawks in congress and they are not happy to know they are going to be adding to the deficit. the biggest controversy so far is the state and local tax deduct built which is as very big number. it's a bigger issue than the 401ks. and even there you have got republicans who will be hurt by that, not only citizens of these states within but people who are legislators in those states.
they are going to do a dynamic scoring, and they can move the goal post and the parliamentarian can change the rules. there is a lot of flexibility and we'll see that come about. no one will like a single thing that raises revenue. charles: there is going to have to be a compromise, maybe some will call it -- one side will have to blink and suck it up and compromise more than they want to. tammy: i think this is what paul ryan said, it will get crazy because all the lobbyists and special interests will come over. as though they have never experienced that before. they know what the lobbyists aren't going to like and what the business round tables aren't going to like. they are behaving as if they just came from high school and haven't been prepared for this. maybe they shouldn't be meeting
with some people. sort of an emergency:framework. we should all bewarey about this emergency last-minute deadline thing and people will have to compromise when we don't really know what they are doing. th -- the american people are *n might be pretty simple. remind end up following the ronald reagan blue print. paul ryan told conservatives that daca had to be part after spending bill. >> president trump has this impromptu press conference in front of marine one. and one of the reporters throws it out there. i think ryan or some of the
folks are putting the president in an awkward position where he has to fend off these the questions and negotiate in public. >> that only makes sense if you want to get rid of the daca issue because you are scared of it. donald trump on that issue specifically has all the leverage. daca and restoring it through kings an opportunity for them to go after chain migration and merit-based immigration and e-verify. these are things republicans can get out of democrats. if he puts that in a budget bill, he's wasting that leverage. charles: president trump says there is great unity in the gop. but the establishment is not fading away. later tonight, lou dobbs sits down with the commander-in-chief in an exclusive interview tonight 7:00 p.m. on fox
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>> reckless, outrageous and undignified behavior has been excused as telling it like the is winds's actually just reckless, outrageous and undignified. silence can equal complicity. i have children and grand children to answer to, so, mr. president, i will not be complicit or silent. charles: that was just part of jeff flake's scathing speech. but president obama says he has the full support of republican
senators and the party is unified. president trump: we have great unity. if you look at what happened at the meeting yesterday. we had virtually every senator, john mccain and myself, we had a meet being the military. i call it almost a lovefest. we had standing ovations. charles: here to discuss, the tea party founder, a lovefest, standing ovation. there will be some entrenched folks in washington, d.c. who did not want to see the apple cart upset to the degree it is. not you question is how much trouble will they make for this administration? >> i hope they pay attention to the fact that american voters just barely voted for donald
trump last year. they want to see change in washington, d.c. so far the change we have seen come out of the senate isn't enough. those resisting trump are seeing they can't get re-elected back home because the people bang home wanted different things to happen in d.c. charles: the tea party movement is what spurred this on. that was the proverbial snowball that became the boulder in last year's election that changed everything. this grassroots movement. do you have think their voice is still being heard in washington, d.c.? >> we are still working follow make our voices heard. donald trump did as much as he can to take what we said and amplify that. but what we are seeing out of many people inside of congress, they still don't understand yes was elected. they don't understand we want to
see policies that put america first. we want to see obamacare repealed and replaced. we want the tax code reformed. charles: the core trump voter is more attached to the president than ever before. the opinion polls show him with high negatives or high unfavorable polls. if jeff flake is going to be as unpopular as bob corker is going to be -- >> i would like to see more civility in our political discourse from a wide variety of individuals. charles: give us an example where that has gone wrong. >> we can look at what happened last week twern -- between congresswoman frederica wilson and donald trump.
i would like to see more decorum between people talking about these issues. where i disagree with senator flake saying it's all about trump. when he was in the house he was considered a strong fiscal conservative. he had an approval rating of 95%. but when he moved to the senate you saw him flipping on healthcare, the second amendment, even immigration which is a hot issue in arizona. when his approval ratings went down it had to do more with his voting record than trump. charles: trump's gop it's being remade. is it reflecting main street america, the folks who voted for him or something entirely different. >> what we are seeing right now is a reflection of the people who voted for trump. but the fact is, that's what's
blake rutherford. let me start with you, erika. you are a fellow jerseyite. $7 billion. i don't even know where jersey gets that kind of money. businesses and people have been fleeing for a very long time. we have sky high taxes. you are opposed to this, aren't you? >> we are. the state of new jersey's prosperity is bleeding out of the state. more people leave the state of new jersey than any other state in the country. the status quo is not working. charles: a lot of democrats believe this is a far too lavish inducement to bring amazon to the state. >> that's certainly right.
you have seen democratic groups in new jersey aligned with americans for prosperity with this and there are strong argument for this. primarily because the price tag is so high. amazon is a very attractive company. but you have to be sensible. you don't want corporate recruitment turning in to what we have seen with stadiums where cities and counties bear hundreds of millions if not billions of dollars for a build it and it will come. i think new jersey overplayed their hand here. charles: jersey has been run by democrats for a long period of time. you have sky high taxes and people on public assistance. and businesses are fleeing the
state. what is the moral. try to have low taxes like the states attracting all of this business? >> look at north carolina, why does the state of new jersey have to offer $7 billion which is the highest bid in the country to get over that tax and regulatory climate. we need tax and labor reforms in the state of new jersey. we can rely on assets. like being a freight corridor. we have some of the most of talented and educated workforce in the country. charles: the states aren't thriving but in lo but in low le california, where progressive
have been in charge the longest, is there a message for the democrats that maybe sky high taxes can put you in a position where you can no longer compete? >> i think there is a balance here. we don't want to dive too much into the nuance of the system. but you are seeing this with millennials and young people who built a career say in new york, but they are looking to move somewhere else. they are moving to cities like -- charles: they want to move. they want to keep the money they are earning. >> i'm not quarreling with you over the attractiveness of the tax climate in dallas, tks where you won't pay any income tax. it's a big city thriving and they put in a bid for amazon. this is something the democrats, certainly the progressive wing
wants to grapple with. but i think there is room for bipartisanship. we have to close the income inequality gap if we want to see collective prosperity. the democrats and republicans have to come together to couple with solutions that make sense. charles: the dnc, hillary clinton and the fbi taking serious heat after a bombshell about who funded that trump doeser. we have the details next on fox business. ... building a website in under an hour is easy with gocentral...
>> president trump: i think it's very sad what they've done with this fake dossier and i understand they paid a tremendous amount of money and hillary clinton always denied it , the democrats always denied it and now only because it's going to come out in a court case they said yes, they did it they admitted it and they're embarrassed by it but i think it's a disgrace. >> charles: president trump blasting hillary clinton earlier over revelations that her campaign and a democratic national committee contributed funding for research that was in an infamous dossier alleging drum's connections to russia. here with me greg jarod, a former defense attorney. this thing has blown up in front of our face and there are obviously a lot of legal
ramifications. >> there are two provisions of the federal election campaign act which appear to have been violated here by the hillary clinton campaign and the dnc. they were clearly filing a false report because they were sort of laundering the money through two different sources to give it to the russians in exchange for the smear campaign against trump and the other one is foreign nationals and foreign government s are prohibited from being evolveed in election campaigns. it's normally a civil penalty, but in serious cases, like this, it can mean criminal prosecution >> charles: let me ask you about the fbi's role in this. now i've read where this dossier was actually used for the basis of wiretapping cart in page. >> right. >> charles: a lot of this is discredited information to begin with, questionable of it's
origin and to who paid for it and now the fbi perhaps, well they are stonewalling us. >> yes, they are. >> charles: what are the ramifications for them? who is going to be held accountable for the fbi? >> well apparently nobody yet because even though the document s were requested and information through subpoena, its been ignored by the fbi, so current fbi leadership needs to respond and do the right thing. jeff sessions who overseas the fbi needs to get off his duff, and he needs to appoint a special council to investigate james comey, hillary clinton, loretta lynch, the list goes on and on. i mean, now with this dossier and hillary paying the russians for it, it's abundantly clear that you need to look into that, uranium one, as well as her e-mails. >> charles: greg stay right there because i want to bring in our panel for more on this bomb
shell fox news kyron skinner and carnagie melon university international relations professor and ford o connell, chairman and political analyst. i want to start with you, greg just mentioned the uranium one deal, revelations with this particular deal. feels like the media has been deflecting for successfully by the way for a long time for we knew there was smoke but the fires a whole different story. how deep does this go? >> i think it's incredibly deep and i think it were not on the dossier, the russian dossier issue for the determination of congressman, we may not be as far as we are right now, and the fact that speaker ryan has decided to join him in request ing that the subpoena be honored by the fbi, which this has been months and months ago that the congress has been trying to understand what the
fbi has and what it has done. the fact that we have an intelligence community now that's not responsive to congress which have article one under the constitution authority to oversee what's going on in the executive branch it just means that the more smoke we find the more fire may in fact be there. it's just a stunning set of revelations in the last day or so. >> charles i think we got to stop calling this a russian dossier. it's a political hit job on donald trump and what's incredible here is after lying for over a year and calling trump campaigns actions treated as low and behold we find hillary clinton in the dnc were behind it and i think greg's absolutely right about the point that essentially how did this thing make its way into the bloodstream of u.s. intelligence particularly the fbi and how it could have led to a warrant? that should concern everyone, republican or democrat because america's security and the independence of the fbi is in
jeopardy. >> charles: greg so there are legal and ethical issues here and it could evolve. the fact that paul ryan is now the muscle of his position behind this, you know we know that congress has really over the last few years seated all their powers and can this be where they finally take a stand and get something done on be half of the american public? >> you know, it means a lot when the speaker of the house says respond to this subpoena or else , because he can cobblex together the leadership to go after the fbi for refusing to comply with a lawful subpoena , so that subpoena was issued in august and they haven't responded it yet. you know, i'd go to a federal judge, get congress to move for context and go to a federal judge and enforce it. >> charles: you know kyron, what's interesting is the media spent so much time on donald trump jr. in the midst of a campaign someone says we've got
opposition research on hillary clinton, he has a meeting with this woman nothing happens and he walks away and that's the story right? and somehow, that was an incidental meeting or whatever but this is something planned. this was a plan operation and it involved a foreign country that has no one's best interest at heart. how seriously do you think ultimately will we get answers i think is what i'm trying to ask? >> yeah, i think it's extremely serious because when you think about it the british spy that was hired through fusion gps on be half of hillary clinton's campaign and the dnc, the democratic national committee if in fact he was interacting closely with russian intelligence as assets for his so-called dossier, that puts the clinton campaign and the dnc in the position of actually working with the russian government. >> but i think to car el's point it's a lot more than that. basically the media is doing
damage control right now. that's why the washington post is coming out with this story and essentially i believe this story vindicates donald trump jr.'s e-mails and look i've done a lot of campaigns i'm not against opposition research i know what it's like but i will say the fact that the clinton campaign has been lying about this and the media has been covering up is absolutely ridiculous because charles we know what the power of the media is and that does not shine a light on something and the media should feel in shame for pointing this finger at donald trump when in fact it was hillary clinton they were protecting. >> charles: that light has been redirected and hopefully will be sun light we can get answers out there thanks a lot appreciate it well, in the meantime stocks are treating after that record run the big question though is what's spooked the markets, two of my favorite market guys will join me. we want to break this down for you and we don't want panic if something isn't right. we'll be right back. i don't want to sound paranoid, but d'ya think our recent online sales success seems a little... strange? na. ever since we switched to fedex ground
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ah! still a little tender. (vo) go national. go like a pro. >> charles: all the major indices finished lower although off the lows of the session and dow is off 112 and s & p down 12 points nasdac got hit hard with 35 points and the session began most companies reporting beating earnings several names in fact key names offering improved guidance but after limping out of the gate things went south quickly and the question is why? i mean economic data continues to be very impressive and an annualized pace of 667,000 september new home surged 18.9% month over month and that blew away wall street consensus in fact that's a 10 year high. business investment and durable goods continues to rebound in this gathering momentum hit a 20 month high in september so what are the yellow flags what are the signs? what about the 10 year, key resistance, in place since march serving 39 basis points up since september of last month, and now
many consider the bond market to be the canary in the coal mine when it comes to the economy in the federal reserve speaking of the fed president trump telling lou dobbs the choice for the next chairman is two, three perhaps candidates including janet yellen. >> president trump: do you have a preference out of curiosity? >> lou: i do. >> president trump: tell me who your preference is? >> may icon strain myself because ad hoc advisor to the president. >> president trump: no but i'd love to hear it and you can cut it out. i would love to hear it. i only want that from people i respect. >> lou: i personally believe janet yellen might be worth keeping. >> president trump: i tell you what she was in my office three days ago. she was very impressive and i like her a lot. i mean, it's somebody that i am thinking about. i would certainly think about it >> charles: that's what you call a pregnant pause, now make no mistake the market wants yellen and they will be nice but more resistance to john taylor and
his tough love approach to interest rates. by the way confusion on washington d.c. may have shaken the markets more than anything else today listen it's no coincidence when representative kevin brady chairman of the house ways and means committee through the possibility of changes and 401 (k)s back into the mix the market buckled in fact took a few hours to regain equilibrium and where does the market go through here so capital way forecast editor and david nelson bellpoint asset management strategist. gentlemen thank you folks on twitter who wore it best the suit? >> [laughter] good one. >> charles: david you were a little barish earlier in the week because when we were down 190 points i said we got to get david on the show. >> david: i think the market is kind of started to price in tax reform. it's not a theory. we clearly started to do that, starting in early march and we touched all-time highs. i think business has to come to
the grips that tax reform is not a lot. the president is going up against several senators right now and two of them have absolutely nothing to lose and there's certainly no love lost between him and john mccain. he had rand paul, susan collins. i'm not going to be comfortable until i actually see legislation on his desk. >> charles: one of the theories floating around is that the news is too good. durable goods was too good, new home sales were too good, the markets been too good and that may force the fed to be a little more aggressive than they've been indicating. >> i think that was part of the mix for sure the bonds have been ticking up the ten year is showing strength in terms of yield so now with economic news being as strong as it is yeah, likelihood of the fed raising in december is a little bit higher. i think at the same time what happened is we had a couple companies that had poor earnings , people are assuming that earnings are going to be spectacular again this quarter double-digit earnings growth so when companies come out and they miss i think the market has to quick look and say wait a minute >> charles: advance micro taking
it down that's like the worst play in the semiconductor space, for the most part, in terms of execution for the last 10 years, so you know the leadership stock seem to be doing pretty well david. what are you concerned about what are you telling investors sitting on big time profits but they're sitting on profits because they stayed the course and been able to ignore periods like this. >> david: the other side of the equation is despite what i just said about tax reform we have synchronous growth around the world let's not forget that, that means our customers overseas are doing well. the other dynamic playing out is certainly the fed. we're going to start to unwind a $4.5 trillion balance sheet and that's the beginning of the end of the experiment we've been doing over the last several years. >> charles: so at least half of it, that cushions the blow. gentlemen i wish we had more time. i appreciate it. well the healthcare battle heat ing up after a federal judge rules ruling moments ago hits the obamacare situation really hard, but puts the ball back in
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>> charles: breaking news just as we were going to air federal judge dropping an injunction made by 18 states which would enforce the federal government to immediately resume paying healthcare subsidies that president trump cutoff with his executive order. back with me now ford o connell and i want to start with you liz because this happens on the same day the congressional budget office says if you take that alexander murray the bipartisan deal that it would actually cut the deficit by 4 billion over the next 10 years by time people will continue to have healthcare insurance and essentially it's putting in my mind the
republicans in an awkward position because otherwise we would add 200 billion to the deficit, so you've got a situation where they're saying it's smarter or more economic to go with the two year break. >> yeah, but what paul ryan we emphasized today that in fact the house was not going to be looking at any kind of healthcare bill between now and the end of the year, i am not at all surprised that the judge ruled against the states. the states mostly democrat states want these subsidies to continue because they're worried it will impact premiums in fact it won't impact premiums as we're told and you know, there's so much here. we're told premiums have gone up in anticipation of the subsidies ending, right? so they can't go up any more because whether or not they end but the truth is and going back to the beginning of this argument, congress never approved these payments, so this was sort of something the obama administration did unilaterally without congress which is meant
to aprove all expenditures, to make obamacare work. it isn't working anyway, so i'm not at all surprised. >> charles: i think we all appreciate president trump pushing some of the stuff back to congress where it should have come from the first place whether it's this, whether it's daca but we also all realize that congress has gotten used to not getting things done and healthcare insurance and healthcare is a major issue in this country. it's not something we want to leave in limbo so essentially we're saying we're going to starve parts of obamacare as we try to break down some barriers like intrastate barriers. from a public relations point of view i think this will scare a lot of republicans going into next years elections. >> well there's no question it will scare a lot of republicans but i understand what president trump wants and that's graham cassidy and he's not going to get it unless he has pressure on the republicans and there's no guarantee after the 2018 election the republicans hold the house. if i were advising president trump i would tell them to basically put murray alex and urine a corner and pull it out
if i think i'll lose the 2018 elections and until then keep pressure on congress and to liz 's point i think people really don't understand why the subsidies were unconstitutional. imagine president trump started building the border wall and the democrats would be going bongers this is flat out unconstitutional regardless what you think of the subsidies. >> and by the way the cbo scoring on this thing which presumably is going to be paid a lot of attention to because it looks positive, they have been so incredibly wrong and off on their estimates, having to do everything with obamacare, so really, and i read the reasoning on why they think this will actually save the federal government money. some of it makes sense, some makes no sense whatsoever. >> charles: guys thanks a lot next president trump tightening the reigns on the gop as he prepares to sit down with his interview with lou dobbs, but first trump takes control. we're going to discuss that,
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>> charles: well, we're just a few minutes away from president trump's exclusive interview with lou dobbs. a as some of the presidents harsh its critics from the gop have gone full throttle tammy bruce let me talk to you about this first. president trump comes into office and he wants to be a team player, so he says well you know let's take the easiest thing out the healthcare reform. we know it's a complicated issue but the american public wants to help propel it to the white house it's a disaster and it's a large swath of our economy. mcconnell, ryan, you guys take the reigns. it's an absolute failure. we have seen in the last few weeks where the president himself has said that i will take the reigns from here on out do you like that? >> i do, because what we want is action. obviously that's the point the president was elected on. was that we know what the
problems were, the establishment told the president oh, tom price , he's got the solution. we've been wanting to do this for six years don't worry it's done. he puts mike pence in large part in order to get things done. what the president's learned in these nine months is that the swamp lies or at least it doesn't know what it's doing and he needs to take control. this is what we had hoped for, when something goes wrong is his experience in business and the ability to make decisions easy decisions, difficult decisions and to move forward with them. he now seems to have the team allowing him to do that moving forward on his own because he's now familiar with the environment. this is what the american people wanted. he's only going to get better through this process and after the midterms, this nation is going to be going gangbusters because of the president's strength. >> charles: i think the operative word there is decisions. getting things done, no longer relying on so easy to point fingers so easy to be the opposition party.
president trump is really having to wake his own party up and say that we've actually now have to have achievements. >> yes, he's moving at a businessman's pace and really what those of us around the country have to work for companies and not work for the government are used to doing. we actually normally have to do more than one thing at a time for the place where we work, so he's working quickly. he's making decisions and he's moving much faster than washington d.c. is used to doing now it's time for the senate and the house to catch up with him and i hope that they pay attention to the fact that these senators who are not running for reelection again are not going to win their primaries. they don't have the strength of their republican base behind them, but president trump does. we expect him to make changes and that's what he's trying to do. >> charles: of course i think the other operative word is accountability but now by standing front and center and
trying to lead this, he puts himself in a position to be more of a target for the mainstream media for the establishment and they take their shots at this president every single day. >> and they have failed and this is what we know. they put it all out, even through the campaign itself and now this year, and they failed. >> charles: a mean a phone call to a widow becomes a major issue it's just-- >> they've overplayed everything the american people see it for what it is. they see it for the bananas that it is, that this is a dynamic that he has survived. there is really nothing else they can do to him and this is why also you have the base continuing to support the president and why some people are retiring, because it's an admission that he survived, that he is the one whose won here and now it is our job to coming to for the country itself to be partisans to the united states and to have this man's back so that in fact, the future of all americans can be looking a little bit brighter so he will remain a target but i think that in the end, when we see the
success of the tax cuts and when obamacare does in fact get overturned, we're going to see the benefit. >> charles: ladies thank you both very much now we've got a very special lou dobbs for you. lou dobbs and the commander-in-chief keep it right here, fox business. >> good evening everybody. we're coming to you from the swamp, washington d.c. and i can tell you, we come here rarely and only for the most important of reasons, and that is to speak today with president trump. president trump promised voters to drain the swamp but he's also finding the swamp filled with creatures who are more ill lieus ever and more dangerous than even he expected when he was campaigning for the job he now holds. washington d.c. is driven by a number of economic dynamics. corruption of all kinds is high on that list.
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