tv Making Money With Charles Payne FOX Business June 13, 2018 6:00pm-7:00pm EDT
liz: comcast making the all cash offer for 2 century fox. k you for having us in your homes. here now, "making money" with charles payne. charles: we had a light session sell-off as the fed raised rates. i have got to tell you, they had a lot of great things to say about this economy. riding that pro-trump wave. last night a republican south carolina congressm mark sanford, a frequent trump critic, he was ousted by say they arring ton. he tweeted my political representatives didn't want me to get involved in the mark
sanford primary think that sanford would easily win. congratulations to katie arrington. arizona congressm a business, member of the committee the freedom caucus. it's corey stewart won in virginia, you get mark sanford off. clearly it's so interesting. a couple weeks ago boehner was saying this is trump's gop. i think he wasn't saying it as a compliment, but it is trump's gop. >> as you know most of presidential nominees, they are the de facto leader of their party from the time they secure the nomination. president trump has had to fight
for 24 months to get that role and can effective. i think what you are seeing now is he's going to be effective, and i think people look and say, he's keeping his promises. as long as he's keeping his promises, i think he'll be able to help republicansin in the mid-term elections. charles: i don't dagree with that. and i also think it's the effort to keep those promises. in 2016 i don't think either side of the establishment believed that message. but they buckled down and refused to adhere to the will of the people. the gop is not what the told insulting is that?t says it is. >> it drives me crazy because he was elected to be a change agent and disrupter. i think i was. that's what i campaigned on.
we find the pillars of that entrenchment go very, very deep, and it will take jackhamme some instances to blow it up and get back to where we represent the people. the people that elected donald trump, the taxes are on their backs. and they feel it. they know president trump is trying to kp his promises. congress has g toel now. >> you have bob corker who isn't' running for reelection saying we might poke the bear. he doubled down on that saying there is a trump cult. meanwhile you have the house, you have a couple key immigration bills that will be voted on. you have got the senate pushing back on the zte bill. i don't want to be hypocritical hereby but i thought congress ceded a lot of their
constitutional authority when obama was in office. what do you make of this most of recent salvo from a lot of republicans on capitol hil t's distinctive from the thticle one congr what's going on here is similar never trump type of mentality, i think donald trump is trying to do some pretty good things with the economy, and in zte that's a big problem we have to deal with. this notion that we have to be disruptive with the disrupter is a fallacy. we have got to embrace we can embrace and run ford and united. otherwise people will say they want us to govern. we don't don't care about the fight anymore. charles: congressman biggs,
thank you very much. joining us, ford o'connell, ron, it's insky is with us, and studio. you worked with president tmp. did that the from pillar of the gop is out. the establishment types either are not running or they fighting like the -- finding like the sanford types -- he admitted today when trump sent out that tweet whatever chance he might have had last night went out the window. what's wrong with allowing the party to morph into what republicans want it to be. >> the days of the establishment is over. here is a guy who never lost an election. he was elected governor. he came back after the scandal and won. you saw donald trump send a
tweet. that doomed his candidacy. that shows the president is leader of the disruption. this is what so many people wanted in america. those who continue to fight him in congress do so at their peril. charles: do you see more of these folks? a lot of people said i'm bowing out. the bobrs of the world. the jeff flakes of the world. are there pockets of resistance on both sides of the aisle? >> there is pockets of resistance in the gop. it's certainly something that still exists. even among people probably who support the prent jowd outwardly. so there is some hesitation in the gop it's not everywhere. there are enthusiastic trump supporters in congress. but of course there is still
some remaining resistance. i don't mean resistance in the sense that's been co-opted by the left. change is happening quickly and dramatically. charles: ford, i think you tweeted out it was trump's party in november 2016. but now obviously it's got to work. how long does president trump get to reign over the party with his personality and his agenda. how many mistakes can he make and what does he have to deliver in the-terms. >> it's about holding congress. after 500 days he h the highest party approval since world war ii it's base versus base and which party can best turn out their base is theartyte
mid-term elections. essentially the republican party is the party of donald john trump. if i'm a republican in congress ser clear of him. if i have a beef with him i say ca you give me a little help here? if not, get out of the trump train. we are either going to live by the trump or die bhe trump in the 2018 mid terms. charles: corey stuart won last gh for senate in vgini he's running against tim kaine who is weak on crime, borders and wants to raise your taxes through the roof. i have had him on the show. attg confedat symbo. jt sing he doesn't think any historic statues or elements from american history
should be removed or destroyed. is president trump taking a risk when he supports corey stuart? >> i don't think he does. i think he plays to the base of trump's main constituents. i am native virginian. i understand his principle to hold fast arles: the star of the hbo series, he owned several brothels in nevada. he's leading to win that in november. you have a guy like that who says president trump is his christopher columbus. i think there is something else going on now with respect to these states reshaped and pushg back. nevada is talking about closing down brothels. this is a wild wild west state
that once prided itself on it. emily: so much stuff can happen in these local races that's in washington. are able to see he cam bind roger stone. he positioned himself as very, very trumpian and managed to turn out the base. that is so key. i cannotrste how key that is. one state i cover closely is when i looked at trump's approval ratings among republicans, it was 89% in a state he lost in the primary. that's huge. and that's why you see so many republican candidate being as trumpian as they can. ford: trump supporters don't care about tactics. they care about results. as long as they believe trump is delivering the congressional republicans will hold the house.
charles: in public housing in new york city, mayor deblasio is doing the exact opposite from helpin the poor. it's easy to think that all money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and whme advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do betteren you . maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. ♪ most people come to la with big dreams. ♪
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here to discuss, adrienne elrod. mayor deblasio is always putting down rich folks saying i got your back, poor people. federal inspectors go to these buildings and they would put down cardboard to hide thing i know deblasio is an up and coming star? the democratic party. >> this is a grotesque situation that happened in n york city that low-income recipients had to endure. i'm glad the authorities are cracking down on this. but ultimately the mayor is the mayor of the city. he's in charge of these things.
but you also have to look into other officials that oversee the public housing. but this is a situation federal officials and local and statewide officials have to deal with. charles: perhaps public housing is a bad idea. maybe the bureaucracies to house people with nolity. ybe there is a better way, a smarter way to help poor people if you don't want them to always be poor. >> the democratic party claims to be for theoor. you have talking about someone who spent the majority of his life poor and was blessed with opportunities in this great country to get out of poverty.
in this situation we have elderly people nuk their homes for days who w't able to or get to the restroom. rat infestation. mold in these places. if they care about these p you would think they would handle the funds of the taxpayers more efficiently. but we are seeing they are not responsible. unlike private programs where they build their own complexes and take care of the poor whether it's local churches or non-profits. les: something elsehat bothers me a lot. bill deblasio getting a lot of criticism. he wants to take the specialized high schools in new york and change the requirements. we have almost 10 schools in new york that have major tests to get in. you have to score very, very
high. they put out scientists and engineers. the majority of the kids are asian kids. they have very few blacks and hispanics. the mayor wants to change that. i think it will be unfair to the kids who earned that spot. >> it sounds like what the mayor is trying to do is create more diversity in these specialized schools that are funded by taxpayers. i don't think there is anything wrong with the mayor saying i want to create more opportunities. >> why won't he just get behind charter schoohere people can attend different schools and take their tax dollars wherever they wanted to go. the best schools have lotteries and only so many kids can get in. poor kids are forced to go to
these failed schools. charles: these particular schools are specialized schools where everybody can take the test. it's based on merit. adrienne, i think you are doing a disfavor to a kid who has not attained that on their own. and you hurt the people who worked hard and the spot is taken away from them. i'm all for diversity but i'm for believing in them so we give them tough curriculums in first and second grade so we don't have to cheated other kids later on. >> i'm not an expert on the new york public education system. but nationwide, i think we want more diversity in our public schools, especially in the specialized schools where it may be more difficult to get accepted. >> what does it mean diversity in schools?
>> it means diversity in schools. charles: these are schools where kids take academic tests, and those with the highest scores get in. we have to teach these kids at a younger age. the federal reserve raised rates today. j. paul did his pest, he said don't worry, be happy. why did the market sell off? hi.i just wanted to tell you that chevy won a j.d.power dependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award acrosss, trucks and suvs-three years in a row. phew. third time's the charm...
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joining me, maddy duffler and liz peak is with us. liz, you have been extraordinarily critical of the federal reserve. i think it's your premise they will collapse the economy. >> i think the fact the market did sell off as opposed to rising on strength. it's a sign that there is confusion whether rate hikes''. it's not a sign of massive confidence in strength. i think that's why the markets sold off and we are seeing this. charles: the feds did adjust their economic projections for
the year. they are seeing the gdf higher and inflation lower. jerome powell went out of his way in this interview to laud how strong he thinks the economy is. he said we shouldn't be worried about it. >> he said what i have been saying the last several m the fundamentals in this economy have pea involved to the point where we feel strength. the fedex pressed they -- the fed expressed today that they feel what the american people have been feeling. i think what we need too is take a step back and top release ourselves from the constant fed watching and pearl clutching and hand wrig that goes with it.
prognosticators have been looking at it and saying if we are going to get clarity from the feds, what does that look like in terms of expectations? charles: chairman powell said thmy has been doing extraordinarily well. he said there will be more jobs out there, wages will start increasing, and even folks on the margin who couldn't find work, they will start to find work. why are you hiking rates now? he didn't answer it clearly. in my mind he dodged that one. does the fed get involved, particularly when this economic renas bubbling up and gaining momentum. why would they begin to start putting these in there to derail it at all? >> i think they are haunted that they will miss an inflection point.
the national federation inent businesses, we are seeing from consumer surveys. every indication is that job market is red hot. people can't find workers.what ? small business managers are raising prices in a way they haven't done in two decades. wages are going up, and prices are going up. i read this announcement today from the fed as maintaining maximum flexibility. they may do it this year, they may not. i think we'll see. chars: what do you think for the rest of the year with this powell fed. >> i agree on the flexibility issue. but i think they are also trying to pre flexibility if things slow down. they only reduced their forecast in terms of growth.
there is one thing on wages and one thing on growth. i think one of the reasons the curve has beenwe mig grow, but t have to recognize what's going none the world. so there is some fire pt in case the fed needs to stop raising rates and keep tonight check towards the end of the year. charles: the next day write assess the market and the fed, it gets crazy bonkers. thank you, ladies. the highly anticipated report on the hillary clinton email investigation is due out tomorrow. drum roll. [music playing] (vo) from day one, we always came through for our customers. it's how we earned your trust. until... we lost it. today, we're renewing our commitment to you.
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back-to-back hearings next week. cameron, what do you think we can expect from this rt? >> don't think james comey will be particularly excited. but tino the people in the department of justice will be because this is evidence of the process working. we are seeing the inspector general looking at the facts and the law to see if there are irregularities. seeing if there is something that requires more. this isn't evidence of the deep state. this is evidence of the process and it works. >> we heard rumblings about what may be in the report. the fact that james comey may have handled the hillary clinton email investigation unfairly. i will never forget the press conference 2016 when he stood
at the podium and injected his opinion into the way hillary clinton used her private server. i think the i.g.'s testimony in front of congress will be where the real information comes out. charles: partilarly to adrienne's point, the exoneration memo, the conflic involving andrew mccabe and all the other conflicts out there. i'm hoping we get serious resolution on this. there is a lot of speculation out there, and maybe even moving this ball ford. >> i expect we'll get reads of this report real soon. the department of justice will be briefing the president first on this. i can imagine the president starting to let the public know before the report comes out. the american people deserve to
know the truth. they deserve to know what took place. especially when we have seen so many messages back and forth on the corruption in the department of justice and the leadership of the fbi. i think it american public deserves answers. the question is what is the next step? are they going to prosecute these people or refrain from osecuting them because they are friends. charles: to your point, cameron, this is a chance for the doj to hit the reset button. everyone has to acknowledge issues with the leadership and all the agents involved in the inveigation. the personal vendettas. this is a great chance for the department of justice to reset this whole thing in a way that ultimately can regain the stature and belief the american public needs in the doj. >> this is an important
institution for our republic. we need confidence tonight. if we don't, we have a huge problem as a nation. this process though it's lengthy, i'm sure there are plenty in congress who would like it wrapped up quickly. but now we'll get them. they will be reliable. and this is evidence we are rooting out the problem. not that the problem is pervasive. charles: lawrence, you know jeff sessions pretty well. he virtually vanished. is he going to reappear? >> i think this business the rule of law to him. this business the process. this is about doing his job and not making headlines. that's something i like. i want justice to be very boring. i want it to be reliable based on the facts and application of the law. snap judgments make for bad
justice. >> he has been in the headlines. it's because he refused to cooperate with congress. this is former member of congress who once pressured the doj to pass information. the fact it does have to go through jeff sessions on rod rosenstein to look at and make corrections within that report. the fact is, this attorney general has been worse than holder. he refused to cooperate with congress and give the information. i think both parties should be critical of this attorney general. if it was a democrat we would be just as critical of him. charles: in the meantime, could we have just opened the door to mergerania? what might seem like a small cough to you...
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rkets was calmer than moves i have seen by the market in the past. investors don't like higher interest rates. but speaks to strengthen our economy. real estate,d builders got hit under a lot of pressure. but the broader market taking a wait and see approach. after solid three months of quiet gains, the market probably needs a catalyst. bringing our panel, carol ross. carol, the federal reserve, i have seen wild reactions to the fed in the past.
this was relatively calm. what do you make overall, the fed, merger mania. where are weoiro here? >> i from a fed perspective most of of the sophisticated investors were look for the hike. it's time for monetary policy to get out of the way, focusing on economics. as long as we don't get another trade war or a scare in that direction. that's something that could shake sentiment. i think monetary policy is something we are set with for the next 6, 9, 12 months. >> i am going to agree with carol. but i'm harshly critical of t 8-ball.y are behind the proverbl they are absolutely pursuing a model that doesn't work in an
economy that doesn't reflect reality. charles: explain that more for someone who is not as astute in the markets. the feds doesn't understand what's going on with the economy or they can't control what's going on. a little of both. i realize this is a harsh statement. the fed was created to funnel productive uses of credit in our economy. if we look at where the fed is today they are using modelsr that were largely architected based on stuff going on 100 years ago in our economy. they don't reflect the role technology plays in our economy today. the fact that they are going to manage unnation with a model that doesn't reflect our economy, i think they are holding on by their finge.
>> and they haven't been. the fed cannot forecast their way out after paperag. the rate hikes we are seeing now should have been happening years and years ago. at this point we are so far -- they are so far from a level that will have meansful impact on the economy. hinkhegest concern for 12 or 18 months from now is they got it so wrong they have to accelerate and that could be a concern. charles: rates are going up. we got a ruling from a federal court that seems to green light vertical, horizontal, zigzag. could we be on the cusp of something that? >> the happiest people in the world right now are investment bankers. they canceled their summer plans. if you look from an anti-trust perspective that's a more
conservative stance we have seen in the past. when you have companies awash in cash, and stock prices for some companies at ae highs. if they want to do a merger, it's a good time for them to use stock. you will see a lot of vertical mergers we haven't seen before. and if you think about the implications of the increasing interest rates as well as large mergers it could have an effect on the financial sector. charles: turns out your way is the right way. you are going to retire at 50 and you will be a millionaire. we'll go over the details next. . same thing with any dent or dings on this truck. they all got a story about what happened to 'em. man 2: it was raining, ere was only one way out. i could feel the barb wire was just digging into the paint. man: two bulls were fighting,
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charles: if you consider yourself a slacker you will want the hear this. if you are own overachieve, watch out there is research the right way to do it is to be a slacker and it will make you more successful at your job. i'm not suggesting any of you by the way are experts on slackers. but this is interesting. veronica daggert is with us and emily is with us as well. first the slacker thing. this is the waive you are a young adult. don't do what your dad did or your mom. long lunch breaks. decline meeting invitations. crank up those tunes. get out of town, frequently leave, don't even tell anyone.
scroll through social media all day long. just get out and leave the office. veronica, is this the new age? is this the new road to success? >> i think millennials are changing the workplace in a lot of ways. they are n looking for that 9:00 to 5:00 job. they want to work from the pool or the mountain or whatever location they choose. they are not looking to live the lives their parents lived. i think this is a react in a lot of ways to the financial crisis. a lot of young people saw their parents work their whole lives then use half their 401k, man some cases lose their house and jobs. miennials are saying i want to enjoy my life now. charles: ultimately is this the road to success? can this work long term?
emily: as both a millennial and a slacker i'm probably an expert on this topic. i have to fight my urge to plug in my headphones and browse twitter. what it's saying is it makes the employee feel good. if the employee is feeling good, it will make the work product better and more efficient. and that's not the case. just because the employee felt more relaxed after their long lunch doesn't mean they will have a better work product. so i will take this with a mossive grain of salt. charles: 56% of millennials -- millennials see themselves retiring at 56. and a majority of them believe they will be millionaires. i like that, but if you look down at the ameritrade, there
is a difference between what males and females think. 73% of men think they will be millionaires. and negotiate their salary. 53 to 47 percent. >> women are less constant. but some of it is the reality of the work force. women are facing a larger pay gap. millennials know that. and they are more likely to be the workforce. take time out of charles: are they assuming i may have a couple of children and get out of the workforce? >> a lot of women tend to be more conservative in their investments.
that's going to hurt them long term. if you don't invest in the stock market the way your guy counterparts are, that's going to hurt you. charles: the idea millennials will retire at 56 years old and be millionaires. emily: i think we have seen millennial women outearning their male peers, educated millennial women. but we need to pick up the slack and encourage boys to do well at the workplace and school. >> this is asking where people think they will be. ladies, thank you both have much. thank you for doing two segments today. north korea committed to denuclearization thanks to president trump. does this mean the commander-in-chief will get the nobel peace prize? a couple of people in norway put
him up for it. em. some advisers have hidden and layered fees. em. some advisers have hidden fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.
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charles: two norwegian lawmakers say they nominated the president and have begun pratt says for gp the nobel p prize. president trump at 3:00 in the morning put out a couple tweets. just land. a long trip. but everyone can now feel safer than the day i tookice. there is no longer a nuclear threat from north korea. before taking office, people were assg we were going to war with north korea. president obama said north korea was our most of dangerous and biggest problem. sleep well tonight. >> i am glad you quoted those tweets.
these norwegian lawmakers nominated trump for the nobel peace prize. yassar arafat got the nobel peace prize, but how are things going in gaza. i'm surprised that president trump agrees with former president obama that north korea was the biggest problem in the world. i personally think it's iran. if you deal with the problem of iran, you are going to solve a lot of problems. so, it's obviously a bit prure. i didn't s any than i have been for the last few weeks because i haven't been like a lot of other people in d.c. and worried a nuclear threat is imminent. everybody has been talking about, donalrump didn't get anything much different than
they got in 1994. i would say look at 2007 under president bush. the united states made similar guarantees we are hearing trump made and that eventually fell apart and north korea decided it wanted to keep its nuclear program. charles: i think the dynamics on both you sides have changed, on both sides, vince. every one knows we are cautiously optimistic. but it feels like we are heading toward something that could be different. >> that's right. people should have a lot of confidence about this meeting. the president was well prepared. it was a well-soccer straighted event. this is a position where we are negotiating in a position of peace. we are better off today than we were a few days ago.
think back to president obama getting the nobel prize for dog nothing. charles:hought it was a great meeting and i hope we get a lotore. in the meantime, here's lou. lou: good evening. our top stories, a bat for the soul of the republican party now under way. whether rino speaker paul ryan will be allowed to leave the party to certain defeat in the mid-terms. following his masters, the business round table and the chamber of commerce and the koch brothers into the abyss. or will lawmakers follow trump and legislate first and foremost for american working families and the middle class who have been run over by the donor class and the establishment that