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tv   Making Money With Charles Payne  FOX Business  August 9, 2019 2:00pm-3:00pm EDT

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neil: all right. welcome back, everyone. the dow is down 54 point. still those sensitive to what can happen in china, are taking it on the chin. not across the board but it is noteworthy here we are with two hours to go, the markets clawing back from lows. charles payne, i have seen that twice before. have you? charles: microcosm of the week. the resolve of the market, whether speculation or earnings, it has shown a real ability to come back, hasn't it? neil: you called it early, my friend. charles: good afternoon, everyone, i'm charles payne. this is "making money." stocks are lower. there is sort of a calm as investors consider everything this week. news, speculation, of course the wild swings. i will tell you what i think the message of the market is right now. the president trump blasting the strong dollar and blaming the fed. we'll talk to perennial fed critic ron paul. we have that and so much more on
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"making money." ♪ charles: well, president trump not letting up on his attacks on the federal reserve. president trump also called for the fed to cut rates, to bring down the value of the dollar, so it would help our great american companies compete around the world. for more on this i want to bring in former texas congressman, a man who made it his mission to end the fed, ron paul. ron paul, thank you for joining us. >> good to be with you, charles. charles: first of all, the idea that the fed is in the news all the time, i remember a decade ago one person fighting this crusade. you may have a few more believers on board. >> that's true. that may be a bad sign, if other people are getting worried, they know about what i think, you talk about the power of the fed, they have had too much power since 1913. that reason why i get worried about this, the power that they
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have, they don't have a corresponding amount of knowledge. there is warning about the pretense of knowledge, they just don't know these answers. this whole idea they know what interest rates should be, then they lose control, they say maybe we ought to be negative or down to one. then we complain about other people having rigging their currency and lowering the value, i don't think there is any control under the situation. i don't think something that is something they can't know. you don't know what interest rates should be. then there is a lot of ramifications from this. the big thing that annoys me, is how they facilitate borrowing money. can you imagine, charles, if they couldn't go to the fed, the fed wasn't there, they couldn't work on interest rates, you have a trillion dollars deficit? the whole thing would be over. it is all artificial and malinvestment goes on. charles: right. >> the public we had in '08 and
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'09 is typical. i don't think we really recovered. we have to face up to the fact that they are going to come back. charles: to your point 1913 we were promised an end to the vicious business cycle, the wild gyrations. since then i have lost track how many recessions we've had. we had a great depression and great recession more recently. the fed has taken on more power since the great recession, consume protection and want a payment system. who in washington, d.c., will real them in? they seem like unaccountable body, but the most powerful unaccountable body on the planet? >> i think a lot of people i met in congress weren't too interested. i hope i got their interest perked up a little bit but they don't understand it, except for the fact that the leadership understands it, because conservatives and liberals get together and they have to spend money, get that budget thing. this is typical example. pelosi, trump get together, you raise the military, we'll raise
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the welfare. don't worry about the deficit. spend more and more money. and complain about the fed, because they're not solving the problem. charles: to that point i want to jump in for one second because i have got to ask you. we hit on the point, the modern monetary theory. we have both sides of the aisle saying deficits don't matter. feels to me what they're setting up, is some sort of a way for the federal government to dictate monetary policy to pay for "medicare for all." so they can pay for unlimited military budgets. feels like both sides would like to find a way to tap into the ability, the fed's ability to print money out of thin air. >> they do a lot of that now already and they are going to establish it even more so i think that is based on wishful thinking because a lot of times, everything that we've done is a negative. i think last week was so significant about the end of all this printing money and modern mon terry theory -- monetary
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theory, when the interest rates were lowered a quarter of a point, it was supposed to be half a point, hysteria broke out. what is going on there? i think that is a significant event. it tells how bad it is. and i think this, idea that you can have endless spending, there is a limit. it is just amazing that the world needs dollars, they want us to do that. we bail them out. we have a military power, we have to protect everybody. it is not going to quit. it is an addiction. the addict always needs more and more. the politician is not going to allow it to become readily apparent that the economy is in big trouble and at the didn't something. everybody has to do something. charles: congressman paul, got to tell you, wherever the cliff is we'll get there one day, to your point no one is working hard to cush all this.
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we appreciate your insight and wisdom. congressman paul, thank you very much. >> thank you. >> president trump railing against china today, calling them a currency manipulator. saying he is not ready to make a deal. edward lawrence live at the white house with more. edward? reporter: the president launching some grenades talking about a trade deal with china here, that china really does want to make a deal. he goes on to say he is isn't red to make a deal. the president adding gdp numbers out of china, use his words, are phony. he believes gdp growth in china is basically flat. it is important to get a big picture talking about this the's run down what happened in the past 30 days. the chinese agreed to buy u.s. agriculture as demand warranted. no ag purchases were made, which led republicans in the farm belt said we knee enforcement in the deal. senator chuck grassley on this point going forward, saying
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farmers look out, see some of their crops they have engineered being re-engineered in china, basically stealing those patents. there needs to be an enforceable deal going forward. let's run down other things we have here. the president waiting on the agriculture buys, outlined, it is september 1st. there is deadline imposed for 10% tariffs on $300 billion of imports from china. china then ordered companies not to buy u.s. agriculture. china lowered yuan 7 to one to offset impact on tariffs or potential tariffs. u.s. labeled china a currency manipulator. they said you need special licenses to sell to huawei. he said federal agencies will not do business with huawei. china agreed to come to the united states for the 13th round of face-to-face talks here in washington, d.c. we'll have to see first, charles, if they show up, second, if any progress is made.
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back to you. charles: edward, thank you very much. joining me to react to all the latest, whether trade wars, earnings sector, all things considered in the market, mellon director of market strategy, liz young. thanks for joining us. >> thanks for having me. charles: this is a crazy, wild week. we had a 1000 point reversal from wednesday morning to thursday close. which ones should we be focused on? it feels like not that it is noise, but headline rick, dual risk of trade and fed. we have the other thing going on earnings, economy other things? one side seems to be overshadowing the other side? >> absolutely and the market has been hypersensitive to monetary policy not only here but also abroad. it is still up clear to me whether or not it's a good thing we built so much more transparency in with the fed. i think it was intended to be a god thing, to give out all the information about what they're thinking and planning. i think it has bread a little bit what we heard before, an addiction almost to that news
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feed. charles: i think you're right. i think before the maestro alan greenspan, you know we negative knew much about the fed was doing. they didn't have the press conferences. they didn't try to as wage anyone. the violent swings didn't exist. >> right. it is based on expectations more than events. charles: is it based on wall street trying to bully the fed to a degree? >> i don't think there is a direct intention to bully the fed. what happens we hang on the fed's he have word. the market bakes in what they think that means. there is responsibility on the fed for communication. then there is responsibility on the market for interpreting that communication. what happened in july was that there was a 100% chance baked into the market they would cut rates. if they didn't cut rates, there would have been so much more tighter financial conditions they wouldn't be able to recover from. but that -- charles: to a degree the market was able to nudge the fed, one way or the other. they have been able to. >> really kind of a chicken or egg story. the market did get to that
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point. 100% probability of cutting rates but they got there because of communication from the fed. so it's tough to decide. charles: what about the volatility this week? i look at this as, i think it is remarkable the way the markets have been able to rebound in the face of all this and i think one of the main reasons for this has been a good week for corporate earnings? >> it has been a good week for earnings. we need to have proof there is fundamental reasons for the market to go up. i don't know that is what is driving some of the intraday rebounds. what is happening you're a rational investor the 10-year touched 1.60, you have a s&p with dividend yield above that, closer to two and you have upside potential in stock prices if we don't think there's a recession coming and we don't think there's a recession coming. so a rational investor goes in to buy equities because that makes more sense. charles: when you go into buy equities i'm looking over the past three months, looks like
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leadership is changing. tech not necessarily leading the way, materials leading the way, consumer staples, is there conserve tough approach if you want to be in equities instead of bonds? >> you have to look at the drivers of that. this week we had fear come in and retreat. fear come in and retreat. when you look materials going up that is driven by gold. gold is a safe haven trade. that is a fear trade. things like consumer staples, those are dividend payers, that will do well when the 10-year drops below yield of s&p. that is a pretty clear marker as well. in the tech please, trade wars building fear into the market, tech will get hit hardest. people are more hesitant to jump back in with all of that. places still giving nice dividend yield, consumer staples one of them. real estate is another option. when rates go lower maybe, stay lower for longer, it builds buying power within real estate. if you're looking at reits, you have a dividend outside.
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charles: you like consumer discretionary names? >> i do. that is based on the strength of the consumer, based that the consumer is positive contributor to gdp. why we still have a contributors to gdp. charles: american consumer powerful. appreciate it. >> thank you. charles: what about these business owners who lure illegal immigrants, workers here, while freezing out american workers to maximize their profits? should they be held accountable as well? later in the show, former vice president joe biden adding another campaign gaffe to this long and growing list but will it dent his front-runner status? we'll be right back. ♪
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charles: i.c.e. raids led to the arrest of 680 illegal immigrant in mississippi alone. the focus was on food processing plants, nearly half were released, not before separating family, stalling local businesses of the turns out most of those businesses are owned by very wealthy americans including the koch brothers. the question how culpable should big business be with the immigration crisis we have? should american workers have a chance to earn more money? we have the u.s. vice president anna polina. i was shocked when i read this, the koch brothers owned one of these plants or investors in it, one of the other owners was worth $3 billion. you think about the dynamics here for a moment. americans in mississippi, obviously a lot of folks are unemployed. they are not paying enough money for them to be lured off of welfare programs to those jobs. that leaves the void for illegal immigration. it would seem to me big business
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must play a role if we're going to fix this crisis? >> absolutely. in fact i think they're actually incentivizing people to come here illegally when offering these johns, not even realizing the long-term implication it is having on these people, right? if these people are paid unthe table, operating 100% on cash society, which makes them targets for organize crime. they're not providing health care coverage for the people. which will put the american people deficit covering medical bills. there is all around no reason why these businesses should not be held accountable for really doing this. they're not helping anyone. they're not giving people a true shot at the american dream. i don't agree with it. i 100% think, one, apologize to the american people, but really if people want to look to blame someone for the i.c.e. raids, look to business owners who are not playing by fair business and hiring american workers. charles: i know we talked in this country about e-verify, other programs out there, but have never heard of one of these large businesses being fined. they fine wall street all the
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time. of course there was all kinds of fines for pollutants and dust particles in the air. we see heavy regulations go after a lot of businesses but never in this instance do i ever reading about a big fine? >> they should be fined. if you're not hiring american workers, if you are directly responsible for these people that came here to work, that you incentivize, now being separated from their children, you should then be held accountable, you should be paying a fine. i'm sorry i don't mean to shout, charles, i'm very upset. what i see the media does, they sit here to blame the president for in actuality it was poor business practice. charles: let me ask you, anna, the average family on welfare receives about $30,500. $15 an hour is $31,000 an hour. higher minimum wage is not the answer. how do we get businesses, americans, to say, hey, you know what? in mississippi to pay a prevailing wage that can get
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people to get off of these welfare systems? how can we lure folks off the systems you may take a hit, may take a financial hit initially, but now you're at least in the labor force? >> i would say this, i know i talk to you guys a lot on my personal experience but my mom and i from very young age were in the welfare system. part of that my mom was encouraged not to get married. i think in actuality it will come from not only us changing that law, to be allow people to get married, provide team effort within the family unit to work together, work their way out of poverty. also at the legislative level we need to look at providing tax cuts for these businesses so they can bring on more people and provide opportunity for them to indeed work, whether one or two jobs. part of the american dream is being able to put in elbow agrees, to attain that help your seven, not allow government help. charles: you're on the ladder of success, even on the bottom rung
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and you're there have the opportunity to climb your way up. anna, always appreciate it. >> thank you so much, charles. charles: he may be the democratic front-runner. that is not stopping joe biden from making another cringe-worthy gaffe on the campaign trail. wait until you hear this on the tape? we have trade tensions rattling investors. it is really overshadowing the vital part of investing, the key to investing. i will explain later in the show. ♪ -driverless cars... -all ground personnel...
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>> we have this notion somehow if you're poor you cannot do it. poor kids are just as bright and just as talented as white kids. wealthy kids. black kids. [applause] asian kids. we choose unity over division, we choose science over fiction. we choose truth over facts. charles: joe biden can't seem to help himself.
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he made quite a few gaffs yesterday in iowa. president trump loved what he saw. will these gaffs finally at some point come back to haunt the democratic front-runner? i want to bring in a republican strategist and democratic strategist. i will start with you, kevin. >> hey, charles. charles: i have an old cd at home of biden gaffs. these are not necessarily new but the scrutiny might be new particularly in it environment, when i heard the thing with the white kids thing, i'm saying if there is another famous politician would have said, we would be hearing cries of racist and white supremacist that kind of stuff. >> charles, you're a absolutely right. former vice president's history with gaffs is not a new thing on the world stage. i think it is one of the things that endear him to american people. he is beloved public official because of that authenticity. this is not a winning strategy for the white house. the president is also prone to many gaffs.
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saw some in the wake of shooting this week, with the national address, storming the airports in his address on memorial day. i don't know if this is necessarily a winning strategy attacking the former vice president on this front. charles: joseph, i don't think it will be just the president, right? we've already seen kamala harris come after biden on some things. we've seen cory booker come at him on some things. we saw mayor de blasio come at him on some things. i think he got a free pass because of crowded debate stages. as the field starts to narrow down these things may play a bigger role. >> to your point it is not going to be president trump about the gaffs. it will be his counterparts on the stage. when you spend last two weeks everyone from cory booker, kamala harris he is a racist. not a racist but has a little bit of racist in him. that is what democrats talk about the whole time. the american people know who joe biden is, he is the gaffe man. the gaffe man cometh. i don't think that will affect
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him as we head into the primary season. democratic primary voters want somebody who can beat donald trump and take bat, pennsylvania, wisconsin, michigan. charles: he is their man no matter what? >> as long he as he demonstrates the best person to do that, gaffs notwithstanding. if he loses iowa how hillary clinton lost iowa in 2008, be prepared for the dam to crack like the titanic. charles: kevin, listen, when i say truth over facts, i'm okay, maybe this is what the democrats said awoke candidate, right? >> i don't think joe biden is woke. charles: that was being a little facetious there. again, even with that, even if we go through that, for instance, is the strategy going to be hey, you somehow society is mean-spirited toward poor people in general, which i think he was trying to say there? again that is from the old democratic playbook. we're not seeing the new things that were promised on the eve of
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this election cycle? >> yeah, charles, it is a great point. joseph makes a great argument in terms of democratic primary field. vast majority of democrats in the election cycle are looking for someone that can beat donald trump. bring back the key states, ohio, michigan, wisconsin, pennsylvania. joe biden is candidate can do it. new polling is showing he is beating trump double digits in iowa, new hampshire, north carolina the key early states. but also critical states for the general election. we have to focus on issues. he was trying to make a larger point about poverty in america. when we focus on issues, compare that to donald trump's record, i it i think that is winning strategy for november. charles: joseph, are they focuses on issues or narrative to beat trump, racism, white supremacist? for a long time they invested in obstruction and collusion. i haven't heard those words. if that is the case is that enough to beat president trump, we'll go against him say he is a
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racist? >> i think for better or worse, democrats have obliterated the argument on race. they have beaten it into the dirt. when you call nancy pelosi a racist, call joe biden racist. native-american congresswoman from republican district, democrat who vanquished the republican party a white southern seg mitigation it. when you get to the racists showing up trying to kill people, most of america is no longer susceptible to the argument. this election will be about people going to the bank accounts, congratulations, when president trump took office i didn't have a job. now six million people had jobs. when president trump took office my 401(k) was looking dismal and now it is bright an prosperous. those issues come down to voters minds come november of 2020. charles: a long way to go. thank you both very much. have a good weekend. >> you too, charles. charles: president trump calling for meaningful background checks in the wake of the shootings.
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is gun control legislation to be taken up by congress? maybe the much bigger question will this be enough to stop attacks? is it the right solution? we'll be right back. ♪ corey is living with metastatic breast cancer, which is breast cancer that has spread to other parts of her body. she's also taking ibrance with an aromatase inhibitor, which is for postmenopausal women or for men with hr+ / her2- metastatic breast cancer as the first hormonal based therapy. ibrance plus letrozole was significantly more effective at delaying disease progression versus letrozole.
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including a lot of other very, very important items and the republicans are looking at it very seriously and i really believe that the nra, i have spoken to them numerous times, they're really good people. they are great patriots. charles: president trump says he is discussing with senate majority leader mitch mcconnell on how to tackle gun violence following the two recent mass shootings. the senate majority leader says gun control will be front and center when they reconvene in september. but will the senate vote on background check legislation that already passed in the house? would it be enough to curb gun violence which everyone considers an epdem mechanic in this country? joining me 2020 trump advisory board member, captain america, steve rogers. you've been talking about this for a long time, steve. we should tell your people background as fbi counterterrorism, law enforcement. you studied this as well as anyone else. a lot of people point out a lot of existing laws, similar in
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congress already on a local level wouldn't have stopped most of these shootings, including shootings that happened over the past weekend? >> you're absolutely right. none of the existing laws would have stopped it however i must say president trump has been out front on this since these incidents that happened by doing what? he is bringing to the forefront, the need for community policing for example. why community policing, charles? the cop on the beat knows who, what, when, where, why in his neighborhood. charles: i can see how that curbs local crime. i have been advocate of particularly in urban areas. what about a incident, takes one person, get for instance to the red flag laws. one hand we always find in the aftermath of these things that this person was in the net somehow. that somehow knew, someone called the police, someone told the principal, someone told a neighbor, someone saw something because this behavior, doesn't develop overnight, steve.
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on the other hand folks are saying hey, these red flag laws are just another attempt sooner or later circumvent the second amendment. how do you handle that? how does president trump handle that with his voters? >> it will be due process also. no one wants to see police come into the house on whim of someone alleging you may have used a gun in the commission of a crime. there is a clause, immediate imminent danger, yes the police can get your weapon. charles: who determines that that? >> that is up to the officers on the street. we have to give them a lot of credit. it goes back to the community policing issue. you know who in your neighborhood could be in trouble and may go off the deepened. as long as there is due process i don't think we'll have a problem with it. charles: you're a supporter of second amendment. folks watching the show, saying don't be concerned, the second amendment will not be usurped or mitigated in anyway? >> it will not and the point is, charles, so long as we think about reasonable regulations, common sense regulations, and at the same time as president said,
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respect what nra is talking about, what they really want to do is protect the second amendment, i wouldn't be too concerned. charles: how about the background? the background checks president trump is talking about, sounds like some people may be uncomfortable with this initially, some core voters may be uncomfortable, what should we expect? >> i talked to nra members about that, they said we have nothing to hide. it would be fine. i think what the president is talking about, background checks have to be shared by the federal government, state government, federal government, local police more effective manner. >> what are you looking for? >> looking for people who may be mentally ill. looking for people on terrorist watch lists. more so, people who are convicted felons as a result of violent acts. those people should not have weapons. charles: steve rogers, captain america, thank you very much. >> my pleasure. charles: walmart taking some action in the wake of the el paso shooting that killed 22 people. now the retailer removing all signs, displays of videos
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depicting violence, includes marketing material and uniting season videos. turning off videogame consoles that show violent videogames. president trump slamming twitter offer their handling of treating republicans unfairly. so is an executive order on the way? speaking of the president, he just wrapped up a fund-raiser with stephen ross, the soulcycle exercise owner, who boycotts are called for by the hollywood elite. he is going to another fund-raiser. we'll let you know if he says anything to the media. we'll be right back. audrey thinks she's doing all she can to manage her type 2 diabetes and heart disease, but is her treatment doing enough to lower her heart risk? maybe not. jardiance can reduce the risk of cardiovascular death for adults who also have known heart disease. so it could help save your life from a heart attack or stroke. and it lowers a1c. jardiance can cause serious side effects
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charles: welcome back. the markets moving sideways. at one point the dow was off 234 points this session. feels like they're setting up another wild runs for the weekend which would be remarkable for couple reasons. in august the market is not supposed to rally into a weekend, right? summer doldrums, worst month of
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the year. this has been extraordinarily wild week. one way i want to measure, you should consider measure it, where we gapped down, where we opened first trades on monday morning were significant. we have passed those. in fact the s&p and nasdaq were plus for the week f we were able to take out friday's close, that would be absolutely remarkable. right now, all the major indices are holding pattern. on that note i also want to talk about presidential hopeful and self-help guru, marianne williamson, speaking at the iowa state fair. she is one of many democratic candidates for the iowa vote. that state's caucus only six months away. where we find our own hillary vaughn. she spoke with her. hillary? reporter: hey, charles, marianne williamson is on the soapbox right now. but to kick off the day, we heard from former hud secretary julian castro who explained to us when his twin brother, joaquin castro leaked the trump
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donor list online, he wasn't doing it with the intention to get people on that list hazed and harassed over their political views. >> it is not okay for people to harass other people. nobody ever said that it was. reporter: why post the list online? >> right-wing wants to make this a story, because they want to pretend in some way that is equivalent to the hate or division that donald trump is fostering in this country. reporter: we also caught up with entrepreneur andrew yang who is calling out his fellow 2020 contenders, senator kamala harris, after she rolled out his own plan for universal income, something since day one he proposed of his campaign. she is proposing 500 bucks for americans. yang is offering twice as much. >> i would just say to americans, $1000 a month is twice as good as $500 a month. americans can do the math. reporter: we also heard from
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former maryland congressman john delaney. iowa caucusgoer. asked him what his workout routine was. he jokes he has been wrestling with the press. why he is so jacked. not paying attention to candidates physique, they are looking what they eat. a big part of that is the iowa pork chop. we have some pork loins grilling here right now. fun fact, every presidential candidate or sitting president since ronald reagan has headed right here to the iowa pork tent, to grill a pork chop or eat a pork chop. but one candidate will be missing out this year, congresswoman tulsi gabbard from hawaii. she is a vegetarian. she won't get to enjoy any of this herself. charles? charles: maybe get beyond pork chops out there for the next one, hillary. reporter: i will send you some. charles: thank you very much. appreciate it. folks, we'll be right back.
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>> we'll be very tough with them. they're treating conservatives very unfairly. they treat conservatives, republicans, totally different than they treat others. they can't do that. charles: president trump calling out twitter again for treating republicans unfairly. after the social media site froze mitch mcconnell's re-election account. twitter has since restored the page but it had locked it out because it posted a video showing protesters outside of mcconnell's home, and they were making very violent threats. this as the white house is hosting a big tech conference today to discuss the rise of violence, online extremism. i want to bring in rnc deputy communications director, cassie smedley. it is absolutely amazing this continues to happen. i don't think, cassie, it is a coincidence that it continues to
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happen with prominent conservatives republicans, in this case, mitch mcconnell? >> certainly happening as frequently as it seems to be happening, coincidence seems to go out the window. by the way as you noted, the reason he got banned or the account got banned because it retweeted a account from protester, using a hashtag massacre moscow mitch. that was trending on twitter's platform for several hours and twitter seemed fine with that. as soon as must have mitch mcconnell's team pointed it out they were frozen. we're still open to keeping our business away from twitter for a while until they really get to the bottom why this is happening, can help to insure it won't happen again. it is happening to people with no blue check mark neck to their name. it is happening to all
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americans. charles: mitch mcconnell campaign said we're glad twitter reversed decision to unlock the team mitch account. it is concerning that twitter would ban videos made against us, and hollywood celebrities post exactly what we did without suffering the same penalty. this is serious bone of contentionps. the double standards here are remarkable. >> this is the frustration that frankly carried president trump to the white house in 2016. he said it is not fair, how everyday americans are treated while the elites get a pass and elites get special privileges. this is another instance of particularly happening to folks with trump supporters right side of the aisle. it feels like it is very out of balance who gets targeted here. president trump is saying this is just another example how i will fight for you. i recognize despite their rhetoric, this is just an algorithm, this is happening all too often. not just on social media but the
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way we do business and way people are treated in their communities. it continues to be priority for them. >> i hate people hiding behind the notion that algorithm are not programmed by humans with political leanings. real quick if we can, you spoke of the elites, they are protesting president trump, they will boycott ex-question knocks and soulcycle. -- equinox. listen what president trump said about the controversy with steve ross. >> the controversy makes steve ross hotter. figure it out in a week. he is very successful. a lot of people are going. we have two fund-raisers. one is steve. one is another gentleman. i guess they will raise 11 or $12 million,. charles: quickly your thoughts. stephen ross will not lose sleep over this but it is sort of intriguing that these major celebrities calling for boycott of businesses, people work, make a living or try to. >> absolutely. that is exactly what is so frustrating to people. we had record breaking
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fund-raising from large, particularly small dollar donors as a result of this administration. that is what they're responding to. to this liberal protest over multi-hundred dollars a month gym memberships seems out of touch with reality the rest of us live in. charles: cassie, really appreciate it. >> thank you. >> it has been a real wild week for the market. we've been trading on trade and fed headlines. they take all the oxygen and headlines, right? it ultimately comes back to your portfolio, to the stock market and your earnings. uber, lyft, posted sharply different results. we'll break down all of this, why you should remain calm. we'll be right back. of your inv. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.
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call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs. oh, and happy birthday... or retirement... in advance. charles: president trump slamming hollywood in a tweet just moments ago. liberal hollywood is racist at the highest level and with great
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anger and hate. they like to call themselves elite but they are not elite. in fact, it is often the people that they so strongly oppose that are actually the elite. the movie coming out is made in order to inflame and cause chaos. they create their own violence and then rtry to blame others. they are the true racists and are very bad for our country. the president is referring to the movie "the hunt" which is all about killing deplorables, a reference used for trump supporters. universal studios pulled ads for the movie following the shootings in dayton and el paso but the film is still scheduled to be released. meanwhile, the stock market on pace to end the week slightly in the red right now. we know trade tensions played a big role. there is also fed drama out there. they dominate the headlines but also in the long run, it does come back to earnings. joining me to discuss, courtney dominguez, payne capital senior wealth adviser, a group i am not affiliated with and scott martin, also a fox business contributor. scott, let me start with you.
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coming in in the last week or so, earnings for the second quarter aggregate were going to be down 1%. as we exit this week, up 2.8%. 73% of companies have beaten on -- beaten the street. almost 57% on revenue. this is turning out to be a pretty good earnings season that's being overshadowed by all the headlines stuff and gyrations in the market. >> yeah, that seems to be the same old story, doesn't it. that's the third or fourth one in a row i can think of, this malaise that was maybe hanging over the market that kind of was rescued by some good earnings reports. the thing i will tell you, though, about this earnings season's tenor maybe versus the prior couple is that there's really that feel of a little bit more of an yooverhang this time. there's comments about china tariffs, comments about resource utilization that some of these companies are having a hard time kind of reconciling. i think going forward, watching the stock price performance is really going to see how some of these concerns pan out. charles: courtney? >> yeah.
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i completely agree. we are seeing a lot of really good news come out on earnings and it's being overshadowed by all the trade wars out there. it's just more news showing how strong the economy really is. the fact that companies are continuing to grow their earnings despite trade wars and despite a slowing economy is a really good sign. i think it's a reason any of this that happens with trade wars, it's a reason investors need to take advantage and buy while it's low. charles: we are in the midst of a discovery process, because prime example would be lyft and uber. you have the two top names in ride sharing. yesterday lyft was up nicely on a really solid earnings report. today, uber really one of the worst earnings reports you can imagine, $5 billion loss. some of that was -- but what do you make of these companies, what's happening there? >> which is interesting, because neither of these companies are profitable. i think making sure we can see what that path is for them to get there is going to be really interesting. they are really going to start cutting costs in order to get there. we are actually seeing lyft is
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showing some of that. they were able to reduce their sales and marketing revenue to 14% of their revenue base, whereas -- sorry, 19% whereas it was 35% last year. it's actually cutting costs and growing their revenue per customer even while they're cutting promotions which is a really good sign, i would say, for lyft. charles: you know, scott, lyft actually was prominent enough to say their revenue per drivers went up 22%. i couldn't find that kind of information from uber and the ceo of uber saying one day we will break even. i'm not sure that's the kind of thing i want to invest in a company if that's the goal. >> yeah, here's the thing, though. i think a couple quarters ago they were kind of not even saying that. at least he's admitting there's going to be some profitability on the horizon. but you're right, as you talked about with courtney, the revenue numbers are getting a little bit better. they are actually increasing at a decelerating rate and the losses are accelerating, if i can say that. there is some concern there and the fact, too, if you are
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looking between these two companies, i still like uber better because of diversification within their business. uber free, uber eats and the self-driving car stuff that they stole from google are things that look forward to the company maybe having a little more business in the future. charles: we don't have time to get into the fact they stole something. i caught that, though. we have one minute left. 450 companies in the s&p reported but next week, we have walmart, deere and cisco. deere and walmart could give us a glimpse into the potential impact of these trade wars. >> yeah. so far there really hasn't been that big of an impact. seeing how those numbers are going to play out, specifically what they are saying in their calls to talk about next quarter and forward looking, i think we will keep our eye on that. charles: walmart crushed it in the first quarter. what are you looking for, scott? >> yeah. i like walmart here. walmart has held up pretty well on some of these nasty down days. obviously the consumer's very strong in the u.s. let's face it, online retail is going very very well.
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it's expanding at a great rate. the world is big enough for three companies, costco, amazon, we own both and looking to pick up walmart soon. charles: courtney, scott, thank you both very much. the dow is off 57 points. i hand it over to susan li in for liz claman. susan: happy friday. breaking news to start off this hour. the china trade war running the markets ragged this friday. the dow well off session lows and this is after the white house clarified what the president meant to say before heading to long island for two fund-raisers. this morning the president sent markets tumbling by hinting that trade talks with china may not happen in september and that he was in no rush to make a deal. he also said that we would not be doing business with huawei so that remark sent markets to their lows but fast forward to this afternoon, the white house doing some damage control, saying the president was just referring to government contracts with the chinese smart phone company, sending markets in the


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