tv After the Bell FOX Business September 11, 2019 4:00pm-5:00pm EDT
the profit potential for banks in general. [closing bell rings] liz: sam stovall, great to have you on a look at the dow, gain of 221 points. i point to the small caps with a gain of 2% as winners that do it for the "claman countdown." melissa: apple closing above one trillion dollars. the stocks on the rise, inching closer to record territory. all three major averages ending the day in the green on easing trade tensions. that's what we always say. connell: if we're up. melissa: that is what it is. the dow ending up 223 points at session highs, the longest winning streak in three months, less than 1% away from the record close as we mentioned. i'm melissa francis. >> i'm connell mcshane. nice close for the market. welcome to the bell. s&p 500 also in positive territory. the nasdaq best of the bunch of the big three snapping a three-session losing streak. melissa: we have fox business team coverage this hour. gerri willis on the floor of the new york stock exchange, edward
lawrence in washington, d.c., with the latest on trade, jackie deangelis live in the newsroom following the amazon probe. gerri, let's start with you. reporter: what a day in the markets here, anniversary of 9/11, everybody talking about it, the markets going to the sky. dow up nearly a full percentage point. russell up 2%. we're finishing at the highs of the day. the dow of course, the longest winning streak in three months. the dow driven by boeing and apple. let's talk about apple for a second. you said the market cap of that stock, a trillion dollars. very good news for apple shareholders. this is the first time in 10 months they hit this level. it was that big announcement yesterday about the three new iphones. 699 for one of those iphones. apple watch, ipad, apple tv. pretty much yesterday melissa said we would buy one of the iphones. maybe why the stock is up. good news for them, apple tv
subscription, 4.99 a month. purdue pharma agreeing to a tentative settlement over the opioid crisis and opioid, this could rank among largest in pharma industry ever. the second biggest would be merck. the settlement 12 billion, said to be $12 billion, settling with 2000, 2000 local governments. a very big deal there. 23 states in the opioid crisis. merck was the last big deal, 4.85 billion. 2007, doesn't even compare with this particular settlement. i will send it back to you. connell: gerri, thank you. in addition to everything gerri mentioned president trump right out of the gate taking aim at the fed again, with a tweet that reads the federal reserve should get our interest rates down to zero or less. we should start to refinance our debt. interest costs could be brought way down while at the same time substantially lengthening the term. president says we have great
currency power and balance sheet. the usa should always be paying the lowest rate. no inflation. only naivete of jay powell and federal reserve doesn't allow us to do what other countries already doing. once in a lifetime opportunity that we are missing because of boneheads. melissa: i think naivete was auto correct. i don't know how to make the symbols. i don't know how to make the symbols, jonathan hoenig joins us, no naivete. the host of the bubba trading show host if anything, nothing naivete. not just another attack at federal reserve, should we hope for zero interest rates or negative interest rates? >> connell, not historically. negative interest rates are sign of skiddishness, very moribund economy. the economies the president seems to emulate or want to
emulate are very, very weak economy. look at europes, extraordinarily weak. japan has had flat for negative interest rates for better part of 20 years. hasn't helped those economies, hasn't helped economy at all. the u.s. debt is not like personal or home mortgage. you can't refinance at a lower rate. this is continuing trend with attacks at federal reserve which questions its very independence and doesn't do anything to stop profligate spending which is the problem. connell: short term, other things going on, todd, sometimes short term of lower rates, whatever the reason could help certainly stocks. we saw a beautiful rally in the stock market today but to jonathan's point, the whole idea of refinancing our government debt, is that a thing? what do you say to that? >> i don't know if we have high enough credit score to refinance our debt. i think that could be a problem. at the end of the day, the whole thing, if president trump wants
to fix things and end the fed. we won't worry about interest rates. let the free markets decide what the rates should be. that is the cleanest, purest way to do anything, if you let free markets they will tell you what interest rates should be. they shouldn't be at zero. i understand his logic, what is going on around the world and carry spreads going back and forth f we let free market decide they won't be zero i promise you. they will be higher than they are today. plenty of high rate lenders putting out loans. melissa: talking about a real estate guy. that simple. federal trade commission is looking at amazon's marketplace to try to determine if the e-commerce giant is hurting competition. fox business's jackie deangelis live in the newsroom with the latest. >> good afternoon to you, melissa. the latest target of antitrust investigations is amazon but it is at a federal level and that
is a very important distinction because we heard about the foundation being laid for antitrust probes of big tech at the state level as well. they're both happening at the same time. the latest questions asked by the ftc, the federal trade commission is amazon using its position its power, its influence to stifle competition? specifically what they're trying to figure out how much revenue on a percentage basis sellers get from amazon when to other e-commerce sites. if they're compared that the influence amazon has get results from the bulk of sellers then they could argue there isn't fair marketplace. they have been reaching out to sellers, interview-style meetings. the kind of questions being asked besides basic sales figures like we discussed, amazon asking sellers that work with them, it is respect to pricing, sourcing that kind of thing. the ftc declined to comment to fox business. amazon didn't comment on this story specifically but referred our reporter to previous statements that the company made
on the issue. amazon's stock today trading higher by 2 bucks. back to you. >> jackie, thank you for that. jonathan, todd are back. jonathan i know you're with me a free market purist. i have to wonder i mean, so a monopoly is supposed to be about the consumer is getting hurt either with higher prices or fewer options. do you feel that way about amazon? >> no. certainly not the case when it comes to amazon. in fact this is a real negative. talk about previously, melissa from the investor's perspective. this is negative sign for amazon and big tech writ large. look what happened to microsoft once the antitrust case happened in the late 1990s. that stock was dead money for 15 years. even worse a government minder installed at amazon that stifled credibility. melissa: microsoft. >> microsoft stifled credibility this is obviously not a monopoly. this is a government shake down
and makes the big tech sector almost uninvestable right now. no wonder you see value stocks rally an momentum stocks including tex sell off on this news. melissa: jonathan made me want to cry there. one of the biggest differences -- well, with microsoft you were really held hostage to their platform t wasn't always clear the products they were giving you was best for the consumer or particularly cost sensitive. with amazon, my goodness, i mean i can buy absolutely anything, i have total price transparency as the consumer. the two things to me aren't similar even though he is right, this is terrible sign for tech. what is your take? >> it's a terrible sign and let's just think about how many people amazon actually employs. melissa: yeah. >> not only employs how many small businesses they have selling their products through amazon. melissa: amen. >> are you kidding me? this is our big government at work. this is of course what elizabeth
warrens everybody want in the world, they want to destroy the free market system, capitalist system because we're better than you. we're making more money. look again they're employing hundreds of thousands of little small businesses through their search and platform. why do we want to stop that? i will never figure it out. that is what is going on right now. connell: next up, inch by inch. the u.s. and china signaling they may be getting closer to a trade deal. depends how you read the old tea leaves which edward lawrence is expert in. what is the latest, edward? >> positive talk out of china for sure. also suspension of tariffs on 16 imports from the u.s. on one year. these are items china cannot make or get from another country. president donald trump reading this a different way. >> i think they did the right thing. i think it was good for them. they took them off. i think it was a gesture. okay? it was a big move.
people were shocked. i wasn't shocked. reporter: a gesture. what is significant today what the number two man in the chinese government said at a business delegation meeting in beijing. the chinese premier says that he thinks a trade deal can be reached. >> translator: china is the largest developing country in the world and the u.s. is the largest developed country. we share wide, common interests. i believe we have the wisdom to find a solution acceptable to both. reporter: still mo mention if the chinese will put back any concessions that u.s. trade representative robert lighthizer says they deleted out of the agreement. a former white house policy advisor says this is not a sprint though. >> you saw some positive signals from china this week. but we're still a long way from a deal at this point. we really haven't talked about the core structural issues for a while. reporter: the meat of those talks will happen in early
october when the head of the chinese delegation comes here to washington. they might get into what is coming back into that deal. connell: edward lawrence in washington for us. a potential shakeup overseas with the hong kong stock exchange proposing a 36 billion-dollar takeover of the london stock exchange. jonathan, todd, are back. any chance these reports are true, todd, this comes off the ground? we've done a million stories about the chinese in general, hong kong a territory controlled by china, having access to quote, unquote sensitive information. talking about a stock exchange in london, is this for real, what do you think? >> everything is real. everything is for sale as we've seen. our own u.s. exchanges start to consolidate to many less exchanges. can it get done? i would find it hard to believe to get through all the regulations, all the hoops you have to jump through it get
there. if it is publicly-traded venue it has an opportunity to be taken over. i would find i had hard to believe it could be done but if there is enough money, one thing we remember, people like the money. nothing bothers them when it comes to cash. connell: the other part, jonathan, i would say you have two cities that have their issues. you could make the argument they're still fighting to maintain their status as big-time financial centers, with protests happening of course in hong kong, london dealing with brexit. what is your take on this proposal? >> these are publicly-traded companies. they have obligations to shareholders. there is consolidation going on. we 20 plus, very large global stock exchanges. considering these are electronic platforms, there is tremendous efficiency, consistency and more liquidity comes with the conglomerating them this is natural consolidation. it should occur, connell. the only thing standing in the
way is regulation and nationalism. the sense london can't be somehow owned by hong kongers. we'll see those types of obstacles. i suspect in fact you see a higher bid. you might see american exchange, cme, i have no inside knowledge, you could see competing bid come in with higher bid for london before it is over. connell: as president trump says we'll see what happens. jonathan, todd, good to see you both. thanks for coming on. melissa: cracking down on e-cigarettes. president trump meeting with the health and human services secretary to tackle the vaping crisis across the u.s. we're live at the white house with the latest. connell: a wisconsin man accused of making counter fight vaping cartridges appeared in court. what authorities say were behind the dangerous operation and possible ties to illnesses. we're live with that story coming up. melissa: radical shift on 2020 stage. elizabeth warren doubling down on the call to eliminate the electoral college.
why the move could backfire on battleground states. that's coming up. ♪ it's just not right. but with sofi, you can get your credit cards right - by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k.
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vaping-related illness. blake burman is at the white house with the details. blake? reporter: this comes from the health and human services department along with the food and drug administration that says they will shortly issue guidance that gets flavored e-cigarette products out of the marketplace. it is important to note here, this won't be immediate, as the official regulation needs to come about with a 30-day waiting period likely to come after that but the decision of the fda with the backing of the president trump and the first lady comes as new data shows a surge of e-cigarette use by kids. >> vaping has become a very big business as i understand it, like a giant business in a very short period of time but we can't allow people to get sick and we can't have our youth be so affected. reporter: tobacco-flavored e-cigarette products will not have to be yanked from stores and online outlets but the health and human services secretary alex azar says those
products will need to receive fda approval by may of next year. he suggests that those products could potentially have some benefits to adults. >> tobacco flavored e-cigarettes are not a major source of youth utilization at this point. we do have eight million adults using e-cigarettes. there is actually some public health need for nicotine, alternative nicotine delivery devices to be available for adults to get off combustible tobacco. reporter: the american vaping association pushed back on the future actions saying in a statement, quote, in the history of the united states prohibition hasn't worked. it didn't work with alcohol. it hasn't worked with marijuana. it won't work with e-cigarettes. that is their stance in light of this announcement from hhs and the fda. melissa: a lot more research needs to be done, blake. thank you. connell: here to talk to us today a doctor who talked to us about this topic in the past.
dr. janet, good to see you. now that we have a move the white house is pushing forward as blake stands which could be a ban on e playered cigarettes, do you think that is necessary what you've seen in your practice? >> purpose of this is to help protect children from being hospitalized. i have patients myself come in with severe chest pain, difficulty breathing, cough, wheezing. we had to put them on steroids, we have to give them breathing treatments. some patientsir collapse -- lungs had collapsed. they're attracted to watermelon and candy. this is to protect children. we have to find a balance because e-cigarettes are used by cigarette smokers to help them quick smoking. the ultimate goal is to protect our children. connell: would you be concerned if the ban goes in place and a further crackdown on e-cigarette use more people turn back to
traditional cigarettes or try traditional cigarettes when they haven't in the past when these aren't available? okay. >> not necessarily. regular cigarettes right now, if we're really using e-cigs as a means to quit smoking i don't know of any cigarettes that have flavors in them such as watermelon or cotton candy. if you go from regular flavored cigarettes to tobacco flavored e-cigs, they leave tobacco flavor, going from one flavor to the same flavor. we have to look at the big picture. it is the young children, groups from middle school, high school, up until age 25, 35. these are the ones we're seeing hospitalized. teen vaping has become an epidemic. we have millions of children who are attracted to these flavors. we need to help protect them, once they get hooked on nicotine at a young age, that is hit. potentially they will be lifelong addicts to nicotine. about 50% of these kids who use
e-cigarettes who vape will go on to be regular cigarette smokers within six months to a year. connell: which is obviously a bad thing because for years and years the numbers have been going down, people smoking cigarettes. education levels are going up. people knew what the dangers were. how would you compare the health risks from what you know, even from what you've seen in your practice of smoking a regular or traditional cigarette versus these e-cigarettes with vaping? how do you compare the two? >> regular cigarette smoking causes more deaths in this country than drugs, guns, alcohol, car accidents, and hiv combined. the good thing about e-cigs, you don't have the carbon monoxide. you don't have the tar. you have less car -- carcinogens. you have artificial flavors, chemicals, vanilla, cinnamon, those have been related to bronchial cell death, with cancer causing -- connell: what about illnesses we keep hearing about, at least in some cases maybe they're
isolated cases, maybe -- but what is leading to that in your view that makes it more severe on these cigarettes? >> what we're seeing with the e-cigarettes, counterfeit, bootleg, fake products laced with thc, vitamin e. people are making them in their backyards. i think that may be contributing to these kids being hospitalized. connell: right. >> with these severe lung disease but -- connell: that would lead you to say maybe more regulation or watching the industry more closely would be a solution rather than an outright ban, i don't know, but if you're saying it's, people messing with the product, essentially it sounds like what you're saying is the problem? >> adulterated vape juices, modifying products. buying from people off the street you don't know. you don't know what you're inhaling. fda rules, regulations maybe consider banning commercials early in the day where kids see them. consider altering flavors that are appealing to children. we need disciplinary action.
it is illegal for kids to do this. we need education, education is the key. parent need to teach their kids stay away from smoking, stay away from vaping. teachers at school, teach your students. coaches teach your athletes. education is the key. we need to inform adults that use of e-cigs is not the only method for cigarette smoking cessation. there are other medications you can use. there are patches, there are gums. e-cigarettes are helpful. we need rules an regulations. we need transparency of ingredients, we need more fda involvement to protect the kids from being hospitalized. connell: this happened relatively quickly so it has been tough. as you said a few minutes ago a lot to learn. a lot we don't know. dr. janet, thanks for coming on. >> good to see you too. melissa: loss of industry giant today. oil tycoon t. boone pickens has passed a spokesperson confirming the death to fox business saying quote, it was peaceful. he was surrounded by friends and
families. in classic boone style he was ready. pickens suffered a series of strokes a few years ago, hospitalized in july of 2017 after what he called a texas-sized fall. he was long time ceo of mesa petroleum, a company he founded. it became one of the largest oil and gas companies in the country. that is how he bottom to know him. this was taken at a philanthropy, for a cause he loved, university of north texas. jay in the photo with him, his long-time friend. t boone, he was 91 years young. he will be missed. i wanna keep doing what i love, that's the retirement plan.
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cover his absence separately. the company posted a 5% fall in quarterly profit. connell: to the gop victory in north carolina. congressman-elect dan bishop giving credit to president trump after his special election win in north carolina's 89th congressional district. >> i was only in the race for six months to someone in it for two years. we were only competitive in terms of funding for about six weeks. the president and vice president stepping in, committing the way they did to this race was tremendous. connell: bishop won a close race against the democrat dan mccready. the seat has been held, now continued to be held by republicans since 1963. melissa: elizabeth warren making her position clear. listen to this one. >> i want you to know where i stand on this it is time to get rid of the electoral college. [cheers and applause] melissa: such a great idea. what happens when we let california elect our president every single time?
let's bring in bill mcgurn from the "wall street journal" he is also a fox news contributor. to hell with the founding fathers. they had no idea what they were doing, trying to balance the little states with the big states. what do you think? should we get rid of electoral college? what would that mean? >> this is classic democrat prescription, the way they don't like the supreme court because of trump's nominees and republican nominees. let's expand the number of supreme court seats or something. the electoral college isn't going anywhere. it's a good check, it is made to balance power in the u.s., to make sure that the small states are not just overwhelmed by a few very large states. melissa: yeah. i mean, you could just, if we go down this road where you just let the big states control everything, you can see all kind of things changing. if we, you know, undid everything that the founding fathers had made along this way, i mean, government funding, when there is all kinds of things. if you started down this
slippery slope, what else could you see happening? >> right. look, they're trying to say that it's a legacy of slavery. that is even not true. they're conflating 3/5 compromise where slaves were counted as 3/5 of a person for congressional representation and taxation. they're not going to go anywhere because the small states are not going to give them the votes they need to do anything to the electoral college. it's a good check on democracy. founders were very big that we were a rebubble as well. -- republic as well t insures broad distribution. elizabeth warren, donald trump campaigning in texas, new york, california, illinois, maybe pennsylvania, right? the other places would be really be flyover country. melissa: yeah. some of her other proposals really smart, she wants to create a department of economic development. i can't think of anything that would stifle growth more. >> i think, the history is, department of education, department of energy, have those
fields actually got better with these departments? wouldn't we be a lot better off if we didn't have them? is the idea really that the federal government in washington, d.c. knows how to allocate capital better than the market does? i think that is a -- melissa: literally the opposite of free market principles and she always says she is in fact a capitalist. just conscious capitalist, whatever. but if you want to develop a department of economic development, you are definitely not. she says that companies should be made to serve the public interest. >> right. well i sort of think they serve the public interest now, how do you make a profit? serving the public. melissa: yeah. >> if you don't serve the public. if you don't produce goods and services the public wants, at a price the public is willing to pay you will be out of business. so, again this is just, this is just this belief that a ruling case of people in the federal government no better than the hundreds of millions of decisions made every day by the
american people. melissa: you know, that sort of hits the nail on the head with that one. if you say companies should serve the public, how do you measure that? >> i think it measures by what elizabeth warren wants. melissa: right. >> that frequently is what a few managers want. so the entire company is used for their purposes to support their causes. where when you, when you give people what they want, people are happy with the product. the profits go into a lot of people, benefit from it. i think this is very dangerous ground. melissa: no, if they aren't serving public, they go out of business. >> right. melissa: with her, she is saying that then there should be some people in washington who get to subjectively decide whether or not these companies are serving the public interest. and, if it is her, that is great for her. but then she forgets that in the next administration, it could be republicans that are deciding if companies are serving the public interest. and you know, they could put, you know, clean energy companies that aren't, you know, that are
just surviving on the government, they could put them out of business. she fails to see how all of these things putting in place could backfire on democrats next time around. >> not even backfire. think of what the government runs. the public schools in new york. i mean, these are the things, the problem is, with once you get on the government subsidies, they don't go out of business for their failure. they stay in business forever. the division of motor vehicles, irs, try to name a service that the government runs that we all think, wow, that is really good. melissa: yeah. >> maybe the marine corps. melissa: there are some good public schools in new york but the post office, hmmm. i don't know about that one. dmv. bill, thank you. appreciate it. >> thank you. connell: overseas now, we have believe it or not new brexit drama for you today. boris johnson's cities to suspend parliament ruled unlawful by scotland's highest court. the judges believe the prime minister's actions have the quote, purpose of stymieing
parliament. uk appeals court will hear a appeal from the government on this topic next week. melissa: it never ends, exhausting. >> it literally never ends. connell: go on and on. brexit will never happen. melissa: remembering the day that changed the world. the people we lost. the heroes who rescued countyless lives. >> i can hear you, the rest of the world hears you, and the people -- [cheers and applause] and the people who knocked these buildings down will hear all of us soon. [cheers and applause] melissa: we all remember that. the we are live at ground zero memorial as the nation marks 18 years since that september day. after the break. at fidelity, we believe your money should always be working harder.
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our 18 year old was in an accident. usaa took care of her car rental, and getting her car towed. all i had to take care of was making sure that my daughter was ok. if i met another veteran, and they were with another insurance company, i would tell them, you need to join usaa because they have better rates, and better service. we're the gomez family... we're the rivera family... we're the kirby family, and we are usaa members for life. get your auto insurance quote today. >> we come here in the knowledge that we cannot erase the pain or reverse the evil of that dark and wretched day. but we offer you all that we have, our unwavering loyalty, our undying devotion, and our eternal pledge, that your loved ones will never, ever be forgotten. connell: here we are on september 11th, a day we all
take a moment to reflect on that terrible day, some 18 years ago. 18 years. eric shawn live for us in lower manhattan with the latest from there today. eric? >> hello, connell. on that morning the first plane to hit the world trade center flew right over my head. although it has been 18 years, seems not one day has gone past. this morning here at the former ground zero site, now the world trade center, the familiar ritual, family members, loved ones, officials, gather to remember all those lost here. again there was the methodical, slow reading of the names and four moments of silence, two for when the planes hit each gleaming world trade center tower and two for when the buildings collapsed. it was a morning of tears for many, despite passage of what has been decades the pain and sorrow have not receded. >> not a day goes buy, we don't think they will walk through the
door, thank you for always looking over, mom and dad, caroline. darcy and all the cousins. thank you. >> with all respect to our lost loved ones, this one is kind of hard. reporter: this year there is a new memorial, a glade that pays interest i beauty to the first-responders and others that succumbed to cancer and other diseases after working on the toxic dust and removing all the debris. that number is expected sadly to pass the number of people actually killed on this day 18 years ago during the attack. one noted speaker was nicholas haros his 76-year-old mother francis was killed. he tore into michigan congresswoman ilhan omar and her comments about the 9/11 when she said quote, some people did something. he was blunt and direct about
omar. >> i was attacked. your relatives and friends were attacked. our constitutional freedoms were attacked. and our nation's founding on judeo-christian principles were attacked. that's what some people did. got that now? reporter: he bluntly said it was islamic terrorism that caused this. by the way, right over my shoulder, tonight will be tribute of life, two gleaming things pierce the sky in manhattan until dawn this morning. to evoke what was lost an continue to be a reminder of the threat that still exists. connell: no doubt. a tribute of lights, eric you talk about, as the reading of names, become as you call rituals. we've been doing this for 18 years. what i noticed, how many young people, eric, were involved in the reading of the names. so many people that were, you know, either very young children
or were not even born when they lost a loved one they never knew, handled the readings today. reporter: absolutely right. wh is astounded so many young people were not even born on that day. we remember it so well. many were so young when their mother or their father were killed. so it is quite, quite an emotional and, certain sense inspirational, amazing day for today, just absolutely gets you right here. connell: yeah it does. yeah it does. doesn't get easier. probably shouldn't. eric shawn live in lower manhattan. we'll be right back. and get your interest rate right. so you can save big. get a no-fee personal loan up to $100k.
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connell: a man from wisconsin appearing in court today accused of producing thousands of counterfeit vaping cartridges for nearly two years. grady trimble in kenosha, wisconsin, with details on that story. grady. reporter: connell the sheriff here called this drug ring one of the largest of its kind in the entire country. he said a small group of people were producing 3 to 5,000 thc vaping cartridges every single day for the past year-and-a-half. when you see images it is just astounding. when detectives searched the condo, they found tens of thousands of filled cartridges. even more unfilled. a million 1/2 dollars worth of
thc oil. all of in packages made to look like candy. this was sophisticated operation according to detectives. one ringleader had 10 employees they say who filled out time cards. but all of it came unraveled when the parents of a high school student turned in their son after they found him with one of the cartridges. now the sheriff has a warning for parents all across the country. >> it looks like candy in these vaping cigarettes. it is not candy. it is highly potent drugs. we need to get the parents involved and don't take this as, it is just cherry or sour patch candy. it's not. it is not what you think it is. our kids, whether they know it or not, are taking something that is going to hurt them. reporter: the ringleader, detective says say 20-year-old tyler hufines the sheriff wants to determine if this case
specifically is tied to any vaping-related deaths or illnesses we've seen reported by health officials across the country. that is what they're working on now. connell. connell: grady trimble in wisconsin. another vaping story. tying your wallet, house democrats weighing expanding social security by collecting more payroll taxes from high earners and mid income workers. peter morici to talk about it, university of maryland economics professor. what do you think of this bright idea about the fix of social security. >> they want to greatly expand pensions soaking rich. connell: this is not even the rich. would find it hard to believe this would get through. some of these people are not exactly what you call rich raising tax. >> that's true. at the bottom of the ladder, near the bottom of the ladder. the tax increases are very minimal. they're there as token guess ture we're really increasing taxes for everybody. this is vote-buying scheme. it is not going any place.
it has zero prospects in the senate. connell: we've done a million and one segments over the years on social security and everybody has a plan. this is just, hey pay more in payroll taxes, extend it for 75 years. it is probably going nowhere. at some point we'll have to do something about the solvency of these programs, including social security. what do we do? raising the age? what do you advocate for. >> in terms of pension system as opposed to medicare, we need to raise the retirement age. people are living a lot longer. we can't have a system where people retire at 67, live another 20 years, collecting the pension. it just is insolvent. retirement of age of 70 is quite reasonable. we have to raise the full benefit retirement age. we have to raise the minimum wage for collecting some benefits. i don't see any other way out. if you start talking about the kind of payroll taxes they would like to implement, you have to
put those on top of especially self-employed people the marginal tax rates near the top, at federal level and state level. place like new york, all of sudden a doctor is paying 65, 70% marginal tax rate. he doesn't have a lot of incentive to work more than 40 hours a week if you do that. it is very productivity killing idea. we're already seeing it among physicians where a lot of female physicians are working halftime so forth because of very heavy taxes they pay. connell: if you took age up, full benefits age, put it at 70, problem involved just like that? have you run numbers on it, what else would you have to do? >> it would help a great deal. it would help a great deal. but we need to raise the minimum age, so basically people have expectation they're working until 65 or 70. connell: i want to throw another issue while you're here. this comes from nancy pelosi, speaker of the house. she is said to be pushing forward with a plan, might say an ambitious plan, to lower
prescription drug prices. you know the drug companies are not fans of this plan. basically heavy government involvement here where the secretary of health and human services would be able to negotiate prices on 250 drugs a year if the companies don't agree to negotiate, heavy, heavy fines. so this is what she's pushing. what do you think of this one? >> actually not all that bad an idea. we're the only western idea that doesn't regulate drug prices. germans pay 12% of gdp of health care. we pay 18, 19, have similar system to obamacare. the question is why is our so expensive, with government purchasing some drugs directly or indirectly there is no free market. connell: we have to come back to this one, give you enough time. peter. thanks for coming on. we have to run right now. one company coming up next, i'm sure you know the company, pledging never to forget those who died on 9/11.
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they guarantee your rates won't go up just because of an accident. smart kid. indeed. are you in good hands? connell: lauren simonetti here in new york. lauren: 18 years since the terror attacks, it's become an annual ritual of mourning and also an annual ritual of raising money. $159 million to date raised for the cantor fitzgerald relief fund on this bgc charity day. this wall street firm lost all 658 cantor fitzgerald employees plus 61 brokers that went to work. if you showed up to work on 9/11, 2001, you did not go home that day. the way all the workers now, some of them, kids of parents who worked there. the way they remember their forgotten family, friends, colleagues and even strangers,
100% of the revenue from trading today, all of it will go to charity. like i said, $150 million raised to date, not including this year. celebrities, politicians, athletes, actors, they come in all day, they help make the trades to drum up some excitement and of course, raise more money. but everyone remembers today as the day the world turned on its axis. >> we believe in freedom, we believe in, you know, a world in which there's peace and prosperity for all these very deep values that are integral to american way of life and to the british way of life. >> i think to my generation, there's a whole new appreciation just because our only memory, at least people my age, is what the people who are from new york and who remember it are telling us. it's not just that this happened on 9/11. it's a continuous issue that is happening literally every day with the passing of more firemen, policemen, department
of corrections. lauren: 18 years later, we will never forget. back to you. connell: lauren, thank you. the bgc charity day. thank you for joining us. that does it for us. "bulls & bears" starts now. deirdre: law makers back on capitol hill with many now pushing for a big expansion of social security. we will tell you how they plan to pay for it. this is "bulls & bears." i'm kristina partsinevelos. joining me, scottie martin, steve forbes, gary kaltbaum and liz peek. house democrats are debating this week on whether to vote on a new measure that would shore up and expand the social security program and they would pay for it by none other than raising payroll taxes. the proposed tax increase would reportedly raise more than a trillion dollars over the next decade. so gary, i feel like i already know the answer but do you think this is