tv Making Money With Charles Payne FOX Business December 4, 2019 2:00pm-3:01pm EST
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they're green. they made a lot of green under this president which is another reason why mr. rubenstein is very confident that the impeachment situation will not go anywhere because the economic environment is so food. it helped a fellow person name bill clinton last time we went through this. here is charles payne. charles: i'm charles payne. this is "making money." stocks back in the green. investors stuck on a roller coaster of trade headlines, but missing another monster year if you're paying too much attention. what i think of the wall street temper tantrums and how you should be investing. president trump cancels is long planned press conference as he wraps up the time of the nato summit. after other world leaders were mocking him for talking so much to the press. house judiciary committee beginning its round of impeachment hearing with college professors testifying. the man himself, lou dobbs, will join me in studio later this hour. something tells me has a lot to say about the subject and so
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much more. "making money" begins right now. charles: market picking up on yesterday's late buying even as the media guessing game continues. phase one is on. phase one is off. it never end, right? yesterday i had the honor of interviewing vice president mike pence and i was asking him about the roll of tariffs now and into the future and it is clear the administration believes strongly in the roll of tariffs. >> i think through the long history of this country the night has always used tariffs and access to our marketplace to strengthen this economy and president trump took office and made a commitment that he would put american jobs and american workers first and use the authority he has as president of the united states to control access to our marketplace with tariffs. charles: so i think the media has been totally wrong on this. if you crunch the actual numbers, the cost of tariffs, assume they all fell on america,
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which of course they don't it would be the proverbial drop in the bucket for our 20 trillion-dollar economy. the biggest push back is businesses. some deem determined to upset the economy and this administration and future administrations there is wall street and those temper tantrums which are comical but you can push a domino too far to create market panic. i want to bring in phil plan caught toe, and rose cliff capital's mike murphy. two of my favorite guys. the fact is tariffs are in place. huge, $360 billion worth, and the economy is doing pretty good, so is the stock market. >> you wonder why there is media out there that wants to cause a panic, that wants people to believe this 25% gain we've seen year-to-date is not real or could evaporate tomorrow if president trump says the wrong
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word which isn't the truth. the economy is on good footing. everyone says they will stand up to the chinese, the last three presidents. president trump is doing it. not easy, but he undertook that. the market performed very well. neil: charles: i'll be honest, the market and economy have done better than i thought. two years ago i thought president trump should have done an evening address to the american public. i don't know how much they will hurt, we'll push back on it but time to work it out. i'm concerned businesses are ayn rand kind of thing, we'll check out until you do what we want? >> seeing that in cap-ex. not seeing amount of spending we should see. i won't disagree with your point the economy is on good footing. two quarters of negative. you have to be careful. charles: flat earnings compared to last year all-time record. >> but we lost money in the stock market last year. we balanced out. up 25% for year.
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let's not forget tariffs can have impact on offshore earnings. you have to be careful, where do you you make your bet? u.s. company with u.s. earnings or one with a bit of offshore. charles: where did you go? where are you focused so far? >> squarely on the u.s. 90% of the portfolio, 92% some cases u.s. focused companies. especially mid-cap, small cap base, i'm afraid of large cap bias that can get hurt by tariffs. charles: mike, you are u.s.-centric. >> maybe what i know. if i was smart enough to know all the emerging markets or developed european markets i may go over there. if you can get the u.s. right especially what is going on with this administration i think there is plenty of opportunity here in the u.s. charles: talk about portfolios and construction of them because i read an article this morning, i won't mention the source, it was criticizing the bull market rally, only pause of apple and microsoft. for me that is almost like saying the patriots wouldn't have won all the super bowls if they didn't have brady and
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belichick. guess what? they had them. they have them, right? for me there was a message for long term investors, you do have to make adjustment from time to time. always have microsoft or apple or brady or belichick. i want to talk to you guys about this. microsoft came into the dow in 2002. there were four stocks, home depot, sb c, microsoft and intel. what went out, chevron in since 1930. goodyear was in since 1930. sears from 1924. union carbide from 1928. i think this underscores, apple didn't get into the dow until 2015. you must make adjustments and probably shouldn't wait 46 years to do it. there are star players in the portfolio. >> i agree to an extent. for people watching at home it is tough. if they made the switch i will get rid of apple, microsoft out of my portfolio, i will stick with amazon and netflix. charles: what would you -- okay. >> two of the other things. up 6%, up 10% in netflix and
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allison, versus huge run you've seen in microsoft and apple. for a lot of people unless they're very sophisticated trading in and out of positions owning the whole basket is the best place. charles: you knew at some point sears, union carbide you couldn't hold on to those. >> exactly. here what you have to do. you have your core stocks. when you make money on core, up 70% on apple, take some profits and you pivot. where do you pivot? see the economy tail off. what does well in softer economy? pivot to walmart with much better earnings and costco that are staples. i earned income. charles: big strong names that will survive anything, ultimately have great stock returns. hold on for a moment, i want to shift gears for a moment. head to jackie deangelis in the newsroom, with a huge shakeup, major snake up at alphabet, the parent company of google. reporter: good to see you, charles. larry page will step down from
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his role. sundar pichai will take over. google represents 99% of the revenue. he is co-founder of that. that role of alphabet will be eliminated entirely. the cofounder said this it is natural time to simplify our management structure. we're never ones to hold on to management roles when we think there is a better way to run the company. the backstory, in 2015 google reorganized to form the parent company alphabet. that was to separate what they called the other bets, initiatives like driverless cars from google and search. pichai was running android and chrome before he took over as ceo of google so he had a long track record there. here is the key, page and brin will be remain actively involved on the board. they have controlling voting shares and that structure will not change. if they're not comfortable with something they will still out vote pichai. outsiders are saying not surprised by the changing and
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the timing. google employees have been speaking out against some of the company policies so there is some controversy here. looks like the cofounders are stepping away from that but let me tell you this. elizabeth warren tweeting about this just today saying congrats on the move, larry page. quick reminder, we do still expect you to testify before congress and changing your title while staying on the board and retaining a effective control of it will not pelt you from accountability. charles? charles: elizabeth warren, you can hide but you can't run, that is whoo she is saying. thank you very much, jackie. alphabet change in leadership coming from high scrutiny for silicon valley in general. talking about consumers, unions and workers. they're not as hip and cool they used to be. remember cool kids do no harm, got a free pass. i want to bring mike and phil to discuss this. google shares are up on this news, few years ago they were the hip companies.
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cool companies. it was okay to bash drug companies. it was okay to bash crude oil companies, gas companies, everyone hated exxonmobil, everyone hated walmart. these were the groovy kids. no longer. they're public enemy number one. >> we run venture capital companies. a company that grows, once google or alphabet gets to be big as they are or apple, so many companies starting out to disrupt them, people find areas they don't like about the companies. new companies come along to try to unseat the incumbent. that is what we have happening right now. so there will be new companies like that starting out there. but there will us always be innovation. as long as innovation there is growth. charles: that is old-fashioned business. this is something different. you have employees. they fired four employees last week. they said they were upsetting company's culture. the employees say they are activists lgbtq community is upset with them. unions are upset with them. every country wants to sake them down for money. this is a different environment.
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they don't get a free pass anymore? >> there is twofold. that free pass of regulatory fun nil allows them to pivot to al get bet. look at all the other companies don't make money or revenue. they are a cash vacuum. this gives them a chance to reorganize the company. charles: what do you make of the founders saying we don't want to deal with the tough stuff? the things they were working on, self-driving cars and blimps that never have to land, that is cool, groovy stuff. now you have people in your company revolting. you have nations revolting. this is, they don't want to deal with this tough stuff. >> you saw that from microsoft also, people revolted because they would deal with the united states government. as you get big, charles, as a company gets mature and you have a workforce in tens of thousands, if not hundreds of thousands it is always going to happen especially in the environment we're in today where it is great to knock anyone who has success, i think it is what is to be expected. >> cash cow too.
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let's not forget that cash cow allows them to wean on some of these fronts. charles: sure, sure. they will not give that up. they're broading their portfolio. they want to get into health care and get into finance but they -- listen, i was as rich of those guys i would have checked out a long time ago, right? you have to find me somewhere. >> exactly. >> another big management shakeup as a stock soaring. for most of the day expedia has been a number one performer on the s&p 500. cfo is out, ceo is out this has been a significant underperformer. phil, when you see something like this, i think back to the change in chipotle. if you brought the stock when they brought in new ceo, brought in new ceo of mcdonald's, new ceo of red lobster or darden restaurants, when i see shakeups, typically a huge buy signal. >> only because you have a new person, not unlike google. what can i cut, what can i change, what can i pivot when the core engine makes money what you have in expedia.
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the core engine is fine-tuning away from legacy issue to a new front. charles: mike? >> expedia was great opportunity, better in the mid 90s a couple days ago. bringing in new anment. the core company still works. should have upside from here. charles: before i let you to between now and rest of the year has santa claus arrived and left too soon or maybe upside now. >> i'm fearing what happened last year. charles: last time you were here we would -- >> i made way too much money to give any back. i would take profits. we can't griped much higher with negative earnings. i think we stay where we are, maybe lower. >> tough to predict the next three weeks. neil: i like 2020. still long and still bullish. charles: you come in next year. >> i want earnings capitulate and grind higher. as long as we don't recess or on the cusp there is no reason -- charles: very cool, you can make so much money you can chill, right? all right. meanwhile the house judiciary committee kicking off
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the first impeachment hears, after the house intelligence committee released their own report on impeachment. later on the show, lou dobbs, you know him from the "lou dobbs tonight" show, i'm sure he will weigh in with a few thoughts. nato leaders caught on a hot mic talking about president trump has gone viral. the mainstream media going crazy about trump's supposed humiliation but is all of this going too far. we'll be right back. because your investments deserve the full story. t. rowe price invest with confidence. this is the epson no more buying cartridges.. big ink tanks. lots of ink. print about... this many pages. the epson ecotank. just fill and chill.
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press conference before my meeting with president trump. i was happy to take part of it. charles: both president trump and justin trudeau reacting today to the viral clip of the canadian prime minister apparently having a laugh with other leaders at president trump's expense. [[inaudible conversations]. charles: mainstream media is jumping all over this as humiliation of president trump who ended up canceling his next press conference but is this taking all of it too far? joining me to discuss turning point usa founder and president charlie kirk. what are the thoughts what we saw? how the media gleefully played it up as humiliation of president trump on the world stage? >> real humiliation is that these countries have not been
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paying into nato for so long and we in america have to continue to pay for nato's defenses. look, if you look at that little snapshot of trudeau, macron, even boris johnson who was kind of chiming in, this is the ruling class. these people have contempt not just for president trump and what he has been able to accomplish in america because their economies are not going too hot right now. macron has very low approval ratings, much lower than president trump. his economy is not doing well. there they are cracking a joke. i don't know who would consider this to be humiliating. the humiliation is on them. the fact they are not chipping in. the fact they're not doing well as leaders. if you read into what president trump said about trudeau two-faced think about the recent scandal that he had. that would be much more humiliating than anything this candid camera caught. charles: justin trudeau, to your point, macron, have had extraordinary problems at home. hard to believe they have been able to cling to power,
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political power. you would think again, anything they would push back against using any other world leader as a punching bag but america should know, nato's budget for 2019, america fronted 685 million. all the rest, everyone else, europe, canada, 302 million. we're over 4% of gdp of our defense budget. they're at 1% like germany. i don't even understand how they can even look at president trump without feeling some humiliation themselves because this is the defense of your country? >> that's exactly right. they have been ripping us off for so long. the fact they don't feel any shame, because they think it is america's role to pay for their defense and they shouldn't have to contribute to it but president trump has been courageous standing up against quite honestly the ruling class have been getting away with this for free for so long. this illustrates a broader point though. that you have unpopular
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globalist european leaders snickering in a private room about president trump while president trump, his sole mission of going to this nato meeting is to try to preserve and protect america, look out for our financial interests and get them to contribute more into it but the media doesn't look at it like that. why not? why wouldn't america pay for all of it, and our allies shouldn't chip in the same? we've been doing this so long. we're $22 trillion in debt. we have a trillion dollar deficit this year. why should we have an unsustainable amount of burden on our country to chip into nato? i find their remarks and their snugness honestly to be disgusting and reprehensible. charles: charlie, thank you very much. i agree with you, my friend. see you soon. >> thank you. charles: kamala harris is out. progressives are calling out, the lack of diversity, racial diversity in the democratic party! 2020 was supposed to be the party's new era of being young, diverse woke. what happened? plus warren moderates out
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for this, two trillion for that it doesn't sound as bad by comparison but it's a big deal. >> it's a big deal. joe biden wants to be considered a moderate. this was not a moderate tax plan and it assumes, as liberals and democrats often do, the public isn't very smart and people will think, they're only going to tax the rich but obviously the rich will fight back and they will have to tax the middle class. that is where the money is. so look, people are smart enough to realize that when you say, oh, we're just going to do, we'll tax the rich a little bit, it is not going to hurt the economy, well, it will hurt the economy and here is what i think would happen if all this stuff passed and biden were president, had a chance to enact it, it would mean the day after election day, the stock market would collapse, november 4th, 2020. charles: well you know, president trump has warned about
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that. it is hard not to think that that's not a possibility though. stock market is forward-looking mechanism, six months out, a year out. the market do exact opposite on president trump. erupted higher on unleashing of animal spirits that come to fruition. >> yeah. charles: meantime wealthy corporations i think, i think there is a dual effort here, make them villains in so many ways, whether they're responsible for climate, whether they are responsible for things that hurt the nation, gun violence, all these things, you make them such villains it is easier to say than which should be able to pluck this money from them. >> it is easier but democrats used it before, i think they will have a difficult time doing. we had a strong economy during the entire run for president trump. people like that. the jobs, you can, i mean it is hard, not to get a job because there are some available. charles: yes.
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>> and that is what people want. and, they're smart enough to know when you raise, say, the corporate tax or, and the capital gains tax by 25% and so on, then it is going to have some effect on the economy and on their lives. charles: fred, i got less than a minute. 2019 revenues were 16 1/2% of gdp. that is less, tax revenue. that is less than historic afterrings, 17% outlays. 21% is more than the historic average. we take in money, could think that was issue. when 2 trillion, we have a trillion dollar deficit. when it is 3 trillion, we have trillion dollar deficit. when does that become a real issue? we know it is but a ticking time bomb that neither party are not listening? >> ticking time billions don't tick very loudly. very few people want to take on
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entitlements, social security, medicare, medicaid, only one who talked about it frequently was paul ryan when he was the house speaker and before. he is gone now. nobody else is talking about it. certainly not president trump and republicans this is something traditionally a republican issue, that we have to cut back on spending because it is, or it is going to blow in our face. it will happen sometime and republicans are doing nothing. charles: administration says upon re-election, that will be a number one focus. we'll see. fred, appreciate your wisdom and expertise. >> thanks for having me. charles: at 2:45. we'll have lou dobbs, get his thoughts on impeachment inquiry that engulfed washington, d.c. you do not want to miss that. the trump administration tightening work requirements for food stamp aid which could make hundreds of thousands ineligible for assistance? is this cute as some are calling it or really cruel to allow able-bodied adults to skip
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april of next year. officials say it will save the government billions of dollars. actually encourage people to work. joining me now, liberal commentator danielle mcglocklin, along with fox news contributor deneen borelli. we talked about many times whether it is tough or tough love. one media out let says 700,000 people, potentially removed from this, but the requirements are able-bodied and you can work, why not get out there and work? >> that is what it comes down to. look, we have not had a job environment that we have today. record low unemployment across the spectrum. so we're looking at, as you said, people who are able bodied to work. we want to get them in the workforce. why should they be relying on the government when they could be doing much, much better because the sky is the limit. there are more jobs than there are people to fill them. so, i think this is a good move. charles: well, is it a good move or mean and cruel? >> i don't want to characterize it emotionally, at the end of
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the day a lot of snap recipients already work. under the rules you can only have snap three months in three-year period. charles: different states have different -- >> program for the elderly, for people with children and for working poor. my view of this is actually the taxpayers are paying for food, putting food on the table for people who are in part-time work, seasonal work, working shifts and income goes up and down. why are not being paid a living wage? charles: well that's perhaps a different story or paid a wage they can live on, maybe they're living above their means that can become a complicated story. there are seven million job openings. i can tell you right now, i was talking to varney earlier today, about my last trip to the mall, i thought people working there woefully unprepared for working register at pizza place. there are jobs out there. fred barnes said as much. here is what i'm worried about, a society you're born into poverty and live there your
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whole life. we're all in my mind given god-given exists and talents. if we're not allowed to nurture them, see what is out there, i think it's a loss not just economically, a huge loss for humanity, deneen. >> i totally agree. we started at different levels in our past growth up, but it is up to you, to use the skis, use talents, to apply yourself, keep reaching because you don't have to rely on government. you rely on yourself to be self-sufficient. >> i don't disagree with either of you actually but i think there is a balance. we don't want government to create excuses for people so they don't go out and work hard but when they are faced with issues, whether part-time work, low wages, there is a place where they don't go hungry and their kids don't go hungry. charles: deneen's point we started at different places and we're? the same shoes. >> except for you. charles: not necessarily
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shocking, kamala harris is out of the race. some are now pointing to the lack of diversification among the democratic candidates at the upcoming debate. you know, danielle, this was the new woke party. it is going to be a lot of blacks, hispanics, women. still have women on the stage. what happened to black voters who are the, black candidates for the core of democratic party? >> joe biden, by and large, state by state polling, south carolina is clear example of it, even kamala harris, a woman of color herself, not just because you are a person of color in the democratic party will vote for woman of color but she couldn't claw back -- charles: deneen, are you sorry about people contributing money to the campaign? you have wealthy people out there saying the democratic party is the party that represents america, the party they're proud of on a global stage because you have different faces, different hues and all other things, when time to write checks for the candidates no rich people in the democratic party stepped up to help her
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out? >> what did you she stand for? every week she was flip-flopping. you invited her on the show, would not have come on. maybe things would be different. charles: i could see the grind, there is no doubt there's a grind to it. my point, the party, i'm not sure that the party is walking the walk they're talking. that's all. she needed someone to cut checks for her. instead they didn't. i don't disagree she didn't have message. >> i think that is fairly, there have been a lot of commentators -- charles: there has to be grumbling within the liberal side on your party, progressives and liberals, fingerpointing they love to do republican looks like -- >> hypocritical to me. >> far more diverse people in congress on democratic side. >> shouldn't matter what color, female, what skills are you bringing to the table. she did not bring anything to the table. charles: the woman in my ear highly skilled keeps tell me i need to go. thank you both very much.
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d and d. deneen and danielle. we'll be discussing white house new rules on food stamps with acting omb director rouse vogt tomorrow. you have to see it. what will he say? can he justify it? a massive shortage in the american trucking industry. we'll get inside glimpse where it is centered. we're talking about women behind the wheel. rev up the diesel. ♪. (vo) the moth without hope, struggles in the spider's web.
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(woman) when it comes to digital transformation... verizon keeps business ready. ♪ ♪ ♪ charles: retailers always looking for new ways to attract loyal customers. "claman countdown" host liz claman will be joined next hour about the creator of a retail platform offering online shoppers free bitcoin with every
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purchase. sounds very intriguing. >> a lot of people are terrified but intrigued by bitcoin, charles. they look at it and see these wild, volatile swings. just an hour ago, bitcoin spiked $1000 per coin within a matter of minutes. that kind of move. it is great if they're moving up but what if it moves down? that scares people off. there is a company called, lolly. think lollipop. any online shopping with regular dollars you get a portion back with more than 750 different retailers. everyone from walmart to macy's to lululemon. this company worked out deals and you get a portion back a tiny percentage back, in bitcoin! if you're out there shopping anyway online, why not get something back? alex adelman is the ceo. it's a fox business exclusive. they have a major announcement today of a brand new partner they have and it might mean if you book your travel online, on expedia, you will get some
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bitcoin back on what you paid. so, they would say there is no risk here, charles. i think it is fascinating. it's a brand new idea. we'll see. you want rewards when you shop, right? charles: you always have amazing things unique. i think that is why the show does so well, liz. can't wait to watch it. thank you very much. >> i get a great lead-in from you. charles: you don't need to be reminded but tune in every day to the "claman countdown." it starts at the top of the hour. meanwhile women truckers are in much demand in the area. we have a trucking shortage, we have had for a long time. trace is carrasco is looking inside at their training. tracee? >> liz is the part of 6% women truck drivers. the shortage of truck drivers are expected to double. companies are reaching out to women. liz, i want to know what companies are doing to recruit women truck drivers? >> i think they're doing a lot
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of things. they're implementing family passes and pet passes where you take your child or husband along or pet along. they're definitely looking to the safety regulations and just comfort i think for the women. reporter: what does it take to be a truck driver? has to be challenging as a woman? >> it is challenging as a woman but it is good outweighs the bad. being a truck driver, the course is four weeks long. one week in the classroom. three weeks on the road. reporter: charles, i have to leave you with one final thing, according to number of research done, women outscore men in a number of important safety aspects here. so we'll send it back to you. charles: i'm not surprised. tracee good stuff, thank you very much. hopeses of a phase one agreement with china boosting markets with vice president pence exclude -- exclusively president trump is willing to wield tariffs to get fair trade deals from china and our allies. up next, i will get reaction
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cut. liberty m... am i allowed to riff? what if i come out of the water? liberty biberty... cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ >> not just a disgrace what they're doing, it's a disgrace what they're not doing. we have an opportunity with the usmca to create almost 200,000 new jobs in this country in the early going after congress approves that legislation. congress is spending all of its time on endless investigations and a partisan impeachment. charles: vice president mike pence calling out democrats focusing on impeachment rather than things like usmca in my exclusive sit down. the hearings concluded with democrats calling legal experts screwed noising president trump's conduct -- scrutinizing.
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lou dobbs is here to talk about this. >> how are you doing? charles: i'm doing great. you're the perfect person to have the conversation with. >> thank you very much. >> in the last couple weeks, american public has lost complete interest in this. public opinion polls go against the democrats but they're continuing down this path. >> they are, in of itself is surprising because with pelosi, great political acumen, judgment, instincts understands what is happening to her party as you correctly assess. the party is being hammered here. independents in particular they're telling democrats they're not buying any part of this. the opposition is rising. at the same time that president trump's approval ratings are climbing. this is, actually, i think the republicans should ask them to continue this for as long as they wish. charles: they probably will. here is the irony. it feels like, okay, you have these hearings, bring all the people to d.c. you bring in people to try to find out if you can form a crime out of what we heard. in other words, we heard the
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whole system is backwards. they turn everything upside down on its head. it is just, this feels like they won't stop digging? >> yeah. you don't often see legal scholars turn into a small mob like these three partisans because that's what they are, partisans before they are scholars of any kind. jonathan turley, the only independent thinker, he is was a never-trumper, but who is asking for moderation, judgment. he is literally the only adult in the room. charles: where does this go from here? one of the things i spoke with vice president pence about was incivility, the inability for washington to work at all and just sort of, what it means for the entire country because we are certainly, feels like we're certainly divided. i think a lot of that comes from the media, a lot comes from d.c.? >> it comes from lots of sources. it's a time which we live.
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i agree with jonathan turley, this is a constitution of ours written for times like these. if we honor it, we will, i think do very well. we come out the other side and have done so for over 200 years. charles: right. >> what i don't think makes a lot of sense is for people to continue to ignore what they're seeing, to ignore what they're hearing. it is viciousness. it is pure balderdsah being spewed in that hearing room, the judiciary this time. previously it was the intel committee room. this, the american people know what's going on here. and the democrats look like damn fools. they're acting like damn fools and by the way, i'm starting to think they're damn fools. charles: to your initial point, nancy pelosi, i like you, you could see, she did not want to do this. >> but you don't see her around? charles: her fingerprints are not on this.
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she is not around it. she is not justifying it. but allowed it to continue. >> when is the last time you saw chuck schumer? charles: it has been a while. been a while. >> you will not see him. charles: this is nadler, schiff, type of thing. they will go down with the particular schiff. >> they're safe, in their districts they're safe. doing exactly what they want. the truth is, that the democratic party is going to pay a hell of a price, particularly in those 31 districts in which president trump won and those democratic incumbents will be paying a significant price. i think quite a few more of those democrats as well. if they could just keep it going say into march. get us to super tuesday, and democratic party will then be on life-support. charles: lou dobbs, you said it. thank you very much. great to see you. >> thanks, charles. charles: of course folks, make sure you catch "lou dobbs tonight" 7:00 eastern here on fox business. trading hopes helping the market along with a whole lot of other things. a lot of bottom-fishing going
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>> the market is on track to break a three-day losing streak. however, you know, we have seen some interesting things this morning. the private sector payrolls grew by less than half than expected and of course we get the big number on friday. and then there's the yield curve flattening. i only bring this up because the media will bring it up as it starts to get closer and closer. to help me go through this countdown capital management's president fox business contributor gary kaltbaum. you are like the perfect person to talk to about this. >> i am? charles: you are because i know
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we're going to connect the dots back to powell. but let's start with -- [laughter] charles: let's start with the data first, though. adp i think there's an issue here, i think it is mostly about this economy and small businesses unable to find workers, unable to pay workers, but what do you make of the job situation? >> i still think the job situation is pretty darn good. it is how do you improve on 3.6%? there's definitely a few issues out there, manufacturing. there's some soft numbers out there. but for the last year, i've been hearing about recession and depression from so many people, and i've just been saying we're just going to grow. and i think this quarter we're probably 1 1/2% which is no great shakes, but a lot better than many other areas. and for me, the market will know everything. even with powell doing his little thing, if we end up going into a real slide as far as the economy, the market is going to take a dive beforehand. so i'm just not worried about it
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just yet. charles: for three days in august the ten and two year yield inverted and the markets lost their minds for a moment. the media lost their minds for a moment, that recession was right around the corner. they are getting closer. i mean, again, i'm like you. i look at all the other data and i feel very confident, but it is a big deal -- it is a big deal in the financial media. >> well, it is something to watch, though. look i'm a big believer in precedent. i'm a big believer in history. i go back, you know, 100 years to see what happens when something happened, so, yeah, it is something to watch. you know, so far so good. it is not inverting yet. but it is something to watch because it is getting close, because it is one of those little factoids that show up that could have repercussions, but again, i think we're in okay shape right here. no great shakes. i think if we get some deal with china, that should help. i still think there's some uncertainty out there that could be ameliorated if that deal ever gets done which should be about 2027. [laughter] >> again, i think we're in okay
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shape. the markets are reflecting it. charles: president trump said it could be after the election. he didn't say which one. >> exactly. charles: going into the last hour of trading, energy is the best performer today. and that's an area that's been underperforming. the best performing stock for most of the day was the best performing stock last week. you know that's kind of bottom fishing, risk taking. do you do that? if people want to do it because they think i want to buy a stock that hasn't run up already. what would you say to them? >> i look at sectors when it comes to what's potential bottoming. the greatest advice i can give to your viewers is when you have something like energy, which is just so unloved and underowned right now, if you catch the turn exactly, you end up making some real big coin because already up 15, 20 percent, people start yelling and screaming, and the big boys jump on it. so far i haven't seen it yet, but it is something i'm watching
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because i'm seeing a bunch of insider buying, things like occidental and things like that, but again, not yet. charles: same here, same with me. i'm watching both closely. that's why i asked you about it. folks, you have to catch gary tonight 5:00 p.m. eastern bulls & bears right here fox business. now over to liz claman. liz: thank you very much, charles. look at these numbers. it's bounced back wednesday; right? can the bulls notch their first win of december? now, the s&p 500 right now and the nasdaq have both recovered yesterday's losses. the dow is closing in on doing that, but not there quite yet. we're going to know in 59 minutes. reports out today that phase one of a china trade deal could be done before the december 15th tariffs on china kick in. president trump revealing at the nato summit today the opposite of what he said yesterday. he said the chinese and american negotiators have had two phone calls since yesterday, but the event that's grabbing all the attention, global l
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