tv Making Money With Charles Payne FOX Business July 18, 2019 2:00pm-3:00pm EDT
he wants bygones to be bygones to move on. that might be easier said than done, they are indications they are trying to move on. the markets are trying to come back, down triple digits before, down 87 points. to my buddy charles payne. charles: hey neil. john boehner set the tone of. after after that segment. neil: everybody should sing. you know, you have one issue at a time. charles: thank you very much, neil. good afternoon, everyone, i'm charles payne. this is "making money." breaking now, president trump has a supporters, when he disavowed the sender back chant after last night's rally. senator rick scott and congressman andy biggs will weigh in. netflix shares are sinking after the company revealed subscribers are leaving amid higher prices. microsoft looks to solidify its place as a trillion dollar company, the most valuable one
in this country. they report earnings after the bell. we'll have earnings scorecard and message for this market. emotional testimony from a man who lost his family in a boeing 737 ethiopian crash, it continues to resonate. >> boeing and their apologies wants to shift scrutiny from their single-minded quest for short-term profit for safety. charles: is this a wake-up call for all captains of capitalism, there should be limits in pursuit of profits or should it be business as usual? i will go in depth, so much more on "making money." ♪ charles: president trump welcoming prime minister of the netherlands to the white house after this raucous rally in north carolina. the president now distancing himself from the crowd chants of sender had back, referring to congresswoman ilhan omar. >> i was not happy with it. i disagree with it.
but again, i didn't say, i didn't say that. they did. but i disagree with it. charles: joining me now, with reaction former communications director for harry reid, john summers, rnc spokeswoman liz harrington. liz, let me start with you, the media pushback, now of course president trump saying hey, they made the chant. he didn't agree with it. he stepped in tried to keep rally moving on. >> that's right. the president said he didn't like it. we as americans also don't like when alexandria ocasio-cortez calls the greatest nation on earth garbage. we also don't like when ilhan omar is seen on tape laughing about al qaeda and comparing america to that terrorist group. we also don't like when ilhan omar dismisses 9/11 as some people did something. and we do not like her vial anti-semitism. and as well as rashida tlaib, saying she had quote calming
feeling about the holocaust. this is what we don't like. we like the president standing up for this country. we are the greatest nation on earth. he will continue to do so. charles: john? >> that was a great pivot, with a lot of interesting quotes taken out of context. talk about the disavow. he didn't disawe vow. he said he disavoid. the president said a lot things, many are not true. charles: when someone says i disavow? >> his own words. they repeated his own words back to him. charles: we are a point in this country, where people feel like we should never apologize for anything, everyone is saying it is not sincere. if you're a cynic that's fine. he said he didn't like the comment last night. and you're saying that isn't enough. >> i would love to take him at his word. if that is actually the case. if he feels badly about that, if he truly disavows what they said, since they repeated his own words back to him. he should apologize for his
racist tweets. charles: go ahead, liz. >> we should take ilhan omar, we -- >> there were plenty offended. >> we should take ilhan omar at her word, said she doesn't regret sending anti-semitic tweets. she doesn't have any regrets. she compares the anti-semitic boycott divestment. compared it to the boston tea party. what are the democrats going to disavow anti-american sentiment in your own party. when will you disavow that. charles: before you avow that, maybe you will, but we have two minutes. this comment that the republican party is in a lot of trouble. there have been polls, jon, swing voter survey focus groups. shocking thing has been the majority of them agree with president trump's opinions and thoughts on immigration. we saw a poll of mexicans,
mexicans in their country saying that these i am meant gray that somehow that these immigrants pose an economic burden on their country. that a majority of them are against even migration of south american, central american migrants through their country. what i'm trying to say is, one thing when the media and democrats say this is the worst thing ever, when they start to fix labels to these things racist, is it racist then when mexicans feel the same way president trump does. >> i agree when you talk about people's opinions on the need to address border security. and that is one of the reasons why we knee democrats and republicans to come together. the republican president likes to go and blame, you know, democrats in congress but let's remember, that democrats in congress came up with a bipartisan deal, took it to them. he said he agreed to it. he pulled the rug out from under them. charles: i don't want to go that far back. liz brought up bsd movement, ilhan omar, how do you feel
about actively supporting a boycott of israel? >> if you look what she is trying to do, i'm not going to defend anything she says in this regard because she used pretty inflammatory language but i will say, as i understand it, what she is trying to do is protect the ability for people to boycott, if that is what they choose to do. netanyahu has to make a choice whether to let her in the country or not for this planned trip she had. >> she lied to voters in her district and said she didn't support it. now she has a bill protecting it. she lied to her supporters. charles: jon, thank you both very, very much. >> you bet. charles: stocks slipping after republican senators take aim at huawei. could this destroy any chance of a china trade deal? shares of netflix plunging after reporting a big miss on subscriber numbers amidst raising their prices. keith fitz-gerald, chief strategist for money map press. he joins me. one of the cautionary tales from
netflix, stop raising prices on your customers, there is point they say no mas and also it is hard to live up to the hype, isn't it? >> it is. hype is not by coincidence a four-letter word these days in a lot of different territories. netflix has a problem. personalization, takes longer to load, you know advertising is coming. i see them as another player. they are not the dominant tv media thing everybody thought they were. charles: reaction in the market, it is interesting, that almost every company reported beat. a mixed reaction in the morning a lot of names were down. ibm turned higher, the dow is off only 65 points. what do you make of the market how it is grappling with dealing with all these earnings? >> these are relatively normal sum are trading conditions, charles. we have people willing to buy the dips. what they're not willing to do is chase prices higher. that is typically a bullish sign
associated with a chart pattern called ascending triangle. people are still looking forward, still looking for profits, that is fundamentally a good sign. charles: moments ago president trump brought up amazon. amazon was already in the news. people were feeling antsy how this major pentagon contract, 10 billion-dollar contract went to the company. a employee who worked for the pentagon, then for amazon. he went back to the pentagon. shares are really tumbling. when you see something like this, is it a buying opportunity? is it a red flag if what do you make of it? >> here is how, excuse me, here is how i look at that. does this disturb the business case for anything amazon does in any business segment it has? the answer is no. this is about sentiment this is technically-driven trading. to me it does not disturb the buying case for amazon. this i look as opportunity to
pick up shares if i'm interested. i think it has a little bit more to fall but that doesn't bother me in the scheme of things. charles: we're at summer doldrums. we hit a new high earlier in the week. we've been sort of drifting. no sense of panic. when does that turn around? do we wait for entire earnings period, wait for the fed to cut rates? what will be the thing that jolts life back into the market? by the way on the screen the s&p has gone positive? >> there you go. really it will be headline in sort of sentiment-driven, charles. absent that the grind is higher. that is where the market want to go. it knows that is how it finds profits. it is all about headlines, biggest single danger the person looks out from the mirror every single morning. you don't want to do anything rash, be patient. the great companies are still there. they're not going out of business anytime soon. charles: how do you adjust yourself personally for earnings? do you grin and bear it, going
into some of these names, knowing, hey, if they miss, there will be carnage? do you make adjustments ahead of time, keith? >> i asked myself, i have what i call the ultimate trailing stop. here is how it works. basically i ask myself there anything in the earnings report that disturb as case for owning this company. that to me, never mind the technical levels, price levels, anything else. are the reasons i bought a particular stock still in play if not, i'm out and i don't look back. charles: would that apply to netflix? would you be in netflix shares now on weakness? >> no, i would not and because i think the game has changed. we have disney coming online. a lot of other online providers. we even have netflix acknowledging the videogame crowd is competition. no, i don't think netflix is compelling buy right now, i see other players on the horizon taking its breadbasket away. charles: keith keith gerald. >> thanks, charles.
charles: we have union pacific, railroad operator, rising because reporting earnings well ahead of what analysts were expecting. csx expanded losses after can youing their revenue. you have winners and losers in all the segments. semiconductors are having a pretty good day, riding the tail of the. for puerto rico, mounting calls for the governor to resign. high tax rates of new jersey, new york, connecticut, they're suing to challenge the administration's salt policy. are more people about to flee for florida? senator rick scott is here with his take on all these headlines and more. that's next. ♪
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the government is under siege. the mayor of san juan is despicable and incompetent person who i wouldn't trust under any circumstance. the united states congress foolishly gave $92 billion for hurricane relief, much squandered away, wasted never to be seen again. this was twice the amount given to texas combined. the people of puerto rico is great. much of their leadership is corrupt and robbing the u.s. government blind. joining me to discuss republican senator rick scott from the great state of florida. senator scott, if i call you governor, i'm going to apologize up front. senator scott. those images from puerto rico are shocking. we know a lot of it has to do with mounting arrests of government officials, misuse of funds but leaked emails, leaked correspondence from their governor the most part dissed everyone under the sun. you have a very close relationship with puerto rico,
puerto ricans, the island, also your state, what do you make of it? >> i'm going to keep supporting puerto ricans whether in florida or in the continental united states or back on the island but they deserve better than this. the, they are hard-working. the money we sent based on maria was supposed to help families. it shouldn't be based on corruption of the text messages are very disappointing. puerto rican families deserve better. there needs to be accountability. charles: there does. we took in two puerto rican nephews after maria. their mom is coming to visit from puerto rico today. after the show i can't wait to see her. i heard the stories. it never made it in the american media. they were blaming president trump. that bothers me we can't get anything done. what can we do for the people of puerto rico to get the island shipshape again? >> i have been a senator for six
months. my first talk about how we need to take care of puerto rico with the disaster program. in the bill i put in guardrails and safeguards so the money couldn't be wasted. you have to appoint the right people. have to elect the right people. you have to held them accountable. a lot of puerto ricans are frustrated with their government. i will do everything i can to help puerto rico. we need to make sure it is done in the right manner. charles: no doubt about that. i want to switch gears. new york, new jersey, connecticut filed a lawsuit against the trump salt policy saying it is economic civil war. it is a war red states against blue states. they want to overturn the $10,000 tax deductions. your state benefited mightily from this and other economic miscalculations from the states. what do you think about this notion that this was directly done to hurt blue states? >> that is untrue. why should low-taxed states be
subsidizing the state taxes of a high-taxed state? think about that. why would, why would our federal tax laws be doing that to us? they can solve their problem, new york, connecticut, all the states can solve their problems, cut the taxes, run efficient governments like we did in florida. why so many people are moving to my state because they're sick and tired of the ridiculous taxes and ridiculous regulations whether it is illinois, whether it is connecticut or whether it is new york, new jersey, all the state with high taxes. we're not going to continue to subsidize your taxes. it is not fair. it is not fair to floridians or tennesseans, texans or other low-taxed states. charles: before i let you go, your thoughts on the, send her back? president trump saying he did not like those chants. just overall political tone down in washington, d.c.? >> well, first off, nobody should be chanting like that but these four individuals are anti-semitic. they should be called
anti-semitic tribe or squad, whatever you want to call them. what they're doing is doing opposite what our country believes in. our country believes in exclusivity. we respect israel. we respect somebody that is different religion. they're the opposite of that. charles: senator scott, always a pleasure. thank you very much. >> nice seeing you. charles: airline ceos are headed to the white house to meet with president trump shortly amid southwest cutting their boeing 737 max fights through early november. that news coming after powerful testimony from a man who lost his family in a boeing 737 max, in that ethiopian crash, blasting boeing putting profits over safety as he describes what his family went through. does capitalism needs to make some adjustments? i will go in depth next. >> my wife and my mother-in-law knew they were going to die. they had to somehow comfort the children during these final moments knowing they were all their last. i miss them every minute of every day.
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♪ charles: of all the fireworks and mania an capitol hill last couple weeks none were as riveting and touching as testimony from paul njorgoge. he is canadian investment professional. he lost his wife, three children and mother-in-law when ethiopian airlines flight 302 crashed earlier this year. it was a 737 max, combined with the flight 610 took a total of 346 lives. his testimony before congress on aviation safety was a blistering critique of crony capitalism and the notion that profits come before people. he took on lobbyists, federal aviation administration and boeing's management. he took aim at the company's cost-cutting efforts which allowed them to focus on pumping
up stocks. in 2007 the level of orders were piling up and buybacks tallying $40 billion between 2013 and 2018. i've been critical of companies buying back their stocks however in the case of boeing the investment remains, was then, still remains very attractive. in fact yesterday boeing's shares were up despite the testimony, despite the fact that the broad market sold off. still won has to wonder if the chorus against capitalism will pick up on the testimony to promote moving to a different system. should this be a wake-up call for capitalism, and industry to make some adjustment or go on the offense to articulate the virtues of american-style capitalism? i want to ask jillian melchior, "wall street journal" and phil orlando, federated investors. jillian, let me start with you. wall streeters have always been proud, profits at any cost, whether it means sending jobs offshore, whatever it is.
i think there is a growing sense in america maybe there is somewhere we draw a line? >> there is a frustration with people feeling like they can't get ahead. certainly this is largely because under government. under obama you had expansive spree of regulation. you had all kinds of crony capitalism going on. unfortunately crony capitalism is a bipartisan issue. charles: unfortunately it has become bipartisan, both sides are guilty, pox on both houses? >> both sides are pro-crony capitalism. that is frustrating for small businesses and entrepreneurial, they get advantages, unequal playing field, not just trade or benefit, government subsidizing big companies the way it doesn't subsidize small business. these companies hire big lobbyists the waa small businesses can. that is per investigation of capitalism to have crony capitalism like this.
but that is a hard sell to the american public. charles: phil, boeing, also reports that they took senior engineers, fired them in america, replaced them with $9 an hour engreers in the foreign country. used screws inexpensive, when more expensive screws available, 9 cents versus $9. is there such a thing going too far? >> i think there is, the example you're describing here i think is exactly that. what really frustrated me, i share your concern here the polarization we're seeing in this country. the divide is so great. you have the tea party on one side, the herbal tea party on the other, there is no middle ground here. this tug-of-war between capitalism and socialism, there needs to be a middle ground. the point you're making, we're seeing not just boeing. other companies outsourcing jobs to india you, that sort of thing, trying to lower labor costs at the expense of jobs for americans or quality of the work they're trying to produce. there is, we have lost that
element of the quality and middle ground. charles: also today, this topic really dovetails perfectly with this conversation, for the first time in a decade the house passing a bill raising the minimum wage, federal minimum wage to $15 an hour including tipped workers. despite a recent cbo report shows it will cost at least 1.3 million jobs. phil, you wrote an op-ed against this but is this the way government can fix, why don't you like this idea? >> well, here are the issues. both sides have a good point here. the minimum wage at 7.25 an hour is simply too low. when we started the minimum wayne, back in the '30s, and it grew on regular basis, congress stopped indexing it for inflation about 10 years ago. that was a problem. had we continued index the minimum wage for inflation at the same pace we would be at number right now about $11 an hour, more reasonable number.
charles: right. >> so a lot of democrats running for president are saying we should be up at around $15 an hour. that is not an unreasonable number but the pace you get there would be. what we're talking about 13% annual rate of increase between now and say 2025 to get there. while rate inflation is running at one or 2%. charles: jillian. >> you want higher wages through a strong economy. we're starting to see this happen, a tight labor market. amazon is a big corporation going out to say we'll provide job training for all these low-skilled employees. this will be something that will increase their value in the job market. it is one of those things that works it way out. i prefer doing it that way than -- charles: do you buy the notion of liveable wage? >> you get the wages that you get but you want market forces that encourage a strong wage. what is a liveable wage? charles: right. >> unfortunate that under it
being put mandate of $15 minimum wage the people will lose their jobs will be low-skilled people. they will be people who have criminal records. it is going to hurt the marginalized most. >> cbo report, worst-case scenario was 3.7 million people losing their jobs. >> to put that into perspective, 3.7 million would take rate of unemployment u-3 to 6% from 3.7%. charles: would hurt poorest of households. countering everything they are trying to achieve. >> people they're trying to help. charles: really appreciate it. >> thank you. charles: southwest airlines pushing back their date of the expected return of the 737 to fly. southwest is taking the plane out of its schedule to at least november. it will be forced to drop 180 flights a day from its schedule. united airlines struggling saying that the airline can't assume, it won't be getting jets it ordered through next year. that will slow growth. the united expected to have 30 max jets this year.
another 28 in 2020. check this out. a major comeback on wall street. the s&p, nasdaq have turned positive. dow was briefly in the green. what is moving those markets up? could it be comments from the president? a house hearing with "the squad," acting homeland security secretary getting into a heated debate over border detention facilities. we'll have the latest from capitol hill. former i.c.e. director tom homan will join me next after his own showdown with lawmakers on border conditions. ♪ a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. you need decision tech. dto experiencer gthe luxury you desire on a full line of utility vehicles. at the lexus golden opportunity sales event.
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the doj says the charges include conspiracy to distribute millions of painkillers. those involved were arrested this morning. we'll continue to follow the story and bring you any updates. charles: heat he had day in capitol hill. several people were arrested inside protest conditions on the border. homeland security kegs her kevin mcaleenan testified before a panel including "the squad" members, alexandria ocasio-cortez, ayanna pressley and rashida tlaib. they are batting over how to address the issues at the facilities. hillary vaughn with an update what is happening right there on capitol hill, hillary? reporter: things got heated between the top democrat, top republican on house oversight committee. elijah cummings and ranking member jim jordan squared off what is happening on the bored every. >> what does that mean? what does that mean when a child is sitting in their own feces?
can't take a shower, come on, man! what's that about? none of us! would have our children this that position. >> they denied the resources for 2 1/2 months. then when the problem gets so bad, oh, it is your fault. they finally send the money but still put limitations on you because they want political issue when we talk about kids. reporter: democratic congresswoman jackie speier held up pictures comparing conditions were dog kennels they were kept in. dhs secretary kevin mcaleenan, if democrats don't like it they need to pay for conditions to change instead of denying funding and putting conditions on the funding. there was a confrontation between talib and mclean nan,
when is putting limitations on flores agreement. she was trying to get the secretary to admit, he wants to keep kids detained longer. >> you want to keep kids longer. it is very clear from this administration you want keep kids longer. >> we want to keep families together through an immigration proceeding. >> by keeping kids longer. >> in an appropriate setting that can't be done in 20 days with due process. >> that's right. dismiss that. tell people, you want to keep the conditions but want to keep kids longer. >> we want to keep high standards, we're willing have conversation how high standards could be we need to finish immigration proceedings before people are released. reporter: mark meadows said there might be movement in additional funding within the next seven days, congress is hoping to vote on budget caps deal before they leave for august recess, charles? charles: hillary, thank you very much. i would like to bring in former acting ice director tom homan. i have to give you apology. gave you a shoutout on twitter
other day but wrote holman with an l. you were so inspirational in your questioning about representative garcia which was i thought beyond the pale, extraordinarily wrong, mean-spirited. that is how the tone is right now. we're getting reports right now, congress can't seem to get their act together. maybe this is too good of a political thing for both sides, to go ahead and resolve it what do you think? >> first of all i didn't see the twitter. i don't tweet, do any social america, because half of america doesn't agree what i did as i.c.e. director. i don't bother reading it. as long as i'm good for did for the country i'm good with it. this is political theater. they don't want to hear the facts or truth, every time they spend five minutes to border patrol, try to respond i wasn't allowed to. most circumstance, it wasn't about betting to the truth. wasn't about transparency to the american people.
this was political theater to push falls narrative to the american people. i agree with kevin mack can lien nan 100%. what the lawmakers should do apologize to the men and women in the border patrol putting them in a position to fail. secretary, border patrol leadership was saying for months we're beyond broken. the system is overwhelmed. you got to help us, conditions will go down hill and think did. can't blame men and women for congress's failure. charles: explain the flores amendment, why is it so hard to fix it? >> it isn't hard to fix it. it is, that is a great question because fy 14 and fy-15 when families surged across we built a family detention center. we held families together 40, 45 days until they saw a judge. most lost their cases. we put them on airplanes, sent them home. the border numbers went down dramatically. then the ninth circuit says you can't hold people 20 days. we knew that wasn't enough time to be released that would cause
a surge of families coming. i said in my affidavit, if you do this, you will see a surge like you've never seen before of families. sure enough that is happening. democratic lawmakers don't want to get back to 40, 45 days. they know for a fact, these people 90% will be sent home. that is not what they want. they want controversy to last into the election. they want to be able to say this president has failed american people on securing the border. charles: what, if anything, is possible? is there in your mine from knowing all sides, from having talked to all sides, is there even a temporary solution that might be able to get some sort of a you know, a better situation on the border, until, through the elections, then maybe we'll see who wins, what, then come up with a perhaps a real solution? >> i'm very pessimistic that congress will come to the table, close the three loopholes to stop the surge. president is right trying to do everything he can through his
office, executive orders, nationwide operation that everybody is having a fit over. democrats keep saying president isn't above the law. no one is above the law. seems like they want illegal aliens due process, removed by a judge, they want them to be above the law. seeing through these judges orders and removing them. so i think we need operationally do what we can, president needs to do what we continue do. i do not see congress coming through any agreement on this before the elections. i think they want this as conflict. charles: so unfortunate. appreciate you being on. >> thank you, sir. charles: president trump celebrating with supporters after house defeat a resolution to defeat him. can we move on to the economy and issues affecting all americans? congressman andy biggs weighs in on all that. stocks sideways. you had tension early in session with china but maybe the fed is coming to the rescue. how you navigate the market,
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>> i just heard that the united states house of representatives has overwhelmingly voted to kill the most ridiculous project i have ever been involved in, the resolution, how stupid is that, on impeachment. charles: president trump brushing off failed house impeachment as north carolina rally last night. 332 lawmakers shooting down that measure, one of them congressman andy biggs. he joins us now. congressman biggs, were you surprised at number? some were saying over 90 democrats on board now but, if you listen to the media, you thought maybe this time it had a chance. >> yeah. i will be honest with you, i thought it would be fail, but i thought closer 230, 240, somewhere in there. there were 100 people more
voting to against that resolution than i thought would vote for it. charles: do you consider that a rebuke against more vocal wing of the democratic party? >> i do. i think it is, but i think, more than, it is a testament that nancy pelosi was able to bring a lot of her crowd to come over to her way of thinking. i will say this, the number has grown. originally al green had maybe 40, 50 people. but now he is up to 90. he is getting some momentum but so is nancy pelosi. charles: feels to me, that the last stand will be the mueller testimony. maybe depending what is said there, either continue or they will start to focus on legislation? >> well you're right, i think next week, if mueller provides them any kind of peg whatsoever, look for a rehash of that motion but i am real skeptical we'll see anything significant.
they are going to be working on blowing off the spending caps. you know what that means. then they will work on a budget in september. i'm skeptical we'll see a lot of real positive legislation come out of this place. charles: we have fireworks in d.c. again today on the border. and president trump talked about it. i want to play what he had to say about it, and get your feelings about this? >> democrats have put the needs of foreign citizens far ahead of our own citizens. the democrats open border policies deplete our public services, overcrowd our schools and hospitals, and bring crime, drugs and deadly gangs into our communities. the democrats want to spend more money on health care for an illegal immigrant than they do for a citizen of the united states. [booing] charles: congressman, i'm
convinced, i'm predicting it now, the next democratic debate with joe biden there, the big question whether or not he is for decriminalizing border entry. that is the next big busing issue if you will in the democratic party? >> i think you're exactly right. i'm looking at it and i know, some of my democratic colleagues say we're simply not for open border but we're saying for the presidential nomination we're seeing that, from a wide number within the democratic caucus in the house you're sighing this movement to, if you don't fully open the border you're providing pathways to citizenship. providing them opportunities for health care that actually, as the president said, actually considered a bill just yesterday where we saw this humanitarian aid which would actually exceed what we give to citizens of this country. charles: congressman biggs, thank you very much. always appreciate it. >> thank you, charles. have a good one. charles: microsoft is reporting
earnings after the bell. can it solidify its place as the most valuable company in big tech? we'll have a preview of that and also what the fed may be up to next. ♪ your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity.
november. plans are to open a store in houston and also paramus, new jersey, where the former headquarters was. before you get too excited, the two locations will be less than 7,000 square feet in size. it's a fraction of the old store which used to top 30,000 square feet. no word on jeffrey the giraffe yet. we have come off the lows of the day. the dow waffling back and forth over the flat line, sparking this revival was new york fed chairman john williamson advocating for rate cuts in a really strong manner. of course, all of this comes ahead of microsoft which reports after the bell. david dietze is with us, pointview wealth management. first start with the fed. these comments from new york fed chairman -- by the new york fed president and vice chairman of the fomc seems to add a lot of oomph, really urgency where it's brought back maybe 50 basis points into the conversation. >> yeah, absolutely.
these were extremely dovish comments and traders are taking away from it that now, a potential 50 basis point hike is in the cards as early as next week. the thinking seems to be that he's saying since interest rates are already so low, if we are going to immunize ourselves against a possible recession, let's go big right now. a real show of force, shock and awe. that's why we are seeing this market lift up here. charles: one of the things we got from jay powell earlier this week is that hey, the rest of the world has low rates, and they do impact other economies in a competitive world, overnight south korea cut their rates for the first time in three years, is it a race to the bottom and if so, could we go more than 50 basis points over the course of the year? >> yeah, absolutely. i think people say why cut rates at all, this domestic economy looks great but the reality is, we're just one player in a big sea of countries worldwide and they all have much lower rates. what's happening? all this cash is coming into our stock market, coming into our bonds, but in the meantime they have to buy the dollar.
that's driving the dollar up. as the dollar goes up, that's the effect of a rate hike tightening so i think they just need to cut rates just to reduce that cash flow coming in here and give us a level playing field with the rest of the world. charles: do you worry long-term because right now, it feels great, i know. do you worry long-term that there's something wrong with this? this is sort of like eating an ice cream sundae every day and not gain any weight until one day it all hits you at one time. >> we all know that eventually there will be a recession. bear markets have not been repealed and so forth. still, we remain very optimistic. the simple reason is what else are you going to do besides stocks? you take a company like procter & gamble, you got close to a 3% dividend, rising 5% to 15% per year versus the ten-year treasury at about 2%. where you going to go -- charles: microsoft, no-brainer they are going to beat tonight? >> well, certainly that's what we think. they are in three sweet spots right now. one, they're in the cloud, one
of the fastest growing areas of technology. they are gaining on amazon. secondly, of course, they are in the sweet spot of converting everyone from a perpetual license fee for your software to software as a subscription so you get recurring fees and they have office 365, a virtual monopoly. you can't switch out of that. charles: people on netflix, if you were on netflix last night, you wake up and the stock is getting destroyed. if you are in a stock like that, do you bite the bullet and move on? >> we don't own netflix because we thought the valuation was too high. charles: in general, occasionally you are in a stock and it's down like that. >> we do our homework. we are willing to pay 15, 20, say 20 times earnings, so if a stock we really like has one quarter of bad earnings and goes down, we're either going to buy more, we won't let one bad quarter defeat our homework that caused us to buy something for the next 80 quarters. charles: be cool, calm. don't panic. >> buy low, sell high. charles: i heard that somewhere before. thank you very much.
folks, we're at the highs of the session. the market gaining momentum. perhaps it's because liz claman is in washington, d.c. liz, you already had a huge show but it's even bigger. everyone's got to listen to your interview. liz: that's right. it is an interview with the number two top voice at the federal reserve. by the way, we have breaking news right now out of both iran and the new york fed specifically. both are kind of sparking this whiplash for the markets that turned into a late session intr. at the lows of the session we were losing 151 points. now spiking to the upside by about 20 points. this is a significant swing here. new york fed president john williams just said something very specific that suddenly pushed the market from down to up. we will tell you exactly what he said, and this. the guardian is reporting that iran has made a substantial nuclear offer in return for lifting sanctions. so all of that