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tv   Cavuto Coast to Coast  FOX Business  July 30, 2019 12:00pm-2:00pm EDT

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stuart: the outrage just happened book in california for teachers how to teach ethnic studies. bottom line capitalism is racism. >> oh, my gosh. stuart: very sorry to end it on a down, sour note, but neil, it's yours. neil: my favorite moment telling the kid you have to give up half the money in taxes. he looked so crestfallen. thank you very much, stuart. thanks, stuart. hopes for a china deal as the president says china is trying to run out the clock. the country would prefer almost anyone to negotiate a deal than him. we'll get to the bottom of that. there is new information about all the info being hacked. about 1/3 of americans hit by this capital one breach. you could be in that breach. what do you do to protect yourself? democrats agreeing on a plan to tax wall street. the only variation is in the details.
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trust me, would you be hit no matter how much you're invested. fed kicking off two-day meeting. the issue isn't whether they will cut but how much they will cut. consensus is quarter point in interest rates you never know. fbn lauren simonetti is with us. >> 25 point basis cutter is considered bake in the cake. markets predict 76% chance is the size we get tomorrow. president trump wants more. >> i would like to see a large cut. i would like to see immediately the quantitative tightening stopped. see the tightening stopped. stop the quantitate tightening and raising rates was a big mistake. >> he says they are doing the opposite of quantitative tightening. they're easing but injecting
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money into the economies difficult making it for the u.s. to compete. the u.s. is with ongoing trade negotiations with china impacted both countries. take a look at this, the impact for consumers would be marginal. greg mcbride, says a cut would reduce the minimum monthly payment on 5,000-dollar credit card balance by one dollar. homeowner equity line of credit would be reduced by 6.$25 a month. since we have had nine interest rate hikes since 2016 it will take a lot more undoing to move the needle for consumers if you're in the camp we should get a cut. neil? neil: thank you very much. lauren simonetti on all that of the president is warning china, if you're waiting out me you might be making a mistake. take a look. >> i think if china had their
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wish they would wait until after the election. they will pray that trump loses they will make a deal with the a stiff, somebody that doesn't know what they're doing, like obama, biden, all the presidents before. what they have done is picked our pockets as a nation. that is not happening with russia. neil: dave maney with us right now. the chinese if they had their druthers, dave, anyone to negotiate a deal than trump. what do you think? >> i think that is probably true, neil. the president is unusually willing to kind of go with his gut no matter what, his gut, i'm not saying i agree with, his gut saying a hard-line on china trade is what's called for and i don't think he is really listening to much of anybody about it. so do i think he would be a harder line than almost any democrat? yeah, he would be and i think he is willing to weather those
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storms. neil: you know what's kind of interesting, i know they are sitting down they're talking to each other, that is a good start but they're miles apart still, that surprises me you know? >> yeah, they are. look, philosophically our two nations come from wildly different places. you this kind of long, imperial tradition in china which xi is said to be very fond of, very much a follower of, whether or not he is thinking in multicentury increments or not, the fact he is a hardcore autocrat, running a hard-core centralized planned economy. that is not the way we work. donald trump for all his faults, is an unbridled, very highly qualified capitalist. those two systems are not going to see eye-to-eye at the negotiating table. neil: what is interesting, the prevailing wisdom has always been, you and i got into this many times, china has a lot more
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to lose than we do. if that is the case, the chinese certainly are not acting like it. indications that huawei, unexpected sales jump is happening despite being all but blacklisted by the white house. there is a separate view, some of the chinese economic numbers that are looking worrisome are not looking as worrisome, the latest spate of them. that doesn't mean they're still off their strongest economic performance roughly a year ago but they already might be coming out of their mess. >> look, think we're moving into uncharted territory which is both good and bad. i mean the bad part is, it is uncharted. the good part, we're dealing with somebody from a position of not as economic equals but we're kind of you know, they are succeeding in their own way. i give them credit for it. it is not a system i would want to live under. i think not a lot of people in hong kong want to live under. neil: right. >> but the economic success is real. so they're not dealing off their
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back foot. we're not dealing off our back foot. so that sets up a place where you know, you could imagine new and very interesting agreements being reached. you could imagine these two guys, these two nations butting heads at the table forever. neil: while i have to the you here, your predictions what the federal reserve is going to do? >> look, you know, i'm not a fed expert other than to note that it is very interesting it is no longer got that kind of dominant intellectual personality as it did in the bernanke, greenspan days. there seems to be dissent. my guess they will ease off just a little bit. neil: one quarter point i assume is what you're talking about? >> that's what it looks like. neil: dave, always good. thank you, my friend. democrats getting ready to take the debate stage in detroit. it is not an accident that it is in detroit. michigan is one of the states democrats hope to win back against donald trump this go
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around. they think that joe biden will be the nominee. he "sleepy" joe he likes to call him. tonight is an interesting start to things. elizabeth warren, bernie sanders getting the attention, the two progressives who presumably will duke it out to be who is the sole progressive, that might be overstating but what do you think of the mix-up tonight? >> it will be the first opportunity they have for their ideas to be stood side by side neil. they were not on the first stage at the first democratic debate. the question is whether or not will they attack each other? or will bernie sanders choose to go after joe biden instead? that is the strategy the campaign is using leading into the debate. joe biden, not debating tonight, but tomorrow night. he will not be there to defend himself. neil: i tend to follow where the
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money flows to the candidate, normally right after a strong debate performance. we saw elizabeth warren doing very well. castro doing very, very well. it might be short-lived but i tend to get momentum from that. there is nervous biden money after the debate, he sips recouped that even poll numbers stablized. how much is at stake in the lesser tier, the tier that isn't polling as well? >> bide dep's numbers stablized, neil, not where he wants them to be, 19% where he was from before kamala harris, elizabeth warren, bernie sanders nipping at his heels so he does have a lot to lose. what you say about the lower candidates, it is very interesting cory booker's team
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says came out before the debate, it doesn't matter how he performs, he has met the threshold for the next two debates. taking pressure off the candidate giving a extremely strong performance. he already met the threshold. he will be there anyway. neil: there is always a view in these debate, whether it is the republicans, you know a few years ago, the democrat now, to appeal to the base, or to maybe carve out a new base as donald trump did, a more populist-minded one, the base in the democratic party is thought to be extremely progressive, open to a lot of big government initiatives for which they're richly rewarded. in the commentary, follow-up they get in the press. now this go-round joe biden might think i have to part company a little bit here. we might be leaving ourselves down a rabbit hole. what do you make of that? >> and that is exactly what we expect to see the next two nights. specifically on the topic of "medicare for all." what does that really mean for the candidates?
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you've seen this week kamala harris fighting with bernie sanders over that. joe biden getting in the mix on that too. that is something i would imagine they will get into the dirty details of in the next two evenings. all the candidates get pressed on that. following up from the first debate, neil, remember the hand-raising question whether the candidates were asked whether or not they would extend that to undocumented and illegal immigrants, it is possible that they could get pressed to explain more details on that too. neil: exactly. i remember the "new york post" headline, everyone holding up their hands, who wants to lose the next election this everyone raising their happened. >> donald trump really jumped on that. neil: i remember that very, very well. you have your work cut out for you. good luck. thank you for helping us make sense what is going on? detroit tonight and tomorrow night. the president is not backing down on the baltimore comment. there is a strategy to this. where is it going? ♪
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neil: president trump in jamestown commemorating 400 years of representative government. keep in mind that was the first chance of legislators meeting in the new world that was then. the president's comments largely ignored by the african-american community or at least virginia's african-american lawmakers who by and large boycotted the event. blake burman with the very latest. reporter: you know how that goes. when the president left for the event in jamestown he was pressed by reporters on the south lawn with the ongoing feud he is having with democratic
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congressman, head of the house oversight committee, congressman elijah cummings. the president contended more phone calls have been coming into the white house on this issue than any other. he says that people are thanking him for getting involved and bringing a spotlight to it. as he says, he is simply pointing out the corruption in cummings district. listen. >> those people are living in hell in baltimore. they're largely african-american. you have a large african-american population and they really appreciate what i'm doing. what elijah cummings should do, he should take his oversight committee, bring them down to baltimore, invest all of this, really study the billions and billions of dollars that been stolen. reporter: but the backlash to his comments continues as well. for example, as you example the virginia legislative black caucus boycotted the jamestown appearance moments ago. one lawmaker from the group saying in a statement, the commemoration of the it about of
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this nation democracy will be tarnished unduly with the participation of this president who continues to make degrading comments toward minority leaders, problem mull gait policies that hurt marginalized communities and use racist and xenophobic rhetoric. president was asked about the back and forth with the reverend al sharpton, he said of himself, i am quote, the least racist person anywhere in the world. he continued to, neil, to call sharpton a racist. neil? neil: this is not letting up i take it. thank you, my friend. democrat are slamming the president as a racists awe heard there. former cincinnati mayor, trump transition team member, ken blackwell, what he makes of all of that. ken, you have known the president for a while. do you think he says racist things? >> i really don't, neil. if you ask me do i think if he ever uttered racial terms that
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are inartful and, you know, not the clearest, most positive terms, yeah but he is the no the only one. i know of a lot of presidents that have but the reality is, look, this is a war, neil, between those who want to create like, for the president, an opportunity society and those who want to expand a welfare state and increase the dependency of minority communities on big government. it is political strategy. if you increase the number of people dependent on government, they will vote for the advocates of big government. what the president is saying he wants to fuel our economy, expand it, get capital flowing back in here, create jobs, and look, what is happening is the opportunity society? you have a tick up in, in labor
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participation. you have a drop in unemployment. you have a tick up in family income. these are measures of success of an opportunity society. you look across this globe at expanded welfare states and socialist governments, and what do you have? you have failure. and as the president can't go and say failure is happening in baltimore, then we have come to a sat state. neil: it is more than that, right. i appreciate what you're saying because he can look to the economy and the economic gains and the record low unemployment for african-americans and record wage gains for african-americans, as demographic, as a community. they're the most robust of all american groups. >> yeah. neil: but then he stomps on it by you know, go back to where you came from remarks, maybe inelegant as you say, it wipes out all the progress he is making in substantive terms? >> that is unfortunate, neil.
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because in the final analysis this president has put us on, back on a track of prosperity and he is operating from a concept. from the many, one. there are practitioners of identity politics who in fact operate from a politics of division, divide and conquer. this is a classic struggle between those of us who believe that we are a nation of many racial and ethnic and religious groups but we are held together but a set of values and principles. neil: he should all be more aware his words matter, president of the united states, leader of all the people, he says all this, maybe up intentionally to your point, or you believe the rat infested comments, go back to your country, are slips but that is not how they're seen.
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does the president take away, does he forget about the media, does he take away progress made for minorities and african-americans doing sufficient like that again and again and again. >> i really don't think so, neil. in the final analysis, i want to make sure that i'm clear on this, this is a president whose actions and the results should be the measure upon which we take his inclusiveness. this is a policy set that has expanded the economy, and included more people in the economy. and so this notion that we're going to play the games of the left in terms of identity politics, and, let's be truthful. the fact of the matter is, the president has said, if the president was black and a democrat and said what he said, everybody would have been nodding their heads and in approval and agreement. so if in fact you tell me that a
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white president can't say that baltimore has become rat infested, that it is in fact crime riddled, that government corruption prevails, and that be perceived as the truth, because and it is not perceived as the trying because he is white, that is a racial problem. that is a racial problem. neil: you talk to african-americans, you want to hear them, they like what is going on in the economy, no doubt, i get that, many are call in droves to the white house, i don't know who these people are but they are, would you advise the president as a friend, someone who was instrumental helping him get elected in the first place, say, hey, mr. president, you're destroying this, you're killing yourself with this stuff? >> what i would say to the president is, your policy package is right. the fact of the matter is, that you are a disruptor of the status quo. you are a barroom brawler.
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there are some language that you speak that will be misinterpreted and that is what is happening her. neil: right. >> it is being misinterpreted, and that is a challenge. i think what the president understands is that he will speak truth to the american people and the truth will prevail and the measure will be in the pudding. and that is the result. neil: it has prevailed for republicans he secured even stronger lock on their vote but he has lost it with independents, he is dipping now with african-americans. it is out in the jury how he fares with hispanics. does that worry you? your argument he is not intending to do that, but i'm telling you poll impact is that. >> here is my predictment, neil, i look at polls over time. neil: i hear you. >> the president will in fact get anywhere from 10 to 12% of the african-american american vote. 10 to 12%. and that will double what mccain, that will double, more
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than double what romney got and it will match with george bush got in 2004. neil: that would double what he got last go around. >> because he is speaking to legitimate needs and a value set. reality is, that african-americans are the diverse community and there are those in the community, although want is an opportunity to work and to provide for their families. they are those folks who believe in the. >> dade -- >>. christian ethics, families are incubators of liberty. the president defending the judeo base of our nation, he defended the family, that will get him more hispanic and african-americans votes than the last time around. that is what he has to stay on.
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neil: we'll see. >> and again he is not a choir boy. he will not always get it right but pains me to see al sharpton talk about the president when that, he has been a racial, polarizing figure himself. and then he turns around and calls the president racist. neil: some of these people who inflame racial controversies and hatreds of their own -- to the president, your right quite the it is a little rich. always good to see you, my friend, ken blackwell. >> always good to see you. neil: i don't know if you were one of the 100 million caught up in the capital one hacking campaign, there are things you can do to make sure you're not dragged into the credit mess. after this.
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neil: capitol one's stock getting crushed right now after this data breach and now the first lawsuit filed.
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you can expect many, many more. fox business's grady trimble on steps you can take if you're one of the 100 million affected. hey, grade did i. reporter: it's a only matter of time. they are seeking class-action status. could be the first of many federal investigators say this woman, paige thompson, from seattle single-handedly hacked into a cloud storage system. and got access to all that data. capital one says the breach affected 100 million people in the u.s. who applied for or had a credit card with them since 2005. on top of that, another 6 million in canada. here is what is compromised. about 140,000 social security numbers and 80,000 bank account numbers as well as credit scores, credit limits and payment histories. on top of all of that, we're talking all of these things on your screen, addresses, phone numbers, dates of birth. the breach calls into question the security of amazon's cloud
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service. where capital one stored the data. the woman arrested work the for amazon as software engineer from 2015 to 2016. we got a statement from amazon. it says amazon web services was not compromised in any way and as they put it functioned as designed. for capital one this lawsuit could be the beginning of its troubles. the company estimates that the breach could cost them up to $150 million. neil. neil: grady, thanks. a new probe of parents using a legal loophole to get college financial aid for their kids. jackie deangelis has more. >> nice to see you, neil. outrage over a new college admissions tactic concerning financial aid. "wall street journal" is reporting that the education department is investigating a loophole where wealthy parents transferred guardianship of their child to qualify for scholarship of their grants. through the transfer, only college bound earnings, their
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earnings savings are considered. still legal, no, but it reads as a whole lot of ethical questions. some college consultants are advertising they're able to save families money without specifically saying what that methodology is in the marketing materials. the journal gave an example. let's walk through this here. a woman in illinois she had a 17-year-old daughter. she was trying to send her to college. transferred her guardianship to her business partner. they had a income of $250,000 but they spent about $600,000 putting older kids through college. they didn't have savings for this daughter. so they also didn't have any home equity either. their home was valued more than a million dollars. after the paperwork was done, the daughter showed $4200 in personal savings. so she got $27,000 in a merit scholarship, $20,000 in need-based aid. the 13,000 left over her grandparent paid that. is that fair?
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people say no, especially in light of the recent bribery scandal that broke in march. neil: can they do that for a set number of time? does your child have to be clear of you as a dependent for fixed number of time to take advantage? >> doesn't sound like it. it sounds likes it is pretty easy to do and pretty quick to do, neil. neil: not that it is giving me any ideas, but you don't have to wait a year. we have a lot more coming up. the president lashing out at china. john paul dejoria says this will hurt a lot of people if it keeps dragging out after this. (groans) hmph... (food grunting menacingly) when the food you love doesn't love you back, stay smooth and fight heartburn fast
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neil: they are sitting down and talking in shanghai today, as the president tough ins the stance on china, even as they're comparing notes, offering ideas to keep these talks going. fox news radio show host jessica stone where things stand right now. what are you hearing? >> we're seeing plenty of bluster on both sides as negotiators go into day two of the negotiations. they are the first since talks broke down in may. give you an idea where beijing stands, if washington still holds the illusion that beijing will cave in, compromise on issues concerning sovereignty and other core interests, then no deal is fine. china will always find a way to with stand pressure. here is what president trump said this morning. >> china is dying to make a deal with me, whether or not or not i
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will do it is up to me. it is not up to them. >> the president is continuing to make the argument the u.s. economy is strong while the chinese economy is down. he always gives the his team negotiating room that china would love to wait until after 2020 to negotiate a deal. the real test whether we see announcement of purchases of u.s. farm goods. that is the expected outcome here. remember the president felt he was promised that in japan, in exchange for holding off on tariffs, easing up on huawei. those purchases have not been made. at the same time we're hearing that beijing may be preparing the chinese public to sort of accept some purchases of u.s. agricultural goods with some messaging they're doing in china. i want to bring you one other update if i may. we've had reporting about this idea, that the pelosi had privately committed to secretary mnuchin to do the usmca by
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october. we're now hearing that, from her spokesperson this is quote absolutely not true. back to you. neil: got a lot in there, jessica. thank you very much for your help with this, jessica stone. john paul mitchell, the cofounder of so many things, patron spirits, so many hair products you name it, from nothing to a multibillionaire. his read on all of this. john paul, your big concern each side comes out a loser the longer it drags on but neither side seems to get closer where they want to be so handicap for me. >> it is. love you out there, by the way. what you take a look at what is going on now, how do companies like mine and others how do we address this? the longer it goes on it is not good for either party. it is nod good for china. rocket phone looking to do business in china, this tariffs got really, really big, where
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would we go? we're looking for alternatives. many other companieses in the united states are looking for alternatives. a lot are close to china. vietnam, cambodia, thailand, inyaw. if this goes on long term, it will hurt china more than the united states. i don't really see this going on long term. the mistake i would make with mr. trump, no disrespect, mr. trump, not you that makes the decisions. the final is the american public you speak for to us get something fair going on here. i think it is not good for either side but others in our country look what if it did? even if it didn't, should we look for alternatives any way just in case the unexpected happens in the future. neil: you are so going to get tweeted by the president but that is fine. john, let me get your take on something else the president said earlier today. >> sure. neil: the chinese if they had their druthers would wait out the election, hope, pray, the president loses. then they can deal with some
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other empty suit or the president saying maybe "sleepy" joe or one of these who wouldn't really be able to strike a deal in the u.s.'s interest. what did you make of that? >> first of all he is right in one way, that of course they would rather wait until possibly trump may lose, someone else may possibly get in. they're right about that, but would china wait that long? i don't think so. china is seeing the economy slide a little bit here. the tariffs continue, the goods are not transferred back and forth the way they should be. i have a feeling we'll not get to that point. i think this thing will be over with in very short pier, meaning months, not years. too much at stake. neil: got it. he wasn't calling them empty suits, losers is what he called them. let me get your sense where this recovery in our country is going. the federal reserve is expected, as you know, to cut interest rates tomorrow probably by a quarter point. >> correct. neil: do you think that is necessary? do you think that will keep the
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recovery going, keep it going longer, what? >> i don't think it is necessary to keep it going. just a quarter of a point lower. a lot of people do, especially for the debt of our nation. neil: right. >> because when it goes down, our debt goes down which is kind of good too. i think what is happening now, the consumer confidence in the united states of america for our own people, people abroad is pretty high right now. people working now that weren't working before in all ethnic groups. with all respect, mr. trump, you're doing good things out there. we may disagree, i disagree with your demeanor. when you see people working in all ethic groups that were not working before that is a wonderful thing. they can spend more money. the economy generates more. the same result the american dream is still alive, happening for everybody. that is pretty exciting. i think economy will continue to grow. neil: you mentioned ethnic groups. i would be remiss, if i didn't
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get into the controversy the president gotten into, remarks others deemed racist, the advancements in black employment levels, the advancement in hispanic unemployment levels, i wonder if he is stomping on the message leaving some to wonder whether he is racist? >> i think that once again your last guest or two guests ago on your show, said it awe. if mr. obama made that same statement they would clap, yeah, there is probably a lot of rats, it is dirty in baltimore, let's clean it up, because he is white and trump they look at it different way. especially the left part of the united states. neil: this go back to your country stuff and all, might be intent but words matter. nancy pelosi doesn't think he is a racist. thinks words he uses is racist. >> he should be very careful because donald trump unfortunately just comes off and says something. so easy to misinterpret some of
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the things he says or believe some of the things he says. if he would do what he is doing and back off a little bit on the commentary, that would be a wonderful thing. i think he would get a lot further ahead and perhaps congress will work with him a little bit closer. but sometimes he just says the wrong thing and it is wrong, it is wrong to do that. he should be a little more careful what he says. he does good things out there. forget about cutting everybody else down. take the higher road, mr. trump, take the higher road. neil: always classy, john paul dejoria, he calls them as he sees them. he is a billionaire. he didn't think what everybody says but he is honorable human being at the same time. john, thank you very much. 2020 democrats are making a push right now to tax wall street. what does that mean? after this. there's everything from happy to extremely happy. there's also angry. i'm really angry clive!
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neil: the first of two debates
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quicking off today which is weird because we first of two day fed meeting. what should we do. candidates taking advantage of the situation, money comes with it, they have various idea how they pay for their very generous spending plans. charlie gasparino has been dissecting a lot of that. >> particularly kamala harris "medicare for all," being paid for by a tax on wall street. i've been speaking with traders and investors over the last couple days as this thing is taking shape, i tell you a tweet i put out yesterday really touched a nerve because when you really come down to it, forget about whether you like kamala harris or dislike her, look at her tax plan, it is essentially a transaction tax. it is not saying jpmorgan, bank of america, goldman sachs, you pay more money. it is taxing individuals who trade. neil: buying or selling? >> yeah. who are those individuals who trade? well, there are a lot of retirees who trade. there are a some average people who trade. there are pension funds who
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trade. right? pension funds who hold, invest the savings of teachers, retirement savings of teachers, firemen and cops. there are mutual funds that trade. average people, my mother-in-law out in queens owns a mutual fund. trust me, she is not rich. neil: you're cheap. you don't help her out. >> i do. neil: okay, good. >> high frequency traders do trade a lot. maybe -- neil: these numbers she says are small. what are you whining about? >> you can't make your, you can't make your bones on hft, high frequency trades. the real issue whether this is a tax on wall street or a tax on, a phantom tax on the individual and i would say, listen, just because you're in a mutual fund doesn't mean you don't pay expenses. neil: right. >> if they market, i think they're called 10-b-5 charges,
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you pay for those charges. neil: they add up. is it your sense, people you talk to, beyond wall street, it is going to be prohibitive? investors plan to sell a stock, buy a stock, will think twice? >> here is the impact. could dry up liquidity, trade in dark pools overseas where you could hided trades. it will have impact on average investor because that investor will in some ways pay for this. it is, and, here's the other thing, which most people, which it is kind of burying the lead here, no one knows how much money you're getting out of this. neil: it starts out small, .1 like the value-added tax in europe starts out all. >> until you figure out whether you can pay "medicare for all" which is another story. i'm saying this is a slippery -- is he doing it too? neil: he has a variation. >> a variation.
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neil: their argument it is pennies on the dollar, not even, here is charlie gasparino to say more onerous? >> great, sell that to the american people. when the stock market goes down 5000 points, liquidity dries up, people are not trading. neil: you think this could do that? >> listen, markets go down based on lots of reasons including corporate earnings at the top of the list. if they're booed they will keep going up. the market will be lower at some degree because of this. it will be lower than it should have been because of this. this is a tax on trading, liquidity and markets perform best when there is liquidity. anytime you want to sell your stock, your ibm stock, someone will buy it. they will buy it at a reasonable price. it will not be bought with massive spreads where there are trading commissions. neil: right. >> this sort of stuff impedes that. and here's the other thing. i don't think she can get enough money from this. neil: seems so small.
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you're dealing in the trillions of transactions over the course, maybe, i don't know. >> certain people won't trade. when was last time you taxed something they do more of it? i remember the tobacco taxes right? you remember the bonds were based -- neil: eventually people stopped buying tobacco product. >> the bonds went into default. neil: you like beyond meat? >> i think that is the most disgusting thing in the world. neil: another beyond -- >> can you imagine fake bruzit. would you eat fake -- neil: mention the numbers, fallout. >> what is it? neil: i can't tell you. >> do they know what is in it, do they know what is in the stuff? neil: we have to wait. >> i'm watching.
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neil: beyond meat feeling a little bit of pressure today. don't cry for shareholders or company, it is up 700% from the offering in may. greg smith, early investor beyond meat, whether he is beyond worried. what do you think right now? >> thank you for having me here, neil. i went to bed last night after witnessing beyond meat post one of the most remarkable quarters for newly minted company i have ever seen. i woke up to headlines saying quarter was mixed. i said to myself i pulled a rip van winkle, or some of the people writing at media outlets are summer interns and no idea how to read a financial statement. neil: there are expectations an gains. they are making money. what did you make of some people say, all right this stock run up too far, too fast, let's use this as a excuse to knock it
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down, what did you think? >> i think here's what is going on. when you pull back the results they blew away wall street estimates by more than 30% on the top line. their gross profit margin exploded 33% to 27% last quarter. if you put that in line versus someone like tyson, keep in mind tyson is making 12% gross profit margin. also what people fail to realize, beyond meat was actually profitable for the quarter when you backed out a one-time charge. what is going on in the stock today, is the announcement of a a secondary offering which is responsible way to get overhang out of stock for selling shareholders early investors of the company. lockup period expires in november from the may ipo. they announced a public offering that is putting a little bit of dislocation. neil: the secondary offering, they're already, you know, spreading things out too thin. the bang for buck is gone, you don't buy that. >> i don't buy it.
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putting a temporary pause. this offering will price tomorrow night after the close. when you look at it, 3 million shares. it is not even half of a day's trading volume in beyond meat. it is a very, very small blip. i think right now again it's a very temporary pause. you have buyers might be a little bit deer in the headlights waiting for this offering to price tomorrow night, get cleaned up, get out of the way. you look at the company, they have such green fields ahead of them. 10,000 qsr opportunities ahead. we know where the market is going with respect to plant based foods. they're clearly the market leader. i see great things ahead for the company. this is a temporary blip right now until the offering price tomorrow night. neil: beyond meat, beyond sausage, all the other stuff. we'll watch it closely, greg, thank you very, very much. >> thank you. neil: you don't hear that view a lot. we thought we get that out there. when everyone goes one way, we like to say you heard that, let's go back the other way to put this in perspective. meantime the fed kicks off a
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two-day meeting, that the president makes it very clear he is very disappointed with the fed. he wants interest rates to go down a lot. the consensus they will go down but they won't go down alot, after this. hostilities, or cultural differences. "the eagle has landed" that place wasn't 240,000 miles away, "one small step for man" for a few moments, it was right here at home, "one giant leap for mankind" over 4,000 people from ibm helped apollo 11 get us there, today, we are ready to take the next giant leap, wherever it may lead.
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neil: all right. we don't know how much progress they are making with the talks but they are meeting with china. profits are popping right now. in fact, the economy seems to be doing well. most people think the federal reserve will go ahead and cut interest rates. the only debate seems to be could it be a half point? very unlikely. likely it's a quarter of a percentage point. the college admissions scandal that's just breaking. neil: all right. the big debate tonight. this one will pit elizabeth warren against bernie sanders
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and eight others, by the way. i don't mean to minimize the eight others but it's bernie sanders and elizabeth warren and eight others. let's get the read from hillary vaughn, who is following all this very very closely. hillary? reporter: hey, neil. we are in detroit, michigan, where 2020 candidates are here warming up their talking points. some of them here talking to voters, testing out the lines they are going to use on the debate stage. we are here in troy, michigan, just outside of detroit where 2020 contender, colorado senator michael bennet will be touring this facility, also talking to the local pipefitters union. he will hit the debate stage tomorrow night. but tonight will be the first time that prominent progressive senators bernie sanders and elizabeth warren will meet face-to-face. sanders yesterday took a break from debate prep to meet with rapper cardi b, tweeting this about their meeting. today, cardi b and i finally met. we had a great conversation about the future of america and let me tell you, cardi b is
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right. together we will get millions of young people involved in the political process and transform this country. sanders and cardi b met for about 30 minutes at a nail salon in detroit. joining sanders and warren on the stage will be beto o'rourke, who was spotted this morning running around detroit taking a break from his own debate prep. beto in a frank fund-raising e-mail this morning to supporters admits a lot is on the line for him tonight, writing quote, it can be a challenge to talk in 30-second snippets about issues that deserve a lot more time. a lot of eyes are going to be on us from the viewers in homes across the country, to the reporters wondering how our campaign will fare in the months to come but also, hoping for a breakthrough. mayor pete buttigieg is facing trouble with black voters. in a new quinnipiac poll out yesterday, pete buttigieg is polling at close to 0% support among african americans supporters. today's debates in detroit
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showcase a place democrats are hoping to win back in 2020. dnc chair tom perez on the ground in detroit admitting that in 2016, they did not have any fund-raising operatives here on the ground. he said that has changed for 2020. neil? neil: thank you very much. the president for his part saying joe biden will eventually be the democratic nominee. sleepy joe, as he calls him. we have republican strategist rob smith and slightly left of center commentator, danielle mcloughlin. the pressure seems to be on the top tier candidates to emerge as the only in their tier so tonight offers an opportunity for bernie sanders and elizabeth warren to settle that. will it? >> i don't think so. we are still a long way away. we are still months and months and months of course from iowa. but it will be interesting to
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see those two candidates who are offering to the american people very similar platforms at the far left of the democratic party to see whether they can differentiate themselves from one another. they are polling pretty consistently in the top tier along with joe biden, but only one of them will -- at some point it's going to break one of their way. >> i think bernie sanders meeting with cardi b is a great move but why not meet with detroit rappers? eminem? john connor? >> now that you thought of this cardi b thing, did anybody see the instagram video cardi b did where she was literally ranting about her taxes, about the fact she pays lots of taxes and doesn't see any of that coming around new york city, does she know what candidate she's supporting, that by talking to bernie sanders he's going to raise everyone's taxes? >> he's not going to raise taxes. we're just going to put it on the deficit.
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>> you pretended for years to care about the deficit as republicans. neil: don't pretend that you do. >> i do care about free stuff for everybody. free stuff for everybody. this stuff is not free. i do think cardi b is actually, i agree with candace owens, who challenged cardi b to a debate that turning point usa is having this fall. she thinks cardi b is a secret conservative. i think she's -- >> you are all trying to convince us they are secret conservatives. i get it all the time. i'm here to say that's absolutely not the case. neil: i want to remove all doubt. you know, racial issues are going to come up. the president has been saying a lot of controversial things. democrats say they are all racist things. we have a number of his african-american backers who beg to differ with that. that will likely be a big theme tonight, right? >> i can't imagine it won't be. you had these things coming out about baltimore, rat, roach infested, all that. it's a very easy talking point,
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one of those things you can very easily put your finger on and say the president's wrong here -- neil: i had one guest on who said barack obama was saying a lot of this stuff, it wouldn't create any of the waves. bernie sanders said exactly this stuff, it created zero waves. >> bernie sanders cannot tonight step up on that stage and say president trump is racist because he said x, y, z about baltimore because bernie sanders said the exact same thing. i was literally in baltimore yesterday and i was talking to residents on the streets, people are talking about the trash, talking about the rats, this is not a new conversation. neil: when you hear the president saying today before he hopped on marine one that lot of people have been calling the white house and commending him, african americans commending him, he didn't name names and all this stuff but you believe that? >> no. >> i do. because let me say something right now. when you -- i look at what the people are saying. when you look on twitter, there were really great videos out of baltimore.
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when you interview the people, they will say he's not saying anything that we haven't been saying for years. if this is all having us start a national conversation about what is going on in baltimore -- neil: should he say it, though? >> the other point is context. yes, other people have said this. we have had leaders of detroit and other inner cities say this about impoverished neighborhoods. the difference is if you look at the track record of the president as it relates to renting to african americans back in the '70s, as it relates to the central park five, people are not going to give him -- neil: look at his record as president. record low unemployment, record low among african americans. i agree with you how he says it isn't exactly pristine. if i had to go on someone's word versus actions, i would go with actions. >> you're talking about results, not actions. these results have come despite the president putting a stop to a number of programs that were designed to benefit african americans. neil: you argue he's not making inroads with the
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african-american community. >> i have to push back. i have to push back on this and on this. the first step act which is the most comprehensive criminal justice reform literally in decades passed. 3,000 or maybe 2200 inmates were just released. >> about 2100. neil: are any of those votes going to turn as a result, though? you think the people will hear that and record low unemployment levels and all of this, prison reform and all that, that is going to resonate? >> when i was on capitol hill lobbying senator ted cruz to switch his vote for the first step act, i said senator cruz, we need to have something to bring to the african-american community when we start going for 2020 and the first -- you know, record low black unemployment, that's great, but the first step act, this is something tangible, something real, when you go to the internet and you see these videos of these prisoners that are returning home because of what this president -- neil: this was bipartisan legislation. >> both parties can take some
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credit for this. obviously jared kushner, there are huge numbers. i do try to give credit where credit is due as it relates to experimental drugs as this president has done, with the compromise, watered down because conservative republicans didn't want all the things that the progressive criminal justice organizers wanted but still, i totally agree, about 2100 people walked free, about 900 had other state level issues they had to be incarcerated back at the state level. it was a great thing. i will give credit. but my point was there's a history and it's about giving somebody the benefit of the doubt when you look at their language. people will look at his history, some won't give him the benefit of the doubt as it relates to what he said. neil: no matter what inroads he's making it's not going to register. i had a guest earlier who was saying he's going to get up to 12%, maybe more of the african-american vote which
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would be far more than doubling last time. you see that? >> no. >> 12% wouldn't be more than double. he got about 8% last time. what a lot of people don't realize is he got more african-american votes than john mccain and mitt romney put together. there's some sort of appeal that is going on here on the ground that is not -- >> be honest. >> well, let's be real about the fact there's some sort of appeal that's going on with people on the ground. it's not in studios like this, it's not among the people that are going to be commentating about what's going on in the debate tonight. it's people the ground. it's a real thing that's happening. i have seen it with my own eyes. i have been in the white house with 400 black students with maga caps on cheering what the president has done. >> there is also a different and slightly more rarefied environment when you have people coming into the white house. what is interesting, i go back to this benefit of the doubt. so much of politics and the decisions people make at the ballot box relates to obviously your pocketbook but your emotions. how you feel about somebody, whether you are inspired by someone, whether they are saying
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the things you wish politicians would otherwise say. neil: you think there's a quiet vote there that doesn't admit to supporting donald trump? >> i absolutely think so. it's why we saw i think people, they talked about it in 2016, this idea that people responded to telephone polls and didn't admit they were favoring the president. you see this very clear line, almost a linear relationship between when a person questioned about the economy thinks the economy is going well and whether they support the president. it's a very interesting thing they almost pivot together which maybe has implications for whether a great economy can buoy and force him to allow him to have another term or not. this is a president who really pushes you into a corner one way or another in a way that i don't think we have ever seen. >> if you talk to the people of baltimore, they will probably tell you how inspired and motivated they were to vote for representative elijah cummings for the past 30 years and it probably hasn't gotten them that far, either. neil: interesting. it's still early. all right.
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neil: we are kicking off a lot of two-day events. the federal reserve, we told you in the last segment about the kickoff of the democratic debates in detroit, two days of that, but it's the fed meeting that's getting a lot of interest at the corner of wall and broad. the expectation is that interest rates are going to start going down with a quarter point cut that could ironically help the
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president, who has been very critical of the federal reserve and its chairman, jerome powell, who he said was a mistaken choice. we are back with dan, rob and danielle. dan, one of the things the president has said, if we had stuck to the same kind of policies we had under barack obama, this constant rate cutting, buying up all the notes and bonds to keep interest rates forcibly low, we would be thousands of points higher, the dow, the economy would be over 5%. that's what he's been saying. >> yeah. if you did what he did on the fiscal side which is add trillions to the debt, we would and did that on the monetary side with the fed, i'm sure that would help the economy take off. neil: you don't support or agree with what the president claims he's been doing to spruce the economy? >> look, when he tried it, when it was first proposed a lot of people said we have no idea because no one has ever tried to add trillions more dollars of deficit-backed spending to the
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economy in the ninth year of an economic recovery. no one has ever tried it. neil: other presidents of both parties give it a stab. >> i don't think you have, because -- neil: barack obama wasn't alien to just -- >> he did that again, at the time when the economy was going down, right. we were in the midst of a recession. >> he did it to stimulate the economy. >> he did it to stimulate the economy out of a rut. we were at the time this tax cut was passed in the midst of the ninth year of an economic recovery. neil: now apparently the federal reserve, i don't want to make this too dull here -- [ speaking simultaneously ] neil: we would be a lot stronger right now if the fed had never started hiking rates. a lot of people agree with him on that point, whether you have to get back to where we were when they started this process. that's debatable. ironically, if the federal reserve were to do so, start cutting rates tomorrow, maybe follow up with a cut or two after that, that could secure the president's re-election. right? >> it could. the fun chny thing about everyb
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that's trying to run against the president right now, they are running on everything but the economy because the economy really is going very well. neil: well, they talk about how unfair it is. >> yeah, they talk about how unfair it is but i want to push back, so there is kind of like this fiction the economy doing well right now is just an extension of everything else that was happening with obama so we are kind of like riding that obama economy wave. the truth is that there are lots of different economic indicators that just started after the election. you have business investment up over $300 billion since 2016, capital goods and orders up sharply, new business applications actually surging. neil: that's all on president trump. >> that is not all on president trump, but it is a direct result of some of the changes that have happened since he's come into office. neil: i will disagree not with that point of view, but the notion that it's either/or. i think both presidents contributed to this recovery and the market run-up. i give them both a round of
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applause. but i do find a little disingenuous when this president says he inherited a depression. that's a bit of a stretch. >> because it has no basis in fact. that's why. neil: possibly that. >> certainly we are -- neil: you will say that he did goose it, that he put it on steroids. >> to my earlier point about giving credit where credit is due, obviously wall street loves a republican president. wall street loves deregulation. we can have that conversation -- neil: wall street technically does better with democratic presidents. >> interesting. you wouldn't think that. neil: i'm not taking the prism of any political viewpoint. if, for example, the fed lowers rates and we get this added shelf life, this recovery, then what for the president? because you could argue given this environment, he should be up ten points in the polls but it's all the stuff you guys got into in the last segment that keeps him down.
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>> one thing we have seen, there have been a number of academic studies on this, the impact of quantitative easing, monetary easing, is reducing. really, the effect of a fed rate cut when rates are at 5% or 4%, as they have traditionally been, is going to be significantly more than rate cuts now when we are at 2.5%. >> yeah. neil: it's psychological, right? >> a lot of it's psychological. neil: i don't think they should be cutting. >> if they cut rates you will see a reduction in credit card rates which will free up money for regular people spending. a lot of people are in debt right now. >> mortgage interest rates are extremely low, where they're dropping interest rates again makes a difference and studies are showing it's not really making much of a difference because rates are already so low. home ownership is a really important part of wealth building for the middle class. very important part of the economy which is why we have tax system around mortgage rates and
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other things. i agree, the traditional argument against this is what happens, because we are in a slow global slowdown, what do we do to stimulate the economy if we do go into some sort of -- neil: liz warren says we are creating a bubble. do you agree with that? >> for me sometimes as somebody that's a fiscal conservative, i love everything that's going well with the economy right now. i do fear that we sometimes don't learn about the lessons of the past. >> sometimes? neil: you're right. >> i'm open-minded enough to listen to an elizabeth warren critique about us creating another housing bubble and make sure that we realize what just happened not too long ago to make sure that that does not happen again. neil: you are so young, you don't even remember the housing bubble. when you say you learned the lesson. i mean, you know -- >> maybe i'm not as young as you think. neil: they are going to be coming back. but we have a lot of stuff going on, not the least of which is a lot of hyped-up sentiment around
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apple. it's going to report after the bell. that has gotten to be a good litmus test for the economy and where things are going and whether people are prepared to spend as we are told now in excess of $1500 for the next iphones. after this. (groans) hmph... (food grunting menacingly) when the food you love doesn't love you back, stay smooth and fight heartburn fast with tums smoothies. ♪ tum tum-tum tum tums 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.
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you know, the pizza slice. it allows you to choose any doctor, who accepts medicare patients... and these are the only plans of their kind endorsed by aarp. whew! call or go online and find out more. neil: the accused hacker behind the capital one breach that was able to compromise records of better than 106 million americans through the cloud is getting really scrutinized how easy it was to happen. the legal shield chief product officer on what might have been compromised here. i know it's very early in the process. welcome. thank you for coming. but what are we learning about this right now? >> well, i think what we're learning frankly is a continuation of a disturbing trend that we have seen with some of the other large breaches, going all the way back to equifax, including names like microsoft -- sorry, not
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microsoft but marriott, and the fact that a relatively small number of people, very determined hackers, keep staying a step ahead and being able to access large data bases of information. i think people, it sort of shatters the myth that the cloud is some sort of out-there, secure fortress and where it's really just a series of servers and software which is just as vulnerable to hacking as onsite facilities. so we're seeing some very determined bad guys staying a step ahead and getting ahold of your information. neil: we don't know how many people's records were indeed compromised or bad guys got their hands on, started using the social security numbers, the credit reports, all that other stuff to nefarious means. we do know a number of big money center banks are leery of this cloud thing, whether they do it on their own or through a third party, in this case like amazon. i'm wondering whether this will further that caution. what do you think? >> i think it will further the
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caution because again, people trust these institutions as if they can't be hacked, and we are finding again that this individual working alone, presumably, was able to expose a firewall of basically a third party service. a lot of these cloud services are rented, hosted by a third party, and there's sort of a degree of separation there that makes you wonder exactly how protected you are. neil: so if you hear that an institution with whom you deal is doing a lot or storing a lot of your stuff on the cloud, anyone's cloud, would you, if it were you, would you just say all right, i don't want to deal with that situation? >> well, no. i want to be clear, too. first of all, the cloud and how it operates isn't really my area of expertise except here at id shield, we are looking constantly at what types of data are being compromised. so we can draw the conclusion that no, i wouldn't mistrust the cloud in general. but what i would make the point of is that the types of
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information that are accessible, even if you are protecting like in this case social security numbers or credit card numbers, it can be any combination of information, name, date of birth, address, and that gets pieced together and sold to the dark web in ways that can compromise your identity down the road. so it's not really the cloud itself that i think is a problem. it's just that any number of types of information can be extracted from that. so while a company may claim that the most sensitive financial information wasn't compromised, lots of other pieces are. let's face it, the cumulative effect to this point for the ones i just mentioned means your information is probably out there. neil: whether it's on terra firma or up in the cloud. >> exactly. neil: or in this case, what happened here at capital one. it's vulnerable no matter where you put it if you're not careful. thank you, scott, very, very much. >> thank you. neil: in the meantime, european union is not budging on renegotiating that brexit deal
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with britain. britain is saying we'll leave even if you don't renegotiate a deal. the only fallout we can see for the time being is that the british pound is getting, well, pounded. let me ask you something.
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neil: all right. in earnings season we hit you with a lot of numbers. some are more important or at least seen as more of a barometer than others. apple would probably be among them and after the bell today, we will find out how it did in
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the most recent quarter. kristina partsinevelos is at the new york stock exchange with more. kristina: analysts are relatively bearish on apple so the bar is set a little lower. year to date you are seeing the stock up 32% despite its being lowered today. what are we expecting from the earnings that come after 4:00 p.m. eastern time? we are expecting earnings per share of $2.10 on revenue of $53.4 billion. more specifically, what are investors going to be looking for in this earnings report? the first one, service revenue growth. should we see any type of weakness because na that is sucn important part of their business. then talk of new 5g phones, maybe there will be some comments about that because they have said they are looking into that, 5g technology, very connected. then last but not least, comments on the u.s./china trade war and whether that's softening any of the iphone sales. this comes at a time when the chief design officer did step down very recently and we got some rumors for you from mac
1:34 pm and they are very accurate when it comes to any new type of apple leaks. according to them, giving them credit, two 2020 iphones that will have 5g technology and their cameras will be very specific. they will have time of flight camera sensors. that means it can detect depth so if you are taking a picture of a bedroom i will know exactly how far away your bed is in there so create a 3d map. switching gears though, you brought up earnings. let's go over under armour. we are starting to see shares plummet today, down almost 13%. they had mixed results, the big concern with under armour is the outlook going forward in north america. you had them outline that they expected to drop in north america for the next full year. there's a lot of competition wrapping up here with nike, lululemon. that's the reason underarmour says they will focus more on h athleisure. we are expecting 33 to 34 cents a share. there you have it.
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plummeting primarily due to full year guidance. neil: thank you very, very much. meantime, you know about this fed two-day meeting that kicks off. the president weighed in earlier today. >> i am very disappointed in the fed. i think they acted too quickly by far and i think i've been proven right. people have said i was right. they were wrong. the fed is often wrong. neil: all right. to the former chairman, ceo of american express, harvey golub on what we might expect. very good to see you. the president has been very critical of the federal reserve, says it's robbed us of at least 5,000 extra points on the dow, a much smarter recovery. what do you make of that? >> well, it's business as usual. every president would like the fed to lower interest rates so there's higher economic growth. the fed tries to reach a balance between economic growth and inflation. that tension always exists. donald trump is right, the
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interest rates were raised too early, there was insufficient evidence of inflation problems and they could have lowered them. that would clearly help the economy and help his political chances. neil: you know, he wants to see interest rates cut a lot. i think he's said that one full percentage point, not in a single meeting, but that it should be that much. he's hoping for a half point cut. he will likely see a quarter point cut. what do you think of that? >> i think it's probably going to be smaller than the one point cut. but they probably should cut it by some amount. neil: why? what do you see happening that would warrant it? what's going on globally or what? >> partially globally, but partially in this country. there's not a significant amount of inflationary pressure. you know, normally in the past, when we have had unemployment this low, labor shortages cause inflation, that has not happened. in the absence of inflation,
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there's no reason economically to raise the interest rates. neil: so the fact that we have been dealing with record low unemployment, we haven't seen inflation, gets people worried about the other thing, deflation. are you worried about that? >> no. no, i'm not worried about deflation. unemployment is low but there's still a lot of slack. there are people that would want to work, there's a lot of inefficiency in the system. so i'm not really worried about that. neil: now, the president has been arguing for lower rates, saying it would help our trade posture with other countries because they have been rigging their currencies, he says, by bringing down rates, weakening their currencies to the point that we are always at a disadvantage. is that alone a reason to cut interest rates to hope that a weaker currency follows and all of a sudden, trade deficits improve? >> well, i don't know if trade deficits would improve because the cost of imports would also go up.
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so we would have more exports but higher costs of imports. i'm not sure what the net effect would be. but to your question, i don't think that alone would be a good enough reason to lower interest rates. neil: as you know, the democrats are kicking off two days of debates and to a man or woman, they are talking about taxing wall street trade or a wealth tax or some variation of taxing the upper income. how do you feel about all that? >> i feel it demonstrates a massive amount of economic ignorance on their part. and a contempt for the intelligence of the american people. you have heard and i have heard the major claim of a lot of democratic candidates is the system is rigged, corporations and individuals don't pay their fair share of taxes, income and other taxes, and we need to redress that problem. they never actually define what
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fair would be. what is the fair amount that rich people or corporations should pay. so it probably would be useful to look at what the facts are. when we talk to both corporations and individuals, their taxes, corporations do not pay taxes. they write checks to the federal government but their taxes become a cost in the production of their products or services and that cost is passed on to customers in high prices, to employees in lower wages or fewer jobs, and to shareholders with lower share values and at lower dividends. every economist that i know agrees that the corporate income tax is essentially that kind of pass-through. what they disagree with is how much of that corporate tax is borne by customers, employees and shareholders. they all disagree on that.
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but they don't disagree on the general basis of the case. in addition, corporate taxes as a cost lower the rate of growth of the economy by forcing corporations to have a high return on their investment, because they are interested in their return of what it is they do, what they invest in on an after-tax basis, not before-tax basis. so corporations don't pay taxes. the best corporate tax rate, the fairest, would be zero. that would help the economy the most. and should be aware that democrats in fact admit this from time to time. you will recall when trump put the tariffs on china and on mexico, the democrats, the democrat party were complaining that would on a dollar for dollar basis increase the prices in the united states.
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what they were implicitly saying is that a tax, tariff is a tax of a different kind, is not paid by the corporation but is passed on. so the whole idea that corporations pay taxes, the number really ought to be zero and taxes raised in other ways. neil: i wouldn't hold my breath for that. but we'll see in the debate. you never know. very good seeing you again. thank you very, very much. >> good seeing you, neil. take care. neil: has a delivery guy ever showed up at your house with a pizza and you have looked at the pizza and said someone ate some of this? what if it was the delivery guy?
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neil: all right. the british pound hitting a two-year low on this stalled brexit deal. ashley webster on what that could mean. ashley? ashley: yeah, well, listen, the softer the brexit, the better it is for the pound.
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in other words, now that we have boris johnson as the prime minister, who has stated publicly hey, we're getting out on the latest deadline, october 31st, and we'll do it if we have a deal or not, that has hit the pound. boris johnson is a very strong personality as we know, and he has made this his rallying cry, we're out whether you like it or not. now, the question is, can he do that. well, probably not. he's pretty much in the same position that theresa may is. he's got a deadlocked parliament. also, time is of the essence. let's not forget europe does absolutely nothing in the month of august and the european commission won't be back in full session until november the 1st. so there is a time factor here. bottom line, when it comes to the pound, the softer the brexit, the stronger the pound. right now, we are showing the pound at $1.21. good time to go visit the uk right now. neil: get in fast. thank you very, very much. chicago is implementing something called fair work week
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law. jeff flock with more on that. hey, jeff. reporter: designed to stop employers from jerking employees around, changing their schedule and all that. here's how it works in chicago. the measure that was just passed, you have to give two weeks' notice of someone's schedule. if you change their schedule you have to pay them an hour pred t predictability pay. if you cancel or cut their schedule, you have to pay them half of what they normally would have made if they worked. this is a trend not just chicago, elsewhere around the country, cities and towns and one state have passed these kinds of laws and it affects literally hundreds of thousands of workers. now, important to note, it's not high-paid workers. you have to make $50,000 or less or $26 an hour or less. problem is, this has an impact on employers driving up costs. i leave you with a quote from a hospital ceo on the south side of chicago. he says if this drives our salaries up 5% to another
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million dollars without funding from the state, we will be closing. we won't have the money to survive. cuts both ways. trying to make it easier for workers, tougher for employers. we will see if the jobs survive. neil: thank you very, very much. jeff flock in chicago. i couldn't believe this when i read it. a quarter of all delivery drivers admit to eating their customers' food. there's no way that can be right. it's got to be more than that. after this. you wouldn't accept an incomplete job
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neil: a lot of parents are finding a way around these annoying financial aid requirements by essentially giving their kids to other people. it's a little more involved, but that's kind of what's going on here. we have dion, rob and danielle here. what we are finding out, if they come from households where it's
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almost impossible to get aid, maybe find a guardian for your kid in the interim, that child will then all of a sudden have very little income to show, gets the aid, gets the scholarship, away you go. it's all legal. >> yeah. it's legal, but it's certainly not ethical. have we not learned anything from what happened with university of california and people getting -- relatives getting in and children of celebrities? neil: you have kids looking at colleges. >> they are too young. that's not the point. the problem is college is insanely expensive. people are doing insane things to avoid paying for insanely expensive college in this country. go to europe, spend $2200 a year, get a great education. >> my whole thing is just because you can do something doesn't mean that you should do it. it's just so sleazy and gross. i mean, look -- neil: this is my base, this is my audience. >> i'm a first generation college student. you know what i mean? the only reason i was able to declare independence is because
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i was done with the military at the time, that was the only reason because i was under 25. it just strikes me as this is why people like bernie sanders and elizabeth warren and aoc can sell this idea to hate the wealthy, hate the rich, that -- neil: legal. all legal. what do you think of that? it's actually enticing interest in these democratic candidates. >> look, he makes a good point there. i think a lot of times when you see this, you see the rich and wealthy cheating to get advantages they shouldn't get. it's like you -- >> working the system because -- >> parents are making $250,000, half a million dollars a year, they are finding legal loopholes to get their kids in with all this financial aid and you've got these poor families that say we didn't even get that much financial aid, it does stoke anger and resentment. >> i don't want to start wealthy bashing. we all love wealthy people. we all love capitalism but this is like man, have a little bit of integrity. neil: which brings us to our next story.
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u.s. food deliveries, we found 1 of 4 delivery people are munching on your food, trying it out. i wondered that when i looked at my pizza. the only thing that surprises me, i thought that was low. >> really. what did you think it would be? neil: i thought it would be half. >> half? wow! neil: you're hungry, you know. >> can i just give my rant here? i don't understand why so many people get food delivered. it comes late, it's cold, you have to pay extra, you are doing door dash, uber eats, you are paying an extra dollar on top of you got to tip the delivery guy. i will go pick it up. i will use my legs. i don't understand it. you go to the restaurant, you pick up your food, it's like 20 minutes, it's hot, piping, fresh out the kitchen, then you go home and eat it. neil: but you sit there watching fox news. you don't leave the house. >> anybody remember when that
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photo of the avocado toast went viral? some woman paid like $20 for this avocado toast and it was literally a piece of burnt toast? it looked disgusting. neil: don't blame me. i don't even like avocado. what does that say, though, it was kind of arbitrary that if that's, like, this is doing immense harm to grub hub, all these -- >> they don't care. the people who order this food don't care. >> just buy like an extra bag of french fries and sort of let it be known there's extra food in there or get off your damn chair and -- neil: there is that. there is that. >> got to lead the revolution. neil: roger goodell is ordered to testify in this whole ram/saints call. i thought this thing was settled last year. he has to testify under oath. what do they hope to prove with this? do you know? >> they don't want to prove anything. they just wanted some action. this is a typical thing, you
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bring a lawsuit and try to avoid getting dismissal. neil: they are not going to replay the game. >> 600,000 people asked, signed to get the game replayed. neil: i remember last year it was a legitimate sore point. i get that. but it's over and done. >> it's all about discovery. all about getting these guys on record. >> the other thing is, will he testify? >> he will be compelled to. >> that call should have been made. that was an egregious hit. what they want to do is see exactly what the nfl is doing about this. >> right. >> what are they -- neil: that's what i don't understand. what do they want to see them do? >> they want to know what they did in terms of what happened, what action was taken against these referees, what happened after the no-call and what is the future, what are they doing in the future to prevent that call from happening? >> this is the insanity of it all. speaking of insanity of it all, it's a game. okay?
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we have gone from referees that are living and breathing to video referees so the referees -- this is sort of the next ridiculous level where you can go -- i say this as a lawyer -- you can go to court and you can delve into the organization and find out what happened after the human referee and video referee messed up. >> the lawyer doesn't want to go to court. >> no. no. >> it's a game. there are millions and billions, billions -- neil: the lawyers arguing this case are the same ones whose parents with a wink and a nod -- [ speaking simultaneously ] neil: guys, you were fantastic. very good seeing all of you. we will sort all these global issues out on another visit. thank you for joining me today. we have the dow down about 47 points here. we have a lot of people waiting to see what the federal reserve's going to say. so much more. stay with us.
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neil: that didn't take long. "the lion king" surpassed one billion dollars in global ticket sales, 19 days after its release. i don't know if that is a record, probably not, when you consider avengers. not too a shabby. charles payne, market maestro. charles: one company getting all the money. doesn't really matter at this point. neil: you're right. >> disney rings the register. i'm charles payne this is "making money." of the major indices are slightly lower, anxiety over the fed and china overshadowing a monumental surge in consumer confidence and experts are worried about the downside of low rates. the bubble word is bubbling again. we are awaiting fresh comments from president trump after he expressed no regrets blasting elijah cummings over the conditions in baltimore. alveda king met with president trump yesterday and said the president is not a racist. she joins me lat


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