Markets soar to new records under Trump


VOTE IN THE MID TERMS. TAMMY BRUCE IS THE INDEPENDENT CONNECTING OR TRYING TO CONNECT THIS AMAZING ECONOMY, JOB OPENINGS TO THE MID-TERM ELECTIONS. I KEEP SAYING I THINK IT REPUBLICANS ARE VICTIMS OF THEIR OWN SUCCESS. EVERYONE IS DOING SO WELL, THEY DON’T CARE ABOUT THE ECONOMY.>>WHEN IT WAS BAD UNDER OBAMA, EVERYBODY WAS TOLD THIS IS THE WAY AND WE ARE BUSY. THE PRESIDENT’S JOB, I THINK HIS ADVISORS ARE ADVISING HIM CORRECTLY AND I THINK HE UNDERSTANDS THE AMERICAN PEOPLE HAVE TO KNOW, THEY CAN’T PRESUME THE AMERICAN PEOPLE KNOW WHAT THE DIFFERENCE IS ON WHO HAS DONE THIS AND HOW THIS OCCURS. THERE HAS TO BE MANAGEMENT AND THAT’S PART OF THE SMALL JOB THAT. BUT THEN THE IT’S GOT TO BE LOCAL PEOPLE RUNNING FOR OFFICE. THAT’S HOW PEOPLE WILL MAKE CHARLES: THE POLLS SHOW PEOPLE ARE FOCUSED ON OTHER THINGS BECAUSE WE KIND OF TAKE IT FOR GRANTED. IT’S THE WIND IN OUR SAILS. IT’S THINGS LIKE HEALTHCARE THAT KEEPS COMING TO THE TOP.>>YOU WOULD THINK WITH THE BOOMING ECONOMY THIS WOULD PLAY INTO THE HANDS OF THE DOING BETTER, THEY ARE FOCUSING DEGREE. I THINK THE TOP ISSUE WILL BE HEALTHCARE, AND THERE I THINK THE DEMOCRATS HAVE A PRETTY GOOD EDGE. CHARLES: ANECDOTALLY, I DRIVE AROUND. I LOOK AT THE STRIP MALLS. AND I THINK THIS IS IT. PEOPLE FEEL GREAT. QUINNIPIAC, THEY DO THAT POLL.>>THIS IS TAX POLICY IN ACTION. THE TAX LAW HE PASSED TOOK BUSINESSES A WHILE TO PROCESS IT. NOW PRODUCTIVITY IS UP, CORPORATE EARNINGS ARE UP. AND THERE IS A WEALTH EFFECT.>>A MAJORITY OF PEOPLE ARE SAYING ACCORDING TO AN ARTICLE IN BLOOMBERG THAT THE TAX BENEFITS FOR THE MOST OF PART WENT TO CORPORATE AMERICA.>>I DON’T NECESSARILY AGREE WITH THAT. YOU ARE NOT GOING TO FEEL THE BENEFITS FOR A LOT OF PEOPLE BECAUSE THE WAY WITH HOLDINGS THAT UNTIL PERHAPS 2019 WHEN PEOPLE START GETTING TAX THE ECONOMY. IT’S BEING SPENT. CONSUMER SPENDING IS UP. HOUSEHOLD INCOME IS UP. CHARLES: SECOND QUARTER ACCORDING TO THE FED HOUSEHOLD NETWORK UP 2.2 PRIL. AND CORPORATE PROVE FITS UP .02 TRILLION. TAMMY: PEOPLE HAVE TO BE REMINDED ABOUT WHAT’S COMING UP IT IS ABOUT WHAT’S IN YOUR WALLET, BUT THERE IS A PSYCHOLOGY, DO I HAVE THE FREEDOM TRUST THIS WILL CONTINUE. THAT IS ON PEOPLE’S MIND. AS A RESULT, THEY WILL SPEND. THEY ARE GOING TO MAKE DECISIONS ON MAYBE TAKE MORE CREDIT. HOUSING PRICES HAVE GONE UP WHICH ADDS TO HOUSEHOLD WEALTH. BUT THEY HAVE GOT TO BE REMINDED WHY. BUT STILL THE PSYCHOLOGY TELLS THEM OUR GOVERNMENT IS GOOD, LEADERSHIP IS GOOD, AND IT’S NOT AN ACCIDENT THAT THIS IS PART OF THE REASON FOR THE PROFITS THAT OCCURRED. HOLIDAY SEASON EVER. LOOK AT SOME OF THIS. A LEAST PEOPLE THOUGHT TARGET MIGHT BE READY TO BITE THE BULLET. GO AHEAD.>>ALL OF THESE NUMBERS SOUND GREAT. YOU ARE RIGHT ON THE NUMBER ON HOUSEHOLD INCOME. WHAT WAS MISSED IN THIS WHOLE THING IS THE REASON. AND THE PRIMARY REASON IS YOU NOW HAVE TWO ADULTS IN THE FLAME OCASIO-CORTEZ MAKES THE SAME>>THE REPORTS THAT CAME OUT LAST WEEK. THE REPORT THAT SAID WE ARE NOW UP TO 61,000 AVERAGE INCOME. POINTED OUT THAT THE PRIMARY REASON WAS PEOPLE WORKING MORE HOURS. TAMMY: THE WEALTH COMES IN FROM THE STOCK MARKET AND VALUE OF>>BARELY 50% OF PEOPLE WHO WORK HAVE A 401K PROGRAM. SO THEY ARE NOT GETTING THE BENEFIT OF THAT. NO QUESTION THE CORPORATIONS BENEFIT. I’M OKAY WITH THAT. NO QUESTION PEOPLE AT THE TOP END, I’M GOING BENEFIT. BUT YOU TALK TO PEOPLE WHO ARE>>I HAVE BEEN TALKING ABOUT THAT FOR A WHILE AND I BELIEVE SEEING HOW GREAT THINGS ARE DOING — BUT I WILL ALSO SAY SINCE HE REFERENCED THE MEDIAN IT’S A PERCENTAGE OF HOUSEHOLD IN THE TOP INCOME BRACKET. WHEN I GRADUATED FROM HIGH SCHOOL, IT WAS 8,000. WE HAVE COME A LONG WAY.>>IF YOU LOOK AT HOUSEHOLD SPENDING VERSUS INCOME. THE FACT OF THE MATTER IS WE WERE SPENDING WELL IN ADVANCE OF CHARLES: WE HAVE DRY POWDER. I KNOW YOU WANTED TO EXPLAIN WHY THIS IS NOT NECESSARILY UNIQUE.>>YOU SENT ME A QUESTION WHICH I THOUGHT WAS FASCINATING. THE MARKET IS DOING SO WELL WHEN AND I WENT LOOK. GOING BACK TO THE FIRST PRESIDENT IN WAS I AM PREACHMENT DISCUSSES, PRESIDENT TYLER, THAT BEGAN DURING THE PERIOD THEY WERE STRESSING HIM OUT WE SAW THE END OF THE JANUARY TEE THE END -F THE JANUARY TEE THE END — THE JANUARY TEE THE END — THE EANUARY TEE THE END — THE END OF TTEE THE END — THE END OF THEE ANTEBELLUM CYCLE. WHEN THE CLINTON SEX SCANDAL CAME TO LIGHT, THE MARKET WENT UP AND REALLY WENT UP AFTER IT THOUGHT THE PRESIDENT’S ECONOMIC POLICIES WERE SO BAD THAT THEY WOULD BE GONE OR THE DOW DOESN’T CARE. CHARLES: OR BILL CLINTON IS A SMART POLITICIAN AND HE WENT TO WORK ON WELFARE AND DID WORK HAPPENING NOW THROUGH HISTORICAL WAYS IS A PROBLEM. DONALD TRUMP IS UNIQUE. HE’S A BUSINESSMAN. THAT’S UNIQUE. HE KNOWS THE FRAMEWORK OF WHAT’S HAPPENING HERE. HE BROUGHT IN ON BOTH TECHNICAL ASPECT OF BEING SUCCESSFUL. HE’S BENEFITING FROM THAT IN ADDITION TO BEING SUCCESSFUL AND DELIVERING ON PROMISES. CHARLES: DOES IT CONTINUE?>>I THINK SO. I THINK YOU WILL SEE CORPORATE PROFITS CONTINUE AT THE LEVEL THEY ARE.>>WHEN YOU HAVE A 3.9% UNEMPLOYMENT RATE, I DON’T SEE HOW IT TURNS AROUND.

How Rum Is Made At NYC’s First Distillery Since Prohibition


You might not guess it, but here, on an empty street in Brooklyn, there is a rum distillery. Founded in 2012, The Noble
Experiment is New York City’s first rum-only producer since Prohibition. We got a peek inside to see
how they’re bringing rum back to the Big Apple
after nearly a century. Bridget Firtle: We mash
everything by hand. We measure everything out by hand. We pump everything from the
mash tank to the fermenters. Narrator: That’s Bridget Firtle, the founder and head distiller
at The Noble Experiment. She taught herself how to distill rum by watching videos and reading books. Firtle: One-hundred percent
of the distillation process is done by hand as well. We pick and choose specifically
what distillate we want in terms of flavor
profile, proof, and aroma. Narrator: After two years of research, Bridget began experimenting on stills she imported from Germany. It took her about three months to come up with the recipe for
Owney’s, her signature rum. Owney’s is made with
just three ingredients: New York City tap water,
molasses, and yeast. The molasses comes in from
Florida and Louisiana. One batch of rum takes about
300 liters of molasses. The water and molasses are
mixed together and heated in a process known as mashing. The liquid is cooled and
the yeast is added in. The three ingredients are fermented in 75-degree cold tanks
for six to eight days. During fermentation, the
yeast turns the sugars into alcohol and esters, which are essentially the flavor profile. Throughout the process, Bridget checks for pH
levels and specific gravity so she can see just how much of the sugar was actually converted to alcohol. By the end, there’s no sugar remaining. The resulting wash is pumped into a pot-column still, where a process called low rectification
distillation occurs. Firtle: We make our hearts
cut at about 164 proof, which accounts for more
heavy alcohol molecules and more flavor profile in the distillate, as opposed to a neutral cane spirit or a pure ethanol spirit. Narrator: That 164
proof is blended back in with New York City tap water to get to 80 proof, or
40% alcohol by volume. The finished product is then bottled up, and finally, one by one,
the team labels the bottles. The whole process takes
between eight and 10 days from start to finish, and it’s a process that hasn’t been legally attempted in New York City in nearly 100 years. Commercial rum distilling first appeared in the United States on Staten
Island, New York, in 1664. Throughout the 17th and 18th centuries, it expanded up and down
the Eastern Seaboard until the Sugar Act slowed
American rum production in 1764. By the early 1800s, rum distilling
had regained its footing, and producers in New York City popped up next to sugar refineries. But then came a perfect storm: the War of 1812, the
Civil War, and, finally, Prohibition, taking effect in 1920, ultimately toppled the legal
rum industry in New York City. During Prohibition, thirsty
and desperate New Yorkers turned to rum produced in the Caribbean, where the spirit was first
distilled in the 17th century. Gangsters, nicknamed rum runners, would drop anchor off
the coast of New York and smuggle the illicit
Caribbean rum into the city. Rum running went on until the
repeal of Prohibition in 1933. But rum distilling wouldn’t return to New York City for another 80 years. Firtle: I had this aha
moment where I’m like, I see American distilling,
I see crafts beer, I see this industry growing and I think that there should be a place for rum in it and I think that rum is
being neglected within it. Narrator: Bridget is a
born and bred New Yorker. She grew up in a house with a speakeasy in the basement in Rockaway, Queens. She started her career on Wall Street, but in 2011, she saw an opportunity. No one was making rum in New York City. So she quit her high-paying finance job, moved back in with her parents, and took a gamble on the city’s
first rum-only distillery in nearly a century. Firtle: My mom thought I was crazy, leaving this successful dream job on Wall Street to go drive a forklift around a distillery and make rum. Narrator: To pay homage
to the city’s rum roots, Bridget named her rum Owney’s after notorious New York rum runner and gangster Owen Madden. Firtle: I’m like, hey, rum hustler had an estate in my hometown, bada– New Yorker, OK, this makes sense. Like, we’ll go with that,
he’s our inspiration. Narrator: And Bridget’s gamble paid off. Owney’s rum won multiple awards from the New York International
Spirits Competition and the San Francisco Spirits Competition. And Bridget herself was even put on the Forbes 30 Under 30 list. Today, Bridget and her team
make three kinds of rum, and they have the capacity to
fill 240,000 bottles a year. But she’s a small-batch distiller, working to introduce New York rum to an already well-established category. Two brands, Bacardi and Captain Morgan, control the majority of market share in the US rum industries. And in 2018, rum sales dipped
by 1% across the board, lagging behind other
spirits, such as tequila. But high-end brands like Owney’s have been saving the rum category. The premium rum segment has grown by 57% in the last five years. Firtle: The American rum
category is dominated by literally two liquids
that are commercially made, and I really wanted to
help use a local product and my story and a liquid to change perception on what rum is. Narrator: And she’s doing just that in the city that needed a little
reminder of its rum roots. Firtle: I had this dream, this vision, to bring rum distilling back to New York, make a really interesting, flavorful, and complex white rum. Seven years later, people
finally understand the concept of making rum and what I’m doing here, and what I’m trying to do in sort of leading a rum
revolution in the US again, and so it’s been real fun journey. Cheers.

Inflation will be a global phenomenon: Kyle Bass


NASDAQ FINISHED MIXED. MARIA, BACK TO YOU. MARIA: STOCKS CAPPED OFF WITH THE LATEST JOBS REPORT ON FRIDAY. THE PRESIDENT’S ECONOMIC TEAM VISIT TO CHINA TO DISCUSS THE TRADE IMBALANCE AND THE THREAT OF INTELLECTUAL PROPERTY BY CHINA. JOINING ME RIGHT NOW, ONE OF THE MOST RESPECTED INVESTORS IN THE WORLD, KYLE BASS, THE CHIEF EXECUTIVE OFFICER OF HAYMAN CAPITAL COMPANY. GOOD TO SEE YOU, KYLE. THANKS FOR JOINING US.>>YOU TOO. MARIA: LET ME GET THE MACRO STORY FROM YOU AND YOUR REACTION TO THE JOBS NUMBERS OUT ON FRIDAY. THE NUMBER OF JOBS IT WAS WEAKER THAN EXPECTED, WE KNOW, EVEN THE UNEMPLOYMENT RATE FALLS BELOW 4%. WHAT WAS YOUR TAKE?>>WELL, YOU KNOW, MY VIEW ON JOBS IS YOU HAVE TO THINK ABOUT WHAT OUR GOVERNMENT IS DOING. WITH THE TAX CUTS WE’RE GOING TO STIMULATE OUR ECONOMY BY $350 BILLION OVER THE NEXT 12 MONTHS. IT’S BACK-END LOADED TOWARD 2019. BUT WE’RE STIMULATING WHILE WE’RE AT FULL EMPLOYMENT. SO WE, AT OUR FIRM, BELIEVE THAT IS GOING TO LEADS TOWARDS INFLATION AND IT’S GOING TO LEAD TOWARDS WAGE INFLATION. IF YOU LOOK AROUND THE WORLD AND LOOK AT HOW MUCH MONEY THE GLOBAL CENTRAL BANKS HAVE PRINTED. WE LOOK AT THE WORLD AS GLOBAL M-2, MONEY AROUND THE WORLD DIVIDED BY GLOBAL GDP. THAT RATIO IS THE HIGHEST IT’S EVER BEEN. 110% OF GLOBAL GDP IS WHERE M-2 SITS. AND HISTORICALLY THROUGHOUT THE LAST 100 YEARS, THAT RATIO IS SOMEWHERE BETWEEN 30% AND 50%. MARIA: WOW.>>WE SEE SO MUCH MONEY AROUND THE WORLD AS AN UNINTENDED COINS CONSEQUENCE OF QE. WE SEE WEALTH GAPS WIDENING, FULL EMPLOYMENT IN THE SKILL LEVEL SECTOR AND PERMANENT UNEMPLOYMENT FROM THE DISPLACEMENT OF FACTORY WORKERS BY CHINA AND SOUTHEAST ASIA. SO IT’S A FASCINATING WORLD THAT WE’RE LIVING IN TODAY THAT THEY SAY TEXTBOOKS DON’T HAVE AN ANSWER FOR. MARIA: YOU WOULD THINK THAT THE DOLLAR WOULD BE TRADING BETTER BUT THAT’S NOT THE CASE. SO WHAT DO YOU WANT TO DO BASED ON ALL OF THESE SINGLE NAS. YOU WANT TO SHORT THE MARKET OR BE ALL IN?>>I WANT TO BE RIGHT IN BETWEEN THERE. NO. I THINK THAT, I THINK THAT — SO WHAT I’M TRYING TO SAY IS, YOU’RE GOING TO SEE — YOU’RE GOING TO SEE REAL INFLATION HAPPENING. THIS TIME IT’S GOING TO BE A GLOBAL PHENOMENON. IT’S NOT GOING TO BE, LET’S SAY, CONTAINED BY A SOVEREIGN WALL OR ONE DOWN TRI’S POLICY. IT’S GOING TO BE GLOBAL IN ITS NATURE AND THAT’S SOMETHING WE HAVEN’T EXPERIENCED AS A WORLD IN A VERY LONG TIME. AND SO WHEN YOU ASK DO I WANT TO BE ALL IN THE STOCKS OR DO I WANT TO BE SHORT, YOU KNOW, I THINK THAT THERE’S SO MUCH MONEY AROUND THE WORLD THAT, YOU KNOW — I’LL GIVE YOU AN EXAMPLE OF THE RIDICULOUSNESS THAT WE’RE SEEING. WE JUST HAD A PAINTING AUCTION THAT WAS MAYBE LEONARDO DA DaVINCI, WE’RE NOT SURE, THAT WAS RESTORED, IT TRADED FOR 450 $450 MILLION. A PICTURE OF JESUS BOUGHT BY AN ARAB. YOU CAN’T MAKE THIS STUFF UP, WHAT’S GOING ON OUT THERE THESE DAYS. I THINK YOU’RE GOING TO SEE — IN PERIODS OF INFLATION AND MAYBE WE’LL SEE STAG SB FLATION. AND IN THOSE SPEAR IDEAS, STOCKS, YOU KNOW, IN INFLATIONARY PERIODS STOCKS KEEP UP WITH 75% OF THE NUMBERS. SO I’M NOT SAYING BE SHORT STOCKS. I’M JUST SAYING THAT THIS MACRO ENVIRONMENT THAT WE’RE KINDING HEADING INTO, GIVEN ALL OF THE CENTRAL BANK’S ACTIONS, THE FED PULLING BACK, CHINA STAYING ON THE GAS PEDAL AND THE ECB MIGHT BE PULLING BACK, I THINK YOU JUST NEED TO BE — I KNOW THIS SOUNDS LIKE A WEATHERMAN. YOU NEEDS TO BE SELECTIVE ABOUT WHAT YOU BUY BUT YOU DON’T WANT TO BE SHORT THE WHOLE MARKET. THAT’S MY VIEW. MARIA: WHERE DO YOU SEE GROWTH RIGHT NOW? WHERE ARE THE OPPORTUNITIES FROM YOUR STANDPOINT?>>WE LOOK AROUND THE GLOBE. WE OWN OM THINGS HERE WE OWN SM THINGS HERE WE OWN SOMTHINGS HERE WE OWN SOMEHINGS HERE WE OWN SOME TNGS HERE WE OWN SOME THIS HERE WE OWN SOME THINGHERE WE OWN SOME THINGSERE WE OWN SOME THINGS IE WE OWN SOME THINGS IN THE U.S. BUT. THE MAJORITY OF CAP L IS FOCUSED ON WHERE WE SEE OPPORTUNITY IN SOUTHERN EUROPE AND PRIMARILY GREECE. YOU THINK ABOUT THE U.S. GREAT DEPRESSION, WE HAD A REFLECTIVE SNAP BARBING IN TWO OR THREE YEARS. THEY’VE HAD EIGHT YEARS OF A COMPLETE DISASTER IN THEIR ECONOMY. AND YOU’RE SEEING EVERY MACRO INDICATOR IN SOUTHERN EUROPE IS HEADING HIGHER. WE THINK THERE’S TREMENDOUS OPPORTUNITY IN A SMALL COUNTRY IN SOUTHERN EUROPE AND THAT SEGUES INTO LATIN AMERICA. ARGENTINA HAS HAD TO ABSOLUTELY MOVE THEIR SHORT-END RATES IN EMERGENCY FASHION MULTIPLE TIMES. THEY’VE MOVED IT ALMOST 900 BASIS POINTS IN ABOUT A WEEK. IMAGINE IF THE U.S. RAISED THE FRONT END 9% IN A WEEK.

Fox Business: R’s Want Wall Street $ To Fight Financial Reform


last week %uh on thursday %uh mitch mcconnell and %uh john cornett john cornett job is to raise more money and
elect more republican senators %uh yeah of course the united states n image
mcconnell’s that a leader of the republican senate went to meet with wall street execuse
they met with twenty five of the most powerful executives on wall street and a wet hadn’t had and they said how can we dress your numerous complaints about the financial reform
bill i’m not saying this fox businesses things they have the reporter’s
from fox piss they say they met with them in and they try
to explain to them that %uh be can help in defeating financial reform but they’re gonna have to elect more republicans
in the way you elect more republicans is by donating for the republican party for
the bankers all right now let me read you a paragraph
from this fox business report %uh they said %um the senator’s explain that they can’t just
oppose the dot building you come over the reform plan of their own as they fight it’s least free-market components such as
the notion that government can determine which banks are too big to fail now they’re saying we have to come up with
our own plant which is a wink wink hehe you know what regan et expert and there were against too big to fail and said no we can’t have this plan but the real effort here is that kill the
bill let me read you the next hour in the meantime they need to increase the numbers of republicans
in both the house and the senate if they’re going to make it impact on not just this bill
but other measures to increase washington’s control of the financial business you hear that and saying look if you want us to kill my
justice bill but any effort by washington to control the financial business you’re gonna have to pony up the cash continue
it to do that they need to support of the to do that they need the support of the financial
community at one point mcconnell quota something he attributed to democratic barney frank care of the house financial services committee metallic or the person who was present said
quote white alexis a wall street used to say we have washington by the neck and we’re gonna
change that and mcconnell says don’t worry will fight
amman wall street can continue now washington by the neck these guys are braced embrace and they’d go at and we report you’re leading
from that story of the wall street journal where john bainer went to the bankers and
said how can we help you kill report and you would need to understand the democrats
backs that you and they’re actually trying to reform the industry we promise that we’ll
fight ’em on that and so you need to give us money so that they did this last thursday now it’s this week it’s time to lever so mitch mcconnell’s gonna get on the floor
of the senate and give his speech that is just perfect propaganda is probably can’t know wat all one is a lesson
in how you do it he takes exactly the talking points the frank
luntz a republican at consultant drop for them a couple months ago we already
gave you those talking points we did on a month a on the show couple months ago said
these are the points that that the republican senators have been given those other things are gonna start the year you hear them word-for-word in this speech first let me tell you what frank luntz said that they should say to kill financial reform while pretending to support it and have alternatives
so once told them in the memo quote the single best way to any legislation is the link it to the big bank bailout so he’s saying pretended financial reform gives you more
bailouts when its objective is the complete opposite it doesn’t matter you just confuse people just link it to the big bank bailout whether
structural gaps all right you hear mcconnell do that here
the lawn said in another part of memo taxpayers should not be held responsible for the failure of big business any longer
that business is gonna fail no matter how big let it fail that if they believe that that’s a great okay but they just went all the bankers don’t worry
were on your side you’re gonna keep on doing that money is going
to give us the money but unity here mcconnell repeat that talking
point that lunch gaming to do while trying to kill
reform and regulations on the bankers glass one point number three one says government
policies cause the bubble and it’s ultimate crash fannie mae freddie mac the federal reserve
and the community reinvestment act all had a rule the catastrophe the government inflated economic bubbles with easy credit policy so that’s their effort to blame it on poor
people off we give poor people money through fannie mae and freddie mac and and the government
got involved with the community reinvestment act of the federal reserve new if you notice none of these talking points
actually the people who cause the financial collapse the bankers okay what they’re trying to do is as we’re trying
to reform bill extraordinaire is the bankers took that crash the system they’re saying no no newport no regulation on the bank is with
the real problem with the government and if there was too much regulation it’s
a classic republican trick you receive mcconnell execute the strategy right here just exactly what once %uh wrote in a memos they should say but also
exactly what he promised the wall street beggars last week and third of all because they told in haiti repetition works keep it simple you know that there can people
are stupid what you should do is repeat repeat repeat so mcconnell takes that incredibly literally you’re not gonna believe the repetition to
speak listen for all those things this is missed mcconnell on the floor the
sent meant a lot of smart people had thought about
how to prevent a repeat of the kind of financial crisis we saw in the fall of two thousand
i with our play of ideas but there’s one thing americans agree on when
it comes to financial reform it’s it’s absolutely certain agree on this never again never again should taxpayers the expected
to bail out wall street from its own mistakes we cannot allow enlist taxpayer funded bailouts for big wall street backs that’s why we must not pass the financial reform bill that’s about to
hit the floor the fact is this bill wouldn’t solve the problems that led to the financial crisis it would make them the american people been telling us to nearly
two years that any solution must do want that it must put an end the taxpayer funded bailouts for wall street backs put in a m the taxpayer funded bailouts for wall street back this bill not only allows for taxpayer funded bailout of wall street
back institutionalized reset again this bill not only allowed but only allows for taxpayer funded bailouts for wall street banks it actually institutionalized
is up but they’ll get the federal reserve and handsome
urgency lending authority that is far too often to abuse it also gives the federal deposit insurance
corporation and the treasury broad authority over troubled financial institutions without requiring them to some real responsibility
for their mistakes in other words it gives the government a back door mechanism
for propping up failing or failed institutions anoop fifty billion-dollar five also be set
up a date backstop for financial projections but no one honestly thinks honestly thanks fifty million dollars would be enough to cover the
kind of crises we’re talking about during the last price is a ideal own received more than three times that from the
taxpayers three times that moreover the mere existence of this fund will
insure that it gets used the marriage is a sense of the final to ensure
that it gets used and wanted to use up taxpayers will be asked
to cover the balance this is precisely precisely the wrong approach far from protecting consumers from wall street
access this bill would provide analyst protection analyst protection for the biggest banks on
wall street this bill would provide and less protection for the biggest banks on wall street it also directs the federal overseas thirty five to fifty of the biggest firms replicating already but a larger scale the
same distortions that plagued the housing market and helped
trigger a massive bubble will be suffering from four years so imagine this if you thought that a freddie and panicky
about ready and family orders have out thirty-five two-fifty ob everyone agrees on the need to protect taxpayers
from being on the hook for future wall street bailouts but this bill what all the guarantee but the pattern continues we need to end the worst abuses a wall street
without forcing the taxpayer the pick up the tab and the worst abuses on wall street without
forcing the taxpayer they pick up the tab that’s what republicans will be fighting for
in this debate the taxpayers are paid enough taxpayers are paid in now we’re not going to expose them to even more
pain down the road the way the solve this problem is to let the
people who made the mistakes paperwork the way to solve the problem is to let the
people who made the mistakes paid for we won’t solve this problem till the biggest
banks are allowed to fail alright that was amazing we did not added
that and in fact i looked at that tape over and
over again like that someone at this ended it’s not added it he keeps saying the same things over and over
i’d look the propaganda online that second thing listed for how do proper
propaganda called ad nauseam when you read it this argument approach uses tireless repetition
of an idea an idea especially in a simple slogans but
is repeated enough times may begin to be taken as the truth their approach works best when media sources
or limited and controlled by the propagator verities g_o_p_ propaganda one oh one that works best let me repeat when they control the media which they do which week mitch mcconnell should be ripped
apart for this i mean he’s coming in here pretending that he’s on the
side of the people and he’s trying to prevent bailouts now understand what at is actually happening
in this is a very important part of it etc in the different negotiations that is reported the republicans keep saying no we need but if they were saying if they’d actually meant what they were saying said although we need to make this bill stronger
so there are no more bailouts we did make the size of that big %uh fifty billion dollar ability referred to or
fund that that would rescue some of the banks that the banks put the money into we did they
get larger that i think in a lot that’s great that i support that policy but
no aunt every detail of finance reform if i don’t want our down this bill and one of the democrats too they go along they watered it down so some of his criticism that he’s come back
around that and now making because they were a watered down the bell is actually not that far off but the bill the fifty billion dollars used to smaller
font %uh he’s lying that the american taxpayers
would be paying for that is simply not factually correct that it the banks would be paid about fifty
billion dollar paya but you know what is a joke that’s not gonna
covered if there’s another collapse but probably the one that will make up on
sleep all are not larger so how does it make any sense but that’s the beauty of propaganda it doesn’t
have to make sense if you repeated now it just takes the place of truth and now look i get on the media all the time
for not going after these guys enough and that that speech was riddled with lies he says give cooper’s ellis protection for
wall street you’re just came back from wall street promising them endless protection as long
as they give you money scud missiles like the mob is in a protection
money you give me a little bit montana trust me you’ll get protected phases all no we don’t want to taxpayers to
pick up the tab up while there where is your real reform remember that report that said well they need to have their offer to what
is the republican alternative i’ve allowed in this whole time it believe me they had a strong alternative
the one that was stronger than democrats i don’t like the democratic bill i think that why comically to %uh week soda bottles at
ustr alternate i would jump both in a second like that’s good let’s do that instead impeccable listen up everyone sloan corporate
shelby says or like to join the reform effort i don’t
really know that could be really great and i look at it of course they want to drive
effort so they can we get a bill for that so now it be fair though %uh there’s one media
outlet they did a great job with this and that’s time magazine and you know i’ve had it %uh some issue though
in the past abut adams source and wrote a great article aware is that’s the one i quarrel about the
once memo and then mcconnell’s quotes and how they match up nearly perfectly so great java reporting in that case %uh more
of that process the pick up on this the only way this republican propaganda works
where they tried to kill financial reform while pretending to be in favor of financial
reform the only way it works is that nobody ever challenges ahmad that’s what gets the job of the media to challenge
the powerful whether the republicans or democrats if they’re
lying you got a call mom outlaw where’s mister come with that you got a call not on that law you’ve got a call now on that one you’ve got a call in on that line inter watch show at the unfair to start

Wall Street CEOs pull out of China trade meeting over disputes: Gasparino


THEY HAVE RESERVATIONS. I DON’T KNOW. THAT VOICE YOU HEAR IS MY GOOD FRIEND, CHARLIE GASPARINO.>>I DIDN’T KNOW HE WAS GOING OVER THERE. NEIL: WELL, HE IS NOT.>>I GREW UP WITH A LOT OF IRISH GUYS. BY THE WAY THEY LOVE TRUMP SO YOU KNOW.>>RIGHT. BOEING IS BRAGGING ABOUT ALL THESE CHINA PLANE PURCHASES THE SO WEIRD VIBES.>>WHAT IS GOING ON HERE, THE CHINESE ARE REACHING OUT TO CORPORATE AMERICA, ESSENTIALLY LOBBY ABOUT THE TRUMP ADMINISTRATION ON, AGAINST HIS CHINA TRADE POLICIES. IT IS INTERESTING THAT, HE SET UP A MEETING FOR SEPTEMBER, EXCUSE ME, THE CHINESE GOVERNMENT SET UP A MEETING WITH WALL STREET FIRMS FOR SEPTEMBER 16th, WHICH WAS ANOMALY, AT LEAST, YOU KNOW — NEIL: AT THE TIME OF THE U.N. CONFAB AND ALL THAT?>>I BELIEVE SO. RELATIONS. BUT REALLY TO, WALL STREET FIRMS KNOW THIS, REALLY TO ENLIST THE INTO A TRADE WAR WITH CHINA SINCE ALL THESE FIRMS HAVE SO MUCH BUSINESS THERE. HERE IS WHAT WE KNOW ABOUT THE MEETING. THE FIRMS THEMSELVES ARE NOT TOO CRAZY ABOUT THIS IDEA. WE DO KNOW AT LEAST TWO MAJOR WALL STREET EXECUTIVES ARE PULLING OUT OF THE MEETING. THEY WILL SEND NUMBER TWOS. WE DO KNOW, STEVE SCHWARZMAN THE CEO OF BLACKSTONE, THE BIG PRIVATE EQUITY FIRM IS NOT GOING>>I WILL GET TO THAT IN A SECOND. JAMIE DIMON, CEO OF JPMORGAN WON’T ATTEND. BOTH CITING SCHEDULING CONFLICTS. FROM WHAT I AM HEARING INSIDE THE COMPANY, LISTEN, THEY DON’T HAS A PROBLEM WITH TRADE HE CAN CALL UP TRUMP HIMSELF. HE KNOWS THIS STUFF. HE DOESN’T NEED TO BE PART OF A DOG-AND-PONY SHOW. JPMORGAN, BLACKSTONE AND OTHER MAJOR BANKS FROM WHAT I UNDERSTAND ARE GOING TO SEND THAT WOULD BE A PRETTY BIG STATEMENT IN DIMON AND SCHWARTZMAN WENT TO THIS MEETING. NEIL: ALL OF THESE MEN AND WOMEN EXPRESSED CONCERN THAT THIS IN THE MIDDLE OF IT.>>THINK ABOUT IT, WALL STREET CEO LOBBYING TRUMP ON BEHALF OF THE CHINESE GOVERNMENT? THEY HAVE LOTS OF BUSINESS OVER THERE. BLACKSTONES THAT PLENTY OF BUSINESS IN CHINA. SO DOES JP AND ALL THESE FIRMS, THEY DO WELL BY HAVING U.S. COMPANIES HAVING ACCESS. HIS NUMBER TWO. THEY WILL SEND NUMBER TWO, THEY FEEL THEY HAVE COVER TO SEND A NUMBER TWO?>>I THINK THEY JUST, THEY DON’T WANT TO BE PART OF OVERT LOBBYING EFFORT. NEIL: HOW REAL DO YOU THINK THIS IS?>>CHINA IS THE BIG TRADE. WEEKS. CHINA IS THE BIG WORRY.>>HERE IS WHAT CEO’S TELL YOU. CHINA IS A BAD ACTOR. GIVE PETER NAVARRO ONE THING HE RAISED CONSCIOUSNESS, AND DONALD TRUMP, ALL THE BAD STUFF CHINA DOES ON TRADE, STEALING INTELLECTUAL MARKET, NO DOUBT. THEY HAVE A HUGE MARKET AND BOOMING ECONOMY EVEN AS THEY ECONOMY. THEY WANT SO MUCH ACCESS TO THE ECONOMY THEY WERE WILLING TO GIVE UP INTELLECTUAL TRADE SECRETS TO GET ACCESS TO IT. THERE IS WHERE THE CONFLICT IS. THEY ALL WANT TO DO BUSINESS THERE. IT IS GOOD FOR THESE COMPANIES TO DO BUSINESS THERE. THE U.S. SELLS A LOT OF STUFF TO CHINA WE POINT OUT. WE BUY A LOT OF STUFF BUT WE SELL A LOT OF STUFF. THE TRUMP ADMINISTRATION MAKES A VERY GOOD CASE ABOUT THEM BEING BAD ACTORS ON INTERNATIONAL TRADE AND NOW WE’RE HAVING A CONFLICT. I THINK OF ALL TRUMP’S TRADE LISTEN, CHINA IS A VERY BAD ACTOR. THEY VIOLATE HUMAN RIGHTS. THE JOURNAL, “NEW YORK TIMES” TOTALITARIAN REGIME THAT WE HAVE TO BE VERY LEERY DEALING WITH. THEY WANT TO STEAL OUR LUNCH, THERE IS NO DOUBT ABOUT THAT. TRUMP, GIVE HIM CREDIT AND NAVARRO CALLING THIS TO THE ATTENTION BUT THERE IS A BUSINESS SIDE OF THE STORY. WE SELL A LOT OF STU THERE. NOW WE GET CONFLICT. IT IS INTERESTING THAT THE CHINESE DO AN END ROUND AROUND TRUMP AND PETER NAVARRO, LIGHTHIZER, TRADE PEOPLE, GO RIGHT TO THE WALL STREET CEOs. THE TWO BIGGEST CEOs, WE SHOULD POINT OUT JAMIE DIMON RUNS THE LARGEST U.S. BANK BY ASSETS. I BELIEVE BLACKSTONE, HAVE TO CHECK ME, IS BIGGEST PRIVATE EQUITY FIRM, CERTAINLY AT THE TOP. WHEN BIG GUYS LIKE THAT DON’T GO THAT’S SAYING SOMETHING. THEY WILL CITE SCHEDULING CONFLICTS. FROM WHAT I UNDERSTAND INSIDE THESE COMPANIES THEY JUST DON’T WANT TO BE PART OF AN OVERT NEIL: EVERY TIME I HEAR SCHEDULING CONFLICTS IT IS A NEIL: YOU DON’T LIKE THE IRISH.>>YES, WHY WOULD TRUMP DO THAT? NEIL: I DON’T UNDERSTAND. OH, WE DON’T KNOW WHAT HAPPENED. CALENDAR FILLED UP. WE DID THIS WITH THE CANADIANS WITH THE TRADE THING. BY THE WAY LOOKS LIKE THEY’RE BACK AT TALKS.>>WITH CANADA? NEIL: HOW DO YOU THINK THAT WILL BOB WOODWARD’S BOOK THE GUY TRADE AGREEMENT. THEY’RE SMART ENOUGH TO KNOW THAT WOULD DAMAGE THE ECONOMY. THEY WILL, MY GUESS, WHEN SAID POUNDING AND DONALD WILL SAY, I GOT THE GREATEST TRADE DEAL, BIGGEST EVER, IN 100 YEARS. IT WILL BE GOOD STUFF BUT VERY MARGINAL. BOTH SIDES CLAIM VICTORY. WE’LL MOVE ON. THE CHINA THING IS DIFFERENT. WHAT — NEIL: TRASH YOU FOR BEING A NEGATIVE TRUMP PER, THEY WILL NOT HEAR THE REMARK YOU JUST MADE. THEY WILL HEAR THE FACT YOU’RE FAIR, BALANCED JOURNALIST. NEIL: SOMETIMES PROBABLY JUST AS>>THE GREATEST TRADE DEAL IN A BAZILLION, KAJILLION YEARS. IS MY TRUMP IMPERSONATION — NEIL: IT’S A LITTLE JAMES CAGNEYISH.>>BUT GETTING BETTER, RIGHT? DONALD GAVE ME PROPS FOR MAKING

CBS, Viacom reach agreement on merger: Report


CHARLES: FOLKS, THIS STOCK HAS GONE UP FOR SOME TIME BUT IT LOOKS LIKE IT IS BEGINNING TO WRAP UP BECAUSE WE NOW HAVE BREAKING NEWS, SENDING SHARES OF CBS AND VIACOM, BOTH ON YOUR SCREEN MUCH HIGHER. THE TWO MEDIA COMPANIES REPORTEDLY REACHED AN AGREEMENT ON THE MERGER DEAL THAT HAD BEEN IN AND OUT OF THE WORKS A LONG TIME. THERE WERE POLITICAL PROBLEMS THERE. THERE WERE PERSONALITY CLASHES THERE. THERE WERE A WHOLE LOT OF ISSUES THAT KEPT THEM APART. IN A WORLD OF INCREASING MEDIA MERGERS, TO COMPETE IN THE NEW WORLD THIS PROBABLY HAD TO GET DONE. THE QUESTION AT ONE POINT WERE INSURMOUNTABLE OBSTACLES APPARENTLY HAVE BEEN IRONED OUT. AS YOU CAN SEE CBS SHARES UP 50 CENTS. MORE THAN A PERCENTAGE POINT. SO ARE VIACOM SHARES. ALL EYES WHERE DO WE GO FROM HERE? WHERE DO THE MERGED COMPANIES GO FROM HERE? WHERE DO THEY COMPETE IN A WORLD WHERE CONTENT IS KING AND DELIVERING CONTENT IS KING? A YEAR AGO, ESPN WAS A WINNER. NOW MAYBE THEY’RE NOT THE WINNERS. TAKE IT TO CHARLIE GASPARINO. HE HAS BEEN ON TOP OF THIS MORE THAN ANYONE ELSE. CHARLIE, GIVE US SOME OF THE DETAILS, PLEASE.>>WE WERE AHEAD OF THE STORY AS WE’VE BEEN ON THE SPRINT T-MOBILE. IT’S A COMBINED COMPANY. CBS IS TECHNICALLY THE LARGER COMPANY HERE. SO TECHNICALLY CBS TAKING OVER VIACOM BUT HERE IS THE INTERESTING THING, THEY ARE SPINNING THIS AS A MERGER OF EQUALS AND ONE OF THE REASONS WHY THEY’RE DOING IT, VIACOM CHIEF BOB BAKISH WILL BE THE CEO OF THE COMBINED COMPANY. THE COMBINED COMPANY WILL BE CALL VIACOM, CBS. INTERESTING SINCE CBS IS THE BIGGER ENTITY. HERE IS A BIGGER THING, THEY MADE A POINT IN THE PRESS RELEASE, JOE IANNIELLO, HEAD OF CBS WILL BE THE NEW CEO CHAIRMAN OF CBS AND CHAIRMAN AS WELL. ONE OF THE HICCUPS IN NEGOTIATIONS, IT DELAYED THINGS PAST YESTERDAY, MONDAY WAS SUPPOSED TO BE THE ANNOUNCEMENT, LOCKING DOWN JOE IANNIELLO LOCKING DOWN A DEAL HE WOULD STAY LONGER THAN HIS CONTRACT WHICH ENDS AT THE END OF THIS YEAR. IT WILL BE INTERESTING TO SEE HOW LONG JOE STAYS WITH THE COMPANY. IN THE PRESS RELEASE I DON’T SEE IT. I’VE DONE A CURE — CONSIDERS READ OF THIS THING. IS JOE IANNIELLO STAYING LONGER AND HOW MUCH DO THEY PAY HIM? REMEMBER HE HAD A LUCRATIVE CONTRACT TO LEAVE AT THE END OF THIS YEAR BECAUSE HE WAS NOT GETTING THE CEO JOB AS IT WAS CLEAR AS WE REPORTED ON FOX BUSINESS, BAKISH CONSIDERING HIS RELATIONSHIP WITH CEO. HE DID A GREAT JOB RUNNING VIACOM AFTER THE OUSTER OF PHILLIPE DAUMAN BECOMING HEAD OF THE PRIOR COMPANY. THE DEAL IS DONE. THANK GOD WE DON’T HAVE TO TALK ABOUT THIS FOR A COUPLE DAYS. IT IS REAL INTERESTING, CHARLES, HERE IS THE THING, PEOPLE ARE GIVING ME A WRAP, LET ME MAKE THE ONE POINT. CBS AND VIACOM TOGETHER IS A 30 BILLION-DOLLAR COMPANY. THINK ABOUT IT THIS WAY, AT&T WHICH CONTROLS WARNER MEDIA, FORMERLY OF TIME WARNER IS SOMETHING LIKE A 250 BILLION-DOLLAR COMPANY. DESPITE THE MARQUEE NAMES, NICKELODEON, VIACOM, CBS THIS IS STILL A SMALL COMPANY IN THE MEDIA LANDSCAPE. A LOT OF PEOPLE THINK THEY WILL BE BOUGHT IN THE FUTURE. NO OTHER WAY TO COMPETE OUT

Todd Schoenberger appearing on FOX Business Discussing Market Rally


FOR REAL. TOBIN SMITH, MARY ANN MARSH, MICHAEL REID AND TODD SHOWBURGER. THESE ARE NO MIRAGE.>>ONE DAY IS VOLATILITY AND A DOESN’T IMPRESS ME MUCH. THE CONVERSATIONS ARE STILL IN PLACE. IT IS NOT BRISK OR SLOW. CHINA TAKING THEIR FOOT OFF THE BRAKES. IT IS WHERE WE EXPECTED TO BE AND THE RUSSELL FORECAST IS FOR HIGH SINGLE DIGIT RETURNS IN 2010. WE ARE INCHING IN A VOLATILE WAY WITH AN AVERAGE RATE OF RETURN.>>WE SAW THE DOW LOOKING LIKE EVIL TONY POWELL ON HIS MOTORCYCLE AND HIS BUNGEE CARD. YOU GAVE A NEGATIVE FORECAST, YOU SAW DURABLE-GOODS ORDERS, GAVE A BEARISH CALL. I USED ALONG THAT?>>DEAD WRONG ON THE OVERALL CAPITAL, AND IF YOU LOOK AT IT, IT IS ALWAYS CORRELATED WITH IN OUR RESEARCH AND GDP GROWTH. WHAT IS WEIRD, SMART GUYS CAN, WE HAVE $30 BILLION IN EQUITY FUNDS OVER THE LAST 35 DAYS, 75% OF TRADING IS BLACK BOX GUYS SELLING TO EACH OTHER. HIGH CAN’T SAY I AM REALLY BEHIND THAT.>>YOU HAVE BEEN BEARISH. NOW ALL OF A SUDDEN WE ARE UP 9% ON THE S&P. IF YOU WERE NOT SELLING IN THE BEGINNING YOU ARE CERTAINLY SELLING AT THE END.>>ABSOLUTELY. YOU HAVE A ZERO RETAIL PARTICIPATION. YOU ARE NOT SEEING FLOWS IN TO THESE EQUITY FUNDS. WE HAVE A NET POSITIVE EQUITY FUND SINCE THE FIRST WEEK OF MAY. IF THERE’S ZERO PARTICIPATION FROM THERE. WHERE’S THE EVIDENCE? I HAVE RETAIL SALES NUMBERS AT 0.4% CANCELING EVERYTHING ELSE. NOBODY IS SPENDING ANY MONEY. FUNDAMENTALS AREN’T THERE. HOW CAN THIS CONTINUE? LIZ: MAYBE THEY WERE SCARY MAIN STREET. HERE IS THE KEY. BARKER IS CAPITAL CUTTING THEIR FORECAST FROM THE END OF THE YEAR WITH MERRILL LYNCH ALSO CUTTING THEIR S&P FORECAST. THEY ARE SAYING NO GO FOR ANY TAX DISCUSSION WHATSOEVER. THIS IS NOT A GOOD IDEA. THOSE TAX CUTS SHOULD HAVE BEEN TALKED ABOUT.>>THEY HAVE A TERRIFIC POLITICAL ISSUE. DEMOCRATS WILL ARGUE FOR THE MIDDLE CLASS AND SMALL-BUSINESS AND AND FOR THE WEALTHY AND WALL STREET, REPUBLICANS THINK THEY HAVE A GREAT ISSUE BECAUSE THEY WILL TALK ABOUT — THEY POINT TO THOSE NUMBERS. OF PERSONS PATTY MURRAY, THE SENATORS FROM WASHINGTON OR CALIFORNIA HAVE STARTED TO CAMPAIGN AGAINST WALL STREET. BOTH ARE SUBSTANTIALLY AHEAD OF THEIR REPUBLICAN OPPONENTS. DAVE: REPUBLICAN VICTORY WOULD BE GREAT FOR THE STOCK MARKET. ARE WE BRINGING THAT IT ALREADY? IS FETED DISAPPOINTMENT FOR THE MARKET?>>THERE HAS BEEN A CHANGE — YOU HAVE SEEN SIGNS OF THE OBAMA ADMINISTRATION REGARDLESS WHO TAKES THE HOUSE AND SENATE AND A SIGNAL THAT THERE WILL BE — THAT THEY WILL GET SOME MORE BUSINESS FRIENDLY PEOPLE. THE MARKET IS PRICEY IN SOME CORPORATE SPENDING WE HAVE SEEN IN THE SUMMER. WITH LARRY SUMMERS AND TIM GEITHNER LIKELY TO GO, THEY ARE VERY MUCH FEELING IN D.C. THAT THE MESSAGE THEY UNDERSTAND IS A POPULAR RHETORICAL THING THAT DIDN’T WORK. LIZ: HERE IS THE KEY POINT. IN THE PAST WHEN WE HAVE SEEN GRIDLOCK LIKE THIS WE HAVE SEEN A GREAT SECOND HALF FOR THE FIRST TERM OF THE PRESIDENCY BUT THAT IS WHEN THERE WAS ROOM TO MOVE AND OPEN LIQUIDITY PIPES EVEN MORE. THEY HAVE ALREADY OPENED THEM SO MUCH HOW MUCH MORE CAN THEY DO?>>THE FED IS GOING TO GET THEIR WAY NO MATTER WHAT THE MARKET THINKS. WE ARE IN QUANTITATIVE LIFE RIGHT NOW. THEY STAND FULLY READY AND ABLE TO SUPPORT THE HOUSING LABOR MARKET AND EQUITY MARKET AS WELL. I DON’T KNOW YOU ARE MAKING THE CASE FOR A RAGING BULL BY THE END OF THE YEAR BUT YOU ARE MAKING THE CASE THAT YOU ARE LOOKING AT EQUITIES AS BEING UNAVOIDABLE FOR A LOT OF PEOPLE. BUT THE TIME THE RETAIL INVESTOR GETS IN THIS IN A COMPETENT WAY THAT WILL BE CONTRARIAN. DAVE: WE HAVE 16 STOCKS THAT REPRESENT 90% OF THE PERFORMANCE. THAT IS THE SCARIEST THING. OVER THE LAST 30 DAYS, WE HAVE A LIMITED BOOST. DAVE: WE HAVE A BIG MONTH. WE DO APPRECIATE IT. [TALKING OVER EACH OTHER] DAVE: OUR NEXT GUEST SAYS YOU CAN FORGET THIS RALLY IF THE BUSH TAX CUTS ARE ALLOWED TO EXPIRE BY DYSFUNCTIONAL CONGRESS. LIZ: YOU WANT TO LISTEN TO THIS. CELTS CRAFT A TAX CUT UP FOR DEBATE. GEORGE W. BUSH, AND AUTHOR OF THE BOOK SEASONED DESTRUCTION. WHAT IS YOUR TAKE ON WHAT IS GOING ON?>>WE NEED TO EXTEND THE TAX CUTS UNTIL WE HAVE A SERIOUS CONVERSATION ABOUT HOW BIG GOVERNMENT IS. IF WE REALLY WANT THE GOVERNMENT — WE HAVE TO RAISE A LOT OF TAXES. EXTEND THE TAX CUTS UNTIL WE ARE READY TO TALK.>>I READ SOMETHING ABOUT YOUR BOOK. FOUR MAJOR STRUCTURAL IMBALANCES, OVERS OF A CONSUMPTION, EXCESS GOVERNMENT SPENDING AND CHRONIC DAVE DEFICITS. WHY IS IT EVERYDAY WE HEAR COMPLETELY DIFFERENT SIDES OF THIS ECONOMIC DEBATE. SOME SAY YOU HAVE TO SPEND MORE. WHY DO I HEAR SUCH DIFFERENT THOUGHTS ON THIS?>>WHAT WAS THE PROBLEM IN THE FIRST PLACE? THIS DIDN’T BEGIN WITH THE FINANCIAL CRISIS. WE HAD IMBALANCES FOR SOME TIME. WE CAN’T EXPECT QUICK FIXES. WE NEED TO INVEST MORE. IF WE DO SO GRADUALLY WE CAN DO SO WITHOUT MUCH PAIN. SOME QUICK STIMULUS IS WHAT THE ECONOMY NEEDS. LIZ: THIS IS THE ISSUE. ARE WE PAPERING OVER THE PROBLEM? ARE WE DIAGNOSING THE SYMPTOMS AND NOT THE ROOT CAUSE? WE ARE HORRENDOUS, WE DON’T HAVE AN INDUSTRIAL POLICY. WE ARE NOT MAKING PRODUCTS WE USE TO IN THE PAST. L. ARE THESE BANKS BEING COERCED, ASKED NICELY TO DO THE SECOND LOOKS?>>THEY ALL HAVE ADMINISTRATORS. EVERY BANK HAS ONE OR TWO REGULATORS, EXCUSE ME, MY TIE IS ASKEW. I DON’T KNOW HOW YOU LET ME ON. CHRIS: YOU LOOK GOOD, ANYWAY.>>BANKS HAVE SEEN SECOND LOOK PROGRAMS, GO BACK TO YOUR BOOK OF BUSINESS, DID WE TURN SOMEBODY DOWN A YEAR AGO AND DID THEIR SITUATION IMPROVE TO A POINT WHERE WE MAKE THE LOAN? THE ARTICLES I READ ON THE ISSUE WERE MORE ABOUT COMMERCIAL LOANS AND NOT SO MUCH ABOUT COMMERCIAL LOANS. ON THE COMMERCIAL SIDE, AS ABSOLUTELY IT MAKES SENSE TO GO BACK AND LOOK. I ALSO HEARD THE RUMOR. LIZ: WHY?>>BUSINESS IS IMPROVED. A LOT OF THESE GUYS WERE NOT CREDIT WORTHY 12 MONTHS AGO AND THEY ARE CREDIT WORTHY NOW. PART OF THIS STORY SAYS THE FEDS WILL BUY THE LOANS. NOTHING I SEE CAN SUB STAND THAT. LIZ: MICHAEL, A LOT OF LOANS STARTED BY COMMERCIAL REGIONAL PLAYERS STILL ON A STRETCHER. CAN THEY AFFORD THEM?>>I DON’T THINK THEY CAN AFFORD NOT TO. AT SOME POINT BANKS INTO TO GET BACK TO LETTING CAPITAL FLOW. THE BANKS HAVE CLEARLY MOVED FROM THE LOOSE RISK MANAGEMENT TO OVERLY TIGHT RISK MANAGEMENT THAT GOES ACROSS THE SPECTRUM FROM SMALL BUSINESS TO, AUTO LOANS TO MORTGAGES. AT SOME POINT IF THE BANKING SYSTEM DOESN’T START TO WORK IN TERMS OF, THEY HAVE TO TAKE A BIT OF RISK. I UNDERSTAND THERE IS UNCERTAIN MARKET. BANKS DON’T MAKE MONEY IF THEY’RE NOT LENDING MONEY. AT SOME POINT THEY HAVE TO START LOOSENING THAT RISK. THEY HAVE TO DO IT IN LEGITIMATE WAY.>>ESPECIALLY IF THEY’RE NOT PAYING ANYTHING FOR THEIR MONEY. THEY’RE DOING PRETTY GOOD. CHRIS: WILL THIS WORK, JPMORGAN CHASE, PNC, REALLY BIG BANKS BUYING INTO SECOND LOOK PROGRAMS. IS IT GOING TO BE ENOUGH?>>RIGHT. WELL A COUPLE OF THINGS HERE THOUGH. WHAT WERE THEY DOING ALL ALONG? YES THEY DO NEED TO MAKE LOANS TO MAKE MONEY. WHY WEREN’T THEY MAKING LOANS ALL ALONG OVER THE PAST, WHAT YEAR, YEAR-AND-A-HALF? WE’VE GONE THROUGH STRESS TESTS. WE HAD A BANKING SITUATION. WE HAD SUBPRIME BORROWERS BRING ITS TO ITS KNEES. WHITE HOUSE INFLUENCING BANKS, YEAH, WHY DON’T YOU HAVE A SECOND LOOK AT LOANS YOU TURNED DOWN. THIS DOESN’T MAKE ANY SENSE. THE BANKS ALL ALONG SHOULD HAVE BEEN DOING WHAT THEY SHOULD HAVE BEEN DOING AS FAR AS LOOKING AT CREDIBILITY. AS FAR AS SEEING IF THESE LOANS ARE LEGIT. NOW ALL OF SUDDEN, MAYBE WE DIDN’T DOT THIS I OR CROSS THIS T A DIFFERENT WAY AND WE’LL GIVE YOU THE LOAN. IT JUST DOESN’T ADD UP. LIZ: MARY ANN YOU ARE A SHARP ANALYST. YOU’VE GOT YOUR EAR TO THE GROUND IN D.C. ARE BANK REGULATORS PUTTING ARM ON THEM LIKE CHRIS COTTER VASE?>>THEY’RE NOT DOING ANYTHING THAN WHAT PRESIDENT OBAMA DID TO BP. I DOUBT BP WOULD HAVE COME UP WITH $20 BILLION IN CLEANUP FUND DOWN ON THE COAST UNLESS THE PRESIDENT ENCOURAGED THEM. THE ECONOMY WILL NOT GET BACK ON TRACK. PEOPLE AREN’T GOING TO GET BACK TO WORK UNTIL LENDING IS DONE TO QUALIFIED BUSINESSES. THIS IS WHY VOTERS ARE UPSET. THEY WENT ALONG WITH BAILOUTS BECAUSE IT WAS GOOD FOR THE COUNTRY. NOW THEY FEEL LIKE CHUMPS IT TURNED OUT TO BE GOOD FOR EVERYBODY BUT THEM.>>THIS IS END ARE ISSUE. LET’S KEEP THAT IN. THIS IS NOT ACCESS TO CREDIT ISSUE FOR SMALL BUSINESSES. THIS IS ACCESS TO SALES RIGHT NOW AND PEOPLE ARE NOT SPENDING ANY MONEY.>>YOU’RE RIGHT. BUT CLEARLY THERE ARE COMPANIES ABLE TO TAKE CREDIT ON LITERALLY HAD A CREDIT LINE OF, THREE YEARS AGO AND HAVE ONE MILLION CREDIT LINE. THEIR BUSINESS HASN’T GONE DOWN 90%. THAT’S WHAT THEY’RE LOOKING AT.>>THAT’S RIGHT. LIZ: LET ME TELL YOU ABOUT ANOTHER CROWD WHOSE BUSINESS IS LOOKING PRETTY GOOD TODAY. TIME FOR WHO MADE MONEY TODAY. YOU, YOU, YOU. YOU MADE MONEY. DID YOU LIKE THAT?>>YOU GO GIRL. LIZ: THIS IS WHY WE’RE TALKING ABOUT WHY YOU MADE MONEY. PRESIDENT OBAMA IS READY TO SIGN LEGISLATION INTO LAW THAT STRIPS THE SEC FROM FREEDOM OF INFORMATION ACT VIOLATIONS AND EXEMPTIONS. EXEMPTIONS. I SCREWED THAT UP. THAT’S WHAT I MEANT. PROVISION WAS TUCKED INTO THE FINANCIAL REGULATORY BILL. A STORY FIRST BROUGHT TO LIGHT BUT US HERE AT FOX BUSINESS. WE WORKED TIRELESSLY TO BRING ATTENTION TO THE PROVISION AND HELP INSURE GOVERNMENT ACCOUNTABILITY TO THE PEOPLE, NOT THE OTHER WAY AROUND. WE’RE NOR THE PEOPLE. WE’RE FOR YOU THE VIEWER. NEXT UP, MEMBERS OF THE FEDERATION OF INTERNATIONAL ROBO SOCCER ASSOCIATION –>>COTTER. THIS IS YOU RIGHT HERE. LIZ: ROBO SOCCER. THIS IS YOU IN THE MIDDLE. MORE THAN 50 TEAMS ARE GATHERING IN INDIA FOR THE 15th AND WALL ROBOT CUP.>>15 TEAMS AND ONE WOMAN. LIZ: NOW THE SOCCER PLAYING AND DROIDS NOT EXACTLY READY TO TAKE ON RINALDI. THAT IS NOT LEAVING THEIR ENGINEERS FROM DREAMING BIG. THE CREATORS SAY THEIR ULTIMATE GOAL IS DEVELOP A TEAM OF FULLY AUTONOMOUS HUMANOID ROBOTS BY YEAR 2050 NOT ONLY COMPETE AGAINST HUMAN PLAYERS BUT WIN. THEY WANT TO WIN THE WORLD CUP.>>THEY HAD THAT 1985. REMEMBER JOHNNY FIVE?>>ENGLISH TEAM WILL GET THEM. LIZ: ENGINEERS NEXT PROJECT GETTING FULLY HUMAN GIRLFRIENDS.>>EXACTLY. LIZ: EXACTLY.>>JUST START GETTING ONE DATE. THAT IS WHERE I WOULD GO. ROBOT THAT CAN’T SAY NO. LIZ: NEXT UP, WHO LOST MONEY TODAY, FAILED TELEVISION EXECUTIVES. THAT’S RIGHT. A BIG MEDIA SHAKE-UP TODAY. CNN PRESIDENT JOHN KLEIN AND NBC UNIVERSAL CEO JEFF ZUCKER BOTH FAILING TO GET THEIR JOBS PICKED UP FOR ANOTHER SEASON. KLEIN’S JOB –>>HARD TO BELIEVE. LIZ: AFTER SIX YEARS AS HEAD OF CNN ONCE NUMBER ONE CABLE NETWORK HAS BEEN PLAGUED BY STEEP DECLINE IN RATINGS. MANAGING TO BE DEAD LAST IN THE CABLE NEWS RATINGS GAME EVEN BEHIND THE FOX COOKING SHOW.>>COME ON. LIZ: ZUCKER AT NBC TOOK OVER WHEN THE NETWORK, MUST-SEE TV. NOW NO ONE SEES NBC.>>DO THE “SEINFELD” IMITATION. DOESN’T MATTER DOESN’T MATTER. WE’RE GETTING OUR BUTTS KICKED EVERYWHERE. LIZ: NOW-INFAMOUS CONAN AND LENO MESS?>>CRYBABY CONAN, YEAH. LIZ: CHARLIE GASPARINO SAYS HE COULD LEAVE A $20 MILLION PAY DAY. THAT IS JEFF ZUCKER. IMAGINE WHAT ZUCKER WOULD HAVE RECEIVED IF HE WASN’T A COMPLETE DISASTER.>>TECHNICALLY HE DIDN’T LOSE MONEY. LIZ: 20 MILLION BUCKS. FINALLY SLACKING WORKERS AT CHRYSLER’S JEFFERSON NORTH PLANT IN DETROIT. LOOK AT THIS. THESE EMPLOYEES ARE KICKING BACK WITH SOME BUD. NOT JUST A BEER. LOOK AT THIS. WHOA! OF COURSE, OF COURSE, OUR INTREPID LOCAL FOX TV CREW KILLING THE WORKERS.>>IS THAT LINDSAY LOHAN?>>LOOKS A LOT LIKE MY OFFICE PARKING LOT WHICH IS WEIRD. LIZ: LOOK AT THIS GOING ON.>>THESE GUYS HAD A HALF HOUR. HALF HOUR BREAK. THEY’RE POUNDING 40 OUNCES IN A HALF HOUR TO GET BACK TO WORK. LIZ: LIKE COLT 45.>>NOTHING LIKE, EXACTLY, GOOD CALL THE COLT 45 BY THE WAY. LIZ: LOOK WHAT HAPPENS TO THEM. CHRYSLER ANNOUNCING THE WORKERS HAVE BEEN SUSPENDED PENDING REVIEW. BUT UAW MEAN WHILE LET TO LET THEIR JOBS GO UP IN SMOKE. THEY OPPOSE DRUG AND ALCOHOL USE FOR SURE. HEAR IS THE KEY PHRASE. ON THE JOB. THEY SAY THEY WEREN’T ON THE JOB DOING IT.>>SOBER UP IN THE 15 MINUTES TO GET BACK TO WORK? LIZ: WHERE IS THE BOON’S FARM.>>OLD ENGLISH 800. I HAVE THREE WORDS FOR YOU. CHRIS: GREAT SEGUE THERE. CONGRESS FINDING A BRAND NEW WAY TO WASTE YOUR MONEY. LIZ: A BRAND NEW WAY? A BRAND NEW WAY? CHRIS: NO. BUMP THE HEARING ALL THE WAY UP TO C-SPAN 1. LIZ: THEY INVITED A COMEDIAN TO A HEARING AND SHOCKED HE ACTED LIKE A COMEDIAN. THESE ARE THE SAME FOLKS IN CHARGE OF OUR MONEY. ARE WE TRULY DOOMED? THAT’S NEXT

Stocks spike on report Mexico sends 6K troops to its border


REPORTER: MAYBE PEOPLE WHO MADE IT. DIDN’T LIKE IT. LIZ: GET SOMEONE TO TEST IT HERE. SEAN O’HARA IS HERE. PUT BEYOND MEAT ASIDE. THOSE NUMBERS COMING OUT AFTER THE BELL. WE HAVE 2 1/2 MINUTES BEFORE THE CLOSING BELL RINGS. WHAT A FINAL 40 MINUTES OF TRADE HERE. WHAT DO YOU THINK WHEN YOU SEE THIS KIND OF A MOVE?>>I FEEL LIKE WE’RE PLAYING PING-PONG. BAD HEADLINE ABOUT TRADE AND FED, MARKET FALLS OFF. GOOD HEADLINE ABOUT TRADE, MARKET RALLY AS LITTLE. WE’LL BE THAT WAY UNTIL THIS BETS RESOLVED. UNTIL WE GET BACK GOING UNDER THE HOOD, EVALUATING FUNDAMENTALS.>>liz: WHAT YOU DO AND DO WELL. WE LIKE TO HOLD OUR COUNTDOWN CLOSERS FEET TO THE FIRE. THERE IS NO FIRE BUT SIZZLE. TIME YOU WERE ON THREE PICKS DID WELL. AMERICAN TOWER, CCI. LOOK AT THESE MOVES, PARTICULARLY AMERICAN TOWER UP 22%. SO YOU’RE DOING SOMETHING RIGHT.>>STAY IN THE SAME PLACE, CYRUS ONE. PUBLICLY REAL ESTATE COMPANY. THEIR FOCUS MICROSOFT HELPING THEM BUILDOUT OUT THE CLOUD. WE’LL GO FROM BILLION TO 75 BILLION INTERNET-CONNECTED DEVICES IOT STORY THAT CAN’T HAPPEN WITHOUT THAT. TECH, THIS ONE WAS UP FOR THE MONTH OF MAY WHERE NASDAQ WAS DOWN. FRETTING ABOUT THE 10-YEAR AT 2.11 IS THAT A BAD OMEN FOR STOCKS? IF THAT IS WHAT YOU’RE WORRIED ABOUT, IT IS A GREAT OMEN FOR REAL ESTATE BECAUSE MOST LOANS ARE PRICED OFF 10-YEAR TREASURY. LIZ: 2.06. IT WENT DOWN. WE CERTAINLY COME BACK ON THE 10-YEAR. 30 SECONDS LEFT HERE. WHAT DO YOU ADVISE INVESTORS TO DO, SUDDENLY THREE DAYS STRAIGHT WE HAVE COMPILED REAL GAIN OF 800 PLUS POINTS ON THE DOW?>>YOU HAVE TO CHECK YOUR GOALS. WHAT YOU OWN YOU SHOULD OWN BASED ON RISK TOLERANCE AND TIME HORIZON THIS IS A GOOD OPPORTUNITY TO PARING SOME POSITIONS TO LOWER VALUATIONS AND HIGHER QUALITY STOCKS AND

Democrats Take on Corporate Profits and CEO Pay: A Closer Look


-Corporate profits
and CEO pay are soaring despite the president’s promise to be a champion
of the working class. For more on this, it’s time
for “A Closer Look.” [ Cheers and applause ] ♪♪ Donald Trump has many
weird rhetorical tics. He knows like five words. He’ll never correct himself if
he mispronounces something. And in general,
he sounds like Joe Pesci after five shots of novocaine.
[ Laughter ] But one of the weirdest
rhetorical tics he has is a story he likes to repeat
at public events. He keeps saying that
big, strong, tough guys are coming up to him and crying
because he’s saving the economy. He’s done it many, many times. And he repeated it again
during a roundtable on the economy this week. -A strong man came up to me —
a tough kind of a guy, and said, “I want to thank you,
Mr. President, for saving our country.” -Yes!
-Whoo! -And he had tears
coming down his eyes. Men that were tough and strong, women that were tough
and strong, they see me, there are tears
coming down their eyes. A man came up to me,
and he was crying — A strong man, big, tough guy,
but he was crying. I’ve had such an incredible
experience with the miners. Of the nine,
eight of them were crying. Steel workers came up to me,
and they were crying. Big people from big companies, they’ve been to the White House
50 times. In one case, I won’t say who, the person came into
the oval office and started to cry. -I mean, there are so many
things that are weird about Donald Trump,
but this is one of the weirdest. Who are these big, strong,
tough guys who are supposedly
coming up to him and crying? [ As Trump ]
You got to see them, they’re big, muscular
weightlifters, and, I mean,
they’re just bawling. One of them came up to me,
tears streaming down his face, and he asked me a question.
It broke my heart. He said, “Can you… smell what The Rock is cooking?
And I — [ Laughter, cheers,
and applause ] [ Normal voice ] Trump,
of course, tells these stories because he’s spent his political
career cultivating the myth that he is a hero
to the working class, while in reality, as we found
out yet again recently, he and the political elite
he claims to hate have overseen an economy
which corporate profits and CEO pay are soaring. In fact, one of the most
profitable companies in the world is even getting
a tax refund. -And NBC News report reveals that twice as many
corporations — Are you ready for this? —
are paying zero taxes under President Trump. -A new analysis found
twice as many companies paid nothing in taxes last year
under the Trump tax law. The number jumped from 30 to 60. -This includes major companies
like Amazon, Netflix, and Delta. -In 2018, Amazon reported
more than $11 billion in taxable income, and paid
zero dollars in federal taxes. And it’s even worse than that — Amazon is actually getting
a federal tax refund of $120 million this year. -I’m sorry, I don’t care
if you’re a capitalist or a socialist or whatever, but if one of the richest
companies in the world run by one of the richest men
in the world is getting a tax refund,
then the system is [bleep] up. I mean, Amazon —
[ Cheers and applause ] Amazon shouldn’t get a refund. It’s where regular people go
when they get their refund. “Well, thank you, Uncle Sam, looks like someone’s getting
that new Brita filter.” [ Laughter ] The imbalance between
what corporate CEOs make and what their employees make
is staggering and insane. And to demonstrate that, California Congresswoman
Katie Porter a former professor
of consumer law decided to do a simple
math problem during a hearing last week with
JPMorgan Chase CEO Jamie Dimon. This year, Dimon got a raise
to $31 million. So Porter gave Dimon
a budget scenario involving a bank teller who
lives in Porter’s district to make an entry level salary. Porter asked Dimon how he would
deal with that budget, and he did not have an answer. Here’s just the first part
of that exchange. She had $2,425 a month. She rents a one-bedroom
apartment. That average one-bedroom
apartment is going to be $1,600. She spends $100 on utilities,
$400 for car expenses and gas. A low food budget is $400. She has a Cricket cellphone, the cheapest cellphone
she can get for $40. She has afterschool childcare
because the bank is open during normal business hours. That’s $450 a month. That takes her down to
negative $567 per month. My question for you, Mr. Dimon,
is how should she manage this budget shortfall while she’s working full time
at your bank? -I, uh… I don’t know that all
the these numbers are accurate. That number is generally
a starter job. She is a starting employee.
She has a 6-year-old child. This is her first job.
-You can get those jobs out of high school,
and she may have my job one day. -Maybe the teller
would be better at running your bank
than you are. Under Dimon, JPMorgan has been
fined $2.8 million over improper safeguards
for customers, $65 million for trying
to rig a benchmark rate, $135 million from the SEC,
$13 billion over bad mortgages, and another $1 billion for just
a bunch of other scandals. And on top of that, every time
I go to your bank, the pens have been stolen
from the chains. And how am I supposed
to fill out a deposit slip without a pen? Am I supposed to bring my own
pen to the bank? Because no one carries pens
anymore. Either have more pens
or get stronger chains. [ Laughter and applause ] Also, during that exchange, Dimon actually told Porter
those numbers aren’t accurate. So Porter responded by posting
a photo of herself on Twitter with a white board proving that her numbers
were accurate. Look at that.
She literally showed her work. This is the first time
anyone in Congress has ever gotten extra credit. Usually the only math
members of Congress are doing is counting sheep. -It’s about trying to do what’s
right for the whole country. And if your heart doesn’t break
when you… -[ Laughs ] Look at him. He just realized, “Oh, [bleep] I fell asleep live on C-SPAN.” And based on that camera work, C-SPAN realized that was
the most exciting thing that ever happened on C-SPAN. “Someone’s asleep,
take camera five!” “We only have one camera.”
“Move camera one!” But Porter kept going. She pressed Dimon on how
he would solve her constituents’ budget shortfall,
and he still would not answer. -She doesn’t have the ability
right now to spend your $31 million. She’s short $567. What would you
suggest she should do? -I don’t know.
I have to think about that. -Would you recommend she take
out a JPMorgan Chase credit card and run a deficit? -I don’t know.
I’d have to think about it. -Would you recommend
that she overdraft at your bank and be charged overdraft fees? -I don’t know.
I’d have to think about it. -So, I know you have a lot of —
-I’d love to call her up and have a conversation about
her financial affairs and see if we can be helpful. -See if you can find a way
for her to live on less than the minimum
that I’ve described? -Just be helpful. -You’re acting like it’s some
unsolvable math problem instead of just paying her
more money. Dimon’s going to be up all night
at a chalkboard trying to crack this one
“Good Will Hunting” style. [ As Dimon ] Let’s see, she has
$2,000, and I have $31 million. Damn it, numbers,
why won’t you crunch?! [ Laughter ] [ Normal voice ] Now,
the reason these companies get away with this is basically
just because we let them. That’s it. They have teams
of lawyers that help them use deductions and loopholes, and many of them stash
their profits offshore, and that’s why
Senator Elizabeth Warren unveiled a new plan recently to specifically target companies
that don’t pay taxes. -Today, Elizabeth Warren,
the senator from Massachusetts, rolled out a plan to tax
big corporations that use loopholes
in the tax code. She tweeted, “Giant companies
like Amazon shouldn’t be able to get away with paying
zero dollars in federal corporate income
taxes. -Her plan is called
the Real Corporate Profits Tax, and it focuses on raising
the tax rate for companies that make over $100 million. -We’ve got a corporate tax rate,
but as you know, the thing has just been
lobbied to death. It’s full of loopholes
and breaks and special deals so that a company like Amazon
that makes $10 billion in profits can walk away
paying nothing in taxes. That’s just not fair. -I love the idea that
Warren is taking on one of the most valuable
public companies in the world. She should publish her plan
on Amazon just so we can see the
recommendations below it. “You might also like,
‘Jailing Wall Street Bankers,’ or ‘Bernie Sanders
yelling at a billionaire.'” [ Laughter and applause ] We’re living in a gilded age, a massive inequality
that predates Trump. It’s baked into the system. He just lied about it
and made it worse. For example, for years,
the media has pointed to the stock market
as a sign of economic success. And Trump, of course, loves to
brag every chance he gets about how well the stock market
has done under his presidency, and he did it again this week. -We’ve created a tremendous
stock market. People are making
a lot of money. Our markets are hitting records
all the time. I have many, many records
of the highest stock market. The stock market is way up again
today. And we’re setting a record
literally all the time. The stock market is right now
almost at an all-time high. I have about 18 records. It then went down a little bit
because we had to do a couple of trade deals
and people didn’t understand. Now they’re starting to say,
“You know, that was pretty good. That’s good what he’s doing.” -Oh, they were saying that? [ Laughter ] Were they also crying? [ As Trump ] They were saying,
“It’s good what he’s doing, and they were — I mean,
tears streaming down their faces and then down onto their
jacked torsos. These guys were so strong
and so sad. Just pumping iron
and crying their eyes out.” [ Laughter and applause ] [ Normal voice ] But the stock
market is not the real economy. In fact, it’s mostly just a sign of how the wealthy few
are faring. One study found that nearly
40% of the market is owned by the richest
1% of the population, while the bottom 90%
of the population owns just 19% of stock market wealth. This is why it just makes basic
sense to people that the rich should pay more in taxes. On top of the corporate tax,
Warren also proposed a wealth tax on assets
over $50 million. And Bernie Sanders even
went on Fox News this week to attack Trump’s tax bill
during a town hall, and he actually got cheers
from the crowd. -I happen to believe that
a tax bill written and pushed by Trump who told the American
people that that tax bill, some of you may recall,
would not benefit the wealthy. You remember that?
-Yeah. -“Oh, it’s not going to benefit
the wealthy.” 83% of the benefits
went to the top 1%. So I think that’s a bad idea. And in my view, people,
whether it’s me, you — Probably make a lot more money
than I do. But whether it’s me or you
or anybody else, I think wealthy people
and large corporations that are making billions
of profits should start paying
their fair share of taxes. -But Senator —
[ Cheers and applause ] -And that was on Fox News! I mean, talking like that
and getting cheered on Fox News is like getting cheered for
praising the Yankees in Boston. [ Laughter ] [ Boston accent ] He’s right.
Jeter’s a legend, and Starbucks is
a superior option to Dunkies! [ Laughter ] [ Normal voice ] After that
moment, the Fox News anchors asked Bernie why he doesn’t
choose to voluntarily pay more in taxes than he owes. And he turned the question
around on them. -Your marginal tax rate was 26% because of President Trump’s
tax cut. So why not say,
I’m leading this revolution, I’m not going to take those? -[ Scoffs ] [ Laughter ] Come on. We’re nearing — I am — I pay the taxes
that I owe. And by the way, why don’t you
get Donald Trump up here and ask him how much
he pays in taxes. [ Cheers and applause ]
-I will. Yeah, we’ll — Look. -I am eagerly awaiting
your doing that. -First of all, there’s nothing
better than old man sarcasm. [ As Sanders ] Why don’t you
put your phone away at the dinner table?
-[ Normal voice ] I will. -[ As Sanders ] Well, I am
eagerly awaiting you doing that, and when you are done,
maybe we can participate in the social media I grew up
with called eye contact. [ Laughter ] [ Normal voice ]
And then after that, Bernie directly addressed Trump and challenged him
to release his tax returns. -I guess the president watches your network a little bit,
right? [ Laughter ] Hey, President Trump. My wife and I just released
10 years. Please do the same.
Let the American people know. [ Cheers and applause ] -And you know Trump was watching
that, because, you know, he always watches, and also, Bernie on Fox News felt like
one of those crossover episodes, where a character from one show
goes on another one, like when Fonzie went on
“Laverne & Shirley.” But this is one that
didn’t make any sense. It was like an episode
of “The Sopranos” where Carrie Bradshaw
stopped by the Bada Bing! [ Laughter ] “I didn’t find love
in New Jersey, but you can’t blame a gada-girl
for trying. [ Laughter ] One thing’s for sure, it’s a
night I’ll never fuhgeddabout.” [ “Sex and the City”-esque music
plays ] [ Applause ] I’m not Carrie. [ Laughter ] I’m actually Miranda. [ Laughter ] -We’re living in an age
of soaring corporate profits and CEO pay, and when
struggling Americans find out how much CEOs are making and how
little in taxes they’re paying, they’re all saying the same
thing — -[ Scoffs ] -This has been “A Closer Look.” [ Cheers and applause ] ♪♪

Amazon/AmEx Business Credit Card: Perks, Reviews, Rewards Rate


Jason Moser: Lastly, we want to talk a little bit about
American Express tying up here with Amazon. If I’m reading correctly, this is primarily
a business relationship from what I can see. The one thing that I found noteworthy was,
it didn’t look like there was any type of annual fee involved with this relationship.
American Express is pretty notorious for that annual fee. Talk a little bit more about the American
Express and Amazon tie-up, and what exactly that’s going to mean for both companies. Matt Frankel: This was actually probably my
favorite announcement there just because I’m a huge Shark Tank fan, and Barbara Corcoran
was the spokesperson giving this announcement. Moser: It’s a good show, I like it too! Frankel: On a personal level, I really
enjoyed this announcement. You’re correct, it’s a business card.
This is not a personal credit card product. And yes, it’s no annual fee. But the most unique thing is that cardholders
have a choice — on one hand, Amazon Prime members could choose to get 5% rewards on
any Amazon purchase, including Whole Foods; or, they can choose
to have 90-day payment terms. What’s really unique about this is, this is
not just 90-day interest-free payments. This is 90 days of no payments, meaning that
you charge something, and you’re billed without any interest comes due in 90 days. This is a really big benefit for
businesses that have cash flow issues. Let’s say you sell something to somebody. You need to finance the cost of goods to make
whatever you’re selling, but then you’re not going to get paid for a couple of months. This really allows you to manage your cash
flow so much better without that extra expensive credit card interest, or any payments
due at all, until your receivables come in. I don’t know of any other credit card
that has zero payments for 90 days. There’s a lot of interest-free credit cards, but you’re
still to make minimum payments along the way. That was the big takeaway I saw. And, it’s a no annual fee product,
and 5% cashback if you choose that route. It’s a great rewards rate for a
no annual fee credit card to begin with. There’s a couple of big perks
to this for small businesses. Moser: That’s a couple of really a behemoth
companies in the space, and it looks like they’re tackling what is a problem with a
unique and compelling solution. I have to believe that they
should gain a little traction with that.