Skip to main content

tv   Sunday Morning Futures With Maria Bartiromo  FOX Business  December 14, 2014 6:00pm-7:01pm EST

6:00 pm
dressed as santa. he's a symbol of kindness to children and he's welcome -- good morning. re-examining our drawdown from afghanistan. hi, everyone. i'm maria bartiromo. daily attacks in pakistan this past week. the taliban signaling it is not going anywhere as the new afghan government tries to take hold and our military prepares for the december 31st pullout. is this the right time, former centcom commander anthony zinni will join me in moments. and the house oversight committee wants jonathan gruber on the stand. the obamacare architect was drilled about his so-called contempt for the american people. we'll talk to a committee member
6:01 pm
who questioned gruber. we'll ask him about the lame duck congress that has been anything but after name calling and finger pointing and intense negotiations. the trillion dollar budget is on its way to the president's desk. is this a shade of politics to come? we look ahead this morning on "sunday morning futures." after 13 years the u.s. officially ended the combat role in afghanistan. now we are two weeks away from another troop draw down that can only leave 10,800 men and women in uniform helping to keep that country secure. and at least 19 people were killed this weekend alone. two american soldiers died in the taliban attack on friday. today, afghan's new president made an impassioned plea for the violence to stop.
6:02 pm
he yelled, enough. saying his country will never surrender. critics saying now may not be the best time to draw down. retired u.s. marine general anthony zinni is the former commander of centcom. thank you for joining us this morning. >> good to be with you. >> can you characterize where we were in afghanistan today? >> well, i think we're at a point where we're testing the iraqi military to see if they're able to stand up against the taliban. it's -- i think it's critically important that the training and the equipping continue at a level that they need. but most importantly, this really is ghani's moment. he has to step up and give the afghan military and the people something to fight for. he's got to get rid of the corruption in the government, got to make sure that the government is inclusive. sort of a repeat of what we saw with maliki and his successor. i think 10,000 troops and
6:03 pm
drawing down is fine if we keep several capabilities in there. special operations capabilities, that we can hit targets that are important to us that maybe that capacity isn't there for the afghans. and more importantly the advisers, the trainers and the equipment that are necessary for that afghan army to sustain itself. >> general, we have a lot to talk about with you in addition to afghanistan. i want to get your take on iraq and of course isis, as well as that cia report. but first, let's take a look at the reality of a troop draw down and what do our past actions tell us about the future? fox news senior correspondent eric shawn on that angle. good morning. >> good morning, maria. it seems we don't or in some places should not ever leave. afghan is an increased hotbed of terrorism and troops are deployed in far greater strengths everywhere. >> america's combat mission will be over by the end of this year.
6:04 pm
starting next year, afghans will be fully responsible for securing their country. >> well, not so fast. six months after announcing the end of our combat role in afghanistan, president obama increased the number of u.s. forces even though just by 1,000 who will stay there. will they be enough to help the afghan forces eventually defeat the taliban once and for all? right now, 10,800 troops will remain, but the plans to cut that number to 5,500 by 2016 and zero in three years. all this as the u.s. has deployed much larger forces elsewhere. a sizable presence, decades after war and hostilities ended there. nearly 50,000 u.s. forces remain in japan. more than 38,000 in germany. 28,500 are still in north korea. 10,000 deployed in kuwait and even south africa rates 216 military personnel making more
6:05 pm
troops assigned to peaceful countries than are facing the taliban. some insist those commitments are exceeded for the u.s. to remain a global leader. >> there's a lot of responsibility on the u.s. shoulders but we have the posture and the people to do it. we have to have the will to sustain this long war and that's exactly what it is. >> well, the challenge that continues in afghanistan can be symbolized by one shocking attack just last week. it happened at a french school in kabul. students were performing a play called heart beat about freedom and democracy when a suicide bomber sitting in the audience blew themselves up. that attacker was a 16-year-old boy who hid the bomb in his underwear. maria? >> just horrible stories continuing. eric, thank you very much. we have now more with former centcom commander, general anthony zinni. when you see what has gone on in iraq after the u.s. troops were pulled out and how the isis force really just rolled over
6:06 pm
the army, why should we have any sort of optimism about the draw down in afghanistan? >> well, i think the optimism in iraq first of all, is with the new government. it's still very iffy. but if this new government can reach out and be more inclusive, work with the sunni neighbors, and we can rebuild the army, rebuild the leadership, make sure they have the right kind of equipment, i think it can be salvaged. but i want to go back in both cases, it's going to be up to the new leadership in the government. in the case of afghanistan, ghani, and of course in the case of iraq, maliki's successor. i don't think us staying there forever and continuing to fight the taliban or isis and other elements are going to get it. we have got to get these countries to stand up on their open and it was time to take off the training wheels. in iraq, we knew maliki was the problem.
6:07 pm
we knew it from the time he took over. i heard it from every embassy official out there and general that we had out there. and yet, we watched as he slid away from being an inclusive government and he alienated the sunnis and the kurds to an extend. >> how do we ensure success? what can the u.s. do to ensure that these governments can in fact take the lead? >> i think that what has to be done -- this becomes more of a diplomatic mission. we need pressure on these governments. we need to work with them to ensure they understand how to clean up corruption, favoritism, cronyism. obviously, maliki was rewarding generals who had no military skill. we can't do it for them. but we certainly can stay on them about this. we don't want to get our military tied down into decades
6:08 pm
worth of war that going nowhere. i do think we have an obligation in iraq since we broke it. to ensure they have the equipment and the training. but there's more of an obligation to ensure that government changes and reaches out to the minority populations that have been alienated. >> meanwhile, the threats are getting bigger. how will you characterize isis today? >> well, i would have -- i would have taken a different approach. i would have put ground forces in early on. isis has been in iraq for six months now. we are betting that time is on our side. and that some magical ground force is going to appear in the short term which i doubt. it will be a while before the iraqis are able to stand up to isis and obviously the kurds, there's an unwillingness to arm them which i don't understand. but i think had we put even a small ground force in there, we
6:09 pm
would have gotten other allies. and we should have extricated isis from iraq and that would give more space and time for the development of the iraqi military and a little more space and time for the government, given some breathing space. but in this case we have isis right at the gates of baghdad, and they have been sitting there for quite a while. >> let me turn to the big news of course this week in terms of the release of that cia report on interrogation tactics. what are your observations, general? >> well, first of all, i think john mccain said it in the most eloquent way it could have been said. this is not who we are. and we should not subscribe to this kind of use of whatever you want to call it my mind it's torture. that's several things that are bad about this. one, we claim it saves lives. in fact, it puts lives at risk. if you remember the abu ghraib incident that occurred, i talked
6:10 pm
to the young ncos and officers in the villages and they said that put them at great risk when it came out -- of course, that wasn't part of this program, but that americans were torturing. by us saying that these measures are okay, it's saying we condone them. my son is a marine. are we saying if he was taken as a prisoner these methods are okay when the international community and the conventions we signed say no? i also don't understand why we paid $81 million as i understand it for some contractor to come up with these things. i don't know if it's a marquis desaad or llc. but this is the most ridiculous things we have done in years. >> what about releasing the report, that's up for debate in terms of what this information and the presence of this report is doing to -- to our people in harm's way right now. >> well, first of all, by saying
6:11 pm
that releasing the report puts people in harm's way sort of val -- validates it. i think the important part about releasing it is the -- is the rift that has occurred between our intelligence committees in congress and the cia. that to me is very, very dangerous. if they are at odds with each other, that flies in the face of congressional oversight. to me, that is something critical that we need to fix immediately and i would hope that the director of central intelligence, the new chairman of the intelligence committee and the house and the senate begin to work to heal this rift. information should not be kept from the intelligence committees. they are required by law to oversee the agency. and i think that may be the most important point to come out of this release of this report. >> general, good to have you on the program.
6:12 pm
thank you for your insights today. >> okay, maria. >> see you soon, sir. thank you so much. good news meanwhile, our government gets to stay open. but boy, was it a tough ride getting there. a member of the house oversight committee on that and putting jonathan gruber back on the hot seat after last week's meeting. hope you follow me on twitter and let us know what you want to hear from representative ron desantos. he's next as we look ahead on "sunday morning futures."
6:13 pm
dad,thank you mom for said this oftprotecting my future.you. thank you for being my hero and my dad. military families are uniquely thankful for many things, the legacy of usaa auto insurance could be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. twhat do i do?. you need to catch the 4:10 huh? the equipment tracking system will get you to the loading dock. ♪ there should be a truck leaving now. i got it. now jump off the bridge. what? in 3...2...1... are you kidding me? go. right on time. right now, over 20,000 trains are running reliably.
6:14 pm
we call that predictable. thrillingly predictable. thanks. ♪ [ male announcer ] fedex® has solutions to able global commerce that can help your company grow steadily and quickly. great job. (mandarin) ♪ cut it out. >>see you tomorrow. ♪ you can't breathe through your nose, suddenly, you're a mouth breather. a mouth breather! well, put on a breathe right strip and shut your mouth. cold medicines open your nose over time, but add a breathe right strip and pow, it opens your nose up to 38% more. so you can breathe and do the one thing you want to do, sleep. add breathe right to your cold medicine shut your mouth and sleep right. breathe right.
6:15 pm
and look for the calming scent of new breathe right lavender, in the sleep aisle.
6:16 pm
welcome back to $1.1 trillion spending bill on its way to the president's desk, but not without a lot of give and take on both sides of the aisle. congressman ron desantis is with us from the house oversight and government reform committee. thank you for joining us. >> good morning. >> so take us behind the curtain. how tough was getting this bill done? >> well, look, i mean, i voted against the bill because i think when you're passing bills to find out what's in bills, that's not in the best interest of taxpayers and the bill was unveiled less than 48 hours before we voted on it. and i know a lot of republicans were critical when nancy pelosi used to pull those tactics and i just can't stroke a $1.1 trillion check with other people's money without knowing where exactly that money going. i think it was a mistake to give the lame duck congress all this authority to make all these decisions when we just had an election and had we just punted the spending issues into the new congress, i think we could have handled everything in a more
6:17 pm
transparent and fiscally responsible way. >> well, that makes sense, given the new congress on its way in next six weeks. what was most troublesome about the spending bill and the reason that you could and sign -- you couldn't vote yes? >> well, one, the amount. it was $1.1 trillion. there was a lot of spending in there that was beyond the budget caps, that was characterized as emergency spending. but really, wasn't. then you had a lot of special interest provisions that benefited particular constituencies that have power in washington and again, if you had an open process i think that would have given all members the ability to offer amendments and to make that more better and really, more consistent with what the average american taxpayer expects out of their government. >> what are your priorities in terms of spending and where the money should be allocated as we look ahead to the new congress? >> well, i think what we need to do as republicans is do what we told the people we would do in this last election. first, obamacare is going to be a huge issue.
6:18 pm
when chuck schumer admits it was a mistake and that it didn't help the middle class, i think you're going to see a number of votes on obamacare that has the potential to save taxpayers a lot of money. i also think we need to check the president's overreach on illegal immigration and the epa and the hhs. that impoise as lot of costs on the economy as well as on taxpayers. i think we need to have a budget that is slowing the growth, reducing spending, eliminating programs that aren't working going into the next fiscal year. we have the numbers now where we'll be able to get votes on that. so i think that that's important. i also think if you look at the economy, you have middle class voters who really feel squeezed by what's happening. their wages aren't going up, but yet the cost of the staples of life, groceries, higher education continue to rise. so a lot of them are losing ground. i think we need to address those issues as well. >> they're losing ground partly because of the cost of health care. let me ask you about you grilling jonathan gruber last
6:19 pm
week. how would you characterize his performance at that hearing? >> i thought it was a dismal performance. we see hundreds of witnesses, he was one of the worst witnesses. he was not honest with the committee. he dodged, he wouldn't answer questions directly. i think he placed himself in some jeopardy. we'll go through and look at all of his previous statements and then compare it with the transcript of what he provided to us and his testimony under oath. i think you will see some serious discrepancies there and then of course he would not admit the amount of money he's made from all of the consulting contracts he's received since obamacare passed. so we have subpoenaed that information. so i don't think jonathan gruber is off the hook. i think he's going to be back before that committee in the new year. >> how much money has he made? >> he admitted he made roughly $500,000 with consulting with
6:20 pm
the federal government and then he admitted that he as about six contracts with various states. now the reports peg that anywhere from 2.5 to $5 million. he said he would not -- he didn't know. he had to talk to his lawyer. and he have not willing to give us an answer. the thing is, we're going to get that information, so i don't know why he was trying on the so coy about it. >> right. >> but there's no doubt he has made out like a bandit with the obamacare's passage. >> in terms of the discrepancies you heard from gruber is that going to impact the ability to change obamacare? the legislation. >> well, i think it helps us. i think the wind -- i think the obamacare critics have the wind at our backs. i think his testimony shows there's always been a question of the legitimacy of this law because of the way it was passed, because of the way it was obscured. i think that helps us. i think gruber's comments help us and only 30 of the democrats
6:21 pm
who voted for it remain today. >> see you soon. thank you for your -- for joining us today. a new year, a new focus on your money. how are you set up for retirement? we'll have the founder and president of the investment if a denture were to be put under a microscope, we can see all the bacteria that still exists. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing bacteria. for a cleaner, fresher, brighter denture everyday. how can in china,sumption impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.?
6:22 pm
at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of r mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. i have $40,ney do you have in your pocket right now? $21. could something that small make an impact on something as big as your retirement? i don't think so. well if you start putting that towards your retirement every week
6:23 pm
and let it grow over time, for twenty to thirty years, that retirement challenge might not seem so big after all. ♪
6:24 pm
welcome back. one of the biggest questions hanging over most americans' heads am i saving enough for retirement? robert kapito is the president of blackrock. so good to see you. thank you for joining us. before we get into saving for retirement and how you do it effectively, let me get your take on what went on this past week. we had some rocky days there. in terms of market sell-offs. are we seeing a change in sentiment, in terms of the stock market right now? >> i don't think so. i think last week was really a function of the end of the year.
6:25 pm
people trying to assess where oil is going to be and what the impact of oil is going to be. a weekend right before the big election in japan. and i think a look back at the year and wondering what the next cycle is going to bring. when it comes to equities, is it going to be cyclical stocks and defensive stocks and when will the fed raise rates? all those in conjunction at the end of the year, i think people squared off their positions and it caused a pretty big dip in the market. >> in fact, this upcoming week we have the federal reserve meeting with a two-day meeting. there's some talk that the fed will remove that line for considerable amount of time. rates will stay low for a considerable amount of time. do you think the fed will raise rates in 2015 and how will that hurt people?
6:26 pm
>> i think it's overblown. i believe it will be lower for longer, and if the fed did raise rates and signals a raise in rates for 25 or 50 basis points i don't think it will change the way you should be investing for if future. so i think it's overblown, but if you wanted my view on rates i would say lower for longer. >> all right. so let's talk about the future. and in fact, retirement. most people do not have enough money saved up for retirement. what are you seeing and i know you guys just did a survey in terms of what people are doing and how they're saving for retirement. >> well this is going to be the biggest issue in our times. people have not saved enough for retirement. and this is complicated by the fact that we have all learned that we're going to live longer. so in the '50s you lived till you were 68. today you're going to live until you're 80. that means when you'll have about 10 to 14 years of retirement today you may have 25 years of retirement. and -- >> wow.
6:27 pm
>> we have found that people have not saved. this is very, very dramatic, maria. we have found that two-thirds of the people that we surveyed have less than $25,000 for retirement. >> for 25 years? >> and one-third have saved nothing. >> wow. >> so people have about 45% of their income is going to expenses. the rest of the globe by the way is around 32. the global average. we are finding that people are not investing for the future. and they're thinking about timing the market. instead of time in the market. i'm going to tell you that you can't save for the future in the future. now -- >> you have to do it now. >> what was interesting about this survey was that while people are confident about their financial future, they're worried about the economy. they're worried about unemployment. but they haven't done anything about it. so this $10 trillion sitting in bank accounts earning zero, every year people are saying i'm going to get in, and they don't
6:28 pm
get in market place earning zero. this is a very big mistake. and the more time you're sitting in cash, the harder it's going to be to catch up. >> what's the best way to do it? >> first, let me tell you this is a breakdown. this is fascinating stuff. the millennials have started saving. why have they started saving? they spend 11 hours on social media and on financials. what they're doing they haven't gone through the financial crisis and they didn't have assets when we had the financial crisis. they're not thinking about the future. but the baby boomers, generation "x" are saving nothing. in fact, the quiet generation that is collecting social security, 50% of the people that are getting social security are living off of it. it wasn't meant for that. it was meant to supplement your income. so we have a problem with retirement that's going to be so
6:29 pm
big and maybe people will recognize it when parents are going to have to move in with their kids. >> so what should we do? >> well, you have to get invested. and we talk about all of this short termism in the marketplace. the market's up, the market's down. i'm going to wait until that's a pull back. you mentioned a pull back this week. is anybody getting in? no. they're waiting. because people never remember when they made money but they remember every single time they lost money. so they're sitting in cash. in fact, in this survey, 63% of household savings is in cash. so -- >> money market accounts a cash account instead of actually getting a return from the stock market. >> yes. yes. of course with rates being low, people need to look for income. so what should they do? >> yeah. >> well, dividend paying stocks. dividend paying stocks are something that have been around for a long period of time. dividends have been a large portion of the total return. i just looked this morning. things in your refrigerator. i looked at kraft, it had a 3.5%
6:30 pm
dividend. i looked at verizon, 4.75% dividend. just think of that in any appreciation on the stock because we're very bullish on equities going forward. in the bond market, you could still get a good return and high yield. our high yield funds yielded over 6% this year. >> wow. >> another year that you missed or even in municipal bonds if you're a taxpayer. taxes will probably go up, higher product than them going down in history. so municipal bonds are another way to earn an income. so you need a diversified portfolio that has income producing securities, more weighted to equities than bonds, if you think that interest rates are going to go up going forward. >> great advice, rob kapito good to have you on the show today. the president of investment firm, blackrock. did you ever think you'd see the day that nancy pelosi sided with ted cruz? the senate going topsy-turvy? we are looking ahead with our panel next on "sunday morning futures." stay with us. (vo) rush hour around here
6:31 pm
starts at 6:30 a.m. - on the nose. but for me, it starts with the opening bell. and the rush i get, lasts way more than an hour. (announcer) at scottrade, we share your passion for trading. that's why we've built powerful technology to alert you to your next opportunity. because at scottrade, our passion is to power yours.
6:32 pm
hard it can be...how ...to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled... ...copd maintenance treatment... ...that helps open my airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace rescue inhalers for sudden symptoms. tell your doctor if you have
6:33 pm
kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells,... you can get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. sfx: blowing sound. does breathing with copd... ...weigh you down? don't wait ask your doctor about spiriva handihaler. ♪ (holiday mhey! is playing) i guess we're going to need a new santa ♪(the music builds to a climax.) more people are coming to audi than ever before. see why now is the best time. audi will cover your first month's payment on select models at the season of audi sales event. visit audioffers.com today.
6:34 pm
iit's a lot of haggling and itan stakes so long.ship. craig's experience is completely different than mine. yeah. yes, mike has used truecar. at truecar, we'll show you how much others paid for the car you want, and how much you should. because i used truecar there was no haggling about the price. they treated me so well, and it was just such a quick, easy experience. get your car, and get back to the life you love. welcome to the future of car-buying. welcome back. well, they say politics makes for strange bedfellows. nowhere was that more evident than the battle over the cromnibus spending bill. who could have seen john boehner teaming up with president clinton and harry reid on this or nancy pelosi and elizabeth warren aligning with ted cruz.
6:35 pm
ed rollins is a former principal white house adviser to ronald reagan. a long-term strategist and political and business leader. and judith miller is adjunct fellow from the policy research. she's a pulitzer prize winning columnist. and we have the head of the hedge research and good morning to you. strange bedfellows. >> i promise they'll all hop out of bed the next morning. this is not a long term engagement. i think the overarching thing for the white house and john boehner was not to shut down the government. they were willing to make compromises all the way. two people who have emerged that have been long-term leaders and have been thorns in their side, elizabeth warren and she may run for president and ted cruz, a great champion of the base. >> will they pull their parties
6:36 pm
in their direction and sort of muck it up for others? >> no. they're not leaders of the party. the thing about cruz he doesn't care. cruz is the outlier all the way through. warren i think was a little bit more responsible. she is against the banks. no friends of business though in the congress today. >> it sounds like she really does want to put her hat in the ring. elizabeth warren. >> yeah, she really does. to see this wonderful kind of reversal of we have all been watching the republicans, we have been watching them going at one another, the team party wing. the quote moderate or pragmatic wing, now we have the same or a mirror phenomenon on the democratic side which i think will be exacerbated by republican control of the congress. i love quoting nancy pelosi they
6:37 pm
have to pass the bill to know what's in it. no one has read 1600 pages of stuff. who knows what's in it. >> that's what she said of obamacare. we have to pass the bill to know what's in it. >> i don't think people trust her or congress. if they have your money, they'll spend it. i think they'll do anything to do that. if you look at this relative to the deficit, don't forget that four or five years ago when the deficit was high they couldn't spend your money because they didn't have any. now gdp accelerates, they take the money and spend it. i think that's a huge topic. jeb bush could nail this in the presidential election. >> one point i want to make. this is $1.1 trillion. the $4 trillion budget. this is the unmandated part of the budget. imagine if you had that whole $4 trillion with the entitlements being debated or the tax cuts that are as large as this -- what we went through. >> a good point. you have to put it into perspective. you mentioned jeb bush. he's released 250,000 e-mails over the time that he was governor. i guess this tells you right now he's going to be running. >> transparency. he gave us the transparency. >> yeah. >> he can do so many things particularly, you know, going to the spending, spending,
6:38 pm
spending. he can be anti-spending, anti-his dad, anti-his brother, anti-fed. he can do a lot of things that are anti- -- you know, government. prosuccess. >> he's anti-christie. >> all the money guys want to write checks to christie, they have to write a second check. bush will be a viable candidate. >> you think he's running? >> he'll be running. >> is he going to be the candidate? >> i don't know. no one is getting out because he's going to win. >> and "the new york times" did a very nice opening piece on him. and was very tough on hillary the week before. so clearly, "the times" want a race here. >> interesting it will be bush/clinton. >> this is the third bush. she's the first woman. do we want a third bush, that's the question that will be debated. a lot of people want the first woman. >> absolutely right. but we'll see if she -- if she actually wins because of that.
6:39 pm
i mean, people are thinking they wanted the first african-american as well. >> we had that. >> do we want a second clinton, that's also independent -- >> and on the second bush, i think he could really say, look, i'm not my brother. i mean, being anti-federal reserve or anti-spending would be the opposite of his dad and brother. i think that could be the answer. >> he was a great governor on his own rights. he deserves to be a very viable candidate. would have been four years ago or eight years ago. he has a big field to run against him today. >> let's talk about more on that, and foreign policy in our next segment. but first a look at what's coming up on "media buzz." howie kurtz, over to you. >> we have a full plate this morning. we'll look at the sony hacking and look at rape accusations as the new media battleground. we have the account of the "rolling stone" story about the alleged gang rape. and elena dunham's book and more
6:40 pm
accusers now in the bill cosby saga including a supermodel. all these coming up at the same time. >> so many amazing stories there. with will see you -- we'll see you in 20 minutes. thank you very much. deadly violence rocking afghanistan in the closing weeks of the u.s. military campaign. is draw down now a good idea? our panel will begin there in our next segment as we look ahead on "sunday morning futures." stay with us. 58 seconds on the clock, what am i thinking about? foreign markets. asian debt that recognizes the shift in the global economy. you know, the kind that capitalizes on diversity across the credit spectrum and gets exposure to frontier and emerging markets. if you convert 4-quarter p/e of the s&p 500, its yield is doing a lot better... if you've had to become your own investment expert, maybe it's time for bny mellon, a different kind of wealth manager
6:41 pm
...and black swans are unpredictable.
6:42 pm
6:43 pm
bringing back our panel, ed rollins, judy miller, keith mccullough. we had anthony zinni on earlier in the program as we approach the deadline of the complete draw down of the troops in afghanistan. >> i cannot agree with mr. zinni more. i think that this drawdown has
6:44 pm
been too fast. i think we're seeing the results of that on the ground in afghanistan. you know, the policies in afghanistan should be dictated not by president obama's desire for legacy, of having ended wars and withdrawing soldiers, but by the facts on the ground and the facts on the ground simply do not merit the pace by which this withdraw -- >> it sounded like what happened against isis. he doesn't want troops on the ground even though the generals are telling him time and time again we won't win this. >> deja vu all over again, as yogi berra would say. >> we can't win. generals don't want to go to war. but when they're in wars they want to win wars. they make it very, very clear that we cannot basically hold our own there unless we have 10,000 more troops there and clearly to do this drawdown would be idiotic. >> yeah. >> the volatility situation will be perpetuated what's going non-oil, don't forget. there are many unintended consequences. last week, oil was down 13%,
6:45 pm
down 45% since june. i mean, we have a crash in oil markets. >> wow. >> today, you know, the dubai stock markets opened today, it's down 8% today. so you're seeing a lot of action in the middle east that are really going to hammer people where it matters which is in their pockets. >> an important point, oil has been crashing. that has to change the relationship with the russians. >> the russians they have had issues of their open, but big-time capital markets are huge. their currency is crashing. their stock market was down 13% last week. down 45% this year. so again, if you want to start to see some things occur, you know, start to see some reversals in these moves and then some more volatility. >> you know what i thought was interesting, while oil prices are coming down, if you spent $80 filling up your suv, now you're spending $60. that's a big deal to fill up your gas tank, but at the same time, you're seeing the shale
6:46 pm
revolution get impacted. in the month of november you had permitting down 40%. >> short term gains are going to be immeasurable for the consumer. long term energy independence is going to be damaged by this. equally important, our allies will have severe problems with this. the country we fought for for ten years, iraq, will have a big problem funding itself. >> i would keep my eye on iran because iran is a major exporter that needs high prices and will this translate into greater flexibility at the negotiating table on the nuclear side? we don't know yet. there are no indications that -- that it's had that effect to date. as this pressure mounts, the iranians are going to have to respond. >> but i mean, the relationships that we have with the saudis, for example, all of this changes. this dove tails into foreign policy the fact that oil has plummeted so much. >> it's a huge inflation expectation. think how we get paid. i expect my core assets to
6:47 pm
inflate. now, once you get deflation into the system, you're deflating people's expectations, not only sovereigns but those levered to the entire energy space. if you tie that back to home, yes, you'll save money on the suv, yes it's 6.4% of the budget is gas prices and everything else matters too. we have a jobs revolution that occurred in the dakotas, in texas, there's a lot of unintended consequences associated with oil falling. >> we are seeing that on the good side of things, because it's putting more money in peoples' pockets. we had good news at the pump, but could it be taking a big bite out of your 401(k)? our panel will look at that as we look ahead on "sunday morning futures." stay with us. does your mouth often feel dry? multiple medications, a dry mouth can be a side effect of many medications. but it can also lead to tooth decay and bad breath.
6:48 pm
that's why there's biotene, available as an oral rinse, toothpaste, spray or gel. biotene can provide soothing relief and it helps keep your mouth healthy too. remember, while your medication is doing you good, a dry mouth isn't. biotene, for people who suffer from a dry mouth. you pay your auto insurance premium every month on the dot. you're like the poster child for paying on time. and then one day you tap the bumper of a station wagon. no big deal... until your insurance company jacks up your rates. you freak out. what good is having insurance if you get punished for using it? hey insurance companies, news flash. nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. liberty mutual insurance.
6:49 pm
6:50 pm
6:51 pm
and we are back with our pam, ed rollins, judy miller, keith mcculloch. let's talk about what happened in the markets last week. we had a rough day on friday. do you think this is the beginning of more selling? are we going to see a rocky stock market? >> tock markets versus bond markets. this has been an epic battle this year. what is the russell 2000 and the stock market telling us? bond yields are down in the russell 2,000, which is a broad measure of the u.s. stock market. what is it telling us about growth? global growth expectations are falling and now bond yields are falling faster. if you're long bonds, you've had a great week. if you're long the ten-year, 20-year, the 30 years, you're up on the year. we're going to sit here and bank our heads whether the dow should be up 4% or up 2%. i think that's the first sign of volatility entering the market. last week volatility, the vix
6:52 pm
was up 80% of the week. if you're long that thing, you're going to be agitated. your 401(k) just lost a couple of grand last week. this is going to start to wear on a asset perspective. >> yeah, and it's gone up steadily. now we're seeing some activity, you think that volatility is only going to increase. in terms of the spending bill, the budget, we've funded the government. is this going to have an impact? >> minimal. the truth of the matter is like i said, this seasonal a small portion. this is 1.1 of a $4 trillion dollar budget. the revenues, i think what this has done, the chaos has been overblown for some long, back to having appropriation hearings. there are things in this bill that no one has any idea what is
6:53 pm
there except for the staff. i think if republicans want to be responsible, they have to make sure this works right. >> john mccain told us last weekend, no government shutdown. we need to convince the american people that we know how to govern. >> and if we don't, clearly, they're going to have a short lived majority of the senate. >> then there's the cia report, judy. your thoughts on that? >> speaking of anthony vinnie and john mccain, john mccain had his finest hour when he went on to the senate floor and talked about this not being who we are. and i think anyone who read that report as i did this week has to really take note of what it says. it doesn't have recommendations and i am very disappointed that it was so partisan and that they did not speak to anyone in charge of the program, but the bottom line of that, which is this was an agency which somehow, some way, managed to get out of control. we had $81 million spend on psychologists who didn't know
6:54 pm
anything about psychology, torture, or the military. this is a bad showing and we've got to fix this. >> what is the pushback for those who say this report should not have been released? >> i will make that point. i'm against torture. i believe in the articles of the institution that says we don't torture and it gives us a moral authority and john mccain is the only member of the senate that has ever been tortured. but he basically was totally against it. he said it doesn't work. it doesn't work. we don't have torture any more. we've outlawed. the president is not implementing it. and i hope we won't ever do it again. but the problem is we've now damaged the cia. cia is very important in terrorism wars and i would imagine they're very demoralized and to a certain extent, the oversight committee needs to set new rules, regulationes and be careful. >> quick break and then the one thing to watch for the week ahead on sunday morning futures as we're looking ahead, back in a moment.
6:55 pm
dad, i know i haven't said this often enough, but thank you. thank you mom for protecting my future. thank you for being my hero and my dad. military families are uniquely thankful for many things, the legacy of usaa auto insurance could be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. twhat do i do?. you need to catch the 4:10 huh? the equipment tracking system will get you to the loading dock. ♪ there should be a truck leaving now. i got it. now jump off the bridge. what? in 3...2...1... are you kidding me? go. right on time. right now, over 20,000 trains are running reliably.
6:56 pm
we call that predictable. thrillingly predictable. thanks. ♪ [ male announcer ] fedex® has solutions to able global commerce that can help your company grow steadily and quickly. great job. (mandarin) ♪ cut it out. >>see you tomorrow. ♪
6:57 pm
pressure points on my tired, achy feet. i had no clue i was putting this kind of stress on my feet. i have flat feet. i found this out at the free dr.scholl's foot mapping center at walmart. in less than two minutes, i got my foot map and my custom number i'm a 440. i'm a 210. 340. that number matched the dr.scholl's custom fit orthotic inserts with just the right support to help relieve stress on my feet. i'm a believer. go to drscholls.com for locations and save $10. how in argentina,rass change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment
6:58 pm
information, risks, fees and expenses to read and consider carefully before investing. we are back with our panel looking at the one thing to watch on the week ahead. >> he had a hearing last week, it wasn't satisfactory. i think he has to put everlast on his forehead because he's going to be the punching back for the next congress. >> back on the hot seat? >> definitely. here is the guy who spent billions of dollars at absolute disdain to the american people and wouldn't tell you how much he was being paid. >> he would not answer that question. >> judy? >> once again, the senate report. is this going to be like all of these reports that comes out and everybody rushes about them for a week and talks about them on the air and then they die, or is this going to be an opportunity to look at the intelligence community and its relationship with the congress, it's overseeres. >> your favorite on elected
6:59 pm
central plan agency on wednesday. what they say on wednesday matters, this considerable time friem which everybody is focused on i think remains. and you're going to get the inflation report on wednesday and what we have is deflation. that is what worries the fed. that is why i think the fed is going to be on hold longer than people think. >> so the whole thing is the fed has the language and the statement, rates will stay low for a considerable period of time. there's a big debate going on about whether they'll take that considerable amount of time out. >> yeah. and again, it's only amongst the people that rates are going to be up this year to be cleared. rates will be down. they will be down for a considerable period of time the. >> thanks, everybody. great to see you, ed rollins, judy miller, thanks, have a great rest of your sunday. thank you for watching sunday morning futures today. i'll be back tomorrow morning on opening bell at 9:00 a.m. eastern on the fox business network. find the fox business network on your cable provider or satellite
7:00 pm
network. "media buzz" with howie kurtz is up next. from all of us, have a great sunday. see you soon. good evening, everybody. it was a week ago that attorney general eric holder traveled to atlanta to the historic ebenezer baptist church and there, promised to end racial profiling as he put it once and for all. holder's declaration after the michael brown and eric garner grand jury decisions was, it turns out, not only grand eloquent but tardy by a decade. president george w. bush had already ended racial profiling and today, the outgoing attorney general, eric holder, unable to completely rewrite history or further ignore it, decided if he couldn't end racial profiling, he would instead end ot

32 Views

info Stream Only

Uploaded by TV Archive on