tv Countdown to the Closing Bell With Liz Claman FOX Business June 2, 2015 3:00pm-4:01pm EDT
yesterday. both of them very concerned about this market potentially being a bubble. it's a theme we're going to continue to cover on this show. meanwhile, it's one hour until the close of trading. we want to send it over to liz claman right now. see you tomorrow. liz: thank you, trish, we begin with breaking news about the safety of nearly all americans. if you travel by plane, train or automobile. you cannot afford to change the candle right now. americans' lives are in danger, you need to know what we are and aren't doing about. it take a look, a live shot at the takata air bag hearings on capitol hill. this started less than an hour ago to address the air bag ruptures that caused the largest auto recall in history after exploding in passengers' faces. we see the drama from a congresswoman who said the message is clear this needs to stop. >> this is an example of the sharp pieces that landed in her
chest in two places. they're not exact ones, but shrapnel like this, and it is very, very dangerous. we need to stop it. liz: from autos to trains, the house transportation committee also held a hearing on the oversight of the philadelphia amtrak accident. christopher hart today, the ntsb chair said this about the derailment. >> humans make mistakes, that's fundamental. the engineers are a good population of people, hard working, trying to do the right thing but make mistakes because they're humans. that's not criticism, that's a statement of fact. train control is the single most important backup to respond to human error. liz: and to the air, exactly human error that led to a third agency, the tsa to put american lives in dangerous, by failing 67 out of 70 screening tests that were conducted secretly in the wake of the abysmal
performance, so folks, across the board, serious dangers. who is to blame? what can be done to protect you as we travel? we dive deeply into the issue in the last hour of the trading day so let's start the "countdown." >> and here is the breaking news. it is staggering, the tsa has failed 96% of the undercover screening tests for weapons and hazardous materials which raises so many red flags about the safety of travelers that go through the busiest airports every day, business travelers who watch fox business, tourists. what needs to be done? jason ahern, u.s. customs and border protection and principal of the chertoff group along with a congressman. chairman ahern, to you first,
we want to begin with you honorable ahern, right with the question, how serious is this? i was horrified to hear they only caught 5% of the tricks that were put before them. >> when you take a look at numbers alone, it is something that should be alarming to the american public, i think it's more important to make sure it's looked in entire context and take a look at the entire process in place for aviation safety and security. beginning with intelligence and analysis. taking a look at vetting individuals before they check in at the tsa checkpoints. when we talk about technology and people, this processes the standards and operating procedures that need to be looked at. what happens on board aviation safety is a mitigating factor. we need to look at the continuum of safety and security in the aviation threat, but clearly 5% success rate for the tests is unacceptable. liz: not acceptable. are they not trained to see what's in front of them? guns got through, all kinds of
chemicals got through. they're taking my -- they took my little swiss army knife and fancy pants moisturizer they live and die by but didn't catch this stuff, i'm thinking our business travel viewers are upset and travelers are upet. >> right, the department of homeland security employees hoyle trained professionals. they know where the gaps and vulnerabilities are and able to exploit it through the red teaming exercises. and the purpose is continuous improvement. to find the areas where technology needs to be improved, the training of personnel needs to be improved and also the response protocols need to be improved. they know where the gaps and vulnerabilities are and to be able to go ahead and go at that. which is why this particular report was classified finish the secretary of homeland security. >> okay, i'm still concerned and you talk about surgical. we're all dead if something happens and gets through.
honorable jayson ahern, thank you so much. flip to the other side, congressman john mica. tell me did jayson ahern make you feel better about the plan that is ahead of us to fix the situation pronto? >> well, this is nothing new for tsa. in fact, i've got two reports here, one in 2007 in which tsa had 30,000 screeners and they failed 75% of the time. they said they would improve things. here's the report back here, disclosure, in 2014, again, failures of the system. so we've gone from 75% failure with 30,000 now to 95% failure with 46,000 screeners, and another 15,000 tsa bureaucrats. the agencies out of control it. cries out for reform.
liz: what do we do, congressman, as quickly hopefully as possible? >> first of all, we need to redefine and better define tsa's role. yes, you need tsa, the government needs to set the protocols to conduct the audit, set the standards but they can't manage a huge system like this. we're like two former eastern bloc countries, romania and bulgaria that have a similar all-federal system. the most endangered nations like israel, the u.k., use private screening under federal supervision, but tsa needs to go back to security. connecting the dots, looking at who poses a risk and stopping them, not shaking down little old ladies, military and innocent americans. liz: yeah, i'm with you, congressman. thank you so much. any developments, please come back, we appreciate it. >> thank you. liz: congressman john michael. the airlines are hit hard by this. delta airlines down about 2.5%.
southwest, i'm quickly checking, jetblue as well. on capitol hill, lawmakers demanding answers from takata. this is the largest, you know, air bag maker in the world, they do about 20% of all air bags, they have very little competition, the largest recall in american history. 34 million americans with potentially unsafe air bags. hearings going on this very second. takata saying many of the cars that have been to the shop and fixed need yet another fix! the replaced air bags still need to now be replaced again. takata is still using a chemical that experts say is dangerous. jeff flock has been following the story with the latest auto sales data which came out today. it's a good news-bad news story. very bad news about the air bags, good news about the plant in lafayette, indiana.
>> exclusive live look, you're watching legacies, right behind it looks like an outback. on the subject of air bags, yes, not a good news piece today from washington, but has not seen the impact in sales at all. keep in mind, the takata air bag thing affects very few automakers and very few vehicles for most of the automakers, alliance share, honda and toyota, not subreview -- subaru, you are happy with the sales number? >> absolutely happy with it. 12% increase in sales, 16% year to date. legacy up 63% and the outback up 6.4% and setting a record for may. >> reporter: what they're doing, liz, they're trying to expand capacity of this plant. they can't make them fast enough. they're going to increase this by the end of the year? is it 400,000 units come out of here? >> yeah, by the end of 2016, we'll be able to make 400,000
units, that's due to $400 million expansion right now. >> reporter: it's amazing, if you look at numbers to the other automakers today, i think, they were either flat or up slightly. gm up 3%. chrysler up 4%, and ford down 1%, they were all better than estimates, though, but nobody has had a run like subaru. what's your secret? >> really three things that go into it. certainly on a macro level, obviously crossovers are doing well in the market as a whole. for subaru, it's the design, the styling, the safety, the technology that goes into the vehicles, designed from the north american market, that's one key thing, and the reliability and the quality and subaru, the retailers are doing a great job advertising and selling. >> reporter: liz, this is the only plant out of japan, lafayette, indiana, a lot of good hoosiers behind the wheel,
the outback, on its way to you or somebody else out there. liz: i think subaru drivers have the best personality, they have the two men tent in the back. jeff flock live. we can see a mixed picture today. gm killed it, very strong numbers, they are slightly higher, but no one is doing wonderfully today, nissan up 1.75%. we have breaking news on fifa, the embattled president sepp blatter bowing to public pressure in just the last hour and a half and has announced his resignation. the resignation does not take effect immediately, could come after new elections in 2016. >> although the members of fifa have given me the new mandate of and have re-elected me president, this mandate is not supported by everybody in the world of futbol, supporters,
clubs, players, those who inspire life in futbol. liz: look, under this guy, it has been a disaster. blatter's resignation comes just one day after one of his top aides closest to him, secretary-general was impkalted in making transfers of $10 million allegedly in bribes. where was he transferring them to? we'll have much more later on the story with forbes media executive editor and host of sports money. of course, fox business has been all over this. "countdown to the closing bell," we even predicted it. last night, 6:19 p.m. eastern, i tweeted this. my journalistic spidey sense tells me the fifa investigation is brushing perilously close to el presidente sepp blatter. developing. it is developing. we've got you the story, at liz
claimable. visit our new and improved website, all of the top interviews, all of the tweets, everything in the world of business that matters to you. the golden state warriors set to take on king james in the nba finals in just two days. exclusively right here, the team's co-owner. he has not been speaking out. he is only going to do so here about how he turned around what only a hollywood superproducer could have dreamed of. it is the ultimate miracle story, joining us live. the fight not between goober but uber, the fight between taxicab owners getting ugly. charlie gasparino rushing down with the latest developments. charlie breaks it on "countdown," you got to hear.
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exchange group cme group terry duffy was here to warn us we might be on the wrong side of the vet trade. >> if you look at the fed funds futures contract, liz, it keeps pricing in a rate for three months down the road, six months down the road, that has not come to pass. everybody on the wrong side of that trade. some on the right side of that trade. right now look at later part of this year where the trade looks to be pricing in a rate increase, september-october time period. liz: so what are we going to do? we're going to get out right side of the trade. the right side what the fed might do and how to move your money around. chief investment strategist of fixed income jeffrey rosenberg is here to do that. jeff, if you had to warn viewers now about a trade or something do or not to do in advance of the fed tightening, what would that be right now?
>> well, liz, i think we've all been caught wrong footed in the past about expecting higher economic growth and trying to figure out what the fed is going to do and not going to do. the key issue we've been highlighting all year long is there is a big disagreement between the camps, the camp that expects lower for longer and the persistent period of zero interest rate, balanced against what we saw today. you had an earlier segment talking about auto sales and what that's indicating about the strength of the u.s. economy, that no longer justifies this kind of emergency level of policy accommodation in place for over six years now. the answer to the question is that the fed is going to change the interest rate outlook and the market's not prepared for that. so that would be really the advice in terms of trade where clients need to be focused is whether their portfolios, not just bond portfolios but the entirety of the portfolios are prepared for a shift in the outlook for where risk free
interest rates as a baseline for comparison what you can earn on the portfolio, anywhere on the portfolio are going to be at. they're not zero forever. liz: say i saddle up to you at a cocktail party, what should i be doing with my money right now, jeffrey? what would you say? >> clients in the fixed income portfolio landscape, in the environment of zero interest rates and expectations for persistent zero interest rates are reaching for yield. in the environment where the fed has continually delivered on zero interest rates, they've been rewarded for reaching for yields. right now we think we're on the precipice of important inflection point on financial markets where the fed's going to begin normalization, and there's a lot of complacency in markets. very simply, up to the take another look at where you're reaching for yield in the portfolio. liz: let me interrupt you there, let me interrupt there you, listen, people believe the junk bonds are less than aa,
aaa rated are the place to find the yield. others like carl icahn say there's a bubble there. do you think so? >> i wouldn't go to such extremes on either side. i would highlight, our recommendations have been that investors take a good look where they're reaching for yield. junk bonds, corporate bonds underweighted in valuations, we're saying it's time to take a little more of a defensive stance in your portfolios and not be reaching for so much yield. that's not necessarily saying there's a bubble. what it is saying is there's not enough cushion in the pricing in many areas of types of securities to cushion from the impending turn in the fed's policies. that's our main concern. liz: underweight the junk bonds from jeffrey. thank you so much, jeffrey rosenberg, the bond genius at blackrock.
>> thank you, good to see you. liz: the legal battle between uber and taxis has hit the big apple courts. state supreme court judge now ordering the city of new york to explain why regulators shouldn't put an end to uber now? can you believe this? it is a disruptive, amazing business that everybody is using, and now what, charlie? >> and then they probably will keep using it in new york city, but there's a good chance that this judge, a state supreme court judge is ordered, compared to the de blasio administration, mayor bill de blasio, the taxi, limousine commission have, to go into court and explain why the way they treat uber, essentially you are able to call up and immediately get a cab, why that comports with state law which says only a person that owns a taxi medallion, a taxi license can pick up effectively a street hail. that is what taxi lawyers have to do on june 22nd and have to
explain the uber policy. there is an outside chance, when i say outside, i say a 5-10% chance that the judge at that point will do an injunction or do something radical to stay everything where uber is not allowed to operate new york city. outside, very low. liz: that would be nuts. >> here's the difference. i call up the city in the past has argued that ehails are the functional equivalent of hailing somebody on the street. they've argued that in separate cases. the question is this, if i call up uber and want a car immediately, why isn't that the functional equivalent of hailing a cab. liz: because you stand outside on sixth avenue, put your arm up and the guy slams on his brakes, and you have your credit card all hooked in, you know what's going on on, you've been rated as an uber person. >> let me raise this one issue. with the taxi guys would say,
this sort of first step to a lawsuit. if they do file, and i think they are going to file, illegal takeings, won't be suing uber, it will be the city for allowing it illegally. put a 15-minute delay on it, like it's carmel or whatever limousine operator doesn't come immediately. uber promises immediate pickup, that is illegal under the law. the city regulates that. they have sold medallions for millions of dollars. i will say this, they are planning a lawsuit. this is led by melrose credit union and three other credit unions are planning a massive taking lawsuits against the city, and they're going to compel the city to put up or shut up. i will point out this, they're strategists, melrose has outside strategist guy, he's contacted by other taxicab companies and organizations in other cities to possibly follow
this legal strategy, which is essentially to go after not uber but the entity, the municipal entity that allows uber to operate and say they're operating illegally. liz: 36 minutes until the closing bell. uber is well entrenched here. >> it's a template. >> you can't put a genie back into the bottle. >> you never know. liz: caitlyn jenner flashy "vanity fair" reveal nearly broke the record. setting world records. they were the laughingstock of professional basketball, but now they are four wins away from the ultimate hoop dream. golden state warriors co-owner, hollywood superproducer and all around risk taker, peter guber shares thoughts only on fox business about the dramatic turnaround that took him a short five years, right here.
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. liz: bruce jenner was no stranger to world records, setting the olympic mark in the decathlon in 1976, that catapulted him to fame and glory, landed him on the cover of the wheaties box, you know you've made it when you do that. jenner's got a new world record after revealing to "vanity fair" that bruce is no more and caitlyn is the preferred name. jenner releasing the first photo and video of herself for the cover of the july issue. she set a world record for the fastest to reach one million twitter followers. caitlyn jenner with the photo release. from the decathlon to unbelievable sports event, the nba's bad news bears to
potential champions in a few short years thanks in part to entertainment guru turned number one sports fan boy of the warriors. five short years ago i spoke with mandalay chairman peter guber and recent purchase of the warriors for 450 million. the team worth now $1.3 billion! how did the showman turn the underdogs around and lead them to the first nba finals in four decades? peter guber joins me in a fox business exclusive. how did you do that! these guys were losers for four decades and short five years, what would you say was the secret fairy dust or golden dust that did it for the team and you. >> there's no i in the word team, it's we, on and off the floor, a host of people. a team is not just a collection of players, it's a sense of a dream, perspiration and hard work and good business practices.
that's what the coach, the gm, my co-owner, all the people did. they had a vision and a review and put their minds to it. we got a little lucky as well. liz: you talk about no i in team. people talk about the cleveland cavaliers, they say lebron, king james, et cetera. when they talk about the warriors, they talk about the team. and in fact, you have the t-shirts that say strength in numbers which doesn't accentuate one single star did you more the entire team, and showing a picture of that right now. why is that the winning strategy over the best nba player possibly in history, lebron james, is what you're hanging your hat on? >> i don't know if it's a winning strategy or lebron james who is undoubtedly a force of nature and a phenomenal superstar and a force to be reckoned with. this is the course the owners, the gm's, the co-ownerships put the emphasis on our strategy of
being a team and really being a vision of that team, working together, creating that atmosphere, allowing people in the group to do the very best in supporting them. and i think that idea, and that ideal is aspirational, even more than perspirational. it drives the bus that everybody is in line with that view. that means dealing with winning and losing. in these sports you lose a lot too. liz: they know from losing, four decades from losing. back when you bought the team, you and joe bought it for 450 million. at the time people said you're paying that much for those guys? now, look at what this team is valued at. it is unbelievable. more than a billion. you can thanks steve ballmer. he bought the clippers for $2 billion. would you ever consider -- you're going to kill me for asking this -- would you consider the inclination to sell and make a ton of money and a profit or is this more
the spirit of it versus the money? >> you value creations what you want to do for investors, we're all doing that. and we're stewards of the team in the sense of the community in the bay area, they own the team in the large sense, we're only here renting that franchise for the time we're here, hopefully it's better for us being here than before. the value creation is there. the idea of monetizing the creation is a lot of ways to monetize for investors in sports. there are a lot of ways. so the idea is you own this from not just your wallet but from your heart as well. >> the cost of victory, up to the talk about it hitting your wallet. these guys win and more lucrative offers to split up the team. how do you go over it and will you go over the luxury tax level that people talk about to keep these guys together? . >> i think we're committed to our players and team and committed to a vision of growing and always improving
team. the constant challenge for all teams. every team gets better, division gets better. you look at it how to improvement what result the finals are. the idea of managing your business, it is show business, it is both the show and the business. you're always managing costs at the same time, but i think the real value is how do you make the team better? what do you do to improve the medical, the training, the performance of players? that's what you have to do as a leader in a venture like this. liz: before we leave you, you're a busy showman. who's singing the national anthem thursday night at the oracle arena. come on, tell us! >> i can't. i really can't. my attention is on another set of metrics than the national anthem. whoever sings it isn't going to win or lose, they're just going to show up. liz: they're going to get a lot of eyeballs. peter, we wish you and the team a lot of us, thank you for coming on exclusively on fox
business. >> my pleasure. liz: peter guber, the co-owner of the golden state warriors, took a flying leap and a chance. it is paying off. closing bell, 25 minutes away. battle front "star wars" one of the most popular games. the ceo of gamestop fighting a different battle. amazing challenge while running a growing company and doing a few acquisitions, one of them a big one announced today. the ceo of gamestop with the incredible story just ahead. with four days ahead of the women's world cup and a bombshell from the governing body. the president resigned after just being re-elected. where is soccer headed? what pushed him? stay with "countdown."
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. liz: well, you can talk a lot about video games, when you get to the real world which involves your health, we have the most epic story here. for more than a year and a half, we have a ceo whose life is anything but a video game. paul rains is the ceo of gamestop, in an epic battle with brain cancer. you see him live on our air. you look terrific. you beat it! this is great to have you on fox business exclusively. >> thank you, liz, great to be with you, sorry i missed you in march, cheryl was kind to us as well. liz: we're thrilled you keep coming back us to, you have a most incredible story. today gamestop announced a major acquisition, you are buying geek net. you beat out hot topic which i find fascinating, too. paul, get to the issue what matters to a lot of viewers,
you are a successful businessman but derailed by a brain tumor. how did you get through that experience, and what it was that got you through it? >> well, you know, liz, i've always been a person of a lot of faith, and i think that god has a plan for all of us. and, you know, when you face something like our family did, we know that god has a plan for us, and we know through his love have to demonstrate to others how we can bear our cross and carry forward a company. you know at gamestop we believe in protecting the family and making life better for our associates and employees and shareholders as well as our customers, and you know, i found that there's a lot of great cancer survivors in this world, and there's a lot of great stories out there. so i would say a lot of faith, liz, and really continuing to push forward. liz: well, it's working, it's working, we're thrilled to have you back. is it working for gamestop too?
you killed it on q1 earnings, profits up 15%. talk about the geek net acquisition announced today. what does it bring to you and gamestop? >> we know geek net pretty well. first of all, think geek, which is their subsidiary which develops unique products using a lot of their licenses, you mentioned "star wars" earlier, they have a lot of licenses around marvel and others, that company has been one of the most requested associates requests in our history. we've got a lot of people who are buying think geek products in our stores today and have been for a while. and powerup rewards program, when we send rewards coupons, think geek is one of the ones they request. we've known the company and as we looked at it and a the synergies, it seemed like a natural. liz: you talk about "star wars," the movie's coming out soon. how much do you believe that the juice the "star wars" game
purchases? >> well, we think, it will obviously, definitely help. of course, we're trying to get ready for what we hope will be one of the biggest properties in history. and as part of that we need to assemble part of our licenses. we have licenses through other partners of "star wars" as well. but geeknet and think geek will help our licenses. liz: supermario is huge, because my kid loves mario kart, is that what's going to drive your numbers in q 2. analysts say we're not so sure about q 2 for gamestop? >> the q2 on the video game side, it's interesting when we started talking, we would talk about video games, here we are with a billion-dollar digital business and mobile businesses and loot businesses and collectibles. we have two titles, batman,
nintendo business is off the charts, you have a few of those figures at them to. liz: they're not fun to step on in the middle of the night. >> no. liz: stock is up 19, 20% over the last year compared to the s&p up 9%. paul, you and the team doing a great job. i find it fascinating. thank you so much for being here. my 11-year-old wants me to get a second job at gamestop, where you live in inglewood. >> we're waiting on you, tell him to send me an e-mail any time. i will be happy to help. liz: i'm sure you will, paul raines, so glad you are back and better than ever. >> thank you, liz, god bless you. liz: we're about 15 minutes away, here comes the closing bell. seeing real swoons here, we're not to the upside here. california's port strikes blamed for not only hitting the
brakes on growth but sending it into a downward spiral for the first three months of the year, congressman jeb hensarling will weigh in on the trade debate. what does he say will turn our economy around? and the fifa fallout with today's shocking resignation. not so much. sepp blatter who fought to keep his job as soccer's governing body and said i'm not stepping down. he's been head butted out. the latest on "countdown." hey honey. huh. the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokercheck. if you can't put a feeling into words, why try? at 62,000 brush movements per minute, philips sonicare leaves your mouth with a level of clean like you've never felt before. innovation and you. philips sonicare.
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tom brady's appeal on june 23rd. of course, tom brady, the patriots quarterback is trying to reduce or eliminate a four-game suspension without pay, that was punishment for his involvement in the deflategate scandal. goodell says he does not feel prejudice against brady and will keep an open mind. more breaking news on fifa. the world of soccer at this hour absorbing the fact that president sepp blatter announced today he's stepping downs at leader of the governing soccer's world body which he has led for 17 years. fifa needs a profound overhaul. is that really what's behind him stepping down? what remains for the new head of fifa? and what does this mean for the organization? bring in mike ozannian who three days ago was with us. can you believe this? we said yesterday, come on. somehow the money trail is going to get too close to him and he'll be singed.
do you think that's why he stepped down? >> i do, liz, the posse was getting closer and closer and saw reports yesterday that his closest lieutenant is being investigated for some mysterious money shuffling, quite a big summit so i think you saw the handwriting on the wall, and he knew that they were getting closer to him. liz: this is the guy who ripped loretta lynch, our attorney general in the united states saying why doesn't she mind her own business? these crimes did not happen on the u.s. soil. but the fact is that somebody had to do something. nobody was doing anything to clean up this organization. now what happens? who is going to run this organization? will it be the guy who came in second? prince ali? >> i don't think so, liz, i think it's the gentleman who runs uefa, i believe he's a well-respected individual and brings outside ideas in. and i like the fact that given
it's representing the european leagues, the top leagues, la liga, premiere league in london, the bundes league in germany, he realizes he has the most to lose long-term, he and those he represents with uefa. this is great for soccer overall, liz, a $5.7 billion revenue enterprise here, and i think sponsors are going to welcome this. this is a breath of fresh air, they're not going to have to pay for broadcasting marketing rights. you will see new sponsors and the players will do well, too. don't forget, the confederations represented in the world cup took in $470 million in the last world cup to go to the players. so it's good for everybody. liz: i like how you put it, the posse was getting closer and closer to sepp blatter, he had to go. mike, good to see you, thank you so much. >> thanks, liz. liz: we have the closing bell
liz, weren't we supposed to get rid of too big to fail with the big banks? senator john mccain came out criticizing too big to fail institutions some on the screen. as job growth continues at pretty slow space. what does the house financial services committee say to americans what happened in 2008 and lasting economic impact? we bring in chairman of the house financial services committee, congressman jeb hensarling. welcome, sir. what do you say to americans who come up and say, did we get rid
of too to fail? did we do at least something right coming out of the financial crisis? >> regrettably we made matters worse. almost five years after the passage of the dodd-frank act, the big banks have gotten bigger. small banks have become fewer and the economy is still mired in the slowest economic recovery since the postwar era. clearly it has not worked. instead what dodd-frank did was actually codify right into law that certain institutions would be deemed too big to fail. there is a taxpayer-funded bailout system. we have to move beyond that i think evidence is in that it hasn't worked. we need an economy that is fair and we need an economy that grows for everyone. and right now, dodd-frank is not working. so what we need to do is we repeal the provisions of dodd-frank that designate banks too big to fail. we need to repeal what is known as orderly liquidation authority, the taxpayer-funded
bailout fund. we need a specialized chapter in the bankruptcy code to deal with our large complex financial institutions. and frankly what we always needed is greater capital. we need more prudent levels of leverage. but we don't snead complex rules that can be gamed like basal rules that are gamed in the past. liz: you know, congressman, as i do, the banks can game anything. they find ways to make money. nothing wrong with that we don't want to bail them out again. turn what we can do to help the economy. you're looking at trade deal here. free trade is an important thing here at important business here at fox business we feel can be a very important thing. what do you feel about the trade deal and must it go through? >> i hope it will go through soon. there are very few things that i think republicans and democrats can come together on divided government. i hope trade would be one. one of the rare occasions i
agree with the president. i require a broke clock is still right twice a day. what trade promotion authority does is simply create a process to where congress will have a greater say sew on the front end of a trade negotiation. any trade deal will be out there for 60 days. so we'll have a chance to actually read it before we have to vote on it. it can create jobs and hope and opportunity and give americans the freedom to both import and export. it is very important to economic growth and i hope all members of congress will join me supporting it. liz: it's a rare thing when republicans agree with the president at least in this day and age. if it is good for americans see what we can do. representative hensarling, thanks for joining you. >> you're welcome. liz: appreciate it. the closing bell half a minute away. we hand it over to david and melissa. david: a little bit of red in
the russell 2000. it is not all bad. largest recall in u.s. history is about to get a whole lot more complicated. of the takata's airbag mix impacting millions of car owners. congress wants answers as we learn even replacement parks are defective. melissa: look where the major averages ending the day. [closing bell ringing] you can hear the closing bell sounding on wall street right now. the dow is down 29 points as we come into the close. the s&p is lower on the day. crude oil, a big mover, up 2%. david: oil stocks moving up with oil. our top story, the the biggest recall in u.s. retail history. takata executives are being grilled on capitol hill. our peter barnes is listening to the testimony. peter, what stands