tv The Intelligence Report With Trish Regan FOX Business September 16, 2015 2:00pm-3:01pm EDT
trish: breaking right now, everyone. tensions mounting as night sets in at the hung hungarian border. they are trying to stop a flood of syrian refugees getting into the country right now. welcome to "the intelligence report," i'm trish regan. they are firing tear gas and water cannons at refugees as refugees attempt to kick down the fence. they want journalists to delete footage after police dog attacking a refugee. this comes as the obama administration plans to open up our borders here in the united
states of america to additional 10,000 migrants. but will we open up america to potential isis terrorists masquerading at refugees? we have breaking analysis as we watch event unfold out of europe live from the border, with our own ashley webster and saudi jazzer is -- zuhdi jasser, president of the american islamic forum. greg palkot, is there with the latest on the situation. night is settings in. what is the situation on the ground? >> reporter: trish, it is tense scene for sure. a major clash between hungarian security forces and refugees, and migrants, a sign how serious this whole thing is becoming. it all started out a little bit earlier in the day as hundreds of refugees at the crossing, frustrated not being allowed into hungary started throwing stones and bottles, chanting at the police trying to break undo the gates.
they responded very strongly. water cannon, pepper spray, tear gas. riot police were on the scene. choppers in the air. casualties on both sides. women and children caught in the melee as well. one way, trish, that authorities are trying to deal with this refugee crisis on their own turf. look at what else we found today example of zero tolerance by hungarian officials, possibly be to be detained and taken away by the police. you're -- it wasn't just young adults caught up by these, by these police. also it was a family. we found an extended family, coming from afghanistan. mother, fathers, young children, and old grandmother. they in fact said they faced the taliban, they had faced isis. now they were caught by the police. just a sign of how confused and how dangerous this whole situation is. back to you, trish. trish: greg, thanks so much.
stay with me. ashley and zuhdi is with me as well. what should be done, what are the next steps and how should u.s. responding to all of this, including that plan by the president to bring 10,000 refugees into this country. sueddy, i begin here with you, talk to me about the migration route people are embarking to try to flee syria. >> we need to understand, trish, why this is happening. this just didn't happen in the last few months as you talk to my family in aleppo, the assad regime sided to hand owl millions of passports last few months. their strategy is decimate and destroy sunnis which they are killing in the hundreds of thousands or to depopulate syria. sunnis will go to where they see freedom in the west, as in all history, in the past one one hers has been a beacon of freedom. they will not go to saudi arabia.
they will not go to russia. they will go to the west. trish: they can't go to saudi arabia even if they wanted to go to saudi arabia because saudi arabia is not taking anyone. u.a.e. is not taking anyone. a whole host of countries in the middle east just aren't taking anyone. why is it up to europe to take these people or up to the united states, zuhdi? >> it is not up to them. bottom line, you're right, we shouldn't take in those that could be at risk for terrorists. we have to have a vetting process. bottom line we need to provide s.a.f.e. zones in syria. we should have had a no-fly zone. that solves the cancer at its source. if we're not doing provide relief in vietnam war and world war ii. we can't change the narrative we're no longer land of liberty and close our doors and become no different than saudi arabias of the world. this is battle of liberty versus theocracy and secular dictatorships. we can't allow narrative to say we surrender and close walls of freedom.
trish: do we have pictures there live of the boredder? looks as though people are still gathered outside of there. it is quieter than it was a couple hours ago. this is not going away. >> it is not going away. hung garay will suspend the border crossing for 30 days. i'm not sure under e.u. rules it can do it but it is doing it. the migrants are moving to the west. they will try to move north ultimately to germany into croatia and slovakia and croatia. germany has been very welcoming. even they say now wait a minute. what are we going to do? we have to all chip in. many countries in eastern europe say, we can't take this on. trish: many are questioning whether the united states can take this on. the president wants to bring in 10,000 refugees to this country. the concern is isis could seed some members of terrorist groups
into refugee populations this is something that representative king articulated on this program less than 24 hours ago. listen to him here. >> jews were kept out during the 1930s escaping nazi germany. that was terrible. that was horrible. the fact those jews were not threat to the united states. there was no rationale to keep them out. in this case we have no idea who we're getting. trish: that of course is the question. zuhdi, something that worries you as well? >> absolutely. remember we already have isis in all 50 states but having said that, remember, the solution will be ultimately to get them back to syria but in the meantime, those who are refugees have not been really those who have committed acts of terror. most of the acts of terror have been homegrown, radicalized, often second generation. the ones that are radicals that want to stay in syria, create caliphate, yes they will send emissaries to recruit more jihadists. we have to vet them. the 10,000 president obama is talking about, those are already
in the pipeline. we won't see them for six to 12 to 18 months. not like the united states is opening our doors to tens of thousands. really, i tell you we should be part of the humanitarian solution for these hundreds of thousands and millions but, abiding by the rule of law, trish, not defeating our rule of law which has to be maintained. >> i think as we see these pictures, trish, and think become, obviously will be in the newspapers tomorrow, we're talking about it now, there will be more pressure shun on the obama administration and united states to kick in with more help for these refugees. because the e.u., they met earlier this week to set up a plan with some sort of quota system. it fell apart with no agreement at all. europe can't get their act together either. it is overwhelming. trish: indeed. ashley, thank you very much have. greg, thank you very much. you will continue to monitor the situation. zuhdi, you will monitor the situation. >> thank you. trish: i want to turn to the political implication of all of this as we turn to the crisis coming out of syria. donald trump, has been
outspoken, most outspoken candidate on immigration. last night immigration was a big part of his national security speech. surprisingly however he didn't mention isis, not once. he made a few references to china and did talk about iran, calling it a bad deal. he also spent time on our nation's military and veterans, vowing to reform a completely broken system. listen to this. >> so we're going to create a whole new civil. we'll take the system apart. and if they're not doing the job, the veterans are going to go to private doctors, private hospitals, public hospitals. right now, and you know it, we have illegal immigrants that are treated better by far than our veterans. that is not going to happen anymore. not going to happen. trish: donald trump is also promising to expand our armed forces a buildup so broad no enemy would dare mess with us. kind of a little reaganesque. but there are a lot of critics
out there and they wonder can we afford this? in a world where lone wolf terrorists are such a threat would a bigger military even work? joining us a an officer in the navy reserve and lea gabrielle, former fighter pilot and officer in the u.s. navy. welcome to the show. do we need to spend more money on military right now? >> of course we need to spend more money on the military. you're asking someone who is veteran who spent a decade in the military. i would like to see our military bigger and stronger. the question where does the money come from? we live in a world with transnational threats growing, cyber threats growing. north korea working on nuclear stockpile. different countries fighting proxy wars. this world is more complex and volatile. certainly better to have more powerful military and one that can adapt to changing environment? where does that come from? what i want to see from
candidates where is the plan? where does the money come from. trish: people want details, morgan. you need details. how will it happen. where will you get the funding for it and what exactly you will do wit. are you getting enough from details from your perspective with trump thumb. >> i stayed up last night to watch the speech. i think the big elephant in the room at the cnn debate, what happens to the sequester fy-16 begins in october the ceilings are coming back. i would like candidates to know what will happen to military spending. what will you do with the sequester. a lot of former administration officials and current administration officials say sequester is bad idea. these are practical things the candidates have to address. trish: let's talk about the whole international picture right now. surprising to me as i stated donald trump didn't mention anything about isis. were you guys surprised by that? >> he didn't go into details much about anything.
for one thing these candidates, you have to understand, a lot of them have not served in government position, not served in military positions. don't have the benefit being inside of classified briefings. they're operating based what they read in the news and open media. that is tip of the iceberg for true situation. not really their fault. but the fact they don't have all the information but you still need to hear some details. we still need to hear your plan. trish: is that different from any other candidate out there we've seen? nobody seems to have much in the way of actual details. >> that is what you usually hear in the political campaigns, people saying what they want to do but not saying how they will do it. >> you can't give qualified answer what you would do with the military size and scope until you talk about the size and scope of your foreign policy. what is the foreign policy with syria, isis, china's cyber tear? with russia and china. candidate has to have size and
scope of your policy -- trish: donald trump has a opinion. let me show you excerpt from the speech last night. >> it is one of the dumbest deals and weakest contracts i have seen of any kind. so we're going to do things in this country right. trish: here he is, saying it's one of the dumbest contracts i have ever seen. you know, you just pointed out, a lot of these people don't have exposure to national security briefings as a politician but one thing he has got going for him, he has had exposure to actually doing deals. they may not be political deals but they're financial deals which always have an element of politics involved and you know, here he is, saying this is one bad deal. could he negotiate a better one? >> this is where i agree with him. i spent a lot of time in the middle east. i was pushing for sanctions against iran. that was my job. trish: part of treasury attache inside saudi arabia. >> part of sanctions against iran was eventually to bring
them to the table. unfortunately what under ha you had on the u.s. side such a total desire to get their name in the lights to have a deal. if i'm negotiating deal and i want deal more than you, that will be a bad deal for me and good deal for you. trish: that is what happens all the time. you can't show your hands that much. i think united states in this particular case, president obama wanted to make this his legacy and as such he was starting from a very bad negotiating position. >> when you talk about making deals you have to realize it is a deal. both sides have to come to the table. morgan talked about ink is a shuns. one of the problems doing a deal with the international community, if the international community didn't want to continue with those sanctions. they want to do business with iran. that is one of the points the u.s. is having to deal with coming up with something that will work. that is something a lot of people leave out of the picture when they talk about the iranian nuclear deal. trish: so good to have you back here. see you soon. good stuff. coming up, everyone we'll take a
look at all the politics of this what we expect at tonight's presidential debate. carly fiorina on stage with donald trump. will she hit back with his comments about whether she has the face of a president. it is being debated as the biggest event in the financial world in years. tomorrow the fed deciding whether or not it will give the green light to a rate hike. the first and near, something that will certainly have an effect on all of us, whether we realize it or not. what should you do as investor today? we're talking about the fed right after this. see you right back here. ♪ at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping.
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throw a few punches. frontrunner showing no sign of slowing down after first debate, keeps moving up in the polls. at tonight's showdown the candidates may go after him with everything they have got especially jeb bush and carly fiorina. the only one who may play nice, and i emphasize who may play nice with the donald, ben carson, only within striking distance after the latest polls. trump will be center stage as they face off at reagan presidential library in california. that is where we find our own blake burman. we have ford o'connell and craig veroga. what is different from tonight versus last month's debate? >> trish, there will be two main differences between now and last debate five weeks ago, fox news debate. the top three, my oh my, how things have changed. top three in the middle, donald trump, dr. ben carson and jeb bush.
you see their level of support there. trump and carson well out ahead of bush and everybody else. that is different especially for dr. ben carson from five weeks ago as he has essentially as you can see, tripled his support in just that short amount of time. it has been incredible run for him. whereas jeb bush has seen his support almost drop in half. either way, those will be the top three in center stage tonight. scott walker will not be among those three right there in the middle. he has seen his support essentially erode over the last five weeks or so. i just spoke with his campaign a little while ago. they tell me expect to see walker talk about day one tonight, what he would do day one in office. the second biggest change you talked about it, carly fiorina, she will be a part of the main stage. if her interview with meagan kelly is any indicator you can expect her to potentially go after trump. take a listen here. >> one of the things i believe character is revealed over time and under pressure. so i think all of our characters
are being revealed over time and under pressure including mr. trump's. >> and fiorina said there as well, trish, she thinks tonight will be a good way to get name recognition with voters all across the country. trish: that is important for her to get. blake, thank you so much. i want to go to ford and craig joining us. ford, talk to me about dr. carson, how has he managed to climb so quickly, so fast, that he is now really a longside trump as atop contender? >> because he painted, dr. carson painted himself the adult outsider in contrast to trump's three-ring circus. idea that billionaire and former reality show host speaks for the common man is greatest tricks in modern american political history. this is what they have to exploit. one person can't do it. they have to do it in tag-team effort. they have a role to play. ben carson's role is to say i'm
the calm political outsider who can basically run the country. trish: craig, this is what people like, this is what they're responding to, the political outsider. people are plain old sick of politics. >> look, i am a hardcore democrat, lifelong democrat. this is so bad right now that actually feel sorry for all the other candidates. trump is a narcissist. he has taken over the dialogue here. and everyone else is attempting to respond. i agree with ford that i think dr. carson has done a pretty good job so far. trish: i'm going to jump in. first of all, if you're running for president of the united states chances are there is a little narcissism, right? all the politicians, if you will take that on, there is part of your personality that may, that just comes with the territory. >> look, everybody needs a healthy ego but i think everyone would agree this guy is off the chart. >> craig, but to your point, look, it is this alpha male dominance that trump showing has him ahead, okay?
he says he is speaking for the common man. as such it will not be one candidate who takes trump down. it will have to be a tag-team effort. trish: is that what we'll see tonight, ford. >> absolutely. trish: tag-team coordinated effort to say enough with this guy. >> absolutely. that is exactly what you will do. rand paul will go at him with both barrels. john kasich touting record saying i can manage the country. carly fiorina, literally most intriguing subplot the fact that person who hurled sexist insults at her is standing next to her on national television. not much is out of bound for trump but he wl have to be very careful about the optics of this potential spectacle. >> can i jump in for a second? trish: absolutely. >> the one thing i do think some of the republicans have made a mistake trying to portray him as liberal. i don't think this guy is a democrat. i don't think he is republican. i don't think he is conservative. he believes in himself and nothing else. trish: i think you might be -- well, i think he believes, you have to believe in yourself and
he believes in doing what he thinks is right for the country. but i think you're on to something saying not necessarily liberal or conservative? i think that is in part why people like him. i actually think, craig, he is going to have a lot of support in the democratic field. he will have a lot of support, especially among blue-collar democrats when he talks about things like your jobs moving to china. people i know around the country live in small town america have lost jobs or seen their neighbors lose jobs because of a factory shuts down and moves overseas? >> i don't think he will be nominee to have at that chance. >> let me make that point. you're absolutely right, trish. he is speaking the language of the common man. the two biggest threats are other two outside candidates, carson and fiorina. he has to find a way to disqualify them before they continue to surge and overtake him. that is what is going on. trump will continue to play the alpha male role but wants to find a way to discredit carson
and fiorina. insiders will consolidate that vote as well with their record. trish: i will take a quick break. we'll pay some bills. we'll talk electionnomics. exactly how is trump going to explain his tax plan? we have a lot on this, next. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services -
. trish: okay. a little rally going on here. stocks treading lightly higher, waiting for the fed to announce tomorrow whether it's actually going to hike rates or punt on this one? joining me michael cox, formerly with the dow fed. but our very own peter barnes who is going to be there in the lockup, ready to go as soon as it hits at 2:00 p.m. with the news. tell me how they're so divided right now, peter? >> reporter: they are divided, trish, you are absolutely right. different members saying they're concerned that the job market isn't healthy enough yet including fed chair janet
yellen, she said that in the past. we've heard others say they think the jobs market is getting better, but inflation isn't there yet and we got the weak cpi report this morning and heard others say there's a lot going on with china, we have to worry about knockon effects on that and how that could affect the u.s. economy. other market turmoil out there, falling oil prices weighing into the equation, so the chair yellen, this is a committee, the federal open market committee, she has to get a consense to us do something, and right now, in the public statements there doesn't seem to be a consensus. trish: lot of public statements. this is a very chatty fed. you know, michael cox, you know, you know a lot of these folks, you're the former dallas fed president. walk us through exactly how they work this out? is there any lobbying that
happens internally with one member saying to the other, you really ought to pay attention to that last jobs report, or you really ought to pay attention to the good print on gdp recently. what is it that's actually going into this discussion? >> well, wasn't the fed president, but was the fed chair at the dallas fed and i did go to the fomc meetings. there is not a lot of lobbying. people respect each other's opinions, the board of governor starts off talking about conditions of the economy, and that gives everybody an idea what's going on in the real economy and each person brings information what's going on in the district. and each person discusses things in their area, all the things are respected. trish: i have breaking news i want to jump in with right now. don't go anywhere, we're going to continue the conversation. i want to let everyone know, u.s. senate leader mitch mcconnell has come out and he is saying he will not shut down the government on october 1.
he's saying they will seek a stopgap funding through late fall, and, you know, this, of course, has been a big issue, people have been talking about defunding planned parenthood and plans to do that would actually potentially cause a shutdown. mitch mcconnell saying he's not going to allow it. it's a pretty partisan issue. it's become very political, and the concern among some republicans, mitch mcconnell included, is that the republican party would be blamed should they actually shut the government down. one of the interesting things over the last eight years is that there hasn't been a lot coming out of washington. you know, some people might say that's good, right? you don't have the lawmakers doing anything. the flip side of this is that nothing is getting done in the waive policy. taxes, lower corporate taxes to help our economy. there's not much being done to help grow things back at home. so consequently, everything michael has been left up to the
fed, i think there is real risks with that. i think the risk is for 6+ years in a 0% interest rate environment because you're the only game in town, and you may have created yourself some other kind of problem, an asset bubble on your hands, now you have to deal with. >> right, and you become like japan which kept their interest rates lows if 20 years and as a result of it, you put the economy and lending markets in a stupeor. you have two decades of lost growth, no job creation, banks don't want to lend. so the rates need to go back up. now would be a good time to do it. trish: i look at slowing china, slowing europe, slowing latin america with commodity prices falling and i think to myself, gosh, why didn't they do this two, three years ago? why are they always so darn late? >> exactly. why didn't they do it long time ago, not right now. the inflationary rate is very low, gdp is not strong and all the other problems that you mentioned.
i happen to believe that the fed funds rate decreases didn't help the economy in the first place or else we wouldn't be in this situation we're in now because it took them to zeros, so i don't think fed funds rate increases hurt the economy. i don't see the fed funds rate increases passing through to longer-term rates. trish: i've got more breaking news i've got to get to in just a minute. my question to you, is there pressure on janet yellen to perhaps not move only because there's so much pressure to move -- forgive me, not move. christine lagarde saying don't move, larry summers saying don't move. people are voicing opinions. there's got to be a part of her that says hey, maybe i'm going to move, to spite you all. >> i'm sure she does. i can think of arguments for raising rates from different people. it's a political issue as well. here we are smack-dab and we don't want the -- the incumbent
party doesn't want difficulty. trish: michael, good to have you. breaking, crude oil closing up $47.15 a barrel, 5.74%. we've seen wild swings but back above the key $45 level. we're going to be right back, we're talking about donald trump's tax plan. will your taxes go up or down? that's next. good.how was your commute? yours? good. xerox real time analytics make transit systems run more smoothly...
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taxes and make it good, we're going to bring back the middle class. the hedge fund guys won't be that happy but still make a lot of money. trish: all right, that was donald trump promising bill o'reilly that bill's taxes won't go up. good news for bill. and promising everyone else that their taxes are going to go down. everyone else, of course, except for the hedgeies, they're going to get a bigger tax. all eyes on donald trump tonight, he's been teasing his tax plan for weeks and tonight's debate may shed a little more light on it, but one thing is for sure, as i said, he's got the hedge funds in his sights. tim kean with us and blake burman back with us for a preview of theonaltrump tax plan. blake, this debate's on cnn. do we anticipate that we're actually going to hear much about the economy? because let's face it they're not exactly known for their economic knowledge or strength in this matter. so much in the way of economic business questions, you think?
>> well, look, there's the back drop for all of this, take the time we're in this week, a crucially important week. the potential fed rate hike coming tomorrow afternoon, that could be an avenue, a line of questioning. there is also the anniversary or for a lack of a better term of the failure of lehman brothers. so that could be another way could this be brought up. either way, it will be interesting to see if it's brought up in one form or another how donald trump will take this on, as you remember when he spoke with maria bartiromo a few weeks ago, he said his plan was coming a few weeks down the line. and at that point he told maria there would be a -- and i'm quoting, a reduction in all taxes. now the "wall street journal" reporting it would be trump's plan, it would be revenue neutral, it goes up for some, and down fathers, so not necessarily revenue neutral. we'll see. trish: i'm looking forward to
hearing economic questions. i'd like to hear them. sometimes see some of the reporters shying away from that kind of content because perhaps it's a little too meaty for him. tim, over to you, we're all about meaty content right here and i want to talk about the carried interest. some hedge fund guys, billionaires are paying themselves and getting taxed at 20% instead of 40%. so they're making a whole lot more money, and they do it because they say, well, this is investment. this is what donald trump is talking about going after. he doesn't want to go after plain old income. people like bill o'reilly who i'm sure is making a lot of money but saying your taxes will be lower. it's the people investing, the billionaire hedge fund guys he's going to go after and not allow them to get away with the carried loophole interest anymore. your thoughts? >> it's a fair proposal. the trump tax plan is a nonplan. have you three candidates out
there. jeb bush in particular, who had some real substance. there is this exciting wonky world in d.c. bush is innovating, he's talking about capping deductions which is something that's good for the middle class, not so good for wealthy people. that's a much more serious issue than saying i'm going to go after the hedge fund guys. will trump be pressed on this one? i think he has to be. taxes are real. he has to put out a real pan. trish: he's talking about doing it in three week. i'll tell you one thing, he is very good at the tease, right? you know teasing everyone saying it's coming, it's coming, it's coming and dropping little hints, blake, here and there along the way. >> yeah, and they his campaign manager told fox business just yesterday that this plan would be, quote, bold. what exactly the plan is still needs to be revealed, but this
is certainly a buildup, i think that would be one way to describe, it yes, trish. trish: what's interesting to me is that he almost sounds a little bit like the left. the left has made this a big platform, income inequality and need to tax the wealthy, but they don't do such a good job at explaining what this is, and the difference between the wealthy, people that are making money versus some of these hedge funds and the carried interest rule. i wonder, tim, if that's in part because the hedge funds are backing him. hillary clinton, if she says i'm going to tax you guys more, she's not going to get as much money to run her campaign. donald trump doesn't have that problem? >> i guess that's true, but remains to seen over a long campaign season if trump's going to be able to live off free media. he needs to buildup a fund-raising base. most of the money from the candidates is not from the superwealthy people. those are capped. the amount can you give to a
candidate is limited. so you have to have a broad-based campaign. but do i like the principle that's being put out there and hope donald trump endorses this of having a single rate. you've seen ben carson talk about that, rand paul. all one rate. trish: if you listen to that o'reilly interview last night, he said, bill, your taxes are going to go down, taxes are going to go down especially for the middle class. that sounded to me like he was still going to put forward a progressive system. bush is talking about a progressive system. you have a few guys out there. rand paul talking about a flat system. is that what you would like to see, tim? is that what we need to simplify all this and get all the gunk out of the way? >> the biggest way to simplify the system is reduce the deductions that wealthy people get a much bigger benefit, from capping the deduction. single rate policy, you can have a progressive plan, but have a single rate. trish: have a single rate. put all the lobbyists out of business.
put the accounting companies out of business, would you? tim, blake, thank you so much. quick break, we're talking next about the obama administration's continued push for solar. another major player, however, going bust and we spent all kinds of money on it. our money, taxpayer money, on this thing. that's next. pubut to get from theand yoold way to the new,d. you'll need the right it infrastructure. from a partner who knows how to make your enterprise more agile, borderless and secure. hp helps business move on all the possibilities of today. and stay ready for everything that is still to come.
to be the biggest decision out of fed we have seen in years. stay tuned for tomorrow 2:00 p.m. eastern. to cut or not to cut? to raise or not to raise? we'll see. to major company news making headlines. jumping after the company makes a takeover approach to sab miller. fedex sinking after posting results falling short of expectations and apple saying it's not going to release apple watches on 2 because of the bug in development. the bug is taking longer to fix than anticipated. more evidence that the fed may be holding off tomorrow. i would be stunned if they raised, but i want to be stunned. we'll see what happens. consumer prices were fladin august. we'll talk more about the fed and more about donald trump in tonight's big debate right after this.
active management can tap global insights. active management can take calculated risks. active management can seek to outperform. because active investment management isn't reactive. it's active. that's the power of active management. . trish: thousands of people are trying to make their way into europe out of syria. we did hear from the white house a short time ago. they say they are declining to comment on whether hungary should take down that wall preventing refugees from passing into the country. it was a tumultuous day in hungary, and we're going to
continue watching this story for you. meanwhile, keeping an eye on oil closing out 5% higher. price futures group senior analyst phil flynn joining me now. every day, phil, every day. huge, huge fluctuations. why so big? >> you betcha. well, i think there's a lot of uncertainty. it's a war between supply and demand. everybody was focused on, oh, my goodness, demand might be slowing down, worried about china and everything else, now starting to worry about supply. today we got the energy information administration report that actually showed a big draw down in supplies, not many analysts were calling for that. if you look at important delivery point in pushing oklahoma, we saw major drop in crude supplies. that means the u.s. production is probably falling a lot faster than people think.
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. trish: all right, shares of h-p, hewlett-packard up 4% right now after news that the tech giant announced it's laying off 25-30,000 people as part of its planned spin-off of h-p, inc., the job cuts represent 20% of workforce and will save 2.7 billion dollars each year. taxpayers, we're all back on the hook, this time for a $2 billion bad debt by the obama administration. a spanish multinational solar company we've all been
investing in as taxpayers is on the brink of bankruptcy despite a flood of government money. the amazing thing is liberals want to throw good money after bad, they're gearing up for a spending spree on solar in 2010. hillary clinton wants to install half a billion solar panels on the roof of the white house. is this another taxpayer disaster waiting to happen? will democrats ever learn? here with the details, our very own liz mcdonald. a spanish company you and i and everyone else is investing in, what's going on here? >> a spanish multinational gotten overall 2.8 billion dollars of backing and this is one of the companies in 2009, president obama stimulus plan for solar and other green energy plants. built a plant in the mojave
desert, but now they are struggling under a massive debt load. it's about 5.7 billion, now reaching out to wall street to restructure debt load and also to possibly sell off pieces of itself, tough story. trish: people don't want to learn, they want to keep pushing solar. is it the solar industry, lobbying groups that are helping? >> that's the question. by the way, this company is using a lot of water for cooling system for solar plants in california. trish: didn't that hurt burds there like 20,000 birds potentially died as a result? >> it's a real issue in the middle of california's drought. china cut the value of currency and made its own solar panels and products much cheaper to export around the world and with prices going down and interest rates going up, the debt load that the solar companies have it becomes more
difficult for them to survive when interest rates go up. and the taxpayer effectively is the balance sheet, is the cash funding for a lot of the companies and to justify their growth potential and multiples they've got to keep expanding. they have to borrow more money, get taxpayer subsidies or issue equity. trish: an industry that can't survive on its own without public support, this isn't an industry, but people in this administration don't want to believe that. >> that's right, in fact, joe biden made a speech about solar just today. trish: liz mcdonald, thank you so much. >> sure. trish: we are going to be right back. i'm going to tell you why whether you like him or not, donald trump is good for the political process. that's next. ncer ] whether it takes 200,000 parts, ♪ 800,000 hours of supercomputing time, 3 million lines of code, 40,000 sets of eyes, or a million sleepless nights. whether it's building the world's most advanced satellite,
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is not clear right now. president obama is not at the white house right now. he, of course, had been speaking earlier at the business roundtable in d.c., and we're learning from his schedule here he is expected to depart bethesda, maryland shortly. no reason is given for the lockdown, this is according to reuters witnesses that are saying the white house is in lockdown mode. again, the president not actually there. we had heard from him earlier today when he spoke about the economy at the business roundtable. all right, tomorrow is a very big day. the fed is meeting right now and tomorrow 2:00 p.m. eastern, we're going to know a whole lot more. we have got special coverage, a special report starting at 1:00. i'm pulling double duty tomorrow. see you in primetime. 8:00 p.m. eastern, a special
edition for you of "the intelligence report" everyone. we've got an all-star lineup, we'll tell you what the fed decision means for you. we're going to look who is best to fix our economy. i'll see you right there. we're heading over to liz claman for the final hour of trading. 60 minutes to go. liz: i know, trish. set the atomic clock, of course for the final hour of trade. also less than 24 hours before the federal reserve announces whether it will pull the trigger. whether it will tighten rates within what we haven't seen for 9+ years. the markets are moving higher and the dow jones industrials from the floor of the new york stock exchange up 115 points. but before fed chief janet yellen takes center stage, donald trump and the rest of the 2016 republican candidates for president take part in the second televised debate of the campaign season. trump still maintaining front-runner stat us in national polls with dr. ben