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tv   After the Bell  FOX Business  October 8, 2015 4:00pm-5:01pm EDT

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john boehner just said he will stay on but few conservatives will be content with that all it takes of the breaking story coming this hour. >> david, liz mentioned we're waiting for alcoa's numbers, late "earth" quarter. third quarter. unofficial start of the latest earnings season kicking off any minute. [closing bell ringing] this is the worst -- for the s&p 500 in six years. we'll bring the numbers, as soon as they cross the tape. david: more short term, five straight days, folks we had gains in the markets. a lot of significant psychological numbers were broken as bells were ringing. only thing down, lori, was gold. lori: nobody needed to seek relative security in the price of gold, fixed investment.
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people take on a little risk. you saw the dow run up, with oil running up as well today. above 17,000 for first time since august 29th. six straight days of gains for u.s. equities. unofficial kickoff to the third quarter season. alcoa set to report any moment. let's get predictions here. big picture view on the market. fed minutes were released as well. how did that play into the rally? kimberly foss, imperion wealth management. julian tedd from financial times. scott bauer is with trading advantage, senior market strategy. all grateful to have you. scott, what drove the rally? >> everybody thought mini selloffs midday was the mccarthy news. we never really saw that we never saw the vix, volatility, spike up at all. we got the fed minutes. we look at the comments.
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we look at that, and again there was some question as to whether good news is good news, bad news is bad news, good news is bad news just like we saw last week. uncertainty in investors minds and obviously the markets minds december may be off the table. lori: what is interesting to me, guys, the fact the fed in the minutes points to uncertainty and concern about international picture, china slowdown in particular. that meeting was held before the disappointing jobs report. kimberly to you, how do you see the fed minutes impact the outlook for the markets. >> fed is in a rock and a spot, lori. we have strong dollar. jobs which are weaker. if they don't push off, if they don't hike it at the end of
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december, probably will be in obviously 2016, but, that is going to cause a lot of uncertainty for the markets again. that is also good for investors. dollar-cost-average of the markets. remember, whether they hike in december or in next year, a year after they hike, nine out of 10 times after the year after they hike, that the markets were higher. long-term investing, short-term volatility. lori: thanks, kimberly. julia, i want you to weigh in as well. when you talk about uncertainty as kimberly mentioned, cheap, easy money will continue. risky investors love that. the punchbowl hasn't been removed yet. can you buy into the rallies? is the correction we saw prior week, over? can we dig in here? how vulnerable is it? >> the single biggest question investors need to ask themselves, does the fed care more about consumer price
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inflation or asset price inflation? what we've seen on the back of this cheap money is asset price inflation. the fed is not suppose to target that. they target consumer price inflation. on back of cpi there should be no reason why the fed should act. we saw that discussed in the fed minutes. on asset price inflation issue, the fact we have bubbly volatile markets, there is every reason to act. lori: i have to interrupt in little bit. we have breaking news. disappointing report from alcoa. earnings obviously a big influence on the markets. this is expected to be one of the weakest earnings season, third quarter, some six years for s&p companies. we had huge disappointment from yum the other night. that was a statement on the china slow down how it is impacting u.s. markets. with the fed and dovish tone inspiring risk investors today, bullish investors now, key
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company, benchmark company, if you will out with disappointing quarter. 7 cents versus 13 cents which is actual. my colleague ashley webster covering this from floor of new york stock exchange. do you have a revenue number, ashley? >> we do. we have 5.6 billion. the estimate was 5.65 billion. level to just slightly light on the revenue side as you said, lori. seven cents, ex-items on earnings per share. estimate was 13. big miss on earnings. looking at some of the statements already from alcoa, they're lowering growth projections in china. i guess that is not a huge surprise. there has been such a tough go in the commodities sector. we know that in fact cowill split off into two publicly-traded companies in the second half the next year. they had a couple of big contracts recently but this earnings report reflects weakness in the commodities market and how hard it is for companies like alcoa in order to
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cut productivity to save money in overhead while commodity prices are so low. lori: thank you. david: go back to the panel. scott bauer, it is quite clear that alcoa is run by smart people that knew this was coming. they knew the slowdown in china was coming. they knew their sales to china were slowing down. so they have been taking steps to kind of prepare for the slowdown in china. still they couldn't avoid the hit completely is? >> not at all. announcing they were splitting into two. you almost question timing of that right now. was it really precursor to the short fall, this poor announcement? that being said, the option market if you look at it today, was robust, high volume. actually was baking in about a 7% move. so about a 70, or 80-cent move. we're seeing half of that now, david. i actually think based on where alcoa trading now, up around
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10.60 or so i think that is temporary floor even on disappointing news. they have put it out there now. david: interesting. >> they lowered china forecasts. i saw some headline come across i think china auto sales, with that they lowered from 5 to 8 to 1, to 2%. the news is out there now. david: kimberly it continues to get worse. we had bad news from china overnight. market did not respond. it didn't respond as well as a lot of people thought it would to success here. i don't think we've seen the end of the slowdown in china, do you? >> oh, i don't think so at all, vid. i ree thou 1%. thinthiss rlly out glob groh sldownnot st ina t alarou thelobe instorexpeatio havto be adjusted. that doesn't mean we can't grow long term. investors practice what they can control. diversify the portfolio. practice patience if their
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allocation is commensurate with ability to stay in the market. david: gillian, i wonder howut r earnings season? we have tremendously lowered forecast. alcoa did the same. they lowered their forecast quite a bit but even came in below those lowered forecasts. are there smoke and first roars here? are investors being led along to put a rosier picture on still an ugly pig? >> frankly they are trying to manage the situation where they themselves don't quite know what is happening in china. really is about china. i was chatting with some cfos recently who were saying they saw a sharp fall in demand in china at beginning of summer. the question they're trying to work out, is that down to some kind of inventory readjustment, in which case demand bounces up again later in the year or step change of level of demand which
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means this could get worse and worse? perhaps one of the most interesting things to watch although consumer prices in china are holding up and consumer goods are still being sold, it is producer prices where you're really seeing deflationary tendencies right now. that is why alcoa is hurting. david: guys, thank you very much. gillian, kimberly, scott, good stuff, guys. thank you very much. lori? lori: to our other breaking story. shocker on capitol hill. house majority leader kevin mccarthy withdrawing from the race for house speaker. that decision postponed the vote from today. here to take us through the tick by tick, stunning about face, peter barnes, live from d.c. peter take us through. what happened? >> reporter: lori gathered behind closed doors with kevin mccarthy the presumed frontrunner for house speaker. running again two other colleagues, jason chaffetz of utah and dan webster of florida. they were each scheduled to give presentations on how they would
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govern but mccarthy going in knew the math was against him. 40 far-right conservatives of so-called freedom conference said they would support webster for speaker, in the house vote scheduled for october 29th. takes 218 votes to elect a new speaker. house republicans have 47. mccarthy could only afford to lose 30 votes. freedom caucus members didn't sound like they were going to budge. tea party calling mccarthy, mcboehner. too much like the departing speaker john boehner. mccarthy stood up according to participate innocents in the meeting, starting to talk, suddenly stunned his fellow republicans by announcing he was dropping out. >> if we are going to unite and be strong, we need a new face to help do that. >> reporter: the announcement left house republicans in turmoil with no clear choice before them. >> i don't think people realize what he said.
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he was asked to repeat it. >> all members of the delegation of the conference were shocked. >> absolutely stunned. did not see that coming. >> reporter: boehner was supposed to leave at the end of the month. now he says he will remain on the job until his successor is chosen. lori: is that a little smirk on chaffetz's mouth? is throwing his hat into the ring? >> reporter: time will tell. lori: thank you, peter. david: startling news on washington is proof that business as usual coming to an end inside beltway? we have reaction from two republican congressman. representative tom mc:tock, representative tom fleming. gentlemen what a day. it is a news-rich day here at fox. you've been a conservative from the tea party. have you guys won? >> no, first of all i'm very disappointed by kevin's announcement. i think he would have made a
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splendid speaker. i was strongly supporting him. david: hold on a second. a lot of people say the tea party which you aligned yourself over the years since 2009. i went back and looked at all the tea party support for you. the tea party was dead-set against him. so why are you for him. >> actually he had a great deal of tea party support. what he lacked was group in republican conference, instead of respecting the overwhelming decision of the majority of the republicans in the conference, decided that they would go off on their own, side with the democrats and deny the republican selection of the speakership. that moves the center of gravity to the left. i tried to warn my friends in the freedom caucus, those 188 democrats are far more likely to align with 29 most liberal members of our caucus, not the 29 most conservative. david: congressman fleming i want your opinion what your fellow congressman said.
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i know tea party representatives all over the country dead-set against kevin mccarthy. they saw him pretty much a clone of john boehner who they didn't like either. do you think the tea party is happy or unhappy with developments today. >> no. the tea party, really, constituents have been inundating our phones saying that kevin mccarthy, who is very nice guy, a friend of mine, is boehner 2.0. and, i'm unaware of any tea party group, any major conservative group that has come out in support of any of the candidates quite honestly. and i think that kevin, rightly understood that it was going to be a real struggle for him to get 218 votes. he felt that was going to be divisive for our conference. and that we're seeing it reflected in the presidential race where people are tired of insiders. they want new faces in washington, because they feel like we've been going the wrong direction.
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david: congressman fleming, let me stick with you, because you're a louisiana republican. you're a medical doctor. you're also a businessman. correct me if i'm wrong i think you own a bunch of subway shops? >> yes, sir. david: you're the ant at this time that sis of professional politician. you have a real life outside of congress. you think that message is getting through and maybe change the face of congress? >> well, i can tell you that my constituents, i think people all across the country are tired of professional politicians. they want people to build a career and be successful to come to washington to change washington for the good. not build a political career up here. again i think that is breaking out all over. this is just another example of it. david: congressman mcclint tock, your reaction? >> the downside of that is you end up accomplishing exactly opposite what you promised to do. we have seen these tactics now used to defeat republican efforts to win, most important
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free trade measure in the last decade. it denied us the ability to bring to the floor a vote on the resolution of disapproval over this disasterous iran agreement, which the house would have overwhelmingly approved but for the fact that rule was stopped in large part due to the freedom caucus. i appreciate what they're trying to do. as you said, i was tea party long before it was cool to be tea party. before there was a tea party but what they're doing is accomplishing exactly the opposite of what the tea party. david: fascinating to have both of you guys here, you obviously are on very different sides of the fence on this issue. i'm just wondering, i have to let you go, is there anybody you two gentlemen, who are republicans on opposite sides of the fence could agree on would be a good next speaker? for example, let me throw a name out there, trey gowdy, could both of you agree to have trey gowdy as your next speaker? >> well, trey already made it clear he is not interested. doesn't in fact feel he is
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capable. that is his statement. >> here is the problem. precedent set by the freedom caucus, in order to elect the speaker we have to 218 republicans agree in congress. that is 88% growth. david: that is big supermajority. >> not one member of the congress could get 88%. >> at the end of the day, we're deliberative body and surround ourselves one person who will come out to be our speaker. david: i hope you're right. we have some business to get done inside the house. >> indeed. david: great to have you both on. very interesting perspective for both of you. >> thank you. lori: tell you this is putting party in chaos. david: you just saw with those two gentlemen. both republicans. both claim they represent the tea party but very different view. lori: a lot of liberal come nists this could hand the presidential race to the democrats? david: that's a stretch. >> consider the source. talking about a new leader for house republicans scrambling on
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capitol hill. how will democrats respond? we'll speak with one. plus? david: deadly floods in south carolina unfortunately continue. how the historic rain still threatening the state even when the sun is out. lori: escalating crisis in syria. russian missiles heading off course to iran. ♪ ...as a combination of products and customers. every on-time arrival is backed by thousands of od employees, ...who make sure the millions of products we ship arrive without damages. because od employees treat customer service... ...like our most important delivery. od. helping the world keep promises. technology empowers us it pushes us to go further. special olympics has almost five million athletes in 170 countries.
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david: take another look where the dow ended the day. 138 points, well above 17,000. this by the way first time above 17 grand since august 19th. the dow, closing up for the 5th straight session. this is longest winning streak all year, since december. the s&p 500 ending back above 2,000 again. they are just numbers but psychologically may have something to do with what traders do.
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all 10 sectors of the dow were in the green. lori: started off on the right foot with the jobless claims this morning coming in better than expected. also driving markets today, most federal reserve policymakers do expect to raise interest rates before the end of the year, according to the minutes released by the fed from their september meeting. policymakers were close to raising rates in september but were worried when inflation would rise to their target of 2%. important to note the data, the minutes happened before the hugely important meeting. david: oil jumping above $50. hitting a new three-month high. didn't stay there and came down. crude ending at 49.43 cents a barrel. one factor driving oil, concern about russia's military operations in syria so to speak. lori: that will do it. david: they had cruise missiles way off target. we'll get to that in a moment. lori: that is your tease, folks. meantime a couple more stories we're following. bond investor bill gross suing his former employer, pacific
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investment and management company, known as pimco, that he alleges he was wrongly fired because executives wanted his share of the bonus pool. there is deal emerging with through of tech's biggest companies. dell merging with $50 billion, data storage giant emc. shares up dramatically on the news, buck 22. david: iran's supreme leader is banning any morning talks with the united states. what does it mean for the president's nuclear agreement which requires more talks? legal legend alan dershwitz has some views on that coming up. also the hero us air man who tackle ad terrorist on paris train, he escaped unarmed from that but now has been attacked at home. we'll tell you about his latest coming up. ♪
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david: no nor negotiating with the united states. the ayatollah latest anti-american move, raises a lot of concerns that iran may not comply with terms of the nuclear deal. the supreme leader banning his government from engaging in any further talks, direct contradiction to iranian's president's message working together. is this more proof of the meaninglessness of this treaty? alan dershwitz, harvard law professor, with his take. if it was a treaty it would have to pass with 2/3 of senate. >> it would not have passed. david: it was just as much a treaty as any arms control treaty passing in the old days, right? >> no question. the brilliant answer my friend secretary kerry gave why he didn't submit it as treaty, well, because we wouldn't have gotten it passed. david: exactly. which was, he bumbled his way into the truth with that. i'm just wondering if the latest announcement from the iranian leader which is clearly in
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contradiction to the act itself, because the act says you're going to have to negotiate after time, how do you make sense of this? how do they square the corners of this? >> well you're assuming honesty and iranian regime specializes in dishonesty. they say one thing through rue hundred ney, the face of moderateness. david: elected leader. >> the point to be elected and supreme leader who tells the truth. so anybody who believes that the iranians will comply with this treaty, i have got a bridge to sell them in brooklyn. there is no possibility that could happen. they're going to cheat. they're going to find ways of having secret places to build nuclear weapons. we're going to discover them, ultimately, israelis or americans. then they will have 24 days to move everything around under the treaty. this is green light to iran to develop nuclear weapons in 10, 12, 15 years, exactly the opposite of what president obama
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promised us. david: but according to this act if there are any conflicts if there is any violation you have to resolve those conflicts, you can't resolve conflicts without discussion but the supreme leader said no more discussion. so what are they going to do? >> well, they're going to have discussion, but have them with the atomic energy inspectors, where they can give their own samples in and they will have 24 days. but they're not going to have direct negotiations with the great satan or with the little satan. look, there are still ways to save this deal. in my book, the case against the iran deal, i proposed legislation which the president would never scare to veto which says -- dare to veto, the deal starts with promise from iran never under any circumstances to develop nuclear weapons. let's pass legislation, saying the deal was accepted with that assumption. that is american policy we authorize the president, not this president alone, but any president to take whatever action including military action to enforce that part of the deal
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forever. david: counselor, you are a realist. >> right. david: you're an absolute realist. you must know that is never going to passes, or even if it does the president would find a way to vetoing it. >> it would be very hard for veto legislation which quotes the deal itself or vetos legislation what the president says, keeping military option on the table. david: quickly, we have to leave. saudi arabians are more furious. nobody is afraid of iranians more than the israelis than they feel they can defend themselves, than the saudis. they are worried that iranians want to take over mecca and holy sites and take over the oil fields. what are the saudis doing behind the scenes? >> they're working hopefully with the israelis and hopefully with the americans. the saudis scared out of their wits. there is new excuse, the crain that filled killed iranians. that gives them basis. just yesterday the jewish legislator in iranian parliament, there is a spot for a jew.
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anti-zionist, hates israel. he said basically muslims, are destroying muslim mosques this has to be something done about it. this is attempt been iran to have hegemonic influence over saudis. i don't claim the saudis and emirates being worried. david: the case against the iran deal, you can get it, to hear more what alan dershowitz has to say about it. thanks for coming in. >> my pleasure. david: lori, over to you. lori: a great interview. a few stories on our radar. the united auto workers reached a deal with chrysler averting a strike that would have struck down production in u.s. plants and sent thousands to the picket plans. it goes now to the company's 40,000 uaw members for a float. south carolina governor nikki haley says flooding remains a danger as two more people are dead and bringing the total to 19.
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an american that tackle ad heavily armed gunman on paris train was stabbed outside after california bar. spencer stone suffered stab wounds to his heart and lungs. fortunately he is in stable condition. total shock, shake-up on capitol hill. majority leader kevin america cart think says he is not the one. so who is? david: hillary clinton on the attack. laying out plans for irwall street. has she ever had any proposal that is pro-business? we'll ask a democrat coming up. ♪ can protect capital long term. 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.
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lori: the house is in chaos. harsh words from 2016 hopeful from lindsey graham on the situation in d.c. >> if the house republican leadership is in chaos, i would say that the senate leadership is in good standing with the members. how do you lose in 2016? screw up in 2015. lori: here with reaction republican congressman david schweikert. thanks for joining us. is chaotic describe the events? >> yeah, i absolutely disagree with lindsey graham. the reality, one of our great frustrations here in the house is the senate's inability to move any of the legislation we keep sending them. we have what, 300 some pieces of legislation sitting on their desks. if lindsey graham wants to criticize, maybe he goes up to find a way to get through the
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60-vote threshold, the modern filibuster rule that is over there. lori: mack cart think doesn't want to lose. he. doesn't want to squeak by. my next question obviously who should throw their hat into the ring? who would you like to see speaker of the house? >> for me actually it's a little more, i don't mean it to be more nuanced but for a number of us here, it is about the rules, the policies, the procedures. for those on the republican side, the what we call the steering committee, that every member, every member, even on the democrat side but particularly those in the majority have a fair shot to the legislate because today in top-down manner, if i walk into the rules committee with an amendment, the odds i will be shot down and never allowed to offer that amendment on the floor. lori: likely why mccarthy says a new face needs to be brought in to unite and bring together this party right? you have a big debt ceiling vote here coming up. should republicans have confidence this issue that boehner will stay on?
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we know that, that was announced this afternoon, that the issue will be resolved and somebody placed into the speakership. >> oh, yeah. lori: can you give me some names? jason chaffetz? >> instead of names, look, this happened. it is part of a republic. it is not neat and clean. it is kay i don't thinkic. it is nature of it. chaotic. the member who steps up offering a plan, here is how we'll embrace reforms so everyone has the chance to be a legislator on the floor, has reasonable access, and then the steering committee, that our talents can be assigned to committees we belong on, that member will rise to the top and start to get votes. lori: hop sooner rather than later. >> you and i both. lori: thank you, representative schweickart. david: i like chaos. i'm kind after chaotic guy. mercedes schlapp. and chris hahn former aid to
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democrat chuck schumer. we had to have a democrat to get to your views. >> progress i have. david: what will moderate republicans do to satisfy the tea party? the tea party clearly have veto rights over the next speaker. >> i think this clearly shows that the conservatives have the upper hand. this has been clearly a revolt from the conservative side. freedom was caucus with 40 votes were able to stop kevin mccarthy. with that being said, all up for grabs. you need to find a candidate out there, one of these congressman, congress women, to be a fighter, unifier. that can unite moderates and conservatives, bridge the divide and at same time fight obama and fight over on the senate side as well. that is what they're looking for. we need a leader with character. a leader who can take again the republicans united and being able to push forward and lead in the house of representatives. david: ashley, if kevin mccarthy had not made that dumb statement that he made
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about the house committee, the select committee investigating benghazi, do you think he would have survived? was it just that one statement that really nailed him? or, would any moderate under these conditions fail? >> look, clearly there is an establishment shake-up going on right now in washington and all across the country. that is what we're seeing in 2016 presidential polls as well. at same time i give mccarthy going out there and doing what he thought as best. david: ashley, we don't have much time. specifically answer the question. if mccarthy had not said what he did about the benghazi committee, would he have survived. >> i have no doubt that definitely played a role but i think there are other factors at risk here. it is anti-majority sentiment that we currently have against the establishment that is definitely playing a role. david: chris, we got to switch to democrats because we're two-party system now. this is the same day hillary clinton just came out with a new regulatory plan about the financial industry.
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this coming the day after against trade agreement that she helped pat together and she once called the gold standard in trade agreements. then last week she opposed keystone pipeline. came out with pharmaceutical regulatory plan, name to me, chris hahn, one proposal that hillary clinton has made that is pro-business. just one? >> well, what about the trade agreement with south korea or panama or colombia? what about tarp? stock market is 17,000, that wouldn't be here without tarp. heavily involved in. david: wait a minute. wait a minute. you're saying talking about proposals as a person running for president of the united states. anything that she has proposed that is pro-business? >> well i think she has proposed having a stable government, something doesn't seem to be going on. david: stable government? you can't mention one thing, chris. not one thing that she has mentioned that is pro-business. i mean with a trump has tax plan.
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repatriation of capital. marco rubio has his. >> oh, please. david: is there anything pro-business? >> yeah absolutely. she has tons of pro-business ideas. david: name one. >> raising minimum wage. putting more money in workers pockets to buy things. david: wait a minute, forcing businesses to pay higher wages that is pro-business, right. >> absolutely. david: all right. >> more money in your pocket. david: we report you decide. got to leave it that. thank you very much. lori. lori: it is tough. you don't back down, david. speaking of hillary clinton, cracking down on wall street, announcing new tax on high frequency trading. more information with deirdre bolton. >> lori, you said it, she mentioned 2008 can never happen again. she sees high frequency trading as big part of that. not alone. we have spoken with mark cuban one investor in the past. not only high frequency trading exacerbating big market moves. in his view it is actually
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causing it. so essentially she is saying, she wants to tax it where it is happening. also saying banks should not be taking risks with individuals money. so there are structures in place. she wants to make sure that they stay there. you will remember this too, lori, back in the day, president obama called out wall street fat cats and basically financial industry has functioned for better or worse, more or less the same than it has since 2008. a lot of people say, hillary might be talking tough but probably will go on business as usual. back to you. lori: thank you so much. see you at top of the hour for "risk & reward," deirdre. republican efforts to nominate a candidate for speaker was a washout today. coming up we'll talk to democratic congressman what is next for the house. that is the harvard grad who is now on the lam after embezzling millions. bring you that story, coming up.
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>> something to be said for us to unite, be a fresh face. i will stay on as majority leader. talking to everybody to be strong, we need a new face to help do that. david: what a shock that was. congressman kevin mccarthy quitting race for house speaker. was shoo-in for the replacing john boehner. we have california congressman john garamendi. i'm guessed you're as stun as everybody else was. what happens now. >> i have no idea. i have no idea. some were suggesting jim mcmcdermott, psychiatrist from washington state may have only the experience. he used to run a locked mental facility.
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david: i could sign up for the job. i could put in application. >> you better be careful. david: maybe somebody from the outside, a non-congressman if they say, we all want non-professional politicians, maybe it is time for that? >> wonder what donald is up to? david: i think he has got a temporary day job. >> perhaps. david: a lot of democrats i'm sure short telling, this is fun, republicans can't get their act together. democrats, i talked to, none of them would come on the record and do so, back in the days when nancy pelosi running house, saying we wish there would be more discussion between republicans and democrats. there is not discussion between sides, let alone parties. >> well, that is really part of the problem. it is a real problem for the nation. we really need a stable government. whatever direction it is going. stability is exceedingly important. and we're in a very unstable situation here in congress. in fact the entire law making appropriations process, funding
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process, all of those things are in chaos. awaiting some sense of stability within the house of representatives. it is a real serious problem. david: all right. >> particularly if it drags on, all issues out there. i am bank. david: forget the ex-im bank and funding government. a lot of people would be happy if you didn't. >> probably not. david: all right. the anarchists will not win this argument. congressman, thank you so much for coming in. really appreciate it. >> my pleasure. lori: lori, fantastic. david: i think democrats loved it. lori: very serious note, tensions getting worse between russia and u.s. assault on syria takes unexpected turn with russian missiles missing target again. the
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david: russian warships making tensions worse in syria. cruise missiles launched from caspian sea, targeting syria. crashing into iran. time for united states to take some kind of action. joining me, peter brookes, heritage senior fellow, national security affairs. jesse jane duff, retired gunnery sergeant with the great united states marine corps. peter first to you. maybe we can show a map. ships were launched from the caspian sea. they were supposed to go to iran. what does this tell you about russian equipment? >> duck and cover. it is very, very troubling. these missiles are very powerful. they're very destructive. you have to have good intelligence and you have to have good targeting.
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and, capabilities, to put them on, to put them on their intended target. when they're not, a lot of other people come in harm's way, david. david: gunnery sergeant, we have cruise missiles i'm told could focus in on the eye of a fly about 3,000 miles away and can hit it. these missiles were way off by hundreds of miles. >> yes. david: is the russian bear just a paper tiger? >> we, i don't think it's a paper tiger at all. the russians are denying that this happened, along with iranians. however, of those targets that they did hit, the bulk of them were not isis-related. in fact they hit a cia weapons depot in aleppo. that is of u.s. interests. what we're looking at directions and planning on doing it is a false element. they indicate they are going after isis. meanwhile attacking many people rebelling against regime of bashar al-assad. david: no question they're doing that peter. that of course is a direct insult to us and of course death
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to our allies fighting with us, or at least with some of our support. what do we do about it? >> well, this is very troubling. the problem here is that we're never going to get over the assad regime, viability of the assad regime, future of the assad regime with the russians. the fact is that they see this as their wind dough into the middle east. -- window into the middle east. power and influence or the tar his naval base. i think the best you can do to try to deconflict your efforts. i just can't see where the united states and russia will come together on this even though they have a common enemy in the islamic state despite current targeting. david: okay. >> it will be very difficult. i doubt the russians will back down because -- david: i almost gave you the buzzer for using awful word deconflict. sergeant duff, i want to end with you. is it conceivable that the
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russians could get caught, as donald trump suggested in a quagmire. and while they may be bragging about being in there now it could end upbeating them in the end? >> i don't think so. this benefits them all the way around. they're propping up iran. aito rf wopping up sh selleybung thlvp he region. i don't think they will be caught in quagmire. i don't think they care in isis suck eads as well. david: thank you both. appreciate it. >> thank you. lori: where? david: never mind. in syria. lori: from harvard mba to fugitive with 65 million bucks in his pocket. we have shocking details of a wall street scam artist. can a business have a mind?
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david: final look at alcoa shares, down over 4% after-hours. 10.5 where ending up right now. of course they had disappointing third quarter results. metals company latest to be hit
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by china's economic woes. lowered estimate on automotive production growth in china. a lot of materials go into those cars. they're not selling too well. >> already missing lowered estimates. not good alcoa. meantime from harvard mba to fugitive, one man had it all. then he went on the run. shown here with his wife, he worked his way from harvard to goldman sachs and ultimately to a partner's role at oak investment partners. one of the oldest investment capital companies. investing in whole foods markets. ahmed fled the u.s. back in may, allegedly stealing $65 million. regulators say ahmed began to commit fraud within months of joining the firm. but, david, it wasn't the fraud he committed at oak that they got him on. it was separate, unrelated, insider trading charges. so begs the question, if a private firm can't manage its own people, if the federal investigators are the ones who
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came in, just gives the feds an excuse to say, we need more regulation. david: that was picture of him with his wife by the way. >> also facing charges. david: she claims she knew nothing about it. didn't know where the money was coming from. apparently set up a lot of false companies. a lot here. >> that is thank you for having me couple days. melissa, you too. "risk & reward" is next. >> we've been going through this campaign, talking to a lot of members, but the one thing i have always said to earn this majority, we're servants. we should put this conference first. >> speaker mccarthy, how much did the comments about benghazi play into the descension? >> that wasn't helpful? deirdre: huge surprise in d.c. on the same day, he was expected to be formally some nated for speaker of the house, mccarthy withdraws. welcome to "ri

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