tv Mornings With Maria Bartiromo FOX Business November 3, 2015 6:00am-9:01am EST
permanent application in face of rejection of obama white house. final decision from the state department as early as this week, futures right now lower opening for broader averages. it's early but we are expecting the dow to be down about 25 points this morning. in europe take a look at the action there. mostly to the downside. cac up a fraction and dax in germany down a quarter percent. onto asia we look, overnight action looks like this. in terms of equities, you have the hang seng on the upside as well as the kospi, nikkei down another 2% overnight and shanghai dawn a quarter of percent. >> panthers win in overtime ♪
♪ >> carolina panthers unbeaten teams in the nfl. rebounded in overtime, kicker making up for mixed extra point by nailing a field goal to secure victory. this is the first time four teams started a season 7-0. unexpected protest, gas facility were arrested after they were at the stadiums upper deck with an antibank of america banner. lets get back to top story. poll revealing that retired neurosurgeon overtook donald trump in the top lead. that's according to latest wall street journal. blake burman. good morning.
>> blake: making this two-person three-tier race for the moment. it was taken before and after the last republican debate. carson with 29% support from republicans nationally. that's highest mark ever reported. donald trump false behind with 23%. senators marco rubio and ted cruz along with jeb bush make up the next group. no one else clears more than 3%. it is exactly 90 days, three months until the iowa caucus, trump and carson have been pulling one and two for roughly the last two months. former presidential cant date not to necessarily bank on a fade from the top two. >> people say when trump and carson decay, so and so is going to -- rubio or whatever, why are you assuming that the two guys who have been consistent number
one and number two aren't going to be number one or number two? >> blake: latest post debate poll in new hampshire which shows maintains a comfortable lead. >> maria: blake burman. we'll check in again. wall street journal is reporting u.s. federal reserve cut off funding to the central back over concerns that dollars were ending up in the hands of ice -- isis. joining right now is the former embassador to the united nations, embassador, good to see you. the treasury cutting off dollars, what do you make of it? >> it doesn't surprise me, after the steps that the treasury department has taken, obviously, there's no real way to prevent these dollars from coming into
the hands of isis or al-qaeda or other terrorists, they are getting dollars from a variety of sources, even if the first transfer is somebody the treasury can see and have transparency with and be comfortable with, the second and third transfers won't be. central bank of the bagdad government is now effectively under the control of iran. >> maria: wow. >> something we need to acknowledge. >> maria: and this is includes what we are doing in syria now. now 50 special operations, 10,000 troops staying in afghanistan. how do you see things? >> it doesn't acknowledge the change in realities on the ground. the state of iraq has ceased to exist. largely controlled by tyran. russians are now helping assad
in western half of syria. afghanistan continues to deteriorate and the president's response to threat of isis that he says he wants to destroy is deploy 50 special operations. >> dagen: they talk about the money flows from the central -- the federal reserve bank in new york tripling in a two-year period to 13, almost $14 billion. fed officials who supervised the money flow were getting spotty monthly reports in arabic and english in mix of spreadsheets and some hard copy reports include handwritten notice. you read this article and it's like we were actually feeding terror potentially with our dollars and took a long time to do something about it.
>> i'm glad to see the feds right on top of the situation. it gives me a lot of confidence. [laughter] >> you know, the fact is the president made a mistake in withdrawing our troops and putting more cash in. if you want to build a stable iraq you to have the capacity to have the currency that maybe not international convertible but haven't dollarized the economy, more money in, more cash, actually inhibits the ability of a real government of iraq to function like a government. >> keith: do you think that the saudis could devalue, they understand it quite well and have a couple of moves to make? have you heard that, is that part of the game that's coming? >> i think there's a lot of discussion inside the saudi arabia with the other countries with russia now about what to do on what for them is an even question the international price of oil. >> keith: right. >> that would have a dram itic
impact in the region as a whole. there's a lot going on behind the scenes that we don't know about. >> maria: wow. >> anastasia: first of all, donald trump was on air that you do not announce that kind of policy vocally because all that does is put a target on the back of 50 troops we are sending there and what do you make of that? what is the troop level that we need there? >> it's a completely inadequate deployment. these people even though they are advisers, the president says they won't be on the front lines, here is a news flash for the president, this is not world war i. every part of syria and iraq is a combat theater and those 250 special operators are going to be in jeopardy. we just saw a casualty with the rescue of the hostages that isis had been holding, we can expect
more of it. if the president is serious about the policy to destroy isis he needs to bhai in a serious fashion, with all due respect, 50 special on the parters are among our best, it's just inadequate. >> maria: they need backup. >> right. more people not with boots, guccu loafers on the ground. the kurds in the northern part of syria and iran, the forces that least needed. free syrian army that we have been training and equipping at such enormous expense with inadequate results that needs support if we are going to do anything. >> maria: who do you think out of all of the candidates will have better -- >> it's very different from your ability to understand it.
it's not enough to read a good speech. we just need a lot more discussion. we have made a mistake twice. we cannot make that mistake again. >> dagen: can you be qualified if you have no political experience in your mind? >> on national security the critical quality is judgment, and i think you can acquire judgment in a lot of different ways. nobody has got perfect experience. it's been a long time since the beginning of the republican when secretaries of state were routinely elected presidents, you have to look at the qualification in terms of ability, judgment. and i think with experience you put that together. that's what makes for a successful foreign policy president. >> maria: embassador, thank you. >> thank you. >> maria: more trouble for the keystone pipeline, the company behind the pipeline is asking the u.s. government to suspend permit application.
phil flynn, goork to -- good morning to you. >> phil: hey, good morning. they are negotiating with nebraska, keystone is doing this basically because they don't want a decision by the obama administration. obama administration is eight years to make a decision on this pipeline. they still haven't made a decision. instead of waiting around they are going to ask for a delay of this review so the next president will make the decision, which would probably have happened anyway. they are going to make a decision on this, but we don't know if the u.s. is going to approve this. we are going wait and see. >> maria: all right, phil, thank you. are they holding out for new white house, do you think -- we know where the state department stands on the excel pipeline and hillary clinton as well. >> keith: there's nothing to do. it's sitting there dead and nothing going on and everyone in
the middle east is trying to front-run us. you don't have any catalyst. i'm not looking at that at something that's going to change my mind. >> maria: why not just suspend it so it doesn't expire until the new president comes in. >> anastasia: that's essentially what they are doing. if we can't get approval with the state department we are going to go with the nebraska route. may take six months, nine months, longer. there's no catalyst actually to expedite this thing going forward because the admission to get to the gulf coast it's not as compelling like it used to be. >> dagen: either suspended or canceled. big one. isn't that urgency.
>> maria: maybe there's not as urgency there. >> keith: definitely probirth, big cattle. >> maria: we will take a short break. one retail giant adding paid paternity for workers, we take a look next. 5.1billion in issuing new stock and cut 15,000 jobs of the next three years. more than a dozen african countries are descending on morocco, libya. vice media rides lofty expectations. stay with us.
>> welcome back, volkswagen facing charges from u.s. regulators, cheryl casone with the story. good morning, cheryl. >> cheryl: good morning, maria, the ep arranges is widening investigation to include 10,000 audi and porcshe diesel models. check out these photos of length of six football fields in north central wyoming. this crack is 2,250 feet.
two fifths of a mile, 150 feet wide. this crack formed as a result of a landslide. finally for the first time amazon is offering paid time off for new fathers, parentally leave offerings that will offer paid weeks off for moms and six week for dad. the reports of amazon, competitors are playing into this. they are trying to retain talent. remember, this is amazon, subject of a new york times article and investigation over the summer and workplace in bad workplace practices and abecause of employees. >> keith: this is really going to appeal to canadians. i would get lots of time off. >> maria: you wouldn't get any time off.
[laughter] >> keith: this does appeal. the day for having maternity leave more moms are -- >> cheryl: they try to get engineers. they are trying to retain good ta lint, but i'm just wondering at what point are we going to have adopt a puppy leave. [laughter] >> dagen: i can take him to the vet. if you chose not to have children, what do you get? this is a huge benefit that you leave on the table. i will raise this. [laughter] >> big issue in the presidential campaign is mandatory federal paid parental leave which this country doesn't have. but i don't know if this pushes, you know, pushes more people in politics to advocate for that or you can make the argument that
companies are offering to dads that you don't need a federal law. >> keith: very lefty. that's the reality. when you're talking about free school, paid leave, these are the kinds of -- this is canada. >> dagen: capitalist. i can't lose my employees to the likes of google. >> maria: that's true. >> anastasia: this is exactly what fiorina is talking about. let's not have the government mandate. each company can decide on their own merits. >> maria: i like the shift. you have paul ryan talking about i have to be with my family. it's a nice shift. >> dagen: i was like be quiet, if you don't want to job and want to stay with the kids, don't take the job. [laughter] >> maria: less than two years
>> maria: welcome back, two giants in the video game business joining forces, maker of the 2012 hit candy crush saggia for $3.4 billion in cash plus debt. the name behind games call of duty and world of war craft, the deal will give new foothold. also expected earnings after bell yesterday. what do you think about this?
it goes public a year and a half ago actually and now doing this big deal? >> anastasia: part of the reason if you look at the success candy crush, it was a success at one point, they have not been adding new subscribers, so they were looking for complement which partnering is which certainly provides. there's a shortage of opportunities that we talked about last week, i think but still mobile is the way to go oh so that's a combination there. >> maria: big deal here. has to do with the level of rates and stocks. what do you think? >> keith: 15-35. bullet proof stocts in -- stocks in the market. the thing got mercy crushed. now here at 15 getting taking up
by a much smarter company. this is where we are at. that deal actually makes sense to me. >> dagen: industrial a strong asset. i'm embarrassed. >> maria: you like candy crush. >> dagen: i play it all day long. i'm a sucker, i buy the hammers and everything so i can keep playing. i'm like on level 1200 or something like that. it's very addictive. it's worth what they are paying. the stock -- >> keith: now it's going to be part of a good company. >> maria: why did it trade down so much? >> keith: there's a big difference between a great product and a great company and this is one of the many companies that blew up. >> maria: the mexican food
maria: welcome back, and i am maria bartiroma, it is tuesday november 3rd, dagen mcdowell, keith mccullough and jpmorgan's anastasia, but first at 6:30 on the east coast a brand new wall street journal nbc news presidential poll puts ben carson at the top of the list as the republican task, surging past donald trump for the lead in the primary. carson the first gop candidate of given trump to lead the
journal poll in five months. much more on this developing story throughout the program. the company responsible for the construction of the keystone pipeline as many an unexpected move. transcanada corporation asking the state department to suspend its permit application in the face of expected rejection from the obama lighthouse. transcanada expected a final decision from the state department as early as this week after a seven your weight on whether or not it is the goal. turning to marcus the dow industrials turning positive for the year yesterday, futures shelling markets will open lower, we have a great october 9th% for the major averages, this morning looking at weakness. in europe early action very much mixed, the major averages for europe down a fraction to 1/3%. overnight and asia, the same
decline we saw yesterday. mixed performances in asia. >> win in overtime! maria: carolina panthers and beaten after last night's overtime victory over the indianapolis colts, matt come back in overtime after blowing a 17 point lead late in the day. the kicker making up for the myth that the points in regulation, a 52 yard field goal to score the victory, first time in nfl history, four team started a season 7-0. that game interrupted by an expected protests, two anti banc of america demonstrators, hanging from the stadium's upper deck with an unflattering banner stating his name. giant media war blazing across the sky in thailand turning the sky green and stopping traffic.
incredible fdashcam video in ba. spectators on the ground describe what they saw as neared a brightness. back to top stories in this morning, the pipeline asking the u.s. government to suspend permit application. phil flynn in chicago with the details. what is the reaction? phil: time out is what they are asking for. the reaction right now is ho-hum. the keystone pipeline has become a political metaphor. the markets have moved on, we are concerned about an oil glut instead of tight supplies those things have changed. keystone is afraid they will get reject it. they're using the excuse they are negotiating with nebraska about where the keystone pipeline is going to be laid out. they say they will restart the permitting process but there probably isn't a lot of momentum to do it with canadian oil prices very low right now.
maria: thanks, i will get your take on another story this morning, then our ally and how gasoline prices are declining slower than oil prices, let's drivers pay $1 billion more from gas than they would have if prices kept pace. what is behind this? phil: it is a misleading story. we are looking at historical norms but what is happening isn't historical. we have seen that huge surge in gasoline demand, the strongest in five years and an environment where the rest of the oil industry is losing money bringing that oil to the refiners to get refined, there is new regulation we have put on in gasoline in the last couple years, that kept prices high so there's a combination of factors slowing the normal relationship we have seen over the last 25 years or so. maria: thank you very much. here is the story, front page of the see section gasoline could
be cheaper at this point. talking about $1 billion, over $1 billion, very dramatic. >> the consumer if you look at the markets had a big move in october but one of the worst sectors was u.s. retailers. remember the walmart announcement? you have seen terrible follow-through from gasoline to consumer spending. this will only make it worse. i like to say if the case was lower gas prices what about when gas prices were rising, not sure what the answer is. >> this is a producer and refiner economic story. what happens is the inputs are very cheap but the demand for end product is very robust. this year we have peaked at 96% refiner utilization. refiners were putting as much output as they could in order to satisfy very robust driving season. 96% compares to 92% utilization
the we have seen at the peak driving season last year so actually one thing that tells us is there's no shortage of demand for gasoline, no shortage of demand from the u.s. consumer. the question iron would have the we will discuss later is those refining margins sustainable? >> part of the peak capacity utilization is the story of late cycle. if you look at peak consumption, peak in the first quarter of 2015. employment and consumption which always peak at the same time peak when gasoline demand peaks when oil is falling so 3.3% consumption demand was the peak why you have peak demand and it is confounding to people who thing demand creates higher oil prices when the dollar and the supply store turn of the dime. maria: how do you know your at a peak into the past the? $17 million, cars sold for example or 3%, how the and a your at the peak. how do you know until your past it? >> i disagree.
we made firm on this. i go back to november of 2007 but i got fired for this. if you to know, now you know. i was too bearish on the cycle peaking and dollar do is measure the rate of change like the number yesterday, consumption data, employment data, it is a measurable reality. when you come off of the second derivative move it become the best leading indicator. there's no other indicator. that is a critical point to make a decision in as much as it was november of 2007, stocks could go down at the end of october of 2007, they were down 6% in november of 2007 and 60% later in the field position. maria: did gasoline prices declined more? is it going to be cheaper at the gas station? dagen: particularly daring of the winter when you don't have demand for gasoline you normally would during the summer that you have refiner's catching up and prices continuing to come down the will definitely some less-prices.
>> not like you can build a new refinery in the next six months. it takes years, multiple use to dispose of prices, oil prices are lower for a longer, that will translate into an advantage at the pump but it is not 1:1 transfer. maria: chipotle now being sued over an e. coli outbreak affecting 43 restaurants in the northwestern united states, nicole petallides has that story. nicole: oregon public health officials are saying but nikolai outbreak was caused by contaminated produce. the episode leading to the closure of 43 restaurants and multiple ellises across the pacific northwest. one washington woman is suing the restaurant chain saying she contracted an e. coli infection at a vancouver chipotle after eating a buried noble two weeks ago. state officials received over 100 complaints regarding the outbreak but have only confirmed three cases of the infection so far so many of those who believe
in chipotle will put this one side or at least try to, this is the third time they have had some sort of contamination issue with food this year. stock dropped yesterday to four month lows so this may be an ongoing, they don't expect further contractions of equal why, there have lived in three confirmed cases but what does this mean for litigation? branding? dagen: it hit you hard when you are preaching healthy eating. and that is exactly -- i would argue and e. coli outbreak at chipotle is harder on that brand in terms of damage than other fast-food chains. >> it reminds people, howard petty said yesterday it is just another restaurant concept that had a hot run. that is what it is and they have had mine risk. this is where you are in an industry that is that zero some game, you get hot brands and every patient problems and bigger problems which is again
-- >> fashion, retail and fashion fast food. >> who will pay 30 times earnings for a birdie. anastasia: the lines are always out the door. dagen: go to macy's bid after thanksgiving and it is land and that is zero indication of this. >> fresh ingredients, and media and the genetically modified ingredients and moving to a healthier lifestyle, protein vegetables, that is what we want to eat right now. at least we tried. maria: are you they with nicole and laura "fbn a.m." on the fox business network at 5:00 a.m. eastern right before "mornings with maria". coming up next on retribution for the victim of is horrific attack at the hands of an allegedly drunk and disorderly uber passenger. this video is hard to watch. a passenger beating up the uber driver until the uber driver
sprays in the face with pepper spray. then with all the star wars buzz, the other iconic space travel franchise. >> now you'll find yourself back among us bow logical humans again. >> which i find eminem satisfactory, dr.. know where am i so desperately needed as among a shipload of biological humans.
maria: fit bit beat analyst expectations. 2 million shares, 21 million share secondary offering, and a lot that period. cheryl casone with the headlines. cheryl: we are watching stock today for sure where the markets open, the wearable tech company reported third quarter earnings, $0.24 per share on $104 million on revenue beating expectations, the shares fell 8% in extended hours trading. is after fit bit intends to do a follow on public offering of proposed 7 million share offering of its common -- syringe shareholders proposing another 14 million shares. >> space, the final frontier. >> they were all buzzing with the news about a new star trek series has been picked up by
cbs, the premier is slated to appear nationally on the networking january of 2017. after that the series goes to cbs all access which is a cbs only screening service that costs users $5.99 per month. finally this. the uber passenger caught on camera assaulting the driver has been fired from his job. benjamin gold was previously a marketing executive at taco bell in southern california the company saying they encourage him to, quote, seek professional help. he was arrested and charged with several things. i have to save the company also this was a very quick action by the company and of the weekend the kid having a bad weekend, social media sites had shutdown everything, the video is one of the hottest videos on youtube for viewing and he is almost in hiding. maria: what a jerk he is. just before that what was said? cheryl: the driver didn't have
the directions to somewhere. the guy starts beating him not because -- didn't nowhere to go. anastasia: the customer was drunk. dagen: for every dime he has in the bank. anastasia: could he do a wrongful termination suit against taco bell? he lost his job over this. i am glad the uber driver had a camera and the pepper spray. if he had pepper spray and in the face what would happen? dagen: bashing his face on the steering wheel, he could hamas traumatic brain injury. forget the taco bell symington, losers like that shouldn't be allowed to do anything. cheryl: i am sure he will try to
sue the company. how do you lose your job? unless you have of morality clause in your employment contract. >> in this day and age -- he should have vibrant done resume to things publicly available. cheryl: having ammunition on you, the fact that he has peppers parade. this goes to show the rating system uber has in place is as important for the passenger as the driver. you better be have next time you're in that uber. cheryl: the uber has banned him from using their service ever again. dagen: somebody told me the other day if you don't tip the drivers in catch regularly they won't give you the best rating and you won't get picked up.
the more you use your gadgets to check on your investments and your portfolio of the worse of you will be in the long run. why should you keep all those apps of of your phone? jo lin: this is the thing, if you check too often you are more likely to see dips in the market. we will show you some statistics. if you check the s&p 500 on your phone every single day there's a 47% chance that you will see yet get any might make a change in your investments, you won't be thinking about the long-term, you will be thinking about the short-term. if you check once a month it is only 41% and goes down from there, once a decade. think about the month of august. for the long run. >> october of '97 you get 22%, that is not a problem.
>> than the example a lot of academic using, 2006, everyone is freaking out, if you didn't plan to retire for the foreseeable future you could have benefited greatly from the s&p 500 over the past couple years and recovering gains. maria: is about short-term long-term. jo lin: i am not saying make a move just because you look but what about a month of august? if you want vacation for the month of august and september you would come back in october and see the stock market where it started in august some 80 a couple months is an okay time frame. >> if i have level m.l.s. a, the anxiety disorder, they don't have their own apps. thes ands of the market but if
you look at the market in october and didn't do anything you could be down 60%. >> depends when you get in and out. the check the fact humid that unabomber's in the book cover here. >> i have a mini version that you are on mine too. maria: let's talk about these notes you have been taking all day and leading up to this program. talk about recession and a broad economic backdrop. >> i tweeted yesterday's numbers. clearly there's a recession developing on industrial and cyclical terms so yesterday's number was oddly enough's the catalyst for the market to go higher. that is in good, has been since the bad jobs report we got last month so it is a bizarre world and a lot of people call it-where markets go on bad news that there's going to be at point where a bad = bad and the
jobs report is a big deal with last thing i say about this is the atlanta fed to attract gdp closely as anybody, recently all the other fed heads have been wrong but they cut their gdp forecasts after the i s and numbers of it went from 3 to 1.9%. we have not range of 0.4% for the fourth quarter which is another bad quarter and that is where we are and that will matter at some point. maria: i will say this, the expectation is the jobs number will be the best number in two months. that is not saying much because the month before with 140,000 jobs. >> for revisions for the month of january. as things tend to happen as you get revision we will be watching for that. i see think we have a recession in cyclical sectors of the economy, there is no doubt, whether you look at i s m or the slowdown in bmi, factory orders, durable goods orders but the question is is that going to
slow down the overall economy? the answer, going too slowdown but not going to destroy it just yet. i think the consumer having the unemployment rate will it is provide support going forward so i agree with you the rest change is important but so is the fed going into this as well. >> by the time of the recession iron the most bullish person sitting here but the head of the recession you position yourself. look at the phone and get the quotes because you don't want to baja and free gal low. dagen::of the old home. that will be the call of the decade when keith mccullough turns bullish on stocks. >> at the end of 2009. maria: we are waiting for this cycle. >> i can be bullish at something. maria: thank you. jo lin kent. carl icahn turning his focus to corporate tax reform. former senator judd gregg has a
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maria: welcome back, i am maria bartiroma the is tuesday november 3rd, dagen mcdowell, keith mccullough and jpmorgan's anastasia, top stories at 7:00 a.m. on east coast, wall street journal nbc news presidential poll puts dr. ben carson in the league national league. overtaking donald trump for the lead at the presidential primary, the first republic and other and donald trump to come out on top since june. we have more on this story coming up. >> we are not putting u.s. troops on the front lines fighting firefights with isil.
i have been consistent throughout and we are not going to be fighting like we did in iraq with a battalion, occupations. that doesn't solve the problem. maria: that was then. president obama has defended his decision to send u.s. special forces into syria after telling the nation in a televised address after 2013 of one of american boots on the ground in syria. accompanied by high and the construction of the keystone pipeline has thrown the administration curveball. transcanada corporation asking the department to -- in the face of expected rejection from the obama white house expecting a final decision from the sticky part mendez early as this week. turning to markets the dow jones industrials average turning positive, futures and king markets will open lower this morning, the jobs number out of the end of the week, a lot of anticipation, dow industrials down by 3 points.
checking action in europe similar story, weakness across the board fractional to the tune of a fraction down 1/3% of the dax index down 38 billion asia, largely next, japan closed overnight, the hang seng was up a fraction, shanghai down a fraction, the kospi in korea up a fraction, carolina panthers. >> panthers win in overtime! maria: then there is that. carolina panthers remain among the unbeaten teams, over the fading indianapolis colts, the panders rebound in overtime after blowing a 17 point lead. making up for the points in regulation after nailing a 52 yard deal, the first time in nfl history starting the season 7-0. and two planned to object to bank of america support of a
liquefied gas facility after putting this matter of iraq after hanging from stadium the upper deck with an entire bank of america banner. back to the top story of the morning and new national poll shows retired neurosurgeon been carson overtakes donald trump according to the latest wall street journal nbc news poll. blake berman in washington with the details. >> reporter: dr. ben curtis and's surge continues making this a two person, three third race on the republican side for the moment. according to the latest poll from nbc news and the wall street journal which was taken before and after the last republican debate. carson sits atop the field was 29% support nationally from republicans important because that is his highest mark ever recorded. donald trump remains behind with 23%. marco rubio and ted cruz are the only holistically double digits, jeb bush continues to run in the middle of the pack and told greta van susteren last night
that he hopes to turn the corner. >> that rough couple weeks, i got to get better at the performance side of this but i know i have the skills and be issued to fix these complex things and i have a proven record to do it. >> reporter: that same poll shows hillary clinton has doubled the support of bernie sanders with the backing of 62% of democrats. that is significant because it is the first time since mid july that clinton returns in the 60s nationally but clinton is well under water when it comes to the question posed to voters about whether they feel she is honest and trustworthy. maria: a big number. thank you. want to bring in new hampshire republican senator judd gregg. good to have you on the program. thanks for joining us. your observations on the latest moves, helena in the 60s, ben carson overtaking donald trump. >> hillary's keys she is running
against a socialist, the democratic party has moved pretty far left to annihilate a socialist. i think she is pretty safe. the republican side, polls mean nothing right now all other than the fact their name contests and entertainment contests. when we get to the election which will occur in new hampshire feb. ninth people will be rather serious about their vote and i don't think the polling will reflect what the votes are then. if there is one meaning to this and i'm not sure there is one but the fact that ben carson is moving aggressively reflects the fact that i think people looking for a more serious candidate, someone not so much into entertainment as donald trump seems to be but is more into substance and that is probably good for the rest of the field which has been left in the dust on the issue of entertainment and running on substance. maria: when you talk about substance people want to know about jobs and growth. i was reading a quote that you said recently and i know the
panel has questions about this. you said in an amazing growth is not the fed's jaw. it is fiscal responsibility. correct? >> yes. the fed has done all it can with quantitative easing and i think it is too much. the one thing that retards job growth in this country to the extent of its public policy is the fact we have a federal government running massive deficits and running up the debt. people have no confidence in federal government, it is overregulating the market place a special making it hard to take risks and got a tax policy which basically penalizes those who are productive. we have fiscal policy which is i think the signal's biggest retardant to economic growth in the country today. >> when you look at carson, there is a libertarian bent to what he says on economics. i don't feel he had that platform in the most recent debate. that is subliminally what people are voting for and what he can
explicitly articulate. >> why they are attracted to carson is he seems serious, has that nice demeanor and they like that. trump has gotten the flash but carson is coming the cross as a person who is a serious candidate. i don't know what his policies are. we haven't had debate -- i am hoping it will be out next week. keith: he has not yet time to say what he has set in closed-door meetings. >> what we need our free-market candidates. and the republican party should be defending the market. instead of moving to the left with the democratic party is. dagen: marco rubio, debt and
deficit and tax policy, and social security and medicare. they are not free market programs, and will any of these candidates attack the entitlement and deal with our debt. >> over long period of time, in medicare all you do is shift the fee-for-service system, needs to be significantly improved. jeb bush as the out substantive policies in medicare. as is chris christie and they don't involved taking things away. they just involved delivering services at a better cost for
higher value and a lot of studies and eckerd in this ariane it can be done. maria: thanks, appreciate you stopping by, see you soon. the wall street journal next week, the next republican debate, this one will focus on the economy and your money tuesday november 10th live from milwaukee. i will be co moderating the debate with my colleague neil cavuto. trish and sandra at the wheel for the 6:00 p.m. debate. and dangling from the stadium panthers game. in charlotte, n.c.. we will tell you why and other headlines topping the wall street journal, standard chartered planning to raise $5 billion by issuing new stock cutting 15,000 jobs in the next three years. african countries defending and morocco, algeria and libya in
maria: cutting off cash to iran and isis. cheryl: that is right. the federal reserve and treasury department shot off the flow of billions of dollars to iraq's and the bank on concern that u.s. dollars for end up in several iranian banks and funneled from there to isis. the money is flowing again with a lot better oversight. check out these photos, six football fields opened in the earth near the bighorn mountains in north central wyoming, the crack islam 200250 feet or two
fifth of a mile, 150 feet wide. as far as geologists can tell the crack formed as a result about landslide. the uber passenger who was caught on camera us all to the driver has now been fired from his job. benjamin bolden was previously a marketing existence at taco bell saying in a statement they encourage to seek professional help. maria: that video is so hard to watch. and next carl icahn launching the $150 million political action committee. we will ask what changes he hopes to make. keep it right here. opinions. there's no shortage in this world. who do you trust? whose analysis is accurate? how do you make sense of it all? a simple, unbiased stock score consolidated from the opinions of independent analysts...
i just had a horrible nightmare. my company's entire network went down, and i was home in bed, unaware. but that would never happen. comcast business monitors my company's network 24 hours a day and calls and e-mails me if something, like this scary storm, takes it offline. so i can rest easy. what. you don't have a desk bed? don't be left in the dark. get proactive alerts 24/7. comcast business. built for business. maria: billionaire investor carl icahn making waves from wall street to washington, the latest focus corporate tax reform,
launching the $1 million political action committee. this comes as pfizer disclosed it is in talks to acquire ireland based allergen in a $100 billion plus deal in an effort to lower its tax rate. carl icahn told me about what he believes congress should be doing now. >> i think they have to pass this bill really now or you are going to see at a major exodus of companies leaving the country. warren buffett did it with burger king i year ago and now with pfizer and they are both saying what makes sense, they are both saying hey, look, what if i do this for the company and we do what is right for the company and it is ludicrous to ask these companies to pay a double tax and that is what they're doing and no other country in the world the and not have a territorial system. you paid the one tax of that country and that is it. you don't a double tax so if you
are a turkish company selling something in england very simplistically you pay the english tax but not the turkey. we are saying to these guys you have to pay 35% extract and they are not going to do it and the risk is you are seeing all these companies leave and even if they don't leave, take a company like apple, they have $200 billion over there they are not going to just leave it lie there so they're going to spend it over rivera instead of creating jobs or even doing buy back in this country keeps the money in this country and by the way sort of interestingly if they do a buyback and somebody sells at a big profit you get an extra tax for this country, it is almost idiotic not to do a deal now that you undo which is get another eat% which most of these companies are willing to pay which will be another $200 billion coming into this country, much of it could go for the highway bill.
is not really adding expenses because i know the right wing, the republican party doesn't want to add expenses so this would be -- this money comes in and you have the sort of unwillingness to compromise, at two camps in congress at eater ends of the continuum, a lot people in the middle. mary nick you pledge $150 million to a political action committee that would lobby to reduce taxes on corporate profits. >> i have been working the last couple weeks, i have other things to do, i literally -- to write a 60% to 70% of congressmen and senators on the house ways committee, house and committee in the senate and to a man everyone i spoke to and one woman, arguments we were arguing, we have to get this
done. and it is amazing it is just there to be done. all these guys are committees that have to put this fourth want to do it. every one of them so i don't quite understand what is holding a. maria: what do you do with this super pac issue i heard donald trump talking about super pacs, he doesn't like some. doesn't like money in politics. tell me how this group will be effective, this super pac you are talking about? >> i am trying hopefully to get it done now because if you don't get it done now there is going to be, this is going to bring a lot of accountability in congress. we could say if it doesn't get done, i think it is going to be very harmful to this country because you have warren buffett doing it, a company like pfizer doing it, respected company and
all these other guys will look at it and say let us do it too, why should we do that? i am hoping, what this will do, just as we have done in corporate america to some extent, hold people accountable for not doing it. congress has to be held accountable too. we are going to do that but other things this act will do which is also bring reform in the corporations where you have better corporate governance. we are going to try to lobby to see better corporate governance because i think that is another major problem for this country. maria: you have been pursuing a ig wanting the company to basically move their mortgage insurance business units into public companies. what are you trying to achieve and why do you think the value will be much higher if it is lit up? >> that is where i think
something should be done almost immediately. aig should be split up. action will be the government, the government is saying these companies that are too big to fail should be split up and aig would be much better off taking this company and splitting it into three or four parts or selling a lot of the divisions they have. it does not seem like a well-run company, the costs are too high but more than that, i talked to a number in the last few weeks, i tell you the outpouring is get this done. a company should not be held hostage by management but i am not starting a proxy fight now. i spoke to mr. hancock very
briefly and he seems like a nice enough guy so i look forward to talking to him and i don't want to get this going right now. you are getting going. you are getting the going and i don't want to do it. maria: you have a 2% stake in aig? >> i will not tell you how much but it is a lot. maria: let me get your take. you have that proxy in your pocket if you want to use it. how far do you take this? what if they decide the stock has done well, the government made money on this, we will keep going? >> i don't want to say what i'm going to do on this phone call but you to judge from my past history. i am not a shrinking violet. you can judge that is not going to end here. maria: i like when you use the teddy roosevelt quote. i have been reading that a lot. speaks softly but carry a big stick. >> kerri and uzi instead of a big stick. maria: how long -- of this is not done by the end of the year?
>> the end of which you? maria: 2015. >> you don't have much time in 2015 to make a decision. i hope they will. it has always been peace or war. i hope they listen, most of them say something should be done. something major should be done. i just hope they take sense of what shareholders want to do. maria: makes a lot of sense. let me push back on one thing as we end here, my final question. larry fink would tell aig don't listen to anyone who tells you to do something over the near-term they just want to coming, move the stock and get out. >> as far as i am concerned if you look in the average time i held companies i think it is longer than larry fink did. my average stock holding is 5 to 7 years. bcf i bought in thes and still
own it. it is nonsense to say i am short term. a lot of other guys like me you would turn them are not but there are some. in any area there are activists you could criticize pretty badly and i am not going to name who i would criticize but you got great activists and i think -- i don't think larry was talking about the short-term. i can show you my record. maria: we will be right back, markets looking lower today, we will talk markets and economy and the jobs number when we come that, wilbur ross joining the conversation. your investments through good times and bad. for over 75 years, our clients have r to bring our best thinking to their investments so in a variety of market conditions... you can feel confident... ...in our experience. call a t. rowe price retirement specialist or your advisor ...to see how we can help make the most of your retirement savings.
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maria: goodtize morning i am plama welcome back it is tuesday, november 3 with me this mornings dagen mcdowell hedgeye crime of eo keith mccullough yp morgan amoroso your top stories 7:30 a.m. on east coast,this morning, a brand-new "the wall street journal" nbc news presidential poll puts dr. ben carson at
front of the pack the rerltd in your owns past conn to lead in over five months, we will have more on this story throughout the morning, this morning. the company responsible for the construction of the keystone xl pipeline unexpected move trans-canada corporation asking the state department, to suspect its permit application in the face of an expected rerejectings from the obama white house trans-canada was expecting that final decision from the state department as early as thissek works after a nearly 7 year wait. turning to markets this morning dow jones industrial average turned positive for the year yesterday, still futures are indicating a lowey opening for broader averages everythings we have got jobs number end of the week factory orders out tomorrow a number of important economic data points, to lead investors markets lower similar in europe early action like this, throughout the european about indices fractionally lower on session the dax in germany,
down about half a per kroebt in asia overnight take a look at numbers, hang seng shanghai kospi mixed, of course, japan closed overnight for the a holiday. in. >> then this carolina pan these unbeaten avenue the victory over colts mounting a comeback in overtime after blowing a 17-point lead late in the game kicker making up for the missed extra point in regulation, by nailing a 52-yard field goal to secure that victory, this is the first time in nfl history four games, four teams rather starting a 17b-0, that game intuptd by unexpected protest, two antibank of america demonstrations hanging in the stadium with unflattering banner a giant meteor in
thailand turning the sky green, blue stopping traffic the footage was captured on dash cam video in bangkok, spectateors on the ground dazzled by what they described a near day brightness, book to markets, we go rest of wall street, one billionaire investor not afraid to jump in head first wilbur ross contrarian investment, in distressed assets bring in w. ross company chairman good to see you thanks for joining us can you access the markets right now we have been having a discussion this morning about the possibly for a recession, in the next six months to a year, and the clear evidence of a recession in just the industrial part how do you see things. >> the industrial part of the economy, in play is only about 9% of the population. now. . so it is not to be all endall of the k economy but ultimate demand it seems pretty weak
many companies had been making bottom line estimates due to cost saving but very few were hitting top line estimates. >> markets do you like markets here would you put new money to work in markets, i here or -- >> i think tricky in here too much unknown at the moment. . >> how do you think about k cellular problems baby boomers, spending appendix next five years where that population grows, consumption questions around the world a long time moving into their post baby boomer spend being years. >> that is happening what is not happening, is the millenials are not spending the same rate, as the prior generation. i think that is more of the absorb lod problem, dream of family children cottage in the country doesn't seem what millenials are up to. >> how would economies that don't have millennial generation japan europe i mean you have spent a lot of time obviously investing in europe,
i am interested in your thoughts there. >> well in japan, i am a believer in i do think he will get women into the workforce the only ebb feasible solution to the demographic problem in japan there are only about 26 million women in the workforce in japan wow. >> the lowest performing percentage of noecd country all sorts of cultural barriers he put woman in cabinet building day care centers all the things to facilitate women coming into the workforce. >> i like that a lot. >> that is much more positive than what i thought you were going to say on european side what do you see there in. >> well, i don't think i can talk about europe an one unef differentiated has has anyone introduced themselves to you as a european. maria: a good point, i am
italian i am -- whatever, yeah. >> something like that. until people introduce themselves as european, it will continue to be a bit of a myth. >> europe specifically as relates to the greek bank recapitalization because, of course, this recapitalization that they are talking about diluting existing shareholders you are a major shareholder in your -- >> not so major relative to us but fairly large relative to euro bank, the one that came out the best, we have the least problems coming out of the new stress test, so we have already been the one bank that is not majority owned by the government, we are 65% privately owned. and i believe the oum of this current offering, will be to dilute the government relatively more than dilute outside holders we will be subscribing government can
only subscribe in the event private sector doesn't take up the shares. >> does it feel like getting better. >> greece, the only pron greece has had has been its government the economy is broke left to its own, was doing fine, it rose right through june despite turmoil despite all uncertainty, about whether they would leave the euro, and the period post capital controls, it hasn't been that bad half a billion dollars has already come back into the banks, and there is probably 30 billion sitting under mattresses, sealed into walls that will percolate its way back into the economy. maria: . >> i want to go book to something you said before a lack of end user demand i think we see that industrial maybe in request consumer space how do we fix that where does that ultimately come from. >> consumers have been starting to change their
habits the big change about a third of the workforce age people not in the workforce. >> 40% -- >> and when you add in those who are up ployed underemployed means gainfullied mr. people have to lug along two more who are not a heavy lift for an economy, and there is private sector can't do much to help that 40%. >> you talk about unknowns, to a many unknowns right now what needs to get cleared up what are are you looking for to make you confident to invest here. >> interest rates, american politics, geopolitics a few. >> all -- >> but interest rates, expand on that happen do you want federal reserve to move on rates. >> yeah i think should have been done it ages ago i don't know why they are so chicken. >> a rate hike would make you
confident. >> no isn't that it would make they confident it would start to clear the air the danger is that we will slurp into the next recession with the federal reserve having an empty till boxing. maria: if they can't raise rates because economy too week. >> the only thing keeping the economy going is 25 base points, that is not much to hang your hat on. >> the problem, i find with that argument is that the federal reserve, they could raise one basis point would it be first time the bernard mcguirk fed raised into a slowdown how do you think about that as a buyer you are not a buyer of highs you are a admirer of loss i think you know any hike would create a different complex of asset prices. >> i think the bigger problem is uncertainty gotten everybody hysterical repeated things rate hike coming maybe not coming on, we don't know if economy is good we don't know if the economy is bad how do you make business just a minutes when the federal reserve doesn't know what the
will havel it is doing. >> do you think there is a political candidate can clean the air say stop it. >> who do you like for 2016 races. >> i have been trying to get super man out of comic books into the republican races. >> wasn't on that stage the other night. >> all candidates -- >> maybe one of the will go into a phone booth come out as super man. >> are you supporting anybody yet. >> not yet. a number thank could be serious, but the silliness of the debates k hopefully fox will cure next debate, has -- prevented there from any serious discussion the elaboration should not be boo people's hairdos are energy levels. >> fantasy football. >> things like that. maria: we're going the next debate. >> i know i know, ask substantive questions. maria: of about you go china during the break you said one of the bright spots sis shipping that you see china
doing well in shipping, now that i, the president prime minister of china said gdp should be no less than 6 1/2% until 2020 that is a pretty significant statement he says -- 6 1/2%. >> basis points. >> what tells us about china. >> i disagree with him i don't think it is growing 6 1/2 even now. >> going to show 1/2 that isa the point. >> he is in charge they may report 6 1/2 but if you look at physical volume data railcar loadings, truck deliveries, can you say s consumption, telephone consumption, things like that, they are not growing at anything like 6 1/2. >> 2% global? . >> i think 3, 4%, something like that. physical growth, because not only -- their economy mix is changing move a bit away from investment driven and export
driven a little bit toward k consumer. >> harder to stimulate the consumption it has a different impact on the rest of the world, examine consumption growth is not very raw material driven, whereas, billed factors and things very much uses steal cement cop other things like that. >> you said shipping is doing well. >> oil transport part, we are mostly in crude taichgers petroleum product tankers those have been doing fine a good part of the reason is china, because the ratio is quite high if 20 odd million cars a year built,that is that many your units consuming gasoline transportation is biggest use of petroleum. >> you think oil prices go up? >> i don't think so they go up for white quite a while the
problem hasn't been so much demand as supply. >> true. >> that, too is good for shipping the largest stienl cost is -- >> great to have you on the show wilbur ross the wildly particular detected game leading to a near 6-billion-dollar acquisition of parent company that is next. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive?
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cheryl casone with the story headlines good morning. cheryl: good morning that is right being a invigoration is buying king digital maker of candy crush saga 3.4 billion dollars in cash plus debt the deal worked out 18 dollars a should share, 15% premium yesterday close being a invigoration behind call of duty and world of war craft. ♪ if you haven't heard that you are one of few out there, adele single fastest selling of all time a monday boggling 1.11 million people bought the song in first week of debut that is according to neilson music the first song to sell 1 million tracks in one week as well an incredible song back to you. maria: thank you so much, toyota regains lead topping volkswagen to take global sales crown, the auto giant
has sold nearly 7 1/2 million vehicles during the first nine months of the year, we will get u.s. at you -- sales for october in next couple hours, estimates call for an annualized rate 17. million and could be higher than in a we want to ask jim the number right now toyota north america ceo good to have you on the program we'll. >> thank you for having me. >> you are expecting a better number in terms of those of auto sales when we get that about two hours. >> based on call around these last night we think 18.1, about maybe 18.2. >> big number what is been anied. >> i think there are two different associates going on at the same time. a passenger car business, actually down from last year, couple tenths but down the light truck business booming, in small suvs, in pickup trucks. >> 18.1 million, 18.2 million a big number something we have been about debating before are we close to a peak do you see
growth rate sleegs we pass that peak. >> some point in time going to have to slow, but we for being it for the foreseen future very strong you have low interest rates relatively speaking although they will go up, you've got, strong consumer demanded, based on the average unit on roads almost 11 years old so i think it is going to continue for sometime in the future, maybe not 18 -- are a it. >> what do loan terms look like lease terms do you see people having to stretch if you will, to get to -- for you to keep up these sales numbers. >> i think you are seeing a greater percentage of leases the term of the looez isn't going up you've seen greater leases at a retail side longer term loans that is a little bit of something that we are watching. just to make sure that our consumers not getting overextended. >> how big that is you have old fleet but you have this faster turning lease business
where you know three years in least i assume you get a new one after that is up is that one big part of the story. >> that is part of the story you've got to remember when we hit recession, in have the market went from, 17 plus million, down to a little over 10, lasted a number of years, it took a big chunk of the units and operations, this is still catching up pent-up demand in the overall. >> like housing market same both rate sensitive, uniquely didn't understand how low 10 million was such a low number. >> if you look at boom in the housing market today, that is also driving our business on light truck side, driver least cars talking to mark andreessen he said there will be four companies tesla uber apple, google what do you say about that. >> well, i don't think that is going to be the case. >> you are driving drillerless cars what is the strategy.
>> i think you have to you have to look at how you define autonomous cars, we believe that you are going to have a driver in the control of the car behind the wheel. you have aircraft that are not pilotless. >> if you wanted to drive press a button then -- >> sure, that is in some point in time you will have drillerless cars going to have to evolve a mix of driverless car in a city like new york of you going to to maker there is a lot of artificial intelligence in those cars to maneuver streets and changes. >> if you were to spin out toyota like innovation department or guys and gals that are working on that, how impressive would they be versus tesla tesla public company, we don't get to see your people. >> well that is because we are a little bit more secret we don't tend to brag as much about what we're doing, and all of a sudden you see a great new invocation, like a
car that hits the market. >> they haven't perceived -- would you say ranked pretty high. >> yes. >> good. >> the driverless car you don't worry about driver being drunk tired it is by machine one thing do i believe. >> to me best part if you look at boomers today, boomers want to drive cars for a a long time to come.
>> welcome back smartphone costing you savings. >> the "the wall street journal" the more you use gadgets check up on investments the worse off in the long run. jo ling: idea rourgd to reference, by the way, back in 0's discovered the more you check your phone, by the way, i am addicted to mine, the more likely you are like to make decisions that change the short term, and ignore the long run. maria: 90s about dotcom
booms. jo ling: stocks ended up going bust myopic loss aversion we talked about this it is interesting there have been events if you have been checking a lot would have made a lot of money but overall the researchers say that it is don't check too much, let it go, play the long term, save your money. >> what percentage of people have old ml.a.? >> the -- >> -- if you actually have it. >> who would be defined if at investment -- >> anyone -- >> you are an mla person. >> i probably have some of it. >> constantly in you get breaking news alerts checking stocks looking at twitter, i think each must have it. >> most people hate losses more than they prefer gains. >> there you go. . >> absolutely. >> thank you, we will be right back.
. maria: good morning welcome back maria bartiromo tuesday, november 3 with me fobs business network dagen mcdowell, hedgeye ceo keith mccullough j.p. morgan anastasia amoroso top stories on east coast brand-new "the wall street journal" nbc news presidential poll puts dr. bense in lead the retired neurosurgeon overtook donald trump for lead in the primary, carson first republican other than trump to come out on top since june more on this coming up, then there is this. >> we are not putting u.s. troops on the front lines fighting firefights with isil but i've been consistent throughout. that we are not going to be fighting like we did in iraq with a -- uh -- about a tallions, occupations doesn't solve the problem. >> defending decision to send uask special fors into syria
after telling the country in that nationally televised address in 201 i will not put american boots on the ground in syria, and then a behind construction of keystone xl pipeline trans-canada asking state department, to suspend its permit application, in as if he of an expected rerejectings from the obama white house. trans-canada was expecting a final decision from state department as early as this week. turning to markets, the dow jones industrial average turned positive for the year yesterday although futures indicate markets will open lower today take a look at numbers dow jones industrial average expected down 40 points today similar in europe where seeing weakness as well we heard from wilbur ross on greek bank situation saying not as bad as some headlines show we still see money coming out of stocks throughout europe, in where asia japan closed rest of the asian markets mixed as you can see there, then there is this. >> panthers win!
in overtime. >> yeah carolina panthers among unbeaten teams in the nfl overtime victory over fading colts last night the pan thursday rebounded in overtime, blowing a 17-point lead late in the game kicker making up for the misted points nailing 52-year-old field goal to victory the first time nfl history four teams starting a season 7 and 0 also marked by in expected protest, two men objecting to bank of america support of a liquefied gas facility, where are they were arrested after hanging from stadium upper deck with antibank of america banner got a lineup coming up this hour i will be joined by home depot cofounder ken langone who he is supporting in 2016 emmy aaward host martha stuart for a look how she built her empire from ground up, valuations in the private sector. first top story of the morning
new national poll shows ben carson overtaking donald trump, according to latest "the wall street journal" nbc news poll blake griffin with details now, in washington blake good morning. >> the surge continues making this a two person, three tiered race according to latest poll from nbc news "the wall street journal" taken before and after the last republican debate carson atop the field 29% support, from republicans nationally, that is important because that is his highest marc,ever, remarking donald trump falls behind, 23%, senators marco rubio and ted cruz with jeb bush make up the next group, no one else clears more than 3%, now trump just spoke moments ago on "fox & friends," and reacted to this latest poll did so in part by questioning carson's experience. >> he can't do the job not going to be able to negotiate with china not his thing he
doesn't do that he is not his thing not no wheelhouse never done it before. >> trump said he doesn't feel cars op has temperament for the job, now that sall street j" poll shows, hillary clinton on the democratic side has doubled the support of bernie sanders with backing 62% democrats the first time maria since mid july, so we are talking a couple months here, not longer than that, that clinton is in the 60s, nationally. >> big number blake thank you blake berman last hour from ci his push to reform -- his name coming numb presidential races as well thanks to donald trump i asked him when he is interested in a cabinet position should donald trump make it to white house listen to this. >> as donald said that he sort of offered you have a day job staying here i would be happy to give him advice, but financial mats what you have i think donald is a bright guy what i think you need, in congress as i am talking about
-- to you before, that you have a situation there that is grid lock hopefully we can get this, this is such a absolutely absurd thing not to do, that i do think and hope coming act here, but you need somebody like donald, to start things up, to make these guys accountable, and i think the people that you have to makable to understand it, is a very left and very right they are both stuck into these things, and i think what donald is talking about, that is there are different pacs that a help very left very right winnig groups you want have that in a country you want the gridlock in a country like yourself we really do not have a great economy going here, we really -- you look at profitability it is really not there, the extent you think it is so you can't have a -- a
congress that can't really accomplish something. and donald is sort of saying that, look. you need you need someone like that you can't just have the same political group coming in and the same establishment. maria: ci, keith mccullough accommodates on commend i thought interesting saying we're not seeing the earnings we have identified, but still i mean this is a market that is -- >> the earnings scorecard, 360 companies, 500 reported, about you have revenue down over 5% earnings down 4. now the beginning of the year a lot of the -- as you pointed out rainbow puppy dog land estimates were earnings and revenues going to be up something like 5 t10% respectfully, so, icahn is reflecting the what is happening in the earnings reports has a lowed of companies, by the way, that blown up don't forget that he is very well ware, of the chesapeakes of the world big degradation in inflation expectations, of deflation as
a risk so i think he is calling it straight up, i think if you watch anybody who is not in the business of just perma marketing long stocks they are going to talk about a slowing economy, and slowing profits and revenues. >> talk about slowing economy slowing profits and revenue then yet, anastasia up almost 9% in october. >> is this by rallying 9% and by earnings expectations that actually coming unfor 2016 you had a lot of multichancing arrived is a times right back to where you started in august 17 times mull pole how do you invest in a market like that earnings growth is slowing down not negative, negative -- not a projects. >> if a recession coming stocks rallied off lows like they did why. >> because every -- >> because 14,000 hedge funds out there, yes performance looks stupid what they did
they shorted the lotion you saw a neither shore position steep scene 500, options contracts peak of the year in september, people picked, puked lows v-bottom bad news good all -- >> you are saying, major, major red signals of endangering ahead in the fixed income. >> yes. >> are we seeing that. >> where he -- >> record sales of high grade corporate debt. >> you also have a record move in jumping bonds spreads, so you have -- >> that is -- >> that spread held steady recently how does it continue to -- >> no, no this is like we put this in our crash jackets for people naval gaze can't see credit spreads blowing up 6 months flowing through to not just energy. >> machinery. >> globally cyclical you are
right energy materials industrials all of a sudden you have 65% of the benchmark, that is hill cyclical that is the point that we debate whether where spreads flat a reflection of the growth scare we've had or a leading indicator my take they are a reflection of the growth scare that we have had just like the stock, have rallied, in october, the credit spreads come in quite a bit, and if to generally speaking out of energy not seeing sins of distress in high yield europes yet. >> that is what i was asking. >> ratios up a little bit just a little bit not up 200, 2008 levels if you look at interest cover raestios they have not deteriorated. >> xenergy on at a a default up 1800 percent year over year 37% defaults in -- >> 3 fourths of the volume
that defaulted this year energy and coal. >> you had a coal industries add entire cyclical space you get closer to the global recession, in the industrial an cyclicals bigger picture i think. >> debate that we're having a downturn in some sectors a downturn for our entire economy? and you say yes, and you say no. >> i say no i think you know that is the conversation we have with -- wilbur a while ago, is what is happening, is that impact on the economy is not the same as the impact on the markets, if you look at high yields if you look at the s&p 500 do you have a lot of k cyclical exposure so stock that you do have big cyclical downturn dragging down the stock market, but what we have to look at is those are old economy stocks right? that stuff china -- tied to u.s., energy revolution what is the new economy -- >> some ones we have talked about this -- >> those bubble stocks amazon is literally the most
expensive big cap stock american and world history if we basically, narrower the market down to consumers not going to slow going to be fine never have a recession we have myopic loss aversion thing if we look in aub and saept certificated gong show after big rally in october last time world slowed, everything is fine, i bet in a month we are talking about the consumer, bumping up, by the way, consumer bumps up against tuft christmas in five years 4.7 frz retail sales about november last year going to look really slow i think that is when people start to say, oh, my god walmart is right consumer isn't there wilbur ross said same thing a structural problem in demand that overstepped. >> paying more that is why walmart is suffering they have at a pay more awesome news. >> people going to walmart a general problem with walmart. >> shopping at amazon. >> exactly. >> that is a bigger issue, who
needs stock market if all we need is amazon why even have one all apply amazon should pay 5,000 times earnings per amazon hope never, ever a recession. >> you are on the other side of that trade. >> -- strong -- you think you is it i will with a don't put money in equities for year end rally. >> i think there is a few things to consider, i think, if you look at stuff that you want to own, i do want to own this cross section between consumer discretionary consumer and technology, and, yes, amazon does fit into that category even though not giving you an individual stock recommendation, yes evaluations are not cheap, but valuations protect the highest levels in five years they are not highest absolutely levels if you go 23w50k years. >> bull case wonderful. >> bull case. >> a bull. >> just. >> i of the peak -- i for a year and a half a bubble there have been mull pushl. >> russell 3,00098% stocks
russell 3,000, 62% or below 200-d 200-day moving average you have to be laser like stock picking if you are a general person happens as you no the end of a cycle not at beginning. >> you are a laser. >> exactly. >> there is sugar koorth not inch first or 2 inning your probably in 7th of the baseball game at this up and down the if you want to select stocks you want to have that laser like focus, my point is pick those spots, you want to own some you want to rent others, but i think that is the selection that is the -- >> you want in fact, if that sweet spot of technology and consumerism. >> -- be clear i think we are late in the 9th late in the 9th. >> a great transition to max in the private market cofounder pay pal with us next how taking on brick-and-mortar shopping changing the way consumers borrow money his take on the private area one
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poll. > . . maria: welcome back uas he cuts off cash to iraq on iran, amid isis fees are cheryl casone with the story now. cheryl: ,,treasury absolute off flow of billions of dollars to iraq central bank this summer, on concerns that u.s. dollars were ending up in iranian banks possibly funneled from those banks, to isis, the money is now flowing again, better oversight. uber passenger caught on camera, assaulting his driver, has been fired from his job, benjamin golden a shth maing executive at taco bell the company saying in a statement, that they encouraged him to seek professional help. ♪ hello, hello.
adele single hello the fastest selling digit market all time 1.11 million people bought the song, in the first week of its debut that is according to needless oen music this is the first song, to ever sell 1 million tracks in one week when song was released october 23 she called radio host said frighten that had nobody cared they care, and entire album out november 20. maria: wow, she is great thanks so much, up next paypal cofounder max levchin where his venture is focusing on loans for brick-and-mortar back in a moment with max levchin.
. maria: welcome back it is the new age layaway program a firm only avocado loans for on line purchases now headed to brick-and-mortar stores as well, right the point of sale, joining is right now is cooff the top of your head of paypal,and the firm ceo max levchin good to see. >> you great to be here. >> thanks for joining us is this a shift in terms of what a firm does tell how you are changing. >> market pull as we -- the millenials online number one request from retailers was why can't you be off-line, too, young people love this stuff, should you serve them in a brooishg brooishg store we answered brooishg brick and mortar store we are hundreds on balance sheet lender the responsibility and risk under rite extended credit to the person buying the item, make merchant whole immediately they ship we get paid by consumer, the way it works, online, is this approval happens in flow as checking out on web site, and about
broois brick and mortar wist day is one the sales person loans process on phones to consumer on the phone sends back to merchant happens in real time. >> this substitutes having to get a credit card at a company so how -- how do you extended that kret what you look at does it impact your report as consumer. >> at the moment we don't furnish to credit agencies so it doesn't yet but we will eventually, part of the plan for us for sure, in fact our goal is to help people build credit with loans, way we under wrighite there is -- we fundamentally look at information we are quick at learning about it, and we take advantage of the fact that most young people change the lives very quickly, while creditor bureaus, traditionally use doesn't update oven we tend to be
quicker understanding credit what it really looks like being. maria: before we talk more about i got to get your take what they call unicorns, you look at uber 55 billion, and i know you are an investor in a lot of companies what a lot of -- things cross your desk you are investing in a number of private companies do you think this is a -- getting excessive in terms of valuation. >> um there is no simply answer i would argue the lower end c valuations have gotten a little bit out of control in, 1998 my paypal i asked how to ray of money -- worth about a million dollars, are this end, obviously sort of wild fascination if we can -- >> today more in lines of so -- the amounts involved so are small people generally still invest plentifully in seed round probably inflated
but the investments look like debt companies valued in competence of tickle publicly traded uber reported 70 billion dollars, this is a company that is very, very different from 10-million-dollar one-million-dollar seed investments i don't think those are overvalued i think you should be thinking about them as complex debt and equity deals not pure equity deals. >> i didn't realize 70 billion. >> that is i would know but -- >> you would -- >> just like your new idea they are great ideas the innovation reconcile to capitalize on that they people at peak multipley, yelp hostage to expectations teams have to operate the company who do you see in terms of a good product versus a good and then a how they manage the public market. >> one trend of silicon valley companies say private longer
the cycle of liquid great quarterly compensates beaten up by investors last night. >> -- down 9%. >> something leer that i can, yelp told world his you are our 10 missing numbers how do you get a company like that, where you -- where you have a mismatch between investor expectations, and a team hasn't been public? >> hard to come on heels step off board, i am still -- not -- at liberty to say anything but, i think, in general, you pay the premium for liquidity, market decides to sell you off going to sell you off nothing you can do about it, i am a huge fan -- i this i the company is great consistently grown, if the market decides to punish it not doing whatever the market wants it to do that is the markets progresstive. >> people saying private prolonger look at punishment the fitbit they had good earnings then haef -- they are doing more stock, they are issuing more stock -- and got
a lock up period coming up stock down 9% this morning. >> makes sense also exceeded earnings by -- 50 million dollars? so pretty hefty price. >> the other point no shortage of private capital right that is why companies have liberty of staying private longer is that the case with uber? >> i am not close enough to know, but i think the number one reason why sill skon stay -- shift from daily to quartering market a fundamentally different dynamic as ceo embrace liquidity won scrutiny of the public markets you hate everyone ramping up last month of the quarter you got to land numbers. >> biggest growth stories next 10 years? >> help sensors i wouldn't be here -- >> max do people understand what biotech is doing if you
don't have a medical degree good luck. >> well, that creates presumably higher premiums for people who do fantastic work in this setting a. >> you are talking about marriage of technology and biotech, i believe the lab, today largely analog, and by lab i mean biolab research lab is going to shift to digital that hasn't happened. >> good to have you on the show. >> thank you. >> thank you so much max levchin, co-pounder paypal. >> ken langone with us he is next back in a moment.
>> what i attribute it to is the president and his desire to control everything out of washington d.c. what you have now is the private sector hasn't seen the kind of growth they thought they'd see coming out of recession and see more and more government requirements. today frank, et cetera, and 80,000 new pages of regulation just in 2014, the most in any year, they see that, they're not growing and expanding. maria: a great interview yesterday, but christy will need more than tough talks. and shows that christie lags behind frontrunners donald trump and ben carson. and ken langone who supported christie in the past. are you still a supporter. >> absolutely. maria: why is he lagging in the poll? he's been successful in new jersey. he's tough talk and sort of outside the box and yet, he's lagging big time.
>> this is about as unusual a political season as you're ever going to see in america, ever. two guys who never were in the political arena have 50%. we haven't gotten down to business yet. now, the good thing about where we are is the american people are voicing their strong dissatisfaction with i think our political leaders and government leaders in america today are the worst. i think it's an absolute disgrace, both sides. we spent a lot of money and made a lot of phone calls to get a hold of the senate last year and watch what happens. maria: what happened? >> nothing. >> nada. >> they're so incestuous, they play us like fools. they go into a room and let's do this and that and go outside and fire them up. it's kind of sad. so, i think the american people are saying loud and clear, enough. maria: they're sick of it.
>> donald trump is probably the master the marketing and promotion than everybody i've ever known, he's not enormous talent and putting that talent to work and getting results. ben carson is just a lovely, lovely man and he's out there doing his very best and trying to be exactly as ben is. he's a fabulous human being, can't say enough good things about him. maria: does anybody have the plan, the secret sauce to get the economy moving again? >> maria, -- >> maybe they all do. >> the corporate welfare, if i want to make a deal with you, i'm going to come in and tell you what i'm willing to do for you first. let us be the first chip, let us throw the first chip on the table. let's stop guys like for me getting social security.
my wife and i get $4500 a month from the federal government. that's a disgrace. so take guys like me out. take us out of the-- in chicago, yesterday, do what you want to me, can't hurt me, take us off the table. maria: you end up giving it away. >> not all, but i'm still living pretty good, okay? [laughter] >> $4500 a month you're living large on. dagen: in terms of chris christie, cash on hand-- >> everybody is having trouble and let me explain why. yesterday i made about nine calls and writing down where they are. first of all, nobody's going to open their wallet to any degree until they get down to a few number of candidates where the bet gets better. right now, you've got 15 people and i don't want to offend anybody, but what the head is george pataki running for president of the united states. dagen: john kasich had almost the double amount of cash on
hand and rubio had 11 million. >> i will tell you right now it's not easy raising money and i'm a master at it, okay? it's not easy because people are saying to me, hold it, ken, i'm interested in your guy, but i'm never going to pull the trigger now. i want to see how it develops and who is in. >> i get that. >> all the people better get that. >> how do you get to chris christie to new hampshire. >> just doing what he's doing. you had him on, the morning show had him on. >> getting down to business, why don't the people that write the checks get rid of the circus act and 15 guys that shouldn't be running. and narrow it down. >> how do the guys writing the checks do that? >> koch is on saying i'm disgusting where the debate is at. you think that people have a horse that they didn't understand. >> i didn't say they didn't
understand. i jumped on the governor four years ago and letting people listen to him and why he should run. an interesting thing happened on the way to the forum. donald trump today is where christie was four years ago so he stole christie's thunder. maria: he steals a lot-- . dagen: he helps in a way because donald has a big mouth and christie in comparison isn't as loud. >> christie has something else going for him. his experience and now you don't want too much experience because now you're back to the people you don't like anymore, the politicians, but he's had experience in dealing. what we need some bipartisanship in washington. we've got to get stuff donement christie demonstrated in a heavily blue state.
maria: people don't forgive him for the famous hug, obama versus romney. >> can you-- shut your eyes, can you imagine me throwing a fundraiser for chuck schumer? >> i could imagine that. >> yes or no? >> yes, i could imagine it. >> why? >> because you're in new york, you don't live in new york though. no i can't-- >> why i did when our medical center was on its back and the world was saying we would never open again, this guy killed himself to get us help. maria: so my first instinct was right. but look, the point i'm making to you is, why would i do it for chuck schumer? because chuck schumer was there for me. the president of the united states is with the governor of new jersey, the entire state is practically wiped out and this guy has power. i'd have given him more than a hug.
i'd have given him a hug, a wet kiss and more. [laughter] why? because he was doing his job as governor of the state of new york and that hug was from the people of the state of new jersey, not chris christie, it came through him. people ought to hug-- by the way who is my nemesis, by the way our medical center is flying. maria: no kidding, the number one medical center in the world. >> next week, i'm not going to leak it next week there's going to be a story about our medical center and what happened there, that's going to blow the world away. maria: wow. >> going to blow it away, remind me. maria: come on, langone, why should-- on the board of nyu, i mean, you're preaching to the choir. >> you know who my nemesis was? >> who. >> john boehner. john boehner, i must have called him 15 times new year's eve 2013, was that, the year 2012, and if i'm anything i'm persistent, i kept calling and
finally he did the foolish thing of answering his cell phone. maria: hello, on the line langone. >> he said don't worry you're going to get that money, the 60 billion money. we weren't going to get our mine, there was a provision we had to match the money we got from the government. we had a 1.5 billion dollar hit. we had 15 million gallons of contaminated waters in all of our buildings, it was horrible. i was in my apartment and i said, my god, please don't let it be open again. but the point is schumer was there and i don't care what anybody says about me and supporting schumer, he was there and he did what he was supposed to do and guess what? i'm grateful to everybody, for our patients, for the docs, for the nurses and you do what you've got to do. maria: you absolutelily do. >> chris christie did his job as governor as best anybody could that moment with the president of the united states.
maria: i only pointed it out because i know it still hangs out there. i want you to stay with us. and i want to find out, ken, what is the specific plan christie has of getting jobs back in this country. stay with us. first big leaders in business and politics, here is a look back at the best moments of today's program. >> i play it all day long. and i buy the little hammers, the little holly pop hammers and everything. i'm on level 1200 or something like that, it's addictive. >> very addictive. >> hot brands and then all of a sudden reputational problems and bigger problems which is again-- >> fashion retail and fashion fast food. >> who is going to pay 30 times earnings for a burrito. >> the fact that you made the uni-bomber's notebook over he here.
>> that's so funny. >> i have a mini version. >> this is going to bring on accountability. we're just going to go and-- if it doesn't get done, i think it's going to be very harmful to this country. >> we haven't had a debate in florida. i'm hoping that-- i'm hoping maria will bring that out next week. >> and bring that out next week. the great beauty of owning a property
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>> welcome back, home depot founder and chairman and ceo ken langone. let's continue our conversation. what i asked you going into the break is tell me about christie's jobs plan. >> and there are three founders of the home depot. maria: thank you. >> i'm sorry. maria: the jobs plan, christie moving the economy, can he do it? >> let's start with where you've got to go. a bank robber is asked why do you rob banks because that's where the money is. you've got to take guys like me, come on, guys, you don't need social security, don't give me this crap it's your money you paid in for all of your years. you buy fire insurance, you don't have a fire, you don't get your premium back. maria: is that enough money to move things? >> no, but it's a start.
>> is that part of the chris christie plan? >> look, there's no other way around it. here i am, thank god this country has been so great to me and i've had so many wonderful people whose backs i could ride to do as well as i've done, it's route-- outrageous for me to get-- brownie points, i sign my check over to a charity. >> it's humble and rational because there's such a politicized environment that you giving something-- don't you think that's a bit of a risk in terms of strategy? >> make it simple, you could tax me 100% and guys like me, you're not going to move the needle. where is the money? in the middle. it's getting people not to game the system and not going to
flair boss and say i want to work five less hours a week, if i make more, i'm not going to get my government check, there are so many programs. maria: before we go, let's ask about the markets. the debate about valuations in the private center. what is your thinking in terms of the markets. >> the next 25 years, this is my time frame. i think the next 25 years america owns, it's ours. now, the next five years we've got to take some pain. you don't do unnatural things without getting unnatural results. to keep interest rates as low as we have for so long is outrageous. okay? and it's unnatural. so, we've got to get back to -- people, old people that are saving money to live, they're being decimated. >> crushed. >> guys mike --
like me i'm taking zero risk because of the cost of the money. they're vacillating back and forth and they should have done it a year ago. i submit if they raise rates in december, the markets will respond positively because we know, okay, that's behind us, the shoe has dropped, the world didn't come to an end. maria: things are getting better. >> raise rates a little bit. >> the volcker moment when he went for the rate rise, v-bottom. >> we set the stakes and the same thing could happen here about you we have to prepare ourselves for five challenging and difficult years, but you look at america where the world is today, technology, medicine, life span, educational facility, the bigge challenge w
have in america is public education. if we don't think-- >> ken, great to have you on the show and i wrote that quote down, america owns the next 25 years, but we're going to take pain in the next five years. we want to thank our panel, thank you so much, a pleasure. we'll be back with martha stewart live in the studio. back in a moment. kelly and promise me that you'll try that taco place on south street. and we have portfolio planning tools to help you manage your ira. yeah, you're old 401k give me your phone. the rollover consultants give you step-by-step help. no set-up fees. use your potion. sorry, not you. my pleasure. goodnight, tim. for all the confidence you need. who's tim? td ameritrade. you got this. what would help is simply being able to recognize a fair price. that's never really been possible. but along comes a radically new way to buy a car, called truecar. now it is.
stewart. >> good to see you. maria: let me look at what you're doing in this business this empire. we're in the merger of a company called sequential. i really can't talk about too much that's going on. maria: what does the deal do for the brand? i mean, you're already a rocket brand. >> well, we need-- i need help in international expansion. i need help in building our merchandising partners in an even bigger way. we have so many creative ideas and so many beautiful products. we're in like 8,500 stores at the present time, but we need to grow more. and i think that our-- my new partners will be able to do that with me. but i want to talk about, you know what, american made. maria: let's talk about american made. >> that has to do with it,
also. maria: thises another brand that you've created within the brand. >> that's right, that's right. it's a big initiative for us and for, i think, america in general to support the entrepreneurial initiatives of so many people out there now. american made really does l locate makers and it supports the creativity and gives the marketplace for all of these wonderful products that they're making. the handmade, the homemade, and so it's where, i think, merchandising is headed. maria: this is the fourth annual american made program and you've got these new honorees. you're basically looking at those people who are making things in america. >> yes. maria: and celebrating them. >> and this is our fourth batch of 10 and we choose nine makers and audience pick chooses the last, the 10th and it's been very exciting this year. oh, just hundreds and hundreds
of thousands of votes for the makers. our editors have really centered on a group of pretty much, it has to do a lot with food production this year. about entrepreneurial food production and sustainbly grown things. maria: and that's a huge trend right now, people want to eat a certain way, organically, so, this has seen an enormous-- >> take the smith family farm, up in mount dessert island, maine. the third largest island on the east coast had 43 dairies, it had none seven years ago and this young couple who went to the college of atlantic started a dairy and now they're spearheading a dairy resurgence in maine for the small dairy farmer making not only milk, but the most delicious organic yo gurts and wonderful cheeses and all of this is supported in
a big way by the populace and we want to know where our food comes from. we're supporting that. we have a company down in florida that grows, i don't know hundreds of different kinds of mangos, the most widely consumed fruit in the world, but they're keeping not only the mango we eat every day that you can buy on the street alive, but they're keeping alive all the amazing, unusual varieties of mangos. maria: are you seeing the kind of innovation that you expect in america, still? these are small businesses, but they're able to get the loans and able to get the-- >> well, they're using technology, most of them. they now have a marketplace. we have an american made store on ebay that is-- that people are, you know, going to to buy gifts, to buy things for their homes. and these makers need a marketplace. they need support from american retail.
the big stores should be supporting these entrepreneurial makers because they are the makers of tomorrow. maria: and you were once in that category. >> i was, i was. maria: what were some of the hard things that you faced that you can actually advise them about? >> oh, well, is your idea good enough to attract a large scale manufacturer? can you make that, that product and make money making that product? all of these, can you raise money to start your business? and all of that is happening, i think, in a much better way, there are lots of cooperatives in and around new york that are supporting the makers. there are people who are specifically taking whole floors of old office buildings and setting up a sort of a mini factory for them. share on the use of the machinery on the investment. maria: is there a different culture when-- because the customers are not just americans. it's made in america, but all
around the world. do you still see that kind of resonance around the world. >> made in america? you bet. right now, jack ma told me that-- who is the head of alibabalibab. maria: sure. >> that they really want american made goods for sale in china. that has a great cache and as ken langone just said, the next 25 years we own the world if we so choose. maria: isn't that a great quotation. >> wonderful, yes. maria: he was talking about chris christie, who he's supporting. are you supporting somebody in 2016. >> i'm not talking politics. maria: i am going to make my first turkey in the next couple of weeks and i've got the martha stewart books and recipes. give me some tips. >> all you need right now is go on the news stands, martha stewart living magazine with that beautiful turkey on the cover, you have to go and get the november issue, the recipes are superb and use my new
stuffing, i incorporated butter nut squash into a nice old-fashioned bread stuffing. you will love it. maria: i'm going to see that. any other tips for those doing as i'm doing the first time. >> fresh turkey and took in a much shorter time. look at serving ideas, good size, great desserts. you're doing the whole dinner? don: my dad's going to help me. my dad is a chef, so-- >> are you on the news that day? don: no, i'm off and having my parents over. [laughter] . >> if it fails, i have a big gang coming. we are. maria: martha, great to see you. martha stewart's fourth annual american program and look forward to that. see you soon, martha stewart. tomorrow on mornings with maria, don't miss my exclusive interview with the ceo of exxonmobil.
we'll catch up with republican presidential candidate rand paul. all the action begins at 6 p.m. eastern right here and i hope you'll join us. have a great day. "varney & company" is next, stuart, are you making your own turkey this year. stuart: always do, maria, you know me. maria: good tips from martha. stuart: i did. i just need an apron, that's all. maria: have a good show. stuart: thanks, maria. some passion, some fire, even a little humor from president obama. what issue was he addressing? of course those wicked republicans. good morning, it looked like the campaign trail all over again. president obama beating up republicans on the fundraiser. the world is on fire and the president spends his energy attacking opponents and defending his pals at cnbc. we'll show you the tape. a new poll puts ben carson firmly in front of donald trump.