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tv   Making Money With Charles Payne  FOX Business  February 11, 2016 6:00pm-7:01pm EST

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for the time, grateful for the insight. thank you for joining us, it was a wild day. the dow and the s&p 500 still down more than 1% and almost turned around in the last 90 minutes. charles payne is here, he has more. >> the stock market crashes 254 points and that's the good news, at one point today, the dow was off more than 400 points. there's so many concerns from the oil crisis to the banking crisis to the recession crisis, the whole thing about leadership, and on that note, federal reserve chairman janet yellen was wrapped in a conundrum on capitol hill admitting judgment on the strong dollar and weak oil but leaving the door open for negative interest rates. and to the palmetto state, trump goes positive, jeb brings in his brother and kasich lands a huge wall street well. "making money" starts right now. so janet yellen testifying
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in front of congress. this is the second day today, today was the senate, yesterday was the house, and the fed chairman says there's always a chance at recession, and guess what? the fed isn't taking negative interest rates off the table. she likes that tool. take a listen. >> are you considering negative rates? i know you had that question yesterday. yes or no? >> i wouldn't take those off the table, but we would have work to do to judge whether they would be workable here. >> beyond the spreadsheets you have to ask yourself does the fed understand the true economy for the average person out there. peter morici and jon hilsenrath. lot of frustration on wall street with janet yellen. we didn't know there is double speak, she's a high-wire act. what do you make of her testimony yesterday and today?
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>> well, you know, she's in a tough spot because the markets are pushing back on the fed's view that the economy is getting stronger and that they're in a position to raise interest rates more and you know, she doesn't want to walk away from the forecast. if she walks away from the forecast as we've seen the last couple of days, makes the market more pessimistic about the outlook. >> someone would say, jon, i hate to say this, the fact she's wedded to the forecast is pessimistic. december, notwithstanding, maybe we should not be telegraphing that we're wedded to four more rate hikes? >> i think the message i took from the last couple of days is they are not at all wedded to those rate hikes. you know, they've got a meeting in march, it's highly unlikely given the way she talked and the way the markets behaved they're going to move in march, you know what we have to look
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at is whether they revise the forecast down then, and whether the prospects for more rate increases later in the year get pushed off, too. >> peter, last week we had the two members of the fomc. esther george and loretta mester were really strong. esther george telling wall street stop whining, and saying listen, we're behind the curve, the december hike was late, and more or less they're determined to continue down the path, those particular hawks are. >> i think that's right. it's a much more hawkish policy making committee these days and one that doesn't understand the full gravitas of what's going on in the global economy. china, japan, europe, that's 40% of the global economy is suffering from severe dysfunctions and strategy for dealing with it isn't just loose money, it's cheap currency and completely underestimating the consequences of overvalued dollar for the u.s. recovery,
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not just in the export sector, in manufacturing more broadly and comes to essentially investment as a whole. right now the u.s. economy is only being carried forward by consumers and they are starting to become hesitant. so i think that the fed is showing itself to be a rather insular group that looks only at the u.s. economy and doesn't have a good understanding of what's going on in the world. >> on that note, jon, janet yellen did admit that the dollar was stronger than they thought and oil weaker than they thought. while i do admire those sort of revelations on a public stage, it doesn't engender a lot of confidence in the ability to forecast what their actions would lead up to. >> i don't think anyone could have confidence in the forecast. they've been saying ever since this expansion started that we're going to be getting closer to 3% growth every year, and instead we're getting something closer to 2%. they've been consistently wrong on growth and inflation, but
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you know, just to take their side for a second, who's forecasts have been right in this whole process? you know, you can't look at wall street and say they've gotten it right. look at the problems they've gotten themselves into. charles: no doubt about that, but in is what i will say, john, it's one of the things where earlier in the week, wholesale inventories come out. the third negative number in a row, and atlanta fed, their modeling shows gdp 2.3 to 2.5%, goldman sachs says 1.7% from 1.9%, diametrically opposite, how could the fed see good news from the point they hike the gdp estimate? >> it's all about the models and all got different input us that put into the models. the good news with the goldman sachs model and the atlanta fed model, we had 0.7% growth rate in the fourth quarter, it
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looks, despite all this noise in the markets, it looks like growth -- this is not a fast growing economy, don't get me wrong, but looks like it's picking up a little bit in the first quarter, so it's not all dead. charles: i hope you are right, senator pat toomey asked janet yellen what it hurt small savers, she said it would not. i'm not an economist, that's why you are on the show, seems like common sense that negative interest rates wouldn't help anyone particularly, particularly small savers and businesses. >> the low interest rates we already have have been hurting the elderly which rely on cd's for sometime, and curtailing spending and forcing many back to the labor market. all the other demographics are working less, they're working more this last decade. also i think negative rates is really the desperate act of a drowning man. they're used in places where they refuse to address the underlying structural problems and this is where this fed
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comes up short. you know greenspan was not afraid to scold the congress about not taking on big issues. for example, it's no small matter that the number of small businesses in america is shrinking and that people aren't starting small businesses because of all the regulations that have been erected. but unfortunately, the fed -- excuse me for being political -- is chockful of good democrats right now and frankly a liberal democrat at the helm. they don't want to talk about the consequences of obamacare for restaurant hiring or excessive regulations on small manufacturers. it's not just the oil companies. it's a lot of people are suffering from this, and it costs money and keeps people from investing in america. low interest rates don't help that just as negative interest rates are cured in europe they're not going to cure it in the united states. >> can i make a couple points related to that? first of all on the first point about structural problems in the economy, i frankly agree
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and was surprised that yellen didn't speak up more aggressively, even on something like fiscal policy. ben bernanke used to go in front of and think say you have to address long-run fiscal problems in this economy. if the long-run deficit issues have been addressed they might have been able to do stimulus through the tax cuts or spending. >> ideological blinders. >> that's one point i would make. the other point about low interest rates is this, a lot of the events, the forces that are driving interest rates down are actually -- though we talked about the fed and rates all the time are out of the fed's control. here's evidence, every other central bank that tried to raise interest rates since the financial crisis of 2007 and 2009 has failed. they had to turn around and cut them again because economies have not been able to withstand small increases in interest rates. and this is exactly what the fed is worried it's going
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through right now. tried to do one little move in december, and might have to reverse themselves. because there are larger economic forces pushing against efforts for the rates. charles: this is what peter was talking about, is it we have a country where the federal reserve, whoever is running the federal reserve and the white house have to be on the same page? like ronald reagan and paul volcker who gave us seriously tough medicine, it was tough for a moment, we came out of it with the miraculous economic run that people dream about. >> two points, first of all, the reagan white house and the reagan treasury fought like cats and dogs with volcker. at one point he threatened to resign because of some of the problems he was having with reagan appointies. shouldn't glorify the past too much. i think it's important to point out that -- and the people out there listen who aring thinking about who they're going to vote
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for in the next election need to think about this. what we need to do to get this economy going is to a large extent out of the fed's hands. it's who's going to come up with the policies that best promote economic growth. that best promote productivity growth. that best encourage people to get back into the labor force if they dropped out? the fed doesn't control those things. it happens with other sets of policies. charles: peter, it feels like i'm not calling janet yellen a social justice warrior, per se, i've seen her slip a few times and say hey, i kind of -- does that influence her to the degree you agree she wasn't vocal enough this week, with the dangers of fiscal policy on the fiscal side from the administration? >> i think it's in the water of the fed. they are on the same page with the administration. in order to have all the social programs. in order to have all the regulations, you essentially have to have very low interest rates to accommodate it. unfortunately, that's only goes so far.
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it's not within the grasp of janet yellen to fully understand all of the consequences of all of the regulations that barack obama imposed. you know, look at what bernie sanders wants to do and look at what the control of the currency in the bush administration wanted to do. break up the big banks. if you break up the big banks, for example, you don't have to have so many regulators on wall street watching them. part of the problem is they are so large. but there's a genuine belief in washington and i believe at the fed that business is full of a bunch of cry babies, and push through the regulatory morass and it's good medicine for them and it will do them some good. the reality is we are running this country like france, and the more we become like france, the more we grow like france. we don't have jobs for young people, productivity growth is low. the economy doesn't grow and simply rely on the federal reserve pumping out a lot of
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money, but only goes so far. charles: and quick guys, both of you, jon. the major sell-off, peter brought up banks, credit suisse and society general. how concerned should we be with that, and how does that influence fed policy? >> you just mentioned two european banks and i think we should be a little worried about what's happening in europe. they have a lot of problems still lurking in their banking system, which never got resolved. you know, frankly when i look at the u.s. banking system, you know what you can say, they're not doing a lot of lending right now, but are stuffed with capital and liquidity is in a better position than it was in 2007, 2008, so it looks like that part of the system is more stable. in other words, like it could handle a shock. the problem is it might be able to handle a shock but not going to drive very fast growth. charles: got to leave it there.
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we're out of time. this is fantastic. hope to get you back soon, under better circumstances. thanks a lot. today we had a major sell-off in the market. global equities markets. we're going to have a recap and talk about maybe where our support, is if that exists anymore? we'll be right back. ♪ there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.
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. charles: stocks getting crushed today. dow finishing down 254 points. oil take a huge hit, it fell to lowest point since may of 2003. finally settled above 26 and got above 27 in the after-market there.
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maybe good news out of opec, we'll see. the question is how vulnerable are equities and where is the next level of support, if that exists. we brought in the old team. hilary kramer, jim awad and paul sats. hilary, been a long time, i used to tease you about your rose-colored glasses. how do you feel about the market? the action today and how we closeed? >> i continuing was very promising that we came back so sharply, that was simply because opec came out, the uae and said we're going to try to support prices, venezuela wants to do the same. so hopefully we will see the market turn around and maybe should was a big washout, but it could be problematic. charles: the old school thing, jim, with the capitulation? here's the thing i see different. individual investors don't have nearly as many stocks or holdings that they used to at one point, and etfs and mutual
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funds buying emerging growth, selling stocks for over a year, it's the funds, it's the fund managers, can we have the classic capitulation or will it be the sort of water torture that we're going through right now? >> it could happen either way. we don't know until we get there. the news is likely to continue to get worse. the economy will slow down, more bankruptcies and some point stocks will stop going down on that news, and that will be a confluence of individual stock pickers, stocks being washed out, valuations getting cheap just like in 08 and 09, the news is likely to get worse, stocks will go down until they stop going down. charles: you are saying when stocks go up on bad news, that's a telling thing. last night expedia reported, missed by a mile and gave an upbeat conference call and the stock went through the roof. the people at disney are saying
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golly, why don't we do the same thing? >> this is certainly an unusual market. in the last seven years, we haven't seen anything like it. if you remember in 08, and i do not believe this is 08. absolutely do not believe. the price is following it early in the year, i don't think economically or systemically it's 08. if you remember in 08, every time we had a piece of good news, stocks had a day and a half or vertical rally that failed. we need to stop having the spikes onned good news. charles: we haven't had any, very few spikes, we've had a lot of bad days, far more than good days. >> charles, they've been intra-day spikes. how many times are we going to fall with the same thing with opec? the third time in three weeks we've heard rumors. charles: paul what's the difference between now and 2008 and what degree of risk do you see in the market?
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>> first of all, our binks are sitting on 2 $1/2 trillion of cash today with no levers to lending, they had nothing on the books and balance sheets were falling apart. unless the banks completely collapse in this country, i give it a 1% chance, you could have a mild recession next year towards the end of this year, this is a cyclical, quick, multimonth bear market, it's healthy, it's normal, it's routine. i've never seen people -- people are so despondent and panicky now, this is the same decline we saw in 2011. charles: we have short-term memories on a lot of things except losing money, okay? 2008 feels like december to most people and they're afraid. >> yeah, fear and greed, but there is a major difference, and that's we had financial armageddon, we had a meltdown. charles: why isn't this financial armageddon? >> our banks in the united states are stronger.
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charles: why is it getting hammered? why are some of our banks down 20% in the last week? >> europe is a problem xerox to watch there. >> there is some similarity, i don't think it's 08. here's the later. we did it all over again in the credit markets. last time around it was housing. this time with all the free money, you pushed fixed income investors out the risk curve to get a return, and that facilitated loans that shouldn't have been made, whether it be the energy companies, commodity compani companies -- >> but this particular bubble is nowhere near the other bubble. >> people are afraid it's 08. >> you don't have the leverage in the system, though. charles: we got you, buddy, it's extraordinarily painful and everything we're seeing here, people were saying on tv back then, too. fantastic getting the group back together. more on today's sell-off later, and why there's no need to necessarily panic or put it
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this way. if you haven't sold good stocks right now, you would be making a huge mistake if you sold right now. we've been through these rocky times before. we'll be right back. at ally bank, no branches equals great rates. it's a fact. kind of like grandkids equals free tech support. oh, look at you, so great to see you! none of this works. come on in. thanks. ♪
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kind of like bill splitting equals nitpicking. but i only had a salad. it was a buffalo chicken salad. salad. . charles: make sure you stick with weak dollar investment strategies. that may mean gold and blue chip names. >> okay, that was me last week, talking about one way to endure the rockenes in the market and, of course, gold having a huge week this week, but other ways, other strategies after that, can you use to ride through these things, make it more palatable. hilary, jim and paul are back with me. you talked about the strategies before, i don't want to get too nuts with it with the average person, there are things people can do to weather the storm, right? >> absolutely. on the equity side, what's kind of working, if anything is
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working now, it's telecom, it's staples, it's utilities. they're almost dollar agnostic, and they play well in a slowing, weaker economy, nothing is going to play well if the economy crashes, those have decent yields and especially utilities, seeing utilities going crazy. i would not hop on gold here, that's crazy, the gld's had a meteoric rise in volume. historically this is where a pause is, the slower growth stuff and the sectors in the market you can certainly be rewarded in the short term. charles: here's the thing, guys, utilities, not only do you get the nice yields but the only s&p sector up this year, having said that, consumer discretion, strong dollar, cheap gas, getting hammered every day, where is the disconnect here? >> the disconnect is everyone
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is looking for defense and looking to hide. so the place to do it, charles is in these really defensive names like the foods, whether it be hormel, bgf, canned beans, canned meats, go for companies that have also been thrown out, the mid caps, small caps that are value plays. oln, 4% dividend yield, clean balance sheets, meaning there's no debt there to bring the company down and that free money that jim talked about, that has been the problem. >> well, and you can add to that the large cap consumer nondurables, people are going to brush their teeth, they're going to eat cookies, use soap, and those companies are global and have been hurt by the strong dollar, not only will the demand for the product continue to be okay in a recessionary or slow growth time but get the currency benefit. charles: i'm thinking the dollar is going to go down this
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year, it's telegraphing, i'm not sure whether it's policy related or whatever. i like the old blue chip names that have been crush. it doesn't make sense, the caterpillars of the world are going to have a good year, so that's what i'm looking at. paul, do i sound nuts there? >> so i think that the weakness in the dollar, i'll say this, it's an intermediate term thing, i have projections to 120 in the dollar index, the dollar goes much, much higher in 2017 and 18. the name us that mentioned and the materials and the smokestack industrial stocks could get it big for a couple of months to a couple of quarters, i think they're rentals, i don't think they're owns at this point. charles: what's the worst case, hilary on the downside. >> 1560. charles: that's the s&p? 1560, worst-case scenario. >> where we were in 2000, in 2007. that would be the worst case,
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we would bounce back and come up. charles: probability of that happening on a scale of 1-10? >> 2%. charles: jim, what do you think? >> consumer starts to freeze up. negative growth in the first and second quarter, corporate profits are down, they'll overshoot on the downside and you can get a 15% correction in stock prices. charles: from where we are now? >> yeah, if you bought into it, a year and two and three from now, you will be happy. charles: we're a little over a week away from the south carolina gop primary, and the candidates there, most of them are there, hitting the ground, either they're there, surrogates are there, the ground game is there, this thing ain't over. we have a preview next.
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>> i've spent less money than anybody else, and i'm number one; right? nice. [cheers and applause] so i've spent less money and then you have other people like jeb who spent more money than anybody else, and he's down toward the bottom of the pack. is that what you want as a president? . charles: that was donald trump laying a little truth on jeb bush last night in south carolina with only nine days left from that state's primary. donald trump obviously basking in this new hampshire win. jeb, though, continues to go on the attack and marco rubio, well, both he and the establishment are now dreaming
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of a broker convention. plus donald trump has said no more negative ads. pulled the ted cruz negative ad and in the meantime ted cruz brings in glenn beck. who has the best tacts? the battling joining me now. richard and carl. katrina, start with you first. congratulations first time we've spoken since new hampshire. >> thank you. charles: donald trump they say he's going to take this friendlier tactic now is that true? >> well, yes, mr. trump is actually leading by example. i mean as you mentioned he has spent the least amount of money. mr. trump does not have super packs smearing people, the one ad he did put up is ted cruz's own words and, yes, he pulled that down. he wants to run a positive campaign sending his message to america on how he wants to make america great again. charles: sounds like that was richard laughing. >> i mean come on. he wants to run a positive campaign and he doesn't have attack ads?
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i mean katrina, come on seriously. we weren't born last night. >> yeah. seriously. >> you can't say that with a straight face because then you look affordable. the simple fact is his entire campaign is negative and it's not detailed. i agree with you he's doing great things because he has a whole bunch of help from the media. he's not spending a lot of money, and he's on top. but you have to look at how this process goes. if donald trump doesn't start getting votes from other candidates as other candidates whittle down, and it becomes trump and somebody else, he could be in trouble if everybody rallies around the opposite vote of trump. charles: katrina. >> well, absolutely but here's the thing. i can say that with a straight face because when mr. trump does criticize his opponents it's in public and not in private. nothing has to be leaked. he's very real with people -- charles: well, here's the thing -- >> he's not running attack ads. he pulled the one thing down. >> yeah. but what's the
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public private thing. what's the difference between public and private? . charles: well, let me bring in richard because what he's making is none of these are going to have enough delegates when they get to cleveland and this is going to be a brokered convention more and more reality if some of these establishment empathize move out of the way. what do you make of that? is this a plot? the only way the establishment can stop a donald trump or is it a legitimate thing? >> so, charles, if you add up the vote to the quote establishment candidate to new hampshire, they actually exceed not only the votes of donald trump but donald trump and cruz combine. not that much but they do. the question is the establishment a real? and that's the question whether jeb or marco or kasich can emerge as a true contenter here or is it going to come down to a knock-down, drag-out between cruz and trump? and i think in that case it
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depends on the conservative the republican party wants to be. donald trump we know is on the typical witness test for conservative doesn't count out. and frankly no one has thrown a punch at him yet. katrina and i share something. >> plenty of people have thrown punches at him. >> not really. >> absolutely. >> when you look at ways in which his policies are ridiculous and laughable, his vo. charles: do you make of it, charl? >> well, i think the thing to look at here is we have tried all the other people, tried all the other politicians on stage and nothing has gotten done. he's created jobs, the only one on stage who has created jobs. tens of thousands of jobs. you also know what he's playing to? he's playing to the fact that people want a change. he more than doubled the guy right behind him. charles: let me ask you, though, carl what if someone said -- you could flip that around and say 75% of the voters in iowa did not vote for trump and 65% in
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new hampshire didn't vote for trump. in other words, there is a viable -- there could be a viable alternative to donald trump if somehow they were able to emerge out of that crowded mess that there is. >> well, a lot of people are saying that he didn't get that. if you play a poker game with six people and win 10% of the earnings, it's not because 90% didn't go to you, it was distributed amongst other people. charles: you think the establishment is done? >> i think the establishment is really having a hard time with this -- >> no. no. many. charles, the fact of the matter is we have a whole bunch of people in this race. and that's what donald trump is doing well. he's got a lot of people that are rallying to his idea that, you know, he's big and loud, and he's new. and i think there's always going to be a big -- a number of people that -- large amount of people that want to rally around that. but if we whittle this down and we all of a sudden just have one, two, or three people, the donald trump campaign is going to have to prove that they know how to
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win over chris christie votes, carly fiorina votes. charles: right? >> but right now trump is benefiting from a field of, like, 17, 13, 11, 9, whatever it is. charles: we're going to come back on that topic. the gop field did get whittled down this week. in the meantime big money backers are switching to different candidates and that may change the name of the game. we're going to tell you who's benefiting from all the dropouts and who is benefiting from getting new, fresh cash. we'll be right back many people clean their dentures with toothpaste or plain water. and even though their dentures look clean,
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charles: this dude may be a emotionally he knows how to raise cash. 7million and counting since new hampshire but guess what? the guy -- there's a guy and a democrat the republican side, he's in the wall street well.
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charles: well, bernie sanders just at a windfall of cash since winning just 24 hours after the polls in new hampshire. he's over 2 million bucks the clinton camp they're really starting to real.
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but here's the thing. they actually released this statement earlier quote we just can't allow our team to be outraised and spent like this. this team is bigger and more enthusiastic. it's time for us to show it. and then the other side of the aisle, ken has jumped ship was with chris christie and now on the kasich train. richard, i've got to tell you something. i completely written off john kasich. a few debates ago, he looked like the crazy drunk uncle at thanksgiving. now he looks like the guy who can be a peace maker, he looks like occasionally like the level-headed guy and people are starting to listen to him and now he's starting to get cash. >> you're talking to richard -- charles: oh, i'm sorry. >> oh, listened i think that john kasich is somebody that we should take seriously. i think a lot of people on the democratic side would tell you that he's a person in the general election who could
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really wage a real campaign. but the fact of the matter is what we've seen so far is that money has not really kind of been parlayed into votes; right? donald trump made it. the point the beginning of your last segment and jeb bush is making the point in the contrary; right? all he spent. so the question -- but i think the challenge for kasich it's money, yes, but can you take that cash? and literally turn it around into troops on the ground not just in south carolina and nevada but the 13 super tuesday safe, which are going to come up boom, boom, boom, and i just don't know that you can put the money in the bank and hire people as effectively as you might when this kind of little lead time. charles: you know, richard, we were talking about -- well, let me ask you this, katrina because i sent you one before we went tore break on this notion that donald trump has hit his feeling, and i wanted you two to address that. obviously strong but he always gets this 30, 34% thing. is there some worry in his
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camp about breaking through that ceiling? >> no. not at all. i mean when you look at when carly fiorina dropped in the polls, he picked up some of that support. there's a lot of people that prefer someone that is a known job creator and someone that is known to have been able to, you know, to make good deals if you will. and there's a lot of push for that. people are really truly tired of the career politicians. the bought and paid for wall street politicians and donald trump is going to pick up a lot of that support. charles: richard, there's no arguing with that. people hate washington d.c. >> yeah. no, i think that's the best message. people are really tired of washington failing and having an outsider come in and somebody like donald trump who has been very successful in the private sector. i think it's very appealing when he talks about the economy and job creation, it's very appealing. i'm not always having a problem with his policies, but i just think that his tactics, his demeaning people, his constantly flying off the handle sends a message that
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he's unstable. and i think if you put the keys to all of the weaponry that the united states has to offer into the commander-in-chief's hands, you need to be able to demonstrate that you are a calming individual -- charles: real quick, carl, what do you make of that? it sounds like you like donald trump but there are a lot of people saying, listen, why does he have to be so heavy handed with people to make -- you know, is there a way he can make everyone whether you're black, hispanic, a woman, as enthusiastic about him as those crowds that we see to show up. >> if you look in the crowds, mr. trump doesn't see. did -- charles: i'm just saying if we're being honest the crowds are 98% white. >> yeah. charles: but what is it about his message that there aren't more people showing up of other nationalities. >> i think what's happening now is trump is igniting a huge base of people that are angry like you said in the last debate and to katrina's point everybody worries about trump. oh, trump hit a ceiling, they
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said at at 5, 10, 15, 25%, and he keeps breaking the ceilings so i don't think we have to worry about him hitting a ceiling. he's on his way up and not going to be able to stop him. >> he may not see -- he spots mexicans and muslims pretty darn well. something about him -- charles: we'll come back and discuss that. we've got goth to go to a break right now and also i want you to know we do have breaking news on hillary clinton on her e-mail situation. not only the foundation but all those other e-mails we've got the best on this fox news catherine herridge is going to help us out with the details. next at ally bank, no branches equals great rates. it's a fact. kind of like social media equals anti-social. hey guys, i want you to meet my fiancée, denise. hey. good to meet you dennis.
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charles: well, the scanned always continue to swirl around hillary clinton as investigators have discovered a subpoena that was issued
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last fall for the clinton's -- issued rather a subpoena to the clinton foundation. meanwhile there's a federal judge that has ordered the state department to make four additional releases of hillary clinton's e-mails between saturday and the end of february. catherine herridge chief correspondent joins us. the hits don't stop coming. >> well, there have been a lot of developments in the last 48 hours in addition, charles beware u.s. official confirms to fox news that more than a dozen e-mail accounts handled the top secret classified information found on mrs. clinton's unsecured receiver and no evidence that they were authorized to receive it. they include not only mrs. clinton but also her closest aides, as well as state department under secretary for management patrick kennedy. fox news is pressing the statement department on whether a assessment is being done. >> as your broader question
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about concerns of spillage or leakage obviously those are concerns that we take seriously and going forward we'll take steps to address those concerns. >> the department recently confirmed that the messages in question include the most sensitive kinds of intelligence. fox news first reported some e-mails on the server were just too damaging to release in any form and the state department consequently announced that the 22 top secret e-mails were being withheld in full and these were the messages being handled by more than a dozen accounts. a former special operations veteran was 45 years of combined service who worked these special access programs says his current and former colleagues are watching closely. >> that there appears to be clearly a double standard. had this happened to someone serving in the government their clearance would have already been pulled and they certainly would be under investigation depending on the level of disclosure. it's entirely possible they could even be pretrial confinement for that matter.
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>> and on that ruling from the federal judge they basically have given the state department until the end of the month to release the remaining 3700 e-mails. this group is particularly problematic because many of these e-mails we understand contain intelligence from multiple agencies and each agency had to review the document and then give their own decision on the classification i anticipate that will go up over 2,000 classified e-mails by the time this is all over and the state department will also have to confirm that there are more beyond the 22 top secret that are just too sensitive to release in any form, charles. charles: and how does that impact the investigation? because apparently so few people vein access or can look at or read them. what does that mean? does it drag this thing out perhaps even beyond november? >> well, that's a great question. if there are 22 top secret e-mails that can never be released in any form and there may very well be more that we learn about in the next two weeks, they really couldn't be used if there was ever a criminal prosecution brought in this case because the
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defendant always has a right to review the evidence against them. but you have now over 1,600 e-mails containing classified information of a much lesser level that could be admissible in court and the other important development today was the confirmation from the clinton foundation that they were issued a subpoena by the state department inspectors general. that's their internal watch dog over this intersection between government contracts and the fundraising of the clinton foundation specifically this clinton aide. this is interesting to us because you probably recall just about a month ago we first reported here at fox based on our on going work that the fbi investigation now had two tracks. classified e-mail track and then also this public corruption track. at the time mrs. clinton dismissed this as sort of irresponsible unsourced reporting. but even the washington post today that broke the subpoena story cited that. >> work and seem to cast on you the on her claims at that time, charles.
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charles: congratulations, katherine, you've been all over this, and i have to tell you it it is getting worse and worse for hillary clinton. thank you very much. really appreciate it. >> you're welcome. charles: speaking of things getting worse. that selloff was absolutely amazing. i'm going to give you my thoughts on it, though. particularly now a lot of people e-mailing me, tweeting, wondering if they should sell everything. i'll be right back oh i'm not a security guard, i'm a security monitor. i only notify people if there is a robbery. there's a robbery. why monitor a problem if you don't fix it? that's why lifelock does more than free credit monitoring to protect you from identity theft. we not only alert you to identity threats, if you have a problem, we'll spend up to a million dollars on lawyers and experts to fix it. lifelock. join starting at $9.99 a month.
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>> well, there's a global crisis of confidence and it all gets back to the idea that leaders must somehow provide prosperity to citizens athe any cost. and i'm telling you whether it's socialist natures of europe, the communist nation
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of china and the supposedly capitalist nation of america. where manipulation can take those nations and their economies. especially when such manipulation is funded through higher taxes, fees, regulations that ironically enough choke off actual sources of prosperity. it's the idea that somehow people won't tolerate hard landing so the levers have to be pulled, money has to be printed, we have to soften the blow. the problem is, though, there's always temporary solutions. the reality is that the powers aren't trying to help folks but retain their positions of power. we'vetated hard medicine feathery show i talked about ronald reagan they turned around that carter and it wasn't easy. so the market right now is over sold -- listen, there's no clue about the banks but i still think this is all about confidence that the federal reserve in particular. now, there are a lot of stocks that are sober, so you can start to anybody he will at them if you have the temperatement to do that. but one thing you don't want
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to do if you just want to stay, make sure you don't sell good companies just because the market is getting hammered. that is an ultimate, ultimate mistake. don't want you guys to make it. thank you so much for watching tonight. and of course lou dobbs is next on fox business. >> good evening, everybody, i'm lou dobbs. the republican establishment tonight is in complete chaos over the prospect of donald trump as their presidential nominee. trump dominated new hampshire and polls suggest he will do exactly the same in south carolina. the first in the south primary taking place nine days from tonight. but so far neither john kasich marco rubio or jeb bush have succeeded in winning the establishment's confidence as the best hope against trump. trump himself is making sure jeb bush's campaign continues to struggle. >> the last thing we need is another bush.

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