tv Countdown to the Closing Bell With Liz Claman FOX Business March 11, 2016 3:00pm-4:01pm EST
him, what can i do to help? did i mention that the fences lining that half mile driveway were unpainted? [laughter] so he handed her a bucket of paint and a brush. and my mother painted a mile's worth of fence. every post, every plank, both sides. once! [laughter] that paint job lasted for the duration. now, my father was confident, but he was not an arrogant man at all, and it takes a great deal of chutzpah to run for president of the united states or even governor of california, for that matter, and her absolute belief in him gave him that chutzpah to run for
office. i don't know that he would have done it otherwise. my mother provided the encouragement he needed. she guided him. she provided a refuge which he could repair to gather his strength. he guarded his privacy. she protected him. both possessed great individual talents, but as a courages they were more than a sum of their parts and it would be a mistake to consider her subordinate to him just because he was usually taking center stage. they were co-equals. they complemented one another. individually, they may have gone far, but together, they could and did go anywhere. my father was inclined to believe that everyone was basically good and that certainly anyone who worked for him was pure of heart and could never be nursing a private agenda. my mother didn't share that
inclination. [laughter] and she didn't have that luxury. in my mother's world, you were either helpful to her husband, or you were not. and i think we all know what side of the equation you'd want to be on. since we're among friends, i think we can admit that she was not only the easiest person to deal with. she could be difficult. she could be demanding. she could be a bit obsessive. truly, she could be a royal pain in the ass when she wanted to be -- [laughter] but usually only so that my father didn't have to be. you didn't want to get on mom's bad side, particularly by hurting her husband. if you did that, you had earned yourself an implacable foe. if you happened to run into the ghost of don regan sometime, you can just ask him. [laughter] >> on the other hand, you couldn't ask for a more loyal
or dedicated friend. just ask joan rivers, should you run into her, in the hereafter. when joan's husband died he was on the east coast, and joan could not for some reason could not get the coroner to release his body so he could come home to the west coast. joan's a comedienne, she didn't know who to call. who do you call to pull strings like this to get something like that done? well, she was acquainted with with my mother, but they weren't great friends yet. nevertheless, she bucked up her courage and call the white house and got my mother on the phone. joan's husband's body was on the next plane out of town to the west coast, and joan became my mother's buddy for the rest of her life. i see the faces of many friends here today. people who have known andother . but most of my mother's buddies are gone now.
she is among the last of her cohort, the old gang. her generation, and now she is truly with them. if my mother had one great talent, it's that she knew how to love and loved one man more than the world in. the later years after my father had gone, she used to ask me whether i thought she would be with him again when she died? i'm not a believer in the supernatural but assured her wherever dad had gone, she was surely going to go there, too. we should be lucky to stand up where we wanted to be, and today my mother comes to rest on this lovely hilltop with its far-reaching views, next to her beloved ronald reagan library, and by the way, from here, she will be able to keep an eye on things -- [laughter] >> just saying, no slacking. how long will it be before
tales begin to emerge of a petite chanel-clad spirit, roaming the galleries and the halls, just checking to make sure things are running smoothly. but most importantly, she will once again lay down beside the man who was the love of her life. one she loved until the end of her days. they will watch the sun drop over the hills in the west toward the sea. and as night falls they will look out across the valley. my father will tell her that the lights below are her jewels. the moon and stars will endlessly turn overhead, and here they'll stay, as they always wished it to be. resting in each other's arms, only each other's arms, till the end of time.
♪. liz: with the rolling hills of simi valley as a backdrop, the santa suzanna high school choir sings amazing grace. we've been watching the funeral service for former first lady nancy reagan who died at the age of 94. he heard remembrances from patty davis and tom brokaw and former secretary of state james baker. we are joined by fred barnes of the weekly standard who covered the reagan white house along with former assistant secretary of labor under president reagan. the whole studio got quiet listening to that. you could see the wind passing through the trees. she will be buried next to her husband at the reagan library, but more important at this moment to talk not just about
the amazing love affair she had with her husband ronald reagan, but who she was as a person. way more than reflecting -- basking in the reflected glory of her husband? >> absolutely. she was a strong person. she was the rock so to speak of that relationship, and i tell people a story about liberty state park, when i did the event with president reagan with him standing in front of the statue of liberty, one of the hall makers of this campaign. she was on the stage with him, and she was so proud and so happy and delighted to be in new jersey and to be a proud american. the patriotic side of nancy reagan doesn't come out as much as it should. liz: to be delighted to be in new jersey is an exciting moment. i can say that, i live in new jersey. [ laughter ] >> fred, talking about what we're seeing here today. these are very upbeat remembrances we're hearing. patty davis reagan's was beautifully written. she talked about the contentious relationship she
had with her mother but what she chose to remember, that was the steely strength? >> i thought she had a very touching thing to say when she talked about her mother, after her father had died, and the days after, her mother would see a vision of ronald reagan sitting at the edge of her bed in the evening, and then would go away. just think about that a minute, and can you just see how touching that was and how much she missed him, and, of course, he used to miss her. if you read the diary, reagan's diaries, great book, long book, eight years in the white house. you know who the dominant figure was in the book? it wasn't mikhail gorbachev, it was nancy reagan. he wrote about her all the time. any day she was away, he would record that and mention how lonely he was. two days, lonelier. liz: the love letters in the past were absolutely unbelievable. but al, talk about who she was
as a person. you know tom brokaw mentioned this anecdote where he said they had had an exchange and a funny moment, and she took a picture of that moment. she had it framed and sent to him the next day. she was so kind and gracious and graceful but very aware of making sure there was a human connection. >> absolutely, liz, she realized that a lot of us. i was at chase manhattan bank, and i left a very big job there to be ronald reagan's campaign manager in new jersey. nancy never forgot and after the president was elected, before he got to the white house, i got a book from nancy, signed from my parents thanking them for allowing me to run the campaign. liz: you're kidding? >> she sent it to my parents. how great was that. liz: incredible. fred, you interviewed the president in the oval office often. you covered him. what is that standout memory
you recall from that time? >> i'll give you an anecdote about nancy reagan. i traveled with her when she went to dennison college in ohio. remember the just say no program. the first lady adopts some project, and this was hers, to encourage people to not take drugs and not abuse alcohol. when she announced that, first announced by the white house, the press mocked her, and nobody took her seriously outside the white house, and anyway, i went with her out to dennison. she was a different person. she connected with people. she laughed. she told jokes. hugged people. mainly students. and they responded, extremely well. she made a human connection with all these people they just wish an awful lot of the people in congress and in washington at the time could have gone and seen that. they wouldn't have believed it. but after a few months, she
actually won accolades for the strength of that program, just say no, because she did it so well. liz: she was doing something at least, al. talking about the golden time, people often say nancy reagan was able to or certainly strived to bring back that graceful time, that kennediesque moment in the white house, and she was able to accomplish that during the reagan years. have you such wonderful memories of her, to the point where you look at all the people in the audience today and you say i feel lucky to be a part of that team. >> absolutely, when i see my good friend jim baker and the reagan team there, i feel honored and privileged to be part of that great time in american history. history has a way of telling you what's important because the important stuff bubbles up. when you look back on today, and you see what happened, you realize that was one of the greatest eras of my lifetime in america.
liz: fred and al, thank you so much. much more on the funeral of the former first lady in the program. we'll take a quick break. we're checking this rally. it is holding at the moment. the nasdaq up 74. the dow jumping. a quick break and check the markets and the rest of the days news. "countdown" is coming right back. ♪
. liz: coming up on 40 minutes before the closing bell. look at this, climbing back up to highs of the session. the dow jones industrials better by 203 points. you can look at the nasdaq, skyrocketing, too. up more than 75 points. a great day on the markets. by the way, any close above the levels we're about to put on the screen for the dow, the nasdaq and s&p will not only mean a win for the week but will mark a four week long winning streak, the longest in four months. right now at 17,006. well above that for the dow industrials. a few names marking lifetime highs including general mills, campbells soup, tyson foods, philip morris international, consumer staples. everybody is higher except for philip morris, pulling back half a percent right now. the transports, the index moving higher. eight weeks of gains in a row. that has not happened in nearly
six years. not bad at all. right now the transporting jumping 159 points. some of the leaders in that group, remember the transports have airlines and railroads, alaska airlines, avis is in there, norfolk southern, rider system as oil edges higher. looking at the markets, any chance of profit taking and the rally fizzles? i don't know about that. let's go to the cme. joe is in the thick of it. joe, what people are expecting to see and seen traders' notes is watch out, this could pull back, we don't see any sign of that with 39 minutes to go before the closing bell rings. >> yeah, no, i don't really see any opportunity right now on a pullback. volatility has pulled off dramatically. i mean i guess all you had to do is bring a bazooka to the party and next thing you know everything has changed. the bulls are in control and equities are in play, i'm not expecting big moves into the
close. not seeing that action. liz: once again, we've got the rethinking of the oil market which is moving higher right now. at this hour, we have oil jumping a percent and a half. so if you look at it at the nymex, jeff grossman, tell me what you expect next week, no meeting with opec, that's off? >> well, again, look at it simply. as i said a couple of weeks ago, this market is going higher, whether you like it or not, pretty much. again, with no negative news coming into play, this market will work its way higher probably to the low 40s. that may not be a straight line. we have inventory reports that are key in the next couple of weeks. positive news out there. the riggs are going down, consumption looks like it's on the upswing. a market that should be bought on dips until further notice, as i've been saying for the last month or so. liz: yep, you are right.
gold made 13 month, today down a little bit. but still on track to gain going into the session up five/tenth percent for the week. i'm hearing this from some institutional investors there is a little hoarding going on in gold, for whatever reason, people are worried about the outcome of the u.s. election, others are concerned about what's going on in the middle east? >> yeah, well, i think we've been seeing that central banks have been basically pulling in a lot of the gold stocks, basically since the middle of 2015. the chinese as of late have been the biggest buyer. liz, i'm looking at it right now, and the bears took control after what the ecb did yesterday. china right now, with the government still jumping in and basically flooring out that market every time it looks like it's going to pull back very hard, i think the bulls have a very difficult case right now. we pulled back through our visit of 1269.
i think you're going to see a challenge to the downside. i talked about it earlier this week. 1250, 1240 to be challenged in gold. no reason why it shouldn't, i don't see the catalyst for the bulls. liz: while you were talking, the dow climbed up another 13 point. up 212 at the moment. we'll see if we can make a move to the upside friday. great to see both of you. have a great weekend. thanks, guys. 36 minutes before the closing bell rings. conferences held at luxury resorts. top officials making grand entrances on horseback? sounds more like an over-the-top wall street event but no, a major scandal tarnishing a prominent charity charged with helping injured vets like those on the screen. jeff flock up next on unraveling the massive accusations and massive shake-up at the wounded warrior project, and take you back live to the funeral of nancy reagan, the former first lady of the united states laid to rest at
. liz: at this hour, a lot of people asking questions, scandal at the wounded warriors project, and the charity's ceo and chief operating officer are out of jobs. two fired over complaints from employees and an expose that revealed upper level management spent millions of dollars on staff retreats and that was money supposed to go towards helping paralyzed veterans. wounded warriors project raised 800 million dollars over four years but investigative report found that the charity spent up to 50% on, quote, overhead. well, that overhead turned out to be extravagant parties, salaries and grand entrances at luxury resorts. jeff flock standing by in
chicago to tell us what comes next for the wounded warrior project, jeff? >> they need to come up with a new leader, there's sense it may be a guy by the name of tony odierno, not only a wounded warrior himself, but his father used to be army chief of staff. that's maybe what's next, but in the short-term, they are out a ceo and coo today, steven nardizzi and al giordano. known for spending money on things like conferences and millions of dollars spent. instead of on wounded warriors. take a look at what the overhead was, and liz, i know you know this issue well because you're personally involved with the charity very similar to wounded warriors. a good charity spends maybe 90%
of its money on the programs to do with the charity. this organization spent about 40 or 50% by many accounts. and according to charity navigator which does a good job of rating these things, the most efficient charity spent 75% of budget on the programs. less than 25% on fund-raising and administrative fees. you see what the numbers stacked up to be. it's just -- it pains you more than a lot of people because of your personal involvement with this, but it's sad to see. liz: what's frustrating, the charity i work with, building homes for heroes.org, 95% of the money goes to veterans. we only have 5 or 6% overhead. >> that's better from most. liz: you can't be taking from vets. jeff flock. thank you very much. look back at simi valley where the pallbearers are taking the casket of nancy reagan throughout, as they go towards the gravesites, andsa
you see the bagpipes playing. a very emotional moment here. nancy reagan born ann frances robbins in new york city, raised in flushing, queens, born 1921. made her way to bel air, california. looking at a live picture as you see the family viewing the casket of nancy reagan. let's listen in a little bit here. >> the lord bless her and keep her. the lord make a face to shine upon her and be gracious onto her. the lord lift up his countenance upon her and give her peace, amen. rest eternal grant to her, oh, lord, and let light perpetual shine upon her, may her soul and the souls of all the faithful departed to the mercy of god rest in peace. amen.
. >> i'm gerri willis on the floor of the new york stock exchange with the fox business brief. today's rally lifts the major averages into positive territory for the week, setting the stage for the longest winning streak since early november. take a look at these changes. the dow up 205, well over that 17,000 level. the s&p 500 up 30 points at 2019. the nasdaq up about 81 points as well. crude oil break through that all-important $39 a barrel mark for the first time since early december. this is after the international energy agency said the oil prices may have bottomed. and bo jangle shares are soaring as the chicken and biscuit restaurant beat earnings, the stock up dramatically. more coming up.
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. liz: from the campaign trail, who needs friends when you have political enemies like marco rubio. listen to this. ohio governor john kasich's team putting the kibosh on dealings with florida senator rubio when it comes to a deal rubio floated in 24 hours to swap voters in each other's home states. i'll tell my supporters to vote for you in ohio, if you tell your voters to vote for me. this ahead of super tuesday 2.0 when ohio and florida voters take to the polls in winner-take-all contests, four days away. kasich's camp out with a statement, we'll show it to you --
yes, there are ads that are attack ads from rubio's camp on john kasich. this after rubio gave the green light to ohio voters to go kasich instead. we bring in the political pundits, evan sigfreid and hank sheinkopf. hank served on the president bill clinton's re-election effort. this is your side, have you seen anything like that? >> no, we are strategic in the race, the race is to 1237 delegates. marco rubio and john kasich both know if either want to be the nominee of the republicans, they need to stop donald trump in both ohio and florida. if donald trump wins both, he's well on his way to being the nominee, that would be bad for the party. >> rubio looks like a fool and the thing is a mess. donald trump will do very well in florida regardless of what marco rubio does. but the idea that somehow can
you create a new republican party based on the political manipulation makes everybody look like an imbes i'll. liz: he just on his twitter feed put out a new ad that says, look at this, it's on the screen -- the voters are unhappy, very anti-kasich, absentee governor, but john kasich has approval rating within ohio of 70%, and from republican voters specifically, 84% approve. i don't know if it sticks, but maybe the fact he's going after kasich means he's nervous. >> i think donald trump is going for the knockout blow. he knows if he wins ohio and florida tuesday, he thinks the ball game is over. and many republicans do as well. but what donald trump is doing is he's deflecting from the other scandals that are going
on about his campaign manager who allegedly assaulted a reporter and video shows it. his answers last night where he defended the chinese government for the massacre in tiananmen square and said the people in his rallies, he justified them attacking people protesting them because they're so patriotic, and that will have something he doesn't to be talking about. liz: let me clarify on the breitbart reporter michelle fields said she was assaulted. she's posted pictures and there are witnesses to this that somebody, we're not sure if it was his campaign guy, you can see the bruises on her wrist, and you got the "washington post" saying that they witnessed it. >> c-span put out a video which shows him reaching out and grabbing michelle fields. >> carl lewandowski is not donald trump. john kasich, very popular, trump is the nominee, he'll
make kasich the vice presidential nominee. why? trump or any republican needs to win the big industrial states. kasich may be the way to get there. rubio is silly, and carson endorsing trump, yawn of the day, who cares. >> i agree with him on carson. liz: corey isn't donald trump. if you create an atmosphere where the press are attacked, and he the other night, tuesday night after he did very well in many of the states he was mocking some of the reporters, you know, he really has made it very clear he hates the press, he hates the media. >> not the first one to do that in public life. >> yes, and donald trump last night said after the debate that michelle fields was making it up and it just didn't happen. he defended lewandowski. liz: now there is a video according to c-span? >> according to c-span, that i have it on the b-roll. attacking the press may be part of the broader strategy of
going after the elites. donald trump, that strategy has worked very well for him. liz: we will be watching it as ohio goes, so goes the nation. ohio has picked every winning president as far as the nominee process since 1960. we've got all of your election coverage 2016. on monday, we focus on "countdown" to ohio. republican party chair matt borgis is joining me live along with a fox business exclusive, chairman and ceo of cliffs natural resources, tuesday night lou dobbs kicks off super tuesday 2.0 coverage, neil cavuto and the fox business all-stars give you the story lines. stay on the air until winners are called in ohio, florida, illinois and the rest. "countdown to the closing bell" coming right back.
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to help you keep rolling with confidence. go long™. ♪ . liz: closing bell ringing in about 12 minutes. we are jumping, up 216 points. no late sell-off at all here. people were wondering, at least down at new york stock exchange, whether we'd see a little profit taking. not so much. highs of the session, big rally here, but let's get to the coal story. fox business covering this closely. seldom has the outlook for coal been bleaker. the 10-year picture has been horrifying, due to a lot of things, the obama administration has not been friendly to, it as we see the 10-year charts, you can see they have continued to fall simply because the world is choosing to go cleaner. well, a new report from the labor department showing more
problems for the coalmining industry, more than 20,000 jobs lost in just february alone. kentucky, the third largest coal producer hit very hard with a loss of 6700 coalmining jobs. we sent adam shapiro to hazard, kentucky, a mining town deeply impacted by these cuts, and got to look forward, don't they, adam? >> they have to look forward unfortunately on april 1st. more than 100 miners are expecting to lose their jobs, notified by a company there are going to be more layoffs, possibly. we went into a mine yesterday. you can see we went down about 800 feet and then about 3 miles into a mountain where they are still mining. inside one mine which employed 640 now 220. the outlook in hazard, as you quoted job numbers is difficult in kentucky which lost 7,000 jobs since president obama took jobs. we spoke to a miner, gary
combs, mining for 26 years, and only now he thinks his future is bleak. listen to what he told us. >> i've got hundreds of friends that's been laid off. they went out to west get jobs and worked for a while. things out there didn't work out neither. they're back home now and living day to day, waiting for things to come back and hopefully it will come back, and if not, i don't know what the future is for our kids or community or what it's going turn into. >> reporter: the irony of this is that in 1977, the country, the united states, in the middle of the energy crisis, it was president jimmy carter who in his speech of april of 77 said we need to shift to coal. we did. more than a billion tons of coal a year, that's fallen below 900 million tons, and people are paying the price. 38% of electricity comes from coal.
and by 2030, 30% from coal. shift surround way. liz: by the way, the railroads are shipping less coal from these areas, they too are down for the count on that level. adam, thank you very much. adam shapiro. "countdown to the closing bell," we're ten, make it 9 minutes away. still, the rally in full swing. the dow is up 211 points. do you really need to pay someone to lose you money? the performance numbers for money managers are in, and the numbers may infuriate you if you're one who pays someone to handle your investment. the pathetic performance, where they're going wrong and what you might do about it. charlie breaks it next.
s&p jumping 31 points with just about five minutes to go. look, markets recovered after the worst start to the year. if you're paying a professional to manage your nest egg, you're probably not doing as well as you think or as well as you liked. joining us for the numbers to explain why, the managing director at zor capital along with fox business senior correspondent charlie gasparino. first off, charlie, the numbers do not look good for guys people pay a lot of money to. >> i don't know how hedge funds, two and 20. 2% management and 20% of profit comes out. i don't know how you justify that. joe will unpack this but i will say this these are the top money managers in the country, joe who will point this out, are all down. one is up ironically steve cohen. managing his own money. liz: to that end, joe, what is going on? do we need to pay people to lose
our own money here? >> there are two things. the average stock is down a lot more than the index. last year for example, the market was flat but beneath the surface so many stocks in the s&p 500 were negative. we're off 19% off the average stock in the s&p 500. that is because market weighted if you were not in facebooks, home depot, 10 big caps stocks holding up market, you were in energy and commodity names. that is why people underperformed last year. >> joe, we basically have a bear market in reality is what you're saying? >> beneath the surface there is a lot going on. for money managers this year is exactly opposite of last year. this year netflix and amazon are down, what is up are beaten down names. the people chasing performance, biotech is perfect example. was up 30% recently.
now 30% off its highs or 45% off its highs and 30% for the year. liz: it is frustrating for people, joe, pay money managers or hedge funds or basic mutual funds a percentage and they can't even get it right. why not be in index fund which is something warren buffett always argued? >> i agree. average investor, 88 mutual funds can't beat benchmark. just be in the index. be in the s&p 500, plenty international diversified companies and you're better off being in the index where it is low cost for the average investor. there are many some people are looking for, high net worth institutions looking for hedged products. they shouldn't be compared to the s&p because they're not fully invested 100% the time. >> average people have been slowly going into hedge funds, talking about average people, beyond institutions. we're talking about modestly rich people, not the super-rich
going into hedge fund more and more because they think these guys have the magic bullet obviouslies bill ackman is down what, 20% this year. >> people are concentrated, when you're getting into something like that they're concentrated portfolios. some people want short exposure. the market we haven't seen nasty corrections until this year but last five years anytime we had a dip it snapped back so quickly those managers have difficult time-out performing because the market doesn't stay down. >> is ackman and peltzs, maybe i shouldn't use them because they're bad example. peltz is activist investor. he takes concentrated plays, so does ackman but generally those money managers are they doing rotation? are they trying to catch up to the market? >> for those guys to their defense they're in it for the long run. they have a good track record. liz: perfect example, saily ant
mr. act mon lost a lot of -- valeant, mr. ackman lost a lot of money. he believes in the end he will come out a winner. people watching us, looking at these numbers, they're saying they can't even perform as well as basic s&p? it is really annoying for some people out there. >> i agree. average person in the 401(k), 10 or 12 mutual funds, you're better off putting entire thing in s&p 500. if nine or 10 can't beat in the average you might as well be in the average. people want hedge exposure or believe in manager want concentration, by all means go with one of those managers. you have to be with them for a long time. even david tepper had three 30% declines in the last 15 years. he is one of the best out there if you were patient with him. joe, charlie, great to have insight. thank you so much. look at this, bulls come out the victors. dow up near the highs of the session up 219 points.
triple-digit rally driving the market higher for the week. [closing bell rings] don't forget the fed meets next week. let's make it a date on monday. closing bell rings. david and melissa pick you it up here with the "after the bell." david: i'm david asman. melissa: i'm melissa francis. this is "after the bell." new this hour, bringing the bern to the buckeye state, bernie sanders bringing rally to ohio. his surprise win he says in michigan rattled hillary clinton and tuesday's races will be closer than you think. family of nancy reagan along with distinguished guests from capitol hill to hollywood are paying their final respects right now to the former first lady. david: as the rain begins to fall there. we have you covered on all top stories. back to today's market rally.