tv Countdown to the Closing Bell With Liz Claman FOX Business July 5, 2016 3:00pm-4:01pm EDT
views of the planet during a two-year long mission. we can't wait to see pictures. stocks for this, lockheed martin made the spacecraft. stock hit a new lifetime high today on this news. huge success. a lot of fun. lockheed martin hitting lifetime high. down five cents. time to liz claman. other to you. liz: no circling. we have touchdown. president obama and hillary clinton have touched down in charlotte. you're looking at live pictures of convention center. capacity crowd in the arena as the president is on deck to make the first campaign appearance for the presumptive nominee. touching down in charlotte, north carolina, half an hour ago, on the same day the fbi director made a dramatic and detailed statement about his agency's investigation of hillary clinton's private server and emails. james comey declaring today, no charges. america's top law enforcement agency announced he could not
find a case to support bringing criminal charges against clinton, but, the fbi did find that the former secretary of state and her staff were, quote, extremely careless in their handling of extremely sensitive classified information, including sending 110 emails in 52 email chains containing classified information at the time of transmission. tom bayer is a clinton insider. he produced both of bill clinton's inaugurations. he will tell us how hillary must battle what team clinton knows will be an all-out trump assault over the scandal regarding the server. on wall street, this the beginning of the real "brexit" hurricane? three british financial names suspend trading to stop investors from running for the exits. look at uncertainty spilling over in our markets. the dow jones industrials do 141 points. we'll show you bank and bond yields screaming, look out below!. with the dow down 139, the low
of the session down 164. we're hour from the closing bell. a lot of news here. let's start the "countdown." ♪ liz: breaking news. we need to show you the markets, they are snapping their longest winning streak since march as a couple of worrisome developments hitting stocks right now. we have the vix, the so-called fear index, volatility index in essence signaling that the wall street is back in risk-off mode, hands off for stocks at the moment, jumping nearly 11%. it took a day or two after the british exit shock. three of them suspending trading or outright closing up shop after a wave of investors ran for the exits. m and g property, this is a reit, it shut down the 4.4 billion-pound fund. aviva, and standard life, both
halting trading. european banks feel act shiver. royal bank of scotland, lloyd's, barclays, hsbc all of them tanking 5% to down nearly 9%. we need to tell you, these names trade here in the united states but our u.s. financials that really underpin our markets. they are some of the biggest laggards on the s&p 500 today. goldman down 2.75%. jpmorgan down and follows morgan stanley down 3 and 2/3's%. gold, that trade is back on. gold miners looking pretty decent here. barrick, moving 3/of a percent to nearly 3, 4%. get to the big news of the day. extremely careless, is what fbi director james comey called hillary clinton and her staff today during his recommendations
that no charges should be filed against the presidential nominee. >> there is evidence of potential violations of statutes regarding handling of the classified information, our judgment no reasonable prosecutor would bring such a case. in looking back at our investigations into the mishandling and removal of classified information we can not find a case that would support bringing criminal charges. liz: so the dramatic scolding which went on for about half an hour, as more of a slap on the wrist for hillary clinton so far, and it certainly immediately prompted cry from all parts of republican party that obviously, to be expected. house speaker paul ryan said, quote, the announcement defies explanation. former house oversight chairman darrell issa say justice and accountability seem to have evaded the american people. blake burman more on gop reaction to the announcement. break, not a surprise they would be using this but does this get any traction here? reporter: the republican
national committee, lizs put out a statement, they feel that hillary clinton has been lying to the american public for the last six teen months or so. you can see the case. you read out some of it, they will be building over the next four or five months to november. speaking of november, in a potential showing what might happen between now and then, president obama will be standing side by side with hillary clinton in north carolina in minutes. you see part of that on the screen. this is part of her first campaign event. we do not expect, the president to announce the about the decision by james comey. they said there is not a position from the white house, because the justice department has yet to announce its final decision. the plan, for the president to enthusiastically push clinton why she would be a great spokesperson. state department spokesman john kirby is taking a passing they don't want to get ahead of doj
he is pushing back on the notion there is lax culture at the department as it relates to handling of classified information. we'll see here soon if clinton herself addresses the fbi's findings and recommendation. her campaign already released a statement on this day. i will read it to you in full. i am quoting here. we are pleased that the career officials handling this case determined no further action i about the department is appropriate as the secretary has long said. it was a mistake to use her personal email and she would not do it again. they say we are glad that this matter is resolved. donald trump, he put out a statement earlier today, liz, as well. he reacted on twitter, quoting from him, from his twitter account, quote, fbi director said "crooked hillary" compromised national security, no charges. wow, he uses #riggedsystem. we will hear from hillary clinton in ten minutes. we'll see what she says. donald trump speaks in the very same state down the road at
raleigh at 7:00. four hours from now. and it is probably a save bet, liz, that we will get to hear from trump on this later tonight. liz: in fact i'm just looking at his twitter feed. he has only done the one tweet about hillary clinton. he does mention he is looking forward to meeting senator bob corker of tennessee, certainly in a little while. he will be meeting in north carolina as he mentioned. blake, thank you very much. so will hillary clinton or president obama, i know blake just said they wouldn't, but will they in some way, shape or form acknowledge latest developments from the fbi, even perhaps with a throwaway comment? we will take you live to charlotte. as you can see, folks have gathered. they are waiting beneath stronger together campaign sign. we'll take you right there to charlotte when the president and hillary clinton take the stage together for the first time to dip in and see what they say. in the meantime we need to get to oil right this very second, while it is trading in the after-market, boy, is it trading
down, 4 and 3/4%. it is getting crushed. we're only eight cents above. the problem that companies operate oil rigs appear to be getting more confident. why is that a problem? when the rig count which is pretty much a proxy in the activity in the oil patch, that means too much supply. it has risen to its highest level in six months. jumped another 11. let's get right to the floor show where oil is traded in u.s., that is the nymex. we have traders at nyse and cme. to you, elliot warren, too much supply once again? we have other issues with oil. you have the supply glut. we got weak data specifically indicating that the economy here in the u.s. is quite anemic. the two together equal real bearishness at the moment. >> you know, liz i think we talked about this a lot with crude, sort of consolidating around the $50 mark. now it is down some. personally i look for it -- it wouldn't shock me to rally back up a little bit close to $50.
long term i definitely believe it is going down. i think you have to keep an eye on natural gas as well. that is down almost 10%. liz: that is interesting, because it has been having a rally here and there. >> it has been up about 50% over the last month and today it gave back about a quarter of that rally. liz: 7%. >> natural gas as domestic product really still. we're still not shipping lng yet. natural gas is lot of volatility. i look for that to keep going lower as well. liz: let me get to teddy on the floor of new york stock exchange. not surprising after four very significant rallies post-"brexit" it was pretty stunning. in two days after the british decided to exit the european union, the markets fell, at least the dow, 871 points. the following four sessions they scratched back 809. so you give up another 100 points or some is that normal? >> i guess so, liz. sort of a good news-bad news rob significance. the bad news every time we get
up to the dow 18,000 level the market runs out of steam. the good news the rally we saw last week was really broad based, much more so than we have seen the last six to eight months what we've seen rallies. that was really good. and number two, the fed is on hold for interest rates. that is a plus for the market. the another negative when they get up here and they seem to run at of steam and there doesn't seem to be a catalyst to punch them through, significantly punch them through dow 18,000 area. i don't know what it is going to be. the problems are still out there aided by "brexit" which we didn't have to deal with before last week. my guess it will be tough sledding from here on out. liz: yeah. you've got thinner volume, larry but i need to talk about, we said gold was a fear trade. let me tell youing, treasurys this, 10-year yield hitting all-time low. that was earlier, 1.37%. i'm looking at 1.36 at the moment for the -- >> yep.
liz: this is unbelievable here. people are barely getting any money back just to park it, not to mention negative rates, folks, please mark this as a day liz is warning you see negative rates in switzerland, negative bond yields when it comes to germany and japan. this is a possible real problem here that could blow up and scatter all kinds of drama over people, right? >> yeah, it definitely could and it is really scary to see yields as low as they are but we have to remember that sentiment can become a fundamental. that's what we're seeing right now as sentiment is so dour, so half empty that -- liz: larry the point where people should be really selectively picking good names? >> oh, absolutely and that's i would underweight a month ago, when it comes to names i would still look for high dividend, old world stocks to buy. when it comes to treasurys, i'm really nervous about buying them although i do own them in the fund. what i'm really worried about, nobody is talking about is
fiscal stimulation because right now monetary policy is exhausted. nobody cares bit anymore. what happens if governments start to borrowing at low rates for infrastructure projects? that is going to blow up the bond market overnight with that kind of news coming out. so that is what i'm worried about. right now it is a lot of bad, pour, dour sentiment running this treasury market. liz: i heard teddy grown. we have to run because the president and hillary clinton -- quickly. as we await the president. >> i want to point out energy led the rally. energy was talking about leading recovery. treading 18,000 without treasury's help i'm no equity guy. with oil not helping and stocks still staying high i think that is something to look at. liz: the oil guy jumps in on the equity side. elliot, nice move there. we have to run we have to take a quick break. teddy, elliot.
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campaign for the presumptive democratic presidential nominee, hillary clinton. this was extraordinarily interesting and possibly awkward backdrop? just as fbi director james comey recommends hillary clinton face no charges for her use of a personal server. by the way, hillary clinton, topping her republican competitor in yet another poll. this one, "usa today." 45.6% to donald trump's 40.4%. and the president has his own polls that he can boast about as his approval rating hits now 56%. by the way that is the highest level since 2011, after the killing of usama bin laden. how much does today do for hillary's chances? let's bring in christie setzer, democratic strategist, along with adam goodman, a republican strategist. i apologize in advance if i interrupt you guys. christie, do they acknowledge
anything about the email scandal when they get on stage. >> i don't think so. i don't think they can. the white house hasn't said anything. state department hasn't said anything. seems like everyone is kind of waiting to see who is going to make the next move first. there hasn't been much of a official sons from the clinton campaign itself. everybody is in wait and see mode. i don't think it is particularly appropriate for the president to go out and say anything about it. i wouldn't expect that. liz: he said he won't because the department of justice needs to give the final word. this thing is not entirely over, adam. >> right. liz: some people are saying it is clear sailing for hillary clinton. i would say hardly. let's just say the doj doesn't even bring any misdemeanor or fines or anything like that. direct tore comey -- director comey gave a laundry list of issues might make undecideds question a vote for hillary clinton especially when he says things like she used her email
extensively outside the u.s. in territories that have hostile actors and this stuff was secretive? >> tell, you liz, maybe she feels relieved today, but the country feels aggrieved. hillary clinton did not tell the truth on several occasions. she lied about passing on classified information. she lied about the fact that she had more than one server. she hasn't told the truth. as you know, the most recent fox polls by two to one, americans just simply don't trust her. and bottom line in all of this, is they think the country has to be shaking in its boot as bit, top secrets, the most sensitive information was possibly available to be hacked by the north koreans, by russians, by the chinese. this was not only a lapse in judgment, this is really an error by someone you would expect better from. liz: what about this line, christie, comey said evidence shows, evidence, that any reasonable person should have known that this stuff was highly secret? >> right.
liz: if i'm undecided, i'm left thinking, so is hillary clinton not reasonable? that is not a good thing. >> no, no, it is not. ultimately this is still a huge sigh of relief for the clinton campaign. liz: true but -- >> everyone will take away from it, the fact that there was no wrongdoing. no prosecutor would bring this case. so, you know, look, people may read the statement but they will not remember much more than the fact that the republican appointed by george w. bush, fbi director, said that basically there is not enough there there. you know, again so i think if you're somebody who is on the fence, that is what you're waiting on. remember it is not just from the right she is facing these attacks but also from the left as well. a huge rationale for bernie sanders's continuing campaign, well past the point where it was going to be mathematically impossible for him to secure the nomination was based on the fact that something might have happened here. it didn't. so i think from this point on, she can breathe a pretty big sigh of relief.
liz: they're playing the katy perry song, "roar." you have to figure since katy perry definitely supported hillary clinton she might be on the verge. adam, quickly, we watch the curtain, i see some fluttering here, what does donald trump do, he splices together a bunch of comments james comey made but some. polls want to move on, they don't care about that, they would rather see people do on the economy? >> at end of the day this is referendum on the system. truthfulness around candor will not be strong suits on hillary clinton. as much as she tries to be they will not be that is another distinction. seems to be someone the system favors. you might say in a bit after double-standard. and so moving forward, i think trump will stay right to the message about the economy, about a referendum on a system rigged and broken. at the end of the day the american people will weigh in on whether they like the way things are going for eight years and willing to make piece of history, not just electing the first woman as president,
electing the first party to succeed itself after eight years in the white house for the first time since the early '50s. i don't think it is going to happen. liz: christie, north carolina, a key battleground state. interesting choice here, for the first time, take the stage, with hillary clinton. what does president obama say once he gets out here? what do you expect he will highlight when it comes to hillary? >> i mean of course he will talk about, for example his own record in continuing that record of achievement. everything from the affordable care act which again you take back to hillary's early working to secure children's health insurance back in the '90s, to her work abroad. so you know, i think it will be interesting message where he is both talking about obviously his own work and his own achievements and his own legacy and talking about how she is going to be continuing that. liz: adam, go ahead. i mean, if you're an undecided what do you need to hear here? >> you need to hear that secretary clinton has ideas
other than continuing what has been going on for the last eight years. that is what you need to hear. >> she has 56% approval rating. >> i think bernie sanders had a more compelling message on that front than secretary clinton. i think she is lost there being progressive candidate with new ideas and how to change things, where people are really feeling again aggrieved. it is not good. liz: go ahead, christie,. >> by the way, liz, you now see the president and hillary are all in together. there you go. liz: go ahead, christie. >> sure. which i think that a lot of republicans or people who are opposed to hillary clinton, see it as a negative thing that she may, you know, continue the legacy, some of the policies of president obama. however again we have to remember he is actually most popular point in a very long time since 2011. this is actually good thing. he did win twice. the fact that they are in north carolina right now is also of course very important as
well. liz: president obama won in 2008, he won north carolina in 2008 but he did not take knit 2012. >> that's right. that's right. so this is a state i think will be particularly important if we see democrats having ability to get expanded map, get states they maybe otherwise might be in flay with somebody stronger nominee than donald trump, especially some. issues that have come to the fore in north carolina recently. for example, the transgender battle. i think, are that may feel marginalized -- liz: that is a small, that is a smaller issue, adam. it is the economy and right now, we're not through the british exit. i can guarranty you, we will have a rocking and rolling summer when it comes to fits and starts with the stock market. we're seeing it here with the dow coming off four great days pulling back 123 points. not worst thing you would ever seen. you have three different financially related companies in england that have either halted,
suspended trading or outright closing down their businesses. you have got to wonder what happens to our banks? then we have the redux about conditions al security here in the united states. >> sure. >> there is no question. just as, britain declared some degree of independence, we'll now see what that means, america is looking very keenly on this, whether or not there is permission slip from others around the world where they think the system kind of let them down. you might sigh is the republican message of the year and theme of the campaign. liz: everybody talks about frexit for france. czech out for czech republic. you may or may not see at that at the moment. this will be the very first time that president obama takes the stage to outright campaign for hillary clinton. timing obviously is certainly interesting. james comey, the director of the fib by, just a few hours ago,
came out, 11:00 a.m. eastern hour, and said, we can not bring charges here because we don't see intent when it comes to criminal intent and the way hillary clinton used her email and her private server while she was secretary of state. that said, he listed as i call it a longry list. where any reasonable person should have don't -- christie, inhillary clinton may have stuff ad confetti can filled with emails and blasted it off to countries, it is scattered all over countries that don't particularly like us and disturbing and questionable when you really bring up ideas whether somebody has good judgment about these things? >> look, careless is certainly not the headline thaw want if you are the clinton campaign.
what it also does of course gives people who think she is already sort of has some truthfulness eschews, give -- issues gives them another arrow in the quiver to give the argument f you're on the fence and this is the reason you're on the fence it gives a reason to say i actually feel okay about her right now. it was not that bad. it certainly wasn't criminal. there will be no indictment i think i can go ahead and support hillary. the alternative is donald trump. liz: before you jump in, donald trump was the one who questioned whether president obama was even born here. there is zero love lost between these two. you got to explain to me what he gets out of this now? what does donald trump do, besides as i said, splice a bunch of comey's comments together? that works in a commercial couple of times but beyond that, he has got his own issues to deal with? >> well, i think donald trump has to get back on his game again. obviously he has had some missteps in the last couple weeks.
he has got to get, got to find footing again moving into and beyond the convention, that's clear. but his message, the message throughout the entire cycle, liz, has been consistent and compelling. the message from america to america we can do better than we're doing right now. liz: stand by, here they come, president barack obama coming before a huge crowd here in charlotte, north carolina, at the convention center. let's listen in for a moment. fine katy perry song. ♪ this of course interesting timing as i mentioned. the president has a bit more of a clear runaway because just a couple of hours ago, the director of the fbi, james comey, announced that he was not recommending the department of justice bring charges against hillary clinton, regarding the email scandal.
her risk goes down. her political risk on a day like this goes down but it is not entirely vaporized here. there is still questions about whether the department of justice and loretta lynch, the attorney general, who had very clearly said she would leave it to career prosecutors to decide whether they come through with all of this. as they continue to wave, we can at least punch up tom baer for a minute here. he is joining us now. you produced both of bill clinton's inaugurations. what happens here on this stage? president obama has made it clear through his staff he will not be commenting on the email scandal, so what does he say for hillary? >> he is starting to revive the combination of people who supported him in 2008, 2012. the purpose of this is to basically mobilize that obama coalition and that is what you're going to hear. in north carolina, we're talking
about blacks, hispanics, minorities, that he put together and young people, which is so vital to hillary's victory. liz: you make a interesting point considering the demographics the north carolina could possibly favor her at this point around. what are you seeing on ground first of all in north carolina? >> north carolina is very important state. liz: key battleground. >> has a lot of electoral votes and key state, very important to her victory. what is happening on the ground is people are supporting hillary and we have to, we have to bring that around and solidify that. >> clearly the president about to support hillary for the first time during this election season. let's listen in to hillary clinton. let's. ♪ >> thank you! >> hillary! >> thank you so much.
hello, charlotte! [cheers and applause] it is so great to be back in north carolina with so many friends. [cheering] with congresswoman elma adams and congressman david pryce and congressman g.k. butterfield. and your next u.s. senator, debra ross. [cheering] and your next governor, roy cooper. [cheering] and of course with our president, barack obama! [cheering] i feel very privileged because
i've known the president in many roles. as a colleague in the senate. as an opponent in a hard-fought primary. and, and the president was so proud to serve as secretary of state. [cheering] but i've also known him as the friend that i was honored to stand with in the good times and the hard times. someone who has never forgotten where he came from. [cheering] and donald, if you're out there tweeting, it is hawaii. [cheering] so over the years we've had some
memorable experiences together. like, storming a secret meeting of foreign leaders at a global climate summit. that was fun. >> that was fun. [laughter]. >> you you should have seen the chinese guards try to stop us. now they put their arms out and, the president just went right through. then they put their arms out and i went right under! [cheering] the president with that amazing smile of his, hey, we've been looking for you. now, through it all, as we went from political rivals to partners, to friends, mys steam for him just kept growing. and so did my admiration, for his brilliant wife, michelle. [cheering]
and those two amazing daughters that they have raised. [cheering] and you know, my husband and i know a little bit about how hard it is to raise a child in the public eye. in the fishbowl of the white house but the obamas have done a fabulous job. [cheering] malia, who just graduated from high school, and celebrated her 18th birthday yesterday. [cheering] and sasha, who has the energy and enthusiasm of a wonderful young woman. now i happen to think those two young women may be the most impressive accomplishments of all of our president. [cheering]
and it is one of the many reasons why it means so much to me personally to have the president's support in this campaign. after all, he knows a thing or two about winning elections. take it from me. [cheering] and he also knows that despite all the progress we've made under his leadership, and yes, we have -- [cheering] we still have a lot of work to do. president obama's job, one that he did not ask for but was handed to him, was to save us from a second great depression and that is exactly what he did! [cheering] actually, i don't think he gets the credit he deserves for saving our economy. [cheering]
we've added 14 million private sector jobs. the auto industry just had its best year ever. 20 million people now have health care. clean energy production has soared. i could go on and on but you get the idea. that is what leadership looks like. so our next president has a different job to do. building on the progress that president obama has made. we have to continue to take on deep structural challenges, that existed long before the great recession. we see it here in north carolina, and across the country. inequality is too high. wages are too low and it is just too hard to get ahead. we need an economy that works for everyone, not just those at the top! [cheering]
so we're setting five big ambitious goals. first, under president obama and vice president biden we've had 75 straight months of job growth. [cheering] i want us to see 75 more. so in my first 100 days as president, we'll make the biggest investment in new, good-paying jobs since world war ii. [cheering] when i say good-paying jobs, i mean exactly that. donald trump thinks wages are too high. he actually stood on the debate stage and said that. and he wants to get rid of the federal minimum wage all together. liz: hillary clinton out there on stage for the very first time with president barack obama.
when the president begins to speak we will go back to it. but hillary clinton obviously going straight down the highway of the economy, talking about not only the legacy she feels president obama is leaving but not only what she will do. i'm back with tom baer who produced both of bill clinton's inauguration. >> hope i can do another one. liz: in a way talked about her own new deal, a la, fdr, the biggest since the great depression. we'll definitely create jobs that are skilled but how is she going to do that? that is what she needs to independent part to the rest of the world, not just to north carolina. >> i agree. she will do that by having a plan and program that gets through the congress that creates jobs for americans. it is just that simple. in addition there will be a rather large infrastructure expenditure which i think -- liz: which should have been done under barack obama but was not, tom. >> we have a lot of republicans in the house and senate that oppose everything obama wants. liz: they gave him the
800 billion stimulus, 830 billion. >> but that was in a time of gross crisis to use the word gross. liz: all the more reason have done it. what is happening on screen. look at this image, folks. you have hillary clinton with the presidential seal right on the podium. is, is that sort of, you know, an interesting metaphor here or is it something that they're trying to impart? was this obviously focused upon as an idea. >> obvious with you, somewhat unusual. what usually happens is the seal is not on until the president goes on and someone hooks it on. liz: what is going on here then. >> i don't know. maybe they don't have anybody doing that today. the fact of matter the seal is usually reserved for the president by white house communications. liz: that is very interestin you would have experience. >> i do. >> have you ever been the guy who hooks on the seal after the first person speaks? >> no. anyway, a minor point. i think significance -- liz: some would say it's a major
calculation. >> image is very important and i agree this is important image. but this is a very important die for both hillary clinton and barack obama. because he gets the opportunity, to go out and create the same coalition and she goes out free from the overhang of a possible criminal case. so this is a big day for them. liz: the department of justice still has to officially weigh in on this, tom. >> yes. liz: what do you -- play this out for us. you could simply say they will take comey's recommendation. >> right. liz: which is to not put down an indictment there but there are going to be machinations beneath the scenes. >> i think that the fact there are professionals in the department does mean that there will be a lot of give-and-take with respect to this decision but i think mr. comey's statement was so transparent and so fulsome, that it is highly unlikely they would reverse that. what i'm afraid of is that with this world of leaking, that somebody in the justice department will leak that they
actually opposed it. i think at the end of the day the professionals will support the director because the director's position was, no reasonable prosecutor would bring this case in absence much intent. that is a matter that they have research extensively. liz: rudy giuliani would definitely disagree with that he was on 1:00 p.m. eastern hour. he was a prosecutor. he has brought up article after article, section 793 which is a misdemeanor which would simply say that if you violate certain codes, if you're negligent, you have to at least pay a fine of some sort. that goes back to the general petraeus issue which is what he pled guilty to. let me just say we'll take a quick break. come back before. we hope the president begins to speak. we need to quickly look at markets here. when hillary clinton and president obama had come out on stage, we were down about 124 points. we have lopped 24 points off that loss. we're down 99 at the moment with
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liz: 14 minutes before the closing bell ring. hillary clinton still speaking in charlotte, north carolina. this has an interesting backdrop. two things, number one what you see on the screen is very interesting. tom baer, very close clinton con fed daunt, found it interesting. hillary clinton hillary clinton standing at podium with seal of the president of the united states. tom says that is unusual. usually preambles and people about to introduce the president, no matter which president it is they will remove the seal, just as he is about to
take the podium they will have somebody hook the seal there. i'm not looking too much into this. it is interesting, something to point out. that seal is standing right there with hillary clinton at the podium. as we wait for him to speak, charlie gasparino is joining me right now. especially considering an interesting, you see the front drop, not such a word, but the backdrop james comey at fbi said no indictment on e-mail scandal. >> right. what is interesting is the reaction from his white-collar targets. he was u.s. attorney for southern district. brought a lot of cases against wall street types. even martha stewart, cases that you would think was on less evidence, or maybe on same type of evidence this case, which he didn't bring. put one tweet on from one of his targets, gentleman by the name frank quattrone. long-time investment banker, essentially indicted sending a email he said let's follow procedures on how to handle documents. we should throw the tweet up there because it is fascinating.
basically it says, president is speaking. you can quickly finish your thought. >> my point, it said he was indicted for a 23-word tweet. a 23 word email. liz: and president obama ready to take that podium with the seal remaining right there. let's listen in. [cheering] >> how are you doing, charlotte? [cheering] are you fired up?! >> yes. >> are you ready to go? [shouting] >> fire it up! i am fired up. hillary got me fired up! she, she got me ready to do some work! [cheering] so i hope everybody had a great 4th of july. >> yes! >> we love you. >> i love you back. [cheering] now, first of all, let me just
say, i like any excuse to come to north carolina. [cheering] i just like north carolina. i love, i love the people of north carolina. i used to, i used, when we used to campaign here i used to say, even the people who aren't voting for me are nice. [laughter]. that is not true everywhere. so you got great people here. and then you got great food. [cheering] north carolina has got some food. in fact i will find someplace to stop and get some food before i head back to d.c. i know y'all have recommendations. i know i can't go to your house to get the food. although i'm sure you're an excellent cook. [laughter]. then you have got great basketball. [cheering] you have got great basketball. we all know that.
we all know that, but i'm not going to get in between all the tarheel and wolf pack and you know. [shouting] blue devils. deacons. i'm not going, i'm not going to get into all of that. you just have great basketball in north carolina. so i love an excuse to come to north carolina. but, i'm here for a simple reason. i'm glad to see our outstanding congressional delegation. you are lucky to have them. i'm glad you have an outstanding candidate for the senate and an outstanding candidate for governor. i'm going to be working for them too. but i'm here today because i believe in hillary clinton. [cheers and applause] i want you to help elect her to be the next president of the united states of america! that's why i'm here.
[cheers and applause] now this is not -- liz: president obama, at the podium, supporting hillary clinton for the very first time during this election season. as soon as, or if he begins to speak on anything that we feel is substantive as far as perhaps the email scandal, et cetera, we will dip right back into it. but for now i have charlie sitting here as well. talk about the wall street crowd. how they perceive all that has happened? >> we should point out jim comey was a long-time u.s. attorney. then he went into private practice as general counsel for a wall street firm. now he has been appointed by president obama as fbi. appointed by bush for u.s. southern district. he made his bones going after wall street many ways. frank quattrone is the banker i told you about. if we put up the tweet. liz: we're keeping camera on the president. >> the tweet said he basically indicted me for a 23-word email.
that is what frank quattrone said and he couldn't bring charges against hillary clinton. that 23-word email said something could be construed 15 different ways, which juan way comey took, that frank quattrone wanted his subordinates to destroy documents during an investigation. could have been taken a lot of different ways. by the way his case was thrown out of court. it was overturned and settled with the justice department on non-prosecution agreement. the point is, that people on wall street are looking at that case, many other cases, some insider trading cases been overturned, where is the justice, if you bring, by the way. these insider trading cases have been overturned based on rack -- lack of evidence. okay bringing charges on wall street guys based on flimsy evidence, why would you give hillary clinton a pass? what they're say something nothing more than politics here. we should point out that a lot of people thought, including myself when loretta lynch said that james comey, that is the u.s. attorney, said to, that
james comey would be handling the case after she met with bill clinton, assuming conflict of interest last week, a lot of people think james comey is straight-shooter and go basically do the right thing and bring some charges. but i'll tell you that press conference, this is where i think comey's reputation is on the line here. he said stuff that made it sound like he wanted to bring charges. that his staff wanted to bring charges. and at the end he said no. and something he will have to answer for. liz: he said, he gives this massive outline of all of what appeared to regular folks to be massive issues. 2,000 were up-classified. 2000 of these emails. 110 of them were classified. eight were top secret. seven were top secret special access. for those of who don't know what that means, that means top secret and even members of congress can't even look at them. this was serious -- >> not only that, she used mainly her private account. liz: well that is --
>> that she didn't show intent to break the law. now the question is this, and this, sr. we didn't answer. when you walk into a bank with a gun to rob a bank your intent is implicit walking into a bank. liz: obviously. >> what is your intent to create a private email account? liz: because it was easy she would argue. >> you only use that, well i bring a gun in because i didn't want to kill anybody. liz: listen, it was easy. >> never done before. liz: it was lazy. >> lazy? liz: i'm just figuring what she might say. >> i'm saying that -- liz: but in the end loretta lynch she will leave it up to quote, career prosecutors. >> listen -- i thinkames comey put the final nail in the coffin from a prosecutorial standpoint. liz: probably. >> i don't think the, the, controversy goes away because when you talk to lawyers, it is so obvious. you can't just ignore the law. there are rules that say you can't do what she did. by ignoring that, whether you did it intentionally or not, you recklessly ignored the rules.
that so me seems like the basis for a misdemeanor charge at the very least. i'm not a lawyer. but i talk to them every day. liz: none of the emails, even said should have ever been on a private server. >> why? liz: becauser this classified. >> they are are laws about that. didn't he say that? liz: yes. criminal intent is not what he found. charlie, i'm with you, this is what he looked at and says can i win this case. >> no, not him. he said can a prosecutor win the case. liz: can a prosecutor win the case. >> why is he opining what a prosecutor should do? he should tell them -- liz: he has been asked for his recommendation. >> my recommendation we believe and he says it in his statement -- liz: but you don't work for fbi. >> i'm just telling you, this is -- it was one, listen -- liz: people who don't like hillary clinton are furious. the people who do, don't care. >> i come on the show beat up dold trump all day. i'm telling you his statement was big nonsequiter.
he got up and said she did this wrong, did that wrong, by the way there is lots of evidence to suggest she broke these rules but guess what, there is no criminal know because i don't know about intent. she did all the bad stuff but i can't prove she did this intentionally to break the law, by setting up email server in itself, is it, evidence of intent? liz: well i intend to go to lori rothman. he. lori, we have four minutes to go. we have financials dropping, oil tanking. give me a sense what is happening on floor. >> liz, the market came well off session lows. -- obamacare, you were dipping back and forth. this is very typical risk-off day. stocks are down triple digits. price of oil is off about 5%. seeing huge gains this bonds.
2014. utilities, reits, telecoms, u.s. staples, we've got a list right there for you. dr. pepper up almost 2%, clorox up 1.5%. liz? liz: lori, thank you very much. with the dow down 112. we need to get to the markets overall and somebody who's got real money in them, that would be hank smith of haverford. it is the first sell-off out of five sessions, you get to me right away and tell me the biggest mistake that investor viewers should not be making in the wake of what happened in the uk, that is the brexit vote? >> two mistakes, getting overly
defensive, and that means keeping money in cash, or parking money in fixed income, which is sovereign debt is the most overvalued asset class there is today. liz: okay, let's clarify that, hank, you're talking about treasuries, right? >> that's correct. liz: don't park it in treasuries right now. don't park it in treasuries yielding 1.3, 1.4%, when you can double that income, double that yield in high-quality blue chip stocks. and get growth of income, which you can't get with fixed income. liz: what stuns me, hank, because it's been a rough road for the financials is you have continued to say buy into the financials. i was looking at the kbw, the banking index, down 12% year to date. last time you were on in may, you recommended the financials. is it a gigantic asterisk
there, decent banks like jpmorgan chase and wells fargo. >> the two highest quality banks are not in the world, jpmorgan and wells fargo. 3%+ dividends, low valuations, ten times earnings year, compared to some of the other defensive stocks that were mentioned earlier, when you have to pay up for 20 times earnings for some of those consumer staple stocks. and i don't think we're going into a recession, true, interest rates are going to remain low for a longer period of time, but i don't think we're going to a recession any time soon. so these look like very attractive values to us. liz: i'm glad you said, that 20 seconds left, do you feel people should be doing stock picking this summer even though
the volume is thin? >> absolutely. use every opportunity of a buying opportunity. liz: we have a sell-off of 114 points on the dow. hank smith, thank you. that will do it for me, i send it over to the closing bell to david and melissa for "after the bell." melissa: stocks in the red right now. i'm melissa francis. david: i'm david asman, this is "after the bell." got you covered on the markets, first here's what else we have for you this hour. on a day when hillary got a pass fr the fbi on indictment, president obama's hitting the campaign trail with hillary. the former rivals appearing together hours after the fbi announced despite her quote extreme carelessness. the fbi would not recommend charges against the former secretary of state. and fresh off several meetings with possible vp contenders and will take the stage with one of