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tv   Cavuto Coast to Coast  FOX Business  July 29, 2016 12:00pm-2:01pm EDT

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discussed -- dissed at the convention. ashley: we heard people shouting black lives matter and very disrespectful and hours later we see another police officer killed in san diego. charles: we are on top of that story, of course, we will give you more updates as we get them. the official presidential nominee hillary clinton, she will be holding a campaign kickoff rally in philadelphia. he's going to make the belt state run. 2016, this sure ain't 1996. >> we know and we work to give the american people a smaller less bureaucratic government in washington and we have to give the people one that lives within its means. the era of big government is over. >> if you believe the minimum
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wage should be a living wage and no one working full-time should have to raise their children in poverty, join us. in my first 100 days we will pass biggest investment since world war ii, bernie sanders and i will work together to make college tuition free for the middle class and debt free for all. charles: this is cavuto coast to coast i'm charles payne for niel cavuto. hillary clinton to sell the virtues of big government but gigantic government. president bill clinton listening to voters then, so is this the new age of big government, not only has it begun but is it now on steroids, the democratic strategist, lauren and mark serrano.
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mark, let me start with you. we are in this as i would call welfare utopia. >> most definitely, charles. ralph, they have nothing on hillary clinton. if you like the soothing grandmotherly comfort of government solutions from cradle to grave then hillary clinton is your candidate. what's very interesting about it, charles, she didn't pretend to be moderate, she went straight to her base and she didn't want to insult bernie sanders supporters in the hall or across america and that's what she is playing for. she clearly believe that big government is the answer. take a look at the economy position, charles, stimulus in history and how she's paying for, taxing the super rich and big companies, that's how she's going to do it, that's big
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government. >> charles: bottom line, when vote gets power, it's $11.5 trillion, that sounds like a nice number, free college for almost everyone, that wins your vote, doesn't it? >> i don't think that it's big government that don't get solved fbi free market. i mean, we had years -- charles: can you name the problems? >> living wages are one of those issues where big businesses have -- where they have stepped and raised wages, raising raising the minimum wage is not a big government, it's a basic solution to make sure americans are not in poverty. we heard millions of america who are hurting, to find job to get out of poverty.
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>> how do they get there? they got the stimulus. the obama stimulus caused poverty and now you want t create more poverty. >> that's not really the point. you asked the question if this is big government. charles: of course, this is big government. that's big government. for the government tells businesses much they must pay people, that not only big government but intrusive government. >> it's a question of values and whether or not we think it's acceptable for americans to work 40 to 60 hours a week to do -- charles: i want to present this to him in a way that could be balance, mark, here is one of the problems. we answered what they called the
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knowledge sensory. we should have companies that are overpaying workers for minimal amounts of skills when we should actually be pressing our entire country for maximum skills. i don't understand why the democrats don't get that as not only -- >> she talked about it last night. charles: mark, why isn't that an economic policy as well as something that's humane, humane is asking people to be the best that they can be? >> stimulus created po poverty in america. we talked about a 15-dollar wage. that's going to create more joblessness. my goodness, charles, the problems with immigration, the problem with taxation, donald trump wants to take taxes down from 35% corporate tax rate to 15% not just for big
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corporations, for all of business. >> let's get a reality check here. charles: hold on a second, lauren. >> let's take a reality check here. stimulus bill helped losing 800,000 jobs a month. blaming stimulus is ridiculous. charles: right. >> i'm a huge advocate, everything i do i do in partnership with big businesses. i'm a huge advocate for big business and often do the right thing. [inaudible] charles: here we are many years later -- >> look at the impact. charles: none of those things help the poor. let's switch topics.
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>> people don't have time. charles: how great the economy is, guys. i want to look at today's news, the u.s. economy grew and expectations were double the mark. does the economy that democrats going to run on one that's jugging at 2.1%. >> good luck. i say good luck, she's not going to build a coalition particularly if the economy is going to drive people to vote. the middle class suffered, struggled, they are out of time, they are out of patience that's been demonstrated throughout the election, they don't want more time, more stimulus to give the democrats time to try to figure this out over the course of 20 to 30 years. look, the great depression was extended because of stimulus policies, the great recession, same darn thing happened and who suffered? the middle class. hillary clinton is going to end up increasing taxes on the middle class.
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>> i do appreciate that people love to paint it this way but it's just factually incorrect. charles: what strikes me is that businesses simply are not spending money because they can't, they are afraid. if you build a factory and kicks up too much dust, you to pay a fine for that. this is the area where mark is trying to make the point. higher taxes, more regulations, more fines, this is all antibusiness stuff and that's why we are only growing 1% a quarter. >> part of why we had -- look, there are a bunch of things that we are mixing up here. the middle class is absolutely hurting. the democrats agree with that. nobody is saying that they're not. the question is what is the right solution and shutting down foreign trade, solution to getting the middle class back to
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work, most intelligent would say no. mike bloomberg who made one of the most compelling case -- charles: what about lowering taxes? making it easier, making it enticing for business -- >> i think that's critical. one of the things hillary talked about is getting vocational education and finding way to putting people back to work into the jobs we need today. the reality is that those things that are not solved by the -- >> we were promised more spending, that's it. 1.2% growth in the company. companies are sitting in the sidelines, they are not investing in inventory and holding onto cash and we have to timulate the economy through the private sector. we have to bring the burden down
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on business so more jobs come naturally, not through government. public sector jobs are not a representation of growth. that's what she said. she said, infrastructure -- >> infrastructure is not always public sector. that's factually incorrect. >> yes, she did. charles: temporary, whatever is created there is temporary. we have seen even with eisenhower, you go back and study it, there was not massive job creation, ultimately a good impact. when you talk about 15-dollar higher minimum wage, you talk about the skills gap, think about what you're saying, if you're going to take some kid who has had trouble in algebra, don't worry about it, i am going to pay you $15 an hour to flip burgers, why should --
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>> that's ridiculous comparison. charles: really? >> humane life because they work in the service that is we all depend on. it's a ridiculous e qif -- --eq uivelency. but when the free market is able to come up with a solution. >> charles: guy, i have to ask you about this. hillary clinton is yet to hold a press conference this year. i think that's 230 -- >> it's not because i'm a democrat that she's perfect, i would love her to see do a press conference. >> you're completely ignoring her policy. charles: hillary doesn't hold press conferences but hitting donald trump really hard for the way he handles reporters at press conferences, take a listen. >> fair game.
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>> so just ask yourselves, you really think donald trump has the temperament to be commander in chief? [shouting] >> if he loses his cool at the slightest provocation, when he's gotten a tough question from a reporter, he's challenged in a debate, a man you can bait with a tweet is not a man we can trust with nuclear weapons. charles: earlier this week donald trump has long conference, some people tells a female reporter to pike down, i forget the words, be quiet, these are the things she's alluding to. a lot different than answering questions when you jump on a bus or a train. >> absolutely. this is the essence of donald trump and what he is doing is waging the war on the pc culture. he is unconventional. he's not going to play the game of the media.
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in 2012 mitt romney won an easy race to win because he was kowtowed by the media. he allowed to be reality. donald trump will not allow that and that's why, look, he's got free-flowing style. he will answer anybody's question any time and he's going to push back in the media. charles: let me tell you, mark -- i kind of hate to admit that the media has a very poor reputation in the media. does he go to far to tell a female reporter to be quiet? >> why should she be any different? she was interpreted him and she knows she's out there supporting hillary's candidacy. what's wrong with that? insulting to a lady. >> i will say this and i think
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many americans agree with me, i think it is heartbreaking that we are calling basic respect, dignity and kindness to other individuals. >> he's fighting for america. >> you can talk to me, it's the same thing. charles let her finish. mark, let her finish. >> attacking people who disagree with you is not really the values this country was based on, this show in the last 20 minutes was part of a perfect example to do that. charles: i accepted, lauren, you know what, you can push that needle too far and overplay your hand as well, let's leave it at that. in the meantime oil bare market territory for a moment. it was down 20% from the recent two-week high. it's bouncing right now. why all the volatility? we will tell you what happens next. we will be right back
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charles: guess what? s&p 500 hit a lie-time high a moment ago. two clear trends that have evolved over the last couple of years. today western reminded of both. we have the u.s. gdp growth, well below, that's what wall street is looking for. consumers, they are actually spending, businesses are not. personal consumption up 4.2%, that's highest since 2014. on the other hand, investments were down 2.2%, structures lake factories down, equipment down 4%, the biggest winners from the consumer cloud, that's where more of more of the transactions are taking place and we have seen on full display the earning season. big cloud winners amazon,
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microsoft, ibm and even google alphabet said last night that it would be bigger than search in 2020. in the last three months, for instance, exxon spent less, 57% from just two years ago, same story with chevron, a bill dollars less than last year. how do you translate to the economy? a lot of construction jobs, rough-neck jobs. who want to pick up dust and be fined for it? consumers will help keep the economy to fall into a recession but that's about it. the next leg higher could happen as long as we hold on key support points. i've got those for you but you
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one of the best out there experts john, john, i tweeted a moment ago, you let me no if i'l companies, they have 3 to 4% yield respectively, here is an interesting stat, 2,007,121,000,000 full-time jobs in the united states, last year we had 121 million full-time jobs in the united states, full nine years later, that's because we have not seen a growth, the only growth that we are seeing is increase in population, yes,
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it does hurt the economy because the jobs created in the old sector were very good jobs. charles: conundrum is you have to have good jobs. the virtue of cycle. the economy is main factors in it. where do you see -- i still want to hear less about the regulations, john. lower taxes and get rid of regulations, start fighting companies for creates most of your jobs. charles: folks, there's a reason
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why john is in bermuda and i'm stuck in a studio. have a great weekend. i'm going to break this down even more and let you know about this market because you still can be making a lot more money, that's the name of my show on fox business. what about those big check that is she brings in from wall street? you want to talk about a contradiction, that's a kind word for it, we will dig into this right after this we always were told we were german.
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we were in a german dance group. i wore lederhosen. so i just started poking around on ancestry. then, i decided to have my dna tested through ancestry dna. it turns out i'm scottish. so, i traded in my lederhosen for a kilt.
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(ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...)
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man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. >> it's wrong to take tax break with one hand and give out pink slips with the other. [cheers and applause] >> and i believe wall street can never ever be allowed to wreck main street again. [cheers and applause] charles: hillary clinton hitting
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wall street hard, she's bringing big money from wall street, hedge fund manager, $48.5 million, only 9 grand for donald trump. we have top rnc fundraiser. she says wall street has taken tax breaks on one hand and getting breaks on the other hand but she's talking smacking about wall street and taking it big time with the other. >> she's walking a really fine line specially when she takes $675,000 from goldman sachs for three speeches in 2014. she -- gosh, if you break it down $4,000 a word. i don't know what she said in 60 minutes, some of the attendees said she she was manager for goldman sachs. charles: i doubt she said i'm going to shut you guys down.
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>> no, she didn't. he agrees with her new tax plan to cut short-term capital gains for exception, so what does that tell you? there's hypocrisy there, hillary clinton is 1% elite in terms of income the united states acting like she's going to champion the middle class. this is a double standard and i think it affects her credibility. charles: there's no doubt about that and, you know, listen it's going to be ultimately up to the voters if they believe that she would be tough on wall street. but the same tone, i don't think the party will ever be tough on wall street. she did make the point that wall street was bailed out at the expense of main street. that's what bugs me. i don't think either political party will ever say wall street, you know what, you make risky bets you eat your loss and never share with the public. >> i agree. what we are seeing hillary clinton will be softer in
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regulation, she's certainly outlining that in some of her tax plans, so i think she's saying one thick -- thing and doing another. i think that donald trump resinates well with uneducated, rust belt men. charles: right. >> he's serous about getting people working again. hillary's tax plan will cut $300,000 jobs and low ermine mum wages. charles: do what's -- what do you think, how will i pay for it, get the rich to pay the fair share. >> i hope that includes hillar charles it probably will include her but we don't know what kind of tax schemes they all have. they're definition of rich is going to have to come down. that's what people need to start
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asking hillary clinton because rich is going to mean 200 grand a year, 180,000 a year, pretty soon to do utopia -- >> i don't see that happening under hillary's tax plan, for example. charles: appreciate it. you look great. blood orange. a lot more of this and the fallout from the dnc tonight on wall street week that's on 8:00 p.m. eastern time right here on fbn. hillary clinton, you're looking at the crowd, officially kicking off campaign with rally in philadelphia, rust-belt swing and main goal is can she get those bernie sanders supporters?
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>> i want to thank bernie sanders. [cheers and applause] charles: bernie is not looking too happy. look at that. so are backers going step up for hillary or vote for trump. more after this ♪ you've wished upon it all year, and now it's finally here. the mercedes-benz summer event is back, with incredible offers on the mercedes-benz you've always longed for. but hurry, these shooting stars fly by fast. lease the cla250 for $299 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing.
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charles: big promises of big government paid for by big easterners. >> we are not only going to make all of these investments, we are going pay for every single one of them and here is how, wall street, corporations and the super rich are going to start paying their fair share of taxes. [cheers and applause] charles: if you tax the rich at 100% you won't come close to pay for that wish list. thank you for joining the show. she's tapping into two things, frustration and envy is word pretty good so far for predecessor. >> it certainly has not. let's keep in mind that president obama had the first two years with overwhelming majorities in the house and the senate and actually an approval rating that was higher than ronald reagan and with that, he
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basically pushed through his entire economic and domestic agenda and several years later we have more income inequality since the gielded age. you've got 10 million americans that have been thrust into poverty since the height of the great recession. this is what happens. the very simple equation, charles, more regulation, more taxes, you know, they keep talking about taxing the rich, the rich can move and navigate those waters, they've got the lawyers, they've got the accountants, money is fluid, it is middle class folks that want to become rich that get it right in the neck. charles: is it cynical to say
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that they want people to stay poor? >> you know something, i'm starting to wonder. when you look at the modern democrat party, the -- it is not contrary to the president's speech and bill clint other and others, it is not the john f kennedy, the nomination of bernie sanders, you could name it socialist party usa. that is the modern democratic party and apart from that philosophy is the belief that big government knows best and dependency isn't such a bad thing for the american people. but was know it's a very simple equation, more dependency leads to more joblessness. more regulation leads to small businesses which are the greatest -- charles: okay, here
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is the thing real quick, niger, big government costs a lot of money and donald trump warning about this, what happens when interest rates go up, because eventually they will. take a listen. >> you can look at this kind of a number. that's going to be a number that's going to match most of the numbers that we have. the only thing we have is the fact that we have low interest rates and we are not paying as much as you would normally be paying on this tremendous amount of debt. we have to be very, very careful. we have a very fragile situation. charles it's fragile in the sense that it's going to cost so much money and equal the schools that could actually help bring kids out of poverty and fill the skills gap. we are going to live in the world where all we are doing is living the pay the interest, niger. >> that's absolutely right.
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the hypergenerated economy by the print machine over at the federal reserve can last over so long, and when we crash, it's going to be a hard crash. there's hope. there's a middle class and working-class revolution taking place. just today here in nevada in the steps of supreme court you have working class, middle-class families struggling that are protesting in favor of school choice n favor of our education savings account which is the most dramatic and positive program taking away from government and give to go parents the opportunity to choose their own destiny for their children. i think that's where the country is going. after seven long years, it's going swing back to more responsibility, more control from ranking americans, hopefully the creation of millions of jobs through small businesses, removing the big boot of regulation and high taxation from small businesses
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that are the greatest generator of jobs in this great country we call the united states. charles: niger, thank you very much, buddy, see you very soon. >> thank you, charles. charles: hillary clinton kicking with a big rally in philadelphia. peter, looks like a pretty hefty crowd there. >> hey, charles, she's here at temple university trying to create momentum out of the democratic convention that ended last night and her acceptance speech, of course, and why is she here at temple? well, as you know, one positive the toughest demographic group she's been having the toughest time breaking through to is younger voters and millennials. we saw lots of college units rallying around bernie sanders during the democratic primary process and so she is still -- she is now post convention trying to reach out to them so she's starting off a three-day,
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eight-stop bus tour with vice presidential candidate tom kaine starting here at temple university and starting out with a key group of voters that she needs to reach to help her defeat donald trump in november. we also want to mention that a super pac that is supporting hillary clinton has confirmed that it plans to spend ten million dollars on democratic voter turnout to try to help her beat trump come this november. so here are some clapping so we are expecting the secretary clinton any moment now. back to you. charles: peter, we app we are talking amazon hitting a life-time high, alphabet right behind it. if companies are so hot, why are americans not feeling not so hot particularly about their finances? more after this h my niece. i don't use super poligrip for hold,
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nicole: i'm nicole petallides with brief. we are watch to go see whether or not we get a closing high today. right now you can see the s&p up 3 and nasdaq up 12 at this moment. the nasdaq 100 index touches a high of more than 16 years. let's take a look at some of july's winners and losers on the s&p 500 which gained 3 and a half percent for the month of
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july, ebay have led the way. ebay up 30%. we have seen technology doing very well. on the other hand oil-related stocks have suffered as oil has moved to territory. now the board is backing this, we will see if this closes by the end of the every do expedia lower than expected. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... which adds fuel to my bottom line. what's in your wallet?
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charles: zika cases found right here in the united states. ashley webster with the details. ashley: yeah, charles, brand new development for the first time, four cases of the zika virus have been confirmed in south florida and it is believed according to florida health officials they came from mosquitoes inside the continental united states. first time that's happened. one woman and three men. the broward county of south florida, in fact, they've been able to boil it down to an area just north of downtown miami, about a 1-air mile what -- area, there are over 1600 zika infections reported in the u.s., most contracted by people who travel outside the united states. south florida officials are urging pregnant women to contact their doctors' offices.
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usually this virus just leads to mild illness of flu-like symptoms but it can be for pregnant women lead to birth defects as we have seen in other countries and notably brazil. health officials say that we will not be seeing widespread outbreaks of the zika virus. at least that's what they are saying. there's no vaccine for this, the cdc and health officials in florida following this very carefully. >> scary stuff, ashley webster. we really appreciate it. in the meantime back in the market, alphabet which used to be google gaining here after beating last night, the big question is the tech names that are surging, what does it mean? we are going to technical analyst larry, larry, the connection between amazon at an all-time high and facebook and google/alphabet.
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they're not a proxy for the overall economy, are they? >> amazon is because people are flood to go save money, cost a lot less money overall. so that's definitely a big difference there that we are seeing. as far as facebook -- charles: are they spending more money or not spending money that they would normally spend at wal-mart. what does it say about the economy? >> well, net is good for amazon, it's not good because they're not spending less money but the economy isn't seeing that money. we are seeing money flow into a siloh there and we are seeing flat gdp which is terrible. charles: what do you make of these names? listen, does it underscore a trend that means that we go with subpar growth. how do we grow an economy at an
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age of point and click commerce? >> as far as the overall economy and we have election coming up and i'm a trump supporter, i believe we have to get things going in the right direction, i believe he will do that. overall we will see that in the economy -- charles: lower taxes, getting rid of regulations. >> better for small business all around. he'll be better for technology because to get all of the technology you have to build out 5g, you have to bring a lot of people to do that and you can't do it with obamacare and everything else. we are seeing peel right now going to these things because they don't have to money to and it's not helping the overall economy, but the big thing everything moving to mobile, with facebook moving to mobile, with amazon, people are buying on the mobile. so everything is underlying there, so if this economy gets unlearned, which it could be, once again i'm a trump
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supporter, i'm going to tell you that, it's there to grow. charles: we will see you again soon. the big story you and the mainstream media have missed, of course, unless you watch fox business coverage of the dnc this week. you're looking at ight -- it right there. big news, next this is the summer.
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ignored the bernie or bust rebellion. there's a reason why they only cover the republican drama. welcome to the show. we had compelling, you know, live video feed right outside of the convention, flags burning u they rushed the police and knocked down barricades including fences. this is stuff the media normally covers. >> it is, but they chose not to in this case. the democrats had dreams of a unified convention going in and wikilieaks burst their dream when they dropped nearly 20,000 emails going into the weekend which set off a whole chain of events and bernie sanders and his supporters became outraged when it was reveal that had the dnc had had its thumb on the scale to help hillary clinton secure the nomination. it revealed several other things
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as well. i've written about this and we have an article at that you can see more about it but it really -- so they were not interested in covering it. charles: that's the point, though, why? we understand that -- and i think wikileaks corroborated to a degree that there's a special relationship between the democratic party and progressives and the media. we know that the media thinks like them, they overwhelming contribute to those kind of candidates, isn't it some sort of professional responsibility? you talked about the bernie sanders supporters, if you watched other networks it felt like kumbaya after the first day. they were angry as hell and they were showing it outside and they're still angry. >> you're exactly right, they're still angry and still planning on bernie or bust. there's a lot of them who refuse coming around to hillary.
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once bernie got the scalp he was after, he got everything he wanted on the platform because they got rid of debbie wasserman schultz which was a very painful who ordeal for the democrats, the media focused on speakers at the convention, michelle obama, barack obama, bill clinton and then, of course, hillary last night. yeah, they were determined to keep this as beautiful a production as unified as they could make them because they have an agenda, they want hillary to win and so they're pushing for that so anything that gets in the way is something that -- charles: let me ask you, roger, people are going to read your article later but before i let you go, isn't there a sense that this kind of nonsense is firing, there's an antiestablishment against all big organizations from governments to businesses and i
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think we've got to lump the media as well? >> well, i think you're right. this is something that donald trump has pointed out repeatedly howdies honest the media are in general and this network excluded for the most part because you do cover both sides of it and really you're about the only network that does so between fox business and fox news but, yes, there is a definite long-time bias in the media that's institutional, it was revealed through the emails and we have been talking about it for nearly 50 years now. charles i tell you what, not everybody knows about it. thank you very much, i really appreciate it. >> thank you. charles: hillary is trying for the independent votes, you might have a big surprise, we will tell you after this. >> i will be a president for democrats, republicans, independents, for the
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struggling, striving, successful, for those who vote for me and those who don't, for all americans together. [cheers and applause]
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charles: the economy sputtering and the nominees are campaigning. conventions all wrapped up. now it is general election time. this is "cavuto: coast to coast." i'm charles payne. hillary clinton as you can see about to appear at a kickoff rally in philadelphia. donald trump meantime holding rallies in colorado springs and denver later on today. all about the general economy and your wallets. want to go to daily caller's chris bedford where donald trump needs to focus and how he should make his economic pitch to win over swing states. chris? >> so hillary's speech last night showed the perfect window donald trump has to really stay ahead of her and maybe even win this election and when you put her up next to president barack obama, obama's wife, you put her next to joe biden, she is terrible speaker. she is not very charismatic.
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but trump's weakness he doesn't want to do his homework. he likes to talk to his gut. he is great at talking to american's guts. he needs to refine the ideas. when he does like the rnc speech much he does a fan at that time tick job. charles: you say he needs to add more numbers and facts to the passion? intuitive nature being successful businessman, that is the ultimate combination? >> that will do a lot. i talked to people really skeptical of him. i talked to veteran's lobbyist, he saw donald trump speak to the group. hillary clinton gave boilerplate speech. trump seemed to have done his homework. throwses out broad things, ban muslims. put temporary suspension on companies having problems with terrorism. that makes more sense. when he says all trade deals are awful. not all trade deals are created equally. you see different react shun to american industrial jobs after nafta signed for example, than
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after china joined the world trade organization. once he narrows in and gets focused he can make a difference. charles: think you're right. one. things, speaking of intuitively, people agree and people understand, sometimes people don't know why things are wrong. they just know they're wrong. it would be really great for someone to explain hey, this is from it is not working for you specifically, why i can fix it specifically. doesn't always fit neatly in sound bite or bumper sticker. >> it doesn't. he has the time. he is good catching people's attention. hillary made fun of him going on for 75 minutes at the convention in cleveland but if you looked at video her own husband fell asleep when he was speaking. it looked he might have. charles: give him the benefit of the doubt saying he was in deep thought. >> resting his eyes. charles: i should tell my teachers. do you think about hillary last night, way i look at it, i think they have crunched numbers. they are professional
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politicians. it is never the economy but how people vote. we need to get over millenials and need to get over a few other people, this is what you promise of the that's it. forget whether they make economic sense or not? the. >> yeah. well, i was interesting, when i walked through the dnc in philadelphia, the crowd that was there was very different from the crowd that you would see if you walked around main street. it was a different group. a lot of young people. it was definitely less white people than when you walk around. that was interesting group. that is group their targeting. a coalition president obama held together of different minorities however they identify. there is lots of different sexual identities nowadays. he held that coalition together brilliantly. charles: i think there are 40 on new census thing. you think about florida, north carolina, ohio, virginia, they were won by less than 5% last time around. you get those little groups in between, doesn't matter what the message is as long as they show up to vote for you.
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>> and charisma. she needs charisma. charles: a little late for that, my man. a little late for that. i don't care how many donations i don't think she will ever have that. chris, appreciate i. >> thank you. charles: economy growing at very disappointing 1.2% last quarter. hillary clinton though says she has a fix. dave asman, he was listening to every single word. you might be shocked, he doesn't agree. you don't think -- >> not entirely. bottom line she says, we can fix everything by more government handouts. charles: right. >> all about making government bigger. the fact is the reason the economy is working so slowly right now, basically above the flat line, is because that all of the new regulations and all the higher taxes are gumming up the works. it is so hard to start a new business. she was saying fault of banks. she doesn't know, and any business expert will tell you, the new businesses are not started up by bank loans.
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they're started up by savings. it is savings and conviction in the future that makes entrepreneurs, new entrepreneurs start new businesses. they don't have conviction or patience with all the new regulations and money to pay taxes an insurance and accountants. it is all of that stuff gumming up the works, slowing down the economy. she didn't say a word how she would cut red tape. charles: to your point, she talked about dreams dying in the parking lot of banks, i think to your point is, that she, all she is trying to say, hey, listen no way this system will work for you. capitalism in and of itself, she didn't attack it but indirectly, bernie sanders was successful, whatever reason it doesn't work for us anymore. >> guess why banks don't loan money. they can't make money loaning out money at zero interest rates. they're not willing to take a chance of small companies. so many fail as a result of higher regulations and higher taxes. then we have the highest tax rate, highest corporate tax rate
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in the world. now a lot of deductions, absolutely. i'm for getting rid of those. a lot of democrats are too. with the highest corporate tax rate in the world she is suggesting, we need to raise corporate tax rates more. if she is getting rid of deductions that i can go along with, if she is for raising highest corporate tax rate i'm not for that. can i make one more philosophical point. she says america is great because it is good. no, she is wrong. it is great because it is free. the freedom in jeopardy making it not so great. anybody can say they're good. we her a lot of people from her husband saying marriage was good and anything about them was good but very few people can say they're free or very few countries can say they're free. that is why people come here. not because it is good but because it is free the we have to safeguard the freedom. charles: you realize this is philosophy of hers goes back
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almost 100 years. >> longer than that. charles: in the forefront, when fdr gave four freedoms, the last freedom always bothered me, freedom with wont. the government should create a world freedom from wont. you not have to wont anything. we have your back. >> she harkened back to fdr, the only thing we have to fear is fear itself. fdr was forgetting about nazis and forgetting a long-termed depression which seemed worse by his growing government. there are things to worry about. i would suggest losing our freedom is one of them. charles: great stuff, buddy. really appreciate it. >> thank you. charles: more big promises from hillary. here is one. >> in my first 100 days we will work with both parties to pass the biggest investment in new, good-paying jobs since world war ii. [cheering] charles: forget about boosting investments.
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small business leader juanita dougan, says she wants government to get out of the way. juanita thanks for joining us. i don't know if you heard dave asman. he was saying same exact thing. all the government regulations an rules make it harder to abyss person, particularly small businesses. >> we agree 100%. this administration has basically put a ball and chain around small business owners. they do not have the armies of lawyers and accountants and lobbyists frankly to help them comply with this avalanche of regulation. it is strangling small business. one of the things she talked about, was raising minimum wage for instance. she wants to go up to $15 an hour. well, the manhattan institute came out with a study the other day says that will cost 6.6 million jobs. you can't create jobs if you destroy 6.million jobs. we have a serious concern with that. charles: i think there is psychological aspect of this we
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don't talk about enough as a nation. but the demonization of successful business i think is weighing on millenials big time. you know, i have studied this. what i have seen is that people who come from other countries start more businesses than people who are born in this country because they grew up admiring america. they don't hear the rhetoric we hear every single day many so how being successful business person is now a bad thing? >> well, i think one of the issues here, in that in the last year, the death of business has now outstripped the birth of businesses. you're exactly right, about optimism. if you see more businesses dying than being created you can't really have optimism. nfib puts out the optimism index for small business every month. that optimism index has been negative for 88 of the last 90 months. if small business has no optimism, about the future of the economy, they won't invest, they won't borrow and they won't
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create jobs. if you keep hammering them with regulations on overtime and minimum wage and paid leave, they will not be able to hire. so, this is one of the fundamental issues you put, you just nailed it, optimism is missing here. charles: before i let you go, you just mentioned nfib, there are other organizations but nothing on par with the chamber of commerce. how do small businesses even have a voice in washington, d.c.? because it seems like something special has to happen to rekindle that entrepreneurial spirit we're just talking about? >> well one of the things we're hoping is that mr. trump is writing his new tax plan right now and our biggest issue in tax policy right now is to have a single rate for large corporations and small businesses. his first tax plan was right on. he did support a single, low rate of 15% for large corporations and small businesses. and we hope he does exactly that
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in this new tax plan. that will make a huge amount of difference for the creation of small business. charles: also we need voices like yours out there too, because small businesses, they create all the jobs and they get none of the help. thank you very much, juanita. have a good weekend. >> thanks for having me, charles. charles: hillary clinton making her plea for sanders backers. she has some competition. here is what third party challengers are telling us. >> i don't believe that politicians have an entitlement. i don't think we have a new special entitlement for big corporate politicians that they own our votes. they have to earn our votes. hillary does not have our votes and donald for that matter doesn't have our votes either. >> most people are in the middle of all of this. most people do recognize that government does try and accomplish too much. that at the end of the day taxes too much. money out of your and my pocket. people really genuinely believe that in their own lives they
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should be able to make choices regarding their own lives period. charles: to the "washington examiner"'s white house correspondent susan crabtree. susan, certainly combined, jill stein and gary johnson, really starting to poll very, very well. i think they're starting to have an impact there. but do you think that their message is enough to woo these bernie sanders voters? >> i think anytime you have a recent poll out last week, cnn, poll saying that jill stein is getting 5% and gary johnson is 15%, with very, within the margin between hillary and donald trump, that is a close election. so when you have elections that are that close, these votes matter. if you go back to 2000, democrats were just insanely infuriated by ralph nader and what he did in that election, taking 2.3 million votes away from al gore.
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and a lot of people blamed him for costing the election. so you have bernie sanders, he is not really paying that much attention to jill stein lately. he is should say, this not the way to go here. charles: but you know, bernie sanders of course though, he a lot of people are upset with him. bernie, his core followers feel like maybe he let them down. >> sure. charles: he said all the things he had to say. of course a lot of his ideas are in the platform. doesn't mean they will ever be policy. is it too late for jill stein or gary johnson to still woo him over somehow? >> i think he has made it very clear where he is right now. if you want to win this election, it is very unredickable right now. you have the polls are ranging wildly. it will be a lot closer. you had nate silver last week saying a lot closer most people imagine. wake up democrats if you want to be very competitive against donald trump. you have to jettison these third party candidates. it doesn't matter if jill stein
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is it carrying the message you want to hear. you want to vote for trump or basically want to help elect donald trump. charles: we'll see. thank you very much, susan, appreciate it. as you can see, that is a live feed right in philadelphia. hillary clinton and tim kaine, they have hit the road. they're going to make a big swing through the rust belt, trying to pick up on the momentum from the dnc yesterday. bill clinton, he looks a little more festive too from last night. stocks dropping as u.s. growth disappoints. next, why is the economy sputtering? we have answers for you. ♪ it's here, but it's going by fast. the opportunity of the year is back: the mercedes-benz summer event.
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charles: so the u.s. economy growing at very disappointing rate of 1.2% in the second quarter. where is that boom we keep hearing about particularly at
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the dnc? to market expert jared levy. on misleading rhetoric, that is kind way of describing it. jared, what is going on? what is the disconnect here? >> i heard a lot of references to right now being the same as like the mid '90s. in other words we'll see this continued boom. we've got more upside growth on the way but i think it is more like 1999. you and i both know shortly there after dot-com bubble burst and markets moved lower. i'm not a pessimist. i'm a realist. there are things missing right now and they're called catalysts. back then youd bric countries, they were growing. you had something new. biggest growth boom from the internet and companies made money from internet. nothing around like that now. there is no major business catalyst.
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the only thing moving market. you can't put your money a bank. why? because it costs you money a lot of places. i don't see the big economic growth. i don't see a catalyst for it. the only reason stocks are going up because there is absolute lack of alternative. sorry about the big breadth there. charles: only thing, i will push back a little bit on you. look how much individual investor taken out of the market, it belies that a little bit. we're talking billions of dollars since 2014. they're taking out of money and etfs aimed at american stocks. that is the part i don't get. i understand the argument but i don't see money, see evidence a lot of money -- in fact volumes on our market is very, very low these days. i think they're putting into treasurys and gold is coming on. so that worries me. what about the enthusiasm, we don't have the same enthusiasm in 1999? it is not irrational exuberance for sure. >> no, it is not irrational
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exuberance and when i say 1999 i don't think we'll have a full-blown recession where markets crash 50%. like you said, there is sort of lack of excitement and lack of catalyst. when you talk about low volumes and lack of money flowing in and most retail money flowing out, remember, not necessarily just what the public thinks. there are people called market makers, what i did for a living for many years. you know, our job to keep it fair orderly market. as markets go higher, we move out of the way. we'll not put our risk on the table as professional traders get in the middle of that because other things could potentially drive things higher. i think we drift higher but there is no economic real growth. charles: i drilled into this gdp report and i did notice two things, it was almost like a a tale of two stories. consumer spending is up 4%. some coming out of savings. savings rate came from 6 1/2% to 5%. people are spending that saving. i don't know why. people are saying yo lo, live
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for the moment. businesses are not investing. can that be swiftly turned around, when we get a new miss, i'm pro-business, i will unleash you, could we see things changeover night? >> i get unleashing thing but a smart business owner needs a reason. granted politicians may give them a little bit after benefit but it is not something that happens overnight, and, what you talked about is key there, there is negative business spending growth. they're spending less because they're afraid. yeah, it may be yolo, younger millenials may be throwing caution to the win still living home with mom, that might helping things but question is sustainability. without business investment can the consumer continue to grow beyond back-to-school season? >> great, great. i love sustainability. that could apply to political speeches and promises we heard. jared, thanks. great stuff. >> thanks, charles.
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charles: hillary clinton and tim kaine right now in philadelphia. we are monitoring it. so is wall street. hillary clinton railing against the big banks. but of course she has gotten big-time money from them. charlie gasparino here with the details. >> education. work training. rebuilding our nation's infrastructure. fighting the battle. ♪ [announcer] is it a force of nature? or a sales event? the summer of audi sales event is here. get up to a $5,000 bonus on select audi models.
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>> it's wrong to take tax breaks with one hand and give out pink slips with the other. [cheering] and i believe wall street can never, ever, be allowed to wreck main street again. [cheering] charles: well charlie gasparino's wondering if she used same exact line in the speeches she was giving to the big wall street banks? do you think that was in there? >> no. to goldman sachs, we should point out, for two speech, roughly 45 minutes apiece, something like, $400,000.
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good work if you can get it. you know, she came at the request from what i understand goldman sachs ceo lloyd blankfein, long-time democrat, and a big hillary supporter going way back, even from 2008. same with geir row cohn, who is number two guy, one of the first obama supporters on wall street. so, she has deep ties to goldman sachs. here's the interesting thing when you break down some. numbers, and we've been doing this on your show, when i was in philly talking to some of the people there, goldman sachs and the big banks themselves are kind of out of this election so far. they have given a few bucks. i think goldman sachs, one contribution to donald trump for $500, something minuscule like that. they have given about a 1.3 million to hillary. they gave a bunch money to jeb bush. in the election, major players in all other elections they're out of it. what is striking big wall street
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firms are taking a back seat so far. they may pick up soon. the big hedge funds are in there. charles: are hedge funds in there with the tax situation? >> i think they're in there, because, for some reason there is a lot of democrats that are hedge fund managers. don't ask me why. charles: ultimate limousine liberals. >> but donald trump scares them on some issues, particularly trade. they think it is bad for markets but i will say this, there is interesting, when you listened to that speech last night it, was interesting in number of ways. it is hypocritical. as you know she took money from the wall street guys, never talked about while taking money. charles: no transcripts of the speech. >> hasn't released them. she will run a class warfare campaign. maybe not bernie sandersesque but tough on wall street. will talk about tax on rich. she also laid out her plan of attack on donald trump. i think what we'll be seeing in next, i know what we're going to see, maybe as early as tomorrow,
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story after story about his failed business ventures. how he screwed people out of money, allegedly screwed contractors out of money. there was a road map in there. donald on other hand can get her very easily on economy. if you listened to her speech it was almost schizophrenic. half of it said president obama left great economist. the economy is great. the other said people are hurting really bad. you can't have it both ways. that is schizophrenic. charles: what does she go to the rust belt to these people, you're working at these jobs if you're lucky enough to still have them, meantime what happened, stock market is up, boss is making a lot more money and you're not. elect me so i can get the money. she talked about making corporations share the profits. that is where she tries to scare this. great economy but you're not seeing it because bigwigs are stealing money. >> no, i get that. that is a tightrope for here's why. they have been stealing money under barack obama's nose and
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under theoretically her nose because he is part of the administration. that is where she is really vulnerable. her mixed economic message, she has to say the economy is great or then it's a failure. charles: look -- we will listen. hillary is speaking right now. >> to see what is in this great city. [cheering] people kept coming back going for walks, going to museums, going to other sites telling me how much they were impressed and so i want to thank your mayor. thank you mayor kennedy. [cheering] i want to thank your congressman who tries to come home to philadelphia every day. and i know why. because he loves this city, bob brady! [cheering] i am always happy to be here with someone who has been a
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friend for bill and me over so many years. an extraordinary public servant and advocate, former governor, and mayor ed rendell. [cheering] now, i, like tim, i had the great pleasure of serving in the senate with senator bob casey. [cheering] i appreciated his tenacity, the attention to detail -- charles: hillary clinton following up on the momentum from last night in philadelphia. she is swinging through a few of these rust belt states. philadelphia of course, one of these swing states, the real clear -- >> pennsylvania. charles: pennsylvania. "real clear politics" has it 4.4%. there was a suffolk poll out yesterday ad her at 9%. and all boils down to philadelphia. that is why i said. if philadelphia, interesting
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that these cities and these individual cities can carry these swing states. >> what is interesting, we'll talk about pennsylvania, james carville, his words, used to say about pennsylvania, philadelphia, pittsburgh, alabama in the middle. that is what he used to say. very conservative. working class white people and trends generally republican, but, you know sometimes they don't vote, which is what donald trump is hoping to tap into, getting them to the polls. but the two cities definitely lean democratic. i will say this again, i will make this point. i don't know if donald will pick it up or whatever, her economic message is so schizophrenic, it is mind-boggling. did you see the gdp? you obviously saw the gdp print. charles: i thumbed through it. >> it is bad. charles: you answered it yourself, one of the things the economy was in complete free fall. barack obama saved it. if you allow me, give me the power i will take the money from
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rich corporations to make things better. >> but if you look at numbers he never saved it. it is hard to say he saved it. she never says he saved it. charles: we'll leave it there. hillary clinton trying to put the email controversy behind it. some tenacious lawmakers not letting her get away with it. he joins us next. or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card
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charles: hillary clinton right
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now bashing donald trump. we'll monitor it in philadelphia as she tries to move past the email saga. congressman darrell issa has been on this from the very beginning. congressman, give us an update. where is the investigation right now? >> it is tending to wind down because this administration has made it clear they won't indict her for anything. they won't even indict people in the state department that sent and received these highly sensitive classified e-mails. this isn't new. back in 2012 the first letter arrive would have caused anyone else to preserve the documents pursuant to the law, hillary was happy to keep them in the basement of her home without even the state department having a copy. charles: what about, i keep hearing scuttlebutt, i'm not sure, the investigation is shifting to the clinton foundation itself? anything there? i'm not sure if you're dealing with that or not but a lot of people are thinking that could be the next big news item.
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>> well, charles, it is an interesting one because, yes, the fbi still has an open case on her misdealings and particularly the misdealings in uranium deals and trips by hillary clinton that coen sided with the clinton foundation receiving countless millions of dollars. you know, one of the interesting things in her acceptance speech, she, hillary clinton didn't want to talk about her accomplishments but she did want to mentioned she traveled to 112 countries. some of those she was there same day bill was there. she was meeting with top officials. he was getting money from the top officials. hard not to let the fbi look at that and realize something is wrong there. charles: after hearings and james comey bombshells, republicans followed us a follow-up. i know it is difficult. i know you have a lot of obstacles in your way and american public, polls back this
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up, on both sides of the aisle feel like hillary clinton got away with one. is this thing just going to fade? is there any way to make a last stand, any procedural things to keep it in the public eye so that the public understands what happens here and maybe if there was a major travesty of justice? >> well, the ultimate indictment of hillary clinton is that she has 65 to 70% of the population knows she is not trustworthy and many of those people who would otherwise vote for her won't. this is an example of somebody who has experience, but not accomplishment. who has traveled but in fact not traveled and accomplished anything and i think ultimately somebody who have 40 years wants us to believe she is instrument for change, at the same time, she is embracing the president, i'm going to keep doing what he is doing, well, that none of that really rings with the voters, so i think indictment she gets will be from the american people?
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having said that, there are things that congress needs to do. they are much more institutional. we need to change parts of the system so this can't happen again. after brian terry was killed in "fast & furious," we sent requests for documents and famously eric holder became the first attorney general in history to be held in contempt by the congress. well you know, we still don't have all of those documents, although we have some that show obstruction of justice by the former attorney general. hillary clinton in the same way, followed cooperation and obstructed justice. congress can in fact send laws, inside, must-pass bills that would give greater authority to get information sooner. if there is criminal wrongdoing, beef up the statute that allowed us to refer, for example, lois lerner for criminal prosecution and not have it criminally prosecuted. so there are changes but i think the american people have to look
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to congress and say, what are your solutions to keep this from happening in the future? because we know that benghazi, "fast & furious," the email scandal, the irs targeting of conservatives and pro-israel groups, those are part of what we have proven, documented and published. now what we need to do is really get serious on the kind of changes so american people can believe in their government again. charles: it is interesting that you say that. despite the congressional approval rating, i agree with you. i think american public is looking to you, congress now to, sort of find a way to get rid of all these loopholes so the next fbi director didn't say he didn't know how to interpret a 100-year-old statute and things like that. congressman issa, thank you very much. >> thank you, charles. charles: hillary clinton blasting donald trump's business background. right now philadelphia, the crowd is going wild. next a former "apprentice" star is here to say, she couldn't be further from the truth.
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>> the four of us.
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reporter: good afternoon live from the floor of the new york stock exchange, i'm lori rothman with your stocks business report. stocks are lower followed by a pretty disappointing print on gross domestic product. u.s. economy expanded at much slower pace. as a result the dow ask off 21. s&p hitting another lifetime high in the session. nasdaq is at its best levels in about 16 years.
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this is the last trading day of july. let's break down the winners and losers. microsoft up 10 1/2%. caterpillar up 9 1/2%. on other side of the coin you have coca-cola down almost 4% on month of july and exxonmobil down 5.6%. exxon reporting a profit decline of 60% this morning, it is third consecutive quarterly loss, struggling with crude oil prices around 40 bucks a barrel. microsoft is announcing job cuts. let's get you back now to "cavuto: coast to coast."
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>> donald trump painted a picture, negative, dark, divisive picture of a country in decline. he insisted that america is weak and he told us all after laying out this very dark picture, that i alone can fix it. charles: hillary clinton laying it on thick as she kicks off general election campaign in philadelphia blasting donald trump's business background. this former "apprentice" star says he trump is the reason he is now successful. he is ceo of whistle pig dry whiskey? that is mouthful. >> whistle pig. charles: is that the place where it is made? >> actually whistle pig farm. 500-acre farm where i live in vermont and, we're doing great.
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charles: you are were on the second season of "apprentice". >> second season of "the apprentice." charles: how did you do? >> got fired halfway through from a job i never had. i was real estate developer and at time i lost to a wedding planner. god has a sense of humor. charles: you saw enough of donald trump, person and businessman if he applies that to america we'll be better off? >> let me be clear here. i think that on his economic policies, as a businessman, you know, he has a lot to offer. i think his vision of putting american jobs first is absolutely spot on. we've lost five million manufacturing jobs in the past 15 years. income ares down overall, over a 15 year period. so we need to put our own economic house in order and the truth of the matter is, that the free trade policies that we've been, pursuing for a long time now have not been yielding a dividends we've been promised. in fact, hollowing out of american economy.
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charles: but by the same token some economists say are you talking now entering trade wars, isolation its, icism? what is the -- isolationism? what is the alternative do we have now? we want to sell our product to three or four billion people around the planet. you want to sell this to someone in japan. >> it is two steps. having a global marketplace makes sense. trump is correct. if you look at trade deals we signed, go back 20 years, listen, we've run a structural trade deficit with china of hundreds of billions of dollars a year where we're exporting capital to them. they're lending money brac to us. we're becoming in debt to them and we're losing our manufacturing. charles: when we give them money we get something back in return. now the cheap tvs and plastic stuff, are you saying it is not worth it? should we even be doing with business with emin in the first place? >> i don't think anybody this country would argue that we
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don't have enough cheap stuff. what we need, we don't need more microwaves or televisions in america. we have got plenty. what we need is to make things again. if we need to consume a little bit less, and keep more of our income at home, and create more jobs here, that's the model. for example, whistle pig whiskey, we do everything soup-to-nuts at farm. we grow the grain. we harvest our own wood to make barrels. we create a lot of jobs. that model of putting our economy first, our job creation first and businesses that think about, you know, the social implications, long-term implications of their economic policies is what we need and we need a government that pursues those policies. charles: whistle pig. >> whistle pig. charles: can't wait to try it. leaving me a bolt for the weekend? >> we will talk about it. charles: thank you, appreciate it. amazon, hitting new highs. stock market is uppers parts of it. you pay your car insurance premium like clockwork.
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to learn more. switch to liberty mutual and you could save up to $509. call liberty mutual for a free quote today at liberty stands with you™. liberty mutual insurance. charles: we're about to get results from a european bank stress test. adam shapiro with we should expect. adam? reporter: that's correct, charles, another banking crisis could erupt when the european banking authority releases results of the latest bank stress test. investors are particularly worried about italian banks, bmps, which failed the test two years ago. bmps has more than $55 billion in bad loans. it is expected to fall short of
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the new capital requirements. the european central bank ordered bmps to cut non-performing loan exposure to roughly 14.6 billion euro within two years. that led to a big selloff of bmps stock. now the bank has been a desperate bid to raise up to five billion of euro in new capital and its board of directors approved a privately-funded recapitalization proposal which actually includes cash infusions from goldman sachs, citi, santander, deutsche bank and bank of america merrill lynch division. without that money a recent ruling from the european court of justice could force the bank's creditors and who deposit money in the bank to assist in any financial rescue. the results of the bank stress test will be released 4:00 p.m. eastern. something to point out, these tests do not include a scenario of the u.k. leaving the european union. so, we'll see what these tests if they're really that accurate but they're coming at 4:00.
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charles: thank you very much. can't wait for that. we'll brace ourselves. meantime, blockbuster quarter for amazon, record high for the american internet company but americans, well, they're still feeling their own different pains. liz macdonald, what is really going on. amazon is amazon. they kill everything, they say everything, when will it be a proxy for everybody else? reporter: that is a good question. amazon is jockeying to be in the top five most valuable u.s. companies, or companies in the world. i'm not sure when that will happen because i think the psychology behind consumer spending is what is driving amazon to new heights. what do i mean by that? you know when you go to the store on checkout line want to buy impulse line or chapstick or eyeglass fix that fixes eyeglasses, when you're at amazon you buy things. you buy a gold-plated spatula or buy the multiple yoga mats. you do it, people like getting things in the mail, or presents or boxes in the mail. charles: you spoke to my wife,
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didn't you? >> i did research with your wife. charles: every time i go home there is amazon box in front of the house. i cut a deal with them, get a distribution center out at the house. we both save money. it is crazy. >> it is crazy. for 15 years wall street is saying official bookkeeping rules when is amazon going to show a profit. charles: do they have to? >> finally did. charles: oh. charles: really? >> not only that, at 857 million profit, nine times what it was last year. amazon is working in other ways. echo, that speaker, they're trying to develop to detect human emotions. people are ordering amazon prime music from the amazon echo speaker. you have to say, jeff bezos is now supplanted warren buffett as the third richest man in the world. charles: no doubt about it. i read they will get to the point with the artificial intelligence and data gathering they start to send stuff to your house knowing you won't send it back. knowing you better than the yourself.
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>> echo may supplant your wife? charles: they may compete against each other, two boxes in front of the house every day. >> right. charles: they have gotten the benefit of the doubt because no other company, they're making money but not enough to justify this market cap unless you believe they will be a category killer and keep this going? >> that is the key, category killer. now they'rep moving into india. prime membership, getting a lot of people coming in out of india. i'll tell you something, i'm not sure who can take amazon out, on now, because he is, jeff bezos has been at it since the '90s. looks like he did. charles: he did. emac, thank you very much. >> sure. charles: appreciate it. meantime, s&p 500 hitting new lifetime high today. what is driving this rally? i will tell you a little bit more when we come back.
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i am making money constantly give you updates, development in this market. i will point out some ideas that might help you make money. here is trish reagan who will take it from here. gunmac breaking right now newly minted presidential nominees donald trump and hillary clinton on the campaign trail kicking off what is sure to be a brutal battle to be the leader of the free world. i am in -- trump is in colorado, they are fresh off of the former first lady acceptance speech of the democratic presidential nomination. welcome to the intelligence report, hillary clinton capitalizing on convention moments pushing for unity in the democratic party. can she do it? so any sanders supporters refusing to get behind


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