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tv   After the Bell  FOX Business  August 2, 2016 4:00pm-5:01pm EDT

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does not work for the united states. so everybody is chasing the equity markets. [closing bell rings] could you if we have higher capital gains what could happen to the u.s. equity markets next six to nine months if you make higher the capital gains rate? liz: thank you. terry duffy of cme. markets down seven days in a row. david, cheryl. pick it up from here. >> thank you, liz claman. stocks sinking into the close. dow, s&p, ending the day in the red. i'm cheryl casone in for melissa francis. david: i'm david asman for "after the bell." we have big market movers but here is what else we have covered for you today. president obama slamming donald trump calling him unfit and unprepared. trump's national spokesperson will be here to respond. this as donald trump prepares his supporters for what he is calling a rigged election. our panel weighing in on that. the government granting
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temporary amnesty to 8,000 syrian refugees already in america, with no fear of deportation, no background checks. what is up with that. we have details. >> a lot of news coming up this hour phil flynn at the cme. watching oil and gold move in opposite directions. we have lori rothman on the floor of new york stock exchange. lori, first to you on this down day. you're watching a bright spot in media. i love it, lady. what have you got? >> discovery communications. owner of "the discovery channel" and "animal planet." my cat from hill, one of my personal favorite programs on the channel. beat in terms of eps. shares of discovery communications put on the best way on wall street more than a year.
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renewed distribution deal with liberty global. they have access to discover's full customer base. biogen, shares were halted. we learned from "the wall street journal" that allergan and america may be interested in doing a deal with the biotech giant. as you can see, after the halt shares soared better than 9%. on other side of the coin, zika in miami. so zika fears really hit airlines today. look at those declines. delta down nearly 8%. united continental down 6.25%. jetblue, american, small regional carriers all the way up to the main line carriers everybody was hurt on the same theme with reports of zika in florida. i'm going to head back to start looking for some earnings reports for you guys. david: a lot of earnings are coming up. thanks, lori. phil, oil closing below 40 bucks a barrel first time in four months. gold going in the opposite direction, settling at a two-year high. what is going on?
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>> that has been the story really nor for the month of july into august. what we saw oil is getting concerned about the slowdown in the global economy. that story lori talked about is very bearish for oil. if people don't fly, guess what? that means jet fuel demand goes down. that means lower demand once the stock market turned down then oil prices went with it. look at gold and silver. this trade has been unbelievable. since "brexit" this market has pretty much gone straight up. we saw in the month of july, physical buying for gold was the strongest since prices collapsed in april of 2013. so obviously we're seeing a direct relationship in the rally in gold on concerns about the
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global economy and what "brexit" means and what that means for currencies. so a lot of physical buying of gold. when they're doing that, david, they're very uncertain what is going to happen next in the global economy. david: perfect wrap. thank you very much, phil. cheryl. cheryl: the dow as we're looking at numbers, we are ending in the red for the seventh day in a row. this marks the longest losing streak in a year. haven't seen these numbers in this type of situations, seven days of losses since august of 2015. let's bring in jared levy from profitable trading.com. we'll talk to you about the numbers. we have earnings coming out. we have earnings coming out. i apologize for some of the numbers coming out. overall market breadth is trending negative. august historically can be a rough month for stocks. on top of that we seem to have a know-growth environment in this country. >> yeah. the s&p right now seems on track to be negative earnings and negative revenue. i think about 350 of the s&p components i reported were
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looking at about negative 3% earnings growth from last year. earnings are down. we talked about earlier though, that money is still coming to america. why? because we're the best thing going. there is a yield chase going on. there is really no other place to park your money. the question now becomes he this, how much longer does the charade go on? cheryl: central bank charade? i'm guessing what that your meaning but the central bank charade? >> the central bank charade, but also the what is the true value for stocks? growth is negative. where is reality. what a lot of people's mind. cheryl: right. >> we're getting to a point where that might be changing a little bit. we're trending now sideways. this breakdown could change it. cheryl: i totally understand that. i want to bring in kevin kelly. kevin, stand by for a moment. we're get earnings from electronic arts. i want to bring in lori rothman from floor of the new york stock exchange. lori what do you have. >> this videogame maker, there was a beat.
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they were supposed to report a loss but it was nice profit, seven cents a share. the expected was a loss of two cents a share on much better than expected revenue, $1.27 billion when revenue was only expected to be 650 million. that is actually pretty good. on the downside, the full-year forecast. this is what everybody was really looking for in terms of the wall street analysts. looks like they are guiding lower in terms of full-year revenue and eps. revenue about 4.75 billion versus expectations of $4.9 billion. driven by digital downloads. made up 55% of revenue. that is consistent. fifa games, or "star wars" games. i don't know if you have experience up loading these games. i certainly don't. apparently the rage in video becaming community. pretty decent quarter for electronic arts. going forward there are
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obviously questions. cheryl: looking for a little bit of a build in the stock. we got a pop on that one for you. what are the numbers for you. david: aetna saw a boost beating wall street estimates. ceo also announcing, this may have something to do with the company's value going up, the company has plans to reduce expansion of obamacare. >> nobody is making enough money to sustain the enterprise and what we have to do we have to create a risk adjusting mechanism to manage that if it's a high-risk pool, call it a high-risk pool and manage it that way. but we tried to create a level pool across the whole country with one premium rate and that just won't work. david: it won't work. here is devin kelly from recon capital partners and jared levy is back with us as well. will any insurer make money with obamacare. >> we've known this with the writing on the wall. they are the last of the five big insurers to cut their programs. one of the reasons why, the ceo
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actually said it himself, earlier through the earnings call and through the reports is basically all the costs have shifted to specialty pharma. so the really, real sick people who need health care are enrolling in these programs but not until they actually need the care. there is no incentive for healthy people to join the marketplace. david: so, jared, since all five major insurers are going to be pulling out of obamacare, it is only natural who will be move in for private insurers? the government. there will be some government entity to insure those people. isn't this what president obama always had in mind? we know from the beginning he was in favor of one payer, which means, you know, it is the government? >> right. so you know, the obamacare is basically like betting on a three-legged horse, right? we're forced to keep betting on it, betting on it, beating on it even though it's a loser. two things happening. potential towards government owned or government-funded program and you're hearing a lot
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of this, mergers and acquisitions. they are like, how do we beat the system? we become monopolies and keep raising penalties. this year if you didn't enroll in obamacare it will be $695 for individual. that is 600% increase in two years. david: right. >> so the government is trying to figure out ways to force us in or take it over themselves. it doesn't work. david: either government will come in or -- we have more earnings out. company that makes fitbit is out with second quarter results. lori rothman has the numbers. >> hi, david. a beat top and bottom line for wearable fitness device-maker. 12 cents a share versus 11-cent estimate. 586 million versus $578.48 million. fitbit says they told 5.7 million devices. now i'm not sure how that compares with what wall street analysts were expecting in terms of devices sold because we're seeing fitbit shares in the
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extended session really bounce between gains and losses. now the company has not released a new device in this quarter. they did spend a whole lot in sales and marketing some there is perhaps some concern that the spending is a little bit high compared with the device rollout schedule. we'll continue to follow the reaction in extended session here. but for the most part for the quarter looks pretty good. it came in better than expected. back to you, david. david: cheryl has one she is wearing right now. lori, thank you very much. cheryl: like it but again they have a lot of competition, david and lori. let's talk about automakers. they reported mixed u.s. sales results for month of july. got numbers in today. raises concerns that industry is starting to stall. ford, gm, toyota announcing year-over-year sales declines. truck sales were driving numbers for last several years. now trucks seem to be flattening
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out in particular. that tells me the overall economy might be stalling a little bit, kevin. >> big suv market that drove growth may be starting to stall. we may see peak auto sales as subprime starts to increase. fleet sales were up. there is highly incentivizing consumers now. saw that through gm. they're using incentives to drive sales. everybody needs to be really careful, especially looking at the durable goods number that came out last thursday. that was disappointing. that is forward-looking indicator. car numbers are forward-looking indicators. investors need to focus giving guidance for the future. gdp came in below -- expectations last friday. people need to be careful. cheryl: they worry numbers are plateauing despite the fact oil is 40 bucks a barrel despite the global economy, still this is a plat foe tore these guys.
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>> sort of a problem if you think about it. with low fuel prices they should be selling, larger cars should be selling. this jibes well in last week's gdp report. weak business spending overall. a lot of small business owners buying a suv or truck to haul and move up. if they're not ponying up for autos, again that forward-looking indicator could be a sign of things to worsen in gdp. this is second sign of bad month in industry. cheryl: if ford f-150 is not doing well, i don't know what is going on. appreciate it. david: it's a pickup. cheryl: we love our trucks, come on. david: here is something you may not love. the u.s. border patrol providing a guide for illegal immigrants how they can avoid law enforcement. why one policy aimed at helping the community could be making matters a lot worse. cheryl: meanwhile president obama, running out of time and support for his pacific trade
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deal as he tries to make the case to america again. david: the president using his strongest language yet to make the case against donald trump, calling him unfit to serve and woefully unprepared. trump's national spokesperson katrina pierson will be respond. >> there have been republican presidents who i a disagreed with, i didn't have a doubt they could function as president. i was right and mitt romney and john mccain were wrong on certain policy issues. but i never thought that they couldn't do the job. ng back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours.
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♪olympics 2016, let me get you on my level. ♪ so you never miss a moment, ♪ ♪miss a minute, miss a medal. ♪ ♪ why settle when you can have it all? ♪ ♪soccer to wrestling. track and field to basketball. ♪ fencing to cycling. diving to balance beam. ♪ ♪all you have to sa♪ ♪ is, "show me," and boom it's on the screen♪ ♪ from the bottom of the mat, ♪ ♪ to the couch where you at? ♪ ♪ show me the latest medal count♪ ♪xfinity's where it's at. ♪ welcome to it all. comcast nbcuniversal is proud to bring you coverage of the rio olympic games. cheryl: well, taking his biggest swing against donald trump yet. president obama denouncing the republican nominee at the white house earlier today. listen.
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>> i think the republican nominee is unfit to serve as president. the fact that he doesn't appear to have basic knowledge around critical issues in europe, in the middle east, in asia, means that he's woefully unprepared to do this job. cheryl: here now, katrina pierson, trump campaign national spokesperson and steve murphy, a democratic strategist. katrina, he is unprepared, no knowledge. what do you say? katrina? >> i think this is, this is a classic case of projection. this is coming from a president who when he first ran for office, had zero experience. had never created a job. had never had to meet payroll and never had a real job. and look, this is a president who today has been
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single-handedly destablized middle east. we're currently operating a economy that is $2.2 trillion under average, killed millions of jobs with obamacare which is policy that the americans didn't want and forced it down their throats and unleashed global terrorism. so this president is unfit. cheryl: all right. well let's talk about this for a second. you know what, steve? president obama is winding down. he is very confident he will get the trans-pacific partnership approved yet still will have some roadblocks in congress. is there trump, mr. obama really right spokesperson for hillary clinton right now considering where the economy is and where trade deals are? >> oh, absolutely. barack obama is one of the most popular politicians in the country. his approval rating is over 50%. the economy is very strong right now. microeconomicly, real wages are up for the first time in many years. that is best predictor outcome of the of i will say one other thing about this. katrina has her opinion.
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barack obama has his. i certainly agree with him. the american voters in all the polls by 60% say they do not believe that donald trump is qualified to be president. and they get to make the decision. cheryl: okay. let me get your response to this then, because you know, steve, mr. trump actually last night referred to hillary clinton as the devil. i want you to listen to this real quick. >> he made a bad deal. he should have not made a deal. if he would have just not done anything, just go home, go to sleep, relax, he would have been a hero but he made a deal with the devil. she is the devil. cheryl: steve? >> well, they said the same thing about barack obama and he is a very popular president today. the same thing will happen with hillary. he can call her the devil right now. he is going to call her madam president in january. cheryl: katrina, your response? >> well, you know, this was kind of funny today because this made the headlines. after all it was hillary clinton said saul alinsky was her
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mentor, and he did pay homage to lucifer. this was just a case of context here. mr. trump was talking about bernie sanders selling his soul, for example, like tpp. and in fact, in that case, hillary clinton would be the devil. cheryl: katrina, before i let you go, really quick, we just learned today that congressman richard hanna, republican here in new york, came out in support of hillary clinton. is mr. trump concerned about losing those in his own party? >> no. simply because we've known from the beginning that this is going to be an election of the people versus the elite politicians. and for decades politicians will go and give canned answers, canned responses and read from teleprompter, tell you what you want to hear, get into office and do everything but fulfill those promises. we've seen that time and time again. donald trump is the outsider. i think you will see more of those elite politicians fall on side of hillary clinton because they're all in the same pockets. cheryl: karina pierson, thank you for your time. good to have you.
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steve we'll see you in a little bit. david: steve may want to respond this a later on. election alert. democratic national committee announcing leadership changes in wake of e-mail controversy. donna brazil announcing departures of amy dacey. louise miranda and brad marshall. we'll see how that plays in the campaign. to russia with love. new questions about the clinton foundation's ties to the kremlin. next peter schweizer, author of "clinton cash" making a connection between hillary clinton and russia. he joins us next to explain. why there is nothing terri about the united states taking in refugees from syria. >> we're going to take them into our country. we've already started. thousands and thousands. and we don't know, are they isis? is this a trojan horse? what is going on? many people clean their dentures
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cheryl: sandwich chain potbelly's down 2% beating street on earnings but missed lightly on revenue side. the company saw comparable same-store sales rise 1.7% in the second quarter. they reaffirmed guidance for 2016. they expect to see 50 to 60 new stores for 2016. again in the after-market, the stock down slightly. david: yeah. big loss after market. new concerns about the clinton ties to russia. the clinton foundation was accepting donations from russia owes own silicon valley while the u.s. was attempting to reset relations with russia during clinton's time at secretary of state. peter schweizer author of "clinton cash." great to see you again, peter. part of hillary's reset, let me set it up, the reset used silly red button with the russian foreign minister creating this thing called skoal cove have, a version of silicon valley outside of moscow.
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she encouraged companies to donate to skoal cove very. >> this was replay of cold war. idea to reset relations with russia. we'll have technological relations with russia and that will warm relations. 28 corporations became senior partners to invest in the russian version of silicon valley. they would share technology and it would warm relations. the problem is, first of all of the 28 companies that participated on the u.s. side, 17 of them were clinton foundation donors. then the head of skolkovo, a russian oligarch donated to the clinton foundation as well as some russian participants. you have this crony layer to the relationship, not to mention the incomes security concerns.
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david: let's talk about the national security, because if the clinton foundation stuff wasn't bad enough, it was question about what the skolkovo foundation was doing. a fbi special agent wrote a piece in 2014 couple years ago in the boston business journal saying the skolkovo foundation may be a means for russian government to access our sensitive facilities, with dual-use technologies with military and commercial application. u.s. companies at behest of the state department were actually contributing to russian military intelligence. >> that's right. it is not only the fbi that is saying that. the fbi sent an email to companies participating in this process, warning them about this. the u.s. army, out of fort leavenworth, kansas where they study foreign militaries actually issued a report they researched in 2012.
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at skoal skolkovo he there was military research on hyper sonic cruise missile and other military applications. david: peter one would assume that the secretary of state would know about the concerns of the fbi that we were essentially helping the russians to break into our own security apparatus. could there have been any connection, this is where you have to take a leap, as a journalist, between the money that the clinton foundation was getting and hillary not acting on the concerns of the fbi and others? >> yeah, that's right. here's what we know, david. we know based on wikileaks, state department cables that secretary of state clinton received a cable in 2009 warning about this dual technology problem. that issues related to skolkovo and investing in russia would lead to those technologies ending up in the hands of the russian military. so, she knew about it in 2009.
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and they continued with the program anyway. david: wow. incredible stuff. peter schweizer, "clinton cash" author. thank you very much, peter. good to see you. >> thank you, david. cheryl: we have more earnings coming out. the sy coming out be etsy, the craft website. revenue up, 39% year-over-year. coming in way above estimates. a lot of people like the craft arts with all of that. david: good stuff. with the general election in sight donald trump says not his opponent could get in the way. it is the rigged system he is worried about. cheryl: president obama is pushing for tpp he is not stopping without putting up a fight. >> right now i'm president and i'm for it. and i think i've got the better argument. important to me. that's why i use e*trade mobile. it's on all my mobile devices, so it suits my mobile lifestyle. and it keeps my investments fully mobile...
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♪ gaviscon is a proven heartburn remedy that gives you fast-acting, long-lasting relief. it immediately neutralizes acid and only gaviscon helps keep acid down for hours. for fast-acting, long-lasting relief, try doctor-recommended gaviscon. david: the company beat on second quarter results. fitbit said it sold 5.7 million devices last quarter. cheryl. cheryl: all right. david, donald trump slammed what he calls a rigged system, leaving republicans with a warning. listen. >> november 8th, we better be careful because that election will be rigged. i hope republicans watch closely or it will be taken away from us.
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cheryl: here mercedes schlapp former george w. bush spokesperson. also fox news contributor. steve murphy, democratic strategist. mercedes, he is talking about a rigged system. that is the general election. have all elections been rigged over the last -- >> rigged system seems most popular term. it must be trending for the past, this past election cycle, per se with what we saw between hillary clinton, bernie sanders and obviously the fact that the dnc actually did secretly aid hillary clinton and basically it was a rigged system for bernie sanders. with that being said, you know, trump brings out the point, we looked, when it was romney's race versus obama, there was for example, in philadelphia, over 59 voting precincts found that romney got zero, zero votes. come on. so it is interesting that he is bringing out the fact that there could be voter fraud. that is usually issue democrats usually talk about. so it is intriguing to see trump decided to move forward and talk
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about that it could be rigged in november. cheryl: steve, is that something democrats are talking about right now? >> well, no. donald trump is talking about it because he knows he is going to lose. he may be crazy but he is not stupid. he can count. he has seen these huge swing in the polls. cheryl: why would he do that, steve? this is not, somebody that is -- >> who is, who is rigging the elections? the fire marshals that he complains about every day? in every single polling place, irv concluding those 50 in philadelphia, which are completely democratic by the way,. cheryl: okay. >> including those 50, there is a republican poll watcher and usually somebody working at the polls who is republicans too. what do they do? close their eyes. fraud is a way of saying we don't like so many people of color voting. that is what the republicans are saying. that is what he is saying.ith s, my colleague this morning. he made a very interesting comment about business money and infrastructure. listen to this, guys.
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>> we have a fund. we'll make a phenomenal deal with the low interest rates. we have to rebuild our infrastructure. we have no choice. >> who would put money into that fund. >> excuse me? >> who would put money into the fund. people, investors. people would put money into the fund. citizens would put money into the fund. and we will rebuild our infrastructure with that fund. cheryl: mercedes, is that an idea ever been discussed among anyone in the republican party before? >> well, definitely not, that i have heard of. i know speaker ryan pushed forward, transportation and highway bill that did, were able to pass last december. which would fund these infrastructure projects. this is very innovative idea. in fact brookings came out with this whole proposal study on the fact if you use these qualified public infrastructure bonds it could work, in the sense that you want to get the private and public sector working together. want to offer opportunities for private sector to be able to
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finance, to be able to build, help operate public infrastructure projects. i it is very innovative. shows donald trump why as businessman, as a builder understands what it takes to help improve infrastructure in our economy and help boost our economy as well. cheryl: you know what? a lot of people says he doesn't come up with ideas. that was quite an idea when it comes to business in this country. mercedes, steve, thanks to both of you, appreciate it. >> thank you. cheryl: david. david: huge idea, huge. meanwhile everywhere you looked last week at the democratic convention there were these signs opposing the trans-pacific trade deal but that is not stopping president obama from pushing a deal. his party and his favorite candidate say they will try to stop. >> i'm going to continue to make this case and i have got some very close friends, people i admire a lot, but who, i just disagree with them. hopefully after the election, is over and dust settles, there
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will be more attention to the actual facts behind the deal and it won't just be a political symbol or political football. david: now confusing matters even further, six house republicans who once supported the trade deal sent a note to president obama just a while ago, urging him not to send tpp to congress for a vote this year. dan henninger from "wall street journal" is hear to sort things out for us. it's a mess, a confusing mess. start on democratic side, in a debate with bernie sanders, i never said it was the gold standard trade deal. i said i hoped it would be a gold standard. but we went back. in 2012, in australia, she said, and i quote, this tpp sets the gold standard in trade agreements to open free trade fair trade. king of environment, kind of environment that has rule of law and a level playing field. she did say it was the gold standard. now she says she will vote against it.
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>> she is in a tough spot because her party does not support this the idea at this point barack obama says he is going to be pushing the free trade deal is guy pushing on a wet piece of spaghetti. it is not going anywhere, david. it can't pass because it has become so unpopular. now bear in mind in his administration there have been three free trade deals passed as you well know. one was with colombia, panama and another with south korea. none of those trade deals passed until nancy pelosi lost control of the house and harry reid lost control of the senate. democrats are opposed to this idea for years and barack obama did next to nothing to build a political consensus, either in washington or in the country to support this idea. david: he didn't do the hard work needed to get it together. >> he didn't. david: bottom line, whether it is hillary or donald trump at least in the beginning of their administration, they will not have, they will not pass a tpp. >> no. david: may happen second year when they tweak it or whatever,
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but the singapore prime minister was here today. he raised a specter, incredible specter of world war iii. he said that world war ii was in part started because of the smoot-hawley trade deal which essentially was a bunch of tariffs on hundreds and hundreds of items. he said that led to japan rearming. led to japan, military wing of the imperial japanese government taking over. he said the same thing could happen now, if we begin with a whole bunch of tearing up of trade deals, that could lead to world war iii. what do you think of that? >> that is prime minister lee of singapore, very smart fellow. i think it is worth listening to him because the idea of pushing back against world trade, at this point, where the world economy is right now, it is very weak. u.s. growth is weak. it is weakened in europe as well. china is slowing down and as prime minister lee said there is national security element for this too. it does not include china, the tpp. david: right.
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>> it includes 12 other nations. david: he suggested japan, which we've been providing protection for since the end of world war ii, could move to somebody else for protection. >> exactly. they're looking for the united states for leadership over there. the tpp was supposed to integrate us not only trade terms but security terms. if we lose both and chinese are as sendent over there, that is the situation he is worried about. david: more coming up later in the hour. cheryl? cheryl: big news in new york city we have to share with you. new york police commissioner bill bratton announcing a bit hastily he will step down in september. mayor of new york, bill de blasio, ongoing tensions between police and members of the community had nothing to do with this. bratton told the mayor of his plans to leave last month. james o'neill will replace him. he is going to a private firm. david: a lot of people are concerned.
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economic renaissance of new york city, which is extraordinary, i have lived here more than 30 years, most of that is, what is, most responsible for that is the turn around in the crime stats. the incredible job was done in the '90s turning around the crime stats led to economic renaissance. we don't want to see that reverse. cheryl: there is concern here in new york and crime and ral probe of our mayor, de blasio. david: dirty water is not only problem. athletes are have fresh concerns about the air in rio de janeiro coming up. cheryl: can't get a break. millions of americans defaulting on student loans. why taxpayers may end up footing the bill, next. on a perfect car, then smash it into a tree. your insurance company raises your rates... maybe you should've done more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. liberty mutual insurance. poallergies?reather.
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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. cheryl: shares of aig trading up more than 2% after-hours on second-quarter earnings beat on both top and bottom line. the bored also declaring a
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dividend of 32 cents per share. david, over to you. david: a lot of dividend by these companies. student loan standoff with federal government and taxpayers, yes, could be paying the price. more than seven million americans are in default on student loans, ignoring debt collectors a year or more and choosing not to pay their debt back. a move threatens to leave taxpayers on the hook for $125 billion. here is dan henninger back with us. along with julie alvin. julie, what do we do with these folks? >> i think student loan debt is enormous problem for millenials specifically. david: right. >> i believe the number seven out of 10 new graduates from four year programs are graduating with student loan debt. average of $30,000. david: talk specifically about these. 80% of the people that have taken out student loans are paying back, at least partially. these folks aren't paying off at all. do we forgive them or do we take it out of their salary?
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>> we need to reform the student loan debt system basically. so obviously this is something that is a big topic of conversation in the political election, with a lot of people talking about what to do about student loans and how -- david: that is essentially forgiving, is it not? dan, the thing that surprised me, in reading this story in your paper, "the wall street journal," is that the obama administration, for all of their concern about student loan debt, they are garnishing wages more of these folks who aren't paying at all or who haven't paid a year or more. they are stepping up. i think they have taken in $500 million from the folks, right out of their wages. >> it was quite a mess. obama administration that nationalized student debt system. david: how so? >> they took over all the debt companies that were doing student loans. they extend the loans through the department of education at extraordinarily low interest rates and long terms but a real loan. most people who take out loans on their houses would never assume for a day that they
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couldn't repay that debt. and political support for forgiving these loans is very weak out there. so i don't think that -- david: julie is one argument these folks make that aren't paying any money at all. we were sold a bill of goods. that a college education would guarranty us a good job with a good salary and it hasn't happened. >> i think that is absolutely true. one thing certain people who want to reform the system we're talking about is the fact you need to fight against colleges using predatory practices. david: hold on a second, president obama himself time and time again, says the key to happy life and good job and great salary is college education. that is what president obama has been saying. so is he part of this lying culture? >> i think that is more sort of on fault of specific universities who say here are the graduation rates. a lot of time, here are postgraduation employment rates. here are postgraduation earnings rates. a lot of times those numbers are inflated and people do buy into the system.
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they take on the loans at exorbitant interest rates. david: i understand, the president is among the cheerleaders saying all you need is a college education and you will get a great job. >> i agree with julie to a great extent colleges should be held to account but barack obama produced in last quarter, 1.2% growth. he had a weak economy for seven years and result is that underemployment and unemployment of young people including college graduates is relatively high. they should have been able to work, go into an economy that had the prospect of offering them jobs and under his administration they simply have not. david: stronger economy would solve a lot of ills. julie, dan, thank you very much. cheryl? cheryl: david we were talking about this we have three days until the opening ceremony at the olympic games but a new report from reuters shows air quality in rio at dangerous levels. rio fails to meet the limits set by the world health organization due in large part to vehicle exhaust fumes. thousands reportedly die
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annually in the area due to complications related to air with higher risk of lung cancer, heart attacks, stroke, asthma and other diseases. president obama and the department of homeland security have plans for temporary protection of syrian refugees. could that open the door for more permanent consequences? you pay your car insurance v premium like clockwork.
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david: washington ask reporting that donald trump is not supporting paul ryan and john mccain in their races. ryan said now he is only giving it very serious consideration, saying i like paul but these are horrible times for our country. we need very strong leadership and i'm just not quite there yet. cheryl.
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cheryl: okay. well, president obama set to grant 8,000 syrian refugees temporary amnesty, but will the consequences of this move actually be temporary? fox news's william la jeunesse is standing by in los angeles with the answer. reporter: well, cheryl, granting tps, or temporary protected status is controversial for several reasons. one, makes those here illegally, legally, get driver's license and access to welfare. administration brought in 10,000 syrian refugees and tp is over and above that because it falls outside of congressional immigration limits why critics call it a backdoor. finally tps normally gives status to small group after specific event like hurricane or earthquake but no one else. jeh johnson is granting rolling am amnesty for any syrians who arrived before 2012. that is estimated 8,000 who will not be required to appear for
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background check. critics say we have no way to prove their intent or identity. >> they say look, we lost our documentation when we had to flee but actually we are from syria. the europeans can't prove it one way or another, we won't be able to either. reporter: so admin vision says this is about many could passion. syrians are leaving the region in droves, but congress pushed back when president obama wanted additional refugees. that is why it is called a backdoor. we have about 300,000 immigrants here from 12 countries who have tps, including salvadorans who got access or status after an earthquake in 2001 and hondurans after a hurricane in 1998. critics say there is nothing as permanent as temporary status. >> but tool that president obama now has, in order to get around public concerns about how many syrian refugees are coming here.
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reporter: so temporary status has to be renewed every 18 months. routinely is. hillary clinton wants to bring in the 56,000 syrian refugees, cheryl -- 65,000. trump wants none from terror-related countries. back to you. cheryl: william la jeunesse. thank you. david: also on illegal immigrants the u.s. government is advertising safe zones for illegal immigrants right now. the border patrol website essentially provide providing a list of where immigrants can go to evade law enforcement, places like schools, churches and hospitals where officers are barred from carrying out the duties unless it's a emergency. so. cheryl: david, coming up, it is finger licking good but nobody told donald trump. ♪
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>> we could all agree the right way to enjoy fried chicken is with your hands,
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but it looks like donald trump missed that memo. david: eating good old kfc but he is eating it with a fork and knife. "risk & reward" starts now. >> i think that the republican nominee is unfit to serve as president, he is woefully unprepared to do this job, there has to come a point in which you say enough. >> president obama buy declaring donald trump unfit to become president. this is "risk & reward," i am liz in for deirdre bolton. this is president obama talking.

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