tv Countdown to the Closing Bell With Liz Claman FOX Business August 11, 2016 3:00pm-4:01pm EDT
tax corporations and individuals spend the money on social programs do you think it's in a work or is this just more failed obama nymex. tell me what you think. you know i love hearing from you. >> presidential hubble donald trump and hillary clinton had now both presented their economic plants to the american people into the world. which plane well actually work and more portly which one actually stands the chance of passing through congress. we are bringing in two former members of congress. we will have three points of the planet plant that are most important to you. taxes infrastructure and social plants. how stark are the differences between clinton and trump when it comes to your wallet.
the trump's economic advisory council member. it gets even more dangerous for baby buffet. bill ackman may be getting caught in the barbed wire. with the foxbusiness exclusive could there be prison terms for some people involved in that. >> what you see on the screen is a hat trick. they're at lifetime records right now. we will show you it. is that where you should be investing. for less than an hour to the closing bell. let's start the countdown. liz: look at this. breaking news. is trampling the bears where
they're at it. they are all hitting lifetime highs right now. will they close their remains to be seen but right now you can see it's up 123 points. the s&p better by ten. you can see they are bringing up the rear here a full half a%. oil settles at $43.49. four and a third%. what happened. they are saying that members and non- opec members may take action to stabilize prices in an informal meeting in algeria in september. i had been telling you they never agree on anything but may be as prices get lower and lower they well. we had been down to about 37 and $38 per barrel.
we will have more on those in just a moment. you can see why the markets are responding so positively today. to the big story everyone is talking about right now you're in the right place because it is the economy that matters most both candidates are in the political battle of their lives over the pocketbook issues. hillary clinton unveiling her plan for the economy just moments ago. the economic plan in certain ways is similar but in others a sharp contrast to donald trump. her plan will create the most jobs since world war ii the democratic nominee also promising to raise the minimum wage and businesses across the board. >> by a former economic adviser to senator john mccain if you add up all of the ideas from cutting taxes for the wealthy to starting a trade war with china to deporting millions of hard-working immigrants the result would be a loss of 3.4 million jobs.
the same analyst found that with our plan the economy would create more than 10 million new jobs. >> we are not sure on either side but on the flip side the tale of two very different plants. even before she even laid it out today. in the speech to the national association of homebuilders. here is donald trump. >> she's planning on killing those tax increases. her plan will tax many small businesses enjoy your tax increase folks. let's get right to the blake burman who is at the automotive defense industry where she spoke. hillary clinton just wrapped up her speech in two very different versions for
america. but some similarities also. >> this was one blistering criticism after the other for hillary clinton. she said donald trump was here in michigan earlier this week. here she is in them detroit area three days later. she said if it sounds too good to be true it probably is. she also quoted the vice president to question donald trump's values. through it all she laid out many of her economic proposals some of which she has talked about for months now. to draw a line between her and trump. she called for raising the minimum wage. she talked about the buffet rule. of at least 30%. she also called for incentivizing corporate profit sharing. it was the estate tax.
hillary clinton is for raising it. in heller -- and clinton put the argument in this way. that alone would save the trump family $4 billion. it would do nothing for 99 99.8 percent of americans they would get a 4 billion-dollar tax cut at the meantime he was at the famed. he was to make the argument that hillary clinton did not live up to her promises in terms of the economy and jobs when she was a senator. she did live up to attend and she won't as president for the next four or eight years. what is amazing here is that breaking news even as he offers what they often like
tax cuts in the regulation within the last hour dozens of republicans have put out an e-mail urging the rnc to cut off funding from the campaign entirely. what is donald trump's next move on that. peter, this is stunning he's offering republicans what is orthodox to many lower taxes the regulation some very original ideas some of it is reflective of popular things like cutting millions of poor people off the payrolls entirely when it comes to taxes that would be popular but now i had you had people say on the republican side cut him off from funding. it's not a party that's coming together at all.
>> the party is being reformed as the democratic party is being reformed. what's been going on in the past obama, clinton not working i think the story for me today is the sharp contrast between hillary clinton and her vision of the robin hood where you basically tax the middle class and businesses in the rich in order to spend a bunch of money through the government versus the 21st century style reaganism where you get four points in the policy compass trade, regulation to double our growth rate. and trillions of dollars of tax revenues to pay for the tax cuts. what i want you to do professor's counter what she said during the speech and we just heard that some might his would cause job losses.
what i would love to hear from you is a lot of people would agree with that. certain states have different requirements but what is the plan for creating quality jobs. >> let's start with some quality journalism. what she did was use a study by mark zandi. he have a cup of coffee with mccain. no one said he was a major advisor. they had been playing this game for eight years now. obama always trots this guy out. the jobs was can happen with clinton is we are to have massive can have massive tax increases a government run type of change in style and policy and were not going to be able to deal with the trade issue. what donald trump is gonna do is double our gdp growth rate and create millions more jobs in the analysis that she is
quoted as garbage and sand garbage out. he made a bunch of false assumptions about tax policy and trade policy and came up with gloom and doom for truck. it's bad economics. he got big applause today speaking to the national association of homebuilders because he really struck an important tone there are couple of massive home builders. he certainly was speaking to a lot of the smaller homebuilders around america and he was saying let me take the regulation. they are all over a% here. he also said homeownership is very low right now. wasn't was a high level of homeownership what got us in trouble in the first place.
it's not a right but a privilege certainly. we don't want people owning them who cannot afford to own them. what we want in this country's restoration of our historic growth rates of three to have 24 percent. haven't head that since 2002 what happened then hillary and bill clinton got china and the wto they flooded our markets we lost 70,000 factories we got over 20 million people who are unemployed and our wages have not gone up. so people cannot afford to buy homes. what we need to do is have this. it hasn't worked for the last eight years. the infrastructure plan is articulated here. but before we let you go you
are a professor. i'm a proud graduate because it was affordable for my family. four of us uc berkeley, santa cruz and then somerset. you are a college professor and she talked about debt-free college. does he have a plan for lifting of the burden of student loan debt because that has created indentured servants here in the united states. i think the whole world is buckling under this. the bigger problem that i see is this disconnect between the education our students have in the opportunity. have a stepson that just graduated with a physics degree and he can't find a job. that something wrong with our economy.
i'm more concerned with putting our young people to work. there's a reason why they were going for bernie sanders. it wasn't just because they wouldn't get free college it's because they want jobs when they get out. and that what donald trump offers. we can go 21st century reaganism with donald trump. you decide. i don't want kids leaving college with huge debt on their's shoulders. thank you for the good work that you are doing. forty-seven minutes before the closing bell we will sink our teeth even further into the key points. the fight for the economy and whose plan can make it through congress to fund -- to former congressman let's ask them.
feeling the bite of slower sales. look how the stock is reacting. more on earnings. the first donald trump calling president obama the cofounders of isis. in a scathing new report from house republicans said that declaration may not be as outrageous as it seems. the tao is in rally mode. now 44. you have to stay with us and see if we get there. ♪ everything is awesome
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big earnings beat. the announcement though of more cost-cutting measures including shuttering 170 of its 28 stores has the stock dumping -- macy's at 40%. closing scores -- stores. a surprise pop in earnings in a beat on revenue that has a 16 and three quarters percent. these are not normal jumps when have good and decent numbers here. give major double digit percentages what could happen after the bell, until earnings action. they are due out with the latest results in less than an hour they have that a mag amazing shoe department it's my they are heading lifetime highs right now after the earnings we just told you
about. flip it over to the tao. nike is just doing it for that index. let's check in on the nasdaq. there is a twist to it. it's up 4%. the company it's not that they're doing anything great it's just a huge mistake. let's get right to the floor. i'm so excited because on a date when you think the heat index is 103 you would think that they are sluggish and slow. what is at the heart of propelling these. when you live in a world with different -- zero interest rates.
there is nowhere for money to go. or to try to generate any kind of that. u.s. equities is the best game in town. technically speaking the index as you are pointing out are in very good shape. i will point out they are bumping up against the long-term trend line. it wants to keep pushing forward. the nasdaq is a full hundred points above the high at 51-33. over the last two years they tried several times to break about that. now we are above it and we are holding. we where five points about the all-time high so we have to see what happens in the next 39 minutes here. i would be remiss if we didn't ask are we getting set up to
really see a big painful fall here or will it be a slow grind? >> i am forever the optimist. there aren't a whole lot of investment choices. it looks like they still have a lot more upside. you're getting persistent -- participation. i keep an eye it made new lows in a positive sign we will see if that can be negated. let's remember still a lot more downside. i think the energy boost is really what is getting this market some stability. we have byron there.
what a waste to get a yield of one point. people are getting pushed in to stocks. jeff grossman you have the sort of summer surprise here. looking oil at about $43 per barrel again i don't want people to get sucked into this they say no oversupply. what do you mean no oversupply? >> it's a very optimistic forecast. the gasoline turns this market around. it was languishing early in the day. and gas is the driving force the entire summer.
maybe it took enough of the pounding that has to lift its have here. as have i told you last week. with the major supporter. cutting output. we will discuss it. we might cut our output. they want to get the oil business out of business. thirty-six minutes away from closing bell. we are watching that level. we are above it right now. isys takes aim at the entire
♪ liz: a new report some are calling explosive. it comes out of members of house gop and it is concluding that key military intelligence was manipulated to create an overly optimistic perception of the threat from isis. the report also concluding that the pentagon central command played a direct role? the findings from the probe, seeming to confirm recent reports about the politicization of military intelligence. fox news's kevin corke is standing by in martha vineyard massachusetts, where president obama is currently on vacation.
kevin, the report is disyou tushing. gop -- disturbing. some while cry politics at work but what is it. reporter: you get pushback from democrats to say it is partisan but when you look at it more carefully it has to give it pause. president said, plainly the white house expect unvarnished assessments what is happening on the ground whether iraq or syria or anywhere else on the globe. that is not case in 2014 and 2015. it looks like he was getting shaded if you will, assessments by the folks at centcom. i think you find this very fascinating. the report poses an important question. that is this. why were the person people were told one thing when senior analysts at centcom were being told somewhere else? that is at the heart of the report.
there are those who would tell you, liz, that is the white hughes's fault this is it part of a culture that the white house helped to create. >> you remember the president called isis the jv. he said that al qaeda was on the run. senior intelligence leaders were molding intelligence to fit that storyline. they were telling american people we were being victorious when in fact isis was on the march all throughout syria and iraq. reporter: now i have a statement from the pentagon i want to share with our viewers at home. i think they will find this somewhat instructive. keep in mind, no one is suggestioning that the white house manipulated the reporting that they were getting from centcom but it does bear pointing out the pentagon is responding to it this way. the department of defense initiate ad separate inspector general ig investigation into this matter. ig has responsibility to investigate allegations related to analystic objectivity. we welcome and support their independent review. let me make that really simple
for the folks listening at home. they will keep looking at evidence, right? but it doesn't answer the fundamental question, right? where is the disconnect between senior analyst were saying and top folks were telling president? if that was faulty information, the american people got shaded information about the fight between isis in syria. liz: the president called isis the jv team back in the day. it wasn't that long ago, kevin. everybody on all side should have listened to israelis long ago on this just unbelievable. kevin, thank you very much. reporter: absolutely. liz: kevin corke, that disturbing report, no way around that. closing bell 28 minutes away. dow jones still there. will we make it to the finish line 28 minutes at the record? we're there now, same with the s&p and nasdaq. china slowdown not tripping up this name, alibaba. the e-commerce giant crushing it in the second quarter, rocketing
the shares to new highs. baba is not only name defying gravity. lori is here with the tech minute. you may own that. republican nominee donald trump taking his economic message to florida. can either candidate get their vision for the future past the house or senate? we take it to two guys who passed many plans, former senators byron dorgan and judd gregg. the battle lying ahead for next president of the united states. it is a can't-miss countdown battle. stay with us. this is judy. judy is 65 years old. her mortgage payment is $728 a month. that's almost $9,000 a year now judy doesn't think that she'll be able to retire until her mortgage is fully paid off. this is mike. mike is also 65 years old. his monthly mortgage payment was $728 a month.
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why i shouldn't retire today. 10, 12 years earlier than i had anticipated. in the first year, his cash flow savings totaled $8,736. after 5 years, it will be over $40,000. it really is worth a call to find out if a reverse mortgage can help you too. call one reverse mortgage now and ask for your free guide. >> i'm lori rothman on floor of new york stock exchange with today's tech minute. alphabet hitting lifetime highs. going gill's reorganization of alphabet took place one year ago
today. the stock is up it 2%. after -- 22%. cramer previously managing partners and invested in companies including uber, nest and blue bottle coffee. china's alibaba posted the best revenue growth before the e-commerce titan listing in late 2014, lifting the shares to the highest level in the year. alibaba made more money from mobile shopping than from pcs for the first time. coming up we compare the two presidential candidates economic plans and discover who laid it out best. ♪ ♪ [announcer] is it a force of nature?
>> 2-1. high flyball to right field. betts is there. he makes the catch. tagging -- liz: that is yankee's alex rodriguez getting a round warm of boos yesterday from red sox fans ahead of his final game tomorrow. then they also clapped. red sox fans are so weird. they booed and clapped. but of course a-rod has the final game tomorrow and he retires. not even close for the final game. donald trump and hillary clinton laying out their economic plans this week. voting to appeal to voters why their plan would be best your pocketbooks? more importantly can either get through congress? i'm joined by former democratic senator and congressman from north dakota, byron dog ban and republican from new hampshire, judd greg. first to the tax plans.
we can put up some of the details. minimum of 30% rate of those income, depends, 700 million,hundred thousand rather. 4% surcharge for those making five million more. would raise the estate tax, et cetera, et cetera. donald trump on other hand would simplify the tax code. 33% would be rate on top earners. corporate rates 15%, cut from 35%. he would also remove millions from even paying income tax. i will start, with you, senator gregg. which one looks to be an opportunity, a to help america and b, to get passed through congress? >> first i have to tell you red sox fans are not weird. they are great people. liz: you new hampshire people. you're just like them. >> they like them the best. but, clearly the trump plan, in my opinion is a economic growth plan. it is saying, let's give people the opportunity to go out and
take risks and create jobs and grow the economy whereas hillary's plan is essentially a classic redistribution plan where you basically take a whole lot of money from one group, and government gives is out to another group and claim that creates economic growth and never has, never will. economic growth comes from people willing to to out, take a risk, create a job, start a small business, and they're not going to be willing to do that if the government is taking almost all of their income in taxes to redistribute it. so basically like the trump approach more, although i have reservations about trump's other ideas. liz: understood. hillary's plan is different specifically regulation. she wants to add more regulation. that might choke small businesses about. that is what charlie gasparino has said. what do you think about her opportunity for america and what would spur growth? >> part of what is important how people see the future. if they have optimism about the
future, we tend to have economic expansion but very hard to have optimism when you have a trump tax plan, for example, would add $9 trillion to the debt f you're worried about indebtedness we should be, donald trump put together a plan that is pretty easy to do. just decide doesn't matter what the end number is. it doesn't have to add up. i will propose very steep tax cuts and we'll charge it. we can't stand 9 or $10 trillion additional debt in my judgment. by the way, in 1986, i was part of the last tax reform package that we put together on the house ways and means committee, led by ronald reagan and bradley and gephardt and others. we broadened base, lowered rates. i know about tax reform. i was pleased to vote for that. liz: it worked with growth. >> it did. liz: let me get to infrastructure. hillary clinton wants to do a infrastructure package of 275 billion. donald trump would double that, senator gregg. that is interesting point
because you would think that most republican candidates would not be doing as much government spending. >> well, first off i agree with byron on issue how go about tax cuts. i happen to think the reagan rostenkowski tax cuts which i was part also, i was on committee at same time, it was good previous and followed up by simpson-bowles proposal which was bipartisan which did the same thing. you need balance with tax cuts. you should cut rates, not increase rates as much as hillary is proposing. on infrastructure expenditures as long as you do pay for it we need major infrastructure expansion. we need to get our roads right. we need to get our schools right and bridges built. it has to be paid for. not like the stimulus program that began the presidency of barack obama. liz: barack obama. >> yeah. liz: senator dorgan, hillary's plan is smaller.
>> we need a plan for infrastructure bank for investment in the infrastructure next 50 years. friend of mine warmed by fires we didn't light, drinking from wells we didn't dig, driving on roads we didn't build. the fact is we're living on infrastructure that came from our parents and grandparents. we need a robust, big infrastructure program that can be paid for with a build america bond program over the next 50 years. but, you know, we shouldn't set that aside. we need to do that together, republicans and democrats. liz: will it pass through congress? guys, will either of these? not in their current form? >> actually they would. i think there is fertile ground for bipartisan initiative in the area of tax reform along the lines of what byron outlined and in area of massive infrastructure expansion but you have to pay for it. i don't actually think the bonds work very well. we're already borrowing too much. you have to use a revenue such as gas tax to pay for it. liz: we've got to run. you've been there, you've done that. senator dog fan, senator
gregg -- dorgan and senator gregg, we appreciate your perspective. three more months here. the closing bell just 15 more minutes though. what do we have? yes, we have the record still with the dow jones industrials, nasdaq and zap. all three at lifetime highs. with 15 minutes left, can we stay there? the dow up -- 132 points. we thought he was crying then. the ways could -- terribles coulding turning on bill ackman. how much the valeant nightmare could cost the billionaire activist and other valeant executives. we're talking about money. the graybar motel. why scale time could be involved for some involved. charlie is about to break that. you have to hear it next.
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♪ liz: this is a story that may send chills up your spine if you own any stock anywhere. since when does a stock investment land you in prison? we may be witnessing the early stages of what may end up to be that very case. one-time pharmaceutical high-flyer valeant and favorite of billionaire investor bill ackman plunging again today. it and its now-defunct online pharmacy partner are staring a u.s. federal criminal investigation in the face. here is the question. could valeant board members be looking at jail time? charlie bass has been speaking to legal sources. not good. >> i'm not a lawyer. i can't opine on that issue but we did speak to many lawyers, including prominent white-collar attorney stanley larkin. this is very interesting.
he is among the best in the business. there you go. here you have an investigation involving fraud. everyone who makes decisions at the top has a chance of getting their blank, we'll say rear end thrown in jail. this is big trouble. if i were them i would probably lawyer up and watch the situation carefully. this guy has been defending insider trading cases, white-collar cases for many years. who is in jeopardy here? if you talk to mr. arkin, anybody that has any management responsibility knew about this, the relationship between valeant and philly door and how that relationship, which the feds are investigating right now. >> can't hide relationships. >> let me finish this. how that relationship was disclosed to insurers. you know, because, that is part of the alleged scheme here is that valeant special deal with filidor. didn't go to a lot of other distributors. liz: online pharmacy. >> jack up the prices to the one
guy. we should point out they all said they have done nothing wrong. we called bill ackman, activist hedge fund manager on board of valeant. his involvement on the board we should say, postdated some of the big trouble. he was a big-time activist investor. i don't believe he was on the board until late last year. liz: he might not know none of this. >> he might not know none of this. mr. pierson. liz: former ceo who was sort of the brilliant man running this company but all they were really doing was buying pharma drugs and then jacking up the price. >> right. liz: they weren't creating new pharma. >> whether that is criminal fraud, i can't tell you but we do know from reports now, and some of our reporting that what was described in the past by valeant as a u.s. attorney looking at it has been ramped up there. more details -- the stock is down 10% on the notion this is much more serious than initially thought.
liz: again this was a $252 stock. it is $24 right now. >> right. what we do know is that there are individuals involved. when stanley arkin says that those, that individuals involved in this whole thing could face jail time, and he, we asked him about everybody. bill ackman by the way has no comment. i'm not saying he did anything wrong, far from it but you're kind of in that web. mr. arkin puts bill ackman in that web. not saying he did anything wrong. proving white-collar crimes is difficult. i don't know bill ackman anything but a very opinionated hedge fund manager. just to shed less credibility on that notion, he came in kind of late on the board but there is other people like mr. pearson and others obviously more directly involved in the process. all of them from what i understand, mr. arkin and some other lawyers, they are going to be under scrutiny. again none of them have comments. we reached out. you guys want to call me, tell
me, stanley's wrong, call me. i will come right back on the air and say that because we don't -- in my view is, these are difficult cases. i don't believe anybody is guilty until i hear they're guilty, just so you know. liz: thank you. charlie gasparino with valeant falling 10%. closing bell seven minutes away. big names going for the gold in the market with the dow up 130. small cap stock frank again -- gannon has a dark horse name that could win the race for your portfolio. don't go away. we'll name them.
8.2%. it gets the gold. frank gannon at royce funds co-ceo. smart enough to have 17 billion in assets in management, much of them for small caps. who you into they were jumping ahead. >> we had a bear market in small caps that bottomed in february 11th. market rallied close to 30% from the bottom. liz: why? >> couple things happened since the low. there is unfounded economic fears that haven't taken place, right? the correction in the market was based on an economic growth scare that hasn't happened. >> liz: are you saying the economy is good enough to sustain small and mid-cap growth companies? >> i am. we're hearing from companies that the economy is bumping along and from you, the economy is bumping along and they're doing okay. it would be wonderful to have some top-line growth. top-line growth would be fantastic. but earnings and profits recession people worried about so much is really found a home
within the small cap space. liz: people say what does the guy look if he is doing so well. two names we can put up the screen. molas, independent investment banks and dorman products, considered small investment banking, i thought that was being squeezed down by too much regulation? >> what is interesting about both these stocks, they're representative of what we do. molus is great company exactly to your point is an underserved market. liz: can we show them? >> independent investment bank with environment very little in terms of ipos. m&a continues to be quite strong especially in the economic environment and companies look for top-line growth whatever they can do to grow their business. this business was started by ken molus. we think it has 4 1/2% dividend yield and freight growth on up side. we consider this is high quality company.
it generates probably high, mid to 20s, in terms of invested capital. fantastic auto supplier. [closing bell rings] liz: you get to be here what appear to be three all-time record closes on this thursday. frank gannon of royce funds, thank you so much. david and melissa, you get a dow, nasdaq and s&p, all-time records. melissa: thank you for that. david: we appreciate it. we didn't know it was your doing. melissa: if you are in stocks you're making money today. the dow, the s&p, the nasdaq all closing new all-time highs. this is the first time it happened on the same day since december of 1999. u oy. i'm melissa francis. david: congratulations. i'm david asman and this is "after the bell." it is a banner day for the markets. the dow ending up 120 points surpassing the previous record close back on july 20. nike, merck and chevron leading