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tv   After the Bell  FOX Business  August 26, 2016 4:00pm-5:01pm EDT

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>> the danger is new investors jumping in first time and don't realize the first year of a president. ashley: thank you, jordan. dave and medical list up next with "after the bell." [closing bell rings] david: have a good weekend to you, ashley. there is whiplash on wall street after at 237-point swing on the dow. stocks ending off the lows and the hice -- highs. nasdaq might go positive after it settles. melissa: i'm melissa francis. here is what else we have coming up for you this hour. hillary clinton on defense as she is forced to answer for questions on the clintondation. we have new details on a. citigroup bold prediction, if donald trump is elected it will trigger financial crisis. wait, citi didn't mention how much money they paid the
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clintons for speeches. david: very interesting. melissa: steve forbes here with his take. forget coddling college students. freedom of speech is alive and well at one american university. we'll take you there. david: let's take you back to the markets. the dow ending down but it was down triple digits. dow up and down. blue-chips up and down. seeing a 237-point swing. phil flynn, price futures fox news contributor has details from the cme. and we have adam shapiro on the floor of the new york stock exchange. adam, all this whiplash happening of course all related to what janet yellen was saying this morning? reporter: yes, janet yellen when she speaks, markets listen. we had, what a 23-point swing at the high. we were at lows of session 113 points down. we came off the lows. when you consider some of the numbers, charlie brady back at
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base crunched it for us, s&p 500 has gone 35 days without a swing of 1% move that is the longest stretch that happened in more than two years. investors clearly looking for signals what will happen in september. if you're wondering, the dow and s&p have been down three days in a row. s&p 500 down five of the last six trading sessions. couple things to look at right now, the vix at a seven-week high. investor concerned what might happen with interest rates. janet yellen non-committal as the fed always is but says there is environment perhaps to do that st. jude, that weird things happened within the last 30 minutes of the trading session. they halted trading. started trading again much higher, with news out after company, muddy waters capital that they shorted stock. st. jude said they got the report wrong. airlines got fined by the department of transportation for not compensating you correctly when they bump you from a flight and mishandle your baggage. back to you, guys. melissa: there you go. thanks for that, adam.
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oil ending down the week 3%. what are you expecting next week? how are you set up? >> i know what hedge funds expect for next week. they put on the biggest, bullish bet in history that came out from the commodity futures trading commission and you really have to look at oil. it held up pretty good today considering the fact that the dollar was so strong. you know, dollar bets came out they're at the lowest level in seven weeks. looks like dollar traders had that wrong. a lot of stuff happened in oil today. we had the report from a yemen newspaper that they were firing saudi aramco, saud oil prices spike. saudi aramco denied report. market came back down. we had to deal with the tropical storm activity in the gulf of mexico. national hurricane center upgraded slightly the chances of it developing into a tropical storm, up to 30%. and natural gas traders are looking at that as well. so that's pretty much a wild day in oil. back to you. melissa: it is wild. phil, thank you for that. have a great weekend.
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david: fed chair janet yellen signaling the economy is okay and her vice-chair, standly fisher saying we could have two rate hikes this year, markets got nervous but is a rate hike before the election really possible? let's bring in our market panel, steve forbes, forbes media chairman and editor-in-chief and jack hough, senior editor at "barron's." steve, let's be political here. janet yellen i would be willing to better penny that i earned that she does not want donald trump to be president. she knows if rate hike chances improve, market would do what it did last time there was rate hike, go way down. is there political consideration betting that the fed will not hike rates before the election. >> for sooth, david, how could you let evil thoughts enter your brain?
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yellen is, supreme court justice ginsberg, who let it out what she thought of donald trump and republican party. no, they believe raising rates will somewhat dampen economic activity. actually if they did a few things right it would help but that is beyond their understanding. david: jack, do you think janet yellen would do anything to help hire a guy who says first thing he could do as president is fire her. >> i want in on conspiracy theory, let me extend it. she such wag broadcast right now. knowing that you think that there will be a quarter point. david: just to get at david asman -- right, i don't think so. but seriously, this is one of those times the fed has been involved in politics before. we all know it. we don't admit it at the time but isn't time to turn that around admit it while it is happening? >> look at market, losing 50 points on the dow. the market saying, mea, nauert
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quarter point. david: last time the markets went down 10%,. >> we talk about gradually raising fed funds rate, quarter point now, maybe gradually 1% over next year. stay there to see if the world comes to an end or not. i don't think it will. david: melissa. melissa: speaking of the world coming to an end, citigroup warning a global recession is coming if donald trump is elected president. guess what? we did research that they failed to mention they paid roughly a million dollars to the clintons for speeches. david: uh-oh. melissa: that doesn't take into account the fact that two of their senior economists themselves from their own pockets, gave $64,000. steve forbes, what do you think of this very obvious conflict of interest that citi fails to mention here with this prediction? >> well, congratulations for digging that out and showing that economists are like everyone else, they're attempted by how they see the world and how they put their money into
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the world and in terms of donald trump only way you get a global recession if you get a global trade war. if he tammps down on that and goes through with the tax cuts the world will not come to an end. quite the opposite. by the way, hillary clinton, her tax increases, her regulations increases are guaranteed to tank the economy. why didn't they consider that? melissa: they were blinded by the money they gave to the clintons so they could have access, that they were bought and paid for. that is my guess. david: whoa. melissa: who knows. this gets me upset. jack hough. >> do they trade futures for the lincoln bedroom? melissa: give me a break, jack hough how can you believe a report that citi puts out part of this big group on wall street paying all this money to back the clintons because it is in their own best interests? >> you're forgetting what charismatic speaker hillary clinton is. melissa: you're right, i did forget about that. >> i think it is nonsense to predict 10th of a percent economic impact what the trump presidency would be.
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i think it is fair to say the stock market might be negatively affected and rich people like the status quo. donald trump is not the status quo. that is as far i would take it. i wouldn't predict economic impact. melissa: i'm glad we cleared that up. david: good segment. one of the biggest stock fights in history between bill ackman and carl icahn over herbalife. ackman of course claims it's a pyramid scheme. icahn is a true believer. he has been buying into the stock. so far icahn is on the right side of the trade. but icahn may sell his one billion dollars stake in company to who of all people, ackman. is ackman conceding defeat? >> this gives me hope kanye and taylor swift could patch things up. david: that is wild. >> i don't think there is -- there was a lot of drama around this stock whether it was or was not a pyramid scheme, absent that debate there is not a lot to get interested here. not a lot of long-term growth potential.
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david, jack calls it a debate. i call it a scream fest. sometimes they were literally screaming at each other harder than any politician i have ever done. was that all for show looks like icahn and ackman can agree perhaps it's a buy? >> no. a few yearsing a they were really at each other. it was personal. only reason it wasn't on reality tv -- david: you know these guys it was personal? >> for a while it was personal. only reason they're not reality tv because they're men instead of women, otherwise it would be prime time. icahn won the thing. herbalife was not put out of business by got. now he also as you know selling out other stocks because he feels the market might be a little wobbly. i would not read too much into it. david: the stock was down 7% today but it is up 70% since icahn bought n he made a lot of money. thank you both. very interesting debates. melissa: you new details on the
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obama economy growing at an abysmal rate. steve forbes will be back along with peter morici. what needs to be done to turn things around. david: donald trump meeting with hispanic leaders as he tries to make the case to minority voters. we'll speak to one of his latina surrogates why trump would be best for them as a group. melissa: a judge orders more of hillary clinton's emails to be released, emails she never wanted anyone to see. >> they didn't just push the delete button. they had them delete it where even god can't read it. a great part of using the usaa car buying service
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david: well, donald trump has tried to court latino voters. "the donald" planning to meet once again with hispanic leaders in las vegas just about an hour. as a new "quinnepiac poll"
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showing the republican nominee trailing far behind hillary clinton with non-white voters. here is aj delgado, trump campaign surrogate and conservative columnist. i guess you haven't been to any of his hispanic advisors. you were invited to one but you must know what goes on there. what kinds of things are suggested to donald trump at these meetings. >> well i have spoken to attend east, everyone has been very impressed the amount of listening and openness of mr. trump, feedback, suggestions. what the suggestion needs to be most, keep focus on jobs and economy, mr. trump. that is what latinos love about his platform. he wants to bring back manufacturing jobs, stop outsourcing, stop trade deals hillary clinton up until recently strongly supported. that is what i heard really goes on in the meeting. telling him keep that focus. david: seems like he has been doing that in addition to softening his talk about immigration. i'm just wondering if you know
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of any hispanics who have changed their views about donald trump because of this new kind of outreach? >> well, we do appreciate, i will tell you that the amount of genuine outreach we've seen from donald trump is making headway. he is somebody who personally meeting with the community. he has done so quite a bit this week alone. whereas we contrast with hillary clinton, who recently was doing what, meeting with justin timberlake and other rich hollywood celebrities at their home out in california the i know that specifically, the fact that he alone is meeting with us one-on-one goes such a long way. david: you must, in a community in which you live, you must know some hispanic people not in favor of donald trump. have any of them been convinced, turned around by his recent activities? >> well you would be surprised. i know very few, hispanics of various national entities not on the trump train. i will say the fact he set mooing with us directly and open to hearing our thoughts and
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views and listening to us, certainly either ups the amount of support who already support him or does have something, hey, maybe donald trump really, sincerely genuinely concerns to hear what our thoughts are, they are rethinking whether they could support him. david: you're in miami. some people make mistake hispanic population is unified. very much depends where you come from. miami, a lot of cuban-americans. texas and southern california, mexican-americans. there is a distinct point of view, is there not, depending where you're from? >> it is funny i guess what you're getting at there, the miami cuban community would trend to support trump more. that is actually not true. that is one of the communities he lost in the florida primary. david: that's true. >> mexican-americans in nevada, tend to love donald trump. you might want to recall who it is won the latino vote in gop primary, nevada, it was donald trump. the mexican-american community in nevada is very pro-trump. david: fascinating. aj, good stuff. thank you very much. come back to see us again.
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>> thanks, david. melissa: violent aftershocks continue to rattle central italy. this one, whoa. caught on camera. the tremor knocking down some buildings. look at that! that were still standing after the initial quake. search-and-rescue efforts are still underway but it has been more than day 1/2 since crews found any survivors. the death toll since the initial earthquake on wednesday now stands at 281 people. david: hmmm. that actually was an aftershock. i mean you can get killed in an aftershock there, it is very dangerous. just not doing it. why the founder of nike doesn't believe he could build the same kind of business in today's economic environment. also, does the election have you kind of down? well there is another option on the block. >> what would you do to create jobs? >> government doesn't create jobs. the private sector does. >> so what would you do?
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melissa: the latest read on the economy. gdp growing at sluggish, 1.1% in the second quarter. slower than predicted the leaving u.s. economy average annual growth rate of 1.7% since president obama took office. remember when 3% was sort of normal, was like par for the course? steve forbes back with us, along with peter morici, university of maryland economist. peter, i will let you go first. i mean there was a time when 3 and 4% was relatively normal. now it seems like, that would be, you know, a wild dream? >> absolutely. you know at this stage of his recovery, which started out with bigger unemployment than mr. obama, ronald reagan had about 4.5% growth. so look at it that way. but it is all these regulations
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that he promised to give us. he certainly has. you know, for example, you can't open a community bank. you can't get funding for a small business. if you do, it is so expensive to hire someone with health care costing so much. remember he was supposed to fix that? and of course there is the very strong dollar which he was supposed to fix, with china. that is keeping us from growing. it's that simple. melissa: anytime you point this out to the left, you say that the economy is horrible, they either say, look at what he inherited, or they say the unemployment rate is so low, what are you complaining about. how do you respond to those two things? >> first of all you look at labor market. the labor participation rate still stinks. wages are still low even though signs of life after eight years of supposed recovery. when you look beneath the superficial numbers it is very, very poor economy. worst recovery from a sharp downturn in american history.
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if republican had that kind of performance they would be painting him as hoof very redux. melissa: a hard thing about regular people at home what that looks like, why slowing economy down that much that is what is slowing down the economy? >> call vanguard if they have ira and keough and try to move one account. i had my middle initial on one account, not another. same social security number. put me through a long drill to make the accounts identical. sound like small thing but repeats itself over and over again. took people to enforce that. took me time to do it. took other people to implement the change and so it goes. melissa: yeah. >> it is become so difficult to open a bank, that now it is very, very difficult to find a small bank and therefore the folks that that finance small business. melissa: like the government has put gum in the wheels of everything and they wonder why
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the economy isn't churning. >> right. melissa: the current state of entrepreneurship by the way, nike founder phil knight says the negativity towards business would make it really difficult to build his company today. listen. >> do you think you could do this today? >> you know, i've been asked that a lot of times and it is really interesting. it is an entirely different environment now. this is really sort of a negativity towards entrepreneurship and business in general kind of going on, and in this country which is too bad but i think it's a cycle. i don't see it as a trend. melissa: steve moore, steve forbes, what does that look like in real terms? he said he couldn't start a sneaker company. if you're a little guy at home, gosh i have a great idea, i would want to start a business, what would hit you in the face then would make you feel like negativity toward your business, what he was saying? >> as trying to get, peter pointed out, trying to get a loan. look at growth of loans to small
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businesses and households last eight years, pathetic numbers. if you don't get new businesses you don't get big companies of tomorrow which is great strength of this economy. and so you add that up, and in terms of trying to get a loan, the paperwork is six ways to sunday, very difficult to get adequate credit, and health care, what are the rules on health care? they come by the thousands. makes it very difficult. that's why small business formations in the u.s. have been going down because the regulation tsunami really began about 15 years ago. you look at that, and it has been, trump would say, a disaster. melissa: peter, we used to celebrate a person that went out and had a great idea to turn it into a huge business. jeff bezos, that was the american dream. meant anybody, no matter how poor you started, how little education you had, if you have the will, spirit, idea, there is
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no limitgo. that was our ideal. why now would people feel like that there is negativity towards that aspiration and ambition? >> the president convinced minoritys and middle class people, somehow or another each and everyone of them is victim after big business conspiracy and that big businesses need to be punished. listen to hillary clinton's acceptance speech. i'm going after those people with the money. i'm going after corporations because that's where the money is. remember that. you have to understand, that if you have a profit of 3 or $400,000, which is very modest and you're in her home state new york, you're paying taxes over 50%. i mean, just process of keeping books, for sole proprietorship now thanks to all the regulations imposed by irs requires, you know, multiple professionals and a lawyer. melissa: yeah. no, it is very true. i watch in my own nabe hoard here in new york, --
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neighborhood, mom and pop stores, butcher, cleaner, closing up. they can't do it, pay all the things between rent and health care. >> by the way if you want to see vivid example go on youtube, woman in seattle, with a small pizza parlor. hear the interview. minority woman will lose the business because of seattle's $15 minimum wage. melissa: absolutely. we got to go. thanks to both of you, you can catch -- scroll up greta's full interview with nike founder phil knight, 8:00 p.m. eastern here on fox business. as always catch steve forbes and our very own david as man every saturday 11:00 a.m. eastern on "forbes on fox" on fox news. david: we have a good one planned for you this week, thanks for the plug. the nasty tone on the campaign trail got a lot worse. where will the war of words escalate between trump and clinton end?
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melissa: plus new evidence signaling that clinton wipe ad private email server with more than just a cloth. what are federal judges ordering the state department to do. have you ever heard after bleach bit. >> tried to wipe the whole server? >> you know, i have no idea. that is why we turned it over -- >> you were charge of it. did you wipe server? >> like with a cloth or something? we can see all the bacteria that still exists. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing bacteria. for a cleaner, fresher, brighter denture every day. or keeping a hotel's guests cuttinconnected.i to 35,000 fans... businesses count on communication, and communication counts on centurylink.
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melissa: problems keep piling up for hillary clinton's email controversy. senior republican telling fox news that clinton's team didn't just delete thousands of emails. they scrubbed the entire server using special software called bleachbit. boy, i wonder what that does? fox news's catherine herridge is in d.c. with the latest. catherine, wow, tell us more about this one. reporter: i will get to that in just one second, melissa. meantime the fbi who recovered nearly 15,000 records as part of their investigation into clinton's handling of classified information and her use of a personal server exclusively for government business, those records were given to the state department in july and early august and according to this ruling from a federal court in florida the state department must now begin releasing records relevant to the 2012 benghazi terrorist attack by september 13th. >> out of a total universe of documents that the fbi recovered and turned over to the state department, the state department has told "judicial watch," told
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us that they have had positive hits for the search term benghazi. so we know that these records that mrs. clinton either hid or destroyed and have now been recovered are directly related to benghazi. reporter: based on the fbi investigative files sent to congress earlier this month the clinton team use ad technology called bleachbit to destroy what it decided were personal records. cybersecurity experts have told fox news that the technology is like an electronic shreader that scrambles the data. >> i believe the fbi would give it their best shot and look for a lucky break and look for a mistake being made somewhere but it is much, much harder for them. it really is hard to recover information that has been scrambled this way. reporter: this morning we asked the clinton campaign why her team used bleachbit, a technology that even presents challenges for fbi forensic experts and why they destroyed records after congressional requests from the benghazi
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select committee for her records as well as from outside groups like "judicial watch." melissa. melissa: wow, how did we get, you mean wipe it with a cloth, i don't understand technology that they used something called bleachbit. reporter: this is pretty widely used technology but a technology you pull off the shelf with a very specific purpose which is to essentially triple delete it. maybe it almost unrecoverable if that is the word. melissa: wow. catherine, great reporting as always. thank you for bringing it to us. david. david: hillary clinton is trying to assure voters this morning that no emails will be revealed that would expose the clinton foundation for ties with foreign entities even though some already seem to have shown exactly that. now she was asked if she was certain that nothing revealed would have an impact on her chances of becoming president. here is her response. >> i am sure because i have a very strong foundation of
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understanding, about the foundation, not to have a play on words, that the kind of work that the foundation has done which attracted donors from around the world is work that went right into providing services to people as we have said before. neither my husband, my daughter, nor i have ever taken a penny of salary from the foundation. david: melissa, first of all, $50 million of the foundation's money went to travel, a lot of which was done by hillary, chelsea and bill. melissa: oh, but she was clear. she never took a salary. very careful with her words there. you heard her gulp before she said that. she was looking down at whatever she was reading. david: as you pointed out with the citibank thing, obviously a lot of the clinton foundation donors had deals pending with certain political institutions that she had some influence over as secretary of state. so i mean, there is a whole lot to be -- melissa: when she said she has a
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good foundation on the foundation, no play on words, no, you're just scrambling around thinking of something to say. really painful. david: take it further. melissa: go ahead scroll up. there you go. new tone of the campaign. hillary clinton and donald trump releasing new ads accusing each other of engaging in racist remarks. >> they are often the kinds of kids that are called super predators, no conscience, no empathy. we can talk about why think ended up that way but first we have to bring them to heal. >> you called out president clinton for defending secretary's clinton super predator in the '90s when she supported crime bill. >> it was a racist term and everybody knew it was a racist term. >> what do you have to learn? you're living in potpoverty. your schools are no good. you have no jobs. look at my african-american over here. >> all right. here we go, here now, trump supporter and former massachusetts senator scott brown is also here. we have jessica tarlov.
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she is a democratic strategist. thanks to both of you guys for joining us. >> sure. melissa: jessica, let me start with you because you know i heard dana perino said something interesting, if we doesn't have baby boomers were running any longer we might get away from this discussion. i think two younger people who aren't baby boomers it is almost a ridiculous conversation. i don't think either of these people are racist but they have gone so deep into throwing it at each other it is getting depressing? >> it is depressing. i also happen to think both of those ads are effective. only difference hillary clinton's ad will matter to more people and donald trump's ad will only matter to his base. we saw in the "quinnepiac poll" yesterday he is losing in every single demographic. 59% of the americans say that the rhetoric of his campaign appeals to bigotry. that is where the difference is. that is where i think it does matter. hillary clinton has apologized for her super predator comment. donald trump has apologized for nothing. what he did last week in his
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regret speech was not be specific and take kellyanne's conway advice he should say something remorseful. melissa: hang on. let's let senator brown get in here. what is interesting, it is much easier to make the racist level stick to the right. this is where things always go. kind of last resort of the argument. today really focusing on the association that david duke supports him by association he is guilty. i don't know why everybody doesn't answer that, why then, the shooter in orlando, the father was sitting right behind her cheering for her at a rally just happened. she supports "black lives matter." they say pigs in a blanket. you know is she responsible for that? i mean, is this road we're going down and why does it stick to republicans more, senator? >> i'm not sure. i don't think either one of them are racists. i do think they have certain believes, core beliefs. they have core bodies in people that they actually support as you just referenced. i think donald trump was right
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when said to the african-american community, the democrats are not allowing you to have that opportunity to get out of your situation, i.e., school choice in particular. the ability to get a good-paying job in their community because the regulation and the just constant government interference in the communities prohibits businesses from going in there and really giving a helping hand. so, no, i don't think either one are racist. unfortunately i have done 21 races. this is kind of mild. i anticipate it getting a little worse. melissa: oh. sorry we're out of time. we could go on all day. that terrifies me. send it over to david with that. >> sorry to tell you that. david: we have to have him back on that one. both candidates, there is another option, folks. >> how would you get anything done with congress to stop the gridlock going on in d.c.? >> look, we elect clinton or trump, it is going to be more polarized than ever, okay? that's given.
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nobody believes anything but that. so suppose you have a couple of libertarians, former republican governors, having served in heavily-democrat states. gotten reelected by big margins, in the middle with a bipartisan administration, democrats, republicans, libertarians, everybody, libertarian-leaning, calling out both sides to come to the middle to address issues that we do have? i think you could make a case third scenario could work out. >> could be a long, cool, drink of water. david: libertarian candidates there. john stossel what we expect from tonight's town hall for libertarian candidates. i have to say, this is clearest i ever heard gary johnson speak. he is very, very clear. i've had gary on a lot. i should call him governor. he did extraordinary job while governor, but at same time he is more clear now than he ever was. does he appear that way to you? >> practice makes you better.
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also we picked the clip where he was clear. david: was that only one where he was clear? >> weld makes him better for some reason. he is not as glib as hillary or donald but he is a reasonable person. he doesn't want -- he is not a control freak. david: he has streed cred. when he was governor, he never raised taxes. he cut regulations. had a budget balanced pretty much each term they served. >> reelected in democratic state. we took his picture out on the state. who is this guy? most people have no idea who he is. david: there is a question, a lot of people who fear nothing more than a hillary presidency, suggest he should drop out, even if they're sympathetic because he is drawing from donald trump. i found it very interesting, back in june it was found that gary johnson drew evenly from clinton supporters and trump supporters but in august, he drew actually, drew more, if you can put up august number he drew
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more from clinton supporters. i was surprised by that. >> he does draw more from clinton supporters, slightly. there is now a new website that will pair you up with if you're a clinton supporter, you don't want to not vote for her because it's a vote for trump, they will pair you up with a trump supporter so you can vote your conscience for gary johnson and not hurt your candidate. i don't know if it will work. david: i assume it is gary johnson. >> definitely not going to vote for hillary or donald, so yes. david: that still leaves a green candidate. >> no. she is bernie sanders oy steroids. she is worse. david: john stossel, see you tonight at 9:00 p.m. i look forward to it. >> me too. david: looks like very interesting discussion. catch stossel's libertarian town hall, 9:00 p.m. eastern on fox business. melissa. melissa: we have update on story we brought to you earlier. seems carl icahn says he brought another 2.3 million shares of herbalife and denies the story he wanted to sell his shares.
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the stock is up 5% after hours on this news. there you go. david: all right. then there is the fight for $15. is it meeting reality? how a minimum wage hike is costing more than 1000 jobs in just one city.
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david: well a lot of big companies like jpmorgan chase and starbucks patting themselves on the backs, raising some cases doubling minimum wage for their low end workers but what about smaller mom-and-pop operations for a doubling in labor costs could wipe out their already small profit margins? for details i welcome apple metro chairman and ceo zane tankel. you're not a mom-and-pop franchise. you have quite a few of these things but you know the mom-and-pop operations well. >> yeah.
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david: their major costs are much larger percent of operational costs than big companies. they can't afford to do it much less well or easily than starbucks or jpmorgan. >> you're right, david. i hate to quarrel. it is scalable or proportional. for example the wage increase this year cost us $5 million. there are only two places it comes from, price and the whole space, fast casual, casual dining is bumping their head on price. david: here's my point. the political argument for doubling, in some cases minimum wage is basically saying, this is to help out the little guy but the little guy mom and mop stores are getting killed. >> it's a lie, a absolutely. everybody is getting killed. i could name, eeoc, dol, nlrb, new alphabet of names. affordable care act, aca. not just minimum wage. that would be not really being factually correct t comes from,
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incoming, air, land sea, from all directions. david: all the regulations. this is one so blanket. >> unconscionable. david: and again, if some people become, get into high office there is going to be a move for a nationwide doubling of the minimum wage. what is that going to do -- >> car crash. name you just last 10 days seven restaurants, restaurant companies have gone out of business, david. thousands of employees. i know we're talking about washington, d.c. and seattle, but johnny's hometown buffet, chammpps. ruby tuesday's closed 105 restaurants in the last week. david: interesting you mention seattle, of course sate tale had big increase. didn't double minimum wage. >> no. david: there was a study done, "washington post" reported on it, despite all of calculations that this would increase dramatically the wages, look what happened. the unintended consequences.
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it resulted in either a $5.05 gain per week, or, a negative, reduction of $5.22 a week. there is inconclusive evidence this ends up with more change in a workers pocket. >> there is conclusive evidence, i'm sorry, conclusive evidence. because if you look where, where does that money come from to pay those increases? comes from their fellow entry level employees. i don't call it minimum wage. it is beginning of your life's task. it is, there is no minimum wage. it is entry level. we all entered somewhere. i don't want to be talking in hyperbole as our election cycle says, saying everybody started in restaurant business but there are many, many top corporate -- david: i did. i started washing dishes. >> you're classical example. it starts there. it gives you character. gives you guts. gives you discipline. david: that may be gone. zane tankel.
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thank you very much. melissa? melissa: silencing pc police. one college taking a stand warning new students they won't be babied while they're on campus. (announcer vo) who says your desk phone always has to be at your desk? now, with one talk from verizon... hi, pete. i'm glad you called. (announcer vo) all your phones can work together on one number. you can move calls between phones,
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plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ melissa: forget safe spaces. sheltering students from ideas and topics that might offend freedom of speech is a live and well on one campus. we sent jeff flock to check it out. jeff, what did you find? reporter: on the quad here, melissa, at the university of chicago where just this week a letter went out to all incoming freshman class of 2020. it said, no safe spaces. no trigger warnings on campus.
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no banning speech that might make you feel uncomfortable. take a look at some of what the dean of students wrote to those students. said members of our community are encouraged to speak, listen, challenge and learn without fear of censorship. at times this may challenge you and may even cause you discomfort. you know the u of c has a long history of standing behind freedom of speech on campus. this from a report before all of this controversy about trigger warnings and safe spaces on campus. it is not the proper role university to attempt to shield individuals from ideas and opinions they find unwelcome, disagreeable or even deeply offensive. offensive speech on campus is okay. student government here saying that dean of students is out of touch. he doesn't understand what trigger warnings and safe spaces actually mean. that they actually improve the, you know the campus experience. i leave you with one figure. and that is, the endowment for
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the university of chicago, it is $7.5 billion. this is a private university, not a public one, that is subject to the whims of public opinion and politics that a lot of state universities that have you know, kind of caved to political correctness on campus are subject to. so they also, i think they get 31,000 applicants for the pressure man class. they accept less than 7% of them. place in demand. melissa. melissa: great story. thank you so much, jeff. good stuff. david: what a great story. we like this one too. a video tribute to veterans going viral. a sailor zare ren made racking up millions of views. group of navy officers surprise ad world war ii vet. with this. [♪ david: well the vet is 98-year-old, ernie johnson. melissa: there he is, how sweet.
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david: he became to weak to visit uss iowa. the group came to him. it has been viewed at least four million times on facebook. this guy was in one of ships bombed in pearl harbor, 41. he was on the ship where the armistice was finally signed with the japanese. he saw both beginning and the end of world war ii. melissa: what a wonderful story for the weekend. i love that then there is this. this is the top. just how much would you pay for frozen pork? i'm guessing it is not as much as neiman marcus thinks you'll pay. david: hmmm. ♪ no one way of driving on each and every road. but there is one car that can conquer them all. the mercedes-benz c-class. five driving modes let you customize the steering, shift points, and suspension to fit the mood you're in... and the road you're on. the 2016 c-class.
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save 50% on the labor day limited edition bed. know better sleep. only at a sleep number store. a grwas seeing theing the different it had like a manufacturer discount, it had a usaa member discount. all of them were already built in to the low price. i know that i got a better deal than i would have on my own. usaa car buying service, powered by truecar. >> so if you're in the market for a 12 pound frozen pork roast, neiman marcus can help you out for a cool 410 bucks. >> selling ridiculously expensive food including a box of six dozen tamales for $92. 32 ounce vat of creamed corn
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for $54 and brussel sprouts for 54 bucks. forget it! that i won't go for, but the pork? absolutely. >> i'm going to mcdonald's. that does it for us, here's "risk & reward." >> have a good weekend. ♪. deirdre: donald trump and hillary clinton throwing more punches, bringing the tone of the election battle to a new level. some say hillary clinton is recuperating, taking a summer friday with no events scheduled. in las vegas, donald trump holding a roundtable with hispanic leaders. this is "risk & reward," i'm deirdre bolton. both candidates are delivering seering indictments of one another and supporters of both are matching the bitterness at some events. yesterday donald trump held a panel on race relations at the trump tower in new york city when a participating pastor, also a donald trump supporter,


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