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tv   After the Bell  FOX Business  September 9, 2016 4:00pm-5:01pm EDT

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of accounts, talk about them opening up additional accounts, we're talking about less than 1% of the overall accounts. [closing bell rings] we're looking at revenues given back. talking average $25 to households that received a payment. very minimal impact here. liz: we have got to run. great to see you. thank you, marty. the market closes on very red-den muched day. dow down 391 points. stocks getting hammered on this friday. david, melissa, hand this one to you gladly. melissa: stocks getting crushed on wall street, selling off into the close. the major averages all ending the day down 2%. this is the biggest market selloff since investors panicked over the uk exit vote in june. i'm melissa francis. david: very busy day. i'm david asman. glad you could join us. this is "after the bell." the dow ending at session lows, very close to 400 points down with very heavy volume at the same
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time. verizon, coca-cola, caterpillar, the biggest drags on the blue-chips. the dow down nearly 2% for the whole week, marking the biggest weekly drop since january. oil and gold dropping as well. trader scott shellady watching the action on gold and oil from the cme and adam shapiro on the floor of the new york stock exchange. adam, what sparked the selloff? reporter: we've been talking about it, eric rosengren, federal bank reserve president out of boston, a reasonable case can be made for tightening interest rates. he made the speech in quincy, mass. he said this thing quite a while. he is a dove but might seem a little hawkish to raise rates. that got people very nervous. we saw market going out of the market right to cash t wasn't going anywhere else because everything else was going to cash. verizon was down, a little over 3%. boeing was off 3%. coca-cola down almost 3%. caterpillar was off today 3%. ge was down.
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this has been in terms of one tr you can see that nasdaq, for the week is down 2%. you've got both s&p 500 as well down 2%. finally the vix, the vix really spiked today. it was over 11. this is highest it has been since "brexit." back to you. melissa: thanks so much, adam. scott, oil and gold both diving today as well. huge part. story. talk to my about that element. >> we came this morning talking about output freezes in oil to output ceilings? that is a little bearish. we had a rig count continues biggest expansion of rigs since we started to see oil tail off two years ago. they add fuel to that fire. we start hear more and more stories doing rounds of 45 puts on crude oil. that had a lot of buying activity today. that cascaded to put oil where it is at. on top of that the dollar a
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little stronger which shouldn't hope. gold could i think have gone a lot lower but it held in there there are a lot of nerves out there so we had some buying there. losses in gold were stemmed but not in oil. melissa: go ahead. david: i was going to say, scott, stick around. we want to bring in rest of today's panel. steve forbes, jack hough, veronica daguerre of "the wall street journal." steve forbes, first to you, if just a hint of a rate hike does this to the markets, what does it toll you? >> tells you the market is very fragile. three years ago when they started to get rid of quantitative easing, the market had a hissy fit. but earnings were strong, market went back up. productivity is weak, rest of the world is weak. not much to prop the market up. david: veronica the fed has been spooked by market reactions over the past four or five years.
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might this hint of a rate hike stave off any rate hike until earliest december? >> it could but they will say they're data driven. they're looking at data coming out of the economy. they will not follow the market bell to insist saying that. if you're an average investor watching all of this, you're probably getting a little spooked and a little jittery. just understand between now and whenever we raise rates, now and november 8th, and election there will be t of volatility. we'll see a lot of swings. september notoriously is rocky period in the market. we'll see more of that going into an election. if you're staying on sideline, you have 10 to 20% of your portfolio in cash, probably a time to stay that way. you may not want the money invested. hang out and let things settle down. david: going to be a white-knuckle flight though, i can tell you that. jack, the losses, i don't know if we put up all the stocks in the dow, we can see all 30 stocks but it was widespread.
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there were a couple stocks. wynn had good resort news from overseas but fact it was so widespread and volume was pretty heavy today, doesn't that say we're in a bubble? >> yeah. everybody wants to blame the chatter about rate hikes. forget that a moment. we're still up for the year and earnings are down. shares are too expensive. 2% selloff is not a surprise. veronica mentioned the word election. that is what i'm thinking about. you might not want to hear this. i'm thinking about recent rise in donald trump poll numbers. he is chaos candidate. i don't think the stock market likes him. if it continues you could see more volatility. david: scott, clearly this was reaction to the fed. if you're going to talk politics bring that into the discussion of the fed because frankly the fed does not want donald trump to be president. he already said he would fire janet yellen. why would they want somebody being president, if they raise rates just a hint of a rate hike, you might see something twice as bad as today or even three times as bad. they're not going to lay that on
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hillary clinton's lap before the election, are they? >> they should be apolitical. shame on them. david: they should be. >> if it enters their mind. number two, all your guests said productivity down, earnings down. in that environment with our gdp at one% and having our 10% unemployment go to 4.9% while gdp contracting and interest rates at zero seven 1/2 years and homeownership, 51 years low, we'll raise rates. that doesn't sound like a good idea to me. guess what, we don't have interest rate problem. fed has interest rate problem. they put us in this position. now we have overinflated assets. that is the problem right here. david: steve what about the political possibilities. is the fed playing politics. >> the fed would like to play politics but the problem with the fed under janet yellen they don't know what to do. they hint they will do one thing and back off of it. markets doesn't have confidence
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what they say. after all the buildup this win finally happen in september. if it doesn't come through, people will wash their hands and say they don't have any idea what they're doing and they're right. david: interest rates are what they project in the futures. what are the futures saying about interest rates? are interest rates rising despite what the fed may or may not do? >> oh, we pulled a lot of players off the sidelines today buying puts and watching these treasurys tail lower with the interest rates rising absolutely. all came at once after rosengren's comments this morning. but at end of the day we had ism that was horrible. look at our last jobs number. where is so-called economic strength coming from to make the people say what they're saying? i think it is ridiculous. i don't care if they raise interest rates. we don't have interest rates problem. the fed has interest rate problem, not the economy. david: veronica, the fact is interest rates are going up
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regardless what the fed is doing. might the markets move no matter what the fed does? >> they will move no matter what the fed does but to scott's point, we haven't seen meaningful wage growth. you have plenty of people underemployed. in terms of growth in the economy it has been basically not so good for a long time. so what is that going to mean? i think there is so much uncertainty for investors right now with the elections, geopolitics, an interest rates. it is just very confusing, disturbing time for the average investor sitting out here watching us. david: jack, disconnect between main street and wall street. wall street has been doing great. politicians are doing great, borrowing money at zero interest, but folks at main street are not. savers do terribly. small business can't get loans. banks don't get return on their loan. so again this disconnect between wall street and main street. >> we're well past the point where we're talking about low interest rates being some stimulus of the economy. david: exactly.
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>> there is warping effect in the economy at near zero. david: what do we do? >> tell you what we do. get me to 1% on fed funds rate by summer. let's hang out to see if we break anything important. if we don't, continuation of gradual return to normal interest rates. i think we might see improvement putting more money in the hands of savers. keep in mind americans are mostly savers not just borrowers. david: scott, steve, jack, veronica, stick around everybody. melissa: keeping eye on this market we also want to talk about other big money stories. faa urging flyers to avoid using or charging samsung galaxy note 7 on planes. david: oh, boy. melissa: in addition three australian airlines banning note 7 from being used on their plane. all of this comes after millions of phones have been recalled due to balterry explosions. apple iphone seven goes on sale for preorders today, coincidentally.
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jack this is major blow. >> feature number 11 tim cook and his pals point out you will not blow up a plane with an iphone. samsung should cash in on apple's weakness this is incremental upgrade to the phone. samsung has good specs. they ought to sell a can jill i don't -- cajillion. david: elon musk tweeting that the accident is the most difficult complex failure the company ever had. musk is asking, look at that, musk asking people to email any recordings of the explosion to spacex in an effort to help the investigation. steve, some people say this is why, one industry, space race where you need national effort. more than anyone company can muster. i never thought i would say this. one industry where you need the government in there to help? >> government will be involved
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anyway, just for national security reasons, programs they have already underway. in terms of making breakthroughs, you already have several outside companies doing it. the fact you get setbacks, look at history of aviation, had constant setbacks in the teens and 20s and 30s before it reaches maturity. this is too bad but not the end of the world. i'm glad elon musk is focusing on that. give up crony stuff and do this area where he make as contribution. send us all to mars. melissa: speaking of space and everything else like that, raining burritos from the sky. exactly. alphabet teaming up with chipolte to deliver burritos by drone to students at virginia tech. veronica, i love this idea. i love it. raining burritos. >> what's next, tacos beer? melissa: that might hurt. >> that might hurt. it could be hard on you.
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this is brilliant. great branding university on part of the fast-food restaurant that has been plagued by food safety issues. what a great way to tap into their millenial audience. such a brilliant move. makes you wonder what is next for companies like amazon, in they start using their drones in a wider way. google, there is just so much potential here in terms of these low-flying drones and what that could mean for consumer companies. melissa: burrito seems safer than having burrito delivered by drone. i will open the window. i can't wait. thanks, guys. david: don't forget, steve forbes and knee tomorrow morning for "forbes on fox." that starts at 11:00 a.m. eastern time on the fox news channel. melissa: north korea's conducting the largest nuclear explosion test as president obama is just leaving the region. that's nice. the president says there will be serious consequences but what is
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he really going to do about it? david: could billion dollars iran hostage deal only have been a down payment? details on how much america may actually have paid, a lot more than the 1.7 billion over the past two years. melissa: the backlash is growing against bill clinton for comments he made about donald trump's campaign slogan. did you hear this? >> the idea that he is calling millions and millions of americans racists because they support donald trump is really disgrace. i frankly think it is part of how we're going to win. (announcer vo) who says your desk phone
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>> since we've seen this type of move. but as the momentum really started to pick up, there was some real selling behind this we can see this as the volume increased towards the end of the day. had a conversation with somebody at about 12:30 today. my point to them, i'm not convinced of selloff because the volume is not supporting it. melissa: right. >> pretty much 2:00 on the volume increased dramatically. once we get final stats. you see with the volume behind there really showed that investors took the opportunity to take short-term profits. melissa: what does that tell you about monday? how do you set up going into the week? do you think this was a clearing and healthy sellout or is this for shadowing more to come? >> unfortunately on monday, if you look at the economic
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calendar, there are no events on the calendar. this market will have to stand up on its own. nothing will be supporting it at this time. monday will be interesting to see if the market can hold up. i don't think we'll see as strong of a selloff on monday. i think we'll see some sort of selling early on monday, hopefully rebound end. day. tuesday through friday we have pretty big economic calendar that will help support the market. melissa: i imagine watching asia on sunday night. is that the next signpost for monday morning? >> absolutely. looking at that sunday evening. start watching s&p futures overnight. melissa: see what happens. jonathan, thank you for that. david: fascinating we'll stay with the marts. we have breaking news as the protest continues, the u.s. government requesting that the owners of dakota access pipeline pause while they're working on a key section in north dakota, despite a federal judge's denial to the standing rock sioux
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tribe's request to stop construction on four-tate pipeline. melissa: donald trump speaking to grassroots activists in washington. how the gop nominee working to win over a group of supporters group of support he will need come november. deal for he deleting emails. how one official might be off the hook. >> if the fbi and the department of justice gave this witness transactional immunity, it is tantamount to giving the triggerman immunity in a robbery case.
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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. melissa: breaking news. donald trump is currently making his pitch to grassroots activists. the republican nominee speaking at the annual values voters summit at our nation's capitol. this is the first time a gop nominee ever attended the meeting. our own peter barnes is live in d.c. with the latest. peter? reporter: that's right, melissa. this is an event held by family research council.
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it is made up of evangelical and conservative voters trump is courting and needs to turn out for him this november to help him win the white house and beat hillary clinton. he was putting some top spine on his education -- top spin on his education policy speech yesterday in cleveland which he announced a plan to provide $20 billion of federal funding in block grants to promote school choice particularly for poorer children in inner-cities around the country. here is what he said. >> my goal is to provide every single inner-city child in america that is trapped in a failing government school, the freedom to attend the school of their choice. competition, the schools will get better and better and better. [applause] and that means a private school, a religious school or charter school or a magnet school.
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school choice also means that parents can homeschool their children. [cheering] reporter: homeschooling a big issue particularly for this crowd. along with religious schools and private schools and charter schools. hillary clinton says trump can't promote that kind of thing because of her support of teachers unions. melissa: thank you for that. david: new report suggesting that the justice department may have cut an immunity deal responsible for deleting backup of hillary clinton's emails. congressman trey gowdy was surprised by the news. >> i'm inclined to believe it unless there is evidence to the contrary but it looks like they gave immunity to the very person you would want to prosecute, which is the person who destroyed official public records after there was a subpoena and after there was preservation order. david: republicans called for the department to investigate the deletions but this immunity
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deal makes it unlikely the request will go very far. melissa? melissa: attack by association. hillary clinton slamming more than just donald trump. the harsh words she had about his supporters. that's next. david: plus the house passing the 9/11 bill as we prepare to mark 15 years since the horrific terror attacks. we're going to be talking to democratic congressman jerry nadler, one of the bill's cosponsors. you will be surprised to hear what side he is on. that is coming up. >> i can hear you. the rest of the world hears you, and the people -- [cheering] and the people who knocked these buildings down will hear all of us soon. [cheering] right by our customer. who's with me? i'm in. i'm in. i'm in. i'm in. ♪ ♪
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one, two, - wait, wait. wait - where's tina? doing the hand thing? yep! we are all in for our customers. ally. do it right. david: there was a brood bath on wall street today. major averages all ending the day down 2%. this is biggest market selloff since investors panicked over the "brexit" vote in june. adam shapiro joining us again from the new york stock exchange. adam we know volume picked up towards the end of the day. that was not a good sign. reporter: it was not a good sign. going into the close0% was sell. 70% want to the sell. people are nervous with the volatility index. it spiked today above 16. what sparked all of it when you get someone who is considered a
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dove on the federal reserve and they're going to be meeting in two weeks talking about an interest rate increase and talking rather hawk kishly, eric rosengren. here is the quote. he went on in his speech in quincy, mass, if we want to insure we remain at full employment, gradual tighten something likely to be appropriate. so that's really what sent everybody to the races today. one thing you should know though, there were some winners in the stock market today. the life insurance companies. metlife, unum, lincoln national, cigna, they were up today. part of it is they invest their premiums in long-term high quality corporate bonds. david? david: very interesting. adam, thank you very much. melissa. melissa: so bill clinton continuing to focus on national security. the democratic nominee holding a bipartisan meeting with former military leaders and foreign policy experts to discuss how to defeat isis. our own blake burman is standing by in d.c. with the latest on this one. what did they come up with, blake?
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reporter: hillary clinton, melissa, she is trying to highlight two strength she has over donald trump. foreign policy experience and ability she says to work across the aisle. to that end, earlier this afternoon, it i still ongoing, we believe, clinton summoned top foreign policy leaders for what her campaign described as working session, the way they put it on foreign policy and national security. among the guests, you see some of them there. sitting directly next to her, george w. bush appointed homeland security secretary michael chertoff. matt olson, former director of the counterterrorism center. olson reemerged past couple days isis is saying via social media it wants donald trump to win the race. also appearing by video today, for that session, david petraeus and john allen. they were at the heart, as you know of leading the wars in the middle east. now clinton did not make any official campaign appearances today.
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just that roundtable discussion she had but she is trying to push the theme of bistart sanship in newly-released tv ad. here it is. >> donald trump says he alone can fix the problems we face. well, i don't believe that is how you get things done in our country. it takes democrats and republicans working together. reporter: well, separately the clinton campaign also sent out a memo today to its supporters. they claim that they have a vast advantage over the trump campaign in swing states in terms of operations. but that memo also, melissa, said, expect the polls to tighten over next 60 days. a word of caution coming out from the campaign as well. melissa? melissa: all right. we want to take you to some breaking news right now. you're looking live footage, look at that. david: whoa. melissa: a car dangling over the edge of a parking garage in texas.
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they say there is no one in the car. look at that. imagine what they're thinking below. david: or owner coming back seeing his car dangling outside of the building. hillary clinton ramping up attacks on donald trump but this time throwing mud at trump supporters. >> you can take trump supporters put them in two big baskets. they are what i called deplorables. the racists and haters and people who are drawn because they think somehow he is going to restore an america that no longer exists. david: here now, david webb, siriusxm patriot radio host and fox news contributor, noelle nikpour, gop fund-raiser and richard goodstein, democratic strategy. thanks to you all coming in. by the way the first category, but the second category was sort of downplayed. the main point is that the only people supporting trump are racist and malcontents. what do you make of that? >> actually we're deplorable.
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now i ask the question of hillary clinton supporter, richard goodstein, this game of painting republicans as someone to run away from donald trump supporters, someone to run away from. richard, am i personally deplorable or racist. david: david has taken over the show, richard. i let him do it with one question, go ahead? >> david, i got news for you, it is not hillary clinton who is calling donald trump a racist. >> actually, richard i asked you. am i deplorable or racist? >> i'm answering your question. you will have to put up with my answer. >> it is yes or no. david: david, hold on, let him answer. >> way it works. give me a question. david: go ahead, richard. gave you the question. answer it. >> thank you. it is not hillary clinton calling donald trump a racist. it is mitt romney. it is jeb bush. it is meg whitman. it is these pillars on the republican side. paul ryan said it is textbook definition of racist coming out. >> richard what i asked you what she said about the supporters.
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it was her statement on channel 2 news in israel. and now the question i asked you again is am i as supporter of donald trump a racist or deplorable. david: richard, go ahead. >> we know there are racists. david duke proudly supports donald trump. his ceo is a leading white nationalist. he is, kind of exalting in the support of white. david may not be you but a lot of people. david: let the woman get in here. noelle, mention fact on several occasions trump said i don't want his support. i don't need his support. he is not the kind of person that i want voting for me. you could also say the same about "black lives matter" or groups that are even more radical than that that support hillary clinton. and i haven't heard hillary clinton be as definitive against those groups as trump has against david duke. >> she is trying to put spin on it and trying to make bad remarks about people or anyone
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that chooses to support donald trump. she is, you know, gone round and round and discounted him. so now she is going to go a step further and she williscount anyone that supports him. anyone that donates this is just another one of her tactics. but you have to consider the messenger. look who is delivering message. look what she did with emails and what she did with benghazi. this person is delivering this message. i think it is kind of a moot point. david: richard, i want to come back to you for a second. there are despicable groups on the left come out in support or in leaning towards hillary clinton. >> orlando shooter's father. david: does hillary clinton need to make the same statements against them that you say trump needs to make against people like david duke, even though he already has? >> white nationalists want blacks to be second class citizens. want a they would like blacks to leave country. certainly want to keep out mexicans and muslims.
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we can stipulate. i don't think anybody disagrees with that none of these groups, david, that you would point to supporting hillary clinton that take that in reverse. >> oh, wow. >> you can say anything you want. >> richard you're willfully ignorant or dishonest about. i was there in "black lives matter" in ferguson. by the way, there is a grand dragon from the kkk on the west coast who also endorsed hillary clinton. she didn't denounce him. you need to get your facts right. david: another leg to this discussion. melissa, go ahead. melissa: bill clinton strongly suggesting donald trump's make america great again slogan is racist. >> that message, i will give you america great again, is, if you're a white southerner you know exactly what it means, don't you? [shouting] what it means is, i give you the economy you had 50 years ago and i move you back up on the social totem pole and other people down. melissa: if you're white southerner you know what it means. just like bill clinton because
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he is one who said it a whole bunch of times and he is white southerner, former president has history of using that phrase. listen. >> i believe that together we can make america great again. to secure a better future for your children and grandchildren. to make america great again. i want to attack these problems and make america great again. time for another comeback. time to make america great again. melissa: i mean, let the man speak for himself, noelle. he says if you'rnd you say this phrase you know what it means. it is about race. so he is a racist then i guess by his own definition. >> what a hypocrite, number one. and number two, what in the world is he talking about making america great again, means we want to take you back, back where you know, the southern people were down on you know a certain race. this is absolutely ridiculous. i think it is an embarassment that even takes this position
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and think's people are so stupid, this is what donald trump or anyone that says make america great again means go back way back into a time where people were mistreated. that is absolutely insanity. melissa: richard what do you think if you look at video. if you're a white southerner you say that no one someone is saying. i said it as a white southerner, so i guess i was saying he wanted to make it. wants to go back to a different time for race relations, bill clinton. >> so donald trump was asked -- melissa: no, no. you have to address bill clinton, either address bill clinton saying that or don't respond. you don't use donald trump's. >> i give up my time. melissa: you respond to the question. so you have no defense for that? you agree, you agree he is racist. do you want to respond to the actual question. >> i'm talking about bill clinton, when he was president, more blacks rose out
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of poverty than under any single president's administration ever. they called him the black president, first black president for a reason because he got over 85% of the black vote. melissa: so then is he lying when a white southerner says make america great again, that he wants to reverse race relations in this country, take them back to where they were 50 years ago, when he says that is he lying now, is he lying then? if he was such a great president, why did he say this thing he says is racist? >> i'm sorry, you're not going to want me to finish my answer. but he is referring to what donald trump said is when america was great was last in the late 1940s. >> donald trump wasn't running for president in the '90s, when clinton. let me finish for a change. >> asked the question back in june. melissa: you had your chance, richard. you didn't answer the question. >> i'm sorry you don't like hearing the truth. melissa: no you're not. >> by the way if you want to revise history, the democrats have written out jfk and pro-growth policies. they have written out the fact
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that work fare which passed you're right, during the clinton years was a republican program that clinton signed into law as the president because he couldn't override with a veto, as a result, poverty rates went down among blacks. but facts escape democrats and revisionist history that you like to rewrite. the fact is neither man saying it makes it a racist statement. if so, it makes it a racist for me because i've been saying a lot longer than the presidential campaign that it is involved in the reagan years of making america the great economic nation, the great cultural nation. great example for the world. donald trump's talking about the economy an america. melissa: that's it. we're going to go. david. david: putting money into the hands of possible terrorists, new details about how the $1.7 billion cash payment to iran may only have been a down payment. also, nuclear game-changer, why north korea's latest test has world leaders on edge. i have asthma...
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melissa: alarming news from overseas. north korea successfully carrying out its fifth and largest nuclear test. the country now claiming it can mount warheads on ballistic rockets. here is peter brookes of the heritage foundation, former deputy assistant secretary of defense. so much to talk about here. but it is not a coincidence that president obama just left the region and they did this. is it? >> i don't think so. i mean north korea, there was also the g20 summit. melissa: right. >> that was in china preceded this. i understand the president may have been on a fuel stop in japan on his way back from meetings in southeast asia. we have an election this year. so the, north korean leader may be looking beyond president obama to new american leaders. south korea has a presidential election next year. so there is a lot of reasons for doing this. it is also a holiday in north korea.
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it was the 68th anniversary of the founding of north korea. melissa: yeah. >> so there is a lot of reasons r doing this, melissa. they're getting better at it. this is twice this year. five times overall. four times since the obama administration came into office. melissa: what does it mean they can mount warheads on ballistic missiles? >> it means they can reach out and touch us in very unhappy way. we don't know they can do this. they are claiming it. this is the biggest sizic test so far. they're planning not only hit regional targets which would include japan and south korea and american troops, guam, hawaii, west coast of the united states and eventually the entire united states with a nuclear weapon. melissa: that is one of the things that we look at to try to see how powerful it was. 5.0-magnitude earthquake registered on friday. that was largest of the four past quakes associated with what they're doing there. that is part of the evidence, right? >> there will be a lot, a deep
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dive on this obviously. they want to know whether this was uranium or plutonium. if there is any effluent came into the air that they can sense. they will want to look at seismic data more closely. north korea has only atomic bomb. they're looking at thermonuclear bomb. last test they claimed to do that. than can be a thousand times more. melissa: we worry about this because of the friends they keep including iran. >> we don't see a lot in public that north korea and iran have a relationship and they have had a ballistic missile relationship. there is worry that north korea could do testing and share capabilities with iranians and others not friendly with the united states. melissa: it is like a commercial with what is for sale. >> that is the way they look at it. thank you, melissa. david: if that wasn't enough, the billion dollar cash deal to iran for american hostages may
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just have been a down payment. officials saying the real number may have been more like $33 billion in secret payments of cash and gold paid to iran over past couple years. this information coming from testimony provided before congress by an expert on last summer's nuclear agreement with iran. the expert from the foundation for defense of democracies says the money may have come from oil escrow accounts and other liquid funds that were released after the deal totaling $33 billion. melissa: a notable bill passing in the house today that would allow the families of 9/11 victims to sue saudi arabia but if it becomes a law, will there be repercussions from the saudis? congressman nadler, one of the cosponsors of the bill is weighing in. that is coming up next. ♪
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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: so is much for the calm on wall street. the dow ending the day down almost 400 points on rake hike fears. it is the worst one-day drop since the uk exit vote in june. david: well on this memorial weekend, the 9/11 bill is moving forward. the house passing a controversial bill allowing families of terror victi to sue saudi arabia. the senate already has passed the same legislation but the white house is threatening a veto. democratic congressman gerald nadler of new york is one of the bill's cosponsors. he joins us now. wonderful to see you. >> good to be here. david: is this one issue that is truly bipartisan?
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>> well, yes, it has been very bipartisan. peter king on the republican side and i on the democratic side and a lot of other people have been working on this together for several years. david: you and i are from new york. you are my congressman. i live in your district. does it have, does the bill have the same resonance for those people who don't live in new york, are not directly connected to nine he 11? 11 -- 9/11. >> well it should. it is not only a 9/11 bill. it clarifies district courts to hear claims by americans against foreign governments that allegedly aided in acts of terrorism against the americans, on american soil. so god forbid if something should happen from some other government this would apply there too. david: now the president is going to veto. he said he is going to veto the bill. >> we haven't heard the president directly threaten a veto.
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the administration has lot of problems with the bill. they said they didn't like it. i think it is fair to say they urged us not to pass it. both houses by unanimous votes. i'm not sure they veto it. david: have you talked to members of the administration when the president should do when it lands on his desk? >> we haven't talked since the bill passed we have not talked. we only passed a few hours ago. i'm sure we have conversations next week. david: do you think you can persuade him not to veto it? >> i'm not going to hazard a guess but i think there is very good chance he will not veto the bill. after all bill passed by unanimous votes in both house and senate. and which means that there is a reasonable chance a veto could be overridden. congress has never overridden a veto by this president, i don't know if they want to risk it now. in addition to wish the stated reasons for proposing bill, saudi reaction. >> right. >> saudis have a lot of
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interests they have in common and they will get over it. david: the saudis claim, by the way, bipartisan for, bipartisan against. there are republicans against the bill as well. >> yes. david: could it spill over, what the saudis claim, other people not necessarily carrying the water for the saudis, it could spill over and affect other issues. is that possible? >> i i don't think so. the history of relations with the saudi government over the years, just reading a book going back to the end of world war ii is that the saudis will do what is in their interests on given subject in relation to the united states generally. very much in their interests not to have good relations with us. they're undergoing major shake-ups in their society. they're having struggles with iran and need our help in many ways. they will be annoyed at this. i don't think it will be go beyond that. david: congressman, good luck with the bill selling it to the president. thanks for joining us. >> you're quite welcome.
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melissa: honoring victims of 9/11, one store remembers the terrorist attack, look at this, with coca-cola cans.
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melissa: one walmart store choosing to remember the victims of the twin towers with coca-cola cans. shoppers say we hold this moment in our history in the highest regard in was nothing disrespectful intended by the display. but what kind of minds can wrap their minds around using that horrible day for advertising. it was such a sacred day in our history. a day of mourning.
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melissa: when i first saw it, i thought coca-cola had done it. it's a local store. they built with maybe what they had here. david: inexcusable is all i can say. melissa: "risk and reward" starts now. liz: a triple-digit sell-off on the dow today. this fist "risk and reward." i'm elizabeth mcdonald in for deirdre bolton. major stock averages taking a beating in the most volatile day since the british vote to leave

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