tv Countdown to the Closing Bell With Liz Claman FOX Business September 15, 2016 3:00pm-4:01pm EDT
a pretty nice little rally we have going on. the market near session highs. you can look to apple for part of this as well as oil today. be sure to go to my facebook page and tell me what you thought of today's show. liz over to you. >> we are watching the big market rally. friendly fire the government's biggest watchdogs already telling us they are livid how they mismanaged the bank account scandal. scott stringer is with me exclusively. his pension holds $10 million of wells fargo. what is he going to do about it. he is stuck with them island story as well.
donald trump promising tax and regulation cuts for all. he is going to break down the plan here exclusively and hillary clinton supporter for the center for american progress in the great well respond. this is hillary makes her first appearance walking down since she nearly fainted from pneumonia on sunday. she is expected to speak live in north carolina this hour. we have our cameras trained on that and on wall street where apple and oil are driving the profit there is no fed rate hike for you. we are less than hour to a closing bell. let's start the countdown. breaking news it is the most scrutinized paradox on wall
street. that's exactly what you're your scene at this hour. all three major industries are moving higher as investors look at weaker than expected data. so the s&p is jumping 24 points and the dow is up about 211. both decided let's snap the today losing streak. just five days to go until the big federal reserve meeting. apple is still very much in the driver seat. it's pushing it towards triple digit gains it's up through the three and a quarter percent. the tech giant hitting a nine-month high. and looking to post its best weekly performance in five years. the low of this year $89. look at it now. the new phone iphone seven
sold out in every one of those colors. over the past three sessions alone they've added some $50 billion in market cap. this is surging about 6%. and how about serous logic. it's one of the key bone part supplier. started spiking back in july. there would be no headphone jack. we are jumping about 213 points team foxbusiness is in place. there looking at how high the investigation might really go. he has senator liz worn and the new demand she's began for wall street accountability. were in new york on what donald trump has to say in the big economic policy address. it suddenly just spiked in the last hour.
not one but two government officials are now calling for an investigation into the very top tier management at wells fargo and one activist investor is in need of more funds. it is currently held by one man. adam shapiro is in the newsroom. he is he's really the big watchdog care. what specifically jumped out at you about the investigation that he is looking into. he would not deny it he would it put his finger on it. he's i can speculate what you will hear his exact words in the second the have of the consumer financial product bureau actually said that the investigation could rise all the way to the top.and restitution. the wall street journal reports they are subpoenaing
documents. they said it could go up the managers chain. it is still being determined. i think it has been acknowledged by the bank that the firings of employees included hundreds of people who were not simply front-line employees but people who are managing this people and people who are managing the managers. that goes up the chain a good ways. >> we reached out to wells fargo to see if they would comment on this. and they said no comment. adam think you very much. elizabeth warren is the one who pushed hard for that consumer protection agency. and now one of the biggest watchdogs she is taking aim straight at wells fargo and the rest of the nation's biggest banks today is the eighth anniversary of the lehman brothers bankruptcy and
she's calling for the department of justice to answer why it didn't prosecute any of the very top wall street bankers following the financial crisis. a new study co-authored by the former treasury secretary. large banks even with all of the regulation are no safer today than they were before the financial crisis. you just saw peter barnes talking to senator warren. i found it a fascinating interview. when you drill down with her on the latest drama with wells fargo. and john stump is going to be up here on capitol hill she is a member of that committee. and she told me she is a very tough questions for stump listen. >> i want to ask him about what you think we have done wrong at wells fargo. is this a case of a bank that
is so giant that you really can't manage it when 5,200 of your employees are cheating your customers when they are opening more than 2 million checking accounts and credit cards against and without permission of the employees and generating millions of dollars in fees you can't even manage this place if that's the case this is a bank that is too big to manage. it should be broken up in which case there is personal responsibility here. >> i asked her to follow up should he quit or his board of fire him over this. let's see how all of this plays out. we need more information. she is demanding that managers and someone in management be personally responsible for this and the big fine for her is not enough.
and wells fargo stock is implementing another half a%. it has not done while under the scrutiny. that story is resonated very much like the epipen out rage. rage. we will take that up exclusively with scott stringer. he manages the biggest pensions funds here in new york for a lot of the unions. they own a big chunk of mylan in a huge chunk of wells fargo. he will speak for the very first time on what he wants to see happen with wells fargo and then of course on mylan. regulation could have solved all of this. donald trump said get rid of regulation on the banks small businesses it was part of what he revealed today as far as his new economic plan is concerned he made major moves in recent polling even before the speech. the new york times showing
trump gaining on hillary clinton. closing the gap between the two of them from an eight-point difference to two points among likely voters. they jumped to a virtual high. when including third-party candidates each taking 42 percent of the vote. you are there in new york city where this speech got a lot of attention today. it certainly did. and in many of the things that donald trump talked about today he added a few more details the big picture he talked about regulation certainly that's a big part of it. the other part of is taxes and overall theme. the argument he's been making is if you cut taxes you will get higher growth. three to half% gdp growth. it has a number that the campaign is going with. trump said it could even be higher. this is the most progrowth, pro- jobs plan put forth perhaps in the history of our
country. there you go. he wants to cut business taxes under a trump plan would go down to 15% which by the way got quite a few tears in the bald room -- ballroom. let's take a look at us. this. we seen some of this before. 12% and 25 percent. but we add in income levels. if you make under $75,000 per year trump has you in that first bracket. if you make more than $225,000 then you are in the top bracket which is 33 percent. lower income rates. for just about everybody. he talked about other things that he has in the past. his child care plan was unveiled. energy policy and trade policy. in a speech like this you know his economics the chance to take a shot at his opponent hillary clinton.
>> not one single idea she's got will create what net american job or create one new dollar of american wealth for our workers the only thing she can offer is a welfare check. >> the only thing that is a concern for many economists is how he plans to pay for it i can tell you his advisers are aware of that after his initial proposals did not get such positive reviews. they have gone back and worked on and i'm told they got in the cost down. at least they say have they have. from $10 trillion over a decade to more like $3 trillion. that's what they say. back to you. both of them have come up with ways to pay for this. there is already some serious
scrutiny about one specific part of donald trump's plan that's tariffs on american goods. we're can show you a portion the big fundraiser for donald trump and with that we have martin feldstein who is a former economic adviser. he was in the house during that speech. and then fair and balanced. and what does he say about that accusation. about how her plan does not create a single job. we have already seen tape of her. but live since she called out sick. for to take you live to north carolina. we will keep dipping in on that. that is where the crowd is amassing. make sure to stay with us. we will check the minute she comes out. we have this this breaking news. the safety agency has just
announced it plans a former recall of samsung phones. it has been investigating that with on your screen. it catches fire and melting and hurting people we do expect the announcement to come and in about 4:15 p.m. this can happen in eastern time. we will bring you the latest developments as they come in. upon hundred 95 points for the dow. it's fairly typical the day before that. to have a big run up like today especially coming off of two pretty significant days. but having said that we have a retail sales that were a big mess. that locks in the expectation.
you won't see it next week. but getting back to the retail sales we wanted to tell you about some of the retail stocks today. that gets back to the fed outlook. look at the gays and some of in some of these numbers. given all-time high for dick's sporting goods. there are some of the other winners. again on one of the weakest retail sales meetings we seen all year. let's send it back to you on that. under armour is up three quarters of a%. thank you very much. retail sales severely different point -- disappoint. it rings in 45 minutes. donald trump promising to reignite the economy and ring the u.s. back to three cap% growth. if he is elected president in november. we are getting a one on one
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while they work to create growth? >> they will certainly help. there is no question that they discourage work and cause people to take advantage of attacks provisions to lower that rather than learning more. there is a big problem in the tax cut plan. he's gonna cut the corporate rate to 15% but a lot about that is done outside the corporate sector. with without reasonable income you would be paid 33% so that's good to be can be a problem. it will be a problem politically and economically. there are a lot of people
saying actually this may become a problem. it would be 500 billion spent on infrastructure. it would then cost about 450 billion dollars over ten years. that is a trillion dollars. it is a lot of spending. not enough. there wasn't a regular q&a with him but they interviewed him and john asked me if i have a question and i said please ask him about what is happening. he didn't have much of an answer. the third big tax cut.
it was at 6%. you really believe in what some people call trickle-down economics. >> i think if you have a good tax policy it does raise all votes. it does help the economy as a whole. but the deficit being created by the big tax cuts. we would cut back on non- defense spending. you can imagine how much that adds up. it is about 3% on gdp. you get that. martin, thank you. we had 38 minutes before the
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liz: let's dip back in. these are live pictures of greensboro, north carolina. that is the stage where hillary clinton is expected to take the podium at the moment, speak with this crowd. this will, as we keep saying her first appearance on the campaign trail since she fell ill on sunday. earlier today donald trump unveiled his economic agenda as we mentioned the at new york economic club. bring in fair and balanced someone who back hillary clinton proposes. center for american progress economic policy managing
director, andy green. donald trump said this today. not one, single idea from hillary clinton will create one new job. counter that from your side. >> well, something like that would be just a malarkey. you know, secretary clinton has a plan to invest in infrastructure, rebuild this country. so, we well know that infrastructure has a net job creating impact, multiplier. so i don't know if donald trump is saying that the good, hard-working men and women who are laying down concrete and rebuilding our roads and bridges are taking a welfare check. that seems what he was saying. liz: can i just ask though, when you're talking about what hillary clinton plans to do, infrastructure, her plan is apparently still as with we heard 250 billion. his is 500 billion. >> well, i mean, he proposes stuff without having anything to back it. so i don't think the 500 billion is really very meaningful.
she has $250 billion plan. center for american progress has a $500 billion plan. i take any plan with real specifics how to build it out and make sure it is going to work. and the key here is, you know, if you want to know where somebody's values are, you look at their budget. and how it is paid for really matters. today when mr. trump laid out his economic plan he seemed to dial back the $10 trillion of his previous tax plan gaveaway. you know how he did that, removing middle class tax cut he was proposing. liz: hillary clinton hasn't announced a middle class tax cut people are waiting for. >> i don't that is true. she proposed tax simplification plan. liz: that is not a tax cut. let me ask you about the trade deals. he said trade deals must be a two-way highway. he is done with it. pp, which is the trans-pacific partnership unless something is
done to fix it. he sounds isolationist. so does hillary clinton. even donald trump ace finance guy, there was pretty interesting interview neil cavuto did with him. listen to this. >> would you be happy with a 35% tax on those american companies that leave to make their product cheaper abroad? >> again, we're not going to have a 35% tax. what we're going to have is a 15% -- >> he just said 35%. he just said 35% if ford goes through with this one. >> no. what he said was to the extent that foreign countries don't honor our agreements, and we don't have fair agreements -- >> he was talking about ford, what he would do to ford. he was talking about ford. what he would do to ford if he did that. liz: so there is a little bit of confusion. i would like to clear up what hillary clinton would do. is she going to pass tpp? she has been against it. before that she was for it.
but what does she do about incoming u.s. goods that are made overseas? >> well, she has a pretty detailed plan for how to rebill american manufacturing. and one part of that plan, she said she is not going to support tpp but you look at the rest of the plan, she has a very comprehensive plan how to enhance trade enforcement. how to reinvest here in manufacturing. so we have manufacturing clusters that grow and are strong and create a virtuous cycle. and she's got a plan to have apprenticeships and workforce training. she is going to be tough. i will take somebody who has been secretary of state and has a long track record in government of the standing up to foreign governments over somebody who has not revealed their taxes, who has foreign business dealings dealings withn governments an whose policies are made up every five minutes. donald trump is not qualified to be president. liz: there are a lot of questions on both candidates, andy, it shows in the polls,
both have high likability problems, unlikability problems, rather. we appreciate it. fair and balanced. andy green with an e. martin feldstein, andy center of american progress director. we have brand new fox news polls on the 2016 race tonight. charles payne unveils them live 6:00 p.m. eastern on making money. bartiromo tomorrow interviews donald trump 7:30 a.m. eastern. with the closing bell 28 minutes away. whatever trump, whatever the fed or anybody is saying or doing, the dow loves it, up 184 points, all green on the screen, even boeing, which is the so-called laggard is up 9 cents. walt disney, coca-cola, jpmorgan, do you own these names? they're all up. apple is at the top. we told you why apple is there on the dow heat map. intel boosted its dividend by
26 cents a share. up next, struggling, wells fargo stock and the company. the scandal rising to epipen status as outrage from investors is forcing billions to be lopped off the stock. we first invited our next guest to talk about the epipen price-gouging but the $160 billion pension fund holds millions of shares of wells fargo. new york city comptroller scott stringer walking in exclusively to fox business studios, both companies, what he want to see happen. more "countdown" on the way. remember here at ally, nothing stops us from doing right by our customers. who's with me? i'm in. i'm in. i'm in. i'm in. ♪ ♪
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expanding at much slower rate. over last seven months the service grew from 13 million paid subscribeses to 17 million. pandora plus is launched. new subscription service allows them to listen to music off-line. it is priced 4.99 a month. twitter gets set to prepare the first nfl broadcast tonight a match between the new york jets and buffalo bills. the live cbs broadcast is available for free on twitter's platform. coming up the wells fargo scandal reaching epipen proportions. liz talks with scott stringer next on "countdown."
collapsed on sunday. let's listen in. >> the story she told is really one that motivates me every day because it is kids, like sara, that led me to politics in the first place. to try to make our country and our world better for them. so to see sara grown up and thriving is very special. and your hold family support really means the world to me. thank you, martha, sara. [applause] i have to say it is great to be back on the campaign trail. [cheering] as you way know i recently had a cough that turned out to be pneumonia. i tried to power pow through it
but even i had to admit maybe a few days of rest would do me good. [cheering] and i'm not great at taking it easy even under ordinary cirucumstances but, with just two months to go until election day? [cheering] sitting at home was pretty much the last place i wanted to be. but it turns out having a few days to myself was actually a gift. i talked with some old friends. i spent time with our very sweet dog. i did some thinking. you know the campaign trail doesn't really encourage reflection, and it is important to sit with your thoughts every now and then. and that did help me reconnect with what this whole campaign is about. people like me, we're lucky. when i'm under the weather --
[cheering] >> hillary! hillary! [cheering] >> now, i just want to have a conversation and other people can wave their arms and they are signs but, i want you, i want you to think with me for a minute about how i certainly feel lucky when i'm under the weather, i can afford to take a few days off. millions of americans can't. they either go to work sick or they lose a paycheck, don't they? lots of americans still don't even have insurance or, they do but it's too expensive for them
to actually use so they chug orange juice or hope that the cough or virus goes away on its own. lots of working parent can't afford child care which in many states cost as much as college tuition. for millions of moms and dads they get sick, there is no backup. they're on their own, aren't they. that is the story for too many people still in america. when an illness strikes or an accident happens, you feel you're on your own. you lose your job, or can't afford college, you're on your own. if your aging parent starts needing more help and you don't know what to do, you're on your own. life events for these are
catastrophic for some families but mere bumps in the road for others. i have met so many people living on a razor's edge, one illness away from losing their job. one paycheck away from losing their home. and that goes against everything we stand for as americans. some things should not come down to luck. some things should be within reach for everyone, no matter what. [cheering] like financial security. like affordable health care. like the peace of mind that comes with knowing that if something goes wrong, your family will be okay. and above all, the knowledge
that no matter what your president is fighting for you and will always have your back. [cheering] that's why i got into this race. i'm running for everyone working hard to support their families. everyone who has been knocked down but gets back up. [cheering] factory workers on feet all day and nurses looking after patients all night. i'm running for young people like so many of you here who dream for changing our world all the better and for our parents and grandparent supporting those dreams by dedicating every dollar they can spare to your education. [cheering]
i'm running, i'm running for the lgbt teenager here in north carolina who sees your governor -- liz: hillary clinton appearing live for the very first time since she of course collapsed last sunday, looking pretty healthy here. she using her health care scare and experience to pivot to health care affordability in america for her family first plan. at the sim time though, we're looking at a market charging ahead by 202 points. no losses here. lots of gains. when we come back we're going to get more on the big market moves, plus scott stringer, new york city comptroller, on his big investments. not sure he is thrilled about it. wells fargo and mylan's epipen. stay tuned.
♪ liz: dow still holding on to gains of is 90 points. dueling corporate scandals are slamming two major u.s. companies at this hour, absolutely infuriating shareholders. wells fargo now being investigated by multiple government watchdog groups after being slapped with $185 million fine for opening as many as two million ghost deposit and credit card accounts and charging customers without their knowledge. as mylan ceo heather bresch is set to be grilled by congress over the epipen price surge next week. kind of a nightmare if you own these two stocks. my next guest runs funds that own both of the stocks. he is outraged. scott stringer manages, new york city's $160 billion public pension system. one million shares of mylan and 10 million shares of wells fargo are in these funds. let me get first to the comment on wells fargo. we had invited you on to talk
about mylan before the wells fargo situation broke. so this is your first comment, publicly about how you feel regarding this? >> well, as the fish rip of the forth largest public pension fund in the united states, 14th largest in the world, this pension fund protects retirement security of 715,000 people. and it is truly outrain just that wells fargo complicit in opening up phony bank accounts, putting our pension fund at risk is outrageous, unacceptable. i believe that regulators should be up and down this company. the question is, who is responsible? we have to make sure the highest level of the wells fargo board is held accountable, not middle management or the underlings. liz: you're saying the ceo and chairman, john stumpf. want our viewers to know, you own nearly valve your shares of
wells fargo? >> $500 billion. liz: half a billion dollars. if you look at announcement of the settlement september 8th, the stock has fallen since then. this has got to be churning your stomach over this. have you spoken to john stumpf. have you spoken to wells fargo? what are they saying with you guys? >> this is not first time i had to deal with wells fargo. the comptroller's office worked with wells fargo to put in place a clawback position and there by we can go to management and ceo, when the stock drops, you're not doing your job, we can get the bonus money, we can claw back that money. something we're certainly going to explore, but we need independent boards that truly watch out for the share owners. not simply people on the board looking at bottom line which is their own pay.
liz: so the clawback provision then, the person in charge of the community bankers group where 5hundred employees were -- 5300. she left the company in july with 127 million payout. do you think her exit package should be clawed back? she was in charge of these people? >> i certainly await the investigation from multiple agencies. my sense, if this plays you out the way we think it will play out, i think all options should be on the table, people must be held accountable. this is unacceptable conduct by a major bank. when you see the wells fargo bank on the street corner, people trust that it is a bank of great reputation. you see this, look at investments we have, public pension money. obviously it's a great concern and something that should concern everyone from wall street to main street. liz: by the way, you also own $45 million of mylan stock why we brought you on.
due to breaking news we would love to have you talk about. you have written this letter demanding accountability from mylan. keep us post what is going on. >> that is about protecting children and the abuse is unbelievable. liz: you lost money on that investment too. scott stringer, new york city comptroller. we'll be right back. the dow paring gains. still up 174 right now.'s don't go away. e. the rest of the time, they're asleep. then one day, hr schedules a meeting with you out of the blue. and it's the worst 19 minutes of your career. but you don't sweat it because you and your advisor have prepared for this. and when the best offer means you're moving to the middle of nowhere, the boys say they hate the idea. but you pretend it's not so bad. and years later at thanksgiving, when one of them says what he's thankful for most, is this house, you realize you didn't plan for any of this you wouldn't have done it any other way. with the right financial partner, progress is possible.
this is how i dress to get a mortgage. i just go to lendingtree. i calculate how much home i can afford. i get multiple offers to compare side by side. and the best part is... the banks come crawling to me. everything you need to get a better mortgage. clothing optional. lendingtree. when banks compete, you win. okay! ...awkward. liz: ceo's of bayer around monsanto telling fox business that they firmly believe their $66 deal will go through without a regulatory hitch but a lot of analysts say there will be 20 to 30 regulatory groups may put up hurdles especially current political climate. what will that do? dueling stories here, charlie gasparino.
but the monsanto story is still front and center. >> take a look at the stock price on this thing. pretty remarkable t was 104, $105 a share. liz: there it is. 104. >> number one the vast majority of opinion on wall street right now this deal will not get through. you have a lot of options buying, put options to sell. that means negative sentiment people going short on deal ever happening. that is driving the price down right now. we should point out when we spoke with regulators an analysts we look at number of political entities that weigh in on this from three or four different countries u.s., eu, brazil and three different countries. politics, we wrote a story on foxbusiness.com.
politics are fascinating. left-wingers worried about monopolies and price-gouging conglomerate, agribusiness conglomerate, bayer monsanto weighing in, that is the left side. on right side, mike lee, senator from utah is against the deal. raising concerns about it. health food advocates hate the fact that monsanto produces a lot of gmos, genetically modified foods. this face as lot of regulatory and political scrutiny. we have a major story on foxbusiness.com right now. nobody is betting this this will get through f you bet it will get through, guess what, you can make a lot of money buying 104. you wait until it gets approved. that is one-year bet, liz. liz: dow or s&p index you're making a lot of money. >> without worry abouting it, right? liz: without worrying about it
indeed. you don't have to worry about anything if you own just the dow 30 today. [closing bell rings] we turn it over to david asman and melissa francis with big news this hour. david: very big news. start with news of stocks are rallying with major averages all ending up more than 1%. dow moving up 100 points four out of last five days. i'm david asman. melissa: i'm melissa francis this. is "after the bell." we have you covered on the big market movers. here is what else is coming up at this hour. hillary clinton out of bed and on the campaign trail! speaking in greensboro, north carolina, as new polls show she is losing even more ground to donald trump. this as trump is delivering more details on his economic plan. how he plans to create jobs, help the economy and kilnedless regulation. did the obama administration