tv After the Bell FOX Business September 23, 2016 4:00pm-5:01pm EDT
in the last 24 hours, a simple return to the weak dollar trade. [closing bell gings. you're looking at commodities, merging markets and industrials. you could look at all 11 sectors of s&p could not find anything on basis is overbought. liz: thank you. good ideas, rob. dow down 128. very close to the highs of the session. david: indeed. thank you, liz. melissa: stocks sinking in the final moments of trading. i'm melissa francis. david: happy friday. this is after the bell. we've got you covered on market movers. we have busy hour. here is what else we have. three days from one of the biggest events on the path to the presidency. we have new details how hillary clinton and donald trump preparing for their first debate.
newly-leaked emails showing that the obama administration may be rushing the immigration process to get citizens to vote ahead of the election. we have wilbur ross, and howard kurtz. oh, boy. melissa: the dow may be down for the day but it is up for the week. in fact it is the best week for the dow and the s&p since mid-july. phil flynn, price futures group, fox business contributor. watching all the action for oil and gold from the cme. lori rothman on the floor of the new york stock exchange and, lori, you are focused on tech today? >> that's right, melissa. tech is one of the better performing industries of week. basically the dow, nasdaq and s&p up two weeks in a row despite losses for the day. the dow was down 130 but the nasdaq for this week managed to gain 1.3%. let's unpack and look at some of the biggest gainers. liberty interactive, they own qvc shopping channel, up better
than 8%. adobe up 8.2%. discovery channel 7%. discovery communications up 7% and autodesk up 6.7%. a third record close for amazon making it the fourth largest company behind apple, alphabet and microsoft. you have basically amazon for the first time closing above $800 a share. 805 to be exact, doubling the stock price in 18 months. that is some run for amazon. let's wrap things up with a look here at marriott. the $13 billion purchase of starwood hotels. shares down 2% for marriott. those are some of the headliners today on wall street. send it back to you. david: lori, thank you very much. meanwhile oil dropping like a stone, suffering its biggest one-day drop since mid-july. phil, you look at the chart, 11:00, it fell like there was no bottom. what happened? >> it sure did. the saudi arabian headline came
out, hey, folks, guess what, this meeting next week in algiers we're just going to be consulting. we don't expect to reach a deal. iran comes out and said hey, guess what, we'll be consulting, we'll not get a deal. that is a big disappointment because going into today there was a lot of optimism about a production freeze getting done because saudi arabia made an amazing offer. they offered to cut production by 3.6 million barrels a day if iran would agree to a production freeze. really where the bugaboo really seemed to come in, wasn't so much about the numbers but more about compliance. how are they going to monitor this? iran really wanted opec nations to say, hey, this is what we're producing. the saudis on other hand wanted independent group to count the barrels to make sure nobody was cheating. after that news, the hopes went down for a deal and so did prices. david: phil flynn, thank you very much. have a good weekend. melissa? melissa: we're three days away from round one. wall street is bracing for impact.
historically the first presidential debate caused wild market swings the following day. let's bring in our panel. jason rotman from lido isle investors and dominic tavella, diversified financial consultants. dominic, let me start with you, they're expecting more people to watch this than any political event in forever. it should be crazy. i don't know why we wouldn't think the market would have a crazy day. how do you set up for that? >> look, there is no doubt that wall street loves hillary clinton. goldman sachs gave her $675 million for, thousand, not million. melissa: citi as well gave her and her husband. >> they love her. if she doesn't perform well here you can expect wall street will look at this kind of negatively. let's not forget romney won the first debate with obama. how did it work out for him? so i think there might be quick reaction to this by wall street. calmer heads hopefully will prevail. melissa: jason, that's 6'1", half dozen of the other.
how do you set up for that? that is wildcard what jason just said, dominic just said? go ahead. >> from levels in s&p it is clear the bulls are running out of steam. so whoever wins i will say we won't see rallies. that is my call, we'll not see maybe late in the year after the election until we get seasonal santa claus rally. if donald trump wins the first debate i think we'll see a fairly decent selloff not so much because of his other trade policies, this and that. because he doesn't like janet yellen. janet yellen is doing anything she can to prop up the stock market. david: new word on what the rich like to buy and what they don't like to buy. the richest household are more likely to buy electric car from incumbent brand on the market rather than newcomer, relative newcomer tesla. this according to a survey conducted by ubs. the bank says tesla will be challenged by competition the
coming years. that is definite, we know that. dominic, the point is rich tend to go with established brands, brands that have been around dozens if not hundreds of years. companies like mercedes-benz and bmw. that is really the point here, that tesla is too much after new kid on the block. >> perhaps, david but the problem here tesla had two significant competitive advantages. there was nobody else in the sexy, cool, electric car market before them. think about what else they competed against. two, they were really competitive on price. they have had delay after delay after delay. they have the big boy, audis, mercedes, bmws will bring in their own cool, sexy cars. that is a lot of competition. david: they got a lot more experience and manufacturing. >> loyal clients. david: jason, range is also an issue. tesla's model s gets about 200 miles from one charge whereas the germans are promising something like 300 miles per charge. this is a big plus for the foreigners.
>> it is indeed of course. i think the big picture is that, this is what i say, you guys, really elon musk clearly will succeed in his overall, you know, moral ethical vision of sustainable energy future however it could be in spite of himself as he releases all patents to the world in big picture vision it will not benefit tesla. i firmly believe tesla goes down 20% in the next year or two. melissa: wow. facebook taking heat after the tech giant overestimated users watching advertisements for last o yes and ey were inflated by as much as 80%. dominic, this is incredible. what they did was only counting length of a view for people watching a video longer than i think it was three seconds, which totally excuse it because i'm somebody, if it launches and something i don't want, i close it immediately. if launches has an ad, i close it. those were not being counted at all. is it a big deal? seems like a big deal to me.
>> in the short run it is a big deal. facebook will have to make it up to the advertisers. that giving some rebates, cutting some rates going forward, giving them some free ads. i think in the short term it's a problem. i think it might affect their revenues. it might affect their problems. it is short term. where are the advertisers going to go? there is such a limited market for this kind of ad, where you place it and get eyes on it. in the long run this might be a buying opportunity for facebook. >> i guess but it will be very disappointing for advertisers, jason of the bottom line, i don't want to confuse people, they were inflating the amount of time watched by 60 to 80%. that is a huge difference. >> it is. one thing i'm pretty much in agreement with dominic actually but one point i'd like to add specifically is that advertisers are not spending money on facebook just to get views. they're spending money to get conversions and the reason why facebook has been so successful advertisers are getting exactly what they want from the bottom line standpoint.
this is just a small hiccup. this is not the chipotle food poisoning crisis or whatever. melissa: okay. >> it's a small hiccup. facebook is a long-term hold. agreed. melissa: thanks to both of you. david: for chipotle. they can't get a break. the federal government is accused of playing politics with pending immigration cases. why republicans say officials are in a rec lis rush to swear in new citizens just ahead of the election. melissa: new immunity deal struck in the clinton email investigation. this time it is former clinton chief of staff cheryl mills. the chairman of the house oversight committee says this is beyond explanation. we have all the details. david: the first crucial debate three days away. hillary clinton losing ground to donald trump in several key stay polls. how will she turn it around? we will have 32 advisors, robert wolf. >> i have been all over the country, you probably know, right? where is hillary today?
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didn't even know that technology existed. i'm not in the market for a car but now i may be.
david: some breaking political news. ted cruz, formally throwing his support behind donald trump. there was some question about whether he would do this. in a facebook posting he said, quote, i have decided that on election day i will vote for the republican nominee, donald trump. a year ago i pledged to endorse the republican nominee and i am honoring that commitment. if you don't want to see a hillary clinton presidency, i encourage you to vote for him. of course on the last day of his campaign cruz let loose against trump calling the businessman, a quote serial philanderer, utterly amoral and narcissist at
a level this country haven't seen but apparently that is political history. melissa: all water under the bridge at this point. it is all good. all right, the first faceoff is almost here. the nominees off the campaign trail going up for the first presidential debate as donald trump taking the lead in key battleground states. robert wolf is outside economic advisor to president obama and 32 advisors ceo and he joins me now. i want to talk to you about the debate a little bit. hillary clinton is in tough position. pe substance, i want to hear more about issues. but then they say they don't feel like she is human, not likeable. how does she get out there an balance those two things? >> one, i think there will be equal amount said she is actually doing very good. she did great against the debates against the president and did grade against bernie. there are always two sides. this debate will be hopefully substance over style. i think there will be 100 million people possibly watching. they want to hear real things.
it will be very different than what ted cruz just said about donald trump. i don't think it will be about narcissism or whatever other words he used. melissa: right. >> let's hope the moderator can make it a real debate. melissa: what would you want her message to be put out and that is your specialty what words would you give her. >> she has had real deep policy. she is always a bit wongish talking about economic policy -- wonk issue. she will lead with infrastructure. if you look what she said about infrastructure, it's a deep dive. you know, one of my backgrounds. if you see what he said about infrastructure, he said we'll build a wall. i think -- melissa: stick with her. she should say infrastructure? >> infrastructure should be her core ingredient. we'll go into what i say more social issues like education an skills. melissa: anybody on that, if we're looking from economic perspective investment in education. >> there will have to be fiscal stimulus in this country. there is no question.
you have to have a balance, monetary policy will not do much more. we're at zero rates. we're not in a crisis. rates will go up over the coming years. with he need some fiscal stimulus. i think infrastructure is absolutely going to be at ther from font. melissa: she talks a lot about tax. >> we need corporate tax reform. both sides want corporate tax reform. if you recall president obama wanted to bring tax reform 28% to business, 25% to manufacturing but it had to be revenue neutral. you were never going to get that passed. both sides, republican and democrats know -- melissa: how does she talk about, you say bringing manufacturing back or manufacturing core? how does she frame that? >> she talks about using advanced manufacturing. she has all-in clean energy approach. obviously looking at how we have energy at the forefront. we're not energy independent as a country. first time we're not now focused on where middle east oil is. so i think that is going to be
one of the core specialties she talks about. melissa: i don't know if she brings up the estate tax. the way i'm reading it is pretty ridiculous. talking about raising estate tax on people who do not pay it. if you have over 10 or $50 million you have an estate planner has your assets shielded one way or another. the people that pay estate tax are folks don't have a lot of money, leave a business to someone when they die suddenly and the kids have to sell the business to pay the government? >> i have not seen much of her detail on the estate tax. i saw it was 65% for over 500 million. melissa: that is nobody. >> i'm not over 500 million. i don't have a view on 6 a%, i would say we'll worry about it then. listen, i'm not someone for higher estate tax. i think we're paying taxes all along. i would be on the other side. listen -- melissa: doesn't make sense. >> huge supporter of the secretary. i like her economic plan but on other side on estate taxes and other side on it. pp.
melissa: oh, you're on other side of it. pp? ttp. we'll get back to that. you're former chairman of ubs and the whistle-blower speaking out against ceo john stumpf. let me play this for you. >> he should be criminally investigated because this problem will go on forever, we'll see other banks doing the same. they could just get away with a small fine like the one we have. $190 million for wells fargo is 190 bucks for me and you. melissa: there are a lot of people jumping on that bandwagon. how do you respond to that. >> listen, when you are at a financial services firm there are myriad different issues that come up. i like john stumpf. i know him. i met him, i'm a fan. i was there the lehman crisis, there that weekend as one of the executives. i said post there should be separation of chairmanship and ceo. that would give a voice of independence.
i think the jury's out what is going to actually happen, you know to him, his executive committee. melissa: a lot of people are calling for criminal charges though. >> yeah. i would hope not. and i'm not familiar with the legal system, criminal versus civil. i know that with respect to what happened at wall street, the last number of years, unless you did something criminally, you can't just have a criminal trial. i do not believe john stumpf did something criminally. melissa: okay. >> like i said, i think he is genuine, hoonable guy. melissa: i hope you come back. >> look forward to it. >> david? david: coming up, more on hillary's plans to hike estate tax rates. hillary would raise the top rate to 65%. fair and balanced millbillionaire investor wilbur ross has a lot, i mean a lot to say about that coming up next. footage of the fatal shooting in charlotte, it has just been released. what authorities found. details coming next. [shouting]
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of the moments skiings scott who was shot by his wife who videoed the shootings on the cell phone. rick leventhal with latest from charlotte. rick? reporter: rakeyia scott went home to return with cell phone charger when she came here, hear her yelling on video telling police her husband does not have a weapon. telling her husband please cooperate with officers. telling officers not to shoot. then you hear the officers yelling at him to drop the gun repeatedly before they opened fire. here's that video now. >> don't shoot him. don't shoot him. he has no weapon. he has no weapon. don't shoot him. >> he has got a gun. [bleep] >> don't shoot him. don't shoot him.
he didn't do anything. >> drop the gun! drop the gun! >> he doesn't have a gun. he has a tbi. he is not going to do anything to you nice. he just took his medicine. >> drop the gun. [bleep] >> keith, don't let them break the windows. come on out of the car. >> drop the gun! >> keith, don't do it. >> drop the gun! >> keith, get out of the car. keith, keith, don't you do it. don't you do it. keith. keith! don't you do it. [gunfire] >> . did you shoot him? did you shoot him? did you shoot him? he better not be [bleep] dead. he bitter not be [bleep] dead. i know that much. i know that much he better not be dead. i'm not coming near you. i will record though. >> back up. >> i'm not coming near you. you better be alive how's that.
over here, at 5, 9453 lexington court. this is the police officers officer who shot my husband. i better live. he better live. because he didn't do nothing to them. reporter: you never see the gun. you never see the gun on the video. scott's family says you can't see the gun on the police body cam or dash-cam video that the charlotte police department allowed them to view yesterday either. they are calling for the police to release that footage as well. the police chief says he can't because it is part of an ongoing investigation. the governor today said, we should let justice run its course. >> we want to make sure there is transparency and there is compelling public interest in this information. and those always are not a clear balance and a clear line. and that's, that's the struggle that all of the public officials are going through. reporter: mean while the governor also says the national
guard will remain here uptown charlotte business area. the curfew will remain in effect. midnight curfew. a lot of businesses closed. others are closed early. huge economic impact in downtown charlotte pause of all of this. as for the case, david, things keep heating up. we don't know if the violence is as bad as. local media are reporting that there was a gun found at the scene. that gun was loaded. they say scott's dn. a fingerprints and blood all found on that one. david: why totalitity of information is taken together based on one video. he had arrest in the past for gun related charges. >> multiple. multiple arrests. six years prison in texas. david: rick leventhal reporting from charlotte. rick, thank you very much. melissa. melissa: we have breaking news
for you now. president obama officially vetoed the controversial 9/11 bill that would have allowed victims to sue saudi arabia for its alleged involvement in planning the 9/11 attacks. the house minority leader has joined in bipartisan effort to override this veto. first congressional veto override ever for president obama. david: new details surrounding the clinton email investigation just coming out. what could this mean for the clinton campaign? melissa: new details coming out as we days out from the first presidential debate. what do the nominees need to do to walk away with a win? we're getting howard kurtz's take on all of it next. >> if you watched hillary clinton over the year once you notice the spotlights at brightest and pressure is at its most intense that is when she brings the a-plus game. there are two billion people
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david: monday night's presidential debate will be moderated by nbc anchorman lester holt who is feeling almost as much pressure as candidates. conservatives say he is too liberal and liberals warn him not to focus on hillary's emails as matt lauer did two weeks ago. will he play it down the middle howard kurtz, host of fox news's "mediabuzz". donald fired first shot at lester holt on fox news a few days ago. let's play the tape.
>> by the way lester is a democrat. look, it is a phony system. lester is a democrat. they're all democrats, okay? it is a very unfair system. david: howie, guess what? >> little bit of a misfire on. turns out lester holt is registered republican. last week trump interview with me went off on all the moderators, they will be unfair, he had this theory because matt lauer unfairly in my view got hammered by the press especially by the left after that forum with hillary clinton and donald trump, they're all moderators are going to be tougher on trump so they don't get criticized by their peers. the technical term is working the refs. david: sound l saying, howard, what happened to matt lauer, because of the fact he has been outed as a republican, he may try to skew to the left to prove his critics wrong? >> you know, we can all play this game. isn't it amazing, we spend so much time analyzing the moderators.
used to be jim lehrer, bob schieffer, they were -- candidates are the stars. one of them will be president. it ain't going to be lesser holt -- lester holt. david: that gets to the point of all this. this is debate above any i've ever seen in my lifetime more about style than substance. is it not? >> it potentially is. i will wait for the actual debate. that is the way media score these things. who had the best one-liner, zinger, eye rolling. hillary clinton has not went after moderator. that donald trump is skewed by the press. if he doesn't mangle any names of foreign leaders, you will all say he iwinner. there is a lot of pressure on the moderators. i don't believe experienced anchors are going to try to bend one side or other. they will have 100 million people watching. they want to protect their reputations. david: pull back, look at whole substance of this debate, if there is any substance.
everybody says it is all reality tv. america changed so much. 1960, you and i don't remember that, thank goodness, we're not that old, but 1960 everybody said that richard nixon won on substance but he lost on style. so this style thing has been in the mix for a long time. >> but a lot of candidates made the correction since 1960, david. make up is food good. they don't sweat. they weren't running against jack kennedy of course. it is a good mixture. they are expected to have command of substance of policy certainly donald trump is the outsider will be, have the pass commander-in-chief threshold. at same time you want to see somebody likeable who you identify with. a lot of part saints say clinton or trump won. david: whole idea of a moderate tore fact checker. chris wallace was asked about it a little while ago on fbn. forget about it, i will go to
the other candidate if there is question about facts and let the other candidate be a fact checker. what do you think about that? >> moderators should ask good follow-up questions if they think it is factually untrue, if they start correcting people as candy crowley four years ago. david: incorrectly as many people say now. >> very good point. they're going to be in the position of debating the candidates. better to let candidates go at each other. moderator has to be fair and neutral. david: howie kurtz. great to see you. have a wonderful weekend. make sure you watch. >> i will be at hofstra. david: make sure you tune into fox business. we'll be in hofstra as well for the first presidential debate. coverage kicking off seven p.m. eastern. i will join coverage as well. analysis afterwards. should be a lot of fun. melissa. melissa: breaking news ahead of the debate. hillary clinton is planning to travel to charlotte, north carolina on sunday, following the killing of keith lamont scott. that led to days of violent protests. she is going to head down there.
interesting. david: handing out deals like they were candy. fox news confirming that hillary clinton's former chief of staff and two other aides were granted immunity as part of the fbi's email investigation. fox business's blake burman is in d.c. with the details. i guess there is some question about who granted the immunity, right? >> there is, david. congressman jason chaffetz says this morning he was informed by the fbi that top hillary clinton aid, one time attorney cheryl mills was given immunity during the fib we's investigation into clinton's state department email practices. the republican national committee are questioning, how mills could be given arrangement as she was a top member of clinton's circle, who acted during the investigation as legal counsel? you asked the question, who granted it? the department of justice is one who typically hand out immunity. this summer doj decided not to press charges against mills or anybody else for that matter,
for clinton's email arrangement handling of classified information. clinton's campaign says, this case has been closed and they question the timing of this release. of course just being days before the first presidential debate. trump's campaign says, it is just more proof of how president obama's administration protected clinton. meantime according to a timetable set earlier today by a federal judge, david, it appears only a portion of clinton's deleted emails that the fbi ended up recovering during its investigation will be released before election day. david: ah, very interesting. convenient. blake, thank you very much. melissa? melissa: a level of mistrust. president obama defending hillary clinton's character ahead of next week's debate. >> i think there's a reason why we haven't had a woman president before. she is having to break down some barriers. there is a level of mistrust and
caricature of here that just doesn't jibe with who i know. melissa: hmmm. hire now is jamie weinstein of "the daily caller." erin elmore a trump surrogate, steve murphy a democratic strategist. jamie, let me start with you. what do you think about that? >> in that same interview president obama suggested to hillary she has to be herself during the debate. she has been in the public eye for 25 years. it is hard to believe she will manifest some different version of herself that the american public hasn't seen over those 25 years. if you look at her poll numbers, her favorability numbers, they're not very good. so i'm not sure that the the key to the debate is trying to come up with a different personality that the american public hasn't seen but maybe to try to exploit some of donald trump's weaknesses, which kind of despite her low poll numbers are where her advantage is, looking she is more presidential and better temperment. trying to double down on those advantages. melissa: that is interesting take, erin. what do you think about that?
>> since when is caricature someone who is completely dishonest? whether it is benghazi or the emails or the pneumonia or the clinton foundation? she has proven time and time again she is not honest. the fact that the obamas and clintons are on the bestty, bessty track is crazy. i think they're frenemies to push liberal agenda. in 2008, she said he was quote, unquote, likeable enough. he said she was corporate lawyer on the board of walmart. there were allegations that the clintons were using racial undertones during the election. they're not besties. melissa: steve, the two-fold image together, the idea she is sort of distant, we don't know her but on the other side she is not being totally honest. together that is a very tough combination. >> i think that what hillary clinton campaign strategy is, her strategy, what the debate is all about is she has a 20-point
plus surplus. she is 20 points more, percentage points more with the american people believe she is qualified to be president than think she is not qualified. melissa: why isn't that translating -- >> 20% more -- melissa: leading in the polls by 20% then? >> not only factor in the race. partisanship is number one factor. race is a big factor. donald trump is found by voters by -- melissa: race? they're the same race? aren't they the same race? >> not to be qualified. melissa: hmmm. okay. jamie, how do you respond to that? >> well i do think that her advantages are that voters see her as having a better temperment and more likely to be a better leader. and i do agree, i don't know if race is factor in it, but the way that she wins is exploit -- >> race is a huge factor. >> exploit what voters see as problem with donald trump that he is not temperament tally sound to be president. the way to make him go off his rocker a little bit. questioning whether he is worth as much as he says he is.
that is what i think -- melissa: erin, that is been like the most clear strategy that everyone has said from the beginning, push donald trump, get under his skin. make him go bananas. if i heard that said about 6,000 times ahead of this debate, he probably knows that that is a strategy on hillary clinton's side. won't he just make sure that he is not pushed off of his rocker or whatever it was that jamie just said? >> absolutely. that is exactly what is going to happen. >> he is incapable. >> calm, cool, collected composed that is what the american people want to see. he is absolutely prepared for the debate. he knows they will try to push his buttons. he is well-prepped. i don't think issues will impact him at all. we should worry about hillary clinton standing test time in her health. she is not well physically. i don't knee if she has stamina for this debate. melissa: comes down to everybody tuning in on monday. david: binge he go. melissa: there are a lot of variables and more than anything could happen. appreciate your time.
david: we'll all be watching. breaking news, we are getting responses to president obama's announcement of veto of the 9/11 bill. senator chuck schumer, senior senator from new york, third highest ranking democrat, the president's disappointing veto, his word, quote, will be swiftly and soundly overturned in congress. we'll see. melissa: the rush for a new group of voters. why republican lawmakers are accusing the white house working overtime to swear in citizens before election day. you're not a cook, if you don't cook. you're not a firefighter, if you don't fight fires. or a coach, if you don't coach. and you can't be our leader, if you don't lead.
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worried about, presumably that immigration service is trying to help round up more votes for hillary clinton and the, their proof, what they are concerned about is email within the immigration service that was obtained by their committee, the senate judiciary committee. the email from a manager in the houston field office dated july 21st. it reads, quote, field office is due to the election year needs to process as many of their n-400 case as possible between now and fy-2016. and 400 cases are, citizenship applications. the message encouraged staff to work overtime and announce the office would be open on weekends to accommodate extra work. they told foxnews.com that the push has to do with managing applications in timely manner and officials are merely trying to deal with the surge of applications typical in election years. the official says applications have exceeded expectations this year. and letter to the department of
homeland security, senators chuck grassley and ron johnson said instead of processing new citizen applications the agency should review old ones because of an inspector general report this month that found the government does not have all the proper records to prevent immigration identity fraud and some 1800 people have, were found to have been granted citizenship and the agency couldn't confirm their, their identities because it didn't have their fingerprint records. melissa. melissa: what a mess. peter barnes. thank you. david: what a year. meanwhile an appeal to socialists. hillary clinton feeling the bern, calling for a huge new wealth tax. next billionaire investor wilbur ross sounding off on that one.
david: hillary clinton's new tax policy, the democrat candidate calling for a huge jump in the top rate for the estate tax from 40% up to '65%. this raised hackles by folks who want tax rates to down, not up. hillary's supporters say don't worry that will only affect a few people, people like my next guest billionaire investor wilbur ross joins us now. they always say, it is only
going to be rich folks paying this. going back the beginning of the federal income tax. in 1913. we could put up a chart showing it was originally going to hit folks at lower level. $20,000, that was a rich person back then because, the first $3,000 you didn't have to pay any taxes at all. but $17,000 where you began to pay. $11,000 back then was equivalent to a $300,000 t was only -- >> it was to be temporary tax to pay for the war. this is long terri tax. david: there is also the amt, which is called the alternate minimum tax that was started in 1969. that was supposed to affect 155 people who the government said were not paying taxes. now it affects millions of people. >> i don't know why they just
don't got full way and abolish people's ability to make income and corporate profits. then the government could have everything. there is not a lot of paperwork. david: you're not a alone objecting to some of the tax policies from hillary. earlier in the hour, we had robert wolf former head of ubs. >> i know bob. david: even he had qualms with the new wealth tax on inherited money. let's play the tape. >> i'm not someone for high estate tax. i think we're paying taxes all along. i would be on the other side. you know, listen. >> doesn't make sense. >> i'm a huge supporter of the secretary. i like her economic plan. i'm on other side of estate taxes and other side of it. pp. david: you guys know him and other people on wall street in favor of hillary clinton. do they think they will change her mind once she is president? >> i don't know what they think about that, this is wrong idea, this whole thing. face it, most of the private wealth has been created in private companies. most private companies were started with very little capital.
that means their retained earnings now have already paid tax once, either individual tax, if they were a flow-through or corporate tax. let's say they paid corporate. that was 35%. now, if you take 65% of the remaining 65, that is another half. so, effectively, this tax would have taken over 80% of all the earnings that a private business made during its owner's lifetime. david: it leads you to question where is this money better off, in the hands of government, government bureaucrats spending the money probably pretty inefficiently or the in the hands of people? by the way inherited wealth has created a lot of industries in the united states. >> indeed. david: including silicon valley. a lot of that money was from rockefeller and vanderbilt money. espn was started by money from the getty oil trust. there are a whole series of companies and industries that were started with inherited wealth. >> you know interesting thing, they keep saying on the left,
pay your fair share. what is the fair share? is it 99% or what is the number? i never heard anyone give me a rational explanation. david: right. >> of what a fair share. david: there is also, by the way, speaking of that, the share of income tax that is paid by the wealthy, the top 20%, not all of them are super-rich of course, but the top 20% of income inners in america pay 69% of all the income tax. how much more than the rich pay before they begin to leave the united states? >> well, look at france. france they got to the 70% business in all sorts of business and all sorts of people left, not just rich people but aggressive young professional people are leaving france in hoards. it drives away not just rich people. when you take away people's incentive, you drive away people who are comers in the next generation. she ought to focus instead, that
the failed policies of this government have one out of six americans men between 18 and 34 either in jail or out of work. david: got to leave it at that. wilbur ross, have a great weekend. appreciate it. melissa? melissa: 49ers quarterback colin kaepernick is in the spotlight again. some are applauding. others remaining angry. the controversial details are next. when it comes to healthcare, seconds can mean the difference between life and death. for partners in health, time is life. we have 18,000 people around the world. the microsoft cloud helps our entire staff stay connected and work together in real time to help those that need it. the ability to collaborate changes how we work. what we do together changes how we live.
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other acts that are parroting his acts. i think they had the worst ratings on sunday night football in seven years last sunday. >> there are people who watch and don't even notice. they tune in and what? did something happen? >> have a great weekend. >> there you go, "risk & reward" starts right now. >> having said all this, why aren't i 50 points ahead, you might ask? well, the choice for working families has never been clearer. i need your help to get donald trump's record out to everybody. nobody should be fooled. liz: only 46 days until the election and the latest fox poll showing a neck-and-neck race. this as new e-mail evidence reveals a government push to sign up immigrants before the election. and the wife of the allegedly armed black man killed by a black charlotte cop releasing