tv Making Money With Charles Payne FOX Business October 20, 2017 6:00pm-7:00pm EDT
in and check out "mornings with maria" at 6:00 a.m. eastern time. thank you for having us in your home. charles payne is here with "making money." charles: good evening, i'm charles payne, you are watching "making money." stocks soaring on the corner of wall and brood. today the main driver is coming on it much washington after the -- after washington passed a budget. but as the gop gears up for a major tax push, comments from president trump to maria bartiromo on a top bracket could sway votes from yea to may. >to nay.
do you want to raise taxes on the rich with a fourth bracket? >> i was thinking about it was i want to make sure the middle class gets taken care of. we have a zero break the and people aren't including that. that would make it a fifth bracket. i call it our competition, which is the competition of the past. and we may not have that. but i would rather do that's than have anything to hurt the middle class. charles: w last november.
>> literally the democrats have been writing their talking points for months. a fax break for the rich, a tax break for the rich. if you lower the corporate taxes and get rid of the death tax, then overall still the ones in the top fax bracket will have scene overall tax cut and the economy will be doing much better. if you can get this entire package back, it's goopped overall. it's one of those things where trump is trying to win the messaging battle, and in this case he's winning a messaging battle with democrats when you will get zero votes from them,
when we know that this does hurt the ability of those shy wage earners. many are small businesses. it will deter what we are trying to get here, that's the economy that keeps growing. >> people pay most of of the faxes are people at the upper ends of the economy. i don't think the gop gains anything by becoming part of the tax rate economy. you have all these lobbyists on k street running out to defend the loopholes which we needandi.
both parties are buying into this. >> republicans are terrified of their shadows. there is no reason to be afraid. we cut rates across the board. economic growth pays for itself. they should have faith in their own beliefs rather than running away in fear. >> let's let donald trump make the case why that should happen. >> frankly we have to make the case when folks who would be o p
leadership. can they get it done? >> i think they need to get this finished by thanksgiving. the day after thanksgiving is black friday. we'll have an excellent trims season. >> mcconnell is saying he will d chance of passing in the senate. i think there might be a couple democrats forced to vote for this. people will do the math on their own taxes and realize what's going to happen.
when they start to do that they will say this could help me and help the economy. if they do the math on those twy much. have a great weekend. a battle for big-time donors. it's easy to think that all money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions
>> i agree with both president trump and steve bannon. there are some senators that would be better replaced. but my point that i made today with the title i'm battling steve bannon. i just think our efforts should be spent on getting the democrats in the 10 states where president trump won, having them replaced with republicans. my emphasis is replacing democrats and steve bannon replace incumbents so we both have a role to play. charles: that's conservative donor foster freiz. bannon has been reaching out to top gop donors. they are talking of ousting all of the republican senators other than ted cruz. here to explain, michael barns.
and noel lerks, you follow the money like no one else. are you sensing a potential shift where the money is going right now? >> this is going to put every fundraiser in a difficult situation in super packs or that handles campaigns. you have got someone like foster who is a fantastic donor. but you also have the bannon effect. he's going on the anti-establishment and trying to challenge the gop in a primary. we already have a group that does not, it's called the club for growth. do you not remember how they started a long time ago. ted cruz. down in texas he was challenging
an establishment gop. club for growth comes in. they have a runoff and put several million dollars in it and boom we have ted cruz and rand paul. nobody can say ted cruz is establishment. they can't say tom cotton is establishment. these are products along with their billionaire donors of the club for growth. maybe bannon should look at joining hands with antiestablishment. maybe we can build up on that. charles: i went to the first meeting in new york and they misspelled my name so i didn't go back. there is a fight going on, an internal civil war and deep pocketed donors are going to have to make a choice.
>> the' look back to 2010. how can we not think about i'm not a witch christine o'donnell candidate. willing to negotiate republican who could have taken that seat from senator joe biden after he became the vp. they lost that seat miserably. and that's what they are setting up to occur. the types of people steve bannon is trying to push will not win in a general election. even in alabama, the candidate roy moore is at like 42% against a democrat in a state that typically wins by 20%. charles: let's take the founder of home depot. take a listen to what he had to
say. >> you would see bannon have a meeting and that raised questions that bernie marcus has to veer towards the rabble rousers to incumbent senators and the like. do you agree with that? >> not really. mcconnell has a chance. he has an opportunity. he's a wise guy. he's a statesman. he has been there for long. he knows how to work the halls of congress. and his job is to pass legislation. if he can't pass legislation. i'm not jumping with bannon. he has his own team and his own ideas. if he comes up with good candidates, i'll back him on that. but i'm not a follower. i like to do what is right. >> they will probably pick and choose candidates rolled out to them from steve bannon. >> bernie marcus was one of the
biggest donors. many of these guys are billionaires and you don't tell them what to do. they didn't make their money. you have got robert mercer worth $10 billion. you have jim walton. worth $8, $20 billion. i like steve bannon and i appreciate what he's trying to do, and i like breitbart. but i don't think steve bannon getting all these people to leave the establishment, and you have to look at the fact that steve wynne, they raised $100 million over 9 months. charles: the rnc set a record. they said they will support whoever wins these incumbent seats. thank you both have much. really appreciate it. the federal appeals court rules
a cross-shaped monument built 90 years ago in memory of fallen world war i soldiers is unconstitutional. the outrage is next. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.
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a. charles: in 1925 the american legion built a 40-foot tall memorial to honor the men who died in world war i. but this week the fourth circuit coast appeal decided it must be torn down because the monument is in the shape of a cross. the court says the peace cross has the primary effect of endorsing religion and entangles the government and religion.
todd, let me start with you. i want to mention, your book, you warned about this. the war against religious liberty and american values. you warned us it was far from over. we have an all encompassing battle against monuments and statues. but it it gets closer to home when you have say let's tear down memorials to people who fought for this country. irony is when the cross was first erected it was built on private property. but they expanded the lawsuit and the state took over the property. we have been infestation of godless atheists fan free thinkers who want to eradicate christianity from the public marketplace. so this is nothing new. what is new in this case is we
have seen the 4th circuit court of appeals rule the memorial has to come down. charles: they have gained a tremendous amount of momentum. they have been wing and winning the war against christianity. >> conservatives and evangelical christians do not like to engage in public fights. unfortunately as a result of that the atheists have gotten a foothold. they intentionally target small towns and community that don't have the financial resources to fight book, and they are afraid to fight back. charles: in new york city they had to have a 24-hour guard for a christopher columbus statue. just the thought that ripping these statues down changes our history and m classic case of
christian phobia. these people are so disturbed by religious monuments that have been on public property for 70 years. but why can't you keep it up for the people it means something to. what they don't realize is by dehandsing that it be taken down, they are confirming its power and significance. we are seeing this in other ways as well. the left is setting a dangerous orwellian precedent that if there is athat offends them andt agree with their idea somey that it has to be torn down. what is going to happen next? charles: from a legal points of view, where does this go? can something like this sphrer
prevail in the supreme court or do you have the right justices in place now for a different look, a fresher look at what religious liberty means. >> it's possible. the american leave june could appeal this directly to the supreme court. they are represented by first liberty institute. and they haven't decided if they are going to move forward on this case. but here is the concern. this could set press don't and impact every other war memorial that includes a cross in the country. the question is, are we going to take a bulldozer and turn american history -- charles: i have read stories that people are upset with arlington cemetery. >> that's true. how far are the atheists and free thinkers willing to take this fight? >> i think we'll find out soon.
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>> i was stunned when i came to work yesterday morning and broken hearted at what i saw a member of congress doing. a member of congress who listen ed in on a phone call from the president of the united states to a young wife and in his way, tried to express that opinion, he's a brave man, a fallen hero. he knew what he was getting himself into because he enlisted >> charles: well that was white house chief of staff john kelly defending the president's call to the widow of a fallen soldier , and revealing he was stunned by congresswoman fredric a wilson's criticism and the left seemingly missing the point of kelly's address in fact
attacking him for his comments. hillary clinton's former spokesperson and cnn contributor tweeting kelly isn't just an enabler of trump, he's a believer of him that makes him o dius as the rest don't be distracted by the uniform and president trump came to the defense of kelly last night lashing out at wilson. "the fake news is going crazy with wacky congresswoman wilson democrat who was secretly on a very personal call and gave a total lion content" and white house also defending kelly earlier today. here with me now to discuss retired marine corps jessie jane duff, a center for policy research senior fellow back with us michael barns. jessie jane duff, le me start with you your fellow marine you had to take to heart the message in the words coming from general kelly. >> i am deeply moved by what general kelly said. i posted on twitter one of his comments that simply states who are these great americans that
are the 1% who serve? they are the most remarkable people of this nation has to offer and then he went on to say and most of you don't even know them. let alone how many of you were a gold star family? how many of you come from that and not one of those reporters could raise their hand. at the end of this, i feel it's reprehensible to say that general kelly is doing this so that he can keep his job. listen up, lady. he is a retired united states marine general. he doesn't need that job. he already served this nation. he's doing this because he loves the nation as much as donald trump does. so i find it reprehensible for her to imply that he's on the unemployment line without this. >> charles: ron it wasn't just brian fallon also. lawrence o'donnell did some sort of monologue and found a way to connect this dot to racism and suggesting that somehow john kelly never met a black person until recently and that maybe somehow clouded his judgment of
representative wilson. >> that's totally nuts. i mean and then you have the congresswoman telling the new york times this just broke relatively recently she thinks the entire white house is filled with white supremacists including kelly. he probably had many people serve above him and with him that had all sorts of diverse backgrounds and i heard more people from all sorts of backgrounds speaking of which who wanted general kelly to have more of a role after hearing this press conference that inspired them he obviously understands what our troops have to go through and understands what the role of the united states is and how to interact with these families. personally the president should do everything he can to call every one of the families that had somebody pass on and serving our nation and i think that's what frankly president trump is trying to do and do it his own way. i don't think any president would call and try to insult a family. he's trying to do his highest sense of right and everybody when you speak off the cuff you don't always get it perfect. >> charles: to your point finding empathy in that
circumstance is tough and difficult for anyone and i will say to that new york times story we're hearing it as well and we're just letting the audience know we haven't confirmed it yet but it is floating around out there. let me ask you, michael. in this week we also saw what some people believed is criticism from former presidents aimed at president trump. barack obama, former president saying we thought we put to bed the thinking of the past 50 years. it's the 21st century and then at the spirit of liberty event for president bush he talked about bullying and the media believes that those were both aimed at president trump. now you worked for president bush. what's your assessment? >> i think that both presidents bush and obama were classy and making this about the bigger issue of politics. remember that president trump is a symptom not a cause of the divisiveness that we have and the bullying that exists, you know, he might be the one whose at the top doing it but he's
elected him. these are the people who elected him not just in the primaries. >> charles: so are you saying president trump is symptomatic to borrow president bush's phrase people who believe in bullying in presidents that those are the people who propel people to the white house? >> our politics in our culture are such that a reality tv star in programs that are made to be dramatic around built around somebody being fired that's what elected this man to be the president so we have an issue of divisiveness in our politics and culture that's not just limited to the president. it's something we have to address out of the society at large. >> charles: i don't know if someone calls it divisive as much as decisive but leadership that comes not from the political realm but from the business realm that always mattered you'd get to the bottom line but what do you make of the comments that perhaps president trump represents a ground swell of bullying and prejudice dominating this country? >> i think that's blatantly wrong. i'm sorry president obama created more divisiveness in this nation under his realm.
we had racial divisiveness grow and accelerate. we saw riots all across the country and where was president bush in criticizing him? president bush had great admiration for because he stayed out of the politics. i expect this from president obama to criticize trump because he can't go away, but i was stunned to see president bush surface out of this when meanwhile he had been called a bigot, a nazi, a racist, and he never defended himself and then when president obama was out there dividing the country, he never spoke out, so i'm sorry. we're not going to throw stones at president trump when we live in glass houses now are we boys? >> charles: let's leave it there. thank you all very much we're out of time. as you might have imagined finishing on a very high note. i hope you guys have been listen ing to me here is the good news. it's not too late i'll tell you why, next.
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>> charles well the markets remarkable ride continues as the dow, s & p and nasdac all reach new time high points in fact the dow and s & p up for the sixth straight week and now let's talk about what's going on because beneath the surface it's more impressive nasdac had 1700 winners versus 1100 losers, 262 new companies at new highs only 43 new lows over at the new york stock exchange, almost 1800 winners versus 1100 losers, 253 stocks at new all-time highs only four hit lows. your winning sectors today financials i pointed them out early, earlier in the week and talked about the possibility of big breakout from names like goldman and morgan stanley well they did it. in fact the sector itself at a 10 year high and this will re test its all-time high that means its got another room for
16% rally to the outside. my favorite two sectors rocked again today industrials were led by dover and here is the funny thing. my son worked for me this summer and now he tells me that he sees it every time he gets in an elevator. money makes opportunities always around us. materials were winners again, again i mentioned a lot on this show and other times mark mariet ta materials rebuilding this country you want to invest in that. as jaw dropping as the rally has been investors and would be investors because a lot of you guys are sitting on the fence, you need to understand the fundamental underpinnings because that's what really justifies this rally and the best case is caterpillar. shares of the earth moving equipment maker up 42% this year , most of it though since may where merill lynch put a buy on this stock cited a major ramp up in their mining business but there have been several rating increases since consequently your consensus earnings for next year went from $5.41 to $6.69 or 24% just in the last three
months and that might be too low the most recent upgrade from ubs just last month cited a re acceleration of u.s. construction for raising its target to the stock, from 140 from 116 and they actually see earnings of $7.50 that's significantly above consensus, so here is the point i'm trying to make about this market. it has huge potential a lot more than tax cuts and just because the stock or market is higher doesn't mean it's not justified or even undervalue and i will admit finding cheap stocks is hard but these stocks i'm telling you there are a lot worth opening right now if you want to ride the wave of economic resurgence and i know you do consider it. meanwhile have a great weekend as you count your money. by the way i've got a programming alert for you you don't want to miss wall street week tonight. here is a sneak peak with special guest mark hurd, ceo of oracle. >> as we talk about machine learning as a thing, but when you start to apply it to various tasks think about a customer application, or into a human
resources application. the amount of things think about something as simple about recruiting in the marketplace. all of us have to recruit and we're out for talent. wouldn't it be nice to have the computer describing to your recruiters how a candidate a or b likely will fare in their opportunity to participate and succeed in your company. >> charles: tonight 8:00 p.m. here on fox business and stay tuned after that because bob mas sey is the property man taking you from 8:30 p.m. on. president trump's attempt to help those hurt by globalization some are saying could actually put the economy in a deeper hole we'll talk about it, next. are . but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured
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mantra of putting first those left behind by global policies enacted by previous administrations but interesting enough this week cover of the economist which critics claims it's pro global it's and pro establishment doubles down on the benefits of globalization rather as the right way to help those who are left behind. with me deroy murdoch and editorial page writer at the wall street journal. globalization has become a four letter word jillian, but i think around the world people are a little upset watching other countries develop as their own countries particularly in the western part of the world sort of deteriorate. >> well it gets a bad rap and here is why. you'll see the consequences of globalization but a lot harder to see the benefits because we take those for granted but what i'm concerned about is things like with the trade issue. if we start being protectionists , we'll see prices spike and that's not going to help american households. >> charles: but what do you say to the family where someone
worked at a factory before and their manufacturing plant went from 19 million manufacturing jobs to 12 million manufacturing jobs while mexico and other nations are wealthier? >> well you look at what they're being paid in the steel plants, not great. but you know, talking about the steel issue if we're being protectionists on steel another way that has down the market effects is it makes building much more expensive so i guess my counter point would be what do you say to the construction worker now out of work? >> charles: well here is the thing. the globalization has the economic factor but it also has the factor of this sort of one world type of thing in other words we're making policy because we want to help the poor people in other nations when in fact we have a lot of people here who need jobs. >> that's absolutely correct and the real question is competitiveness and one way this country will become more competitive is if we have a far lower corporate tax rather number one highest corporate tax rate in the world and if we have an ability to bring in all this money two or $3 trillion strand
ed overseas waiting for lower tax to bring that in. i think if we make ourselves more competitive it will be easier. >> charles: do you like globalization the way its worked for america or can there be tweeks? >> my view on free-trade is it's a human rightsish iif somebody wants to import this from overseas as long as it doesn't have the plague or radioactive it's really nobody's business but the way to prevent any economic repercussions is for this country to be as competitive as possible and robust with growth. >> charles: is there really free-trade when other countries have higher barriers and things like that? >> i like for example, what hong kong does is you can bring in whatever you want tariff free or the 5% flat tariff something like that. very often these agreements have loopholes and twists and that gets very complicated. >> charles: speaking of competitiveness and fairness this week democratic senator brown slammed the bank of america analyst who downgraded chipotle because jillian, he said the people were paying chipotle workers too much money
so sherard brown is like that's what's wrong in america. wall street gets rich and they don't want some guy making taco salads to have a liveable wage. >> well chipotle has other problems that could be well downgraded on but with this the counter point to this is what happened in new york. union square cafe, they ended up trying to implement progressive wage policies, eliminate tipping everyone took a pay hit it's a year later and the employees hated it. >> charles: what was the rationale behind that? >> i think people having below minimum wage and working really hard for tips and it not be predictable but it turns out the waiters didn't like that. >> charles: everywhere i eat people love tipping. when they see me walking they call the family we're going out tomorrow guys, but what do you make of the government again, we've already seen higher minimum wages and a lot of places already hurt, retail and restaurant industry. everywhere you saw government mandated higher minimum wages we've already seen job losses. >> you have. i mean in seattle they raised
the minimum wage that backfired and thinktanks do the calculations that actually hurt people very close to where i live a shake shack just opened on astraxe place and not a lot of waiters and waitresses a lot of devices where you punch this and that and these are basically robotics. same people say we had a $15 an hour minimum wage. >> charles: isn't danny meyers associated with shake shack. >> i think so. >> charles: interesting. first takes your tips and then takes your job. thank you both very very much. next the fbi joining the investigation into the death of four american soldiers by islamic extremists after the response to the u.s. officials have been so far left the bottom line is this issue is becoming a major one for america and people have a lot of questions. we may have some answers after the break. to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts
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my nephew is serving. we all know what it means to serve this nation. abraham lincoln called it the last great measure of devotion. butted the fact we are trying to politicize that level of commitment and service is disgusting to me. charles: general kelly talked about essentially the cost of freedom. people were surprised to find we would have soldiers in niger. the criticism that's mounting. was there drone coverage? what were they doing out there? how necessary is it we have planned operations or have such a broad tentacles around the world? >> one of the
working with local nationals and working with tribal elders to try to deny sanctuary for niece groups. it is disconcerting that these special operators were in there, they did not have the combat support. nothing is routine when you are operating in a comb bat zone. charles: is it a threat that we get sucked in further? and we are fighting a
these nfl players are doing. charles: thank you very much. here's lou. lou: new evidence tying former president clinton to the uranium one scandal. the former president, hillary clinton, the obama administration are now clearly in focus in what appears to be a quid pro quo deal that gave russia ownership a fifth of u.s. uranium. now those carping about russian collusion with the current administration, they are silent when collusion with the children tons has been