tv Making Money With Charles Payne FOX Business November 8, 2017 6:00pm-7:00pm EST
cheryl: don't forget to tune into my regular show every day 5:00 p.m. eastern. charles: i'm charles payne. another record day on wall street. all three major indices reaching all-time highs. we'll take a look at how the presidency impacted the markets and the economy. the house ways and means committee is expected to announce a substantial change to the gop tax plan as early as tonight after the cbo revealed this would add another $7 trillion to the national debt the next 10 years. one year after donald trump and
the gop took back control, the democrats' had wins last night. house ways and means committee continuing its markup process. the bill is there. but remember the senate is expected to unveil their own version later this month. let me start with you, alfredo, you spent time with speaker ryan today. i think he's indicating perhaps the house would be willing to bring corporate rates down later, perhaps a year later. isn't that the center piece of
this whole thing? >> there is a lot of conversation about that. talking to speaker ryan, he's committed to the plan that's been put in place. we know we have to get something done this year. right now it's all green. charles: maya i saw the piece in "the washington post." you bring the economic reality. hit us with the hard economic realities that you like to level at people on the hurdles that face this bill. >> we have the house version and we'll have the senate version soon. and it's moving quickly. the hard truths are if that tax reform adds significantly to the national debt at the time when we have near record levels of debt, that will keep economy from gloat way that we need.
instead of watering this bill down, be but saying don't touch this and don't touch this. we need to keep our eye on the prize. that means finds more ways to keep an eye on this bill. what else more important than a momentary tax cut that's borrowed from the future. that takes some hard choices. that is why not everyone likes to hear the message. but it will be much better overall. charles: fitch yesterday said this would have a short-term impact and would not pay for itself. the bond market doesn't seem to believe anything is going to happen, or if it does, it would be ineffective. should republicans still focus on a pro growth bill? >> i think we are in the first
quarter. charles: i thought the clock was going to strike midnight any minute now. >> we have a long way to go here. we have the senate bill that will come out tomorrow. let's wait and see what pat that does. it could make up for some of the mistakes or challenges the house is facing right now. i think we have to be careful about getting too far ahead of the game and look at the long picture. all of the pieces are in place to make this a pro growth tax plan. moving to some sort of expensing so companies can write off their investments of capital expenditures. all of those things are pro growth. and you have to be careful about the kind of offsets we choose so we don't pick the kind of offsets that impede that growth. there is a real delicate balancing act here and we'll
have to wait and see how lawmakers respond to that. charles: we always talk about how brutal it is. it's extraordinarily critical after the gop fumbles obamacare repeal and replace. the republicans will be able to deliver anything close to what was promised. a lot of folks are living with the idea their taxes are going to go up. people are living with the idea there will be an addition to the debt. these aren't the things that were necessarily promised, ford. >> i think the american people are growing impatient with the progress coming out of washington. and we know what this is going to take. it will take an inordinate amount of team work and people sacrificing their sacred cows. charles: give me some of those sacred cows.
>> do we want the corporate tax rate fades in or not. do we want salt reductions across the board? because they will have to take a tough vote. what we know is very simple. the democrats in the house are not going to help us. in the senate we may get one or two democrats. but we won't get enough to make 0. we can't phase it in. if we go the phase-in we have to stabilize the market to bring back jobs. charles: go ahead. >> they know the party knows overall they have to have a legislative win here. virginia, new jersey -- charles: i know we all know they need a win. but is a win really a win. if they deliver a tax plan that's nowhere near what we
thought we would receive and doesn't deliver what is promised, maybe that's a short-term victory. but wouldn't it do more harm than good. >> any time we can take money out of our hands in d.c. individual small business or from a large corporate business, it's a good day. but at the end we have to realize once we get this done there will be is a couple bites of the apple. we have an opportunity once we keep the house. >> there is no chance -- we may actually lose the house. i think we have to go big. i don't think a win is a win. we need to be as ambition as possible. our job is not to sit in washington. our job is to help the american people. if you have to take a tough vote and lose your job, so be it. charles: a lot of democrats fell on their political sword for barack obama.
they did what they knew he wanted them to do when they passed his agenda initially. could the final bill have a removal of salt? a one-year delay of corporate taxes and what about the cbo breaking this news, the individual mandate, it provides $338 billion. i can see where that could be factored into the final package. >> you are exacting the -- you aring the exact right questions. it needs to be permanent. if what the tax bill end up being is filled with gimmicks because we are facing hard choices. we should bring the home mortgage deduction down to $500,000. and end the salt exemption.
if we have things sun setting and expiring and fiscal cliff, there will be no ability for businesses or families to plan. it's that kind of certainty that promotes economic growth. charles: we'll bring a few of you back if you don't mind. next up, the democrats had a big win. now of course the blame game begins. we'll be right back. 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 from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments.
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directly at the feet of ed gillespie. with the economy growing record numbers we'll continue to win even bigger than before. bre, obviously president trump from south korea, almost immediately as soon as that check went on the board for northam, saying gillespie, you blew it. is this a message to the never trumpers or the folks who resisted donald trump, you better embrace him because that's what's winning? >> this is a parallel of what happened in alabama. the person donald trump backed wasn't conservative enough. that's what we saw played out again today. we need to look at, there is something to this rejection of donald trump and a rejection of
donald trump's presidency and a large voter turnout in certain districts. a huge turnout for democrats. northam had a big electoral stronghold in northern virginia which is where a lot of federal contractors were. i think it makes sense they would vote for ralph northam and send a message to washington they don't like donald trump. charles: the richest towns in america right next to washington, d.c. these are the guys who lined their pockets. it's interesting because you have got steve bannon out there really pushing trumpism probably more than president trump is. a lot of people think it's too little too late. northam said he wasn't sure about sanctuary cities.
photos he put out that didn't have a picture of the black lieutenant governor candidate. >> bre mentioned the northern virginia area typically is a liberal place. but there were a couple trends republicans should take note of. loudon county and fairfax county as well as virginia beach all went blue. loudon county and virginia beach are ones that have been republican stronged holds in the past answer convenient red and they swung blue. charles: but why. >> i think it's because we did see gillespie embracing some of the trump playbook. though he distansd himself from the president, we did see him using some of the same messaging. i do think that democrats when you look at ralph northam, he
was a moderate democrat. he voted for george bush twice. he is southern military background, all of the other things that play well. he's a blue collar democrat. if the democrats are looking to change the up in 2018 and they want leadership, someone like ralph northam will play well. charles: they used to call the blue dog democrats. bre, you look like you are not buying this. >> i think ashley is right in that he isn't a radical leftist kind of person. he has been lieutenant governor for the past four years. in this instance known to voters. loudon county didn't go for donald trump in the republican primary. they voted overwhelmingly for
marco rubio. i think loudon county is traditionally a red county, but not necessarily a trump kind of county. i lived there for a number of years. >> a county where a moderate democrat could play to that moderate republican base. where maybe those disaffected trump voters -- charles: thank you both have have much. appreciate it. trump's make america great has been working. we are heading in the right direction as we mark the one-year anniversary. we'll give you all the details next. kids to get a repair estimate. i just snapped a photo and got an estimate in 24 hours. my insurance company definitely doesn't have that... you can leave worry behind when liberty stands with you™ liberty mutual insurance.
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all-time high. unemployment is at a 17-year low. we are defeating isis. we are strengthening our judiciary, including a brilliant supreme court justice. and on and on and on. charles: president trump touting his accomplishments only one-year anniversary of the 2016 presidential election. the stocks were down almost 900 points at midnight. then major indices have soared since that particular night. peter brookes, and let's start on the economics side. tremendous job growth david. i don't compare this year to the last year.
i compare first year trump to first year obama. a stock market that's rallied. gdp, business confidence is up. this is better than anyone imagined. >> i think he's pretty happy. that big dive after the first night, obviously a lot of market pundits have proved wrong. the president brought to the table a change in washington. you have an administration that likes business. they like corporations. it's pro business. those business numbers will translate into a stronger economy because that's when consumers and ceos actually open their wallet. >> i think people under estimate how powerful it is to have the president of the united states not dissing you.
profits aren't bad. >> the tax package leaves the united states. charles: i base my investment theory on the basis of prosperity. border crossing are down significantly. isis is on the run. they have a tiny corner of iraq left. you see the respect president trump is getting around the world. the red carpet fleement china, for instance. >> there have been a lot of foreign policy successes. the president mentioned isis. he put isis in crisis. the caliphate is coming apart. it's crumbling. we have had a significant decrease in terrorist attacks in the united states. we have had five terrible plots this year. but the previous year the was
13, the year before that it was 17. that's when isis really kicked off. we are safer here at home than i think we were previously. he put north korea on notice. he put iran on notice on the nuclear deal. even though people are talking about russia. he has done a lot on the security side to reinforce security. i was in latvia and ukraine. they are comfortable and the happy with what the president is doing. charles: it reflects in global stock markets, some of which are out performing america. building the wall, further immigration reform and dumping nafta. how critical is it that we get some checkmarks on this. >> we have a good egg up there. regulatory overreach and rolling
it back, that's great, but you need permanent reform and that comes through legislation. >> i'm hoping we'll get some progress, especially in china with the president there. they are talking about signing a bunch of deals coming up. we have a trade deficit. they are supporting state-owned enterprise and the theft intellectual property. but we may have good news too many. -- good news tomorrow. charles: democrats are ready to embrace more nasty racial ads and identity politics. 2018 will get real ugly. we'll be right back.
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they are big wins in new jersey and virginia, maine voting to expand medicare under the affordable care act. after it failed to be pushed by republicans to repeal it. a lot going on. where do we go from here, what does 2018 look like? guess what, get used to those ads, they will use them in 2018, they think there has been a see shift and that identity politics will win. >> i think what we saw yesterday. is that anti-trump resistance seems to be a little bit more mobilizing than pro trump. i think there is a missing conception that republicans laugh yesterdalost, lost becaust
pro company enough -- trump enough. looking at virginia and new jersey, gillepsie lost, but not because pro trumpers did not come out, people who approved trump voted for gillepsie, but there is an anti-trump -- >> you have 1.7 million people in virginia vote for donald trump. both candidates together barely scratching 2 million. ford. byon york wrote, saying barring any big unexpected evens, trump will lose a lot of seats next year. references those lost by barack obama and bill clinton in their first term. >> understand something, in midterm election, the party that controls white house loses about
25 house seats and 4 senate seats, republicans have to push back on divisive politics that democrats are say, ralph northam ran won of the most racially divisive campaigns that i have seen, ralph northam was seen as a dishonest guy, you cannot allow plan to bureau in and say that, ed's problem is he did not push back. virginia is a blue state, i am not surprised that northam won, i am just surprised by the margin. margin. charles: bree, a quick shift, nation has in how tried and rejected trumpism if you will. taking individual results for example a transgender woman beating bathroom guy who author that bill, are you buying that? >> no, that is silly, i am not
surprised. swamp creature voters in fairfax county voted for a transgender candidate. none of that is surprising or shocking. zooming outlooking at electoral results in alabama, roy moore won the republican primary, very trumpy, super read meat contract type of individual. going to a national scale, the narrative that democrats are trying to sell is false. they can take wins in these areas, in new jersey and fairfax county. i don't think that they will get wins in south carolina or alabama or you know, other places. charles: alabama is tight but bottom line is that republican nominee there, he embraced trumpism, bringing al -- back do
they have to embrace president trump and trumpism now to win 2018. 2018. >> i don't think that is necessarily true, i don't think there should be exchange or pro verbial exchange of trumpism for conservatism. a positive message will trump only negative message we see from the left, which is just resistance. all they are you going on is anti-trump resisting, if republicans can be pro something, decide what that pro thing is, pro policy, pro principle, that would bode well. charles: ford, i can't believe these guys with the ad saying anybody with a pickup truck with a confederate flag on a bumper is out to kill little people, and got away with it. >> he only got away with it
because, he lost out because he had to pull it because of a terrorist attack, not because it was too racy, that is the point, we facing tough headwinds, we have the white house, candidates have to remember they cannot run for president trump, democrats will slam you, get something done in washington, come up with a good message, you have to run as yourself, understand your state and district, if you do, that you will minimize democratic gains, they will make gains, but can you defy electoral wins. >> that is the question, the answer. you know, i think running away from president trump for republicans is a mistake about terrible idea. >> thank you, very much coming up. >> another record day on wall street, s&p, nasdaq, dow as closing highs. there are problems bubbling ni beat the surface, i have a special guest, we'll be right back.
charles: dow with 59th record under president trump, s&p with2 understand recor record close. ♪go your own way once-daily anoro contains two medicines called bronchodilators, that work together to significantly improve lung function all day and all night. anoro is not for asthma . it contains a type of medicine that increases risk of death in people with asthma. the risk is unknown in copd. anoro won't replace rescue inhalers for sudden symptoms and should not be used more than once a day. tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. these may worsen with anoro.
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record closes since election day. nasdaq 73 record highs. big news late in session reports that doj reportedly demanding at&t and time warner either dump turner tv unit housing cnn or direct housing satellite unit if they want to get together. ceo saying until now we before commented on our discussions with goj, but it important to set record straight, have never offered to sell cnn, and have no intention of doing so. after the bell, revenue beat from 21st century fox, guidance for closing of sky news by june next year, and a big upside from reroku .
during the session, big winner, consumer staples lead by colgate-palmolive. and kellogg. and kroger. a partial dilemma for investors, with increase in declines stock, stocks hitting 52-week lows, leadership is becoming stretched, and concerns about flattening bond yields, implication for the economy, it has been a red flag for pending past recession, welcome to you michelle, what are my rose color glasses blocking me from see goining.>> my objective and i am
permanenpermskeptic. i look at what is happening in the economy now, one of your guests talked about with headline confidence numbers from the, business side and consumer side that look strong. going up since last year. unfortunately it is not mirrored in the hard data. real action. >> do you consider corporate earnings hard data. >> i do, that is a topic we could get into. looking at first, first the gap earnings versus nongap. charles: no one is going to do, that i'm sorry. gap earnings are traditional, the accounting geeks ice, wall street used non-gap.
they are off their recuring. what are some other things that are you concerned about. i see where businesses are invesinvesting. durable good investment bottomed out in may, they have been on the rise, we're seeing more where this businesses are putting money out there, they the wheels of commerce of moving. what are red flags? >> there are several things, one m&a activity, not wit notwithstg latest week with a flurry of activity. you have seen sharp decline in m&a activity down 30% from peak a couple years ago, and down 15 pressure i%from trump's electioo which is surprising.
charles: any negative from bonds? >> the curb yield flattening, in the last week, it has been incredible. and add-on your comments, internal in market, walmart has been performing really well, that has been a great signal in turns in the economy. when walmart outperforms it means more people are. >> thought their cloud business was catching fire. >> stephanie thank you. >> thank you. charles: coming up, talking about taxes and future of republican party, all on the line, they better get this tax bill done, it better be right, we'll be right back.
on. charles: two more g.o.p. congressmen announcing they will not seek reelection in 2018 midterm, as g.o.p. struggles to unify behind a tax plan, what does it mean for future of trump agenda? joining me now. matt gates a member of budget committee, thank you for joins us. ure heads are spinning, trying to keep up with this thing. it changes every 5 or 10 minutes and speaks to general pub limb f turmoil. where is it coming from. >> democrats had a good night, you are looking at two blue states, they are states that donald trump did not win, they
are not part of his coalition, democrats did well. but keep in mind republicans did turn out. in virginia the got more votes than sitting governor in virginia. they turned out an additional 300 thousand voters in virginia. that means passing that tax cut. charles: we got word that ways and means getting togetherra at 9:00 a.m. here is what we're hearing. tax bracket, that was not advertised. people are worried about that, and blue state republicans concerned about taking away. then potential delay of corporate -- lower corporate rate by a year, paul ryan saying this is pretty good.
how do you sell it to american public. >> we're happy with corporate side, markets are responding, investor confidence. charles: would you delay it by a year though. >> i don't think that is make or break, i prefer to cut taxes immediately, looking the impact on the economy we need to get started. politically bill clinton of right. it is the economy stupid. we have to be able to show american people with republicans in charge the economy will get better, wages will rise, people will be able to build careers and count on their investment, they done happen in obama economy, they will happen in trump economy, they are already happening, even before we get tax cut passed, imagine how we'll be able to grow gdp and take the economy off. charles: you are right, we've been imagining that, enthusiasm is through the roof, but bill clinton was also right, keep it
simple, stupid. this is what we're trying to say to republican party, if you can't be grandiose, how about tax cuts immediately, then build on it not unlike what president reagan had to do with a pretty good 8 year run. >> i have been argue for retro activity so people get money right away. i think that is juice that will get the economy moving, this is fundamentally different from health care, because in health care we did have a top down process, where we were told to vote for or against a bill without changes, we're seeing something different now, where we're going to continue to sand off rough edges. and we'll tutt corporate tax rate, we pay the rate capital -- repatriot capital, and simplicity is organizing principle of individual taxes, 9 out of every 10 americans will be able to fill out their taxes on eye pos a post card that will
increase complainings. -- compliance. >> representative gates, individual mandate, cbo said, you could find an extra 338 billion, is that something that could be in play? >> we should abolish individual mandate, it is unpopular, that is my view. we'll see. >> thank you so much, i appreciate your time, and your straight forward answers. charles: president trump spending his elect anniversary negotiating deals. a trip in asia, number we're hearing could close the deficit, he is over there to deal with north korea as well, we'll cover it all, next.
north korea after issuing a warning stage of his own. >> the regime has interpreted america's past restraint as weakness. this would be a fatal miscalculation. this is a very different administration than the united states has had in the past. charles: back with me now, peter brooks, and harry casu anas is, president trump so far, a particular trip to asia, he has been treated with dignity. looks like he will come back with a lot of goodies. right now it looks like a major
success, but i think it will be viewed on how china reacts with respect to north korea. will they continue to put pressure on north korea to world needs to divert a ca catastroph? >> charles, this is a great guessing game. it should drive a hammer through north korea economy. it is a tiny spec of an economy. chinese have to enforce the sanctions, so far in the decade plus that beef had the sanctions on them, chinese enforce them for a couple of months, then. when we are not paying attention they stop. >> peter, on economic side. these countries that president trump visiting, hundreds of billion dollars in trade deficit there, president trump in japan
is aing, you have to buy american cars, american defense products, every country not making any bones about it straight forward and direct. do you think that will result in closing some gaps perhaps able to create some bilateral trade deals that can boost the economy? >> i hope so, but it will take continuing pressure, we need to level player feel for american businesses. inn get market access, in place like china. we have issues of currency and intellectual property, theft, force transfers of technology. you know state subsidies, state-own enterprises in china, dumping there is a lot of real problem with u.s.-china economic relations. we would like greater access in other places like south korea and japan, these meetings will result in some deals but, it will have to be continued attention to advances american
interests, economically in that part of the world. charles: what takes precedence, the defense or economics of the region, do we give china's break, if they pressure north korea and same thing with japan? if they buy a bunch of our missiles and planes. will we maybe look the other way? >> i think that defense will come first and foremost. i think when trump administration came into office, they were going to have a get tough approach on china. now, i think they are going to be tough, on trade deals but north korea is really going to be the major focus of this administration, it is america first, but i think that if first will mean north korea first, as we try to focus our foreign policy, we have trouble in south china sea, and over taiwan, and east china sea. charles: and you can't forget
man-made islands that are now fortified for military use, thank you, we appreciate your expertise tonight. >> all right, thank you very much, now here is lou dobbs. lou: good evening, breaking tonight, chaos on capitol hill. house lawmakers spending a third day debating tax legislation, the chance of passing are uncertain. and china giving president trump red carpet treatment on his two day visit, president welcomed at airport with an honor guard, marching band, children waving, american and chinese flags, a sharp contrast from president -- previous president's welcome there last year. we'll have comparison for you, tonight. and republican establish. suffering a