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tv   After the Bell  FOX Business  July 31, 2018 4:00pm-5:00pm EDT

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we think markets move a little sideways as we rotate within the s&p toward the large cap value names. liz: with 3 billion in assets. marianne is doing something right. fourth straight month of gains for nasdaq. here come apple earnings. melissa: trade optimism on wall street. stocks back in the green. new reports that the united states is trying to return to negotiations table with china. the dow ending the day up 108 points. i'm melissa francis. >> good day to come back. glad to join us i'm david asman. here is what else we're covering for you in a very busy hour. first of all apple days, ladies and gentlemen. world's most valuable company closing in on a trillion dollars of market cap with the highly anticipated quarterly report this hour
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david: this as we are learning that facebook as discover ad sophisticated new attempt to influence the midterm elections. we got the latest details on that. the white house considering a big tax cut on investment. what this could mean for the average investor or home seller. famed economist art laffer says this tax break is long overdue and it ain't just for the rich. he will explain coming up. melissa: back to the markets. the dow snapping a two-winning streak last two days of the month. nicole? >> we saw optimism this morning.
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a report that u.s. and china have been talking privately to get started on the talks again, once again about obviously with trade wars. we saw that the futures popped just before the opening bell. that optimism translated throughout the day. we sawdust industrials doing well. here is a look at the dow which is up 107 points at the closing bell. had been up 184 at the top of the day. you see gains across the board. nasdaq also gained. the commodities as well. at least gold not oil. here is what drove the dow. 3m. ge, caterpillar. most of these are industrials. they were adding 90 dow points. 90% of the rally. you can take away whatever stat you like, thank you, charlie brady our senior editor. a keen eye on apple now after the bell. we expect some big moves here. 3 1/2% move up or down as far as the options market. but this is key because the
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group overall, "fang" stocks moved into correction territory. this particular group has gotten hit hard. the questions are the things that gotten social media, versus things with product. apple would be one of them. we're watching for a trillion dollar mark. if apple costs 203.45 it will be the first trillion dollar company ever. here is the look at the dow, s&p and nasdaq all had winning month of july. in fact the dow and the s&p, best month since january. so it hasn't been, though there has been volatility, we end up with gains. back to you guys. melissa: nicole, thank you. david: today's market panel, gary kaltbaum, kaltbaum capital management. lenore hawkins from thematica research. >> thematica. has a ring to it. david: we'll get to apple for a second.
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what made market push into triple digits today. clearly more positive trade talk. two headlines in the "wall street journal" said it all. one is the chinese economy starting to feel tariff impacts. the next one eurozone economy slows further as exports sputter. the point they have weak economies. we have a booming economy n that dynamic, we have the advantage, and tactical advantage in terms of trade talks, right? >> well, we should have the advantage with that going on because, no doubt, if you look at the chinese markets, not very good. europe no great shakes either. so, yeah, that is correct. what happened today was the market was drifting a little bit. then all of sudden news came out that supposedly we're restarting talks with china. they started lifting the usual suspects, boeing, caterpillar, deere, things like that. leave no doubt, there is a premium on the market if we get the job done on tariffs.
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there will be a discount if we endp with 200 and 500 billion in tariffs that the president's threatened with. we'll no in the weeks ahead. david: lenore, you have an office in italy. yesterday there was a great meeting between the president and new leader of italy. they have a new leader about every week. the fact they had a great meeting. there is still though this disagreement whether agricultural products were part of this semiagreement that they talked about last week. that's the deal on that? >> well, let's not forget that last week macron as well, the president of france came out and said, not so fast. just because brussels says yeah, we will agree to maybe come to an agreement doesn't mean that those independent european countries are all going to come to the table because they're all having a lot of infighting as it is. they're not really in a let's work together kind of a mood. yes, our economy is a bit stronger than china and the eurozone, don't forget that the
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leadership in china, they're not facing any elections whereas the republicans are facing what could be a challenging midterm election that puts pressure on them. david: we'll see you again when apple earnings come out. we can't wait for that. melissa. melissa: vice president mike pence set to give the keynote speech at the department of homeland security national cybersecurity summit that will happen any moment now. this as facebook announced it has identified a coordinated attempt to influence the midterm elections. bolt boat is live at the summit with the details. deirdre? >> melissa, the idea of this summit was really bringing together the strongest parts of government protects us and businesses and that the idea neither one can be strong without the other. i spoke with dhs head secretary
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nielsen, i asked her which country is most aggressive as far as attacks. here is what she told me? >> i would say russia will continue to be active. we've seen meddling with the election. we've seen meddling with the our industrial control systems. we've seen meddling with rout is. china has more of a long view. they are looking to understand our systems particularly in government. understand who's who, get different access to systems. >> we spoke a lot about facebook of course, melissa, you mentioned that breaking news, facebook not naming who they think the aggressor may be, but the fact that they are a target. i spoke with somebody from palo alto networks, the vice president of the company. facebook is doing a good job. they have more than two billion users what they have to deal with, being the company everyone will always attack, he believes they are doing a fairly good job. the idea of bringing best of both sides. secretary nielsen telling me
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this event and center she created from this is literally the 911 for cybersecurity issues. melissa. melissa: interesting stuff, deirdre. david: we're moments away from apple's biggest report. shares of the tech giant trading slightly higher a fraction higher in anticipation of what is to come. apple could be the first company to hit the trillion dollar mark when the stock opens tomorrow. it has to open up 13 bucks from where it is today. could happen. we'll bring you the numbers you need to know as soon as they come out. melissa: democrats are slamming the latest proposed tax cuts on investment as slowly for the rich but the average investor has a lot to gain. famed economist art laffer will explain. david: he is so much better than paul krugman. president's hard-line message on border security, doubling down his threat on shutting down the government over funding for the border wall. the senate says they are looking for middle ground.
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is there any? we'll ask the third highest ranking republican in the senate, senator john thune coming up. >> usually the person who loses the shutdown is the person who caused it. donald trump is making no bones about it. the fact is, there are over ninety-six
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melissa: not backing down. president trump doubling down on calls to shut down the government if congress can't get a bill passed includes a wall and border security. fox business's blake burman is live with the latest. blake. reporter: melissa, for the third day in a row president trump threatening a government shutdown should congress not fulfill his immigration priorities. the latest threat came via twitter. the president wrote, i don't
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care what political ramifications are. our border security has been a complete disaster for decades and no way the democrats will allow it to be fixed without a government shutdown. second tweet, he writes, border security is national security, national security is the long-term viability for our country. a government shutdown is a very small price to pay for a safe and prosperous america f there is a shutdown ahead of the november elections this could have huge political ramifications. the top republican in the senate, senate majority leader mitch mcconnell this afternoon said hopes it does not get to that point. >> i support what the president is trying to do on the wall. most of my members do as well. and we're trying to go through a normal appropriations process that prevents a big event at the end of the fiscal year. reporter: however a congressional source told yous earlier today when the president met with mcconnell and
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paul ryan last week, they agreed that the issue of border wall funding could wait until after the october first budget deadline. the top democrat in the senate, chuck schumer says, republican leadership can not back down from the president. >> they're going to have to show some strength and tell donald trump if you want to get the government working, not in total gridlock he has to leave it to the congress to work its will without him interfering. reporter: meantime today the president began his morning on twitter taking aim at david and charles koch, blasting the brothers as quote total joke, with quote, bad ideas. the president also saying their network is a total joke. over the weekend charles koch was lukewarm to the president's performance so far, and was critical of his trade policy. the koch network sent a statement out responding to all of this, that reads, quote, we support policies that help all people improve their lives. we look forward to working with
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anyone to do so. melissa, the koch network has worked closely with this white house on some issues like tax reform and prison reform. they clearly don't see eye-to-eye though as it relates to trade policy. the president calling out the kochs this morning on twitter. >> contentious times, blake, thank you. david: here now is art laffer, laffer associates chairman and former reagan economic advisor. i have to say i like the koch brothers for a long time. i think they're very smart people. i love their libertarian ideology. i agree with them in terms of fair trade and free trade, however, art, this may be one point that is minor point which we disagree, you look at these headlines i put up before. chinese economy starts to feel tariff impact. eurozone economy slows further as exports sputter. you see them coming back to the negotiating table with mnuchin. i think maybe the president's hard ball has led to some really positive results. what do you think?
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>> well i think the kochs and the president agree on the final objective. we want zero tariffs, zero subsidies. david: that would be great. >> zero non-tariff barriers. i think the kochs want that. i think president trump wants that. the question is the strategy. how do you go about actually achieving that? that is tough decision to make. trump has one procedure going about to bring them to the table, to negotiate. it looks like it works pretty well with the eu and juncker when he was here. david: sure does. >> bringing back china maybe. may be working with mexico. but you know the bottom line the kochs have been phenomenal for generations in this country supporting good, free market, pro-growth,. david: doing a lot of charity. i want to get to taxes and the plan to index capital gains and take inflation into account so you're not being charged double. one the tax cost, the the cost of inflation. immediately nancy pelosi said it is another giveaway to the rich.
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don't millions and millions of americans have stocks that could be taxed for capital gains as well? >> of course. i mean this will spread over a lot more than just a couple of people. the question that i think maybe makes sense here, david, try me on this, rewarding people historically for something is not a good pro-growth incentive. if you have capital inindexing prospectively. starting today all inflation gains are eliminated going forward that would be a pure supply side tax cut that would be great and have very little budget impact. david: by the way, before we get into that, the fact that a lot of americans have second homes which they sell at an increased price and that could mean a huge difference in their tax bill in terms of their selling their property after the accumulated value. >> yeah. the other thing that, if you do it retrospectively, okay, and you allow capital gains no matter when earned to be indexed
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to inflation from that point in time, we have seen historically capital-gains tax rates reductions lead to increase in revenues. david: that could happen now. >> all the time. one of the most certain, great certainties there. so if you want more revenues that may well be a darn good idea to do but capital-gains taxes should be indexed for inflation, period. david: we have two seconds over aloted time. we have it to the second because of apple. >> i keep talking. thanks for the comparison with paul krugman. i enjoyed it. melissa, thank you very much. david: not even in the same ballpark, you and he. that is whole another issue. melissa: apple releasing the earnings report minutes from now. we'll bring you everything you need to know. former trump campaign manager paul manafort facing a judge in court for the first day of his criminal trial. break.
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paul manafort begins today. the first trial to come out of robert mueller's russia probe. we're outside the even district of virginia court to the port melissa i was inside listening to paul manafort's case he was not attempting to hide 16 million-dollars from ukrainian politicians from the irs which the special counsel alleges. manafort's team are coming back manafort didn't understand the tax code. his punishment should be same mistakes other americans make an audit, bank fraud and falsifying returns and not 305 years in prison if convicted. manafort is pointing finger deputy and on the trump campaign, rick gates, pled to lesser charges, plans to testify
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against paul manafort on the trial. but the prosecution sent by robert mueller, explained manafort's lavish lifestyle, that he bought expensive houses from money he got from ukrainians. when they went on and on about manafort's lavish lifestyle, the judge, t.s. eliot, cut them off, saying it is not a crime to have a lot of money. opening statements concluded. they are about to go to the first witness. we do not know who that is. melissa. melissa: interesting stuff. peter doocy, thank you. david: apple's highly anticipated quarterly report is due out any moment now. we'll bring you numbers from the world's most valuable company as soon as they come out. melissa: plus threatening a government shutdown. president trump not backing down securing our border. will his hard-line approach work? south dakota senator john thune sounds off coming up. >> if we don't get border security after many, many years
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neulasta is for certain cancer patients receiving strong chemotherapy. do not take neulasta if you're allergic to it or neupogen (filgrastim). an incomplete dose could increase infection risk. ruptured spleen, sometimes fatal as well as serious lung problems allergic reactions, kidney injuries and capillary leak syndrome have occurred. report abdominal or shoulder tip pain, trouble breathing or allergic reactions to your doctor right away. in patients with sickle cell disorders, serious, sometimes fatal crises can occur. the most common side effect is bone and muscle ache. if you'd rather be home, ask your doctor about neulasta onpro. pay no more than $25 per dose with copay card. david: apple earnings coming out in just seconds. bring in our panel. james freeman from "the wall street journal" also a fox news contributor. and tech expert lance ulanoff. lenore and gary are back. james, let me connect china to the iphone. 20% of iphone sales come from
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china. a lot of iphones are made in china. we'll look at that aspect of the whole situation. will apple get a break that other items made in china won't get because of their close connections to the white house? >> i don't know. i mean they're not included in the current round of tariffs but if mr. trump goes ahead, hits all 500 billion of imports from china, that will hit iphones eventually. the company is very exposed in china, you mentioned 20% of the market. they do almost all of their manufacturing there. they seem to be getting a shot across the bow from the government there in terms of heavy media criticism lately. this is a lot of what we want to see. are they getting squeezed by the government there in some fashion. david: lance, foxconn made a big deal, as well they should have, the president mentioned it, the new plant opening up in the united states. i believe it is in wisconsin. they're doing their best to court a white house that wants
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stuff made here. >> first of all, not really up and running yet. it is not making all those phones. the big concern for apple, if they change the tariffs. it just doesn't impact things. we expect it to possibly impact the apple watch, which is of course a really good seller but not a big market. not the main thing apple sells. if the tariffs end up hurting the production side, the cost side for the iphone, that is going to be a big problem for apple. also all the apple customers who suddenly will pay more for their iphones to support this. david: lenore, let's talk about apple customers. my daughter is going in for the second reinstallment of her iphone x which was fluttering, doing crazy things. i know it is still making a lot of money for apple but was the iphone x a bust? >> god no, it is their best-selling model in the u.s. and china. david: you can't see lance, he is shaking his head at me. you don't know iphone.
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go ahead. >> they have done well. they have done extremely well with the iphone x. it is not going anywhere. everybody is saying about all the iphone x disappearing that will simply not happen. you will see new iteration but won't go away. david: gary, what do you think of the iphone x? >> i have got one. working quite well. for me the big story, normally apple is very good at sandbagging earnings and revenue growth. >> exactly. >> estimates are 30 and a 15. david: numbers are pretty good. just getting numbers n the stock is trading up after-hours. now coming down again of a hours. we'll wait to see. susan li, ready? susan, have you got the numbers? >> yeah. david: go ahead. >> we'll go with it, eps confirmed on our side is 2.34. much higher than -- melissa: sandbaggers. >> 2.1on the bottom line profit. we got handset sales in the
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quarter. handsets and it phones still represents two third of revenue. a -- 2/3 of revenue a slight miss. analysts including bernstein were calling for 42 million iphones sold in the quarter. we're waiting for the revenue numbers. that's what we're going with, 2:34. that is a big beat, guys. melissa: gary, they're total sandbaggers. they do this all the time. what do you think? >> i have to tell you normally the sandbagging is where the growth is 10 or 12%. they come in at 20. this was 30, they're coming in 35, 36. this to me is great, great number. i have no idea what the stock is doing. amazon had a great number and sold off the market is little bit different for growth. melissa: susan, david is ready to jump in too. hello? >> hi, there. we're looking for the revenue right here. we're looking at 53.7 for the quarter. again that is much higher than
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analysts estimates calling for 52.34 billion. services, looks like apple's cfo, nine 1/2 billion was driven by app subscriptions, apple care, apple music among others. 9.15 billion. higher than what analysts called 9.37. david: third quarter services revenue up 31%. i'm sure lance can talk to that issue but 31% increase, a huge increase in services. melissa: yeah. james, i think those are mostly my kids that are buying apple. they are are responsible for that. >> all you. >> i'm sure they like to see this booming services revenue and i think the main takeaway in terms of larger economy, i gather from those numbers we're not seeing a huge trade problem. we're not see the chinese government messing with them in a big way as far as it would hit their numbers. melissa: lance if you wanted to be critical, sounded like the
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handset was a slight misbehaved on what susan was saying 41 as opposed to 42. >> this is pregnant pause. people say what will happen in september when apple dues three or four new hand-sets, upgrade to the iphone x and iphone 8 and 8 plus. it may be pulled back a little bit. 41.3 million is not, i mean i would like to have that kind of miss, quite honestly. the growth on the services side, just a booming business. you think about what is happening to your icloud account. how many times do you have to upgrade to buy more storage? that is happening across the board for everyone. such a great story for apple on the services side. that will be a good story every single quarter. david: melissa, this is the bottom line why apple is almost a one trillion dollar company. the gross margin, looking forward, it sees fourth quarter gross margin of 38% to 38.5%.
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that's huge gross margin. melissa: wow. david: this is looking forward. because of what lance just said, this quarter would be kind of sleepy compared to other quarters, they're looking ahead to forecasts. i think lance would agree, that is the most important thing. look ahead to a fourth quarter of 38.5% gross margin is extraordinary. melissa: lenore, are you still with us? what is reaction to the gross margin? wow? >> i was looking to see if they were having lingering of prices of dram. prior quarter they had 70 basis point hit of margins, increase in memory. that is really like seeing what's going on with services because, we have seen last week with spotify's results over the weekend hearing news that walmart might be looking to get into the streaming business as well. we were really going into kind of a content arms race. i like to see the apple is still
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strong there. but i want to hear what their plans are, more than just the next quarter. i want to hear where they are going many quarters out. melissa: third quarter iphone revenue up 20%. susan, you have more for us? >> yes, i wanted to go you there revenue numbers once again. revenue 3.27 billion. they have, analysts were calling for 59.7 billion when it comes to apple revenue for the next quarter. apple forecasting a range even above that at 60 billion, 62 billion. that is going to be a huge quarter for them. guys? melissa: gary, going to be a trillion dollar company here soon, what do you think? >> we're watching tick up about 2 1/3%? >> i wish my first name was tim and my last name was cook about this time. most important thing for me you have a company that does 250 billion in sales. they are going to grow in the
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30s on earnings and in the high teens on on sales. that is an amazing story. the fact they're upping the numbers. we're not even into the christmas quarter yet when they really go nuts. very good stuff from this company. the big question is the stock in that growth is getting hit the last few days. so i wouldn't bet against the fact they sell it off for now but i think it is going higher in time. these are really good numbers. melissa: go ahead, david. david: we were very interested what would be happening in china. how we might affect china. china the revenue is up 19%. lance can talk to that. 19% increase in revenue. melissa: lance what do you think about that? >> they're apparently losing market share on the phone side in china they're still growing. there is really headwind in china and a lot of concerns but for apple not so much. i can't wait to hear what tim cook says on the call. melissa: that is my next
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question, you jumped ahead, what would you ask on the call? what is the most important thing you want to hear about? >> i would be wonder about capital expenditures. they obviously are buying back a lot of stock but would like to see if apple like so many companies is still reacting to that big tax change by wanting to invest more in the u.s. melissa: lenore, what would be your first question on the call? what are you listening for? >> my focus is the not next quarter. i'm looking many quarters ahead with 5g. that will be impressive forced upgrade there. melissa: gary? >> very simply, what's 11 looking like? they are as good as what the next item will be. they are all about product. so far they delivered and so far the consumer continues to buy. melissa: david. david: to show how quickly technology is changing, anybody with a old phone or old device, can identify you can get attached to them. they're not selling.
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macs are not selling. revenue down on macs 5% and believe it or not the ipad is becoming old technology. melissa: lance, you're shaking your head. >> they will update the ipad. there will be big changes. if i was to ask tim cook, how big is the fall going to be? how many products or changes? he says something critical what kind of product year they will have. this is a critical time. melissa: absolutely. all eyes are on iphone sales. we hit the streets to find out what is most important to consumers. take a listen. >> what do you hope to see in the new device? >> better camera. >> better glass. for $1000 you shouldn't have to get a new phone every few months. >> had no problem to switching to apple. >> android. all the way. >> what would you do to switch from apple to another iphone? >> nothing. >> my husband talked me to get into android. no. >> i would have to confer with
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my wife on that one. she is my i.t. specialist. >> i'm apple type of guy. melissa: blame his wife for it. lance, what do you think? there is a lot of loyalty in my house. we resisted apple. kids came along. every single thing everywhere is apple. you get addicted to it. you're not ecosystem. they don't let go once they have you. >> you got it right there. it is ecosystem. how many apple products you have. apple watch. apple iphone. the apple tv. this fall we'll have a whole bunch of apple-created content. they pull you into the world. samsung tries to do the same thing. it hasn't quite pulled off the trick. not that they're not doing well worldwide because they are. once you're in apple world you tend to stay and keep more into the services. which is the business. melissa: susan? >> we're getting i guess apple ever closer to the trillion dollars marks. 3 million shares traded hands in
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after-hours session. that is pretty decent volume for apple buying back on the strong forecast numbers. david: $8 away. $8 to the stock you would be the trillion dollar mark. that is certainly doable. if the numbers keep holding up and people want to buy into it. it depends on the overall market. as lance was saying, i think we need to hear from the chairman what will happen in the future. what kind of products. they will not give any details but just little hints right, lance? >> of course. the analysts will keep asking the questions but he always says something -- those sentences, when he explains what kind of product year it goes to be, they're usually on point. they actually give you an idea of just how big it is going to be. how many different categories it will touch. it is like reading tea leaves. tough listen carefully. a lot of information comes out of the call, earnings call so useful. i just think this is a big year. this is another important year pause they are going to double
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down on iphone x technology. it will spread throughout the ecosystem of phones that is the stuff we'll be looking for on this call. david: can i just ask gary, what about technology in general? there was some slippage of technology. it seems to have come back though in recent days. is that affecting apple's overall price? >> i think that if it was three, four months ago, apple's stock would be up 10% in the after-market. there are some headwind in the overall group. it started last week. i think it will continue. there is nothing wrong if the stock sits for a while. i do believe it will be a trillion dollar name as you move forward especially with this guidance. in the near terp, i think most technology will sit or pull back at this juncture. it is normal. it had a big run. melissa: that was fun. thanks, guys. we appreciate it. thank you. david: a lot of action. melissa: good for the economy when you have people spending money with apple. david: expect a pop in apple's stock tomorrow morning when the
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there's this. a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. david: take another look at apple. the shares are rising after-hours following a earnings beat and we're getting more information, some details. their net cash is 129 billion. that's a lot of money, don't get me wrong but it could be a lot more and apparently there is a drawdown as they invest more. one of the things they're investing is buyback of shares. there was a 20 billion buyback of shares in the last quarter. all of this is affecting the price of the stock which is expected to pop tomorrow morning. melissa: that is a big buyback. president trump is on the way to florida to campaign for gubernatorial candidate ron desantis. he holds a big rally in tampa.
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phil keating, what is the scene like there? reporter: it is boisterous, melissa. music is pumping. volume turned up to 11. we're still two hours from the 11:00 eastern time of make america great again rally with the president. already people in the crowd doing competing chants to see what could be louder. there is very small protest area outside. more protesters are expected around 5:30. president trump is expected at with air force one at tampa international airport. he will be in a tech high school for discussion with young people pursuing vocational careers. the president while there will symbolicking sign the career education for 21st century act which he signed officially in washington this morning. that makes it easier for cities and states to access federal funding for they're trade schools. tonight is a big maga rally but a big presidential push for
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florida congressman ron desantis. trump endorsed him repeatedly for florida governor. he tweets about him. in the past six weeks desantis pulled 12% ahead in the latest poll, mason-dixon, with one month left in the republican primary. this new desantis campaign spot shows the mutual affection as the three-term congressman is teaching his children how to use blocks to build a wall and read the word, make america great again. kind of funny. he is considered the underdog, facing long-time florida politician, adam putnam, a lifelong florida pro-nra conservative, prior congressman and agriculture secretary. perhaps it is the trump effect, candidate are pushing one issue a lot, deporting illegal immigrants, prominently featuring featuring that in their stump
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speeches. republicans in florida find that appealing. those are federal issues not for a state governor. but both candidates find that working. you hear the crowd. revving up. two hours to go. melissa: a lot of energy. catch the president's rally in a special edition of "lou dobbs tonight," starting seven p.m. eastern here on fox business. david: interesting it is such an immigrant state, but legal immigrants are there in florida, they have as much animosity against illegal immigrants as folks who are not immigrants. it is interesting scenario there. small price to keep our country safe. those are the president's words as he clearly made clear that he is not backing down on his threats to shut down the government over border security. next, john thune, the third highest ranking republican in the senate, sounding off on the president's demands, the booming economy, ahead of the midterm elections that is coming up.
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david: apple shares up more than 2 1/2% after-hours following a big beat on earnings and revenue. iphone revenue soaring 20% for the quarter. the giant inch ever closer to the trillion dollar mark. melissa: amazing. president trump tweeting today, i don't care what political ramifications are, immigration laws and our border security have been a complete and total disaster for decades and there is no way that the democrats allow it to be fixed without a government shutdown. senate majority leader mitch mcconnell responding saying hopes to resolve the issue before it comes to that. here is john thune, republican senator from south dakota. what do you think about that, sir, when you hear threats like that, when you see both sides
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want to come together, get something done or sort of falling on deaf ears? >> i understand the president's frustration about the border and about immigration, melissa. there is no question it's a broken system that needs to be repaired, however, i do think that the best way to do that is in a context of probably a non-shut down situation. we here in the senate have to complete our work and get the appropriations bills passed before the end of the year at september 30th get them on the president's desk to avoid the specter of a government shut down. i think president is typically does is probably a negotiating tactic but in the end i think it is important that we keep the government up and functioning and address the immigration issue in timely and orderly way. melissa: seems like with all respect timely, orderly way passed a long time ago and that foals are frustrated this is
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such a monster issue, yet there isn't any sort of coming together on solving the larger problem. he wants the border wall funded but all the other issues with immigration, frankly a lot of the american people are frustrated. what can be done to speed up the process? >> i think i'm with the president on supporting the wall. i offered amendments in the last immigration bill in 2013, to build 700 miles of wall. got 38 votes in the united states senate was controlled by democrats. we did have a debate earlier this year. we had a series of votes on different immigration proposals, none of which got the necessary votes to pass but i do think that the issue continues to boil. the need for the wall is, is critical. and we want to help the president achieve that objective but i don't think the best way to do that is by shutting the government down. seems to me, that could be very counterproductive, particularly only month away from the election. melissa: well i mean that is one of the motivating factors,
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everybody in power would be punished for something like that. that would be a motivation for people to work to not get punished. treasury secretary steve mnuchin talking, making news today, talking about cutting capital gains tax, whether or not they should bypass congress, whether or not they should do that. that is the reaction? >> reporting on that, discussions are very preliminary at the treasury department, but to their credit the administration is always looking for ways to grow the economy, create better-paying jobs and higher wages for people in this country. we've seen evidence of that this last quarter. growth was 4.1%. wages are up 3 1/2%. business is up almost 10% this year. so these policies are working. but i do think at least the focus right now with the treasury department is on implementing the tax reform bill that passed last year. the discussions about indexing capital gains may be happening at some future date but i know
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right now they're very focused getting guidance out how timely meant the tax bill we passed -- implement the tax bill we passed last year. businesses how to understand to how to get benefit from the tax bill. continue to grow the economy and continue to create types of jobs we want to see available for american people. melissa: hopefully you guys can come up with tax cut 2.0 to keep it going. thank you for your time. we appreciate it. david: any tax cut is a good thing. melissa: good for the economy. david: looking out for the working man. it is easy to be a democrat socialist if you can afford a 2,000-dollar weekend bag. melissa: so nice.
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a hotel can make or break a trip. and at expedia, we don't think you should be rushed into booking one. that's why we created expedia's add-on advantage. now after booking your flight, you unlock discounts on select hotels right until the day you leave. ♪ add-on advantage. discounted hotel rates when you add on to your trip. only when you book with expedia. quick this is a good one. the chairman of the democratic national committee at the airport appearing what is a
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designer tote bag. quincy says he's covered. the dnc says quote - nice try but he's holding a bag at the airport. he did not own a louis vuitton bag. >> he is carrying a staffers bag and that staff are canna $42,000 bag who reports to him? >> there you go. they give us the lines. "the evening edit" starts now. elizabeth: learning is just out. it is on the mark to be the first $1 trillion company. we have the story for you. also paul manafort trial kicking off. alan dershowitz weighing-in on that and what the media is missing. and we have 99 days until the midterms. democrats still pushing a healthcare fix. to the left of communist countries, you will not miss what we found in the reporting period they do not even want what bernie sanders wants. china now trying to restart trade talks with donald trump. what the tariffs are doing to china's economy. what is forcing china to the table?we break it down. and the big fight in the republican party with


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