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tv   Making Money With Charles Payne  FOX Business  March 22, 2019 2:00pm-3:00pm EDT

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things like e-sports as they are watching professional sports. whatever the devices. neil: i believe it. fascinating talking to you, john. we'll watch monday. catch up with you then. john schwartz of "barron's." to charles payne of fox. hey, charles. charles: neil, dow off 407 points. we have lot of explaining to do. we'll try. neil: good luck. charles: good afternoon, everyone, i'm charles payne this. is "making money." stocks are tumbling. it's a combination of factors including fears over the global economy, worries, big-name stocks rather getting hammered, that is putting pressure on this market. this now as the president trump shakes up the federal reserve. less than a week after president trump slammed general motors over the ohio plant closure, the auto giant announcing new jobs, and a new vehicle originally to be manufactured in china guess where it is being manufactured now? what mary barra is saying about
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the investment. pinterest is pushing into overdrive, but can market handle she size of offerings? i will go into that in depth and much more on "making money." ♪ charles: so we began early this morning with weak eurozone manufacturing data. that endsfied jitters that already existed about global growth. the dow down more than 350 points and, the bond yields have been slipping. you couple that with nike disappointing earnings, with particularly with the u.s. business and pedestrian guidance boeing facing the first order cancellation from the 737 max crash. it is an aneesh carrier. a lot is happening. we have mitch rochelle and sure vest ceo and chief investment strategist rob luna.
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guys, let's go down the list of these things because there are so many, i want to make sure we hit them all. global economic concerns around the world have existed for a long time but they seem to be intensifying. today we have what they call inverted yield curve. we're now getting too wonky. many people see that as a harbinger of u.s. recession. rob, what are your thoughts? >> there has been a lot of bad news, charles. the markets had a tremendous run here and they're trying to digest all this. what i think is speaking the market also is a combination of factors. you talk about germany's pmi that has been really negative and this new, extremely doveish tone out of jerome powell and the fed has people scratching their heads. when you look at fed futures talking about quarter basis point cut next year. all this coming together starting to unnerve people and look, we had a tremendous run. you will see natural profit-taking. look at 2800 on s&p i think is good support here. we will see if we hold that for
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the markets. neil: charles: mitch, is is the u.s. a fortress, is it an island on its own to with stand europe? >> the u.s. dollar is strong because of what's going on in other parts of world and impacts earnings of u.s. companies so it is really hard to entirely be a fortress but let's go back to the 10 year and why the treasury curve inverted because of the bad news in germany, germany's 10-year bund fell below zero so it is actually a negative rate. so what happened? charles: essentially if you buy german bonds you have to pay them to hold on to your money? >> correct. when it redeems at the end of 10 years you write them a check more than par, basically. which is kind of a crazy concept. charles: i think we have rico provisions against that. >> i think probably, but think of it, there is $10 trillion worth of treasurys of sovereign nations around the world that have negative yield.
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charles: you say we look at this because the rest of the world has been so weak that money is flowing into our treasuries? people see it as a safe haven. that is what is driving yields down? >> let's define people. there are send is trillion banks of foreign countries buying u.s. treasurys. they ran to them today. caused the yield curve to invert. listen it could be a structural problem over time, but today it is sort of a flash. it is probably a good problem relative to the economy. charles: not a good problem for the banks, rob. financials are getting absolutely hammered today. with do you make of it? the fact that lower yields makes it tougher for the margins? is there something else going on here? banks have been perennial underperformers going on two years now? >> yeah, they really have, charles. the banks have not been able to get out of their own way. you talk about net interest margins. as we see the spreads start to collapse, it will be harder and harder for banks to make money. obviously as investor, thinking big talk about the economy
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slowing down, there will be less lending. potentially defaults could be going up, the banks don't seem like a natural place to park your money right now. like your other guest is talking that is going on around the world. charles: right below the financial crisis, bunds and trading below 10%. bunds have not been made it out of the recovery. what we see in europe we'll see that play out and the natural place is the u.s. charles: europe has problems that go back a few decades, right? slowing economies, welfare states. they had large migration issues because the birth rate went to zero. we have less than a minute. hit a couple things. nike, not a bad number, stock is getting hammered. first quarter earnings estimates are going down. people think not necessarily bad because of a low hurdle, if you miss this environment it will be hell to pay. >> theirfied dance is strong dollar back to the top.
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segment. you saw and more of that. more companies being conservative with the guidance. they don't want to make the mistake. charles: rob, real quick, thoughts on reaction to nike eearnings? >> i think it's a bit every done. they beat expectations. they beat on the bottom and top line this extremely innovative company that is growing -- charles: no doubt about it. pulling back from all-time high. because we're going into earnings season if they miss in this environment, there will be hell to pay. rob, mitch, always appreciate your expertise. >> you bet. charles: meanwhile president trump says that trade negotiations with china actually progressing. in fact telling our very own maria bartiromo that a final agreement will quote, probably happen. >> the deal is coming along very well. we'll see what happens but we're taking in billions and billions of dollars for the first time ever against china in the form of tariffs. i'm very happy with that i think the deal will probably happen. i think they need it very badly. charles: well he also added his
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call for tariffs to remain on chinese goods, did not mean that the talks were in trouble. this is trade representative robert lighthizer and treasury secretary steve mnuchin are set to travel to beijing next week. i want to bring in the author of the coming collapse of china, gordon chang. what do you make of this new part, that came in this week, even if there is new deal, president wants to keep tariffs on in a way to keep the chinese honest? >> that real good on our part, charles. that means we'll not give up tariffs on mere promise from beijing that they will stop what they have been doing for the last three decades. it is important to keep the enforcement mechanisms in place. this is something the chinese don't like. they will have to accept it if they want a deal. charles: are you feeling more confident china is in such a position now that they are really willing to sign a deal that's better than perhaps,
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certainly will be better than a year ago? they were still bragging, pretty rambunctious. but something that perhaps could be close to, something that you would have not have thought? you've been pretty critical of the whole process because you understand history. could we actually be making history? >> you know it is really possible but you got to remember that if you look at the objective factors, you know the chinese should be rushing to an agreement with president trump because from december through february that three months, the numbers out of china were gruesome. imports, exports, manufacturing pmis, car sales which are a bellwether, all of these numbers were negative an that really means that the economy can't be growing in the middle 6s. if it is growing, maybe 1%. that has to force the chinese to some accommodation. the thing we don't know, charles, the politics within the politburo standing committee the apex of political power. they are bizarre. xi xinping is in trouble. that means he might hold out.
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if he gets to a deal other people can criticize, he may very well say it is not worth it. charles: there will be criticism no matter what, right? with any deal with america, if you build up the whole thing, i am peerism imperial i've, 100 years, boxer revolution -- >> opium war. charles: people in china think about these things and it drives their resolve. >> the problem for xi xinping he is responsible for anything that goes wrong. 2017 when things were going right for china he got all the praise. come 2018 and 2019 when things are going south he is in a very difficult position. so, for him he may decide to do nothing is better than doing something. charles: that is a heck of a political calculus. >> that is a political calculus. we don't know what is going on that. is the biggest black box. even toe they think there should be a deal, maybe we don't. charles: because of all the prosperity enjoyed in china over the last two decades i always
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said it is tough to take someone off a bicycle, put them in a car to think they will ever go back to a bicycle. folks in china expect and anticipate more prosperity. >> people do not there know concept of recession. last time there was a downturn, end of 1990s, it was really mild. it only lasted a year-and-a-half. so right now you have most people thinking, what is a recession? i never heard about it but right now what they're seeing the economy turning down and that's causing all sorts of assumptions people made about buying homes, traveling, all rest are being questioned. charles: yesterday big news, italy red to sign at the bottom line, the dotted line for the belt and road, the new silk road which is interesting because it is named after marco polo. >> italian. charles: exact opposite route, not sure if he is turning over in his grave or not. a lot of people are concerned, these are debt traps. some even call them a form of modern day colonialism. is italy that desperate, does it
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make it harder for us to negotiate? >> this will make it a little bit harder for us but these are only memorandums of understanding. right now i don't think italy will go for a lot of this because this really assumes the belt and road there will be a lot of trade going out, with china's exports going down that is not necessarily a good assumption. the route china will use to send good to europe will not be the silk road through central asia up through italy. probably across the northern coast of russia. as ice caps recede, shipping companies are doing trial runs. when they do that shipping will be cheap and fast an bypass italy. charles: wow. maybe that would be good news even though they need the money. thanks a lot, gordon, appreciate night thanks, charles. charles: a big announcement today from general motors. it is great news in fact for all of americans. and the details, you're going to hear from the gm ceo herself, mary barra coming up. we're all over the slide on wall street today.
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the market erasing the week's gains. we'll go more in depth with that. stay with us. ♪ (bird chirping) lots to do, hope you fuelled up. sure did. that storm sure ripped through. yep, we gotta fix that fence and herd the cattle back in. let's get at it. (whistle) (dog barking) (♪)
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jobs apparently, charles. that's because a car, an electric vehicle that was to be made in china, jobs going to china, instead they're coming here to orion township. i hope people know it will be snowing when they get here. the obvious question for mary bear ray the president tweeted and made clear his opposition to the lordstown plant closing. here is what she had to say bloomberg said you're throwing the president a bone. is that true. >> that's where general motors and i think the president are very aligned. we want to create jobs, good-paying jobs. when you look having a strong economy, we're making decisions to make sure general motors continues to be a strong company. that allows us to make announcements investing in the future with all new electric vehicle. reporter: you're making the
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chevy blazer in mexico. the president might say, why don't you just bring that one lordstown? >> we have to understand that about half of the components on the blazer and all of the power trains are built in the u.s. there are significant number of u.s. jobs that go to that product. what is really important to understand we moved a product, you just about a year-and-a-half ago, we moved the cadillac st-5 to the united states. its predecessor was in mexico. so that was a move we, a product that we moved here that has potentially higher volumes. so if you got to look at it as a system. reporter: charles, i don't know who we ticked off out here but somebody is not happy with us. but they're happy here, i'll tell you. very happy workers at the plant, make the chevy bolt and the, the chevy sonic. they will soon making an all-electric car, 400 new jobs, $300 million worth of investment. charles. charles: great stuff, jeff.
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get inside, buddy. we'll talk to you again soon. we want to bring in the car coach, lauren fix. i think it is remarkable news. i don't like when people belittle it, bloomberg says she is throwing president trump a bone. we're talking about american jobs here. i think it's a wonderful bit of news. >> it's a wonderful bit of news. gm is trying to bring jobs back to the united states. they want jobs here as well. if you have tariffs, you will sell vehicles in that country, vehicles sold in the country of china, they don't own that country. a piece owned by the chinese government. would be nice if they bring the blazer back here. i don't think moving a job, all the tooling, is saying i will sign a piece of paper. it is done. it requires some effort. charles: face it, lauren, it is not just the white house. when you have fiat announcing $4.5 billions investment in detroit. that creates 6500 jobs. toyota, committing 13 billion
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through 2021, that is lot of public relations pressure. ultimately the consumer, also wants to know that some fellow americans are benefiting from this. >> absolutely. i agree. toyota is working expanding plants in states that don't have unions. they don't want to take in that expense. it is very expensive to build a car. much cheaper to build the car in mexico. number one manufacturer in mexico is general motors. other brands are seeing investing here, building most expensive vehicle, bmw $200,000, in alabama plant. mybach in alabama. the building here in the united states there is a lot of benefits. right now the president has in the new budget to remove those incentives for ev credits as well as removing money that would go to manufacturers to produce more fuel-efficient cars. if that does go away, manufacturers will want to do everything they can to be in the
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good graces of this president. charles: let me ask you then about the notion, auto industry itself how it is changing rapidly. autonomous cars, electric vehicles are all the rage. dealing with a notion of peak auto. if you read through, if you read through the filing of lyft, their goal for most americans never to even own a car again. so where are we going? >> i don't think that is going to happen. it sounds great in big cities where people can't afford vehicles because it is so expensive. new york and san francisco where they're trying to go, road diets, pressure to reduce roads, less roadways, slow down speed limits to get everyone on bicycles. that is not working. many cities reversing road diets. companies like lyft have a great service. i use the service in new york. i try to use the subway system. many times you want your own vehicle, especially with a large family, that is the best way to do it. i don't think you will see the auto industry disappear. half the dow jones is impacted by the auto industry.
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that's a huge number. there will still be cars produced, consumers still want cars. this is just part of the mix. it is important we may not see autonomous cars fora long time. government regulations, insurance regulations. we still have no solution to block all the hackers. there is zero sew uggs loose for the with -- solutions for the weather which impacts autonomous cars of the last thing you want to get into a amusement ride that doesn't get you to your destination. charles: i have a 6-year-old granddaughter. i hope she enjoys thrill of driving. let me ask you, the usmca, i'm thinking a minute we started conversation about the complexities of the supply chain, marry barra talking about parts going back and porth, how it consider call is it for to get passed? >> components from canada are a big the past united states and us supplying components to canada. having all the tariffs in place is not good for any industry.
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hopefully the president and administration i think it will go away, we're all taking an impact from it but in the end i think it will be good for the north american free-trade agreement for the new pact i think consumers will get best of it. there will be jobs here rather than the jobs going overseas. charles: that is the most critical part of all of this. lauren, fantastic talking to you. thank you very much. >> thank you, charles. charles: occur court taking another victory lap changing policy at big banks. is this young woman more powerful than people believe? speaking of banks they are dragging the markets down, off the lows of the session as the dreaded inverted yield curve happened today. we're live at the stock exchange and with more after the break. ♪
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charles: stocks are sharply lower after downbeat data from europe fueling more fears of a economic slow down. gerri willis live on the floor of the new york stock exchange with the latest. reporter: charles, it is not as bad as it was. the dow down 299 points. it was down as much as 400 points. s&p 500 down 36. nasdaq down sharply as well. 143 points. the trouble started earlier for fallout friday. we got a lot of negative economic news. germany reporting industrial production at lowest level in six years. they are the fourth largest economy on the planet. biggest in europe. u.s. industrial numbers not looking good either. we get news the spread between three months and 10-year treasury yields has inverted. that is a technical wonky thing traders pay attention to. signals a recession. so somebody came over to my desk not too long ago what is wrong with the economy?
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what are the issues here? we don't understand. people are focused on that particularly after the federal reserve met this week, they said hey, we're cutting gdp outlook for the usa. once more we'll sit on our hands rest of the year, no rate hikes. initially traders thought it was good news. eventually they got to the point, they thought, wow, what does it mean what the fed thinks is happening to the economy. those are issues people are turning over in their minds. boeing weaker after news it faced the first order cancellation for a 737 max jet. this we had been expecting but it did happen today. hit the tape on a day you wouldn't want to have that news. only four dow stocks higher. verizon, travelers, cocoa, mcdonald's. only good news, shaquille o'neal a board member of papa john's, they brought pizzas.
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we enjoyed that. that was pretty much the ray of hope and sunshine. charles? charles: gerri, when in doubt always bring in shaq. reporter: that's right. charles: appreciate it. amidst the doom and gloom of day the ipo gold rush is on. in fact it is going into overdrive with pinterest announcing plans to speed up the ipo to mid-april. the ipo has been improving since it bottomed out in 2016. there is pent-up demand. no doubt the successful debut of levi strauss, buzzing across corporate boardrooms, companies committed to going public, we should move up the offering, those musing going public are probably giving greater consideration. the question is, can the market handle the sheer volume? currently estimated around 234 companies will go public this year. while that is nowhere near the 400 plus in 2,000, the amount of money raised will surely shatter the $97 billion raised that
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year. i mean consider just six unicorns alone that will go public this year. uber, lyft, airbnb, slack, pinterest and we work. they have combined valuation of $180 billion. i think the deals will allises is sill but i do worry about investors that aren't nimble. i worry they may overpay and end up sitting on losses when all the fireworks fade and all the confetti is swept away. i have got to tell you, i have a lot of experience, more experience than most people with things going public and there are always clear winners. first the stockbrokers, right? you use the hot ipo to build your book out. it's wonderful. then the big clients, they always get a piece of the action. heck i took my own company public. i know about the extra regulatory burden, for founders of company, ultimate way to cash out, many cases create a pert pet all money making machine. individual investors take all the risk. keep that in mind when you think about chasing one of these hot
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ipos. "time" magazine calling her a phenom, laying on the compliments for aoc. it may be easy to brush off some of her wild ideas, she is already making major moves including impathing big banks. that's next. ♪ over to you, logo. liberty. liberty. liberty. liberty. ♪ ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to. trulicity is not insulin. it starts acting in my body from the first dose and continues to work when i need it, 24/7.
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shores but there is some good news. u.s. home sales. tyson recalling 69,000-pound of frozen chicken strips over concerns they may contain pieces of metal. they have a best used date by november 30th. look in your fridge. congresswoman alexandria ocasio-cortez, getting high-profile honor, laying it pretty thick, calling her a phenom, wonder woman and best story-teller since barack obama. that may somewhat hyperbolic, aoc is having a major impact on the business world, three months on the job. she declared victory, amazon victory she declared getting them to back headquarters out of new york city. jpmorgan chase, wells fargo changing policy on issue she has
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been very vocal and passionate about, talking about funding for private prisons. jillian melchior, writer for "wall street journal" editorial page, hadley heat manning, independent women ace forum. let me start with you, jillian. aoc speaks against the banks providing fund to banking services for private banks and jpmorgan and wells fargo stop. they can give any excuse they want but i think it's here. i think it is aoc effect? >> i think it is not just the aoc effect. this is point of a sharp movement. we're seeing energy on the left, gal vannization. this is one of the goals they have been talking about. polish i.c.e., right funding for prisons, all these sorts of things. if she was serious about meaningful prison reform, take on the corrections unions. seabrook in new york, massive corruption case.
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unions are completely sheltered from normal transparency and disclosure. i think the left, particularly the far left is so beholden to labor money she will not do that. charles: to your point the corrections union actually started the three strikes you're out movement in california, built 25 prisons, 25 years. every time they built a prison they gained more strength. a lot of people don't know the source of that. hadley, what do you think of aoc? i think she is extraordinarily powerful and i think this is the beginning? >> i think she is remarkable. i sincerely admire her success in politics. what a rising star. just as there are people on the left who have experienced trump derangement syndrome i think many people on the right now who are at risk for alexandria ocasio-cortez derangement syndrome. i think it ultimately plays into democrat hands when people on the right mock her or denigrate her. i think she ought to be taken seriously. look who the left didn't take
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president trump seriously when showed up on the scene. people on the right ought to take alexandria ocasio-cortez seriously. we should keep focus on public policy. charles: to your point, a lot of people on the right didn't take president or candidate obama seriously, some calling him an empty suit. people are not concerned about the personality, not the person but the outcomes. jillian we need to focus on that because her grand schemes are extraordinarily expensive and will change what america is completely. you're talking, this will not be america, or foundation what america has been built on? >> she is a true radical. she is looking at proposals basically remake the entire american economy. if she succeeds getting these pasted, our country as we know it will not be the same. i think she is interesting because she really managed to translate the controversy, the fact she is polarizing figure, into an ability to leverage that, put pressure on democrats. i think she is driving the whole
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party left. charles: speaking of leverage and pressure, guys, the congresswoman had a quote in the "time" article the author of the piece later echoed, our economy is slowing down to the student loan crisis. entire generation is becoming one of largest electorates in america, came of age and never saw american prosperity. i have never seen that or experienced that really in my adult life. hadley, what do you make of that? when i hear that i'm saying to myself, are you kidding me? i don't want to talk about my woes growing up. my grandparents didn't have indoor plumbing until late 1970s. until they were 70 years old. they had a wooden stove. they went outside, grabbed a chicken. this is the most depressed generation ever. this is just part and parcel of this generation or is this something else going on here? >> i mean clearly she is not connecting with you, charles, when she makes comments like this. she is connecting with an audience.
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there is audience of millenials. there is audience says life in the united states is very stressful today. she points out a lot of problems that you know, maybe do need public policy solutions. we need health reform. we need to reform the student loan system, i absolutely agree with that. unfortunately she is completely wrong on solution to the problems. when she comes across she comes across as caring and compassionate. that is point of pain for the conservative right. charles: when you say there is no prosperity, i mean, that is hyperbolic stuff, isn't it? >> oh, absolutely. all objective metrics say that life in the united states in 2019 is better, healthier, wealthier than humankind ever had it. she says things sometimes that are, you know objectively incorrect. she gets the facts wrong sometimes but that doesn't change the influence that she has over her particular audience and she has got a following and there are real political force to be met with. charles: she has influence over
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her audience. she has influence over her party. she made two big banks change their policy i agree with you, do not underestimate aoc. by the same token, sound the alarm on these policies. jillian, hadley, always great having conversations. we appreciate it. >> thank you. charles: slowdown fears hitting stocks. we're all off the session lows. the dow down 350 points. apple has had serious momentum. it has a big event on monday. so the question now is, will it keep the momentum going? we discuss it next. ♪
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charles: the dow sliding today in part over slowdown fears. we are seeing stocks paring those losses. even apple taking a hit. it had clear momentum. we've got a big event coming on monday. i want to bring in rockland trust vice president and portfolio manager. and rob luna is back with us as well. rachel, let me start with you, the market, this is a pretty big pullback. a lot of confusion more than anything else. what is your assessment how
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we're finishing this week? >> so it is definitely been a week of surprises. we see really two different messages across the market. when you look at the fixed income markets we've seen rates across the board drop. a slight inversion of the yield curve this morning when you look at three months versus 10 years. and that's created concern that perhaps that is predicting a recession maybe down the road. but when you look at the other side of the coin in the equity markets you know we had a 1000 point round-trip, actually 10,000 on the round trip for the dow jones industrial average and really what we're seeing there what we talked in the past as a goldilocks scenario, with low inflation, low interest rates, rates that will be low for a long time. also growth that is moderating, not stalling. i think market is trying to digest. charles: okay. rob, could you think that goldilocks could be too much of a good thing?
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feels like golly, everything you want as an investor, we got it. at one point we were off more than 400 points? >> yeah. potentially, when you run out of that wall of worry for the market to climb, charles, this is kind of what you get. people start getting nervous looking back over their shoulder to see what is coming next. that is where we're at right now. people are trying to digest the big gains year-to-date. see where we go next. charles: rachel, where do you think we go? what will be the catalyst, what rights the ship now that we have sort of fog of confusion? >> well i definitely agree that after the moves we've seen, in this quarter that it is ripe for investors to somewhat have consolidation time frame, take some profits, and look for what will be the next catalyst for a leg up. and what we're really looking at is, what will the first-quarter earnings season tell us? tell us more specifically under the hood, what will be the difference in revenues and earnings from companies that have more exposure outside of
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the u.s. than inside. to kind i have give us a gauge. charles: the russell, which is domestic indicator has been taking the biggest brunt of the hits here. we saw nike getting hammered over what was not a bad earnings report, rachel. i mean, if you miss, it is upcoming earnings season, looks like there will be hell to pay? >> there is. many price, or many stocks right now are priced for perfection. you can meet revenue and earnings numbers and have some negative tone to your guidance. as you said, get really hit. i think that is going to be an issue for many companies. but when you talk about the small caps, it is interesting to look at how they haven't participated as strongly as the large cap brethren. what does that tell us, perhaps about business sentiment as well as what the economic environment is here domestically as well. charles: rob i have just got 30 seconds left. one of the bright spots are
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homebuilders. we had a surprise there on the housing front. could we see market seeks value and stocks that have already not participated? >> you have to, charles. like you were saying. valuations right now are a little bit stretched in a lot of areas of the market. when you hear things like the fed cutting interest rates, the natural place is homebuilders. we saw existing home sales were really well ahead of expectations. so i think people will start looking at the stocks that haven't participated. maybe even like the small caps. charles, actually talking a second about the small caps the way the market is being played today, so many people are in the etf game. so much volume is moving into the large cap etfs. there is not too much to be said about that with the small caps left behind. charles: passive investing thing. >> yes. charles: rachel, rob, thank you very much. >> thank you. charles: folks we have nine minutes left in the show.
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the dow -- this is the best it has been since we began. there was combination of things. boeing weighs heavily on the dow, slowing economy in europe and yet investors also awaiting one other intangible. that is the mueller report. how will those findings impact the market? we'll discuss that next. ♪
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(indistthat was awful.tering) why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade. there was no collusion. there was no obstruction. everybody knows it. it's all a big hoax. i call it the witch hunt. it's all a big hoax. charles: that was president trump earlier today talking about the mueller investigation. the report expected to come out at any moment now. when it does, what can we expect? want to bring in constitutional
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law attorney jenna ellis. it feels like between democrats gearing up for their own investigation, from the comments president trump is making and perhaps shifting the attention to campaign finance reform violations, that there's no -- we may hear there's no collusion with this whole thing, no russian collusion, from the white house. >> yeah. i think the mueller report will be kind of a big nothingburger for the democratic left and they are certainly not going to get their gotcha moment for president trump. i think what the american people really need to anticipate and be prepared for as the report is released is that it's released under law and is required to be released specifically to the attorney general, not necessarily and certainly not immediately to the american public, and there are specific reasons for that and legal restrictions, charles. so the american people needs to understand if we don't see the entire report right away, that's internal and there are specific legal reasons and protections
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such as classified information and grand jury secrecy as well as executive privilege that require that delay. charles: it's interesting because just five minutes ago, the new yorker came out with an article saying the chaos that could come with the mueller report and the report's formal submission to the department of justice is only the beginning of the process, which you just pointed out. it could become more confusing and chaotic than it was before. so walk us through the timeline, when if possible the public could see it. that is of course, if the new attorney general wants the public to see it. >> right. it's not just whether or not the attorney general wants us to. again, the specific legal protections, because we have to remember the office of special counsel reports directly to the attorney general. this isn't independent counsel. that law expired in 1999. so this is actually clinton era regulations from the department of justice that attorney general william barr is required to go by. so the timeline of this really is anybody's guess. they have to go through a legal
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scrub, make sure there's not classified information, make sure specific public interest, all of those things, so it could be a couple weeks up to a month. charles: we get that, though. will congress get to see it? what i'm saying here is i'm concerned about a select few folks getting a chance to see this thing and just feeding the media bits of it, enough to continue to stoke this sort of animosity and keep the questions out there. >> right. congress likely will, but they may see just a redacted or specific report because again, this is regulated now by the executive branch. that doesn't mean president trump is in any way interfering or that attorney general barr is going to deny congress or anyone else their ability to see things that they should. it just means that there are legal ramifications and precautions and procedures that they have to go through. i think that's what the american people and congress need to expect. charles: cool our horses but congress voted that they want
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folks to see it. president trump said he wants the folks to see it. i think everyone wants to see it so we can get it behind us. always great relying on your legal expertise. thank you very much. >> thank you, charles. charles: dow is only down 266. it was down more than 400 points when the show started. ashley: well done, young man. you have done your bit. see what i can do for the final hour of trading. charles payne, thank you. breaking news. recession fears, as you can see, slamming the markets. the yield curve inverting. sounds painful. after weak manufacturing data across the globe has investors on edge. it all adds up to the worst selloff since the first day of the month. as you can see, the dow off 263. the s&p down more than 1%. the nasdaq getting clobbered, down 1.75%. meanwhile, president trump meeting with caribbean leaders at mar-a-lago about trade and security issues. the commander in chief makes an eyebrow-raising tweet about north korea and looks to a

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