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tv   Lou Dobbs Tonight  FOX Business  August 4, 2019 7:00pm-8:00pm EDT

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another major victory for president trump. another blow against those trying to overthrow his presidency. a clinton appointed judge during a democratic national committee lawsuit alleging collusion between the trump campaign and russia. president saying, the witchhunt ends here. the president absolutely right about federal reserve chair, jerome powell. powell clearly does not know what he is doing or at least saying. when interest rate cut was announced today to pm the market remains steady. it sold off 36 minutes later when powell insisted that this
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was not a trend but an adjustment. here is his rather ignorant statement about interest rates at his press conference. >> to ensure against downside risk, to provide support to the economy, the factors are, where factors are pushing down on economic growth and to support inflation. i do think it will serve all of those goals but if you were thinking of it as essentially in the nature of a midcycle adjustment to policy. lou: a midcycle adjustment. investors did not want to hear that nonsense. his remarks came at 2:37 pm for the next 16 minutes, the dow sold off. 279 points. the nasdaq fell 155 points. s&p 500 fell 46. edward lawrence has more in the story tonight from the white house. >> yes as you know, the federal reserve rates a court reporter
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not everyone in the room it was voting was happy about it, they were two dissenters. the boston federal reserve president and city reserve president both thought the federal reserve fund rate needs to stay exactly where it was. in the end federal reserve chairman jerome powell says it was nothing but in the u.s. economy domestically that called for a rate cut. do your point that you made this afternoon, the federal reserve said in light of implications of global developments, they making the rate cut. that would include other central banks around the world adding stimulus to their economies. the fed chairman also saying that weakness in manufacturing and business investment goes back to the perception that tariffs are bad for the economy. he adds that it will not be a long period of rate cuts as you said, but also not one and done he clarified. listen.>> you do that if you saw real economic weakness and you thought the federal funds
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rate needed to be cut a lot. it is not what we are saying and not what we are seeing. we are seeing that it is appropriate to adjust policy, to a somewhat more accommodated stance over time and it is how we are looking at it. >> one point he seemed to take credit for the economy or economic expansion and keeping it going, he said that the fed or as the fed is moving to more accommodative policies as they are seeing low unemployment, wages rising and consumer spending. >> there really is no reason why the expansion cannot keep going. inflation is not troublingly high. you look at the u.s. economy right now there is no sector that is booming and therefore might bust. you have a fairly well-balanced in a sense, economy. >> and the president wanted and a half a percentage rate cut this after tweeting this. what the market wanted to hear
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from jay powell and the federal reserve, was that this was the beginning of a lengthy and aggressive rate cutting cycle which would keep pace with china, the european union and other countries around the world as usual, powell led us down. the federal reserve also nothing there that it would stop the rolloff of the balance sheet two months earlier. experts say that waited a little bit long to do that. they also believe the federal reserve should have corrected the mistake they made last december. according to at least the federal reserve president, where they had a rate hike last december they waited seven months now in order for this rate cut to come into effect. lou: right you are. and he made one mistake. he cut rates and then he started talking.lawrence, thank you so much. appreciate it. a number of negative elements of the middle east as a trumpet mistress and adds new sections to iran's top diplomat temporarily reserving part of the obama era nuclear deal as
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well. the treasury department tonight announced new sanctions against the iran foreign minister, mohammed zarif. they said he has been complicit in malign behavior. while new sanctions added, others wave, foster system from the trump administration plans to announce an extension of five waivers to allow work on several nuclear projects in iran to continue. those we were set to expire tomorrow expected to be reissued for another 90 days. officials had been planning to revoke the rate until the treasury secretary convinced administration to extend them. the white house tonight says is closely watching the movements of the chinese authorities in hong kong. after weeks of protest there's been a gathering of chinese troops at the border with hong kong including police now in
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hong kong stations this communist party accusing the united states of helping to incite the demonstrations. they started two months ago. joining us tonight from the white house, national security advisor, john bolton. great to have you with us and let's start with the sanctions. first against the foreign minister of iran, following their missile test launch last week, the seizure of oil tankers and the shootdown of an american drone. what are we doing here? >> well, the purpose is to demonstrate to the regime and iran which after all was designated by ronald reagan, as a state sponsor of terror that we regard his activities as sanctionable. we have frozen any assets he has in the united states. we have restricted his activities and those people do
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business with him. they think it's a very significant decision that the president made paid renounced amount a month ago we would do it now we are carrying through on it and it sends a signal that we consider zarif, an illegitimate spokesman for iran. lou: and iran itself, its government you consider illegitimate, do you not? >> exactly. it is a state sponsor of terrorism. it is the world central banker of terrorism. the biggest financer, biggest armor without any question. we have designated the force and islamic revolutionary guard course terrorist organizations that i think it shows we are concerned with more than just iran 's aspiration for nuclear weapons. lou: in that vein, our pentagon reporter and producer just confirmed the "washington post" story that the trump administration has waived five
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nuclear related sanctions against iran after all of their aggressions. this is hard for me at least, to square up immediately. >> will let me see what i can do. i think the idea here is, we are watching those nuclear activities very very closely. they remain under daily scrutiny. and it certainly the case that nothing that we see that contributes in any way to the possibility of an iran nuclear weapons capability, are we going to permit. so this is a short 90 day extension, it is intended as a say, to be under constant observation and i just keep my eye on that stuff. lou: and i assume that you are the designated observer of that 90 day period. watching also closely, as always, north korea. which launched again, two short range ballistic missiles.
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provocation, provocation that some believe is directly tied to the trade talks with china. what have ended at least to this point, without resolution. what is going on there? >> well, i think on the trade talks, will be expecting the present will have a chance to hear from bob lighthizer, the trade representative in steve mnuchin, the treasury secretary tomorrow. they are on their way back from shanghai tonight. the next negotiation is not scheduled until september but we will have a chance to better speak to that after we have heard from negotiators. i will say this. i think the president taking this really, unusual step of meeting kim jong-un at the demilitarized zone, walking to north korea is once again, open the door for north korea to make a strategic decision to give up nuclear weapons and
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walk through it into a different future. the firing of the missiles, do not violate the pleasure kim jong-un made to the president about intercontinental range ballistic missiles. but you have to ask if when the real diplomacy will begin, when the work discussions on decriminalization will begin. as kim jong-un again said on june 30, he was prepared to do. we are still waiting to hear from north korea. >> and says that summit, five weapons test, no deal reached and the process goes on. at the same time we are looking at a buildup of chinese forces on the border with hong kong. does this imply in your judgment, the prospect of military force to be used by beijing against demonstrators in hong kong? en heard rumors from friends in the region about this and people expressing concern.i would just say i hope that
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people remember what happened after tiananmen square in june 1989 take that into account. i think china made a commitment in the joint british declaration to give hong kong 50 years a separate status after the handover. and you know china does not honor its international commitments, it sends a signal for the possibility commitments they might make in the future. >> john moulton, national security advisor. as always, great to have you with us we appreciate your time. >> glad to be with you. lou: theirs were sent to the son of osama bin laden is dead. a number of news outlets are citing u.s. officials confirming the death. no word on how he died or was killed or if hewas in any way involved. in february the state department began offering a $1 million reward for information leading to him who rose in the
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organization. up next antitrust cnn fails to mention exoneration after the meal or disastrous testimony. things got complicated at cnn. we take that up and a great deal more with attorneys victoria toensing and joe digenova. that's after the break stay ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook?
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hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. lou: president trump
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weighing-in on twitter after the radical dems debate last night. the president saying this. quote if i had not won the 2016 election, we would be in a great recession. depression. right now. the people i saw on stage last night and you can add an sleepy joe, and the rest will lead us into an economic sinkhole, the likes of which we've never seen before. with me, only up. and the president just tweeting this about cnn 's poor performance last night saying quote - very low ratings for the democratic debate last night. they are desperate for trump.
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join us a former reagan white house political director, fox business political analyst, leading republican strategist, great american and savant, ed rollins.>> a been a shipyard town near from san francisco so i went through the movements at those watching that last night. we had all of these former hippies promising everything led by zodiac growth and whatever her name is. lou: marion williams? >> as who is now the big star of stage. lou: new age. she said she is not new age but whatever. >> there is a dark side to all of us. donald trump is the ultimate dark side and my favorite was when she said were talking the healthcare reform but we had to get rid of sickness. lou: you can argue with that. >> just wait for the second
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night. lou: probably no less achievable than say you know, $100 trillion. >> everything last night was tax the rich, that everyone in the country get free education, free fox-- lou: for justice and sufficient number of americans that lack e trillion and the destruction of american economy is a pathway to nirvana.>> 100 trillion was a minor figure compared to what at the end of the night if you add it all up, and was at the call moderates are fox-- >> is socialism. they take all your money and they dole it out. lou: let's take a look. senator warren, senator sanders real quickly. the way they sort of assess things last night. >> medicare for all, company has of covers all health care
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needs, senior citizens, it will finally include dental care, hearing aids and eyeglasses. second of all. >> you don't know that. >> i do know, i wrote the damn bill! i get a little bit tired of democrats afraid of big ideas. >> you know i don't understand why anybody go through all the trouble running for presidentto talk about what we really cannot do and should not fight for. [cheers and applause] lou: i thought that was rather mannered and orderly and in a people tried to make much of it. i thought they were actually very calm. >> at those frightening to be perfectly honest. i was thinking back fondly on hillary clinton and you know how much i despise hillary clinton so as i watch this, the idea of these two people, bernie and elizabeth warren would be serious candidates for nomination party is astonishing. lou: how about sleepy joe biden? how about kamala harris?
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do they suit you better? >> no, they don't. [laughter] but my fear is, i do not want to get complacent. i just don't think that they can sell to the american public and i think that trump will kill anyone of them. lou: let's talk about what is going on right now and the president is ashley trying to do with a federal reserve, we just watched jerome powell, the head of the fed, fulfill exactly the president's description. it was an act of incompetency, failure to communicate clearly and reasonably. saying that 1/4 basis point. think about this. they come out at the fit at 2:00 sharp and also 25 basis point cut. 36, 37 minutes later, we are in the middle of a market selloff because the fed chairman said that this was a adjustment instead of a trend.
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it is preposterous what he did. >> reality as it should have been a gigantic market. i'm not an economist but watch it for a long time i would assume he would make the correct decision of lowering the rate and i think it is his lack of confidence and almost like he was forced to make the decision, -- lou: the market you know aware of the 25 basis point cut, they knew there wasn't, they knew. they assume there would be half a point cut so they had discounted what did happen. they did not discount the fed chairman being so inapt to go out there and talk about adjustment instead of trends and having a databased rational empirical approach to rate management.i need to think about this fed, they've got the idea suddenly that they are smarter than the president. they are smarter than the markets and all the investors who make up the market.
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and we have got folks running around with half a degree. and much smarter than the markets. and it is pure nonsense. the president right now, he is on a heck of a street. >> a great week. >> great two weeks! >> yes. everything one goes away for the month of august and i think this present will continue to working as hard as he does. lou: at that was interesting the other day. the president gave us a glimpse into his nature for all of america. he sort of talking about he prefer to be at the white house working. a minute really is who he is. his work ethic is a standard other presidents are going to whine about for decades to come. because he is going to make them have to work. the expectations are changing about how the job should be fulfilled. >> 20 hours a day he's up and functioning. he sleeps very little.
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lou: me too, every week! ed rollins, thanks so much. up next, attorneys join us with the end of the russia fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
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a cockroach can survive submergede guy. underwater for 30 minutes. wow. yeah, wow. not getting in today. not on my watch. pests never stop trying to get in. we never stop working to keep them out. terminix. defenders of home. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's gentle rounded brush head removes more plaque along the gum line. for cleaner teeth and healthier gums. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada for its effectiveness and safety. what an amazing clean! i'll only use an oral-b! oral-b. brush like a pro. lou: a court-appointed federal
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judge dismissed a lawsuit by the democratic national committee against key members of the trump campaign and wikileaks over hacked democratic national committee documents. president trump reacted on twitter saying, the judge said the d&c case was entirely divorced from the tax yet another complete total vindication and exoneration from the russian -- and every hoax perpetrated by the d&c, radical democrats and others. really big stuff. especially coming from a highly respected judge was appointed
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by president clinton. the witchhunt ends, does it? wow! >> half house democrats ignore the fact that it was exonerated and vindicated by special counsel robert mueller last night. but there are now 116 of the 235 house democrats who have come out publicly in support of impeachment it is two shiite majority. but if you watch the debate last night, you would never have known about the final report of the special counsel, his disastrous testimony, critics were quick to point of the network failed to bring up the subject of impeachment or robert mueller's name. completely ignoring more than two years of nonstop coverage on impeachment and their other fantasies. 43 percent fewer viewers by the way tuned in last night then the opening debates back in june. cnn losing ways go on. joining us and i come victoria
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toensing, former attorney and judge-- joe digenova. and first and foremost is the president right? has the witchhunt at long last ended? >> no way. not at all! with the democrats are doing, jerry nadler is straddling the legal stance of much of surprise he has any cojones left. he says we going to impeach, we not really going to impeach, where investigating. they had to do that to go to the court because he is trying to get the grand jury information from bill barr. he cannot say to the court all have the attorney general break the law. the only issue he could possibly argue is we did it for impeachment but he does not want to say it. >> is it really conceivable that a judge would order effectively, breaking of the
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law? >> not in the circumstances. the only case in history that is relevant is u.s. verse nixon when the supreme court order the president to turn over tapes, was not in order to give testimony. in this situation there is no criminal trial underway. there is no basis for turning over grand jury testimony. if you're in impeachment proceeding is not sufficient to give them anything. and even if you considered impeachment and judicial proceeding which i don't believe the courts will, they would not turn it over. lou: and u.s. attorney general now conducting we understand, a criminal investigation. not just a review. victoria, this is a reason for hope. dare i hope? >> yes, please! please help! we have been telling you all around that this is going to be a criminal investigation but --
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lou: did you did not tell me would take this long, victoria. [laughter] >> have some patience, lou! here's what he has to do. he had to interview witnesses. people who are cooperating witnesses and i'm sure that there are a lot of them, should be interviewed beforehand. you don't want to throw someone in a grand jury cold turkey and start asking questions. as a prosecutor you want the whole range of information that they have. maybe they bring something up in there is more investigation needs to be done before they come to the grand jury. someone who is being subpoenaed and will take the stand the prosecutor has a ready spent time. lou: is this process moving quickly, slowly, as it seems, is there any reason for me and everyone watching and listening to you and victoria, to think that we are actually going to see the scoundrels who made up the leadership of the department of justice and the
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fbi will be held accountable? >> yes. and by the way, by any traditional standard this thing is moving with lightning speed. in a very short period of time, john durham has interviewed i understand, dozens of potential witnesses and has moved into setting up a grand jury. it is going to happen. i will say this, i think people need to be reasonable in the expectation of potential criminal charges. this is a very difficult area of the law. to bring criminal charges where government official is claiming the act in good faith. we may see some initial cases which are not brought but eventually, durham is focusing on a very large criminal conspiracy and involving defrauding the united states government the faithful service of these agencies. i think ultimately, he will get to the point of bringing charges. it is not going to happen
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quickly. there are going to be some instances where he is not going to have enough evidence to charge even some pretty big people initially. but some of these players will be involved in more than one series of criminal investigations. if they get a pass one instance they may not get it in another. it's going to be rough, it will be difficult but bill barr is not going to pass up the opportunity to do the right thing. >> how long did it take robert mueller to find nothing? two and half years. lou: i would not come i cannot even imagine making a comparison between the meal enterprise and that of john durham were bill barr. but i do want to ask you this as we wrap it up. is there any reason for us to expect an explanation and a clear explanation and accounting of why hillary clinton could be exonerated by the fbi.
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and by special counsel as well. even as we are watching evidence disappear and be disappeared, immunity, given away like hot cakes to the staff of hillary clinton and meanwhile, a three year long investigation with the present of the states that began as he was a candidate. >> i predict that hillary will be by the wayside and the focus will be on what happened regarding the fisa investigation and investigation of the trump campaign. joe may differ, we rarely differ but -- >> i have no idea if they'll get further explanation of what happened to hilary. i don't how the ig could not do that. given the centrality of james comey's decision-making to everything that followed. i think as a result of investigating all of this cia, fbi cover up stuff and the effort to frame president trump, i think they must explain how the hillary
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exoneration fit into that broad conspiracy to frame donald trump. i think there will be an explanation of how the hillary exoneration fit into a bigger conspiracy. >> i think lou still wants hillary punished, right? >> that will never happen. they will not go back to try and indict her. lou: we were doing so well. [laughter] joe digenova, victoria toensing, thank you so much. we appreciate you both being here. we would like to hear your thoughts on this. show your thomas follow me on twitter, like the facebook, follow me on instagram @loudobbstonight. up next, president trump working to reign in the intelligence community. former u.s. is attorney general matt whitaker joins me after the break. who's dog is this? it's my special friend, antonio. his luxurious fur calms my nerves when i'm worried about moving into our new apartment. why don't we just ask geico for help with renters insurance?
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i didn't know geico helps with renters insurance. yeah, and we could save a bunch too. antonio! fetch computer! antonio? i'll get it. get to know geico and see how much you could save on renters insurance. you may have gingivitis. when you brush, and the clock could be ticking towards bad breath, receding gums, and possibly... tooth loss. help turn back the clock on gingivitis with parodontax. leave bleeding gums behind. parodontax. and my side super soft? with the sleep number 360 smart bed it can... with your sleep number setting. can it help keep me asleep? yes, it senses your movements and automatically adjusts to keep you both comfortable. save up to $600 on select sleep number 360 smart beds. only for a limited time. lou: california governor, gavin
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newsom, today signed a bill that require the president to release his tax returns. five years of them before he can appear on the stage 2020 primary ballot. in a statement, the trump campaign spokesman called the move quote - unconstitutional. california is now involved in more than 40 lawsuits, challenging various trump administration policies to get the feeling that the california democratic empire did not like our president. join me now for tenuous
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attorney general, matthew whitaker. great to have you here. >> thank you for having me today. >> first of all, i've got to get your lawyerly counsel. can a state do that and get away with it? >> a governor, jerry would not even send the bill because he knew was unconstitutional. you know you're in the crazy ninth circuit and in my general and chief of staff, who fought all sorts of ridiculous battles in the ninth circuit on the court. i think the trial courts in california are going to be difficult, and the ninth circuit will to be difficult. and there is no way they will survive. if i was president i would not worry about this. lou: and let's turn to what we do have to worry about. and it is a couple of special counsel investigations led by
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the attorney general. william barr, your thoughts about this man and when he faces in the way of challenges, to clean up a corrupt fbi leadership, a corrupt justice department leadership. >> the good news is, some of those people are gone, mccabe is gone, james comey is gone, baker's god, chief of staff fbi, all these people have been rotated, christopher wray is taking charge. i don't think he's moving as quickly as some might want. lou: is quite a list of people. >> understood about the same time bill barr is the perfect person to do the cleanse of the intelligence community, the president has given some really good authority to go in and find out sort of how the intelligence community was used and how the russia investigation started and all that. but if remember, barbie for attorney general he was on the oversight board of the intelligence community. he understands the game and i
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think he is the perfect person to do it. now my friend john radcliffe will be nominated we were u.s. attorneys get excited about the opportunity he has to go to the national intelligence community and really i think you will not only be fair and impartial like he was as u.s. attorney but i think he's the right person to lead and to take the organizations in the right direction. lou: speaking of intelligence, the senate intelligence committee chair, richard burr, coming out and saying basically, he had questions about how partisan ratcliffe would be at dni. we watch the democrats try to overthrow presidency, try to block the trump candidacy for the office. i mean, what, what in the world is wrong with that guy? >> i think that he has come out and said he will help john get
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confirmed and i think some of these news reports are never trust anonymous sources usually someone that has lost the fight and then they want to burn a bridge or otherwise get their point of view out. i think ultimately, john ratcliffe will do he did as u.s. attorney. and his new role at dni. that is to put any partisanship to the side and follow the law and fact and do the job and lead with great honor and integrity. lou: speaking of honor and integrity, we watching john solomon has been at the front of the reporting as you know. on spy gate and all of its various forms. christopher wray appears to be trying to cover up for james comey and corrupt in the ways for example, suing to block the release of documents that are frankly, you know, they contain mostly information that has been in the clear. absently open sources. >> yes so those, it's an
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interesting lawsuit. often times you're trying to protect your methods and sources or if you see intelligence from a foreign intelligence source, in this case it doesn't appear to meet any of the qualifications. until the good news and i hate to say this, i think sometimes wanted to be media but a court will probably take that and review it, see what the arguments are and make a good decision. then you have the right to appeal. i think ultimately the information will get out and we need more transparency, more accountability. i think some of the challenges, once you have the transparency and accountability they will be able to restore the integrity and the people's belief in the department of justice and fbi lozano was there and i know the man and the woman at the fbi and doj and the rank-and-file are solid and are trying to do the right thing. with right leadership i know we can get over this and get to a better place. lou: i'm not going to ask a question about whether or not christopher wray represents leadership on just going to say that if we see continued
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efforts to deny the american publics right to know on the part of fbi and justice department officials, will be in a hell of a mess, even beyond the vast dimensions of the current mess. >> will be one of the people speaking up because i do believe the american people are entitled to a full accounting and transparency as to so that we can make sure this never happened to another president. lou: an absolute delight to talk to you. all the best. we will be right back with ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know?
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studying my playbook? yeah, actually.
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movements and automatically adjusts to keep you both effortlessly comfortable. will it help me keep up with him? yup. so, you can really promise better sleep? not promise... prove. and now, save up to $600 on select sleep number 360 smart beds. plus no interest until january 2022 on all smart beds. only for a limited time. lou: senator lindsey graham 's judiciary committee has not done much since he took over the committee. but he is now pushing ahead with a gift to the biggest corporate lobbyist in this country. the business roundtable. the chamber of commerce. the koch brothers, big tech, he is pushing ahead and doing his masters bidding. all at the expense of american taxpayers and american working men and women.
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senate bill 386, is already passed in the house, hr 1044, it would remove green card limits on workers from other countries. it means is that big countries like india and china, they are no bigger in terms of population, they will be packing our green card lines with as many v like all eager to take u.s. jobs at significantly lower pay. a real blow to the american dream, take a look at these top 10 companies that sponsor h1b visas. of them, only five are based or incorporated in the united states, three others based in or incorporated in india. and sources say if country scrapped is is the intent of the senate 386, indian citizens
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that will be taking about 90 percent of the employment green cards the next decade or more. they currently take about one fourth of those cards every year. far more than any other country. also, troubling for the middle class and american working men and women, the center for immigration studies, jessica vaughn tells us quote - no one, no one is sending the workers home even after the temporary work visas expire. congress took care of that by allowing endless extensions if they have applied for a green card. this legislation is a dream for outsourcers, cheap foreign labor and their employers. and it is a nightmare for american workers, the middle class and for the nation. up next, more disastrous language from put up with this? we take that up and more right after the break. stay with us.
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and here we have another burst pipe in denmark. if you look close... jamie, are there any interesting photos from your trip? ouch, okay. huh, boring, boring, you don't need to see that. oh, here we go. can you believe my client steig had never heard of a home and auto bundle or that renters could bundle? wait, you're a lawyer? only licensed in stockholm. what is happening? jamie: anyway, game show, kumite, cinderella story. you know karate? no, alan, i practice muay thai, completely different skillset. when i walked through a snowthat's when i knewtte, i had to quit. for real this time. that's why i'm using nicorette. only nicorette gum has patented dual-coated technology for great taste. plus intense craving relief. every great why, needs a great how.
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termites, we're on the move.24/7. roger. hey rick, all good? oh yeah, we're good. we're good. termites never stop trying to get in, we never stop working to keep them out. terminix. defenders of home. the one joining us live, the
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chief economist managing director at moody's, great to see you, john. jerome powell was doing great,
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and us a 25 day cut then started talking 36 minutes later. and refer to something called a midcycle adjustment. instead of a data sensitive, data-driven decision by the fed that cut rates. brings to mind the old saying, silence is golden. [laughter] lou: when he breaks out a lot of gold gets lost. >> it happened today. lou: unbelievable. >> the fed has a problem with communications. remember the problem that we have is a failure to communicate. lou: that's right. >> not too long ago they were talking about -- in and then the latest move to cut rates there should be more down the pipe. lou: the president right now looks like a genius. and he looks like a genius because jerome powell has made him look so.
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how has made a mistake after mistake and today he does the right thing and still screws it up. that is a man with a problem. what is the fed going to do? you can't -- the president talked about firing the man. it looks to me like the graceful thing for him to do would be resign. >> the graceful, the right thing might be for the fed to listen to the market. not only did stocks sell off but we also had a drop by the tenure treasury nearly 2 percent. even short-term treasury yield moved lower. and i think the markets are telling the fed not to dismiss the possibility of several more rate hikes if needed. lou: and this, there is -- by the way, some in the business press think that the fed should not be following the market. they should be leading the market. as if those fools worship to
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some of the fools that make up the federal reserve are smarter than the markets. i mean they don't even understand the basic principles of free enterprise markets. >>, listen you have to pay attention to as many variables as possible. if look at prices, labor market, business sales. which by the way has slowed significantly over the past few. growing nearly 6 percent annually, now down two percent. that by itself is a strong reason for several rate cuts. lou: as you say, looking at treasury, it's a good guide. and by the way, if i may just whisper this to the federal reserve. particular, mr. powell. without inflation, you really don't have justification for any kind of rate hike ever. and it goes back to december, it goes back to last october. >> the scary thing is if you are 1.5 percent inflation with 3.7 percent unemployment rate, what will happen to business
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pricing power once we inevitably have a recession and the unemployment rate climbs sharply higher? lou: and rate increases that last and endure. this is the fed is usually a bunch of liberals, they have dual responsibilities. and for employment we've got it. >> low inflation gives us an opportunity to see how long we could take their rate before becomes an inflationary problem. i have a sense that it could break under three percent before we really have some serious difficulty with price inflation. and people need jobs. lou: by the way, four percent growth without inflation entirely doable. john lonski, great to have you here. >> same here. lou: that is it for us. thank you for being with us.
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tom homan and tammy bruce among our guest tomorrow. hope you'll join us. follow me on twitter @lou dobbsy show. "bulls & bears". trish will be back. have a great weekend. >> this is "maria bartiromo's wall street". hello happy weekend welcome to the program that analyzes the week that was in position you for the week ahead. coming up in just a few moments my messy interview with the cofounder of home depot. along with nyu health ceo bob grossman. were talking healthcare in america and a lot more coming up. another solid month of gains for jobs, the u.s. economy added as expected 106 and 4000 jobs in the month of july. the n appointment rate held steady at 3.7%.


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