tv The Intelligence Report With Trish Regan FOX Business September 24, 2015 2:00pm-3:01pm EDT
wall street not liking it. stock under pressure. concerns the whole world will go kaput. that is not helping things. meanwhile "new york times" reporting still in the pope's address he opened wounds and urges congress tilting to the left. what world are we living in? theirs or this? here's trish. trish: thanks, neil. republican voters. they're fed up with the status quo. they feel betrayed by their party. according to fresh fox poll. i'm trish regan. welcome to "the intelligence report." anti-establishment candidates top newest poll, ben carson, donald trump, carly fiorina. they have support of more than half of republican voters with jeb bush hitting a new low. here is the reason. nearly 2/3 of voters feel betrayed by their own party. those in congress are not doing enough to stand up to president obama. democraticside, hillary clinton has hit a new low. while joe biden's numbers, nearly doubled even though the
guy is not in the race, yet. still early. how will all this shake out? we have democratic strategist chuck rocha. republican strategist ford o'connell. ed henry. always good to see you. we know republicans are frustrated with the status quo. walk us through highlights in pretty extensive survey fox news did. >> reporter: very interesting. i think big picture number has to be worrisome for hillary clinton whether asked whether or not she is lying about her email situation as secretary of state, 58% of the registered voters said yes she is lying. 32% said no. that is the big picture headline. i think if you dive deeper what our viewers need to know a second poll asking about the lying question, if you do it by party breakdown, 31% of democrats say she is lying. those are democrats. that might be part of the reason why bernie sanders, joe biden, others are getting some traction in the democratic primary,
uneasiness among democrats. 82% of republicans we surveyed said she is lying about email. not a shock at all. a lot of republican critics. we asked independent voters whether she was lying on email or not, 64% said yes. 64% of the independent voters. maybe she doesn't worry about that in primary. if she survives all this get the democrat being nomination as many expect they will, independent voters are obviously a target for both parties. we talk about that every four years. if 64% of them are believing that she is simply not telling the truth on the email, is it fatal? no. but it means she has a lot of work to do to convince the people who decide american presidential elections that she can be trusted, trish. trish: reports today, that in fact we may see bill clinton out there more asking for some money. may not be her natural strong suit to call up donors and say, hey, would you pitch in. >> sure. trish: but he certainly has proven that he is very good at that.
are we going to see more of him, do you think, her husband on the campaign trail? >> we've been hearing a lot of whispers about more bill clinton. a week or two ago hosted first fund-raiser for his wife in chicago. i don't think anything negative holding him back in early days. in fairness to hillary clinton, she clearly doesn't want to be in the long shadow of bill clinton. everybody knows he is better than she is in retail politics bringing voters in. she obviously failed in 2008. so this time campaign wanted her rightly to get out on her own last few months, but as she is struggling the idea bill clinton might get out there not just for fund-raising but new hampshire, at rallies. i been to some of the rallies. she doesn't get very large crowds. as she gets closer and closer to caucuses in iowa, bill clinton the big dog, to real in big votes, that seems like near certainty, trish. trish: we'll be watching for it. ed henry, thank you very much.
i quickly want to touch on the market. you look at dow off 186 points. it is clear the economy is going to be in focus in this election. a lot of concerns about the global economy and inability of the fed to affect our own economic situation back here at home, contributing to this selloff. let's get back to politics here. we are talking about hillary clinton. how she is struggling in these poll numbers. trump, he is still hanging in there. i'll tell you, he is not offering a lot. we have, of course, chuck and ford joining me here on the subject. many others. start first with hillary. let me go to you ford. he had henry just said we may see more of bill clinton on the campaign trail. will that help her? could that change these polling numbers? >> right now it is a drip, drip, drip because honestly she looks like a untrustworthy bozo on email situation. heads are exploding at h "gq" in brooklyn. they want to change the
narrative, even bringing bill clinton back. hillary wants to do anything to win the nomination and keep biden out of the race. the thing that concerns more than bernie sanders is joe biden. trish: joe biden has a lost popularity. frankly, chuck, they like him. they think he is regular guy. they can relate to him. it contrasts her pretty severely. >> i was at lunch today with republican operative trying to build coa legs and looked across the table, what worries me joe biden, i even like joe biden. joe biden is a likeable guy. joe biden had a long run. people feel they have connection to him. i think it is very concerning. just like ford said, if this thing could blow up and go away for hillary. she would be all right with the name i.d. and all the money. constants starting to seeing polling. as democratic operative you never want this stuff to continue and continue so you can't quell it. trish: where does she go from here? she knows joe biden is out there. talking about bringing in the
big dog, considering it with her husband potentially making round on campaign trail. as we watch her polling number, not forget, ford, she has aways to go. >> she absolutely has a way to go. it is straight shot to the nomination for her if joe biden does not get in the race. if joe biden bets in the race, only way he knocks her off if he gets president obama's backing. what hillary clinton has really rock solid right now, minority and hispanic black support. 57% favorability. only some white hyper educated progressives that will help bernie sanders. when it comes to joe biden, if he chips away at that support hillary clinton could be in trouble. there are filing deadlines coming up. if he misses filing deadlines, guess what i think hillary clinton will be the nominee unless she gets indicted. trish: let's talk about, let's talk about if she is the nominee, how is she faring in national election? according to latest "fox news poll," general election matchup,
46% of the population would vote for hillary clinton. 42% for donald trump. you know, chuck, as you look at these numbers, would you be as democratic strategist hoping that donald trump gets the republican nomination because he has got the best shot at losing to hillary clinton? >> look, it is a good day for me when donald trump is your standard-bearer for the republican party. i think there is a lot of people sick and tired of being sick and tired. donald trump and bernie sanders has tapped into that. there enthusiasm gap. is enthusiasm gap on both sides. your poll shows outsiders are whipping folks like bush and rubio across the board. people want to see something different because they feel disenfranchised and same old names not motivating people to the polls. >> chuck, i will say this. trump was down 15 points two months ago. hate to move from "fox news poll." look at "quinnepiac poll" came out today, a lot of folks are beating hillary clinton. ironically, guess what, a lot of
republicans are losing to joe biden. only one tight against joe biden and doing best against hillary clinton is ben carson. trish: joe biden is more formidable candidate. >> a lot easier for republicans like myself to tag president obamas policies to him. hillary clinton can still play gender card. only question whether or not she becomes her own worst enemy. trish: look at carly fiorina, she is doing phenomenally well. she is in the polls as one top three tenders according to latest poll. most people think she won the debate. could we potentially, wouldn't this be interesting. looking at situation, chuck, where the republican nominate a woman? republican party, which is seen as anti-women embrazing this woman as ceo.
you might have hillary clinton and carly fiorina matchup. >> a lot of politicians are going to see him hoping he will bless the campaign wishing they were carly fiorina. carly got a great bump. republicans best hope is nominating a female like her, somebody outside, somebody to take on democratic nominee that will probably be hillary clinton if we don't see indictment and joe biden. there is a lot of what ifs. there is good candidate for them. they have to figure out a way to close the gap on female vote. she helps them do that. trish: strategists like ford can not be calling hillary clinton a bozo. you can't say stuff like that. >> let me clarify. bozo how she is handling this. i think hillary clinton very intelligent woman and somebody planning to win presidency for last 20 years. say one thing about carly fiorina. weville to brush up her record at hp still a liability within the republican primary. my advice try to connect with voters basically the death of
her stepdaughter the fact she is cancer survivor. if you can do that, generate more authenticity, people likely to buy in to what happened at hp. requires a lot of business acumen on part of owners. a simple answer doesn't fit on back of bummer sticker. trish: chuck, we'll talk about more about hillary clinton and carly fiorina later on in the show. i want to wade into more political waters. you wouldn't think this would be political waters pope francis making it political. you're looking at live building with d.c. fox business's blake burman. joins us live from d.c. with very latest. blake, i didn't hear as much of a socialist tone here from the pope. he actually seemed to be appealing to both sides. what is the consensus? >> hi, there, trish, the pope is seeing windier side of washington, d.c. as well.
look, he waited -- waded into areas that will give both the left and right, you know check marks in both of their columns. he spoke about, for example, abortion, deathpenalty, immigration and climate change. whether or not he meant to get political or issues important to the church, that is clearly up for debate here. the democratic national committee though, they sent out a statement a little while ago which took a political tone or at least a turn in that direction. they said, quoting part of it here, these values are what democrats fight for day in day out, speaking of pope's speech. access to cornerstones of middle class life through quality health care, solid education, economic mobility and retirement security. you can see how some democrats view this however presidential candidate dr. ben carson took a little bit of a different approach. i spoke with him right after the speech. he was inside, and put question to him, straightforward, did you think the pope gave a political speech? here was his answer. take a listen. >> almost anything you say in
washington is considered political, but you know, what is wonderful, you look around, you see all the attention, not for a sports star, not for an entertainer but for a man of faith. and that should be something that's very encouraging to all of us. >> reporter: as you know carson was in the headlines earlier this week saying he would not advocate for muslim president. i asked him what he would like other gop contenders, message to take away from the speech was, he said at the end of the day, we're all stay a nation of faith. trish? trish: blake, thank you very much. wall street facing third straight day of lossess global slow down, leaves fed pretty much powerless to raise rates. we'll see what fed chair janet yellen has to say about all of it when she delivers a speech about inflation coming up at 5:00 p.m. today. inflation, inflation. if anything we might want to start getting worried about deflation, folks. like the fed is trying so hard,
so darn hard to fix economy they have may have been ones to actually break it. larry rosenthal and jon hilsenrath join me. didn't raise rates. i'm calling this a mistake. i think they should have done this a couple years ago. i'm not surprised. let me ask you right now, the situation we're in, this global slowdown, a mess of an economic situation here in the u.s., can the fed fix it? >> well, the fed is definitely accommodating no doubt about it. let's look at what we're laying out what happened recently. seen a global slow down happen now. we've seen profit-taking come into the marketplace. the only thing we haven't seen the fed actually raise rates. we had lots of talk about. i'm in the camp right now, raise a quarter point or something, maybe one and done. see how the markets react, see how the economy reacts. when you take a look at underlying numbers in the u.s. economy we're showing expansion. slow but we're still showing expansion. over the last four years, one of
the things that i find interesting, from july of 2007 through july of 2015, wages have actually outpaced inflation. so we don't have a lot of inflation numbers but by the fed raising a little bit now, after all this talk, we can get more of a normal monetary policy movement which will show strength and competence in the economy. i'm in that camp a little bit right now. trish: you would like to see them do something. i just don't think they are growing to do it. jon, the situation has worsened. let's face reality. they might have had opportunity to a while back. making it increasingly complicated fact china is in slow down. news from cat. they're laying down 10,000 people. guiding lower in terms of revenue. none of this bodes well for what janet yellen might want to do. >> well, i think the message we'll get from janet yellen today is the message that she tried to send at her press
conference last week and other fed officials sent in the last few days that they still expect to raise rates before the end of the year. now they might be wrong. they might be floating on a dream bubble but that's the plan right now. i think that is what we'll hear from her. trish: i think these guys like to dream. >> the point she will emphasize and which we can't lose sight of, there are a lot of problems in this economy but the job market has gotten better. if you look at just about any measure of jobs, it has improved. the unemployment rate is down to 5.1%. if that keeps coming down, yes they have to respond to it and nudge rates up a little bit this year. trish: the problem, that number, 5.1% ain't what it used to be. when you look at number of people not participating in this workforce, it is pretty startling, highest level since the 190's. if the jobs -- 1970s, if the jobs are not paying who the heck
cares? jon? >> if you look at other measures of unemployment, broader measures of unemployment which account for part-time workers who wantful want full-time jobss which account for discouraged workers, those are improving. it is still high around 10% but improved a lot from couple years ago. it is not back to normal but they're seeing improvement on that front. >> we're officially in correction territory. go ahead. last word to larry. >> there are more jobs available than there were at height of the economy in 2007 before we had the great recession. to jon's point i think we're seeing more jobs come into the workplace. the consumer actually has been derisking their own balance sheet. they have been paying off debt over last four or five years which is positive. still going forward. we'll be accommodative monetary policy. savers are -- trish: you would think investors would love this. hey, the party will continue. maybe they know it will end
badly. larry, jon, thank you. is vw, everyone, just the beginning of the emissions cheating scandal? concerns are mounting about another auto giant that could be at fault. plus the pope and his agenda. judge napolitano is calling him out. (patrick 1) what's it like to be the boss of you? (patrick 2) pretty great. (patrick 1) how about a 10% raise? (patrick 2) how about 20? (patrick 1) how about done? (patrick 2) that's the kind of control i like... ...and that's what they give me at national car rental. i can choose any car in the aisle i want- without having to ask anyone. who better to be the boss of you... (patrick 1)than me. i mean, you...us. (vo) go national. go like a pro.
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all of them fell short of the standards compared, when you compare the testing in a lab, compared to real world testing, raising questions about whether they employ some sort of a similar kind of technology that vw admitted to employing to fool the tests. it is organization, called european federation for transport and the environment. and it implicates bmw, mercedes, gm's opal unit as well as renault and other manufacturers as well. bmw quick to come out with a denial. i put the statement from them up there which says, there are no specific activities or technical provisions which influence the emissions recorded during the test mode. fancy way of saying, no, we don't do that, but serious questions being asked today, trish. this could be the tip of the iceberg. trish: all right, jeff, there are those questions for sure. now we'll wonder about a lot of these european vehicles. but let's talk also about the company. it has a new ceo, i understand,
the former chief of porsche who will try to fix it all? >> not official yet but multiple reports say mathias mueller, some years head of porsche, formerly worked at audi. close associate of martin winterkorn, the ceo who resigned yesterday. this would be another insider. some people think vw needs to go outside to bring somebody new in to change the culture that spawned this whole thing. but it appears at tomorrow's board meeting. i don't think we'll have anything official until tomorrow at the board meeting in germany. trish: not just the pope in america this week. china's president xi is on the way to meet with president obama and and secretary kerry. plus the deadliest incident to occur during the hajj in 25 years. details on a stampede in
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. trish: president obama set to meet with another world leader, russian president vladimir putin, the meeting will take place on monday, the day putin is scheduled to address the un general assembly, the white house says ukraine and russia support the syrian president will be the top items on the agenda. before president obama sits down with vladimir putin, he's going to be sitting down with a private dinner with the president of china, the white house is rolling out the red carpet on the south lawn to host a big steak dinner. our own jo ling kent joins us right now, is it appropriate here? all the tensions between the u.s. and china and to be having a big steak dinner right now? >> no. i don't think we
should be rolling out the red carpet to china right now when they're doing cyber attacks and currency manipulation and frankly also from the military side, they're trying to take control of the pacific and that's really going to run us and our allies out of the south china sea, so, no, we shouldn't. we should be getting tough in china at a time when even though the world's second largest economy, we need to get coverage. >> well, you never want to go up and hit on the biggest old boy and we're the biggest, what you want to do is have a conversation and i hope that's what this is. figure out all the problems are absolutely horrible problems but not having a conversation is a way you deal with it. trish: this is the conversation, let's face it. jo ling, they have a little a little bit of a conversation there between president obama and president xi, but tomorrow is hardly anything but private. >> yeah. a big state visit but in order to engage with the chinese, you have to
understand what wave length they're operating on and xi is all about symbolism and what this signifies to people at home. he doesn't care what it means to americans that are watching. so if you want to engage in that conversation, you may actually have to have an event like this where you get more time with the president of china, the white house has made it very clear that they plan to have cyber security at the top of the agenda and the last couple of days, the president has met with top leaders in silicon valley we're talking about mark zuckerberg and microsoft and individuals all throughout amazon and everywhere. so in doing this, he's trying to figure out how to get more business into china despite so many problems here. trish: he may be doing that and let's not forget, they all want to do more business in china. >> the fact that microsoft ate windows operating system has been ban last year and this is a tit for tat was the response
to us, let's not forget the doj entitled five members of the chinese, for cyber espionage. >> that's exactly right. let's exactly right. and understanding the u.s. companies lose 250 billion a year in cyber espionage. and if we listen -- trish: actually 300 billion. >> okay. 300 billion. but if we look at the office of counterintelligence, they tell you over and over china's the number one perpetrator of this and they've been doing this for years and no inclination for them to stop because they're going to extort it with you because when you go to silicon valley, mark zuckerberg doesn't understand that he has to give a back door to whatever intellectual property he has and they're going to steal it too. >> here's the deal on cyber security, there's no way anyone is going to get an agreement out of china saying if they don't conduct this cyber criminal activity, they say that they don't. the issue really is private sector and public sector working together here in the u.s. to try to figure out how
to effectively keep it at bay and that really has been a challenge that has not been met yet by the entire government and the private sector. trish: in the meantime there's a political component to all of this, and ford, you're hitting it right here. americans are tired it of it, they're tired of a president who continues to bow to anyone who is powerful in the world. and, you know, the u.s. has always been the head demonic power, had to embrace that and uphold that position and now we're in a situation where whether it's vladimir putin or president xi, it feels to many american voters that we are somehow subsuburbiant and maybe this state dinner is another example of that. >> well, that's why donal donald trump's make america great statement is resonating with so many people and understanding what president obama's weakest thing is. 39% of foreign policy. that's the one thing that every president has basically sold domain over with respect to the u.s. government, and they basically think that
president obama is allowing the u.s. just to get run over all over the world stage, whether it's china, russia, et cetera,. trish: let's not forget the reality of this, which is that most nations do spy. that's reality. we do it. other places do it. i spoke to the former detector, keith alexander about the nsa about this recently, and he said this is the reality of the situation. everyone is doing it. so how do we operate, chuck, in a world where all of this cyber spying is happening and we're angry at other people for doing it to us but yet we do, and we kind of want to do? >> you know, it's a slippery slope with liberator. we have to protect our homeland and that includes our information as well. but what you have with china because it was this great opportunity for all u.s. businesses, they all relocated to china. the factory that i grew up in, sits in china. all the factors sits in china because there's this great opportunity.
when you have americans and chinese working side by side, you're going to see this espionage, but that doesn't make it right, a you see their jobs and b what gives you the right to spy on me? . trish: concerned about china right now from many, many different levels, and we'll continue to follow this story. jo, which you can, and ford, thank you. >> thank you. trish: and we are continuing to watch the markets, the dow just off 121 right now, triple digit loss, however, we're going to have more on what is behind this selloff, janet yellen of course speaking today and digging into pope francis' agenda. is it to poor save poor souls or capitalism? we're debating with judge napolitano. i'll see you right back here in two technology empowers us to achieve more.
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trish: we're continuing to follow that story out of saudi arabia for you, more than 700 people killed, more than 850 people injured as muslims take part in their annual pilgrim, two weeks ago a christina collapsed that killed more than 100 pilgrims leading many to question the safety about two million muslims that travel there every yes, i doer. moving on to the market now, the selloff, stocks selling off as traders, what janet yellen may or may not say today with the day that pope and china are dominating
the headlines, we're wondering whether yellen is going to slip something up everybody's sleeve and indicate she wants to raise rates. i doubt it, but it's fun to talk about, and we do want to talk about what it all means for your investments right now. peter barns, liz claman here with me, peter, inflation is the top for her, we've got no inflation, what can we participate? >> i was listening to your panel earlier with john and other guest and i agree with them, i don't expect there to be much news out of this, not because of the topic but because of the logistics of this event, trish, there's no q and a after her speech, and as a result no one will get a chance to ask her the very question that you would like asked and so she will stick to the script and she will repeat basically what she said last week at her press conference. trish: you know, liz, i've been hearing this a lot, it
seems we hear officials saying this before you and i were in this back in 1994 they didn't tell you a thing, you will you had to look at the markets where the fed was on interest rates now we've got press conference after press conference, members of the fmoc coming out and talking to us all the time, we're journalists, we love the information, i just question whether it's overly affecting the markets. >> well, listen, given a choice we want more transparency, we don't want to be surprised by anything. let me disagree with peter, though, i'm wondering if that no q and a gives her free reign to say things that are slightly more pointed about whether china matters more about inflation. remember it used to be as soon as we hit 5.5% unemployment we're tightening rates, well, that changed, maybe she tweaks her message a little bit because then there's no qa, she gets to go, it's after the markets close and then the market has that amount of time until 9:30 a.m. to absorb and digest what she says. i'm just hoping for a little
bit more clarity and clearing up the confusion. >> but, liz, let me say remember last week the message was we just need a little more time to assess the impact of china, the impact of all this global turmoil and the impact of all these -- trish: i can tell you it's not good. >> and we haven't had much -- since thursday and today, we've only had a week and i've got to tell you, i don't think we've had enough time to get the data for her to really change her message. trish: and, you know, i think it's delusional for us to think that the fed is suddenly going to say, oh, wow, china's in great shape, we're going to move, they are fundamentally feeling as though china's holding up the global economy and therefore holding up us. i don't think -- >> yeah. that stuff doesn't turn around in six to 12 weeks, that's huge issue we can't control. so why then if we do have demand slowly coming back and, for example, first time job numbers came in, they're at the low since 2000. so they're looking a lot better, fewer people standing
on the unemployment line, trish, and aat what point do you keep moving the goalposts here on behalf of the fed? . trish: still to come, everyone, did the pope cross the line if had his historic speech to congress? pope on capitol hill, this is something that's never happened before in the history of the united states of america. we debate. whether it was the right or wrong move for him. next you do all this research on the perfect car. gas mileage, horsepower torque ratios. three spreadsheets later you finally bring home the one. then smash it into a tree. your insurance company's all too happy to raise your rates. maybe you should've done a little more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. liberty mutual insurance.
trish: okay. everyone, let's take a look at the markets right now. again, a selloff but not quite as bad as it had been earlier in the session, we're off just about 115 points here. investors reacting to heavy news that caterpillar is plunging the most in the s&p 500 index after lowering its revenge forecast and caterpillar also a restructuring program that's going to cost as many as 10,000 jobs that they will be cutting. meanwhile americans buying new homes, sales surged by more than 5.5% last month thanks to steady job gain and low mortgage rate. a little good news there for janet yellen, plus the number of the seeking job increasing slightly last week but still remaining near historically low levels. coming up next we're talking about carly fiorina classifying up the joint after this
trish: okay. pope francis today jumping the church state divide, addressing congress for the first time in american history. but did this move appearing before congress cross the line? i'm asking fox news senior judicial analyst judge andrew napolitano who's live there in dc. judge, great to see you. you saw the pope's speech in
front of congress there, what did you make of it? >> yes. it was dramatic, monumental and at times even emotional. but it was more lyndon johnson than fulton sheen. if he was speaking to individuals as individuals and was preaching the golden rule and take care of your neighbors and consistent with transitional catholic theology and that's to be expected. but if he was preaching to members of congress as members of congress and was saying take care of everybody and do to others as you would have others do onto you and you should pay a little bit more attention to the minimum wage and to the green economy, to the green environmental theories, then it was a typical leftest argument that we've been hearing from this pope for a long time. so -- there are a variety of different ways you can interpret what he said. trish: i've got to say. it felt, you know, and, look,
i grew up irish catholic, we have a lot of respect for the pope in my household, my grandmother would have loved a day like today. but at the same time judge, i watched it, and it made me a little uncomfortable to see all those lawmakers there on capitol hill with the pope. in other words, it might have been great if he addressed the public as a whole but somehow addressing congress just felt a little inappropriate. >> well, you know, he comes from a tradition of what lawyers call legislative supremacies, meaning the body in argentina can legislate everything from military expenditures to speed limits, they don't have the powers we do with the states being the engine of government and the congress supposedly restrained by the constitution and only legislating truly federal issues that are addressed in the constitution. i assume somebody told him how different our system is, but you wouldn't know from what he said.
and the catholics that he pointed out to us, paradigms were not transitional catholic saints, like, say, saint cath lynn or saint elizabeth or even the great archbishop sheen himself. they were two people. neither of them been candiddized, both revered for their holiness but both decidedly on the left. so he obviously continues to send these signals that he is, though, the christ on earth, and the faith of -- thank god his infallibility, he's still a leftest and going to remind people of that at every opportunity. trish: let me tell you. it hasn't worked sole for them in argentina. we know that. >> yes. trish: all too well. let me share with you, however, a slightly nuance tone that we heard from him today. let me go back to what he said as capitalism a new tyranny.
this is back in 2013 he wrote just as the commandment that will shall not kill set the clear limit of safe value guard today, we shall also say today that will shall not economy to exclusion such an economy kills. now, today, that's pretty loaded language, judge. >> right. trish: today we heard quote business is a noble vocation to improving the world, and he talked about it in a better sense perhaps realizing at the end of the day, business is what employs people and enable those donations to help some of the poor of people. anyway i just wondered if you caught that nuance and you think that was at all deliberate. >> yes. i'm sure it was deliberate. but when he says things like business is a noble profession and you juxtapose to the assault on capitalism, which was his first formal official
document as the pope, the one from which you quoted a few moments ago, you have to wonder where he stands on this. i mean when he -- when he assaults capitalism, i wanted to take a look at st. patrick's cathedral where he will be later today, it got up graded with $200 million, where did that money come after inspect laborers and art sins to get the job done and in time for his visit here. so he's in the heart of capitalism, a system that works over here, and it works better when the government stays out of it, and he must know that because before juan peron took over and turned argentina, it was the 10th largest economy in the world, now about the 110th. trish: well, said. judge napolitano. thank you. good to see you. >> always a pleasure, my favorite irish catholic.
trish: thank you, judge. all right. we do have some breaking news i want to get to out of seattle, everyone, out of washington where officials say a ride the duck vehicle, those tour bushes in the shape of ducks plowed in the side of a charter bus, 15 injuries reported, conditions not released to us. we'll have more on this story and a whole lot more on carly fiorina next (patrick 1) what's it like to be the boss of you? (patrick 2) pretty great. (patrick 1) how about a 10% raise? (patrick 2) how about 20? (patrick 1) how about done?
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at this point. you can see there that the side of the bus caved in, and the windows shattered. nine critical injuries we are learning two fatalities. firefighters are continuing to pull victims from both vehicles here. we're going to continue to track the developments here out of seattle with that tragedy happening moments ago. meanwhile, we are seeing maybe a little pairing of losses in the markets. more on the sell-off with ken mora and stephen guilfoyle. ken, janet yellen speaking, because the fed members they like to speak, she's speaking at 5:00, talking about inflation, that's essentially what's on the agenda. what do you think investors want to hear from her at this point, if anything? . >> you know, i think investors want to get some clarity in terms of what the fed's going
to do so they can make their moves based on that. but my view about what the fed is doing is that it's not as important as we're making it out to be. i think what we have is a global recession in the making, countries all over the world are falling into recession. as they do that, what's going to happen is they drag us down, our economy is going to slow along with it. caterpillar this morning, 10,000 jobs laying off because of it. the whole thing is why you're seeing the market go down. what the fed does or doesn't do is going delay it. trish: it is inevitable in the sense we're looking at what could be a bad situation globally. how do we get out of this right now? stephen, the fed effectively has been the only game in town for the last 6+ years. do we need more commitment from washington, more working
together to develop better policies, better economic policies to help generate growth at this point? let's face it, the fed may have saved us from something pretty bad, but at this point, they're very ineffective? >> may have saved us from something very bad in the short-term but may have ensured decades upon decades of a pretty lousy time. i want to see them say they're not sustaining the debt supercycle, not just pleasing the politically elite. trish: kind of hard to do, if you're a member of the federal reserve, they think by the way they're helping the average american but we have a quote from bill gross they want to share with you from his monthly report where he effectively said the fed is really hurting the average american, in a pretty bad way. see if i can share that with you, he said mainstream america, they're not so much in a pickle barrel as they are on
a revolving spit being slowly cooked alive while central bankers focus on taylor models and fight nonexistent inflation. he thinks they need to raise. stephen, if they raise, will it change anything? >> it will change something symbolically, and if there is intent to have a few increases over an extended period of time, it can remove the uncertainty that was just mentioned, that will be good for traders. if she said there will never be another raise or committed to an increase we'll probably see an increase in wall street. trish: the volatility has been down, stephen. >> yeah, i can't stress enough they think -- she's in a position right now of empress, she's in a position of leadership. it's time to be a leader. it's time to have a question
and answer session after your speech, not run away like a child. i'm pretty angry at janet yellen, that's probably coming across. trish: ken, final thoughts to you, in a normal world, the market and what we've seen over the last six years, the market has absolutely loved this low interest rate environment. i mean i think all indications are it's going to continue on at least through early next year, and yet market doesn't like it quite as much anymore, why? >> because i think the market is realizing this is a global story, it's not about just the united states, we're not an island that operates all by yourself unaffected by everything else. if the global economy is slowing down, what the fed does is going to have little effect in argentina, russia, china. it's not going to help those and they're dragging us down, that's what the market is seeing. the fed can raise or lower, i don't know what it will do. trish: i would argue the benefit of raising in an
environment is get off of zero, psychologically important message and, and gentlemen, if you have the threat of higher interest rates in the future, wouldn't it incentivize you to borrow and spend and invest today? i mean why would you sit on the sidelines with any big expenditure if you could borrow today at nothing and you had the threat of higher rates in the future. right now there's no threat, no reason to do a darn thing, wait this one out and wait until times are better before you make a purchase, ken? >> leadership requires making decisions that don't make people happy and you got to take the heat. if the fed raises interest rates, the global markets were not like that. they want all of the cheap money they're getting by borrowing in the united states, and lending that over there. if it unwinds it will have a detrimental effect in the markets. in the long run it's a good idea. the fed is afraid of a market sell-off. trish: gentlemen, i want to get
back to the breaking story. the news out of seattle, you're looking at a picture that just came into us. a terrible tragedy with two people being killed, at least nine others critically injured, a ride the ducks vehicle that plowed into the side of a charter bus about an hour ago and dozens of firefighters on the scene there, they say all patients have been extricated. approximately 50 people vaulted. heading over to the final hour of trading with liz now. liz: we're going to keep an eye on the aurora bridge and as you can see the land-sea vehicle known as ducks are in trouble. one did collide ripping off the side of the bus. two suvs swerved to avoid the crash and were also involved. the bridge is shut down at the moment. we will keep you posted on every detail. the bearke