tv Countdown to the Closing Bell With Liz Claman FOX Business December 17, 2015 3:00pm-4:01pm EST
>> president obama is meeting with families of the victims of the san bernardino attacks, fox business will be there, we'll bring it to you live. in the meantime we have the market off 162 points, i'm going to turn it over to liz. liz: and, trish, from that breaking news, we bring you this breaking news, the path to end the syrian civil war taking a step forward right now. you're looking live at a summit of finance machinists in the security counsel,, folks, what is happening here? we have jack lieu the chairman, he and that counsel are scheduled to adopt resolution to cut off the flow of money to isis. we will give you all the details here. the u.s. working with of all people russian president vladimir putin, who today held his conference during which -- yeah, he actually endorsed the plan to prevent the terror
group from defunding the operation. president obama standing before this afternoon to reassure americans there's no credible threat to our nation this holiday season. the president leaves for his annual hawaiian vacation tomorrow. so speaking ahead of that, that's what he said. we have former united states ambassador john bolton here on whether the un plan to starve and destroy isis and money trail finally hits the target. ready for a tax break? would you like that? well, the house has just approved the tax spenders bill. we're going to tell you exactly what's in it and, by the way, the house is not done yet. the vote on the trillion dollars spending bill is tomorrow. what's in that? well, something would end after 40 years. the ban on exporting oil from the united states. go on. will that ban be vaporized? we're going to capitol hill live. north dakota senator john who's ready to say just how many jobs he says the oil export list would create and
congressman jim who personally the certain tax issues, is he happy today? we'll find out. plus the face of wall street greed in handcuffs today. pharmaceutical ceo under arrest but not for jacking up drug prices but something totally different. the details rather disgusting straight ahead. wall street giving up more than half of yesterday's gains after the federal reserve raised interest rates a quarter of a percent, dow industrial down 157 points, we're close to the bell on this thursday, so let's start the countdown. ♪ ♪ . liz: and we begin with breaking news. why are we on track to snap a three-day winning streak? well, partly the hang over after yesterday's fed rally why janet yellen and company raised rates a quarter percent, finally after all of these years. but it isn't only that, oil,
oil settled in the last hour below $35 a barrel, it remains there. the closing price was 34.95, look at this, we're at 34.93, we see the lowest settlement price since 2009. boom the domino effect in full play. marathon, mobile, these names are down anywhere from 4% to 7 pest. marathon oil getting slammed right here. down 7.25%. some of that pain sure, it is caused by stronger dollar, which is hitting two-week highs today against the basket of major currencies. right now we do have most currencies lower than most dollar, gold melting down. gold had its largest decline since october, settling at a six-year low. currently trading lower, and that's the s&p but gold was down $26 earlier. now, nine out of ten of the s&p sectors are down, a lot can happen in the last hour of trade as we're watching all of this at this moment we have this rare meeting going on
inside the united nations headquarters that way. a little bit east of where our studios are. those headquarter are now the host of 15 of the worlds top finance ministers. u.s. treasury jack lou is the man at the helm. and this team is set to adopt a resolution in essence what everybody said we need to do. aimed at disrupting the funding to isis. it would also elevate the extremist group to the same global threat level as al-qaeda. why it wasn't there already? we don't know. but president obama spoke at the national counterterrorism center earlier today, here's what he maintained where we're making progress. >> we are taking out their leaders, our partners on the grond are fighting to push isil back and isil has been losing territory. liz: let's bring in john bolton, he's been right in that room in the un, the former u.s. ambassador to the united nations now a senior fellow at the american enterprise institute. all right. we don't have the broad -- we don't have the shall i see the details here, but we have some broad
strokes. what do you expect will be in this resolution? >> well, i don't think really much is going to change. you know, no less than authority than "the new york times" this morning said that this resolution simply repackaged their word a lot of existing resolutions. i think there are some marginal improvements obviously whenever you have a ministerial level meeting of the security counsel, that signifies importance. but i think this is largely a symbolic move. liz: well, let me push back here. they say a couple of things. they're going to work hard to disrupt the oil pipelines, which is a huge source of revenue for isis. isis has been raping the lands of. they have been selling and making money on that, they say they're going after that part of the money trail and also kidnapping people and releasing them after people pay ran ransoms. this seems a little bit more details than what you're saying. >> no. those have all been in
prior resolutions, and i think you have to remember what the security counsel does. it says things. and then events move on. liz: well, you were part of it. not necessarily the security council but that's frustrating i would imagine. especially considering there are a lot of things frustrating about the united nations. article five would mean that we should have all piled in and attacked syria and certainly helped france after france was attacked. france a member of the united nations. >> right. well, i spent a lot of time in the security council. i used to say that the ambassadors in new york had a slogan, which is we never fail. so it doesn't matter whether much is accomplished or in this case this is a very formal meeting, nothing is going to happen in that room that hasn't been scripted before. i don't deny the symbolism of isis as a terror threat can be important. but unless there's follow-up and obviously that remains to
be seen, there's no reason to think that a new resolution will accomplish of more than the series of earlier resolutions. liz: as i said, that's depressing. i want to give you this breaking news, it has been confirmed through fox that a law enforcement force is saying that enrique marques, this is the man who bought the guns for the two san bernardino shooting suspects has been arrested and is currently in federal custody. we're told that the charges have been finalized, and we're expecting a release coming out from the department of justice in the next hour or so. looks like they've got at least one part of this puzzle. >> well, it's an incredibly significant move. not for the least of which reasons enrique marques as the name implies is not a typical islamic terror suspect. so i think both because of the pressure now that law enforcement can put on him. liz: uh-huh. >> to cut a deal to avoid jail in effect turn state's evidence. but also what he can tell us
about how he came from being a catholic mexican-american to being an islamic radical -- i think is with extremely important for us to understan. liz: yeah, he seems like a lost soul who found his way by converting to islam and then of course hooking up with these evil doers. i'm a little surprised going back to what we're expecting from the united nations that they say we will now put isis on the same level as far as threats are concerned as al-qaeda. why wasn't isis already there? >> well, probably for the reason that the united states wasn't pushing for it perform after all the president a year or so ago had called isis the jv so there's no reason for it to happen. but also bear in mind for 30 years now the united nations has never agreed on a comprehensive definition of international terrorism. they've designated individual groups, al-qaeda, now isis. but there's a real disagreement within the body that has prevented effective action. liz: there are -- they're too busy beating you will on israel.
>> well, that's takes a long time but if not israel, the united states too. liz: yeah, wasting too much time on those targets, ambassador thank you very much. >> thank you. liz: we do see the dow down about 158 points, we told you what's happening with oil tanking now below $35 a barrel. so now we get to the day after. fed chair janet yellen, what did she do? did she embolden the santa claus rally or kill it? joining me now copartner founder, again, it wasn't surprising to see the quarter point and we haven't erased all. >> well, i think santa claus is still alive, yes, virginia there's a santa claus and i think if you see what's happening now, liz, we're gettinget up now for more normalization of a interest rate pattern and also going to get more business spending in 2016 into 2017. there's been a lot of pinned up business spending, $2 trillion on the s&p balance sheet, that's about to get unappreciate that markets,
which is going to surprise people on the growth side. the other thing that chairman yellen is trying to get is get back to a normalized interest rate pattern because this economy needs about 300 basis points of stimulus every seven years. liz: what did we tell our viewers? we told our viewers the earth won't stop spinning on its axis. >> won't stop spinning, she's got enough data there, the market is expected four more moves in the next year. i think that's very healthy for the markets but remember, we're at a cyclical economy whether we like it or not. so the fed has done a very good job of assets, we have to resolve for the middle class shrinkage that's happening in the united states, but i think good times are coming for the united states and the stock market as a result of what's happening right now. liz: where would you see a pickup in the activity? the obvious move are the financials. >> well, consumers -- the industrials are not acting well. you can see that they're
forecasting a recession. liz: the biggest laggers today are materials and the industrial. >> yeah. anything on the industrial size. they're they're saying okay. any time the fed begins the interest rate cycle, 18 to 24 months out, we get a recession. i don't think that happens this time because we've had sort of a silly putty-like expansion and what people are forgetting is that there's a war chest of cash that has been built up on the s&p 500 over last six years, liz, as they went to recapitalize and repair their balance sheets post crisis, they're now sitting on hoards of cash that they need to start deploying. you saw great merger activity this year, we predict more merger activity for 2016, more investments here in the united states, which will lead to some job growth. liz: so when -- >> the economy's healing. liz: when you hear this negative feedback loop this is the worst thing ever, janet yellen is making a massive mistake, mistake or no? >> look, i don't think it's a mistake, you and i talked a
year ago i said the pace the economy's at right now i don't think they're going to raise rates unti manager like myself, you have to change your mind too about where the world is. so the world economy is probably tepid, slow growing, but the data in the united states is stronger than the rest of the world, and i think she had to get the united states off of zero. remember we're the worlds reserve currency. you get a whole group of saviors out there that are getting zero on their interest and their savings accounts, and it's time to normalize that process, liz. liz: anthony's with me the whole hour. >> thank god. got a lot to say. liz: tanks god. closing bell in 48 minutes, the big day is finally here. star wars the force awakens hits the big screens at midnight. the fans are more than ready, in fact, many of them have been waiting in line so long they need to get inside, get their popcorn, go to the
bathroom, get their light sabers and get ready. so is disney expecting to cash in on its $4 billion bet? got to make a lot of money to do that. we're crunching the numbers and the decade-old ban. four decades ban to export oil from the u.s. to other countries. it's about to be lifted as a glut of black gold drives the price lower. we've got the man, he's on the senate energy committee, he has some numbers he's going to put for there on what it means for job creation and more for our american economy in the so-called allies in the middle east. countdown with the senator in just a moment
liz: the reviews are in and spoiler alert the big news about the new star wars film, it's making money overseas, and it's good. star wars the force awakens expected to earn as much as $500 million in its opening weekend here in the states. however, we started to crunch the numbers. when luke skywalker and hon solo bought the film, it did not come cheap. disney paid a hefty price tag of $4 billion for lucasfilm,
which owned star wars; right? had jj abrams, the director, a bit terrified. yeah, pressure's on, however, predicts the merchandise -- forget the movie, the merchandise will generate more than 3 billion in sales in 2015. let me know if you've already bought your light saber. we're thinking a big winner here will be walt disney but this a little bit of sell on the news, but as star wars opens here in the u.s. at $112.45 per share. the ban on exporting oil has been in plan for 40 years. the house is expected to pass provisions that repeal this ban, it would allow companies to start exporting as oil prices in the u.s. hit below $35 per barrel today. and that's pretty serious here. we're at 34.89 going further and further down in this
aftermarket session. how will lifting the ban change any of that and help boost u.s. economy and job growth? with me now is one of the senators responsible for getting the oil ban legislation into the budget deal. you'll know it when i say it because it comes from the state of north carolina, senator john, senator, thank you for being here. >> liz, good to be with you. liz: okay. let's get right to the numbers because you actually crunched some numbers, and you believe you have numbers on a how many jobs it will create and b what it will do for the u.s. economy. let's talk about jobs first. how many jobs will this create? >> well, there's industry studies out there that show that by 2030 lifting the oil export ban will generate another $750 billion in new investment and more than 400,000 jobs. and those are some of the lower end estimates. other estimates are even higher. liz: what -- how did you crunch those numbers. that's a huge number when it comes to jobs and what sections? because right now all of these stocks are tanking on low, low oil prices. and just the belief that maybe
perhaps the taste for this is changing. >> well, and energy-related fields so everything from equipment to petrol chemicals t to a whole range. remember energy is a foundational industry and those numbers come from -- in this case ihs, but there's been other studies by harvard business school, by brookings institute, by the department of energies administration and that's the point there's a lot of information out there that shows lifting this oil export ban will be good for economic growth, for job creation, and for really for national security through more energy security in our country. liz: well, let's also bring up the fact that ukraine has to -- ukraine has to buy all of its energy from a very hostile resources and that would be russia. maybe this just xs out that requirement and perhaps a lot of countries who would love to buy from a friendlier nation like the u.s. would buy it. what about the that? >> liz, great point.
as our oil and gas industry grows, it also supports supporting our allies like russia or opec or venezuela. and consumer benefits at the pump because more supply means lower prices it he pump over over the long term for our consumers. so it's about energy security for us here at home but awesome our allies. liz: well, that's great, $2 a gallon for people, i love these days because it doesn't hurt the wallet as much. let me play devils advocate here. >> sure. liz: we are drawing down a commodity than the everyone in the world has. some say we shouldn't be is exporting that, we should be hoarding it and saving it for a very rainy day that may come. >> great question, liz, but just the opposite is true. if we don't allow our industry to compete, it will -- we're fating for market share right now with countries like opec that are trying to reaassert their dominance. if they put our industry out of business, then they're back in the driver's seat, and they raise prices on our consumers
and what we're finding as we develop new technologies, that investment in that new technology and deploying those new technologies producing more energy than ever before and we're finding more energy here at home and producing it with better environmental stuartship. liz: we've got to go but i want to ask you are you a guy coming from north carolina where there's a lot of fracking? do you hate the idea of people driving electrical vehicles? >> look, i'm for energy from all sources, but we want to make sure that we have competition out there that produces more energy and that competition reduces the price for our economy, small business, and consumers. liz: senator, happy holidays. thank you so much for joining us. >> thanks, liz, merry christmas. liz: and thank you. john is the senator from north carolina. closing bell we're at session lows, by the way, 38 minutes away where dow jones industrial is plummeting here and we've also got the russell down 11 full points and dow down nearly 200 right now, 17,551.
presidential hopeful john kasich realizing the big game is in winning billionaires to back you. he is putting all of his chips on the table trying to get support of a casino king. which one? will he get it? charlie gasparino is ready to break the story. stay tuned. and for fox business next republican presidential debate thursday, january 14th. countdown to the closing bell is coming right back. please don't go away
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before the closing bell rings in the battle for the white house it all comes down to money, which is great because we're a business network. ohio governor john kasich is now the latest gop candidate trying to woo one of las vegas' biggest money men, steve wynn. will he get him? fox business senior correspondent charlie gasparino. >> we understand they did meet. they met on tuesday. the debate was tuesday, they met tuesday -- liz: after the debate? >> i'm not sure the timing. i do know that they met tuesday, kasich canceled some sort of breakfast meeting or somewhere along those lines where he was going to talk to people and maybe he was meeting with them afterwards, but i do know he met with wynn tuesday and here's the thing, he's not the only one, jeb bush has met with him, marco rubio, everyone is eyeing steve wynn. why? well, he's a billionaire and also supported democrats in the past. so getting an endorsement from him is showing that i've got a businessman who has supported democrats, it's a and kasich
is the latest gop contender to go there and get it. he did not get it off the bat. that's what we do know. we do know wynn is keeping his power to drive, i did speak to the spokesman, kasich's people confirmed the meeting, wynn's people saying he's not endorsing anybody just yet. i will say this, and it's very interesting that the gop contenders are growing increasingly frustrated about their ability to real wynn in. he's gone out at some point and said he might support hillary. remember he's supported democrats in the past, but i'm telling you they think that he could be a -- he could come into the gop camp, it would be a big -- it would be a big feather on anybody's cap. and i can tell you that kasich is the latest guy -- liz: what do they think? this is fascinating. who's going to land this guy? >> it depends on who you talk to. rubio people think they're going to land him. i can tell you that. jeb bush has met with him. we did -- you and i i think we
broke it on your show that donald trump consults with him regularly. smart guy. one of the leading lights of the las vegas business world. you know, great -- he's a billionaire. also understands a thing or two about marketing and positioning. that's what you do in las vegas. his hotels are first rate. i will say that. steve wynn steakhouse is one of the best in the world. liz: what incidents interesting about steve wynn, he's blind. >> he has grown on that for 20 years. liz: he continues to build these businesses and he's a power broker when it comes to politics. what makes you think that he would endorse hillary? >> well, he said that. i think, listen, i think the republicans accounting based on his rhetoric. he's been very, very quickly of the democratic party under president obama. it's leftward tilt, they believe that that makes him, you know, a prime contender to support a republican. i think john kasich think so that he's, you know, should be
in the top position of getting this endorsement, which would boost his campaign. we should point out that kasich is a very successful governor, he was -- he ran -- he was the head of the house budget committee when we had record -- when we had a balanced budget and a strong economy. and this guy's got the chops. he thinks that he -- and he's moderate on a lot of issues, so he thinks he fits that wynn professional. liz: well, moderate on the social issues which on the far right they're, like, we're all for the responsibility but enough on beating up on gay marriage. that's how some of them feel. >> i agree that's how some of them feel but i will say this. kasich says he should be from what i understand the guy that gets wynn's endorsement based on positions. but i will tell you this. there's a reason why steve wynn has not pointed a finger at anybody because whether you like it or not the establishment republicans that are trying to woo him, the
rubios, the jeb people, and probably chris christy, where are they in the polls right now? the poll was fascinating. it had rubio and jeb and kasich tied at 3%. it had donald trump at 41%. it had cruz i believe in second and rubio third. and if you put all the nonestablishment candidates, cruz, yes, cruz, donald, and ben carson together. liz: do we have that poll? >> that is -- that looks like 60% of the republican electorate. liz: we've got to go, but i'm going to real up a surprise for you tomorrow. >> uh-oh. liz: one of my best moments over the past year. >> oh, i know what it is. liz: don't say. >> be polite. liz: don't say. >> china. liz: that's so weird. >> china. liz: he's taken, ladies. he's taken. [laughter] closing bell 28 minutes away. the house just passed the tax
extender's bill, we're joined by the man whose fingerprints are all over it, congressman is going to tell us exclusively the three points he pushed for and whether he won on them. and how it matters to you and your money. and be sure to tune in to the second season of fox business' show strange inheritance. hit show jamie colby is the babe, she's just awesome, her new episodes are rivetting, 9:00 p.m., 10:00 p.m. eastern. make sure to watch it announcer: a horrific terror attack in paris.
then, a brutal act of terror here at home. it's time for a tested and proven leader who won't try to contain isis. jeb bush has a plan... to destroy them. and keep america safe. jeb bush:
the united states should not delay in leading a global coalition to take out isis with overwhelming force. announcer: tested and proven leadership matters. jeb bush. right to rise usa is responsible for the content of this message.
to fund the government through 2016. it actually turns out to have had a little bit of something for everyone. republicans rebuff democratic efforts to tighten controls around gun purchases, republicans did not keep their promise to strip federal funding to planned parenthood, so it's give and take on both sides. it is expected to pass in both chambers and head to the president's desk for his signature without being impeded. let us bring now republican congressman jim from ohio. okay. you champion three points within this massive bill. like it, hate it, happy, annoyed? tell us? >> well, like any bill, there's good and bad in every one of them. the good thing about this, though, is we finally brought certainty and predictability to the business owner and the american individual who many cases has many of these tax credits or these tax preference items that they don't know what to do. whether it's section 179 expensing for small business, it's finally something we
don't have to look at year after year after year and make decisions on. so many of these that we passed today have been around for 20 plus years, they're just extended for a year, for two years, now we have some permanency in them, and i think that's good for the american taxpayer and small business owner. liz: you put a couple of parts in this bill. number one is simplification act of 2015, another one preventing targeting at irs and core components from stolen identity refund fraud prevention act. put that into plane english for our viewers now. what's the most immediate benefit we feel? >> well, the first one in there is a de minimis act, which says many individuals get these 1099s for less than $10, they have to refile a tax return or decide what they're going to do with those. now if it's less than $100 de minimis amount, then taxpayers won't have to refile those tax returns, that's a real
important one. again, i was a cpa for 20 years before i came here. that just helps the american taxpayer make things simpler. the second one gets back to targeting. now if an irs agent is caught for targeting for political services, they get terminated, many taxpayers were concerned about that. and the third one really comes down to fraud and abuse. i had my own personal tax return that was -- the identity was stolen, we have to make it easier for the irs to be able to catch these individuals. that -- those pieces that were added actually changed how the reporting of the w-2s is done so they can actually be a little bit better, proactivel. liz: so you can't see this but we have a barn that says bipartisanship in dc question mark below you. are we seeing that? i mean i know that both sides are happy, and i'm happy with certain things, and we can just throw out a couple of things in here. no new funding for obamacare, strength generals homeland
security, pairs back money for the federal release program, which he really liked, making permanent the earned income tax credits. is it fair to even asks who wins this round republicans or democrats? >> well, again, i think what happens when you have a bill like this there are people on both sides that like things and dislike things. but it sure is better when it comes to the way we have been operating to just operate on a continual cr where all we do is give the president a line and say he can't spend above that, which is a continuous resolution. so this is more detailed. again, actually good bills many times you people are going to like some pieces, people aren't going to like other pieces. that's i think what the compromise is to get some of this stuff done. liz: we like compromise because it means the government is doing something and getting paid for it. we appreciate your expertise, being a cpa before being a congressman gives some people confidence. we do want to let our viewers know, we gave out numerous calls to democrats, they
weren't available or didn't return our calls, we're always in fear of balance here on the closing bell. thank you, we appreciate it. >> thank you. liz: go browns, go indians, the president will host a news conference tomorrow from the white house briefing room before heading out on his holiday vacation. we're most likely going to hear him speak about this budget deal. look, the conventional wisdom is that he is going to sign this. so you have everybody sort of happy with it. we shall see. that would be an interesting christmas gift under the collective tree. the closing bell. we're 18 minutes away. the dow still struggling we've got the s&p down a full 20 points, one of wall street's most despised ceos hold hauled off in handcuffs today. we're in the hoodie, looks like a millennial here, but he is the man who jacks up the price of a life-saving drug, now been arrested, but not for that. not even close to anything resembling that. wait until you hear the
liz: we've got breaking news on a story that broke early this morning. developing right now at this moment the ceo that a lot of americans love to hate right now. martin is being arraigned in federal court right now, there are no cameras inside federal court, that's why all we've got is this. but it's enough to show you that this is the man infamous for jacking up the price of lifesaving drugs by 5,000%. but the federal case -- sorry say that again? he's been -- okay. $5 million
bond he is being held on a $5 million bond. they must feel there's a possible case of flight in this federal case against him, which has nothing to do with drug price gouging. he is charged with securities fraud. skrelly, also part of a biotech pharmaceutical company, this stock is a mess today. it's a mess. all right? the stock has been halted all day long because of the involvement that this guy has but what are the charges against him? liz macdonald, she's here -- what did he do? liz: yeah, seven count entitlement he's being rained you're absolutely right, liz and the law enforcement officials we spoke to, the u.s. attorney is saying a trifecta of lyes, deceit, and greed, he's basically running what they say a ponzi scheme. here's what he did. he had a had you come fund, msb hedge fund and then at the
same time another biotech called retrofin. takes in about 3 billion dollars between 2009 and 2011, that money was gone by february of 2011 but during that time he was telling investors the return on your investment has been 40% since 2009 and that that exaggeration grew to nearly 80% by 2012. so even a year later even after the money was wiped out, he's still promising very high returns. the money from the hedge fund they found was miss appropriateiated, it went toward his personal expenses things like clothing, medical expenses, foods things like office expenses, office rent. so, you know, they're saying he used retrofin's stock to pay off disgruntled investors, the osecors,iz, e sang tyanno-- t speculation that he inflated the drug, no indication that
that happened but retrofin did oust him last year and then sued him, retrofin wants $65 million back from martin shkreli, and it is back to law enforcement. liz: thank you, liz, for setting this up. we have a hedge fund manager here now, anthony from sky bridge. people gave their money to this man. please, advice our viewers right now the number one thing that people can do to avoid being swamped by something like this. >> well, there are three quick things but the number one th too good to be true means it's too good to be true. get away from it. number two when someone says they're being audited, you have to get a third party to send you correspondence. either the prime broker or auditor, and it's got to be a big firm. it has to be a recognizable firm. liz: how do you say that? >> very simply. you turn to the cfo or the guy running the firm say, listen, we're going to send you an independent result measured
from our prime broker, which is a third party typical commercial or investment bank or auditing firm. liz: if they can't do it. >> if they can't do it, you've got to go and the last thing remember closed loop creates a crime. one, two, three, four people they can conspire teetering to create a crime. you've got to invest your money with people that have it spread out. in other words, sky bridge capital, jp morgan bank, bank all right, kpmg is the auditor, these are world class organizations, it's split up in a way that there's enough checks and balances, liz that crimes cannot be committed. these are things that you have to look for as warning labels for anything you're investing in. liz: and this won't surprise you, social media about this case is absolutely on fire. the top trending hashtag on twitter was karma, known for purchasing the only copy of the new wu tang clan album for
2 million bucks. there i am with wu tang clan earlier this year, these guys are creative in the way they're selling music and this was one of the ways they did it, i'm holding one of those -- they embedded their music into speakers but they also did this one copy album and that guy had bought it and never listened. >> consumption like that from people is another sign to stay away. fiduciary focuses on your money they focus on making your money. liz: wu tang said they gave most of the $2 million to charity. if you can't get that confirmation, take your money out. closing bell, make sure to turn into the second season of fox business hit show street gang inheritance, the dow is down, 185 points right now, 17,563. don't go away
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liz: liz: "buffett rule," what does that really mean? something hillary clinton would like to see expanded if elected president. somebody making more than a million dollars would be held to a 30% tax rate. anthony scaramucci is buffett disciple. we'll ask him about what hillary said. here is what she said. >> i will try to fight hard to try to implement what is called the "buffett rule." the "buffett rule" says that millionaires should pay at least 30% income tax rates instead of 10, 15, 20, and i want to go even further. [applause] liz: 30%. that is actually a bar gain to 48%. >> if you're looking for bill clinton's third term you will not get it right there. he lowered capital-gains tax
rates. there was bipartisan commitment to lowering capital gains tack rate. i'm a disciple of warren buffett. i have numb must respect for investor. this is super convoluted thing. my tax rate is over 50%. i have no problem with 30%. i never will get there. i think. i think this is a way to discombobulate the public make them think something is going on unfair to galvanize people to your vote. liz: market is not galvanized what happened with the quarter point tax cut, quarter point fed rate increase. 224. dow at session lows. nasdaq is lower by 61 points. we could argue this is all oil, is it? >> i think it is oil. the post-fed capital redistribution by institutions. liz: before we erase all yesterday's gains. >> fed would look at shutting
off the terminal that's a win. that they're unchanged from prior to the rate change. up and down is probably not that bad of a thing. one thing that will happen, liz, volatility for people's portfolios. as you get price discovery in securities, as rates normalize there will be more volatility. short sellers will do better. things with inferior fundamentals they will plummet in non-artificially-set interest rate environment. liz: look at s&p, down 27 points. major averages are still positive for the year. for the week, i'm sorry. >> positive for the week. sort of in touch for the year. i think you will have a good 2016. i know you had a lot people saying differently. it is different business environment. business spend something accelerating. liz: we can not forget oil. oil is below $35 a barrel. >> who would have thought that is amazing thing for the united
states but it isn't, because of our now creation of oil and production of oil. interesting how it will shake out. i believe this will be net positive. liz: be careful for what you wish for. for every action there is positive reaction. oil closed at 34.95 i think. we're continuing to move down. you have to watch tomorrow. >> just remember $80 a month consumer benefit from lower oil prices. liz: great to have you and your expertise. anthony scaramucci, skybridge capital. over to "countdown to the closing bell". over to david and liz. david: we wiped away gains from yesterday, more than wiped away. as anthony said, kind of interesting point of view, maybe that is from the fed's standpoint it's a wash. melissa: okay. new details of unprecedented global effort to stop money going to the terrorists. david: i don't know if you saw
this, but students at yale signing a petition to end the first amendment. the guy responsible for the film, avi horowitz. he got it all on camera. melissa: the dow erasing yesterday's gains. [closing bell rings] the bell sounds on wall street. david: wow. trading higher into the market, it 51. looks likes will settle below 250. look at bottom of the screen. we know oil and markets were hammered today. look at gold. talk about getting hammered? gold settling at its lowest level since 2009. melissa: look at that. that is amazing. david: joining me scott martin, united advisors. fox news contributor. scott, what's behind the selloff? >> david,