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tv   Wall Street Week  FOX Business  August 26, 2017 9:00am-9:30am EDT

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overnight but more than 200,000 are without power right now. >> clayton: the super strong storm hit the united states in more than a decade and could drop close to 50 inches of rain in parts of texas when it's am over. you heard us right, 50 inches of rain. thousands of people already evacuated. hundreds of thousands of people are without power. >> abby: this far from over. harvey made landfall in rockport , as a category 4 hurricane leaving behind a trail of destruction. the storm is expected to leave behind about $40 billion in damage, but president trump has signed a disaster declaration in texas. >> todd: as you can see right there, houston one of the areas hit hard but so far, not the area hit the hardest by any stretch of the imagination . we saw matt fin's live shot throughout the course of the morning there in texas and the combination of the storm surge combined with the fact that as rick was predicting that area could receive upwards of 58 inches of rain, really underscores what that area is
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facing. that said, we heard our houston reporter griff jenkins explain ing houston is an area already saturated because of weeks of rain in that area. it's also an area that when it gets just one inch of rain is prone to extremely heavy flooding.th we're not just looking at houston.in we're not just looking at that entire coast area of texas. >> todd: i want to show you hotel video right now this is amazing this is the fairfield in n in rockport. look at this the inside of this as the local affiliate there walking through the hallways with the roof basically collapsed and of course the commercial structure, so you have a flattened roof there, all the ceiling tiles collapsed, water pouring through the roof and the outside of this fairfield inn in rockport also ripped apart.lo rick is standing by and we will get to him in just a moment with the latest on the hurricane track he's standing by but griff jenkins is live in houston because that is the big concern the flooding now unfolding in houston.
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oh, boy and griff, a few hours ago you could see the street. not any longer. >> reporter: that's right, clayton, todd and abbey. we've talked about in fact here is a truck right now watch this. this is in the south southwest parts of houston. we're just off the southwest freeway and as you see, the flooding that they predicted, the flood warning that goes through tuesday, there's cars coming on this road trying to get to the southwest freeway and 59 south and there's some turning away. we've seen one tow truck go through and another suv, but we're just going to watch and50 see who decides to go through or not. you can see just to the left here, guys of me, this car in a parking lot which obviously didn't expect this to flood but there you go. i don't know when that car owneg is going to come and get it but we aren't quite sure how much water this is but i'm going to w ade in it a little bit for you the old fashion way and try and give you some sense for it, and what you're getting here and
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we've been listening to the radio all day was the bands and while this storm has been downgraded to category 1, this is exactly what they're worried about and these bands that keep coming and delivering in low lying areas like this in houston , they're worried about this flooding going on for days. it's saturday morning, and they expect harvey to deliver this kind of rain. these bands delivering two, three, four inches at a time for days and clearly, this is how as we were saying earlier, the flood warning out of the emergency management in houston is do not drive into this and do not drowned. turnaround don't drowned, but i don't know this has got to be at least 10 inches, maybe a foot at this level. right now they've warned about as much as a foot to two inches. we are near the area we're in is
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near keegan's bayou, and i'm not exactly sure how far down behind me it is but this is the area where the keegan's bayou is starting to flood and we know from monitoring on social media, twitter the city of houston is saying there's 13 high water areas already under alert in the last hour as we showed you the harris county law enforcement just waiting to close roads. clearly this one is going to be a hazard throughout the day. who knows what the next few days will bring to dozens of areas like this. >> abby: griff jenkins live on the ground in houston expecting to get a lot more rain to come stay safe. we want to go to rick whose following us closely all morning and rick we have the attorney general on the texas saying people are paying up to $99 just to get some water and as you've been telling us this could bedi just the first of many days to come. >> reporter: it is and also think about how far inland you'd have to go if you do evacuate.
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usually you have a coastal storm you go 10 miles inland this might be a case where you go 15t economics of that are extreme as well. want to point out a couple things obviously the storm came onshore last night. last couple satellite images jogged this thing a little bitay off to the right instead of to the left most of our model guidance has been thinking we'll go to the left. i don't know if that's exactly what's happening but it could make a difference in 20 or 30 miles difference in one direction or the other and that could cause a difference inexact ly who gets how much rain want to point out one other thing. tornado warning right now around brian, texas so where you have when you have a landfall and hurricane you always have some tornadoes especially off to the right of that. far away from the center tornado concerns this morning. take a look here at the evolution.mp this is the last three days of this storm. it was a tropical storm and very quickly became a hurricane and then a major hurricane. i will tell you the national weather service did such a great job on this one nailing the landfall location about three days out and for about two dayso out calling for a major
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hurricane, category 3 close to category 4 so impressive work with how good they did.un we're getting better at forecasting all the time which you certainly love to see it a helps keep people out of harms way to give them that kind of notice. very heavy rain though still falling at the center of this. heavy rain also falling in the outer bands, that's the outer bands is what's going to keep places like houston under the flood threat but in the short-term so the storm came onshore around rockport, over towards port levaka, victoria, texas earlier today had a report of 16 inches of rain still getting heavy rain and you get the idea if you already have those kinds of rainfall totals and we have four to five days that's why we are watching incredible rainfall totals these models have been so consistently putting up these numbers that seem unbelievable to us that when you see the model run day in day out we're about four days where we've seen these kinds of numbers we start to have more faith in those numbers so get ready especially where the storm came onshore but you get far
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away from this towards the houston area still a lot of rain one good piece if there's any good piece it's for louisiana where we thought the storm might trend farther towards the east, that would have brought your rainfall totals up in louisiana, maybe into that 8-12-inch range. i don't think we're going to see that. that's certainly good news for the folks in louisiana but the bad part guys is now all of that is certainly looks like at this point or most of it is going to stay in texas causing the flooding there. >> todd: back and forth if you think about it a number of years ago with katrina people being evacuated to houston to the astrodome and having to stay y there and many of those people now currently live in houston and never went back. >> reporter: so true and one last thing about three weeks ago remember the flooding we had in new orleans from a big thunderstorm they had right there that brought nine inchesev of rain causing incredible flooding. it's a great thing if we don't get this moisture in to the new orleans area at least great for new orleans. >> abby: rick you've been stellar all morning long. casey stegal is live in
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galveston texas where he's been all night and morning long this is a place that is unfortunately used to hurricanes.. we're seeing a lot more rain where you are and a lot of people without power this morning. >> reporter: you're right about that. the national weather service just issued a flash flood warning for the galveston area. you can see why. you know how everyone's iphones and mobile phones get the emergency alerts? they all went off in unison not long ago alerting us to this and this is what we're talking about when we say it is a two prong threat. you initially had landfall and the danger with the winds and the storm surge but the really big story is rick and griff jenkins and matt final of our colleagues stationed up and down the coast have been talking about is the threat of flooding. this is why, because the ground have this for days and days
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according to all of the forecast models, so it doesn't take long for it to start filling up roadways and things like that very quickly. if there is a good bit of news in galveston where we are is that they do have a whole lot o. experience doing this and a lot of the buildings and we've shown you video from here we have shot , homes up on stills and everything is elevated as much as it can be so that when you do have hurricanes and tropicalca systems they are at least systems they are at least see live in galveston at this hour the rain is coming down and interestingly the wind has subsided a little bit but we have these bands and it is very intermittent. i sound a little bit like a broken record because we've been talking about this since yesterday. when these bands move in, it is when these bands move in, it is pretty intense and you've got intense rainfall, intense wind, and then it's really strange it
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might do this for 10 minutes and then it lets up and it will be looking as if it's almost clear ing almost but you might go an hour without rain and then it comes down really hard again like we're experiencing now so it's hit and miss and it's going to be touch and go for the next several days, again big picture here national weather service at the national hurricane center the national hurricane center advising us this flooding potential won't move out of here until at least tuesday and that could be devastating for people who are already water logged. scott? >> todd: live for us in galveston texas. a lot of people worry that would have been ground zero but people are tripping to understand where is ground zero? where is the worst hit area and it looks like at this hour that rockport, rockport, texas is ground zero for the worst of this, cell phone towers down, crews trying to get there and they can't almost impassable to
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try to get there, cell phone towers so people don't have cell service of course power outages and this is the big story of the day what happens in rockport, texas could be the story of the day as we start to assess it. no one is there yet. we can't get any images out of that area. >> abby: these hurricanes to your point are so hard to predict exactly where the eye of the storm is going to ultimately make landfall. it's liking like as you said rockport is where it has been most of the night. this is video we got in this morning we're just getting it in in the past hour or two because there is zero cell service in rockport, this is video of the fairfield inn. this is a news crew just walking down a hallway there. you can see the towels. just the damage that is done inside the walls of this hotel. we have outside footage as well of the fairfield inn that shows the damage of the stuff taken off the walls of the hotel just from the strength of the wind. you can see it right there. the damage that has been done this is just one video. how many will come in throughout
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the day we haven't received yet is because we don't have cellhn service. >> todd: satellites get that info up to us from local news stations so think about all of the other videos and stuff we will see as this show unfolds over the next few hours and keep it here on fox news. >> clayton: to abbey's points the difference of a few miles e one way or another can mean the difference of you having a house when you get back and not. >> reporter: think about everyone. coming up texas lieutenant governor dan patrick will join us live with an update on thehe state's response.g >> todd: and president trump is up and tweeting about hurricane harvey this morning from camp david as he faces his first natural disaster as president. it's always a test for a new administration a live report from washington on that straight ahead. conomies and good for our domestic economy because it adds transformation change and opportunity. from our perspective at cadre we are innovating in real estate. we want more people to have access.
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the only way that was available in successful was because we innovated. we said this existing real estate investing model does not work and we want to change it for the better. the most important theme that needs to be pervasive and continue to be so is innovation. maria: one of the things as you want to rollback red tape. that's one of the things the president has talked about so far making it easier to eliminate the red tape. do you see that happening and is it easier for you to take the company forward? some people say that's not -- that's why they are not going public. there's too much brockers the. >> there's a lot of friction in d.c. and real estate. if you really take a step back and think about the big industries of our time they are deeply entrenched. real estate is an industry that's been built on efficient bureaucracies, health care. a lot of the infrastructure government so i think it's more
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a function of needing to take alone approach the marathon to build these companies and platforms and industries that are very very hesitant purposes in the best companies are able to continue to raise capital. in our case we were overprescribed at 130 million today because investors understand. we are transforming something that doesn't happen overnight and i think that's probably why more companies are staying private in the ones by the way that don't have the business model they are not staying private or they don't exist. maria: do you agree with that in terms of the regulatory environment and any changes you want to see? >> generally our industry is about innovation and regulation. what we have discussed is exactly the case which is we want things that will help us move forward and move faster not things that will slow us down. that's the general approach. from a next-door standpoint where about the local communities have a look at less at what is happening nationally and what is looking -- looking
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at what's happening locally. they are laws regulations would happen on the local level not just the ones where focused on but in general our industry is about trying to create ways for companies to do things faster, to do things better instead of slowing down a little bit and held back. and. maria: shareholders focus on the business model dan. >> is regulation decreases the next question is can these become businesses so a pretty substantial amount for my the greatest media companies and they don't do that often so they obviously saw something in brit. brit would he do with net capital and what is the business model with branding company? >> a lot of people don't know is when i was starting at i did so because i was at google beforehand launching a product which is now turned into chrome cast. 2009 it was standing on the doorstep of every major television network
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>> todd: 15 minutes after the hour now we want to show you this picture sent to us by our crew there in houston. griff jenkins, aj hall you see a number of cars under water there at least the bottom halfs are and just underscores the nature of the flooding that you see in houston as griff mentionedg multiple times throughout the morning it is an area once it's past one inch of water on theio ground is prone to severe flooding. >> abby: i was just reading a wall street journal article this morning about why houston is so prone to flooding in recent years and they were saying how the ground most of it is made up of clay.th so it doesn't absorb the water which makes it really hard when eve an inch of rain gets in that part of texas and we're expect ing maybe up to 24 inches from what we've heard. >> clayton: sand and clay doesn't have like the new jersey saturation where it rains every day and you could be fine so this is also president trump's first major national disaster and a test of his young administration. ellison barber is live in washington d.c. with more on how
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the white house is responding to all of this good morning ellison >> reporter: this is considered a major storm and a major test for a young administration. the first potential test of how they will respond to a natural disaster. one republican already warned president trump not to make the same mistake president bush made with hurricane katrina. president trump replying this morning saying he got the message loud and clear and the administration has "fantastic people on the ground who got there before the hurricane." he ended the tweet by saying so far, so good. the president is at camp david this weekend. his team says he's closely watching the hurricane andne president trump reiterated thato in another tweet this morning writing in part "we are leaving nothing to chance, city, state, and federal governments workingk great together." trump signed a disaster.. declaration yesterday to provide federal aid to texas before the brunt of the storm was expected to hit the state. he also posted a photo from the oval office the white house says
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it shows trump receiving a briefing from fema administrator brock long, his chief of staff john kelly and his counterterrorism advisor tom foster. foster says the president and his team are coordinating with local officials but people really need to listen to those local officials in order to stay safe. >> i'm telling you from my own personal experience it's important in every emergency and i've been through a lot of them to remind people to listen to their state and local officialsi because inevitably people don't and they end up thinking they wish they had so you have nothing to lose but your life. >> reporter: the white house says president trump is going to visit texas and they're making plans for a trip early next week abbey, todd, late or? >> reporter: ellison barber live for us. >> todd: coming up next texas lieutenant governor dan patrick will join us live. >> abby: curt the cyber guy learns how to predict the impact of major storms after he was trapped in hurricane katrina. he joins us with the life saving text you need to know right now.
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stay with us.
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maria: welcome back treated. we are back with a roundtable today brit moran ryde williams dan rosensweig and narrative. your thoughts and discrimination.
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let me start with you. >> do i believe in gender discrimination? yes. maria: do you believe it's happening? >> it's happening. i believe in 100% of the cases it's happening that i believe there's a lot of unconscious -- however it's the premise of the fact that there are 7% female venture capitalists and civil con valley and we have an idea that resonates with women in resolving a problem that women have it's difficult to get that across to his 60 or 60 or a white man. maria: that's a good point. you find talent you need in today's environment? he talk about h-1b visas all the time and the efforts that president trump has been making in terms of trade and immigration changes. can you find the people that you need to work or do you feel like like --.
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>> never enough people, great people for us to hire that's either because of things like h-1b problems are primarily because there were so many great companies that are looking to hire the same kinds of people and. >> barrel for 4000 companies so the thought that we can hire >> todd: well the eye of this storm would fall on corpus christi texas it didn't but that doesn't mean that it didn't also face enormous devastation there. overnight at 2:30 in the morning large house catching on fire, fire crews responding trying to keep other houses there right near the water from catching on fire and they did contain it but this is just some of the devastation that we're already seeing in corpus christi texas overnight. >> abby: that's in padre island right as you said where corpus christi is. that's where they thought the eye of the storm was going to be rockport has seen probably some of the most devastating things happen to that part of texas. we want to now bring in joining us on the phone lieutenant government under of that state of texas dan patrick.
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lieutenant governor good to have you with us. unfortunately under these circumstances i have no doubt you've been up all night what can you tell us this morning? >> good morning. well first of all i want to thank our brave responders, our fire and police, whether it's the state level, highway patrol or at the county level or at the city level. they're risking their lives to help others and also from a state level at a county level, in a short period of time, abbey and todd and clayton, the state was able to ramp up very quickly you know, we have been through this many times before. not storms that will bring us 30 or 40 inches of rain every day. that's a large amount of rain some areas may get more and not a storm that will stay onshore this long but we've been through many floods and many storms over the time and our people at every level are very qualified, very prepared. the governor was on top of this, very early. i you know you have to remember
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that last weekend, skies were sunny along the coastal areas, there was this tropical depression over the yucatan that everyone thought was going into the gulf and it turned into a tropical depression headed this way, it grew very rapidly as you all know and so it was a very short period of time. also want to thank the white house. i know that the governor and the president have talked and the president has offered the governor whatever has been requested and they have been on top of this as well, so we are as prepared and as coordinated as we can possibly be. no one can handle this, texas- sized storm better than texas; however we're going to have a long week ahead of us with massive flooding, unprecedented in some areas and this storm quite frankly and i know from your own meteorologist and all of our state folks are looking at this, this is still very unpredictable for the next several days so all of the people of this area for our folks in the coastal areas and
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from the coastal the way to san antonio which is about a couple hundred miles from houston to san antonio another couple hundred miles you're talking about a massive area of hundreds and hundreds of thousands of homes and a million plus people just in the major area and then if you get into total houston you're talking about millions of people that's san antonio.bl this is going to be hitting people today, tomorrow, monday, tuesday, wednesday, some areas very hard some areas not so hard but everyone will get a lot of rain. >> clayton: dan i have to ask g you about rockport. as a news crew we've been trying to get information out of rock port. cell towers down there is very difficult and we have some images we were able to get from local news crews in that area but very minimal at this hour and it seems like that is the big story rockport, texas as perhaps ground zero for the damage. what are you hearing from the state level as far as emergencyn crews getting into that area. what are you hearing about the damage there that we cannot get
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from cell phone coverage? >> reporter: well of course communication is difficult everywhere, that sums it up now for several hours, making it a little safer for people to try to travel in and also beginning to get images out, but the state along with our count itches nowf will respond to those areas and of course they have to assess the damage for themselves but as they make requests, governor abbott put about 700 of our guard on alert and really there wasn't a specific spot to send everyone, we knew the general area of course where the storm was going to hit corpus or rock port. we kind of narrowed that in the last 24 hours but they're staged so that they can respond where as needed and they will respond appropriately where needed. it's the same thing with the flooding. look, we have some of our rivers west of houston, columbus, texas , they've already had seven or eight inches of rain in some areas.
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right now east of houston again that's over 200 miles roughly 200 miles from rockport, east of houston now getting three to four inches of rain an hour in areas. so when you see these forecasts of 25 and 30 inches of rain it's cumulative over several days. >> todd: speaking of houston we'll go to a reporter dan patrick thank you very much lieutenant governor the state of texas appreciate you taking the time on a very busy morning for you. let's go back to houston griff jenkins live in houston with the latest on the situation there and griff, we saw your shot earlier of cars flooded out i don't imagine that situation is getting any better. >> reporter: certainly not. let me just show you the pictures we're in that same location of keegan's bayou in southwest houston and in this parking lot you'll see four cars submerged in that parking lot but the big problem everyone warned about and we're just at the very beginning of what is expected to be a imagine or
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catastrophic flooding event for the city of houston is a road just like this just off the southwest freeway, best belford road. a major thoroughfare we haven't seen anyone go through because we believe this to be at least over a foot. guys, just look over here at this car. this black car. it is literally at least a foot and a half if not two feet under water. granted, that is a parking lot and we can see from the terrain to get perspective if you have a low lying parking lot something like this is going to flood but the road is the story. this is what they feared was going to start playing out. this is going to cause major problems for the city. when they compare we've heard it before the comparison to tropical storm allison in 2001 and the damage it inflicted 23 deaths in texas and some $10 billion worth of damage, this is the very beginning. we are expecting these bands from harvey to keep coming
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through and keep causing situations just like this and we've heard at least now 15 high water areas across this area. we're going to keep searching for you guys. >> abby: this is a city that's not built for rain. griff jenkins live in houston. we'll check back shortly thank you so much. >> todd: the heavy rain from hurricane harvey starting to slam texas right now and it's only going to get worse as you saw with griff. our team coverage on the ground continues next.at we'll be right back. consumer prices a market mover. pending auto sales and jobs report always a market mover the major indicators to keep an eye on on. we will see how the jobs numbers take off and impact the market. earnings season the slowing down now but there are few names. abercrombie and fitch best buy and campbell's soup reporting quarterly numbers. tune in next friday at 8:00 p.m. eastern for another edition of "wall street week" with we will see you then and i will see you
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on the "fox news" channel are for sunday morning teachers. catch the show at 10:00 a.m. on "fox news." that will do it for us now on "wall street week". thanks for being with us. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. lives were destroyed from coast to coast as the economy tanked. now it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show,

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