tv Making Money With Charles Payne FOX Business September 14, 2017 6:00pm-7:00pm EDT
president trump. the 55th record close since election day. charles payne is here now with "making money." charles: the dow did hit another record all-time high. also today, president trump headed to florida to visit irma victims while dealing with tax cuts and daca in d.c. but we have to get to the main bill. president trump's bipartisan push. the president moving closer to moving to protect hundreds of thousands of daca immigrants. but making it clear the wall must be part of the bill. >> i just spoke with paul ryan.
he's on board. everybody is on board. we are talking about take care of people, people that were brought here, people that have done a good job and were not brought here of their own volition. but we have to have a wall. if the wall is going to be obstructed when we need the funds at a later date, then we are not doing anything. charles: what exactly would the ultimate bill tore daca look like when it's all said and done. joining me, christopher hahn, mike lee, and boyd jefferson. and the former coo of the trump campaign and serves on a donald trump advisory board. it feels like this program won't
end in all 800,000 folks on the daca program are deported. having said that, what will the ultimate deal be? >> first, let me say that this show is the jean -- this shows the genius of donald trump. what he does is repeals the current dak and puts a six-month time window on it and you will of a sudden people from scrambling to make a deal. two things you don't want to see made are sausage and laws. i think a final deal with include a law. if there is no wall, there is no deal. that's one of the top ticket items for president trump. we'll see the wall come in. but i know we are getting a wall out of it.
charles: you talked about the necessity of getting this done. to jeff's point. it'slingered over our -- it's lingers over our heads for a long time. will the daca folks be allowed to work in government, will they have access to social security? what rights should they have? >> these are people, contributing members to our society and we need to treat them that way. america's rule of law and american compassion has taken a nice melting pot and turned it into an extraordinary country. the way president trump has done this recognizes both the left and the right have been using immigration to raise hundreds of millions of dollars for political cam pains for way too long.
by forcing this conversation hopefully it gets us on a better path on what should those rights be. we'll balance rule of law with american compassion. charles: we can pat ourselves on the back all day long. but i think a lot of people out there watching are watching thinking we need to draw a fine the sand. if we allow these kids to stay, why is that not a green light for more illegal immigration. why doesn't that open the floodgates for more people to come here? >> again, it depends on how want to showed responsible for those choices. those people hat are here now were brought here as infants and young children. charles: what's to stop the flood after this is done.
>> there are economic forces driving people to this country. we need to develop a system that develops and embraces those economic opportunities. they want to come here and they will continue to come here and congress needs to get to work and deal with that and address it comprehensively. i applaud president trump for trying to get congress to the table to do that. i also applaud him for separating daca from the wall. he said we'll discuss the wall at a later date. charles: president president brought thipresident trump broup today. >> they cannot obstruct the wall. the wall to me is vital. if i don't get wall, then we'll be the obstructionists.
charles: this sounds like it backs up the point you made that any deal with daca will be continue jernt on the wall. this a quid pro quo. one without the other. chris, you are shaking your head. perhaps the term border security sounds like a eve mitchell for the -- sounds like a euphemism for the wall. >> 1986, 31 years ago, the immigration reform act signed by president ray good began included the promise after wall and we never got the call. let's build a wall, then we can talk about anything else. there is nothing that says there has to be amnesty for these people. they can also be permanent legal residents. it does not have to be amnesty. there are a lot of people
against pam necessary city. we have to take care of american citizens first. charts * president trump made it -- charles will be president trump made it clear today this is not amnesty. by the same token, calling it tam necessar --calling it amnes. we are sending a signal that you can come here and you don't have to leave. >> we can look at all these pieces. the problem always in washington is we lump these things into thousand of pages of bill text that nobody has read, nobody knows, false choice and nothing happens. everybody agrees we need border security. we need to have a better
entry-exit system. we need to have ways to deal with the h1-b visas. i believe we could solve 94% of the immigration issue in and afternoon because most of of the left and right agree and then we have a small fees to work on. i think you could get chuck schumer and mitch mcconnell in a room and say we need border security. we need a better entry-exit system. a better legal way. i want border security. charles: do you want a wall? >> no. >> if i want a wall. charles: first of all the
essence of security in -- i was a policeman in the air force -- no one is saying anything is perfect. but when you have to get a 20-foot ladder that's easier than being able to stroll over the border. [all speaking at once] >> we have net zero immigration from mexico right now. why are we throwing good money after bad. trump said mexico was going to pay for it. if he can get mexico to pay for it, have at it. charles: south of the border is a jobs problem, a crimes problem and drug problem. south korea media reported north korea fired a missile eastward
from pyongyang. we thought it would have come last weekend upon so-called founders day. the u.n. voted once in the last week on this. perhaps more los angeles have to come. president trump considers what's next for daca. there is no equivocation. they want that program ended period. after the break. copd makes it hard to breathe. so to breathe better,
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direction, you're boxed. charles: chuck schumer caught on a hot mic saying president trump likes him. now some are questioning the president's intentions on daca. here is laurain laura ingraham'. ann cowl ferp's tweet, if we are not getting a wall, i prefer president pence. charles: steve, you know your odyssey being a donald trump supporter didn't start out this way. you are a straight shooter with
this stuff. what's your reaction to this stuff that daca, one of the key promises cordon * supporters wanted, do you think it will cause problems for him? >> i would caution my allies on the trump train. let's have to patience. this man has not let us down yet. i admit i am puzzled by some of the things it's reported he has said. even though i believe -- they are not kids -- i believe daca adults should be protected because i believe they are a different category that didn't choose to break immigration laws by being brought here. i don't understand why we
wouldn't demand in return for that full border funding. i'm puzzled by his strategy but i believe in the man and i caution patience from team trump. charles: should they be allowed to be full-fledged citizens or should they vote or not vote. >> i'm glad you asked. as much as i have great empathy for them, i emphatically say this is an important distinction, and the president did make that distinction today a couple of times. he said no amnesty. no citizenship or at least not automatic citizenship. if they are going to get citizenship it better be an arduous process. a regular legal immigrant has to go through an arduous process.
they can get legal protection from deportation without having the right to vote. charles will be is there sort of a fair weather effect going on here? i feel like some of the strongest voices for president trump during the election campaign feel like he must answer to them on a day-to-day basis that somehow he must appease them, not understanding he's not running a corporation, a private corporation. he's down there trying to drain the swamp with all these tentacles and moving parts. why aren't they giving him the benefit of the doubt? if he upsets them for one moment, they leap on him. >> i think you are exactly right. that's why i urge them to show some patience and show some confidence in this man we support in 2016 and should support in 2018 and beyond.
i am a bit puzzled at his tactics but i have confidence in the goals, america first. i believe in the overarching goals. what we have to remember, those of us in the trump base. he's take on a washington swamp that for decade has gotten its way almost entirely and run roughshod over the american people. charles: they are a formidable force to be reckoned with. i have got to get back to this news from overseas. south korea's military confirmed a missile was fired in the direction of japan. japanese media is reporting the missile passed over japan.
remember earlier today we started out with north korea and kim jong-un making serious threats toward japan. we'll be right back. easy to thl money managers are pretty much the same. but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management. it can detect a threat using ai, and respond 60 times faster.
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charles: i want to get back to the breaking news from overseas. south korean military confirming the north koreans shot a missile over japan. this morning we got some rhetoric out of north korea. they vowed to quote sing japan for dance together united states' tune and reduce the united states to ash and darkness. we are become accustomed to this daily rhetoric but they backed it up to a degree with this
missile launch. a clear provocation thumbing their nose at the united states and the united nations as well. what's the next move. bret, can you hear me? >> charles, this is extremely provocative. this is something japan is not going to tolerate. they are worried these missiles could hit japan. they will say they shot it over a sparsely populated island. but this is a major provocation. i think it's leading us much closer to the day when the united states will have to consider military action. maybe take the missiles out at the ground. this is something the international community can't tolerate. charles: the united nations passed a watered down version of what president trump wanted.
without a serious sanction that stops all crude oil and trade from china, north korea will not heed the warnings of the rest of the world. >> there were many criticizing the trump administration for accepting a watered down resolution but i'm not one of them. president trump going through the motions of normal reactions to these north korean provocations before he considers drastic economic sanctions or military action. the president even said that. he didn't think sanctions were a big deal. but he's basically checking that box. charles will be fred fleitz thanks for jumping in on short notice. charles: president trump arrives in naples, florida earlier today with the first lady and mike pence to survey the damage done
by hurricane irma. reporter: the president got an aerial tour of the damage, then landed in naples. not in the rich neighborhoods. he went to one of the trailer parks. the trailer parks were batter so so badly. he went to the naples estate trailer park. the president supplied the meal and got in there himself to pitch in and hand out the meals. a symbolic gesture to let these people know they have not been abandoned. he said we are with you 100%. power is still the primary issue. 28% of the state is without power. the president has parades their work. little come forward to people who can't store anything in the refrigerator. who put on bug spray before
nightfalls because it's too hot to sleep indoors. at at break of dawn the lines were forming around the gas station. people walk up with gas cans and walk home with the gas cans and put it in generators. people have died because they didn't ventilate those venerators properly. charles: senator, tell us about your visit with president trump and how you feel about the president's response to this disaster. >> we are absolutely ecstatic with the attention being paid by the federal and state government, the way that the president and governor scott are working together. you heard mike say, power is the issue. my district fort myers and
lehigh acres was completely without power. i have seniors and blue collar workers. they don't have the means to ge two or three days of a storm. we were out for 10 hours doing food and water distribution with the national guard. charles: what do you make of the talk of how much it's going to cost to rebuild. i suspect the numbers will be significantly higher than anyone had imagined. and how much of it should be the federal taxpayer bear the brunt of? >> these are the tough challenges. i have seen some comparisons. hurricane andrew put a million people out of power. at the height of this we had 10 million people in the state without power. just to get a perspective of how
destructive this storm was. in my role in the florida house we'll be look at what did we do right and what did we do wrong? and how from a state perspective should we be preparing for the next disaster. areas subject to flooding and disaster. is that where we should rebuild? these are the talks that we are having amongst the folks in the legislature. charles: we'll be right back.
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>> wealthy americans are not my priority. my priority are people in the middle class, and that's where we're giving the big tax reduction to. it's about the middle class and it's about jobs. and it's about bringing jobs back to the country, bringing back the companies back so that a companies can get a reduction. right now we're paying the highest tax rate in the world. we want to bring that to around 15%. that would make us competitive with china and other countries. charles: president trump doubling down on his tax plan and making it quite clear that his two main priorities are to reduce rates for the middle class and to bring jobs back by reducing the corporate rate to 15%. now, some critics say the president is throwing the wealthy under the bus in order to gain bipartisan support for this very ambitious plan particular particularly on the corporate side, so will it actually help the workers?
back to the panel, sarah westwood, washington examiner white house correspondent, along with steve cortes, spokesman for the hispanic 100, and christopher hahn, progressive radio host and former aid to senator chuck schumer. sarah, let me start with you. yeah, this is a -- this is a delicate balancing act, let's put it this way. the president is trying to thread the needle. he understood that the gop leadership let him down bigtime with respect to obamacare, the efforts to repeal and replace that, so he's taking the bull by the horns, and he's being pretty adamant about a what he wants. >> exactly. i think president trump recognizes that at the end of september republicans will no longer be able to pass tax reform with just 51 votes, they'll need 60 votes in the senate meaning president trump has to get at least eight democrats on his side. he can't do that with a purely republican plan. he has to have some elements in that plan that can appeal to
democrats. that's why you see him focusing more on the kinds of talking points that might be more familiar in the democratic tax plan that the wealthy don't need to have a tax cut, that they may need to pay more, that this is going to focus on the middle class. but notice president trump is not necessarily saying that the rates for the wealthy are going to stay unchanged. he's saying their just going to -- they're just going to end up paying the same. that might mean they try to close some of those loopholes was that's something president trump -- because that's something president trump promoted on the campaign trail. charles: but that would make it harder to get democratic support, because it would hit states like new york, new jersey, california hardest, wouldn't it? >> absolutely. that's why you might see some resistance if the tax rates for the wealthiest americans are adjusted down even just a little bit, and even if a company in closing loopholes were included in that. charles: speaking of resistance, steve, republicans complained for eight years about president obama running up the credit card and destroying the future for
our grandchildren. the narrative is changing a little wit, hey, let's run it up short term because the economic boost we're going to get out of it take care of debt, create jobs and all of those good things down the road. we've seen it done before, it's called supply-side economics. it doesn't seem like enough republicans believe it in anymore. >> right. unfortunately, charles, and they need to read their history books, because you're exactly right. the debt did initially explode, and we ran into a surplus in the 1990s. we can have a similar scenario now. we are long past the point, by the way, where we can politically and even fiscally where we can cut spending enough to address our debt. we need growth. it's the only way. we have to grow that side of the ledger. the main deterrent, in my opinion, has been government, in the form of regulation and taxes. trump's already done a ton on regulation, now we need to do it on taxes, and he's is right, i believe, to focus on the middle class. the main reason that he won in 2016 is for the last decade it's been a wonderful decade, this
slow growth recovery for those at the very top end of the economic strata of america. for the average worker, it's been a very tough slog, so he want withs to deliver relief to them first and foremost. when he does, we're going to see a growth explosion. charles: chris, what would it teenage -- take to get eight democrats? we know there's perhaps at least three moderate, right-leaning democrats that would be low hanging fruit, but eight. is that possible, what would it take? >> i think if you deal with payroll taxes which i think hits the middle class and working americans the most, you'll get a lot more than eight democrats on board. i spent eight years debating you about national debt, now you're all for it? i've also got to explain the national debt and the difference between a budget surplus. clinton had a budget surplus, the debt was still rising. and we do have to keel with the debt at -- deal with the debt at some point, but right now we should let the recovery play its course, and we are seeing --
charles: a good recovery might be more than 1% annual gdp growth. guys, i'm sorry, i've got to get back to breaking news. the south korean military now confirming that north korea has, indeed, fired a missile eastward from pyongyang, and japanese media reporting, in fact, that passed over japan. rich edson is at the state department with more. >> reporter: these reports are coming from the region out of south korea, out of japan that once again north korea has launched a missile over japan. there have been no confirmations from the united states military or u.s. government, these are the types of things we will now keep our eyes open for over the next few hours, to see what the u.s. reaction will on all of this will be. secretary of state rex tillerson is actually traveling back from london right now. he was meeting with his british counterparts. he did speak about north korea while he was there. this is on the heels of the united nations security council approving more sanctions against
north korea, but it fell short of a full-blown oil embargo against north korea. the secretary acknowledged it's going to be very difficult to get an oil embargo through the united nations security council, but the secretary asked china directly as north korea's top oil supplier to crack down on north korean exports or exports to north korea on oil. this is part of a pressure campaign that the secretary of state and the trump administration are leading the try to isolate north korea diplomatically and economically. there has been some success. there are some countries around the world that have reduced their diplomatic relations with north korea, there have been sanctions programs that have passed the u.n. security council over the past month. not to the full extent that the u.s. would like certainly when it comes to a full oil embargo, but there have been economic measures out this. but still north korea continues apparently firing missiles. there was one in late august and now, according to these reports,
another missile fire over japan. a recent nuclear test reported to be a hydrogen test. so the state department acknowledges that there hasn't been a change in north korea's behavior, they say that's going to take time. they say this pressure campaign is working, and as these countries around the world continue to reduce their relations with north korea, you're still seeing these belligerent acts, these tests, nuclear tests and ballistic missile tests. so this is a concern of the trump administration, they continue working on this, but north korea isn't exactly halting or slowing down its pace of testing and firing missiles, charles. charles: rich edson, thank you very much. by the way, there's a report that this missile flew 2300 mile, so again, a very impressive test for north korea, and we must act. we'll be right back. just like the people
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charles: the dow set another record today, the other averages mostly meandered. after the close, oracle beat top and bottom license, but disappointing guidance has shares lower in the after-market. last night i laid out my case for why i'm so bullish on the trump rally, and i think it's based on the return of american excellence. businesses are beginning to invest, consumers are beginning to spend. but there are some threats to the return of american optimism. the federal reserve, obviously a wildcard, they've been accommodative. when they are, that inflates assets, they go higher. so conventional wisdom says if they take away the punch bowl, shouldn't the market go lower? my thought is probably not. and then, of course, there's washington, d.c. dysfunction. can they get anything done?
the trump agenda is pro-growth, if they can get it moving, things are fantastic x. the third thing, north korea? what's going to happen there? geopolitical angst finally hitting the market recently, and i i think from here on out it probably will have an impact. here to help me discuss this, two of the most brilliant economic minds out there, danielle demartino booth, and brian wesbury, chief economist at first trust portfolioings. danielle, just moments ago we had this north korean missile test. equities in the aftermarket went down just a little bit here. what are you most concerned about with respect to our economy and the markets? >> well, i am a little bit concerned about the federal reserve overreaching its bounds at a time when the markets are clearly communicating that they're skit skittish. we just had a moment where the valuation metric as defined by the shiller price to earnings ratio crossed the 30 threshold, so we do know that stocks are
pretty stretched in terms of valuation -- chargs chatter so just to put into layman's terms here, danielle, if the fed gets too aggressive, that will wreck the economy, wreck the stock market? >> you know, i think that the fed is notorious in terms of too late in coming to the party. and they've already tightened monetary policy quite a bit over the past few years. i think that there's enough uncertainty -- and, again, you just said what's happening in the after hours because of what's happening in north korea. i think that the markets are skittish enough to take an excuse of an overbearing and overaggressive fed for the markets to have a correction. charles: right. >> and that concerns me, charles. charles: brian, today president trump actually gave janet yellen a positive shout-out, and i think that helps with respect to concern i think there's also a message to the fed, slow and easy, and you've got my vote. >> yeah. maybe. but, you know, i'm going to question this danielle saying the markets are skittish. yesterday we hit an all-time record high in the dow and the s&p, i mean, the markets are
screaming. people say, and they have been saying for the past seven, eight years, that they're overvalued. this shiller pe has been high for years. so i don't understand -- charles: brian, in your mind -- >> what's skittish? charles: brian, what's the number one threat to this thrall hi and to our economy? >> yeah. the number one threat is if the government doesn't shrink itself. the good news is, is that president trump -- we already have january to august of this year, government employment is down. last year it was up, the year before that it was up, so that's good news. we've also deregulated, that's really positive. we, i mean, we need tax cuts. tax rates are too high especially on corporations. but the biggest problem for how economy is -- for our economy is government is too big. and let me just go to this fed thing real quick. there are $2.1 trillion of excess reserves in the financial system, in the banking system. the fed will be nowhere near
tight until those excess reserves are gone. charles: right. >> that's what tight is. as long as there's excess reserves, the fed's easy. charles: all right, brian -- >> the fed hasn't tightennenned one bit. charles: we've got to to bring you back soon, but we have this major breaking news, and aye got to update the audience. the latest details, the u.s. has now confirmed the north korean missile launch. more details when we come back. y infrastructure mlps? y think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio and add potential income. bring amlp into the game. before investing, consider the fund's investment objectives, risks, charges, and expenses. read the prospectus carefully at alpsfunds.com/amlp
charles: breaking news, a u.s. official confirming to fox news that north korea did, in fact, launch a missile. and south korea says it flew over japan. fox news' rich edson is at the state department. >> reporter: good evening, charles. more reports from the region say this missile was fired from the suburbs of pyongyang, flew over
japan and into south korea, then responded by flying a missile 250 kilometers off the east coast in a simulated drill to strike north korea. that's according to dow jones monitoring reports and what the south korean government and north korean -- following what is suspected that north korean missile launch. the secretary of state is returning from london right now, that's where he discussed with his british counterparts north korea and efforts to try to isolate north korea diplomatically and economically. it's what the trump administration calling its pressure campaign. a lot of that has to do with china. the u.n. security council has just passed increased sanctions on north korea, but they did not have an oil embargo against north korea. the secretary of state pointed out earlier today that it's very unlikely that the u.n. security council is ever going to pass an oil embargo, at least in the near or short term against north korea, that china is north
korea's top oil supplier and that it's up the china to pressure north korea on that front, and doing so would go a long way into trying to bring north korea into changing its behavior and perhaps changing its behavior to the point where it would negotiate. so the u.s. is trying to push all these levers and push the international community to get north korea to act and change its aggression. the state department says that campaign is working, but it's going to take time as countries begin to line up in that campaign. but we still have not seen the type of change in north korean behavior that state department officials are hoping for. they say that's going to take time, especially given now that we've now seen two missiles fly over japan in just the last few weeks, charles. charles: rich, speaking of diplomacy, after that u.n. vote -- which was a watered-down version of what the president wanted -- nikki haley was very complimentary of china, and also she saying, you know, they had a great relationship, he and president trump. but afterwards, more rumblings from the white house that
china's not doing enough, and then stephen mnuchin saying he's actually authored an executive order that the president can use at any time to completely restrict trade with china. it feels like we're barreling toward that ultimate conclusion. i'm not sure why china is putting trade with north korea over trade with america unless they just don't believe president trump will go that far. >> reporter: right. it's a complicate relationship on this and pretty much everything we've seen with china, at least over the past decade. this, the question for china is they look to the u.s., what is the united states actually willing to do, and will the united states really sanction broad sectors or really implement sanctions against chinese companies that are going to hurt the chinese economy. we have seen the u.s. over the last couple of weeks designate certain chinese companies for conducting business. senior state department officials say that they bring evidence to china about their companies that the u.s. says are conducting business with north
korea, china examines it, and they either follow through by correcting the problem through their government, or the u.s. then goes ahead and sanctions the chinese companies from there. so the question is how much is the u.s. willing to push. you saw some of the verbal push today from the secretary of state. the state department acknowledged last week that china is doing a lot behind the scenes, though they won't get into exactly what it is. so they continue to go down this road to try to get china to do so without penalizing china, but then you also have the entire economic relationship between china and the u.s. beyond that. the problems that the u.s. has with intellectual property theft, with currency manipulation at least over the last decade and a half or so and these other issues that the u.s. has had and how that ties in to the north korean picture. charles: rich, thank you very much. rich edson. we're going p to take a look at how futures are e reacting to this missile launch coming up next.
. charles: now back to that major breaking news, south korean military confirming that north korea fired a missile eastward from capital and japanese media reported it flew over japan. consequently, looking at the board. the futures are down a little bit at this moment. want to bring back fred fleitz, former cia analyst with the center for security policy. fred, i got to tell you something, this, the exponential improvement in north korea's ability with these missiles over the last six months has been nothing short of mind-boggling, even very suspicious. this particular missile reached a height of 480 miles, if flew 2300 miles out. compare that to the one they fired in august. 340 miles high, 1700 miles out. this is remarkable, remarkable advancement and many people
believe china and other nations have to be helping them out with this. >> charles, i think there's no doubt of it. this is an important point, there was a compelling report that came out in august that north korean agents apparently had stolen or were given very advanced soviet-era missile engines from ukraine. ukrainians have actually stopped all north korean nationals from traveling to their country. these efforts have become so intense. i think clearly there is massive cheating by russian and chinese agents to provide this material to the north koreans. charles: fred, we spoke earlier in the show, before i let you go, what do you think we hear next? nikki haley is remarkable, strong does, she push her colleagues at the u.n. even more? >> i think we say to china, you know, this is going to affect you. this is going to make japan go nuclear. more missile defense in the region, it's time for china to act. charles: thank you very much,
fred fleitz, another record day for the dow jones industrial average but a big question mark going into tomorrow after the latest provocation from north korea. lou dobbs is next. keep it right here on fox business. lou: good evening, everybody. breaking news tonight -- north korea tonight has fired a missile. this missile traveling 2300 miles east from pyongyang. japanese media reports that missile flew over japan where authorities warned residents to take shelter. tonight's launch following a threat from the north to sink end quote japan with a nuclear weapon. the north korean regime launched 23 missiles this year alone. the previous missile flew over japan as well last month. we'll bring you any developments throughout this br