tv Making Money With Charles Payne FOX Business November 7, 2017 6:00pm-7:00pm EST
complain about tax reform. spoke about 15 minutes we'll continue to bring you any developments on that story. doesn't matter about zero vote, as senate republicans try to avoid democrats. thank you for watching charles payne is making money. take it away charles. >> charles: thank you very very much. good evening i am charles payne gop pushing tax reform and what the senate expected to release their own plan in the house on thursday while they're expected to vote on their plan next week. several hurdles remain and we'll talk about them but first the major story of the hour with implications for 2018 and beyond the voting and races in both new jersey and virginia coming to an end soon, polls closing in virginia at 7:00 p.m. , 8:00 p.m. in new jersey we're covering them from all angle our very own covering the new jersey race, and adam shapiro covering the virginia race both let's go to adam first >> adam: as you said, this is a race that people are watching nationwide, virginia just one of the tests that could spell the
future for the midterm elections but here is what the democrat ralph northam said early this morning about all of this. he said, "we are the bellweather people are looking at us to see what direction we go in it. they want a governor who has some fire in his belly who will stand up to the detrimental policies coming out of washington and someone who can take virginia to the next level. so that was ralph northam, he did vote earlier this morning as did his opponent republican ed g illespie, who voted earlier this morning. now president trump who has tweeted on be half of ed gilles pie, you might say campaigned but he did that without coming to virginia, now robocalls to gel espy supporters to get them to the polls the president telling them if you let ralph northam be governor he will be a total disaster for your state. he's weak on crime, weak on immigration and is your lt. governor he's driven your economy right into a ditch so the bottom line charles the country is really watching this election especially political
pundits, republicans, democrats, the outcome of this race crucial and the polls have tightened in the last couple of weeks. it is neck and neck. back to you. >> charles: adam sha pir a thank you very much now connell mc shane in new jersey with the latest. connell? >> connell: charles i know you know the state quite well and with the two term republican. >> governor: your chris christie unable to run because of term limits it doesn't mean he's not a big part of the story in this race in fact because christy is so unpopular in the polls the democratic candidate phil murphy former goldman sachs executive is trying to make the race the best he can and he also talked about raising taxes on upper income new jersey residents and we were with him when he voted in the red bank area earlier today. on the other side lt. governor under christy running to try to replace him. she's trying to lower property taxes, she's gone on the attack against murphy on issues like immigration, but christy continues to hover over this race. one of the big issues as it
always will be or one of the big questions charles is about turn out. four years ago when mr. christy was reelected there was a 40% turn out in the race and there have been some projections that today and tonight the turnout could be even lower than that. it will be something to watch with the polls closing at 8:00 p.m. eastern. back to you. >> charles: thank you very much connell mcshane. now i want to bring in corey stuart the republican candidate in the virginia senate race. corey thanks for joining us. >> my pleasure. thanks for having me on. >> charles: tell us how you feel we've got an hour left before the polls close there. your state neck and neck really all eyes are focused on virginia i think what northam said it's right. it is a bell weather and a proxy not just for the nation but perhaps for 2018. >> well i think it is definitely true in virginia. if we win or even come very close in virginia, it does prove that virginia's enemy and that it is possible to knockout tim cane as ed gillespie went further to the right and did hard edged ads more in tune with
what i was running earlier this year and the president, his poll numbers increased and that shows what virginia is looking for and that's why we may in fact win tonight. >> charles: corey you in fact were, you can almost argue that gillespie borrowed your template how to run and compete in this and issues like immigration for instance became a hot button issue. why is that and explain how the democrats overreacted particularly from the latino victory fund. >> corey: well look all of virginia is very concerned about illegal immigration. you might not think if that's true because virginia is not a border state but we've got ms13, other illegal alien criminal gangs and they're not just in northern virginia, they're all throughout the state and all along the 81 corridor in western virginia and it is a serious issue that affects not just republicans, but even a ton of independent voters are concerned about this as well pass a lot of moderate democrats so that's why ed gillespie moved in that
direction and yes he has borrow ed a page from my playbook from earlier this year and to his credit he's done it and as he's done so he's improved in the polls. >> charles: let's talk about the post mortem on this one all said and done no matter who wins a lot of apolitical folks maybe people in the middle will say this thing got ugly. a lot of mud sling and name calling and talk about race and things like that and if this is what it takes to win elections in this country, we're for a long slog. is there a chance post-election healing at some point in this nation? >> corey: look all this talk about healing and unity it's a bunch of garbage. at the end of the day people a lot of traditional americans, republicans not just republicans but just people are sick and tired of the political correctness, working class americans, they want a fighter. they want someone whose going to fight for their values and want somebody whose pushing back on illegal immigration and want someone whose going to fight for the trump agenda across country including virginia. that's what they want, that's
what i'm going to give them next year and as ed has moved in that direction people have been warming up to him. i don't know if it's enough but as he's moved in that direction his polling numbers improved as well. >> charles: are you willing to say you are willing to take a symbolic victory of sorts because i'm pretty sure it's a lot closer than any of the experts think. >> corey: well i think that's right. what do they say? immitation is sincere form of flattery. his campaign does sound a lot like the one that iran against him, so i'll take it as vindication, a victory. >> charles: corey stuart good luck and i really appreciate your straightforwardness every time. >> thank you. >> charles: to our panel now fox news political contributor also member of the independent women 's voice board of directors and a washington times columnist , amy holmes reports political analyst. ladies, corey stuart pretty straightforward there.
forget about political correctness, forget about heal ing. people want jobs, people want to get rid of gangsters, people want to get rid of illegal immigration. was he spot on? >> i think so because now look the issues of race in this country are very important but now it's kind of been used as americans are not really listen ing to those arguments. what we all have in common and what makes america work for everyone is wage issues, jobs, crime, ms13, of course latino community all of that so the issues that are running effectively which are donald trump issues affect everyone so you can address those issues. gillespie, this is one of his benefits and i think he's going to win tonight is even when he was running for the senate is he reached out to african americans , he went to churches, republicans normally didn't go to. he addressed all these issues republicans had given up on certain communities so that's going to pay off for him tonight as well as the fact that hillary clinton is on the ballot. that all this stuff with brazile
, the dynamic in washington, all i think virginia ans are really bad taste in their mouth when it comes to the democrat party. >> charles: northam is also in an interesting pickle amy because he actually is saying too he would be against sanctuary cities, and that turned off a lot of the national prominent democrats, but i think he's starting to see reallot in the air that you know what? i've got to attack as well. maybe that's a victory no matter how the outcome is for bannon/ donald trump. >> that's an interesting point it could be a victory in terms of policy and the safety of virginia citizens of even a democrat has to flip flop and now say that he is against sanctuary cities but i do want viewers to remember virginia went blue for the last three presidential elections. hillary clinton won virginia by six points so tonight, even if mr. gillespie doesn't win he loses by two points that's not a good night for democrats. it shouldn't be this close and even julian epstein, former hill
staffer on this network this afternoon said democrats should not be happy that it's this much of a nail biter. >> they're effectively tied and northam should be seen as the incumbent and the fact that he's tied and can't get out of that and can't get away from gilles pie is why he will win. >> one thing i would add to that too we aren't going to have hugs and kisses and everybody gets a pony, but i think virginia voter s are also demonstrating that while they want a fighter they want somebody fighting for the future, not fighting against donald trump, that mr. northam has been running a campaign against the president of the united states and that really hasn't given him a lot of traction. >> charles: the referendum on donald trump you're saying north am has already lost if that's the case. i think he has when he's tied up and trying to attack donald trump and voters say what will you do for me and do for virginia. >> charles: national implications from this no matter what. >> i think this sends a message unlike special elections with what was going to happen next year. this one will primarily because of the makeup of pennsylvania,
because of the history of it being blue, and so when you have a shift of that nature, with certainly someone like gillespie , well known it sends a message that the republican base will turn out even though gilles pie stayed away a little bit from the president the fact is that the enthusiasm remains with the republicans and certainly it's the opposite for the democrats. >> charles: but to that point, virginia a blue state goes red. >> that would be an earthquake. >> charles: embracing president trump and steve bannon to a degree, that is the template for the rest of the republican party across the country, no matter where you're running you understand how you must run. >> absolutely. it would be an earthquake tonight if ed gillespie wins the governorship of virginia and when democrats say this is a referendum on president trump they only like it when it works in their favor. remember 30 million democratic dollars, 12,000 volunteers and he lost. >> charles: a little bit short maybe he will move into the district. thanks a lot ladies. well, coming up democrats are in
distress as we learn more about the clinton's campaigns ties to the dnc and donna brazile filling it like crazy that's party future in serious doubt. we'll be right back. think your large cap equity fund has exposure to energy infrastructure mlps? 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
copdso to breathe better,athe. i go with anoro. ♪go your own way copd tries to say, "go this way." i say, "i'll go my own way" with anoro. ♪go your own way once-daily anoro contains two medicines called bronchodilators, that work together to significantly improve lung function all day and all night. anoro is not for asthma . it contains a type of medicine that increases risk of death in people with asthma. the risk is unknown in copd. anoro won't replace rescue inhalers for sudden symptoms and should not be used more than once a day. tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. these may worsen with anoro. call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. ask your doctor about anoro. ♪go your own way get your first prescription
free at anoro.com. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.
whentertaining us,es getting us back on track,hing? and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data and can easily switch between pay per gig and unlimited. no one else lets you do that. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit or go to xfinitymobile.com. >> i'll call bernie to explain to him that there was cancer that i could not destroy. the party was broke and she gave the party a life line of resources in order for us to compete and that's what she did for the general election. >> charles: former democratic national committee intern chair woman donna brazile is speaking out about why she revealed hillary clinton's campaign deal struck with the dnc, the democratic establishment now seeming to be unraveling right in front of our
eyes in today's election results may be another sign of things to come for the party. joining me now to discuss tera westwood, and the daily caller editorial director. let me start with you. a cancer i could not destroy, donna brazile also saying "i do not report to the democratic establishment." this is serious serious party implosion. >> well clearly, yeah the democrats have never really undergone collectively an attempt to really take a look at what went wrong in 2016, why the party infrastructure was allowed to be so neglected over the past eight now nine years, why they failed to reach out to blue collar workers so that has left a lot of these major questions to just fester over the past few months and they're not getting any easier to answer as democrat s lost a series of special elections they thought they would be able to contest up in the northand race is closer than they had hoped it would be so they're obviously a lot of un
addressed problems and what you're seeing is this really painful process of the party reckoning with questions about whether they want hillary clinton to continue speaking for the party or if there's this acknowledgment she is deeply unpopular and maybe the party does need to move on from allowing her to be a standard. >> charles: i think it would be amazing they do want her to speak. donna brazile also ripped debbie wasserman schultz over the perks she had and listen it was the height of aerogance, the campaign was the height of aerogance, the way the dnc ran itself was the height of aerogance and they thought they would whistle their way on to the throne if you will and everything has been derailed since. >> yes it was and anyone who thinks donna brazile or pretend ing donna brazile is explaining that's not real is spreading a fiction why was debbie wasserman schultz fired just before the democratic national convention? because of that very corruption they were tilting the scale in favor of hillary clinton and the delegate it supported bernie
sanders were furious about that and she couldn't get in a convention where it was divided against itself already and now we find out from donna brazile that the cancer ran deep and i think that it's very intentional on her part. not just to sell books. donna brazile wants to continue to be apart of the democratic party. >> charles: but she is signaling that the new democratic party will be the bernie party right? isn't that the signal that we're getting from this? >> yes, this is a rejection to the clinton/obama establishment. she's looking to the future and now what you have is democrats going through conjunctions over the past few days who are upset that we are "relitigating the election" when that's the very thing we spent a lot of time doing since election day last year. >> charles: sarah it's interesting 365 days ago the big topic was what will the republicans do after this major defeat, [laughter] how will they pick themselves up the party will have to dismantle and put itself back together again and it turns out that was the script for the democrats. >> sarah: exactly and it's not
clear they've found a path forward. i mean beyond even just the broad strokes of the fact that the party doesn't know whether it wants to be economically populous or progressive, i mean a great example is just look at how the northam campaign has been run. a few weeks ago he listed a contribution and a political ad that showed a truck with a gillespie sticker trying to run over minority children and flash forward a couple weeks and he's suggesting he might be open to changing his position on sanctuary cities given the strength of opposition to those kinds of policies and the problems virginia had with ms13 so even in this one campaign you can see the kind of cognitive things democrats still have over these kinds of issues. >> charles: cognitive distance is the right phrase. thank you both very very much appreciate it. >> thank you. >> charles: meanwhile tax reform underway big time in the house and very important fiscal conservative group has been slam ming the bill all day long we've got those details for you. can the gop get it right? keep it here on fox business.
mos 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.
i enjoy the fresher things in life.o. fresh towels. fresh soaps. and of course, tripadvisor's freshest, lowest... ...prices. so if you're anything like me... ...you'll want to check tripadvisor. we now instantly compare prices... ...from over 200 booking sites... ...to find you the lowest price... ...on the hotel you want. go on, try something fresh. tripadvisor. the latest reviews. the lowest prices.
>> charles: all right the countdown has begun house republicans planning to bring a tax bill to vote next week but the very influential conservative group says this bill is an example of class warfare. club for growth president david mackintosh stating while the corporate tax cut leads to increase in our nations gdp the rest of the provisions on individual taxpayers fails the pro growth test. here to discuss now texas republican congressman brian bab bon. thanks for joining. >> thank you charles good to be with you. >> charles: it's great to have you because this is a serious issue the clock is ticking and the barbs are coming from all directions including conservative groups saying this is class warfare being conducted by the republican party. that's the kind of headline i thought i'd never see. >> that is a strange turn of events. quite frankly, i believe that i wish that everyone would have a lowering of the brackets but
we're being accused of granting tax breaks to the rich and i can understand where the other side is coming from as well; however i will say this charles. with the tax breaks that we are getting with all the other facets of this tax reform package, everyone is going to wind up paying fewer taxes and we're going to see i think a lot of growth come out of this with our job creators down to 20% for our corporations, 25% for our pass throughs, doubling of the deductions and the things that are going to be good to make sure that we can start this growth. it's going to take growth to get us out of a $20 trillion debt hole that we're in. >> charles: and post 3% gdp which is something that we haven't experienced in a long time. i do before i let you go sir want to ask you about mueller
because i know that you have been a strong critic some of your colleagues suggested he should step aside last week but over the weekend paul ryan and others kind of circled the wagon s around mueller saying hands off. he's off limits. what's the message to the american public should take from this because he seems like he's conflicted in his current role. >> i think so too. i'm very much of that opinion, when would the revelation came forth that he was at the fbi during the 2009 investigation of the uranium one corruption that was going on of russia that's where the russian collusion was occurring, and then when sifius approved the sale of uranium one and we were told that there would be no export of uranium from the united states, because we wound up losing 20% of our uranium resources to russia and then come to find out they were exported anyway, even
without a license. they were piggybacked on to a trucking firm and sent to these uranium resources went to canada and then to we think europe and asia. >> charles: and we thought about this also bill clinton speaking fees $140 million in the clinton foundation. i mean there's a lot of smoke and perhaps a lot of fire as well. congressman babin, thank you very much really appreciate it. >> you're welcome thank you charles. >> charles: back with us facing the gop and tax plan sarah and same it holmes. wall street journal has been very critical saying the plan faces a tremendous amount of problems, individual deductions, child tax credit, pass through income taxes, foreign payments, debt and deficits to start the list off. i mean are they going to get this done? >> they're going to have a lot to be doing because you have to remember on the senate side-- >> charles: is that like karate? >> something like that [laughter] on the senate side, you have those republican moderates that are going to want to see a tax plan that leaves a
little bit to the left more than so say rand paul or conservative s would like, but charles i have a real problem with the tax plan that seems to be punishing political opponents , like so for example, we don't care about all those high earners in blue states an blue cities and we're going to raise, limit mortgage interest deductions to 500 grand and below, et cetera et cetera. that's a problem to say we're going to use the tax code to reward our friends and punish our enemies. >> charles: sarah if you have to find $1.5 trillion you find it in these states that unfortunately, they put themselves in a pickle, new york , new jersey they've got these high taxes, spend a lot of money with major welfare programs and you have someone in mississippi saying why am i subsidizing the mortgages? >> right but there are other problems that conservatives have taken issue with a bill that could threaten to derail it. one is for example, the adoption deduction that's something that a lot of conservatives want to see preserve the tax plan does
away with it and there are some conservatives who want to see that top income rate be dropped, some who want to see more access to the 25% pass through rate, and the problem with that is that when you start tinkering around the edges with this deduction, that deduction, broadening access to certain types of lower rates then you start to see the cost of the tax bill plan rise and see the deficit numbers climb higher and the problem is twofold because it could mess with republicans ability to pass this in the senate without any democratic votes they have to keep the revenue losses to under 1.5 trillion but also when you start to add to the deficit, then you start to lose some conservatives who are fiscally concerned as it is about the addition to the deficit. that's what this bill brings so when you start to mess around with favored loopholes of whatever interest groups when you start to run the risk of that. >> charles: the bottom line is that some things will have to be sacrificed. i'll put it out there i think they get adoption back and hope
they do something with their 25% because it penalizes marriage, salt will go unfortunately the higher tax bracket is here to say ladies that's just my two cents thank you both very much. thank you. >> charles: house republicans working around the clock pushing this tax bill forward but several roadblocks as we discussed slowing them down. we'll jump moo this even deeper because it means everything, look at the market details next.
and everyone age 65 and older needs to hear it, too. the flu, and its complications, can be deadly. especially for those with a chronic medical condition. that's why there are higher-strength flu vaccines- made for seniors. ask your doctor or pharmacist for a senior flu shot. do it today. before the flu... becomes an emergency. dispatcher: 9-1-1 caller: she has the flu, please hurry.
>> charles: well the house ways and means committee continues its second day of tax bill mark ups, the committee chairman kevin brady announcing that the house will vote on the gop bill next week in order to stick to president trump's goal of passing tax reform by years end. but the gop continues to spar over key provisions so the big question is can they stick to the timeline and bigger questions is can they get it done. tammy bruce is back along with eric shiffer, chairman and ceo of the patriarch organization. tammy i've got to start with you because we were talking on our break that you've got the house of course which has gone through all of this drama and it's like you want the machine to come out in the last second to save them but then the senate right now seems like whatever they have is going to be doa anyway. yeah, john mccain literally said that to our partner charlie charlie gasparino that in the current form it's dead and then the drama is at least in the house it's all these special interest groups now are coming into talk to us.
i said this last time i was here on your show. what the house is doing is irrelevant because the senate is going to be the obstruction and gum up the works and they are going to release their version on thursday, which of course doesn't have anything, any relevance at all to do what the house is doing so we're going to be looking at this kind of cluster without any kind of real intent of getting something done and i've said from the beginning i don't think this will happen by the end of the year because the senate does not intend for it to be so. >> charles: eric in fact vice president pence met with the senate gop and we heard from ted cruz and ted cruz didn't sound happy about the higher tax bracket among other things, so we know that the drama is thick, we know the clock is ticking we also know that the gop cannot afford any more stumbles. >> it can't and you know, ted cruz also i think has issues with the whole obama mandate and putting that out there too.
they have to get it right but i'm a believer that it's sort of irrelevant on the house side that this will come down to the red zone where the senate will have a battle with mccain. i think you've got flake, you have a lot of people who are anti-trump who may look at this beyond-- >> charles: are you saying a lot of never trumpers are on the rep side? >> absolutely. i think that there's a personal component to this as well, that i'm concerned about. i really am and i hope that doesn't happen because i certainly believe that this tax plan will help america. it's going to help add jobs and it's going to be great for the economy. i want to see it but i'm concerned about the never trump. >> charles: well is it possible that someone would put personal animosity toward the president ahead of the well being of the american public? >> well of course. >> charles: an elected senator would do that. you really believe that?
>> yes this is how far we've gone when it comes to the nature of whose in our federal government and this is why trump is president because we have seen it, we've seen it go on, it's happening now, the three who were against the house plan corker, flake, and mccain. so of course it's personal. we've seen them facilitate whatever obama wanted for eight years $20 trillion in debt and suddenly they're worried about the debt. no they're not. it's personal, they're bitter and they're leaving and right now they want to do damage i think. >> charles: tammy, eric thank you both very very much. i want to bring in republican congressman from texas lewis gom er. >> sure always good to be with you. >> charles: always great to have you a lot of pressure on you guys right now. so many different special interest groups. how is it going? how is it looking right now? >> well, i mean we're doing fine here in the capitol but there's just a lot of misinformation out there and a lot of us are hearing from different
individuals that are doing calculations based on what they've seen and they think they or their clients taxes are going to be going up and so naturally, they're very concerned, so i think it's going to be important that we get the information out there on exactly how you go about figuring out the tax. >> charles: but the bottom line, sir with all do respect, we know that certain things-- >> all due respect. >> charles: we know there's certain things that are traditionally or conservative orthodox that are going to be on the chopping block and so let's get it out there. what are they going to be? is salt out? is the 39% rate in? i mean, are these realities we have to deal with? if so let us digest it and start telling the american public why that's okay. >> well, and our guests before talking about well you know the senate will have their bill and i know we saw with obamacare the obamacare bill did originate in the senate. they just stuck a house number on it.
i think we could have successfully challenged that in court if we had gonna head and done that, had a sense of the congress that didn't originate in the house because let's face it. the constitution says bills that raise revenue will originate in the house, so this is where it's supposed to start. the people's house right here. >> charles: but can you tell us what's on the chopping block? what do you think will go? >> well i don't know. the thing i'm hearing raising its head and i don't think it's ugly, i think it's beautiful and that is let's eliminate the mandatory requirement from obamacare and that will create hundreds of billions of dollars more that we can put into the tax cut so that we can be assured everybody is definitely going to get a tax cut for sure and just think that would be the better way to go, so i'm hoping we're going to get there. unfortunately there's a bunch of
people making that demand in the senate as well as the house. let's just go ahead and eliminate mandatory requirement and let's use that money to get a real tax cut and then we really will see stimulation, but charles i'm not hearing anything that is merit-worthy to eliminate the 20% corporate tax and you know that's where the real jobs will be created and the 25% i wish they were the same but 25% s-corp. and 20% c- corp. that's still going to create a lot of jobs. >> charles: no doubt about that. i think you're 100% right and i am glad we've not heard anyone talking about tinkering it except to make the pass through rate more acceptable for smaller businesses. sir we've run out of time we always appreciate when you come on because you're a straight shooter, individual mandate we made big news probably going to be up. >> i'm hoping we'll get that in the bill. that would be great. >> charles: thank you very much,
in the meantime stocks had a mixed day again ahead of these two big elections today. the dow posted another high in fact its fourth straight record high 75 since president trump was elected. i'll discuss it next. from the very beginning ... it was always our singular focus, a distinct determination. to do whatever it takes, use every possible resource. to fight cancer. and never lose sight of the patients we're fighting for. our cancer treatment specialists share the same vision. experts from all over the world, working closely together to deliver truly personalized cancer care. specialists focused on treating cancer. using advanced technologies. and more precise treatments than before. working as hard as we can- doing all that we can- for everyone who walks through our doors. this is cancer treatment centers of america. and these are the specialists we're proud to call our own.
>> charles: well we're just moments away from polls closing in virginia we'll have the latest in that hotly contested race between ed gillespie plus more on the new jersey race when we get back. l debt? will they stay true to their words? or did they promise you one thing... only to do another? right now, congress is talking about tax cuts that will add trillions to our national debt and hurt our economy. it's time to tell congress... don't borrow more money from china. and leave more debt to our kids. keep your word. tax cuts shouldn't add to the national debt.
that's why a cutting edgeworld. university counts on centurylink to keep their global campus connected. and why a pro football team chose us to deliver fiber-enabled broadband to more than 65,000 fans. and why a leading car brand counts on us to keep their dealer network streamlined and nimble. businesses count on communication, and communication counts on centurylink. >> charles: well the dow jones industrial average like clock work went to another all-time high closing in on its 75th since election day one year ago tomorrow that's what i call a trump rally but for the most part it was a sloppy uninspiring session as a couple of earnings coupled with more anxiety over this tax bill and of course increasing risk around the world geo-political took some of the win out of this sales but
there's the crude oil rally and now much has been made of this move and oil being connected to this power that you have in saudi arabia. although the story is filled with in treeing the most important news come out of the middle kingdom is its commitment to cleanup the global oil glut, that by the way was triggered by saudi arabia back in 2014 their effort to derail the u.s. fracking miracle. at the time, i thought maybe they would have a victory but the results have been much worse , when saudi arabia began flooding the world with crude oil foreign reserves were at a record $737 billion. crude trading above $100 a barrel so today crude is now 46% from their june high and well the saudi farm reserves it down to 487 billion. the lowest since early 2011; however everyone is crying uncle now. this summer saudi arabia, opec, and russia all cried uncle and they agreed to cap production this also as u.s. producers began to slowdown the increase in oil rigs.
meanwhile virtually every week has seen drawdowns in crude inventories which hit an all-time high 535 million-barrels on march 24 so we've got this combination op ec caps, rig counts hitting a plateau, increasing demand, that's what you call the old 1, 2, 3 punch west texas up 36% since the june low, conventional wisdom at the time was talking about a three handle and there was experts predicting a two handle. now this morning frac stand supplier u.s. silica beat on revenues earnings and also offer ed upbeat guidance for the quarter and next year said 2018 will be a strong year driven by record demand, so with all of that being said, make sure you have exposure to the oil patch. oh, snap. snap just released their earnings results and i've got to tell you they beat the street by a penny and that's where the good news stops the internals were awful they grew less than 3 %, 178 million users just isn't enough. not keeping pace at all with the other hot apps out there the initial reaction you can see on
the board is stock is getting smoked. marriott meantime unchanged after raising its guidance for the current quarter but take two taking off after raising its guidance for the full year. now i've got sad news for you from the world of baseball. former major league richer roy h alladay was killed earlier today when his single engine aircraft crashed into the gulf of mexico. he was a two-time cy young winner and eight time all-star and only the second pitcher in major league history to throw a no hitter in the playoffs. roy halladay at age 40. you can't predict the market. but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.
when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance. or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet.
me now mike baker, co-founder and former cia operative along with herb london center for policy research president and gentlemen thanks for joining us. thank you. >> charles: big headline president trump taking a softer tone if you will, talking more about diplomacy. herb, were you surprised at this because the main street media seemed to be somewhat shocked that he didn't go over there and talk about the missile boy. >> first of all the mainstream media doesn't give him a break at all but what's important to note is the chinese talked about a freeze freeze proposition in the u.n. and it's kind of ridiculous because creates an equivalence between the united states and north korea but what's interesting is the first time the chinese made the admission they could control north korean testing, that's the beginning of the negotiation. that strikes me as a very interesting thing. >> charles: they made that public. >> they made it public at the united nations so again you
could ignore one part of that equation but one part is quite interesting. >> charles: i think it's sort of refreshing too. we've been hearing from rex tillerson and others their backchannels have always been open and that there has been ongoing negotiations and for a while there it looked like we were going to be pushed to the b rink. is there a chance this will end diplomatically and if so what would a deal look like? we could have to give north korea something to abandon those nuclear ambitions. >> it's a 30,000-foot view. herb is right. there's been a shift in the mind set. people lose their minds over president trump's tweets, and that becomes the story, but as you pointed out, there is still work that goes on behind the scenes and that doesn't get any attention, doesn't get credit. people if they, the resist movement or whatever they call themselves now, the never trump ers their concern is in north korea and trump's failure but if you put your partisan glasses down as a logical person , what you don't want? you don't want north korea to
have nuclear weapons capable of hitting the mainland or our allies and at the end of the day , you don't want military conflict on the peninsula, so if you say okay, those are the things we want, how do you get there? you don't get there by the past 25 years of in effective sanctions and sort of behavior on the diplomatic side. you get there by what we're doing which is very aggress every working with the chinese to the point where there has been this shift, subtle shift in mindset, and there could be a moment i guarantee you on the desk there in the chinese prime minister's desk is a file and that file is probably marked " succession." if they wanted to, they could orchestrate and i'm sure they thought this through, the succession in north korea. >> one of the things that i think is important to note is the chinese provide 90% of the food and fuel in the country. >> charles: sure. >> you don't have fuel, you don't have electricity. you don't have electricity you don't have computers. you don't have computers, you
can't fly to north america. so the chinese have great leverage. >> charles: let me just ask you as a middle eastern expert what's going on in saudi arabia. i don't understand it. i see on the surface what's happening here but you read different articles and you don't know who the good guys are and the bad guys are and we know the history of saudi arabia, the way the families have killed each other, how one side of the family gets power from another. should we be concerned? is this something what's the impact on the region? >> well i think the impact on the region is going to be quite profound. the 32 year old crown prince is consolidating power in the country. what he is saying is there are many branches for the founder of saudi arabia but only one branch now that's mine. >> charles: good or bad news? >> i'll tell you why it's good because the only way you'll get modernization and liberal it station is to introduce the kind of reforms that the crown prince has been talking about. >> charles: he's talked to maria bartiromo about those things so he seems serious. >> i'm glad you brought this up.
look this is potentially the most serious and impactful situation going on right now in the world. yes north korea is serious, yes russia and china okay but the saudis this is critically important. the crown prince, 32 years old, what does he want? he's looking to make social reforms and looking to diversify the economy. he can't do one without the other he has to do both. that's a tight rope in a very difficult and dangerous dance. >> charles: i'll tell you he started off with a bang. thank you both very much. coming up we'll take another look at this race particularly virginia and new jersey right ahead of the polls closing implications go way beyond tonight. we'll be right back.
let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. charles: the goab torial races in new jersey and virginia are coming to an end. dave, you shook up the political
world with your victory over the young lion of the republican party at the time, eric cantor. since then those ripples have become waves. you have taken control of it. you understand grassroots politics. and it seems democrats are on their heels? how do you feel about tonight's election? >> it will be a tough one to call. they have a 5-point advantage on the fundamentals. but we have momentum. but there is a huge turnout in the virginia beach area, that's the home of northam. so we'll see whether we can make up for that. we'll have to have a huge showing across central virginia. and northern virginia we'll see what the turnout looks like as the night goes on.
charles: can the republican party claim a certain amount of victory because this race is certainly much tighter than anyone thought. northam suggested he would adopt certain republican things like sanctuary city opposition. it feels like this wave has spoken for itself to a certain degree. >> i aguy with you. i -- i i agree with you. i ran on some of those issues. but the left smeared gillespie. keeping the statues up. you know what that means. it's a 70%. jefferson is effectively shrouded at the university of virginia.
those issues are pretty powerful, and i don't buy into this total negativity thing. it used to be class warfare where at least the democrats stuck up for the working class. now it's all those identity politics. ed did that. at the end he ran on a few issues like the statues and the left blew it up. i don't boy that narrative. i think he has momentum going on some of those issues at the end of the race. charles: there is no doubt that pickup truck ad was despicable. the house, the tax bill, how is that looking for you? >> we have some improvements we have to make to the s corps. we have to work out some wrinkles. we are cutting taxes.
on the other side of the aisle the democrats progressive budget with a $10 trillion tax increase. charles: lou dobbs is kicking off our special coverage of the elections. lou: good evening. at this hour polls have just closed in the state of virginia which is argue bit most of important race to be decided this evening. the outcome could have major implications for next year's hid-term elections. ed gillespie is in a tight race with northam -- ralph northam. we are told by our decision desk there is no t