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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  March 14, 2018 3:00pm-4:00pm EDT

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trish? trish: thanks, gerri. down 211 right now. liz, over to you. liz: we've got a little irony here in this hour, trish, we're awaiting president trump, he will land in st. louis where he'll tour a boeing facility that produces some of the u.s. military's top aircraft including the f/a-18 super hornet. the f-15 eagle as well. the irony to the right-hand part of the screen with the dow down 204 points, it's boeing, that same company that is percentage loss leader right now, down 2%. so the markets began to nosedive around 10:14 a.m. eastern time when headlines hit the wires that the white house confirmed it is seeking a $100 billion reduction, trimming in the trade deficit with china. possibility of an expanding
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trade war making investors very nervous as the administration moves on from steel and aluminum tariffs to tech and telecom to protect american intellectual property rights. we're going to be live in st. louis as soon as the president arrives. after being down as much as 338 points earlier. the dow down 216 but it's paring the losses into the close, nasdaq briefly dipping into positive territory, it's down nine points right now. financials leading the way but back in the red. we're looking at the one company that president trump is going to visit, as i said, boeing, losing altitude at this hour, boeing is one of the biggest losers on the dow and we can see down $8.67, or 2.5%. the interests point it has tumbled below 50-day moving average. since the steel and aluminum tariffs were announced, you see it there. down nearly 9% since just march
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1st. keep this in mind despite the recent weakness, boeing the third best performing stock in the blue chip index so far this year, but not the first. and the blue bird is turning really bright green at this hour. twitter surging 7% hitting a new high. there are rumors swirling around the company's plan to launch a feature that's so popular with advertisers, it's called camera first, and it combines location based photos and videos with twitter moments. this is the latest move to turn around the struggling microblogging platform. still ahead our twitter ninja charlie gasparino has more scoop on the company's future, it is nowhere near five-year high, even though the president is using it to hire and fire people and make those announcements. to st. louis, missouri where president trump is about to land at any moment, he'll tour the boeing plant. one of the u.s. companies that
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has significantly benefitted from the tax plan. still worried about the trade issues but the president is expected to talk up tax reform and economic growth even as this news breaks. goldman sachs and jpmorgan today both downgrading first quarter gdp estimates on weak retail sales that we got out. this as the president continues his turbulence by twitter tour, markets taking a tumble as he put out this tweet -- let's take you live to the boeing plant ahead of the appearance. jeff, it didn't help as gdp wiggles around barely 2%, china's first factory output is speeding up, it looks a lot healthier. reporter: part of a target of this and, of course, that's the fear, though, and a big fear here at boeing as much as they benefitted from the president's policy so far, and you need only to look at the stock in terms of performance over the
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course of say a year, almost doubling in the last year or little bit more, even though it's falling off today. they've done real well, but here's the fear about the future. talk about the tariffs. yes, a 10% tariff on imported aluminum, and boeing uses aluminum almost like no other company. that's not really the fear here. belief is they can get through whatever cost increases there are in terms of the raw material of aluminum. the fear is if you get into a trade war and the likes of companies like levis and kentucky bourbon and harley-davidson, companies that do business overseas, if they get targeted, nobody is in worse shape than perhaps boeing which does 80% of business in terms of commercial planes overseas. you get retaliation like that, they begin to get worried. on the positive side, they assemble not far from where we stand, the super hornet, the
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f/a-18 and a lot of new money in the pentagon budget for that. so with what one hand giveth, perhaps another taketh away, hope it not take too much. the president and nine other ceos of missouri companies that benefitted from tax cuts and they're going to explain to the president what they've done with the money, giving it to employees, other investments that they've made, so the president will be touting that as well. and who knows, maybe talk about his economic adviser thing. i hear that's news or something. liz: possibly. maybe. we'll get to that. but jeff, when you look at the competition out there, very expensive to just start up an aircraft company, so there really aren't many, embraer in brazil, airbus is the consortium in europe, and they have had a beautiful one year as well. clearly that's an issue, and you have embraer, and then bombardier in canada. what are we going to do about
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those? they've had pretty darn good stock. reporter: they have, and the positive though, in terms of tax reform, dennis mulenberg, the ceo of boeing said he would use some of the money from tax reform to lower the prices to better compete with those company us that just mentioned. so that's a positive as well. if you're looking to see where the stock is going, you've got a lot of factors on both sides of the street. liz: jeff, interrupt us when the president comes, thank you very much. reporter: we'll let you know. we'll be watching the sky. liz: trade war fears rattling stocks. but a flock of other black swan headlines could also be muddying the market waters at this hour. yes, you've got all the staff shake-ups at the white house, but the uk expelling 23 russian diplomats and response to the poisoning with a soviet-era nerve agent of a former russian spy and his daughter and the strangling of another russian complainer, and how about the upcoming federal reserve meeting where jerome powell
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will make his very first appearance as fed chair. that's next week. which one of the catalysts has the potential to shake up the markets? let's not forget earnings. fundamentals, teddy, you make your pick here, could be one, two or three. >> i think it's all of the above. liz: knew you'd say that. the issue for the market is that with the tax bill out of the way, liz, it's business as usual, and there's not a whole lot to focus on and so when you get the -- for example, in washington, what appears to be dysfunction at the white house, all these people changing, it tends to create unknowns, and the markets can deal with just about anything, but the unknowns are clearly a problem for the stock market, and there's too many unknowns at the moment. everything has become a little clouded, a little opaque, and i think folks have taken some money off the table. liz: to that point, ira, as they take money off the table, there is one thing that is darn
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sure, that is that the federal reserve will hike rates, teeny tiny bit next week. march 20 and 21st, a two-day meeting. jerome powell, it will be his first and the news conference attached on the 21st. as we see the fed on futures i bet the chances of a rate hike are darn high does, that worry you as we see goldman sachs and jpmorgan downgrading their gdp estimates because retail sales look pretty weak, and then we had an anemic consumer price index and okay ppi, producer price index on inflation. >> i've been on with you a long time, and one of the things i said, good numbers from christmas, then we're going to die off, that's what we're doing, we're getting quieter, i doubt you're going to get four rate hikes this year, i've said that to you, and i think everybody is kidding themselves. did nobody watch "the apprentice." the president is living it out. it's what he's doing in the white house! why is everybody so concerned?
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it's a one-year serial program, he brings them in, spits them out and it's a new show. liz: there is turnover in every white house. right. liz: but the twitter effect, which charlie is coming up, that stock is jumping, puts it right out there. luke, we did get inventory numbers for oil. a rather significant drawdown in gasoline. should we see gasoline prices go higher, though as a consumer we don't want to see that? >> yeah, but we've been saying that how long. crude is not a supply problem but a limited number of refineries. and one big point is the u.s. is not set up to refine the type of oil we're getting out of oklahoma, et cetera out of the shale. it has to come out of other places in the world, right? the refinery capacity is going to keep distillates up, i don't want to be shorted, but there
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is plenty of supply. opec has cut back a lot, i don't see a catalyst for crude to go up on fundamentals. geopolitical, definitely, it can go up. there's a lot of problems, but on fundamentals, i can't see it. >> okay, you're worried about trade war, spy saga, all of them? >> yeah, and i can add to it the iran nuclear deal, saudi arabia and yemen. i mean russia -- liz: okay, don't add to the list! please! we've got enough. >> sorry. liz: teddy, i look at the russia poisoning situation, wars have been launched for smaller flights and smaller issues. you have theresa may in the united kingdom angry about this, she doesn't want counterspies kill people on british soil? >> you can't blame her, it's not acceptable on any level, but i don't think it's the kind of stuff that is going to blow out of proportion. i mean, they'll deal with it,
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do what they have to do, let them fight with russia, give us a break for a while, but i don't think it's the kind of stuff that's really going to negatively impact the stock markets. >> guys, the dow down 260. thank all of you for weighing in. watching the markets very, very closely at this moment. if you look at the dow overall, yes, it is down but the optics look very good for dow component cisco. it and disney, the only two in the green, with the closing bell ringing in 49 minutes. this as it hits an 18-year high of $45.21 on track for first best quarter in 12 years. thanks to beliefs its optical systems are solidly growing. the best year to date position. good news-bad news for ford. the bad news, ford is recalling 1.4 million midsize cars with
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steering wheels that apparently can come apart and detach while driving. the good news, morgan stanley not worried at all. upped rating to overweight with a price target of 15 bucks. had been $10. trading volume $71 million as ford jumps 2.63%. up next, president trump using twitter to fire his cabinet member yesterday. and may use it to hire another member of his inner circle, but why can't the social media giant find a buyer? put itself out there many times, even in the position where the president turn to it to make announcements. charlie's about to make an announcement next on "countdown." think your large cap equity fund has exposure to energy infrastructure mlps? think again.
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. liz: breaking news, the house of representatives has just approved the bill to make schools safer and harden them against potential shootings. in a vote of 407 to 10, what they passed was a bill that would attempt to curb school violence by providing more training for school officials and local law enforcement and to respond to mental health crises as well and throw in money for reporting systems against threats and deterrence, et cetera. but as we look at gun stocks, we should mention, no gun
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control provisions within this house vote. so you see gun stocks pretty flat at the moment. sturm and ruger, american outdoor brands moving slightly above or slightly below the flat line. in other breaking news, economists and media personality larry kudlow officially confirming in an interview he has accepted the job as head of the white house national economic council replacing gary cohn. meantime, didn't come through twitter, trump's favorite platform to hire and fire members of the administration. why are buyers of the stock saying beware when it comes to potential sale? i'm saying big names like disney, salesforce and google. fight or flight reflexes leaving twitter without a net and concerns over the microblogging site, ability to monetize services and high price tag weighing on a number of past potential deals. it's higher now, because it's up nearly 7% on other news.
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somebody who knows a thing or two about twitter. >> twitter trolls and twitter wars. [ laughter ] >> okay, the witches around the brew just cackled around here. >> i know, they saw my twitter feed. i get them all. the anal poet, you name it, they all follow me. liz: that's lovely. it's jumping today, i would have thought it jumped yesterday because for the first time it was used to actually fire the secretary of state how he was informed. >> to me, that is about as low as you get, you can't call a guy up and say i'm going to have to do this? be that as it may. and by the way, most ceos i know, good ceos since this is a business program they talk to a person before they fire them. liz: can you imagine that? >> we sit there and say, here's how we're going to do it and, you know, you leave gracefully, there is nothing wrong with it. >> what surprises people is
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he's got 42 million followers now. that in and of itself should be enough for people to look at this and say we can be smarter than the twitter management and find a way to monetize this. >> if you talk to rich greenfield of btig, he would say the premium is just getting put into the stock. a lot of people spoke about it a while back, the takeover premium was preventing the stock to be bought. if the stock fell 12, 13, 14, you'd buy it. someone might want to buy it to monetize it. greenfield is taking the opposite thing, jump on it now, he's a bull on the stock, he believes what jack dorsey, the ceo is going to point out at a goldman sachs conference is the growth metrics are starting to kick in, that this is a company that has a lot more running room, that you know, and essentially he's making a pitch for it to be bought. liz: but not at $35. >> who knows? liz: you would have to wait until it was lower than 17. >> there is a change of
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consensus among analysts that there is growth here. now the problem that twitter has, i'm still dubious. i'm not an expert on this stuff, i'm a reporter. when you have the troll factor, which is huge on twitter. the russian bots that try to sway the election in donald trump's favor, the trolls that go out there, that don't like anything you say and able to do this through the fake accounts. liz: harassment. >> that diminishes the experience and the power of the ability itself. liz: we should mention that today the markets gyrated and plummeted a bit when the president tweeted that the white house made it official what he had tweeted actually erroneously before saying this they would cut the -- u.s. wants to cut the trade deficit by one billion, it was actually 100 billion. if he's using that as the forum to put out trade tariffs which boeing, where he's about to tour is very concerned about. you now have ceos, have you
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brokerages, have you everybody opening twitter accounts to watch the feed. >> that's the positive you. >> and still nowhere near the five-year high. >> that's the bull scenario and the bull scenario by rich greenfield says it's coming. this is the 20-year anniversary of bear stearns collapse. when i was at cnbc i broke many of the stories on the financial cries and its collapse. i didn't break it on twitter. now i'm on fox business, we have it here. when i would say bear stearns is doing x, lehman is doing this, aig is having this. i broke the story about the harp bailout. you can't wait to get on the air, you have to put it on twitter, fox business' twitter feed, you would think they can monetize. that i'm not saying i agree with it believes monetization is occurring right now. get on the train before you get
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in front of it and get run over. liz: we're going to keep the shot up before the president disembarks. >> of course. liz: i want to ask but a very buyer beware caveat emptor story. elizabeth holmes, i have saved this cover, and there you see her kind of dressed up, but she usually dresses like steve jobs with a turtleneck. she was the former it woman of fortune. i saved this for four years, she was on forbes as the first billionaire founding this company called theranos, i smelled a rat, and here's why, because as a doctor's daughter, her company was we'll take one single drop of blood and be able to test for thousands or hundreds of diseases, but she wouldn't let peer reviews in to see if it really works. and it was very secretive. you had very smart people, venture capitalists piling in hundreds of millions of
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dollars. today charged with fraud. >> civil securities fraud. it's not a criminal case yet, i guess. i will say this. i don't know much about her, some of these people get caught up in media. one thing a trader friend of mine used to say, he would short any company on the cover of fortune. that was usually the high point. liz: or forbes. >> once you start getting on the covers, you know, they're a little late to the game. and i don't know -- liz: even in this cover it says this ceo is out for blood. elizabeth holmes and her secretive company. you had george shultz, henry kissinger, all of these people sucked in, big venture capitalist. her stanford professor said i've never seen anything like it. meantime it was all a fraud. >> lehman brothers had actresses and playwrights on the board. liz: something you should always do your due diligence
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on. >> when i see luminaries on the board. liz: who aren't doctors? >> lehman brothers had an actress, i can't remember her name, since we're on the 10-year anniversary of bear stearns and lehman brothers blew up next, an actress, a playwright. jimmy cane's cronies, on the board, i do not put faith in a company's board. this was not a public company. liz: no, not yet but angling to go there. she was flying private. >> i think we got to put it in context. less of a fraud on investors. >> but could happen in public companies. enron, a lot of different guys. >> a lot of the guys got exonerated later. liz: they did, some of them went to prison, and by the way, they all went to harvard. >> we'll see what happens. yeah, i know. harvard is a death sentence. liz: dow is down 239 points. >> i don't mean a death sentence. i mean harvard is a horrible place. liz: come on!
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>> i went to missouri and pace. liz: i went to berkeley, a public university. >> i have such animus to -- i'm jealous of ivy leaguers. my brother went to columbia and i hate him for that. liz: when we come back, we're watch as the president tours boeing. we're coming right back.
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okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit to see what adding futures can do for you. . liz: breaking news, moments ago, president trump arriving in st. louis. he disembarked from air force one, shook some hands and headed to the boeing testing facility where they make f/a-18's, he is expected to make remarks at any moment. we'll be there, and i want to say, this is important because these guys at boeing, according to jeff flock are a little nervous. 80% of their jets are sold overseas, and if there is some type of tariff war or trade war, boeing could get slammed. it is one of the loss percentage leaders on the dow. while the president is focused
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on his 2020 campaign, 2035 is only 17 years away. that's when the u.s. is set to hit a never-before-seen milestone. once you hear, it will make you rethink how you save for retirement now. according to the census bureau, once we hit 2035 people over the age of 65 will outnumber children. gerri willis in the newsroom. how does that weave into walles and the retirement income today? >> this program, social security, you're describing, it already in trouble. already the outgo in that program what they're paying out to current social security recipients, is not matched by income when you take out interest. the program is already under duress and we expect the program to go broke in 2034. and what that will mean is they have to pay social security benefits out of the general treasury funds, right? they figure they can only make three quarters of the payments if people will be expecting, so you won't get a full social
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security payment or paycheck. fact that this rampup in the number of people who are not working with people in retirement requiring social security payments puts a lot of pressure on the program as you know. you know, i got to tell you, we look at these numbers over and over again and the solutions that are being offered out there, they're not going to be palatable to people who are out there. you know, you can increase payroll taxes, phase out $125,000. you can bump those up, make the rich pay more or reduce benefits, and already a lot of people are talking about doing just that. that it's taking away benefits, particularly wealthy people, does bill gates who founded microsoft does, he really need social security in no, does he get it? yes, people talking about this solution for every single day. the day of judgment, i got to tell you, liz, is coming closer and closer. liz: kenny langone who said on
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this network, take it away, the means testing, where do you draw the line? who knows? >> a huge debate going forward, is congress going to get to it any time soon? i don't think so. elections coming up in november and the general very soon after that, this is a decision that they put off and put off and it's really to all of our detriment. liz: while they fiddle and rome burns, everybody save more if you can. >> hashtag save more. liz: thank you very much. >> you bet. liz: markets playing hardball. closing bell ringing in 28 minutes. no sign of rex tillerson. now the former secretary of state, but five of president trump's remaining cabinet members hit capitol hill to pitch the administration's infrastructure plan today, but there's no plan, there's no bill. senator tammy baldwin was in the room and held the cabinet's feet to the fire on what the president says is best for
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america, she agrees. but the cabinet didn't have an answer to that. >> you're going to build infrastructure, transportation infrastructure in particular, you got three choices. you got tax roads, you got toll roads or you believe in the asphalt theory. hey, what are you guys doing here? we're voya. we stay with you to and through retirement. so you'll still be here to help me make smart choices? well, with your finances that is. we had nothing to do with that tie. voya. helping you to and through retirement.
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. >> we've issued executive orders to build the keystone and dakota pipelines and issued a new requirement for american pipelines to be made with american steel and fabricated in the united states. liz: that was president trump speaking to american steelworkers just six days after his inauguration last year. two problems the president might have today on his buy
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american-hire american credo, the trump administration's infrastructure proposal has zero mention of buy american. senators attending a congress committee hearing on rebuild infrastructure in america pushed that point. >> you can direct me to the bold new buy america provisions in the infrastructure blueprint? >> can you point to anything -- >> it's a prevailing authority already. it's a prevailing authority. liz: that was senator tammy baldwin who joins us live from capitol hill. let's clarify before we start, is there a buy american edict in the plan that is as rock solid and crystal clear as the president stated since he took office? >> no, there's absolutely no mention of buy america policies in the president's infrastructure blueprint that he issued a few weeks ago, and i press that point with five
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cabinet secretaries that couldn't point to any reference to buy america, and yet, the president said not only in the clip that you just played but when he came to kenosha, wisconsin to visit snap-on tools, it would be bold new buy america provisions and this principle would be the overriding principle in infrastructure plan. liz: you, of course, a senator in wisconsin, you were pushing very hard, i was watch the feed on c-span, and one of the things you got elaine chao to concede is this thing doesn't have buy american, hire american but does have waivers, waivers that would allow companies to ostensibly wiggle out of using american workers and american products and materials, but she did say there are a fewer waivers than past presidents. >> so, the buy america provisions that exist always have waivers, but one of the
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things that we find out is they're not very transparent, so i have contributed to the buy america section of the democrats' version of the infrastructure bill, something that would require that all waivers granted would be publicized. so that we can actually use that information to help u.s. businesses fill gaps, if that's the reason the waiver was granted. but the idea behind this is to level the playing field for american workers and when we're using taxpayer dollars, we ought to be investing in american products and american workers. liz: i'm glad you brought up taxpayer dollars, dollars at all, what should be a very substantial infrastructure plan. i saw that being bandied about and discussed. where is the money? where is it going to come from? >> well, right now, the
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president's infrastructure blueprint has only about -- it has $200 billion of funding, which is the substantial amount, but he claims that that will leverage a total of $1.3 trillion to get to a total of $1.5 trillion. he says that those other funds that will be leveraged will come from private investment as well as local government and state government, but i can tell you in wisconsin, where our state budget was held up over problems with funding infrastructure, that these cash strapped localities are not going to be able to feel the difference and, in fact, our republican governor in wisconsin said that he thought it should be an 80% federal, 20% state match for infrastructure, we're nowhere close to that. liz: the president supported to the surprise of many republicans and conservatives that he would support a 25 cent
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gas tax. a hike of 25 cents. i think we're at 18 cents now since 1989, but a hike of 25 cents. have you compatriots in the senate? >> i haven't heard of colleagues endorsing that concept. we have to recognize that to make this sustainable well into the future, we have to recognize that basing it on fuel use as we see more hybrid and electric cars is not going to be sustainable. we've got to be creative. put every option on the table, but this is not the plan of the president to basically try to leverage private investment and local public investment when our counties and our cities are struggling is going to be a big challenge. liz: we'll see if the blueprint gets amended to have it stamped in big letters, made in the usa, hire american, buy
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american. >> buy american. liz: senator, thank you very much. by the way, we want to add that we did reach out to some republicans, i believe all the republicans on the same panel. they did not respond or were unable to. where were you ten years ago today? with the dow dropping now nearly 300 points to the downside. closing bell 17 minutes away. 10 years ago today, marks one of the most seminal and dramatic moments in wall street history. bear stearns, the global investment bank founded in 1923 went down in flames in what was the beginning of one of the most traumatizing eras for the u.s. economy. one of the most widely followed minds on wall street joins us with the biggest lessons we've learned from the financial crisis and what he fears we have not learned. editor of the gartman letter next.
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. liz: when president trump arrives at boeing, he will see this. some of the company's crown jewels, jets that are made by boeing right there on stage in st. louis. the president will be there, he will tour and conduct a roundtable with some of st. louis's and missouri's biggest businesses. it is dragging the dow down significantly. the dow is losing about 200 and what are we down? 248 points, well off the lows of the session. we had been down 338. ten years ago today, bear stearns, the agust, huge global bank collapsed, the first in a chain of events that triggered the financial cries and its great recession. fast-forward to today, the s&p
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has risen more than 300% since march 2009 bottom. why is one of the most respected wall street veterans saying, quote, markets are failing, and failing badly? joining us now the guy who wrote, that editor and publisher of the gartman letter, dennis gartman. we'll get to the market in a minute. bear stearns, ten years ago, that was a gut punch, was it not? >> it was unbelievable. i can remember when the news was coming out at one of the other networks sitting at the desk, and i said, you can believe where bear stearns stock has just traded from $30 to $2 a share? we were all stunned. we were stunned by the fact this it happened as quickly as it did. it probably hopefully shall not happen in the future with, better laws with, better oversight going in. that was a stunning circumstance that morning and only got worse over the course of a year and a half.
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liz: bear got caught up in the froth and had way too much toxic junk on books and off balance sheets, remember that? what do we need to learn that we haven't learned from that horrific time? >> i guess we have to learn that bubbles do in fact occur. i doubt we shall ever have a bubble, hopefully won't have one as enormous again in my lifetime, that was incumbent in the housing market where everybody has skin in the game. i doubt we will have another bubble of that sort of consequence, but we have to learn that bubbles do happen, and we have to watch when they do. they all have the same shape, markets go parabolic and collapse, euphoria happens at the peak and collapse. human beings don't change. human nature never changes. it was mark twain who said history doesn't repeat itself but does often rhyme. we have to learn that fact. liz: we sure do, why do you think the market is looking
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perilous right now? >> honestly, i think it looks very serious at this point, because let us think of two things, one, we've had the nine years, ten years of a bull markets predominately predicated upon monetary authorities being as aggressive with force feeding reserves into the system, here in the united states, in canada, in europe, in japan, we've begun the process of removing that. we've gone through instead of quantitative easing, we are in the process of quantitative tightening. markets always peak before the economy peaks. we probably have another year or so of economic strength, with the economic strength, without the supply and reserves from the monetary authorities, that money has to come from somewhere and historically comes out of the capital market, historically out of stock market, and we've seen a peak in stock prices in january, and now the peaks thereafter have been progressively lower, and that i find disconcerting. liz: you started to get nervous
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the last time you were on with this program, and now i need to know how you're positions your portfolio. you made a few tweeks just a couple of weeks ago, what are you doing now? >> the only things, and i trade only from my own account, so when i say what i'm doing, it's my own money at risk. the only things i have are bond-like circumstances and very short-term bond-like circumstances, things that have duration of less than three to five years, i own a small bank in southeast virginia, but that's it. and for all intents and purposes, i would like to own mostly cash. if the public is out, there i would say you have to use any periods of strength to reduce exposure to the markets and just get less involved. i think that things are -- the economy as i said is going to continue to be quite strong for a year, year and a half going forward, but stock prices always top out long in advance
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of deterioration in the economy itself. use the strength that you've seen to your advantage. liz: you said avoid all cryptocurrencies. you just made millennials a little annoyed. they're the ones looking and saying, hey, your old economy types of investments got us into horrific recession when we were 10 and 11 years old. they are now 20, 21, 25, they like the anonymity and the difference of something like cryptocurrencies, they think it's the future? >> i wish them well. i hope it works for them. i shall not touch it. okay? let's understand, i think block chain is brilliant. i think it's going to change the manner which we trade and the manner which we transact international business, but do i have respect, hope for, involvement in the cryptocurrencies themselves? no, i shall leave that to people who are wiser or dumber, i'm not sure which. liz: dennis gart man.
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>> thanks, liz. breaking news, u.s. ambassador to the united nations nikki haley weighing in on the nerve agent attack in the uk. she is now saying categorically that the u.s. believes russia is responsible for poisoning the former russian spy sergei skripal and his daughter in britain. haley also saying this russia's crime, and that's quote, crime is worthy of u.n. security council action and that russia must fully cooperate with the uk's investigation. six minutes before the closing bell rings. dow down 246. we're coming right back.
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melissa: president arrived to tour the boeing facility in st. louis, missouri. he is shaking hands of engineers, possibly test pilots. there is. steve, treasury secretary.
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-- steve mnuchin. he will sit down and speak with remarks with big business leaders in the state of missouri. the white house moments ago confirmed, larry kudlow, the economist that worked for ronald reagan, has been offered, and accepted position of director of national economic council. i bring troy from skybridge. i have to tell you, troy, there is a theme you can't really hear underneath this whole story of boeing, worries about tariffs right now. >> 100%. up until recently capital markets and investors only enjoyed good trump which is regulatory reform and. liz: 300 million they can put back into the company to hire employees. >> reinvest. create new products. the other side of agenda. he was elected for a reason. median household incomes stagnated for 30 years. anybody that can think their way out of paper bag knows we have
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been mistreated with trade. that should keep volatility in highs of their markets. much more muted pace than last year. liz: dow, 24,745. we're losing 260 points. where would you put money or sectors to avoid getting tripped up by tariffs? >> tariffs and fed policy and regular la toe reform, relief from dodd-frank that is a place to hide. they don't have as much international exposure. liz: one of the worst performers on the screen. >> nothing wrong with setting yourself up at lower entry points. liz: yeah, buy low, everybody! >> part of that because the yield curve is flattening. we expect that to steepen back up any area tied to housing is sluggish. we expect it to pick up over course of this year. liz: troy, great to see you.
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>> great to see you. liz: troy is with skybridge. there is the president. he will join a roundtable after this tour. he will speak to business leaders and business mind in missouri. [closing bell rings] "after the bell" will take it. david: stocks are getting slammed right now. the dow closing down about 245 points as we await new comments from president trump on taxes and trade. we may also hear more on the breaking news this afternoon. the white house just confirming that larry kudlow will be replacing gary cohn as the head of the national economic council. president taking a tour of the boeing plant in st. louis missouri. the irony here of course boeing is one of those manufacturing companies that could be hurt by tariffs. so it will be interesting to see how they react to tariff


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