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tv   Making Money With Charles Payne  FOX Business  July 20, 2018 6:00pm-7:00pm EDT

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sap upon "wall street." charles payne is here with "making money." charles: good evening. the major averages today fell slightly. investors trying to bol the earnings support and the continued tensions involving trade. he said he'll slap $500 billion on all chinese imports. the manufacturing renaissance is doing so well, i'm saying tonight it will block the so-called blue wave. we'll talk about the president's new job initiative. but first we have to talk about the escalating criticism of the federal reserve. he says raising short-term
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interest rates is taking away our competitive edge and the united states should not be penalized for doing so well. gayle, listen, we know in the last few weeks, the people's bank of china has take and lot of actions that brought down the yuan, their currency that gives them a competitive edge. i think that's what president trump is talking about. we have got twhrem we want them. fed, don't blow this. >> the fed knows what all americans know. we are head to greater economic growth and employment numbers. and they are trying to make sure the economy does not get overheated so they want to put a little bit of a tap on the brakes to avoid that.
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charles: the category unconventional things on the list. this goes with them. some historians go back and say there have been some. but more recent presidents haven't don't. president trump speaks things that are on his mind. >> the you have how many years under obama using quawnltd day tough easing to mess with the market to push people into riskier assets. it's got to unwind at some points. it will have an effect on the stock market. but that's a return to reality without government distortion. i'm in favor of it. charles: you are in favor of the fed unwinding $3.5 trillion. i think jerome powell understands this. we are in the midst of a great
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recovery. it doesn't mean they can't derail them. >> it's like we have thanked three or four years of massive growth instead of 3 or 4 quarters of growth. obama's second four years, the market getting to all-time highs. now in the first year of trump they are raising it four times. trump is justify any frustrated. he says i'm gearing up with this fight with china. can we wait until the tariff battle is over? and then we can go from there. charles: does anyone feel like the president shouldn't be talking about the fed in the first place? buy vocalizing how he feels. every president would like to have with president trump had. $3.5 trillion in phantom money. when his fiscal policies were
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doing the exact opposite. should the president speak by the out loud? >> there is a lot of criticism of president trump for speaking by the. but that's yes was so popular. he's a businessman. he speaks his mind and he's out there advocating for an improved economy. >> we saw what it looks like to have politics steering monetary policy. charles: what do you mean by that. >> we saw a response to a recession. it's a bad idea to have the president dictating this. economic considerations are more important than that. there has to be own end to easing money at some point. >> can we try one a year for the next four yiernls steafd four in the first year? let's slowly tap on the brakes instead of slamming on them. we have to get through this tariff fight. we have to reset the relationship with china and get
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them to understand we are not going to tolerate this anymore. let's get through that before we start raising rates. i get it, i'm not disagreeing, can we slow down, please? >> it's a vote of confidence for president trump. it's an acknowledgment that conditions are going in the right direction. charles: they are reacting to the economy doing well. one problem people may have. when the banks are in trouble you print up $3.5 trillion. when the middle class gets a fay raise of 2.9%, let's shut it down. i can tell you right now, jeb bush wouldn't have said this, scott walker wouldn't have said this, and all the other 16 guys who lost to president trump wouldn't have said this out loud. i think the american people knew this when they elected him. >> i'm concerned.
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we know when money is easy it goes into places -- charles: should we fight this fight with one arm behind our backs to ned's point. they are forcing banks to buy bad debt. they are forcing them to pay cash for bad debt. it's a ticking time bomb worse than ours. how do we fight back if they are doing that? >> certainly china -- china is engaged in bad behavior. we know this. but we don't address this by ratcheting up our own. what just happened through the trade crisis, we know christmas is going to be more expensive. >> i do not see trump as advocating 21st century mercantilism. he says we are going to get to a
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21st century playing field. we are getting caught in minutia when the big fight is who is going to control the future of technology china or us. eventually what we are going to understand there is a bigger fight takes place. who is going to be the dominant power 20-30 years from now. tying one hand behind our back is a fundamental strategic mistake. charles: wall street always tries to push the fed around. when janet yellen raised the rates the first time i thought she was doing that to show the world she couldn't be pushed around. the result was a crash in the market. wall street responded. we have seen this push-pull with wall street and the fed. now the president wants to get into the mix. >> you see the fed is always
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getting pressure different interest groups and certainly the president doesn't want a different standard for republican administrations than democratic administrations. he wants to make sure he's treated fairly, and he's one to assert his fair treatment. >> the american people being treated fairly. everybody gets worried about the banks failing. and being beneficial to them. what about being beneficial to the american people? that's the reason trump got elected. i can guarantee you most of people in middle america, finally somebody is saying can we call them out on this behavior? >> we had a pretty good session today. at one point the futures are down, and the hysteria. the commentators, any time president trump does anything, i feel like they are trying to
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talk us down a thousand points on the dow. there is something about the resolve in this market to give you an idea we are winning or big-time investors think we are going to win this thing? >> i think? some ways it's too early to tell. businesses aren't feeling the full effect. they are look at your christmas price hikes and the market is not panicking. last week only one company mentioned tariffs. alcoa and another company. i am talking about companies saying on their conference calls, so far i have counted three s & p 500 companies that mentioned tariffs. >> that made a good point about
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the intellectual properties. we'll debate whether the fed should exist in the first place. a lot of people say why is it here? it never helps the middle class. s 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. where we're changing withs? contemporary make-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com.
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charles: the federal reserve came into existence in 1913. since then there have been three recessions including the great depression. the fed has a history of creating them. in desperate times the fed prints up untold amounts of money that flows into the coffers of the banks. but when things are getting just
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a little bit better for main street, the fed springs into action and. so is th the fed -- is the the fed really the creature from jekyll island only existing for the elites? he says he has confidence in jay powell but he doesn't think it feds should be intervening particularly in the middle of his fight with china over tariffs. >> the president's point is the feds should keep an eye on inflation and not just raise interest rates because they are on a march to some target they have in the future. but be careful to make sure they don't slow the economy
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unnecessarily. charles: it wasn't long ago there was a bubbling movement led by ron paul to abolish the fed. >> we do need a fed. but an independent fed. by the should be led with somebody with real economic background. mr. powell is leading off master plots. following this strict rule of four interest rate increases this year is silly. we are getting repeated evidence that inflation is very tame but for the price of oil. he can't influence the price of oil with monetary policy. charles: powell is not a classically trained economist? >> would you send someone who is
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not a classic all trained lawyer -- classically trained lawyer up to the supreme court? a lot of the inflationary brochures have to do with intricate problems in markets. talking about the price of oil and the effects of the tariffs. before this is over appliance prices may fall because lg is coming over here. these are not the sorts of things powell can talk about very easily. when he's asked basic questions about the yield curve he puts out stock answers. charles: he does understand financial markets better than carlisle. i'll make that assumption with david. the federal reserve doesn't have a great track record in general whether he's an economist or not an economist leading the way.
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wall street many greatest fear is the fed will derail the economy. in general we don't have a lot of confidence. why do they exist? >> they shouldn't exist to have stable money supply free from political influences. unfortunately their dual mandate causes them to go back and forth with conflicting goals, and that subjects them to political pressure. it's outside pressure from the core mandate making sure the money supply is stable and reliable. the rest of the market can reflect the price increases and demands. charles: i can remember on more than one occasion where yellen put out some soft criticism of president obama. saying we are doing all we can with monetary policy but fiscal policy is going in the opposite
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direction. the president could say we are in a once in a lifetime fight. we have to win this thing and we need the fed on our side. >> the president and mr. powell need better communications. barack obama and ben bernanke used to have lunch once a month. but to my knowledge he hasn't had much in the way of conversations with mr. powell. doing this through twitter or making comments through press conferences, that's inappropriate behavior. mr. powell does not have a firm grasp of basic business cycle tools. and mr. trump doesn't behave in a way that's appropriate for the president to influence the fed. charles: i'm jealous of that and. i don't know -- of that tan.
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i don't know where you were. we have the tariff situation. but the trade battle is the central issue. next week president trump has a make or break meeting with the e.u. how that's going to go, we'll break it down for you next. i'm a four-year-old ring bearer with a bad habit of swallowing stuff. still won't eat my broccoli, though. and if you don't have the right overage, you could be paying for that pricey love band yourself. so get an allstate agent, and be better protected from mayhem. like me. can a ring bearer get a snack around here?
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next week president trump is going to meet with the european commissioner, and we heard from larry kudlow perhaps the e.u. will come bearing gifts. at stake, whether the u.s. goes through with their threat to apply universal tariffs on automobiles including european automobiles. president trump also says he'll hit china, all $500 billion in goods we imported from china, he'll hit them.
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let's start with the e.u. here is my thinking. i think the trump administration deliberately started with steel and aluminum with the e.u. it's tiny, to send a message. when you talk about cars, we are talking $50, $60 billion. should the e.u. comparing gifts or come talking smack? >> well, the e.u. talk smack? charles: macron and merkel. she said some things overnight that made me believe while she had the bluster, she was leaving enough room in there for negotiations. their tariffs on our cars are
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10%. , our tariffs are their cars are 10 $5%. >> it is a lot of money -- we have the right to make complaints when 50% more is coming from them. that's their revenue. so it would be difficult for them to talk smack when we know they have so much more to lose than we do. charles: the headlines in the european newspapers is europe gets its list together. they won't stand for this. we are economically in a much more powerful position. they should try to resolve this than test president trump. >> i think trump is deeply committed to this. he'll reset the relationship with china and the e.u.
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i have to tell you, this frustrates me, because we came and we built their economies post world war ii. they are still living in a post world war ii mentality. they are sill expect unfair trade, they are still expecting us to foot a lot of the bill for the common defense, and all trump is saying we have to be in the 21st century now where we have fair trade deals, and you need to step up to the plate and fund your 2% instead of having your soldiers with broomsticks during drizzle. charles: i think there were only 12 members of the e.u. when we signed our trade deals. it's almost 3 dozen countries now. they don't have a lot of economic leverage but want to
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play the toughest bargain like france. how can we do this so we can have laser-like focus on china. >> we are dealing with different countries. and it could come down to negotiations between different countries. i doesn't see this being resolved that quickly. it would be great if we can just focus on china. the big leveraging points are in general europe is in a much weaker place than the u.s. '. europe expectations just keep going lower and lower and the u.s. is on fire. in terms of the disparate amount, we only export for the s & p 500 companies, less than 5% of revenues come from europe.
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for them exports to the u.s. are sometimes over 50% of their overall gdp. so they have a lot more to lose. and he knows this. charles: they have become almost irrelevant. when you look at the growth, it's america, asia, latin america, and down there is europe. >> the growth isn't from europe. >> trump understands the dynamics. now is the time to renegotiate. the economy is thriving. charles: the manufacturing renaissance. president trump swept these states. the question is will they stay with him and the gop against the blue wave? we'll break it down for you next.
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and we know it's even more important today. so we're stepping up to volunteer more and donate over a million dollars every day. so our communities can be even stronger. it's a new day at wells fargo. but it's a lot like our first day. charles: president trump touting a strong economy, including the manufacturing sector. more job openings continue to sprout all over the country. the question is will these manufacturing jobs in particular coupled with the new initiative be what the republicans need to hold back the blue wave? kevin walling and ron meyer. let me start with you.
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the numbers are staggering. an article in the "journal" saying 15 of the 20 most of manufacturing intensive congressional districts were represented by democrats. that number is 20 of 20 by republicans. they are in key states. and yet i think it's going to be strong enough to hold off the blue wave. what are your thoughts? >> some of these districts are places where the tariffs are causing a huge boom. it's where steel manufacturing plants where reopening. i think that's why the republican party did so well. trump exposed the weakness of the democratic strategy. they had an urban strategy focused on building up the cities and winning the cities. when president trump won in 2016 showed that strategy can be blown up.
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and with his economic approach he's running up the score with 300,000 new manufacturing jobs since election base has had a different strategy object trade and the tax reform. charles: 400,000 manufacturing jobs open right now. that's a 400% increase from 2009. the numbers are staggering. the unemployment rates in most of of these states are lower than the national average. how do democrats fight back? >> alexandria ocasio-cortez. >> absolutely not. you are seeing democrats compete up and down the ballot. i point to conor lamb's win. trump won that district by 20 points.
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he concentrated his message on manufacturing, transportation, healthcare, and was able to win that district for the democrats for a long time held by the republicans. we are seeing that take place across the country where democrats are more effective focusing on healthcare. charles: the pittsburgh area known for manufacturing. but it isn't like that any more. hillary won pittsburgh and philly, and lost the rest of the state. these are the blue collar workhorse voted for obama. so has president trump done enough to solidify them? >> absolutely. blue collar democrats are tired of losing but they love wing under trump. trump has brought back jobs in terms of fiscal policy, deregulation, talking about tariffs, free trade and fair trade.
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they like what they see in donald trump, not because of the talk or anything else other than he has kept his promise to them. the forgotten working men and women of america. charles: that's the question here. if there is going to be a wave big enough for the democrats to take back the house, how do they counter that discussion? hillary clinton was saying she hoped coal miners lose jobs. how do they erase that narrative? >> healthcare will be the key issue for us heading into the fall. 4 million americans lost their healthcare under president trump. you have seen democrats working with this president and folks across the party aisle to save and improve obamacare, not destroy it in the wake of these 4 million americans losing their healthcare. that's a critical issue heading
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into november. >> democrats are going to run on how obamacare is failing and causing people to lose their healthcare? >> obamacare is failing because it's against sabotage by the republicans in congress and by this president. cutting even the advertising dollars for signing up for affordable healthcare. >> you have got to manufacture a new outrage. charles: i don't know if they should call it the affordable healthcare or obamacare. have a great weekend. mean while the industrials looking great in the market. the financials are back. the big question as we go through next week. can the tech bill keep us going? thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95...
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choorls * -- charles: it was a lazy summer session of the market was essentially unchanged for the week. i think it was idyllic compared to the explosive headlines. i did like industrials. i think they were impressive all week long. honeywell, for the week overall. united continental. air lines and rails are starting to pick up the face. dow jones industrial index went into the plus column for the year today. jpmorgan was the biggest winner on the dow this week. earnings have been remarkable. they have come in better than
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expected. coming into the week for the earning season we were revenue meanted. 8.3% and 22%. all the major indices are higher. but what has to happen to break them out at the same time to get them into all-time high territory at the same time? back with me, erin gibbs. sometimes it's not the tech and the money goes somewhere else. we have seen the russell come on strong. indiana daibltion at an all-time high. what's the tide that lifts them all back together? '. >> we can't have the huge difference between growth and value. so growth is doing great it's up 9% for the year, but value is negative territory.
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when you merge those two you get meager days. charles: is that big-time money managers like you? >> i would love to have value. charles: can they face the shareholders? it feels like there is so much pressure not winners these days that professional money managers can't go out and buy something that could take a while to do well. >> there are two major hurdles for value to come back. one is financial it's a large portion of value index. and that is dependent on the yield curve. until we see the 10-year go up. it's hard for financials to go up and that's going to keep value down. second is the fact than it vestors don't like high dividend yielding stocks. so as long as they are raising interest rates, high dividend
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yield companies will be out of favor. so that's two things. we need to see a slowing of interest rates or investors wanting something super defensive. they want to go to something cautionary and the yield curve going up. charles: i like industrials, i like the trirks soofnt rails. i'm not too big on airlines. is there anything wrong with stanley works, and they are growing nicely. >> there are definitely pockets. last quarter we sow discretionary. industrials are look to be some of the winners. there are some value players in healthcare that are less ex poatds to a lot of these trade wars that could be potential winners going forward.
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charles: every time we get near a breakout point, the market pulls back. what about the notion that we need a bigger pullback before we can have a big rally. >> we are expecting slow and steady. valuations are reasonable. as long as we continue having these strong beats. part of it has to be a lack of noise in the headlines, just a little less drama. we typically have summer doldrums. i'm not concerned if we have a rough august. september, october, is write would see more of a pop. charles: president trump weighing in on the nfl protest debate. he said the debecause it alive and well again. can't believe it. isn't it in the contract that players must stand at attention, hand on heart?
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the $40 million commissioner must now make a stand. first time kneeling, out for game, second time kneeling, no pay. "wall street" tonight, two heavy hitters. bill mcdermott and satya nadella. what if i tell you tap water. tap water is next. we have the details when we come back. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.
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add-on advantage. money managers are pretty much the same. all 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. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory.
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with life line screening, getting screened for unknown health conditions is so quick, painless and affordable, you'll wonder why you hadn't done it before. so if you're over age 50, call now and schedule an appointment near you. for just $149- a savings of over 50%- you'll receive a package of five screenings that go beyond your doctor's annual check-up. ultrasound technology looks inside your arteries for plaque that builds up as you age and increases your risk of stroke and heart disease. after all, 4 out of 5 people who have a stroke, their first symptom is a stroke. so call today and start with a free health assessment to understand your best plan of action. so why didn't we do this earlier? life line screening. the power of prevention. call now to learn more. charles: a new jersey state
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senator proposing a tax on tap water to get enough money to replace the aging water system. the supreme court upheld the philadelphia soda tax. washington, d.c. is raising taxes on iesh and lyft drivers to support their rail system. tap water? give me a break. >> i just don't understand democrats today it's like they are so tone deaf to the american people. you have a president who passed all these tax cuts. then democrats who run and lot of progressive cities that continue to find ways to drain money from the american people. i think it will get to the point
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that this socialist agenda that they are forcing down america's throat will backfire and they won't be able to win races going forward. charles: i think it does -- backfire in so many ways. they beat them up economically. >> the idea was this would and public health benefit. and it would be money for schools and all these great things. here is how it played out in practice it's a huge payout to the trades unions. the teamsters who deliver the soda are upset by the. their truck traffic is way down and hurting their jobs. and you have beer which is a substitute product to soda. it has been in some cases been cheaper than soda.
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charles: that's always sort of -- i mean, you can always see through that. and again to your point. look at the levels of pain it created. but lawrence, people keep voting in the same politicians that couple these ideas. which is even more baffling and maybe why they keep doing it. >> a lot of these politicians play these identity politics. and people in those progressive cities care more about their feeling than their bottom line. this week we saw a lot of chaos with russia and all that good stuff. do the american people care about issues that affect their pocketbook?
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justing going to see with the american people. people can't afford it these days. charles: universal basic income. even president trump who by the what i said people will have too many houses and too many vacations. he even wondered how he got all the money he got is saying we need that system. that's how they counter we are going to hurt on your soda, but we'll make sure everyone gets paid. >> i was interested in see last time i was reporting the frustration with the democratic party. they felt insulted that they could be bought off with all these benefits. i think the tide is turning. they don't want the government to give them a handout as they want to spend it on things without the government taking a huge chunk out of it whether it's out of your paycheck other
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cash register. charles: a major announcement from the department of defense. and what it could mean for the proposed summit between vladimir putin and president trump.
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still won't eat my broccoli, though. and if you don't have the right overage, you could be paying for that pricey love band yourself. so get an allstate agent, and be better protected from mayhem. like me. can a ring bearer get a snack around here? charles: breaking news, the pentagon reaffirming their longstanding defense relationship with the ukraine announcing the department of defense will provide $200 million in military aid for the country, this as plans for the trump/putin summit ii have begun. we want to discuss with this kelly jane torrance, and gayle trotter's back with us as well. before we start, ladies, moments ago president trump tweeting, i want to put it up there for the audience, i got severely criticized by the fake news media for being too nice to president putin. in the old days, they would have called it diplomacy.
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if i was loud and vicious, i would have been criticized for being too tough. remember when they said i was too tough with chairman kim? hypocrites. kelly, i know you've been away, and i want to talk to you soon about that trip, but what do you make of president trump's tweet and the, all the reaction to that press conference? >> you know, charles, it's been quite a week, hasn't it? you know, president trump does have a point in that people were thinking that he was too harsh on kim jong un. and, you know, all the tweets making fun of him and people said, oh, you're going to start a war. and then he met with them and people said, oh, why are you meeting with this dictator. he's got a little bit of a point there. diplomacy is one thing and, you know, embarrassing america and giving too much on the national stage is another. i mean, diplomacy is really usually conducted behind closed doors. and, of course, president trump and president putin did have a meeting behind closed doors, and nobody knows what was said many that meeting. and apparently even trump
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officials don't know. we had director of national intelligence dan coats saying he has no idea what went on in that meeting. and perhaps that's why people like mike pompeo are saying, hey, yeah, let's bring putin to washington. maybe president trump's advisers think, hey, if we've got the meeting here, maybe we can exert a little bit more control over it and actually figure out what is even happening when those two meet. charles: right. and part, i think, of the confusion was president trump's actions have been very tough. you know, the javelin missile system in ukraine, the defense, bigtime major defense systems in poland and other countries, expelling the 60 russian diplomats. so the actions have been early strong, but, you know, as we fast forward and today we get this announcement another 200 million to ukraine, we're seeing again actions. and it feels to me that the administration probably really wants to show the public, the american public that they are tough. in fact, president trump said as much in an interview yesterday
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that vladimir putin knows that if he messes around, he'll be his worst enemy. >> that's right. he said i will be your worst enemy. and i think this was just another example of how president trump controls the narrative. helsinki summit, that's yesterday's news. now everybody's talking about the summit is 2.0 that will happen in washington d.c. and truly, there needs to be productive dialogue going forward. we have so many issues to deal with; counterterrorism, the security of israel, peace in the middle east, nuclear non-proliferation, north korea, syria. all of these issues, we need russia to work with us as a partner in these. charles: right. kelly, do you think we can get some concrete help on any of hose -- those topics? >> we really don't know, and both leaders have called this first meeting a great success, but what came out of it, we don't know. nobody will say a specific policy area of agreement that they came to on it. and, you know, donald trump says that president putin is willing to help out with north korea.
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well, i'm skeptical because russia has no interest in helping that issue. charles: right. >> again, we don't know what came out of helsinki, so i want to see, hey, what came out of this meeting before we talk about what's going to come out of a second meeting. charles: thank you, here's lou. ♪ ♪ lou: good evening, everybody. our top stories, president trump warning he's ready and he is willing to apply maximum pressure against china in his fight for balanced trade globally. the president ignoring the howls of protest from the know-nothing rinos and the chamber of commerce and business round table and wall street as they fight for u.s. multi-nationals while the president is fighting for our middle class and small businessmen and women. we'll talk about it all tonight. congressman keith rothfus is with us. robert mueller and his band of 13 angry democ

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