tv Making Money With Charles Payne FOX Business April 19, 2019 2:00pm-3:00pm EDT
friday. that is in fact where they are. that is what we left things. couple hundred points. record foss for s&p and though too for nasdaq. managed to keep markets where they are for you, charles. charles: about time. neil: i will do my best. there we be. to you my friend. charles: happy good friday this in fact the only federal holiday where the markets are closed. i'm charles payne. we have a ton coming up for you. redacted mueller report is coming out. president trump taking a victory lap. the question, what happens next after this almost two year investigation? it is over but not yet over. crisis at the border as thousands of central american migrants are headed towards the u.s. border now. jobless claims at a 50-year low as market nears all-time high. we'll hear from expert what is is driving this economic boom and how long it will last. all that and so much more on "making money."
♪ charles: joe biden is the big news. everyone says he will announce for president running next week. will join crowded filed for vying for 2020 nomination. yesterday biden speaking at a striking supermarket workers rally already sounding like a candidate. watch. >> i love giving political speeches. i'm a politician. i get it. this is way beyond that, guys. this is way beyond that. this is morally wrong what is going on around this country. i had enough of it. i'm sick of it, so are you. charles: whiching fire and brimstone. biden anticipated announcement with will end months of speculation. most people thought he would make a third run for the white house. what to make it all down for the democratic field, particularly
candidates like bernie sanders building momentum. leading in recent polls is "wall street journal" editorial page writer jillian melchior, independent women forum director of policies with us as well, hadley heath manning. hadley, let mae start with you. biden waited a long time. in the last couple weeks sanders has taken off. we had a sound bite. we saw the sanders town hall on fox news. feels like sanders has the swagger of a front-runner. how do you see it playing out? >> i think sanders is right for the moment. i feel like a lot of democrats waited too long, that is four years too long. a lot of democrats wish he had run in the last cycle against president trump in very different election year but now the democrat party has moved left. why you see candidates like bernie sanders getting a lot of attention and some of the other center-left, more pragmatic democratic candidates haven't put their name in the ring yet, they lack name recognition.
they're already in the ring, not making much of a buzz, much of a difference. on the other hand joe biden has best name rec naics and best positioned candidate at this point to reassemble the obama coalition, despite the fact he is a white male i think he could bring back voters to support president obama. charles: jillian, he has two battles he is facing. one to regame -- reclaim the democratic battle. >> this remind me of 2016 with the republicans. we have a struggle for what the democratic party will look like going forward. i'm concerned to see so much of the energy, so much action, momentum is on the far left, the socialist left. there is real risk since you have very loud voices on the left, it will pull all candidates further left in way that -- charles: it already has though, hasn't it? >> yes. charles: the declared
presidential candidates on democratic side i haven't heard them push back, they're all trying to rationalize the green new deal. up whying -- jumping in by the 12 year deadline. bernie sanders planted the seed first. i don't know how biden will catch him even though we know he is formidable opponent? >> you're absolutely right. if you look what the democratic agenda is "medicare for all," green new deal, all the far left proposals. i think the risk is they will turn off voters because i don't think the american electorate or as far left or socialist as the democratic party. biden will have difficult time to position himself in the way to win the democratic primary without terrifying voters that he needs. charles: in other words he will have to lurch left than he wants to win the nomination? >> keep in mind bernie sanders has the momentum. he has a lot of fund-raising
momentum. would i take him quite seriously. charles: there is no doubt about it. it is interesting shows "medicare for all," free college tuition are becoming mainstream issues that rate very highly. americans are saying yeah, that sounds like it's a fair deal. this is without the details of the cost but right now, it is not just that the far left is screaming about this stuff. it is that the rest of the country is listening. >> right. i think smart public opinion polling shows support for these particular issues is pretty malleable. that is to say when they find out more, the cost for "medicare for all" will not just be paid in 32 trillion of our tax dollars it, will be paid in limited access to health care. in terms of abolition much private health insurance. those are things americans really do care about. we really yet to have some of these debates in some sense. in other sense we've been having the debate as old as country is. socialism continues to be a
playing in the democratic party. the question i think for candidates like joe biden is, are there enough center-left pragmatic democrats left out there that they could position themselves as the alternative as someone who could potentially be a uniter in the party and for the country? charles: so that point though not necessarily if there is enough center-left folk out there can he articulate a message to pull people back to the center left. in other words, joe biden who i'm not sure has great reputation as campaigner, had trouble raising money in the past, he has name recognition, is seen as perfect candidate with trump in blue-collar worker in the election, but in the primary process what would the message be? what will it be? >> it will be difficult for him to differentiate himself. you have bernie sanders going out there, looking at the town hall, saying we're going to expand these entitlements. if you want free college, we'll spif you free college.
there is so much give out, give out. i think there is opportunity for somebody, maybe biden, trump eventually to point out and this was an interesting moment in the town hall, this is not a tax on the rich. this is not millionaires and billionaires and corporations paying for it. it is going to be working class, middle income americans. so i do think that is vulnerability to hit sanders on. but if biden has the guts to do it we'll see. charles: we'll see. like the ron ads and there's more. you want free medicare, you want free lunch, free college, you get that and there's more! ladies thank you very much. appreciate it. switching gears now the house judiciary committee issuing a subpoena for unredacted mueller report. chairman jerry nadler says the entire report on the trump investigation is necessary to make quote, informed decisions. to react to the subpoena, arizona congressman andy biggs. they need all of it, not
redacted version, they need notes, grand jury notes, every single scrap of this investigation. otherwise it is still too murky what went on. >> yeah, there is really nothing murky about this. we know what went on. and that, that version that came out yesterday was lightly redacted as i could have imagined. president did not invoke privilege. either personal or executive privilege. i was surprised. so what this is, i view this, charles, as quite frankly it is a test run by mr. nadler and the democrats in congress to see if there is enough juice for impeachment that the american public will support. in other words, they will do this as a test run. if they don't go down in numbers, stay even or go up, they will go forward with impeachment. if it is tough for him, they are not going to impeach. charles: the idea if some of these things are ultimately rejected or there is limited access to them, you know, are
they going to just continue to complain about those sort of things? i think the american public is really done with this. how you feel about it, how you feel about it. seems it would be a huge political mistake to keep harping on it. >> this is exactly right. this is baked into the political process now. it's done. i can't tell you how many people i've talked to been out last couple days, anything the mueller report is coming, we knew what was going to be in it, no surprises in it, they said it is over with. let's move on. that is where the american public is. charles: nancy pelosi, steny hoyer, cory booker say let's move on from impeachment to other things. meantime the border issue is heating up. aclu of new mexico is asking the state government to take actions against what they call border vigilantes illegally they say arresting migrants at the border. this is more central americans are reportedly approaching the
border. the caravans keep coming. record apartments of people keep coming. families children, everyone agree it's a crisis of the what are your thoughts average americans going down there perhaps armed, making arrests or trying to help? >> i think it's a real problem. they don't have any authority to arrest. and there is always the potential they will get in the way. right now most of the people that are coming, most of the sectors, all but one sector i know of, these people are coming across. they're sitting down and you can have one, maybe two border patrol agents dealing with 40, 50, 100 people. it is fairly fair orderly. regardless, i don't like what is happening but i just don't we need to be in there as normal citizens in interfering with this or causing this to get exacerbated into a violent situation. neil: charles: before i let you go, some democrats are proposing setting up asylum operations in
central america to allow folks in those countries to make the request there instead of making the trek to this country. would that help to alleviate the issue? >> yeah, absolutely. i actually proposed legislation before saying, for asylum you have to be in your home country to do that. you can't come to this country and get one foot on the line because we're releasing them right now, charles, after one or two, maybe three days. they get released into the interior where highly unlikely we'll see the people once they're released. charles: always appreciate it when you come on. >> charles, good to be with you. charles: later in the show the closer look into the church, church membership dwindling as christians and jews readycelebrate easter and passover. millenial men are getting more money than women from their parents. what is behind this failure to launch? that is next. ♪
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charles: new survey finding seven out of 10 millenials need financial help from their parents. that is not news per se but here's the thing, men, particularly men, they're cashing into the bank of mom and dad a whole lot more. here to discuss "fox nation" host david webb. david, shares of adults, early adults millenial men and women who get support from their parents, grocery, men, 40%, women, 23%. vacations, i'm not sure why you're going on vacation if you don't have money, 17% 13%. rent, 32%. 14%. what is going on with millenial men? >> two of those things why are you going on vacation if you don't have money? what about the student loan what about the decisions you are making put you there. guys, what happened to the alpha male fight to get ahead in life, make the right, logical cities?
you can get to some of the things you love later on. the things my father taught me. what is going to get you there to afford do what else you want to do when you get there? the problem we have too many kids raised, males are not longer frankly acting like men in a good way acting like men. charles: that gets in the toxic masculinity argument. >> you're feminized to the point where your masculinity is gone. charles: feminizing, women are stepping up to the plate. is that the wrong word for it? is there a different way to describe for it? >> that is left's word, toxic masculinity, women mature typically faster than men in younger age. that gives them good advantage, making more logical decisions. men catch up a little bit later. we were all young once. i know me a lot longer than you. you make those decisions in your 20s. >> so you don't think -- but something has changed though, right? >> culture changed. >> longer term ramifications of something like this?
because we understand that the great recession was tougher on male dominated jobs, right? construction, manufacturing. those things are coming back the something else it feels like. i feel like some of these young guys are boxed in, you know, from what you called traditional roles to what they think their roles may be in the sort of new set of circumstances. could that be hurting? >> that is a big part of this, charles. the culture has changed. not always in a good way. men need to remember that they have to think like men. which means by the way you don't go against women but you recognize your role in life. the culture turned men into being the enemy. they have turned men, some, not saying all, men into the enemy and second class. charles: when i hear you it he reminds me when i was growing up, old-fashioned kind of thing where my father worked, my mother took care of the house, he was considered quote a man because we had a roof over our heads. we had a car. >> provider. >> that traditional role. people are saying that is
shattered, that doesn't exist anymore. >> instead of turning it upside down, what some want to do, why don't you do it right way, women have advanced. they're in the board rooms, they're on the construction site. they have every right to be there, they're doing a good job. but when you turn it upside down to push men down to raise women up. you're not going for equality. women advance. men are depressed to a degree. not all of them. charles: what you're say something so long overdue you have to do that. in other words, there should be concerted effort to elevate women. if you have a woman and a man. s&p 500, less than 10 ceos are women. so saying this should be concerted effort. if they're equally skilled, to bring the woman up to make up for 50 or 100 years of disadvantage and oppression or sex -- >> absolutely not. you don't make people equal by creating false inequality. what you do is you continue advance the roles of women
naturally, organically, based on their capability. you don't depress one to raise the other that creates a next level inequality. charles: let me bring in millenial male we know and admire. turning point usa founder and ceo, charlie kirk. charlie, we're having the discussion. the numbers are astounding. they really are, difference between millenial men and will. men, 40% are getting help congressries. women only 23%. the numbers are shocking. what happened to millenial men? is this something temporary? is this a different change? what's going on? >> well you look into the data it is interesting. actually more than 50% of the college graduates now are women. most of the doctorate degrees, 15 out of 16 of the last years are women. women in their 20s in major cities in america earn far more than men in their 20s. now as they move into the 30s and 40s as some women make the choice voluntarily to exit the
workforce, to have children, raise a family, men will rise in the corporate ladder appropriately but unfortunately some people on the left try to demagogue these statistics and data saying there is gender wayne gap. when you look at data, count education, you count work experience, factor all those in it nearly disappears all together. your point is exactly right, charles. there is some data here shows men are doing worse in their 20sp than women are. charles: that is the question i'm asking. i know the traditional debate, that is perhaps another topic. in the sense even with student loans 32% of men rely on mom and dad to help them out. only 14% of the women. the women are betting out there. finding a way, getting jobs, paying their bills on their own. they're not staying home with mommy and daddy in the basement. i don't you know about the grass eater phenomenon occurred in japan. young men lost focus. they are playing video games.
don't have as much hope s there sort of another psychological part to this that, charlie that you see? because you talk to these kids all the time. >> well, look i will say that there is a cultural trend and i think this new unfortunately rise of third wave feminism is much more about hating men than empowering women and it is possible to empower women without hating men. that is possible. you know, men at least in recent college graduates that are males unfortunately are not given the same sort of direction that i think they should be. and i think there is too many men actually going to college. i think too many people generally going to four year college where the trades, electricians, plumbers, carpenters, hvac, entrepreneurs are being thought of less dignified. in reality they're as important if not more important than other jobs that are put on pedestal. the trump administration did a grade job talking about that.
charles: before you came on we were talking no whether you're a man or woman a provider, roof over your head, food in your belly was always seen as positive. thank you very much david, charlie. new report finding that trump's north american trade deal will actually boost the economy and add jobs but there is a debate how much of a positive impact there will be. remember this is as democrats are considering derailing the entire effort. president trump taking a victory lap over the mueller report release but what should come next for his presidency? we'll be right back. ♪ so, jardiance asks...
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reports how much of an economic boost it will create. edward lawrence in our washington, d.c. bureau. edward? reporter: charles, depend who you talk to about this. the new report says the usmca will create 176,000 jobs in the united states. report from the u.s. international trade commission says the economy would see only a modest gain. this is the next step getting a deal ratified in congress. lawmakers can use the report to base their ratification votes. democrats starting to push back against the agreement with canada and mexico. the chairman of the trade subcommittee in congress, earl blumenaur, the house requires stronger provisions on labor, environment, access an enforcement. i will work with ambassador lighthizer to address the shortcomings that we get it right. administration needs two dozen democratic votes if they get all the republicans. white house economic advisor kevin hassett says the u.s. international trade commission
report underestimates the impact but he is pleased with them adding $68 billion to the economy under the trade deal. >> the usmca is definitely not in trouble in fact i think the big news on the uscma of the week the icc report yesterday was a blockbuster positive report. reporter: the port says cars would be more expensive. cars would be up 1.6%. on autos a separate report from the u.s. trade commission's office outlines how the deal would spark $34 billion in new manufacturing investments in the u.s. and create 76,000 jobs in the automotive sector alone. now the numbers are out. the politics have started. in addition to the congressional pushback, senior canadian government official signaled that canada would not ratify the usmca unless steel and aluminum tariffs were removed. the u.s. trade representative's office tells me today they're in the process of negotiating end to steel and aluminum tariffs
with both mexico and canada. charles? charles: edward, thank you very much. i want to bring in laffer supply side center senior fellow, brian brian domitrovic. brian, feels like net-net, the result of this battle, the trade ball well our neighbors will result ultimately in a net positive for the economy but democrats still saying they're not sure they are going to ratify it. what are your thoughts on that? >> sure i think there has been a lot of uncertainty. because nafta was really great for the economy and united states boomed in the 1990s under its auspice. if it is in danger now, we have a reassert we're interested in free trade. what i'm worried about, there might be some non-free trade elements snuck into this deal. like mandates to build cars in america. if that is the case the effect will be muted and democrats should criticize it. charles: although if the democrats, isn't that their
platform? what politician is going to say i'm against this because it brings more jobs to america? >> yeah. i'm not so sure how many new jobs it brings to america, say with respect to the automotive sector. american people have demonstrated for going on 35 years now, that their favorite way to make cars is the way the japanese do it. incontrovertible. to put tariffs on cars not made in the united states is really at variance with consumer preferences of the american people. i would hope that stuff would get washed out. if it does the effect will be much greater. charles: we shop different than we vote. i don't think there is any question why president trump was elected in issues like the nine million lost manufacturing jobs. robots didn't take all those jobs. it is delicate balance on aluminum tariffs i'm not sure why the administration has them in to be honest with you. the administration played tough. i think that part of it worked but i would like to see those
lifted as soon as possible. what is your thoughts on those? >> i'm in complete agreement, charles, the longer we have steel and aluminum tariffs the more irrelevant the steel and aluminum industry will become. if they are not able to compete at price point of international competition, they have no hope for the future. it is essential for the two industries to be removed. charles: if you have a country pouring billions of dollars into a money losing industry and you're asking bethlehem steel to compete with country with 13 trillion-dollar economy, you're asking individual companies like u.s. steel to compete when china can pour billions into it, that is something to consider because if you think, if that is considered fair trade or free trade, we'll never win. we will lose a lot of industry. >> i get it. if there are really wild practices say the chinese are doing, they should be fought. at the same time when a country subsidizes an industry that makes its own industry worse. the long-term success of any company comes from free trade.
if it is subsidized, it gets worse. charles: well, i can tell you right now, china went from zero to dominating the world in steel and aluminum. all of that was because of subsidies, billions of dollars of subsidies. but i think we're heading into the right direction. brian, enjoy the weekend. see you soon. >> great, charles. charles: sears claiming that former ceo eddie lampert looted, looted, drove the retailer into bankruptcy in new bombshell lawsuit. we have details. what president trump's next steps should be now that the mueller report is out. we'll be right back. ♪ fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer.
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blake burman at white house with latest. reporter: charles, look less than 24 hours for the top democrat on judiciary committee to follow through with a threat. jerry nadler sent a subpoena to the department of justice saying he wants completely unredacted mueller report along with underlying documents that accompany it. in a statement, nadler said of his request, even the redacted version of the report outlined serious instances of wrongdoing by president trump and some of his closest associates. and now falls to congress to determine the full scope of that alleged misconduct. and to decide what steps we must take going forward. now the white house says, they are not worried about nadler's request. >> we're not going to deal with jerry nadler in that manner. we have already cooperated so much with the house democrats and we'll continue to do so but the fact is this, is just more political grandstanding by someone who has nothing to run on, nothing to talk about, other than trying to attack a man who
has now been proven completely innocent of any crime. reporter: as for president trump he continues to say that the mueller report as does this white house is a total vindication of no collusion, no obstruction, but the president also sent out a tweet today in which he questioned the mueller report, specifically singling out those who took notes and president says he doesn't need to respond to statements made in the report because some of them are total bs. though, charles, as you can see in that tweet there, the president used a bit more colorful language than bs. charles: blake, i've got a few of president trump's tweets in front of me. i was going to read that one. i'm glad you picked that up on the full screen. reporter: i will leave it to none of us on the screen. we can put it on the screen. charles: president trump is taking a victory lap. he is sending a message to democrats who refused to vote about this. take a look at this. this is the tweet everyone is talking about. 370,000 likes. using "game of thrones" thing.
game over. the president says time to get back to work. the question now where should he start? joining me president of district media group, fellow at independent women's forum, beverly hall berg. thanks for joining me. >> thank you. charles: president trump is taking his victory lap. the question now what should he do next? we got the tweets. "politico" saying tweets show that aides were justified being concerned about retaliation. some are saying it is show he is anxious about something. should he take the victory lap and move on, if he does what should he focus on? >> it will depend on what democrats do. one of the things that democrats can fall into if they continue to talk about the potential of impeachment if they want to continue to talk about this report, they give the president a lot of fodder to continue the story, talk about a witch-hunt. to say there was no collusion. they were after me all along. i think what the president does really depends on what democrats do. we have to wait end up see what is the result. charles: you think nadler is putting his finger in the air,
trying to find out exactly what might else be in there to use? because you've got senior leadership in the democratic party saying, going down this impeachment road is dumb? >> nancy pelosi, steny hoyer. when you think of long term democrats now there is as well, taking a different perspective, leave impeachment alone. this will not work well for us. what nadler will do mistake. one of the things we're not talking about today which is a good thing we had the attorney general, there are a lot of questions about whether or not he would have so many redactions that democrats would be up in arms. the fact that is not a narrative today means he did give a pretty thorough report with redactions he will give to congress only related to things in the grant jury. charles: wants totally unredacted anyone's grand jury looks bad on him i do believe. is this perfect opportunity for president trump to get in tougher with russia. the conclusion everyone shares that russia meddled in the
elections. they attempted, dirt underhanded things. is it time to strike back? >> i think so. i think we should have been doing that all along. i'm not saying it hasn't taken place. we have major issue. one of the bombshells of this report if we wan to say in addition to no collusion, proving that didn't happen, really the essence of russia interfering with our election was very pervasive. this is something that should be concerning. this would have bipartisan support. you should be able to fight that. if donald trump led the charge that would be certainly good. charles: would take away narrative he -- despite the fact he done things media won't talk about that put a lot of pressure on russia. this could be another chance to put a spike through the story. >> so much is perspective. democrats kratz were trying to talks about obstruct justice. running with narrative, getting staff members to say certain things or do certain things. if he wants to double down, i'm innocent of collusion but i'm
tough on russia which he hasn't been in rhetoric tough on russia. charles: his actions have. >> his actions have, not his rhetoric. people get confused who don't follow day in day out. charles: we have less than minute to go. i'm talking to folks particularly people who understand opinions. russia saw vulnerability in this country. no one is talking about that vulnerability, whether race, class. we have serious issues we need to start to think about. we don't have to worry about russia trying to sway the election if there wasn't this much animosity in our country. >> exactly. that is interesting. they're trying to prop up bernie sanders as well. that is another thing that we learned from the report. we do have major issue. the fact we can use big tech, social media, to be divide people with the ads put out there. there is problem what do you do with the social media aspect. i agree we don't get there if people weren't already so divide. i would like the president to
lay off some of the name-calling. lay off some of the attacks. you can talk tough without having to attack people. i would like to see that but i'm not holding any breath for it. charles: good to see you in studio. >> thank you. >> church membership in america is tumbling. what is behind the disturbing trend? we'll talk about that next. also efforts to reverse it. ♪ you wouldn't accept an incomplete job from any one else. so why accept it from your allergy pills? most pills don't finish the job because they don't relieve nasal congestion. flonase allergy relief is different. flonase relieves sneezing, itchy, watery eyes and a runny nose, plus nasal congestion, which pills don't. flonase helps block 6 key inflammatory substances. most pills only block one. and 6 is greater than 1. start your day with flonase for more complete allergy relief. flonase. this changes everything.
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charles: as americans gather to celebrate passover and easter this weekend a new "gallup poll" shows a drastic drop in church membership over the last two decades. fox news chief religious correspondent lauren green is at st. patrick's cathedral with the latest. lauren. reporter: it is busy, charles. it is holyiest week of the year for christians and jews as they celebrate passover. that poll you talked about, dramatic drop of number of people who belong to a church, synagogue or mosque. between the late 1930s, late 1990s percentage of americans that belonged to house of worship hovered around 70%.
in the last 20 years that percentage dropped dramatically, 50%. a generational trend, baby boomers, both were members of house of worship, attended regularly, the driving force is decline is millenials. make up biggest percentage that don't identify with a specific religion. experts say it is wider trend with millenials. >> the quarrel is with organized religion. churches, big institutions across the board, not just religious organizations but lots of large organizations. reporter: the drop in membership doesn't necessarily mean americans are not religious or believe in higher power. more than 3/4 of americans, 77% still identify with some organized religion though even that number is down. >> god still means something to me being, sitting down for an hour, being devoted and taking time to do that. >> i think it is more of just a
time thing. i think people don't really have time for it. i don't think it's a main priority. reporter: church membership is greater among catholics than protestants. it might abbey product of church sexual abuse crisis. among republicans in church mem bibut democrats, 25% decline. charles: lauren, thank you very, very much. adding another dent into the support for capitalism. a new stunning lawsuit, sears slamming their former ceo eddie lampert, steve mnuchin and others for alleged theft of billions from the retailer. my panel weighs in on that next. ♪ some things are out of
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ask your parkinson's specialist about nuplazid. charles: sears holding corp. suing long time former chairman, eddie lampert, they claim that he drove it into bankruptcy and this is just the most recent of companies going belly up after hedge funds came to rescue and the media and progressives blaming all of wall street and it's one of the reasons why capitalism being now seen in a
negative light. here now to discuss, chief investment strategist rob luna, and hadley heath manning is back with us, rob, let me start with you, they don't pay that much in taxes, they get all kinds of breaks they can lose money forever and they still make $1 billion a year, how come everything they touch seems to go the opposite way of the minus touch? >> well it definitely seems like everything they touch that also touches the mom and pop investor on wall street and their 401 (k) plans is what goes bad. charles i have no problem with hedge funds, you're well aware of the risk, you know what you're getting yourself into and the problem i have is when that infiltrates wall street when it gets into a company like sears and those types of levered high- risk strategies start to effect the average mom and pop investor that's really the problem here that's what we're starting to see and this lawsuit if you read through some of the pages here littered with conflicts of interest is very concerning and it leaves the average investor wondering if they could ever get a fair shake
charles: at first eddie lampert was the savor, the next warren buffett, played up on financial television they talked him up big time, and of course, it feels like every time they stripped some assets away, he was the only one who benefited. >> yeah, i mean, his background was in finance, and not retail so that's why he got a lot of attention from the financial news sector but this is another example, you know i think the courts will determine whether he did anything inappropriate, or illegal. there's another layer about what's ethical or unethical and of course sometimes people just make bad business decisions it's not necessarily the case but they acted unethically but all of those things i think do sort of taint the brand of capitalism , what people have to keep in mind on the other hand is that there's no economic system. there's no political arrangement where greed or unethical actions are not present, and so you know the idea that we can somehow create a world or a eutopia
where things like this don't happen is what people have to keep in mind when they look at the political posturing around the sears. charles: whether sears, toys "r" us, you know, it wasn't the fact that people weren't buying toys it was all the debt they took on we just had a full screen up and i want to read some of these to the audience, private equity buyers involved in brookstone, clear shops, deb shops, hh greg, linen and things, mattress firm, musicland, gym border patrol see the limited, toys "r" us, true religion, wicker's furniture, listen the thing that worries me , rob is this not necessarily wall street. this is a form of investment that most the average person has nothing to do with, to your earlier point though, it often hurts them as shareholders and it often themes them ultimately as employees when they lay these people off. >> yeah exactly you talked about sports authority and a list of other retailers that was 15,000 jobs that were lost so that's really the problem when you talk about the leverage. charles this comes down to other
people's money and when you talk about these deals the average investor doesn't understand how these work. they go in and buy the company, they're leveraging usually not with their own money it's other private equity money who they get the money from other investors to lever these deals. they're so far removed their risk is so far removed that if it works out great they capitalize on the upside, but if it doesn't it's the average investors left holding the bag. charles: then the overall message hadley, the flip side is the good part of capitalism and the great part of wall street and what it's designed for you look at these week, these ipo's that went public, pinterest you get a chance to fund a company and grow it into a billion dollar company, the came thing with zoom there was a weed company that stock went public yesterday stock opened up 37% higher but that doesn't get talked about as much it should somebody in it? >> that's right. absolutely another way to describe capitalism is a opportunity economy a market economy where people own the mean of production and they can sort of manifest destiny and
i've heard it said before that capitalism isn't perfect just the best system that we've discovered so far for lifting people out of poverty and giving people unimaginable opportunities and allowing people to create wets and exchange goods and services with one another so you're absolutely right charles we don't focus enough on the fruits or the goose that laid the golden egg. charles: absolutely real quick guys i just mentioned this pinterest and zoom. the markets looking phenomenal rob, whether it's housing we're starting to see a rebound in mortgage applications, and initial jobless claims, retail sales it feels like a jug errant do you sense we could be at an all-time high soon? >> yeah, i think we'll hit about 3,100 by year-end by s&p 500 if you look it's very early granted but earnings estimates are getting beat and part of that obviously is because they were lower but i think that's the next catalyst higher we've got china coming up i think we'll see all-time highs in the next few months. charles: hadley and rob thank
you both very very much and normally i start looking up to let you know how much the market has changed. it's unchanged the market is closed but we're here for you every single day now we pass it on to liz claman. liz: and we are here, precisely because there is news even on days like this where the markets are closed, charles. we're getting breaking news on a brand new poll post-mueller report which of course the report itself setting off shockwaves from capitol hill all the way to the kremlin. what vladimir putin is now saying about the newest allegations against the russians , and just how far bad actors from the country went to skew the 2016 election, and the president potentially facing another hurdle, could joe biden be ready to run the newest reports with the former vice president, one gigantic step closer to the starting line for the 2020 race. consumers, are you among them? pulling out the plastic fueling retail sales and big bank