tv Making Money With Charles Payne FOX Business September 24, 2019 2:00pm-3:00pm EDT
from now, house speaker pelosi will make a statement regarding this matter. at 5:00 p.m. you can see me on "bulls & bears." we will cover the statement by nancy pelosi 5:00 p.m. on fbn. charles payne is here. we need the cp effect. can you help us out? charles: we do, david. i'm charles payne this is "making money." breaking at this moment president trump reiterating of his goals of a complete deal with china and the determination to curb iran's menacing behavior. he took on the globalists and leaders that ignore their own national interests. how will his speech interest the word? our panel has the answers. the president taking treasury secretary steve mnuchin to task this after we learned it was mnuchin's office that actually asked china to cancel the farm visits next month. what it means for the upcoming trade talks. we keep hearing about the economy's impending doom while
the data shows the exact opposite. we'll separate fantasy from facts. all that and much more on "making money." ♪ >> globalism exerted a religious pull over past leaders causing them to ignore their own national interests. but as far as america is concerned those days are over. charles: president trump not mincing words during his u.n. general assembly speech, slamming globalism, china trade practices and other nations that do business with iran touting american values and freedom of speech. kristina partsinevelos is live. kristina? reporter: i will start with slamming china because that is exactly what the president did. he used the speech in the general assembly to highlight the fact that china continues to engage in unfair trade practices. he said china's admittance to the world trade organization in
2001 backfired. listen to his comments. >> the world trade organization needs drastic change. the second largest economy in the world should not be permitted to declare itself a developing country in order to fame game the system at others expense. reporter: the president continued to make forceful comment against china defense of hong kong. he said specifically that china must respect's hong kong's freedom, legal system, of course democracy in the area. i quote, we're counting on president xi as a great leader. after the speech to the general assembly, the president continued on to meet with prime minister boris johnson in a trade meeting. president, prime minister boris johnson seem undeterred despite the fact that the supreme court ruled that his suspension of parliament was unlawful. both of them instead focusing on brokering a u.s.-uk trade deal
post-"brexit." listen to his comment. >> we need to get on with brexit, that is the overwhelming view of the british people, whether they voted to leave or remain they want to get this thing done by october 31st. that is what we're going to do. >> it take as man like this to get it done. they have to get it done. otherwise it would be terrible thing to do it any other way. i don't see another vote or anything else. i think he will get it done. reporter: uk prime minister johnson is set to give a speech in the building behind me. he will fly straight out to the u.k. brexit is still on the cards for october 31st. parliament will have speeches in the house of commons. a lot of news coming out here. i will throw it back to you, charles. charles: kristina, thank you very much. what is the fallout from the president's fiery speech this morning? joining us with answers national security analyst walid phares and defense of america chairman van hipp.
walid, go in order. china, president trump began talking about with china. the trade battle engaged with china. the mistake allowing them in the world trade organization. or maybe the fact that the world trade organization was never able to deliver, or keep china in the proper lane. what do you make of it? i didn't hear anything new but i did hear resolve to a complete deal. wall street want a piecemeal deal? >> this is the largest forum for international public opinion and the president was very effective at on the one hand exposing china's activities for the last 20 years but at the same time, what did he do he opened a path for dialogue with chairman xi. okay you have done all the mistakes. now is the time to fix them. i am here in front of the international community inciting to you do so. charles: i think that was a common theme. i think he opened a path reaching out to others saying our enemies are not permanent
enemies, suggesting all the issues can be resolved. van hipp you've been one of my favorite connecting foreign policy with is about. president trump took a serious jab at globalism, which by the way has been rejected or in the midst of being rejected around the world from japan, india, europe, united states, to south america. so when china hears this, how do they put all of this together and how does it impact the markets? >> the president also said if you want democracy protect your sovereignty. walid was right, when he said the president was talking about if you want, we're the most powerful nation in the world but we don't want to use that power, that sent a message and he also said that so many of our former adversaries are our friends. we work with them. i got to tell i think it was a powerful speech. it showed american leadership. he put china on notice. i think it was brutally honest message that needed to be heard. it was charles, reminiscent to
me i heard of speeches in the past of president reagan and president kennedy talking about religious liberty. calling for the world to stand up against the terroristic regime of iran. reminiscent of reagan and kennedy and a message the world needed to hear. charles: walid, president trump on iran said it is coming along well. that america is in a position, really in a strong position when it comes to iran. i guess suggesting that while we have put off military actions against these increasingly provocative actions by iran doesn't mean we can't. people holding out hope, even if i impromptu and short that president rouhani can meet somewhere at the u.n. do you think that would be a good idea? >> meeting by itself is really depending what is the american plan and what is the iranian counterplan. the president was very clear that a very large international coalition should isolate the
iran regime especially after their attack on saudi. it was not just an attack on saudi but international economy meaning the oil installations. what is important the president seemed to be calm. oh, yeah, we are creating our system in the region, we are defending the region but we will decide the timing of any action. he is open to meet with anybody but at the same time on the ground. he is not ready to make strategic concessions. charles: real quick, walid, because i want to get back to van hipp, the fact that european countries are saying yes, it was iran who committed the attack on the saudi oil fields, how important is that? >> very important. we discussed it last week, you and i. on one hand europeans are committed to the iran nuclear deal because their business is involved in it but on the other hand they're not happy with the iranian regime attacking another country oil installations in front of the world? the president gained europeans on issue of missiles and
militias. european officials are on the defensive with iran. charles: van hipp, boris johnson is committed to the october 31st, hard brexit, soft brexit, how you want to term it, despite a setback in his own country with the supreme court, how will that impact the markets? >> i like what president trump said when they met at the beginning. he thinks he will get a deal with the united states between trade and with the uk and united states. the president talked about it in the speech at the u.n. i think the big story is this, boris johnson is emerging as the mediator if you will between president trump and the european union. right after boris johnson came out and said what he said about iran and said we need a new deal, we need a trump deal, just minutes after that the e3, uk, france, germany, they came out blamed iran for the attack on saudi arabia. >> that's right. >> also said, iran you need to start negotiating a better deal.
i think boris johnson will play a big role going back forth between president trump and eu. charles: van, walid, you are two of the best. thank you for helping us out. >> thank you. >> despite the president's scathing words for china at u.n., there are signs that talks are moving to resolution including china removing waivers allowing u.s. so i purchases. we heard it was treasury secretary steve mnuchin who asked china to push back on the visit to american farms next month, much to the displeasure or maybe timing of president trump but what does it all mean for the negotiations? i brought in bellpointe chief strategist david nelson to help us hash it out. on the other hand we get the same rhetoric. everything president trump said at u.n. about china i heard him say a million times. maybe the stage and world audience made a little bit of a difference but we do have good news developing. we have seen a series of olive
branching including a pretty nice sized purchases of soybeans. >> we're getting olive branches, gesture for gesture. the president pushed back tariffs for a couple beeks in response to the 70th anniversary of the chinese communist party. they're doing a quid pro quo. 600,000 tons, a pretty nice gesture on their part. what is the dynamic hear? what is the end game here? will we do anything about the key issues, cybersecurity, i.p. theft, a state-run economy that continues -- charles: i am glad you brought that up. that might be the most important thing president trump talked about at u.n. uncovered, hearing all the channels. he brought up micron technology. micron technology has been victimized, they have been spied on. china tried to buy the company. they rejected the offer. the story of espionage reads like a spy novel. then a chinese occur actually fined micron. president trump brought them up. semiconductors are taking it on the chin right now because they're caught in the crossfire. sounds like listen, maybe we don't just get a deal with
greater trade deal, but the things that some people on wall street don't want the huawei deal involved. >> maybe they don't want the deal but we have to have the deal. i think the american public gets it. 60% of americans understand this regime is a economic and military threat. micron, full disclosure i own the stock is the tip of the iceberg. a lot of companies fit into that dynamic. you heard what he said in the speech, i am not going home with a bad deal. the message, the markets understand this is going the full distance. charles: big news on wework which has become a household name. it is not even public yet but their founder, adam newman will take a back seat. >> it is not ready to be public yet. charles: that is the key. i'm seeing something in this market even before today's session, these big technology names, some of them are consumer discretionary, some communications services, have been under a tremendous amount of pressure. netflix has gotten slammed. roku is getting slammed. some other names are getting
slammed. i think this epiphany is making investors pull back to look at all technology to wonder if they are overvalued, if the game is up. if the game is up does that mean the rally is over? >> i don't think all technology companies are flawed in the space. for years, a lot of investors looked myself included look at the business model. no surprise disney comes out with a lot of money a the love content can be a formidable competitor. the valuation has to come in. wework, the company is losing a dollar for every dollar of revenue. not surprising they have to cut the deal in half and make again. charles: david, thank you very much. >> thanks for having me. charles: house speaker nancy pelosi will make announcement 5:00 p.m. eastern time amid growing calls for impeachment. we will have a preview. e-cigs are facing pressure on capitol hill as federal
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charles: breaking right now president trump calling to declassify the transcript of his call with the ukrainian prime minister. the president tweeting just moments ago, i am currently at the united nations representing our country but have authorized the release tomorrow of the complete, fully declassified, unredacted transcript of my phone conversation with president zelensky of ukraine. you will see it was a friendly, totally appropriate call. no pressure, unlike joe biden and his son, no quid pro quo.
this is nothing more than a continuation of the greatest and most destructive witch-hunt of all time. joining me member of the house oversight committee which held a hear tag, republican congressman mark green of tennessee. congressman, i have to ask you about this news, major news. listen, this is what the democrats asked for, maybe they won't be happy when they get it. >> i don't think they will be very happy. if he is coming out with the transcript, they will see that this is exactly what he said it was. exactly what the president of ukraine said it was. a friendly conversation. joe biden has a lot to worry about here. he used a billion dollar loan to pressure the ukraine government to fire an inspector, who maybe, just maybe was getting close to his son's 3 million-dollar deal routed through two different countries. this will get very interesting very fast. i appreciate the president releasing it. charles: when the news came out, the dow was off 220 points.
the dow is off 90. something of a sigh of a relief. no one on wall street see as constitutional crisis. what people are becoming frustrated with it, never ending accusations, call them fishing expeditions, hunting expeditions for lack of a different term. also just the notion perhaps someone who was not on the call, didn't hear the call, we're not even sure read transcripts of the call can say, hey, i'm a whistle-blower, almost anything can become a serious crises these days. >> you have to have standing if you are going to make accusations like this. the of course the media doesn't really care. they will seize on anything that gets said, to attack this president, i mean certain parts of the media. not all networks, so. charles: congressman, apparently there is talk that at some time perhaps during our hour joe biden will officially call for impeachment. we know nancy pelosi is, she has been fending off a desire for
impeachment, particularly with freshmen congress folks. you get a chance to speak to your colleagues across the aisle. what is the feeling that you get, particularly when you speak to newer members of congress? those who have been around, impeachment can be a double-edged sword if it doesn't work out for the party calling for it? >> there are a lot of moderates, 31 in districts that the president won and they're very scared. they're very concerned about nothing but investigations. they're going back to tell their constituents that they want to do the business of the people but unfortunately nancy pelosi has to respond every time aoc opens her mouth. that is what she has been done, within hours of aoc saying we need to impeach, she is on the impeach bandwagon now. those 31 democrats, in seats that trump won. they're shaking in their boots. charles: quickly i know we brought you on to discuss vaping. some say this could be a
political issue in 2020. as adults we have a right, we used to have rights to determine what we put in our bodies even if it was vape smoke. how are those hearings going and a national effort to criminalize vaping or disallow it? >> first off, it is a very concerning, these deaths are very frightening there is a lot of medical research that needs to be done. what we need to do is proceed very cautiously. i will remind everyone, the number one cause of preventable debt is cigarette smoking. that is on the cdc website. these flavored cigarettes help adults get off tobacco potentially saving their lives. we need to move cautiously. i don't think there will be political ramifications for president trump stepping out into this. he is an extrovert. he thinks out loud. a lot of times he gets to the process going but comes to a different position later. it is sad you can't have the
dialogue because of the press. charles: sir, congressman green. i want to go to nancy pelosi. she is talking about the impeachment right now. >> in fact admitted intervened on the quote, unquote biden issue? >> again, and he has referenced that. if that is the case, that the president of the united states would ask a foreign government to assist him in a political way, that would be wrong. >> would it be impeachable? [laughter] >> let me just say, that everything we've been doing up until now is about preserving that republic benjamin franklin said a republic if we can keep it. and he, and that means it is not a monarchy. we have a system of checks and balances in our constitution. three coequal branches of government to be a check on each other and that, that is a
republic. it is a democracy. it is not a monarchy. the president, has said, article 2 says i can do whatever i want. that is in violation of the spirit of the constitution. our founders wanted to provide for, shall we say activities they might not engage in. they put up guard rails but they would never suspect a president of the united states would jump over those guardrails. >> i want to widen out the aperture in a minute, talk about the whole of this presidency. let my stay on this for a minute. if with we're describe something accurate, and if it is not impeachable, if you're not willing to say it is an impeachable offense, what is impeachable to you? >> let me just say i will be making announcement at 5:00 today, not here right now -- >> you're more than welcome to make it here right now.
[applause] >> it is really sad to think -- charles: nancy pelosi at the atlantic festival. really increasing folks because she was asked about whether or not the things that her party is accusing president trump of are impeachable. she went into a long discussion about they're doing everything to preserve the republic. she mentioned ben franklin and our founders, three equal branches of government. president trump's termtation of article ii, saying in her mind he thinks he can do what he wants but did not say whether or not it was impeachable. she gave us a tease to 5:00. ten minutes from now we'll hear from joe biden. stay with us. we'll be right back. ♪ ♪
proceedings for the first time. we are expecting to hear from the former vice president joe biden in just about ten minutes. of course nancy pelosi saying she would be making announcement this afternoon after a white house democrats discuss further more impeachment. for now let's bring in the political panel. stephanie hamel, "daily caller," capri cafaro from american university. i have to start with you. >> sure. charles: nancy pelosi has been pushing back, pushing back, there has been a gigantic movement but seems like the gigantic of impeachment movement happens so quickly over issues no adjudication of, a lot of times there was speculation. a couple weeks ago it was about air force planes landing in scotland. what do you think nancy pelosi will do this time around? >> i think she will move to censure. that is what i anticipate, what she is going to do, announce at 5:00. i think that you know, obviously censuring is different than an
impeachment. it sort of splits the baby. people don't like the terminology. charles: how does that do that though? >> this is sheer conjecture, sheer conjecture on my part. i have no inside information but a censure resolution something applicable in this context would show the fact that the democratically controlled house is very serious about this, about the concerns that they have about president trump. now i have never been one to say that this is a good idea for the democrats to go after impeachment. i think it plays directly into the the hands of president trump this is a witch-hunt, he is targeted, that is no good for democrats politically. charles: right. >> if we see the facts bear out on this issue with ukraine there are some very, very serious and important issues that need to be pursued. charles: stephanie, here is the thing. we're going to get transcripts of the phone call tomorrow. i think that obviously could
change a whole lot of things. just the fact that president trump pushed so hard, by his own, who thinks those calls should be sacrosanct. world leaders shouldn't have to worry about their conversations being played later on because of a internal politics but it going to happen tomorrow. how do you think that changes everything? >> it change as lot. i can imagine the democrats are scrambling right now. maybe what nancy pelosi had planned to say at 5:00 later today, that might be even changing because the democrats were not expecting for president trump to release the transcript because he made it clear he didn't want to do that because it send as wrong message to foreign leaders working with president trump that their conversations could be released every other day because the democrats are calling for it. this impeachment fever of the democrats is definitely going to hurt the party. it is just shows that, this is not about trump committing crimes. he hasn't committed any crimes. it is about regaining, retaining their power. they just continue down this
road. they dragged us down with the russia collusion. they promised us that president trump was working for the russians. that was fake news and -- charles: get back to capri. we're crunched for time, ladies, you seem reluctant. you talked about your reluctance. nancy pelosi talked about her reluctance. the audience doesn't understand the political ramifications about this. why not just go for it? >> why not go for it because there is no thirst amongst the american public for it. they don't see a smoking gun to the level of impeachment. because everything has been colored through a political lens. something like this, if there is truth behind some sort of quid pro quo withholding dollars to a foreign government, et cetera, et cetera, and i'm looking forward to those transcripts i said that should have been done, you know. if that is the case, this should not be a about politics you
unfortunately it has become that way. we're on the thresh hold of a presidential election. the american public care more about their pocketbook and their kitchen table issues than a gotcha inside of the beltway. charles: we have breaking news. in fact breaking right now, the state of massachusetts banning the sale of all vaping products for 4:00 months. officials say this -- four months. they say it's a reaction of the national public health emergency linked to nine deaths, new york, michigan. they have statewide crusades against flavored e-cigarettes. we're talking about all vaping cigarettes. president trump is on the issue as well. meantime we're waiting for joe biden to release a statement about the whistle-blower report. senator rob portman joins me next. ♪ic
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♪ charles: as we wait a statement from joe biden the trump administration pushing back today on reports that the white house froze millions in aid to ukraine shortly before the president pressured the leader to investigate joe biden and his son. fox news confirmed the reports, the money was released a few weeks later after ohio senator r rob portman called the president and said ukraine desperately needed the aid.
senator portman joins us now. perfect time for having you as candidate or i mean a guest. no better time. can you tell us why you intervened on behalf the ukraine. >> sure. charles, nice to be with you on as well. ukraine needs our help. the country decided to turn to the west, be pro-american, democracy and free markets. that is a big deal. sort of like the cold war is being fought out in ukraine again. the russians don't like that much. one reason they annexed crimea illegally and fomenting violence along the eastern border. ukraine is reaching out to us saying help us and we have and we should. my advocacy on getting military aid there so ukrainians can defend themselves. by the way money would be spent in the united states, but on u.s. equipment but would be provided to the ukrainians. it is a good thing to do for ukraine. it is the right thing to do now
with president zelensky coming in because he is pro-american. he wants to be able to fight the corruption in his country more aggressively, all the right things we're looking for. it was the right thing to do for him. charles: sir, you mentioned the west. what president trump has been saying today and the administration's position is, one of the reasons for freezing the money initially was to send a message to our western counterparts, once again america is doing the heavy lifting. if we're not doing the fighting we're doing the funding and put pressure on our allies, particularly our nato allies to step up and help as well? >> you're absolutely right and the president is correct in that. that is the reason i was given why the funds were not being released. and i agree with that. we needed to be doing more to pressure our european friends and nato in particular to help ukraine but my point was, gee, don't take it out on zelensky.
this is the new president coming in. let's push europeans to do more. they have been involved in ukraine. it's a lot closer to them than it is to us. the it is on the doorstep to russia. they do have an interest there. i would like to see them do more. charles: this is not new for president trump. he has been talking about this in his problems with nato, taking care of themselves. senator, i do want to ask because we're tight on time, the federal government facing threat of a shutdown. >> yeah. charles: congress battling over the budget, the stop gap bill is expected to reach to the president's desk this week. you have a plan to end government shutdowns for good. tell us about that? >> charles, you're right, we're facing a year-end fiscal problem. you're right, looks like continuing resolution which is just continuing spending from last year will pass and we'll get it to the president. he will probably sign it. for the short term we'll reprieve. we're right back in the soup, gosh do we come up with an
agreement on spending or shut down the government? we've done it three times in the past three years. it is terrible for taxpayers and federal employees. i have a bill called end government shutdowns. pretty creative title about 2/3 of republicans signed on to, let's stop the shutdowns. have a slight decrease in spending 1% across the board 120 days if you have a shutdown to encourage congress to do its work. another 1% every 90 days. i hope we pass something that says end shutdowns. they are not good for taxpayers, federal employees and services we all want. they are not good politically. it is something we should avoid in the future. charles: senator our audience probably will appreciate not only the bill but the fact you didn't give as you cute acronym. >> indgovernment shutdowns. the egs. charles: didn't give us darn or something like that. we appreciate it. >> always food to be on with
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charles: climate change is the major focus of this year's united nations general assembly but as more countries announce pricey plans to combat it, i want to know exactly where does the money go? how can we fix witwallwithout killing economies? here is copenhagen business consensus. you are the concerned climate scientist i want to always hear from. we hear about massive amount of money going into this thing. something will happen, and in
the end we'll live happily ever after. what will happen to make things better? >> you only hear that because they want you to hear that. what we're actually talking about you will spend trillions of dollars and almost nothing is going to happen. so i don't know if you saw germany just announce they were going to spend 100 billion euros. basically that is going to reduce temperatures by nothing, 0.000016 degrees centigrade. fundamentally we have lots of economies lining up to say we are going to really dramatically cut. new zealand promised to cut all emissions by 2050. their own estimate shows it will cost them 16% of gdp, more than the entire spending every year on all government services. charles: here is the thing, in germany when they made the announcement it was noted over 60% of the population said addressing this is more important than the economy. we'll take the economic hit. people don't often know what they're saying we'll take a 16%
hit. they don't think this is my pocket it is coming out of. politically these countries are doing it, some form of virtue signaling. >> yes. charles: but it doesn't resolve the issue if the clock is ticking how do we fix it? >> fundamentally the problem is we don't emit co2 to annoy al gore. because it empowers everything we like about the economy f we fix the economy, it will not work telling everyone, could you be a little colder in the winter, a little warmer in the summer, or be more uncomfortable or not fill up with food? you have to get innovation. all climate economists show if you want to fix the problem about much getting much more green innovation. if we can find green energy technologies that will outcompete fossil fuels, everyone, china, india, everyone else on board. charles: that sounds like capitalism could play a role on this? >> absolutely. the point to get our innovation going.
this almost fixed all problems in the world. remember in the 1970s we were worried about all the world running out of food, india would see hundreds of millions of people starving. it was not to say could you eat little less? the answer was the green revolution. that enabled india and many countries to produce enough food. we need a break-through for green energy. charles: i wish we had more time. always great having conversations with you. i appreciate it. thank you very much. >> thank you. charles: we're still following the markets for you. they're all over the place. you can see the dow near where we starred from. nancy pelosi saying there will be announcement at 5:00, hinting maybe impeachment. we're not really sure. we'll break it all down for you when we come back. ♪ imagine a world where
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charles: there is heavy speculation nancy pelosi getting ready to launch a formal impeachment inquiry against president trump later on today. the "washington post" announced she could make the announcement in hours. joining me is deroy murdoch. the countermove, president trump saying i will release the transcript. everyone will hear the conversation t was aboveboard, it was friendly. the biden thing came up not in a way that it is being portrayed in the media. your thoughts? >> the fact this transcript coming out in full unredacted tomorrow says to me the white house thinks it was nothing to fear. if they had something to hide, they would say sue us, drag this thing out for months. in 24 hours this entire cloud may part and sunshine may impart on donald j. trump. charles: at an event nancy pelosi asked about if
these things are impeachable. she talked about preserving the republic. she talked talked about ben fra. talked about three coequal branches government. talked about trump's interpretation of article ii. she has to be thinking the way you're thinking. she understands the political calculus. she is being pushed by her left. >> if she announces impeachment inquiry at 5:00 p.m., we hear, hope this is congratulations, if you hear anything about biden sending information they will look really stupid. we heard they would impeach kavanaugh over the allegation popped up. turns out there was no accuser. she didn't remember the event. the democrats run out in front of the parade, thinking they have a big scandal behind them. the whole thing falls apart. charles: the whistle-blower did not hear the conversation. i do want to also mention moments ago senator portman i think it was really critical what he just said. he was the one who lobbied for
immediate aid to ukraine pointing out the fact they want to embrace the west and but he also said that when he made the request to the administration president trump at time he was told it was being held back because our nato allies were not doing enough. which is exactly what president trump said. >> yep. charles: this is amazing. a u.s. senator corroborating president trump's version of what happened? >> somebody well-regarded as having high integg grift on both sides of the aisles. that seems to bolster the president's point this was all about getting allies to pay their fair share, nato. some concern about lingering core are up nun ukraine. what is coming up is be instruction of justice not on the part of president trump, but vice president biden sitting down with the previous president of ukraine you don't get a billion dollar loan guarranty until you fire the prosecutor who happens to be investigating the company on whose son was onboard. this seems like obstruction of
justice. you fire a prosecutor and get money, that is extortion shun. i don't know why those words are not part of this conversation. charles: deroy, thank you very much. we'll be back with more on these markets. ♪ destroy you. sizing you up... calculating your every move. you think this is love? this is a billion years of tiger dna just ready to pounce. and if you have the wrong home insurance coverage, you could be coughing up the cash for this. so get allstate and be better protected from mayhem, like me-ow. "have you lost weight?" so get allstate and be better protected from mayhem, of course i have- ever since i started renting from national. because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i return, thanks to drop & go.
charles: breaking right now, president trump slamming democrats in reports nancy pelosi is announcing a formal peach m inquiry -- impeachment inquiry. the president tweeting moments ago the democrats are so focused on hurting the republican party and the president that they are unable to get anything done because of it including legislation on gun safety, lowering of prescription drug prices, infrastructure, etc., so bad for our country. and the markets are trying to navigate through all of this talk and particularly the impeachment news today. i want to bring on senior managing director, investment wealth management president. david, let me start with you. we were up 129, down 220.
we were in the trading range, right in the middle of that, for the most part, what are you most concerned about particularly with all the intrigue down in d.c.? >> yeah, you know, this is an interesting market. i think as investors there's actually quite a bit to be concerned about. you know, i hate that's the case. but i think the markets are looking for a sign that says it is all clear and there's room to run. we just haven't seen that yet. so when there's impeachment talk now at play, democrats are looking for anything to impeach the president. i think that will weigh on markets. the headline risk is hurt markets right now. charles: jim, you know, realistically it is farfetched that it could happen with the republicans control of the senate. but there are headlines. there is a media. you know, there's a lot of negative impetus. by the same token, the china situation still looms large, entering earnings season, and i'm concerned over some of the big momentum names that led the market higher that seem to be under pressure. >> my thinking had been that we have two issues to confront, that is, the earnings season and what companies say about the tariffs and forward-looking business, and the china
negotiations. and if you navigated those successfully, the market could make modest new highs. the negative is if they do this impeachment, it creates uncertainty, uncertainty on many issues. the news every night we will be talking about impeachment. it will dampen consumer investment. it will deter capital investment and it leaves many issues unresolved, the iran issue, the china issue unresolved. it will create uncertainty which will stall the markets. charles: also would it hurt the president's negotiating position? >> absolutely. if china thinks he's going to be under pressure to protect his job and diminishes his chance for reelection, that will play very bad. charles: that's an interesting point. the markets did pretty well during the clinton impeachment. you know, longer term, do fundamentals -- what role will fundamentals play in where this market goes? >> yeah, that's a good question. i think fundamentals play a really big role here because i think that's what the markets
need. we're heading into an election year, charles. i was looking at this earlier, if you looked at the market in december of 2014, the s&p was about 2100. up until november of 2016, the market was exactly at 2100. so you know, in general, markets with good earnings can be fine if impeachment talks are at the forefront. but we also have this looming question of who is going to be the next president? there's uncertainty there. if it is anything like 2015, we might be in a stalled channel between 2850 to 3100 that we may not be able to break out of. charles: that's a great point. earlier today warren overtook biden in new hampshire. drug stocks are getting hammered on that news. i think we lost track of that. as she becomes more of a juggernaut, wall street is not going to be happy and it will pressure markets. >> wall street is not happy about elizabeth warren, but don't forget, it is very early in the political season. those polls are going to change. you can't declare her the front-runner at this point. but if we get to next september and she's the front-runner, and it builds momentum, it will be
more pressure on the markets. charles: jim, david, thank you very much. sanders came out with a new billionaire tax today. so the socialists do worry wall street on top of everything else. liz claman, you have a lot on your plate as you lead us into the rest of the market. liz: i would think so, folks, everyone needs to stay tuned right now to this final hour of trade because the markets are running a constantly changing gauntlet trying to duck and weave around the political whip saw at this hour. right now we are heading lower after the washington post says house speaker nancy pelosi will announce that the house will launch a formal impeachment inquiry. you can see the markets right now are moving down on that news. we are expecting an official announcement from speaker pelosi 5:00 p.m. eastern. now the news sent markets immediately lower, following president trump's tweet, that he would release, quote, the complete fully declassified and unredacted transcript of this phone call in question, the