tv Cavuto Live FOX News October 13, 2018 7:00am-9:00am PDT
talking about the economy and politics and midterms coming up so lots of news. ed: had to talk to brent .com for our after the show right now. pete: adam, where is my umbrella? >> it's drying off right now. pete: i don't believe that. join us again tomorrow morning on "fox and friends" and trish will be here but. ed: have a great saturday. ♪. neil: here's what we know about edward. do into washington during the show and here's what we know about stocks. you better not make a move until you watch the show because from the pastor to profits we have you covered. former ambassador bill richardson on the present planned meeting with brunson at the white house and maybe later today. kentucky governor on the president's big rally in his state later tonight. i want you to take a look at the devastation in florida.
in price gouging in florida, not if the attorney general has anything to say about it. giving up on stocks after the week we just went through? potiphar bolden bears have anything to say about it. what they say you should and should not do as we wait out another scary october and remember it's not even halloween. i just dress that way. why are you laughing? it's time for communal life, let's do this now. neil: two hours and he could be here. pastor brunson after two years in captivity in turkey could be here. he's happy to be headed back to freedom and fox news jillian turner has the very latest? reporter: the countdown is on in
maryland where were awaiting the arrival and the touchdown of pastor brunson just two hours from now. it'll be the first time his feet have touched american soil since he was taken into activity in turkey two years ago. the pastor spent the evening flying over the atlantic and the touchdown really in the middle of the night in germany with his wife. they were greeted by the american ambassador and he put out a statement and i will read it to use as have to pull it up. this is the day our family has been praying for. i'm delighted to be on my way home to the united states. my entire family is the president, administration and congress for their unwavering support. i can tell you after spending the day at the white house yesterday the national security team has been working on this tirelessly
for weeks and here's what present from himself said last night. president trump: it's going to be coming to the oval office most likely on saturday but we are honored to have him back with us. he suffered greatly. reporter: neil, we know he will
arrive in two hours and the president is saying he'll be in the oval office for the big meeting and it has to be some time before 3:45 because that's when the president is headed out of town for another rally this evening. we are waiting the big arrival and it will be a very exciting moment, not just for the pastor and family, but for the entire us turkish bilateral relationship. it's been hugely strained over the last two years to a number of factors. this is something you will want to tune into. will bring you the latest as the day goes on the five jillian, thank you. we will get the read from former ambassador richardson. he was key in releasing a north korean hostage. it's fascinating to follow. the latest on all of that. meanwhile, getting the worst week this market has seen all year so everyone is wondered
about what will happen on monday. lawrence has follow this close closely. >> halloween came close early on wall street. higher interest rates climbed and spooked investors. the most volatile month of the year is october. take a look at the yield on the ten year treasury, b.14%. it is spiked to three and a quarter% earlier in the week when stocks got there but all of this push, the 30 year mortgage rates 4.9%. look at the comparison. nowhere near the 18.6% that we were decades ago but this higher rate is making borrowing more expensive and running to choke, not only economic recovery, a nine-year bull market run. that run was challenges week in the tao dipped on friday but l4% on the week and the nasdaq gave up three and three quarters% on the week in their worst week since march. if you look at the nasdaq is down 7.6% from its all-time
high. it's flirting with correction territory at a client of 10% and many of the large and popular components, netflix, amazon, alphabet work in correction at one point but investors bought the dip in those stocks let the market higher on friday in many average investors don't seem rattled. >> it goes up and it goes down. >> and exciting things to get worse. >> it's a little scary. you see things like this going down. >> it'll go up and down past the median. it's like a casino. you stay in there long enough to see losses and gains. >> trying to get mortgage will be challenging. >> it's scary. >> no one knows what will happ happen. reporter: i just texted my son to buy more. >> as herbert hoover said prosperity is around the corner. reporter: we have a lot around the corner and the volatility will continue in october because it always does. we have midterm elections and maybe a santa claus rally i don't know. neil: knock on wood.
i know you will join us and you're making your way over here but a couple of things the president has made clear. to finger the federal reserve and he had to say that repeatedly to get the point across. take a look. president trump: i think the fed has gone crazy. the bad is going local. i'm paying interest at a high rate because of our bed and i like our bed not to be so aggressive because i think they're making a big mistake. the fed is out of control. what they're doing is wrong. the fed is far too stringent and making a mistake. neil: let me write that down. not a fan of the fed. he's not the first president to complain about the federal reserve but the first to make it so clear publicly. we will get into this but wonder if that plays a role in the recovery here and squashing that recovery or risk in doing so. foxbusiness network lawrence is with us. jessica and arpels and bear star which will be back on fox
network week. can't wait for that, 5:00 p.m. eastern time and among the principal stars jeremy and john. would you begin on the notion that the president had that they are overdoing it. >> it is preposterous. any president is mad at the fed and the president is wrong in this case. i'm not a fan of the fed and the fed missed the last crisis but they helped exacerbated by keeping rates low too long. at this point we have to raise interest rates. getting to a normal rate but we have a systemic shot in the global object right now what the former president of the fed used to worry about if we have such low interest rates we don't have a shock absorber. we need to normalize rates while we have a booming economy. >> i'm glad i'm sitting here because i'm about to say something that john will not like. you are dead wrong. [laughter] i have a wide table to separate us and i know pastor and he is. >> i don't know about that. [laughter]
>> here's the thing. i do agree with trump in one perspective and that is this. number one job of the fed is not to manage the economy or make us prosperous or rain in growth but to combat inflation. we just saw from the report most recent report we don't have inflation so why are they raising rates? if the rating rates in a non- inflationary environment are doing exactly what trump does not like. they're choking off growth right now. >> i think john and i are in agreement of that. the market manages by itself and things can raise or lower rates and we don't need a fed. they're trying to be all smarty-pants in dc and they got it wrong. they missed not only the housing crisis but 2008 and missed the tech bubble and why we are putting our faith in a organization that has been wrong more often the right, i will. neil: work with it because we are leaving with us.
[laughter] this has come up again and again that maybe the federal reserve is looking to get back to normal, whatever that is, and because rates even with the uptick we have seen we are still half where they should be, i'm told. to double them where they are now i mean, that will not go down well. >> it seems to me the fed and jay powell is blindsided by trying to normalize rates and get back to the neutral rate environment so let's say we have a december rate hike and they move in this lockstep which could be dangerous for the economy and dangerous for companies and forward guidance which boost their stock prices that could be dangerous if they're committed to not keeping everything on the table looking at the data which is getting back to the normalization and that would be one critique. i do think there's a firewall the president is critical of the fed but has not spoken to jay powell which shows there is independence. neil: i will point a finger at
the president. my issue is i remember distinctly criticizing the federal reserve and keeping rates are naturally low in creating casino atmosphere and he was threatened about that. during the campaign and the money not with president obama and now he's doing 8180. he's president. >> that goes into the category there is a treat for editing. if my favorite thing about what trump does but he said the exact opposite of it when president obama was in office. you are completely right that he did something different which was to take response ability for the stock market when it was high and we talked about that on the show that i was out of the norm. most presidents have tried to stay out of the fray because they know stocks go up the docs go down and to manage the fed themselves and you should not be taken that on yourself. logically he has to. neil: he did refer to the way stocks have risen. >> in a more exaggerated way but i'm not surprised he's been talking about it and he's
frustrated. it's very in line with how trump feels. neil: in line with a lot of -- they don't like when rates go up. it could rain on their parade. it could slow the recovery and he's probably just right in saying that. i think a lot of people try to clarify he doesn't like the piece of increases for he sees increase and says them overdoing it. is the fed risking overdoing it? >> i don't think so. the economy is doing that well. neil: but to garrett's point there is no inflation? the next i would disagree with my friend gary. >> the numbers turn out right? >> oil prices are $71 and going to 90 from here. >> but oil prices are one component. >> when you talk about commodity inflation and the automakers that are reporting inflation is hurting them way before the tariffs happen. neil: the fed is not behind the curve? you argue that there is no cur curve.
>> if you're going to say we see inflation and start to raise rates are they then saying there's no inflation but we think there will be inflation? on what basis. neil: you could also use the argument of the uptick in rates steady as she goes will keep this recovery going longer than it otherwise would, right? steady as she goes yeah but what point is too high? that's were headed by the 2019th. neil: you hit the exact point when we got our first mortgage. >> the tax cuts could have a full out trade war which is inflation in a tight labor market. neil: that could be the worst. >> sound like it. i'm excited for both the bears to be back. [laughter] neil: these are the guys. >> i will save because i'm a political person that was going on has an effect on the midterm but he gets the good economy that is his one solid.
neil: but i don't know if that benefits you. >> if i was on the other side i would be worried i'd be out there at rallies talking about the strong economy and if you call the fed logo his face like that and then we'll see what happens. [inaudible conversations] >> president obama, i still miss you. [laughter] neil: thank you. we want to pass along that pastor andrew bronson to the united states later today and the president will meet him when he lands in washington in the oval office, 230 p.m. eastern time so little more than four hours from now and may have been a back-and-forth in the president tweeting out that he would like to thank president one for making sure this happened and the odd thing is that pastor had been sentenced to three years for being a spy and released on time served.
both sides got to say face of the pastor is on his way and he will meet with president trump and all is good on that front. more after this. highest in investor satisfaction with full service brokerage firms...again. and online equity trades are only $4.95... i mean you can't have low cost and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management.
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neil: is a third world country we are looking at. this is the florida panhandle and this is the result of category four storm they got within 1 mile of being a category five hitting that area, the worst this area has seen in better part of a century. one of the worst storms recorded in american history. in all of that, jonathan. reporter: hello, neil. catastrophic damage. were standing in front of all most all that suffered heavy damage when the storm made landfall and you can see the upper façade was ripped down in the heavy winds came crashing down into the front parking lot. please escorts have been bringing in supplies of food and water areas inaccessible by road they are airdrop in supplies.
miami-dade fire rescue florida test horse is conducting door-to-door searches and local officials say many residents are still unaccounted for believe much of this is due to lack of communication. power is down and people can't recharge their phones and even major cellular company network is down. this is true in mexico beach with sustained a direct hit when hurricane michael made them all. even structures that survive the extreme winds suffered extensive water damage from storm surge. air force officials they hereby air force base suffered widespread catastrophic damage in the storm. although they decorated 50 advanced f-22 fighter jets in advance of the hurricane some planes had to be left behind in hangers because of safety or maintenance issues. >> all of our hangers receive damage. we do believe some of our aircraft may have sustained damage. we however will not know the
extent of the damage so we can get inside those hangers and take a closer look. reporter: take a look at this video. this freight train derailed during hurricane michael and the wind was so extreme it pushed the railcars off the track so the wind damage is most extreme on the florida coast and as the storm moved inland across west was an act out power to hundreds of thousands of customers throughout the southeast. president trump tweeted -- coming back to our life shot you can see utility crews hard work about 250,000 customers are still without power but that figure way down from what was yesterday. neil, that you. neil: jonathan, thank you. great reporting throughout the tragic store. you will keep you updated will talk to attorney general of the state of florida was worried about people getting in that
state, if you can believe it to add to their woes. she will not have it. also waiting for the arrival of pastor bronson. the present tweeted out a little while ago -- more to this. y. i switched to geico and saved hundreds. excuse me... winner! that's a win. but it's not the only reason i switched. hi! geico has licensed agents who i can reach 24/7. great savings and round the clock service? now that's a win-win. winner. winner. yay me! oh, hi! good luck. switch to geico®. it's a win-win.
bronson and the president making an additional comment. let's go to garrett tenney with the latest. reporter: good morning. the present just tweeted in that tweet you shared pastor andrew bronson expected to meet with the president here at the white house in the oval office at 2:3. we are expected the current schedules for him to arrive joint base andrews around noon and make his way to the white house your armpit this is something this demonstration has been working for ever since the president took office. pastor andrew bronson be detained for nearly two years in turkey was facing a life sentence of up to dirty five years if convicted on all counts of the fact he is now on his way home is an exciting day at only for his family but americans as a whole. that's why last night there was a cheering crowd at a rally in ohio when president trump announced that pastor bronson was finally coming home. president trump: i'm proud to
report that earlier today we secured the release of pastor andrew bronson from turkey. [cheering and applause] this will bring people back and that is good. they want to come back to our country and coming back to our country. [cheering and applause] reporter: a few minutes ago the present tweeted
there was no deal made with turkey for the release of the pastor and i don't make deals for hostages. there was great appreciation on behalf of the united states which will lead to good and perhaps great relations between the united states and turkey and that is important because this detainment led to a significant risk rift because one of our most important nato now is. we slapped sanctions on turkish products and that hurt their economy. last night the president reiterated that the us gave up nothing in order to get pastor bronson home. president trump: we go to turkey and he went through a system and
we got him out. they been trying to get them out for a long time but no deal was made. at all. no deal. but we are happy to have him
and have him in good shape. reporter: pastor bronson was one of several americans detained in charges for involvement with this alleged coup attempt that took back in 2016. several other turkey citizens continue to be detained in us officials say they will continue to be working to get their release. neil: garrett, thank you. garrett is at the white house later on today the present will meet with the pastor when he arrived in washington in the oval office, 2:30 p.m. eastern. no deal made. bill richardson former us ambassador to the united nations among many, was getting hostages out of north korea and i remember that like it was yesterday. ambassador, no deal made but is it safe to assume that the sanctions and trade measures we were making did compel this deal
and now they can be lifted? >> well, i will say this is good the president gets involved in these american hostage releases himself. that is welcome and that was a factor here. is there a deal made? in this case, neil, i think the sanctions stay on because they are part of the whole tariff issue that the president has worldwide but i am suspecting that maybe what the president assured the turks that he would do is lean very much on the saudi's to be accountable on the death of this news man i think that is what the turks have wanted and they wanted to have this evidence, video evidence potentially. baby that is what they asked. i'm not privy to details but this was hampering us turkey relations in turkey is very important with the kurds and on the serious you an economic
issue and they are a major power in the muslim world so it was good that this article in the relationship was removed. neil: but it's interesting and you're not the first and one of the most prominent potentially link these two developments with "the washington post" and i'm following it closely because i'm not saying that president erdogan is backtracking on his comments but he's been more measured on the original report we are getting out of turkey that this journalist was murdered and that they had video and audio tapes to prove it at the saudi embassy in his temple. now they're saying it's possible quoting president erdogan he could've been spirited away. what did you make of that? >> he is backtracking a little bit because the relationship with the us is important but at the same time i thank you have two polar powers competing with the muslim world.
saudi's and turkey. what i think president erdogan is doing is as the only people that can make in the only country that can make the saudi's accountable are two. mainly the united states and great britain. i'll let the administration and the president needs to talk to king solomon and needs to talk to the conference and push hi him -. neil: what if the guy is not dead. i don't want to sound like a plaid novel but what if we missed this and everyone is saying the saudi's mother done something and maybe they did not or maybe the turks were involved in getting way too in the weeds and paranoid but obviously if you are turkey and had relations with the saudis to begin with and you're looking at hundred $10 billion with the military deals that country has and see how it might be tempting to create an impression, right? >> well, yeah.
we've got to get to the facts. this is where the president is the one with the leverage over the saudi's we have this long-term relationship and we are long-term allies. i think the president needs to be. neil: but would you sacrifice that and the saudi prince was this new wave and i don't know what new wave means but revolutionary but be that as it may he was greeted with open arms and a lot of business tied were planning on meeting for an investment initiative conference and a lot of big us entities have canceled out of that on these developments. branson holding back and holds of others and do you think that response is justified? >> yeah, i do. i think we have to stand for human rights. we can't allow -- if it did happen and we have to get the facts the five we don't know the facts but i keep mentioning we don't know the facts and i'm reading these glaring editorials
today in "the washington post" and elsewhere saying it's humiliating and tragic with the president is doing when we don't know for sure what has happened. >> we don't. at the very least because there is such suspicion i don't think the secretary and treasury should have done that conference. those business leaders from the united states should pull back until the facts come out. neil: i'm sorry, ambassador i'm being rude and you are rightly annoyed but the president has done a line on this that no matter what you think happened here is it worth repeating productive economic relationshi. president trump: it turns out to be as bad as it might be there is other ways of handling the situation but i will tell you upfront right now and i'll say it in front of senators there spending hundred $10 billion purchasing military equipment and other things. if we don't sell it to them they will say well, thank you very much but will buy it from russia
or thank you but will buy it from china. that does not help us, not when it comes to jobs now it comes to companies losing out on that worth. neil: what you think of that? >> i don't agree. he's got to get to the facts and find out and hold the saudi's accountable. if they are responsible for this i don't say you and the economic relationship and killed the entire arms deal but you draw a line and put some kind of sanction on the saudi. you cannot have another russia like out there poisoning people and killing people because they disagree with the regime. the president could've been stronger. neil: bill richardson, thank you. good to see you again. the president will be busy today and will meet with the ambassador at white house and will hop on to air force one and
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neil: look live at the white house. the president will host cool people when he is there but this is beyond just cool, this is a relief. this is pastor andrew brunson speeding toward freedom at 2:30 p.m., from four hours, he will sit down with the community in the oval office and present job is off to kentucky for a very big rally. he's been increasing these events right before the midterms and generates big crowds and kentucky's republican governor says he's looking at big ones tonight. governor, good to be back with us. >> great to be on with you, ne neil. neil: what reception can the president expect tonight? >> it will be an overwhelmingly open arms. you teased it at the front and is being like iraq star and i
tell you the way in which he will pack out in the way people wait to get in line that will not get to get is indicative of that section. he's popular in kentucky and throughout much of america for that matter. despite what you read about the larger papers in editorial boards in this country. neil: is mitch mcconnell going to be at this shindig tonight? >> i am not sure. i so some members of the congressional delegation will be there. i'm not sure which for each of them or which of them will be there but congressman barr it is in his district and so in many respects intended to draw attention to his campaign and the fact that he is the better choice and the president stamp of approval will go a long way. neil: what about the craziness in the market this week? you can't blame the president for that but you can't get too obsessed about this in the midterm year but author james stewart, famous for genovese,
the republicans let the market run up and will help them in the midterms and democrats should not go crazy they will benefit for the market falloff in the same midterms. do you agree? >> i think this is true. we saw two bad days in a decent snapback and this is not a trend but you and i have talked about this and previous shows. we been building balloons. we've pressed artificial interest rates and force people into the markets that would not have been there try to find some yield when you have that much inflation in terms of dollars coming into the market it will be let off at some point. we've seen elements of that but the snapback yesterday was remarkable in light of what we have seen in the days prior so i don't think either side will be helped or hurt by what is happening unless a sudden massive trend happens over the next three weeks. neil: governor, how is it going in your state? all the auto companies you and others moved to kentucky and now
i'm hearing about auto sales that have been directly dinged by what is going on in china from the third straight month. are you worried? >> i am not worried. we are aware and cognizant of the things happening globally in internationally and in our state but here's what i know. we had year on year wage growth up in the top three in america. in kentucky we never been above median, we been 46 in. per capita income for 50 plus years and that is changing. $17 billion in capital invested in the state and last two and half years and private capital in these dollars are being invested creating expenditures, wage growth and new jobs et cetera and we are more people working in kentucky that we ever had in history of kentucky and lois on the planet ever and highest workforce participation in decades and i'm not seeing that impact but certainly i'm a
student of history and economics and keeping an eye on things. >> you also been successful and i know you don't upset about the markets but do you worry that they lead the economy and some have this notion that wall street seizes and the economy catches the cold and it can work in reverse as well? seem to minimize the two days of selling and concentration of that. were getting our way out of that on friday so we think of that? >> there is some truth to the state that you just made. they are correlated because perception becomes reality and we have, as a society, but more stock, all pun intended, and what happened in these industries and we should. neil: wait a minute, governor, foxbusiness network and you should demand a whole network devoted to that. don't be so cavalier about the markets. i'm joking. >> well, no, understand this as a business person my background
is in investment. i started 40 iras concerning mutual fund companies and understand the markets better than your average governor that will sit on the show. i'm not dismissing this but agree with the fact that they are directed directly related. i'm seeing the american people who don't even fully understand what the markets mean might put more stock in the fact that something is turning up or down then actually related to the economy but i do believe that. the overinflated the markets due to fed policy in the past and eventually that is going to have to be remedied. it just is. neil: so the president targets -- this is really on them. they are to blame for this. do you agree with that? >> again, this is been a long time coming. this president has inherited a fed policy that is for years and years kept rates artificially low. here's what concerns me. we now pay more interest on our national debt then we spend on
our defense annually. that is a sobering -. neil: by next year we will but with rates going higher you could argue that will get x financially worse, right? >> it will get worse. that's my point. we kept great artificially low and thereby inflated the market and there will be remedied. anyone out there investing in the market will do well serve to diversify and not assume the markets will continue upward on the introductory they have been. neil: but the investor guy in you, would you sell anything? >> the investor guy in the house. always take your profits to take it off the table. neil: what if you take your profits and? you and me, ignore the microphone. >> things. neil: things, very good. always a pleasure. good luck at the event tonight. governor of the beautiful state of kentucky. that is wise advice. step back, to go look at the picture and see how the economy underlies it and we shall see.
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esurance. it's surprisingly painless. neil: probably have been getting a look at the scary markets. the owner of kentucky was on this and the economy in the overall market continue to go well and other good bits of news including the release of this pastor from turkey here that will be the president later on today and add it all up, more good is happening. which will affect moods and votes in little more than three weeks? can you believe that? we have democratic strategist michelle ritchie and fox news contributor captains. >> i think it is hard to say. i don't think the market will affect. they have not affected markets historically. in 2002 s&p went down and they
gained seats in the house and senate. i don't think that something terrible can have to worry about. the main concern will be enthusiasm because polls are showing democrats are more enthusiastic than a million voters are right now. neil: if that is the case, that would be a concern? is there anything we are missing and i do notice gaps are narrowing and enthusiasm polls which change, i understand, they were in low single digits and now double digits. which is real? >> folks look at having run in a swing congressional district folks on the ground in the district i was privileged to represent look a lot at what effects main street and i don't mean that as a cliché. what are they seen in their everyday lives? people are seen the statistics on our economic recovery in the record rates of an employment in every demographic group
including the disabled, veterans, youth and paychecks have risen and rose 3.2% between 2016, 2017, the best in ten years. people are seen positive changes that we hope they will not feel complacent about and will credit to the gop in the house and senate and the president. other thing were seen with the kavanaugh process which was so ugly is that there is a lot of ugliness coming out in terms of the anti- five type jacket. >> and people encouraging them to run out of restaurants. >> exactly. there is a mob and the police were not even getting involved because they fear getting involved. running cars on the street. people see that and see this is the thing happening in our everyday lives. that could concern him about
where the democrats want to go. neil: democrats are leading the charge and they're not saying we want to run people -- [inaudible conversations] but michelle, is that your sense is that the market has been a nonevent because a lot of people will tell you all market down but a market crash is another and as we go into [inaudible] but what you make of that? >> the economy has always been a factor in how people vote but we are in a new era of politics for people will take their frustrations to the polls and i don't think it's necessarily having to do with the economy but it will have more to do with personality they are seen within our leadership in congress and from the oval office that they simply do not like. this is a -- >> who is more angry than? you hear women are angry about the treatment and i don't see that as a monolithic vote. >> women are angry and african americans are angry.
on the issue that is really important. neil: what are they angry about? we have record on appointment lows for both groups. >> we are still drowning. whether you're darting in 10%, 12% or 6% we, as african-americans, are drowning in this economy. neil: whether you like president, or not the study improvement for these groups is more more dramatic than any president so white with a take it out on the president who is at least on the issues i would think that would matter deliver the goods? >> why would african americans take out something on president trump? because of his racist rhetoric. neil: you think he is a racist? >> i would dispute that strongly. with respect to you and -- >> i know, i know, it's fine. neil: you do not agree with kanye?
>> absolutely not. this is the thing with kanye west. i feel sorry for kanye west. if he is a conservative and the support trump he is free to do that. i think what i saw in the oval office that day was something that was more concerning healthwise then political. neil: do you know what is weird about that? i remember distinctly connie was being greeted in the media as a rap star when he went after george bush and says he doesn't like black people with the treatment of katrina and everyone prays that and said how gutsy that was. now that he is liking trump he is a valid. >> even though some of the things he talked about were more liberal causes than conservative. for example, stop and press. that is something liberals should be happy about seeing that he might have an influence. >> but what is not being reported is that jeff sessions
neil: we still don't know exactly what has happened to "the washington post" columnist and the consensus seems to be the saudi's killed him but it could be wrong. having said that the president is on record saying that if they did have something to do with this there will be hell to pay. ellison barber is in washington with the leaders on that. reporter: president trump says the saudis could be behind us but for now he's pointing out they deny it in on the us side it still under investigation but president trump is your date will find out exactly what occurred here and if it turns out the saudi government is behind the disappearance and suspected murder of the journalist there will be cut once. president trump: there's a lot at stake and maybe especially so
because this man was a reporter. there's something really terrible and disgusting about that if that were the case. we will have to see. we'll get to the bottom of it and there will be severe punishment. reporter: the president did not say what the president might be but on capitol hill a bipartisan group of senators of the letter to the president calling on the in ministration to oppose sections on anyone from responsible for his disappearance. kentucky senator van paul so the president should hold arms sales and military support to saudi arabia. president trump is suggesting he is not ruled out sanctions but continues to express reservations particularly when it comes to arms sales. president trump: it depends on what the sections. here's an example. their ordering military weapons. everyone in the world one of that order. russia wanted it, china wanted it, we wanted it but what i don't want to do, boeing,
neil: the past pastor is almost here. gillian turner as live at the interspace where the pastor will arrive shortly. jillian. reporter: neil, the countdown continues here at joint base andrews in maryland and i'm standing right outside the base pretty much across the street from it right now and the pastor will touch down on us soil for the first time in two years, about an hour from now. we just got confirmation that
the press will not be allowed to view or air footage of the pastor arriving life and he departs or d planes and gets into a car or whatever vehicle will take them to the white house but we do know he will be meeting with president trump 2:30 p.m. in the oval office and that will be brought to you live. neil, one thing that is important to point out is that the trump in ministration has been working tirelessly, the whole national security team, behind-the-scenes for weeks and the president tweeted a short while ago emphasizing that no deal was struck here. this was diplomacy and handled through the court. this is important because it was only a few weeks ago the president president erdogan reassured the in ministration directly and personally this was not going to be a political issue they were not going to insert themselves into the constitutional process to determine pastor brunson state. the turks have lived up to that promise to president trump.
it's a diminished breakthrough for us turkish relations. it'll be a happy moment when we've seen somber arrivals here at andrews airbase in the past when north korean prisoner have arrived back and not very good shape but they all point to the pastor being in good health and president trump is very pleased and have a chance at 2:30 p.m. to see firsthand for himself the pastor speak to him about his experiences in turkey and find out exactly how he was tweeted and speak to his wife and family. it's a huge moment. neil, i know you will be taking some of the shortly as it happened but i want to let you know right now it comes to bilateral relations, huge day for us turkey. neil: to put it mildly. gillian, thank you. he will be meeting with the president later on this afternoon. house foreign affairs committee member help for the republican congressman here to react to these developments.
congressman, good to have you. president says no deal was made but we have a lot of sections and trader sections in place and should they be lifted now? >> the president has a strong on a number of issues with allies and this is a nato ally. that is we will work with them where we agree but hold them accountable and on religious freedom the president has been strong. think about it. no president has been able to free, without deal, as many prisoners since ronald reagan. place after place. north korea, china, now turkey, this president has to doll and said i will talk to you and work with you but we will not trade in order to get the release of americans who should be free. this is a president who ran on religious freedom domestically and proven he cares about religious freedom internationally. neil: all right.
to my initial question about whether the sanctions should be lifted because the turks have delivered and released the pastor, you say what? >> again, this is a nato ally and we have a number of issues with turkey. any change will be a poetic, carefully measured, not everything is going away but remember turkey has gone a long way from the secular democracy that it was when president erdogan became president. since 2003 they moved by most reasonable measures in the wrong direction. neil: speaking of president erdogan, congressman, he seems to be dialing back and maybe for political reasons here that the saudi's were behind "the washington post" columnist disappearance and or death. saying lately that there is a little bit of nuance here. they cannot entirely rule out the journalist had been spirited away. were told there are videotapes and audio from the saudi embassy
in his temple that verify that something happened to the guy but for president erdogan to dial it back to the degree he did, why did he do that? >> you have to follow the facts where they lead. the evidence -. neil: is a possible he is not that? >> it is possible and there's also a question whether he's been taken away but there's a whole bunch of other questions and the most important one is a question of who is responsible and who will be held accountab accountable. that is where the president, i think, rightly so said whoever is responsible there will be hell to pay and we followed the backs. neil: but the president also said he careful and i'm repeating a 110 billion-dollar with and they you were to show that entirely so what you think should be done if it turns out the saudi's was behind this guy's disappearance? worst-case scenario, death.
>> one of the things we, in foreign affairs, have to be cognizant of and work during the cold war is that not all of our allies are going to be perfect but when we look at iran and the things that iran does every day we balance that with the fact that saudi arabia is standing up to iran and standing up to their wrongdoing and is, in fact, helping in that area. yes, the president has a clear challenge to both hold them accountable and be measured in response and i suspect that he and secretary pompeo will do exactly that but first we have to get to the bottom of the facts and has to be present analysis and, of course, if there's a possibility he's not dead at the question for the saudi's to answer and answer quickly. neil: it has to be a process to get the facts right. people are canceling invites to go to the conference at the end of the month including richard branson. were told uber technologies and viacom and a host of others are saying we are not showing up
weird is that premature? >> when you are a businessman you make a decision based on if you will the likely profit and investment so they are making a different decision than we would inside the government and trump administration and the trump administration has to take a much longer view so should be scale something back if the facts look bad? that may be a measured response but there may be other measured responses. we have a long history of sitting down and holding accountable without cutting it off. during the cold war we maintained an embassy in the soviet union and had negotiations with them but also had sanctions. even today we do that with some of our allies and enemies, alike. is saudi arabia critical in the region? yes. is egypt critical in the region? yes. are they perfect democracies? certainly not. neil: you are leaving congress
but also leaving as the richest congressman, by far. that always amazes me you business success is second to none in the body but was amazing as you got it in a tough deal to get it. other technology field. i was thinking of you, chairman, because of what's going on with the rift in china and auto companies are reporting sales in china down for the third straight month. ford is down 40% and these tariffs are a threat there. the beginning -- are you worried? >> i am concerned that china does not get it that although president xi has sort of said he gets it and he talked about -. neil: maybe we both don't get it. >> i think we do get it. every country around the world and all the europeans have said these are the problems with china. whether or not the solution, in other words, the tactics we get to change their behavior are
going to work or not depend on the resolution of the president and the cooperation of allies who, so far, tell you it's a problem and want to economically take advantage of it rather than engage in changing that behavior. the question i ask is to those who say that maybe president trump is overdoing it with china is if you look at the obama administration and every in ministration before that, they saw the same problem. they start growing and under reacted so if you want to get a solution, yes, we may have to make change tactics but we have to be resolute this behavior cannot continue and that is the message that when i talked to the europeans and when i was in beijing a few weeks ago -- i was up to the world economic forum they have to understand it. i will tell you something that isn't being reported. companies of all sorts including
one for my industry who had two factories in china are now looking for a factory outside of china. those business decisions that are being made by global companies are going to really hurt china, if china does not become fair on intellectual property, on import export controls, they are on subsidies. that is their decision. neil: , guzman, very good catching up with you. >> thank you. neil: there is gouging going on in florida after the hurricane. after all these poor folks have been through there is gouging. i had a businessman who had his response to that activity. >> think of the devastation of the water. think about rebuilding these homes and the problems they will have. these counters they should have their eyes cut out of their heads. neil: the nasdaq report says that is going on. it's time for sleep number's fall sale on the
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crisis for hotel owners to jack up rat rates to organizations to hike the price of gas when people try to get out of town and on and on it goes. i'm sad to report that is going on in florida and throughout much of the southeast that had to weather hurricane michael. florida's attorney general is not having any of it. she's trying to crack down. she joins us live right now. >> hello, neil. thank you for having me. it is going on. the good news and the bad news is there is not that much of it yet but the horrible news is that there is utter devastation. my law-enforcement unit was in panama city yesterday telling me that power lines are down everywhere and telephone poles are on the ground and even our law enforcement had to bring in from polk county hillsborough county, up to the panhandle had to bring in portable radios for
them to communicate law-enforcement with each other. it's utter, utter devastation. we expect that the to see price gouging in the aftermath. neil: i am sure but let's get to the devastation in trying to get idea of the power in what is going on. governor seem to hint that he had no idea about the status of all those that do not evacuate an issued statewide evacuation orders or at least in the panhandle i should say and fewer than half took him up on that so what he's trying to say is he cannot account for how they are doing now and the fear was building and reading online many of the papers that body count sally is now pegged at 16 and could go up dramatically higher, what you make it that? it is absolutely very sally and governor scott was in in every
single county, every sunday, nonstop basically begging people to be saying this will be a horrible hurricane, get out of your homes. the problem now is as we describe, it's like a jungle. the governor has been doing such a good job and created a push back and his people coming in this morning to clear the debris so the workers can get in in the first responders can get in for instance, still in one county alone i believe it is washington county they can't get to 90% of the people in one county. it's right around outside and mexico beach and seen on the news so much bay county in bay county the shares office itself took a horrible head and our great sheriff there spent the night as the utter devastation was happening to his own sheriff's office. no one anticipated this amount of devastation but now it is
certain rescue and that is what governor scott has been doing nonstop in the first responders i can think of them enough from around the country who have come to florida to help us. neil: i want to get into that gouging that goes on. a lot of those who do gouge try not to make it too obvious are they not going to double the price of gallon of gas but may not raise it 20-30%. what catches your office's attention? >> we are driven by people telling us what is happening and that is the only way that we know if someone is being gouge. we urge people to go online and to call us but the problem is only folks don't have nothing to communicate with us. in the aftermath we had about 14 fuel stations and we were looking at and we still are but they are raising the prices of fuel and the problem is were getting to one of the sheriffs and the panhandle chewed out and
service stations so they would lower the prices but i will tell you the problem is it is search and rescue right now. most of the panhandle is without fuel. the fuel is being used for emergency vehicles rescue but the fuel is the main thing and if you see this happening, call it in and let our office know. that is how we can help. we want to stop things in real time we want to pay them a visit and say you cannot do this. waters and essential commodities is sickening when someone will double the price of bottled water when people are out there in desperate need of it. neil: pam, thank you very much. good luck with all of this. >> thank you, neil. neil: attorney general for florida. by the way, a tweet concerning pastor brunson.
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but i feel like with my kids, they measurably get more than i ever got. and i get to do that. i get to provide that for them. neil: . president trump: i think the fed has gone crazy. the fed is going local. i'm paying interest at a high rate because of our bed. i'd like our bed not to be so aggressive because they are making a big mistake. the fed is out of control what they're doing is wrong. the fed is far too stringent and they are making a mistake. neil: donald trump has been clear the selloff born out of the fear of higher interest rates and markets not knowing how much are they can go and he does not like it. the federal reserve is to blame for it. not that rates are up but market
fear they will go up a lot more. a lot of people listen to that and thought about that and said wait a minute and others have thought about expressing their frustration privately former president of the federal reserve for hiking but very few have gone out publicly that the president is the first in that regard. i must dress he's not the only one to have problems with the federal reserve he deems going too far. let's go back in time to president nixon having interesting conversation about the conversation that was taped about moves that then federal reserve chairman was then making two-rate. listen to this. >> we reduced the discount rate today. >> yeah, yeah, good. >> what is it now? >> we got it down to four represent. and typically when we reduce the discount rate or make a change we merely say we make the change
in order to bring the discount rates in line with market conditions. >> right, right. >> this time we set were doing it partly for that reason but also to further economic expansion. >> good. good. that's what you put out in the statement. >> we put out a statement and that will be in the press tomorrow. >> good. that comes in the same date we sign the tax bill which is good. neil: think about that.
that is arthur burns and the line that stood out to me there and i thought you would be pleased. that was arthur burns letting the guy who chose him i hope you are happy with it. it's not as if it's unseemly or that this is historic with the president is doing right now by going after the federal reserve and others have had more cap gated relationships. the chairman and editor-in-chief and we have the former assistant us treasury secretary. welcome to both of you. >> thank you. neil: steve, that was blatant. that exchange and the coziness and this idea that donald trump only opened up this politically incorrect abyss and i don't kn know. >> it goes back to harry truman who went public. in the early 40s and 50s they had to have a peace treaty in 1951 between the treasury department and federal reserve it they also have the fact of nixon there and appointed arthur
burns because he wanted someone who will be easy on money going into the 1972 election which ended up in disastrous when we destroyed the goal -based system and headquarters after that. it's not unprecedented. neil: michael, he was giving the president a heads up on a hike for the key rate but was there anything about that? with that of been more common in the procedure, i don't even kn know. >> i think that it is generally speaking a mistake to have that kind of political discussion between the president and fed and one of the things that i think increases the credibility of the federal reserve in terms of fighting inflation in terms of growing economy is independence. never you have the kind of back and forth you saw in that clip with president nixon or with president trump whether positive or negative that tends to undermine the independence of the fed and it's not in the
long-term interest of the country. neil: you know, steve, you can make the argument that the rising rates we have seen in response to a strong economy and they take the bout for that but they also argued about do we need to hike rates so much. the federal reserve has to get back to neutral whatever that is on before the market fell this week and there you had him saying we are a long way from being we should be in that presumably to get back to normal range rates would have to be double what they are. do you agree with that? >> the federal reserve should not be in the business of setting rates. they only question is how much they end up doing. >> if the primary goal is to get us back to historical norms and having nothing to do with inflation and that's where it is
worrisome. >> they should let the market set interest rates. they could have their own rates they want to charge banks if you come to the discount window but quite another one to set price controls so the fed should back off from that. the markets did not selloff because the federal reserve but the fed signaled lately these rates are going up so the market you this month before. neil: why did they sell up? >> trade. neil: michael, that has come up and we got information out of china and companies exposed to china, auto companies, chief among them even some of the tech companies and they will get worried about it and this is going on and on. you think that was as much a part of this or maybe more than the rate situation? >> i agree with steve. primarily, it's driven by the uncertainty about the trade environment concerns about china but also dislocations happening elsewhere in the world and i do think that level of uncertainty is much higher now than it was before and the market is beginning to see that.
steve is right in terms of the rate that the markets know there's been returned to normalization for some time and i think one could reasonably agree about whether the fed is on the right path for that, too fast or too slow but the mistake is going after them politically because that undermines their long-term independent and it's not healthy for the economy. neil: now it will be scrutinized and do they bow to pressure or despite pressure and is it your sense that that is what will cause a problem going forward? >> no, what will be going forward even if the fed goes down the number of rate increases the key thing about the markets. we have a strong economy and market today should be 20% higher 5000 points higher given the momentum we have. neil: with the trade thing stopping it with the present meeting with president xi and the g20 summit in brazil -- is
the markets always assumed we'd deal with china which we did with mexico and canada and work this thing out. now, there's a little bit of uncertainty especially after vice president pence's speech a week ago which, in effect, said we're going to have a new cold war with china. neil: all said bring it on. steve, michael, thank both of you for coming in on a fall saturday. you know, october statistically is not the worse month of -- worst month of the year, but it is the scariest. which is why we're playing this scary music, just to scare you even more. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect.
this is actually under your budget. it's great. mm-hmm. yeah, and when you move in, geico could help you save on renters' insurance! man 1: (behind wall) yep, geico helped me with renters insurance, too! um... the walls seem a bit thin... man 2: (behind wall) they are! and craig practices the accordion every night! says the guy who sings karaoke by himself. i'm a very shy singer. you're tone deaf! ehh... should we move on to the next one? it's a great building! you'll love it here! we have mixers every thursday. geico®. it's easy to switch and save on homeowners and renters insurance. neil: all right, 1907, 1929, 1987, 1997, 1998, 2008, there is a pattern about this month, october, and some of our more memorable selloffs. lauren simonetti on that outside
fox headquarters and why people get spooked. >> reporter: you called it shocktober, but the folks behind me are not even scared. they're cautiously optimist in, and they come from washington, d.c. and north carolina to see us here at fox headquarters. we're trying to figure out what it is with the month of october that really spooks people. it might have to do with the calendar, you know? you get summer's officially over, money is put back to work in the market, you get third quarter earnings season, you hear from some of these ceos often making comments on the end of the year, could be good, could be bad. let's start with the tricks. the tricks that you get in the month of october, we'll go back to black monday, 1987. at the time the dow fell 500 points, but that was 22%. many reasons for that crash; trade deficits with asia, conflicts with iran, investor distrust. anyway, it took the market two years to recover. let's show you the great crash that happened over a few days in october of 1929.
that signaled the start of the great depression, bankrupted so many americans. it took the economy then decades to the rebuild, and it took the dow 25 years to reach its pre-crash high. and most recently, and i think we can all remember october of 2008, the market tanked after lehman brothers collapsed. that heralded this decade of cheap money policies that are just beginning to unwind themselves. so those are the tricks, the more popular tricks that we've had in the month of october. but you've got to remember october is the most volatile month for stocks. it's not the worst month. the worst month for stocks is september, neil, and we got i through that with flying colors. yeah, they like that. the trick of everything is that historically october finishes higher. go figure. neil: all right. knock on whatever. lauren, thank you very, very much. lauren simonetti. let's go to steven is guilfoyle,
better known as sarge because he calls it as he sees it, and as he's very honest at how he looks at these markets. steve, you're looking at this market now going into a weekend where anything can happen. so for trading monday, what do you look for? what are you going to be following? >> well, for those folks who don't know me, don't follow me on twitter, i basically start my monday morning around 6:00 on sunday night. that's when i put away all fin things from the weekend -- fun things from the weekend, and i start watching asian markets, i'll even trade the futures if i see an opportunity at that point. and i'll sleep very little on a sunday night because you need to be alert on a monday morning. this is going to be an exacerbated version of that where we'll be paying attention to the asian markets ever more and the european markets as such. and we'll see where the s&p futures are at that point. we'll know if that little rally that we had that looked so positive because investors were not so afraid to go into the
weekend, we'll know if that was a false rally -- neil: would you have been more worried as we did the weekend of the '87 crash, selling off into it? >> to answer your question, i was in the middle of the mayhem this 1987 -- neil: is that right? >> and the first thing i said to my wife when i got home that day, i don't want to go to work on monday, it's going to be terrible. the last couple of hours on that friday, that weekend were so bad. this was nothing like that. for the good folks of gotham listening to us this morning, there is some fragility in the economy, the monetary policy trajectory coming from the fed is too aggressive, for what i see. so we are set ising up a slowdown 10-12 months down the road. neil: really? >> that said, i still think you might get a pop by the end of the year. there's a lot of variables the market has to price in -- neil: the immediate issue for you look at asia, look at the
day and the night, look at europe, look at our futures, how they're holding up. what would worry you? what would be something that would jar you? >> on thursday we saw broad selling in both growth and what we call value names. neil: right. >> i don't like it when names that a appear to be properly valued sell off with the growth names. that means people are scared. when they're -- neil: in other words, showing no abandon, just everyone. >> right. when they're selling gold as well or when gold doesn't rally in that circumstance, that's also scary. now, we did see a little bit of a rally in gold on thursday afternoon. i actually told you that was a signal for me to buy some stocks because the market was taking this seriously. for the one-day window, those trades all worked. except for general dynamics, but we won't go into that. neil: defense stocks could take it on the chin if we get tough on saudi arabia, right? >> that's true. and you could name a defense stock, i'm probably long the name.
and it has more to do with china than anything else. i'm a veteran of the cold war, and if we enter into a new cold war period with china, jack ma said he could see it lasting more than 20 years. the chinese are hoping to get past the midterms, and maybe the democrats -- neil: steve forbes said this has nothing to do with interest rates, it has everything to do with trade. >> it has more to do with the balance sheet than anything else. when you drain the fed's balance sheet, which they're doing right now -- a lot of people might not understand that -- going forward that hurts the confidence of the guy who's managing your money. and they drained $19 billion off the balance sheet just last week. if people think that doesn't play into what happened, they're crazy. neil: i covered the '87 crash, might have interviewed you at the time. one thing i do remember, and i saw in this again in 2008, it gets to be just indiscriminate. and it gets to be fear builds on fear, people sell and they ask questions later. it takes a while for cooler heads to return.
i don't know if we're in that environment, but ronald reagan had famously said at that time that he didn't focus on the markets, that he felt that the environment was sound and that that ultimately would save the day. was he right then? is this president saying essentially the same thing now? >> we're -- like i said, i do see the fragility in the economy going forward. so while we have a robust gdp print, we're past peak autos, past peak housing, even past peak retail. i don't know if you've seep the level of vacancies in the mall and the lowering of the rates that the mall owners are getting in rent for their retailers -- neil: right. >> -- but there are some decaying businesses here. we are building infantries -- that's my old background -- neil: right. >> we are building inveb stories and a number of factors are supporting the gdp number, but are they at peak right now in they're just heading towards that past-peak level, if order backlogs are at their peak level, things have to cool off.
the imf, though i hate them so, they might have been right about shaving a couple of percentage points. neil: yeah. christine lagarde said it's going to slow global growth. >> i don't like to give her credit, so we won't do that. neil: always good seeing you. steve guilfoyle, what i love about him, if he botches something, he says i botched it. there's a concept. awe'll have much, much more afr this. by 2030, half of america may take after stonington, self-employed and without employer benefits. we haven't had any sort of benefit plans and we're trying to figure that out now. if i had had a little advice back then, i'd be in a different boat today, for sure. plan your financial life with prudential. bring your challenges.
and we've grown substantially. so i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. that's right, $36,000. which i used to offer health insurance to my employees. my unlimited 2% cash back is more than just a perk, it's our healthcare. can i say it? what's in your wallet? neil: all right, it's bad in the florida, that is an understatement, but a million people still throughout the region without power. going further north, a half a million in virginia, but it's florida where you have this power grid that is completely dislodged. it's broken. it's so damaged, they're going to have to start virtually all over again. joining us now from outside tallahassee, red cross headquarters at this moment, we've got -- let me get this -- jonathan mcnamara. i apologize. jonathan, thank you for taking the time. >> thanks, neil.
neil: how are things looking there? >> so we just got back from panama city, and if i can just paint the picture for your viewers, the drive down there kind of takes your breath away. i go around the country seeing these types of disasters for a living, and just the sheer scope of the number of trees down, the number of power lines that are down across roads, it takes your breath away. but -- [audio difficulty] companies not only there florida, but from across the country are pouring in to deal with what you just mentioned. these power outages are such a significant issue. over 1200 disaster workers. we're fanning into neighborhoods, dealing with very difficult conditions. connectivity is a big issue for us, cell phone connecttivity is really very challenging. only one carrier that we saw really was up and running. but i know crews are dedicated, they're passionate, and is we're working to address these situations as quickly as possible to try to get relief to those who need it. neil: but you have no way of knowing all those who chose not
to evacuate, just to go into these neighborhoods and see how they're doing, that could be quite a process. >> yeah. and we talked to families yesterday in one of our shelters in panama city, and they said they had gone through hurricanes in the past, and their experience was that they were able to withstand them. this one really caught them by surprise. and that's why, you know, in any of these situations it's just talking to them and listening to them and just giving them an opportunity to tell their story. you can kind of see the life come back into them as they take a deep breath and that's in addition to, obviously, trying to get them a hot meal, a place to stay. we're transitioning a lot of evacuation shelters into now longer-term shelters where they can get the full range of services from the red cross and our partners. the salvation army is doing amazing work, we saw corporate companies like duracel delivering batteries, texas barbecue cares and others who are just trying to do every little bit that they can to make people start to feel like they have some hope at the end of the
tunnel. we're going to be in this for the weeks and months, potentially, to come. neil: you're doing the lord's work. thank you so much for all of your hard work and everyone around you. we'll see how it goes and hope it goes well. now, i suspect a lot of folks in that region aren't necessarily looking at their portfolio or aren't worried necessarily about the gyrations in the dow, but we're going to try and put all of that together, all of it, right after this. when my hot water heater failed it rocked our world. we called usaa. and they greeted me as they always do. sergeant baker, how are you? they took care of everything a to z. having insurance is something everyone needs, but having usaa- now that's a privilege.
i decided that i wanted to go for electrical engineering and you need to go to college for that. if i didn't have internet in the home i would have to give up more time with my kids. which is the main reason i left the military. everybody wants more for their kids, but i feel like with my kids, they measurably get more than i ever got. and i get to do that. i get to provide that for them. neil: all right. welcome back, everybody. bulls and bears, very excited about this coming to fox business i. premieres on monday. the reason i remember that date, it's my anniversary, and i barely remember that. [laughter] honey, i'm joking. it was just kind of a reference. all right.
so do listen to that. we have some of the stars of that show joining us right now including john layfield and gary b. smith and, again, jessica tarlov, i'm sure they're going to ask her to come many times -- >> they've been begging me. [laughter] neil: i want to posit9 a big theme for your show on monday, what happens monday. we heard from steven guilfoyle, the big investor, says he's going to be watching the asian markets or futures, what happens in europe, that could set the stage for good or ill for next week and whether the markets can shake off last week and, by extension, jessica, you could argue maybe three weeks from tuesday -- >> it's crazy. neil: finish the midterms. do you think this has any impact at all? >> i don't. we talked about this when we were here at the top of the show. neil: and, by the way, many don't tune in for the top of the show -- [laughter] >> we've already been here. neil: oh, great, thank you. there we go. >> everyone watches for two hours. i don't think the stock market and what's going on right now has a massive impact on the
election. i think that people generally feel good about the economy, and they've made up their minds. if they want democrats to control, they're going to be voting democrat. if they like what trump's doing, they're going to go that way. so what's happening now, i don't think the language he's using about the fed really moves the needle -- neil: no effect. but from the trading perspective, steven was arguing we have problems this asia, we have problems with our futures market. i'm going to be a little unsettled and worried about next week. what do you think? >> i think we already kind of saw the patrol-through -- the follow-through, and we saw it intraday on friday. the market dropped nearly 400 points -- >> we "up near 414 -- >> and if you look at a chart, and i know you like technical analysis -- neil: sure. >> -- we tested those lows and start rising back up again. i think that was the start of the comeback. the other reason that i'm bullish on the market right now is the percentage of stocks
below their 50-day moving average touched on friday the same exact low that it did back in january lows. so i think now we have a lot more upside than we do downside. neil: i would have been a lot more worried too, john, if we had closed really far down, because that i do remember from the '87 experience, long before jessica was born -- [laughter] where the market was going into the weekend kind of agitated. and i already knew then, i worked at pbs at the time and said, neil, you're going to be outside the new york stock exchange on monday. i thought, well, that, that spells worry. so do we have any of that? >> i agree. i think it's very important we went long into the weekend. and by the way, i have an anniversary because of bulls and bears, i met my wife my first show i ever did there -- neil: do you know a number attached to it? >> no, i don't. [laughter] [inaudible conversations]
>> remember the date almost. neil: okay, good. >> almost. neil: this is looking good for all of us here -- >> honestly, i'm looking amazing. not forgetting an anniversary. >> doing so well with my wife meredith until you asked me that question. neil: in my case, it was before electricity. [laughter] what do you worry about going into the weekend? >> the long-term problems. i don't think we have an offramp with china. china's gdp was up july, august and september, so they're not seeing the effects of these tariffs -- neil: oh, so they might have less incentive -- >> they're not going to feel this until next year, i'm worried about the trade war escalating. the market doesn't seem to be worried about that, i'm worried about inflation even though my friend gary b. points out that's pretty much nonexistent. i think it's existent as far as oil and commodities. the rising rate environment, we knew that was coming anyway. the underlying fundamentals of this economy, nothing's changed. this economy is absolutely on fire. we have the lowest unemployment
in 50 years, we still have a 19% earnings coming forward in the next s&p quarterly earnings, so i think the economy's doing fine -- neil: but all that's factored in. >> i'm not sure all of the earnings growth has been factored in. neil: okay. >> jpmorgan, wells fargo, they had 42% growth, 32% attributed to the corporate earnings and the consumer lending, which is very important. consumers doing well and the tax cuts are helping bottom lines. neil: you know, there are always unexpected developments for markets. one of the unexpected developments you hear about is the republicans keep the house, that that's manager the markets would love to see, but they don't see it. what do you think? >> right now the odds are about 75% that democrats take the house back, but that leaves a big 25% gap -- neil: who came up with those odds? >> that's from 538. neil: oh. thought you were going to vegas. [laughter] >> yeah. i'm hoping on my jet right after this. neil: right. >> no, so after 2016 you have to
be extremely careful with polls, i think, but it is safe to say if you just look historically, the minority party usually takes back the house, obviously. i'm not sure how investors and the markets will react if democrats take it back. i imagine that's what they're thinking -- neil: [inaudible] i could be very, very wrong, but if all of a sudden it wasn't that and somehow the republicans -- it's safe the say wall street's a republican bastion. i'm not saying they love making money, and they made a lot of money under bill clinton, but that would be an unexpectedly positive development, right? is. >> if they hold the house? neil: yeah. >> yeah, absolutely. and i think more not so much because of congress, but because trump would have more backing. i think what he has done for the economy has been on the whole good. i'm not crazy about the whole trade stuff, unlike john though i don't think it has that big of an effect. and i don't think going forward it'll have that big an effect. so if the republicans lose
congress, i think that kind of tamps down what trump can be. that could be a problem. neil: were the markets -- will the markets affect? >> if they lose, that's already baked in. neil: i'm very psyched for the show, almost as much as my anniversary. >> happy anniversary. neil: thank you all very much. two out and buy gifts. [laughter] all right. some other good news we are waiting for is pastor andrew brunson arriving in washington, going to visit the president of the united states. former senior adviser at the state department kristin whiteon on that. >> it's a vindication of trump's brand of diplomacy. this is typically the kind of thing we would raise quietly with another government, and trump took a different approach. he was very, very outspoken about this, raised it directly with the turkish strongman, erdogan, and he also doubled steel and aluminum tariffs on
turkey which put their economy into a tail spin. neil: do we know, by the way, that he will unwind those sanctions and punishments? >> that's unclear. trump today tweeted that, he basically conceded nothing. however, the premise of those tariffs, which are based on national security considerations in the first place, was adjust this. it was very explicit. so i would expect them to be unwound, come back down to the level that applies to the rest of the world. neil: the saudi arabia situation, we're still trying to find out the fate of this washington post writer, now there are disputed reports he might not be dead at all. i can't keep up with it. but i did have a question about meting out punishment for saudi arabia if they are behind his disappearance or killing. the president says go slow on that, what do you think of that? >> yeah. i think the sanctions, if they do apply, will come under the mag in its sky act, sanctions directed at individuals involved perhaps with the saudi
intelligence agency, diplomats, etc., not against -- because it's not just $20 billion this arms sales that are on the line, and those sales could go to russia if we don't sell them. but also just the importance of saudi against iran. they're fighting a proxy war against iran. now is just not the time to, you know, mete out punishment like this. neil: but what if the crown prince ends up being a phony? we make a big deal out of him because he lets women drive, and i'm thinking to myself, what? if he's not all he's cracked up to be, then we got with the wrong guy, right? >> that's the big question. more than letting women drive, also whether he will curtail the export of wahhabiism. i think it's important to give them more time and to let this play out rather than get short circuited by taking an aggressive action. neil: all right. always good catching up with you, my friend. the good pastor, andrew brunson, just moments away from being on
u.s. terra firma. he will be meeting the president of the united states. the president then goes on to kentucky for campaign event which the backdrop had been the strong -- will be the strong economy. if governor bev vin is right, net-net that won't move the needle. what will is the president's popularity. we shall see. fox news continues. >> fox news alert at noon eastern, this was video overnight of a short stop in germany made by american pastor andrew broun soften. he had -- brunson. now enroute to the united states, noon eastern on this saturday. welcome to "america's news headquarters" from washington, i'm leland vittert. chris: and i'm kristin fisher. once he lands at joint base andrews, he'll head to the oval office for a meeting with president trump. let's go first to gillian turner