tv Andrea Mitchell Reports MSNBC August 24, 2015 9:00am-10:01am PDT
the. right now on "andrea mitchell reports," market jitters. the dow drops. >> the dow jones industrial average lost about a thousand-plus points in the course of trading week. that's five days. we lost that many points in the first three or four minutes of trading today. >> the volatility is extraordinary. >> ready to run? when vice president biden has lunch with president obama today, will 2016 be on the menu? speculation is reaching a fever pitch as hillary clinton's e-mail scandal wears on democrats. >> this e-mail thing, it has kind of a mystique to it.
it's almost like a vampire. she's going to have to find a stake to put right through these e-mails. >> she's a terrible front-runner but she's a marvelous candidate when she comes up in the front of the race. american heroes. three childhood friends from sacramento received the highest honor in france after thwarting a terrorist attack in paris. >> we saw him with an ak-47. at that time it was like do something or die. >> he was like fight to the end and so were we. >> i saw them get up. they were my close friends. i thought i couldn't let them go alone. >> if it wasn't for them, i'd have been done. dead dead. good day. i'm luke russert in for andrea
mitchell, and we begin with breaking news from wall street and a historic selloff. take look at the market right now. we have seen it down right there about 262 points. it's a little better than it was earlier today. wild shifts throughout the trading day. but we're off the lows we saw earlier this morning with the dow falling more than 1,000 points. to give you some context, the dow has never closed down over 800 points in a trading day. joining us now is cnbc's mandy drury. jill ygillian tett and joining phone the senior director of obama's economic national council. thank you all for joining us. mandy, i want to start off with you. i want to get a lay of the land. what dow you make of the markets coming off the low? >> it's unbelievable the volatility, right, luke? we're at the highest point of the season right now. but here's your headlines.
it's 11 months of gains wiped out in fewer than three sessions. but you're absolutely right. the dow has now traveled more than 3,000 points up and down during the first 90 minutes of trading today. the dow below 16,000 for the first time since february of last year does put all three major indices in correction territory, down 10% or more from their highs. but, you know, just to give you a little bit more color of what's happening on the inside f you take a look at the dow components, there are 30 stocks, right, they're don 20% on their average 52-week highs. some of the biggest drops are names you could malk like chevron and exxon oil. this is what we're watching very closely, luke. we're watching crude oil prices. they're stuck around the lows of 2009. some feel that that's a good indicator as to what's going on with the chinese economy. of course, it's the world's
biggest energy consumer. and what's happening with the global demand and global economy. i want to end on a little bit of a high note, though, if you can call it a high note. some really are seeing this as a healthy development for what is a very stretched bull market, right? we've been in a bull market for seven years. some were feeling valuations were getting stretched and some thing if you're a long-term investor pullbacks like these can be useful to buy. get in at a lower level at a sale price if, of course, you're investing for the longer term. >> mandy, thank you so much. jillian, for the average american out there watching this, they've heard there's been a downturn in the chinese economy and it's vn an effect on our own economy. is that really the source of our problems and put that in laymen's terms for with people who are not full-time analysts like yourself? >> the real concern that's bubbled up in the recent days is
not just that china's economy is slowing and more than expected but it's that they've losing more control than anticipated. remember, this is an economy growing fast under state control and it seems the state control is withering and people are saying what next. but, income, the china story isn't the real story. there's also a lot of concern about a bigger question of the evaluation of the stockmarket has run ahead of themselves. as mandy just said, we've had seven years of the bull market. it's much too high given where the earnings are and given the fact the u.s. economy is growing, it's not growing that fast. >> jean, you're on the phone for us. how does the white house handle something like this politically? obviously there's not much the u.s. can do because of china and what's happening over there but could this have an impact on whether or not the fed moves interest rates later on this year as so many have speculated?
>> i think it should. but then, again, i've always been in that camp. i think it just gives more confirmation to the view that there's much more danger of a hawkish mistake by the fed or a devish mistake. to put it in other words, there's far greater economic danger of raising rates too early than there is of raising rates too slow. with inflation still under control, with wage still not growing so fast, with -- there's still being significant scarring and long-term unemployment. there's not the rush. you see the uncertainty of china, the impact of china and the fed raising on emerging markets, the uncertainty about how much the dollar will strengthen and whether it will hurt u.s. economy just doesn't make a case for the federal reserve feeling that they have
to move in september. i personally think they would be wiser to wait until early 2016 to make an assessment. and while perhaps this roller coaster we've seen today has already, you know, had its worst moments, i think to me it's a shot across the bow to them that there's just too much risk in the global economy right now to be raising. and i hope that it will lead them not only to defer to december but perhaps to even earlier in 2016 before hiking rates. >> jillian, if the average investor out there, it seems that the conventional wisdom is sit tight, ride this out, do not panic. this should not be ongoing. is that the sort of best advice for people who are worried about their 401(k)s and their stocks today? >> absolutely. this really is a moment to sit tight because one of the reasons the markets have been so crazily volatile, i remember we had a
very volatile bond markets last year as well means the trade structure goes up and down much more dramatically than before. what people should watch is the rates. will the rates add to it or not. we just heard from gene sperling. his former colleague larry summers wrote an op-ed piece this morning, again, the fed should not raise rates. is it a case that it's going to cause janet yellen sit on her hands for a few more months and do nothing, that's got great implications for stocks and bonds going forward that every investor should be watching. >> indeed. jillian tett for the "times." we appreciate it. three americans have received the highest french honor. french president hollande award
it to three friends. the trio along with a british businessman subdued the attacker who was carrying an ak, a pistol, and a box cutter. we had a clip there. we're also learned more about the suspect identified as el khazzani, a 26-year-old from morocco. sources say he has ties to islamic extremists. authorities say he tried to rob people on the train and is not a terrorist. claudio, what is the latest on this situation? what do we know about this individual? he had ties to morocco and had ties to extremists? >> we know he was tied to morocco but lived in spain for seven years. it's just across the water from morocco. in the past it was known to
police for drug offenses, minor drug offenses, but more recently while he is believed to have had ties with extremism, especially in spain, well, the spanish intelligence agency did warn france about his presence hered on this territory and he was also known to the intelligence agency in belgium. so this was a man that was known to three intelligence agencies in europe and yet he was able to travel freely across syria to belgium and france and to carry on a train a bag full of ammunition, of an ak-47 and a pistol and a box cutter. this, of course, has raised question over the efficiency of this intelligence agency and their communication. as you said, while the man said he did not want to carry out a terror attack, he just wanted to
rob a train, they're saying he knew they were wealthy people haenld just wanted to rob them, that he found the bag full of weapons in a park in brussels, but, of course, this is a version of a story that's hard to believe to investigators because if you want to rob a train, well, you don't use an ak-47, a pistol, a box cutter, and several cartridges of ammunition, luke. >> and you raised a very important question, claudio. they'll have to figure out why there was breakdown. we'll have a lot more on that later in the show when we talk with mike mccaccaul of homeland security. for your the three men, what is it like for them? it must be an interesting thing to see. >> well, luke, to say very briefly, it is cool to be american again in france. it hasn't been like that for a while. but we should not forget that even though we've learned the
identity and history of the three americans, there's a fourth american who's just as much a hero. his name i just learned that is mark mugalian. he's originally from virginia. he moved to france to work as a professor. he's 51. he works as a professor at the prestigious sar bon university. he's married to a french woman and has been living in france for a while. he's one of the first passengers to try to stop the gunman when he emerged from the toilet with an ak-47 in hand. the first person that tried to stop him was a french baker. when mugalian realized what was going on, he went there himself and got shot either with the ak-47 or hand pistol to the neck. so his wife was at the presidential palace this morning to receive the press stijs honor on his bhehalf while he's in th
hospital recovering. >> we appreciate that. thank you. let's go to this scene. 13-year veteran steven vinton died this morning after being shot in the head by a man pulled over on the side of the road. this was colonel mike edmondson of the state police moments ago. >> he did everything right. everything we teach him, everything we talked to himmen. he was simply trying to do and i could not have been any more proud of the way he conducted himself. the professionalism, integrity. they all embody the soul of steven vincent and that's what we ore going to remember as we move forward. >> the suspected shooter identified as 54-year-old is in custody. two saw him lying onnen the ground and pulled over to help. they wrestled the gun away from the suspect and handcuffed him
using the trooper's handcuffs. then they radioed for help. one of them was recognized. >> i couldn't be any more proud to know this man and what he did in total disregard for his own safety. he jumped out and hemmed him. that was a tough thing to do. a tough decision. thank you, man. appreciate you very much. up next, drafting biden. as the moment picks up steam, we'll talk with the man who's spearheading the call into the press an all race. we're keeping a close eye as they try to climb back from an 18-month low. this is "andrea mitchell reports" only on m ssnbc.
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a big weekend meeting is fueling speculation about whether or not joe biden will enter the 2016 presidential race. the vice president met with massachusetts senator elizabeth warren for an hour-long meeting here in washington. this comes as "the wall street journal" reports biden is leaning toward jumping into the race, taking on his friend hillary clinton who continues to lead the democratic poll. joining me now is josh alcorn, an independent group hoping to get the vice president elected. josh, thank you so much for coming on the show. >> great to be here, thank you. >> a lot of speculation is growing here but there are limitations. they appear to be financial. how would joe biden if he were to get into the race raise enough money to sort of compete with hillary clinton because every time that bird is fired up, his plane, that costs hundreds of thousands of dollars. he can't take a coach seat on
southwest to get around the country. where is that money going to come from? >> i think that's exactly what draft biden is here to do. we're growing grass routroots a the country. we're talking about putting people on the ground. 200,000 people who signed our petition will be the core of the grassroots movement. as we saw in 2008 and 2012, they're an important part of presidential politics. part of my job over the past few weeks is to travel cross the states and talk to all kinds of people, donors and activists, and we've had a lot of success at it. >> one thing joe biden would have to do is find a pillar within the democratic party to get a lot of support. we sauberny sw bernie sanders. he commented on that. >> i have known joe biden. we served together in the senate for six years. you're not going to find a guy more decent than joe biden is.
what i promised joe if he decides to get into the race,ly i will run as i have done now. a number of his issues are different than mine and what the american people are entitled to is a serious debate on serious issues. politics is not a soap opera. we should not go around attacking each other. let's debate the issues. when joe comes in, that's what we'll do. what impact it will have on the race, i don't know. i honestly don't know. will it help or hurt me, i don't know. will it help or hurt hillary clinton, i don't know. >> if joe biden runs and the party has it wrapped up, where's the opening? >> he's who he is. he's the original authentic candidate. i this i what we receive on both the democratic and republican side is a real desire for presidential candidates who look people in the eye, tell them what they think the issues
facing the country are and solve them and back up those promises with action. you know, joe biden has been doing that for 45 years in public life. i have the utmost respect for senator sanders. i think everybody in this party is supremely qualified but joe biden brings a level of authenticity to the debate that's crucial, i think. >> there's an opening from biden that seems to stem from the e-mail controversy. i going to put some quinnipiac polls up there for you. you can see when it comes to honest and trustworthy, joe biden does significantly better in these swing state polls than hillary clinton. but you've been around the biden family. they're extremely nice people. do you think joe biden would run the type of pretal race he would have to do to shed light and sort of create contrast with hillary clinton over the e-mail controversy? >> i don't think anyone needs to run a negative campaign to win a primary. i think what joe biden would do if he were in this race is talk
about his vision for america yochl u think back to what we saw 2 1/2 weeks ago on the republican debate stage and next time when they get together, it's not truly aligned what i personally believe and what the democratic party doesn't stand for. joe biden on the debate stage in october will talk about his vision for america and i think that's incredibly important. >> but it would be tough to beat without creating a real controversy. 's the issue he has as an opening. >> that's what i think about the quinnipiac poll and other polls that show this. i don't put a lot of stock in kind of early state polling right now. i think that 12 years ago before the 204 democratic primary, we're talk about dick gephardt and joe lieberman and howard dean. the early polls don't matter that much. when you put up honor and trustworthiness, that's who they are. they know he's hoppest and trustworthy and can look you in
the eye and tell you what he thinks. >> it will be interesting to see. you'll find out. >> i think so. >> josh alcorn from the draft biden movement. appreciate it. >> thank you. up next, tensions remain high between north and south korea just a few days after breakdowns of talks, and we're keeping a close watch on wall street. we're rebounding after a day of selloffs. this is andrea mitchell reporting only on msnbc. you do all this research on the perfect car. gas mileage, horsepower torque ratios. three spreadsheets later you finally bring home the one. then smash it into a tree. your insurance company's all too happy to raise your rates. maybe you should've done a little more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. liberty mutual insurance.
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basically to do something. hiding or sitting back is not going to accomplish anything. >> let's turn to some critical national security issue. texas congressman michael mccaul who's always chairman of the house homeland security commission. chairman, thank you so much for making time. >> thanks, luke. >> train security is something you've talked about in congress for quite some time and something we know is very much a serious issue because trains often have no metal detectors. often there's no records of who's buying tickets. people can enter them at different cities, get on and off without being tracked. how are we doing with train security here at home and did this make you worried when you learned of this thwarted attack? >> i'm always worried oush subway train and train security, particularly in new york. right now we have the canines that are out there. we have, you know, the officers. but also i really think
intelligence is really the key to preventing this. i don't think we're going to go to magnetometers and a.i.t. machines at train stations. we usually enhance these effor s s, and we usually do when we have threats out there. i think in this case in france, there were warning flags that went up on him, and my concern was his travel from europe to istanbul and then in to syria and then flying back in to europe. i think that's the buggest vulnerability gap that they face. >> what i can u.s. security do to help them better coordinate? this individual obviously fell through a large loophole in the system. >> we did. we work with them. we try to help them. i was at the istanbul airport last spring looking at their security measures. the fact is that they're still
very wide open. there's a big security gap in terms of vetting europeans past any watch list when they fly out of the region from istanbul into europe as this individualdy. there were really two flags that were missed. one when he flew out of istanbul and then back in. it's unfortunate. the good news is we had american heroes that stopped it. >> you are from texas, obviously a border state. border security has been a big issue for you. it's causing a lot of conversations within your party between donald trump. jeb bush is going to be going there later today. you know, we often hear about border security. everybody has a plan. but from a homeland security perspective, how you do sort of quantify border security? what would it literally mean to secure the border in your point of view? >> well, we talk a lot about operational control, and that's having a better understanding of who's coming in and who's
leaving, what the threat really is. we're never really going to get that. i know there's a lot of discussion about building a 2000-mile wall. i think we need to complete the secure fencing act but we need greater technology and aviation aspects down on the southwest border so we can see the threat from the sky. until you can see it, you don't know where it's coming from and how to correctly stop it. my bill that i passed out of my committee deals with that issue, i think, very directly in terms of allocation and more aviation and technology assets down to the border. the fencing is a barricade, but it's not a panacea. it won't solve the problem completely. you need the technology and aviation aspects to counter that. >> congressman, you're talking literal and what can literally be done with nuts and bolts and a specific plan. does the rhetoric from people like donald trump worry you a little bit that it's gone into
sort of shooting from the hip on this issue as opposed to what you're talking about, which is aviation and looking at what can actually be done to secure the bord border? >> well, i think there's kind of a simplistic, kind of knee-jerk response that all you have to do is build a 2,000-mile wall and problem solved. anybody who's been down to the borders -- i know jeb bush is going down there today -- it's not that simple. chap powe gizmo dug a mile tunnel. when i look at the phen fencing down there, it will stop them temporarily. they'll dig under it. go over the fence. i think the fencing is important, but i think you also need to -- more important is to have that aviation assets from the sky and also be able to respond to it. i think that come emplplements . it's not just by building a
2,000-mile wall. >> thank you so much for your time. we appreciate it. >> thank you, luke. we want to sent out congratulations to actor and comedian tracy morgan. last night he married his long-time fiancee. they tied the knot with friends and close family including their 2-year-old daughter. morgan able to walk down the aisle without a cane. this just 14 months after he was critically injured in a crash on the new jersey turnpike. we continue to track after the dow tries to rebound after one of its worst selloffs in years and we're just minutes away from hearing reaction from the white house. we'll bring you all the latest developments. this is "andrea mitchell reports" only on nbc.
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losses we've seen today tweeting as i have long stated, we are so tied in with china and asia that their markets are now taking the u.s. market down. get smart, usa. trump added markets are crashing all caused by poor planning and allowing china and asia to dictate the agenda. this could get very messy. vote trump. he also released this instagram video moments ago. >> i've been telling everybody for a long time, china's taking our jobs, they're taking our money. be careful, they'll bring us down. you have to know what you're doing. we have nobody who know as clue. >> joining me now for our daily fix. chris alizza, "washington post" national political reporter karen tamilty and nbc chris jansing who's covering the mexico border. chris, we'll go to you. it seems donald trump has been
able to make something of this stockmarket mess. we should say it's showing a strength and making a comeback but donald trump is sort of w e weighing into this saying, i told you so, china is playing with us in a detrimental way. is this helping donald trump? >> i wrote last week he's the perfect candidate for the media environment of 2015. the guy can tweet at 11:30 at night and get attention. he can do an instagram video as you just show and drive the conversation. sure, i think the more instability there is broadly, luke n the culture, whether that's on immigration, whether it's in foreign policy, or the stockmarket, the better. his message is everybody in the market is terrible or dumb, i'm neither terrible or dumb,
therefore, i should be elected. the more chaos, the better for him. look. from a political aspect he's smart to sa said what he did. >> chris dancing, you're traveling with jeb bush in texas near the border. how is he going to try to show a contrast with donald trump today on this issue of immigration and border security that has been problematic for him so far? >> reporter: yeah. if you hear him speak, they couldn't be more different in any number of ways. so the reason immigration got back into the news is this whole birth rite citizenship. donald trump wants to get rid of it. jeb bush has been very clear. you're born here, you stay here. he mocks the fact that donald trump wants to deport 11 million people and then bridge back the good ones saying, first of all you can't do it logistically and the cost is prohibitive. and then you have donald trump's immigration plan, and, in fact, his plan when he was talking
this morning about the stockmarket tanking, short on specifics. you'll hear many details from bush. not only as he put out a simple six-point plan but wrote a 274-page book called the immigration wars on what he wants to do. so this campaign see this as a time to start drawing contrast. think think people are going to start getting tired of the lack of specifics. let me tell you since i said that, luke. let me tell you i talked with people who were interested in jeb bush coming here but they essentially quoted what was said. he's basically a low energy person and when i asked him about trump and the specifics they all three of them agreed he doesn't have the specifics but they said he doesn't owe anyone to them heechls not beholden to them. as one said and the others agreed, they hope he haiers really smart people to carry out the general concepts that he has
brought to the table. so that's where at least that little group of the electorate here in southern texas is right now, luke. >> that's a fascinating anecdote, chris. i don't think we heard that. i hope they hire smart people for the presidential candidate. it's wild. jeb bush had this to say on fox recently about everything he's dealt with. >> well, i think it's great that he's going to the border because i think he'll now find out that it is not an act of love what ten the people -- you know, he said people are crossing as an act of love which came back to haunt him. i was down on the border. this is rough tough love. this is not love. this is other things going on. >> sorry. that's donald trump commenting on jeb bush recently. if jeb has to show energy -- we showed a little -- we saw this last week when he talked about the term "anchor baby" and he
sort of got riled up and it was trying for him to show energy, to try to calm worried supporters' fears that he is perhaps too much of a low energy guy, what does he have to do to try to get away from that? >> what's striking here and we saw it in jeb bush being thrown off balance with this anchor baby thing. we've seen it with scott walker all over the map on immigration. donald trump is knocking everybody else a little bit out of their lane, and jeb bush had begun this race saying he was going to be a candidate who ran with joy, who ran with ideas, who ran with specifics. i think he needs to get sort of back into his -- sort of his original -- his original game plan, his original strategy. so that, i think, is what he is trying to do there. i think it's important to remember that the border experience in texas -- and i am a native texan -- is somewhat
durcht than, say, it is in arizona. it's not the sort of clear-cut open hostility in immigration that you see in other states. >> it certainly is different. let's turn over to the democratic side. chris cillizza. a lot of speculation growing about joe buddhen's plans because of his meeting this weekend with elizabeth warren trying to get the progressive part of the party perhaps behind him. alcorn said that, look, we can have a conversation about ideas and people know joe biden, they like joe biden. i pressed him a little bit on could he exploit the e-mail situation with hillary clinton to try to forge that con trachlkt didn't want to get into the specifics on that, but could biden win the campaign unless he wins early on? it seems he has to unless he finds hillary clinton as unelectable. >> i'll take it a step further.
looking at it as a dynamic, baseline politics, i don't know that he can win a campaign unless the e-mail story both continues and continues to get worse for her. think she thoos really erode among democrats. we haven't seen that yes. yes, bernie sanders is running well in new hampshire and, yes, he's in the 30s in iowa. but there are people who still like her. sure there are people who are worried herb and a little panic-stricken at the moment but largely the democrats are still liking her. joe biden has to look at how much worse could this get if forever reason she has too rethink her candidacy or looks wounded. there are going to be a lot of people who say, we like bernie sanders, he's fine, but we don't want him as our nominee.
joe puden steps into the void. short of a void like that, yes, he could, but i don't know if he could make enough ground up to win. he could be a spoiler but i don't know if he could win. does he want to play that role? i have no idea. >> indeed. chris cillizza, thank you, we appreciate it and chris jansing and karen tamilty on set. jimmy carter was back on set in georgia teaching sunday school as he's done for years. three dales after revealing he started treating for cancer in his brain. hundreds of people lined up before dawn to hear his message. >> we admired him as a president and we wanted to be here. >> it was wonderful to meet a president of the united states of the america because i always wanted to meet one and it felt very good to meet him.
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now to breaking news on the standoff between north and south korea. after three days, talks have ended. in a statement from seoul is expected in about an hour. south korea had been demanding an apology after a land mine attack last month that injured two soldiers. north korea has denied involvement in that attack. seoul has since retaliated by blasting propaganda from speakers along the border. pyongyang demand they'd stop and said friday they had entered quasi state of war. nbc correspondent ian williams joins us now by phone. and, ian, what's the latest? it seems there's no clear end in sight right now for this standoff. >> reporter: well, we think they have a deal, luke. the latest we're hearing at the end of these three days of marathon talks is that they have come up with some sort of deal. we don't know what is in that deal. it may well be an expression of
regret. it may be a bit of a farce. but it seems they have come up with some sort of agreement, and the national security adviser is on his way back from the dmv now and they are promising to make a statement we hope within the next hour. now, as you say, this has been an incredibly tense two or three days. even today we saw the south korean president talking past, demanding an apology from the north over the land mine incident and saying those propaganda broadcasts into the north would not be stopped until that apology was forthcoming. at the same time the north, of course, saying and threatening continually to take out the speakers that were making those broadcasts into the north. all the time, though, the two
sides do have the -- in the past they've gone to the brink. they've come back from the brink. and the fact that they've talked for three days, three very long days through the night suggests they've had plenty to talk about. and what we're hearing is there is some sort of deal, but at this point we don't have the details, but it should become a little bit clearer as the night goes on, luke. >> ian williams for us there in seoul, south korea. thank you so much for that report. we'll, of course, keep you updated on that situation if there is a deal between those two countries. let's take another look on the markets on what's been a volatile day. could this be the comeback of all comebacks? >> it might be. when you look at them as they're so rare, in the first 90 minutes of trade we saw the dow
fluctuate 3,000 points. at one point it was down 1,089 points. now we're only down 200. i say only 200, but at session highs it was five times as bad as what it was earlier. it's an up believable move sparked by a lot of fear and the fear may be coming from what's going in china and whether or not their economy has slowed even more perhaps than the data has been showing us. we had a big loss on friday that continued over the weekend over in asia and europe and then when stolks opened today, that initial fear sparked an awful lot of panic selling. you know, the best time to buy stocks, of course, is when they're low. we're actually seeing apple in positive territory as just one example. so it's been a wild ride on wall street. >> wild indeed. and, tom, for the american consumer out there watching this today, sort of hart to put your finger on what exactly is
happening. obviously the cause to this tie of emerging markets. but for investors watching at home, what can they learn from their own 401(k)s and things like that? >> college pensions, savinsavin pensions have had a good hit. the stockmarket is down 10%, 11% from the all-time high. there's no single reason why the dow is selling off. yes, china is in recession, but, there is question on how much exposure there was. bad news iffer wall street because, of course, big oil companies have their stocks hit pretty well over the course of the past few months indeed. by the way, the chinese stockmarket is down 40%, 4-0 percent from june.
and then you have currency and currency wars between the united states and china. but the bottom line is that the united states economy is still pretty much the gold standard compared to the rest of the world. here it's pretty low. we've got low interest rates. by the way, the talk that the u.s. may be raising rates in coming weeks pretty much off the table according to most experts who think the fed will not be moving through the end of the year. and in addition to that the growth has picked up considerably, especially compared to the rest of the world. so if you're looking for the best game in town or the best game in the world to bet on, at the moment it's not china, it certainly isn't europe. it's not japan. as a result, at the moment it is the united states achbltd when you've got bond yields as low as they are, most experts say the u.s. stock market will still proekt be the most. yes, it's down, 10%, 11%, but it could be profit taking or what's
known as a correction. when stogs get ahead of themselves, they pull back a little bit and that's heal think state in the stockmarket. >> courtney, we saw this come to a head, i would say, last friday. when we all woke up today, we saw the huge dips coming from the asian markets. what's our sort of early read on the asian markets for tomorrow? >> i think they're tail their cues from on sunday as they did on friday. but as tom was saying and as many experts are saying, china's problems are not going away anytime soon. wear not sure how much the chinese government can get in there and make things better. that's a very simple way to put it. they're trying to get into the equity markets and do some stabilization. they're in there manipulating the currency. so far it hasn't work. so many market watchers don't have a lot of faith in chinese officials being able to get in there and do some type of stabilization. so that being said, we could be in for a rougher ride to china
to come. but like tom was saying, the united states is a very strong market compared to the rest of the world. we're still probably the best game in town and so we just remain to be seen how much investors are going to read into what happens in china here in the united states. we certainly felt it early. but then we began to shake it off a little bit. >> more importantly -- >> you just sort of touched on regarding interest rates -- >> yeah. >> -- it seems the fed will not move on that perhaps as a direct result of what happened here today where it calms the fears of investors. what will that mean for the stock market as we go into winter and 2016? >> well, listen. everything on the stockmarket, it depends on which way you want to look at it, right? on the one hand if the fed were to go ahead and raise it by a quarter point, 25 basis points, that might sigs nal that, hey, the fed still believes the united states economy is really chugging along and therefore that would be a vote of confidence in the stockmarket --
or the economy, rather, or it could be seen as, boy, the fed is going to make it more expensive to do business and to borough money, so we're going to sell. i think the predominant view on wall street and across the country right now is that a fed rate hike would probably be bad for the markets and at this point is highly, highly unlikely. but to pick up on courtney's point, the biggest problem with china is that it's opaque. we really don't have a very transparent government, a political system, or an economic fran structure that's giving us a good view of what's happening there. and as a result, the world market has to guess and nobody likes uncertainty. >> that's something that will be with us for some time. thank you so much for that. we appreciate it. that does it for this edition of "andrea mitchell reports." thomas roberts is next. dotcom superstar. and us, we'll be right there with you,
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white house where josh earnest is addressing what we've been discussing, the dow plunging. let's take a listen. >> we see that those two measures of economic growth have increased 3.2% and that's actually faster than the overall growth of the economy, which is an indication of how durable the u.s. economy continues to be even as we see some increased volatility overseas. however, the administration, certainly the president is very mindful of how this could be a particularly bad time for a self-inflicted wound and it's why we continue to make the case to congress that they need to take care of business. we've talked about this a little bit earlier this summer, that one of congress's most important responsibility is to pass a fed budget. they should have passed it a long time ago to avoid a
shutdown. we certainly would like to see congress take the long overdue step and we certainly believe as we have for quite some time that a longer term increased investment in transportation infrastructure would be good for the economy, actually laying a foundation for the long-term strength of the u.s. economy. so there certainly is -- you know, while we can continue to be confident about the longer term trends when it comes to the u.s. economy, we would like to see congress take the kind of common sense steps that would build on that momentum that the u.s. economy continues to enjoy. >> okay. >> jeff. >> josh, following up on that, china's president xi is coming to the white house in september. does this automatically become a