In this country. They report earnings after the bell. Well have earnings scorecard and message for this market. Emotional testimony from a man who lost his family in a boeing 737 ethiopian crash, it continues to resonate. Boeing and their apologies wants to shift scrutiny from their singleminded quest for shortterm profit for safety. Charles is this a wakeup call for all captains of capitalism, there should be limits in pursuit of profits or should it be business as usual . I will go in depth, so much more on making money. Charles President Trump welcoming Prime Minister of the netherlands to the white house after this raucous rally in North Carolina. The president now distancing himself from the crowd chants of sender had back, referring to congresswoman ilhan omar. I was not happy with it. I disagree with it. But again, i didnt say, i didnt say that. They did. But i disagree with it. Charles joining me now, with reaction former Communications Director for harry reid, john summers, rnc spokeswoman liz harrington. Liz, let me start with you, the media pushback, now of course President Trump saying hey, they made the chant. He didnt agree with it. He stepped in tried to keep rally moving on. Thats right. The president said he didnt like it. We as americans also dont like when alexandria ocasiocortez calls the greatest nation on earth garbage. We also dont like when ilhan omar is seen on tape laughing about al qaeda and comparing america to that terrorist group. We also dont like when ilhan omar dismisses 9 11 as some people did something. And we do not like her vial antisemitism. And as well as rashida tlaib, saying she had quote calming feeling about the holocaust. This is what we dont like. We like the president standing up for this country. We are the greatest nation on earth. He will continue to do so. Charles john . That was a great pivot, with a lot of interesting quotes taken out of context. Talk about the disavow. He didnt disawe vow. He said he disavoid. The president said a lot things, many are not true. Charles when someone says i disavow . His own words. They repeated his own words back to him. Charles we are a point in this country, where people feel like we should never apologize for anything, everyone is saying it is not sincere. If youre a cynic thats fine. He said he didnt like the comment last night. And youre saying that isnt enough. I would love to take him at his word. If that is actually the case. If he feels badly about that, if he truly disavows what they said, since they repeated his own words back to him. He should apologize for his racist tweets. Charles go ahead, liz. We should take ilhan omar, we there were plenty offended. We should take ilhan omar at her word, said she doesnt regret sending antisemitic tweets. She doesnt have any regrets. She compares the antisemitic boycott divestment. Compared it to the boston tea party. What are the democrats going to disavow antiamerican sentiment in your own party. When will you disavow that. Charles before you avow that, maybe you will, but we have two minutes. This comment that the Republican Party is in a lot of trouble. There have been polls, jon, swing voter survey focus groups. Shocking thing has been the majority of them agree with President Trumps opinions and thoughts on immigration. We saw a poll of mexicans, mexicans in their country saying that these i am meant gray that somehow that these immigrants pose an economic burden on their country. That a majority of them are against even migration of south american, Central American migrants through their country. What im trying to say is, one thing when the media and democrats say this is the worst thing ever, when they start to fix labels to these things racist, is it racist then when mexicans feel the same way President Trump does. I agree when you talk about peoples opinions on the need to address border security. And that is one of the reasons why we knee democrats and republicans to come together. The republican president likes to go and blame, you know, democrats in congress but lets remember, that democrats in congress came up with a bipartisan deal, took it to them. He said he agreed to it. He pulled the rug out from under them. Charles i dont want to go that far back. Liz brought up bsd movement, ilhan omar, how do you feel about actively supporting a boycott of israel . If you look what she is trying to do, im not going to defend anything she says in this regard because she used pretty inflammatory language but i will say, as i understand it, what she is trying to do is protect the ability for people to boycott, if that is what they choose to do. Netanyahu has to make a choice whether to let her in the country or not for this planned trip she had. She lied to voters in her district and said she didnt support it. Now she has a bill protecting it. She lied to her supporters. Charles jon, thank you both very, very much. You bet. Charles stocks slipping after republican senators take aim at huawei. Could this destroy any chance of a china trade deal . Shares of netflix plunging after reporting a big miss on subscriber numbers amidst raising their prices. Keith fitzgerald, chief strategist for money map press. He joins me. One of the Cautionary Tales from netflix, stop raising prices on your customers, there is point they say no mas and also it is hard to live up to the hype, isnt it . It is. Hype is not by coincidence a fourletter word these days in a lot of different territories. Netflix has a problem. Personalization, takes longer to load, you know advertising is coming. I see them as another player. They are not the dominant tv media thing everybody thought they were. Charles reaction in the market, it is interesting, that almost every Company Reported beat. A mixed reaction in the morning a lot of names were down. Ibm turned higher, the dow is off only 65 points. What do you make of the market how it is grappling with dealing with all these earnings . These are relatively normal sum are trading conditions, charles. We have people willing to buy the dips. What theyre not willing to do is chase prices higher. That is typically a bullish sign associated with a chart pattern called ascending triangle. People are still looking forward, still looking for profits, that is fundamentally a good sign. Charles moments ago President Trump brought up amazon. Amazon was already in the news. People were feeling antsy how this major pentagon contract, 10 billiondollar contract went to the company. A employee who worked for the pentagon, then for amazon. He went back to the pentagon. Shares are really tumbling. When you see Something Like this, is it a buying opportunity . Is it a red flag if what do you make of it . Here is how, excuse me, here is how i look at that. Does this disturb the Business Case for anything amazon does in any business segment it has . The answer is no. This is about sentiment this is technicallydriven trading. To me it does not disturb the buying case for amazon. This i look as opportunity to pick up shares if im interested. I think it has a little bit more to fall but that doesnt bother me in the scheme of things. Charles were at summer doldrums. We hit a new high earlier in the week. Weve been sort of drifting. No sense of panic. When does that turn around . Do we wait for entire earnings period, wait for the fed to cut rates . What will be the thing that jolts life back into the market . By the way on the screen the s p has gone positive . There you go. Really it will be headline in sort of sentimentdriven, charles. Absent that the grind is higher. That is where the market want to go. It knows that is how it finds profits. It is all about headlines, biggest single danger the person looks out from the mirror every single morning. You dont want to do anything rash, be patient. The Great Companies are still there. Theyre not going out of business anytime soon. Charles how do you adjust yourself personally for earnings . Do you grin and bear it, going into some of these names, knowing, hey, if they miss, there will be carnage . Do you make adjustments ahead of time, keith . I asked myself, i have what i call the ultimate trailing stop. Here is how it works. Basically i ask myself there anything in the Earnings Report that disturb as case for owning this company. That to me, never mind the technical levels, price levels, anything else. Are the reasons i bought a particular stock still in play if not, im out and i dont look back. Charles would that apply to netflix . Would you be in netflix shares now on weakness . No, i would not and because i think the game has changed. We have disney coming online. A lot of other online providers. We even have netflix acknowledging the videogame crowd is competition. No, i dont think netflix is compelling buy right now, i see other players on the horizon taking its breadbasket away. Charles keith keith gerald. Thanks, charles. Charles we have union pacific, railroad operator, rising because reporting earnings well ahead of what analysts were expecting. Csx expanded losses after can youing their revenue. You have winners and losers in all the segments. Semiconductors are having a pretty good day, riding the tail of the. For puerto rico, mounting calls for the governor to resign. High tax rates of new jersey, new york, connecticut, theyre suing to challenge the administrations salt policy. Are more people about to flee for florida . Senator rick scott is here with his take on all these headlines and more. Thats next. As a doctor, i agree with cdc guidance. I recommend topical pain relievers first. Like salonpas patch large. Its powerful, fdaapproved to relieve moderate pain, yet nonaddictive and gentle on the body. Salonpas. Its good medicine. Hisamitsu. Todays Senior Living communities have never been better, with amazing amenities like movie theaters, exercise rooms and swimming pools, public cafes, bars and bistros even pet care services. And theres never been an easier way to get great advice. A place for mom is a free service that pairs you with a local advisor to help you sort through your options and find a perfect place. A place for mom. You know your family we know Senior Living. Together well make the right choice. Ive done all sorts of research, read Earnings Reports, looked at chart patterns. Ive even built my own historic trading model. And youre still not sure if you want to make the trade . Exactly. Sounds like a case of analysis paralysis. Is there a cure . Td ameritrades trade desk. They can help gut check your strategies and answer all your toughest questions. Sounds perfect. See, your stress level was here and i got you down to here, ive done my job. Call for a strategy gut check with td ameritrade. [shouting] charles protest in puerto rico clashing for police calling for the governors resignation. Thousands taking to the streets as police in riot gear reportedly using tear gas to break it up. President trump tweeting about this saying a lot of bad things are happening in puerto rico. The government is under siege. The mayor of san juan is despicable and incompetent person who i wouldnt trust under any circumstance. The United States Congress Foolishly gave 92 billion for hurricane relief, much squandered away, wasted never to be seen again. This was twice the amount given to texas combined. The people of puerto rico is great. Much of their leadership is corrupt and robbing the u. S. Government blind. Joining me to discuss republican senator rick scott from the great state of florida. Senator scott, if i call you governor, im going to apologize up front. Senator scott. Those images from puerto rico are shocking. We know a lot of it has to do with mounting arrests of government officials, misuse of funds but leaked emails, leaked correspondence from their governor the most part dissed everyone under the sun. You have a very close relationship with puerto rico, Puerto Ricans, the island, also your state, what do you make of it . Im going to keep supporting Puerto Ricans whether in florida or in the continental United States or back on the island but they deserve better than this. The, they are hardworking. The money we sent based on maria was supposed to help families. It shouldnt be based on corruption of the Text Messages are very disappointing. Puerto rican families deserve better. There needs to be accountability. Charles there does. We took in two puerto rican nephews after maria. Their mom is coming to visit from puerto rico today. After the show i cant wait to see her. I heard the stories. It never made it in the american media. They were blaming President Trump. That bothers me we cant get anything done. What can we do for the people of puerto rico to get the island shipshape again . I have been a senator for six months. My first talk about how we need to take care of puerto rico with the disaster program. In the bill i put in guardrails and safeguards so the money couldnt be wasted. You have to appoint the right people. Have to elect the right people. You have to held them accountable. A lot of Puerto Ricans are frustrated with their government. I will do everything i can to help puerto rico. We need to make sure it is done in the right manner. Charles no doubt about that. I want to switch gears. New york, new jersey, connecticut filed a lawsuit against the trump salt policy saying it is economic civil war. It is a war red states against blue states. They want to overturn the 10,000 tax deductions. Your state benefited mightily from this and other economic miscalculations from the states. What do you think about this notion that this was directly done to hurt blue states . That is untrue. Why should lowtaxed states be subsidizing the state taxes of a hightaxed state . Think about that. Why would, why would our federal tax laws be doing that to us . They can solve their problem, new york, connecticut, all the states can solve their problems, cut the taxes, run efficient governments like we did in florida. Why so many people are moving to my state because theyre sick and tired of the ridiculous taxes and ridiculous regulations whether it is illinois, whether it is connecticut or whether it is new york, new jersey, all the state with high taxes. Were not going to continue to subsidize your taxes. It is not fair. It is not fair to floridians or tennesseans, texans or other lowtaxed states. Charles before i let you go, your thoughts on the, send her back . President trump saying he did not like those chants. Just overall political tone down in washington, d. C. . Well, first off, nobody should be chanting like that but these four individuals are antisemitic. They should be called antisemitic tribe or squad, whatever you want to call them. What theyre doing is doing opposite what our country believes in. Our country believes in exclusivity. We respect israel. We respect somebody that is different religion. Theyre the opposite of that. Charles senator scott, always a pleasure. Thank you very much. Nice seeing you. Charles airline ceos are headed to the white house to meet with President Trump shortly amid southwest cutting their boeing 737 max fights through early november. That news coming after powerful testimony from a man who lost his family in a boeing 737 max, in that ethiopian crash, blasting boeing putting profits over safety as he describes what his family went through. Does capitalism needs to make some adjustments . I will go in depth next. My wife and my motherinlaw knew they were going to die. They had to somehow comfort the children during these final moments knowing they were all their last. I miss them every minute of every day. 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He took on lobbyists, federal Aviation Administration and boeings management. He took aim at the companys costcutting efforts which allowed them to focus on pumping up stocks. In 2007 the level of orders were piling up and buybacks tallying 40 billion between 2013 and 2018. Ive been critical of Companies Buying back their stocks however in the case of boeing the investment remains, was then, still remains very attractive. In fact yesterday boeings shares were up despite the testimony, despite the fact that the broad market sold off. Still won has to wonder if the chorus against capitalism will pick up on the testimony to promote moving to a different system. Should this be a wakeup call for capitalism, and industry to make some adjustment or go on the offense to articulate the virtues of americanstyle capitalism . I want to ask jillian melchior, wall street journal and phil orlando, federated investors. Jillian, let me start with you. Wall streeters have always been proud, profits at any cost, whether it means sending jobs offshore, whatever it is. I think there is a growing sense in america maybe there is somewhere we draw a line . There is a frustration with people feeling like they cant get ahead. Certainly this is largely because under government. Under obama you had expansive spree of regulation. You had all kinds of crony capitalism going on. Unfortunately crony capitalism is a bipartisan issue. Charles unfortunately it has become bipartisan, both sides are guilty, pox on both houses . Both sides are procrony capitalism. That is frustrating for Small Businesses and entrepreneurial, they get advantages, unequal Playing Field, not just trade or benefit, government subsidizing Big Companies the way it doesnt subsidize small business. These Companies Hire big lobbyists the waa Small Businesses can. That is per investigation of capitalism to have crony capitalism like this. But that is a hard sell to the american public. Charles phil, boeing, also reports that they took senior engineers, fired them in america, replaced them with 9 an hour engreers in the foreign country. Used screws inexpensive, when more expensive screws available, 9 cents versus 9. Is there such a thing going too far . I think there is, the example youre describing here i think is exactly that. What really frustrated me, i share your concern here the polarization were seeing in this country. The divide is so great. You have the tea party on one side, the herbal tea party on the other, there is no middle ground here. This tugofwar between capitalism and socialism, there needs to be a middle ground. The point youre making, were seeing not just boeing. Other companies outsourcing jobs to india you, that sort of thing, trying to lower labor costs at the expense of jobs for americans or quality of the work theyre trying to produce. There is, we have lost that element of the quality and middle ground. Charles also today, this topic really dovetails perfectly with this conversation, for the first time in a decade the house passing a bill raising the minimum wage, federal minimum wage to 15 an hour including tipped workers. Despite a recent cbo report shows it will cost at least 1. 3 million jobs. Phil, you wrote an oped against this but is this the way government can fix, why dont you like this idea . Well, here are the issues. Both sides have a good point here. The minimum wage at 7. 25 an hour is simply too low. When we started the minimum wayne, back in the 30s, and it grew on regular basis, congress stopped indexing it for inflation about 10 years ago. That was a problem. Had we continued index the minimum wage for inflation at the same pace we would be at number right now about 11 an hour, more reasonable number. Charles right. So a lot of democrats running for president are saying we should be up at around 15 an hour. That is not an unreasonable number but the pace you get there would be. What were talking about 13 annual rate of increase between now and say 2025 to get there. While rate inflation is running at one or 2 . Charles jillian. You want higher wages through a strong economy. Were starting to see this happen, a tight labor market. Amazon is a Big Corporation going out to say well provide job training for all these lowskilled employees. This will be something that will increase their value in the job market. It is one of those things that works it way out. I prefer doing it that way than charles do you buy the notion of liveable wage . You get the wages that you get but you want Market Forces that encourage a strong wage. What is a liveable wage . Charles right. Unfortunate that under it being put mandate of 15 minimum wage the people will lose their jobs will be lowskilled people. They will be people who have criminal records. It is going to hurt the marginalized most. Cbo report, worstcase scenario was 3. 7 Million People losing their jobs. To put that into perspective, 3. 7 million would take rate of unemployment u3 to 6 from 3. 7 . Charles would hurt poorest of households. Countering everything they are trying to achieve. People theyre trying to help. Charles really appreciate it. Thank you. Charles Southwest Airlines pushing back their date of the expected return of the 737 to fly. Southwest is taking the plane out of its schedule to at least november. It will be forced to drop 180 flights a day from its schedule. United airlines struggling saying that the airline cant assume, it wont be getting jets it ordered through next year. That will slow growth. The united expected to have 30 max jets this year. Another 28 in 2020. Check this out. A major comeback on wall street. The s p, nasdaq have turned positive. Dow was briefly in the green. What is moving those markets up . Could it be comments from the president . A house hearing with the squad, acting Homeland Security secretary getting into a heated debate over border detention facilities. Well have the latest from capitol hill. Former i. C. E. Director tom homan will join me next after his own showdown with lawmakers on border conditions. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. You need decision tech. Dto experiencer gthe luxury you desire on a full line of utility vehicles. At the lexus golden opportunity sales event. Lease the 2019 rx 350 for 389 a month, for 36 months, and well make your first months payment. Experience amazing. You know what im talking about when your little grandchild starts talking to you. 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[laughter] avo call our toll free number to start 30 day riskfree trial and book your free hearing evaluation at your locally owned miracleear today. But how do i know if im im getting a good deal . I tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if im getting a great price. This is how car buying was always meant to be. This is truecar. Why go with anybody else . We know their rates are good, we know that theyre always going to take care of us. It was an instant savings and i should have changed a long time ago. Were the tenneys and were usaa members for life. Call usaa to start saving on insurance today. Charles federal authorities holding a News Conference right now on new charges against a wholesale pharmaceutical distributor, two former officials and two pharmacists in ohio. The doj says the charges include conspiracy to distribute millions of painkillers. Those involved were arrested this morning. Well continue to follow the story and bring you any updates. Charles heat he had day in capitol hill. Several people were arrested inside protest conditions on the border. Homeland security kegs her Kevin Mcaleenan testified before a Panel Including the squad members, alexandria ocasiocortez, Ayanna Pressley and rashida tlaib. They are batting over how to address the issues at the facilities. Hillary vaughn with an update what is happening right there on capitol hill, hillary . Reporter things got heated between the top democrat, Top Republican on House Oversight committee. Elijah cummings and Ranking Member jim jordan squared off what is happening on the bored every. What does that mean . What does that mean when a child is sitting in their own feces . Cant take a shower, come on, man whats that about . None of us would have our children this that position. They denied the resources for 2 1 2 months. Then when the problem gets so bad, oh, it is your fault. They finally send the money but still put limitations on you because they want political issue when we talk about kids. Reporter democratic congresswoman Jackie Speier held up pictures comparing conditions were dog kennels they were kept in. Dhs secretary Kevin Mcaleenan, if democrats dont like it they need to pay for conditions to change instead of denying funding and putting conditions on the funding. There was a confrontation between talib and mclean nan, when is putting limitations on flores agreement. She was trying to get the secretary to admit, he wants to keep kids detained longer. You want to keep kids longer. It is very clear from this administration you want keep kids longer. We want to keep Families Together through an immigration proceeding. By keeping kids longer. In an appropriate setting that cant be done in 20 days with due process. Thats right. Dismiss that. Tell people, you want to keep the conditions but want to keep kids longer. We want to keep high standards, were willing have conversation how high standards could be we need to finish immigration proceedings before people are released. Reporter mark meadows said there might be movement in additional funding within the next seven days, congress is hoping to vote on budget caps deal before they leave for august recess, charles . Charles hillary, thank you very much. I would like to bring in former acting ice director tom homan. I have to give you apology. Gave you a shoutout on twitter other day but wrote holman with an l. You were so inspirational in your questioning about representative garcia which was i thought beyond the pale, extraordinarily wrong, meanspirited. That is how the tone is right now. Were getting reports right now, congress cant seem to get their act together. Maybe this is too good of a political thing for both sides, to go ahead and resolve it what do you think . First of all i didnt see the twitter. I dont tweet, do any social america, because half of america doesnt agree what i did as i. C. E. Director. I dont bother reading it. As long as im good for did for the country im good with it. This is political theater. They dont want to hear the facts or truth, every time they spend five minutes to Border Patrol, try to respond i wasnt allowed to. Most circumstance, it wasnt about betting to the truth. Wasnt about transparency to the American People. This was political theater to push falls narrative to the American People. I agree with kevin mack can lien nan 100 . What the lawmakers should do apologize to the men and women in the Border Patrol putting them in a position to fail. Secretary, Border Patrol leadership was saying for months were beyond broken. The system is overwhelmed. You got to help us, conditions will go down hill and think did. Cant blame men and women for congresss failure. Charles explain the flores amendment, why is it so hard to fix it . It isnt hard to fix it. It is, that is a great question because fy 14 and fy15 when families surged across we built a family detention center. We held Families Together 40, 45 days until they saw a judge. Most lost their cases. We put them on airplanes, sent them home. The border numbers went down dramatically. Then the ninth circuit says you cant hold people 20 days. We knew that wasnt enough time to be released that would cause a surge of families coming. I said in my affidavit, if you do this, you will see a surge like youve never seen before of families. Sure enough that is happening. Democratic lawmakers dont want to get back to 40, 45 days. They know for a fact, these people 90 will be sent home. That is not what they want. They want controversy to last into the election. They want to be able to say this president has failed American People on securing the border. Charles what, if anything, is possible . Is there in your mine from knowing all sides, from having talked to all sides, is there even a temporary solution that might be able to get some sort of a you know, a better situation on the border, until, through the elections, then maybe well see who wins, what, then come up with a perhaps a real solution . Im very pessimistic that congress will come to the table, close the three loopholes to stop the surge. President is right trying to do everything he can through his office, executive orders, nationwide operation that everybody is having a fit over. Democrats keep saying president isnt above the law. No one is above the law. Seems like they want illegal aliens due process, removed by a judge, they want them to be above the law. Seeing through these judges orders and removing them. So i think we need operationally do what we can, president needs to do what we continue do. I do not see congress coming through any agreement on this before the elections. I think they want this as conflict. Charles so unfortunate. Appreciate you being on. Thank you, sir. Charles President Trump celebrating with supporters after house defeat a resolution to defeat him. Can we move on to the economy and issues affecting all americans . Congressman andy biggs weighs in on all that. Stocks sideways. You had tension early in session with china but maybe the fed is coming to the rescue. How you navigate the market, what you want to buy especially during earnings season. We know liz claman can move markets . What about today . She is live in d. C. With a exclusive with Federal Reserve vicechair Richard Claire clarida. You do not want to miss it. T again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty in an emergency, who do you want by your side . A new proposal in Congress Wants to put the Insurance Companies and the government in charge of your healthcare by price fixing. 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Hey i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. And my side super soft . With the sleep number 360 smart bed you can both adjust your comfort with your sleep number setting. So, can it help us fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. Will it help me keep up with him . Yup. So, ill wake up ready for anything . Oh, weve got your back. So, you can really promise better sleep . Not promise. Prove. And now, save up to 600 on select sleep number 360 smart beds. Only for a limited time. I just heard that the United States house of representatives has overwhelmingly voted to kill the most ridiculous project i have ever been involved in, the resolution, how stupid is that, on impeachment. Charles President Trump brushing off failed house impeachment as North Carolina rally last night. 332 lawmakers shooting down that measure, one of them congressman andy biggs. He joins us now. Congressman biggs, were you surprised at number . Some were saying over 90 democrats on board now but, if you listen to the media, you thought maybe this time it had a chance. Yeah. I will be honest with you, i thought it would be fail, but i thought closer 230, 240, somewhere in there. There were 100 people more voting to against that resolution than i thought would vote for it. Charles do you consider that a rebuke against more vocal wing of the Democratic Party . I do. I think it is, but i think, more than, it is a testament that nancy pelosi was able to bring a lot of her crowd to come over to her way of thinking. I will say this, the number has grown. Originally al green had maybe 40, 50 people. But now he is up to 90. He is getting some momentum but so is nancy pelosi. Charles feels to me, that the last stand will be the mueller testimony. Maybe depending what is said there, either continue or they will start to focus on legislation . Well youre right, i think next week, if mueller provides them any kind of peg whatsoever, look for a rehash of that motion but i am real skeptical well see anything significant. They are going to be working on blowing off the spending caps. You know what that means. Then they will work on a budget in september. Im skeptical well see a lot of real positive legislation come out of this place. Charles we have fireworks in d. C. Again today on the border. And President Trump talked about it. I want to play what he had to say about it, and get your feelings about this . Democrats have put the needs of foreign citizens far ahead of our own citizens. The democrats open border policies deplete our public services, overcrowd our schools and hospitals, and bring crime, drugs and deadly gangs into our communities. The democrats want to spend more money on health care for an illegal immigrant than they do for a citizen of the United States. [booing] charles congressman, im convinced, im predicting it now, the next democratic debate with joe biden there, the big question whether or not he is for decriminalizing border entry. That is the next big busing issue if you will in the Democratic Party . I think youre exactly right. Im looking at it and i know, some of my democratic colleagues say were simply not for open border but were saying for the president ial nomination were seeing that, from a wide number within the Democratic Caucus in the house youre sighing this movement to, if you dont fully open the border youre providing pathways to citizenship. Providing them opportunities for health care that actually, as the president said, actually considered a bill just yesterday where we saw this humanitarian aid which would actually exceed what we give to citizens of this country. Charles congressman biggs, thank you very much. Always appreciate it. Thank you, charles. Have a good one. Charles microsoft is reporting earnings after the bell. Can it solidify its place as the most valuable company in big tech . Well have a preview of that and also what the fed may be up to next. Your daily dashboard from fidelity. A visual snapshot of your investments. Key portfolio events. All in one place. Because when its decision time. You need decision tech. Only from fidelity. Charles the first two new toy stores from the defunct chain toys r us will now open in november. Plans are to open a store in houston and also paramus, new jersey, where the former headquarters was. Before you get too excited, the two locations will be less than 7,000 square feet in size. Its a fraction of the old store which used to top 30,000 square feet. No word on jeffrey the giraffe yet. We have come off the lows of the day. The dow waffling back and forth over the flat line, sparking this revival was new york fed chairman John Williamson advocating for rate cuts in a really strong manner. Of course, all of this comes ahead of microsoft which reports after the bell. David dietze is with us, pointview wealth management. First start with the fed. These comments from new york fed chairman by the new york fed president and vice chairman of the fomc seems to add a lot of oomph, really urgency where its brought back maybe 50 basis points into the conversation. Yeah, absolutely. These were extremely dovish comments and traders are taking away from it that now, a potential 50 basis point hike is in the cards as early as next week. The thinking seems to be that hes saying since Interest Rates are already so low, if we are going to immunize ourselves against a possible recession, lets go big right now. A real show of force, shock and awe. Thats why we are seeing this market lift up here. Charles one of the things we got from jay powell earlier this week is that hey, the rest of the world has low rates, and they do impact other economies in a competitive world, overnight south korea cut their rates for the first time in three years, is it a race to the bottom and if so, could we go more than 50 basis points over the course of the year . Yeah, absolutely. I think people say why cut rates at all, this domestic economy looks great but the reality is, were just one player in a big sea of Countries Worldwide and they all have much lower rates. Whats happening . All this cash is coming into our stock market, coming into our bonds, but in the meantime they have to buy the dollar. Thats driving the dollar up. As the dollar goes up, thats the effect of a rate hike tightening so i think they just need to cut rates just to reduce that cash flow coming in here and give us a level Playing Field with the rest of the world. Charles do you worry longterm because right now, it feels great, i know. Do you worry longterm that theres something wrong with this . This is sort of like eating an ice cream sundae every day and not gain any weight until one day it all hits you at one time. We all know that eventually there will be a recession. Bear markets have not been repealed and so forth. Still, we remain very optimistic. The simple reason is what else are you going to do besides stocks . You take a company like procter gamble, you got close to a 3 dividend, rising 5 to 15 per year versus the tenyear treasury at about 2 . Where you going to go charles microsoft, nobrainer they are going to beat tonight . Well, certainly thats what we think. They are in three sweet spots right now. One, theyre in the cloud, one of the Fastest Growing areas of technology. They are gaining on amazon. Secondly, of course, they are in the sweet spot of converting everyone from a perpetual license fee for your software to software as a subscription so you get recurring fees and they have office 365, a virtual monopoly. You cant switch out of that. Charles people on netflix, if you were on netflix last night, you wake up and the stock is getting destroyed. If you are in a stock like that, do you bite the bullet and move on . We dont own netflix because we thought the valuation was too high. Charles in general, occasionally you are in a stock and its down like that. We do our homework. We are willing to pay 15, 20, say 20 times earnings, so if a stock we really like has one quarter of bad earnings and goes down, were either going to buy more, we wont let one bad quarter defeat our homework that caused us to buy something for the next 80 quarters. Charles be cool, calm. Dont panic. Buy low, sell high. Charles i heard that somewhere before. Thank you very much. Folks, were at the highs of the session. The market gaining momentum. Perhaps its because liz claman is in washington, d. C. Liz, you already had a huge show but its even bigger. Everyones got to listen to your interview. Liz thats right. It is an interview with the number two top voice at the Federal Reserve. By the way, we have breaking news right now out of both iran and the new york fed specifically. Both are kind of sparking this whiplash for the markets that turned into a late session intr. At the lows of the session we were losing 151 points. Now spiking to the upside by about 20 points. This is a significant swing here. New york fed president John Williams just said something very specific that suddenly pushed the market from down to up. We will tell you exactly what he said, and this. The guardian is reporting that iran has made a substantial nuclear offer in return for lifting sanctions. So all of that
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