Transcripts For FBC Countdown To The Closing Bell With Liz Claman 20151209

Long time and discussing jihad for at least two years before the deadly spree. One week ago this hour. Senator dan sullivan is a marine Corps Officer and member of the Senate Armed Services committee. He was in the room, the most frightening and encouraging things hes heard today. Hell tell you. And is Donald Trumps plan to ban all muslims is touching a nerve and demanding answers from the Muslim Community. We have the moderate muslim millennial emerging as a rational voice of reason. And watching the situation in chicago and trish and neil cavuto were showing you. Hundreds of protesters blocking traffic, marching down the street and demanding that mayor rahm emanuel must go. Weve got our cameras trained on that situation. Our cameras trained on the markets and so much more. Were less than an hour to the closing bell, so lets start the countdown. All right, see a 200point gain vaporized and add another 109 points to the loss here is interesting here. The Dow Jones Industrials now down 110. 110. 37 and increasing to the downside, down twothirds of a percent today. The major average has seen more than 364point swing. The vix or socalled fear index is spiking above the key 17 level, well above it, in fact. Its at 19. 02 at the moment, jumping about 11. 5 . The main driver for all of this market uncertainty is the u. S. Dollar which is stronger and thats hurting oil, oil settled at 37. 16 a barrel, lowest settlement in nearly 7 years. As we watch all of that, we need to tell you this because personally im not sure weve ever seen the government here in the United States move this quickly, and because of it, theres a new plan formulating at this hour to fight isis. First at the highest levels in the u. S. Government, theres this from defense secretary ash carter testifying before a senate committee. Listen. The defense of the homeland must be strengthened to be sure, but it is absolutely necessary to defeat isil in its parent tumor in syria and iraq. And also to take necessary action wherever else in the world this evil organization metastasizes. Liz within minutes of secretary carter saying that, fbi director james comey said american intelligence is handcuffed by americas hightech social media barons. Our ability to find people hiding in the United States looking to do bad things to root out organized criminal actors is steadily being impaired. Thats the problem. Liz then within the last two hours, house subcommittee got quite an earful from u. S. Citizenship and immigrations director concerning refugees entering this country. The fact that many of the very same people who the terrorists would like to recruit, in fact, are seeking admission into the United States is the most severe indictment of what they are trying to do. Liz lets bring in senator dan sullivan of alaska. A marine officer who helped dismantle networks in afghanistan. He was in the room today when defense secretary carter testified before the Senate Armed Services committee. Senator, welcome, a lot happened in the span of a few hours here. Do you feel better today than yesterday that the United States of america can successfully battle the Islamic State . Well, you know, liz, in the hearing today with secretary carter, there was some good ideas, new ideas, the raid force idea that he talked about something they think is a good idea, but heres the broader issue, there continues to be a credibility gap, an urgency gap. You see it in this administrations rhetoric, whether its strategic patience, whether its leading from behind, and members of congress on both sides of the aisle see this lack of leadership, and that is the most unsettling thing. You know, time is not on our side. One of the things that came out in the hearing today was the longer that isis has territory, controls territory, controls this caliphate, the higher the risk, the greater the risk for homeland. And what i really fear is the president s only going to get motivated, only going to act urgently if theres a major attack on the country, and that would be too late. Liz how we cant see San Bernardino as major is absolutely confusing to many americans, but you just said, and i found this interesting. You just said that youre waiting on the president you arent actually. We have comey and carter in front of Senate Committees here, and house committees and everybody is waiting in line to hear from these guys. Seems like things are starting to move or the anger or the frustration expressed may start to get something freed up here. I think you saw a little of that today in the hearing with secretary carter. But again, it goes back to how serious the president is with regard to implementing this strategy. Let me give you one example. They started talking about how were finally starting to bomb the oil supplies and isis. How come we have not been doing that for months . Should have been doing that for months. Were only starting to take those kinds of actions. And to me, what we need, you can lay out the best strategy in the world. If our allies and our enemies dont believe that the president is fully invested then its not going to work. Let me give you another liz hold on. Secretary carter, and you were in the room when this happened, he blamed congress, that perhaps would be you guys for holding up 116 million in funds that would train and equip syrians to fight isis. Whats going on with the 116 million . Look, i think the chairman of the Senate Armed Services Committee Response to that was a, we just got that request last week, but more importantly, b, we just saw the administration go through about 50 Million Dollars to train four or five syrian moderates. Okay . Thats not a good use of american taxpayer money. Liz so that has to be fixed. We certainly have an oversight role here. You see from both democrats and republicans encouragement from the congress to do more. American people are clearly unsettled, what happened in San Bernardino, what happened in paris, and again, what we need is not only a strategy, but real leadership. You know, liz, if you saw the press conference between president hollande and president obama, watch that again. You had one leader say were going to go around the world, we have urgent task. Im going to get an alliance of countries to go after and destroy isis. Unfortunately it wasnt the president of the United States. He was passive in the press conference. It was the president of france. Liz senator, youve been there, you served, been in afghanistan fighting the taliban several years ago. Do we need more boots on the ground . And im talking thousands of boots on the ground . Look, what we need is a force that will destroy isis, that will destroy the caliphate wherever it exists. Now, we can do that with j techs, special forces, we need more than 50. Heres the issue, when you talk about an occupation force, that should not be americans. That should be led by a coalition of sunni arab countries and europeans, but thats never going to happen unless the president is making the case. Thats the way you divide the division of labor in terms of what our forces can do, and what broader allies. And the good news is that literally every country in the region, every country in europe is aligned against isis. Liz what amazes and infuriates americans is thats great, the middle Eastern Countries are not doing it, the United Arab Emirates theyve got a solid military, the saudis, why arent they in there . Thats for another discussion, but you started the conversation, well end it there. Senator, thank you very much. I agree with you on the last point, were going to focus more on that. Liz senator dan sullivan, come back again, republican from alaska. Take you to chicago, this is a live shot of protests in chicago. We need to stress, these are peaceful but angry protests from daly plaza to city hall. Rahm must go is what they are chanting leading to the discussion of rahm emanuel who addressed city council as the mayor and apologized for the situation involving the 17yearold Laquan Mcdonald who was shot 16 times october 2014. The video released of that, people are outraged, pending civil rights inquiry by the u. S. Justice department. Were keeping an eye on it. We apologize for the grainy video. We use a live view to follow untethered what is going on the ground, but to the left is the air shot, the Helicopter Shot, you can see the white cars are Police Officers. We have stopped traffic in the heart of chicago. So from the outside, maybe we can keep some of these pictures up, from the outside, lets take it inside to the Chicago Mercantile Exchange, all the while keeping one eye on the situation. Thats where dan is. Weve got the market story and outside your doors, dan, both are pretty dramatic here . They are, the protesters are understandably upset with the leadership in the city, and the states attorneys office, unfortunately, theyre not going to resign. I dont see it happening, theyre elected officials. Anita alvarez is up for election in march. Probably voted out. Rahm emanuel in for another 3 1 2 years. They have to deal with him for a while. Youve seen videos of the shootings that have been on there and its horrible. They have to vent the anger. Fortunately doing it peacefully, thats what we want to see. Liz thats right, peaceful, angry, but peaceful is the important word. Not a peaceful market, we had a neck snapping swing at the top of the show here. We were up 200 points, is this all oil which cant catch a break and move higher . It is all oil. There is a correlation between the oil markets and the stock markets, and based on 2009 when the oil markets started getting hammered. The equities going down as well. If you go back to 09, a demand not a supply problem, the economy was going off the rails in 09. Its not happening right now. Our economy is doing okay, not great. But we are a wash in supply, and until that winds itself down, oil prices arent going to go up. The stock market on the other hand, im going to watch economic data. Friday retail sales, see what that brings. It may well be theyre not going to be so good and the stock price is justified. I want to see it fundamentally on the economics of the economy, not whats going on in oil. As i said, supplydemand imbalance, not a demand imbalance. Liz the dow is up off the lows that we started with at this hour, down about 97 points. The nasdaq down 98 points at the low of the session. At the high it was up about 8. Can we show the nasdaq for a second here . Ill pull it up myself here. There it is, the nasdaq is down 84 points, so the same violent swings. Our thanks to dan on the inside, and on the outside, you saw that Helicopter Shot, that aerial shot still hundreds of protesters marching from daly plaza to city hall, stopping traffic and stopping at different businesses. You can see to block certain entrances to separate buildings. Still quite peaceful but very angry after the mayor rahm emanuel addressed city council, did apologize, but many of the protesters are expressing the sentiment they would like to see him gone and not apologize. Well keep an eye on it. The closing bell is ringing in 47 minutes. Might not look as frightening as isis, when we talk about the oil situation, overflowing storage tanks filled to the brim with oil, may be more threatening to the American Economy than the Islamic State. If thats shocking to you, it is not to one of the top oil experts in the world. Steven spells it out in vivid detail. In the wake of the deadly San Bernardino pulled off by isis sympathizers, where are the moderate muslim voices . Are they too afraid to stand up . Not this one. Well introduce you to the Muslim American millennial who has the guts to speak up. Hell name the only group he says can stop the extremists in his religion from spreading a deadly and hateful message, and hint, not donald trump. Thats coming up on countdown. When a moment spontaneously turns romantic, why pause to take a pill . And why stop what youre doing to find a bathroom . Cialis for daily use, is the only daily tablet approved to treat erectile dysfunction so you can be Ready Anytime the moment is right. Plus cialis treats the frustrating urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. Do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. Do not drink alcohol in excess. Side effects may include headache, upset stomach, delayed backache or muscle ache. To avoid longterm injury, get medical help right away for an erection lasting more than four hours. If you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. Ask your doctor about cialis for daily use. Insurance coverage has expanded nationally and you may now be covered. Contact your health plan for the latest information. Its gotten squarer. Over the years. Brighter. Bigger. Its gotten thinner. Even curvier. But whats next . For all binge watchers. Movie geeks. Sports freaks. X1 from xfinity will change the way you experience tv. Liz hold on, weve got some breaking news, the police are it appears to be bottlenecking the hundreds of protesters in chicago. So on the right part of your screen is the ground. There is a line of police. They do not want them walking across the major thoroughfare across the street. Blocking traffic, protesting mayor rahm emanuel. He did apologize today for the situation that has been emerging for the past month, that involved the release of a videotape that showed the shooting of a 17yearold africanamerican who was shot 16 times back in october of 2014. So it took that long to release this video which activists were saying put it out there, shot by a Police Officer, and you can see that these frustrated protesters have been traversing the streets of chicago, impeding business and traffic, letting their voice be heard. They want to see rahm emanuel resign. They cannot force him to. Youve got these rules in illinois, you cant force the mayor of chicago to resign. He would have to do it on his own here. He has apologized for the delays in the release of the video and the way the police handled it. Again, i know my producers are telling me to go, i need to stay on it. It appears it is tense at the moment. The Dow Jones Industrials down 112 points at the moment. Nasdaq down 86. Weve got our eye on that market, but you can see now that the crowd is saying lets push, lets push. Up until this moment, folks and somebody is on the ground here. Up until this moment it has been peaceful, now you see the woman in red who is pushing against the police who are working very hard to keep this calm. I want to stay with, this we dont know whats going to happen. And with a major metropolis like chicago, the protests have been happening over the past couple of weeks. Stemming from the situation in october of 2014, where 17yearold named Laquan Mcdonald was shot and killed, shot 16 times. There was video of it. It hasnt been released until the past couple of weeks, and the frustration of some of the people here is very evident. Lets just listen in for a moment. Once again youre watching Downtown Chicago, they started at daly plaza, moved through city hall and trying to cross the street. Our producer is too busy here protecting our camera crew to let us know what street that is, but its important to note here, folks, that up until 2 1 2 minutes ago, this was very peaceful, and the marchers were Holding Signs that said rahm must go. The police are now as you see trying to have a conversation. You see the gentleman on the left saying quiet. Lets have a discussion with the police. No ones been arrested so far. At least in this particular slice of the moment, you can see some of the protesters are saying move back a bit. Perhaps they understand that they can walk into the street, somebody might be hit by a car. Its a dangerous situation, under the best of circumstances, but again this started in the last hour. In fact, right in neil cavutos hour it began to happen and through trishs, theres a gentleman with the bull horn trying to speak with police and keeping a close eye on this, obviously the Chicago Mercantile Exchange and big futures operations are in chicago. This does dove tail to what we do as a business network. The dow is not moving too dramatically. Top of the hour down 80, 90 points, now down 97 points at the moment. As we watch this, were attempting to figure out what the negotiation is. Police have turned their backs and are allowing them to walk, perhaps the situation was they needed to stop traffic so the protesters could continue their peaceful march. What you have just witnessed, from what i can see is unbelievable democracy and perhaps patience on polices side, and on what we see are the protesters side where they can listen to each other. Police say hold off, well let you continue your march, we need to hold up traffic on an intersection that is heavily trafficked. In the last hour, rahm emanuel did have a press conference during which he apologized for the 2014 shooting of the black teenager, and during the city council meeting, he did call it a police abuse scandal at the center of the biggest crisis of his administration. Hes working to, he said, effectuate a complete and total reform of the police but his emotional speech, i saw when he apologized. That is meaningful to a point and he looked down when he apologized and people didnt feel he looked at them in the eye. He didnt. He looked down. It was an emotional speech. Now you have the midday protest continuing into the 3 23 p. M. Eastern time, 2 23 p. M. Chicago time, where the protesters are chanting 16 shots and a coverup in reference to a shooting of a 17yearold Laquan Mcdonald who appeared in the video to be walking away. Van dyke, who is the officer, has been charged with firstdegree murder, but emanuels voice, when he spoke of the families of the lost children to the citys violence, his voice cracked, he showed emotion. Now its his police force who has to deal with a very ten use situation we are watching moment by moment. The dow is now up pairing losses by 10 points, were down about 80 points at the moment. Keeping an eye on this, because the mayor did say he took responsibility for what happened, that it happened on his watch, and if he and his team were going to fix it, he wants people to understand its his responsibility, but you have the activists who feel that theres too much bad blood over all of this, you did have the police chief, i believe, who had resigned, or a bunch of Police Officials stepped down and the pending civil rights inquiry by the u. S. Justice department, but what you see on the right side of the screen are a group of people who want their voices heard, somewhere passersby. We dont want to overstate whats going on but certainly dont want to understate it, the anger about what people have felt about the shooting that happened a year and a month ago of the 17yearold teenager. Now you see stand still of traffic, including a school bus on the left side of the screen. You have a situation in a massive metropolis of chicago that has brought at least one, one intersection to a complete and utter stand still. You know, i keep talking about rahm emanuel and what he did. He is the mayor, and he did apologize. We want you to judge for yourself, its not fair for me to say whether he was looking up or down, i was glancing when i saw it because i was preparing for the show. Lets listen and heres the tape. I take responsibility for what happened because it happened on my watch. And if were going to fix it, i want you to understand its my responsibility with you, but if were also going to begin the healing process, the first step in that journey is my step. Liz and then we actually brought it down, he looked down and he said im sorry. That doesnt appear to be enough for the protesters who have gathered, and you see our correspondent getting ready to give us a report. We have a camera crew right smack in the middle of all of this, and with our technology at fox business, we are able to have followed every step of the way with the crew and with that team and the activists there, which have brought, you can see on the right part of the screen what appears to be a major intersection in Downtown Chicago to a complete and total stand still. Got to give props to police who are allowing this and, of course, thats the activists right, a tense moment a few moments ago, i dont know if we can rerack that, as we get ready for the correspondent to give us a sense whats going on. Police wanted to hold back the crowd for a moment just so they could stop traffic so that the protesters could then peacefully and safely cross that intersection. You can see the sign to your right, hashtag resign rahm, no word whether he will. He appears to see this through and fix the situation which was rife with mistakes, what everybody knew to be massively disturbing, and it was, shows an africanamerican, 17yearold who appeared, i stress appeared, we havent independently had our people look at that, who appear to be walking away who was then shot 16 times. This was more than a year ago, but the truth will out, as shakespeare said and the pace came out and now we see mike tobin, matt fin is there, too. Matt, can you hear me and tell us whats going on . Reporter i can, right now its relatively calm right now. Hundreds, upwards of a thousand protesters standing in the middle of chicagos Michigan Avenue outside Millennium Park chanting shut it down and 16 shots, referring to the 16 shots the Police Officer fired, Police Officer Jason Van Dyke against Laquan Mcdonald, this is much calmer, moments ago, it got very heated. Police were getting confrontational with police, pretty physical, no arrests but it got very heated there. Chicago says these protesters said they were coming to hit chicago where it hurts in the pocketbook. So they stormed the financial district today. They stormed the entrance of macys, the legendies Marshall Fields building and outside chicagos trading district. Theyre saying no justice and no profit. Again theyre saying theyre coming to hit chicago where it hurts in their pocketbook. They storm the financial district, they storm the retail areas, trying to shut down as many stores and intersections as they can, and really shut down as much traffic as possible. So probably, weve been covering these protests for weeks now. This is probably the biggest demonstration, upwards of a thousand people, highly organized. They knew the area they were going hit, and as you can see its growing and keeps moving by the minute. Back to you guys. Liz trying to rerack the video how it got tense, matt, about 11 minutes ago, maybe around 10. The crowd appears to be on the move and we know that malt be moving with them. We have that ability, and can you see now as hes watching there, hes with the crowd. Police are there. Okay, is that the part where we all right, trying to see if we can get the part where it was more tense, and seemed to be a faceoff against police and the crowd, and police were simply saying as we can interpret it to hold up so they could stop traffic on Michigan Avenue. That is the golden mile in chicago with all of the fancy stores, i believe the drake hotel is there, the ritz. Big, big names all along Michigan Avenue. They have made their way initially from daly plaza where rahm emanuel, heres the tense moment. This is minutes ago. I need to stress that so people dont get confused. Just minutes ago where you saw the bottleneck that pushed up against police. It got more and more tense, trying hold off police. If you look at the top of the screen, beyond there, you have school buses trying to make their way, police were aware of that, wanted to make sure that the street was officially blocked before the protesters could proceed, but the protesters perceive that, perhaps, as being prevented from continuing their march. That appeared not to be the case. Just minutes after this, the pl were able to stop the traffic and let the protesters continue on their way. But to see that banner that we have on the screen, Michigan Avenue shut down is rather significant, because it was for a good 11, 12, 13 minutes at the moment by the protesters who were making their way through Downtown Chicago, very concerned about what they feel is a city hall that has not, to their satisfaction, to the protesters satisfaction addressed the issue of a 17yearold africanamerican who more than a year ago, was shot 16 times when he appeared to be walking away. But these Police Officers were able to have a moment and a discussion with the leaders of the protests who stopped, listened, waited, and then were able to proceed. So that was earlier. And now we i believe i dont know if we have the Helicopter Shot live, the protesters continuing, and depending where we can get the shots. We have the police just watching and allowing them to continue. They are protesting rahm must go, after the mayor rahm emanuel. You can see traffic on the left side of Michigan Avenue has been stopped and has been since about 3 17, 3 17 p. M. Eastern time. With the Dow Jones Industrials still down, the s p down 13, the dow has pared much of its losses but keep in mind, we were up 200 points earlier. 200 points earlier. I want to tell you that before we saw that things were heating up in chicago, i had mentioned that we had a muslim millennial who is a moderate, emerging as an extremely important voice for all muslims. His name is karim, hes a lawyer, hes an associate, and we had him paired with rabbi ibrahim berkowitz, a major Jewish Community leader, goes under the term global rabbi. Welcome to you both. Were going to keep the pictures up. You wrote a letter, thank you for being here, this is a brave move. You can see we have our own Race Relations in the United States that are heating up, but you as a muslim millennial have a letter we obtained that is going to be published in the wall street journal tomorrow, a line that jumped out at me and we said get this guy on along with rabbi berkowitz. One week ago during this hour, when the San Bernardino folks, you were with me, the San Bernardino shooting was going down, and it was a horrible situation, you were saying what to yourself at that moment . Well, i was saying please dont be muslim. And i think today people are afraid. People are afraid of radical islam. People are afraid of the prospect of an attack. Im afraid. I live in new york city. You know, you hope and you pray that nothing will ever happen but in the back of your mind, crosses your mind, what if something would happen . But when you think about the rhetoric that has sort of been pushed after this attack, when you think about things that donald trump said earlier this week, i think that plays right into what isis wants. They want this to be this global cosmic clash of civilizations with islam on one side and america on the other. Liz but whats different about your message is youre not blaming donald trump right now, youre actually blaming your own community for not doing what youre doing on fox business and thats speaking out. I wouldnt say im blaming my own community. Liz or putting the onus on your community. When you look at what happened in San Bernardino, you have a situation, in the wake of 9 11, the United States has actually been pretty good about preventing sophisticated terrorist attacks. Our Law Enforcement officials, our National Intelligence agencies have been good at stopping those. San bernardino is something different. Its somebody being radicalized, selfradicalized, and given that, you know, american muslims are in a unique position where we are really the only people that are going to be able to sniff this out and root it out. Liz rabbi, were so happy that you brought us khurrams story, i said why isnt this gentlemans voice heard, now it is. You see whats on the screen. We have race relation issues right now flaring up, and you throw the muslim situation into the pot with what donald trump said, theres so much tense talks, vicious talk in this country right now, what does his voice here do to at least temper that and maybe get us on a path forward . I think i have a close friend who is common friend with khurram, he has an Amazing Health care tech platform, and i see as hes helping new technology in medical devices come to market, hes so frustrated by constantly being maligned because of his last name. There is a bias thats sent out there. I come from a minority within a minority. I come from the Chabad Hasidic community, what is the solution rather having it exasperate and grow . There is 6 million american jews. 3 million american muslims. Liz theyre tinier than we are. Half. And think about this, for 100 years, american muslims have been a patriotic, faithful, Good American community, so its time that the idea, the visionary idea of rabbi said in 1991 said its time when we say the idea of judeochristian values, we should add muslim. That the american patriotic citizens of the Muslim Community belong into that. Liz i hear you, but thats a stretch for a lot of people watching who one week ago during this hour, khurram were watching and said please dont let these people be muslim. They were muslim radicals, but a lot of people dont want to see what the back story is. Theyre saying my gosh, this is a horrible situation. This religion, what does it do to certain people, and they dont want to wait around. Here you are a millennial, a lawyer, american, what do you and your Community Need to do right now separate of donald trump rhetoric that he is speaking out . Like i was saying earlier, isis wants this to be to big clash of civilizations with islam on one side and america on the other. What they hate, what they cant stand is this. They dont want to see a patriotic american muslim well integrated in his community who believes in pluralism, and i think because of that you need to see a situation where american muslims are on the front lines of the propaganda war thats going on. Theyre after our communities, theyre trying radicalize the youth in our communities and its really up to us to root this out. Liz you are worried youre in danger for speaking out in a moderate way . If i am, thats all the more reason to speak out. Liz rabbi, on the screen, blacks angry at whites, the muslim situation here in america. What happened to what was supposed to be a racially symbiotic United States of america . Thank you. I dont want to be a talking head that just comes on and speaks in a debate. Were here to offer solutions. And the solution that im offering for jews, muslims and others in the community can work for Race Relations to. That is that we need to embrace others outside of our communities and become their friends, and when youre worried about the 50 extremists in america from the Muslim Community that are radical, to only talk about them, i dont want them to increase ever. I want to make sure that the 99 of american muslims that are great, good citizen says they become the ones the young potential radicals will aspire to become and not follow the radical ideology of whats happening to those in the middle east. We have to control the narrative that Young Americans, especially in the Muslim Community say i want to be like khurram, i dont want to be radicalized. How . By showing the mainstream Young Americans are moderate and faithful. Liz before we go, are you mad at donald trump . Yeah, i think its a ridiculous statement what he said. Liz do you understand it . I understand that people are afraid, and its completely reasonable to be afraid of the threat of radical islam, but what really bothers me is this is exactly what isis wants. They want this kind of rhetoric, and what they dont want and whats terrible for their message is this debate were having. Its not a debate, its a friendship. Liz between you two, and we thank you for coming on a day we have on the screen the situation in Downtown Chicago with Race Relations and the muslim discussion, too. We thank you and good luck, and see if the letter is published tomorrow in the wall street journal, correct . Yes. Liz everybody read the journal, buy the journal to hear khurrams words. Happy hanukkah. A little light, increase the light, a lot of darkness disappears. Reach out to a fellow american unlike yourself, and show we are a peaceful america. Liz thank you very much. Appreciate it. The market behavior has been very interesting here. Weve lopped off 150 points of losses. Down 59 still, trying to get up above the flatline there. Silicon valleys golden girl is in the hot seat. Charlie gasparino has exclusive details what wall street thinks about Marissa Mayers spinoff plan for yahoo people talk about deals on their auto insurance. Wouldnt a deal involve two parties discussing something . A little give . A little take . Because last time you checked, your rate was just, whatever they say it is. Why not give you some say in the matter . Or even better let your driving do the talking. Liberty mutual righttrack finally puts you in control of your rates. All you have to do is connect, drive and save. In fact, safe driving could save you up to 30 . With 5 off just for signing up. For righttrack. And the discount is good for the life of your policy. To get started, visit a local office or call Liberty Mutual today at take control of your rates. Visit a local office or call see Car Insurance in a whole new light. Liberty mutual insurance. Liz was she set up to fail from the very start . Yahoo Ceo Marissa Mayer announcing plans that yahoo will not spin off its stake in alibaba as it had just said it would, and now whats it going to do . It will spin off its core business, yes, what weve known for 20 years, yahoo . Com, spin that off, really . Investors are singing a very different tune. Stock has been taking a dive at the moment. Down about one and a third percent off the floor. Charlie gasparino, this is a company not operating with its own minds, allowing activists to jerk it around. People like dan loeb, is dan loeb on the board . Liz he was the original guy who brought Marissa Mayer in, threw a fit, got rid of the other ceo who lied on the resume, and in comes another one because they saw they could manipulate them. I like dan is a friend of mine, full disclosure. I like carl, i respect nelson peltz, but comes a point in time where the activists get in there, corporate ceos if they have any back bone just say take a hike, pal. Thats some of the problems with the activists when they put in the ceo, theyre beholden to the activists and worried about activism all the time. I cant imagine steve jobs would allow him to spend cash as opposed to tim cook. Liz they listen but they dont its out the door, this is my company, i run it. Liz since she took over in 2012. We have to point out. They didnt do the spinoff. It was telegraphed last week by recode. She said two things, brilliant reporter when it comes to technology, if you want to know about tech, you got to follow caraswisher. Number one said there would be a meeting, number two, they wouldnt spin it off because of the Tax Implications of spinning off alibaba and collecting that cash, they didnt get a favorable tax ruling from the irs. I would say this, they didnt get a ruling, that was the thing. Government didnt rule on it, so the question mark, would they have hit them with the big tax loss or big tax hit . My point is this. Marissa mayer, according to every investor i talk to thats involved in the company is on the hot seat. She might not be there a year from now. When you have this much disa way, this is pretty incredible. What do they do . A reverse spinoff of alibaba. Putting alibaba in a separate shell company. They stop the spinoff for a time. Theyre looking to spin off at some point and spin off all the other assets into something else. Bizarre, bizarre case. Liz alibaba, that way back when jerry yang was smart enough to grab 16. 5 . Worth about 35 billion. Thats pretty much all the excitement thats in yahoo right now, yahoo japan as well. Yahoo has an interesting finance page, they have interesting web content, financial content. I like some of that stuff, i think investors like that stuff but the notion was that money was supposed to be used to build that out and its not going to happen. What do you do . What is Marissa Mayers plan . I can tell you she didnt wow people today. I think shes on the hot seat. I talk to investors saying if you save one ceo a year from now might not be there, shes one of them. Liz charlie gasparino, thank you very much. Go back to the protests. Liz we are keeping an eye on that, it is shutting down or stopping a major metropolis. Well dip into chicago if we see anything there. Hightech very much the attention on capitol hill, specifically Search Engines and email distribution. Silicon valley got slammed for not doing enough to stop terror recruitment. Congress is calling on social media giants to regulate isis activity on their sites. The House Foreign Affairs committee is introducing legislation that demands more information from president obama on his strategy of combat use on social media. That bill has passed the Foreign Affairs committee, headed for the house floor for a contentious debate about the role of social Media Companies. What this bill sponsored by republicans says is they want more information from the white house, and president obama, what he plans to do to combat terrorism on social media. What is available to intelligence officials. Training already established in public and private combinations of collaboration to bring information to the public and to lawmakers. Here is how representative ted poe, the republican from texas, the author of the bill describes it. The bill requires a strategy where we work with the private social Media Companies to bring out the terror sites that use social media sites to recruit, but also to raise money and also to spread their propaganda. And the plan really is used same protocol that social Media Companies use to bring down child porn sites to bring down sites that are Foreign Terrorist Organization inspired. Reporter now this is also taking place in a different debate across the way, in the senate. Senator Dianne Feinstein of california and senator burr of North Carolina are cosponsoring a bipartisan bill that would require facebook and twitter to hand over or at least alert Law Enforcement officials when any terrorist activity, propaganda or content pops up on their platforms, and that has been introduced, and that will be a debate in the coming days and weeks. What you see here is a rare bipartisan effort. This is very much on the mind was constituents and therefore lawmakers here trying to push the agenda forward. However, silicon valley, liz, is not exactly responding very well. They say they are already policing. Theyre going after all of these threats very aggressively. Liz jo, i have not heard that before. That lawmaker said treat the isis sites like child pornography. Fascinating. We will see if we can see these companies go after them as they do child pornography sites. Thank you very much, jo ling kent. Closing bell 8 minutes away. Dow down about 84 points. Finding value in a volatile market may be the toughest thing an investor can do. But coming up, scott black does it, manages nearly a billion dollars and hes doing right now. Hes going to tell you how to do it. Set your calendars now, thursday january 14th, the gop debate part deux getting the nod to host a second debate. Were proud of that, and thank you for making us a success. More countdown on the way. Stay tuned. Liz with just minutes, five minutes before the closing bell, look at dupont, jumping doubledigits dow up 12 . Dupont up on left when on record potential merger could be announced as early as thursday. Were watching that closely. Here is dupont intraday it skyrocketed beginning on news that the wall street journal had broke yesterday. A big, big move that could equal 130 billion chemical giant. For the broader picture, s p 500 as it falls 17 points is still trading what many called fully valued earnings per share forward trade, that the current s p 500 pe ratio at 21. My next guest says is totally overvalued. So how do you find good names in all of this . Scott black, Delphi Management president , 700 million in assets under management. Scott, on a day like this where the markets are falling much of i due to oil falling much of it oilrelated names, how are you picking stocks . The same thing we always do. We try to be market agnostic. With earnings power and low multiples, liz. Liz just because the market is expensive doesnt mean certain names are, correct . What should market watchers look for . Most important thing is not to pay up. Obviously people referring to the fang, face bock, apple, netflix, google, salesforce. Com, infinite multiples, high pes. Some are good businesses with high return on equities. Some are story stocks. Were benjamin gram Warren Buffett style, we like those with low multiples. This is six pe, 80 cents on the book. Navigate tore holdings that is Liquified Petroleum gas tankers. Theyre not subject. Liz would we put that up, or big board, something our viewers can see with the market down 88 points at this moment. Is showing that it clawed back, scott, by 160 points it is still having trouble right now. That doesnt surprise me. If you look at earnings for this year, it is 106. 60. The market is 19 times expected earnings. The expectations on bottom up estimates for 126 next year are ludicrous. 2 police gdp growth, headwind from the euro. Liz right, right. Earnings up 7 to 8 youre still at 18 pe. Small and midcap stocks, russell 2000 and 250000 respectively, 21, 22 times earnings. Indices themselves are very expensive by historical standards. Standards. Liz look what oil is doing. Its a scary moment. Can you call a bottom . Youre not a oil guy, scott, but its affecting market . No. Weve been out of oil stocks and energy since beginning of this year. We were right on it. The problem you have overproduction of 1. 9 millionbarrels a day. There is nobody to absorb supply. United states earlier this year, 9. 6 Million Barrels a day, probably 8. 9. Opec doesnt bode well for future price of oil. Liz scott black, Delphi Management president. We appreciate you coming on. Thanks. That does it for countdown to the closing bell. David, melissa. Pretty busy day. David absolutely. A lost swings in the market. Melissa a lot. Liz, thanks so much. Congress demanding answers in name of national security. Both the secretary of defense and fbi director getting grilled what america is doing right now to combat the threat of isis here around abroad. David this as were learning about two after ban soldiers in the u. S. Military, they were training here. Well, now theyre missing here from an air force base in georgia. Shortly before they were expected to return to afghanistan. Melissa protesters taking to the streets in chicago at this hour demanding the resignation of mayor rahm emanuel. [closing bell rings] theyre accusing him of a coverup at the time he was seeking reelection. David stocks tumbling for a Third Straight day. The dow had been up earlier in trading over 200 points. Making for nearly 300 points swing as closing bells sound on wall street. All indices are going negative right now. Again the swing in the markets seem to track what happened to oil, melissa . Melissa well get another check on market big movers in just a bit. We have breaking news before that. Here are some live pictures from chicago. Protesters taking to the streets. Theyre stopping traffic on main thoroughfares, demanding mayor rahm emanuel resign. This is amid a scandal involving