He is coming on the tax on extreme wealth, he just unveiled last week. All of this is happening as marco rubio pending new foxbusiness. Com office saying socialism is entirely incompatible and america and the unique entrepreneurial spirit. Is rubio right with his offside and is sanders new plan taken away from americas new entrepreneurial spirit and the freedom to pay employees and executives what they want. It seems every week theres a new wealth tax by one of the candidates. This is about the third or fourth that Bernie Sanders has proposed. This is contrary to the whole idea of the American Dream if you succeed, you pay your taxes. Why should you have to pay a second, third, fourth tax. My feeling is, there are a lot of ceos that are way overpaid especially when the stock does not perform in the company does not perform. Though ceos should not be paid the high amount of overpaid. You know who should be policing that, not government, the shareholders of these companies. It is not happening, steve, im with you on that but i look at capitalism right now and by far is the best way, lets get that out in the open but there is a challenge of the middle class right now, i talk about it engine as an hourglass economy. The middle class keeps getting squeezed and i dont think the answer is to legislate your way into something different, but the market economy has not worked for all those people in the middle. What are the solutions that you can think about. What could we do that would result in meaningful wage growth for those people stuck in the middle . I will tell you what what work, he was in the debate and said something to the effect of my socialism is not the same as venezuelas but everyone proposal is. Entire income tax, higher wealth tax, wealth compensation, it is never ending. Basically the bottom line, he wants more control of everything that goes on. It is never worked, it has destroyed not only the economy and the people but all hope, 2700 miles south of where im sitting right now and something our economy could not stand if we went that way. I think youre right, one thing we can do, education, we keep dropping in the rankings and education and were losing a lot of companies overseas, not necessarily because of cheaper wages, thats a huge factor, but more educated workforce for advanced mechanism for advanced manufacturing and that the big default we have with america educational system. Aside from that, what youre talking about is correct, government policy has never fixed wealth and equality. Its happened many times over the years, 1900s it was just as bad as it is now with vanderbilt and rockefeller in morgan. Wealth inequality has never been fixed by government policy, italy been fixed by systemic issues, Something Like salmon, plague, warmth or ricci change. The government needs to stay out of business, thats the best answer for any of the. Wheel he said that will be put in the trump Corporate Tax cut, larry kudlow said this all the time, im in full agreement with him. When you cut Corporate Taxes helps american workers. We are seeing that now. Its true until trump was elected, we did not see many gains for middleclass people but look at the wall street journal today where it shows for the last 30 months, the average family has gained about 4000 in income. Thats a gigantic increase in income so im not talking about george soros, im talking middleclass families i think thats the kind of policies that you want to be putting in place opposed to your not allowed to make x number amount of dollars then you lowest paid employee. It is an issue, i think this president has taken on in terms of addressing the middleclass challenge. It persist. I think he has had some success and you are right on that. But these are problems that do not get fully addressed in the shareholder relationship with these companies. What are you suggesting . Theyve always problems, and like tricia said, the hourglass figure, the middle classed is squeezed. A lot of people dont do like theyre being paid and incomes are not climbing at the rate that we want to see you then. What is a solution . Im not saying the government should intervene but clearly weve all identified a problem when it comes to income across the board. And for marco rubio to pin this piece on a website, i dont think we can equate socialism to the simple definition of communism. There are different avenues in alexandria causing cortez and Bernie Sanders say theres communist, social democracy and democratic social but i still think thats something we need to Pay Attention to break then all the same. We are talking wealth right now, the problem with all these policies coming from the socialist they will not affect the wealthy, the wealthy will move. But what these policies do, the prevent others from becoming wealthy because every time you move up in the latter, theyre there to attack you. Bernie sanders already talked about a 70 tax rate. How would you ever become wealthy when he wants to do that and then wealth compensation after that. Its a sheer impossibility. If you want to go backwards you go with what he wants, forward he let the market bear out. A lot of companies are reading wages left and right because they know the demand is there and i think you will continue that rout route as we move forw. As we talk about wealth, im going to a soundbite, billionaire investor who was on with neil earlier today. Heres what he said about the wealth tax bystanders and warn warned. I said it many times, i dont gained pay more taxes, its actually patriotic to pay taxes but im more interested in how they will spend it. The reality, bernie, Elizabeth Warren will max out how much they charge us with our taxes or how much we will pay. But then what will they do with it . With all the proposals they are putting out there, they have not prioritized. I want to add that the new foxbusiness. Com website is officially live today. Were going to go to war and who is with us today and other strays trending at this moment. The foxbusiness. Com website and app are new in life and clear. You will see the issues that you and your family care about. If you want to know how your money is doing, look at the left side of the stream. Its an awesome day, month and thirdquarter for the market. If you look at the header, lifestyle, real estate, tech, sports, the story talks about economist driving tom and his Vehicle Technology per wheel calibecareabout our jobs, this s at the heart of that. And breaking news, that is Donald Trump Personal attorney Rudy Giuliani subpoenaed by House Democrats for ukraine documents with regard to this impeachment inquiry. Thank you for the show and tell. I know we have to move on even though the tax is interesting. There is another retailer filing for bankruptcy after failing to the pressure from ecommerce giants like amazon. We will tell you which retailer is throwing in the towel next. Mizesyour car insurance, so you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty the Doctors Office might mejust for a shot. O but why go back there when you can stay home with neulasta® onpro . 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Joining a growing list of brickandmortar players showing u. S. Retailers have closed over 8000 stores over the share. Christina you have been following the story all day. I was at time square in front of the massive 90 squarefoot forever 21, i reached out to the company because i wanted to know when they would close the location, they said theyre closing up to 178 stores in the United States, more globally in canada they are closing all the locations. They said they are not completely leaving the country, this is a company that is privately operated, loses on average, the u. S. , canadian and European Stores are losing 10 million per month, 90 million of cash on hand, they cannot pay all of their bills or the expense of rent. That is why they have to downsize, it is just a showing of how the retail landscape has changed. Not only them coming of gymboree, charlotte russe, diesel, barneys, all those companies file bankruptcy just in 2019 alone. There is a bunch more closing their stores. How much is china plain into this . Do they have to pay more for the goods they imported . They have not talked about tariffs. They said because they grew too quickly and they blame the balls. They said they were in malls, the anchor tenant and foot truck traffic is down. The people are not shopping in malls anymore. Who shops and malls anymore. When the last time you went to a mall . Lets see, what year is this. Unfortunately, this is been going on for a very long time. Tens of thousands of stores have shut whether they kmart, sears circuit city years ago, and unfortunately it will continue. That is the landscape, online is gargantuan, it has taken away business, all the malls were on that now, they are turning a bunch of stories into jams and schools and anything else but stores at this point. And more stores keep closing as they keep bringing other things on. Its unfortunate for the jobs lost. If you look at the retail sector, it is not doing poorly, consumers are spending money like crazy, and the consumers canyon, a lot of the Retailers Companies like home depot and Companies Like lowes and walgreens and walmart are doing well. I dont think im not quite as dire as the rest of you on this industry. In terms of malls, i was just in seattle, bellevue, washington has one of the most successful mall areas in the country. It is unconventional Retail Stores that are being developed there in a high return on very Expensive Office space and retail space what did you mean by unconventional store. Places redo things not buy things. Like exercise, movie theaters, all sorts of places that have games and things like that whery do those things online. You no where malls are doing well, airports. Because people have extra time and you have to do something while youre waiting for the flight. You see malls in general, i think people are judicious with their time. They are judicious with their money and so they say, i could go online and find on amazon and get the cheapest price. Why would i go out spend the time and walked her stores. Do you think its best because the online world is taken away and cannibalizing brickandmortar stores . Thats a huge part. To put this in perspective, we will lose more stores and retail this year during the height of the recession in 2008. A lot is to factors, retail over bill, retail sales are still going where theyre buying this. That has been moving around, you are having innovative retail stories that are doing a lot of Good Business out there and the ones that are not innovated are the store right now shutting down. And it has a lot to do with amazon and with walmart, lets talk about that external process of whats going on in china. Also now talking about whats going on with impeachment. Coming up next, we have the impeachment push moving forward. But couldnt inquiry why thought all the gains in this trump economy that is doing so much to hurt retail. We will debate all of this next. Each day our planet awakens with signs of opportunity. But with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. The whistleblower at the center of the impeachment probe expected to testify very soon as a new poll shows voters are pretty split on the issue. Major average indian positive for the month. Despite the probe. The commerce secretary wilbur ross is warning the democrats, they just want to turn the economy around and not for the better. The market knows this president has delivered in very Strong Economy all the reason indicators right to this have been very good. Democrats are desperate to derail the economy because they know if they dont their toast in november. Steve, i know you recently wrote about the middle class and economic progress. Do you think that these impeachment proceedings could actually do some real damage to the economy perhaps raising some of the economic gains we have made . I certainly agree what he said on the interview, democrats are trying to torpedo the economy. They talked the last couple months about recession being right around the corner. They were clearly wrong about that another turning to impeachment after two years of the russia probe which is diverting attention from anything but talking about the economy. I did get a lot of calls over the weekend, trish, and today from nervous investors of how serious is this impeachment. Impeachment would be bad for the economy, bad for the stock market. My interest, i dont think this is going anywhere. Theres no smoking gun. I think investors are figuring that out that it looks judging by the market today. Investors shrugged it off and they dont seem to care. Perhaps they know what we all know too, it would be very unlikely that the senate would actually move in a way that the house would. So this might wind up being a whole lot of political theater, maybe make some people nervous but the market try to figure out what the outcome is, if you judge by todays market, it looks like they dont think itll be that big of deal. Dont blink, its only one day. Lets be clear, the market knows, the economy also knows. This is politics, im pretty sure that we will be in impeachment but i think the economy in the market will just move on. I hate saying this but i think the market and the economy is a lot bigger than what the democrats are about to do to the president and over the next few months there is no chance, even though i hear rumblings, i dont think theres any chance the senate convicts them on it and then we end up next november and thats where the rubber will meet the road. Im not worry, it will derail the economy and the massive deficits that keep going up every day and hopefully we get this china thing done because the tariffs do not help. If you look historically, nixon, johnson even clayton, use all the markets shortterm volatility but overall, especially quick, use all the markets continued to climb higher, i think its economic factors that will affect the market. What is concerning the bipartisan support that we make it for the infrastructure bill. Usmca, the trade deal with canada and mexico which needs to get done. It has been sitting there for so long. And drug prices, this is on the daca to keep the prices lower, when you dont have the bipartisan support. I think thats very concerning. And to add element, there was a letter sent to Rudy Giuliani so he has been subpoenaed as well. Hes asked to give them by october 15 because he admitted on National Television that he had the possession of evidence and text messages, phone records and other communication. If you go back further to the teapot dome scandal in the first impeachment on andrew johnson, you see the five big president ial scandals had very little to do with the market, what changes markets are policies, policies going forward. A new election would, but as far as impeachment, if gary is right, i think he probably is, he probably gets impeached and i dont think theres a chance he gets convicted in the senate. As far as passing any legislation, i dont think the democrats opacity they going into election toy dont think that is a factor. If the market has the threat of a socialist, in the oval office, what does that do . That is the big danger. That sends the market into a tailspin. You asked the question, will impeachment torpedo the economy, i will flip that around and say the economy is what is going to torpedo impeachment. I dont believe i said this many times on the show, if it had not been for a really terrible economy in 1974, i think Richard Nixon would not have been impeached. I think they felt horrible about the direction of the economy and nixon was out of there. Bill clinton, there is no way he was going to be impeached in the Strong Economy. The stock market was soaring. I think thats a problem with democrats are facing. They