We have that and so much more on making money. Charles call it a comeback, walmart on fire right now. Yet another quarter of strong growth. The results showing that the American Consumer splurging confidentially. Also right now we see auto sales through the roof, home loans are skyrocketing, thanks to you, the American Consumer. Fiscal policy, lots of help from the fed creating many are calling goldilocks economy. Is it too much of a good thing . Lending tree chief economist, and hiha herzog and david dietze of point view wealth management. Walmart numbers are pham noll. Comp store sales 3. 2 , three thousand grocery pickup stores, 1400 same day delivery. You know this is a company as large as it is important as it is people were writing off less than two years ago . 21 straight quarters of growth, thats what walmart as seen. You touched on a point also very important, online growth. Walmart spent a lot of capex trying to make sure that their online growth, the ability to buy things online, eggs especially grocery is topnotch. They want to go up against the amazons of the world and target. 41 of people buy groceries online at walmart that carried earnings. They also increased outlook for 2020. We are, i mean certainly positioning themselves in good place. Charles it is pretty easy to say walmart is proxy for the American Consumer. Yeah. Charles so you couple all of the things that she outlined, there is piece in the journal, auto loan originations second highest in history. Travel over thanksgiving. Well set another record. Housing permits starting to percolate. Applications to purchase homes up significantly. It feels like every aspect, every key aspect of, metric of American Economy is really moving into the right direction . I think you forgot the jobing market. We have unemployment lowest in decades. So consumers have a lot of income. As you mentioned with the lending numbers, there is a lot of credit available. So there is twoways to get money to spend income, you borrow it. If you have savings you pull from that. I think another factor important for the consumer is that weve had a lot of refinancing and mortgages because of these lower rates. You lower the mortgage payments, which is the biggest obligation for most folks. That leaves you more money to spend. Charles were not anywhere near the pretop, right . Right before the great recession, felt like people were refinancing mortgage as couple times a year. You know, feels like there should be even more than weve thus far . Its a different market. There is tighter lending standards than we had prior to the crisis thank fully. A lot of people actually because of the crisis, some consumers are still kind of scared on the crisis, and demand actually for refinance something less than you would have thought given the way Interest Rates are. Charles ive been saying by the way, it is really interesting that the consumer today as powerful as he or she are, learned a valuable lesson from the great recession. Savings rate at 8. 3 . November 2007 is 3. 1 . Retailers know that theyre focusing in on the consumers. Oracle saying retailers are so focused on consumer, because consumers 82 will leave negative comment online about the retailer. Knowing that consumer as well, coupled with how much their ability to spend is really driving this retail market. Charles that is interesting. Walmart announcement, folks, one thing feels like there is no impact from tariffs. It is contributing billions of dollars to our treasury but, this is by the way, im quoting now, if we can get, from trumps tweet. Walmart announces great numbers. No impact from tariffs, contributing billions to the treasury, low inflation. Do you hear that powell . Listen the President Trump jay powell, david, that battle is never going to end. I find it intriguing, cpi numbers came up. Items told were going through the roof in thames of costs. Windowss floors, down 5 , major appliances down three . Women and girls clothes down 5 , dresses down 9 , televisions down 20 . Computer software down 10 . This is mindboggling. This wasnt supposed to happen. That is absolutely right. Another tail wind for the consumer inflation is a noshow. It is so low, chairman powell is worried about it. That leaves more after tax, after inflation dollars with pockets and sentiment is strong. Theyre going out to spend it, charles. Charles go ahead. There is a bit of, add a point to the inflation story. Inflation is measured yearoveryear, month over month. Tariffs on a lot of products are more than a year old. Once you get past the first year, zero year comps start to improve. I think charles most of the things are down month over month as well but the point is, it is very intriguing that has not materialized. But when things get this good, we start to worry. Youre an economist. When you wake up, you hear people using the term goldilocks, isnt your Natural Inclination to say maybe not . Yeah. I think you can look for weak parts of economy, which is a lot coming from the business side of things. We ceo confidence, many Business Confidence measures are trending downwards. I think that has to do with the trade war. If we get the phase one deal, i think you take a lot of that uncertainty off the table and you can actually accelerate the economy even more than it is now. Charles how great is the Christmas Season going to be hitha . I think the consumer season is strong and they definitely feel better about the economy than past years. In the past years they felt good about it. The National Retail federation is expecting 4. 1 increase in sales this holiday season. I think combined with this ability to spend money, that they have in their savings, access to credit, theyre going to be able to go out to spend even more. Charles we just saw disney is the hot stock of the week so far david, even though walmart is pulling back a little bit, the numbers are phenomenal. It gets back to the consumer. From the stock market point of view were consolidating gains a little bit. What has to happen . Is he right with respect the phase one being the final component . If were talking about the porridge being just right, just a little bit of sentiment to make it just right . That is absolutely right. The Manufacturing Sector is much smaller area than the consumer sector, money spent there in terms of Capital Investments has much bigger Multiplier Effect than going out to a favorite restaurant or buying a flatscreen tv. If we get better sentiment, that can happen, if we get a trade deal going, i think the economy could take off, the stock market to follow. Charles are you concerned too much borrowing from households . Are we getting to point it is raising any flags to you . A little bit. Weve seen uptick in delinquencies. If you look at aggregate number, you would say the consumer is in really good shape. Obligations relative to income is really low levels. When you get into distribution, you will see people at lower income levels are struggling a little bit and that marginal dollar from lower income people goes much more further than marginal dollars from high income people. I think there is a difference when you spread out the data, versus when you look at the aggregates. One thing that im hear happy about. In addition to the job market with 50year low unemployment, it is spread out across various sectors. Various minority groups, subsectors of the American Workers are also showing record low unemployment. This is pretty diverse. Charles strong wage growth for nonsupervisory workers. Bluecollar workers are rising faster than their supervisors. Maybe hopefully they wont spend it all. To your point they will spend a lot of it . During the holiday, right. Access to it. It is become so easy now, retailers made it so easy for to you go online have an offering. You have seen the black friday deals rolling out as early as november 1st. So people have been spending, leading up to the holiday, starting just after halloween. So people charles im not one of those people, with christmas commercials. Im one of people who get sad when they end them, january 4th or 5th. I like them. See the car with the bow on it. I start getting real sad when the christmas commercials go away. You like the christmas commericals october 15th. Charles thats right. Thank you all very much, appreciate it. Deval patrick made it official. He entered the crowded democratic field filing in New Hampshire for that primary. How quickly will the rivals bring up the work at bain capital . You know bane the villain, no. Bain capital. How things will get even more complicated now that big tech and wall street are pairing up. Heading into retirement you want to follow your passions rather than worry about how to pay for longterm care. Brighthouse smartcare℠ is a hybrid Life Insurance and longterm care product. It protects your family while providing longterm care coverage, should you need it. So you can explore all the Amazing Things ahead. Talk to your advisor about brighthouse smartcare. Brighthouse financial. Build for whats ahead℠ i am royalty of racing, i am alfa romeo. Charles Amazon Google executives facing a house panel how big tech is impacting Small Businesses. While the digital platforms have helped Small Business obviously reach and serve new customers. There is a lot of concern how the internet giants are hurting these smaller businesses. Hillary vaughn, on capitol hill with the latest. Hillary . This hearing is just starting right now. One of the first things that the chairman of the house Small BusinessCommittee Said was that it is concerning that amazon has essentially, what she calls a large share of ecommerce sales, over 50 on amazon. That google has about 90 of, essentially a monopoly over internet searches that occur online. So that is why she is asked for representatives from these two companies to show up today, to talk about how their platforms are shaping. In a lot of ways, making it challenging for startups and Small Businesses and how they are using their wealth of data to benefit themselves. Amazon in particular has faced scrutiny from lawmakers on capitol hill, asking how they use the sales data prop up benefit their own products and sales on their platform. How they dont necessarily play fair against other individual retailers and Third Party Sellers on their site but theyre also more things that congress is looking into, particularly when it comes to amazon and google. Theyre also, surveying about 80 companies asking for information on how their companies have been hurt by these tech giants. Charles . Charles hillary, thank you very much. With recent announcements that google and facebook are joining apple in the banking business, should we be even more concerned . Consider the two most powerful entities out there, wall street and Silicon Valley coming together f youre a Small Business, should you worry about that . I want to bring in a tennessee congressman that serves on the Small Business committee. Thanks for joining us. Thanks for having me, brother. Charles talk about the hearing, and also the idea they were sworn enemies for a few years, all of sudden, google, sit bank, apple, Goldman Sachs getting together. Might be good for consumers, but can Small Businesses compete in that kind of a world . Im not afraid of it. These hearings have a antiamerican feeling about them. Were trying to penalize people for success. Off the top of my head, several bill Dollar Industries came out knoxville, tennessee, clayton homes, phillips an jordan, billion Dollar Companies started on their own in their garage. Phyllis and jordan started starh a guy with a pick axe. Theyre one of the biggest dirt movers in north america. They forget all people, apples, of the world started in somebodys garage. They started out small. Well penalize people for being successful. Im very, pretty obvious who is running the show in the house right now, it is not capitalists. Capitalism has done more this, is not a crazy talking point, this is reality. Capitalism has done more to take people out of poverty than any other thing in the history of this world. So i would, i would, dare say we need to move cautiously with these things. Market is going well. People are employed. People are working in this country. And it is working so. Charles right. Let me also get your thoughts because i want to pivot a little bit. I dont disagree with anything you just said. Meanwhile fed chairman jay powell telling congress quote, we lag just about every wealthy country in the world with respect to labor force participation, that is not where we should be and he says there are many things, when he says we can do, he is talking about you, congress. He got more granular, congress can do things with opioid crisis, training skills, immigration. He said we need immigration. So folks understand. Iceland has 81 participation rate. Uk 79 . Our Labor Participation rate just started taking off and were at 63. 3 . What role does the government have with that . Well, again, im from the government and im here to help you is the worst thing you can hear from Small Business or in Large Business for that matter. I dont doubt that fellow a lot more learned than i am. Like i said earlier my Charles Schwab at it went up 2. 50 since he announced he will speak there this morning. I dont know that im any expert on that. I disagree with the fed chairman on a lot of things. He talked about debt. Charles let me ask you this. In our country, is it too easy not to have to participate in the labor force . Do we have too many programs out there where people are comfortable enough that they dont enter the labor force, sometimes they may take an economic hit. Oh, yeah. Absolutely. But also i just had lunch with our governor bill lee just a few minutes ago. I expressed to him my concern that our inner cities were not reaching out to them enough for the trades. That, sr. With the future is. That is where the generational change can happen. We missed the boat on, saying all kids will go to college and they wont. I think on the other hand with immigrant workforce coming in, its a reality. Our economy depends on that but it depends on it with a legal format. Under the radar people are paid cash somebody gets hurt, the folks are thrown out. There is a fine line we need to walk but i believe the president is doing what needs to be done in that department. With the cooperation of mexico which is something which is unheard of, their cooperation in the illegal immigration situation charles numbers have improved dramatically. No doubt about that. Yes, sir. Charles sir, thank you very much for your time. Appreciate it. Thank yall for having me. Charles Federal Reserve chairman Jerome Powell as i mentioned back on the hill today. The Central Bank Balance sheet meantime folks has rocketed. Were north of 4 trillion. What can go wrong with that. Elizabeth warren using cnbc to go after the wealthy in a new ad campaign. You dont want to miss it. You will see some of the comparisons that will shock you. For the diamond in your life theres only one Diamond Store. Zales. The Diamond Store im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. Only pay for what you need with Liberty Mutual. Any comments doug . Take on a bigyeah. Hallenge. Only pay for what you need with Liberty Mutual. Con Liberty Mutual solo pagas lo que necesitas. Only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liber y. Charles Jerome Powell grilled in the house, by house lawmakers on capitol hill for a second straight day. Focus on state of the economy. Want to bring in Edward Lawrence live with more. Edward . Reporter Federal Reserve chairman Jerome Powell says the economic expansion will continue for a long time. He says the foundation for that expansion is there and no bubbles are forming. We dont have this notable build up of leverage, broadly across the economy which is troubling from a Financial Stability standpoint. So i would say that this expansion is on a sustainable footing. That we dont see the kind of, warning signs that appeared in other cycles. Reporter powell faced more politicallymotivated questions from the house budget committee. Democrats tried to get him to weigh in on the tax increases they want for the larger or more wealthy americans, richest of the rich, seeing if those folks would keep their money here in the u. S. Regardless because of how strong the economy is. Also how tariffs are hurting this economy. Listen. What specifically is the fed prepared to do if this trade war continues to hurt the people that i represent in nevada and those across the country . We dont comment on particular trade policies. Were not an advisor to anybody on trade. It is not our mandate. Our mandate is maximum employment and stable prices. Reporter republicans pointing out that wages have risen for the lowest and middle income as not as high as the most wealthiest americans in the united states. Also, the house saying that they, the republicans sayin