Transcripts For FBC After The Bell 20170811 : vimarsana.com

Transcripts For FBC After The Bell 20170811

A is diplomat has been working behind the scenes with north korea for months. President trump will get an update when he meets with u. N. Ambassador nikki haley. That is about an hour from now. The president issuing Harsh Criticism for Senate Majority leader Mitch Mcconnell over his inability to repeal and replace obamacare. But members of the house are keeping the fight alive, even if it means going behind House Speaker paul ryan. Pennsylvania congressman scott perry is helping to lead the charge. He is going to join us coming up. David the dow snapping a twoweek winning streak, ending this turbulent week down about 1 . Lets go straight to nicole petallides. She is on the floor of the new york stock exchange. Nicole, it has been a wild week but it was nice to see it end in the green at least for the dow. Those are the weak averages down a percent but it was positive today. We see all three of them down more than 1 for the week. As you noted, the dow right now, up 15 point as we heard that closing bell. This morning at the opening bell we were just one and awe a quarter away from the record close on monday. 270 points to the downside. With he saw tepid buying, cautious buying, dipping back in on the dips is what we saw. To give you the facts, the dow had the worst week since march 24th. The s p had the worth week since march 24th. Nasdaq since june 30th. That is how it is looking as we close. Were moving on, taking a look at movers in the retail sector. Earnings season has been so great but not for retailers. Jcpenney, new record low today. They had weakerthanexpected numbers for the quarter. A fifth straight sales loss quarterly. And so they have sweeping store closures wracked their sales. The stock dropped 17 today, new low there. Then snap, snap has hit its 11th record closing low in just one month, down 20 in one month. There is a look at it, 11. 83 a share. They missed on quarterly numbers. That was the big lag guard. The tensions with north korea remain, selling for three days, people ran to gold and treasurys. We got a little back finishing this friday in the green. David traders copastetic about the whole thing. Melissa. Melissa gold continues its climb today, keep an eye on this one, closing at the highest level since early june closing at 1294 an ounce as tensions in north korea fuel an investor flight to safety. Good for gold bugs, david. David you see north korea playing into the market. Stocks breaking a threeday losing streak amid heightened tensions with north korea. Lets bring in todays panel, jack hough from barrons and carol roth. Investment banker. Traders like to sell off what they have or safe they can sell to make a profit on. Didnt seem to happen today. It is an interesting dynamic. We have seen the market be able, overall to digest a lot of bad news. That shows how much cash is still on the sidelines. Every time the market comes off of a new benchmark, there is capital being, able to be deployed, i think one of the big things weve seen today too, is that inflation remains very low and that could mean that the fed holds off on raising rates. I think that is a big part of story today on why we saw things go up a little bit. David some fed officials talked about that but, jack, what is holding the market up . I am glad we got stabilization today. I got nervous as we weakened into the close. The stocks that got killed out there, deserved to get killed. Jcpenney the world doesnt need it anymore. Snap is facebook road kill, but broadly the market was pretty stable. David facebook road kill. That is new one. Melissa. Melissa he might be on vacation but is still focused on jobs. President Trump Holding a job skills and workforce discussion moments ago in new jersey. We began historic to expand apprenticeship in all industries. Apprenticeships are one of the many avenues that lead to the great jobs completely debtfree. Who knows more about the word app apprentice than donald trump. Melissa Companies Want industries that want workers are paying for the training. This seems like a home run. Absolutely. Anytime you take the focus away from the 43 or some odd job programs that we have the government runs, which obviously havent been doing so great, put that back into the private sector, that is going to cabinet win, not just for businesses but for anybody who is looking for a job. I do think, melissa, that the president could make this even easier if he, they focus on making it easier for Small Businesses to hire, whether it is making clear path for unpaid internships, changing definition of a 1099 employee, creating an opportunity for those 22 million Small Businesses that dont yet have an employee, if 5 of those could hire their first employee, we would have a million new jobs. Melissa that is such a great point. I love all of that math. Jack, i talked to so many ceos in communities. They need people. Willing to train them. Willing to set up a program. They only didnt do it in the past because of regulation. You have a factory where you want to train people in the community to work there. Ive been looking for a chance to Say Something positive about the president and i got it, melissa, thank you. Most people exaggerate how difficult their jobs are. Other people can be trained do them if we give workers who dont have experience a chance. Companies can do that. Im glad the president is on this. Melissa nice. David. David are you sure that was jack hough . Melissa move on quick. David believe it or not another push to repeal obamacare in the house. Freedom caucus members, jim jordan, tom garrett, scott perry, signed a petition on the floor without the support of Speaker Paul Ryan to vote on clear repeal of obamacare. Here is republican congressman scott perry from pennsylvania. Congressman, i love to see rebels. Im with you in terms of your rebel spirit. Lets be honest, you have to get 218 votes. Youre not going to got that, are you . I dont know, it was unanimous 15 months ago, a unanimous vote in the house and senate. David you saw what happened when the rubber met the road. There was all sorts of infighting. Eventually you just made it. Eventually you have to get this is parliamentarian manuever. It allows you to sort of override the speaker on bills that have been sitting around for a while. So again, good for you for trying, are you anywhere close to 218 . Today is the first day. It is first step. We have three signatures at 9 00 this morning. And now everybody, because of fox business, will hear about it. I suspect that their constituents will say how come my member hasnt signed, call their member, wait a minute, you voted for this 15 months ago. You talked about this for the last umpteen numbers of years. You voted on this in congress. You sent this to president obamas desk. Why isnt your signature on this . Why arent you voting on this . David you get my vote. You made a compliment of fox business. That is true everybody is watching so you got big exposure. The senate as we saw in the last go round with health care is the real problem, is it not . Right. It is part of the problem but see Senate Democrats they have no impetus, there is nothing urging them to get into the equation and be for anything to first this, to find a solution. Once it is repealed. Then, they will have the impetus, that will encourage them to get into the discussion and do something meaningful, impactful and realistic. Up until now they dont say anything. David that is optimistic but when we saw what happened, it was like you watching sausage getting made. It was ugly process but it ended up bad. I wish it was sausage because it didnt end up doing that. Paul ryan kept saying over and over again beginning of the Trump Administration, we had to do obamacare first, repeal and replace before we could do tax reform. Turns out that wasnt true. He was selling a false narrative what had to happen. Wasnt that the biggest mistake this buy ever made . I dont know if it was a big mistake. I understand why he did it that way because certain amount of savings can go into tax reform. David is it true that we had to do that first . We could have started with taxes. If we had gotten tax reform in, this economy would be churning . Sure, we probably could have started with tax reform, the economy is going to look up under President Trump no matter what because of his agenda. Until health care is fixed, every business, every citizen has a weight around their ankle tying them down, slowing them down. It has to be done sooner or later. It has to be done. David lets hope it is. Congressman perry, thanks for coming on. Appreciate it, sir. Melissa jack and carol are back to react to that. Carol, what do you think . I love the fact that you can have leadership from somebody who doesnt have the top leadership title. I think that is the way that we do affect change, whether it is in congress ors where. That being said, everything he said is right. People voted for this 15 months ago. This has been a top priority. They have had years upon years not only to figure out how to repeal but to he replace it and we know that it is not working and we know that it is going to blow up so there is a moral obligation for them to get this done and get it done quickly and i like that somebody is stepping up to take the leadership. Melissa yeah, jack, its a disaster as it stands and it is frustrating on lawmakers on any side not doing anything about it. The problem is, this is not repeal and replace. This is repeal. Then were out of ideas. Tens of millions of people lose their insurance, but trust us, things will get so bad, were so desperate and come together melissa they are already so bad, jack. They have already lost their insurance. There are some counties where there arent going to be any obamacare policies offered. Were there. Were there. I just wish republicans would have come up with a better plan than blame obama. Melissa what about democrats . They dont have an idea except socialized medicine, my friend. They want to fix it. Melissa we dont see any evidence them getting so far . Dont try to get me to wave the flag for democrats. I have equal disdain for both political parties. Melissa we can agree on that. Im with you there on that one. Thank you, guys. David the bottom line, why do we need the government to come up with a solution for health care . The markets come up with solutions, Business Solutions all the time of the more government gotten into health care the more of a mess. Melissa the more government got into anything more of a mess it is. David amen. Contractors looking to do business with the city of los angeles could be forced to reveal whether they have any connection at all to President Trumps border wall . Is that right . Melissa yep. David well speak with the head of the California Builders Exchange about this potential form of discrimination. Melissa guam in the crosshairs. How is the tiny u. S. Territory in the pacific dealing with new threats from north korea . Well speak with the governor of guam. That is coming up. David President Trump sending another fresh warning to north korea. Americas military locked and loaded and in the middle of all this were getting new comments out of china. What that nation says it will do if the u. S. Attacks first. Former White House National security staffer Jillian Turner joining us on all of this coming next. 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The president says the country misbehaved for years and other administrations did not want to take on the issue. Then President Trump reaffirmed a tweet he sent out from 7 30 this morning, he said solutions were in place locked and loaded should pongyang act unwisely. He utters one threat in the form of an overt threat, which by the way he has been uttering for years and his family has been uttering for years, or if he does anything with respect to guam or my place else that is an american territory or an american ally, he will truly regret it. Reporter the Korean Peoples Army earlier this week said it was preparing plans to attack, envelop obama in missile fire if the order was given by kim jong un unand korean army said by middle of this month it will have plans prepared. As this happens, leaders are calling for restraint, rhett tore ral restraint. German president Angela Merkel says the rhetoric is not contributing to solution. She wants it talked out on the u. N. Security council. Russian forerin minister Sergey Lavrov says both sides should calm down the rhetoric as the chinese. The state run newspaper published a piece if china would stand by neutral if north korea attacked first of u. S. Territory but warned the United States should not seek regime change. David . David rich edson at the state department. Thanks. Melissa. Melissa here is Jillian Turner former White House National Security Council staff and fox news contributor. This is the question i keep asking people, i cant get an answer to, something short of violence, whats a good outcome . Because it doesnt seem like the kim regime will give up the Nuclear Weapons . I dont know that we would be satisfied with something less than that . You know some people i talk to, if he would stop with the rhetoric. That doesnt seem satisfying. They continue to develop the weapons. What is the good outcome short of battle . Well, so the problem with this, the threat of north korea having a Nuclear Weapon in development has been around for decades and i think unfortunately people dont like to hear this, but something along the lines of what weve seen over the last 10 years is kind of the bestcase scenario, where weve avoid Nuclear Holocaust obviously. We avoid any kind of ground conflict, but at the same time we, not necessarily that we have to accept that theyre going to have a Nuclear Weapon, we can continue to pressure them diplomatically and politically, but would i offer that the way things are right now with the heightened tension, is not a good scenario for anybody. And you you i say people dont like to hear this, people dont want to hear that the United States will accept north korea as nuclear power. We dont have to and we shouldnt but at the same time we dont want, we dont want to unnecessarily provoke them. Melissa it sound like though you are saying accept them. People talk about getting china to step in and rein them back under control. I dont know what that looks like. Theyre quietly developing a weapon and not testing it openly . It is hard. Melissa it is deep underground. Theyre continuing to do it. They continue to build up their stockpile until they can really sit is there and aim it. It is sort, i heard other people say the soviet union, former soviet union, russia will play by the big boy rules. Yeah. Melissa where they sit back and follow norms with the weapons that they have. It doesnt seem like north korea is ever going to do that because theyre not rational players. They are, so since the end of the korean war the United States official posture has been to adopt strategic deterrents. That consists of, heavy push for diplomacy backed by credible threat of military force and this is what every president has ended up adopting, you know. I worked in the white house with president s bush and president obama and now President Trump is in the white house. They have all done essentially the same thing. Melissa yeah. By which i mean the rhetoric and style is different but President Trump has not changed the policy so far. He has been have he outspoken when comes to the kim regime and punching back. That is stylelistic point. If you look at situation on ground, we have same number of troops in south korea, american troops as we did at the beginning of the administration. The military posture has not changed. It comes down to the words, war of words. He thinks, P

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