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tv   Making Money With Charles Payne  FOX Business  August 15, 2018 6:00pm-7:00pm EDT

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penney's ceo. thank you for watching. charles payne is back with "making money." charles: the attacks by the left against capitalism and a push for something new continues to heat up. today massachusetts senator elizabeth warren is take on large corporations by introducing a bill to hold companies accountable, her words, to employees, not just shareholders. she says they have been operating in a way that makes them slaves to shared holders. we have reached out several times to see if she would discuss her newly introduced legislation but we have yet to receive a response. the form are ceo of jv penny and
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former director walmart. >> it's nice to be on your show. you do a great job. charles: we are talking about the u.s. economic system, and this is not the first time elizabeth warren suggested business ode owed their success. discuss the notion she brought up that the companies are slave to the shareholders. >> i wouldn't call them slaves, but i think the best companies are mostly concerned about their customers. that's followed by their employees and chair holders. that's how i d shareholders. that's the way i always operated. if you take care of your
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customers, you will get the rewards, then based on that success you have money to pay the shareholder. the shareholder is invested in the company based on the returns of your company. but if you don't take care of your customers you won't be around to share success with the shareholders. charles: elizabeth warren said in 1981 the business round table stated corporations have a responsibility first of all to make available the public goods and services at fair prices and provide jobs and build the economy. she admitted the approach worked. but she is saying something has gone terribly wrong where ceos are making exorbitant amounts of money. >> i do believe that all ceos,
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all executives do have a responsibility to how much their employees are making when they consider their own wages. i consider the ceos wages have gotten quite high. but it was pressed by many of the investment firms wanting to see returns on investments. they want the cios to take more shares and not wages. we limit wages to $1 million in terms of tax deduct built. i believe that's plnlty fine. i believe the employees who also have stock do well when it turns up in the stock price. but many companies have shares with mayor employees. the employees had shares in the
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company. the belief is we don't pay the people enough. i give herb credit on some of that. i think in the last 20 years there has been a softening of that. it's hard to read these numbers. you don't give all the true figures. when you look at capitalism itself. if a president doesn't like their job and they think they can get money someplace else, then they are going to leave. but when business is doing well like it's doing now. you will see wages going up, employment going up. businesses feel positive about the future. charles: we talk about shareholders and obviously if i was developing some gadget in my garage and i thought it was great and i were to ask people to help me invest tonight, we would be considered shareholders. there was a time the average
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holding period for stock was 10 years, now it's 10 minutes. what's the allegiance they owe to people turning over the stock and not embracing the company. >> there are a lot of people who trade stock and there are lots of people who hold stock for a long time. i have stock i kept for the full 10 years and i card out when they were going to go deceased. i believe as a chair holder and board member you hold the stocks as long as you are there. i am a believer of holding stock. charles: in the realities right now, people are buying the stock looking for price appreciation and not necessarily the share
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holders in the sense they are investors in the company like you might think of with a startup. >> that happened the last 15-20 years. but if you look at some of these companies, you look at the top 10 share holders. a lot of these people are in for the long term and some in for the trade. but a successful company like apple, they are long-term players that own that stock. i would say many of your big successful companies, as long as they believe it's a good company, they will keep investing in it. capitalism is one of the greatest things of all time. people talk about socialism. there are more people in the democratic party who believe in socialism. but you look at the number of people trying to document united states. they are coming here because they believe this country and believe they can improve the
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benefits of their family. >> not venezuelan capitalism, but canadian-style capitalism, sweden, norway. i'm not sure how many people are abandoning those country to the live in america. 18-29-year-olds in 2010, 68% said capitalism they had a positive view. that number is down to 45%. do you think it' not being articulated properly to junk younger generations? >> i think it's not being properly articulated. when you compare norway with sweden and canada. they are all similar. you take america. we are a melting pot of people. we are 330 million people, you
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can't have a system that works like that in my bleach here in the united states. and canada is a small economy. we couple with more inventions than any other place in the world because we are what capitalistic country. we attract people from all over the world who are capitalists in the sent they think they can improve their lives coming here. charles: great countries in so many different ways. but the innovation that has driven the humanist experience happens in this system.
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you need people like to you talk about both sides. you have to see both sides of the argument and let the people see the difference and let them make a decision. that's what this show does. charles: we just heard from former jc penneys ce toal even qestron. the container stores, it's a perfect example of when a publicly traded company tries to operate under what elizabeth warren wants to force on people. they told the world they would put stakeholders before shareholders and the stock dropped 90%.
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lee carter, and ford o'connell is with us. ford, let me start with you. i think the political parties on both sides are making a huge mistake. people say immigration issue. it wasn't just about a terrorist coming in from countries. it was when those 10 former soviet bloc nations were allowed to go into the u.k. you had plummers cutting the price in half. you have so many people who think something is wrong with the way capitalism works. too elizabeth warren's plan is a campaign ploy. she is look over her shoulder sat bernie sanders and kamala harris. republicans across this country would be fools not to look at
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the rise in socialistic tendencies. right now as a dem kralt socialism basically means free for everything on the taxpayers' time. but at some point you run out of other people's money. charles: how many people does it sounds good to. >> the ideas that we have been talking about almost without exception are now ideas that are mainstream ideas that are supported by the vast majority of the american people. charles: lee, you are the spol pollster -- you are the pollster. there is some validity to this? >> there is some validity to this. the democrats say it's been caused by corporate greed. republicans say let's get
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government out of it and let individuals and free markets dictate what's going to work. the bottom line is we have a lot of disenfranchised americans. they say the system isn't work for me, and they want something different. that dwrms we saw the rights of donald trump. you have students coming out of college with a huge amount of debt saying things aren't working for me and i don't know what to do. companies have been bailed out, they saw what happened in the financial collapse. and they don't trust change. charles: wall street is up in arms over a bailout for farmers. then some of the secret bailouts may be a $6 trillion bailout. another thing people are upset with, she is saying the average
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ceo of big corporations makes 361 times what the average worker made. allen questron never made that much more. basically they determined ceos should be paid in stock so their interests were awhrie -- were ad with their shareholders. corporate ceos were still making a fair amount of money. this was something that was artificially created. stocks are on a tear and they have done extremely well. unintended consequences as always with the government taking over some sector of
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private enterprise. she is fighting yesterday, battle. herb big issue is workers are not participating from the tax cuts and booming economy. i would guarantee you they are, i have data to prove it and it's only going to get better. charles: we'll be right back.
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yeah, i got some financialbody guidance a while ago. how'd that go? he kept spelling my name with an 'i' but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on all your email. yes. they should know this? yeah. the guy was my brother-in-law. that's ridiculous. well, i happen to know some people. do they listen? what? they're amazing listeners. nice. guidance from professionals who take their time to get to know you. >> any benefits senior officials might glean from consultations with mr. brennan areout weighed by his erratic behavior. his commentary is wholly inconsistent between the nation's closely held secrets
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and what fits, the very aim of our adversaries to sow division and chaos. charles: that was press secretary sarah sanders echoing president trump. sanders said the white house is looking into the clearances of other former officials including andrew mccabe and james comey. the former intelligence advisor to general petraeus. the mainstream media is in a real uproar. this is an attempt to snuff out free speech. as someone high up who knew so much about the nation's security systems, that brennan should always be in touch and always have access and vice versa. and the folks in charge now should have access. >> the issue with brennan's
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clearance is he constantly hints he has access to intelligence. by taking away his clearance it calls him on his bluff. if your clearance is revoked, you can't go into a classified briefing in the future. there is you a different from being red off from a clearance. but if it's revoked, you can't come into a national security meeting. this is a powerful move for somebody who has used his clearance to politicize information on the president. charles: wet associated press tweeted out this news. even brenner tweeted out that he has become partisan. we know he's not a pro-trump
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person and he's saying he was abusing his privilege. >> he was. those of us who have been in and out of clearances. there is a bedrock principle whether around grunt or going into the white house. do you have a need to know. when you leave these jobs you largely don't have a need to know. sometimes senior leaders will made to know what you know. you can give your briefings without any clearance. i think this is long overdue. but he violated a lot of other standards if not the law. we have the hatch act that says you are not allowed to engage in partisan behaviors when you are in a national security job. charles: are there others like clapper that you think the white
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house should remove. >> there are way too many people walking around with cleerntions they don't agree. charles: michael, do you agree with that. >> we do. there is almost a freedom to politicize your positions if you held a national security position in the last administration, to criticize this president. absolutely. charles: everybody agrees smooth hawley was a disaster. but what happened in american history that made lawmakers think tariffs would work?
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tariffs. other countries should not be allowed to come in and steal the weaflt our great usa no longer. the use of tariffs have played a major role in international relationships going back to the 1900s. john, it's great seeing you again. every time i bring the economic purist on, everybody points to smoot hawley which was an you can mitigated disaster. the tariffs in 1922, the country was in the midst of a tremendous recession. but after we had the tariffs
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employmented, we had the roaring 20s. >> coincidence is not causation. there was also the harding and cool edge administrations -- and coolidge administrations were cutting income taxes. we seem to be doing awfully well in the question right now. charles: but the experts keep telling us, just wait, just wait. >> three things the tariffs are used for. one is to raise revenue for the government. the other is to protect naisent industries. we had to learn how to do it. so we put up a tariff to
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protect american industries that were just coming into being from british competition. charles: 1890, mckinley leveled tariffs. there is a debate. but some folks say it helped the industrial part of our nation catch up. there was a price to pay for consumers, and there was a political price to pay. it feels like president trump is saying he doesn't care what the market reaction is. not main street, but wall street. but to your point this is the biggest tool he has in his tool box. >> we are by far china's biggest customer. if we raise the price of chinese
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goods via tariff we'll be buying less chinese goods. i think they will thrash it out and couple with a compromise. charles: understanding history the way you do, we are dealing with a dictator, strongman in all of these negotiations whether it's russia, turkey, iran and particularly china. do you think it has to get worse for both countries before they come to some agreement? >> i don't know. i think they will both posture and demand this and regret that, then they will sit down and make a deal. that's what politicians are paid to do after all. charles: the trump economy is firing on all cylinders. forget all the polls. the ultimate poll is how we spend our money.
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we'll break down the numbers for you when we come back.
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those are the two chargest monthly gains. they outgained internet month to month. ford and liz are back with us. there are all kinds of polls out there that talk about people and their confidence. nothing speaks more about how we are doing as a nation as how we spend our money. you don't go to the malls unless you have cash in your pockets or go to restaurants unless you feel flush. >> people have more money in their pocket to spend. the economy as a whole is on its hair. every sector is rocking. gdp growth is expected to top 3% in the third quarter.
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people are benefiting from this economy. wages republic, unemployment is down. life is pretty good right now. amazingly as we see the economy soar, democrats continue to nominate socialists. free stuff for everybody as we see venezuela continue their economic downward spiral. charles: there was a piece out there still giving president obama credit or saying you might be doing a little better. but look over there, that person is making significantly more than you are. >> i don't think that's work. people are quitting their jobs in record numbers by suggests
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they are going on to something better that's paying better. i don't think it wage data reflects what's going on in the economy. the atlanta fed says wages are up 3.3%. and also 2.2%. proxy for national income. it's translating into the big retail gains. people feel flush, and the secret sauce that obama never delivered. people are optimistic. i think that's why they are spending more on their credit cards and spending more in general. charles: there was a demonization, and i remember people were afraid to go down the street in a blooming dale's bag. it was something of an
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embarrassment. we did hear a lot that you could be too greedy and make too much money. >> i think social media and instagram has helped out that envy. but that 9.7% growth spending in restaurants and bars tells me a lot of people are flush with cash. here is my problem politically. voters don't vote out of gratitude. if the republicans want to hold congress, they have to tout the economy and remind voters if they put schumer and pelosi back in power they will raise your taxes and have open borders. so you have to remind voters not just how good things are, but what the consequences are of giving back power. charles: all of the regular
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polling outfits for the most of part ask about the economy. you look at all the economic data out there. it seems like everyone should be overjoyed right now. >> i think the economy is going to help republicans tremendously. everybody is better off. but it's not the only thing republicans should be focused on. there are other things like immigration. if you look at the rallies people were chanting build the wall. but to ford's point, republic -- republicans need to cope hammering that home. but democrats are running on rolling back tax cuts and being flagrant socialists. charles: those running as
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socialists have a hard time explaining what it is.
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charles: i think there are several narratives. the biggest winners in the market were consumer staples. they have zero pricing power. but current valuations have become something of a store value. money also float into real is start and utility names. the biggest losers were a reflection of geopolitical and economic rises. mainly china. we are starting to see cracks in their economy. one of the largest tech companies in asia and a bond default by a government-backed company. we saw technology the biggest
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losing index. and on the dow industrial average it was the chinese proxies that were the biggest dequlien. the notion that demand was running ahead of supply, there is a lot of bet that crude will go to 80 this year. these commodities in general, copper had a terrible session. another sign the chinese economy might be in serious trouble. gold was down,. melissa, the sessions, there are
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a lot of things i look at from technical analysis. but the resolve of the market. i think there has been a stealth rally since march and april. but what do you make of it now as we move toward the second half of the year. >> i think the worst is over. if we were going to collapse from all of this business that's going on i believe we would have already done it. we recovered into the close. cisco was up big time which means market could rally. we are back near new highs and the dow never got over that 26,000. we never got over that area. but we are getting close.
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i think the worst is over. trump meeting with north korea, turkey, one issue after the other. the market has pretty much decided it's shrugging it off. charles: it's hard to get a broad-based rally when techs aren't supporting. is there going to be a session when amazon, apple can be down and the rest of the market is up? >> no, i don't think so. when you look at those charts, those charts are moving ahead of the market if you want to go long stock, if you want to buy a stock right now, what you want to buy is something moving faster than the market. apple moving ahead of the market
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and zon made a new high yesterday. you want to buy stocks moving ahead of the market. that's a good sign. i don't think the market can continue into 2019 and 2020. facebook is a fickle. charles: you think big tech will lead and has to lead the way. president trump's space force has been ridiculed by the naysayers. it just got a major endorsement. we'll tell you who gave its thumbs up. my father passed this truck down to me,
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charles: president trump's proposed space force has received a hefty amount of
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scepticism, criticism and ridicule. defense secretary james mattis says the most of important role of the new force will be to defend u.s. satellites from he tacks from other countries. we know russia and china are already able to do that. the ridicule the mainstream media leaked on this, one famous scientist said obviously we need a face force because our entire economy is in the cloud. >> i remember what it was like when ronald reagan talked about missile defense before missile defense could work. and that is a vital element to our national defense now. we have a lot of functional commands. this one of the fundamental role of the united states navy is to
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keep the freedom of' navigation on the high seas. earlier in the week, michael, i think it was russia certain up a satellite. some people believe it could have military applications. we know everybody time we talk the stock market, amazon, your talking about satellites in the sky. when we talk about communications and banking. our vulnerability is up in the stars and it would make sense maybe to protect it. >> we have advanced a -- satellites that give us real-time intelligence. it makes sense to defend that. the implementation has to be smarter than the idea. a the implementation has to be better than the idea. if the idea is to protect the
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infrastructure and capabilities i'm glad to see that. it's good to see mattis come on board. two days ago he was against a space force. but now that he's talking about what a space force co-would be web's on board. charles: the treaty covers the use of nuclear what he phones ann but it doesn't cover advanced weapons that could be as impactful. >> there are lasers and other things that could be used to incapacitate a piece of equipment. they are vital to our financial infrastructure, and and lot of parts of what we do. people can't even navigate their own cars these days without using their gps. it's absolutely vital we have greater control and command.
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we can't rely on any power other than our own. >> some critics are saying it sounds like an exoa exorbitanly expensive. >> it's important to have the ability to deal with the threats from russia and china here on earth, and use the air force's existing missions to protect the satellites. charles: when we come back, a big-time american governor just said america has never been that great in the first place. we'll be right back. rtfolios
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america great again. it was never that great. charles: those are comments made by new york governor andrew cuomo rejecting donald trump's make america great slogan and claiming that america never really was that great. joining us now to discuss, former ohio state senate minority leader and advise fi for coalition for donald trump for president. where do we start with this? governor cuomo, you know him well. is this the sentiment that you think is shared by many of his fellow democrats? >> here's what i think governor cuomo was trying to say. i mean no question -- let me couch this by saying no question he stuck his foot in his mouth, no question this is a terrible sound bite and then they tried to walk it back by trying to clarify. i think what governor cuomo was trying to convey is look, our
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country has had some dark days and we can only get better. now, you know, he said it terribly, but i think that's what he was trying to say, question can only improve but that's different than saying obviously, you know, america wasn't ever so great. we may have had some dark times but you know, america has always habeen a great nation. charles: i think that's one of the things that makes us great is the fact that we overcame dark times and always evolved. it's been our mission to become a greater nation. and i think this is one reason we should celebrate the achievements that we've made and how far we've come. >> absolutely, charles. there's always room for improvement. no matter how great we are. we're the most amazing country in the world, overcome the darkest times and continue to improve and improve other countries look to us and copy us. to say that we were never great
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is insulting and americans across the country don't appreciate that sentiment. charles: i hear this acolluded to all of the time, particularly when it comes to politics of race and things like that. you know, listen, it works, to a degree, because you get the votes. but i think it backfires to a degree because we should, every america of every stripe, nationality and color should be able to believe in the american dream and acknowledge how far we've come. >> sure. again this is a delicate balance with acknowledging the shortcomings of our nation while understanding and embracing the potential, as well as how far we've come. we want to make sure, as you said, charles, that everyone has that opportunity and that hasn't always been the case in our country. women didn't have the right to vote. africaafrican-americans were not considered a full person under our law. we are a totally different nation now. we've come so far and
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opportunity abounds. but ghen again, we can't forgete past but at the same time we have to embrace the future and the progress we've made. charles: last night we had these elections, very important primarprimaries. and again it was a major night, a big night for president trump. even the "washington post" admitted he had another great night. what do you make of this? for instance, pollenty, he slammed trump, he's out. the party once again, you know, rallied around president trump. >> the president was a big winner last night. we can see across this country that people are sick of establishment candidates. they want pro-trump candidates. they want to continue to push forward the agenda has put toward. they want to make sure people are in states as governors and as well as in congress to support our president and work to continue to push the agenda forward. a big win for him last night and i expect more wins like this in november. charles: i know the dems are
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brags about the diversity of their winners. >> they're unprecedented in regards to diversity trends, in vermont, for example. but only time will tell. charles: got to leave it there. lou: good evening, everybody. our top stories, president trump yanking the security clearance of former president obama's cia director, john brennan. and the white house is now actively reviewing the clearances of other politically corrupt obama intelligence officials. those all under review. predictably the dems and the national left-wing media on 0 on obviously believe that fornler intelligence heads should be able to attack a presidential candidate and a president with impunity. >> this is purely donald trump manipulating the conversation. >> the larger issue here, to


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