tv Making Money With Charles Payne FOX Business October 27, 2017 6:00pm-7:00pm EDT
liz: this is the biggest global crisis to hit spainl in decades. spain fired the leader of catalonia. a special hour of "wall street week." a lot of news coming out of that. charles payne is here now with making money. charles: breaking news from wall street to washington. president trump seeing a big win on the economy. gdp growth 3%. that helped push the s & p 500 to its biggest gain year to date. the house passing the senate's resolution yesterday, but the 401k limits posing a dilemma.
20 republicans voted against the budget yesterday. one of those no votes is with me now. congress woman tiny, it's always -- tinney, it's great to speak to you. your no vote is centered around tax deductions? >> we can't have it on the back of new yorkers who have been held merciless and had no power against albany's tax and spend agenda. that's what causes the state and local tax deduction to creep into the middle income taxpayer it's usually reserved for high taxpayers and high itemizers. charles: social media spoke loud
and clear. that you are getting subjects dietds by the rest of the united states. and why should someone in another state subsidize people in new york because we have new york running taxpayers into the ground. >> new york taxpayers pay more revenue than other states. a state like west virginia, which would actually instruct us not to reef taken the state and local tax deduction. interesting because they have a 2-1 gain on the tax fairs. so the opposite is actually true. charles: we know money is fungible. but specifically when it comes to homeownership, why should the federal government subsidize homeownership in new york and
new jersey. >> we have some of the highest taxes. >> in my district we have some of the highest state and local taxes in the nation. our property tax is enormous. we are paying the highest property taxes. in my county alone, higher than the bigger counties you would think west chester and long island. we pay more based on value. charles: if i feel your pain. as you were talking, they were playing the world's smallest violin. i think republicans in the blue states will have to compromise. is there room to say this changes the threshold so we can save some of the lower earning folks who bought a house because they thought when were going to have deductions.
>> we have a global economy and robust, the stock market is going up. our growth is over 3%. it will be even better when we have real tax reform to make our businesses competitive overseas. let me put the blame squarely on the progressive tax and spend liberals in albany who put our taxpayers in this situation. we are willing to compromise and couple with some kinds of income threshold, a way to phase it out or protect our taxpayers. we are eliminating thal earn tough minimum tax which does help and raising the individual deduction. but until we can get our governor and democratic ruled assembly in new york to change, we are putting our taxpayers at
a huge advantage. who are our taxpayers? many small businesses. we know they create 70% of the new jobs. a lot of small businesses like my own. we are the ones paying the price, and we don't want new yorkers to vote with their feet and moving out into other states. we want to continue the growth. the old erie canal that started the industrial age in our country 200 years ago. first shovel was put in my district. and we want to keep it going. charles: i appreciate you coming on tonight and stating your position. congresswoman tenney, thank you very much. christopher bedford, the "daily caller," and the art of the donald author.
and maya, you are the economic purist on the panel. you crunch the numbers and you don't hear the crying of the people who put the first shovel in th thein the erie canal. >> what the congresswoman did was going through a whole lot of tax breaks that they would like to have in the tax bill. but the state and local tax deduction, i live in a high tax state and i don't think the voters of west virginia should be subsidizing my state. presumably for higher taxes we get something. and we shouldn't ask taxpayers in other states to subsidize them. there is $1.6 trillion tax breaks a year. if we are willing to eliminate
some. put caps on some of them, that will free up a lot of money. but in the budget that did pass yesterday. there are no spending cuts. none at all. if we want tax reform we'll have to offset those costs. charles: i'm with you, and i think the republican party should be ashamed after crying about reckless spending for 8 years, no one is willing to talk about that. having said that, sarah, you are down in dc, you listen to what's going on kinds of handicapped where we are right now. the clock is ticking down on this. >> it's pretty clear the president is not going to get a single democrat on board for this tax cut package so they have to keep their republican caucus together. that's proving to be a challenge. they are having debates about conflicts that are wide ranging.
you have some republicans talking about lowering the tax deductible amount. and others raising it. those kinds of differences on just big picture items, let alone getting down to the nitty-gritty of how much the caps will be set at. that will slow the process down and it's giving observers heartburn. charles: i want the audience to listen to what you are talking about. representative brady who is writing this thing changed course on 401ks as he explained it to stuart varney this morning. >> we are going to strengthen 401ks and iras. those 401ks most of people are saving $200 or less a month.
that won't do it for retirement. they will be in trouble. we are working to reach a good solution. if not, we'll leave them as they are. but i think we can help people save more and earlier in their life which is really key. charles: when we heard earlier in the week that they wanted to take away the benefits of 401ks, just don't bring it up any more and you are making me nervous. >> they are trying to fit $3.5 trillion into a 1.5 trillion box they made for themselves. working hard in new york, in washington, d.c., the senate wasn't in session. they said they were going to work monday through friday until they got this done and figured out something. they headed home on vacation and left the american people
wondering, you have 31 days to figure this out. charles: i want you to tell me how you think this will ultimately look a week from now. >> it will be exaggerated how much of the savers are in there. i'm worried we'll see a lot of budget gimmicks. but in the long run we desperately need thanks reform. but if that turns into tax cuts. that will increase the debt and slow the growth of the economy and undermine the purpose of tax reform. instead of beating up on everyone in the pay force, we need to consider what we can do with that money and how we can fix our tax code with it. charles: vindication for conservative groups unfairly targeted for the irs. it is a victory for america.
and mark mekla, also one of our favorite guests. ed, you are the attorney. you understand the legalese. a lot of people forgot about the legal part of it. but the strong arm of the federal government using its most of potent weapon, the irs, to keep people quiet solely based on their point of view. >> they did it secretly at first. but finally people caught on when they got inappropriate letters. and finally it broke. but it took us four years to finally get to the bottom of it. charles: at the time the tea party was coming up, it was an amazing grassroots movement that was belittled by the mainstream media and left wing operatives.
>> it hurt a lot of tea parties. they were trying to raise money and trying to prove their legitimacy. and delaying that status it caused lot of people to withdraw and not as effective as they would have been. >> was it an intimidation factor? absolutely. when the irs starts messing with you, there is almost nothing more scary. this is the deep state using the state apparatus. it's about as terrifying as it can be. charles: what about the fact that koskinen kept his job? >> i know a lot of people wanted to see his head on a platter. i think he should have been perp walked out of there. he committed perjury before
congress. it's unbelievable to me that he will serve through his term. charles: ed, where do we go from here. we don't know how much folks are getting. there is an apology. how can the american public be sure this tacticl will never be used again. >> the people at the irs who are still there need to step up and make a true apology. not a pretend apology where they say they apologize for mismanagement or a watered down version of what happened. they need to fess up. they need to join up with attorney general sessions and say we finally admit what really happened, and that's what we apologize for. charles: what about lois lerner's future? >> i don't want to speculate on somebody before the statute of limitations have run.
but i think the attorney general should take another look at the facts with lois lerner. charles: the tea party has had an amazing impact on the election. i thought they went too fast from the grass to the roots. and a lot of the members falling off were trying to usurp the party to make a name for themselves. where is it today? >> a lot of what you said happened. but the important thing to remember is we witnessed a presidential election where multiple candidates strayed out of the tea party movement. so the tea party movement has intervened in the political system at every single level. two lieutenant governors in the country came straight out of the tea party movement. it will affect the politics in this country for a decade to
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charles: the white house celebrating great news. the u.s. economy grew 3% in the third quarter. on top of that consumer spending was the main engine of growth. 2.4%. consumers were unusually optimistic. you combine that with strong labor markets. record highs in the stock market and the country looks very strong under donald trump. joining me is dana bonson.
david, i have got to start with you. as soon as the gdp numbers, i tweeted out a chart. i got a lot of pushback saying trump doesn't deserve credit. this is obama's economy. >> there are two elements that are important. fit was just one quarter. i was kept cam after q2. but this is a 3% with the hurricanes. they are expecting a 20 to 40 percent drag on gdp. this is pretax reform. our animal spirits thesis is right. and also the deregulation is working its way through the economy. i follow the energy sector. the capex and projects they are
approving is through the roof. these are multi year and multi-billion dollar projects. charles: when i hear people, particularly republicans saying this will go up in a puff of smoke if we don't pass tax reform. i think it's scare tactics. this is something the administration wants to keep going. >> it's an is a tory confidence that's driving the economy. i didn't think this would be sustained in the first couple quarters. and this appears to be more lasting. i think now we'll have to start to deliver and see veal policies that will back up this confidence about being able to grove the economy in a sustained way. i think getting tax reform done will be immensely important.
i reemphasize getting it done in the right way. it will be critical for the long-term sustainability of the growth numbers. you can grow the economy for two or three quarters but you have want to grow it year after year after year. so we need policies for the long term. i thrift present showers on that tax reform succeeds. charles: does it have to succeed by thanksgiving? >> no, i think those deadlines are artificial. i'm not sure why they do that. political pressure. let's get tax reform done, but let's do it right. improving the tax bill in a way that will grow the economy more, well worth it. charles: the best surl vai i saw this week was in the form of caterpillar's earnings. these aren't frivolous things.
durable goods business investment in may has come on like gangbusters. there is clearly some wind in these cells. >> it's on the business side. and with corporate america the whole industrial r sector. a gdp on a particular quarter is good. but what becomes grairlts when yo -- what becomesgreat is whenl spirit that unlocks the cap tal- capital expenditure investment. charles: does that under score the fact that maybe we don't have to live in a sub3% era?
american capitalism had let people down for a long period of time. >> the believe that we are in a secular stagnation to use larry summers' term always comes from left-wing people. they think capitalism is limited in what it can do. i disagree with the thesis. if we were to have tax reform that blew out the deficit. charles: is 4% achievable? is 5% cheechable? it songtdsed like a pipe dream, step on the campaign trail. >> what i'm realistic about is aging. the challenge we face in terms of economic growth is the labor market, many of those people are moving into retirement. charles: that's reflected with
one deal leaving many to wonder our editorial page writer for the wall street journal doug burns former justice prosecutor and the president of the trip scott law firm, edits a pleasure to have you in studio. >> thank you. >> charles: i'm going to start with you. we're learning things there is a lot of speculation and now turning out to be true but feels like we just scratched the surface. >> there are two points about this one is a certain sweet irony about this, right? a certain sweet irony. >> charles: you think? >> around the russian collusion but legally speaking collusion wasn't a crime when trump was accused and it's probably not a crime so much when the democrats are now colluding with the russians although it looks bad. >> charles: isn't interference in our election illegal? >> you've got to get a lower if i'm the head of the dnc, leaders or clinton campaign people or the clinton foundation around uranium and russia. you better lawyer up, because we're not talking about a
political issue charles a hard core legal issue. >> charles: also of course the wall street journal wrote an article becoming russia bomb shells which she talks about more bomb shells to come. >> i think we're finding out things about this that are more and more disturbing. what we know for a fact right now is that russia interfered in our election and tried to put a doubt in the learn electoral process and they did that very effectively. we have further questions and one of the really important ones is this dossier what did it prompt the fbi to do and how involved was the fbi. >> charles: why were they stone walling and why did it take congressional action and paul ryan getting involved and makes me wonder what exactly is go on here? >> fusion gps has been dodgey about this too and right now we have a lot of very good questions we're asking the right questions but we don't have answers and that's how i see this unfolding. >> charles: doug we have the legal and political irony to ed 's point bitter for some sweet
for others, that you know, the media chased president trump, donald trump jr. for having what many thought was an innocuous meeting he thought he had a tip but didn't work out that way and now the shoes on the other foot how does it work out? >> it's about hipocracy and double standards bottom line because when we watched the toxic discussions every night it's like they did this no but they also did that. that's not the point. the point is you foamed at the mouth for a year about a meeting in trump tower and now when it's in reverse, oh, that's just opposition research that's done all of the time. how can you say it with a straight face but back to my colleague's point. the real big issues the way i see it is did the dossier issue, did that lead to the investigation of the trump campaign for alleged collusion? kudos to ed. it's not a crime or a crime in reverse but to work off his point, the uranium thing is the fly in the ointment. that could be very very problematic because a, there was bribery and people plead guilty to it. >> yeah but the real question is how unamerican is it to lose the
election, blame everybody and then have a team meeting of the clinton folks after the election post-election and then continue to push a false narrative to try to destroy the new american president. i don't care who it was, this was not very nixon-esque 1960 when he cop seeded the race to jfk. this was worse than-- >> charles: leading up to the election there were demands donald trump take his loss like a man and be gracious about it. >> it was unpatriotic. >> the dnc, the clinton campaign , back away not be transparent about their role with that dossier and i think that's something that if you're -- >> charles: isn't it interesting the mainstream media is not circling like they normal ly do. they're not talking about it but not protecting the clintons like they want and this uranium one deal is the one that could be the back breaker. so the coincidence of someone's speeches going from 200,000 or whatever to 500,000, to the amounts of money involved to 20% of our uranium going to russia,
these are terrible things to think they were done as quid pro quo. >> you know, i think what's really unfortunate is how much distrust the system so not only in our election but in our institutions and i think russia has been very effective in that it's disturbing to see this information could prompt that. >> charles: america has lost faith in big institutions most noticeably government, right? big government. how do we get that back if there's never anyone never pays a price? you talk about a perp walk forget about that. people say will there be a special prosecutor and if so will someone actually go, could it be someone high up? really high up the food chain. if you want to be optimistic you'd say american politics is very cyclical and would be like a rollercoaster so coming out of this just ridiculous level of toxicity you may see some correction, but back to your point which is the key in my opinion, which is you've got to watch the mainstream media closely, because they may come a time soon, next couple weeks, where all of a sudden, they
start covering it, they start becoming curious and i'm seeing that a little bit already. >> charles: the gps thing-- >> it's important to have congress involved because we don't want a special prosecutor doing it we want this done by the american officials with full transparency. >> and it does support the drain the swamp narrative because people have lost trust in the very institutions they trusted. >> charles: people want to see the american public wants to see people pay a price for this, not ride off into the sunset with millions. >> agreed and someone has to pay a price in my mind. but there has to be some outward understanding that you are held accountable for your actions. >> the average person is like a juror and both sides do this type of dirty tricks so don't foam at the mouth one way and when it's in reverse say-- >> charles: 9% unapproval rating. >> uranium is totally different. >> charles: thank you all very much we appreciate it. it's another record day on wall street s & p 500 and nasdac
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>> charles: another historic session for the stock market led by technology, in fact the tech sector soared and it was interesting, it was the stocks from the original tech boom, intel and microsoft joining the new powerhouses alphabet, google and facebook now, you'll see this chart is amazing but you may be asking why didn't i mention amazon so that's because this stock is actually part of the s & p consumer discretionary sector. yes, amazon was actually joined by netflix and another part of that sector and drove it to an all-time high.
now, i've been combing through the data and i've been saying for a while the american consumer is coming back and of course, while i think that it's business that keeps me enthusiastic about the market as an investment makes me most bull ish, we've got to see the fortunes of main street improvement and i think that's beginning to happen big time. it's all about renewed confidence which by the way is contagious. the federal reserve calls it the virtue us cycle but money print ing we learned from thin airparked at big banks never did stir animal spirits but what's stirring them now? well the stock market is stirring them, doing extraordinarily well. home prices earlier this week we found out new home average price at an all-time high. employment, low employment is getting better and better and unemployment down very much. signs of wage gains are coming on and then there's the pulse of consumers. we've got that today right? consumer sentiment from the university of michigan, the final brief for october says consumers are unusually optimistic on the economy in fact expecting good times during
the year ahead and get this, over the next five years as well , without interruption. five years of optimism? do you know what that is? that's the runway that sees people start families, buy homes make real big time investments so it's fewer americans live in the moment and get back to embracing the american dream, that's what the real hinges of a long term building block are. they are adding to the economy and really grow this economy and it becomes the self-fulfilling prophecy and i saw this new- found optimism and it has higher spending and higher wages , higher hiring and higher spending and we saw it today and today's gdp report it blew away wall street consensus 3% growth and street was looking for 2.5% and again key highlights were consumer up 2.4% and what drove that? durable goods why is that important? durable goods is something you buy that lasts three years or longer your refrigerator big time investments and also domestic investment up 6% so
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archives has released some of those but not all the documents, the secret documents of course regarding the 1963 assassination of president kennedy fueling more speculation as to why many of those files are still being kept from the public. with me now barbara perry, university of virginia presidential studies director and biographer of president kennedy. barbara thanks for joining the show. >> great to be with you charles. >> charles: a lot of stuff to go through. i'm sure you've gone through a lot of it and what's your initial assessment on what we've learned or what we could continue to learn from now on? >> i think what we're continuing to learn is that there will always be conspiracy theories about the john f. kennedy assassination. having gone through the first grouping here of documents, it's just a mountain and i'm describing it as the time capsule of not only the kennedy assassination but the cold war so you'll see mountains upon mountains of spycraft that was going on in addition to the work
that the fbi particularly attempting do along with the secret service and tracking down as many people that they thought could be not only detrimental to national security but actual potential assassins of the president of the united states. >> charles: a lot of folks centering on lee harvey oswald and i guess two things that stood out was a british newspaper got ahold of a potential plot to assassinate president kennedy and people wondering how that happened and that infamous trip to mexico city that will meet with a kgb assassination unit. >> right so those are two things coming out of this latest tranche of materials that came out from the national archives yesterday, so one is this bizarre phone call that apparently went to a journalist in cambridge, england about 25 minutes before the assassination saying to the journalist, you'll need to call the american embassy in london because there's going to be a big story. i think that's new information. i think we certainly knew that
lee harvey oswald made a trip down to mexico city to go to visit the embassy of the soviet union and cuba and we have to remember, he certainly had a checkered past. oswald did by having deflected to the soviet union, married a soviet woman but came back to the united states and so we still don't have all of the documentation on what went on in mexico city and again, that only fuels the fire of the fact that there could have been a conspiracy. >> charles: what about ruby and the talk of his underworld connections and again , there are a lot of questions revolving around him and that continues to linger as well. >> well, there are indeed because he was such a shady figure as well and had spent a lot of time in chicago and in the underworld it seemed but the material that i started looking at last night indicate that while he was a sketchy figure he was not one that necessarily was involved with the mob to the extent that we there for know that the mob had a role to play
in the kennedy assassination, along with the fact though that we are seeing more documents on the kennedys and their attempts to take out castro, so there makes a link there between the mob and their interest in taking out castro, the possibility that ruby had links to the mob and to the cubans. >> charles: the plot thickens i would ask you what you're doing but i've got a feeling you'll get a glass of wine and be reading a lot of documents. good luck. we appreciate you. >> i'm in kentucky charles so i prefer bakers mart but will be a lot of document searching this weekend. >> charles: well you do that and when you're done we'll bring you back thank you very much. >> love to be with you thanks so much. >> charles: meanwhile the fight for independence from spain has escalated into a battle with global implications we're going to connect those dots in details , next.
charles: spain's prime minister is announcing he's dissolving the catalan parliament after it voted to declare independence from spain. a former senior advisor to the senate foreign relations committee. let me start with you, ivan. the situation in catalonia has been coming a long time. they lost their language, their customs. they lost a lot of things. now they wanted to be independent. what's wrong with that? >> i think our own declaration
of independence shows it's desirable. but spain and the eu don't see it that way. this is the economic powerhouse of spain. that's why the issues, the catalonians think they are paying for everybody else. the catalans have the unique culture and unique language, et cetera. i understand why spain doesn't want them to go. but there is the issue of self determination. the spanish government would be wise to not repress them too much. they also already used rough tactics to stifle their election. charles: i want to pick up on this resentment from the taxpayers to the tax takers.
every time we have this discussion in america it boils down to race and it gets muddy. northern italy perhaps se yes pd from the rest. the challenge is this is what happens when you overtax your people. whether it's spain or italy or other parts of europe. it's not surprising people are concerned about wealth transfer. you see it happening. i am concerned that catalonia is going to go its tone way and spain won't be able to control the situation. but this is a larger issue about overtaxation in europe. charles: you brought up the eu. the eu, the euro, euro skeptics
have been winning elections the last couple months in europe. austria and the czech republic, there is a resurgence. we see how much the open state and open borders has blown up. this is an indictment on the eu and another clarion call to give it up? >> you are raising an interesting point there. i think the eu is very scared of this for the reasons you just mentioned. of course, the eu has always been a fragile experiment, more so than they ever let on. particularly in the economics area. so this fragmentation we are seeing within spain could also happen within the eu as well. charles: do you think eu survivors all this? >> i think it's hard to know. in the long term it probably does.
but the european nation needs to rethink its fundamental structure. charles: gentlemen, thank you both have much. at home we thank you for watching. here is lou dobbs. lou: good evening. breaking news tonight. after months and months of empty, baseless, democratic-inspired investigation of collusion between the russians and allegedly the trump campaign, the president tonight stands vindicated. there is clear evidence now against the democratic national committee and the clinton campaign. evidence they paid for the creation of a false dossier fabricated by the washington smear machine fusion gps. all of the lies by the dnc, the clinton campaign.