it relates to education. he is an author. we will take your calls, e-mails, and tweets about what you think about standardized tests. host: in our first 45 minutes, we want you to give your thoughts on the stock market. especially on yesterday's events where the dow dropped nearly 1000 points. depending on your age and how much you invest, you may look at the events differently. give us a call and let us know the impact that the dow had on your finances if you checked, but your overall faith in the stock market. we've divided the stock -- the phone lines by age. 35 and younger (202) 748-8000.

(202) 748-8001 if you are between 35-60. if you're 51 or older, (202) 748-8002. if you want to let us know about what the stock market did hear finances -- did to your finances, and you what to put that on social media if you do that on twitter @cspanwj or on facebook facebook.com/cspan or send us an e-mail to journal@c-span.org. the major headlines on all the papers. the markets real and global selloff. that is how they captured yesterday's story. usa today, 1000 point selloff rocks stock market. if you go to the business section of the new york times, photos from across the world on how people were reacting

yesterday, including those watching in hong kong and mumbai, india and pictures from australia. other places as well talking about the impact. we want to get your thoughts not only on what it might have done to your portfolio but hopefully your faith in the stock market. 51 and older, give us a call. here to tell us now a little bit that we have experienced this and what happened is the host of npr one, the host of their full disclosure program. good morning. how are you? oft: fine, give assistance what we learned yesterday. what were the causes? guest: i think a lot of pent-up anxiety that people seem to forget this has been a bull market for six plus years and in

the united states we have not had a routine correction which is typically defined as a giveback of about 10% and we haven't had that and about 1000 days which is an anomaly if you look at history and how often the stock market has routine selloffs. so when the second biggest economy in the world suddenly looks a lot weaker than we thought it was people are going to sell first and ask questions later. >> a major part of the story that it really goes on to illustrate or expose what is happening with china's economy. what have we learned in our their concerns going forward? an amazing story if you look at how many people have been brought out of poverty. and it is the second biggest economy and recently knocked

japan out of the category. but it is decidedly centrally planned. the banks are beholden to the government. when the government sees the stock market is weak it comes out with a huge campaign urging investors to buy making capital enormousyou see an bubble run up over the last 12 months. it's but do they have policy tools in hand to keep the masses easy after they have been pushed? that is an open question. everything that happens with china is unprecedented. china they have had such and such a growth rate the -- but it is controlled. his their faith overall in the condition of their economy? guest: you talk to people on wall street and they almost look

at secondary or tertiary indicators. they see the demand for certain food products as more reliable proxies. companies which have to abide by certain transparency rules, the we saw apple talk yesterday, china's growth has been so out side and so big for so long that spectators the to factor in a fudge factor. if they are exaggerating it is still gangbusters growth. the question now is does this become self-fulfilling. do all of the tools they used to goose growth now become things that hurt the economy when it has to pause for a breath in the cannot afford to stop the machine from running. we are taking a look at

the federal reserve as they make decisions about interest rates. what decisions to they have to make it how does the story factor in? the federaleory reserve should not be managing the stock market. not like other countries like china and japan were they openly talk about. the u.s. fed here what's asset prices to be healthy but it is chiefly looking at unemployment versus inflation. we have had a hugely successful recovery since they took raced onto emergency levels. a lot of people are saying that work is done and you should start taking rates to more of a natural level to compensate savers so you do not have distorted things in the economy. yellen has many justifications to start normalizing interest rates but then you see people on the sidelines like larry summers saying you cannot do that. is looking the world

ill and sicker than it was. and if you take up rates that will disproportionately hurt everybody. farzad theis robin host of the full disclosure program. thank you for your time. guest: take care. host: in light of what he said you can talk about how yesterday's events impacted your finances and your faith and the stock market. here are the numbers to call if you want to give your thoughts. youngere 35 years or (202) 748-8001 if you are between 36-50. and 51 years or older (202) 748-8002. the impact of the stock market on your finances. bob is in florida. typical that we

have the cycles about every eight years. unfortunately a lot of the unions like the police unions will not allow their pension plans to invest in real estate at all, not even 10%. i personally think these portfolios should have about 10% of american real estate for investment for pension plans. the other thing is the big fat lie is that there is only 11 in 1994 weigrants, had 36 million undocumented illegal immigrants in america those people have had children since then. i would put the number at around 48 and you're getting at around 10%-15%. flat and ifmy stays those jobs are taken by people

taking their money and sending it back to their native country, we are never going to get our --repreneurship and i will and our investment back to get america up and running. host: did you take a look at your portfolio yesterday? caller: mine is strictly real estate and most of the people out there are not employed. they are employed it may be 50%. i really think at this point everyone is one or two truck paychecks away from bankruptcy. it is not as rosy as everybody would say and the jobs created have been fast food jobs or temporary jobs or part-time jobs. we are barely keeping our head above the water. i'm not saying thermal liferaft but i wouldn't do anything as far as raising rates or anything like that.

huge resources. no sooner did we have a radar manufacturer that will go build radiators out of brass. it was too expensive so they said what we will do is keira and make it out of aluminum. about $8s they put in million-$9 million back in 1993 china dumped all of the brass on the market. them, then 10 years ago they dumped something like 50 billion tons of cotton on the market and some of it was like 50 years old. they dumpedy aluminum on the market. quality worry about the of the product that nationalized china dubs on the market because

when they dumped all that old cotton that is when we started firestone blowouts and we use a lot of that cotton so i would be very careful with china. i think they are very destabilizing and they will be hard's. -- hogs. we don't need to be tying our scheme to our overall whatever china is doing. host: bob, thank you. we will hear from another bob in new york who says he is 35 years younger. caller: thank you for c-span. host: tell us your thoughts on yesterday's event. invest for have to the long-term. not that i'm a big investor or but ihat much to invest, still feel what i've learned the a parents, i like

blue-chip american and johnson & johnson and coca-cola. you're not can ago too far wrong. i will be invested for the next 30 years or 40 years and i am not scared of the stock market. i think it is the place to be to have some growth. low-budget, live within your means and we will be fine. do you invest currently and this is done directly through stocks or have you do that? caller: i do both. through work, the investment plan and small account at a brokerage on my own. i don't do anything fancy. i stick to the well-known names -- although i do agree with donald trump that companies like

nabisco moving to masco -- mexico, i like to see the american companies manufactured here and providing jobs here. he is not off-base. he is sounding more and more like ross perot. he is not in my political party but i like more and more the way he is sounding and he has a lot of guts. i think jeb bush does sound a bit like a chump and i may vote republican this time around. host: victor is in maryland. good morning. caller: yesterday was a buying opportunity for me. i bought some emc. have board motor added to my position, and guts more caterpillar. whenever people are freaking out, for me it is a buying opportunity host: the condition of your current portfolio aside how did it work out?

caller: it worked out pretty well. every time the market goes down it means a buying opportunity to when the market goes up i have more money in my pocket. host: we have seen the stories today with concerns over china's economy. the decisions the federal reserve has make when it comes to interest rates. think about those things and investment or do they influence how you invest? caller: i think about it and i call my broker and we have a little talk and he is telling me that the knife is still falling on oil stocks. i would like to get another oil company, but he thinks they will go down even more, so why catch a falling knife. are your investments largely in the stock market? caller: i retired now.

i have a lot of money in the stock market and i do have a couple of annuities, one is ira and some of my reserves over the years through dividends is in an annuity. host: cindy is up next in hollywood, florida. good morning. caller: i'm listening to a couple of your people talking but cnn was doing a special report sunday -- although the nyse was closed, the dow was falling 70 some odd points and i said that is ridiculous. the market is not even open and we are looking around the world to see what time it is and that trading was coming out of australia. china wasn't even open. i have said it once before. puts more thant

likely made a ton of money. there are two ways of looking at this but when you allow your moved by be completely a foreign bank, probably knowing that the fed might raise interest rates, now the fed can't raise interest rates and they should no matter who says what when you are deliberately being manipulated like that raise your rates to -- rates. host: how would you describe your overall faith in the stock market? think you'rell i one gentleman was correct. if you're going to buy stock you need to be in it for the long-term because there are going to be ups and downs. theink the front page of news is right, this was another black monday. but it started sunday and it

started out of australia unless china opened deliberately just to manipulate it in china was closed. the only place that was open was australia. host: this is carol from ohio. caller: my husband spent yesterday adding to his portfolio at a much lower rate. i imagine our finances feel better. but he did the same thing in 2007. he got completely out and went to bonds so we did not lose a penny of our portfolio. we had been saving for years and years. now: do you draw on that my or are you still both working or how does that work? caller: we are both in our 70's and we have to start drawing out

of all of our pension and stuff this year. host: it sounds like even when you saw the news he was calm during the whole thing. caller: he said it was a buying opportunity. host: when he buys stocks and things like this, how long has he been doing that and how to see educate himself? he had back surgery and was off work for six months or he spent a lot of time on the computer because he couldn't do anything else and he learned how to do it. but now his two monitors with graphs and charts telling him how his stocks are doing. host: that is carol in ohio telling us her family's experience with the stock market. the impact yesterday taking place. downturn on your finances or how you reacted or you can talk about your overall faith in the stock market as well. if you want to give us a call

(202) 748-8000 for those 35 or younger. (202) 748-8001 if you fall between 36-50 you if you are 51 and older (202) 748-8002. the white house had reaction to the events of the stock market yesterday. josh earnest talking to reporters and about the volatility of the market. [video clip] >> the global economy is more interconnected than it has ever been. there are a variety of reasons for that. technologies not the least of them. but what i would encourage people to if eluate is the ongoing strength and resilience of the u.s. economy. the u.s. has added 13 million jobs, the longest sustained private sector job growth streak in american history and the unemployment rate is at 5.3% which is the lowest level in seven years. looking at economic growth more

broadly if you look at the more stable components, accommodation of personal consumption and fixed investment we have seen that growth rate -- we have seen those two measures of economic growth have increased 3.2% and that is faster than the growth of the overall economy which is an indication of how durable the u.s. economy continues to be even as we see increased volatility overseas. host: your calls and your thoughts. call the lines that best represent you on the screen. presidential candidates weighing in on events from yesterday. governor scott walker sending out a message aimed at the chinese presidents pending state visit. saying americans are struggling to cope with the fall and today's markets driven in part by china slowing economy and the fact that they actually and appealing their economy rather than honoring the chinese president with an official state

visit, president obama should focus on holding china accountable on its increasing attempts to undermine u.s. interests. he needs to cancel the state visit. also adding that there is serious work to be done and we need to see some backbone from president obama on u.s. china relations. a couple of tweets from presidential candidates. this is senator bernie sanders saying that we need banks that invest in job creating economies and we don't need more speculation with the american economy hanging in the balance. donald trump sang markets are crashing all caused by poor planning and 11 china and asia to dictate the agenda. this could get very messy and vote trump he finishes. the impact of the stock market on your finances. anthony from new jersey, hello. caller: i truly appreciate

c-span. i think you have a truly balanced platform. elect a comment and i have a background in economics. i believe that the chinese government decides to intervene in the stock market and it will take several hundred billion dollars and then they will be forced to draw down the reserves that they own. nevermind the federal reserve this will cause interest rates to rise as the u.s. has to regain the debt and come up with new debt to cover the old ones. host: how long of an impact with that make overall on the economy? caller: it will drive up interest rates and that will in cause everything else to rise with it. greatly increase the interest payment on the national debt.

the only bright side is that consumers are getting a break on oil and nevermind tax breaks, lower oil prices in the short run help everybody because they put more money in the pockets of individuals who can best decide what they are going to do. host: how much are you paying for gas in new jersey? about $2.15 and dropped her. it is slowly coming down. it takes a while to come down but if oil goes up it goes up right away which is part of the capitalist system. host: let's hear from larry in pennsylvania. me.er: listen, with my 401(k) took a big hit in my regular stocks took a hit and all of this because the chinese want to downplay the yen.

they want to make their economy at a slower

cannot see how china dictates our market. the proof of that is the way it interjected money last night to make the market go up today because the administration was crying to them and that is my comment. host: could you tell us what you put your money into? caller: it is just in a money market. i take my little bit of profits and i will keep them while this goes on.

on it'scontinue to go just sooner or later going to catch up. host: as far as your future investment, that doesn't include the stock market at all? or are you wary about going back? after i see a solid plan to how our economy will not be impacted by china i will get back in but until then it is overinflated. host: delray, ohio is where jean is. delroy, ohio i should say. caller: i just wanted to respond to that caller about china and why do we care. and who cares that there economy is tanking. i say it is because who is china now? they are hugely invested in by american corporations.

those are based over there as far as their manufacturing and they are very connected to china. duringwanted to say that the 2008 gigantic recession that we had, the corporations of america decided to abandon the american consumers and not care about them or us having spending money or care about the suppression of the middle class. instead focus on the up-and-coming markets and consumers of asia. all of their resources and manufacturing over there for the new consumers of the new chinese and eastern economies and they leave the american consumers twisting in the wind with no spending money and little discretionary cash at all and leave us down here crashed with wages that never rise.

consumersese chinese are being hit and they are not going to have the money to buy these things that they are producing. host: i saw in ohio there is a story featuring the starbucks hisbaristas to be nice to the stressed-out customers because of the stock market in a memo saying stock market volatility combined with political uncertainty will undoubtedly have an effect on consumer confidence and even their attitudes and behaviors. they're likely to experience an increased level of anxiety and concern. please recognize this and remember that our success is not entitled but something we need to earn everyday. let's be sensitive to the pressures our customers may be feeling. we want to get a reaction from specifically what

it did to your portfolio or what it does to your faith in the stock market. connie is up next in wisconsin. . caller: i just happened to flip the channel and saw that you were on and i wanted you to know that i am a 72-year-old woman who ended up being forced retired at 70. i had no intention of being retired and was not totally prepared financially other that the company i worked for put money into the stock market for a and i don't pretend to know much about the stock market but was asked to pick certain funding areas. in 2008 while i was working we took quite a hit. as long as i had a salary coming in i didn't feel the impact that retiredt now that i'm and my retirement money is way down because of the cost of living and fixing the house and

explained expenses that seems to , i am very worried about the stock market and i would often think, why do we have to invest in the stock market? so when i talk to the investors for the company that handles the can't i pick said, the ones that produce better? and they said will they have to do a mixed portfolio of the good with the bad. so it is like my hands are tied and i have no choice. i am very worried because this time i am not working and this time my retirement money is down. host: host: did you check your funds yesterday? caller: no i didn't because i was afraid to because i know what happened in 2008. i had very little retirement money left so i don't want to

add to my worries right now. concerned because of the way to putis a funny it but if someone sneezes the stock market goes down. and i don'ts old pretend to know much about the stock market, but most companies seem to invest in the stocks and bonds. you leave it up to the company hired to investor money but it is a mixed portfolio, therefore i am leaving my future and someone else's hands. sometimes those people cannot help it cuts of the way the economy goes. why do wei wonder have to invest this way because another country is having a problem and therefore it reflects on us.

or am i being naive? i don't think i really like the stock market. host: we will let other people respond to that but thank you for calling and sharing your experiences. you are welcome at home to do the same. a couple of tweaks on this topic. this is edwin christian. he said it was just a matter of time until this happened in china they devalue the money and robbed peter to pay paul and it cut up to them and robert adding thoughts saying the stock market is a casino. you may agree with those or you may not give them a call on their lines. bof, good morning.

-- bob, good morning. caller: i would like to sit at my finances are for the most part unaffected because i invested most my money in the adult entertainment industry. host: grace is up next in hudson, new hampshire. 51 and older. how are you? caller: i'm fine. money out ofok my the checking account in bank of because they want to charge me for having -- $25 for having a $4000 account so where are banks making their money? host: your stock portfolio, how is it doing in light of yesterday did you check? caller: i didn't really check but i have read so many books on the financial crisis this last time that i did better on my own

putting money in apple stock. we're going to hold it. specificyou invest in stocks or do you have a 401(k) that does a multitude of stocks? caller: i have a couple different 401(k)s and they are all over the map. all over the map how they have thing we everbest did was put money in apple through schwab. grace sharing her experiences. pick the lines that best represent you. a couple stories this morning, another one taking a look at the presidential campaign of joe biden. this is the wall street journal saying will biden run? drama creates dilemma for obama. mr. obama and biden had a private one-on-one lunch and presumably the topic came up.

josh earnest refused to rule out mr. obama and/or sink the candidate in the primary race. -- mr. obama endorsing the candidate in the primary race. saying i think you can make the case there is no one in american is no oneaying there in the country who is a better understanding of what the requirements are to lunch at national presidential campaign. skeptics privately expressed doubt that he could beat mrs. clinton for the nomination. he would enter with big disadvantages and fundraising and building the missionary -- necessary broad infrastructure. gabriel from massachusetts, you are next. go ahead. i think this is a

wonderful opportunity to buy stocks. the prices of stocks are way down and it cannot be a better opportunity. >> did you take advantage of this yourself? iller: not yet but i will will even another day or two to see if it goes down anymore. host: here is jean in arizona. caller: good morning. i am hearing some callers call in and say reluctantly that they are in the stock market due to their 401(k) and things like that. if they do their homework i think they will find out there is probably something called a money market fund that they can go into and since the stock market right now is so volatile they might be better off shifting out of the stock market for a little bit and they can

always put their money in the money market fund which simply means if the market goes up or down, hopefully they will be saved or they will not have that volatility. there is so much i want to say about the economy and the stock market but you have to believe it is so corrupt and the federal government and the sec, everyone is doing whatever they can to promote wall street and every time you turn to these financial news channels, most of the time you're just getting the pr saying the stock market is fine, don't worry about it this is a buying opportunity. go back and review what happens when you invest in gold at the peak and it takes 26 years for you to get your money back or look what happened to the nasdaq composite when it crashed into thousand. i believe that was 15 years to get back to where it is now.

for all practical purposes, the united states economy and a lot of other countries have been in a recession since 2007 and it is still in a recession i am afraid that what might be happening as we are getting ready to revisit the 30's and this might just be the beginning of a worldwide depression. i am begging people to be careful with their money and it is probably a little bit too late in most cases. host: as far as your investing strategy do you still put your money in the market or keep it in the money market account? caller: it is mixed because i am retired. so i have a pension fund but understand this. pensions are trying to safeguard their money they are hoping -- used to be if you were in what is called a bond

fund or even if you had a cb at your local bank you could depend year withrest per your money safe and out of the stock market and you weren't greedy. --didn't want to gamble but everything is stacked against you. you have the chamber of commerce, wall street, the federal reserve and all of these --ple are working together and this quantitative easing is when a haveample, driven the bonds or the interest and peopleto zero are losing -- they are not getting anything from having all of their cash -- it is outrageous. it is despicable what this

government and wall street is doing to the economy and the people that are just trying to survive with what might they have left. host: that is jean in phoenix arizona sharing his experience. let's go to russ in connecticut. good morning. caller: we have talked about stock market before and people have talked about politics and everything. what i want to talk about are the numbers. dow used to talk about the going up 10% per year but starting in 2000 if the dow had been going up 10% per year this at 51,000 or be 52,000 and we would be looking to 53,000 by the end of the year. the days are over when it was

going to keep rising. since 2000 it is going up just a little bit over 2% and before the big drop it had been a little bit under 3%. that theould realize days of the big dow jones increases are gone. be realistic about what it can do and look at other alternatives. i just had a couple of cds mature and i put my money into a fixed annuity with an insurance company 10 years getting 3.25%. there are other alternatives if you look around. russ talking about numbers and the new york times gives us a snapshot of the numbers after the close

yesterday in relation to the events. we will have you look at those as we take our next call. ray in tennessee, hello. old and iam 77 years watched after 2008 glass-steagall -- when it was they let these people become banks. host: ok. caller: i would like to know if this is true or am i mistaken? host: is there a connection to the stock market picture you are making from that decision? or is this just something for you? caller: what i'm saying is all investors if these banks and investment companies were turned into banks then the investors ensured $250,000 loss. rockwood tennessee

giving us his thoughts on the stock market. if you go to the pages of the new york times there are more senators showing support. this is jonathan weissman saying that senator debbie stabenow of michigan on monday showed her shows that the story democratic leaders worry that senator's mitch mcconnell's majority leader could allow resolution disapproval such as making it contingent on iran recognizing the state of israel. you can imagine how difficult these things would be said the number two democrat charged with rounding up votes for the deal. four presidential candidates trying to break into the top 10 and the possibilities are endless. he goes on to say that joe donnelly had to try to be on anyone's list if you're trying

to get to 67 and the aim now for democrats is not just to sustain a veto but the block publicans from even passing a motion. to do that they need to be unified and so far the only senate democrats to reject it are charles schumer of new york, robert menendez of new jersey. among the undecided senators that they are closely watching from you mentioned mr. koontz and mr. durbin. it spoken with mr. obama and the president biden saying administration both serve military efforts to defend israel and counter iran nonnuclear aggression. from christian in connecticut, your next. caller: it was interesting hearing everybody talking this morning and thank you for having me on. my point bei