gains. [closing bell ringing]. urban outfitters up 3%. david: oil stocks down with it. >> here come the bells on a tough day on wall street. one that will go down in the books at least for now, wiping out the gains of year s&p 500 upside moves. there was major acceleration of a selloff, the dow down 318 points. david: surprising i the least hit hard was russell 2000, small and medium-sized cap stocks holding up better than a lot of big ones. >> you can blame apple. heavily weighted in the s&p and dow. let's get to it. "after the bell" starts right now. david: we'll also get to the hillary business coming up.

meanwhile we have to talk about the markets. big down day. hennessey fund brian perry wants to help investors capitalize on lower fuel costs. jensen quality growth fund alan is here to talk about how to find stocks that will benefit your portfolio in any economic environment even if things get worse overseas. larry shover, i have to ask, where do we go from here? >> i think more of the same. i have to say dollar strength instability of oil, of course those things are really in our face but we need to look at the bloodlines of this whole market action. i can trace it back to february 20th, with the greek reaction. the 24th with yellen. we were much too high. as i said last tuesday, the market was feeling weak. it was feeling fatigued. seems like prerogative we keep rallying on no basis. to me this feels, very, very comfortable to sit midway between the range we've been stuck in since the beginning of the year.

liz: brian, larry's 100% correct but when you stretch his three weeks from february 20th to now out to a longer term investors picture, are you nervous, are you worried? we have the vix spiking 9% today but should you still be in stocks for the longer term? >> yeah, i think so. i think there is some great opportunities, especially as you mentioned in the small and mid-cap space which really haven't had,

doesn't that mean u.s. multinationals are getting hurt? because they have to sell dollar based stuff overseas. they don't have as much money to buy with? >> yeah. i think that is a great point. the dollar has definitely been a big story, certainly today, in the last couple of days and weeks. you know, you mentioned, the u.s. economy is doing much better than the rest of the world. that has big impact on monetary policy. you know, we see the dollar in currency been a big headwind for u.s. multinationals. that resulted in earnings forecast being revised down. david: right. >> seems like today, last couple days the market had to catch up to that. our focus with our portfolio and our strategy, find portfolios that thrive regardless what happens with currency. produce high returns on capital. consistent free cash flow. liz: you look like tech stocks out there, am i hearing you correctly, alan? what are the some names you really like now?

>> one of the top holdings in our fund is company called becton dickinson. they are the world's leading supplier of needles and syringes. very consistent business. dominant market position globally. very stable business and really growing as they increase their geographic footprint throughout the world. again for us, we see lots of free cash flow, strong competitive advantages and consistently higher returns on capital. this is the kind of company we like in any environment. david: brian, we see oil down again. it is below 49 again. it was off 2 1/2%, a little more than that today. any energy bets now? is it become cheap enough so you go in there at all? >> i think energy is great. you know, longer term. i think that, you know there has been a lot of volatility in here. i think you can do some kind of ancillary plays in there. i think something like a jetblue fits into what we would buy. we kind of look for companies that have some growth strategies, some good momentum

behind them and really have a relative -- david: nothing, no oil stocks. nothing that gets its money directly off the price of oil? >> if you're looking for some really deep value, yeah, there may be some opportunity but you better have a long time frame. there are supply concerns that are still around the corner. so, you know, i would say take a longer focus. don't be afraid to maybe buy some more if it drops again. liz: larry, all roads, today at least really seem to lead to the u.s. dollar as the cause of what is going on. it had a blistering rise against the euro on this beginning of the quantitative easing in europe. look what it did against the euro today. $1.06 by at least this afternoon. david said, yeah we have to jump on planes to head to our favorite european nations because it has become so strong. it is a flight debt very mental issue for some equities. >> yes, it has but this too shall pass.

keep in mind earnings estimates dropped $8 a share since the beginning of the year and we've seen what happens to the dollar. will it challenge earning estimates going forward. we're down to sub-$118. that is definitely worrying the stock market right now. valuations definitely average but earnings per share will definitely be challenged. that is what they were talking about in the last quarter. seems when you look at the euro especially, they're already pricing in about 100 basis point rate hike in the u.s. dollar. so have they overshot? i think so. however, a lot of traders do believe we'll see parity before the market breaks back up. david: all right. alan, we were talking to brian about energy stocks. oil in particular. i notice emerson electric is one of your picks. emerson electric is an old company. that that goes back to the 18 hundreds. why do you like it? >> -- 1800. >> emerson is a old play for us.

a play on global infrastructure buildout. you mentioned kind of ancillary way to play the energy space. emerson gets we estimate 30% of the sales in the energy end market and some of their business that put the stock under a little bit of pressure recently. it is a great play longer term. like all our businesses we think it has deep competitive advantages and consistent business and flee cash flow producer. we think the stock is on sale. david: it is way down. buy low. that is the phrase. liz: brian, i ate chicken last night. that is great. that interesting you would pick pilgrim's pride, everything going on with the kale revolution and people eating more healthily but chicken is the way to go with the stock? >> i think they have got good pricing through 2015. the outlook is favorable. they have a really smart management team. they know when to do acquisition and when not to do it. they're pretty price sensitive. to me as shareholder is pretty

important. david: yeah. >> i think they have got some good business coming up. kale may be the super food for the next few years but chicken is always going to feed a family. david: guys, we have to mention. as we went into this block the dow was down 305 points. look what happened as the dow settled. this is a big down settling. it settled down 332 points. again as we came on for this hour, it was down 305. so there was about a 30-point drop, liz, as the dow settled. that is not good news for tomorrow. liz: no, it is not. all gains wiped out from 2015. this is the worst selloff since october 9th. thanks to brian. alan bond and larry, see you shortly when the s&p futures close. that is interesting number we want to see. david: talk about interesting, that presser was pretty interesting. hillary clinton finally breaking her silence about the private email account she used while she was secretary of state. liz: rich edson is in washington along with the master of

managing pr nightmares, bob dilenschneider, founder and principal. rich, begin with you, what did you make of the secretary's remarks? there was 10 questions asked and but it went on 20 minutes. >> she was defiant, liz. i handed everything over from my private account that has to do with state department business. she says everything she failed to turn over is private and will remain that way. >> the server continues personal communications from my husband and me and, i believe i have met all of my responsibilities and the server will remain private. and i think that, the state department will be able, over time to release all of the records that were provided. >> that was in the response to a question as to whether or not the clinton family would agree to an independent arbiter to look at that email server to determine which emails are

official or are not official. what clinton is saying, every official is given the opportunity when they use a private email address for government business to distinguish which emails are government, send those to the government, which emails are private, keep them private. she says she complied with all the practices of that. david: now the background of all of this of course hillary clinton will probably be running for president. she is probably pretty much has been crowned the democratic nominee even before there has been a primary. bob dilenschneider, i want to bring you in here. i will play a sound bite from hellory's presser, to see if she addressed the issue in the right way for her own future. let's play the sound bite. >> i opted for convenience to use my personal email account, which was allowed by the state department, because, i thought it would be easier to carry just one device for my work and for my personal emails instead of two. david: okay. so, bob, the number one explanation she gave was convenience.

now from my perspective, when you are secretary of state, convenience does not trump security, does it? >> david, everything has to be public and everything is not public. this is real doublespeak on mrs. clinton's part. 21 minutes of doublespeak. doug schoen who advised her said, you can't be in a position, madam secretary, where you let this drip, drip, drip go on. people keep taking changes out of your armor. you have to address what you did and why you did it. she did not do that. liz: what would you advised her to do? >> she should have gone completely public. she shouldn't have done it in the first place. having done it she should have gone public. make every single email to go public. let people -- i hear they can't find emails on benghazi, deal with the question of why. there are a lot of questions out there. the problem, hillary clinton has is something comes up virtually every single day.

david: well, she says, that she passed over to the committee and state department all of the quote, work-related emails but, does that include any of the notes to any foreign contributors, the clinton foundation or some of the stuff she may have passed over with benghazi? we don't know. is it going to have to be she has an outsider to come in to look at her server? is that the only thing that will squash this. >> she has to have total transparency. i can't think of any way to do that she has to have somebody come in right now. she is not transparent at all. she is convenient. that's not good. liz: rich, here is what caught some people's attention. that is, she was the arbiter what would be released. in fact one part i wrote down as i was listening to the news conference, she said, we were asking that any government-related emails be preserved and that is what we did. sort of like, i asked my left hand to do my something to my right hand so i did it. there wasn't anybody overseeing it, okay, saying that's

appropriate. will that then become an issue? >> that is an issue and that is a problem critics have her, liz. it is hillary clinton. the former secretary of state who is decided which of her emails are private and are to be kept private and which emails she released to state department which are in the middle of this several months long review process over at state department. clint top's defense and her defenders are saying, if she had simply had a private email account on an iphone and then use ad government email account on a blackberry, if she had conducted emails for the government on that iphone private account, it would still be up to her to decide which of those emails were christ and which of those emails are for the government. what makes this ex-extraordinary, this is running through a server in the clinton house in chappaqua, new york. she is one saying we've gone through them, don't worry about it. david: let me go back to bob for a final point.

bob, what this makes extraordinary, supporters at "the washington post," big editorial at "washington post" say she has to do what you said, get outsider to look at server. "new york times" that broke the story. her support group within the media is faltering. if she doesn't have that, i don't see her getting out of this, do you? >> she has very serious problem. everybody on the democratic side recognize she is the best candidate, if they don't feel she can win, she will not get nominated. that is where we are right now. david: bob dilenschneider. rich edson, good stuff. thank you very much. liz: if you fall the money trail, investors follow one cardinal rule coming to put money to work? what is that rule? we'll tell you whether it is and whether you should play along. that is ahead. david: you say you can't wait a month to buy a apple watch? some people can't wait until tomorrow. you can buy one if you're willing to give up details. we'll tell you precisely how to do that coming up.

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david: with millions of people out of work, some businesses are boeing back to the basics and offering internships for older folks who lost their jobs. >> we have got a company that is connecting individuals dying to get back into the game after a career break with potential employers who are doing that. carol cohen is the ceo and cofounder of irelaunch. this is whole type of internship. we call it a returnship. tell us who it is for, carol? >> this is mid career internship for people returning to work after taking a career break. it could be for child care, elder care, or other reasons. increasingly we're seeing companies being interested in settings up formal corporate return to work internship programs. david: they tell you can't teach an old dog new tricks.

i'm wondering how difficult it is to train a 50 plus-year-old to do something different? >> well, you know, these programs are sometimes for ex-finance professionals who are getting back into finance. or ex-insurance professionals getting back into insurance. they're not necessarily for career transitioners but people returning to work after a number of years off. liz: right. certain things have changed. i notice goldman sachs is on there, jpmorgan. if i used to work on trading floor and things have been perhaps technologically advanced and a few changes when it comes to all kinds of regulations, you get them up to speed or internships get them up to speed? >> internship programs themselves get people up to speed in certain corporate specific ways but the individuals themselves, we give them strategies on how to update themselves and point them towards resources that do that. liz: give us some. we'd love to hear them. >> so we run a national small group coaching program for people who are returning to

work. that is to help them figure out exactly what they want to do and get very narrowly focused. then we help them create all the things that you need for the current job search, which might include a linkedin profile and resume' getting used to phone interviews or skype interviews. beyond that we direct them to certain technology updating program. whether linda.com or you're going to the local community ed, we tell them employers expect them to can come to the table current in word and excel and power point and office management systems. once they get into the programs which are competitive and quite selective, then the programs themselves have corporate-specific updating. so, you know, goldman sachs, jpmorgan, metlife, credit suisse, and morgan stanley, are offering these programs right now. and they include orientations. they include lunch and learns with the executives. and they include opportunities for people to get updated in

firm-specific technologies. david: with the, connections, connections. that means, makes all the difference in terms of getting a job, with the connections with these corporate partners involved in this i imagine the opportunities are quite extensive, certainly better than being out on the street. say i am out of work. how do i get in the program? this must be very hard to get into, a lot of competition for this? >> so one of the things that we do at irelaunch we run an an call conference, the annual return to work conference. david: where and when, carol. give us specifics. >> we run it once a year. it will be october 1st, 2015 at columbia university in new york city. there are, last year we had 550 people there. 19 corporate and university sponsors and all of these programs participate because they want to connect with high-caliber professionals returning to work. now i should mention in order to qualify for one of these programs you have to demonstrate that you have been on a career break, usually for two years or

more, in order to be eligible. david: all right. carol fishman cohen, thank you very much. very valuable program. i can think of a lot of people who could make use of that. appreciate you coming on to tell us about it. liz: i love that the 50-year-old intern. why not. with all that experience. coming up we're going deep inside of today's selloff to see if it was a temporary blip. or whether we're in the first inning of a nasty bear run. david: huge downward movement at end of the trading day. apple's brand new watch does not go on sale for more than a month but one country is already awash with clones. more than that straight ahead. liz: are you kidding already? speaking of apple, we took out our calculators to crunch the golden numbers. you will not believe the markup that you will pay for the golden apple watch. the gold version, it will have you saying, is apple kidding me

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liz: wiped out on wall street. that's right. the gains of 2015 gone, good-bye, we lost them for both the s&p and the dow jones industrials and it all really kind of happened in the last hour where we hit the lows of the session. let's bring in panel. michael pinto, pinto portfolio strategies founder and president, hilary kramer a and n chief investment officer and our own cheryl casone. michael, help us strategize. look at loss of the dow more than 300 points especially final hour where there was pile on. what was going on and how do you make money on a day like today? >> i've been shorting the market out since october and looking like an idiot. liz: until today. >> i have some redemption finally. i always said this market was based on quantitative easing, printing money and zero percent interest rates. that is ending. the fed will be forced to raise

interest rate because heavy maginot line that will be breached. mostly part-time jobs. liz: it is beginning in the european union. it definitely taken hold in japan, hillary, is that where you follow the money? do you go toward the qe? >> you do. that is actually the answer, liz, even though we had 15% rise in indices across europe, there is still opportunity for more of a rise and it is simply because the qe is much more, stage that is much more in its infancy. ours is ending in the u.s. and in europe it is starting -- you don't want to necessarily -- liz: go ahead. >> i'm sorry. qe isn't the panacea. >> but financial answer, here is the problem. >> guys like you are not wrong, michael but guess what? you're not, you're fighting the tape. cheryl, if you fought the tape you missed out on a six-year long bull market here in the united states. >> right. look at the history. every year for the past three years in particular we started

out in this same regard, january, february, march. we had geopolitical concerns. you saw markets fall. but second half of each year was strong. the difference, this year, yes to michael's point we'll have to see interest rates go higher. fed will have to move. we're prepared for that. we've been talking about that for six months. i agree, there is good money to be made overseas particularly in europe. there is qe there. you will see the markets better options. liz: michael, are you still short or shorting anything else? >> i'm short the russell 2000. i think a lot of multinational corporations are in danger here because of the strengthening dollar. i think you want to be out of this market in cash. it will be a much better buying opportunity. >> that is so extreme for the average person, michael. that is just so extreme. why not dollar-cost-average? why not have something in the markets. to tell people to cash out, that is gambling. that is dangerous to the average person. >> in 2008, when we had that meltdown and dollar was strengthening, it was because we had collapsing asset prices and

deflation around the globe. and i think this whole economy has been built on qe, money printing and zero percent interest rates. that ends you will have much better opportunity. liz: but opportunity may be in following the qe. what do you think, hillary? >> yeah. actually, as we say, follow the fed. that is always the answer. here the real issue, liz, is that the dollar continues to strengthen. liz: so are you buying dollar? what are you buying for your clients? >> i'm actually still buying stocks, a lot of domestic stocks, domestic restaurant stocks, the small companies that don't depend on international sales which is one of the reasons why the russell 2000 performed the best today. >> down over 1%. it was down over1%. >> i'm talking about relatively. you want to own texas roadhouse restaurant rather than mcdonald's in this type of environment. >> i own cash and relatively it has been better off. liz: where are you putting it? under your mattress? >> yeah. >> what can you do with cash?

>> own cash, short market. much better opportunity right around the corner. liz: we need to talk about the film that could smash box office records, and, how you can cash in on its success. that's coming up with our panel. david? david: what a great debate. i like that. coming up lawmakers want cheap streaming services like pandora and spotify to pony up to artists but that may end up costing you a lot of money. also we were talking about money in. if you have money, where do you put it? banks don't want your money now. they're actually charging customers for deposits. could negative interest rates be coming to your bank and could this be the next big financial crisis? details you can't afford to miss, coming straight ahead. it's more than a network and the cloud.

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david: certainly didn't take long. looks like the chinese couldn't wait one more month for the release of the apple watch. so instead they made their own knockoffs already from the frame to the digital crown to the interface. the fakes mimic design and style of apple's watch very closely. they are being sold under names like a iwatch and d watch. most run in the android operating system. it has been altered to look kind of like an apple interface. if you can't tell by interface, the price tag is dead giveaway that it is not authentic. they're selling $40 to $80.

compared to the starting price of $349 for the real thing. makes -- fakes are popping up on stores and e-commerce sites. be careful foles. liz: that took 12 minutes we started to see knockoff. 80 for a knockoff is pretty cheap. compared to 349, which is the starting price of an apple watch is extremely cheap compared to the 10,000 one you can also buy because it is all wrapped in gold. we did the math to find out if you're getting what you paid for. here it is. the gold itself costs about $2,000 on the price spot we looked at today. the watch itself, through in $549, maybe sort of higher end of it. maybe a few hundred dollars for production, labor, et cetera. and then they turn around and sell the highest one for $17,000? folks, that is a 700% markup! we are back with our panel. what do you think, cheryl? if people pay it, kudos to apple i say, wow? >> but i mean okay, you will

have a few people around the world will want it for novelty of it and can afford it. but don't care about the money. for most people they will not spend this kind of money. apple is nice, like diamond bra from victoria secret, how many of those will you sell? that is the question for apple. liz: michael what do you think? how many diamond bras were sold? we did the gold, 1158 per ounce. that is 3216. that thing is $17,000? >> first of all, for someone who loves gold i want to thank apple for putting any gold at all into this watch and helping me out a little it about because gold has not been performing well at all. liz: sell a million of them, michael, they could move the price of gold, could they? >> good news to buy gold. if inam going to spend $17,000 to gold i want 24-carat variety. if i spend $17,000, guess what i have a phone in my pocket that

tell me the time. i won't buy an apple watch. liz: hillary, i agree with michael. it is apr an alloy, it is 18 carats. >> this watch can be melted down. there isn't same value. there are billionaires all over the world, billionaire class and $100 million plus class. like felipe and rolex will go for this as novelty. those that love technology. look everyone finds money and finds a way to buy a mac especially years ago they were a lot more expensive. they will do it now. liz: what is lot cheaper than a gold apple watch is movie ticket. disney's new of a ven guesser movie. avengers movie. it could be biggest feature film debut ever, besting everything, cheryl. listen, the company behind this is disney. do you buy disney on this. >> well, absolutely, i tell you

why? avengers franchise and superhero franchises are blockbusters for all the studios. this will be no different. "the avengers" have all spin-offs, multimillion-dollar films, 300 million, 500 million. you can't bet against the franchise. >> you can't, bet, cheryl, one exact film will make you money. that is always dangerous. that is the theme. >> hillary, it has a track record. this has a track record. liz: "thor "coming out later that will be huge, that too is a disney production, michael. do you go here or say for example, a derivative play like imax? >> just to show i'm not some kind of permanent bear, tell you something, disney is magical company. i have a three-year-old daughter, all see sings all day is let it go, let it go. buy disney. 20 times earnings. very low peg ratio. buy it. >> disney has way too many

costs, espn is their cash cow. espn is costing them more money because of cost of programing rights that they have to buy. you're better off, better off with the movie theaters. regal or reading or imax that makes more sense. even with ticket sales down to some extent, they make it up with the concession stand. liz: i quote my 10-year-old son after first "avengers" movie, he walked out of the theater and i'm just been awesomized. we'll see if disney is awesomized. david: great group. paying a bank, paying a bank to take your money. liz: no. david: this is growing reality. now one former bank official is warning that negative rates pose a grave threat to our banking system. he is here next. liz: plus can mcdonald's, the home of golden fries get away with selling kale? kale at mcdonald's? liz: why not? the burger giant reportedly looking to boost its image and

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david: banks are supposed to take your deposits, lend some of

it out and return the profits from that to you in the form of interest but nowadays, banks don't want your money. they have got tons of money of their own. they're not lending much of it out. and it costs them too much to hold on to that money. so some banks are actually charging depositors a fee, call it negative interest rates. so how is this going to affect us owl all. with details, former research director of, paul kupec resident scholar at american enterprise institute. he has written extensively about this. thanks for coming in. all i know jpmorgan chase is using negative interest rates, charging customers. their big corporate clients but could it happen to individual savings accounts? >> it could. it is unlikely to i think in the short run in the u.s. at least. but in europe it already happened on retail accounts. david: we're looking, by the way, we have up on the screen here, institutional customers at jpmorgan is charging up to 5% to

hold their money. this is not a little bit of money. >> no, it is a very steep charge. it is, far, far higher than small service fees many of us might have been accustomed to in the past. this is real negative interest rates. david: we do have it as you said in europe. germany, austria, finland, switzerland. they are all issuing debt now. they're issuing bonds with negative interest rates. that is you have to buy what some would say is subpar bonds. you have to pay. when you get your money back, when you get the principle back they take some away from it. >> these are all linked phenomenon. in january of this year, new rules have gone into effect for the largest banks where they're required to hold bonds like the bonds that are paying negative interest rates in europe as liquidity reserves. the new liquidity coverage ratio, part of basel iii went into effect in january. it gets phased in and gets ever tighter for the next three years

but this particular rule which is a new rule that is supposed to keep banks liquid is actually working, working at odds with that. it is forcing deposits out of the banking system. david: so bottom line, let me simplify it for our viewers. what is happening, banks, new rules banks have to follow, require them to spend money on deposits, correct? >> in the u.s. especially. when a large bank takes in a deposit, it has to pay the federal deposit insurance corporation a premium to keep that money in the bank, even though all of it isn't insured. that is around 20 basis points these days. the bank has to do something with that deposit in order to earn a return so the bank, it is economic for the bank to keep it. right now it can keep reserves in the federal reserve system and it would earn 25 basis points. but that is not nearly enough to cover the cost of employees and systems, all that sort of thing. david: hold on a second, paul. combine this with zero interest

rates which we have enforced by federal reserve. to me the foundation of banking system is upended. banks used to make money on taking deposits and lending it out. if they're not lending it out and keeping it there, and not making money it might be unraveling of the banking system. >> it could be worse than that in the long run if you think about it. how much do you have to save to retire, if you earn 5, 6, 7, 8%. when you earn compound interest, it is not too bad. when you earn nothing the money on things to retire, go through the roof. life insurance, all financial industry doesn't work well on zero interest rates. we have this program, the longer zero interest rate policies are in place the more troubles we'll face like think, i assume, maybe i'm assuming too much here. i assume smart eggheads at federal reserve know this is a

problem. know they have to get interest rates up in order to save the banking system s that not correct? >> in the long run interest rates have to go positive or we're all in for rethinking how we do our finance and financial markets. zero and negative interest rates are really just not a good thing for the long run. but of course the fed faces this problem right now with negative interest rates in europe and pressure on the exchange rate. for them raising rates is going to sap any growth you have in the u.s. economy. they're in a rock and a hard place on this one. david: i have to wrap. are they listening to you? do you talk to the fed? >> i take to people on the hill. i write papers. they may listen, they may not listen. kind of up to them. david: i hope they're listening. this is scary stuff. paul kubiak, american enterprise institute. please come back. >> appreciate it, david. david: liz? liz: fast-food companies are feeling heat to boost quality of food for health-conscious

consumers. after another bad sales report yesterday mcdonald's trying to bring in more green by introducing green, a leafy vegetable to their menu. of course it is kale. analysts at january any capital markets say sourcings tell them mcdonald's plans to introduce kale in some restaurants. burger king on the healthy bandwagon. the company will no longer sell soda to kids. instead burger king offers apple juice, and milk. david: what you pay to stream your favorite songs could soon rise thanks to a battle playing out on capitol hill today. we'll tell you what the fight is about and tell you how much money you might have to pay for the next download. liz: bank's stress test and federal budget, we'll break down the number one thing that will move your money tomorrow. don't you want to know today? you can if you stay with us next. ♪

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companies like pandora and spotify stream music over internet for free or with subscription services but they have been battling music publishers and songwriters how much they have to pay them for their music. the prices generally is controlled by government legal settlements with the music industry going back 70 years over old radio broadcasting issues. decades before the internet came into being. publishers and songwriters say they are getting paid too little. superstar singers taylor swift for one, pulled all of her music from spotify last year over this issue of payment. the streaming companies say they have paid billions in music royalties already to artists and songwriters. some of them worry that publishers are more interested in colluding to increase music licensing payments with any changes to the current system. so they want government regulation to remain. >> there is a continued need for government oversight, to insure that certain participants in

highly consolidated industry, can not leverage their market power for unfair gain. >> we're in situation now where millions of spins in the digital space equals tens of dollars. that is what it comes down to at the end of the day for my house and my family. >> the justice department is currently reviewing those old legal settlements to see how they should be updated for the digital age. new legislation in congress would help the publishers and the songwriters. david and liz. david: peter, thank you very much. liz: thank you, peter. time for number one thing to watch on a very tough market day at least for the bulls. let's bring back hilary kramer, ang capital investment and chief investment officer. markets first. >> we have to watch the markets. general electric is having a analyst meeting. their guidance are based on a $1.20. now we're at $1.06 to the euro. let's see what happens there. >> they have big international businesses. >> exactly. ge could take a tumble. what i'm watching most

importantly. big lenders wait to hear from the federal reserve whether or not they get permission or denied permission to raise their dividend or to have a buyback and put that into place. this is going to be very important. step two, we had stress tests. this is step two. david: huge banks were not leader down. one sector was worst. this is very disturbing. what you -- when you consider, i think we have the minute minutey minute tick of the dow jones industrial average. the last few seconds of trading it went down 30 points. so there was tremendous move to the downside at close. that is worrisome. >> exactly. because the stress test is one thing but to hear about banks specifically, is citigroup going to increase their dividend? if it the answer is no, that will put pressure. liz: bunch of them argue to raise dividends, a bunch of them pass stress tests, does that

free logjam of lending, will you see that more. >> not really. the consumer, small business is waiting for loans. main street is still waiting. liz: if banks have suppress test why aren't they lending. david: zero interest rates. nobody wants to make a long term loan with zero interest rates because in the long term you will not get them paid back even with 30-year. the look at 30-year, rates are flattening that is not a good sign. 30-year rates are coming down. lower rates coming up. >> we're flattening. david: there is a little it about panic in the markets here. >> we certainly are. underlying tone there are $4.5 trillion of assets eventually released into the market. on one hand that is good thing that will increase loans and get velocity of money going again, the problem is, awful lot of money will be swishing out there. so janet yellen does have a job ahead of her. david: she sure as heck does. by the way, she was one who

advised alan greenspan to raise rates when he didn't. she may surprise a lot of people who think she is just a dove. >> that's right. liz: thank you very much. hilary kramer. thanks so much for joining us. david: "the willis report" is next. gerri: hello, everybody i'm gerri willis. this is "the willis report." the show where consumers are our business. hillary clinton finally answers critics over the state department email scandal. >> i wanted to use one device for personal and work emails instead of two. it was allowed and it was for convenience. gerri: has she put the issue to rest or will the crisis kill her dreams for the presidency for good. president obama pushes changes for student loans, what he calls student aid bill of rights. >> this is executive action we're able to take to streamline, to improve the manner in which the federal government interacts with students when it comes to student loans. gerri: we'll look