thanks for letting us hear from you, that's it for us tonight. have a great evening. see you here tomorrow. good night from new york. . >> you are looking live at chicago, illinois. in fact you're looking at rahm emanuel's hq, headquarters for the potentially unseated mayor of chicago in the runoff of his life tonight. polls are closed in the city's first mayoral runoff election ever that is happening. rahm emanuel fighting for his seat in a race with national implications. what this means for chicago. the democratic party and the nation. we're going to deliver that you result as soon as it comes in tonight live on the fox business network, and give you exclusive reaction from the reverend jesse jackson and why he says rahm emanuel may be the president's guy but rahm is

definitely not his guy. a fascinating interview with jesse jackson coming up in just a moment. but first, our top story tonight rand is in. says to janet yellen watch out. kentucky senator rand paul gunning for america's top office and gunning for the federal reserve. welcome everyone i'm cheryl casone in tonight for neil cavuto. investors may be hoping the fed holds off on a big rate hike rand paul wants the fed to take a hike. money manager jonathan hoenig says anti-central bank tone is a breath of fresh air, big night for you there. we'll talk about that in a moment. he's not saying abolish the fed jonathan he's saying limit the fed. what do you make of that? do you think that's a good idea? >> ideally abolish on the way to eliminating it cheryl,

there are so many advocates for laissez-faire free market capitalism that makes rand paul's ideas to audit the fed truly radical. most prosperous times in our country's history have come before the creation of the fed and the intervention into the money supply we've seen. any movements towards the more free economy and i believe rand paul is pushing us in that direction and the economy will benefit benefit. >> the stock market has benefitted from the incredibly zero interest rates. maybe we go to half a percentage point later on this year. that is debatable after the jobs report. jack, the market keeps going up and up and up 401(k)s looking pretty good. what's the problem? >> well, i think the problem is that actually a lot of people are undervfrted in equities. so part of monetary policy because we're in a challenged economic growth environment, it is to try and create a wealth effect but equities are underowned. you're not getting the

trickledown into the broader economy. you are getting a stronger currency, that is double edged because that actually is starting to have somewhat of an adverse effect on the economy itself. >> cheryl you know, who has benefitted are those to jack's point, who owned equities. the top spectrum of the income who can afford to take the risk. it's the small savers hurt by the interest rates, trying to keep up with the cost of inflation, and bigger picture ethanol housing student loans, every time the federal reserve of the government gets involved in setting rates and setting policy, wealth destruction follows. this time will be the same. >> jack hard to predict where the market is going to go, if you look to last year what happened, we had a rough winter beginning of 2014 the market looked really rough. and the rest of the year we had record after record for the dow and the s&p and everybody saying that was a great year for the market. who's to say this year isn't

going to be the same even if the fed stays out and keeps zero? >> right, i think you need to differentiate between the market and the real economy. and we're sort of into the going cue on slowdown and the fed has a sense of is it because of the ports, the weather, the strong dollar are we going to see a better economic environment until they get clarity on that. they're going to remain side lined. the biggest mistake is if the fed were to prematurely tightens policy and the u.s. economy slows, you have credibility issue regarding the fed and the fed does not want to go down that path. >> go ahead jonathan? >> that's the thing, once the music stops cheryl, think back to 2007, 2008, the house of cards false. avoid mal investment and only take the risks that you are comfortable if they go down 10, 15, 20%, we haven't had them in the stock market for quite some

time. >> appreciate the perspective on the markets and the economy. good point there, they need to be separated, they're just not right now. rand paul has come a long way from this -- >> im here today on the neil cavuto show announcing i'm formally announcing candidacy for the u.s. senate from kentucky. >> i'm putting myself forward for candidate as president of the united states of america. [ cheers and applause ] >> over five years later are we looking at the same candidate? 180 degrees turn on defense spending is making some tea partiers question. if paul's flip-flopping is just getting started. are the fears justified? to gina loudon and niger innis, david fowler and niger, i know you so well i messed up your name. i feel bad. niger you say it's not flip-flopping but that senator

paul is dealing with reality. this is politics this is policy, and this is just the way that his life is going to be as a candidate now. >> no question i don't think he's flip-flopping at all. i think he clearly stated his libertarian principles. i have the pleasure of being invited to attend. i didn't endorse senator paul, but i did attend this announcement, and it was unbelievable, the electricity in the audience was amazing and it was almost like an explosion when he came out, and i must tell you, i don't think he's flip-flopping. i think the realities of policy, you look at rise of isis, you look at islamic extremism run amok around the world and i think he realizes policywise now is not a time to be tamping down on our national defense, and in terms of our hard core politics president obama has given a very bad name to the phrase humble foreign policy. so i think he has to juxtapose

himself in a particular way where he stays true to libertarian principles. he does not believe in nation building, we need to be spending money building bridges here in the united states and not in pakistan and not in places where they burn american flags. he's keeping true to american principles but realizing that the environment around our country and around the world has changed over the last couple of years. >> gina, i want to ask you something this is going to come up for the senator. i was looking at something introduced at 2013, the guts of this, it would have banned abortions limited birth control. these are the type of hot-button issue gina when you get out on the campaign trail, people are going to come after you if you take a really hard core right or left position. that's a pretty hard core right he took in 2013. >> you know, the great thing about rand paul being in the

race is the dialogue it creates for those of us who love to watch this game. there is something extra spicy about rand paul and his followers that brings a whole different layer of people and potential voters to the gop. so i get excited about that and i like a candidate who will stand by what he believes, and i think following up on what you were just talking about with some of the adjustments he's made and his message. this country has gone so far away from basic rights like the right to life like national security. under the obama administration i think we can expect the contenders in the gop primary to have to answer these questions, yes, but to be able to be more honest and direct with the american voter and stand for something, more so than ever before. >> david, i want to take a look at fox news polls and show you what we're looking at. opinion of him overall

favorable 52%, unfavorable 23%. you can see the numbers this is telling us where everybody is at the preference. scott walker still up there. this is only in the gop. jeb bush. he's towards the bottom here? >> the polls don't mean anything right now. >> it's a fox news poll. don't say that now! >> while they're momentary snap the shos they don't mean anything. i can hold jonathan hoenig as chair of the fed. just to get him in trouble. rand paul is not flip-flopping he's evolving. politicians play to the base. i like him on the 10th amendment. on the size and scope of government. we need to look at the fed for what it is. we need to take a very hard look what's going on in our fed policy, which is polluted the markets, polluted the environment, and we haven't had that bounceback. we have not hit the hard floor.

on foreign policy, he does need to move to reality. in his speech he talked about defense, but didn't talk about offense which is a libertarian appeal without giving up the fact that we may have to go on offense at times. >> richard he's running as a republican not as a libertarian probably a smart move if you want to get anywhere. do you think he's going to more and more start to abandon the roots of the libertarian idealism? >> i think he's going to have to if he's trying to win the nomination for presidency of the united states for the republican side. the republican party has a huge civil war waging. we want to double down on defense and double down or keep doubling down and unfortunately rand paul is not one of them. he's flip-flopped on foreign policy already farther to the war hawk side, he's far away. and it's telling in his speech. while i agree with the phrase we should be building bridges at home instead of abroad. we already know part of any good foreign policy any good

military strategy includes elements of foreign aid. if he doesn't agree with foreign aid and if you want grow the military he has a huge problem when it comes to figuring out how to mesh the foreign policy in a crowded republican field. >> guys, thank you very much. really great discussion. big day for rand paul. big story for all of us. thank you very much. >> the best day of your candidacy when you announce. >> that's pessimistic. >> no it's realistic. >> all right. here you go. the pile-on is beginning for senator paul. not just from the democrats. check out the ad backed by republicans. >> you know, it's ridiculous to think they're a threat to our national security. >> rand paul is wrong and dangerous. tell him to stop siding with obama because even one iranian bomb would be a disaster. >> lisa boothe is behind this million-dollar ad blitz.

lisa, good evening. rand paul's campaign says they say you are misrepresenting his stance on iran. >> the organization's called the foundation for secure and prosperous america, and i am the spokesperson for the organization but, look, all the ad is doing is simply highlighting previous statements that rand paul has made himself. and what the organization is trying do with the recent framework that has been announced with it surrounding the deal with potential deal with iran, and with the looming deadline bumping up against a deadline. all the group is simply pointing out is the fact that senator paul's viewpoint does not align with senators like ted cruz and senators like tom khan who have come now the support of new sanction. senator paul says he opposes new sanctions. further, iran has a supreme leader who recently said death to america yet senator rand paul recently said that he

recently said that he supports president obama's negotiations with iran. so i think those are serious concerns and these are all things that senator rand paul said himself in the past. >> i agree with your point we've seen ted cruz part ways ideologically, at the same time, i think the ad i know that rand paul said he would love to come back and see a change, but there's got to be a middle ground. no president is going to come in the first day and completely wipe out an agreement that was with several nations, not just our own? >> cheryl i think it's also a concern about a misguided viewpoint on the threat that iran faces to this country and to our allies like israel. look, iran has been a state sponsor of terrorism for 30 years now. they're the most active state response offer terrorism. but despite this rand paul has said previously he does not

view iran as a threat to our national security or a threat to israel as well. he has said a nuclear iran is not a threat. those are serious statements to make that given the importance of this deal they are important to highlight and bring up. >> well again it's going to be a long road this campaign. i'm sure we're going to see you once again. thank you very much for being here. >> thank you for having me. >> well, tonight fox news confirming that russians have hacked into white house computers. we are going to bring you the very latest. but first, rahm emanuel may be president obama's choice, but he is not jesse jackson's. the reverend on why he is ditching this once democratic darling. he is here. the real question that needs to be asked is "what is it that we can do that is impactful?"

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. cheryl: he was president barack obama's right-hand man. so why are many in chicago considering rahm emanuel right wing? fox business jeff flock is at emanuel headquarters to get the latest for us. some say rahm isn't liberal enough for chicago, jeff? >> reporter: i know, being a republican in chicago is not necessarily a good thing, and that's what some people have said. this is emanuel headquarters. you can see the band is already playing, and we've got the latest numbers with just 1% of the vote, latest numbers i've gotten from the board of election commissioners says emanuel 60%, garcia, the more progressive candidate, 40%. that's very early on. this issue that you raised that's a battle for the soul of the democratic party. the progressive wing represented by garcia and the more establishment wing represented by rahm emanuel. i asked him about this whole concept at a campaign stop

yesterday. take a listen. >> have you taken on the unions. you have been accused of being too cozy with business. make the case that you're not the first republican mayor since 1931 in chicago. >> i'm not interested in where does it sit on the spectrum. i'm interested on is the city of chicago going to move forward or go back. you have to move forward and that means most importantly you're my guiding principle is making sure everybody moves forward together. >> reporter: the important thing, of course, is turnout today. said to be light. latest numbers now 59% 41% garcia behind 2.5% of the vote. i leave you with the numbers on chicago for whoever wins, daunting economic tasks for the new mayorment unfunded pensions, 20 billion dollars. public school debt another billion dollars. a pension payment due cannot

afford 600 million dollars and a declining credit rating. going to be tough cheryl. cheryl: jeff flock live at emanuel headquarters. jeff keep us post as the numbers start to come in tonight. we'll keep you posted at home. reverend jesse jackson is one of rahm emanuel's vocal critics. he joins me exclusively. all right, reverend. what has rahm emanuel in your opinion, done wrong? >> well he's focusing on investing downtown skyline, it's beautiful, not on the community life line. unemployment in the heart of the communities lawndale and rosewood and austin, like 30%. closed 50 public schools and packed 50 book stores 50 grocery stores. there is no sense of the plan for urban reconstruction and urban reconstruction prices. cheryl: you know, reverend i'm

surprised to hear you say this about rahm emanuel. he was president obama's right-hand man, and you of course, one of the most vocal front running supporters of president obama. especially the first time he was elected as president. does it worry you going against the wishes of the president? >> i remain so. but this is not about president obama. this is about four years of rahm emanuel's policies. that was a big nato summit downtown chicago a big deal. not in the urban summit conference. i appealed to him, ask for barack obama to come back to inglewood and convene the secretaries of hud and housing given all the lots and them the vacate homes and hhs and the economic movement to have a plan for reconstruction maybe another development bank because banks will not lend there. when you close down housing and have 20,000 homeless children

in the schools, that san urban crisis that deserves a real priority. cheryl: he's had a lot of problems with the unions in particular he hasn't come into agreements with fire and police in particular with regards to the pension funds and that 20 billion dollar underfunding. that's the biggest issue do you think that's what's hurt him and why he finds himself in this position to be in a runoff election against a candidate that frankly many ofs out national level never heard of? >> well you may not have heard of him, chuy garcia ran for city council he was supportive of many campaigns. he's the bridge builder. and so he has a great reputation among grassroots people. our neighborhoods are suffering and appears to be too little focus on it. when the rich republican governor is the benefactor to

the democratic mayor and the republican senator supports and endorses the democratic mayor, it looks like you have hollywood republicrats on the same team. that is the dividing line. cheryl: reverend the key to tonight's election obviously is the african-american vote. have you been on the streets of chicago mobilizing your supporters to vote for mr. garcia? >> you know, really i have. turnout becomes critical. it becomes so cynical about the process, they've lost the will -- you talk to people your vote does matter. and people are voting in the early primaries who have not voted before. we got 2,000 inmates in jail to vote. if you are in jail and not convicted you have the right to vote. i think you are going to see evidence. i think if chuy loses he wins,

if he wins he wins. if emanuel wins he loses if he loses he loses. you are looking at a well-financed campaign versus not so well financed. crusades beating campaign. cheryl: fascinating evening. following it from new york. reverend jesse jackson thank you so much for your time. >> good to see you. cheryl: well a political fight on foreign policy. president obama says that scott walker needs to bone up. he's going to be here. and the latest on that russian hack attack on the white house. late-breaking news. was putin behind this? we're going to have more after a quick break.

. cheryl: we are starting to get early results in the runoff election for the mayor of chicago.

with 28% of precincts reporting right now. rahm emanuel is in the lead against jesus "chuy" garcia. 55 and change. 28% of precincts reporting. of course we're expecting a lot more numbers to come in in the next few moments. and we'll keep you updated what's happening in the windy city for the results for the mayor. republicans are running against a deal with iran. scott walker, the latest 2016 hopeful ditched the nuclear agreement the day he becomes president. that is not sitting well with president obama. >> it would be a foolish approach to take and, you know, perhaps mr. walker after he's taken time to bone up on foreign policy, we'll feel the same way. cheryl: fox news confirming hackers linked to the russian government broke into white house computers. gaining access to president obama's schedule and policy

announcements. colonel alan west isn't expecting retaliation because he says the white house needs to bone up on foreign policy. colonel, good evening to you. i want to start with what happened at the white house today. kind of a hit against the white house they can't protect their own computers. >> no you are absolutely right. pleasure to be with you, cheryl. we had the power outage in the white house today. but what brings up the concern is we know that china has a dedicated cyberhacking unit and the russians seem to have that as well. so you have to ask the question, is it possible that hillary clinton's private server that she kept in her private republicans was also hacked and we will never know since she has already wiped that clean. we have an administration that is not doing what is necessary to protect the united states of america as far as cyberattacks. when we do have the u.s. cybercommand. cheryl: well, it certainly is worrisome this happened today the point about the d.c. outage, we don't know if those things are related whatever. i want to ask you about scott

walker. he is one of the few that came out and said i would absolutely on day one as president, would get rid of the deal with iran. he'd be undoing a pact we made with other nations. what is your take on there walker's comment? >> first of all, we know that secretary of state john kerry in a senate foreign relation committee hearing said that this quote, unquote executive agreement is not binding. so scott walker if he is the next president of the united states does have that opportunity to resend the agreement, if he believes it's not in the best interest of the american people our allies and overall global security. and i find it quite hypocrital what president obama said his decision to own up to a campaign promise to remove all troops from iraq was one of the foolish things we will see in foreign policy and national security. we see the ramifications thereof. why are we sitting down with the number one state response

offer militant islamic terrorism while they still have four americans hostage. one being a marine and another being an american pastor. cheryl: colonel alan west we will certainly be coming to you for your analysis. thank you, sir? >> thank you for having me. cheryl: reddit ceo ellen pao is out to beat gender discrimination. meet the woman who says there is a solution for all ofs you in the workplace. one family is about to make serious coin off custer. the latest "strange inheritance" tonight at 9:00 p.m. only on fbn. the pursuit of healthier. it begins from the second we're born. after all, healthier doesn't happen all by itself. it needs to be earned... every day... using wellness to keep away illness... and believing that a single life can be made better by millions of others. healthier takes somebody who can power modern health care...

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. cheryl: ellen pao may have lost her high-profile gender discrimination suit but fight for workplace diversity is far from over. the interim reddit ceo banning

salary negotiations for new hires at the company saying studies show when women negotiate they don't fare as well as men. this strategy is not the answer, but attorney debra bloom backs this bold move. why do you like it? >> i think she's the new face of feminism and tackling the gender pay inequality when. women go in and negotiate salaries as you just said they don't fare as well. either they're viewed as being too aggressive or it's more likely that they'll be lied to during the negotiations so, this is creating an equal playing field for women. cheryl: okay but do you think, catherine this hurts women that are good negotiators. >> i do. sometimes do you need to negotiate. what if you have another job offer. it isn't fair not to be able to do that. there are people who are sexist who look down you on because you are a woman. saying we need a special policy

because you are so incompetent, that reinforces that sexism it makes it worse. and we need to change an entire companywide policy. >> they're not being sexist it's gender and race neutral. she's fully committed to being gender and race neutral. in many public companies. >> they're not able to do this. it's because of women that we need to create the special policy. cheryl: catherine, look, i'm obviously on the side of women. why wouldn't i be? looking at this 2014 study and it found that female negotiators are perceived easily his led and more likely than men to be lied to during negotiation. i can say if they're lying to me, how do i know if they're lying to me. there's another side to the bias equation. >> right. if you are perceived to this way to say this policy is necessary to change it for

everyone. that would make that perception worse. >> she's clearly not saying women are incapable. >> right. >> second generation discrimination, where women have certain biases that are subtle biases. it's trying to eliminate that. this is a woman who is very profemale. >> i don't doubt that at all. >> not trying to take women down a notch at all. cheryl: it's an interesting idea whether it can work out in theory, but to have race gender, age has nothing to do with what your paid at a job. that has a pretty good ring to it to be honest with you. >> it does when you go to become a public defender or assistant district attorney you are going in equal to the other employees. and it really takes the question of being a woman or a man out of question. >> and if you have another offer you shouldn't be able to compete. cheryl: may the best lady win. ladies, thank you very much. got to get breaking news out of

chicago. we are going to give you another look at election results out of chicago. here's where we are right now with 53% of precincts reporting as you can see, rahm emanuel, the current mayor of chicago in a runoff election against chuy garcia. this was a big story in chicago. we're following it closely. rahm emanuel is leading chuy garcia in the runoff. rahm emanuel may indeed once again being chicago's mafrment we shall see. those are the numbers that we have now. 53% of precincts are reporting. 55 to 44%. we'll keep you posted. vice president joe biden says the person dream is alive and well. someone here says so is the threat of another housing collapse. first are you waiting for self-driving cars to hit the market maybe because you can't drive? what if we told you they're here, they're already here. stay with us.

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. cheryl: what the tech? it is the most talked about segment in all of television, and it's neil cavutos, not mine. tonight we are starting with a tv titan, viacom. taking on a $785 million loss and it's blaming online competitors like hulu and netflix for underperforming shows. to technology consultant who says viacom should have seen this coming. so they buy all the shows for reruns. >> exactly. cheryl: and the shows are doing horrible? . >> no demand for reruns. people demand constant content through the internet. why would they turn on tv to get the older shows they've seen already. cheryl: i have seen the shows they bought, csi community, spongebob. >> five years ago, those were like top tier shows, and the value is gone. cheryl: looking at viacom and

who they've got. if you look at mtv for instance and this surprised me. reality shows, they've been doing a lot of, that that's the big thing for them. >> right. cheryl: now the reality shows aren't rating anymore? >> right, reality shows are cheap to produce but the demand is completely gone a totally different world from where things were. cheryl: and really quick, here's the question for our viewers, would you drive a car that automatically stops when it sees a stop sign? you got to explain this to me. the car sees a stop sign? >> sense nors front of the car and the sign has sensors so they talk to each other. this is basic stuff compared to where things are going. in a few years talking about fully automated. the car drives itself you're reading a book, this is relatively basic in comparison. cheryl: this freaks me out and it's not a stop sign or read the information wrong. >> do we trust humans to drive

or robots? i trust robots. cheryl: you trust a robot to drive a car? >> absolutely. failure rate is like 95%. >> computers crash. >> and people get drunk! same thing. cheryl: no way. >> it's close. cheryl: this is ford coming out with this. >> all the car companies are working on this. cheryl: all coming out with different things. every car company can you monitor your teenager, you can shut the car off on the teenager if the teenager -- we're looking at examples of ford's technology. >> we're seeing this is essentially where we see viacom slow on the uptick. this is car companies realizing this is the future, we're going to be quick on the uptake and adopt all the stuff. this is where the future is. five years from now, this is the norm right here. scary, but it's true. cheryl: i am freaked out. thank you, i'm going to keep driving a regular car until i'm proven wrong. thank you very much. here's a question for you -- is this how bad the white house wants you to buy a home?

why someone here says the administration is repeating the same mistakes that got introduce trouble eight years ago, and it's going to cost us.

. cheryl: things beginning to look better for emanuel in chicago. 62% of precincts reporting in the runoff to be chicago mayor. rahm emanuel, the current mayor leading his opponent. chuy garcia 56% to 43%. once again, the lead has widened in the last few moments. rahm emanuel, the runoff election for chicago's mayoral spot. we will keep you posted as we get new numbers coming in from the windy city, chicago,

illinois. a home ownership push is alive and well. vice president joe biden and housing chief julian castro promoting home ownership for low income americans today. while the government is pushing banks to loosen lending standards. jason meister says we're repeating the same mistakes that led to the last housing crisis and joined by david licken and katrina camden. jason to you, the big question mark as the program come out. hud secretary coming out, the vice president saying the banks have to be looser. got to make more loans. do you think we're on the road to another crisis here? >> i think some of these home ownership promoting home ownership. that leads us in that direction. we're seven years after the housing bust, and we're still talking about a housing recovery. interest rates are at historic lows we're at 3.7% on a 30-year mortgage and it's cheap, right? that mortgage is a cheap

percent interest rate but having a huge affordability issue in the country. the middle class is squeezed and the housing market is not robust. cheryl: there you go, david, americans are not qualifying for a loan. let's loosen the lending standards, right? >> we've got great standards, we have the federal government all over every lender with regulation. it's not the problem of the side of the credit borks the credit box we've had for decades, we have regulation on top of regulation and lenders are afraid to get out and start lending. the fact that they're pushing home ownership, we're all for home ownership. how about responsible home ownership. encouraging lenders to loosen guidelines and having the regulator there to whack him, that's a problem. cheryl: okay. >> government is in the business too much. cheryl: katrina, what are you seeing on the front lines of miami? are you seeing more people walk

through the door now that the down payment is 3%. banks are trying to get the first-timers in are you seeing this happen? >> i am but i'm a big proponent on having 20% down and i know this is geared towards the lower income bracket speaking about the 3%. you are easily going to walk away which is going to put us right back where we were before. i actually was showing a condo building the other day and confused a section 8 housing condo building for a luxury condo. that just shows thought government is doing too much to help some of the lower income individuals and now that they make the down payment even less, we're going to go right back into the mess that we were in a few years ago. cheryl: jason -- i'm sorry finish your sentence. >> i'm a big proponent, putting the money down so you can earn the american dream. it's not given to you, it's earned. cheryl: jason, i'm torn here, we've got to get the millennial

buyner there. the 20 something young family in there. struggling between student loan debt which hurts their credit score and ability to buy jason. but we need them in there. if they could get in they could build something for themselves, for their young family? >> i think so i agree with you. it's the sense of that we need them. i think we need jobs in this country that millennials can actually buy homes with. cheryl: we have jobs, we need the wages. >> it is hovering 15%. it has been for many, many months, and without the job creation and the private sector and jobs that create wages like you said 3% down is just -- there's not enough skin. >> so true. cheryl: guys thank you very much, one of my favorite topics. appreciate you joining me tonight on it. >> good to be with you. >> thank you. cheryl: what is happening in chicago tonight? isn't really staying in

chicago? how tonight's election runoff could affect wallets nationwide. excellent looking below the surface, researching a hunch... and making a decision you are type e*. time for a change of menu. research and invest from any website. with e*trade's browser trading. e*trade. opportunity is everywhere. the real question that needs to be asked is "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome;

with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do.

. cheryl: want to give you an update on the breaking news out of chicago. in the runoff to be chicago's next or current mayor. chuy garcia who, of course is opposing rahm emanuel. 56% ahead to 43% of chuy garcia. rahm emanuel the current mayor of chicago wants to keep his job. from these results he may keep the job. chicago is an interesting story. facing 20 billion dollars in unfunded pension liabilities. not the only city facing budget

shortfalls. chicago locals scott martin christina rasmussen and jeff flock how chicagos problems aren't only chicago's problems. you know, jeff, i have to tell you it is fascinating to watch a lot of your reports in chicago to see the ways the city tried to bring in revenue. here is rahm emanuel fighting for his job tonight? >> reporter: i don't know why anyone would want this job. in addition to that liability, in the short-term, in 2016, there is a payment of 600 million dollars due to the pension fund. the city does not have the money to pay it. whoever wins this race and right now, it's looking like it's going to be rahm emanuel. whoever wins the race. latest numbers two. i could give you those in a second. whoever gets this is going to have a huge fight on their hands to come up with the funds. latest numbers from the chicago board of election commissioner 68% in now, and it's 56-44.

hard for garcia to come back from this, cheryl. cheryl: there you go, the numbers on the screen now, jeff. scott, if you looked at issues that are facing chicago right now 42% of the pensions are 42% funded right now. scott that's a frightening number, and that's not indicative what's happening in chicago. look at detroit look at los angeles, even new york. this is everywhere right. >> you connecticut, kentucky my home state of ohio has problems, cheryl. and it's really about promising today and promises tomorrow what the legislators have to do is work with the unions work with the public sector employee to try to fix not necessarily today but tomorrow and the promises that are made to the young folks out there. they're counting on these pensions and counting on the promises. to jeff's issue about the payment. guess what's going to happen for the payment due in july here? the state will borrow the money. that's another thing that's going on is to fix the

problems, cheryl. they have to give you another credit card to pay off the defaulted one. cheryl: here's rahm emanuel's plan, and probably the next mayor. 50 million dollars annual tax increase up to 250 million. 140 million is from the skyscrapers in downtown manhattan. 200 of them. hit the businesses up. that's what he's doing. >> it's not going to work, right? chicago is losing people. as a city we are smaller than 1920. if you continue to hit up the private sector they will go elsewhere and take their time talent and capital with them. cheryl: i have to tell you it is a fascinating thing. really quick yes or no. scott, happy to see rahm emanuel stay as mayor? >> i don't like the status quo, but i think he's got his feet to the fire, i think changes are going to be around this time. cheryl: christina? >> he's going to probably be re-elected. unless he wants to face bankruptcy in a few short years, he's going to face

reforms. cheryl: happened in detroit. you all are second to detroit right now. congratulations, scott and christina, thank you very much appreciate your time. if you want updates go to foxbusiness.com. we're going to have the latest numbers for you there. i'm cheryl casone, good night.ittle bighorn, welcome an outsider in. >> once they trusted him they would share things with him. >> he paints their port rats and get -- portraits and gets inside scoop on custer's last stance. >> she is convinced it worth millions but will anyone buy it. >> was he an artist or just someone who documented a side of history?