if we close down 300 today, we close down 300 yesterday, it will be the first time since november of 08, back to back 300-point losses for the dow. i will leave you with oil at $40.13. charles payne in for neil cavuto today. charles it's yours. charles: thank you very much, stuart. and yes, we have breaking news, we have a broad sell-off on the corner of wall street and broad street. can you believe we're down below 17,000. we've been hearing this would happen and sooner or later it had to. when it does, it is very, very unnerving. down more than a thousand points for the year. investors -- it's a combination of thing, people are nervous, panicking, people are frustrated. i have a fair number of people who reached out on twitter saying hey, should we be buying today? a confluence of things out there. it's gotten everyone's

attention. as stuart pointed out the dow hasn't had back to back losses of more than 300 points since november 08. percentagewise it was a lot worse back then. we were 8,000 then. 17,000 now. want to go to economist brian wesbury. you are a rose-colored glasses kind of guy, ice water in your veins, the glasses a little foggy? >> whenever i see the market doing things like this and there's no real fundamental reason for it. in other words, the federal reserve did not raise interest rates to 10% yesterday. they haven't raised interest rates yet. and what i assume is it's more emotion, and we haven't had a correction in a long time. that's what i think this is, and i still think the stock market is cheap. a year from now we'll look back and look at it as a buying

opportunity. charles: i don't disagree with you, brian, you brought up the fed and the fact they haven't raised rates yet. once they do, we could see more turmoil or pressure to the downside? >> actually, i think this is it, charles. it's like we say sell the rumor, buy the fact. and it doesn't work out to the second, right? but just the fear. there are so many people that believe the only reason this stock market is up is because the fed did quantitative easing and held interest rates at zero. i don't buy that. we tapered last year and the stock market was higher. everybody thought tapering was going to kill the market. we honestly believe that a .75% federal funds rate is going to stop apple from releasing the iphone 7? no! it's going to still come out. and so anyway, what i'm saying is i don't think the fed is the reason for the market being up, and when they tighten, it's a good sign for the economy, not

a bad sign. charles: on that point, the fed's dilemma, they've hinted, they've signaled that they want to tighten, and i don't know what's on janet yellen's dashboard. there are not enough signals to legitimately hike rates. if they do and she's trying to say hey, the tail doesn't wag the dog. wall street doesn't tell me what's to do. despite the hissy fit and raising rates for the wrong reasons, that could create a dilemma on its own, couldn't it? >> it could. we're at 5.3% unemployment we will be down, maybe under 5 by the end of this year. we've gained jobs for 65 months in a row. it's true, inflation remains low, but there's no justification for having 0% interest rates anymore. it's been six years. it's time to push rates up and be a little more normal. by the way, if rates go higher, banks will be willing to lend.

it's hard to make a 30-year mortgage at 5 and 3/8%. i'd take one but wouldn't give one. charles: you are absolutely right when. we're in the midst of these things, particularly for the people who lived through a couple of crashes. you introduced me to hayak, you make me feel better every time i talk to you. >> it's the turmoil that makes investors money. charles: i'm salivating, i'm ready to jump in this bad boy. first thing next week, baby. 67 stocks in the s&p 500 are at 52-week lows today. and many cases some of the things are multiyear lose. to nicole petallides on the new york stock exchange with the latest. nicole, got to be wild down there. >> reporter: indeed. you're seeing a global sell-off, and it continues in the u.s., when we look at s&p 500, we see 13% of the names of the 500 that are coming under

significant pressure. so much so they're hitting 52-week low's, and you can see ebay, cvs, polo, ralph lauren, bed bath & beyond. wynn resorts, gap, mattel, a lot of the retailers. broken down as consumer names and the media names and of course on the energy names as well, as oil has -- it's around $40.15. another key factor on wall street is the $40 mark on foichlt it goes to 39, that would be a new level, a psychological level. but the back to back losses of more than 300 points is monumental as well. not the same in percentage terms as 2008 but for psychology, and watching the volume. over 500 million shares. it is an options expiration friday, that could contribute to the volume. we didn't have an expiration friday when you look for the bottom.

investors keeping an eye on china, too. back to you. charles: thanks, nicole. global has something to do with the sell-off. guess who said the debt is a good thing? his name isn't ramsey. uber liberal columnist paul krugman making a case. for more of that in today's "new york times." surprise! yeah, paul krugman. you could hear steve moore, i don't know where you are, i heard it all the way from illinois. [ laughter ] >> i'm in chicago. charles: these guys, their solution is more debt, more debt, a debt crisis? more debt. the clock is ticking, more debt, more debt, crazy they want to go this route. >> i debated paul krugman in las vegas a month ago in front of 2500 people, and i said paul krugman, you have to explain to me why the stimulus plan didn't work, 800 billion dollars of spending and borrowing. barack obama increased the debt

by 7 trillion dollars in six years, more than we borrowed in the first 200 years as a nation. how do you explain that? he said exactly what he said in the paper this morning, borrowed more money! if weboro 10 or 12 or 14 trillion, everything would be fine. i don't think people believe that to be true. i will say. this the interesting thing about the debt situation in america today, charles. if you look at private sector, the private businesses that you cover every day, they have the leverage, the corporations have done a great job of improving balance sheets and households have done that. one sector of the economy, charles. that hasn't happened, that's government at all level borrowing at record levels. charles: i guarantee you everyone watching this show over the last five, six years has the leverage. some involuntarily because their homes were lost, but others using debit cards more than credit cards, pared down debt. living within our means, unfortunately our government doesn't do it.

we have to pay the costs because taxes go up to make it all possible. what is it about the psychology of the left that thinks, you can make so much wage 15, bucks an hour, probably a job that should command 5 bucks an hour. you can borrow trillions and trillions of dollars, and flooding make believe money and the iou must be repaid at some point. >> i always said that all economics comes down to one phrase, and that was made by our great friend, the late, great milton friedman. there ain't no such thing as a free lunch. the left does believe in the free lunch. the government can borrow, it can print money, spend all the wonderful programs and nobody is going to pay for it. as they discovered in greece and puerto rico and detroit and chicago. this is a great city to talk about this, you know, charles, the chicago debt, the bonds are junk bond status. they borrowed so much money,

the creditors say you can't borrow anymore, you're junk bond status. that's going to happen to governments throughout the world, it's happening already, if the trends continue. geo, if we had the federal government borrowing another trillion dollars a year, all our problems would be over. how many people really believe that? charles: you're in chicago, you had an election, progressive and ultraleftist. crazy. >> nobody will stick up to the unions, nobody will say no, and you get the cascades of debt. and don't be surprised if chicago isn't the next detroit. charles: avoid chief keith and spread the knowledge. can donald trump be one of those benefits from it? the timing on this, charlie gasparino, is good for the republicans but particularly for trump. >> people do crazy things when the economy falters. more than the 300-point drop. i'm not immersed in the

economic statistics like brian wesbury and others. i delve into these. you have problems with the economy. we should point out that economic cycles run in seven year spurts. we're coming on that seven-year anniversary. should be right in the middle of the election next year, and we have troubling signs out of china. they were part of what was meager growth in the u.s. was attributed to a chinese economy that was booming and buying our exports. now they're slowing down, europe is not great guns and have you our economy, which the headline numbers are great, but let's face it, you start scratching below 5% unemployment, huge unemployment labor participation rate. this is a problematic economy that could fall into recession. now what happens when people get desperate? they did it in 2008. they voted a guy in office, very inexperienced politician. inexperienced particularly in economics.

he served one term as a u.s. senator. two terms as a state senator. was essentially a progressive. charles: never ran anything, never cut a paycheck for anyone. never understood a balance sheet. >> but he offered quote, unquote hope and change, that's president obama. you know that type of scenario, i'm not saying we're going there, there are signs we could go there, could propel somebody like a donald trump. that has happened before, where somebody that basically emerges and gives people hope, and that's part of donald's message. make america great again. and it sounds jingoistic to us. make america great, but where is his plans? they are superficial. build a wall, taxes -- lower the middle class taxes. charles: to be honest with you, economists, steve moore and brian wesbury would say he's talking about protectionism. yesterday with maria bartiromo he talked about going after

american companies for inversion. they're trying, avoid the crazy taxes. >> he called when he stripped down what he was saying, calling fair trade war. charles: exactly. that's the ultimate thing. we're talking about protectionism. people don't understand, you go to walmart and get a flat-screen tv, you feel great. if donald trump goes war with china, the average person in alabama won't be able to buy the flat-screen tv. >> i said that for a long time. particularly after the announcement speech. he speaks to a certain level of nationalism. don't be surprised, it works when people are on hard times. it historically has worked. charles: the fact that patriotism, which is different than nationalism has been under fire. president obama spent a lot of time telling us we're not great, not necessarily as great as anyone else. we didn't build the country through bootstraps. have you someone saying the exact opposite. >> this happened historically.

let's face it, when you start telling people they're lousy, they're no good, not exceptional, somebody is going to step in the void, and that void can be stepped into by a guy that preaches ultranationalism which is what donald trump is doing here. charles: pushing me towards connecting more dots and round up people, people get nervous. ultimately, i think that to your point, everyone out there, you don't have to be an economist to know you are making less money than before and things suck. >> and we're told every day we're not exceptional. even though we created the most exceptional country. charles: ever created in mankind. jack lew talking to china's vice premiere, i guess you will, the market's monitoring, it's getting hammered because of it. we're all over it for the next two hours. don't go anywhere. we'll be right back.

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. charles: stocks not the only thing taking a hit. take a look at oil. down almost 3%. not trading at below $40 a barrel since 2009. could see biggest losing streak in 29 years. going to keep a real big eye on it. that's one of the catalysts to the downside. now from the market storm to a real one, hurricane danny starting to pick up strength here, now cat 2. joe bastardi says this will be an el nino season, joe, looking for a bad one, huh? >> what i'm concerned about is the closer a storm gets into

the united states once it break through the caribbean, if it survives the caribbean or part of the atlantic where things are hostile, i'm worried the conditions near the united states are ideal for development. so september 2002, for instance, the weather pattern right now looks very similar to me to that, and we had lilly and isidore in the gulf. those of you who remember what those storms did, both category 4, and fortunately they fell apart before they hit the united states, they hit a ruckus with the market, people couldn't figure out how they were going to deal with it. two years later, and three years later, we had katrina and rita which shows you what can happen. charles: katrina changed everything, there was a paradigm shift, we were going to have storms every year as deadly as katrina or more so. that has not materialized. what's gone on here, joe?

>> well, what happens is as anything in nature, it goes back and forth. charles: but what about the global warming stuff? i'm confused. right now, we are supposed to have these routinely? >> i'm surprised there isn't more action off the eastern seaboard. back in 2006, i said through the 2015 season, i expected two major hurricanes to hit the united states, and technically irene and sandy were not major hurricanes. i'm surprised that the western atlantic along the eastern seaboard which had eight major hurricanes in seven years in the 50s hasn't had more action than we had. today, the problem is that every storm that shows is up a fossil fuel beast, no matter what, and it's a matter of people pushing an agenda. the atmosphere always goes back and forth. what i'm most concerned about this year is in close to the united states, and we have this outlined back in april, the closer you get into the united states coast, the more the

parameters are such the storms intensify until they reach land. if you get a tropical cyclone in the gulf or the bahamas, whether it came from an old front or one of the african waves that gets across, it doesn't sit there and say wait a minute, i can't intensify because of the el nino, it will use the conditions to maximize itself, and that's what you're seeing with danny. charles: before i let you go, when will you feel comfortable that this won't develop into a worse case scenario? >> what, danny? i think danny is going to be beat like a redded mule as it moves west-northwest, sheared right apart. what's coming after danny behind it may indeed be something that reaches close to the united states coastline in 7 to 10 days. i think that's the move volatile threat for the u.s. coast rather than danny. charles: nice seeing you, buddy. long time. talk to you again real soon. >> hopefully.

talk to you then, bye-bye. charles: we will. stocks are getting hammered, and also hillary clinton not having a good time of it either. it's her time up, and why all this telling could actually mean that hillary's stock drops even further? hi.

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. charles: wow, social media stocks really taking it on the chin this week. ironically, twitter is up on the board. the one devastated the most. let's go to nicole petallides on the floor of the new york stock exchange. >> you talk about twitter, below ipo price and bouncing back a little bit. there's a one-week chart at 26.13, it hit a new all-time low, and there's a nice one year chart for you, in the one-year, it's down 42% in one year, all the folks so hot on

twitter and now all the worries about user growth, and while there are takeover ideas about twitter, the big picture is it's been a dud thus far. yelp, yahoo! facebook, other moves to the downside, interestingly enough hit hard, charles. to your point, yelp down 10% this week as is facebook and twitter, yahoo! down 7% this week. as we see the global sell-off and seen energy names and health care names and financial names, social media stocks have not been left out. this hot group has been hit hard. charles: they take a spanking. thanks, we appreciate it. oil down another 2%. testing that 40 support number. phil flynn, can we hold the 40 support number? >> it's not looking good right now. we're 14 cents away from it

right now, but it's a very important number psychologically. the last time we've been below was in the depths of the financial crisis. global economy was grinding to a halt. there was fear everywhere. and guess what? that's exactly what we're seeing in the oil price. not only in oil, if you look at commodity sector, gold, the traditional safe haven is rallying. if you look at vix index, that is flying today. it's a little low or the futures, it's back up again, and you're hearing reports of people wanting to pull out of equity funds right now and go to the safe havens of bonds and reflecting what we're seeing in the price. like a lot of markets there are psychological numbers. i think 40 is very important are in market. if we close below, it will give you a sense of the market's mood and what may come next week. charles: you mentioned the fear index, the vix, it's having one of its biggest moves this week in a long time.

nowhere near the levels back in the past. is there somewhere, a number, where you say okay, this is it? and also is it still in your mind, phil, more emotional driven or fundamentally driven? >> being driven by fear, and there's some fundamentals behind the oil. definitely the fundamentals of the china slowdown. you know it's really a matter of degrees where are we going to be at? if we had to pick a number on the vix index that would be most important right now, probably back up around 25. i think the actual index is at 22. the futures are lower than that. so somewhere around 25. if you look at the mood down here, i haven't felt this. we've been kind of trading in the stays in the stock market, buy the break mentality, playing the ranges here, but i'm sensing more of a shift, and we're right there. right at the precipice of these important numbers. $40 oil could be a good signal. it kind of led the entire

market down. if they close below 40. that's why i think it's such an important psychological level. charles: phil, thank you very much. is this all hype or some of it reality? i'm going to put a special report together for viewers on our show, 6:00 p.m., "making money" and on my website. for all the details wstreet.com. it could get uglier, don't make a mistake and sell great stocks. hillary clinton e-mail controversy continues to grow, and as so, the vice president's chances get better and better of maybe taking over the white house. why joe could go all the way? right after this. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services -

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. charles: wow, talk about taking a bite out of an apple. shares down more than 4% and heading for the first close in the red this year, talking about giving all its gains. shares are off a fifth off record high seen a couple months ago this year. get ready for 35,000 screaming fans in alabama. no, not for taylor swift or lynard skynard, donald trump, 35,000 strong getting ready to see the donald in the stadium. he's not singing, but you will catch him live. lou dobbs all over it live on the fox business network.

cheri jacobus and jackie kucinich. we were talking about how they could benefit, the economy continues to be lack luster, and the donald trump saying america isn't great, and echoing themes that matter to people. not details but the economic themes. >> they are themes and he's the one that people are hearing because that's what the media is covering. we have other candidates who have good economic messages, and i think the trump bubble is about ready to burst. he resonates to some people but as they look at his policies people have questions. i think what this does do is help the republican governors and former governors in the race who have had to govern states, they've had to balance budgets. they've had to fight for policies and come up with policies. charles: create jobs. >> creating jobs and keeping the state economies healthy. that's helpful to people like kasich and jeb bush and walker.

it's to their benefit. charles: what do you think, jackie? >> one of the most interesting things about the trump phenomena is who he's appealing to within the conservative base. he's had very strong numbers with evangelicals, with the very conservatives. that's one of the reasons you see a really big turnout at this alabama rally this evening, but he is drowning out the other competitors and while some are -- jeb bush is trying to take him on head-on, isn't working out for him, which is why you see the others coasting under the radar until maybe this goes away. charles: coasting? jackie, do you think they're coasting under the radar or drowning under the radar? >> it's still very early, so we have president bachmann if we were going by -- she was popular the last cycle. there is something to be said for not peaking too early. so for the candidates that are following that strategy, you're right in the way they're losing

fund-raising dollars, maybe not getting that message out there as much as they can right now. there is a lot of time for it. maybe right now isn't the best time to get attacked by donald trump who has the megaphone in terms of the media and in terms of the republican base, they're listening to him right now. charles: i can see political strategists comforting the guys in the single digits and don't pop too early and there would be a president bachmann. it would be disingenuous to suggest that bachmann had the enthusiasm and excitement that a trump has right now or fred thompson ever had, even rudy giuliani at one time polling at 35%. didn't have the beatlemania thing that donald trump has. i think it's a fault sense of the security, if you think being in first means you're not going to win? >> he started out with popularity id because of the "apprentice" prior to this. there is a ceiling to the support he'll get.

we know he's coming out with the details on immigration policy, everyone supports building a wall. he's done what everyone else has done for the last 20 years, linked it to other policies trying to drag it along. he's no different from other politicians. 31% of republicans support the mass deportation, and far fewer of the voting population. the devil is in the details and donald trump is finding that out and he's going to find that out as he finds more details. i predict he'll peak in after about mid-september, he'll hill the ceiling. charles: jackie, sounds like you're in the same camp. you're saying peak real soon? >> you know i have learned over the course of the race so far. i don't make predictions about donald trump so far. i would have said he would have been gone when he insulted john mccain for goodness sake and veterans. he has had a teflon bubble around him. when that breaks, i don't know, but it will break because i

don't see him being the republican nominee. charles: guys, i'm not the expert like you guys, there is something going on right now, and i think it's -- i don't know who's going to win it but to say it's naturally going to happen or going to happen, i don't see that particularly. the judge calling hillary clinton out after hearing, this is important, saying, quote -- she really is getting a lot of pressure here, but it's not just hillary, nearly half of all federal workers admit they're breaking rules with the devices. you know the stuff you bring home, the computers or whatever. to cyberexpert paul viola saying they're putting it all at risk. one thing to have the average person that does company work or intermingles private information with the company information. it's another thing when it's the secretary of state. >> there's no question about that, charles. i was watching the other day

where secretary clinton made the comment she was asked the question in the press conference and they said, was the server wiped? she means what do you mean? with a cloth? what are you talking about? she knew where that was coming from. charles: i don't know if she was trying to be funny, or caught offguard or anger and frustration that it won't go away. talk to me that so many of the federal workser doing the same thing? >> when you talk about the ubiquitous nature of systems that are used. the government system is inherent with a lack of accountability with respect to how the mobile devices are used from employees with respect to government data. they're inherently using these things with respect to no boundaries whatsoever with, documentation and information that should not be used on a personal device, and it's not protected at all. charles: okay, paul, we're going to have to leave it, there we have breaking news coming in. this is a serious crisis and

something has to be done. maybe we'll all learn because of hillary's mistakes. thank you very much. breaking news on the fight against isis. a senior u.s. military official says preliminary tests show isis is using mustard gas right now to attack kurdish forces in iraq. officials have been looking into reports of these attacks, and now it is confirmed. the question is right now what are we going to do about it? stocks taking a big hit this week. the dow below 17,000. this is the first time it's been at this level since october. we'll tell you what's behind the drop and what to expect next. we live in a world of mobile technology, but it is not the device that is mobile, it is you.

. charles: man, we're in the

midst of it. an ugly chart, that's a huge drop. we're on the cusp of having an official correction. we're not there yet, but, of course, selling begets selling and we saw a huge sell-off into the close yesterday. so who knows? one of the names kind of perplexing, netflix off 4%, a huge winner this year but a big loser this week, and probably won't help as a lot of states are eyeing taxes on streaming video, cloud computing, to make up for falling dvd and cd sales. gary b. smith says it will make things worse and the selling worse. i've got to tell you something, we have seen governments go to war with uber, with airbnb and talking about taxing the cloud and the internet, it seems so crazy to me. >> well, i can understand the perspective of, you know,

whether it's the state or the cities like chicago going after the revenue. i suppose they've lost a lot of inventory when people stop buying cd's and dvd's and books, hard copy stuff they used to get sales tax, and the revenue they were addicted to has gone away. but on the flipside, and you talked about companies like uber and netflix, they're one of the last bastions of innovation, i think you'd agree, in the united states, and to tax that, it can't do any good to future innovation and productivity. charles: and to your point, just last year, entrepreneurship hit an all-time low in america, young people, particularly aren't starting businesses like they used to, there's a sense, what the heck, if i make it, someone's going to take it, why take the risk? even to the earlier point, gary, just because chicago has

mismanaged their income, just because a lot of the states and cities have mismanaged the money, including the federal government. the notion you should look for the most successful entity and chop that down is just crazy, won't make things better near-term and long-term. >> we're in total agreement. look, charles, it wasn't too long ago, we were sitting here discussing the fact they brought those oil company executives before congress. why are they make so much money? you know, it's funny, though, no one is bringing oil companies to executives now, saying why is exxon's profits down so much, right? charles: yeah, and to your point, sorry, gary, no one brought them into say hey, you have hired tens of thousands of people, have you built all the massive things around the country that stopped the recession from becoming a great depression, and to your point, they're collapsing and then you don't hear a wimper, sorry

about that. >> we're on the same point, look at the productivity increases and the number of people hired because of a company which is a software company like uber out there. we have now been so addicted to uber and rightly so, there's people when they go to tax uber or put regulations on it, they're in an uproar because they can't live without uber. that's how much productivity a company like that brought forward and how much productivity would be stopped if there was excessive regulations and excessive taxation on companies like that. charles: we can only hope the average companies stock up. the mothers that take kids to soccer practice, drops someone off at the airport and hotel needs extra cash. >> we don't do things that we're not a big steel-producing country anymore. we're behind the japanese in auto manufacturing.

we're behind other countries in textile manufacturing. internet innovation and maybe entertainment out in hollywood are the two last things we really do well. and now to put the government clamps on it is just -- it's galling. charles: wow, gary b. smith, thanks a lot, have a great weekend. >> you bet, charles, thank you. charles: restaurant stocks hit hard in the sell-off as well. that's the guy who runs hardy's and businesses are about to see hard times. ♪

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pudzner. they went up, buffalo wild wings, panera should be big beneficiaries of gas, still haven't seen any of the industries like yours do as well as they were promised when gas plummeted and the strong dollar went up. what's going on? >> actually i think the fact -- you hit the nail on the head, the fact gas is going down should be good for our sector. some companies are trading at multiples very, very high, when the market comes down, you'll see them come down. restaurants with a lot of exposure in china. the chinese economy is slowing. that could impact their stocks. stocks with heavy exposure in europe may be affected because of government policies. economy in europe has slowed. domestic companies that have a solid base in the united states should see a real benefit from gas prices going down. i'd be surprised if that didn't happen. charles: i want to ask if it is a permanent paradigm shift, for

the first time in history, americans eat more food outside the home than in the home, and i think that's probably the result of everyone having to work, everyone's on the go. do you think that continues? >> i think that does continue. i think that's been a trend for a number of years. restaurants continue to make it easier to eat out of home. we continue to lift the quality of the food. we have all-natural beef and black angus beef and bake our buns in the restaurants, do things fast food companies wouldn't have done five or ten years ago. it becomes much more appealing not only from a quality perspective but a price perspective. that's very appealing to people in an economy where everybody is trying to work or take their kids to soccer games. life becomes more complicated. charles: no doubt about that. another thing that is complicated are the regulations, of course, obamacare always cited by your industry and coupled with the $15 minimum wages as a dual

jobs killer. you guys are private, but i looked through the earnings reports and what restaurants spend on rent, what they spend on personnel and supplies, and the margins are very low to begin with. >> yeah, there was a recent study out saying margins in fast-food restaurants for franchisees are 4 to 6 cents on the dollar. every time you increase the costs you make it more difficult for franchisees. in seattle, for example, since the beginning of the year they had a state minimum wage increase and the minimum wage went to 11, hasn't done to 15 yet. they lost 1300 restaurant and industry jobs in the dma where seattle is over that period of time. a thousand right after the minimum wage went to $11. so these things have an impact, and businesses growing, they look to cost like health care costs to determine whether or not to make an investment. and you have the nlrb attacking the franchise business model which lifted more people from

the working class to the middle class than i think any business model in this country. so government needs to back off. too much government, too intrusive, reducing personal liberty and reducing economic freedom and that only slows economic growth. charles: although, to your point with, this administration, they're not going to back off. the nlrb will go a little faster, harder and deeper into achieving their goals. having said, that you talked about the great innovations and the quality of food, talked about the economic circumstances being improved for everyone involved, could be that put on hold or derailed if they keep pushing this? >> well american entrepreneurs have been overcoming government interference since world war ii, it's gotten to the point where it's very, very difficult to overcome what's going on. we have candidates out there. bush, rubio, walker, carly fiorina, a lot of business friendly candidates and hoping people looking to their children's futures, to their

own futures and the best interests of the united states and economy will look very hard at what candidates are promoting business growth, personal growth, individual liberty and the dignity and self-respect of work and what candidates support government dependence and this continued growth in government which is killing us as a country. charles: people think i'm crazy, i'd love to see someone promote lower minimum wage to get someone in the job market, to get someone getting up, hitting the alarm clock, punching the clock and earning money themselves, up the first rung of the income ladder, the first rung of the ladder of success in this country. i would love to see it. i know that would never happen, at least we could do something about the craziness with $15 minimum wage. >> well, it's even a bigger prob we've got such a huge gap right now how you go from having food stamp, section 8 housing and medicaid how you

jump to independence from the welfare rolls. we used to have work fares, bill clinton had positive moves in this country and the obama administration took us light back. we have people who can't get from dependence to independence because the gap is too large. we need the earned income tax credit, an income supplement as opposed to the myriad bureaucratic programs where people can earn more and never talk the fall off the cliff. so there's a lot of problems out there. there are solutions, there are candidates proposing solutions, i hope american people take a good look at this. charles: so do i. there is something wrong when you go into the job market and take a pay cut because of all the other stuff, the freebies from the government. andy, you are great. keep those great commercials coming, too [ laughter ] . >> we will, thank you. charles: the dow selling off bigtime. we're back down more than 300 points right now. one stock, one stock in the dow

jones industrial average in the green, and heading down again. not sure if we're going to test the lows. ben stein in the next hour, he's going to tell us what he's making of the market sell-off. i got to tell you, it ain't pretty but ben's been around for a long time.

..

charles: welcome back to coast to coast. i am charles payne jo lin king for neil cavuto. we have market sell-off, second day in a row we are of 300 points for the dow. we have 1,000 points that have been erased from the dow jones industrial average in 2015. take a look at the market so-called fear gauge, this is the vix hitting a new fresh high for 2015. wild market swings are getting worse and worse.

gerri: i hate this. please stop selling off the stocks. individual investors have been here before, financial advisers telling individual investors to stay on the sidelines. trying to catch a falling knife is the worst thing you can do. when you look it history of the back to 2008, back to the lows of the market selling off 50%. what do individual investors do? barely touch their 401(k)s and i are as, alan flows were 0.05%.

individuals have really put their retirement, particularly people who were far from retirement, got it on autopilot. they are sitting back and waiting. they know it goes up and down. they are smarter than you think. wall street has to find someone else to call the down. charles: let me ask about the idea that people who dig it out don't get back in. particularly in the early first quarter of 2009, they hit that low and the thing that compound it, they don't get back in. >> they got back in and stocks had seen a significant ride and that is more painful. you are buying when stocks are expensive. there is no percentage selling in a market like this if you are in individual investor because you can't call these moves, you don't know when this is going to happen. you can't time the market. charles: it is tough. you and the individual companies and see when things are wrong

but you are doing your work long before these things break out. gerri: you are looking at stocks saying sell-offs hit everybody, what do i want to pick up? charles: i am making my chops for those. will i see you again? we have breaking news, planned parenthood may take legal action against those leaders of those infamous videos. house democrats probing of the leaders but instead of focusing on who was behind the league in front of the camera they are focusing on the people who took the videos themselves. i think that is not. former planned parenthood clinic director at the johnson who is now a pro-life supporter coming out against the organization. i got to tell you something. it has been horrifying. i stopped watching the video after i watched the first part. how do you feel that the democrats want to make the folks who took the videos the bad

guys? >> this is their standard m o. instead of focusing on what is taking place inside the clinic, focusing on the heinous activities we have seen in the videos let's go after the people that exposed what is going on. the same exacting planned parenthood did to me when i left the abortion industry and we have seen it happen to countless workers and people exposing what is taking place in these clinics. charles: what is the mentality in the organization? does everyone believe that life is not beginning at conception? life doesn't begin at a heartbeat? does everyone shares that or do they think they are doing something that somehow their actions are somehow still helping greater society even though there's something wrong with it? >> people that work inside planned parenthood generally don't even think about life of the baby.

they don't care about when life begins because the baby is not their haitian. the woman is there a patient and as far as planned parenthood is concerned the woman's right, coming in to have the abortion, they will always trump whatever is taking place inside of her womb. charles: it is irrelevant or indifferent to them what it is. it is hard to believe they don't think, watching these videos and hearing all the body parts are going to be sold off you could see the dehumanization of it all but hard to believe anyone would go along that party-line but they do buy into the notion that otherwise we would be a bridge in women's rights. >> absolutely right. for a lot of workers they do come out and see something terrible. we have a workers it contacted me that ended up leaving the abortion industry after watching a set of quadruplets being brutally aborted inside of an

abortion clinic and that was it for her. she said i see the humanity of these babies. i have got to get out, got to be that she contacted us for help. sometimes it takes that one moment for someone to say there is life inside the womb and i have to begin protecting it. charles: i got to tell you thank you very much for the work you are doing, good luck with it all and we will see how it plays out. these videos are damning and i know they have to sway public opinion to a certain degree. maybe not lawmakers on capitol hill but the american public whose seat your epiphany about it. we will talk to you soon, thanks. we have another for you. oil holding 40. look at that number but it did trickle below for split moment. oil has gone absolutely hammered. the commodity started free falling last year and many believe the latest downturn would help the triggered

equities coming down big time. other commodities, equities including the dow jones industrial average at the low point of the day down 372 points. for you technicians out there i don't see a lot of support until 16 or 17. ahead of a summer weekend with so much uncertainty. we seen so many attempts to bring it back. feeble attempts the we've seen a couple. yesterday was the first time all year long we saw the bottom completely fall out at the end of the day. we have seen people stepped up to the close and the last 30 minutes of trading professional traders on my mind to the knicks they sold any kind of strength. we don't see that. every stock is falling. names that have been the street big-time. all have gotten hammered. oil breaking under 40 just

momentarily, that is a monumental number, psychological number, what do you make of it? >> we are talking that the madness is still out there for oil. there's also a surplus. look at the oil stocks, exxon mobile, year to date, 20%, $73.14, with oil going cheaper, you have to wonder if there is buying opportunities, some of the other oil related stocks, the airlines, i put in delta. delta is down airline profits, $8 billion, taught domestic carriers and their jet fuel costs are down 44%. this is a boon for stocks like delta or united holdings but as of right now not manifesting stocks going up with, they're down. charles: one of the things a lot of old school investors were

looking at is the dow theory when you have the dow jones industrial average and dow transportation average all come down to the low for the year that triggers a sell signal and it is counterintuitive that these airline stocks are not higher but making a great ascend. >> you bring up the great point. looking at american down 25% year to date, this stock is trading doubt this day alone, it is down 4.5%. there may be buying opportunities that you brought up the word fear when you were talking with varney. fear that people don't want to jump in yet but the question is when do you jump in. look at the s&p 500. tabor saying the level to watch in 2014, we broke 2040 yesterday, we are trading 1991 right now i and where does it go next? people looking for that sign that i am going to jump in bed this is not the day before when emotions run this high it can be a proxy for the overall economy,

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♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. charles: the market is getting hammered particularly tech stocks. they have been strong and held up for a long time. they are on track for the worst week in four years. tom sullivan and jerry levy on the phone. i will go to you first. what are people telling you? what are people you do business with, how are they feeling about this? >> for the past couple weeks we have been really shifting for an

overall position and a lot of it, the confluence of a couple things, the spectacle breaking down for the russell 2,000, we have smaller companies, a lot of big mutual funds tend to be more fluid and the big stocks. in layman's terms it is very bearish. agreed devaluations of currency starting with july at. putting american companies added disadvantage. charles: why in the last couple weeks, in february but the last couple weeks, got to go mostly short rather than long. intuition plays a role.

>> in our heart of hearts, for the past couple months, we talk about how ag, it hasn't been great. the first 2% happen. this is falling apart, a snowball effect. a small snowball effect. charles: no doubt about that. we took profits on netflix, facebook, but the fact of the matter is it goes from the proverbial snowball to the boulder. >> we don't have the capitulation sell-off. this is a big selloff but it is kind of orderly. when you look at some of these tech stocks, they were the ones

that were waiting these indexes so that is happening. in asia, tech, it all goes together. there is something wiggling in chavez someone in the tech industry will get nervous. charles: i have been saying this on this network we were already in a bear market, almost every day there were so many more losers than winners. if amazon is a 20 points and google of the key points the rigging crushed. >> whenever we have a big sell-off there are five spocks' holding everything up. charles: let's go to the floor of the stock exchange. nicole: a couple things, traders are taking home a ten year bond. two -- 2.03%. you are seeing flight to safety. that is where at least in part the money is going. the points of quality, the safe-haven would be bold, up $7. when talking about capitulation there's a big sell-off of 350

points, we are seeing the same thing today and the volume, we are seeing volume but today is a difficult day to assess volume because you have double witching, options exploration so you are seeing volume that is extremely heavy today. 50% above the monthly averages, the three month average so that is another key point and with the tech stocks, the names in the s&p that are hitting 52 week lows. >> the other common thing is usually in late august you get the activity, a lot of people that are on vacation. wait till after labor day. charles: glad she brought the ten year yield, dividend yields for the s&p 500 are higher than ten year yields at this point. a little nervousness. >> traders are more quickly at to shall or anything, not buying the debt, they would rather buy

it on the way out. charles: thanks a lot. now to the economy weighing on a lot of people's mind he has been talking to. it is interesting. if you remember president obama, he was lucky in this sense that he was going to be the anti-war president and economic implosion filling his lap and this has to be something the ways on all politicians because people are frustrated. they reflect their lives for the last six years. >> you use the word deflects. i am thinking of hillary clinton. i doubt she has an economic plan that will solve anything. 17 presidential contenders, they may fix the economy. i see them edging that bull out and sometimes people are sitting back because there is so much moral turpitude, so many things happening morally and

spiritually that people are not necessarily ready to invest so people are concerned not just about some of the things about planned parenthood and religious persecution and all that, that is very important but at the same time people have to put food on the table age you are an investor you see stocks moving up and down, you wonder what in the world could happen. i suggest we look at those candidates and see if they have an economic plan that will help stabilize some of it. charles: not many are articulating a things. outside the broad strokes, we are not getting details, write on the head there is a lack of confidence in the federal reserve and federal government and that is reflected in the stock market. >> when you think about this with the shifting, they put

things in place and thought things would be stable and secure, like shifting sand and sliding, we have got to get back to a place that something is real and if you have given half a billion dollars of tax money to planned parenthood that is not a good investment. we need to find some things that will put food on the table, get the job market back, people need to work. african-americans are really hurting in that area. charles: we talk about social issues and american cities on fire. all those things could be solved, shift the moral compass, don't waste money on things like planned parenthood and give us confidence you have the best interests at heart. thank you very much, have a great weekend. more on the market's sell-off, loyal lead us down, the lowest point since 2009. can a business have a mind?

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charles: reasons for the sell-off. american actions forum, regulations and taxes one of the main things hurting the market. i got to tell you, not a lot of people disagree with you but it seems to be getting worse every day. >> tough to quantify. for example this week alone regulators published $2 billion in regulatory burden. this year all the we're to $135 billion in regulations, we just had the administration's power plant, $8 billion in annual costs, and we look forward to new lows and regulations on everything under the manufacturing front, transportation, $15 billion in costs. charles: that is the hypocrisy, the craziness of this administration, they promised the american public a manufacturing renaissance and then bog down manufacturing

arena with higher fuel costs, more regulations, such a disingenuous promise to begin with. >> that is one thing you see a lot especially in the department of energy in epa regulations, they will admit that energy costs will increase, the regulation at the supreme court struck down last term mercury air toxic rule, epa admitted it would raise energy costs by 3% between the power plant, epa admits that raise energy costs by 2% by 2020 and there's a lot of evidence that goes into increasing energy costs usually is not at all a bit and for the manufacturing sector. charles: the top of the food chain with an points with his white house is the environmentalist's though regular people, would be business owners, manufacturing goes by the wayside and that would get the sell-offs. do you think we would be this susceptible to china manipulating its currency if we would allow our manufacturing base to compete on a firmer

footing? >> it would certainly make it a lot easier. regulation operates like taxes and someone has to bear that burden, shareholders, employees, more often than not it is consumers through higher prices and sometimes all of the above and then make it difficult for the manufacturing sector's to compete. charles: i love when someone comes on and have all the facts. thanks a lot. even when the facts are hurtful. oil briefly dropping below $40 a barrel, not good, energy stocks one of the biggest losers of the year continuing to get slammed. these are some of the names that are just getting hammered and the question now is when will gas start to drop? and markets now also continued their downward spiral. we will tell you the companies that getting hit hardest. you may not want to know but we have to tell you anyway. and multi-layered security. it's how you stay connected to each other and to your customers.

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charles: wow. it has been a rough week for the u.s. markets. right now, today alone, the dow still down more than 300 points. in fact the dow and s&p are in the red for the year and companies in those indices are also taking really big hits too. adam shapiro on which stocks you should be taking a look at. which ones are getting hit the hardest here, adam? >> which ones getting hit hardest especially on dow, only one stock is trading in positive territory. apple is also down.

nike is down. apple is down 4%. microsoft 3.3%. boeing, down 2.7%. goldman sachs, goldman sachs down almost 3%, 2.8%. that is who is taking it hard on the dow. look at some different stocks getting hit as you point out earlier why are they getting beat up? disney, which hit $122 a share, not too long ago, back below $100 a share. they are down today. they have "star wars" franchise and "star wars" theme parks. who doesn't love "star wars?" disney taking a hit. oil which is trading below $40 a barrel. that is the first time that happened, what, since 2009. but oil trading at $39.94. actually went as low as $39.86. but exxonmobil, exxonmobil is down today. they hit a new 52-week low which surprise ad lot of people. they're trading now at $73.11.

earlier today they got hit pretty hard. they were down as i said, new 52-week low. you look at a stock like hewlett-packard. everyone is down today. hewlett-packard, second largest computer-maker in the world, who buy as computer anymore? well apparently people are happy with this break up hewlett-packard into two separate companies. the brokerage houses are reiterating they feel positive about hpq. that stock is up today. it is one of the bright spots. up today almost 3%, charles. lastly we're getting ready back to school. target was trading positive all day yesterday but got pulled down with rest of the stocks. walmart today, walmart is having a rough go of it. hit a new 52-week low, they're trading down today almost 2%. they're not having a good time. charles: autos that you mentioned, stay away from walmart. i have a special report out viewers entitle to it, go to my website, wstreet.com.

he can on with a yield of 3.7%. conocophillips yield of 6%. people thinking about bottom-fishing you can also get paid. >> you're the expert in this kind of stuff, disney? come on. $122. they have got "star wars" coming you don't think good opportunity to fall? charles: people are conduct the cord. this is overreaction. that is how you make big money in the market through overreaction. to rachels campos duffy, how republicans can benefit from the selloff. getting really ugly. we're down a lot. here is the thing, percentagewise, we're barely in the red but it feels worse than that. i think that will help the gop, what do you think? >> well, first of all, i might be able to help walmart. i have seven kids and i still haven't done my school shopping. charles: will you do it at walmart or amazon though, that's the question? >> i'm a walmart girl. charles: okay. i hear ya. i hear ya.

>> it is ironic. listen, i think that the obama coalition that got him in office, women, minorities, young people, they're the ones that have been hurt the most by this economy. that is who the republicans have to go after. it is ironic, right? here we are, having conversation about birthright which i think is on extremes of the immigration issue. at the same time, we have a republican field that is the most racially-diverse field in u.s. history. two hispanic, african-american, east indian. i think that the republican party needs to be careful about this argument. sure there was pent-up energy that i think the political class missed about the immigration issue, about the desire to solve immigration but there is some dangers here for them. they will need that, to pick off parts of that coalition in order to win this election. charles: that is the classic divide right now. that is what you have got going,

right down the center. trying to whole politically correct approach both sides of the aisle use, some say you have to tiptoe around you don't want to hurt someone's feelings to get them to vote for you. why a lot of people believe the selloff will help the gop, nothing hurts anyone's feelings the fact your portfolio is down, paycheck is down. hope and change that was promised never materialized. >> absolutely. let me tell you my organization, the libra initiative, we're on the ground trying to convince u.s. hispanics free market is way to go. big government policies and dependency will not lead them into the middle class and upward mobility. these discussions on very extreme are not hopeful for groups like ours trying to do work. charles: keep doing the works you've got to do. maybe somehow we'll all find a way. listen, we know that cubans, a lot of people are have, are famous for their work ethic and

things like that. you know, but a lot of people have been lured by freebies of government also. you have your work cut out for you. appreciate it very much. seven kids, wow. they're bitter, but are they going to be broke? talking about the bitter boomers. there they go. i can't wait. they will talk about the market selloffs and i know it is the millenials fault, next. ♪

>> i'm nicole petallides with your fox business brief. 300 point losses to the dow jones industrial average yesterday. yesterday, 358 points. today, 304 points at moment. we're off the lows but down 1.8%. for the week the dow is down 4 1/2%. we're seeing some serious global selling and right here at home. we're watching the nasdaq. nasdaq is only of major averages that actually is holding on to up arrow. recently it has been up six 1/2%. guess what? it is up .7%. not even one pull percentage point. xlk, these are tech stocks. we're seeing tech sector getting crushed today. worst week in four years. apple, microsoft facebook, google under pressure. how about oil? oil at 40.22.

energy stocks getting hit hard along with it.

charles: stocks are getting absolutely rocked. they're dropping but so are the bitter boomer retirement fund and they ain't happy about it. we have steve lieb, charlie gasparino, list mcdonald and gerri willis. what will it take, will make of this massive drop.

essentially we have "beauty and the beasts," right? just kidding. what do you call that the hair in your ear? that's cute. i'm just joking. >> boomer land. charles: this is distinctive boomer trait. i cut mine once a week. i should cut that more often. what are we making now, bitter boomers are getting a little angry. i'm a retiree, should i sell? should have stocks they wanted to sell, disney, under armour, are you nuts? they're getting angry. >> charles, this is the problem. let me make a point. you can weigh in. a lot of millenials are financial advisors and leading people the wrong way. you're like me. we're boomers. you're not as -- no you are kind of bitter. charles: sometimes. >> you tell people don't panic. millenials will tell you they

have no experience, i don't think they have read enough about financial history, millenials would say sell everything. [laughter] >> let me follow up what charlie is saying a millenials are a lot are certified financial planners. that is who boomer will go to get advice. they may or may not tell people to sell -- >> not a bitter boomer. >> not a bitter boomer hopefully. listen, charles, only three assets you're allowed to mention if you're cfp, are stocks, bonds and cash. yet if you look at performance of assets, when the great recession started in 2007, best performing asset is gold. now if you look at performance -- >> they all hate gold. >> millenials hate gold. >> just talking statistics. i'm not a goldbug. i'm just talking statistics. look at any of my books, you won't see fold mentioned pre2000. since 2000 best performing asset is gold. charles: right.

>> if these guys woke up, millenials woke up and punched a chart on bloomberg machine would see gold. >> what is the bias against gold? >> they have a bias against it. charles: to charlie's point, yolo, you only live once. fmo, fear of missing out. they must live in the moment. forget about investing. save your money. don't even put it in the market because you may want to go to concert next week. >> you can not live in the moment in this stock market or any stock market. we as bitter boomers emotionally wide trading ranges. bitter boomers have been on white-knuckle ride with the markets. we know check under hood of portfolios and knock out lose -- >> i heard there are no tv sets at burning man to watch the market. charles: that is what they use as firewood. >> they don't shower at burning man. don't watch tv. >> wait, wait. what is the new bitter boomer,

actually you're a millenial in disguise, what do you have to say? >> bitter boomer, what do you -- charles: you're representative of millenials. >> what? well, no. charles: they said you're going to be ambassador of the millenials today. >> i don't do that nonsense. sorry. hate to disappoint. i'm a boomer. and imbitter, just a little bit. only because they're laying on your couch, sucking up your food and your money. what do you get for that? nothing. >> gerri, you are so much on the money before -- >> not now. >> when you were saying, these things happen. don't try to time it. and you know who is on your side? it is not millenials. it is warren buffett. he is 85 years old. >> he is not a boomer. >> he is not a boomer. he is before the boomers. charles: what the hell is that? don't even have a category what he is is. he is just old. >> talking to buy stocks. charles: what are you kidding me?

so help us out. millenials that are watching, come on you nice, you're right. my son is at bottom. 18. right up there. >> can still change him. charles: i'm trying. let me tell you how hard it is. working for me right now. he is doing a pretty good job. going to london in couple weeks. every morning, charlie you have to change the wee wee pads for the dogs. go out there today and he didn't change wee wee pads. having a hard time, i'm waking up early. using bathroom and brushing my teeth at same time i never had to go through this before. they have, this is form of boot camp. millenials think they have it tough though. >> i hear what you're saying. just like hearing you use the term wee wee pads. bitter boomer. >> it is big, tough bruising guys saying wee wee. charles: steve wanted to know if i had a couple. i think we'll leave it there. >> want to say one thing about burning man.

i done some research on this millenials love burning man. the people i've talked to about that, about burning man they don't watch any business. don't talk about the markets. >> they don't care about anything long sighted. charles: burning man, ever crunch numbers? they're making 40, 50 million in event. another guy who knows what is going on, ben stein will tell us to make it on the market selloff.at he has words of wisdom and he is next. hungry equals overshoppi. hi my name is tom. i'm raph. my name is anne. i'm one of the real live attorneys you can talk to through legalzoom. don't let unanswered legal questions hold you up, because we're here, we're here, and we've got your back. legalzoom. legal help is here.

charles: steve lieb tried to tell you, there is one bright spot, guys, take a look at it, it is gold. gold is almost up 1% today and looking at six-week high. dagen mcdowell in for trish. dagen, a lot of people flocking to gold. maybe live up to safe haven role.

>> or bonn, which at least you get paid something to own bonds. watching gold. it has not had a lot of love. lately up, what did you say, more than $6 an ounce, charles. but it is hard to find anything that people are willing to buy in this market, right? >> although, again, a lot of the, a lot of people thought gold would do extraordinarily well with all money printing. it had a huge run. we need to look at gold in my mind, with the 10-year chart to put in proper perspective. >> go back to 2011. if you bought at top you lost 40% of the your money. >> right. >> i want to go back since this is such a top market and i want to go back to talk about burning man and wee wee pads. that was takeaway from the segment. charles: a lot of people asking me on twitter, what the heck are you talking about. i should clarify, we have three

york kiss. occasionally we use wee wee pads to pick them up. >> on a day like today some folks need diapers. charles: have a great show, dagen. >> see you soon. charles: we just did the bitter boomer segment. but are we about to talk to a bitter ben? ben stein, a lot of people are worried about this market. what are your pearls of wisdom? >> the market will fluctuate. when jpmorgan asked what would happen with the stock market he said it will fluctuate. the question i would ask, what do you think warren buffett is doing? do you think warren buffett is selling? obviously not. he would be buying. market putting very good stocks on sale at bargain prices. it is time to buy. i don't know what the him horizon will be until it corrects to go back to former high. since 2008 it has made a fantastic move. gold on other hand our dear friend dagen said fantastic

perperiod downward. if you worry about day-to-day perspective you should not probably be in the market. charles: if you said you have to worry about it. i don't think, ben, people don't have to worry about it, because in part they lived during a couple market crashes. during the crashes some of the moves they made selling at low to give them confidence. every time we go through the period and they're ready to panic first and maybe ask questions later. >> temptation of human being is to sell, when he is fearful. temptation of warren buffett is to buy when other people are selling. so i think we can learn from warren buffett. by the way warren's stock is way, way down. to me says it is time to buy. if you're going to be terribly panic inned about moving into the stock market you should not be in the market. if you are in, don't pay attention to it for 10 years at a time. charles: with that particular philosophy then, would someone get on program where they always

buy? i guess they call it dollar-cost-average, no matter what, hey, once a month i put x-amount in the market and i will buy? you doesn't worry about picking bottoms but will when you get at the top? >> my old pal, alan abel son, he would editor of "barron's" hated dollar-cost averaging. i think it is good idea. put it in don't think about it long periods of time and make substantial amount of money. it is treacherous estimate, not for faint of heart but over periods of time you will do great. charles: people talk about the overall wealth gap, richest people around the world more often ore not having equities working for them. >> owning stocks or something working for them. >> you have to. it is capitalist society, my friend. tough have capital. the he's heft, -- easiest way to acquire capital is buy stock,

particularly on bad days and weeks like this. it could get worse, a lot worse. over long periods of time it will do great. mr. buffett our preferred holding period is forever. words of great wisdom. charles: so do i. real quick before i let you go, ben, what about influences of things outside of fundamentals of market, politics, china? the feeling in this country consumer confidence coming down? people don't feel good about things. sometimes it feels like that also plays a role? >> well i have been around a awful lot of stock traders for awfully long time and spoken to them many, many times. they're wonderful group of people. they don't sell on macro events. they don't sell on macro news. they sell because the market is going down. they want to catch that wave. when market is going up, they buy and catch that wave. they're insulated from macro news. charles: ben, thank you very much. see you real soon. >> thank you. charles: breaking news on the atlantic. hurricane danny is now

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because it lasts longer in 99% of devices. charles: the dow closing in to correction territory. that is when we're down 10% from a high. that magic number would be is 6,481. we closed in on it several times. near that number. i'm not sure how we'll close. remember yesterday we had massive selloff into the close. i'm not sure why anybody would buy this market going into the weekend, summer weekend doldrums. strictly to the downside. i tell you this much, a lot of

buying opportunities created. i will tell you about all the moves tonight at 6:00 p.m., "making money with charles payne" and offer a free report to everybody at my website, w street.com. don't panic. meantime right after me, we have a huge event, rock star event. donald trump will fill up a stadium, football stadium. lou dobbs will cover entire thing. lou dobbs covering donald trump. remember donald trump, started out to meet a few people in small room. went to bigger room. went to even larger room. and now at 50 seat stadium in alabama. absolutely huge. getting beatlemania treatment. i can think of no one better to give you blow by blow, than lou dobbs. he has been around. he talked to "the donald" on several occasions. we'll be here to walk you through it. hurricane danny, category 3 hurricane. we're looking at eye of the

storm. it is picking up steam. it has been upgraded twice already today. very powerful storm the we will keep an eye on it for you. we'll leave you with dagen mcdowell. dagen: charles, keep talking about trump. the market coming back a little bit. hey, we'll talk what we can get. charles: got it, "the intelligence report". dagen: i'm dagen mcdowell in for tricker reagan. it is massive selloff on wall street. sell first and ask questions later. look at markets. dow off the lows of the day. down more than 300 points much of this afternoon. dow on track for back-to-back potentially, if we see this, back-to-back 300 plus point losses two days in a row. that is something that hasn't happened since november 2008, right? right in the depth of the financial crisis. fears of a globe slow down weighing on global oil prices.