stuart: i do not want to give away any of your time. it is yours now. neil: what a fantastic show. you probably heard from stuart what is going on with walmart. in a world of hurt. the biggest daily drop ever. connell mcshane on what is ailing retail. connell: it is a real mess for walmart. no doubt about it. looking at flat sales growth. it is blaming a strong dollar. cutting into revenue out walmart. $15 billion. you look out further than that. the earnings will not be so great.

analysts have been projecting that far out. looking at earnings to go up. that obviously is not good. walmarts costs are going up. raising wages. going up to $10 an hour. that will raise your costs certainly. a billion dollars added on to cost. lower sales. there is no doubt about that. looking at the worst day. the lowest point, neil, we can always talk about that later. may of 2012. neil: and look forward to hearing more. bumping a lot of other retail stocks. this could be an indictment of the economic recovery. a matter of how may times he has said it.

listen. >> billionaire friends. a hell of a lot more in taxes today. taxes in the future that they are playing today. >> the republican party. neil: you can call them carnival barker all you want. he is barking up the right tree. by the likes of ben carson, still in the likes of being in the republican party. he does beat hillary clinton in the matchup. donald trump says he is the reason for that. a confident billionaire knowing how to get the job done. take a look. >> i really think that they are looking for confidence now. such a disaster. obamacare.

putting the company out of business. it is really when it kicks in. you look at what is happening in serious and isis. i think people are tired of it. they are sick of it. i think that that is why i am doing so well. i will bring our jobs back from china. we will put people back to work again. through the roof. not 5.3 or 5.4. it is 25%. we will do a good job. i think that that is what people want. a want strength and confidence more than anything else. neil: the casino billionaire is very, very close. not official yet. it has just been widely rumored to be the case. what do you make of that? >> i like sheldon a lot. we have a very good

relationship. if sheldon gives to him, he will have total control over rubio. you look at jabber. under $25 million. rubio has money in the bank. anybody that is given a lot of money by these people, they are totally controlled by the people. maybe he is not going there. maybe he is going somewhere else. sheldon, you can say coke, i could name them all. i know all of them. they have pretty much total control over the candidate. i think that is another reason why i am leaving by so much. nobody controls me but the american public. neil: you are a billionaire. you have a lot of money. how much you spend on this campaign since the beginning.

>> honestly, very little. i had earmarked until this point. i spend zero on advertising. you and fox and all of the others, every other network accompanied me a lot, to put it mildly. it is almost like putting that on top of the program. it would be too much. we expected to be $20 million at this point. so far, nothing. i think that that is a great tribute to your show. it is a business show predominantly. you know, sort of a great tribute to business. i spent the least money and had the best poll numbers. that is pretty good. neil: you say a couple of million. do you become the nominee for

the republican party? you would have to spend a lot more and that would get very, very pricey. >> no. i do not mind spending it. once we go through that, billions of dollars comes in. everybody wants the support. going all the way -- neil: the nomination. other things common to pay for this? >> asking about the party. weighing a lot of money. the party will grace the money. i signed the pledge. we honor a lot of different things. neil: what if it is sheldon adelson raising on behalf of the party? >> people will put money in. maybe for the party. i have not gotten that far. my pledge is i am going through

the entire process of nominating. at that point, i guess that the very end, the party kicks in. that is fine with me. i just do not care. i am funding. i am self funding. i am not sure i get enough credit for it. i think that a lot of people really respect that. i am not controlled by lobbyists. i am not controlled by special interests or donors. neil: when you first announced months ago, you are still on top of all these polls. >> it has been a long time. nobody thought that i was running. i filed for may. and then they said, maybe it is not as rich as we thought. then i filed the largest financials in the history. ninety-eight pages.

it turned out much richer than anybody thought. a great company. that is important. that is what we are going to do. renegotiating trade deals. doing different things, neil. we will make america great again. it really has resignation. if you would have told me from virtually day one i would be number one in the polls every week, really have gone up. maybe it was 60 minutes, i do not know. we are substantially ahead of everybody. if you would have said that, i probably would not have thought that was the way it was going to go. neil: does it bother you, how to build a difference between a front runner and a fake runner. this serious problem with taking donald trump seriously. he will fizzle out shortly.

no matter how long you are in this. they still say you are a phenomenon. >> my life has not been one of sizzling out. i have one a lot of things. a lot of different things. not just real estate. neil: i have covered you. when you hear and see this, it has to rattle you. >> vanity fair is a failing magazine. you know, i did not read greenfield. i do not read a lot of those people. these are all people that said i would never run. and if i did run, maybe i would not do well. a lot of them are different. that is what they want people to believe. i have found the media to be unbelievably dishonest. 50%. 60%. unbelievable.

you are not in that category, by the way. neil: who is? >> i could tell you. there are some groups that are despicable he dishonest. i tell you what, the public knows it. what i have found is that the public is really smart. on nbc, i did the today show. they just came out with a new poll. they did not use that poll. they used another poll. i said wait a minute. i am on nbc. why aren't you using the nbc poll. i just found such total dishonesty in terms of the media. the public gets it. that is why i am doing well. >> you do come under a lot of heat. their campaign came back and said -- >> they are not denying it. no, no.

neil: she did volunteer. you say that they are lying. >> first of all, pushes so low in the polls i do not think that it matters. what happened is if he cannot -- not get caught, how is he going to deal with russia, china and iran. i do not think that it will work so well for us. neil: ted cruz got some headlines last week when he talked about you. he said you will not be the nominee. i do not think that donald will be the nominee. in time his supporters will end up with us. what do you think of that? >> do you think you will win. he said yes. would you say no i think trump is going to win? what is he going to do, say that hillary will not win or whoever it may be. ted cruz said he is going to win. he has treated me very nicely.

grave respect. neil: the only one you have not just, at least publicly. >> that is right. then carson has been very nice also. and others. ms. kristi has treated me very nicely. i have great relationships with many of them. a few have really gone out. look at perry from texas. he really went after me. nobody knew what happened. all of a sudden he had to get out of the campaign. so far everybody that has hit me has gone down. that is the way we like it, neil. neil: you mentioned chris christie. your experience does not prepare you for what you have to face if you become president. you just cannot fire someone. there is a different mindset

from which you are ill-prepared. you have the qualifications they are. you would not be a good president. i think that is what he is saying. >> i have employed tens of thousands of people. i am all over the world. practically no matter where you look. i have deals that are phenomenal deals. literally many of them ready to be signed. i'm not focused very much on it right now. i am doing these things in this thing which is making america great again. the most important thing i can do. i know i will be successful at it. all over the world. tens of thousands of people. so many different things. i dealt lyrically all over the world and in this country. i think i am probably better prepared than anybody running, actually. neil: he said i think its

attitude towards the critics is below the office of the president of the united states. some of his solutions are, quite frankly, gibberish. >> he asked me for campaign contributions a few years ago. he was fine. all of a sudden he started attacking me for some publicity. he has zero in the polls. he is a senator from south carolina. they will have some people that hate you. i never hit first. i always counterpunch. lindsey graham was one of them. he was quite vicious about it. he has to get out very soon. he has no rating whatsoever. at some point when you get zero for four a number of months in a row, you have to get the picture. he hit me and i hit him back. neil: do you ever think that you had back a lot harder? you come back with a bazooka.

>> they are not really. shooters. they are very vicious. me and lindsey graham. the ones that go after me hit me pretty hard. neil: your tax plan got a lot of attention. a lot of your critics seized. exempting the additional 75 million households. bobby jindal, among others, saying everyone should have skin in the game. maybe not having skin in the game does not help anyone. >> i fully understand. the problem is from a bureaucratic standpoint, you are talking about me as the people. i love the everybody has to pay at least $1. you're talking about tremendous work. millions and millions of returns that you do not have to go through that process now. ultimately, i am getting a big tax reduction. it will have people working

again. these people will make more money than they have ever made before. the economy will really expand. when it expands, these people that are not paying will be over the threshold number which is about $25,000. anywhere from 25-$50,000. they will start paying tax again. number one, they are not paying any way. number two, we need jobs. we have to take jobs back from china, japan, mexico. people will start paying tax. i want them to start paying tax. i also understand what they're saying. even if you pay the dollar. that is a tremendous cost. it is very bureaucratic. neil: all right, donald trump. walmart. forty points. what is going on? what started it. charlie gasparino has a couple of ideas after this.

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neil: all right. walmart is still selling off. this drama and why they are missing sales targets. why they are buying back $20 million. they are nervous. early this morning charlie gasparino was following developments. charles: it started tanking. the ceo mcmillan forecasted a year. missing all these targets. companies obviously a mess. here is the interesting thing. mr. mcmillan was on cnbc. no, it was such a softball interview according to several brokers that i spoke to.

brokers and their clients are actually buying shares. they thought whatever was going to be announced today was going to be fairly positive following that interview. neil: well then whose fault is that? charlie: i watched the interview just to make sure. what these people were telling me was accurate. they could have hit him harder on what was coming out. they asked a couple of probing questions. the notion that there was this massive surprise. neil: he did not -- charlie: they did not televise it. they did not press him on it. they did something wrong. neil: you pounce on a soft interview or whatever it is, it is on you. charlie: i think that it is on

cnbc. dagen: clearly, hiking wages, raising their minimum wage as walmart $10 an hour. neil: a reaction. dagen: he is probably going to get into a lot of trouble. i just wanted to say. if you are going to make a major announcement that has to send your stop down 9% at the moment -- neil: 10. charlie: 7:00 a.m., 7:30 a.m. we looked at the stock price. it went marginally higher. it leveled off. right before the announcement it started to spike. why were investors surprised when the ceo of the company was on a business news network. they were surprised because the journalists, their job is not to

give me information. my job is to probe it. >> did they talk about the stock i've got planned? >> should he have? i am prepared to buy back the stock. should he have an appearance that he would be making a statement on? >> they should have asked tougher questions. >> i would not have made it. neil: i do not see this as cnbc's fault. charlie: absolutely. neil: you are a savvy investor. if you are that much of an idiot to pounce on that, then shame on you. charlie: i am not saying that it is their fault. you have the ceo on before a major announcement. make sure that there is no surprises. neil: he should have said --

charlie: you interviewed donald trump. you had him on the air and he hinted kindly that maybe he was going to drop out of the race. an hour later he it announces he will drop out of the race, but he does not tell you that. he hinted at it. dagen: i read some of the interview. i did not see it. charlie: the journalists and interviewer. if you had donald trump on a new asked him are you thinking of leaving and he said -- neil: no reason for that to come up. charlie: a lot of reason for that to come up. neil: i think you are monday morning quarterbacking this. i am just saying. when investors explain a network for problems they are having, when it was the ceo, he knew it was going to make a big announcement. charlie: you are the

journalists. guess what, you surprised the investing public. you have failed. if donald trump announced -- dagen: can i make one point? neil: real quick. dagen: -- >> it should not be that way. ♪ ♪ ♪ (singing) you wouldn't haul a load without checking your clearance. so why would you invest without checking brokercheck? check your broker with brokercheck. that's a good thing, eligible for medicare? but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you.

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neil: the biggest retailer in the country. problems with shoppers in this country. sitting on the federal reserve. now is the time to raise interest rates. what do you do, connell mcshane? connell: probably raise interest rates. see what somebody like that has to say about an environment like this. someone who is calling to raise interest rates before. neil: the lone wolf.

>> yes. anybody. walmart was interesting. i think that dagen was trying to say it at the end. they are investing in the future. buying back a lot of stock which on a normal day -- neil: that is the thing that they led with. then, the reasons one. >> that is the problem. sometimes you are distracted from everything. maybe there is some of that going on. it is not encouraging for the retail scene. the walmart is a piece of economic data. we really are disappointed. you look inside of it.

it is obvious not great, september not great. you would think with lower gas prices they would be. neil: right. charlie: take the cars out overall. the numbers are not good. neil: is that indictment on all retail, consumer spending? maybe they will lower. these wholesale places. connell: that's right. you have an environment where they are slowing job growth. they have a mess of the situation. even walmart is speaking of overseas getting into this strong dollar. they are not the only company being hurt by that. the s&p 500 comes from overseas. now, the federal reserve will raise interest rates. you know, his argument that he's

been making before. neil: less of an argument. >> that's right. neil, thank you very much. in the meantime, we will be that percentage. walmart was the big winner. the presidential debate. reminding a lot of folks that we are lifting wages. helping a bout of folks out. big companies not paying enough for their workers. [ male announcer ] some come here to build something smarter. ♪ some come here to build something stronger. others come to build something faster... something safer...

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neil: all right. take a look at walmart. it is locking in the dow 30. the accounts are up. missing earnings targets. a sales forecast. lotta folks are pouncing on this. does it have anything to do with walmart's decision to hike wages across the board. do not buy that. the former presidential candidate. you heard that argument. maybe this wade into it. walmart was doing this. these wage hikes at the wrong time. >> we have to go a little bit deeper than this. walmart is an extremely tough competition with amazon.

amazon has used its system effectively to challenge walmart right at its core. i think rather than blaming the workers, i think walmart sales strategy is really what is at issue here. neil: what is scary is i agree with you. you may want to change your point of view. [laughter] in this environment, it is at a cost disadvantage. walmart is at a cost disadvantage. it cannot compete the way amazon can operate. now, having said that, can you make the argument that walmart compound it brick and mortar disadvantage by paying a lot more for the workers within its brick-and-mortar establishment. >> not at all. the consumer economy, people will turn around and spend the

extra money that they have. >> you lower the price of those goods a little bit more. they cannot afford to do that. >> i do not think that you have walmart employees shopping amazon you'd they will probably want to support their company. neil: i do not know about that. if i can get it at a cheaper price on amazon -- >> your paycheck -- neil: i think you give people too much deep concerning momentum here. it is realistic for democratic candidates to target big companies like walmart and others, to push to raise wages. i'm not saying it is a humanitarian thing to do to pay people more, but some are prepared to do that and others are not. it is fair to say given the competition it is not. >> well, first of all, we have to recognize its effect.

it is a huge issue in this campaign. neil: forcibly raise the minimum wage and forcibly raise taxes on the rich. >> a knock out effect that would be positive. neil: how do you know? are ready announcing it is modernizing. they were doing that before the wage increases. they are speeding that whole process up. >> increases in wages, particularly raising the bar on a minimum wage has a positive effect on the overall economy. >> i agreed to an extent. it also makes people less reliant on government programs. neil: raising it is one thing. i do not think jacking it up to $15-- >> it is really about the living wage. just to go back to walmart.

neil: do not make it $15. >> you have to have a national standard. you have to recognize their regional differences. neil: recognizing regional differences. do not make a one-way rate. >> if you do not have one standard nationally, you are in trouble as a country. neil: would you be open for that? >> i am open to raising wages for everyone. neil: $15 across the board. unrealistic. >> i do not agree with that. you can take that into account. overall, nationally, we should be looking at at least a $15 minimum wage so that families can survive. >> getting the big boost.

the others who are working with those lower wage workers and they see those wages go up for them, raise their wages, to? >> rising tide lifts all boats. neil: easier said than done. >> walmart. go back to where we started. amazon. maybe amazon mom. neil: they are less able to offer dramatic raise increases. >> that could have an effect. there is no question about it. there is no excuse for cutting wages for their employees. neil: very good having you. they could have used someone who has the ability to talk. [laughter] >> rideout people did pretty well. neil: it was like going to the dentist. you are a good man. thank you very, very much. was anybody surprised that

hillary clinton did well with those characters? meanwhile, unions are definitely piling on walmart. all this saying i told you so. the situation with walmart. comfortably berating it. ♪

neil: all right, a thing or two about walmart today. worst day ever on the markets. contributing a big chunk. gerri willis on how this is playing out in the political's. >> the big ad in last night ebay. who sponsored it? the union. brought to you by the union. 1.4 million workers. or thousand stores.

11% of retail stores of kurt and a walmart. this story is critical, critical. frankly, they offer goods at decent prices which does not always occur in rural america. >> the same groups that say you can afford to cough up. how does this play out now? >> that is what is so interesting. now they have terrible results. you can expect this across the board. so many companies have followed in the footsteps. raising minimum wages. namely because of public pressure. that is not the way you bit more money. jo: certainly walmart. the numbers and saw what they could and could not do. you could make the argument. >> to be sure, they do not have the online presence that they want. they have more competitors than

others. they were just mentioning dollar store. they say some competitive struggles. that is for sure. neil: be careful what you wish for. you just may get it. >> absolutely right. at the end of the day, do you want more jobs or higher pay for fewer jobs. not just to workers, communities that rely on these companies for taxes. neil: might be entertaining. any company looking out walmart and saying maybe not. maybe not. maybe you should earn an improvement in your wage. >> that is a good point. still early on here. the repercussions are enormous. we are hurting. a variety of reasons for that. all of this other wage and pressure not helping. at this moment, we are told that

president obama and joe biden are meeting. we are told that these are regularly scheduled events anyway. two things that i think of. what is on the menu and secondly why now. after this. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored.

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call liberty mutual at switch to liberty mutual and you could save up to $509 call today at see car insurance in a whole new light. liberty mutual insurance. neil: we are just getting the numbers in. cnn. if less than the coverage of the republican debate. still pretty good numbers. 3 million viewers tuning in for that democratic ebay. the same night that $1.3 million came into bernie sanders after that debate. for hours following the debate.

bernie sanders got $1.3 million in campaign donations. speaking of that debate, joe biden says that he was very impressed with all the candidates. they did a great job. they even had a podium ready in case he did announce. we do know that he is meeting with the president of the united states. this one is given a little bit more scrutiny. making a decision whether he will run. reverend, good to have you back. do you think that joe biden should run? >> i think in light of the benghazi attacks. the e-mail attacks. some sense they have discredited the investigation of benghazi this week. she may very well use a

platform. his 15 minutes conversation last week, there was nothing found that had a negative effect. she seems to be knowing them. last night, grant assembles. >> it is odd. two different issues. >> you may say benghazi. the e-mail thing, that is a big deal. >> president obama said there was nothing in them. >> nothing to this irs that would appear to be targeting a conservative individual. i do not know if i take the president's word here. that is all i'm saying.

>> resist the temptation. neil: that is what i wanted to point out. not regret coming in because she did well enough to say maybe you do not need to. >> correct. she will survive these attacks. she would want to fall over. you must understand the democratic party infrastructure. neil: a lot of people agree with you on that, reference. prior to the debate, there have been polls that show joe biden does far better get to the top republicans dan does hillary clinton.

in fact, he beats them all. that has to be tempting. >> he is on the silent ladder at this point. he leaves it and it hits the field. having an impact. the last among them. among blacks. among whites. the civil rights work. on the track one. a global hero. these polls go up and down. >> they do. i am looking at the quality of the opposition. i am sure that they are all great guys. i am just thinking -- >> the republicans --

neil: look, they are horrible. i should be in this race. >> coming into this late. that would be a handicap for him. neil: not enough time for money? >> leaving on him. unless it was an emergency situation. i must hope it is very credible and very strong. last night, hillary had great preparation.

she handled it quite well last night. >> you are right about this. taking that up on the stage. being mature. being a healer. refusing to accept the attempt nation. the conscience of the party. putting america down. we bailout the bank. we must bailout the homeowners. he is right about that. we focus a lot on police behavior. neil: all right. there will obviously be political disagreements on that.

>> i beg you. i hear what you are saying. it is always a pleasure. thank you. a little bit later in this broadcast we will hear from douglas wilder. barack obama has been a disappointment.

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opinions. there's no shortage in this world. who do you trust? whose analysis is accurate? how do you make sense of it all? a simple, unbiased stock score

consolidated from the opinions of independent analysts... is that too much to ask? nope. equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. and it's only on fidelity.com. open an account and find more of the expertise you need to be a better investor. . neil: all right, forget about how you get to two trillion plus that a lot of companies hold abroad back here. what happens if trillions more just keeps going over there? ireland wants to get that cash. right now it has one of the lowest corporate tax rates, around 12.5%. a staged idea to do this in ways, but to bring it down to around 6%. you tell me that a google, a microsoft, an apple doesn't find that tempting? a lot are already busy building a lot of shops there, compared to our corporate rate of 35%,

talk about a disadvantage. connell, liz, charles payne what that would mean. charles, what do you think? >> brilliant move on their part. people need to understand what's going on here. gilead, a u.s. bigtime biopharmacompany came out with a blockbuster drug, they based the drug intellectual property in ireland, cash holdings went from 15 to 18 billion dollars in one year. last month we took in 10 billion dollars in intellectual property from around the world and paid out 3 billion. one of the few areas we have major surplus with the world and they're going after it. they're going to get it. who would want to pay 35% when can you pay 6%. neil: many have lower tax rates than ours, they're crying foul with ireland. >> they are crying foul. neil: because ireland is going to get all the business. >> they have the right play for what ireland is doing, you don't see the austerity riot us that see in the european union, any time in ireland --

>> they took the medicine. >> they took their medicine. neil: a lot of medicine. >> and they are growing about 6% a year. by the way it's not just ireland making this move, florida's governor rick scott is doing the same thing. neil: and moving to ireland. >> and all the tax and regulatory states here in this country, watch out. they're putting out the sign, we're open for business, and these people need to step up in these other states. >> this is the one thing, and you're right, they have had a lot of issues and had to take medicine. i was there i guess five years ago when the economy was going crazy and the mess with housing and everything else. any time we interview a government official about this, at some point in the interview, you say what about the corporate tax rate? 12%, it's going lower. neil: never give it up. >> whether they were liberal or conservative, the irish politician knew that was what they had going for them that they could get dell, the big operation. >> and great britain is trying to do it too.

neil: we're very close to agreeing, on the republican candidates, to how to get the two trillion back home, but if this remains the case and the top rate is 35%, trillions more is going to float away. >> it's the cheapest form of stimulus. you can't even argue with that. it is the cheapest form of stimulus to bring the two trillion home. >> one thing when a company like apple sells iphones in china. fine, but when we talk intellectual property, we're talking about moving the brains of the operation from outside this country, that's recurring revenue that keeps pouring. in you don't go from 8 billion to 15 billion dollars a year, that's one company that decided to put one property, intellectual property in ireland to set up america. >> tricky by the irish to carve out something, not to say overall corporate tax to be low, but specifically with patents and as you point out intellectual property, all

right, if you do this, the brains of the operation are going to be lower. you get the type of business you want if you are creative with the tax code. >> hard to duplicate. one thing to have cheap labor, another thing to match the brainpower. i don't think we leverage it enough, protect it enough. people need to understand this is an amazing source of revenue for our country. find ways to protect it. >> ireland is cutting budget deficit below eu levels. the question is, can you convince people this is the way to go in this day and age? neil: especially in this day, and on this day, seeing walmart announcing it's in a world of hurt. now whether taxes are part of that, wages are a part of that, something is going on with spending at walmart and consumers not showing up at walmart. it's a point that peter barnes will be bringing up with one jeffr jeffrey lacquer. all right. >> reporter: joining us to talk the economy and the economic policy, interest rates, last

month, he voted to raise rates at the policy meeting. he was outnumbered as some of his colleagues were worried about developments overseas and said they wanted to wait -- the data to wait on the numbers. he issued a dissent and depending on the data, the fed could raise rates in october at policy meeting at the end of this month. president lacquer, welcome, and let's look at the data, particularly today, we got a weaker-than-expected wholesale price report, weaker than expected retail sales, when you gave that interview october 1st, it was the day before that weak jobs report came out. what is the data telling you now and will the fed raise rates at meeting in two weeks? >> well, to cut to the chase, i don't know whether we're going to raise rates in october or not. i made a decision at the last meeting to dissent, i thought conditions weren't at higher rates then. the same in june, i was

persuaded to hold off the time of interest rate increase wouldn't matter plus or minus one or two meetings. beyond six to nine months, as for the data, retail sales report is maybe a notch lower than expectations. i don't think it changes the outlook fundamentally, doesn't change the picture for me much. consumer spending is strong. we had strong retail numbers in the spring and summer. people looking at over 3%, real consumer spending growth for the third quarter, consistent with consumer spending, having been strong over two years, over 3% growth, in contrast to less than 2% early in the expansion. so that, for me is an important data point, and it doesn't change my outlook that much. the jobs report is an interesting question. so couple of numbers that start with one instead of two, below 200,000 jobs per month. i point out even 100,000 jobs per month is more than enough

to keep up with the growth of the working age population. growing more rapidly than that as we've been driving the unemployment rate down. my assessment of the data is that it's unlikely there's any meaningful slack left in the labor market, and it's quite plausible, the slowdown reflects increasing difficulty firms are having finding qualified workers. it's getting harder and harder, not stallout and demand of any growth. that's how i read the data, and i'll put this together with staff and colleagues at the next meeting before i make a decision. >> reporter: so but based on the data you've seen doesn't seem like your outlook has changed and you would be for pulling the trigger in october? >> well, i think the higher sustained growth we've seen in real consumer spending, strongly suggests that real interest rates need to be higher than they are now. seems unlikely real interest

rates where they are at below negative 1% inflation adjusted interest rates is going to be sustainable with this stretch of consumer spending growth at this pace. i think slack is minimal at this point. i'm confident inflation is going to move back to 2% in the near-term, after the transitory shocks from declining oil prices and the rise in the dollar play out. that's what we saw earlier this year. we had the big decline in oil prices and dollar shock in january. after that was over, we got 2.5% inflation over the next six months. the way we like to measure it best. so i'm confident that that rebound in inflation is plausible. >> reporter: sounds like october will be okay for you? >> so, again, make a final decision on the way, in but my views haven't changed much since september. >> reporter: and then, what about, though, some of your colleagues, we heard, fed governors yesterday and monday,

governor tarulo and governor brainard. governor tarulo indicating he doesn't want to raise rates until next year. he's not confident yet. governor brainard talking about developments overseas and concerned about wants to see if there is any impact of china and financial market instability, the high dollar, and whether or not that is going to hurt the u.s. economy. what do you have to say to them, and what do you think of what they said? >> i won't speak for my colleagues or characterize their views. you mentioned china, the volatility we saw over the summer. obviously from the fomc statement and the minutes, people know that the volatility in financial markets here, and the volatility abroad and the prospect of the potential for downside risks to global economic growth were present for us and something we took on

board and had an influence on the decision, i think. so i think there's been times in the past where we've overreacted to financial market volatility. particularly in a case like this, where it seems like the volatility is unrelated to follow the prospects for u.s. growth. it didn't seem to be a lot of information in equity market moves in august for growth prospects. didn't seem to be a lot of news that would warrant revising down the u.s. outlook materially. at times like that, it's tempting to pause for a while, but we've gotten into trouble by the past for pausing too long. for example, '98, we cut rates three times in response to the turmoil over the summer. we were dilatory taking it back, we got behind the curve in 1999. >> reporter: unfortunately, we're out of time, but we'll look to see if there is another dissent in october or later on in the year.

jeffrey lacker of the richmond fed, thank you for joining us on fox business. neil, we'll continue our conversation for a few minutes and have the content posted exclusively to our website foxbusiness.com. look for that detailing. neil: fascinating. he is the head of the fomc, he seems to be intimating, i don't want to put words in his mouth the walmart news and the other jarring latest developments, more noise than anything else might be a reason to not pounce immediately but that a rate hike is and should be coming. i think i got that right. scott, with fed heads, scott martin with us, zack macintyre as well. to that take he is inclined to want to raise rates, maybe, maybe not this year, what do you think? >> it seems like the same old same old fed speak, doesn't it, neil? that's the great thing, and i respect jeffrey lacker, on

target with a lot of his comment. you have to parse these words. i tell you janet yellen has taken focus away from the u.s. and around the globe where she sees stresses which she is right on with. the job market is very strong, it's weakening. she's a phillips curve sympathizer, she looks at unemployment rates as it relates to inflation which is not happening, and unemployment is way down, so is inflation. i don't see with regards to the credit stresses alone in the united states, how they can raise rates here feeling that all of a sudden we need liftoff. neil: jack, one thing that lacker was pointing out is yes, obviously the noise with walmart and the consumer spending might be slowing down, he's saying it's worth looking at but the overall theme is still heading toward 2% inflation, pick up in economic activity, one that down the road might favor hikes, maybe not now, what do you think? >> yeah, you're right.

you go back in right now, 13 of 17 fed officials are expecting rates to move higher by the end of the year. they want to move rates higher, but i'm not sure that data allows that. so they need to do one of two things. either need to not tighten and say they're not going to tighten and focus on employment which they are doing but shift gears to inflation, and if they do that, they're on hold for a long time. >> you mention a point that people miss. they are predicting, all the governors and district president that rates will go higher. the next leap would be would you vote for rates going higher. what do you think? >> if it was me, i wouldn't. neil: what about them? they're talking about the aggregate of -- do you think they would press the button to do that? >> i think they missed the opportunity in september, they should have done it. you know, you can tell i'm

hesitant because i don't have a lot of clarity. i think the fed is running the risk of losing credibility because they keep talking about wanting to tighten but the data is turning a little bit so they've got to recognize the data, you talk about noise, at some point noise becomes affirmation about noise and retail sales, you can't shrug it all. i'm in the camp to remove uncertainty over policy, tighten once and say we're on hold for a long period of time. >> look what's happened to the dollar. we're starting to see that show up in earnings. the dollar is up 20% almost year-over-year which is absolutely extraordinary because of this anticipation of a fed rate hike. neil: but things change, right? scott martin? can you argue things change, we drew a line in the sand not knowing the sands were shifting, right? >> i tell you, neil, if they raise rates here, the dollar is going to strengthen more hurting s&p earnings companies.

jeff mentioned 13 out of 15 fed officials that want a rate hike. but guess what? if they hike rates that's going to pound the market and take rates lower because that's going to stoke fears there is no inflation, no growth, yet the fed sees something else going on. neil: gentlemen, thank you, both, fantastic job, only you guys could interpret things that are uninterpretable. i appreciate that. in the meantime, i don't know whether news was broken there, we did get a little more clarity out of the central bank official, the only guy who voted rate hikes and whether he might hold his fire now. a dow down 100 points is now down 7 3. more after this. you both have a

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down planned parenthood. i know we can afford it because we're going to make the wealthy pay for it. neil: so there's nothing wrong with planned parenthood. all the tapes, the rather unsettling videos. nothing wrong. i wonder what david thinks of that, the guy who brought the videos to light. david, what did you think of what she said? >> well, i think completely, this is the point, neil, planned parenthood is an organization that is embroiled in scandal right now for sale of baby body parts they've been engaged in for years and years to this point. and there's no accountability from planned parenthood right now, no transparency about how they've run the programs. those are programs that are potentially implicating multiple felonies. there is a lot of questions that need to be answered. neil: there was a lot of conflating on planned parenthood, for example, sort

of, you know, throwing that into the issue of a woman's right to choose, planned parenthood can't be doing abortions anyway, that's not the issue here. it's what popped up on the tapes that's the issue here, and that was not addressed. the offensiveness of what you taped and revealed, the fear is you doctored and edited these, how do you answer that? >> sure, so far the tapes that the center for medical progress released, those have been through two different rounds of independent examination, first by a research firm paid for by planned parenthood and a second out of coal fire systems. both reports found there is no evidence of substantial editing, they are to be relied upon. neil: carly fiorina got in trouble by mistaking some of the material you provide in the tapes with other material, and

she was called on that. she says she got the gist of it right, the offensive nature what various groups do when they fool around with fetus parts, technically that was not planned parenthood stuff. now whether it's coincidental that her poll numbers tanked since revelations of that, it makes you wonder whether this kabal to get her on the comments hurt her. what do you think? . >> i think that carly fiorina, i think she was substantially right in how she described our videotapes. i think the controversy or the confusion are manufactured by planned parenthood supporters and the media. neil: what was she looking at, david? when she made that comment, its heart beating, all that stuff. was that stuff that you specifically uncovered? >> yes. the sequence in our videotape that she was referring to is a sequence where a former harvesting technician who

worked inside of planned parenthood clinics harvesting baby body parts, that former technician describes one of the harrowing experiences of harvesting the brain of a late term aborted baby almost completely intact and heart was beating for a time after the abortion. neil: she didn't get it wrong, you say she didn't get it wrong. this was a planned parenthood issue and suffering she's had in the polls for missing something is misplaceed? >> i think that the confusion over that sequence has been largely generated by planned parenthood supporters and the media. neil: and the media went to town with it. >> that's what happens. no, but i think what she said is substantially correct and is a pretty good verbal description what's a video sequence, and it's a little difficult to take a video sequence and describe it verbally to somebody. it is a little confusion, but substantially correct.

neil: even if you want to leave that out, the offensive things that were seen or done or said should give anyone pause, to gloss over it is wow, amazing to me. but it is what it is. >> absolutely. neil: david, thank you very, very much. >> thank you, neil. neil: you have seen what's going on with big companies like walmart. you can imagine if a big guy is suffering, what do you think the little guys are feeling? after this. if a denture were to be

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bigger issues are at stake here. good to have you back. i was remembering from the debate last night, hillary clinton said when i think of capitalism i think of small business. everything after that didn't offer much hope to small business, maybe i missed something. >> exactly. that stood out when she made that comment in the debate. i was like wow somebody is talking about small business. those people that create 65% of the new jobs, businesses like mine which has been around since 1946. small manufacturer in new york fighting against the burdensome regulations and taxes. neil: what is it for small business guys? it's not just taxes, it's a lot to do with regulations. >> regulations, we're in new york, and business is in new york. neil: what kind? >> pharmaceutical packaging, we used to own a newspaper, wages -- we're sensitive to the wage increases because we had a lot of people coming in on minimum wage. but with the small business issue, we have regulations,

high taxes, and we bid out our jobs. so we have to be competitive, and we don't compete with the guy down the street. we compete with mexico, canada, other nations nearby because the way the global economy is working, things get transported quickly. we constantly remain a niche and maintain competitive. neil: that's your issue, should be that the government's issue? >> exactly. the government comes in and as what is the defining issue that the democrats talked about last night was climate change. they put that above our national security, isis, all those other issues, we've got to fight this imaginary beast called climate change. what is climate change code for? more regulations, more impediments to industry. i live in an area near the rich marcel us shell interior of new york state, we don't have hydraulic fracturing. it's illegal, governor cuomo banned it. neil: as you are hearing this

debate last night and we're talking about we need more government, we need to go after the wealthy, they need to pay up or shut up, hillary clinton's comment on planned parenthood saying the rich will pay for it. another universe feeling for you? >> who are the people cheering in the audience? are they paid to be there? i'm looking at the average person that lives where you live in upstate new york, which is beautiful. we're not thinking about climate change as much as they are. maybe that's a big city issue. neil: they are not really practical, pursue away. it's just not on my top to-do list, right? >> they talk about guns. i look at who's in my district, who are my employees. do my employees want family leave? no, they want time to go out for hunting season. neil: that's a lot of them. family leave depends on whether you have a job to have it. >> that's true. and raising the minimum wage to

$15 an hour. neil: you think that's what's hurting walmart. >> i think it affects walmart. walmart can handle a huge wage increase, a smaller business can't. what walmart has done in our area is displaced many of the mom-and-pop stores, i used to run a family business, small weekly newspaper. we were driven by small businesses, mom and pop businesses, the auto store, the small retailer, all those people have gone out of business due to the influx of walmarts. neil: walmart travails? >> i'm not -- they're big enough to handle it, they make money. a lot of people can afford to shop there, can't afford to shop other places. in our area, there are not a lot of options. neil: assemblywoman, very good seeing you again. this woman was so fed up with the way things are going, she went into government to try to change things. >> trying. neil: when we come back, on economic uncertainty, did any

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neil: taking a look at walmart. down 9 1/4%. big reason why the dow is off to the degree it is. in case you haven't heard, they had to ratchet both sales and earnings expectations down. they say business is not what it

was and not what they thought it could be. adding insult to injury here, it is not even responding, that is the stock, to a plan by part of management to buy $20 million worth of walmart stock. that seems very disconnected issue what democrats are saying that things are better for this economy under democrats. we'll not cast this in political tones here, but there does seem to be disconnect, when world's largest retailer is saying you're not looking at same consumer we are. former governor doug wilder is here. life in america's political arena. what i love about the book, it is noble effort. he is very good writer and trash as lot of people which to me is definition of a great book. always great to have you, governor. welcome back. >> always good to be here, neil. live as well as here. neil: the debate, i don't know if you caught it, they were saying, economy is coming back. democrats reason for that.

we do a good job running things. then i get news this morning on walmart, latest cracks in that facade. i'm wondering without taking political sides, whether they were and are getting ahead of themselves? >> well, you know, as i point out in the book, and as i said, my courses that i teach at virginia commonwealth, no government program can exist on a political proposition put forth without a consideration of money. so if you listen to the debates of either group, donald trump will build a wall. where is the money going to come from? when people start talking about they will do things for these kids, they will do things for the cities, where is that money going to come from? and, my thing has always been look to see what you have as to whether you're spending it wisely or not. you and i have had discussion before. the political system, in our nation, is inoperative and it is

dysfunctional. how do we get it back together? last night i don't think they drilled down to discuss those issues at all. yet, on the other hand, hillary showed that she was the most skilled of those debates heretofore. neil: she was up against four stiffs, no offense. you have should have been there, governor, a guy who can -- i'm showing my bias. here is what i want your reaction to. great to talk about bernie sanders college education for all. we'll try to provide these benefits, make sure drugs stay cheap. to hillary clinton's point, stop rich guy gouging little guy. all that costs money. i looked at $19 trillion in debt, does anyone know math or arithmetic? to your point, we spend a lot of money. obviously we're not getting bang for the buck spending those

bucks and -- >> i don't think we ever really gotten to the real subject of waste in government. and what is being thrown away. we talk about sometimes some of it as we see the training of the 500, ultimately five people to fight in syria or in iraq, rather, that cost us a half billion dollars. we've seen some of that but when you look at the money that's been wasted in the va, when you look at money -- neil: none of that addressed. none of that addressed last night. >> no, it is not addressed. i think the american people, really, neil, are not stupid. neil: why did democrats -- i know you try to reach across the aisle, you had to in virginia to operate that way. >> that's right. neil: why don't people just recognize the obvious, this is a rigged and dumb system? we've got to find a better way to do it. the traditional answer seems to be, more government, more government.

and by the way republicans are not much better. when they criticize options for more government, not one can recommend a department or big agency to get rid of to save on that. my point is -- >> rick perry couldn't even name three he said he was going to get rid of, remember that? neil: that was four years ago. he is out of the race. calm down. what happens now? very clear to me, i think this election governor is about government. if you want more of it, go to the democrats. if you want less of it, go to the republicans. there are -- wait, any virtues of government? there are a lot of problems with disbanding on republicans. seems to be very clear that is the choice. >> you would be surprised at the number of people who do not consider themselves republicans nor democrats but they're independents. and they will vote for republican candidate, they will vote for a democratic candidate. that number is rising. these people are saying, pox on

both houses in many instances. neil: you're right about that. enter joe biden, enter joe biden. he was watching this debate last night, i'm sure. he had lunch with the president today. do you think watching that debate and watching these stooges who were up against hillary, he says, i should enter this, or, you know, hillary clinton comported herself well enough for me not to enter? and then being tempted by same poll numbers show him beating all top republican candidates while she is losing to all the top republican candidates? >> my prediction is, if joe biden were to enter the race those poll numbers that you find would evaporate because they're unreal. this would be someone who would have to declaire himself, would have to run in the image of obama, notwithstanding what you have to say, and you see poll numbers. president says he thinks he would win again. i think the question that was put to hillary which surprised

me in her answer, when she was asked what she would do differently? she was saying, you know, i would be a woman, i would be a woman president. that is put-down to other women who are saying wait a minute, do you think we think so differently that you're not going to add something else other than the gender differentiation? that surprised me a great deal. she said that two or three times. can you imagine what would have happened to me in virginia, i said i'm running for governorship in virginia or barack obama, i'm running for presidency, and we, if we are elected we'll be black. look at difference that will make. they would never have ever been elected. neil: well, that's true. real quickly and finally, you're disappointed in the president. ironically on issue you just mentioned there is a concern he has not served african-americans well? >> well i have said so in the book to the extent of saying i would have believed that there would have been more direct efforts, not geared towards people of color, but towards

helping in the infrastructure and rebuilding of our cities. making certain that we knew what the real efforts of education. neil: you're saying he a disappointment to you. you supported him in 2008 and didn't support anyone in 2012? >> i didn't support anyone in 12. neil: who did you support in 2012? >> i have secret ballot and i voted. neil: the book is a son of virginia, life in america's political arena. one of the class acts. >> you're very kind. neil: good luck to the book. good luck in life. always good having you. >> we'll see you again. neil: a fair and balanced basher of the left and the right, which i deeply admire. governor, thank you. >> always good, neil. thank you very much. neil: you thought walmart was a shocker? netflix also shocker. after the bell, maybe?

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a surprise to a lot of investors that they said this the stock has not had a day this bad, as we look up superlatives, for 17 years. august of '98 was last time, walmart had a day this bad. boy, look at that. widespread effect. dow jones industrial average at 11,977. big drop because of the walmart -- 16,997. many retailers are down big in today's trade. neil back with more kos to kos in just a moment.

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neil: before i get to the my buddy jo ling kent. he is not big on tweets. that is like i'm saying i'm not into this business news thing. don't me with it. whatever works. jo ling is talking about something after the bell. everybody focuses on walmart after the bell. netflix is a big one to watch. >> could move 14% either way depending how big the news is. we're expecting in third quarter, u.s. users, additional one million plus. then overall overseas, 2.4 million users. the target is, will they actually pass 70 million total users? that is the idea. neil: they spend a lot on content. >> they do. spent $10 million in the second quarter. think about that. that is a massive number.

still raising your prices. how do you achieve more efficiency? neil: how do they pay for that? subscriber prices? >> exactly. make all money through 60 some million users. they're winning emmys. neil: love "house of cards." >> "orange is the new black." there are all the great shows but how do they move forward continuing to making inroads making this company even more profitable? that is what a lot of shareholders curious about. neil: see if the juggernaut continues. separately intel. >> yeah. neil: veering into other business services trying to do what dell is with emc. they have all been hanging their hats, yeah, pc sales are slow. this christmas, a lot of new offerings. apple will have the retina display. there are going to be hot new offerings that will sell well. what do you think? >> but shipments of desktop computers were down 15%. idc looks at industry as a whole, says ppc shipments

continue to drop. look at way chips selling. big server, web that does better for intel. that is reflected in the report today, versus consumer-based chips and laptops and tablets and things like that. yes, windows 10, satya nadella will help momentum. neil: not like old days. >> it was awesome. yes, i remember. i had aol. neil: before the time they had pcs, daddy. >> typewriters, right? neil: that was fine. that was my high school graduation present. >> that is really cool. neil: you don't even know what it is. it is in the smith sownian. >> snapchat, is a what you mean? neil: go. do you believe this woman? can you believe the debate last night. a lot of folks are saying, joe, no rush to get in. in fact you don't even have to get in. really? after this.

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like aarp medicarecomplete. let's get you on the right path. call unitedhealthcare today. ♪ >> let me say, let me say something that may not be great politics. but i think the secretary is right. and that is, that the american people are sick and tired of hearing about your damn emails. >> thank you. me too. me too. [cheers and applause] neil: i watched that, said, joe biden, you don't have to enter this race, it's over. you're not going to make a dent in this woman's popularity especially signature issue republicans are targeting against her, has been, well, neutered. former biden speechwriter matthew littman, if this does

prove to be the game-changer for joe biden not getting in the race. now, matt, i know he is having lunch with the president. might have already wrapped it up. i know these are regular events. might not have anything to do whether he enters the race or not, but do you think if he were watching the debate last night he is less inclined now to jump in because hillary not only survived it, of course with that field of candidates, i mean many could, but she, he sees no need? >> i kind, i have to say, neil, i agree with you. neil: that scares you, doesn't it? >> the time for biden was really a couple of weeks ago but between the debate last night, and what i expect to happen in next week's benghazi hearing, i'm expecting hillary's poll numbers to really climb over next couple weeks. i think biden may have missed his window which would have been a couple weeks. also, as you know, neil, these filing deadlines are coming right up.

they're about two weeks away. so he would really, if i were biden i was going to do it, i would do it actually today, right now. neil: in other words he dithered too long, but you could argue, looking at poll numbers, prior to the debate, shows he could beat any top republicans and she could not. that is fleeting and very ephemeral, but, but, might be another reason for him to say, well, i'm still going to enter. what do you think? >> to me? neil: i apologize, yes. >> that's okay. i think that there is a good chance biden will enter. look, reality since march when we first found out about these emails, every single time hillary dropped in favorability ratings, untrustworthiness goes up. just bus bernie sanders says it is not a very big deal -- neil: it is a very big deal. benghazi sort of saying they were political diatribe -- >> by the way, don't forget how many concurrent investigations we have going on. neil: which has nothing to do whether anything materializes

with an indictment. matt, that is the issue i want to raise with you. money is mother's milk of politics. graham got that right. i wonder her performance or potentially dodging a bullet on these scandals, means money starts flowing back to her and another reason for joe biden to say, i'm not in? >> the toughp part for biden, the times he ran before, raising money. he has never proven to be a great fund-raiser. it's a difficult thing to do. hillary does command a lot of money in the democratic party. she has not slowed much. she is doing well in that area. it will be tough for biden. i do want to disagree with you guys. i have seen are with the polls have been last few months and where they have been going. my own personal, objective opinion, this email scandal will kind of die away a little bit, because there is not enough there there. neil: i don't know about that. respectfully disagree. way too early.

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neil: think this walmart falloff is just economic market issue? i'm telling you, it is looking more and more like it will be a big political issue. to trish regan. trish: yeah, they're raising wages, what do you know, they're taking a hit on earnings. we'll talk about it. neil, thank you very much. big, bad, wealthy americans, all their fault. class warfare on full display by the democratic party in vegas. i'm trish regan. welcome to "the intelligence report." i'm joined by bill o'reilly who will give us his take on last night's debate. we'll hear about his new best-selling book all about ronald reagan. we'll get reaction about some of the softball questions last night from candidate governor george pak