i'm jamie colby. thanks so much for watching "strange inheritance," and remember -- you can't take it with you.

.. it's wednesday august 22. i'm lauren simonetti. >> where to start with all of the breaking news over the last 12 hours. let's start with michael cohen. resin trumps former personal

attorney pleading guilty to eight criminal counts. paul manafort found guilty of eight financial crimes. the president wasn't directly implicated there. we have hillary vaughn at the white house with details. president trumps former attorney pleading guilty to eight felony counts including five counts of tax fraud. an excessive comp eight -- campaign contribution. he faces up to 63 months in jail. the exact time behind bars will be decided at a trial said -- set for the 12th. >> they are particularly

significant when done by a lawyer a lawyer through training in tradition understands what it means to be a lawyer to engage in honest and fair dealings and adherence to the law. he disregarded that training in disregard of that tradition and decided that he was above the law. >> he admitted in open court that he made two illegal payments. he says he paid at the direction of the candidate same the principal purpose was to influence the election. and then a second payment of a hundred $30,000 to a second person to keep them quiet and was later repaid by the candidate. not naming donald trump in open court. he was found guilty by a jury. mister manafort is

disappointed is that getting acquittals all the way through or complete hung jury on all accounts. however he would like to thank judge ellis for granting him a fair trial and think the jury for their very long and hard-fought deliberations. he is evaluating all of his options at this point. he feels badly. this verdict has nothing to do with the brush and collisions. >> it's a witch hunt and it's a disgrace. this has nothing to do with what they've started out to do. what is the end goal here. there is no allegation.

in the allegations against mister cohen. as the prosecutor noted his actions reflected up pattern of lies in dishonesty over a significant. of time. touting the plan to revitalize the coal industry. we are putting our great coal miners back to work. you can do a lot of things to those solar panels but you know what you can't do you can't hurt coal. it's very important. the president also noted that they could threaten public safety. the republicans would help secure the nation's borders. in that rally the president also talked about the case involving the missy university of iowa students. he criticized our nation's

current immigration laws. >> you heard about today with the illegal alien coming in very sadly for mexico and you saw what happened to the incredible beautiful young woman. it should have never happens. >> please say a 24-year-old man has confessed to kidnapping molly tibbetts killing her and then dumping her in a cornfield. the suspect is for mexico he's been living in the country illegally. >> breaking this morning there are new developments on the trade front to bring to you. politico is reporting that the trump administration will announce tomorrow that the u.s. and mexico had reached a handshake deal on nafta. that would clear the way for canada to rejoin the talks. it could change depending on how talks go today. in the mexican economic secretary.

they resume today. they will meet to work on a framework for further talk in the escalating dispute. he does not expect any real progress. we may learn more about trade with the federal reserve. from the last meeting. investigators are to look for any comments on higher prices. economic activity was rising at a strong rate. the rate hike is expected at the next policy meeting in september but they talked about. tariffs a little bit less than. more fake accounts lick linked to political campaigns are being pulled from facebook. there are some other headlines

this morning. it has removed 652 pages, groups and accounts. linked to iran. that included sharing political material. this is a second time and less than a month that facebook has identified and removed a suspicious activity from the platform. amid stepped-up efforts. another bank suspending coverage of a tesla. morgan stanley became the second wall street bank to restrict its coverage. and remove its price targets. shares of tesla jumped nearly 5%.

this comes one week after goldman sachs dropped coverage for tesla. they are trading lower in the premarket this morning. she does have some competition and a problem on its hands. pepsico's frito-lay division. has accused a new competitor of a trademark violations. e can see the two on your screen. they are also a thin orange colored snack but made from peas and lentils. they sent a cease-and-desist level. claiming that the name and the slogan which is tigers live longer than cheetahs take away from cheetahs. i'm still thinking about what's in the other food. the name sound similar. thank you very much.

we've a lot more coming up. the bowls are running right now and one person is taking all the credit. we are now the greatest economy that we have ever had. with the greatest economy in the world. more on that in a minute. meanwhile police not impressed by a sideshow. the san francisco bay bridge. taking a look at futures this morning the legal trouble surrounding those associated with the president kind of waiting on the markets this morning. you're watching at the end a.m.

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>> you can't predict ten years out. but right now to me everything really looks like it's coming up roses. talking about the bull market. they follow the financial crisis. will the gains continue with

that. let's just say it's fun topic to talk about. this market. we are not getting the gains that we actually saw. the gains are there. or do we kind of think maybe the money isn't there. the underpinnings were strong. it was first led by a lot of public action. the corporate earnings have been slowly and steadily rising.

the fact that were not seen that is cementing a foundation. you think forward-looking pe is rare. >> it's interesting as well because if you look at the time frame and we will mark 3,453 days the s&p 500 as a reminder of how far we have come. how astonishing is that. until now the longest bull market was another 100% to go to match the returns of that bull market run. while this has been longer now as of today and still has room to go. and i think that's because things were very overvalued at that particular point in time. you are sitting in valuation territory.

we are not overvalued. and with corporate earnings the way were going. it means that things look pretty good going forward. there has been a lot of questions about tech. the big story has been apple and amazon. some have kind of put up a warning bell. these companies may be a little frothy. about 100 points from your high. we see the crazy go-go appetite has suppressed itself just a little bit. i look at that as a positive. into some value names and into some financials. we can round out this rally. then i think we see a healthy market and we see that we are

able to look through the risks of tariffs in trades which can in effect in the industrial sector. then we see the strong underpinnings for continued market up. they mentioned some of the industrial names. there is still no resolve or certainty. i know investors don't like and certainty. at the same time if you look at the minutes were gonna get from the meeting. i'm emily get really curious. they kind of hinted at it at the last meeting. then they really talk more about it today. on the terms of holding it back. and that's one of the reasons why we have the market. those things were going on

back there. you want to have a little bit of that. we look a little bit broader. we look at the equal rate industries. it's a little broader than people think. it's broader than people have really realized which means is the underpinnings are very strong. that drives the market in the long run. it's can be more going to be more broad-based than i think we have seen. live a lot of reasons to celebrate today. and i think we will celebrate all day. coming up republican congressman duncan hunter and his wife indicted for using campaign money for personal expenses. in if you like sitting in the front of the airplane get

ready to pay more. stocks are down. for the first time in five days on the nine-year bull run. down 52 this morning. you're watching at the end a.m. insurance that won't replace the full value of your new car? you'd be better off throwing your money right into the harbor. i'm gonna regret that. with liberty mutual new car replacement we'll replace the full value of your car. ♪ liberty. liberty. liberty. liberty ♪

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a last-minute endorsement from president trump yesterday was not enough to at the victory. and gop senator john barrasso defeated his wealthy challenger. california congressman duncan hunter and his wife indicted on corruption charges. the couple is accused of converting a quarter million dollars in campaign funds for personal expenses. for taking things like vacations to italy. travel for dozens of family members tuition, and dental work. and then there's this. a group of drivers holding up traffic on the bay bridge to put on a sideshow. some people reached for this phone.

impounded up for 30 days. if that was a new york they would not be filming it there be taking the guy off the break. we've a lot more coming up this morning in time to get out the champagne. the longest bull run in history. can anything stop it. i can't think of another headline that's can be out there. but stock futures are under pressure this morning on the news that two trump advisers are guilty. will this be a blow to our bull run. taking a look at futures. you're watching fbn a.m.

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and in the community. [woman 1] visit kab dot org. together, we can do beautiful things. these are very serious charges and reflect the pattern of lies and dishonesty over extended. of time there is charges indeed. as the former lawyer pleads guilty to criminal charges in his former campaign advisor is convicted on eight counts of fraud. the news is weight on u.s. stock that stock market futures. the longest market run in history does continue. with the s&p 500 crossing briefly into record territory. and don't forget about the small-cap stock on fire. it's closing at another record high. amid the legal problems for

the former trump aide. there is also mexico. they are mostly higher. the only loser down .7% overnight. we have that story. we are coming up on a 5:30 a.m. good morning everyone. no free lunch in new york is it challenging to get under $15. free lunch would be nice. this top story here in new york today and across the country. two former members of president trump taking a big legal hit yesterday. paul miller for guilty on

eight counts of tax and bank fraud. michael cohen pleading guilty to china --dash mike charges from hush money payments. what he did was he worked to pay money to silence to women who have information that he believed would be detrimental to the 2016 campaign he sought reimbursement for that money by submitting voices to the candidates company which was untrue and false. what does this all mean for the president. let's bring in the criminal defense attorney. some the questions for you sir. i want to start with that question what does that case mean for president trump. he basically described himself as the president's fixer.

with the purpose of influencing an election. he did plead guilty. but does that lead over. does that affect present trump. they directed him to make the payments to the porn star in the playboy model. what he has done is in open court under oath has said that the then candidate trump engaged with him to commit a federal crime. in essence trump is the one named as the person who is involved in this crime. >> lady davis. it was appearing on several top forms yesterday. if they were a crime than my wouldn't they be a crime for donald trump.

but donald trump is the president of the united states. there is a doj memo that says you don't indict a sitting president and they will abide by that. that does not prevent impeachment. the report being issued to congress. is up to congress to decide what it wants to do. it also doesn't protect the present trump once he leaves office. i think we are getting a little bit of a taste of what is to come from rudy giuliani who is representing the president now. having something to do with pay. it is going to turn out to be perfectly legal. that money was not campaign money. sorry i'm giving it a fact now you don't know. it's not campaign money.

no campaign finance violation. we get the new project. which is it. that is a great gotta give him credit. he is waging a war and the court of public opinion and as his lawyer. that's what he supposed to do. the reality is. the act for which he allocated that in court. they constitute crimes. those payments were for that purpose of influencing the election. and i believe they would've brought this case that was not the case. i do and ask you for a quick comment on paul manafort. of course was convicted eight counts and ten counts. but a split decision from the jury.

where do you see that case going for paul manafort. his team took a big gamble because they have this part of the tryout combined with upcoming part. they chose to try this case in alexandria jury pool. it didn't work out. he is convicted on eight decodes. that's counts. that's leading to a case in dc there is a lot of time that he is looking at. a lot of time. increases the possibility that he will cooperate. the dog unfold very soon. it's great to have you here. thank you for joining us. and all of this as they mark the major milestone for u.s. stocks. it turns 3,453 days old. the bowls are resting today. we ask is that turmoil in washington putting this record

in jeopardy. gentlemen, good morning. let me ask you. how do you see the legal troubles for former donald trump aid affecting investors and wall street. >> is that is a great question. the founding fathers made a difficult to impeach a president. as hard to model something economic. in the midterm elections turn into a house that is the majority democrat. it's up to the large majority to move that forward. it's also very difficult to say take that another step. let's say this happens and we lose donald trump as

president. most of the policies that we expected to move forward with our here already. the non- market friendly things might go away without him here. we have the best policy data that we expected in the first year and half. let's look forward and perhaps that we have that little bit less. you connection make a case without donald trump. donald trump is in a better place. >> if you look at what our markets have done over the last six and maybe nine or 18 months. there is no real negative headline. not north korea. is it the latest political headlines. >> look at the markers and what they did yesterday. the news came out. it was a terrible date for

trump. but futures did sell off a little bit. and the broad picture is e you look at today. i don't expect the top --dash the stock market to fall 20%. the fundamentals are huge going forward. we have a strong economy. you look at labor market. in manufacturing. and you look at the gdp now coming in at third quarter. we are looking at about 3.2 percent. corporate earnings are strong. year-over-year. therapy 25 and half percent. this is crazy. near the end of the business cycle. we are seeing profit mark -- margins almost 11%. the bull markets don't die of old age.

a recession. something that has the recession. they cause global economic slowdown. i would say one of those two things. it could cause a recession and that's what kills bull markets. a trade war the fed raising rates too quickly. not to slow the economy down. i think those are pretty big issues. i think i was obviously the trade war two. in the queue spoke this morning before this discussion. haugen and jean thank you very much. corporate earnings have been so strong. now 25% year-over-year. their earnings today. tracy carrasco joins us on that and other headlines.

these two big box retailers set to report earnings before the bell and they are expecting target to deliver strong results especially after walmart in the report. it included a same-store sales increase. they have 27% since the beginning of 2018. now as for a long time key executive for the rival home depot. they will have comparable store sells. it turns out that young customers don't necessarily like to make stock trades online. >> they're there really trying to change that. >> they are trying to offer free trades to attract more first-time investors. they include at least 100 free

stock or trade. that is what j.p. morgan is doing. another airline up charging. i guess were not shocked by this. this should not come as a surprise. some might wonder is it really worth it. they will start charging passengers to reserve select seats near the front. they're just regular seats near the front of the main cabin but viewed as preferred because you don't have to walk as far down the island aisle. and you're among the first few off the lane. i'm not sure how much you will be charged. i can't imagine that there actually can a gonna pay more for that. american and delta already do it.

>> and look 3 feet in front of you it's like a painful reminder of your status. we've a lot more coming up. remember this moment from the politically charged vma awards. we have brand-new proof that politics and music don't work. and things just got a lot worse in venezuela. also taking a look at futures due to the verdicts in the plea deal. paul manafort and michael cohen yesterday. fifty-one points. s&p done 51 points. you're watching fbn:am [music] getting informed...

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welcome back. was that you caught up on what's happening now. a little bit of pressure into former trump aids in legal trouble. s&p down five and three quarters.

nasdaq down ten. another headline this morning. it has hit venezuela's coast. luckily no deaths had been reported and an earthquake did little damage. the earthquake the largest to hit venezuela since 1900. they had landed safely at the stewart airport. now they're investigating what caused two of the tires to blow during takeoff. i don't even know what to say. with the aircraft. post malone.

when they experienced trouble. near new york city. the vna -- --dash i could be a maze saw% drop. it didn't really hit with ratings. wrapper logic wearing a t-shirt with profanity. opposing that border wall. for the second straight year. they have the smallest audience ever. drawing just over 4.8 million viewers in the 2.2 rating. that is a drop from last year. the previous record low. aretha franklin did not leave a well before her death. her net worth is estimated to be $80 million. her four sons are expected to split her estate. she died last week at the age of 76. that's what's happening now. >> they go into espn and a

rally last night. why are people betting big time on the cleveland brown's. we have it down for the first time in five days. it watching fbn a.m. [music]

welcome back president trump criticizing a latest twist in the nfl's nfl's long running national anthem. jarrod max is here with the details someone asked me last night how long was this. i don't know if it really ever comes to an end. last week espn announced on its monday night football broadcast it will not air at the national anthem. in charleston west virginia present trump responded. speemac was just announced by espn that rather than defending our anthem they had decided they just won't broadcast. present trump also pointed out that only some of the players not all of the players are still kneeling for the nantes anthem. the only one out of around more than 2000 that dress for preseason games could take a knee.

our planet going into this year is to not broadcast of the anthem. again that could change its unpredictable what could happen in the world. but as of now were not. one of the most popular players in new york giants history. they announced the retirement yesterday. they played five seasons with the giants and scored 25 touchdowns and did a whole lot of salsa dancing to celebrate those scores. despite the fact that they did not win a single game last year over the last two seasons. they have a record of one and 31 gamblers. they are betting on the brownies. more bats have been made on cleveland to win its division. in the last two years look at that. the sports book manager at caesars palace said the public likes the browns. the browns 60 to one. sorry for laughing. why are they betting on them.

how about serena williams. the top earner among all female athletes. look at that. 18million plus. only 602000 and winnings. they are back home in my immunoassay. he got quite a standing ovation. watch this. a standing ovation for giancarlo. he singled with that at bat. one big baseball trait if it of was that the nationals said goodbye to daniel murphy who goes to the cubs. they do in the doing a moment of silence for aretha franklin

in a rainbow appearance. someone made mother nature feel like a natural woman. coming up that venezuela already facing economic crisis now rocked by a powerful earthquake. how much more can a company -- really take. urusic] you got the soul and you know how to use it. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. ♪ liberty. liberty. liberty. liberty ♪

venezuela in the grips of a economic crisis. now hit by a powerful 7.3 magnitude earthquake. he joins us now. michael what happens to all of the oil that venezuela has. that is one of those things. that's one of the biggest resources. some of the largest oil reserves on the planet. if you look at the oil output. the output has dropped from over two and a half million dollars per day to be barely just above $1 million per day or day. it means it's very difficult for its to sell its oil on the

open market. we economic history today. what are traders saying about the u.s. market milestone. absolutely. i think it is looking a little bit tired. i was struck by the fact that it was wasn't able to sustain those highs. they go around 2662. the s&p could while open significantly lower. has a focus on not only donald trump's political problems but also on this weekend's jackson foul statement. michael, thank you very much. we now send it over to maria bartiromo. a big news day today. it is wednesday, august 22. ear tapestries right now. 6:00 a.m. on the east coast. in historic time on wall

street. take a look at that chart. it comes after the s&p 500 hit a fresh record high yesterday in the trading day. present trump touting the strength of the economy in the market. on the campaign trail last night. we are now the greatest economy that we've ever had with the greatest economy in the world. we've gone up $10 trillion in my -- since my election. the s&p and the nasdaq also weaker this morning. the nasdaq down 11 points. mixed story as well. take a look at the ft 100. a quarter of a%. up to two thirds of a%.

murder charges have been filed. an illegal immigrant set to appear in court for allegedly abducting and killing missing iowa student molly tibbetts. a scare in that sky. after blowing two tires. retail roundup lower all of the stories coming up. entry me to break it all down. fox business network. ramsey solutions financial expert chris hogan. good to be with you. i'm so happy you're here. what a new state yesterday. incredible. it was really an overwhelming newsday. but we are here to connect with the viewer and know what's important and quite frankly the financial security