will be accused of anti-dog. low of the day, down 161 points. >> gone to the dogs. stuart: in 10 seconds we've be joined, will toss it to neil cavuto. i bet he has something to say about me and dogs and $60 billion a year. 800 a month, ashley. what do you say, neil? neil: you don't spend that much on people. stuart: true, true. [laughter]. neil: kids are begging for something. no, no. stuart: you're good. neil: try the alpo. we're following that. we're following a downdraft in the market here. what seems to be of interest, according to stocks editor charlie brady the guy is encyclopedia. top-line growth. earning are coming in better than expected. for the case of eight out of 10, s&p 500 stocks, have reported that is very much the case. revenues, that is a different sort of a thing. this first was telegraphed when we had weakness coming out of

ibm with revenues, halliburton and hasbro following suit. that worries some folks. down the road there is limits to earnings gains, seeing a slowdown in revenue gains. we don't want to extrapolate too much. part of latest concerns. we're keeping eye on it. we're not forgetting that here. but again, it is rare, right now, that we focus on revenues to the degree we have. but when 35% of the companies reporting thus far are now coming and missing those revenue estimates are flip on consensus view that it is earnings. we'll let you digest that. down about session lows. down 145 points. following this caravan rapidly making its way through southern mexico. a lot of folks are concerned when it gets here, oh, about election time, this could be

explosive. we have give jenkins in mcallen, texas. with the very latest. what are you seeing, buddy? reporter: neil, here is the thing be border patrol officials are paying really close attention to the caravan because it has been described as army of migrants. growing as many as 7,000. they are 1000 miles but they anticipate the caravan will try to do one smaller one did several months ago, come to point of entry. this is hidalgo mccall len port of entry, show up here, claim asylum. if there is merit to the claim, may get an immigration judge. the problem, neil, when they come over here illegally, claim asylum, they are apprehended, but then they are released because we don't have anywhere to put them. our centers for holding people across the mexico border are at full capacity. that is what happens when they go out too the middle of america, and never show up for a court hearing. that is why we had fiscal year

2017 of just family units, the moms and children, unaccompanied minors, more than 80,000 of them. you had less than 2%, actually 1.4%, actually got deported. so that is the big picture what we're dealing with here. here in this sector alone the family units are up 300% for illegal crossings. again, we don't know. officials don't know whether this caravan intends to come to this port of entry or another one in arizona or california. what we can sear certainly say, the overwhelming number of illegal aliens coming across the border already is going to be compounded wherever this caravan shows up should they get here. it will be a while. they're still about 1000 miles away. two weeks, 14, 15 days, puts us dead smack in middle of midterms that will be interesting thing. neil: thank you very much. president threatened to cut aid from countries a good many participating in this caravan

are from. blake burman from the white house. hey, blake. reporter: threat was from the president. deal from the united states and mexico to try to solve this latest issue, revolving around this latest caravan. however the caravan is moving for war as griff pointed out, as president says he will follow through on that threat. these are tweets he sent out earlier this morning writing, quote, sadly looks like mexico's police and military unable to stop the caravan heading to the southern border in the united states. criminals and unknown middle-easterners are mixed in. i alerted border patrol and military. i we must change laws. i asked the white house has the president declared official national emergency or not. what does that entail? we're awaiting a a response. he sent up a tweet saying we're cutting off or substantially reducing massive foreign aid given to them, guatemala, duras,

el salvador. there is a lot of money talking about aid and these three specific countries. last record-keeping 419 million given out. when you look at fiscal year 2019, numbers on the screen significantly less as u.s. was planning to give out less money to these countries than what we have on full record-keeping last go round. it is still a big, big total when you look at it. you're talking about nearly $190 million. there i should make the point, when you're talking about money being planned to be given out, often the exact amount doesn't necessarily reach that figure but again, still at pretty sizable total, neil. neil: blake burman, thank you very, very much. let's get a read on all of this from john gann. a former i.c.e. senior attorney. what is approaching us now? what are we dealing with this caravan, how many are left in it, arrive at the u.s.-mexico

border? >> hi, neil, thanks for having me back. what we're looking at here, if i had to give analogy, this would be like students storming football field at the end of a gigantic victory. one or two students decide to jump over the fence, the police easily take care of them, that stops the rest. when the entire stadium decides to pour into the field the police move out of the way for their own safety. that is what we have here perspective of people coming of they see strength in number. they see no hope in countries they're coming from, if they get into the caravan and overwhelm some port of a entry, a pressure point in the southern border, that they will be let into the united states and have a chance for for a better life. neil: what is the process, if you don't mind steering me through that? how do we separate folks? what do we do? >> will depend how the person enters the united states. started with smaller caravan earlier in the year. people came up to the border and

knocked on the door, legally said i would like to enter the united states and apply for asylum. border patrol said, sorry, you have to wait. people were stuck in calmps outside the mexican border and awaiting a weeks and asylum interview. others said i will get in another port entriry, i will get instant interview. it is committing a federal crime and. the process will depend people enter the united states. if they try to do it legally at port of entry, claiming asylum or cross the border in irregular, illegal fashion and can be subject to detention. neil: detention or going to the wrong facility, deliberately going to another one, why can't mexico detain them while we to through this process for them? >> mexico can detain them, neil. i think that the root of the problem in how to solve it is all in the home countries.

it is in el salvador, it is in honduras, it is in guatemala and in mexico. mexico put out a statement, you have two options if you enter their country without a visa. it will be detention, you can apply for asylum in mexico or immediately deported. until mexico decides to enforce that 100% of the time which i don't see that possible with a 7,000 person caravan. until they take action to stop individuals from crossing through mexico into the united states there is really nothing we'll be able to do once they get here to turn them around. mexico has to be our partner. that is what president trump is trying to make happen. neil: john, thank you very, very, very much. to john's point about mexico trying to be a partner, whether they're committed to being that partner, we'll have a change of government in december when the new president takes over. mexico has already trying, we're told to limit to 150 a day those applying to seek asylum. first in mexico and then they can proceed north here. a little bit more nuanced than that.

but let's talk to, i hope i'm pronouncing that correctly, art, border patrol council vice president. >> you did good. neil: your take what mexico is doing? it is saying it is trying to limit the processing of these individuals to 150 a day, sometimes the crowds you know, overwhelm those doing that, but what do you think of that? >> you know the reality is, this is not a caravan coming into the united states. what it is it is an invasion. when you see that many individuals from another country massed together and they're going to enter our country by force, with flags of the country that supposedly is oppressing them they're escaping from, there is nothing else you can call it but invasion. that is the harsh reality. we went through this before. this is what is upsetting. we went through this before in san diego recently. neil: i remember it well. the numbers whittled down from originally. but still significant, right? >> right.

but you would think that the leaders from the agency would have a plan if it happened again. and here they are with no plan again. they put it on the president. they want the president to take care of everything but the reality is, i said it many times before i hammer it again, until the individuals that are running certain agencies get removed or start doing what needs to be done, we're going to continue to see this. neil: what agencies are you talking about, art? >> i'm talking about my own agency for one. you have individuals running the agency that are, that were here during the last administration. they're still here now. they haven't done anything about the catch-and-release. you have thousands of people entering our country. as soon as they touch u.s. soil, they're going to be able to claim a asylum. they're going through the whole process. they will not have enough judges. they will send them down to whatever state they want to go through, wait for an immigration

court. meantime they're free to roam around the united states. statistics show they never show up for the immigration case to begin with. that is ridiculous. neil: would you extend that, art, i'm sorry, would you extend that to homeland security, they're dropping the ball? >> somebody is dropping the ball. you tell me when you're in charge of the situation and it has happened before, now months later you're having it happen again at even bigger amount of individuals that are invading our country, you haven't develop ad plan to fix it yet, somebody is dropping the ball. neil: one of the areas that was bandied about last spring, correct me if i'm wrong, art, a lot of these people are being processed for, you know, paperwork and everything to claim asylum, they wait it out in the united states. as you say, they wait for a judges hearing, that could be weeks, months, away, never hear from them again. >> years. neil: what is to stop mexico, if we insisted with the mexicans, you hang on to them until we

resolve this? has that ever been bandied about? i know it has been talked about but what do you think? >> that is policy you need to talk to the actual agency. hopefully they can give you an answer on that but the reality we give them aid. there is certain training to agents has now been cut. we are still offering that training to mexican authorities. that for one is just ridiculous. when you're cutting certain training from agents in the united states to give it to another country, you can start there. you can start there. stop giving them training. neil: mexico has no interest in sort of saying, all right, we'll house these migrants while they clear paperwork in the united states. there is no upside for them to do that and they claim, have the money to do that. so the onus falls on the united states, right? >> yeah. and that's what the problem is, but again, you know, when you have that many individuals that are entering a country by force, waving the flag of the country

that they are supposedly leaving because they're oppressed from, that is not a bunch of immigrants. that is not a caravan. that is not individuals that are truly seeking asylum. that is an invasion. that is what we need to call it. neil: art, thank you very, very much. we'll following it closely. the latest estimates are this caravan, whatever you want to call it, is 7500 strong. it had been stuck on a bridge between guatemala and mexico. many have since moved forward. they are trying to process them in mexico but there are simply too many, they're being oaf well manied at that-- overwhelmed, a lot of mexicans are greeting them with open arms, keep coming through, keep coming through. it complicated matters. add to that the president weighed cutting a lot of aid to these countries if they don't do something about it. too late for el salvador, guatemala, honduras all of which the president argued has not done enough.

he is withholding making anymore inflammatory statements about the mexicans. although he tweeted he is not satisfied what they're doing either. the dow down 158. more after this. ...for that, and

just a second, we also have the mendez mediation. brian is going to take the lead just follow his- hello. uh, no i need it right now. yeah... success is a numbers game. and you're not going to win if you keep telling yourself to wait. the more often that you choose courage, the more likely you'll succeed. the most inspiring minds. the most compelling stories. download audible. and listen for a change.

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neil: the problem with the dow industrials right now is

revenues, sales, how much companies are making top line, because bottom line looking pretty good. eight out of 10 beating expectations on earnings front. on the top line number though, this might have been telegraphed by ibm, remember last week showing a disappointing sales figure here, you know, you can't have much momentum if you're not maintaining what is happening with your business on the sales front. you have to sell a lot of front, no matter how much you make on the stuff. if the amount you're sell something going down or not only a matter of time you see it in earnings. you hear that a great deal. 35% of the s&p 500 companies reported thus far, interesting statistic, have missed wall street sales forecasts. that could be much ado about nothing. could be overhang wringing about the data we got thus far but we we have to keep an eye on it

because some folks say that could be early signs of trouble down the road. nerves have eased in the past. but dichotomy between earnings growth and sales, not keeping pace have to be a concern going forward. we'll keep an eye on it. dow down about 10 points. treasury secretary steve mnuchin is in saudi arabia after all or heading there, not so much for the finance part of this big financial pow-wow but the things that will address national security, terrorism, issues which he says the administration says, we have a common bond with the saudis. to the former chairman on the committee on iraq, ambassador paul bremer. ambassador, all of this, back and forth you know, about the killing of jamal khashoggi, it is not easing up. now this big conference where a lot of the bigwigs are not going. a lot of underlings are, but certainly soured relations. deservedly so? what do you think?

>> i think the first problem the saudis haven't given a coherent explanation. first argument was nothing happened. their second line was well, actually something happened but it was an accident. now they have said, well it wasn't an accident, it was a rogue operation. however, it is a rogue operation that involves apparently 15 members of saudi intelligence including a forensic expert who brought a bone saw in his carry-on. it is a little hard to understand actually what happened. i know that the turkish government said they will reveal more information tomorrow. we'll see. but we really need to get to the bottom of it. neil: when i look at the number of saudi officials that were rounded up, they include pretty bigwigs, the crown prince's director of communications, also a two-star general largely responsible for the saudi war in yemen. these were not low-ranking

figures. they couldn't have done what they did oblivious to the prince, could they? >> that of course is the key question. what was the role of the crown prince? he is, after you will, an autocrat who is autocratically trying to reform an autocracy. it is rather bizarre situation. when he rounded up the elite of saudi arabia a year ago, left them in the ritz-carlton and left them there until they coughed up a lot of money. from the american point of view there are two things we have to do. we have to get to the bottom of what happened, including the question whether the crown prince was directly involved. and, we have to preserve the saudi relationship. this is after all, a key relationship for us in the region. we can't just throw it away. and, to do that, the president's going to have to come up with a clear sense of what he wants to achieve and a great deal of

discipline in achieving it. these, are perhaps, not the most obvious normal attributes of this administration. neil: you know, i'm wondering, these are not the normal attributes of the middle east, talk about leadership, hardly any are saints. but we can't pick and choose those with whom we deal and i'm just wondering the administration is walking a tightrope here, right? don't want to repeat what we did with the shah of iran, a controversial figure at the time, ultimately abandoned by the carter administration. we know we got afterward with khomeni. sometimes the devil you know is better than the devil you don't. i wonder how this will be played going forward? >> you're right to focus on the shah. there is interesting parallels with the crown prince. the shah was a reforming autocrat. he started opening up iran in the early 1970s and lost control of the process.

indeed that is the dilemma that the crown prince in saudi arabia faces. he seems to want to open up. he has let women drive, so forth. whether the system can take this pace of veries fast change that the crown prince wanted to take and survive is the question. can you do this without provoking a similar reaction in saudi arabia that happened in iran? that is why it is important for america to keep its eye on the ball, to have clear sense what it is trying to achieve here. neil: ambassador, the saudis made clear they would not use oil as a weapon, i'm paraphrasing here, wouldn't do what they did in the '70s, presumably because it would also boomerang on them, but what do you think about that. >> oil could skyrocket, could get out of hand, one of the reasons the dow is visiting session lows here, what do you think? >> the saudis of course would say that whether they would do it i'm not sure.

in any case in terms of america's interest, we are muchs less vulnerable than you and your listeners know in 1972 and 73. it would hurt the european allies a great deal more. not to say we shouldn't care. we should care and hope it doesn't come to that. i say the fundamental goal for the united states now to get to the bottom of what happened and preserve the saudi relationship and the president needs to do this, or congress will take over the role of dealing with the saudis and congress is a blunt instrument as we all know. neil: we'll watch what happens. ambassador, thanks for stopping by. appreciate it. >> nice to see you again, neil. neil: to the ambassador's point, skittishness in alive and well on corner of wall and broad. the fact that earnings and reports that we get out of corporate america are getting so scrutinized this go-round tells you something about the

volatility in the market. before we used to slough it off and move on and buy. now they sort of do chicken entrails and tea leaves thing and examine that. the biggest fear revenue growth is not matching up with the earnings growth we've seen. remember you need to sell a lot of stuff to make more money on the stuff. sometimes you could have difficult directions for months, if not years. a lot of companies are disappointing on top-line growth as it is called, is a concern and it is piling up, after this. . i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade.

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don't wait. get started today. call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs. oh, and happy birthday... or retirement... in advance. neil: all right. let's take a look where u.s. markets are, dow in and out of session lows. down about 196 points. it had gotten down as much as 225 points. a lot built on earnings that might not measure up or be as strong as earlier thought. interesting read what sectors are getting hit. find it interesting looking at dow 30, key financial players

including american express and jpmorgan chase, are those getting taking it on the chin right now on the belief the interest rate environment even if it increases isn't going to benefit maybe as much as earlier thought. ibm continuing its early slide. it telegraphed this revenues fixation, that revenues mixed even though earnings handily missed. that is case one out of three companies reporting so far. i caution, i do not like to get early read on that, like reading a a poll in particular district, and stretching that to the national mood. the street seems to be no matter how much your earning, off fewer and fewer good you're selling that longer term is not wise. we have danielle dimartino

booth, former fed advisor, dan shaffer, and our own deirdre bolton. looking very closely at the earnings to top-line growth or the lack thereof, right? >> neil, exactly as you said, concern about revenue. ibm was a great example. last week we saw the stock move 8% lower on concerns. the analysts said the company cannot grow its revenue. on earnings, productivity, you can squeeze a little bit more, if your sales are not nothing the cover off the ball, people are saying exactly what is the future? s&p 500 companies are projected to see sales growth this quarter of 7.3%. that is nothing to sneeze at, but it is the lowest growth you like, revenue growth, in about four quarters. we're seeing some of that anxiety show up in the markets. as far as looking at s&p 500 and looking at groups outperforming and underperforming, all are lower, neil, with the exception of one. that is technology. we know this is a big earnings

week. perhaps investors still somewhat hopeful for what we'll be hearing from amazon or alphabet google, neil. neil: glad you mentioned that. they have come off their highs, haven't they? danielle, expert looking at interest rates here, help me understand what is going on with the banks and financial stocks. >> remember what bang's bread and butter neil, right? banks need to lend. when you hear goldman trying to tamp down the direct lending arm a. lennar putting upend aring arm for sale. existing home sales hitting three-year lows. these are all indicators banks bread and butter is not potentially going to be forth coming in quarters despite the fed raising interest rates which should be kind to their margins. they have to get out there and do business and the u.s. household is beginning to weaken, we're seeing difference between short rates and long

rates come back in, if we're starting to see flattening of the yield curve that would be broadcasting to us things are not so rosy going out for the financials? neil: there is the typical view after the craziness of markets, dan, this is line i heard from a lot of big pros, when the dust settles i'm in. could take a while for the dust to settle so what do you do? >> i don't think this is the time to get in. i think that game is over buying the dips. going back to what danielle was just saying, the banks are dropping, professional traders are realizing that the spreads between the 10 and 30 years rates, looks like they win invert below short-term rates. banks cannot make money. commericals are highest net long position on 30 year they have been in years. so thatting a banking is a problem. this cycle we're in now. we talked about this several weeks ago, looking for a cycle high in early october, we have a 95% correlation now from 1934 to

where we are today and similar to 1937 that this market will now continue to go lower. the fed raised rates at 1937 at the exact wrong time thinking they were coming out of recovery and this is very dangerous. and we are going to see it in the currency moves, not just the interest rate moves. we're looking raw material, commodities of foods at their lows, not a lot of profitability in that area. autos are down. and amount of debt, neil, around the world is unmanageable. there is no way that corporations, governments, pep shun plans, can make all these promises work and something has got to give and the market is going to see that and i see continue all slide down, maybe a bump up at the end of october, but going into next year, i see interest rates collapsing. in other words interest rates going down and stock market going down at the same time. that is going to be the biggest shock to investors. >> wow.

neil: danielle, we've had this conundrum for a while. you could make the argument, we dealt with debt issues, dealt with all of this stuff. we do every time businesses selloff this too shall pass. what do you think? >> you know, neil, things that that -- i don't believe in the idea of perpetuity. with all deference to the cbo, we're headed into longest recovery in u.s. history. there is lot of evidence piling up we're extremely late in the tooth. companies can no longer ignore we have higher interest cost. labor costs are up 10% year-over-year. at some point something has to give, if it is a magnificent earnings miracle that is a catalyst, so be it. for a while we've been seeing underlying economic fundamentals we're talking about, leading indicators of auto and housing sectors begin to bundle under the strain. it won't take much more in my opinion for this economy finally

to begin to slow. but i do think the fed will chase this they will chase the unemployment rate too hard. 10 of the 11 last recessions have been brought on by the fed over tightening. i'm not so sure why i would ever use the words, it's different this time. neil: that's a good point but, deirdre, could you argue about everyone is worried about the fed, chastened by these developments would not raise interest rates as much as earlier thought. the flip on that, markets advance because the fed won't go crazy. what do you think? >> the most recent comments we heard directly from the fed chair, jay powell, he is saying at the moment on track. so has been pretty clear in telegraphed what is going to happen. even when i chitchat down here with traders on the floor, we're at nine 1/2 year equity bull market. at some point, buying of indices

has to, easier money let's say already has been made. now going forward, there are a lot of people talking about how to shift and how to reevaluate what is going on in their portfolios, neil. neil: guys, thank you all very, very much. we are watching the dow down about 195 points here. we are watching oil prices ease a little bit on thoughts slowdown could ensue despite the tensions with the saudis. it is kind of a mixed up world. the thought in two weeks we could be on the verge of seeing one or both houses of congress flip. not everyone is of that view by the way but among the angst added toed selloff today. more after this. from conventional thinking. we are a different kind of financial company. we are athene, and we are driven to do more. metastatic breast cancer is relentless, but i'm relentless too.

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♪ neil: this is going on in houston, texas, right now. these crowds are forming for a presidential appearance. donald trump will be there, but not for another seven hours. as you can see, quite a few are congregating just for the opportunity to see him at this

event for ted cruz. right now who is running in very tight re-election battle, although polls opened up a little bit for hill. you never know what is the case. former enemies turned frenemies will be joining the cause here to say that it is better to keep that seat republican than it is to move it democrat. to "axios" reporter steph kite on all of this. steph, politics make strange bedfellows. these two have been at it, not at it, not only republican party but democratic party, but this will be in living color tonight? >> absolutely. president trump is really great at brining people to these rallies and building support and enthusiasm among republican voters that something that ted cruz is going to need. he needs republicans to turn out to vote for him in the midterm election, given it is closer than we might expected given it's a red state. i think president trump is really trying to rally support

despite the irony of their history. neil: i'm just wondering all the amount of money that has poured into this race on both sides. neil: particularly on the rising democratic star, become a media favorite, i'm wondering when i look at the poll it doesn't match those polls but i guess polls be damned, a sensation is a sensation, what do you make of it? >> i think personality has a lot to do with politics and i think kind of that star presence does matter, even looking back to 2016, the fact that president trump also had this star power about him that drew voters, that drew certain kinds of people to him. so i think we're seeing this similarly. in texas with this democratic, young, charming, con contender. it does matter. we'll have to watch the polls. we'll see what happens. it is still a red state and ted cruz is still winning in most polls though the margin is

fairly slim, so i think it does matter that the charisma of a politician, we'll see at the end of the day how much of that plays into how the vote turns out. neil: we forget ted cruz was beneficiary running six years ago, a rising hispanic star within the state. times make strange toward of comparisons. what is your steps, what are you hearing about the senate races that they actually look good for pubs, they could pick up a seat or two. what is the latest read on the house? one stat amazed me, 32 races where the gap is within five points, but what do you make of that? >> there has been some new polls come out today that show that overall in the house, democrats still are seen as more favorable to take the house when voters are asked which party they would prefer to have in control of congress, democrats are still leading republicans by nine points, but when you look at the

most competitive distributes right now, it is pretty close. in some cases democrats are still ahead of republicans under voter say they would prefer to have control of congress but it is not quite as a much of a margin you see nationwide polls. president trump's approval ratings have also increased which is not necessarily going to impact every congressional race but in some instances it does bode well for republicans. neil: steph, i'm old enough to remember what the environment was like going into the '94 midterm election which of course newt gingrich and republicans swamped, took control of the house. they were expected reading press at time, to do well, to gain seats. it would have been bill clinton's first midterm election. they were not expected to do as well as they did. it broke late. is there anything that could break late here, or that shows signs at last second everything we've been told is thrown out? >> i think there is always that

chance of course. we've seen this race, already we're seeing it change where before maybe we thought there would be even bigger blue wave, this midterm and maybe it is not going to be quite as big as we expect. politics is in a crazy era right now. i think, there is always room for surprises or scandals or for changes at the last minute. at this point it is looking pretty good that democrats have very good chance of taking the house. it will be likely not by a huge margin. they will likely take it back at this point. the gnat will rein republican hands. that is where we are right now. that can change very quickly, especially race by race, candidate by candidate, there is always room for surprises, scandals, something new to come up. neil: there is that. thank you very much steph keight. we're in the middle of this earnings period, a few of the s&p 500 companies have reported and handily beaten earnings

estimates but more than one out of three have not delivered on revenue, on sales, something a lot of analysts look into that can show growth that can be sustained. that is a worry. suddenly it's a big worry. after this. you'll only pay $4.95. fidelity. open an account today.

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neil: all right. the total of the jackpot is now at $2.22 billion, for the biggest, is that combined with both? that is a lot of money right there. that is rounding error in the worth of one charlie gasparino but following it -- >> $22. neil: there we go. aforementioned charlie gasparino is there. let you know a statistic i was trying to remember with the last guest. in 1994 going into the midterm elections republicans were expected to gain about 20 or 25 seats which would have been the historical norm, in the end they gained 54 seats. took control. the gingrich revolution was on. bill clinton was thought to be in trouble. he endorsed a lot of changes in era of big government being over. the message it broke late, literally days before the midterm elections, anything can and usually will happen either way but history shows that is pretty common. isn't that remarkable? >> yeah. these are a bunch of small

districts think about it -- neil: many within five points. >> you never know what can change people. are suburban housewives, is the disdain -- the conventional wisdom, this will come down to what suburban housewives think of donald trump, or what they think of the mob rule of the democratic party. are they more turned off by the specter of the far left with the incessant protests and you know stuff what happened with kavanaugh where he was guilty, basically destroyed the guy's life. neil: you think that will dominate the theme? >> does that outweigh their disdain for donald trump's really course -- neil: you talk to every analyst, and political read, i mean, it, they take the house, they take the house, they take the house, and i don't know about that? >> i thought they would easy, you know, take the senate as well, until kavanaugh. that was such a spectacle, the

visage of pat leahy holding some dude's yearbook, high school yearbook up, that was so absurd, and i think that caused a lot of people that were on the fence about republicans and wanted a check on trump, say, whoa, the check on trump is these lunatics that are parsing this guy's words in his high school yearbook. neil: you think that is driving, there is a thought much higher participation for midterm on both sides? >> no doubt that energized the republican base. neil: right. >> and you caused people, i think, if you look at the polls, caused people to really think whether we're going to -- neil: how much is weighing on the market particularly today? what is going on? >> i don't think the markets are focused on this. when i talk to investors myopically -- neil: you learned those big words. >> i learned that at pace university. trade is one of them. do we have a trade war?

are tariffs impacting corporate earnings? they are looking at gm, ford, automobile manufacturers are taking it on the chin because of higher tariffs. corporate earnings will they be strong as they were in the past? are they strong throughout this year and next year. people talk about a slowdown in corporate earnings. one other thing weighing on investors minds, when i talk to them, tax cuts, massive corporate tax cut will provide enough bang for the buck in terms of gdp. or are companies buying back the stock, not invest in plant and equipment. you don't get more, you basically don't get the push that you would have gotten from a bigger individual tax cut, more consumption spending, thus higher gdp. those are things that people are worried about. it is also, we're all over the place in terms of where that is going. markets react fast to that. neil: right. >> the worry, couple weeks ago, last week, feels like a couple weeks ago, we, we basically

corrected about 1000 points in a blink, remember? the markets digest the stuff so fast given algorithms. neil: triple digit swings are so common now? >> it is digesting information constantly. one thing you have to look at long term. how have the markets performed since when donald trump began talking about trade as a real issue? they have not performed well. basically flat-lined. i think that, that sort of, if you think about it, the trade worry, the trade war worry overwhelmed or at least counteracted or balanced the positive you got from his tax cuts. neil: you do have to wonder china was soaring today. if they're worried about a trade problem have funny way of showing it. >> one day. you don't know -- neil: absolutely, musk, with the new tunnel what is going on there? >> i don't know. a tunnel this, guy is worried about a tunnel. neil: he has money to burn.

>> he actually doesn't. neil: really? >> suppose the company is not worth $50 billion, market cap. investors say based on production it is only 10 billion. then his net worth goes down dramatically. neil: this technology is kind of cool, right? >> neil, if you have a ceo spread all over the place, he is not doing what he has to do, make that place profitable, make sure they churn out enough of their model 3, that is the latest version, he is worried about a tunnel? it makes me wonder about the stock. don't you want your ceo to worry about the product at hand. neil: i think the tunnel thing is cool. >> how about the spaceship thing he is doing? neil: i would like to put you on right now. the dow improved with charlie talking because that is the effect of gaspo. more after this.

neil: all right. bumping into red territory for the dow, but oil got a little bit of an ease on the talk that the saudis aren't going to use it in a weapon in a tit for tat battle with the united states. the fact they aren't going to do that and the fact global growth could be compromise d obviously leads to less excitement about oil. a fellow who was on top of that, phil flynn on the floor of the cme. what's going on with oil right now? what do you see happening? >> i think right now the

market's focused on the short term, what's going to happen next week as opposed to next month. we have the november crude oil contract going off the board today. that's expiring. i think it's adding to selling pressure because short term, neil, we have plenty of oil. we even have saudi arabia basically saying hey, we may even raise production if we need to, and obviously, they may want to do that because they want to put on their best -- put their best foot forward for donald trump, who is basically, they are in a situation with the killing of the saudi journalist, the world's turning against them. the best way they can make the world a little bit happier is pump more oil. the problem with that is they don't have a lot of spare production capacity. the saudi oil minister gave an interview over the weekend, said hey, we can pump 12 million barrels of oil, maybe a couple million barrels more, but then we would be all out of spare capacity, and all the other opec countries right now, supplies are falling. that's why i think the market was down earlier.

it's starting to turn the corner. i think if stocks hang in there, oil could actually close higher today. neil: thank you very, very much. lot of breaking news. the president saying this is a national emergency right now. he wasn't talking about oil or what's happening with the saudis but this huge caravan that's making its way here. to the former border patrol national deputy chief, ronald coburn. ron, what happens when those folks, whether it's 7,000, 7500 or a lot fewer, back in april it started out being much smaller by day's end, what happens then? >> certainly it appears to be growing as people are being encouraged and according to some information sources, even paid to join the group as they move toward the border with the united states and mexico. once they get here, they're not trying to evade arrest, because of recent court injunctions and the pass-around by the previous administration, president barack obama, with presidential

directives, they will turn themselves in, be held long enough for basic biometrics checks, health checks for communicable diseases, then because they are overwhelming our system, they will be released into the united states with pretty much full social welfare benefits. neil: why can't they be released to mexico and wait it out until their asylum hearing from there? >> mexico does have the right to refuse other country nationals even though they are crossing mexico as we speak, most of them illegally, i'm sure. mexico can refuse to return to their country persons from other countries other than mexico. neil: so we can't just insist that's what mexico do, because mexico has been saying, when i read the english version of their press, they are trying to limit to 150 a day the number of migrants from south of mexico, largely guatemala, honduras, to

come in in an organized fashion. it's been anything but, to your point, in prior visits. so is mexico doing all it can do, you think? >> no, i do not believe they are doing all they can do. they are doing more than they have in years past. don't forget, with the plan, we have been giving them billions of dollars since about 2003 for border security and counter narcotics. it is time for mexico to step up and do more of their share, although they have been doing better in the past decade than they did, say, 20, 30, 40 years ago. their constitution does not prevent mexican nationals from leaving their country, and it's perfect that this is on a show about american economics and world economics, because these people are coming from third world economies and this is all about economics-driven and for americans, being pushed and organized by the left.

neil: it's interesting when you look at the three countries involved from which we think most of these migrants originated. el salvador, guatemala and honduras. the president has already said you either do more or i cut a lot of aid or he could at least freeze the funds. there's some concern about whether he has the power to outright cut the aid. what do you make of that, because they're still doing it. >> look, first and foremost, it is incumbent upon any leader, the united states or any country, to first and foremost protect its people. so the threat of cutting aid to these countries i think is a good move at this point. but it needs to be followed through. these countries, most of the world receives aid from the united states taxpayers. at some point, we, the taxpayers, need to put our foot down and say enough is enough, especially when it is our world that is being threatened, our economy and our safety and the safety of our children and our

grandchildren. and we're paying for it. neil: all right. thank you very much, ron. former u.s. border patrol deputy chief. the president has already tweeted the democrats are to blame for this caravan and remember that in the midterms. to campus reform media director, democratic strategist richard fowler. one of the things that is very, very clear, whether you believe or not the president's view on this, this caravan arrives or could be arriving, the first waves of them, right around the midterms. what do you make of that and the impact it's going to have? >> it's hard to see if we are talking political ramifications of this, how this helps the democrats and also, you know, i think it's going to help the republican party. 87% of republicans in 2016 said immigration was the most important or one of the most important issues for them. i think this is going to rally a lot of them. they view their midterm vote as a vote in upholding a strong southern border and upholding president trump's immigration rhetoric. that's important. i think a lot of average

americans around the country that are reasonable people whether it comes to immigration, they are turned off. the democrat party has become extreme where they have drawn a line in the sand and say you either support opening up the border to tens of thousands of people whom we know nothing about or you are anti-immigrant. i think that's a dangerous line. i think they have painted a lot of people into a corner. i think that's wrong aled of the midterms. i do think it will hurt the democrats and rally the republicans. neil: richard, what do you think of that? >> that's not the democratic policy. our policy is this. we believe in safe borders. president obama actually doubled the border patrol when he was president but we also believe if you are seeking asylum in the united states of america, you should have the ability to do so. that is what we are asking for. you have to remember, neil, president trump is not on the ballot here. you have governors races, congressional races, senate races. take the florida governor's race. a recent cnn poll found andrew gillum is up almost seven points because the people of florida understand this is beyond immigration. this is about economics, about public education.

this race is beyond just one issue. this is about the sum of all issues. that's why democrats will do pretty well in 15 days. neil: you know, there is also the argument here that it could remind voters on both sides that this is a problem still unchecked and unsolved, and that it could be a pox on both parties' houses. what do you make of that? >> i definitely think if we are saying president trump is not on the ballot, his name is ot therther not on there but let's be honest, his policies are. people will look at the way things have been going the past two years and make decisions based on that. the democratic party have not done a good enough job saying what they are for. neil: what if he does see fewer republican seats in the house or an actual flip in the house, even with that improving economy? >> well, it's obviously much harder to keep power once you have gained it as a party. we have seen traditionally that's happened throughout history when one party gains the house, it's much harder to keep in the midterms. it's harder to have a message of

keep us in power rather than have a message of go vote and get the other guys out of power. the democrats should temper expectations. i think they overplayed their hands with kavanaugh and with this immigration -- neil: wait, wait. go ahead, richard. >> wait a minute. neil, here's the truth. republicans are in control of the house, in control of the senate, in control of the supreme court, and in control of the white house, and they haven't passed any immigration bill. president trump said he would build a wall. we are still waiting. he promised to increase border patrol. we are still waiting. he promised to pass an infrastructure bill. we're still waiting. voters are going to the polls and looking at the president's promises and saying mr. president, you haven't done any of them. so that is why i think you are -- neil: whether or not you like the guy, he has delivered on a strong economy, has delivered on record low unemployment. it's not as if he's been twiddling his thumbs. >> i agree with you. but this election is about immigration. this president ran on immigration. he said he was going to build a wall and mexico was going to pay

for it. neil: that said, you just said there are other issues at play beyond this. >> i agree with you. but he basically said immigration is the number one issue and the president promised we will build a wall and mexico will pay for it. where's the check from mexico? >> this is absolutely not the number one issue. it's an important issue -- >> you just said that. >> i said this is an important issue for a lot of the republican base. you talk about we're still waiting for the wall, for immigration reform. go talk to [ inaudible ] and make sure they are doing -- >> we are not in power, though. we are the minority party. >> we can be honest -- >> we are the mrien oinority pa. neil: one at a time. >> the democrats have been the party of obstruction for the last two years. they prevented a lot of immigration. yeah, there are a lot of republicans that would like to see president trump follow through on the wall. i think that's becoming less realistic. i think people are realizing that. when it comes to immigration as a whole, it's dishonest to

pretend the democrats have been waiting at the table and republicans haven't tried to meet them there. neil: richard, you don't think when this caravan gets to the border, if we demanded the mexicans house them while we await their asylum hearing, how would democrats feel about that? >> look, i was one of the first to applaud the president when he called for the united nations refugee office to come in and work with the mexican government to deal with this problem because it actually is happening in honduras, guatemala and nicaragua, it's a humanitarian crisis of epic proportion created by the failed war on drugs in the 1980s. this is a refugee crisis that is a global problem. i applaud the president for that. that being said, we have got to deal with the fact we have 11 million undocumented folks in the united states that deserve a pathway to citizenship, whether it be long or not. we also have dreamers in this country who want nothing more than to achieve the american dream and we have to deal with that. democrats are willing to come to the table and --

neil: a lot of the old argument, neither side wants a long-term problem with this, right? >> you could say that. but we have seen chuck schumer even say a year ago that he was willing to put money on the table for the wall in exchange for the dreamers and the president balked. neil: what do you think of that, cabot? >> we keep talking and referencing the 11 million people already here illegally. i think there is work to be done. but when you are talking about what should we do with the people here illegally, you can't have a conversation about that until i actually secure the southern border, decide who is here but first, in order to do that, you have to stop the flow of people that's coming. any measure that goes toward deciding what to do with people here illegally is null and void if you don't have a measure to stop people from coming here. i think it's important we actually do that moving forward before we pass any sort of immigration law. >> i agree with you. i think there's a distinction between those who are coming here and seeking asylum because they are dealing with violence in their own country, whether they are seeking economic or political asylum, and those coming here illegally for other reasons.

neil: you don't think all 7500, richard, to be clear, you don't think all 7500 are seeking asylum? >> no, no. i don't. i think republicans are mixing the two and there's those seeking asylum from violence, economic and political asylum. those should be viewed differently than those coming here illegally. i think republicans are trying to mix the two. that's problematic. neil: still not too far away when they get lehere. the questions have to be addressed. the nasdaq is up. keep in mind it's still 7% or so from its highs. what's going on there? after this.

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neil: all right. oil is down, despite the saudi concern and back and forth between the two countries over the death of jamal khashoggi, the "washington post" journalist, but a lot of this has to do with the saudis promising not to make oil a weapon here, or use it as it was used in the '70s as sort of leverage over the united states and the world at the time. that extracted much higher prices, ultimately boomeranged on the saudis. they don't want to repeat that part of history. what do you make of it, john? >> well, i think we may well see a charm offensive, neil, as they try to explain the situation.

they do have resources in place to do a charm offensive with the kind of people that are over in europe and all over the u.s. but i do think they would do more harm to themselves by going negative and by really withdrawing oil from production, because yes, as you said, it would hurt them in the long term. in the short term, they would make a lot of money. over the longer term, it would destroy growth in the global economy and then -- and they would go through such demand destruction that they would regret having withheld production because they would have a permanent loss. the other thing that they could do which is very negative is, as many people in china or russia have proposed, de-dollarize oil. in other words, take the oil price off the u.s. dollar. that would have devastating consequences, in my opinion, on the u.s. economy in the first instance, and globally it would also have impact. neil: why? explain why that would be the

case. that has been bandied about. >> because the value of the dollar would drop so quickly, so dramatically, it would unsettle the financial markets and the sell-off would be absolutely huge. with that sell-off, you would have all kinds of wondering going on, all kinds of doubts about the resilience of the american economy and suddenly, people stop buying and they just don't know what to do. the financial firms, you know, they are going into very difficult times and that will affect their reserve balance and just goes on and on. it's one multiplier after another to where everyone is living in fear, fear of a recession which we would probably have, and all of the growth that we have been experiencing would just disappear. neil: is it your sense that whatever happened to this journalist and how it happened, that the saudi kingdom and the alternating stories just can't be trusted, it would not be the

first leadership which we've had a raised eyebrow response, but i'm wondering if the crown prince remains in power and his father says you can stay in power. things have got to change. i don't know if it will be evident in oil prices but it is going to change the landscape a little bit, isn't it? >> well, i would predict the following. one, there will be ultimately as much disclosure as possible and we should push for that, because it holds the sawudis accountabl and disclosure, the demand for more and more, is a good thing and it also buys time for the saudis. that's what they are counting on. buy time, use the charm offensive, keep denying the involvement of the monarchy in the decision-making, leave it at the security division level, and see if time will just heal some of that -- neil: you think that's possible, especially when the 18 saudis who have been rounded up include the communications director to

the crown prince, his top military guy, as well as that for king salman in yemen. i mean, these are not lower ranking officials. these are pretty high up. >> it really smells, doesn't it. i mean, it really does smell. i don't know how to get away from that smell other than time will tell. but you know, we have used time to our advantage and so have other countries when it comes to other very difficult situations. people tend to diminish the intensity of their feeling over time. i think there will be accountability but i don't think it will necessarily be visible to us. i think there may be things that are done that are painful to the monarchy, but we don't make a lot of press out of it. even though "the washington post" and others may try, i think it may be more on the difficulty of reaching agreement in the future. the saudis need us if not more

than we need them. that mutual relationship, as with other countries, i think is important over time. the saudis are not the only country to do bad things. there are many countries that do bad things. somehow, our tolerance over time gets us through it. neil: all right. we'll see. former shell oil president, john hofmeister, thank you very much. stocks dropping a little bit. then there's uber. not only thinking about an ipo and big offering there but ahead of that, drone delivery for food. vo: old and even inaccurate search results can

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neil: all right. we're in the middle of earnings season as you know, or should i call it revenue season, because sales seem to be getting a lot more attention these days than the profits companies are making or not making. they are landly beating on the profits front. they are not when it comes to revenue. why is that a big deal and why should you pay attention to

that? to mike lee and quincy crosby. quincy, why does that matter? >> because revenue growth, which is what we call the top line, is a picture of how many widgets have i sold, how many contracts have i closed. it's a picture of demand for your company's own product but also, we sew it together when we are all finished. you get a picture of demand from the overall economy both in the u.s. and overseas. so this is why the market is paying so much attention to the revenue growth story. we have come out of the earnings recession. the bottom line has been picking up, picking up, picking up, then revenue growth started to pick up. the last quarter, we had one of the best revenue quarters that we've had in decades. now we are seeing it slow a little bit, but we are going through the biggest part of the earnings season this week and next week, so we could perhaps have a positive surprise with more coming out with positive guidance and stronger revenue growth. neil: what do you make of that?

revenues have disappointed for a few companies. ibm was the first to signal this last week, others have followed. is that a worry for you? >> no. look, in the moment, certain companies can miss a quarter, but look, you look at the stock market, look at 12, 24, 18 months, that's what you should look at when you buy stocks. you have a binary decision. you can buy bonds where interest rates are definitely going up, just a matter of how much and when. you will probably be flatter and stocks, you have an unbelievable economy, 10% bottom line growth, earnings, and 5% plus revenue growth. in that sort of expanding situation where there's a great macro backdrop to the u.s. economy, i'm not nervous at all. you got to be careful about maybe the market's a little tope -- neil: any excuse. >> headline risk, kind of fast money hedge funds that push the market around can make these moves unsettling.

i see all this as a buying opportunity. neil: quincy, in the housing area and auto-related area, some retail areas, the demand issue you address is alive and well. is it likely to spread or be isolated? >> this is why they are watching so carefully because what we know is every time we have gone into a recession, when you go backwards, it's not the most scientific way of doing it. there are other indicators. but you will see that going back about three quarters from when a recession actually starts, revenue growth starts to slow in many sectors, not just one or two. there are always one or two sectors under pressure but it starts to spread. neil: at the same time? or does it start with one or two? >> it starts with one or two, then spreads. neil: who's to say that's not what's happening? >> that's one of the reasons i think you have the defensive sectors doing so well right now. that's what we are watching, because the underpinning with the economy is strong.

it is solid. why aren't those cyclical names doing so well. why are utilities and consumer staples right now leading the market higher, health care leading the market higher. either the market gets a sense that things are as strong as we think it is and start then moving out and taking advantage of the sell-off in the more cyclical names or they stay. you know, we are seeing a very stock-specific market. in other words, the active managers are getting more involved in this market. neil: how are you playing it? >> look, i'm bullish, maybe a little bit overinvested throughout the year going on, but look, i love the bank sector. i think people are nervous about the fed's raising rates. i think we are so far away from the fed slowing down the economy and while they are normalizing. we are not restrictive at all. i think rates below 2% do very little or nothing for the economy. i think as we are reflating you

are adding to the economy. savers are starting to make money. i think we will spend more money. neil: you don't think the fed could -- >> it's so far from now. on the one hand it seems like they are tightening but they are reducing the macro, the regulatory element of the fed. neil: you still play financials? >> absolutely. the velocity of money is increasing. that doesn't happen in a tightening cycle. cni growth is growing rapidly. there is a survey of cfos talking about expanding. we are in a boom. all these sorts of headlines, concerns about revenue growth are valid, because we are going from 10% to 5% or 6%, but this is 5% or 6% as far as the eye can see. it's double digit earnings growth as far as the eye can see. neil: it stays there? >> for us to decelerate, we would need to boom then bust. where's the boom? where's the excess in this economy? i don't see it. neil: do the midterms play into

anything you look at here? the consensus is republicans lose the house. we were talking about that during the break. what do you think? >> yeah, that's the consensus and as far as the market is concerned, and this is the market we are talking about, we would love to see republicans keep the house, keep the senate. that would be the best for the market. short of that is if the democrats take the house but the question is, is it a wave or a tsunami. that's what the market is asking. neil: you are saying in that environment, sometimes split government can be very good. >> historically, gridlock is great for stocks. because we know what to expect. there will be no major changes. i feel like if there's gridlock this time, there's congressmen and women out there interested in removing a sitting president so this might be slightly different. neil: you mentioned, too, the president fumbled with the party

humbled in the midterm. doesn't necessarily translate. i think in 2002, george bush actually gained because of the war and whathave you. do you see any weird things that could affect how things are two years hence? >> you know, so if we get investigation after investigation, when we start the impeachment process on president trump, what's that going to do to the confidence in the economy, the deregulatory environment, the tax cuts, are those things here to stay. if you start taking that confidence away, we -- i say we lose some of this premium and some of this bump we have seen in equities. you know, gridlock has historically been good. this might be slightly different. neil: lot of people are very anxious with this market now, with the common triple digit swings. are you? >> no. you know, president reagan said after the market crashed, markets go up and markets go down. you would have thought it came from the bible, the way he said it. markets go up and markets go down.

any market that keeps going up day after day after day is going to have a steeper fall. it's better to have a market that consolidates, burns off the frost and gets ready for another move up. that's a healthier market. i think, of course i hope that that's what we see going into the sweetest spot for the market after the elections. neil: he did portray just a comp. he didn't lose it. very important. >> exactly. yeah. neil: all right. you stay calm through markets. >> look, i don't like it when it's going down, but again, you just take a step back and look at the fundamentals. where are we going? we will get a gdp rate on friday, i think it will be in the mid threes. as long as the macro fundamental backdrop is doing good, there's no active bubbles anywhere except for maybe amazon and netflix. you going to stop buying things online? streaming movies? i'm certainly not. neil: guys, thank you both very, very much. they did something here.

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neil: all right. it is a battle of the big dons today, hitting the trail on behalf of their candidates. we heard from a number of democrats who are sort of playing all this as maybe a launching point to the next election, the 2020 presidential election, including california senator kamala harris, who has been proposing, among other things, scrapping the tax cuts that republicans engineered without a single democratic vote and channeling a lot of that money into money for the poor, $6,000 a year would be issued, $500 a month. lot of ideas like that being bandied about. we have the former washington, d.c. democratic party chairman scott bolling with us now. good to have you. >> thank you for having me. neil: i know within a nanosecond

of the last voting in two weeks, the presidential candidates are on and a lot of the more prominent ones. senator kamala harris among them pushing for this idea, dropping, ripping up the tax cut republicans came up with and replacing it with sort of a credit payment to the poor. what do you think of that? >> i think you will see more and more of those proposals. her proposal costs as much as the republican tax cut. they put about a $1 trillion hole in the deficit. i think what her bill does is she's trying to increase the number of people who can make it to middle class, however you define middle class, depending on what part of the country you're in. the democrats hate that tax cut, those tax cuts, because it was primarily for the wealthy and not for the poor people, or they got $100, $200 in their checks. so this is the democratic push-back. the real question -- neil: if you tell those same people the tax cut you have been getting, you're not going to get? >> they had that one-time tax

cut and got that one-time $100 or $200 credit. the ongoing number isn't going to be the same. here's the thing. neil: a lower rate will continue to be the same. if it were reversed they will pay more in taxes, right? >> i certainly wouldn't be in support of that. what i would say is that tax cut is going to cost america and her bill costs about the same, but in this case, she's trying to lift the middle class. neil: -- just issuing a check from the government for $500 a month to poor people everywhere, how is that going to spur or lift activity for them? >> because we know from studies that were done either in the uk and elsewhere that allowing people to get that income as opposed to a tax earned income credit, it lifts them, if you will, and lifts them out of poverty. gives them an extra $6,000. if it's a married couple it gives them an extra $12,000 -- neil: but i understand what

you're saying, but if things are so bad we wouldn't be seeing record low unemployment rates among all groups, poorest of the poor among them. african-americans, women, i could go on and on. all this is so damaging, we would see it clearly evidencing itself, right? >> but you rely on that theory, that relies too much on the numbers of unemployment being as low as they are. those numbers measure who's out looking for a job and who is actually getting a job. there are millions of americans, whether black, white, yellow or brown, who have stopped looking for jobs and are living in poverty. neil: what about a record 7.1 million american job openings right now? >> because the department of labor counts -- how they count those persons that are either getting jobs or who are part of the unemployed. i don't want to get too deep into the weeds on this. neil: if you worry democrats are pushing a lot of this, though, look out of tune. whatever they want to do to help the poor, it's a meritorious goal and a humane one, but

taking the tax cuts from all the other people who have come to expect them and all of a sudden they see that reversed in their paychecks if they are taken away, how do you explain growth to them? how do you explain what they face as a result? >> but we have millions of poor people now with the tax cuts. those tax cuts for those individuals who get $100 or $200 more in their checks, they are part of the working poor, many of them. neil: unemployment at a 40-year low. if you don't want to credit donald trump for that, that's fine. you want to credit barack obama for getting us in that direction, that's fine. but if things were so horrendous right now, then we wouldn't see it at a 40-year low, would we? >> but wages are stagnant and our middle class is stagnant as well. neil: wages were stagnant for years, right? before donald trump became president. >> absolutely. but she's trying to build the middle class. and it's worked in the uk. neil: she's not building the middle class. she's going after the poor and giving them a check to forcibly

bring them into the middle class. >> absolutely. neil: you're okay with that? >> i'm really good with that, compared to tax cuts that put a hole in the deficit and help the wealthy. neil: don't you find it a little odd, any democrat lecturing anyone on deficits. you're quite right -- [ speaking simultaneously ] neil: i never hear anyone bemoaning the $8 trillion to $10 t trillion additional spending. which is it? >> it all says $72 million is going to be spent and therefore we won't have a deficit. neil: wait a minute. why bemoan the tax cuts as causing a deficit and adding to the debt and not the additional spending that is ten times those tax cuts? >> yeah, but you are projecting that additional spending because you have given this tax cut and we have -- neil: no, i'm showing it, $8

trillion to $10 trillion more spending. it is what it is. why do you cite the tax cuts as the problem and not the spending that is ten times that amount? >> but i don't believe the spending is that amount and if it is -- neil: it is. i wouldn't make it up. i respect you too much. why would i -- >> i didn't mean you were making it up. i think that's what's been projected, if you will. the tax cuts, it can never be good if it's going to blow a hole in the deficit. her bill, democrat or republican, her bill tends to do the same thing that a tax income earned credit would do. it just changes -- neil: it is what it is, whether it happens with a republican or democratic president. they all spend more than they take in. right? >> absolutely. neil: a pox on both houses. they are all crazy with our money. >> what about this, though. the republicans are now talking about cutting entitlements that will hurt their very voters and cutting entitlements and arguing that these tax cuts have nothing to do with the huge deficit, which is why they need to get

the entitlements under control. neil: just handing a check to poor people will rectify that. >> no, it's not handing the check to poor people. it's handing a check to the working poor to elevate them. her bill doesn't give money to anyone that's not working. the critics, the far left don't like that part of the bill but this is to help the working poor to elevate them to the middle class. that's a huge difference, neil. neil: you are a good man and a big heart. i just feel a little obligated to tell you i don't want to pay for that big heart all the time. >> i'm a business democrat, too. i don't like paying for it either. we have to get this economy going for everyone. neil: scott, always good having you. thank you very, very much. then there is the lottery if you are concerned about where this is going to go in washington. take a chance and maybe pick up $2 billion. it could happen.

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neil: your next pizza courtesy of uber? don't laugh. the ride sharing company is looking at a food delivery service via drones. hillary vaughn on all of that. reporter: hey, neil, they are moving at a fast pace towards this drone delivery program for uber eats. they are aiming for a launch date of 2021, but uber admits that time frame is a little bit aspirational. they have a lot of approvals and

regulatory hoops to jump through to get the program off the ground. now, word of the program leaked when uber posted a job description for an operation executive for this program for what's being internally called uber express. uber saying in a statement quote, we are excited about the progress and potential of drone delivery which is currently in the experimental phase of the faa's integration pilot program. however, the job description that was posted did not fully reflect our program which is still in very early days. now, the drone delivery of uber eats would deploy self-piloted drones that utilize artificial intelligence to fly a pre-programmed route from the restaurant to your doorstep, but you would still need a car and a courier. the drone would land on the car and then the courier would get out and hand-deliver your order to your doorstep. neil? neil: it sounds very, very interesting. i just don't want all the sausage and meatballs to tilt if it lands crooked. we'll see. hillary, thank you very, very much. hillary vaughn. we are on top of that

jackpot, now past $2 billion for the megamillions and powerball. you won the two together, of course. you would probably be watching me to find out what do you with this money or listen to the next guy, scott hodge. scott, these are off the chart numbers and obviously, they are going to go higher and higher and higher. but there are a lot of folks who look at it and say you know what, you take the one-time payment, everything else, give half to uncle sam, that isn't right but it is what it is, what do you make of it? >> they say lotteries are a tax on people who are bad at math. aside from the astronomical odds of winning, here we have a case in which unlike the casinos in vegas, the government actually wins twice. first they take about 40% off the top to pay for administrative costs and to go to actual government programs, then they tax you on whatever you win from that and in states like new york or new jersey, a millionaire's tax could be as high as 9%. the federal government, of course, the top marginal rate is

37%. so once you start adding up all these numbers, government's the big winner here. neil: obviously if someone wins they have to pay that tax, they clear that much up front, but i worry about those who spend hundreds of dollars for a chance to participate. normally, a longer term tax strategy, investment strategy, would reap bigger rewards. what do you think? >> well, most of us are doing it and i'm in our office pool, i will admit that, are doing it for the entertainment value. but if you are trying to do this as a retirement plan, it's a terrible idea. oftentimes, i think big criticism of lotteries is that they really pay or play or prey on low income people. so you see oftentimes too many low income people putting their hopes in this and not understanding the odds are very slim of winning. neil: you know, i just had a guest on talking about a number of democrats, many of them,

kamala harris, want to issue checks to the poor, up to $500 a month, $6,000 a year, in lieu of the tax cuts republicans came up with, to scrap them and move to this. what do you think of that? >> those kinds of wealth transfer programs do very little for economic growth. we have analyzed the tax cuts and jobs act ain't wind it wille a lot of growth that will raise wages and real income over time, in addition to giving people a real tax cut. these kind of transfer programs sound great, but they do very little for economic growth and ultimately, they do very little to lift people up from poverty. we really need jobs and a good economy to do that. neil: now, when we look at the tax cuts and a lost republict o republicans, especially the talk shows over the weekend, say this is the gift that keeps on giving, they have built in sort of new life with some incentives and corporate taxes and the

rest. but if those companies use it or most of it to buy back stocks, raise dividends, which they're free to do, and not make important investments or hire more people than they already have, it's going to be a black eye on those tax cuts. do you agree with that? >> well, unfortunately, some of these short-term headlines have been bad for the optics here. but we have to look over time, we are seeing a big increase in capital expenditures for businesses, we are starting to see the lower corporate tax rates translate into more investment, and so that's where we are going to see the increase in productivity, jobs and ultimately real wages, and that's going to lift everybody's standard of living over time. neil: apparently the president surprised even fellow republicans by talking about another crack at tax cuts, his own version, 2.0, but that isn't likely, is it? >> unfortunately not, but it's a good idea. in fact, kevin brady at the house of representatives passed their own version of tax cuts 2.0 as a means of trying to make

permanent all the individual income tax cuts that begin to expire after 2025. so this is a worthy goal and we want to make sure that we keep those tax cuts in place, because that way, people can actually plan and after all, temporary tax cuts only lead to temporary growth. we need permanent tax cuts to lead to permanent economic growth. neil: scott hodge, thank you very much. tax foundation president, washington, d.c. all right. we are concerned about revenue growth, aren't we? corporate revenue growth. it's been held in doubt for a big reason, after this. ing out . not anymore, td ameritrade lets you trade select securities 24 hours a day, five days a week. that's amazing. it's a pretty big deal. so i can trade all night long? ♪ ♪ all night long... is that lionel richie? let's reopen the market. mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, with td ameritrade.

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neil: all right, one last look at the dow down about 133 points. we'll see how about the top-line growth. charles payne will talk about that. charles: i think so, neil. we'll come through another layer because there is interesting bifurcation in this market between winners and losers. it's a lot better than it was two weeks ago. we always look at the bright side of things. neil: i will look up bifurcation right now. charles: thank you, neil. neil: you got it. charles: i'm charles payne. this is "making money." we'll go through the markets throughout this show. president trump set to head to texas this hour, riding a wave of better poll numbers with just 15 days to go in the mid terms. is the momentum