tv Bulls Bears FOX Business October 1, 2019 5:00pm-6:00pm EDT
5:00 pm
other people have tried to rip them off and i've tried them and they are not good. >> thank you, you can rip it off. >> we gotta go bulls and bears right now. >> wall street rocked on this first rainy day of october. the dow plunging more than 460-point starting at 10:00 a.m. eastern with a key index of u.s. manufacturing fell to its lowest level in a decade. new fears of an economic slowdown. this is bulls and bears, it has come down a little bit. i traded down to 333. i'm david, thanks for joining us. joining me on the panel we have a good one. jonathan, charles payne and christina, some are blaming terrorists for manufacturing slaw the wall street journal reported that 2500 companies have filed for tariff exclusions
5:01 pm
on chinese imports. so, charles first you are re- tariff even our way into a slashing question were. >> i don't think so but somebody has got to pay for this. it's not the american consumer. retailers like macy's have already told us they can't pass on. some manufacturers are dealing with some of these issues. remember this is a survey and if you are business this is your chance to speak directly to the white house and laid on thick. it is a yellow flag. is something obviously we should be concerned about an wall street lost today. >> this is a worrisome number. the lowest since the global financial crisis and the market did not like it either. about 170 new lows. only 65 new highs and among the lows names like fedex. these are trade sensitive names. look at the ism and the ceo said exactly what they have been seen for over a year. half of the ceos said they tariff and the trade wars are hurt.
5:02 pm
this is in some conspiracy by globalists with the chamber of commerce. this is american ceos telling you that the trade war is hurting their bottom line. >> and what we saw today on the market is across all sectors sectors on the s&p 500. apple is up a little bit higher, visas up a little bit higher. overall, i question whether now the rate cut that we are talking about so much with the federal reserve, will that really offset the harm that we have seen thus far from tariffs and especially into the mid to long term? david: is also because of the fed rate. >> i am wondering how much is traditional october volatility. we have seen this time and again and of course it's october 1. and typically the markets do go down this month.
5:03 pm
>> it's like the september woes. isn't that when you see things go down. >> not typically, historically october is a terrible month for stocks. i think that has something to do with it and i wonder how much is cyclical. everybody's going to put the dagger and president trump and say this is all about tariffs and tariffs are having an impact on manufacturing and that is starting to down turn. i'm wondering if we were not poised with this because it's in over ten year bull market. >> the next recession will be blamed on the president even after the longest expansion in history. here's what i will say, wages, blue-collar wages surging up 3.46% last month year-over-year
5:04 pm
in the highest in a decade. is that because of tariffs? corporate profits through the roof is that because of tariffs? the 7.3 million job openings with a million more. is that because of tariffs? we have to give and take. i'm willing to bet right now october catch me november 1 my bed anyone on the panel ten box october will be an up month. >> look, i have my own bets for the market and i am paid as a money manager to be concerned. every accolade you can get about the strength and duration are straight on but whether you are managing $100 or $1 million you have to make choices about the future. and so many ceos. >> are you out of the market? a lot of people looked at for 30 years to look at the market and i'm not panicking and neither are my clean client. >> are you out of this market?
5:05 pm
>> no. for example the end christina talked about assets that are doing well. i own wheat so i think there are things that are doing well. when i see things like palatine, these are the growth names. >> their growth is over. >> but, you just brought up corporate products, they're climbing higher but they're climbing higher and the declining rate. a lot are using the money to buy back shares and are not receiving business lowers. >> with the companies do with their money is their business and it becomes a political issue. the bottom line is, we got a pretty good economy going. >> and there's no doubt about that but the united states is does not operate in an anomaly. you have stimulants from all of the central banks,. >> is having the opposite effect. the fact that we are propped up. >> the fact is that what we have done is more than just a boom stock market that has been going for 12 years or so. it is because of the specific things done by the trump administration. the regulators an and the regulation. cutting tax rates. also a major impact on the economy, that's exactly what the
5:06 pm
europeans are not doing. that's why they're slow and were doing good. >> and i think the impact of that may be wearing off. and it's also possible that the manufacturing slowdown is coming from anticipation that the consumers going to pull back in the consumer may pull back a little bit because it is cyclical or also because of the fear mongering out there that are recession is coming. people hear that and get that jumped into their school and often they start to worry about it. >> on you just contradicting david saying some of those tax benefits are starting to wean off and dissipate? >> it's not a contradiction. david: you are missing the main point which there was a huge corporate tax cut and all of the companies that were operating in ireland, those jobs that they created are still lasting. those jobs they're still working
5:07 pm
and there's millions and millions more jobs than people looking for jobs. >> it's too early to say that this all has to do with tax cuts. >> i don't think so because the same thing happened in 1980. go ahead jonathan. >> weather is a huge corporate tax cut in there once and i know they don't want this but it's also a huge tax hike on that are the tariffs. jackie mentioned the uncertainty in october october. one of the uncertainties is the duration and the length of the trade war. the president in the last two weeks promised it could be over sooner than we think. we are back as investors saying where do we invest. the truth is a lot of the areas where the trade war was supposed to help think of steel and the farmers, the farmers have been bailed out twice on the auto bailouts are smaller than the former bailouts. we have to get the trade war over. >> i think that is ironic that we were warned that steel prices were going to go through the roof and they went the opposite. we were one that lumber prices
5:08 pm
would go through the roof and they did not. we know the farmers were deliberately targeted by china and i am glad we are helping them out. but here's the bottom line. every time this market has a bad day, not a bad month, but a bad day i hear people warn about, people are listening to us and they do take action. i know this for a fact because i speak to reviewers every single day and they send me e-mails and they call my office and in september a lot of people were afraid and then we rallied to an all-time high. folks watching us cannot get in and out of this market on a daily basis. you cannot sell your 4o1k today. that's why try to be very careful not to get overly panicked about things like this when the citibank economic surprise indicator is at 11 -month-old high. bloomberg is headed to your high. we have actually been beating economic earnings and data for the last couple months like crazy. bottom line is we are investing and the folks out there we are
5:09 pm
not going to stop. thank you all. los angeles facing a major homeless crisis so bad that officials are now demanding the governor declared a state of emergency for more money. but, is more money really what is going to take to solve this problem as a struggling actor, i need all the breaks that i can get. at liberty butchemel... cut. liberty mu... line? cut. liberty mutual customizes your car insurance so you only pay for what you need. cut. liberty m...
5:10 pm
am i allowed to riff? what if i come out of the water? liberty biberty... cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) the day we'll finally get something done. if you have postmenopausal osteoporosis and a high risk for fracture now might not be the best time to ask yourself are my bones strong? life is full of make or break moments. that's why it's so important to help reduce your risk of fracture with prolia®.
5:11 pm
only prolia® is proven to help strengthen and protect bones from fracture with 1 shot every 6 months. do not take prolia® if you have low blood calcium, are pregnant, are allergic to it or take xgeva® serious allergic reactions, like low blood pressure trouble breathing; throat tightness; face, lip, or tongue swelling rash; itching; or hives have happened. tell your doctor about dental problems as severe jaw bone problems may happen or new or unusual pain in your hip groin, or thigh, as unusual thigh bone fractures have occurred. speak to your doctor before stopping prolia® as spine and other bone fractures have occurred. prolia® can cause serious side effects, like low blood calcium; serious infections which could need hospitalization; skin problems; and severe bone joint, or muscle pain. are you ready? ask your doctor how prolia® can help strengthen your bones.
5:12 pm
5:13 pm
governor gavin isn't to declare the problems the state of emergency. critics live in the move that that would divert funds from real problems and crises like fires and other natural emergency. newsom has a voice support for the plan but why divert disaster release for the homeless when a looming budget hasn't helped at all. >> i would ask the same question. obviously it is a sad state of affairs. what is important to look at is how do we get here and it is throwing more money at it will it fix the problem? as you mention, earthquakes, wildfires, these are real problems california has to face and it cannot necessarily take emergency money and allocated in that way especially when the governor has already allocated a billion dollars to work on this. the question is, how did it get so bad? and what can be done incrementally and not just by throwing money like a hose on a fire, but to make sure it is sustainable in the problem really is somewhat contained the people living on the streets can get the help that they need. >> one of the solutions we have
5:14 pm
discussed on the show was just the red tape involved in the housing development. so, deregulating land and fixing the zoning areas. the flipside, you get a lot of communities that her peers opposition toward it because they don't want the areas to become more dense. president trump in 1987 in a talk show called crossfire, i'm not sure if you heard about it. he was in an article in the atlantic. they highlighted the fact that in 1987 he said you can't build low cost housing at a profit and i wish you could. you have to build it efficiently and economically is on exam assistance and help from the government. when he was implying then was that you should provide subsidies to these developers that they can low cost housing to fulfill their homeless situation. >> there was something really, really wrong with the idea that california, san francisco, los angeles day in the seattle have this problem in the first place. the richest areas of the world. in california they put out boulders, giant boulders on the sidewalk so that homeless could
5:15 pm
not sleep there. in seattle they put out park benches in the next or arms as though someone who was homeless could not take a nap on there. they tell us and the rest of the world how great they are. the golden places where all americans that should aspire to be. the democrats by the way, many are running on the same policies as these progressive cities that create these homeless crisis. i am worried about it. >> it was the state of emergency. that's a question. it is in an emergency. is that a flood alluded to? it's a terrible, terrible tragedy. it's a terrible human tragedy. but it is a man-made tragedy. it is the result of the policies and the politics, whether policies that encourage loitering, panhandling, not addressing the issues of these unfortunate individuals are some of the development policies that prevent those style policies most environmentally based that prevent new housing coming up that could be low housing people
5:16 pm
ask for. >> particularly want to cost a fortune. when the government tries to do it a cost of fortune and is less efficient. ella has plans to take over koreatown with new apartments costing $690,000 each. i mean, when the government stepped in, we had a homeless problem in new york. charles, you were around. you must remember that. giuliani came in. >> i remembered. >> he gave tough love to people on the street and said look, we don't think it's healthy for you or the neighborhood for you to sleep and defecate on the street. he got them off the street and it worked here for about 15 years. >> one thing i will say is my son and stepson just came out. my son had a job in l.a. this summer. he spent a lot of time out there. they were saying that they have never seen anything, like in new york we have homeless, our homeless numbers going up. it's hard to walk from here to -- every day but these are encampments, these are many towns.
5:17 pm
it is something you would expect to see in a third world country. and to jonathan's point, the government played a big role in developing this and allowing it to go on. i just think it's a cautionary tale for everyone. >> the war on wealth a new warning for voters over tax proposals coming from and berni. john delaney is here to respond to that and a lot more. he is coming up next
5:18 pm
for farmers here, this is our life's work. but when a recall happens, perfectly good food goes to waste. now, we've got away around that. looks good. we're on target. blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. it's used by some of the biggest retailers everywhere. a nice wedge. so more food ends up on your table, is that daddy's lettuce? yeah. and less food goes to waste. ♪ ♪
5:19 pm
to the wait did frowe just win-ners. prouders everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network
5:20 pm
designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today. david: a new warning for 2020deh warren and bernie sanders are pushing aggressive wealth taxes to pay for their trillion dollar plans. even the new york times is
5:21 pm
sounding the alarm saying starting a brand-new tax that confiscates part of your property would reshape our economy and sap economic growth. 2020 democrat rival, john delaney is not a big fan of these taxes and he joins us now and i foxbusiness exclusive. good to see you. why don't you like the so-called wealth taxes? >> well, first while it is not clear that it is constitutional. secondly, countries that have had it have largely backed away from it because it is impossible to track and enforce. what i favor, i definitely think wealthy americans should be paid more in taxes. but i believe the best way to do that is to raise the capital gains rate. i don't think there's much logic anymore to having a lower capital gains rate. i think people who invest for a living should pay this same tax rate as people who work for a living. that's what i would focus on. it is an existing tax. we just have to make it the same as the ordinary income rates. it would raise a huge amount of money and i think it is a more
5:22 pm
fair way to deal with taxation policy. it can happen. that's the kind of things we can get done. dilute the other things people are running on our impossible promises that will never happen. where is if we want to generate more revenues from wealthy americans which i think we should, the best way to do that is the buffet rule or raise the capital gains tax rate. >> and congressman, thank you for being with us. you say they are impossible promises, but they are popular promises. you on like all of your democratic candidates and thank you for running and speaking out. you are the only democratic candidate who speaks out even remotely, favorably about capitalism. why is that? why is it that all of your democratic candidates are so explicitly negative and antagonistic about capitalism? >> i don't know. i think capitalism is the greatest job creation ever created. but, that doesn't mean we shouldn't do things to make capitalism more just and inclusive. that is really where i have been focusing. if you think about historically,
5:23 pm
we have always done things to make capitalism work for more people. that is what you do not society progresses. that is what we need to do now. it's a terrible idea to throw capitalism out the window and go to socialism. >> but having said that, how do you make it more just and more inclusive? we are right now in the midst of everyday corporate virtue signaling. were going to get rid of plastics draws because were great global citizens. no one is buying that. >> i would do some basic things. you know how i talked about reason the capital gains rate. how we take the money that generates an w earned income tax credit. >> how does that change corporate behavior with all due respect? >> i will get to corporate behavior. so, that is one of the things i would do on tax policy. things like paid family leave i do think are the right policies. i think creating a form of universal healthcare system, not a single-payer system. not making private insurance illegal but having a form of
5:24 pm
universal healthcare system i do think would encourage entrepreneurs. i started two businesses from scratch, created thousands of jobs. i only started my first business because my wife was working and she had healthcare through her company. we were having our first child. i would not have left my job to start my business which ended up creating thousands of jobs if i was not able to have healthcare through her healthcare. so i do things like universal healthcare. i think that is a human right but also smart economic policy. i think we have to do things to encourage. david: but again, i am not calling for making private insurance illegal. you see what i mean? i'm a pragmatic idealist. >> let me ask you this. there are so many people who are just anti- president trump at this point that especially on the democratic stage that if you are a moderate right now you are really not that popular. we are even seeing joe biden with some of the policies go a little bit more towards the left. do you feel that the policy in
5:25 pm
terms of the ideas you're talking about is falling by the wayside just for this feeling of it, it has to be so extreme and so different, it has to be so polar opposite? >> and that's the problem with the democratic primary right now. i think what will happen is as we get closer to iowa and new hampshire i think the more moderates in the democratic party are going to step forward. the problem was some things that bernie sanders and elizabeth warren is running on is that not even half of the democrats in the country support some of these things. forget about the whole country. literally, some of these things if they got votes in the congress not even half of the democrats would vote for a lot of the stuff. >> thank you for joining us. we often talk about trade, tariffs and how it is affecting business here. it seems like china is holding out for possibly may be the president to lose in a democratic candidate to win. then, for terrors to possibly change. if you were president, how would you handle this entire situation
5:26 pm
with china given they had been stealing ifp for ages and they have been forcing companies into joint ventures. what would you do? >> china is acting like pirates. they steal intellectual property and islands in the south china sea. the first thing i would do is get back in the transpacific partnership. i'm the only democrat who supports getting into that agreement. that allows us to compete with china. we have to play the long game with china. we have to realize that we are going to have to compete with them and it trade is the best way for us to go about that. the second thing i would do, i would work more with our allies than the current president is. if you want to go after china on intellectual property which is the number one issue. the trade issue is not the number one issue. their outright theft all of the time of intellectual property is the big issue. the only way to actually take to china on that issue is by getting our allies and u.s. private companies. >> you're getting rid of tariffs then? >> tariffs are part of it but i just do not think this go it alone trade wars is going to leave us.
5:27 pm
china is going to agree to buy soli beings and boeing aircraft which will lower the trade deficit. the president is going to brag about that is a big victory. i worry he is going to surrender the high ground. i think tariffs are part of it but i would have a more holistic approach where i am competing by entering the trade agreements, working with the allies for intellectual property in paris will be part of the mix. i travel around iowa, farmers are getting killed because of this trade war. >> boat farmers in the poll are still basically for it. i am just curious about what you think trump has done right? i know it is hard for you to even screech up your face and admit that there is something he did right, but when he lowered corporate tax rates, a lot of companies brought their operations which are going to no tax or low tax countries back home. that is why we have more jobs than we have jobseekers. that has never happened in my lifetime. isn't that a good thing and doesn't donald trump deserves some of the credit because of
5:28 pm
his tax cuts? >> i think lowering the tax cut was right i think they lowered it too much. i think 21%. >> what you think it should be? >> 26 or 27. and i would've taken that $500 billion or $600 billion which is the differential and i would have put it into a national infrastructure program. we would be much better off right now as an economy of the corporate tax rate was 2627 instead of 21 and we were spending a trillion dollars fully paid for rebuilding the infrastructure in our country. that is what i would have done. listen, i did not criticize him for engaging with north korea. i actually think that was the right thing to do. i am not one of these democrats who goes around and says everything the president has done is bad. i think on north korea for example i think that was a positive step forward. >> if there is the president -- do you think our economy would
5:29 pm
do better than it's doing now or perhaps worse? >> i think having a democrat in the office in 2020 will lead to a better economy for the united states. >> no matter who it is. >> i think some of the think senator worn and senator sanders are running on will never pass the congress. i'm not that worried about a lot. >> and david,. >> a quick point, interestingly, corporations don't pay corporate tax. they pay the corporate tax of the employees. and one thing is that we have started to see wages go up is because of the income taxes and the more money to compensate their employees. i appreciate any effort you can make to move the democrats more towards free markets and capitalism. keep it up. >> iran to public companies and we paid a lot of corporate tax and the corporation pay the tax. i understand --
5:30 pm
>> and congressman, i have a very quick final question. a lot of people are still running for president. some are running out of money. how long do you plan to stay in the race? your poll numbers are not too good. >> the iowa caucuses really the pole i am focused on. if that doesn't go well then that changes my perspective. >> john delaney, always a pleasure. >> people may be afraid of the threat of big tack but who is big tech afraid of? if you're looking at mark zuckerberg probably not what you all wanted us to hear. with tums smoothies. ♪ tum tum-tum tum tums
5:31 pm
when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering seven things every medicare supplement should have. it's yours free just for calling the number on your screen. and when you call, a knowledgeable licensed agent-producer can answer any questions you have, and help you choose the plan that's right for you. the call is free, and there's no obligation. you see, medicare covers only about 80 percent of your part b medical expenses. the rest is up to you. that's why so many people purchase medicare supplement
5:32 pm
insurance plans, like those offered by humana. they're designed to help you save money and pay some of the costs medicare doesn't. depending on the medicare supplement plan you select, you could have no deductibles or co-payments for doctor visits, hospital stays, emergency care and more. you can keep the doctors you have now, ones you know and trust, with no referrals needed. plus you can get medical care anywhere in the country, even when you're travelling. with humana, you get a competitive monthly premium and personalized service from a healthcare partner working to make healthcare simpler and easier for you. you can chose from a wide range of standardized plans. each one is designed to work seamlessly with medicare and help save you money. so how do ya find the plan that's right for you? one that fits your needs and your budget? call humana now at the number on your screen for this free guide. it's just one of the ways that humana is making healthcare simpler. and when you call, a knowledgeable licensed agent-producer can answer any
5:33 pm
questions you have, and help you chose the plan that's right for you. the call is free and there's no obligation. you know medicare won't cover all your medical costs, so call now! and see why a medicare supplement plan from a company like humana, just might be the answer. -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.
5:34 pm
>> i will bet that we would havd bet that we would win the legal challenge. does that still suck for us? yes. -- is not actually going to solve the issue. less likely it makes it. >> facebook ceo mark zuckerberg taken a shot at 2020 democrat elizabeth warren colon on the 2020 can't candidate and leaked audio. lose warren was quick to respond on twitter saying quote, what would really suck is if we don't fix the corrupt system that lets giant companies on facebook
5:35 pm
engage in illegal anticompetitive practices stop consumer privacy rights. so charles, whose side are you on this one? >> i am on zuckerberg side but i'm afraid that warren, she was a president he would have troubles. he would -- it would be a lot harder battle than what he's talking about. >> i'm not going to sam on worn cider anybody cyber what's interesting about this issue is that both sides seem very aligned on this point. elizabeth warren would want to break up the big tech companies. donald trump said he had a problem with the way they were doing business. they both think there is an issue there that needs to be looked into even with facebook spinning off instagram and whatsapp for example in terms of its monopoly power if you will. there have been people on both sides of the aisle saying that needs to stop. pre-bills privacy needs to be protected. i don't necessarily see this one as a right or left issue. i think a lot of people are in
5:36 pm
agreement. >> it also highlights a lack of loyalty within the company itself. warren has put this proposal breaking that big tech a while ago. she even paid for a big billboard in san francisco that read and we can actually have some visuals of it, break up big technology, there you go. so, you have policy proposal that seems to be resonating with a lot of voters and that is the way she is increasing in the polls. i think she will be a little bit more nuance should she win the presidency. but if you are so for capitalism why not go after the super voters. the dual clash structure were seeing more more. >> just you wait. she will go after. >> this is, this is that behavior. >> this isn't making threats, making demands, private innocent companies. >> it provides people.
5:37 pm
>> they are not exactly anything, jonathan. >> for elizabeth warren, these companies are guilty until they are proven innocent. she is not just any user who is saying i don't like facebook. this is an elected official. when you're a government official no matter what side of the aisle you were on you have the guns behind you, the power of force. that's why this is a inappropriate. if there's a case about facebook make it but this is a case about intimidation. i feel badly for zuckerberg. >> you feel badly for mark soccer bird? really? i don't feel badly for him and his billions. he is doing just fine. >> didn't he earn those billions? >> you should be he should not be able to earn billions by harming people. there are going to be consequences that come out of these technology companies. suicide, bullying, do you think
5:38 pm
that's okay? i'm not on anybody's side. both sides of the aisle agree that this is something that has developed. david: there is also the unintended consequences of what liz warren wants to do, the corporate structure of america. she is talking about totally restructuring it, not just addressing the issue that christine is bringing up which is a good one. the high-protein stocks versus shears versus the low. she is actually talking about taking some of the capital a lot of tech capitalism prayed that won't help us. >> this is also about control. the idea is they made smart business decisions. they saw an upper income or an and whatsapp. it was implausible and they bought it. the prisoner founded it thought it was a great deal. so she wants to start in that kind of stuff it is kind of worrisome. i am not surprised that the progressives turned against silicon valley about a year ago.
5:39 pm
the book was written and they talked about them being worse than the robber barons. you do have corporations where people are rich. nobody has ever been richer than some of these guys like jeff baize owes it for your example. while they are big employers, jd rockefeller and carnegie also employed more americans. there is a jealousy aspect of this. david: when you base a policy on jealousy we all get in trouble. we have to move on. as progressives degree, the growing income inequality in america one ceo has the solution and it does not involve government intervention. that is up next obvious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪
5:40 pm
this is the family who wanted to connect... to go where they could explore and experience adventure in unexpected places... ♪ who were inspired by different cultures ♪ and found that the past can create new memories... leading them to discover: we're woven together by the moments we share. for everywhere you go, expedia has everything you need, all in one place.
5:41 pm
you'rethat's why at aetna,sing what matters. we're committed to taking care of the whole you. with medicare advantage plans that offer health coaching and fitness memberships. plus hospital, medical and prescription drug coverage in one simple plan. with monthly plan premiums starting at $0. aetna medicare advantage plans call today to learn more and we'll send you a $10 visa reward card
5:42 pm
5:43 pm
four years ago dan price boosted employees at minimum wage to $70000 at his seattle office. now he is aiming to do it again for employees of his companies new office in boise, idaho. ceo dan praises joining us. dan, great to see you. thanks for coming in. now, the first time this happened there were some unintended consequences. some employees quick to because they saw the newcomers pay double and there is didn't. you lost some customers, maybe coincidentally you got into a lawsuit with your cofounder who happened to be your brother. have these things settle down now? is that why you are ready to go for stage two? >> it really has gone great. those are all challenges, that is true. what is also true is the turnover went down. it didn't go up. while we did lose a couple we had far more people that we attracted to either come to the company or stay at the company. we added about 70% toward
5:44 pm
employee headcount. that gravity, we had to raise the floor from 30 or 35000 to about 70. but we purchased the company in idaho that had a floor of about $24000. so, going from 24000 to 70 was little more expensive. but, we have been successful enough in helping independent businesses save money on their payments, processing and integrating software solutions into the small and medium-size businesses that we are able to afford to do it and we are very proud of that. >> it sounds like you are one step ahead of bernie sanders. he proposed a wealth tax on corporations that have a huge discrepancy between ceo pay and a median worker. she think that type of plan is
5:45 pm
something we need in america? >> well, i would say when the racing, growing disparities threatening our democratic institutions and so i can understand why myself i have been skeptical at times of solutions like that i can understand how people might think we could go there now. the direction we are going, the last few years 86% of all new wealth is going to the top 1%. that is staggering enough. when that compounds the financial people when that compounds over three, four, five years you can add a zero in terms of the disparity between the people at the top of the people at the bottom. our democratic institutions, the fabric of our society in a lot of ways depends on the sense of we were all endowed with inalienable rights. that starts to pray when you get so much inequality and i think that is where some of those solutions are gaining momentum. >> getting gang, i applaud you to pay your employees whatever you want but you have also been supportive i believe of the universal basic income which is another form of taxation and wealth, redistribution. can you see the difference between paying as you are out of
5:46 pm
your own pocket employees wages as opposed to forcing the government to pay higher wages through redistribution? you don't see a difference there? >> as someone who grew up in the idaho with a conservative christian family listening to rush limbaugh every day i certainly have my own past and current and future leanings around libertarian and let the market take care of it. i can definitely understand jonathan, where you're coming from. >> because you are doing that. you are doing it. that's why we need government. >> well, i think while you are right that we are doing it and it is working for us, think what we have proven is that a lower system of inequality where there is not as much of a multiple that the person on top gets from the prison on the bottom, i think we are proving that can work. you can be competitive. we have nearly tripled our volume from a little over
5:47 pm
$3 billion to over ten since we implemented this. we have proven that it can work competitively. what is also true is during that time the issue of inequality, you can chalk up another zero in four short years to the difference between the top and bottom. so, think that is where there is a hunger for these solutions. it was something like the freedom dividend being put forward by andrew young, it's not perfect. there are problems with it but the benefits of it is that it adds a tax that is easy to put into place in terms of tax companies and people who are -- >> let me finish my point and take one more second. it is taking money from companies that pay no taxes right now. big technology companies that on the way up they spend it all and they get tax credit and are able to completely avoid taxes and then when they sell it is capital gains. they get a much reduced tax rate.
5:48 pm
it starts to tax some parts of the economy that the old tax system did not tax at all and provide some type of a social safety net. >> we have to give somebody else a chance. >> the difference between the top in the bottom there has to be a difference but the question is, how big should the difference be? >> would you be willing to take this so far, like with some presidential candidates are suggesting tax that only your income, warm buffet is notorious for having a very small income, but your wealth. would you be willing to have that text for the greater good? maybe whatever else you won't. your boat, your artwork, things that don't move but our assets and to increase in value. are you willing to let the government tax closing take big chunks of them every single year for the greater good? >> you know, i can understand how a lot of americans are
5:49 pm
skeptical about that type of plan and to see the cost and risk and danger. i agree with them in the in a lot of ways but i think the problem is getting so big. when you think of the equality of opportunity, statistics are showing that we are going backwards with the quality of opportunity. that has always been a defining hallmark of this country. so, we have to think about what other laws that will put this in place to have our future opportunity be better. >> it you know the heartbreak we're up against one, the computer is going to turn us all. thank you for joining us. here foxbusiness we are committed to be invested in you. how you can avoid making unnecessary interest payments. there are better options out there. we will tell you about that, coming up everyone uses their phone differently.
5:50 pm
5:51 pm
between lines, mix in lines of unlimited, and switch it up at any time. all with millions of secure wifi hotspots and the best lte everywhere else. it's a different kind of wireless network, designed to save you money. switch and save up to $400 a year on your wireless bill. plus, get $250 back when you buy an eligible phone. that's simple. easy. awesome. call, click, or visit a store today. - in the last year, of cybercrime every second. when a criminal has your personal information, they can do all sorts of things in your name. criminals can use ransomware, spyware, or malware to gain access to information like your name, your birthday, and even your social security number. - [announcer] that's why norton and lifelock are now part of one company, providing an all in one membership for your cyber safety that gives you identify theft protection, device security, a vpn for online privacy, and more. and if you have an identity theft problem, we'll work to fix it with our million dollar protection package. - there are new cyber threats out there everyday,
5:52 pm
so protecting yourself isn't a one time job, it's an ongoing need. now is the time to make sure that you have the right plan in place. don't wait. - [announcer] norton 360 with lifelock. use promo code get25 to save 25% off your first year and get a free shredder with annual membership. call now to start your membership or visit lifelock.com/tv
5:53 pm
david: you may be paying more than you should, study from figures technology finds american home opener spend over 100 billion in unnecessary interest payments, jackie, have you been following the story. >> credit cardin rate -- interest rates are highest. consumers paying highest they have in 24 years, when the fed is lowering rates, this looks how consumers pay more a hundred billion more in payments than they should be, saying there are other ways, no personal loan, if you have equity in your home, which many do. if you have 15% equity or 15,000 in debt, you can refinance almost 90% and save 6,000 dollars in interest payments over 5 years. you can do it with block chain
5:54 pm
technology. for everyone who is freaking out saying home equity loans are dangerous, they can be, they are not necessarily for everyone, there are options for consumers to chip away at debt, this is one. if you can't make your payments or you be late, attaching your debt to your home is a bad idea. >> really surprised. we see periodic spikes in refinances. but not the mad rush, did you think it because people are afraid the great recession they technology say mistake. >> i am not sure. i think people are wary of where rates are going. >> why wouldn't you lock in a lower rate now some. >> some people think they might be going lower. >> thank you, jackie. david: could science be ending long beef with red meat, a new study setting off a firestorm
5:55 pm
5:57 pm
5:58 pm
we love you, daddy. good night. i love you guys. cancer treatment centers of america. appointments available now. >> so did science make a mistake, a ne new study up endig views that red meat is bad for you, does this clear the way of you giving away your ven tearian hab -- ven vegetarian habits. >> no, i am concerned. the environmental degreegation caused by livestock. i made the decision when i could not watch the slaughtering of two goats. >> you do know that population
5:59 pm
of goats and cows would dwindle to nothing if we didn't eat meat, we would know keep them as pets that said. this is good news for people who wanted to enjoy meat and felt it was harming their body. >> vegetarianism is a luxury of wealth. abundance. a hundred years ago people ate whatever they could get their hands on. 60% of self proclaimed vegetarians ate meat yesterday. when is the last time you had a steak. >> probably over three years ago, i became a pes catear -- two and a half years ago, i sticking with it, if you talk about how expensive it is, a can of beans at trader joe's less than 99 cents, i go bargain
6:00 pm
hunting. >> real quick, i worry about how they treat the animals in terms of hormones. and things in beef now. david: i cand it for a year because i could eat for less than a dollar a day. elizabeth: will democrats step up and networkiat negotiate wite house. u.s. manufacturing activity contracted against in september. doorespoorest showing in a deca. trumtonight, who what do voters think? will they be request questioning democrats?
180 Views
IN COLLECTIONS
FOX Business Television Archive Television Archive News Search ServiceUploaded by TV Archive on