gary smith, how often do economics professors talk about the role of luck and chance? >> guest: it used to be never. they are perfectly rational with no regrets and that is malarkey. >> host: economics is rational, isn't it? >> guest: but we have these guys come along who have economics even though there's ecologists and they point out the ways they're not completely rational. so i think it is worth $20 so that is why i paid for it and thinking about what it might actually be worth courthouse across the or the house across the street sold 400,000. so for anchoring them and the topic of this book. >> host: let's go to the regression. what does that mean? >> guest: we like to think we are in control and it is evidence of our trade and ability and so on. so a kid takes a midterm and gets the highest score in the class, takes the final, third highest score. did she she do fall from a different study maybe she got lucky on the first test. she guessed on some answers got them right but not on the final. you take somebody that wins the masters tournament, next year they don't

[applause] gary smith, how often do economics professors talk about the role of luck and chance?>> guest: it used to be never. they are perfectly rational with no regrets and that is malarkey. >> host: economics is rational, isn't it? >> guest: but we have these guys come along who have economics even though there's ecologists and they point out the ways they're not completely rational. so i think it is

let's bridge in market power panel, mike lee from invest mark advisoriry, and gary b smith. what do you think of turkey tantrum? is there a con-- contagion. >> no this reminds me of the greek crisis if you will. inch was up in arms. greece would bring the world down, and the eu was collapsing. if you sole you would be up -- if you sold the market then you would be up 50% since then. turkey economy is about the size of florida, if florida suss -- m u.s., and everyone would say let's move on. liz: first sponsors in markets are central banks, they stepped in 2010, to help bailout hedge fund over russia ruble crisis and thai baht, do you think it will get worse. >> i think this is a buy on the dip, and gary is 100% right, greece proved to be nothing, but knock-on affects of greece, first domino to break apart the eu. that had bigger knock-on effects than with turkey. they are a nato member, have you someone that wants to consolidate power, when you have dictator in control over country's economy that does not bode well for currency for economic growth especially when you are loc

>> yes. >> gary b. smith, what the administration is doing.ot on what the president has to say every day on twitter. maria: his detractors are growing worse with trump derangement syndrome. >>> if you want to be angry, be angry about the loss of human life, for example. maria: that will do it for us. have a freight day. great weekend. see you on sunday. charles payne in for stuart. >> i'm charles payne. stuart will be back on monday. it's a big day in fact. president trump was up and at-em early on the economy. he says consumer is back, things will get better. maybe he is trying to change the narrative from the scandals. >>> obamacare according to some polls more popular than the tax law. treasuries are forcing cap on state and local tax deductions. no more writing off property taxes as charitable deductions if you live in the high-taxed blue states. >>> there is this we're following in situation in ha as the

joining me is gary b. smith and jonas, known as the bulls and bears gang. we have you in studio. >> good to be with you. john: it's like a loch ness sighting. >> for us to be together is a big deal. john: this market has been on fire. seems like a lot of the tax cuts have certainly helped, especially if retail. you recently had target, macy's and kohl's come out with fantastic earnings. is retail back? we thought it was dead. >> i'm still a little suspicious. here's why. i like walmart. i guess if there was a target near me, i would like target, but i go to walmart, to sam's and t.j. maxx. i'm one of those people, if i'm going there and spending money, i think it's there. i haven't been to one other department store, macy's, sears, whatever, in years. i like the ones that have the barrier to entry. t.j. maxx i like because i can buy good stuff very cheaply. john: if you are old, you remember the johnny weismuller "tarzan." is sears that elephant right now? >> i thought they already failed. we are here to celebrate this historic run in the stock market. i wa

melissa: here is gary b. smith, from the kadena group, fox news contributor and kevin kelly. democrats were talking about tax cuts were crumbs. middle america was not feeling any benefit from the economy and the tax cuts and the republicans would feel that in the midterm. boom, you get retail sales on fire. walmart are saying they have the fastest rate of growth in the decade. which do you think the truth is? >> the truth lies in actual results we're seeing. it is groceries right. that is really what drove walmart's earnings. they command over 25% of the grocery sales. one of the reasons why their same-store sales were up 4 1/2% is because everyone's going into the groceries and spending tax cuts on that, right? people know what to do better with their own capital than the government does and they're spending it on gross -- groceries and consumer goods they need. why we're seeing consumer confidence up because they can actually deploy their own capital. melissa: gary b., what matters to me is what the ceo says on the conference call. that is where they're managing the expecta

to sun group wealth partners founder winnie sun, fox business' deirdre bolton and gary b. smith. ou gary, i'll start with you. what do you think about the psychology of apple hitting a trillion and whether or not that is going to have a -- looked like it had a carryover effect in the market today? >> i think it definitely does, david it. points out, points eyes toward apple when. people look at apple and even get past the headlines, they start to see the technology is alive and well, not only in apple but obviously in google and netflix, even in facebook. and apple, a company that is not only doing great but reinventing itself, that's the whole story behind american technology. that's why i'm excited about this economy. david: winnie, one thing about apple, sometimes your strength can turn into a weakness, we saw that with ge as we were mentioning with charlie a moment ago, ge through jack welsh built this huge conglomerate, this multifaceted company, in so many different things in jack welch's hands, it was fine, in successor's hands, it was not so fine. it was terrible. apple is

i said earlier, give it some size and scope as we continue with market watchers gabe hoffman, gary b. smitha, weekly standards deputy managing editor or kelly jane torrance. so, kelly, let me start with you on this. size and scope is important when you get a story like this and, you know, this is political at its core. turkey has been holding this american pastor for the last couple of years. we thought maybe there was a deal getting close where this person would be let go. that did not happen. so turkey still has a chance to get out of this in some ways. the i questions the idea is whether -- i guess the idea is whether they will take that chance. what's your read? >> this is an interesting story because it's where something political turns economic. one of the reasons the turkish lira has been spiraling downward is because people are worried about what the united states is going to do because they haven't reached a deal. now, of course, they thought they had reachedded a deal, you know? israel released a turkish woman who was accused of funding hamas, and that was supposed to be the deal.

gary, creighton, guzelzu, john, irene, carolyn, megan, mike, jerry, bill and my staff director elizabeth. i also want to thank jen and paul. they are the staff directors respectively for chairman thornberry and ranking member smith. they did a superb job. with their work and with the inspiration of senator mccain, we were able to pass an extraordinary and i think very effective piece of legislation and with that, mr. president, i would yield the floor and i would note the absence of a quorum. the presiding officer: will the senator withhold? under the previous order, the chair points the following as conferees on the part of the senate, on the disagreeing votes of the two houses within -- with respect to h.r. 2. the clerk: senators robert, mcconnell, boozman, hoeven, earn tion, stabenow, leahy, brown, and heitkamp. mr. reed: mr. president, i would note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: mr. kennedy: mr. president? the presiding officer: the senator from louisiana. the senate is in a quorum call. mr. kennedy: i ask that the quorum call be suspended, mr. president. the presiding officer: without objection. mr. kennedy: mr. president, i'd like to talk for a fe

smith reports. a fire-fighting foam used on military bases ... has literally poisoned the well... the foam contains chemicals which have been linked to cancer and other health issues. senator garyit's not just military bases at risk -- but communities surrounding the installations in michigan--and around the country.... peters worked to include a provision in the 2019 defense bill, that encourages the defense department to use firefighting foams without the chemicals, known as pfas. : earlier this year, the department of defense told us it was working to address the problem, and make sure military bases and surrounding areas had access to safe drinking water. peters' measure in also funds a $10 million study, to better understand the health impact of pfas.