lauren: gary kaltbaum, thanks again.icole: and in politics, hillary clinton explaining why she did not disclose her diagnosis of pneumonia until sunday. she was diagnosed with a illness on friday but her campaign made a public after a video that showed are struggling to stand as she left a 9/11 memorial service. >> i just didn't think it was going to be that big a deal. it's the kind of thing that happens to you and you are a busy, active person, you keep moving forward. you've got a medical report on me that meets the same standard as the man barack obama. donald trump's doctors said he did to help this president history. this is not even serious. back on the campaign trail in the next couple days. everglades more information in the upcoming days. nicole: how healthy can you be? donald trump continues to attack clinton for remarks about his supporters. couldn't categorize half of them as belonging in a basket of deplorable is. come campaigning in north carolina last may. >> she talks about people like they arebj ots, no

gary kaltbaum, kaltbaum capital management and veronica daguerre, "wall street journal." gary, remember all the regulations brought to us by dodd-frank. remember liz warren's creation of new bureaucracy focused on financial regulation that was supposed to prevent this kind of thing apparently going on at wells fargo. what happened to all of that? >> no matter what in any business you can not prevent bad behavior and in a case like this it was pretty darn big. i'm surprised we haven't heard of a criminal investigation sooner. i thought it would be the first day. david: this is pretty soon. >> they were on this when it comes to the justice department, when it hits the news and hits in a big way they get on top of things pretty quick and there you go. david: veronica, point i was trying to make, democrats come out this proves you need even more regulation. the problem we have plenty of regulation now. we have more laws than we ever have rig lating financial businesses you, regulating financial businesses. the problem we don't have too few laws, they're not well-enforced. peop

joining me gary kaltbaum of kaltbaum capital management. he is the president. danielle dimartino booth. thanks for joining me. how big after blow is it? let's talk about california treasurer's move, how big of a blow is it for the state not to do business with them any longer? >> they have a optics issue. there is pile-on effect and things just keep getting worse for the company. the state of california is the world's largest, excuse me, the country's largest economy if you're parsing it out on a state by state basis. i think this is meaningful. they have a growing daily pr problem along with a bunch of politicians would really love to see somebody getung out to dry after what little the administration's done over the past eight years. melissa: gary, you know, so the ceo, john stumpf will be forfeiting $41 million. i wanted to look and see what his total net worth was. for some of those guys like jamie dimon that wouldn't be that big of a deal. he has net worth of $200 million. i suspect this will come from his retirement package, that he would get almost no ma

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kaltbaum. and recon partners kevin kelly. gary, nothing highlights how ridiculous fed concerns are in the marketplace. we had a terrorist attack near where the new york city is and market moved on that and not what the fed may or may not do on wednesday. >> yeah, unfortunately, not just our fed but every central bank around the globe. they send in trillions of dollars into the system. of course our fed which has been teasing rate hikes for 22 months has only raised once and market dropped 10%. so i think they're quite scared. i suspect and i'm on the part they're not going to do anything on wednesday, blah, blah, see you next month. david: everybody is scared. bottom line what we should focus our attention on is terrorism not what the fed will do, kevin. >> right. david: it is true the markets are afraid of the fed and the fed is afraid of the markets. you can't go on much longer like this, can you? >> no you can't. one reason investors are concerned about this and a rate hike, earnings are worth so much more than debt right now.