that is one of the reasons tiaa exists, to make sure people have money as long as they have time. david: if you look at households across the united states of america right now, you have to go fairly far up the food chain before you find people with positive net income in a given month. they are borrowing money just to survive. how critical is that for a lot of our populace? roger: now you are taking it to the other challenge we are confronting, and it has been more visible, but confronting it quietly last 40 years, which is income distribution. you have two challenges. first is that middle-class wages have been stagnant for 20 or 30 years. so, that is one challenge. the other challenge is we have other job classes where incomes have been skyrocketing. you put those two things together and we are confronting a large number of people who statistics show can't put together $400 in an emergency, and you have other people who are clearly making huge amounts of money and building up fortunes that are very large by historical standards. david: what are the causes that went into that phe

he says that is why he we has the job he has and why tiaa exists.f the people that can live to 85 will run out of money before that point. we are having an increase in life expectancy in this country that creates an increasing risk that somebody may run out of money before they run out of time, and that is one of the reasons why tiaa exists, to make sure people have money as long as they have time. david: we are living longer, and that means retirement will be 20, even 30 years for a lot of people, and they haven't provided for that kind of money at all. alix: not at all. life expectancy has grown, yet the ag retire really hasn't -- yet the age you retire really hasn't. 64 and 65 is still the average retirement age in the u.s., and you could live to 100. david: take a look at this chart. to 84 we think of as quite elderly. that is going to be like 50 million people. it is very interesting on how that could affect things. alix: you also have some senators talking about this to. there was a bipartisan bill trying to reform the retirement system. they

now, roger ferguson leads tiaa

now, roger ferguson leads tiaa, managing over $1 trillion in assets for five million

you the market and the economy with our guest host for the hour stephanie link, cnbc krishtd from tiaa and nuveen company also with us is michelle meyer head of u.s. economics at bank of america merrill lynch michelle, just on the economy on the president's immigration plan, clearly labor shortages are a huge itch right now. is this a way to get at that problem? >> well, i think the conversation touched on something very important, which is the fact that job openings are really high and what we're hearing from companies across the board is that they can't find labor and they're looking for people to fill those positions. to the extent that immigration policy reduces the supply of labor that could be problematic for the economy. it makes it harder for companies to produce it puts continued upward pressure on wages. it also could be very challenging for profit margins i think what we need to do is to think carefully about how we want the labor force to evolve and ultimately we think about trend growth, a stronger increase in labor sflie, a faster increase in labor force participation is

now, roger ferguson leads tiaa, managing over $1 trillion in assets for five million teachers,

national council of farmer cooperatives, tiaa, airline pilots association. so we have consumer groups, insurance groups, business groups supporting the secure act. so that millions more americans can feel secure in their retirement. something that so many people feel insecure about today. the bill has dozens and dozens of provisions. the amendment that is in the nature of the manager's endment by mr. neal includes additional children, gold star families, a lot of people who were left out by the giant tax cut that the republicans passed a year and a half ago to benefit the wealthiest americans. so, these two bills are important steps forward for the constituents that you represent, madam speaker, that the gentleman from georgia represents, that the people that i represent. the consumers first act will realign the consumer bureau's focus as a truly independent voice protecting consumers first. we've seen what the bureau can accomplish and the millions of consumers that were helped under director cordray, and our constituents need the bureau to continue to foe

>> joining us for the hour to help break everything down is stephanie link, cnbc contributor from tiaa and nuveen company look at best buy as o'a poster child for today's sell-off good numbers, decent guidance then, they start talking about tariffs and higher prices for tourism and back the stock gets cut along with all of retail >> it really was a good quarter. they actually gained market share. one one comp very impressive and better than expected but that had nothing to do with what happened with the stock today. it's was the conference call where the ceo said 25% tariffs is much different than 10. all of a sudden the stock just tanked because obviously earnings now have to come down again no matter what they did in this current quarter >> if you look at the next round of tariffs if we do go through with it, laptops, cell phones, some of the biggest imports on that list. who from the 25% tariffs. now it looks like it's more like 25% to 30% in some cases. so clearly without having any real understanding of where numbers are going how do you value these things you might say it's cheap

there are some good once, tiaa cref vanguard, are good ones.or the user. they are 400 page disclosure. who will read that? neil: i always worry, whether you give a lump money to someone, good, medium, pristine, not, getting it to come back, you're doing that realizing that small possibility, depending on the company they could go out of business, then what? >> states offer insurance, up to $250,000 per, per annuity account. if you do have more than that you want to a annuityize, make sure you put up amounts. you want to hire fee only advisor to scan the contract or can set up income stream with nice mix of stocks and bonds. that is what annuity companies are doing. neil: what if my company, not fox would never do this, hook up the wrong insurance company offering wrong annuity, can i sue my company? >> in a lot of cases no. that is scary to people and they should be worried about that. you have to do very good due diligence, your company choosing the partner and individual should as well. one interesting factor about annuities though, as we liv

joining us for the hour to break down the market action stephanie link is back, cnbc contributor from tiaa a nuveen company what stands out to you amid the action today and the sort of loss of momentum we saw from the early morning and the open >> two things. oil totally collapsed again. and it just seems to be on a spiral downward. and secondly, not great earnings from some of the software companies, some of the security companies. we aw palo alto. last week we had network appliance, hewlett-packard enterprise spending is clearly slowing. it's not declining in a big way. thank you it is slowing. and that the multiples of these stocks trading at and the leadership this group has bin think people are take a pause. >> feeds into the slowdown fears. let's get into the stories driving the market kayla tausche with the latest china trade developments diana olick with the new software housing data. leslie picker outside facebook's shareholder meeting this afternoon and deirdre bosa with three things to watch from uber's first quarterly report as a public company kayla'sar let's start with you on

joining us to talk about the market today, stephanie link is here, portfolio manager at nieuwveen, a tiaadavid ellison, chief investment officer, joins us as well we've got earnings, we've got an uber ipo, pricing waiting to happen we've got the chinese premier in washington what are your expectations at this point >> there's lots going on i didn't do much this week because we're waiting for this result tonight it's all about trade this week and what that will do to global growth and what that will do to business confidence and consumer confidence and to the extent it erodes confidence levels what is it going to do to multiples because this rally has been all about multiple expansion to the extent you have confidence erode you will see multiple stocks start to pull in i know there's a lot of things going on but as a p.m. that's what i'm focusing on we'll see what happens tonight the way i view it is if you get a deal you'll have risk back on in terms of cyclical stocks will outperform defensive if you have no deal, then you are going to have more of a defensive rally, more of a growth sto