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when tom sowell speaks i listen. i've been listening to tom sowell for 30 some years.is one of the smartest economist i ever met. he is really fearful it may take hold here. what do you think? >> two things. first, let's define socialism. technically it is government ownership of the means of production. that is obviously terrible. you find that in cuba, venezuela, north korea. but a lot of people nowadays, alexandria ocasio-cortez, bernie sanders, they define socialism just as a giant, ever-growing welfare state. but regardless which way you define it, especially when you factor in demographic changes, fewer children, living longer, the long-run fiscal consequences thomas sowell is right. we are heading towards the most predictable disaster in human history. it is happening because politicians and some voters think it is perfectly fine to live today at the expense of tomorrow. david: how long do you think it will take, dan, for that to happen? >> look what already happened in greece. as miserable as greece, their experience was, imagine how much worse it would have be

joining me now, renowned economist, old friend tom sowell, senior fellow at the hoover institution, author of the phenomenal book "discrimination in disparities," now out in a revised and enlarged edition, tom, thanks for being here. why is hillary saying that? i think she knows it's not true. so why? >> because she thinks it will get her some votes. that's the reason politicians say a lot of things and are not true. >> laura: hillary clinton, so many others are are now talking about reparations. trump is a racist. it's race, race, race, immigration policy is racist. the race word is a constant. it's like abortion and race in today's democrat party. >> it is, and i have a feeling that many americans would just as soon not hear any more about race. there are people for whom this is their ticket to whatever racket they are running, including the political racket. it's tragic. what's tragic is there so many people out there who simply respond to words rather than ask themselves, is what this person says true? how can i check it and so on. >> laura: do you think that with the jussie smollett c

david: we love tom sowell. he is the best. charles: i'm charles payne. this is "making money."ng die -- digested. some are retreating to hot names, facebook, alphabet, google. in a way they have become odd safe havens. retailers are rocking led by target and kohl's posting positive financial results and extremely confidence guidance for entire year. is this more proof of the u.s. consumer. >>> markets in china on a tear

tom sowell is a friend. i am a great admirer of thomas sowell, brilliant man.the response from the right is to say, much like donald trump, so let's have trade wars because that will cut it down. let's impose tariffs and the like. we are going to play against this because there's income inequality and income inequality is most driving calls for the bigger social safety net that people are calling socialism. what do we see today? deficits the biggest ever. trade deficits with china the biggest ever. i'm thinking maybe instead of screaming about socialism, we should stream about some these economic policies now in place that are delivering to the very people who voted for donald trump. >> greg: there are people doing better under trump. >> jedediah: that's true. i appreciate his pessimism, he says i don't know if were going to make it or -- because i think it says something about human nature. unfortunately i think we as a people sometimes, it doesn't matter how many times we read about venezuela or we look to the history of other countries. it's like we have to

david: we love tom sowell. he is the best. charles: i'm charles payne. this is "making money." gains are being die -- digested. some are retreating to hot names, facebook, alphabet, google. in a way they have become odd safe havens. retailers are rocking led by target and kohl's posting positive financial results and extremely confidence guidance for entire year. is this more proof of the u.s. consumer. >>> markets in china on a tear despite lower government targets including the lowest gdp growth in 30 years. 6 1/2% is remarkable. the last time america saw something like that is 1984. i will ask someone so smart in the business why is command-and-control economy like china so awful? >>> aoc, let's face it, won't stop, can't be stopped, joined by lawmakers to propose a plan to tax trades. going after wall street to pay off the green new deal is one thing but what about the impact to your portfolio? that is another. all that and more on "making money." ♪ charles: stocks are little changed today. the markets, they're struggling, right? but not the kind of struggle you would think