the vanguard has a broker that is not there. >> do you know whether or not vanguard accepts payments from wholesale brokers? >> in the retail brokerage they do not accept payments for equity flow. >> do you know why? >> you have to talk to that area of our company. it is why separate from our retail growth. a person in that area told maketaff that they can money by selling their retail order and they believe accepting payments would create this so they do not do so. do you have any reason to not believe that? lacks i have not that runsthe person that area of our company. i cannot confirm it. would you take back that request? >> they told us that they believe accepting payments would create conflict. it is the case. >> yes, sir. >> he is doing something. td ameritrade siddons orders that would occur a set to exchange a wholesale broker dealer. is that correct? >> that is correct. >> and that they pay ameritrade for the orders. is that correct? >> that is correct. >> in that we give nonmarketable orders for those that are eligible for rebates to exchanges. >> that is correct. >> is it

it's like their answer to vanguard. the vanguard product has done very well.beyond bricks products have done well, too. people want to get exposure beyond the brick country emerging-markets. , small capa etf india. >> it has been the best performer. the small cap is the best performing, up 60% on the election inmate. political change has spurred a lot of single country etf's into higher returns. -- election in may. >> are we seeing -- with the pace of new etf's been created? >> 99 launches this year. to 72 last year. investors actually want more products. they like the innovation and they like them to be cheaper. momentum a strategy has taken them $300 million. >> we look forward to the second half. "street smart" is next. ♪ >> what happened to the dow 17,000? heading for a loss in the past three weeks as stock falls. is this rally finally running out of steam? i am trish regan. " starts now. important the most hour. we have a few nine minutes on the clock until the closing bell. facing increased scrutiny from regulators. barclays scrambling to overhaul its ha

vanguard's core mission is simple. to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. before getting into specific comments on potential improvements to our current equity market structure, i'd like to make two fundamental points. first, the markets are not rigged. we have a high degree of confidence in the markets as a safe place for investors to place their assets. second, all investors have benefited from improvements to our equity market structure. through regulatory initiatives over the past two decades, most notably regulation nms, our equity markets have evolved to a competitive marketplace that is connected through highly advanced technology. over time, this structure has led to lower transaction costs for all market participants. individual investors who access the equity markets through asset managers like vanguard have benefited from the market structure improvements that have been made over the past 20 years. additional improvements can be made

representatives of the vanguard group and td ameritrade. what the panel is focused on is payment for order flow. whether or not it's a conflict of interest for exchanges to pay brokers to steer trade toward their exchange even though brokers have an obligation under the rules to find best execution for clients.

a vanguard group, a major mutual fund company that expresses concern and the 4th is steven cork of td america trade. a retail broker that derives revenue from payment to wholesale and rebates that they receive from exchanges. the duty of lawmakers and financial reglator is to look for the public. they can damage retirement and pension holdings and other investments on which americans rely. and even americans without a single share of stock or mutual fund account have something at stake because they exist to foster job and growth and conflicts of in the jeopardize that function. americans don't shy from innovation or technology. indeed we embrace them. but americans are understandably suspicious when technology can be turned against them and their family's interest. they are rightly concerned when technology is used to undermine basic principles as as trust and duty to a client. our goal is to advance the free market by providing those values. i want to thank senator mccain and his staff for their corruption in this matter and all matter. senator mccain. >> thank you very much. i think

>> and our 4% yielding vanguard, it's a good pick. >> john? >> california chrome the triple crown. >>> strike! >> are these walmart workers getting jobs by unions that are supposed to be fighting for their jobs. hi, everybody. welcome. i am neil cavuto. for get about pay for play. how about pay for protest? unions payingage staters to disrupt the annual share holder meeting. more than half the new york city council members telling walmart to stop giving the so-called dangerous dollars to city charities to try and in favor, they say, in the city. did they run that by the folks benefiting by the charities in this city? our guests. sometimes you can cut off your nose despite your face? >> yeah, if there is any real ramifications. we saw it play out in d.c. new york city is probably the worst case of income inequality in the country, you are either rich or poor, and almost 2 million people in poverty and wages have gone down, and you are saying walmart, we don't want you to come here and create jobs, that's rich. i don't know how politicians get a

they were the ones leading, they called themselves the vanguard and they led

. >> vanguard. millenials, just buy the whole thing. >> iraq collapsing, oil prices spiking.l qaeda inspired militants threatening more cities and a major refinery as they blitz through oil rich iraq. lots of calls to send u.s. help over there and now we can also protect ourselves at the pump here back at home by starting to build the keystone oil pipeline right now. are they right? hi, everybody, i'm liz mcdonald's in for david asman welcome to forbes on fox. now, steve, the spreading chaos in the dd

. >> poles once formed the vanguard of change in umplete they had high expectations back then and overwhelming euphoria. and although hardly anyone in poland wants the old system back, the roundtable where it all began has come to represent democratic awakening but also disillusionment. >> albania's leadership was also ousted when communism collapsed in europe. but in contrast to poland albanian's transition has not been smooth. albania wants to join the european union but the eu insists the government has to tackle its problems first and step up the fight against corruption and organized crime. albania's also lagging far behind when it comes to equal rights for women. in many region, the set of traditional laws still applies dating back to the middle ages. >> a few months ago, he came home from work later than usual. her husband accused her of cheating. she didn't believe that she had been to church and he pulled a knife. her eldest son was sent to prison for abetting his father in the assault. he's just been released. now, an organization called today for the future is coming to the aid of w

. >> and our 4% yielding vanguard, it's a good pick. >> john?lifornia chrome the triple crown. >>> strike! >> are these walmart workers getting jobs by unions that are supposed to be fighting for their jobs. hi, everybody. welcome. i am neil cavuto. for get about pay for play. how about pay for protest? unions payingage staters to disrupt the annual share holder meeting. more than half the new york city council members telling walmart to stop giving the so-called dangerous dollars to city charities to try and in favor, they say, in the city. did they run

i did not realize the extent he was on the vanguard of artistic movements in america in the 1940s. >>s a well regarded young artist on the upswing, if you will. he was respectd and so on. he went to europe for about five years. things changed during that time. so, the documentary explains it all. >> right. >> what happened. >> did you inspect his integrity to not chase his tail. his work when you look at it, it's consistent and beautiful. there isn't a moment where what if i paint soup cans. throw in a cartoon superman and do a couple of things. >> no, he felt strongly that was not, that was not what he wanted to do. that's not what he felt. that's not what he felt. period. he didn't even want -- didn't know how to do that. >> it's interesting to see your father. the feel of artistry. things being judged subjectively to see him go through distress on it. you look at that and think oh, rejection. i want to get in on that a little bit. i want to go into the arts. was there ever a moment and thought i look at this subjectist and what it does to my father. i don't know if i can deal with

>> something less risky, vanguard small cap value. it is extremely inexpensive. >> ben?>> i like that choice. i like any kind of carefully chosen index. i would go with spiders. it is right down the middle. you will make an awful lot of money over the long term. >> stock picking is a waste of time. >> it is not a waste of time for the stock picker but the investor. >> i know if you by the spiders if you are not already rich you won't get chchchchchchchchch. >> maybe over 40 years. >>> you can call it economic shock. it turns out the first quarter was a lot worse than anybody imagined, the gdp suffering the worst down turn outside of a recession in more than 50 years. white house and other democrats blaming it largely on bad weather but some saying they should get a mirror. welcome to "forbes on fox". john, what is holding the economy back? the weather or the government? >> well, the good news and the bad news is that economic growth is truly easy and a function of government getting out of the way. it is government policy.

famous now but to quicken the of solves as new evidence of calls.o with that either intellectual vanguard. another man was francis schaffer who began like that.ting in the '60s and '70s went on a lecture tod work to speakl to the evangelical audiences and spent time in europe fans wasu a wind learned about the history of european culture and philosophy and art and also to even juggles a very seductive narrative as beginning roughly to take you on a whirlwind tour is is a great minds an artist of western europe in to a leap of faith with bewildering modern art and ended by saying you are the last best hope of civilization.cal but the supreme court legalized abortion in 1973 that radicalized schaefer isw understood to abortion is what he had so long to predicted for western culture. so we urge evangelicals toem save themselves with a civilizationc of thatcaus required it to pay get the abortione candidate in the clinic when the pro-life cause was a catholic cause you forget this now but in the seven days this is not issue and schaefer played a huge role to change that the tip also profiles

. >> vanguard. millenials, just buy the whole thing. >> iraq collapsing, oil prices spiking. al qaeda inspired militants threatening more cities and a major refinery as they blitz through oil rich iraq. lots of calls to send u.s. help over there and now we can also protect ourselves at the pump here back at home by starting to build the keystone oil pipeline right now. are they right? hi, everybody, i'm liz mcdonald's in for david asman welcome to forbes on fox. now, steve, the spreading chaos in the middle east, more proof we need to get moving on becoming less dependent on mideast soil? >> absolutely. we should have that kind of a back up. the pipeline should have been approved years ago. also the white house should rule restrictions on federal lands on drilling for gas and oil and they should also green light. so bull market there. more supply and we'll get through this crisis but we have to get the signal out there and the white house is not giving it. >> rick, we have them saying it and the nebraska governor saying we have a route for you, why not build the keystone. >>

>> vanguard's 2000.n stocks are at all time highs, small cap stocks have been hit a little harder. >> you see this market momentum continuing. >> the economy is safe. >> my friday was worrisomworris. >> will you let him answer the question. >> i didn't ask him a question. >> yes you did. >> outrage growing over a huge bomb shell. the top tax official back in the hot seat after reports the agency lost more than two years of critical e-mails sent by lois lerner and seven other employees because, get this, their computers crashed. >> first they had all

and vanguard financial a, the f and it is not a contender, but it could be up 15%. >> and john?y a drone. >> and your prediction? >> one company is paying up to $25,000 for the employees to quit to get rid of the employees that don't want to be be there is a good thing. amazon is the first to start it and their stock is up 15% in a year. >> gary b, bull or bear? >> well, i think that paying the employees to quit is a good idea. john lowballed the lmlmlmlmlmlm that is is a rounding error for amazon and i liked it weeks ago. >> you work for yourself, gary, and could can you pay yourself if you quit? >>> well, he is back and co-ceo bob murray says no turning back with the way that the administration is going after his industry. we are all going to be paying through the nose. welcome, everybody, on that happy thought, i'm neil cavuto, and even president obama concedes that the new regulations on power plants are going the cost us more. what bugs t s ths th s ths th s he does not believe that the president cares. >> we must have small low power electric power, and it has nothing to d

the executive from vanguard has this is overstated.ts of opinion here as far as how wide ranging this goes and how much this impacts the markets. >> should any of us be disturbed that lawmakers are using a bestseller as a reason to hold a hearing? >> it is a conversation that needs to happen. it is really just adding more voices to it and trying to open up and get the american public to question what is going on. >> it exposes it to the sunlight. on a final note, could there be regulatory changes that come out of this? >> as far as the book, i talked to chairman levin. he said the chairman has read the book and that is part of the reason for the hearing. this was on his radar well before. crash got a lot of people more involved in high-frequency trading on capitol hill. the question as far as what this means in terms of regulation is something to look out for him but we hear from lawmakers today. as keri mentioned, we have a number of investigations going on. the sec making proposals. hear fromt of what we the lawmakers is going to be

>> vanguard in its retail brokerage does not accept payments for equity. >> do you know why? >> we need to talk to that area of our company. i am quite separate from our retail broker. >> all right. the persons in that area told our staff, tell me whether or not you disagree with this, that they could make money by selling their retail order so that they believe accepting payments would create a conflict, so they do not do so. do you have any reason to not believe that? >> i have not talked to the person that runs that area of our company, so i cannot confirm >> would you take back to your company that request? >> yes. >> solicit an answer for the record as to whether or not staff at vanguard folks told us that they believe accepting payments would create a conflict so you do not do so. for the record is that, in fact, is the case. >> yes, sir. >> a great -- okay. >> mr. clark -- [silence] -- i understand that your company, td ameritrade sans market of zero orders which would encourage fee in excess of exchange to a wholesale broker-dealer. is that correct? >> that is correct

of this small salon in berlin but this priceless collection including rembrandt's morning is an vanguard's of the work of three russian brothers into this because you know this is a good example of what we do the original of this painting was lost during world war two we were able to recreate it from an old photograph. guinea mihail and semi on pause in our being masterminds behind the masterworks that have drawn high praise from some of the most respected and revered names in the german art world but this in the myth they might be a lost people who represent conservative traditional russian art schools in the west europe and then you see the synonymously costly and complex education gave way to more than art but in russia it was preserved have been not started in leningrad they wouldn't be able to pay in those wonderful pictures for them to sell a painting the artist must have been dead for at least seventy years and the paintings all have to be signed by the brothers this hasn't stopped some chances trying to make a killing off their work though back in two thousand we did some reproduct

themselves neil evangelicals, new evangelicals and sought to lay the groundwork for a new intellectual vanguard. another fellow who is important is the book is a man named francis schieffer who began life as a fundamentalist presbyterian missionary but became a cultural profit. in the 60's and 70's he went on a lecture tour around the united states speaking the evangelical audiences. he had spent some time in europe and switzerland learning about the history of european culture, philosophy, art, and offered in his lectures to american evangelicals this seductive narrative of the decline of the west that he dated as beginning roughly in the area -- era of thomas aquinas and took you on this whirlwind tour through the great minds and artists of western europe down through and into this welter of world war and bewildering modern art, sexual hedonism, and ended by saying american evangelicals of the last best hope of western civilization. initially he was not political, but in 1973 the supreme court legalized abortion, and that decision radicalize shaffer. he understood legal abortion as what he ha

but these were men who were evangelicals and soft to lay the groundwork for the new intellectual vanguard eventually. another fellow that was important in the book is a man named francis schaeffer who began life as a presbyterian missionary but became a cultural profit and in the 60s and 70s he went around the united states speaking to audiences and he spent time in europe and switzerland learning about the history of the european culture and philosophy and art and he offered in his lectures to american evangelicals this very seductive narrative of the decline of the west that he dated as the beginning roughly in the era so he took you on this whirlwind tour through the great minds and artists of western europe down through the guard ill-advised leap of faith and into this walter of the world war be watering modern arts. you are the last best hope of western civilization. initially he wasn't very political. but in 1973 they legalized abortion and the decision really radicalized. he understood legal abortion as that he had so long predicted for the western culture and associate brought the

maybe vanguard founder jack bogle has the answers. he speaks to us next. >> and big trouble may be around the bend for uber. you heard gemma just mention it. protesters protesting all over today. cabbies trying to push tougher rules on uber saying otherwise they will lose their jobs. back with more on that in a moment. here at fidelity, we give you the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and e-trade. i'm monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. call or click to open your fidelity account today. i can't wait to get to mattress discounters because the tempur-pedic bonus event ends sunday. choose $300 in free gifts, and, get up to 48 months interest-free financing with any tempur-pedic mattress. ♪ mattress discounters yeah, citi mob

there at the vanguard of a storm system coming in.e are looking in a torrential downpour later tonight. not too much going on just some wisps of clouds. clusters of thunderstorms are evident. very hot air streaming through the plains states. on the edge of which there is a stream of moisture that will put an inch into the atmosphere of available water. these clowes are brightening up in the west on our satellite and heading to our direction. we'll have 1.3 inches average. when thunderstorms are involved one area will get a downpour. it can range anywhere from a third of an inch to almost 3 inches. we're looking at a severe weather out break. it will be more than just a gimmick. in mix of sun and clouds today. the thunder showers will be approaching the mississippi at midnight. tomorrow morning will awaken to showers and storms. it will send out during the day. here is another model. they later a little bit more. here is our high. there comes to low pressure out of nebraska. it is warm humid air. it will be blowing in from the east. ou

. >> we work with the record keepers, people like fidelity, vanguard.e are automatically connected to those systems. we do give specific recommendations for which funds you should buy, which you should sell. some cases, people say, i don't want to deal with my 401(k) at all. can you manage it for me? >> there has been some issues ira's.1(k)'s moving into >> there was a great article in bloomberg today. something we see a lot in the industry. people that spent their life saving in their 401(k) plans, they retire, they stumble upon a broker, tell them to move all of their money into a set of proprietary funds, charges commissions, very high fees. >> employers want to make sure that all of those life savings aren't squandered by some brokers. >> you mentioned life savings, some people look at social security as a form of her time in savings. they have to make choices about when to apply for social security, how to do it, how to do it perhaps in conjunction with a partner. >> it is far more complicated than most people think. 75% of people start collecting

vanguard had 138 billion of client aspects come in the door and 76 billion in the first in this year. the best majority of those have been going to our equity products. >> well, i think it's like the old story of the guy in a small town who said to the other guy wharks are grow going to do on saturday night? e says i'm going to the poker game. he said why are you doing that? he said because you know the game issed. he said it's the only game in town. so, mr. brennan, i don't accept your allegation that everything is fine. so if that's your view, i respects it, but i don't agree with it. >> thank you. >> i would problemly have a close review to mr. brennans. when i discussed the view, i'm going to discuss the view of our six million clients and tole you in the behavior that is they've kpibltsed in the last couple of years, it would be trading accounts increase 31%. it indicates how much exposures people are taking into market. are they participating in the rally that's happened over the last couple years. and a significant portion of them being half. that being said, i would agree with

there are a number of groups that are taking advantage of this vanguard of the isl united states h ofng south. and then just disaffected former sons of iraq or what we call the awakening movement, people who took up arms, they are just angry and they are taking it out now. >> so hear the president today, he seemed to suggest that listen we're not going to help you unless you help yourselves and you work out the sectarian issues here. what do you think is going to happen militarily or should happen with u.s. support here? >> well, first, i think prime minister maliki has smp decisions to make. he can consolidate his military and try to hold the line and rely increasingly on shee yiet my lish shas. and they are bringing back militias and leaders. that's worrisome in some ways, he can try to organize to retake the north. this would also inflame and turn this into more of a sectarian fight as well too. we need to be careful we do not empower the second tarrant agenda -- sectarian agenda because of the support for what is perceived as that sunni agenda. >> would it have prevented something

also, it is a measure of how quickly and effectively this vanguard force has moved. it is a measure that it is not just isis. isis is a bunch of sociopaths and psychopaths. they are in that group. they make panic videos. >> it looks like isis is continuing to advance and gain control of more territory. and therefore getting more money to pay more soldiers. >> yes. point does the president say, oh my god, what do i do? what is the advice? seek a political settlement? >> no. this enormous swath of territory just becomes this place for lunatics and guns together. not unlike 9/11. he cannot allow that. it is a threat to the united states. there are hundreds of insurgents. they are going to be very well-trained and battle hardened. i think what you will seeing, and what is happening as we speak, the white house, as soon as this happens, they ordered all sorts of surveillance to start looking at the area. they're looking for targets. that is what they are doing. i think secretary kerry indicated that some of the airstrikes cannot wait for the formation of a new government.