eparate, the issue we we talking about earlier it'se t warren buffett don't pay a lot of income taxesawlier on the segment you have somebody proposing a high err capital gains rate. >> right. >> separate from the income tax issue wealth people are the ones t at own things te taxed in a capital gains rate. they own stocks and real estate. >> right. >> so if you -- that's the reason warren buffett jeff bezos do not pay ince taxes yes it doesn't solve the problem for them but it has to do with why or why not a flat tax that's a appropriatg for why the incomenc tax rate andapital gains rate should bee closer. >>inner we had more time. we could go on we must stop. l le breck. peter maluk from creative plans thank u for joining us. >> thanks guys. >> kroeger online push pays off. that's where we begin tonight's market focus. the onna largest supermarket chain reported higher sales operations drawing in new customers. but the ceo would not reconfirm the financici targets. and that tempered gains. shares u g a fraction to 25.59. wal-mart is expanding subscription grocery delivery service. the

david: now, warren buffett , is he a value investor?ohn: he is the greatest value investor of all time. sometimes people talk about whether michael jordan is better than lebron james. there is no question when it comes to investing that warren is the best ever. david: ok, but value investing, as i understand it, is easier done when the markets are down. when the markets are high, there aren't as many bargains. so what have you been doing the last 10 years, because the markets have been high? john: it has been interesting. we were a little by some terrific bargains right around march of 2009 when the market was bottoming, and we got great brands, companies like cbs and royal caribbean, true bargains. but as the markets recovered, some sectors have stayed really , really cheap. in particular, media. we love companies like viacom, and madison square garden network. those stocks are still really cheap. financial services companies some that you know well, like , lazard or kkr. the are some sectors of the market that just seem to be totally

sta but now the personal finance company is turning its name to an investment warren buffett called rat poison squared. how do you really think? the ceo will be here exclusively to explain his plans for digital currency. >>> now to the housing market. the man the case-shchiller inde is named after will be here in a fox business exclusive. >>> plus, beyond meat getting burned. cash is king. and charlie breaks it on who is really behind elliott management's at & t push. we are now less than an hour to the closing bell. i'm ashley webster in for liz claman. let's begin "the claman countdown." ashley: we begin breaking news. amazon is introducing new devices, including a smart oven, who doesn't need one of those, eight new echo devices and a wireless plug-in speaker. they all go on sale today. there's also a smart lamp called the echo glow. that's fun. the echo glow which is alexa-enabled, of course. >>> let's get you up to date on what amazon is bringing out. let's get to the markets. the major averages right now are all higher, if you are riding around listening to us on sirius, the dow i

it could be awfully difficult for ten or 20 or hundred percent and warren buffett can build it that way. i guess with that i'll start with your testimony you discussed how you're more likely to receive high cost loans as home loans. (technical problem) >> inappropriate education women are extremely savvy and are unfairly targeted and at the same levels of credit score and repayment ability, they were targeted with much higher interest rates. this really undercut their ability to build wealth. i think that there are a lot of opportunities out there for products and for services for women to really help close that gap. i think that it is absolutely essential because wealth is not just about how much you're earning in terms of interest. it's how much you are not paying in these other types of fees and interest rates. so, i feel that women are really savvy but they need a little bit more information and a little bit more transparency of the products that are being offered to them. >> that's one of the great promises about technology. technology describe value to it but it's all you apply it

wall guangcheng who's one of china's richest people he's a billionaire who sees himself as the warren buffett type of figure he's known in the u.k. maybe for best known for owning wolverhampton wanderers the ball club and quite a flashy figure and we have here then what looks like a clash of business cultures in a way you have this chinese new money coming in to rescue the oldest tour operator in the world and coming up against a more traditional institutional investment war with the banks who have appeared to have stopped this deal have been going through yes indeed it hasn't appeared to have worked but have we heard any reaction from them at all well it's been interesting they said in a statement that they had deepest sympathy for the people who were who've been trapped by this they basically they're putting the blame i think that going to the language very much of the at the feet of the banks and saying that it's their fault and we may not have heard the last votes and yes and we can maybe something left to run in the story turning to you really then how does thomas cook's collapse impact

i look at the list of other honorees, and was inspired by the names bill gates and warren buffett, philanthropic champions. martin luther king, sesser shabbos, nelson mandela, simon wiesenthal, desmond tutu, legendary leaders. muhammad ali, bill russell, kareem abdul-jabbar, athlete activists. michael jordan, tiger woods, stevie wonder, excellence personified. john wooden, frank robinson, arnold palmer, and vin scully, friends i try to emulate. i swear my name is going to look like a misprint on this list. mr. president, thank you for including me among this incredible group of people. [applause] president trump: congratulations to jerry. also johnny, congratulations on your marriage to a great golfer. who's here today. thank you, everybody. it's a great honor, a great man, a great pleasure. and you're going to be around a long time. thank you. [applause] president trump: thank you very much, everybody. >> c-span recently visited milwaukee for a look at the preparations underway for the 2020 national convention, which will be held july 13-16. here's a look. milwaukee is on the shores of lake chi

i look at the list of other on noreed bywas in -- ho bill gates and warren buffett, philanthropic champions. martin luther king, sesser shabbos, nelson mandela, simon wiesenthal, desmond tutu, legendary leaders. , bill russell, athletebdul-jabbar, activists. michael jordan, tiger woods, stevie wonder, excellence personified. john wooden, frank robinson, arnold palmer and vin scully. friends i try to it -- emulate. mild -- my name is going to look like a misprint on this list. mr. president, thank you for including me among this incredible group of people. [applause] president trump: congratulations to jerry. also, congratulations on your marriage to a great golfer. thank you everybody. it is a great honor, a great man, a great pleasure. you are going to be around a long time. thank you. [applause] >> in alabama, there were millions of the -- in the storm's path -- >> thank you very much. >> c-span's "washington journal" live every day with news and policy issues that impact you. coming up friday morning, former republican congressman and current nra board member bob barr discusses efforts t

warren buffett says he beat on the street with a tin cup if "wall street" was rational. if the stock goes down and crashes, then it really looks smart. i feel like i have it covered. >> more of my one on one with john when we come back. stick with us. 's beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. welcome back. more with my one on one john. >> you had 35 to 40% your marketing budget with the nfl? >> correct. >> tell me what happened because you think it was part of the crew who took you out. >> i don't know how much he was a part of it. papa john's was the number one sponsor. we had a situation where ratings were hurting nfl. they needed to fix the problems to the satisfaction and i said that. he didn't like that. >> he didn't

lauren: the richest americans have not weighed in yet, people like warren buffett and bill gates haved the wealthy should pay more. they have not specified how. , they, abigail disney have said specifically about the warren tax, we have a mall responsibility to do this, this is the best way to deal with the and income inequality. joe: bloombergs lauren davidson, thank you very much. coming up, china removing foreign investment hurdles. we have more on the country's next steps to liberalize investment decisions. this is bloomberg. ♪ head, chinaasia removing one more hurdle for foreign investment 20 years after beijing first allowed capital into its markets. the state administration of foreign exchange is removing the cap on overseas purchases of its assets. shery ahn is here with the story. but are scrapping the cap, people are saying it is not that big of a deal because right now foreign investment is not up to the cap. shery ahn: they do have the system for institutional investors. right now they are removing those limits currently at a $300 billion quota. but right now that is not b

warren buffett says he beat on the street with a tin cup if "wall street" was rational.smart. i feel like i have it covered. >> more of my one on one with john when we come back. stick with us. new message. department of the social security administration. the reason of this call is to inform you that your social security number has been suspended for suspicion of illegal activity. if you do not contact us immediately, your account will be deactivated. for more information about this case file, press 1 or call immediately our department number 326 -- this is a scam! thieves are misusing the social security administration's authority in phone schemes to trick you into giving them money or personal information. they state there is a problem with your social security number or account. they claim there has been suspicious or fraudulent activity and you could be arrested or face other legal action. they even spoof ssa's main customer service telephone number on caller id. don't believe them. don't provide any information. ssa employees will never threaten you for information

warren buffett says he beat on the street with a tin cup if "wall street" was rational.f the stock goes down and crashes, then it really looks smart. i feel like i have it covered. >> more of my one on one with john when we come back. stick with us. -their béarnaise sauce here is the best in town. [ soft piano music playing ] mm, uh, what do you do for fun? -not this. ♪ -oh, what am i into? mostly progressive's name your price tool. helps people find coverage options based on their budget. flo has it, i want it, it's a whole thing, and she's right there. -yeah, she's my ride. this date's lame. he has pics of you on his phone. -they're very tasteful. he has pics of you on his phone. no, just a sec. what would it look like if we listened more? could the right voice, the right set of words, bring us all just a little closer? get us to open up? even push us further? it could, if we took the time to listen. the most inspiring minds, the most compelling stories. download audible and listen for a change. (groans) hmph... (food grunting menacingly) when the food you love doesn't

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a great example of that warren buffett said so many times he doesn't pay enough, he would be willingas you said he is the king of legally avoiding paying taxes. he could write a check and pay more but instead very closely and thought fully follows the law to avoid paying as much as he possibly can under the law. which makes me think, you know, everybody, all these wealthy people say they want to pay more, it is not genuine. >> whether it is moving out of the country, whether it is moving more into charitable tax-exempt vehicles, you can count on people with this enormous incentive to find ways to get around it. that is why she has in her plan more money for the irs compliance budget, new penalties for people trying to escape. she knows it is going to happen but these letters from professors at fancy law schools that she is showing to support her plan, all they say we're really smart and in our judgment this is fine but it is clearly not. they cite a precedent from over 100 years ago that really goes the other way. there is a reason the, they had to amend the constitution about a cent

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you came to delivering alpha and picked a fight with warren buffett and berkshire hathaway congratulations to you >> i didn't intentionally pick any fights, scott. they happen to be a large shareholder of a company i'm short. >> which is davita >> dva for all of you playing wherever you're playing. they are in the kidney dialysis business >> they are. and i think that it's the reimbursement model we discussed that i think is at risk. >> so we laid out -- you made your case on the stage make your case here for our viewers on why this company is towards the top of your watch list >> so we've been short this for a couple of years. the real problem is a set of developments that have occurred this year that i think put its model at risk. first and foremost, a lawsuit was filed this spring by florida blue cross which lays out the entire reimbursement scam, if you will i think it may be actually crossing the line based on a further development in which basically davita attempts to move its medicare, medicaid patients the vast majority of dialysis patients are old and lower income they try to move

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leslie wexner, warren buffett, smith has come and gone, so he may not be on that list.le of your buddies, lynn shifer, stanley bergman. >> stanley bergman, that's henry shine. >> i knew the actual -- >> michael mygraph michael miller from philadelphia philadelphia's own philadelphia's own costco indeed has an auto program. car buying made easy, new vehicles may i suggest that you go to costco with me on friday, it will blow your mind. we'll use two cards. that's what we have to use two cards. you can get one of those orange door things, what is that on the road, that you see -- >> i would do that. >> you leake ike to go? >> yes >> you need to get a card first. >> worst day for fedex since 2008 it bob pisani. >> down, but could be worse. apple, pfizer, merck, some of the consumer names helping out we're back to the old slower global growth story, doo ue to fedex. transports are the weakest far and away banks, energy, metals and mining, there is your global cyclical type names, utilities holding up better, reits holding up better, consumer staples, looks like early part o

something that warren buffett prepared one day, it is happening now.plus 35 are really starting to buy homes. that's the strength in the economy along with watch, which is walmart, amazon, target, costco, home depot weakest in the economy is business spend they're shaking in their boots sanjay is -- sanjay mehrotra, ceo of micron, at one point, he goes i don't know how much business i'm going to do with huawei huge customer. there is a worry that october 10th trade idea, that gets floated. my sources say don't get your hopes up don't get your hopes up for a trade deal >> going to be an important week, the second week of october. let's get the opening bell here, s&p 500, cnbc real time exchange at the big board at the nasdaq, the prime minister of trinidad and tobago. we'll watch micron and wells at the open here. see what we get in terms of reaction. >> look, i think that there are a lot of people who may not know who charlie scharf is and those are people who might have owned the stock for one of the greatest runs of all time. >> right. >> and charlie

silver he wouldn't be buying silver unless the chart told him to buy so i would jump in his eye warren buffett got 130 or 40000000000 in cash this was a huge cash position you know and we're in a world of negative interest rates is buffett going to sit there and get a negative return as cash and still talk the talk and be anti gold or is he going to swallow hard and say i was wrong i should be buying gold and silver and put that money to work in gold and silver and stop being such an ideological. sitting on that horrible cash i don't know you have to ask and that perhaps you can arrange an interview i can write a letter but in other words what you're see if you're a shareholder you if you would be say why study i cash to be buying gold and gold and silver well the shareholders of the religious cult otherwise known by the name of berkshire hathaway follow whatever the leader says so they're not going to revolt in any way but you agree that the city i cash is not a great place to be of course not but i'm not sure if you're aware but mongerer recently in the last 6 months came out and said well e

not hit the upper class the way it hits people in the lower rungs of this social ladder so it warren buffett said there's a class war and we've won. you know he was one of these very conscious. wealthy people who knows what that she going on is that you know of course there's a class war so you didn't create class or you. just talk about it but you know it's a poster i know in this book you mention it as well there's generational pain that arises from events like this just as the ground for the event was dramatic and it was preceded by trauma and followed by trauma. in the same way addiction and much of human dysfunction is based on traumatic experiences which are passed on almost unwittingly from one generation to the next so the trauma of each generation will affect the development and distort the development of the next generation and this happens not because people are meaning to pass on their trauma but because of you unwittingly do so for example this is even so physiologically not just ecologically so they the grandchildren of holocaust survivors still have high levels of stress from

billionaires such as jeff bezos and warren buffett could have lost hundreds of billions of dollars inhat is only if they have done nothing to avoid the proposed tax. i am viviana hurtado and that is your bloomberg business flash. david: time for the bottom line where we take a look at three companies worth watching. we are joined by emma chandra, brooke sutherland, and sarah ponczek. first we are looking at barclays. emma: barclays heading towards its best day since 2017. chargeing a $2 billion to cover last-minute compensation claims of ppi insurance. this is the scandal that has cost the u.k. banking sector over the last years. it looks like barclays total cost will reach $14 billion. is $65ustry as a whole billion. analysts are concerned this extra charge could see the bank suspend its buyback program. that was not announced, at least not yet. the analyst saying they see the dividend remaining intact. investors also soothe are reports out of japan that barclays has been cutting staff in its fixed income unit. we know jes staley is looking to cut -- as he tries to counter retail pro

to do a cleanup warren buffett -- from the outside to do a cleanup.n buffett at one point was saying it shouldn't even come from banking. alix: they also have to get the fed off its back so they can start growing assets. sonali: exactly. it is funny because charlie scharf was one of the people that was called to washington earlier this year. you can go back and look at the tate. he didn't have to answer as many questions. he was definitely somebody who had to deal with regulators very much this year. alix: berkshire hathaway owns almost 10% of this bank's stock. do you think you will be happy with this? sonali: i would be surprised if he wasn't asked, but yes, it will be likely that they will like this candidate. of course, he's criticized the wrongdoing, but also remember, buffett also loves jp morgan. all of these people that were trained and groomed under jamie, there is a connection here where there is synergy. alix: there will be a conference call for more on this. we talk about who else was in the running. where are they? where are the names tha

our largest investor, warren buffett owns 11% in delta.t line about our industry. we are the chicago cubs of the business world. we had a bad century. we are on a different platform now. over the last 10 years we have invested in fundamentals of running a great airline with friability -- liability, performance that is not been seen in delta's history. that has been rewarded by our customers with customer service action scores and brand loyalty and preference at levels we have never seen before. we are taking their back and continuing to reinvest in our customers airports and technologies while at the same time generating free cash flow. it's another thing the investors have not historically seen from the airlines. while they may have performed they also spent back what they made on the labor and technology and capital. we are doing that but we are also returning a meaningful amount so this year, we expect to make over $5 billion. for the fifth year in a row. we will also have free cash flow delivery of over $4 billion. that performance and

guy: in the last year, earlier on in the year, warren buffett has some pretty big issues in terms of way we value stocks . have we forgotten about that now? >> i was sort of asking the same thing. he was really aggressive. there's a lot of intangibles in stocks not being picked up by it. s, most are tf' using price-to-book. there are some other funds that don't use price-to-book. it would be interesting if funds sort of move away from those price-to-book funds and move to these more sort of pure factor place. guy: we will leave it there. thank you very much, indeed. you can find all of this fantastic work being done -- a on yourtf workers on -- bloomberg. romaine: now it is time for a bloomberg business flash, look at some of the biggest business stories in the news right now. we will start with target. the discount real or -- retailer announcing a new buyback program that will start when the current $5 billion program is complete that will happen in fiscal 2020. it represents about 9% of targets market cap. chinese consumers are not spending oversees the way they used to. tiffany pl

and one of warren buffett's deputies started her own form -- firm. she has been an advisor to the oracle of omaha. reports street journal for new venture will be a platform to acquire and build companies. and a one-day walk-off was called off by british pilots, instead looking for meaningful talks. they say they are halting industrial action to prevent serious action to the brand. tuesday's strike force them to scrap almost all flights. the airline put the cost at about 40 million pounds a day. global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine: fed policymakers have lowered the main interest rate for the second time this year. jay powell says moderate policy moves should be sufficient to sustain the expansion, but the overarching story was one of division on the fomc with updated quarterly forecast showing officials were split over the need for further rate cuts. the door open to an extensive series of cuts but stressed that this wa

he's saying it for the record at delivering alpha he also is challenging berkshire hathaway and warren buffettire is the single largest shareholder with a 24% stake in davita wondering why they'd back a company like this. all those comments leading to some down side for davita shares that's the latest from the delivering alpha desk. i'll send things back over to you guys >> chanos lit it up and so did cooperman talking about elizabeth warren we'll get to that after a short break. not too high from all-time closing highs on the s&p for that you'd need about 7 more points "squawk alley" back in three minutes. - at southern new hampshire university, we believe in education built for all people. - [woman] snhu was the best experience of my life. - [man] without snhu, i wouldn't be the leader i am today. - [woman] i graduated high school 19 years ago. i still finished. - [man] in the military, you feel that sense of accomplishment. that's what snhu is. - you will march from this arena and say to the world.. i did it. - [woman] you did it. i love you. - [graduate] i love you too. >>> welcome back to

why should i as a secretary pay less in taxes like warren buffett has pointed out that he himself questionedwe need to fix that and if democrats -- they should address it. absolutely. >> tucker: because we tax capital at half the rate of labor. so we penalize work. so you are an idiot if you work for a living and those of us -- i mean, whatever. i don't know many people -- >> we haven't talked about that loophole. >> tucker: i couldn't agree more. you have to be a liberal to think that. ethan, thank you very good to see you. every year artificial intelligence is getting more sophisticated. that has implications for tens of millions of american workers. what does it mean for them, what is it mean for us? investigating that, next. >> tucker: year by year, day by day, artificial intelligence is becoming more powerful and sophisticated. mcdonald's is now working on automating its drive-through windows. one of the czech titans will soon perform cars that can drive themselves. millions of americans from drivers to factory workers to retail corpse, people who work in jobs that could soon be all aut

i believe in the warren buffett side of this thing. i bought stock today. i'm buying stock.s will be one of my core positions where i will be selling calls against this every single month likely over the next couple of years because i believe in this company and now that they've got the right ceo in place, i think this is a company that we should all be taking a second look at. >> not short term. >> not short term. they went out to 21. that gives me a little bit of time, because i like what they're doing. i bought that stock. i will be selling calls against this position for the next couple of years probably. >> thank you. >> thank you, man. >> we're getting ready to answer your questions next. go to ask halftime. you can reach us at cnbc.com/halftime. we're back in two minutes. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until

why should i or a secretary pay less inec taxes like warren buffett has pointed out that he himself?ts really should address it. absolutely. >> tucker: because we tax capital at half the rate of labor, so we penalize work. so you're an idiot if you work for a living and those of us -- >> that's right. >> tucker: whatever. i don't know many people -- >> the hedge fund loophole. >> tucker: i couldn't agree more. couldn't agree more. you don't have to be a liberal to think that. y han, thank you. good to see you. >> thanks. >> tucker: every year artificial intelligence is getting more sophisticated. that has implications for tens of millions of american workers. what does it mean for them, what does it mean for our society? we will investigate those questions next. ♪ ♪[upbeat music] ♪now i'm gonna tell my momma ♪that i'm a traveller ♪i'm gonna follow the sun transitions™ light under control™ new transitions™ gen 8™ lenses are now faster than ever. and learn more at transitions.com >> tucker: year by year, day by day, artificial intelligence is becoming more powerful and much more sophis

one of warren buffett's deputies is striking out on her own and will start her own firm after 10 yearsshire hathaway. she has been an advisor, helping the company take care of struggling businesses. the new venture will be a platform to acquire and build companies. global news, 24 hours a day on air, on tictoc, and on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna, matt? thanks very much. on what is check going on with the swiss franc. we have the swiss national bank rate decision out. they did leave the benchmark rate unchanged at 75 basis points and i did say the next icision would be in 2009, but meant december 12 of 2019. i sometimes forget what decade we are in your fortunately, all of that information is written down for me. it looks like the frank has really lost -- i'm sorry, gained strength. against the euro, the swiss franc has gained some strength and now goes for 1.1 francs. are in goodre you company. let's move on from the swiss rate decision and talk about in the going on here eurozone and specifically incre

. >> my man john i'm in old sacramento right now, mentally >> caller: okay, what we got warren buffett has a couple more dollars than me. i see some news kraft heinz is in the news with somebody dumping some do you think he'll buy it up or lick his wounds and hang back? >> you do have a kind of worst of breed situation there and other than -- other than cheez whiz, when i go to gino's, which i'm going try to do this weekend, john, there is nothing there. let's buy best of breed, not worst of breed we'll always make more money bernstein's valuation concerns for costco, they're logical. it may even be right for the moment, but history tells me that best in breed companies don't trade for cheap. why should they? take this dip as a buying opportunity. not tomorrow let it sit for a couple days let the baby ends blow out other of it. on "mad money" tonight, it's behind vrbo, trivago chip poet they ley is up have you missed the move i'm getting my take. >>> and 5% of the world was taken offline but the market hardly seemed to notice. i'll explain why so stay with cramer. >>> don't miss a seco

but it's because they've been running around crying like a kid that got shamed because warren buffettot a better price than him and he's been talking the stock down and saying how terrible these people are all apple and all these other companies borrowing money are saying they were geniuses do that. >> so you're going with occi and your picks, by the way, that's one in the oil patch which is unpopular right now you have another one in the financials, wells fargo. talk babout unpopular. what makes you think we're not going to face a european bank zombie for people investing in wells right now? >> see, the difference between wells fargo and the zombie-like banks in europe is there's 80 plus million millennials that have only been deposit customers and core logic says that 25% of them want to buy a house in the next year. so they go from being nothing but depositors to being people that are borrowing money to buy houses and cars and use credit cards. so the best potential future customers of wells fargo are just kicking into gear and wells fargo and bank america and jp morgan have the be

one of warren buffett's deputies is striking out on her own.ill start her own firm after 10 years at berkshire hathaway. been an advisor to the oracle of omaha helping the company take care of struggling businesses. the wall street journal reports her new venture will be a platform to acquire and companies. -- build companies. microsoft is buying back as much as $40 billion of stock. the world's largest software maker boosted its quarterly dividend to $.51 a share. flush with cash, microsoft has been a market buyer of its own share for nearly 20 years. its market cap remains $20 -- $1 trillion. british airways pilots have walkoutff a one-day this month, looking for meaningful new talks over pay. the pilots association's halting industrial action to prevent serious damage to the brand. a two-based reich last week forced the company to scrap almost all flights. the airline pushed the -- put the cost of 40 million pounds a day. that is your bloomberg business flash. matt: annabelle droulers in hong kong with the business flash. joining us now, the

you are not warren buffett with a handful of stocks where you're just owning them for 20 or 30 years and be no taxes to pay. you're typically invested in actively -- or index institutional funds. that's where everybody's 401(k)s typically that are iras are invested, even with etfs, it is the same thing. david: go ahead, gary. >> let me make another point which i think is interesting. you know what i found fascinating by all this, biden never says what the tax is for. why do we need it? there needs to be some argument -- i'm sure no democratic candidate maybe no republican candidate will ever have it, but the thing is why do we keep wanting to put more money in government? is there anyone out there that said yes, you know, i had this dollar, but it was better spent by the government than me. i mean that's always to me the overriding argument. well we just need more money and people are like yeah yeah yeah we need more money for the federal government. i never know why we need more. why can't the federal government shrink in size? but maybe that's an argument we will never have. david:

has been through a lot more bill gurley said, the banks are taking advantage of us he gave the warren buffettmple, where if you're playing poker for 30 minutes and don't know who the patsy is, there's a good chance you're the patsy they make a really good point. i think we need to be careful on how we're doing ipos i think the banks are taking a little bit too much off the table here >> so what's the alternative is it the direct listing and doesn't that work better fo that are well known, that maybe don't need to raise cash as part of an ipo process? >> well, the point they made is even if you're doing a direct listing, you can still do a big fund-raising right before the direct listing, and then do it and with prior markets these days, that's not too hard. the thing that really struck me on this whole thing is these banks are taking advantage of people, because they're giving bids at 26, maybe, to be filled, but the bid at 35 is not friends with the bank, so it doesn't get filled and so i think this direct process option seems a lot more fair when an ipo rallies by 50, 60%, that means the co

education clear priorities but at the end of the day but also family income and the investments that warren buffetto agriculture learning very rapidly that most of the income of the families we are talking about was coming from small agricultural areas but we also learned most of the farmers are women. and you tell the story of patricia who was farming on christmas day because of the rains came and you marveled at the fax somebody with her ambition and intelligence should have been doing very well but it turns out agriculture is the poster child for areas of gender bias and there were five things every good farmer needs. land, seed, supplies, time and know-how so how does gender play into that crack. >> i think this idea we are working on health. now working a bit on international education so that is a piece we are beginning to tackle so we are working on health then started on agricultural because most people predominantly are farmers and how they get their income. i met patricia. she was planting on christmas day. she had the right seeds sure enough the rains came and she had gotten a good yield

. >> i know warren buffett is someone you got very interested when you left the league every time i turnede on last night, someone was down on the field and taken off on stretchers it's really getting hard for me to watch is the nfl facing an existential problem here >> i think so long as it continues to reward people for that risk and the way it has, i don't think the pipeline will dry up any time soon the demographics of people getting funneled into that pipeline could easily change, but it's a great opportunity i had 11 surgeries in 11 years and still say i'd do it all over again if i could. >> 11 surgeries in 11 years. so you think college athletes should be paid as california is proposing? >> yeah, i've heard about that i think they should be paid in a deferred compensation package. sort of contributing to a 401(k) for them get them to understand the time value of money. >> you're telling me a guy is going to stanford because they're going contributing to his 401(k) >> if it's a uniform payment to all athletes i think it would be valuable and a great introduction into getting them int

the fact we have bill gates and warren buffett, and people like lebron james, and people who make millionsnd billions of dollars is not a problem. bill gates, and steve jobs, and fred smith of fedex, they build great companies. they achieved the american dream. what is wrong with that? they've employed hundreds of thousands of people. people like that are awesome and they give back to their communities. their being rich does not make you and i poorer. that is what we love about the free enterprise system. i had a conversation with bernie a few weeks ago and he said yeah, i've become rich but how did i become rich? i became rich by giving people things they wanted. nobody put a gun to anyone's head and said you had to go to home depot. it just turned out he had an incredible entrepreneurial idea that made everybody better off, . so i think our focus should really be, how do we raise the living standards of the people at the bottom? because the american dream. the american dream is to get rich, so we don't want people to not get rich in the country. to achieve better economic outcomes for pe

>> wouldn't it be a great day to be a fly on the wall in warren buffett's office? liz.ay we always look at it which in economics for every action there is an equal and opposite reaction. incredibly low interest rates are a boon. corelogic did a survey, over 25% of millenials want to buy a home. we like homebuilders. we like the banks. [csing bell rings] we think people way overdoing the negative. everything closing to the downside. first day of september ends in a sour note. there is always tomorrow on "the claman countdown." connell: trade tensions, weak economic data we had dragging on major averages. the dow settling in more than 280 points to the downside. we were down 420 plus earlier in the session. look at it that way. melissa: better than it was, i guess. connell: good to be back with you. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." s&p 500, nasdaq, also ending in negative territory today. plus the east coast is on high alert, waiting for hurricane doriano make its next move. unless of americans under mandatory evacuation orders