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Stocks Continue to Rally; Media Hoopla Around RNC; U.S. Racial Tensions - Part 2>
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CALDWELL: I mean it was a lot of despair. My mom was addicted to crack cocaine and heroin. So I lived in a house where you would see individuals of that nature come in inside -- come inside of the house and I would often interact with them. So the police in that area had a perception already of what kind of individuals were there. They saw me. And they may have saw somebody who was a fruit of a woman like that.
So I think the interactions were already different because of the perception of the individuals that were around me.
REGAN: Not to get off topic, but how did you break that cycle?
CALDWELL: I mean that's a very interesting question. I think it was the desire to want to go beyond where I was. And I had a very strong desire to do that. I got involved in politics when I was14, working for my local alderman, went on an intern for the federal government at 16.
REGAN: And who helped you?
CALDWELL: It wasn't necessarily a help situation. It was me continuing to ask different questions, ask people for how do I do this or how do I do that. There was a whole community of individuals whom I asked.
REGAN: That's wonderful. I mean, I think this is, you know, not necessarily just a race problem, but more of the socioeconomic problem. I think that, you know, if you start out for in this country, with a single mom who's got a drug addiction, your chances of succeeding are so much less, and it doesn't even necessarily matter the color of your skin, Eboni.
WILLIAMS: Oh, that's absolutely right. I also grew up with a single mom. I grew up in the south of the country. I grew up in North Carolina, in West Charlotte.
And, you know, government-paid for housing and on programs and like that. I had a mother who also had community support and was able to pull herself up by her bootstrapping and start a business although she didn't finish her education.
And the thing that I got, Trish, was someone who told me it was possible.
CALDWELL: Yeah.
WILLIAMS: See. For a lot of these people, they are born in generational poverty, like you said, black, white, purple or brown, they are kind of lead to grow up with an expectation of this is your lot in life, this is your trajectory.
CALDWELL: Yeah.
WILLIAMS: So you have to have something kind of intercept that, something to usurp that, something to really break that trajectory and say, no, no, no, just because you're born into a particular circumstance, doesn't mean it dictates your outcome.
CALDWELL: Right.
WILLIAMS: And that's the greatest gift. And I credit God for that.
REGAN: And for you and your mom with that person?
WILLIAMS: My mom was that person, but it was God working as the vessel through her.
CALDWELL: Absolutely.
WILLIAMS: Yes.
CALDWELL: And I think that vision has a lot to do with it. I had a fortune of seeing another side of my family that they quite well, small business owners and they would often pick me up and take me to see how money is owned -- earned in a plumber (ph) construction business. So, I think that was absolutely helpful. There have been folks that would tell me that you can do it beyond what you're hearing .
WILLIAMS: You know what I also saw, I had family members that took advantage of government programs and they used them to unfortunately perpetuate a generation of poverty cycle.
CALDWELL: Absolutely.
WILLIAMS: So, I think seeing both sides of that and picking at a very early age, I'm sure we both said, there's a way to do it and then there's a way not to do it.
CALDWELL: Absolutely. Yeah.
(CROSSTALK)
REGAN: You guys are both just such a testament to what can be done in this country. Wonderful stories to hear.
CALDWELL: Thank you. Thank you for having me.
WILLIAMS: Thank you, Trish.
CALDWELL: Thank you.
REGAN: All right. The "Never Trumpers" making their last stand in Cleveland today ahead of Monday's convention kickoff. They want the delegates to be able to, "vote their conscience." We've got the latest, next.
(COMMERCIAL BREAK)
REGAN: It's the "Never Trumpers" last stands. The RNC rules committee is meeting right now in Cleveland where the "Dump Trump" movement is trying to pass a rule that would unbind the delegates so that they can vote, "their conscience".
The RNC meeting is underway after a lengthy delay this morning, which officials blamed this first on a printer jam.
Blake Burman joins me right now with the details. Blake, a printer jam? Really?
BLAKE BURMAN, FOX NEWS WASHINGTON CORRESPONDENT: Yeah.
REGAN: I mean, maybe this is what's wrong with Washington.
BURMAN: I don't think there was a dog here that they said could have eaten the homework. So that excuse was out the window. So, we have printergate here, Trish, for about four hours this morning to start off the rules committee meeting. Basically, everybody gathered and they said, we've got a printer problem, we need to break.
It's the year 2016, so a lot of us weren't buying that and afterwards we kind of figured out there was a meeting going on in back in a -- basically, a backdoor kind of setting here at the Convention Center in Downtown Cleveland.
And in that meeting, there was members of the Republican National Committee and grassroots activists, as it was describe to me. And within those grassroots activists were those "Never Trump" backers here that are trying to get the rules changed.
Now, just to kind of strip this all at a basic level, there's 112 members of the rules committee. If 28 of them, which is one-forth are able to come together to unbind the delegates, then they could get a vote on the entirety of the convention floor next week about unbinding the delegates. And that would make it very, very awkward for Trump and Republicans in general. So that is what they are trying to stop.
I spoke with Paul Manafort very briefly earlier today who is the head of Trump's campaign, along with Sean Spicer, who is the Chief's Communications Director for the RNC and they are adamant that those "Never Trumpers" do not have that 28 number. Listen here.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: They are worried that they could get to this 28 number and of course more vote?
PAUL MANAFORT, TRUMP'S CAMPAIGN HEAD: Not worried at all. There's no worry at all. There's no going to be no more worry than that.
SEAN SPICER, RNC CHIEF'S COMMUNICATIONS DIRECTOR: Oh, there's not. The numbers aren't there for that. No.
UNIDENTIFIED FEMALE: So they had no counting right now?
SPICE: Huh?
UNIDENTIFIED MALE: So then, why you're talking to them?
SPICER: I think what we want to do is to make sure that we've got the grace amount of unity coming out of this convention.
(END VIDEO CLIP)
BURMAN: Trish, the printer is back up and working here. The rules committee is back underway and we anticipate. We believe at some point, most likely later this afternoon about whether or not we'll get that -- to that number 28. Back to you.
REGAN: I'm glad to hear the printer is working at least. All right. Blake Burman, thank you so much.
BURMAN: Yeah, me too.
REGAN: I'll see you in Cleveland.
BURMAN: Thanks.
REGAN: Julie Roginsky and Ford O'Connell, they're back with me. Ford, you know, this is the big task. Can Donald Trump unite the party? Does he need to? You heard me earlier say, you know, maybe you don't want the Mitt Romney's of the world.
O'CONNELL: You know what, I do think he can unite the party right now. About 80 percent of Republicans back Trump over Hillary Clinton. It's needs to get closer about 90, 92 that's why we're hearing the speculation about Mike Pence, and no, I'm not buying the printer jam either. The point is, we don't want to have that 28 delegates supports the floor vote, because if it does, that's ammo for Hillary Clinton.
REGAN: All right. You agree, ammo for Hillary, Julie, if the Republicans can't unite around him?
ROGINSKY: I'll go step further. I don't know what these delegates are thinking. Look, I'm not a fan of Donald Trump, but the plurality of Republican voters voted for him, they've voted for him more than they voted for anybody else. That's how he is the presumptive nominee.
And so, for anybody to try to deny him that, essentially, it looks like a bunch of party bosses are coming together subverting the will of the voters.
It's counterproductive, it's terrible, it's a terrible message to send to Republican voters all across the country and independent voters who voted for him. And I think it's such a huge mistake.
And by the way, let's say they're successful, what do those people who cast a vote for Donald Trump, more of whom cast a vote for him than for anybody else, what do they think? What do they think about how much their vote is valued? Where is Democracy? That's a horrible, horrible thing.
REGAN: Of course, I mean, you'd feel very disenfranchised .
ROGINSKY: Of course.
REGAN: . when you say, why should I bother voting?
ROGINSKY: Horrible.
REGAN: You know, I think, you know, one of the challenges that Donald Trump though has faced throughout all of this, right, Ford, is that the typical establishment, the elite, if you would, they've never wanted him, they've never wanted him to succeed. But does that mean they actually want a Democrat in the White House? I mean, some of them have said, in fact, to me here on this show, yeah, we'll take Hillary over Trump.
O'CONNELL: OK. First of all, I agree with Julie that they are undermining democracy, but understand something else what these "Never Trumpers" actually believed. They believe that they can get Hillary Clinton in the White House and then defeat her in 2020.
Basically, presidential incumbents never lose. I know we're going to talk about George H. W. Bush, but they don't realize if they're giving Hillary Clinton, if they do this eight years in the White House, four -- probably four Supreme Court nominations and that branch of government, the Judiciary, is basically going to control the lives of everyday Americans and, you know, put Democrats in power for over 100 years if they give this away. It's a lot greater than Trump and Hillary Clinton, it's about the Court because that's was going to really this election.
REGAN: They've say we don't care because we think that Donald Trump is going to do too much damage to the Republican Party if ever to win.
O'CONNELL: And here's the point, they have two knocks against him, they think he's erratic or they don't think he's conservative enough. And that's really Trump's challenged during this convention is to instilling confidence and he's going to govern rationally. And I think that Mike Pence, although he's not a sexy pick, could very well be the person and helps him do that.
REGAN: Yeah.
O'CONNELL: Because that way, it really quashes the "Never Trump" movement in the public (inaudible).
REGAN: Julie, is this a sort of realignment of the parties as we know him? Is that what we're actually seeing here when you have some sort of traditional conservatives saying, I'll support Hillary Clinton because I like her policies on globalization more than Trump?
ROGINSKY: No question, I mean Trump is essentially tried to remake the party in his own image. He's not the traditional Republican that we've seen. He's, you know, you can call him a lot of adjectives, but the reality is he's not a Mitt Romney. He's not a John McCain. He's not a Bush.
And so, the problem for the Republicans who are part of that establishment is where do they go if Donald Trump becomes president? How did they work with somebody like that? And it's a huge realignment for them. I empathize with the Republican Party.
Quite frankly, if Hillary doesn't win in November, and I think she will, but if she doesn't, this is exactly the kind of growing pain the Democrats will be going through because the Bernie people will have to say it's the same thing, I think we're seeing because of globalization, because of the dot.com evolution, because of all the things going on with the economy, the end of manufacturing, the retirement of the baby bloomers, and less people on the workforce is the result of that. What's you're seeing is a complete realignment of our political parties across the board.
(CROSSTALK)
O'CONNELL: Absolutely.
REGAN: Yup.
O'CONNELL: Well, what I want to say is that conservatives need to understand that political parties are not ideological vehicles or design to win elections and Donald Trump won fair and square.
REGAN: Julie, Ford, good to see you guys, thank you so much. I'll see in Cleveland.
ROGINSKY: See you in Cleveland.
O"CONNELL: Thank you.
ROGINSKY: All right. Bye.
REGAN: A new poll has got a whole lot of bad news in it for Hillary Clinton. Nearly 70 percent, 70 percent of voters are saying that she's neither honest nor trustworthy.
My intel next on why trust is key and why Hillary Clinton might want to take some campaign advice from Albert Einstein, that's next.
(COMMERCIAL BREAK)
REGAN: All right. Let's check on these markets. We got a nice rally underway, up triple digits here on the Dow. Why, why you've got some banking results. JPMorgan contributing to the upside that we're seeing right now. We've been seeing this actually increase over the course of the last 44 minutes since we started at 2:00 p.m. Eastern, up 141 points there on the Dow.
Stocks also climbing after Bank of England, the Bank of England announces, keeping rates unchanged, that means it would launch fresh stimulus next month.
JPMorgan Chase, as I mentioned, less than (ph) stocks here. Here we go. You can see it's up almost 2 percent, the bank posting better-than-expected second-quarter earnings and a surprise increase in revenue.
OK, let's check oil quickly, closing moments ago at 45.65 a barrel, pretty nice upside there, rebounding after some of its big losses recently.
We're going to be right back with my intel on why Hillary Clinton needs to start taking campaign advice from Albert Einstein, that's to do with Trump.
(COMMERCIAL BREAK)
(BEGIN VIDEO CLIP)
DONALD TRUMP, (R) PRESIDENTIAL CANDIDATE: Crooked Hillary Clinton, sadly, sadly, crooked Hillary Clinton is the secretary of the status quo, and wherever Hillary Clinton goes, corruption and scandal follow. Just look at her life.
(END VIDEO CLIP)
REGAN: There it goes, Donald Trump defining Hillary Clinton again and it's looking like his moniker crooked Hillary is going to sticking.
The Justice Department's decision to not proceed with an indictment against her despite even her acknowledgment that it was wrong to use a personal server for matters of national security, there's a lot of Americans, once again, questioning her character.
The newest poll, which shows Trump gaining on her pretty significantly compared to previous polls, they're now in a tie, indicates that nearly 70 percent of American voters feel that Hillary is neither honest nor trustworthy. That's not good for a presidential candidate after all.
To vote her into office, we need to be able to trust her with our future, but Americans, we can't help ourselves from asking whether she really will be as careless with the country as she was with her e-mail.
As Albert Einstein once said "Whoever is careless with the truth in small matters cannot be trusted with important matters."
That's today's intel.
All right. We got stocks rallying up 134 today, triple digits gains, hitting new highs today. You got good news out of JPMorgan and that's lending a helping hands to these markets.
Plus, you also have the Bank of England staying steady on rates. Money managers are warning that the rally, however, may be short-lived. What are they so worried about? That's next.
(COMMERCIAL BREAK)
REGAN: How do you like this? We got the markets rallying again. The Dow and S&P hitting fresh record highs in today's session. Take a look at that, lots of green on your screen, up triple digits, a gain of nearly 1 percent there on the Dow.
You got JPMorgan out with some good earnings, people encouraged by that.
Joining me right now, RBC financial adviser, Reva Shakkottai, along with Recon Capital CIO, Kevin Kelly. Good to see you, guys.
Reva, where is this market going?
REVA SHAKKOTTAI, RBC FINANCIAL ADVISER: I think in the last week, it's been a little bit of too much too quickly. We're rallying this week on the back of a jobs report which was really a mean reversion.
We had a bad print in May. So, it made the June report looks stronger than it really is. So, it's possible that we're going to retrace hostages on the Dow back to 17,000 and same with the S&P back in .
REGAN: OK. So, you think this is overblown right now?
SHAKKOTTAI: Well, I do think it's gone too quickly. That being said, over the next year, I am bullish on the market.
REGAN: A bullish.
SHAKKOTTAI: I think that the Dow is going to get to 20,000. I was on this program nine months ago, I said Dow 18,000, everyone laughed at me.
REGAN: Now, you're right.
SHAKKOTTAI: How do you like me now?
REGAN: OK. So 1,500 more points between now and the end of the year?
SHAKKOTTAI: Yeah. I would say that we're going to head Dow 20,000 before we ever touch Dow 15,000 again.
REGAN: OK. But you're worried about the interim? In other words, this summer could be tough.
SHAKKOTTAI: I think there's going to be some better buying opportunities coming up in the next couple of weeks or months.
REGAN: Yeah, you know, I don't know though. I mean, you've got a market. We've got basically some of the Brexit concerns out of the way for the most part. You got the Fed unable to do a darn thing, Kevin. So, you know, if we continue on in this sort of slow growth environment, but, you know, with the spigot still on from Janet Yellen and company, shouldn't that drive us higher?
KEVIN KELLY, RECON CAPITAL PARTNERS CIO: Well, what you should look at in this market is what's really driven it. And one of the main things that had drove it from our February lows was the dollar, the dollar got a lot weaker, commodities started rebounding and that stabilized the market.
Now, here we are again, the dollar's getting stronger, and guess what's happening? Corporations are going to start giving earnings guidance going into the future, and now dollar showing us .
REGAN: And you're worried about that.
KELLY: Yeah. Here's the best way to invest in this market right now. OK. We see we're making highs. What do you do? You find companies that have enough cash to other boundary to increase their dividends, do M&A, mergers and acquisitions, as well as continue their share buybacks.
There's only one sector that I can find that can do it and that's the technology sector. Otherwise, these companies are hampered.
REGAN: Right. Would you recommend given the dollar issue that people try and stay local? In other words, be domestic?
KELLY: Yeah. Here's the problem with that. The market has already moved there. If we look at Under Armour -- Under Armour's a great company, right, in the discretionary. So, right -- exactly, but they're trading at a high multiple and they have 90 percent of their revenues are domestic and they're trying to expand overseas, but now that the dollar's stronger, it's going to hurt them. And so, that's what happened, domestic.
Look at utilities, 30 times earnings and they've got a dividend yield, you could go to 21 times earnings in tech and you're getting a 1.8 percent dividend yields.
REGAN: OK. So, for an investor that is in for some long-term gains and maybe is willing to write at a rocky summer, which you seem to think it will be, this is a good time to get in or no? Just wait, wait a couple of weeks?
SHAKKOTTAI: I think it's good to keep some cash on the sidelines because I think there's going to be better buying opportunities.
REGAN: Right.
SHAKKOTAI: I don't think the volatility that we've seen in Europe is over at this point. And we are coming across earnings season. I mean, we've only had 50 companies report.
The real fund begins next week when the industrials and technology, and the staple start to report, so then, we'll get a real good glimpse of what's happening in earnings.
REGAN: OK. And meanwhile, what does the Fed doing in this environment, Kevin .
KELLY: Oh, the Feds going to .
REGAN: . going (ph) to an election .
KELLY: Listen, the one thing you need to look at is the yield curve, completely flat, we're seeing $11.7 trillion in negative yields globally. The Fed is not going to make a move this year and today, they hard-pressed to do it next year.
REGAN: And this is why I think your 20,000 call could be right, because people are going to be forced to keep putting their money in the stock market because they don't have a lot of choice.
SHAKKOTTAI: Absolutely, Trish.
REGAN: You can't by the treasury.
KELLY: Well, I mean .
REGAN: You got to want those dividend yields.
KELLY: Yeah. Here's the problem and tell what -- going back to what I said earlier, those companies don't have enough cash to reinvest, because what do they do? They did a lot of buybacks. So, they're going to need to continue to cost cut. That's what the banks are going to do right now.
REGAN: Look, we've been unfortunately showing how good we are as a nation at all this cost-cutting.
KELLY: Correct.
REGAN: And it's costing a lot of people their jobs and of course, you've got to wonder at what point does that really start to send the economy south.
Good to see you guys.
SHAKKOTTAI: Thank you.
REGAN: Good to have you here in the house. Reva, last time, I think you're in L.A. Good to see you, Kevin.
KELLY: Thanks.
REGAN: We're going to be right back with more right after this.
(COMMERCIAL BREAK)
REGAN: Donald Trump is set to announce his pick for vice president tomorrow at 11:00 a.m. Eastern Time. Sources are signaling that he's set to top Indiana Governor Mike Pence for the job. That thing can be that Governor Pence can maybe help smooth out some of those edges that Donald Trump has, that he'll help him with some Evangelicals, he'll help him in the State of Indiana, and in the Midwest, and he'll help him hopefully in Washington.
What do you think? Is this a smart move by the Trump campaign? Like my Facebook show page @TrishIntel and tell me what you think.
Don't forget, we're just days away from the start of the Republican convention, and I will be there live from Cleveland every day at 2:00 and at 9:00 p.m. Eastern.
Liz, over to you.
LIZ CLAMAN, "COUNTDOWN TO THE CLOSING BELL" HOST: Trish, we are chasing right now the story on a day of political enteric and speculation and backroom deals.
Look at Blake Burman as .
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