tv Forbes on Fox FOX Business June 26, 2016 7:00am-7:31am EDT
well, on friday donald trump noted the similarity between what the brits did over there and what he hopes voters will do here in november. reject the bureaucrats with rules and regulations making it virtually impossible to create new businesses and a strong economy. is he right? welcome, everybody, i'm david asman. let's go into focus with bill, sabrina schaefer and bruce japson. a full house. so get the bureaucrats t,ou that's the message over there and trump says should be the message here. >> that's what the voters said. you know, that they're saying,
listen, the eu, you're not the life on the damascus road and you don't know what's best for the uk economy. basically, you're unelected, unaccountable bureaucrats that have suffocating a couch cushion of hyperregulation, just stifling gross. when is the last time you saw an amazon, apple or microsoft being created in the euro zone. by the way, the u.s. and europe right now, david, are in a horse race to see which country are grow more slowly. >> we don't want to go in that direction. bruce, the fact is that the y r eurocrats did tell them what to do in very specific ways. 132 acts of parliament since they joined the eu. 24% of those acts of parliament was because, specifically, they were forced to do it by the eu bureaucrats. >> well, trading with the euro zone gets me a cheaper italian cuisine washed down by a french wine with a belgium chocolate, i
would take that over a bread pudding and warm cup of tea any day. i will say this, it seemed to me that this was a safety in numbers thing and britain was adding to its bureaucracy because they had their own currency and their own side deal. i never really understood that it wasn't an all in thing. so, i think that's why it didn't work so well. >> sabrina, the fact is that the bureaucrats and the eurocrats as they call them over there were regulating all kind of things that the brits didn't want regulated. they couldn't use incondescent light bulbs and strong vacuum cleaners because it took too much energy and they were getting more and more intrusive on what the brits were doing. >> should be a lesson to us here at home. one time i happen to agree with donald trump. one of the big areas where they were meddling is in labor regulations. i am concerned with our meddling here at home and a consistent
rising of taxes and the inability to reign in their public sector unions. all the same kind of things that threaten our economy here at home. i think we have to look sort of past the short-term strategy and consider what is going to happen with this new-found freedom. >> markets go down and come back and they come back as poorly as the economy has in the past eight years or so. we'll come back from the down market from this. >> it will depend on corporate profits and who britain gets as a leader. look, david, in the late '70s and '80s that had margaret thatcher. the people are tired of losing their liberty and they saw the reaction, what happened after the recession. government continued to grow. the response of government was higher taxes on the private sector and the euro and an expansion of government and that really depressed economic growth and people spoke out against that.
>> well, they did speak out against it. kind of a declaration of independence for britain people. independence from the bureaucrats and some people are downplaying that. austan goolsbee nice guy we have him on fox news channel but used to advise president obama, here's how he sort of characterized the vote against the eurocrats. let's play the tape. >> in the uk they had a temper tantrum and pitched a fit and they broke some things. now, it's the other guy. they punch their little brother in the face. now, the little brother is going to have a temper tantrum and it's going to be europe's turn tastart smashing some things. if they have a melt down that will affect the u.s. in a negative way. >> huge declaration of independence and he calls it a temper tantrum. what do you think? >> that is just absurd. any time a country decides to shed a big layer of governing
bureaucracy is a big thing. furthermore, england is the fifth richest country in the world. very prosperous locale. the idea that they're not going to continue trading with one another when it is in their best interest is laughable. goo he is way off. >> cash involved in all this, too. first of all, they have to pay about $20 billion to be part of eu. they got some back in subsidies and they also have to pay, look at this, $17.7 billion in foreign. now, britain has their own foreign aid program but the eu has theirs and they had to chip in almost $18 billion for that. >> europe is getting buried by big government and, still, i think now is a time for you to invest in it. the continent could really boom if the voters there following britain's lead figure out some way to shake off the bureaucrats that have made innovation illegal. >> that is the point we made
earlier. even though markets are reacting in a skiddish fashion to all of this. get in when the markets are low. they're bound to go up, again. >> this is what you were saying since 2008 and what the panel has been saying and it happened. the president buying economic growth, right, with our tax money. hyperregul hyp hyperregulation, taxation. by the way the gdp numbers include government spending. the attitude, though, that the government knows best. did you know that in socialist economies and socialist governments they have more saints in there than all of christianity. >> bruce, i take your point about free trade. it's good to get stuff from all over. the bureaucrats didn't contend themselves with that. they had to get involved in virtually every aspect of how you create a business and they were stifling business over there. >> well, not everybody sort of thinks that way. whether scotland now leads the uk and joins the european union. they voted overwhelmingly to
stay in. >> hold on. sabrina, go ahead. >> we shall see. >> it's worth pointing out. >> sabrina, go. >> we so often are looking to the government as if they are the job creators, but the reason that london is a major financial center is because of smart business men. there's a reason that we invest in australia and in china. and it's not because they are somehow not as good as the countries involved in the eu. i think it's important that we don't sort of, we separate out who is actually creating the jobs and the welt and the economic growth and it's not the policymakers. >> the fact is, it's not just britain that was getting a little fed up with the eurocrats. as donald trump was saying when he was over there, nice timing on his part, by the way. he was saying that this is something that is happening world over. all kinds of people that are fed up with these bureaucrats running their affairs. >> absolutely, david. look, all you have to do if you want to know why the world is in so much trouble right now.
obama, merkel, cameron and francis all leftists. >> john cameron is gone. he's not gone yet but he's announced he is going. some people say merkel. a lot of the people who are kind of tied in, hand in glove, with these bureaucrats are having some bad times politically. >> any time politicians are shrunk a little bit, that's a very good sign for the global economy. let's not remember the most amount of foreign investment into the u.s. comes from the uk. we're not part of the eu. this was a vote. this is not going to change our investment flow. >> so, bill, quickly, should we be optimistic about what happened? >> i think we'll be optimistic and i'm as much in favor of free trade as bruce is. why don't we have a free trade zone with the uk, u.s. and australia. >> great final point, bill. coming up next, hillary clinton attacking donald trump and his tax plan saying he would give away money to the rich by
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power to prosper. duking it out over taxes. hillary clinton declaring that trump would give away trillions in tax cuts, but some here say that's no give away. he's just helping taxpayers keep the money they've already earned. john, there is something about her attitude that all comes from the government and they trickle it down that just doesn't seem right, does it? >> it's ignorant statements like that that really make me feel sorry for hillary clinton at times. government has nuthing to give to millionaires. millionaires give a lot to the government so that they can waste it. so any time you can reduce the penalty taxation, that is great. i just wish we'd reduce it so low that revenues would actually decline. >> bruce, we're always hearing
from the dempt democrats but i' steal a line. trickle down government. that's hillary's line that somehow government has it all and they trickle it down to the rest of us subjects, right? >> well, i think that, you know, what she's trying to point out is that trump's tax cuts would favor the wealthy, et cetera, et cetera. one thing john brought up what we're giving millionaires and billionaires. they benefit from a lot of tax loopholes. if trump would one day show us his tax return, we will see exactly the loopholes he's benefitted from. >> by the way, let's be specific sabrina about the two tax plans that the tax policy centers put together a list of how much people would pay or get back from the tax plans. according to trump's tax plan, everybody gets more money back from their taxes whether you're earning $20,000 or over $300,000. there's an $18,000 money that you get back. clinton's tax plan is just the opposite. you pay more no matter what tax
bracket you're in. >> that was the premise of her whole speech this past week on tuesday, david. was would that government would, in effect, create jobs and create economic growth by raising taxes and spending it in a way they see fit. that's to john's point, he put it perfectly. an example she mentions the need for universal child care. allowing people to keep more of what they earn and consolidate certain credits and she would raise taxes and require people spending on things that they don't actually need. it's ineffective. >> bill, she's also talk about spending more money on green energy programs. we had a 10 billion green internal program from president obama, that didn't work out too well. >> i'm all for using the savings to get people a tax cut. i'll side with that leftist hillary on who gets the tax cut. i don't think millionaires need more tax cuts to get incentiveized. i think more working people do. i'd like taso see a cut for poo
people. >> excuse me for stealing your line, this trickle down government is just that idea, as you would say, makes my head explode. >> yes. you know, let's point out, too, that the cbo has found that two-thirds of u.s. households. two-thirds, 60%, get more in government benefits than they pay into the system in taxes. listen, i'm always surprised that we're voting in politicians to pay them to take more of our money and i'm always surprised that government spending cuts are austerity but tax hikes aren't. we are paying them to do their job and that's the point. >> mike, she's not talking about cutting the government, she's talking about growing it. again, this stimulus idea. we had $836 billion in so-called stimulus from president obama and we're not growing at all. >> hillary's plan won't work for the same reason, david, that obama's plan didn't work. this arrogance that they both have that somehow they know where all this money should go
to grow the government. meanwhile, millions and millions of people who make up the economy, they don't know. obama and hillary who never worked in the private sector, they know. >> they also make up things about jobs and stuff from all of these programs. they had this wind farm component of the green energy plan that cost $4.3 billion. "the wall street journal" they claim that it created 7,200 jobs. it actually only created 300 jobs. 300. >> that's an exaggeration. >> well, let's be very clear about this. government has never created a job in the history of man kind. government gets its resources from the private sector and then in most instances creates wasteful jobs. tabill's poin to bill's point when you reduce the burden on those who have the wel wealth, everyone benefits. >> i have a cure for our deficit
problems. i'll have michael here write the budget. >> mike, are you up for that? >> john for psident. >> the reason why this has been such a punk recovery because investment and planting equipment and machinery has been terrible. the government has stifled that with all their big spending. >> i see here, taking myself out of the picture, i see six people that could be the cabinet of the next president. whoever it is. including bruce. maybe we put you in charge of the arts program or something. but, thank you very much, gang. we're moving on. >> whatever. >> the "cashin' in" gang ready to roll at the bottom of the hour. >> david saying ceu later. the big vote could help fix our immigration policy right here in the u.s. is he right? plus college kids confusing hillary clinton controversies with donald trump controversies. is media bias the reason why? ceu at 11:30.
up here, first, could another court battle be brewing? liberal lawyers suing folks they say are climate change deniers. now, conservative lawyers say, how about suing folks who are climate change alarmists. a lawsuit some at forbes are i don't want to live with the uncertainties of hep c. or wonder whether i should seek treatment. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients... ...who've had no prior treatment. it transformed treatment as the first cure that's... ...one pill, once a day for 12 weeks. certain patients... ...can be cured with just 8 weeks of harvoni.
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never materializes the same way democrat ags are going after exon for what they charge as underestimating climate change to investors. i can't help but thinking of al gore here. >> i am right with you. the ag should start with al gore for that historical movie "an inconvenient truth waets and it's proven to be completely wrong filled with junk science. lits start with gore. >> stuff that was supposed to happen like the melting of the ice caps and it didn't. >> i think there are other evidence that climate change is getting worse and i'm wondering if these guys don't have anything better to do. because if you're suing over exaggerations you might prove down the road to look foolish and these are the same guys that brought the suits to try to stop obama care once, twice, three times. it didn't work. >> john, this is one example. abc had a little piece back in 2008 of what life would be like in 2015. half of manhattan would be gone because of flooding.
again, all the icebergs would be melted. the hurricanes would be worse. they have been much more mild than exsected. it is all wrong. >> yeah, scientists have been predicting climate catastrophe for years and years and particularly in coastal cities. as evidence by all the expense of houses and rich businesses that populate those areas, markets mock this scientific consensus in a major way. >> the reason, bill, why there may be lawsuits is that governments had spent, meaning us, have spent hundreds of billions of dollars based on these faulty predictions. >> yes, but the right way to deal with people whose views are off base is not to sue them. is to make fun of them. make fun of exxon mobil and i'll poke fun at the global warming professor with the fraudulent hockey stick. >> we're making fun of them, but a lot of money by taxpayers and also by individuals. >> absolutely, david. i think these alarmists need to be called out on because it goes
beyond just the climate change debate. also related to chemicals, food and energy, really. the laws that they then are pushing for will have no impact on the environment. that's what we actually care about. >> when you think of these two lawsuits. frankly, the suing of exxon for underestimating global warming, it seems closer to what actually happened than the alarmists. their predictions fell flat. >> been transparent about it. what is really dangerous here, david. we had a new york state legislature say tamo me, we too the tobacco money and spent it on whatever we wanted. they treat companies like their own budget line items when they get these settlements. >> we're not generally here at forbes in favor of lawsuits. generally that kind of mucks up the works. should we take the lawsuit seriously against al gore? >> yes, for this reason. may get a good way to stop the
government getting more control over our lives, which is what this global warming stuff. they don't even call it global warming any more. >> climate change. >> now it's climate change. whatever that means. >> we have to leave it at that. >>brexit vote over there shaking up our markets over here. the picks they say will keep you steady. this is your daughter. and she just got this. ooh boy. but, you've got hum. so you can set this. and if she drives like this, you can tell her to drive more like this. because you'll get this. you can even set boundaries for so if she should be here, but instead goes here, here, or here. you'll know. so don't worry, mom. because you put this, in here. hum by verizon. the technology designed to make your car smarter, safer and more connected.
we are back with stock picks to keep you stable. >> it has blue chip names like johnson & johnson and wells fargo. i'm liking this one. >> stick with the blue chips, bill. >> good company. chance on europe where the dividends are even better. >> by law, i guess dickinson. what is it? >> a medical company.
that's a growing customer base. >> a good stock. >> it's been slow growing. i kind of like it. >> slow grow like our economy. that's it for "forbes on fox" have a wonderful weekend. keep it right here, eric n' in." to be honest with you, i think a lot of it has to do with immigration. if they get tired of seeing stupid decisions just like the american people are tired of seeing stupid decisions. >> donald trump saying the uk vote to leave the european union is a wake-up call. countries rafare fed up and wano secure their borders. our "cashin' in" crew juan williams and rick granell. welcome, everybody. illegal immigration and wide-open borders. is trump right? did the brits push