tv Bulls Bears FOX Business June 11, 2017 6:00am-6:31am EDT
show. from the students for liberty conference, see you next week for another new episode in our new time slot, friday on fbn. good night! [inaudible conversations] we are celebrating porn on the cob day. >> have a good morning, everyone want to know where this russian probe is going, take a look at where stocks are going. the dow ending with an a record high with james comey testimony. the smart money is telling us not to worry about washington. hi everybody, i'm dagan mcdowell and this is "bulls and bears". jerry b smith, max ferris, john layfield along with emily jasinski and jessica. welcome to everybody. is wall street telling main street there is no there there? >> absolutely.
at this point, i am surprised that jessica has any hair. she's pulling it out. the icebergs would melt and nothing has happened. look at what happens during these presidential scandals. during the clinton-whiskey, the market went up and it went down during the nixon impeachment brouhaha but that was because everyone thought the entire democracy was on the cusp. now, people realize that yes, trump may have been naïve, yes, maybe he thought he was dealing with someone that couldn't handle his backslapping and stuff like that and he underestimated comey but even if the very worst happened, the very, very worst and there's a part that 1% chance that trump got impeached to you what the market would say, we had plans, we still have congress and life moves on. this is a big nothing burger out
there as much as the liberals wanted to meet their it's why the market has responded positively. dagen: i also look at much smaller companies hitting a all-time high on friday. if you look at a gauge of how much people are nervous, they say that ten and a half year low. >> yeah, gary is right. this is a nonevent. i went to the last 400, 394 years to be exact to the 6023 cash after the 30 year war since the day of stock market crashes, bull markets and economy crashes. one of three things: it was either some type of economic event like a default, a bubble bursting or it was some type of invasion or attack that later were followed. then i went through the presidential scandals, the big one, not warren g harding losing a poker game but the president being impeached like andrew johnson, during that time the market stalled for only a short
time and was up 6% in the following months. same thing happened with president clinton was impeached and during that iran-contra, watergate scandal had nothing to do with president nixon as far as the economy they had to do with the arab oil embargo. this is a nonevent. presidential scandals have viewed traditionally and historically no effect on the market. dagen: emily, is the market indeed telling the country not to worry about what happened in washington with this investigation? >> investors care about the tribe economic agenda unless something comes out of the russian investigation is going to hamper his agenda, then, really, it doesn't matter as far as the market are concerned. what will impact were sold in the russian investigation is divisions within the republican party. that's what investors should really be worried about. the russian investigation just keep hearing things already confirmed that consisting narrative and nothing is game changing. that will continue to see in the markets.
dagen: you didn't see the nasdaq hitting an all-time high early on friday but then you saw the bottom fallout and some of these really top performers facebook, amazon, google, apple and microsoft were all really weak. is that a sign of things to come? >> is they blew through a thousand dollars a share recently. that's really the story. the stock market is transcended the trumpet bump, so to say. it was driven by that early on, the optimism about tax policy changes, regulatory changes which we've seen some of but not getting more which was the expectation. i think the market thanks trump is in a slump and is not going to pass any of this stuff. they don't care any more than the late '90s market which is if you recall, was extremely hot would care about clinton policy which may or may not happen because of the scandal he was involved in. it became its own momentum
driven situation where investors are in and included but it won't have anything to do with this other scandal which i don't want to downplay the sensationalism of it but i think the market is beyond it right now. at the end of the day, does it seem nixonian? it doesn't have the correctness just make it seems more like trumpet treats call me like he is the head of security. he's not a politician and he's not like nixon and he doesn't understand how things work at his age and government and it will lead to problems. it could stop the policies from happening and that will play. it doesn't matter, anymore, i think. dagen: jessica, if you look at the stock market as a gauge of concerns, there was none. >> no, certainly not. we have seen ups and downs but there was that trump bump and that bump when it looked like hillary would when and that was the hillary stabilization factor but a special shout out to john with that incredible research for you put me to shame. all i wanted to add was to say
that what i looked at the acting political scandals are historically overblown and that basically people want to write articles say, look, at this volatility and the next day they say we stabilize because of the issue. emily's point, we agree that if the agenda is able to advance and it is republican standing in the way that they are discussing tax reform which is a complete impossibility, we should be able to stay pretty stable as well, this russia thing is not a nothing burger as gary pointed out. dagen: to challenge jessica over here, the dow is up 60% since election day and that's not just a little bump. a lot of going on in washington, even outside of what congress is doing, in terms of trying to make it easier to do business. rolling back regulations, the
energy business, dodd frank rollback, the house passed that this week even in the middle of this comey nonsense. >> you are right. there is still a lot of good things to come. i feel bad for jessica, honestly. i feel like her spirit has been broken and she wants to come. i feel badly for her. here's the thing, at the end of the day these nothing burgers and they are nothing burgers. here's what i did during the comey test with. i watched a little bit, then i went to my computer and i ordered stuff from amazon. that night i fired up netflix and watched something silly. people say, yes, it's in the background but they go about their daily lives. nothing is going to come of this. i can almost guarantee other than comey will look sillier and sillier like the new york times. people will go back to business and amazon will go up just like netflix and facebook and all those other things. this very positive for the market right now. dagen: to jump and not about my happiness.
>> if the republicans are not able to pass the tax reform will happen then? that was a major trump promise here. >> i'll answer that quickly. then we have as bad as it was, we have the obama years, during the obama administration the market was up 125%. i'll take that. dagen: here's what we do know, the taxes won't go up and we won't double the debt. that's what we do know. john, i want to give the final word on this but one of my concerns is that the life of howard schultz, the founder of starbucks, that he tried to talk down this economy, talking about the chaos that the trump administration is creating for consumers, that the ceos with an agenda will try and hurt the way people feel. >> mr. schultz needs to go and visit one of his doors and see his consumers. i think he's lost touch, then into many board meetings. it's been a wonderful founder and ceo but he's not in touch with the consumer.
they don't care about the scandals. they don't care about all this conspiracy theories in washington dc. they seen it and heard it and it too much. look at the trees that may election over in the uk. the reason they're voting out incumbents is because america and the world is set up with the political parties. that doesn't really matter what matters most is getting some type of regulation reform, you mentioned the clinton economy, 96 for small business act and that the one good thing that the trump and michigan is doing. dagen: final word, gary, are you concerned with a talk later on in the tapes of these comey conversations with mark. >> i am not. look, i think we've heard about things back and forth and there probably is tapes. as naïve as he is and as bumbling as he can be, i don't think there's anything incriminating. even if there is, like i said, okay.
then trump is impeached, pentz is president and we all go back to normal. it will be rocky but i don't think there's anything there. i hope not. dagen: that's not glass half-full, that's spilling over. dagen: neil, what you got back what do comey and his contractor have in common? that is what present taxpayers to care about. if the president wants tax cuts, is there one thing he needs to cut out? we'll see it at the bottom of the hour. dagen: thank you, neil. terrace caught casing new york [vo] when it comes to investing,
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back to new york is newsbreak there and some of these other protests around the country. in the meantime i'm leland, back to "bulls and bears". dagen: new details coming out onto terror suspects taken down. both men are given us assistantship, and both received weapons and bomb making training in lebanon.
what were they doing here? they were casing new york city airport for potential attacks. john, you say this to be a wake-up call to ramp up our security spending at airports. >> it certainly should. i fly every single week,sometimk and i see incredibly inconsistencies in tsa throughout our country. if you look at how many times they fail security tax they is actually no excuse for this whatsoever. the government also takes about one point to $5 billion of tsa security these that all passengers pay into in the general fund and that is also inexcusable. the team as they should be privatized and he should take civilian flights that you have. year to $7.6 billion budget with tsa and simply just add on preflight what you need to defund the tsa, fund the security and but a merit-based system in place and if guys are screwing up, get rid of them. there is no uniform consistency in the tsa and that is
inexcusable in this day and age five it was little more than a year ago that terrorists attacked the brussels airport. >> look, we spend hundreds of billions on antiterrorist measures and much of it is an ongoing basis that will never go away. you don't double down the spending because someone's casing out in your point. there's a lot of mistakes made and in spending more will only magnify it. he stepped back, the airlines is a joke and it took over ten years from 911 just to get tsa pre- checked off the table and that's an absurd length of time. it still doesn't make any sense. they charge you to do it so no one wants to do it and then you don't have that program and if your auntie is a paycheck built check my dog for bombs because i don't know why but it's holding up the line. there's so much no federal idea. these are big mistakes that create the illusion of the security and spending more with that kind of bureaucracy is our
weakness. the terrorists know it and they can bankrupt us by leading to hundreds of billion dollars of spending. dagen: emily, we do know these two men were picked up with ties was a jfk casing the joint. >> yet, and to bridge the gap between those two is that were just inefficient. there's bureaucracy and redtape in tsa and was very interesting about this particular story is that we've been talking about lone wolf attacks the past couple of years. that does not appear to be the case in this situation. these men were connected to organized terrorist group hezbollah and for having this large-scale organized attack on airports, that's incredibly alarming, that's something that absolutely demands extreme measures. dagen: test, you like government spending is back yes, i do. i will come again in the last segment agree with john. the consistency across airports is key here. i was in atlanta yesterday and i thought i was surprised i did not take my shoes off. everything was completely different than at jfk. i do have paycheck and it's
crazy that it that long. we have a ton of money that were already spending and use it efficiently, reform the system and make sure were cooperating with tax companies. i go over this again and again, we need to do better in terms of monitoring social media and things like that to know what's going on. dagen: i want to point out that president trump's proposed budget there are actually cuts to say these by purposeful teams. they want to cut the number of these teams the patrol airports from 3128 and cut grants from state and local authorities that would go to more patrols in airports. >> i don't think it's a money issue. i agree with what everyone is set here. before tsa, we're spending 750 million a year and airport security and since then we spent 70 billion. the latest budget is almost 8 billion for the tsa so the cuts you're talking about probably are drop in the bucket.
i go back to what john said but maybe in a different way. he talked about incentives. look, this is a government bureaucracy. jonas mentioned that. we need to do away with that. you have two options: either, a you privatize it. john mentioned the failure rate and the latest tsa the late 95% failure rate. if fedex had a 95% failure rate customer you privatize it and give them incentives or you probably deal with the best branch of government has the most experience with terrorists, the military but you put the military in charge of tsa. either way, tsa cannot do it right now. dagen: thank you, gary. i want to point out that the airport security was nationalized was 911. cashing in just over an hour now, eric what you have coming up with mark. >> as lawmakers obsess over hearings, are they ignoring the issues americans really want salt plus, filmmaker michael
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>> it's the most important thing he can do after tax reform and a couple quick facts. the small business. the federal register where all this laws is 81000 is 50% more than during reagan and finally taking 10% of businesses go out of business is by market forces. how much does governance shriek? it goes like barnacle on the titanic. trump is right to do what he's doing. dagen: emily. >> he uses his clinical a personality to channel the frustration of the bipartisan working class. that's what he's doing and this is why he was elected. it may look silly but it resonates with the american people. if he's able to focus on this, somehow, the russian investigation will be relegated to the echo chambers of the media back last time we had regulation reform was in 1996
and we've had 21 years of regulations upon regulations. this is one of the best things you can do for our country. dagen: just. >> i've heard many rights talking about russia and we are overregulated but donald trump is being completely inelegant about it and not just about how he held up that binder, to port one rule and i'll get for 20 get rid of two for everyone that i create. it shows a lack of focus of what he's going after. be sensible about it. dagen: jonas, you need to get read of these regulation and is the process if you're going to get people to invest in infrastructure. >> they won't build themselves. it's his strongest area, it takes the taxes because they can get democrat votes without question. that said, if you pull away federal regulations you are leaving a patchwork of even dumber state regulations. they don't let the tesla cars in your state and that leaves over
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dagen: predictions, gary, go. >> comey show me. more people will see the mummy this weekend and even tell you what comey does for a living. comcast of 20% and they own universal which is a studio behind me the movie. dagen: jonas, you like it? >> leavitt wrapped in bandages. >> 6.7% yield in a gap great cost and it'll be up 20% in a year back john, move on from oil. it's yesterday's stock, i'm afraid if i don't, your protection? >> look, she's one of the most globally famous women and you
love her or hate her and you she's hacked by the rest of it i'm not not hillary clinton talk about penny spears and that's why the cyber security will be up to 50%. dagen: john the five we need to ask about nude pictures on their phone. neil: comey and the contractor, he admits to leaking details of a private meeting with president. she is accused of leaking secret intelligence in hopes of bringing down the president. same president, two very different strategies. if you think about it, same results. they were both entrusted with looking after us and now they are spilling the beans to us. who is to say, not on a specific keep in mind they both worked for us. welcome, everybody. i'm neil caputo and they let you decide if they went too far and