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tv   After the Bell  FOX Business  January 8, 2019 4:00pm-5:00pm EST

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like jp are actually going to sew show in the first quarter here. [closing bell rings] i think that farce outweighs anything the. liz: we have tried talks. melissa: we're off session highs. we had been up more than 33 points earlier in the stay. i'm melissa francis. connell: i'm connell mcshane. welcome to after the bell .
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melissa: house speaker nancy pelosi and senate minority leader chuck schumer. they will deliver the democrats response to the president's speech. no word if they're fighting over the mic we have latest on prime time showdown. president trump taking aim at federal reserve again. his new message for jerome powell. health care for all, what could possibly go wrong. one major u.s. city planning to spend $100 million for people without health insurance, including undocumented immigrants. i wonder who will pay for that? i think it is connell. connell: yes, i will pick up the tab for that and more. dow ending in the green for third day in a row. gerri willis from the floor of the new york stock exchange. pretty nice rally, gerri. >> that is nice. pretty nice rally. we went negative briefly on dow. we are ending little higher than we started the day.
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ending up 256 points on the dow. tim cook told media he was optimistic about trade talks. media is time. boeing shares higher as well on trade talks. j&j, united health care is doing well today. that sector led the markets last year. now we're seeing mergers in the sector also propelling health care stocks. meanwhile tesla, oracle's larry ellison. we knew he was invested in the company. we didn't know how much. a billion dollars that is the lightweight trade i guess to larry ellison. facebook's mark zuckerberg posting his 2019 personal challenge. we heard everything from learning mandarin to the book list. this year he meets with the folks. he wants to talk to people about future of technology. here is what he says. so i'm going to put myself out there, more than i've been comfortable with. engage more in some debates about the future. tradeoffs we face, where we want to to.
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zuckerberg getting comfortable with the people out there. talking to lots and lots of them. connell: a lot of jokes there. we won't make any of them now. gerri willis. melissa: striking an optimistic tone president trump touting trade talks with china saying the talks are going very well. edward lawrence is outside the office of the u.s. trade representative in washington where a key meeting is happening this hour. edward, tell us about the meeting. reporter: key meeting going on. u.s. trade representatives office confirm are going so well they will last into third day. they are scheduled after two days. the two sides are far apart. they're moving forward with this. the chinese officials confirms with us, if talks go well, which they are, they're setting framework for talks next week at minister level. the vice premier of china is scheduled possibly, working towards to come here to washington, d.c., to meet with u.s. trade representative, robert lighthizer.
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the big challenge for china and u.s., is how can the u.s. verify the chinese will make changes. a number of things were considered. the chinese agreed to changes 10% of tariffs on chinese goods. only available after chinese make structural changes or suspend tariffs only putting them back in place if china is not following through saying what they will do. senators here in the u.s. want to make sure senators in the u.s. do follow through. >> what happens our relationship with china affects world trade. it will affect their economy. already has. will affect ours in the long run. we have to realize everything is on level playing field as much as we get there. reporter: u.s. trade representatives office is working in china.
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a big meeting started two minutes or so ago. the european union trade commission walked into the u.s. trade representatives office. they are working to make a deal with the u.s. and european union. similar to the u.s. mca. lying to open markets, lowering tariffs as well as possibly expanding it into the digital realm. talking about digital commerce. something we expanded the usmca to. melissa: edward lawrence, thank you so much. bring in today's market panel, gary kaltbaum, scott martin, kingsview asset management chief investment officer. they're both fox news contributors. gary the whole world is focused on the shutdown. here we're talking china trade deal. which do you think matters more to the market up three days in a row? >> oh i think shutdown is one out of 100. i think the trade deal is much, much more important. a deal will get done i'm sure in
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the next 30 or 60 days. >> really? >> oh, yeah, china will continue to cheat and lie and steal going forward. they will make like they're not. nobody will say anything. both parties will claim like everything is a okay. melissa: do you think they will do less cheating and lying? >> maybe they don't cheat from the person next to them or the person in the back of the classroom. that is how i got away with it. oops. gary is absolutely right. this is about optics. we're talking for three days. we're getting along. we'll sneak a meeting with president xi in davos. all the rumors. we've been fooled before, kids. i don't think it is any different. china's history, they're going to cheat, they're going to lie, they're going to steal. that is what they do. we have to get used to it. hopefully ip thing gets rectified. that is one of low hanging
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fruits. melissa: that is the heart of lying, cheating and stealing. that is a big deal. >> that is the one, melissa, if somebody, company can over there, doing business without that partnership, that would be one way that stuff could go away. currency manipulation, all that stuff is on the table as far as i'm concerned. connell: more on that in a few minutes. talk about the fed with president trump again taking aim at federal reserve for in his view stifling economic growth. in a tweet earlier today, he wrote economic numbers looking really good. can you imagine if i had long-term zero interest rates to play with like past administrations rather than the rapidly raised, normalized rates we have today. that would be so easy. still markets up big, since the 2016 election. gary less interested, in rehashing this back and forth between the president. look at you shaking your head. between the president and the fed chairman than talking about what the chairman himself had to say on friday, whether that was really a sea change, some sort of a watershed moment for the
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markets. what do you think? >> first off, friday i was live on tv in the 10:00 hour when powell said those magic words. i immediately changed my stance on the market and i've been very bearish up until that point. i really do believe that the central banks have been controlling and moving and that manipulating markets and they have been pretty darn food at it, that mattered a lot. i wish the president would clam it up. when he wasn't president, complaining fed created bubbles and would hurt down the road. talking about zero percent interest rates again. i don't know where to start. my head is spinning. connell: your point was, scott, i'm curious your view. the fed chairman made a lot of comments that seemed to change a lot of people's minds, including gary. >> i agree with gary, he did, and he changed his tune.
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with jay powell are we getting a hawk and are we getting the dove or the buy dressed as a hawk and a dove? don't you want more normalized environment. when you look back on legacy four or eight years there was normal environment? he knocks this obama administration era, that was like something where it was fed induced bub, fed-induced stock market. wouldn't you want the fed to act responsibly so we have real growth, real business confidence, real spending versus the past eight years before trump got in there. melissa: that seems very logical. stop that. >> sorry. melissa: oil in the longest winning week in year-and-a-half. trader phil flynn at cme. fill is this it? is oil back? >> i think it is back. it is bad, it is coming back and i think it should. i still think the economy is very strong. oil demand is pretty good. we got warning from world bank a few minutes ago, there is dark clouds on horizon, economy will
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still grow. but it will grow at 2.9%. a lot of traders are talking about the saudi put. we heard about the fed put. hey if the economy getting really bad they will lower interest rates hikes. saudi arabia doing same thing with oil. they're coming out with the saudi put. they say if prices go down we'll cut production. we want $80 a barrel. we'll do whatever it takes to get us there. whether they can do it or not we don't know. oil traders believe it for the last seven days. we're coming up pretty good. melissa: phil, thank you. awesome. connell: also today, sears, sears fighting for one last chance to survive. the auction for the iconic american retailer will go ahead on january the 14th, conditioned upon chairman eddie lampert 121 million-dollar deposit which is due tomorrow. all of this reporting from our friends at "the wall street journal." lampert's $4.4 billion rescue bid would keep more than 400 sears stores open. gary, boy, sears, is it going to
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make it through all of this or just a matter of time? >> you know, eddie lampert is the guy that has run the joint into the ground now he will save 400? look, eventually they will all be gone. it's a matter of fact. in my hands here 20 pages defunct retail companies, small, medium, large, extra large. most of them have the same thing in common. they never changed with the demographics, with the new type of outfits or new technology. and they were never managed well. eventually somebody beat them to the punch and they went out. sears will be next unfortunately because a lot of people will lose a lot of jobs. connell: remember all the profiles done in all kinds of magazines about eddie lampert, the next warren buffett. all that kind of thing. not written anymore but what is the future, or is there a future for sears? >> yeah, those profiles didn't were not very prophetic, connell if i could say that right.
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are another one in that list is service merchandise, an old time favorite of mine. most companies have a lot of things in common, massive amount of debt as sears does, haven't made any money. sears hasn't made any money since my daughter was born seven years ago. this is delaying inevitable. yes, jobs will be terrible, maybe cuts. maybe a lot of others succeeding in sears's fate, will have ability to hire. when sears stores go away, comments from home deoat and others that helps other businesses. connell: is your daughter watching? that was very well-done. >> she picked out shirt. sorry. connell: never misses "after the bell." we know that about her. scott, gary, thanks to you both. we appreciate it. >> thank you. >> one-on-one with the nation. president trump is set to address the american people just a few hours, demanding action for what he calls a crisis of the southern border. next hour vice president mike pence will meet with congressional republicans ahead of the prime-time speech.
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a live report from the white house. that's next. connell: taking a page from the bernie sanders playbook. mayor bill de blasio here in new york revealing a new health care push for the city. what it could mean for you and your hard-earned cash is coming up. melissa: oh. holding back the u.s. economy. why one ceo says partisan politics are to blame. ♪ building a better bank starts with looking at something old, and saying, "really?" so capital one is building something completely new. capital one cafes. inviting places with people here to help you, not sell you. and savings and checking accounts with no fees or minimums. because that's how it should be. you can open one from right here or anywhere in 5 minutes. seriously, 5 minutes... this is banking reimagined. what's in your wallet?
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upload your logo or start your design today connell: to the funding battle for the wall. president trump set to make his case tonight in a prime time address to the nation. just over an hour from now, vice president mike pence meets with house republicans on capitol hill, trying to encourage them to vote against individual appropriations bills that the democrats plan to offer. so to put all of this together, go to capitol hill. excuse me let's go to the
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white house now. kristina partsinevelos is there. she has been throughout capitol hill throughout the week but at white house. reporter: i will focus on capitol hill first because we know congress is back in session and the latest news we have right now senate majority leader mitch mcconnell spoke on the floor literally an hour before democrats are purposely saying no to the wall, why because it is something the president wants. we know over the past talked about this, democrats saying border wall immoral. it is ineffective. mitch mcconnell says that is not the case. for anything, for border security, you need a wall. listen to his comments. >> we're 18 days into the partial government shut down, caused by democrats total unwillingness to the negotiate with the white house over border security. reporter: vice president mike pence as you mentioned is heading to capitol hill with lawmakers. he said, i quote, the president made no decision to declare a national emergency. i know that is a big debate right now.
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if you look across all tv networks, everything is talking about whether the president will discuss a national emergency. so far according to the vice president there is no decision made. we take it one step further. at lunchtime today, the president invited several tv anchors from all networks, anchors, not reporters. i got the breakdown from bret baier who has "special report" on fox news. he said the president told him he feels entrenched, he feels empowered. he does say he has a legal right to national state of emergency. he is not saying he will do it tonight. another important point the president brought up in lunch, most of this is off the record. it is eight-minute speech 9:00 p.m. eastern time. there is not a lot you can fit in there. normally an address in the oval office is very significant. historically you usually make news or updates on some policy. speaking of policy. secretary of state mike pompeo mike pompeo who is in jordan right now. he says the speech will make a lot of news. so you have all of that to
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digest. you have the democrats who will issue a joint statement with nancy pelosi at 9:00 p.m. eastern time. the empty on thursday heads to texas, the president will continue push for border wall funding. connell: busy night. busy week. kristina partsinevelos. melissa: james freeman is here from the "wall street journal" to respond to all of that. he is a fox news contributor. james, eight minutes. you are an eloquent writer yourself. what would you jam inside of that eight-minute speech? >> yeah. that is short and sweet. i guess. he is basically got to make a case to, not just politicians on capitol hill but whole country, many people don't view this as a crisis. they don't see it as an emergency. i think he has a a generally reasonable case we ought to enforce our laws and enforce the border. he has good facts in terms of recent attempts with people trying to cross, rock-throwing
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incidents around new year's holiday. so i think he has some good facts on his side. he also has an advantage in that democrats position is kind of ridiculous, that walls are immoral but fences are okay. so we're into arguing about concrete versus style. but he basically has to sell americans on the idea that this is an urgent priority. melissa: would you tell him to use the word wall or no? i. >> i think he made clear in the press conference, willing to call it a structure. willing to make it out of steel. melissa: it can be a monument to global recall withing. call sitting totally different. >> that's right. i think he is willing to call it whatever they want. he also has an advantage tonight, that nancy pelosi and chuck schumer are apparently planning to offer the rebuttal. they are two politicians even less popular than he is. i think that might work in his favor. melissa: do you think that they will fight over the mic. they have one line and other one
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talks and other one talks? how do you think that will work? it will be both of them. neither one was willing to let the other one have the limelight. how do you think that is going to go? >> i doubt if you're going to get a tightly-produced seven or eight minutes out of the pelosi and schumer duet. melissa: what would you tell the president not to do? because in all seriousness, he is talking to a different audience. you know, folks watching us right now, watching political shows during the day, very different than those folks who might tune in tonight at 9:00, who maybe aren't, 24/7 dialed in what is going on the political chaos, the back and forth. it is a huge opportunity his first address from oval office. what advice would you give him. >> if he does what our friend dagen mcdowell is suggesting, negotiate this publicly. and specifically, and i think he ought to lay out what he is
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willing to give in terms of immigration reform. letting people who brought here? melissa: what he is willing to give. because everybody is talking about what they won't do that is super irritating. here is what i'm willing to get? >> the way he puts big pressure on nancy pelosi and chuck schumer, he says what i'm willing to do to accommodate people who came to the united states years ago, who want to come now to work. in return for a physical barrier you already agreed to fund. we're arguing about what to call it. doesn't mean immediately they will end shut down and cave. doesn't mean they reveal to people, they don't want to solve immigration problems. they want the issues. melissa: i mean that is the big takeaway. reveal to the rest of the public who may not be watching closely what is really going on here is that politicians and probably on both sides don't want to give up
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the issue they're fighting over. >> looks like it. melissa: offer a solution. james, great advice. see you later in the hour. good stuff. connell: also north korea kim jong-un sitting down with chinese president xi xinping. what impact might that have on trade talks covering between u.s. and china. plus first it was apple. now another big tech company lowering its outlook. what these warning signs might mean for the industry at large. ♪ all money managers might seem the same, but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.
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connell: extending negotiations. previously unscheduled third day of talks will take place between the u.s. and china tomorrow. stocks gaining ground with the "wall street journal" reporting that two side narrowed some of their differences. north korean leader kim jong-un meeting with xi xinping in
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beijing. is this non-related trade leverage it has over the united states in the trade war? bring in china expert gordon chang. we'll start there, gordon, significant of talks, do you see it with beijing? >> shows north koreans are vasels to the chinese. kim jong-un has gone to chinese soil four straight times. xi xinping despite a lot of promises has not fon to north korea. this indicates that china controls this relationship. we're not talking about hostility between the north koreans and chinese. a lot of people mention that now we can see north koreans just do what the chinese want. connell: does that mean it is separated from the trade talks, as opposed to being used as leverage by either side? >> i think chichi is using it as leverage. he run out of ammo on trade. what he can only do, say to trump i can control kim jong-un.
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help me on trade. i will help you on north korea. connell: that is one of the original arguments. it was kind of put to the sideline. in terms of the deal or structure of talks, we keep hering that that progress is being made. fear from hard-liners, that both sides have pressure in their own political con sitsit when sys -- constituencies to cut some sort of a deal. what deal will it be? >> it will look good on optics. we don't know at this time because there are fundamental differences. there is number of reasons why president trump might not just do that, really cynical thing, that is, look, he has 2020. he wants to get reelected. he can -- >> in some people's minds that would be a reason he would do a deal. helps the equity market. stocks go up. the economy doesn't necessarily contract. that is the argument i heard why he would do a deal. you're saying opposite? >> because that helps in 2019
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when there are no elections. get to 2020, there is a lot of evidence of chinese cheating. democrats use that in places like pennsylvania, michigan, wisconsin, to take three states. so, you know there is a lot of reasons for it. also you have robert lighthizer who is pretty tough and understands. there is general consensus in the united states that the chinese cheat. so you have to come up with a deal that has something that actually prevents chinese doing what they normally would do. connell: i don't know what that would be. i keep hearing that there is got to be a way to verify how they would not cheat or go back on some commitments they would not make in a deal? >> you couldn't do it. there is another reason why you doesn't do it. even if you could, the problem the chinese economy is probably now contracting. if it is not there this month, it will be in next month in march. in order to prevent failure of the economy, the chinese will do whatever it takes to keep things going. whatever it takes, includes disadvantaging foreigners. so i don't think you can come up with a deal.
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no matter how it is structured that would make things look, that would be actually good. connell: thanks a lot, gordon. there goes all the china optimism in the show. we made it earlier. talk to you again soon. >> sorry about that. connell: you have to tell the truth. that is the truth. melissa. melissa: sending a warning. jpmorgan ceo jamie dimon telling fox business what one of his biggest complaints about partisan politics in the nation's capitol is. president trump's first oval office address to the nation. the president expected to outline urgent need for a wall as he considers declaring a national emergency at the border. we are breaking down the legal details with judge andrew napolitano. that is coming up. looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect.
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>> shutdown is not good. but my bigger complaint is, america, maybe because of, partisan politics has been unable to do a lot of things that need to be done. you had some, some tax reform. some regulatory reform. but infrastructure. we put a man on the moon in eight years. takes eight years to get a person to build a bridge. melissa: right. jpmorgan chase ceo jamie dimon revealing his concerns to our own maria bartiromo. is he right? of course he is. james freeman is back with us, along with john lonski, moody's analytics managing director, chief economist. he hit the nail on the head there, john. why this whole thing is so frustrating. because it illustrates what has
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been squandered recently. we were on our way, tax reform, regulatory reform. we need some infrastructure. and then boom, we kind of can't get together to do the rest. what are your thoughts? >> you know, we have run into very serious budgetary constraints. he is talking about putting a man on the moon from the 1960s. back in the 1960s the federal budget as roughly in balance. today we have federal budget deficit in couple years should approach one trillion dollars. so, yeah infrastructure, is a great idea but who will pay for it? especially in a time where everybody wants something from the government without paying for it, without having to pay higher taxes. melissa: but james, we were moving closer to things being better in terms of ripping down some of the regulation that is gumming up the works. freeing up people and corporations from the burden of
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taxes. the government got all gummed up in its own problems. >> it's a partisan issue. you basically have very few pro-growth democrats left. why the president had to do tax reform on partisan basis. you could not find democrat votes for cutting taxes. the deregulatory effort is, there are not a lot of democrats willing to cut government red tape. you have the same problem here. you have a fight over money. white house wants infrastructure to be mostly private funded but, the big dispute is going to be about just what jamie dimon is talking about, an unwilling necessary on the democratic side to clear away years of fights over environmental impact statements and all of the regulations that prevent you from building in the united
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states. melissa: meantime, jamie dimon also offering insight on the federal reserve. take a listen. >> regulatory policy and monetary policy interlinked in completely different way than before. i don't understand fully effect of that. i do think reversing qe in different regulatory environment may have a different effect than we think but on the other hand the fed will not sit there anding north it. melissa: james, that is the unknown. as you unravel, we have no idea what that will mean in this regulatory environment. he went on to say, that he feels like, he is a guy who sells money, he feels like 10-year should be 4%, but i don't know because all the rules have changed. what is your take on that? >> i would say so far, so good in terms of transitioning back to a real economy from the previous era, where it was kind of the federal reserve trying to conjure prosperity by printing lots of money. the federal reserve has never created so much money.
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and so, it is uncharted territory as we try to go back to normal. the fed's balance sheet shrinks. interest rates have to rise. he is thinking about what is normal going to be now. but i think so far you have to be encouraged about how we've gotten good growth and job creation and not inflation. melissa: john? >> well, jamie dimon, like a lot of economists is scratching his head wondering why bond yields aren't higher. melissa: yeah. >> you know, recently we did have the 10-year treasury yield move above 3%. but in response we had a reduction and unit sales of housing, mortgage credit, began to slow down, began to collapse. what we're finding out today's world is different. in very fundamental sense. because we're so much more highly leveraged. because we have older economy, the u.s. economy sensitivity to higher interest rates, is greater than it was in the past. and thus, what we're finding
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out, is that the upside for bond yields, for federal, the federal funds rate is limited. of course making matters worse, right now, not only is the federal deficit widening and that is putting upward pressure on treasury bond yields but at the same time, the treasury, the federal reserve is shrinking its balance sheet. that is, it is increasing supply of tradeable treasury bonds. that also has the effect of putting upward pressure on interest rates. melissa: yep. all that has to settle out. gentlemen, thanks to both of you. good stuff. connell: we have some breaking news on sears. this just came in. sears employees are calling for a hardship fund, reuters reporting for this, they're calling for a hardship fund, replicate what toys "r" us did after the former owners paid out in 20 million-dollars severance pay to former employees. we'll see where it goes sears
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avoided liquidation, agreeing to look at revised bid by owner of company, eddie lampert. fighting back against the financial crime allegations that have been levied against him saying he has been wrongly accused and unfairly detained. the case is on going. ghosn could remain in custody for months. not unusual for japanese courts to detain suspects until trial begins. that is how things go. melissa: new york city proposing extremely costly proposal to provide health care to all including undocumented immigrants. could your city be next. ♪. but you're still moved by moments like this. don't let psoriatic arthritis take them away. taltz reduces joint pain and stiffness and helps stop the progression of joint damage. for people with moderate to severe psoriasis,
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melissa: comprehensive plan in the nation. new york city mayor bill because because, unveiling his 100 million-dollar universal health insurance program for every single new yorker. deirdre bolton is live in new york with the details. what could possibly go wrong, deirdre? >> well, yes, just implied, melissa, quite a lot. we'll cover the details first. this is a new plan announced today, it is actually extension after program that is in place and the mayor says it is all going to be funded without a tax increase but expansion of the metro plus plan. it covers hospital bills for low income residents. the idea to provide insurance for visits to doctors outside of hospitals. the mayor says all services are after fobbeddable on sliding scale. for those who can pay something, they will.
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for those who can't they will receive free care. here is the mayor. >> health care is a human right. in this city we're going to make that reality. in this city, we're taking that ideal and putting it into practice. from this moment on in new york city everyone is guaranteed the right to health care. everyone. [applause] reporter: so the cost is about $100 million,'s you alluded to, melissa. it will cover 600,000 uninsured residents of new york city. some may be people living illegally in the u.s. they will be covered all the same. the idea to cover primary care. also to cover maternity, mental health care and other services. of course the argument goes, some of these basic services cost a lot less than pricier stays or visits to the hospital. melissa, back to you. melissa: wow. deirdre bolton, thank you for that. we already have empty storefronts across the city. connell: right. melissa: because property taxes
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are so high. landlords are raising rents. that is one of the reasons they're saying they do it. people are leaving in droves. i'm sure this will help, as we raise more taxes in order to pay for this. connell: i'm detecting some sarcasm. melissa: sarcasm. i'm sure all doctors take the insurance card, whatever it is. connell: that is issue. what doctors will accept. melissa: what could possibly go wrong? it will be perfect. i can't wait. connell: money has to come from somewhere. not a tree. not backing down. president trump making a direct appeal to the nation from the oval office about border security. why the shutdown stalemate can't end without funding for a wall. that is what the president's point of view is. can legally declare a national emergency, speculated upon. go around congress. judge has thoughts on that. he is coming up.
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connell: all right. prime time, national address, followed by a personal visit. that is the plan from president trump. really sparing no effort, at least to try to rally support for the border wall proposal. which has been a sticking point, ending a government shut down, now in its third week. the president tonight speaks directly to the american people from the oval office. that is 9:00 p.m. eastern. it comes ahead of a visit he has planned to the u.s.-mexico border on thursday. here is now, here now, is the judge, andrew napolitano, fox news senior judicial analyst, host of the liberty file on "fox nation." >> you have to come on with us. connell: on the liberty file? i would love to. >> long form in depth interviews. 15 minutes long. connell: is that right? we'll do that sometimes. >> do you think i could pepper
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you with questions for 15 minutes. connell: i would have to get a lawyer. speaking about getting a lawyer, a debate going on in the country, if the president seems to so choose, the report is he won't do it in the speech tonight, if he so chooses could declare a national emergency to get around congress to fund his wall? >> despends what he tries to do. if he declares a national emergency, using emergency power to streamline the government to get existing government assets to the border, he can do that. but if he believes that the declaration of an emergency would allow him to spend money congress hasn't authorized or to take private property for public use congress has not authorized i believe the courts will stop him. the reason i believe that, a similar case in 1952, i realize 66 years ago, but it is law of the land, court stopped harry truman. connell: national i'llsing steel industry.
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truman said i would take over the steel industry because they were going on strike. >> 500,000 members of the united steelworkers went on strike and needed ammunition for american troops in korea. the supreme court says that is not basis of emergency declaration. you need congress behind you. connell: there are historical precedents for declaring national emergencies, for people don't know, there are 31 national emergencies right now. for various things. over the years some of them haven't been our proudest moments for example, fdr's interment of japanese-americans during world war ii. others are items you don't agree with philosophically. president bush after 9/11, expanding powers of interrogation and what have you. >> surveillance. connell: the president does have a wide, kind of authority sometimes to use this. and has in the past. those were held, those held up. >> a lot of them were held up. but it is clear that there is two things he can't do on his own. he can only do it with congress.
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one to spend money, because the constitution specifically says, no money shall be drawn from the public treasury other than as authorized by congress and published in the journal. the other is to take over private property because eminent domain requires paying for it. so one of the president's strongest supporters, congressman will hurd, ex-cia, conservative republican in congress, congressman in texas district has 840 miles of the proposed wall in it. he is against the wall. he is saying not in my backyard. i don't think he knows this, most of it is owned by conservative republican ranchers. he will have to take this by eminent domain. can't do it overnight. each one of those people get as trial on fair market value. when the government takes property it always low balls. connell: interesting will hurd is against it. good to see you. talk to you soon, maybe on "fox nation." melissa. melissa: thank you. a warning sign for silicon valley. why samsung is echoing apple's
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gloomy outlook. we're live in ces with liz claman, with the latest challenge to hit big tech. that's next. ♪ i knew about the tremors.
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samsung is expecting its operating profit will drop by 29% for the fourth quarter, this coming just days after apple cut its revenue guidance over weaker than expected iphone demand. >> i saw liz claman last hour talking about technology and of course that's what they are all talking about out in las vegas, the consumer electronics show. let's go there now and check in with her once again. hi, liz. liz: hey, connell, it was one of the first things -- i can't use the name but i was talking to a ceo the minute i woke up i was calling all these guys i said did you hear about the samsung revenue warning? of course samsung which gets about 70% of its revenues from
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its semiconductor chip business, chips are the most exposed to china trade. so we immediately made a beeline to the samsung booth where we got the only interview with the s samsung north america president. i specifically asked him you have the warning, you have the china slowdown. he really kind of pushed it and said it is sort of a global slowdown, but when their biggest business comes from china and the u.s., you have got to figure it has something to do with the trade war. plus tariffs on everything from metals and of course we know what's happening with the steel world. i said, is it going to become more expensive to buy your products? he absolutely confirmed it will. you know, but he also said we're trying to make even better products that make it worth it to be buying things at a higher costs. that's something a lot of people are here are talking about because everybody knows that every single thing in here has at some point touched a supply chain in china.
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this is polaroid; right? i wanted to show you this. this is a 3-d mini printer that they have. one click and you have an instant printing, anything that you want, and this is really interesting kind of aspect here, but you have pieces of metal. you have aluminium, steel, in all of these products it's become a real issue. i want to quickly say, connell and melissa, administration officials love the idea of autonomous driving at the transportation department, they have been looking into it. they were all supposed to come here and either appear or keynote, none of them is coming. fox business is the first to confirm that elaine chao, the transportation secretary, wilbur ross of commerce and heidi king of national highway transportation safety, they all pulled out. all of them pulled out. we had a lot of booth people saying we were expecting them. we were all ready, said they can't come when there's a government shutdown >> that makes sense.
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liz, great to talk today. thank you. liz claman out in las vegas, for us. >> wow, so shutdown and slowdown, both having an impact out there at ces. >> it is. there will be more of that. right now bulls & bears with david asman. >> breaking news with just hours away from president trump's first oval office address to the nation on the subject of border security, vice president pence and the secretary of homeland security have arrived on capitol hill. they are meeting with house republicans this very hour. hi everybody this is bulls & bears. i'm david asman. joining me is the panel today. let's go straight to fox news senior capitol producer who is with us. chad, the purpose behind the vice president's meeting with house republicans today, what is it? >> this is to brief them on what the situation is on the border and give them some facts a

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