tv After the Bell FOX Business January 11, 2019 4:00pm-5:00pm EST
thank you so much. look at that gain here. i hesitate to say traditional sense, gain. we're only down eight points for the dow. [closing bell rings] liz: we gained 70 points over the last hour to get us close to the high of thization. that will do it for "the claman countdown." have a great weekend. "after the bell" starts right now. melissa: the first full trading week of the year coming to a close. the dow snapping a five-day winning streak, ending the day in the red. all major averages up third week in a row. dow down nine points. come on, that's not bad, off session lows. i'm melissa francis. connell: i'm connell mcshane this is "after the bell." s&p 500 fighting for gains here in the session. settling in just about flat, with the nasdaq down by 14 points, ending the week up 3.4%, however. more on some big market movers in a moment. first here is what is new at this hour. it is the first payday without a
paycheck for 800,000 federal workers across the country. the partial government shutdown only hours away now from becoming the longest in u.s. history. just moments ago president trump revealing he will not declare a national emergency, at least not right now. we're live at the white house and on capitol hill with the latest on all of that. plus the president wrapping up a roundtable discussion with state and local officials on border security. among our guests this hour, leslie rutledge, arkansas attorney general who attended that meeting with the president today. and steve forbes will be on the, forbes media chairman, david sullivan, eu ambassador to the united states ahead of a crucial vote on "brexit" next week. melissa: back to the markets. the dow ending the day in negative territory after five straight days of gains. gerri willis on floor of new york stock exchange. gerri? >> sort of a flattish day for major averages. the dow down 6.58 points. s&p down half a point. not too exciting there.
look back at the week. it was up week where all three major averages, dow up 2%. s&p 500 up 2.5. the nasdaq up 3.5. we're coming in the heart of earnings season next week as banks start to report. i want you to know the financial sector, one of the few s&p 500 sectors positive today. so i think that is important as we look ahead to earnings. i will talk a little bit about my mary barra, ceo of gm interview today. listen to mary barra. >> people are uniquely positioned because of actions we've taken over the last several years, to strengthen the business. competing in markets relevant to the customer, whether be in the united states, south america and china or other markets we compete in? >> so mary barra putting a fire under gm's stock today that the company's earnings for 2018 will
exceed previous expectations and raised guidance for 2019. the stock was up at its high of 9%. coming in a little bit now. she is optimistic about the company's future as it completely retools its business, shutting a handful of plants. starting production on ev and av with cadillac and other brands. guys, back to you. melissa: gerry, thank you. connell: let's go to our market panel with all of this. carol roth, and morgan ortegas, welcome to you both. big picture of the markets, carol, if you look what we've seen we were up five days in a row, a little lower today. but as gerri says we're setting up for earnings season like what gm had to say about its future we're in pretty good shape. how do you think we're setting up? >> i don't know that is a good indication. i think we have a path forward here but i think it's a narrow path. i think we have the fed piece settled.
i think trade is still a big overhang. my concern is not what we're going to report for the last quarter, but it is the guidance for going forward. i think with trade still being a overhang i don't think companies have the incentive to put out that big guidance. short-term that could be more volatility but keeps the bar low for the longer term to beat that marker. connell: always a game on wall street but that's a fair point, morgan, carol makes, makes into the geopolitical concerns out there, "brexit" talking about later this hour. dysfunction politically in washington. we talk plenty about it. we talk about every day. carol's point still dealing with china. i wonder if any headwinds are going away anytime soon for the investors? >> investors are focusing on the march 1st deadline with china as we should, it is largest in the world or second largest depending on the indicator you're looking at. as companies look for the
strategic planning going into 2019 and 2020, we still have u is smca up in the air, nafta 2.0. that has to be ratified by congress. it is still an open question. there are many provisions especially relates to worker pay that traditional labor democrats should be supportive of. as we see the next two weeks, the democrats may decide not to give the president a win just because they don't want to give him a win. are labor unions on board with this? what happens if congress does not approve usmca. that is almost as important what happens in 2019 as the deal president is putting together march 1st with china. connell: okay. melissa: oil snapping a nine-day winning streak settling down 2 1/2%. still up 7 1/2% over the week. go to phil flynn trader at cme. phil, i jinxed it, i wanted to ask you if we put in a bottom in oil. >> you did jinx it. melissa: anyway, here we go, what do you think? what is going on? >> i think we have. i haven't felt this bad since
the bears missed that field goal last week, okay? it was still an incredible week, incredible comeback in the price of oil. even though we pulled back a little bit, we pulled back because of uncertainty next week. menially we hear what is bullish for oil long term. bears are looking to the opec users to make up for the production cuts. baker hughes says they will be pulling back. maybe not as much u.s. production as we thought. back to you. melissa: phil, thank you. connell: border security at the white house. president trump just wrapping up that roundtable discussion with state and local community officials. a lot to say. some headlines were certainly made with the question and answer session with reporters at the white house. blake burman on the scene with the latest. blake. reporter: president trump is not ready to declare a national emergency on the border. he is very much actively considering it. he wants congress to work out a deal before he does that, though it remains entirely unclear how
that would happen. but if the president declares a national emergency it will face immediate legal challenges. he spelled out what will happen from there? >> what will happen? i will be sued. it will be brought to the ninth circuit. maybe even though the wording is unambiguous like with the travel ban, it will it will be appealeo the ninth circuit. we'll probably lose there too and hopefully win in the supreme court. reporter: roughly 800,000 federal workers missed a biweekly paycheck, when you add in spouses children, other people they care for, that ripples through to millions of people all across this country. earlier today, vice president mike pence, went over to customs and border protection in d.c., assured the workers whenever this is hashed out they will get their back pay. >> imalso pleased to report to you, that with the full support of the president of the united states, just moments ago, the
house of representatives passed legislation that will insure that all the dedicated professionals at customs and border protection and all of the agencies affected by this shutdown will be paid in full. and the when the government reopens. reporter: connell, melissa, i got off the phone with a senior white house official in the last ten minutes or so told me if the shutdown is not ended by the first week of february. remember the jobs report is the first friday of february, if this isn't resolved by first week of february, it is likely i'm told the jobs number will result in a negative figure. keep in mind there are 380,000 people right now who are not working because of this government shutdown. though, when those people go back to work, if they get their back pay, revisions would come into place. it would all level itself out. connell: plays into the economic impact argument. thanks, blake burman at the white house. the news blake reported there, we talked about this all week,
whether the political play for the white house was to declare a national emergency. the answer we got was not quite yet. we'll see. melissa: i never thought that was a real possibility. seems like president puts out there, you know, the most -- i'm willing to take this dramatic action to try to force people into the negotiation but everybody see is it as negotiation thing. connell: that's what you said as negotiating tactic. yet the flip side of that if he does declare a national emergency, then he has the argument to his supporters, you know what? i did about the best i could on this. melissa: i guess. it immediately goes to the court. seems like, that he gives democrat argument that he is -- i don't know. not, perhaps not the best move. for now it seems like not going to happen. connell: no. melissa: anyway, sorry. connell: to the panel i believe. melissa: let's go to carol and morgan. i couldn't understand what she was saying. the economic argument to me,
always seems to stupid. people are still going to eat. like they said with the unemployment numbers, are going to go down because they're saying they're not working. but then there will be a revision later and they get paid later. i understand the inconvenience, i'm not saying it doesn't hurt people. in terms of trying to measure the economic impact i always feel like, carol, that is kind of a silly thing? >> i don't know, melissa. first if you don't think the government is so dysfunction the department of labor which is actually charged with taking care of the welfare of the wage earners is open. they're open to report statistics on labor but people who are actually working are not getting a paycheck. that is the government for you. now in terms of the economic impact, i feel absolutely horrible for the families. melissa: of course. >> i think, i think that there are a lot of people who we won't be able to make it up. the service providers that people who go out to lunch, cutting back, that is couple of weeks or maybe even more than a couple weeks, that is just
completely lost. not like you're buying two sandwiches the next week when you go out to lunch because you didn't get your sandwich this week. melissa: you still ate. you didn't starve to death. >> you still ate but probably didn't spend as much money, finding places to scrimp, events were canceled. certain service providers don't make that up. so i do think it has probably less of a overall economic impact but more of an impact on those individual families that are affected. melissa: morgan. >> so i was at the economic club of washington yesterday with an authority on the subject, speaking fed chair powell, he was asked this question and he actually said that he indicated that he did not expect to see anything to show up in his sort of economic data. in the short term clearly if it went on for months it would be a different story but a point he brought up i thought was pretty interesting, the department of commerce which is part of the 25% of the government shut down, release as lot staff cystics and
data fed relies on to make their analysis. he admitted he was concerned not getting access to the data. melissa: oh, no. >> if this happens in the next few weeks i don't think we expect a large macroeconomic event from this, relates more to the sentiment in the market thinks being unstable and un predictable and risky. >> carl, morgan, thank you. neil: we'll have obviously more on all of this as we continue. the shutdown showdown and the president and state and local officials. arkansas attorney general leslie rutledge was in the room with the president and she will join us next. melissa: plus we're hours away from the shutdown officially becoming the longest on record as lawmakers head out to washington. we'll take you live to capitol hill where negotiations personally stand. connell: pushing higher taxes, people are pushing for you to pay even more. melissa: what a great idea.
connell: steve forbes, i'm sure he agrees with that, the forbes media chairman, coming up. ♪ that's super easy. my bad. that's super easy. ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen. and it works 24/7. trulicity is an injection to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. don't use it as the first medicine to treat diabetes, or if you have type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you or your family have medullary thyroid cancer, you're allergic to trulicity, or have multiple endocrine neoplasia syndrome type 2.
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connell: so the government shutdown is hours away now from officially being the longest in the history of the country. with that as your backdrop, let's go to washington once again. edward lawrence in d.c. with the latest own the impact as it is being felt. reporter: connell as you said, as it enters, inches towards the record territory more people are being affected. 800,000 government workers did not get paychecks that they will not be spending. on monday the u.s. trade representatives office runs out of money. it could impact negotiations with the european union and also japan but not china. trade officials in the administration tell me the china talks have been essential and that those negotiators will continue to work toward as deal on that. the now the commerce department
closed. the treasury department is closed. that could affect approvals of some mortgages because irs is under treasury. they need income verification forms in order to approve those mortgages. democrats using all of this to up the pressure. >> the president's statement that this is an issue that need as resolution is correct but punishing people unconnected to the issue, even punishing some very people we need to solve the issue is just the wrong approach. reporter: late today, some republican senators starting to feel the pressure. senator lisa murkowski from a a alaska is for border security and deal with the humanitarian crisis on the border but wavering a little bit on the government shutdown. >> count me as one who is prepared to deal with the difficulties, the true humanitarian issues that we are
seeing on this southern border today with an influx of children and families, but also count me in as one who says, that shutting down the government is not governing. reporter: senator lisa murkowski there. senator lindsey graham tweeting out, declare the emergency. he would like to see this over. both sides dug in. back to you. connell: dug in. thank you, edward lawrence on capitol hill. melissa. melissa: president trump wrapping up roundtable on border security and safety just moments ago. my next guest was at the meeting with the president. here is lessry -- leslie rutledge, arkansas attorney general. thank you for joining us. >> thank you. good afternoon. melissa: what was the biggest news came out of the meeting? >> that the president spoke with law enforcement and leaders across the country this, crisis
is real, not manufactured. we must talk about victims of violent crimes. we must talk about the drug influx not just on border states and border communities all across america we're being impacted by lack of security on our southern border. it is time for members of congress to get back to work and to vote to put in this wall. to put in the security for all americans. melissa: let me put to you some of the argumentings that those on the other side of debate are making since you're clearly in favor of what the president is advocating here. one of the big arguments, you put up a wall, people tunnel under them. that is what drug cartels do, what is the point spending money on a wall they will tunnel under it? >> that is absolutely insane. walls work. and we must build walls to stop people. walls work to stop water. they work to stop air. they work to stop wind. they will certainly work to stop individuals from coming into the country. we must know who is coming into the united states of america.
we must find the individuals. if nothing else it would slow them down but that argument is absolutely ludicrous. this is not a manufactured crisis this is a real crisis affecting americans all across our beautiful land. melissa: what about folks who say that, they say we need technology. that it is not about a physical wall, because people go around it or go to the port of entry. so what you need is more technology that is more up to date, like drones, et cetera? that would be more effective use of money? >> we need all of the above. so i do not believe simply having a drone stating oh look, there is people crossing the border, is going to stop people from coming into the united states illegally. melissa: how about the idea that money has been allocated hasn't all been spent? that is another one we heard all day long, for the past few weeks. the president has money in the covers for more steel slatted fences that hasn't been spent yet? >> i believe that we're getting those walls built as the president says. that money will be spent. but, we need, members of
congress to come back to the table and put american security first rather than putting political agendas and holding us all hostage to their far-left ideas. melissa: okay. leslie rutledge. thank you so much for your time. >> you bet. glad to be here. connell: meantime preparations for withdrawal. the u.s. signaling at least a start of military exit from syria. why the pentagon is speaking out about that. what it could mean for troops on the ground. that is coming up. plus fighting for its reputation. apple's new plan to regain faith of its flagship products next. ♪ ng deductible, you can... ♪ ♪ earn $100... ♪ earn $100 off... ♪ off your deductible. ♪ deductible. ♪ for every year of safe driving. ♪ ♪ for every-- for every-- ♪ ♪ for every year of safe driving. ♪ what are you-- what key are you in? "e." no, no, go to "g." "g" will be too high.
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details. reporter: hey, connell, it is becoming a yearly event where apple consistently rolls out new iphoneses for users and almost as much fun to see what the new features are as the product rollout in the phone. they rolled out just three new iphones a few months ago in september. they're planning this rollout in year in 2019 and some of the new specs looking out. at least what people are thinking we're going to see. "wall street journal" reports that apple debuts another high-end device, which means it will have a high price tag too. following up with the iphone x hr. outside fading cameras. renders looked out on the site, on leaks, tech blog. claiming apple will introduce three phones this year. the rumors between the three cameras, capabilities, center
around 3d camera technology sony is ramping up in its own devices. and screen technology all the new devices to o led only display. that would raise the price further. apple in the past few years beat its own record for most expensive mart phones ever. these rumored new phones with the rammed up technology specs could mean they will beat the record again. connell: that is the question, hillary. you're right the price. hillary vaughn thanks, milliary vaughn. melissa: u.s. pulling non-essential equipment out of syria with sir withdrawing troo. the sent gone won't telegraph a timeline when the troops out of the area. the president trump talked about his decision to pull all troops off the ground last month. connell: the government indeed
remains partially closed. we may have the latest when we can expect the record-breaking shut down to final i end. president trump end ising a message to certain visa holders in the u.s. offering a path of citizenship to them. will he follow through on that? what does it all mean for companies. steve forbes coming up. ♪
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out. the house is gone for business. so it will be longest government shutdown on record. what happens next? mike emanuel live on capitol hill with the latest. you're the last man working. reporter: melissa, before lawmakers left the house republican whip blasted democrats for not willing to negotiate with president trump over border security. >> a dollar is not a serious counteroffer. the president has had multiple meetings at the white house, continued to extend an invitation, whenever there is a serious counteroffer, that can be backed up with a explanation of how that can actually secure our border, if in fact that is the object oftive of the other side, can the gentleman from maryland share with me, when the counteroffer will be made? >> the house majority leader fired back because of uncertainty and anxiety caused birfederal employees. >> not a word about 800,000 people who are not getting their salaries. not a word of the financial
instability that he is subjecting 800,000 people to. he being the president of the united states. they are being held hostage for the ransom of doing what they believe is the right thing to do on border security. reporter: a senate-passed bill to provide back pay to workers once the partial shutdown is over. texas republican said those on the front line of this illegal immigration fight should not be punished. >> if we are going to talk about border security then the brave men and women on the ground every day securing our border should get paid. border security and immigration have been a contentious issue for a long time but the only way we solve big problems here in washington is by working together. reporter: then there is this. maryland democrat senator chris van hollen mock ad u.s. coast guard tip sheet, holding a
garage sale might help furloughed employees. >> wanted larger ticket items through the newspaper or online. mr. president, give me a break, right? and when the president of the united states says he can relate, i want to see the president of the united states hold a garage sale. reporter: congress is not due back until monday. there is no deal, melissa. melissa: all right. mike emanuel, thank you. connell? connell: we're joined, melissa by steve forbes, forbes media chairman to talk about all of this. this idea about impact, obviously, as mike talks about, members of congress talked about, the individual federal workers and those who rely on them who are impacted. what is your view on the macro effects? do you make it up down the line, or are you concerned? >> i don't think the macro effects are not that great but individual cases absolutely, family budgets but in terms of the nation we can absorb this fairly easily. but i think this morning president trump had a very
unusual tweet about h1b visa workers. connell: i thought that was interesting too. >> that is almost bread crumbs out there, as part of a deal, silicon valley is right next to nancy pelosi. connell: i agree. let me read the tweet first. h1b holders of the united states can rest assured changes are coming. we'll bring simplicity and certainty to their stay, including a potential path for citizenship. we want to encourage talented and highly skilled people to pursue career options in the u.s. sorry to interrupt, steve, i wanted to explain it a little bit, is really important to many of those technology companies in silicon valley where they have an opportunity to hire foreign worker to fill a need. now the president is talking about i guess, maybe have those workers stay here permanently, so. >> which would bring great certainty to silicon valley. i bet you before this is over they will increase number of visas, they go in matter of days each year.
connell: right. >> this will be part of a package with dreamers, other things, to get the impasse over. so how did that come out of left field? i think he is is putting out there, you want a deal, i've got some goodies that will make it easy for you. connell: recollect the president's own comments on issue, these types of visas. this is the most open he has been to it. >> before the administration is rather hostile to it. even though evidence was against that. connell: separate all the issues on immigration, to the business community for years this, has been probably the most important issue. do you think this is a complete flip-flop from the president in terms of his prior view or kind of an evolution where he was on it? seemed like a pretty important -- >> at end. week, call it a evolution. connell: evolution. >> it is freaks lemm boy important. i think part of a package to get it impasse. we got something big for a big part of constituency, contributions and like, silicon valley. good for the economy. connell: i thought that too.
most private economists have said that for a long time. the question is, is it serious? you seem to think it is. it is kind of an olive branch. part of a negotiation. it wasn't just something the president -- >> unlike when he posed the question to speaker pelosi the other day, are you doing something in 30 days? she had no choice to say no. this way you put it out there, let them pick it up. connell: there are two issues, and dreamers, and these visas that the democrats pick up. >> in separate bill, don't surprised you find money for cross-hudson river tunnel for democrat leader schumer. connell: coming closer to home. >> yes, sir. connell: you did your homework today, steve forbes. thank you. we'll be back a little bit later. melissa: melissa. there is plenty of money in the city. it is just in the wrong hands. those are the latest comments from new york city mayor de blasio and how he plans to tackle the so-called issue? steve forbes will be back for this one. plus taking on tesla.
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send a postcard! voya. helping you to and through retirement. melissa: authorities detaining, charging a huawei technologies executive in poland alleging high-level espionage on behalf of china. this coming after the detention of the company's cfo in canada last month as the united states and other nations remain critical of the tech giant. connell: that has always been a concern with that company. general motors meantime taking on elon musk, revamping the signature cadillac brand to compete with tessa. the ceo, mary barra, spoke to our own gerri willis today. take a listen to that. >> it makes perfect sense for cadillac to be lead for next generation all new ev architecture this takes it to the next level. that is competing in the luxury category. connell: here is gary gastelu,
foxnews.com automotive editor. follow up on the ceo comments, going electric is makes perfect sense. >> it is inevitable, is it but worthy? that remains to be seen. general motors has to follow them. whether or not people are excited like they are about teslas, we don't know yet. connell: buzzword think. let me pick up on the term that has been the problem for cadillac sedans forever and ever. tesla has always been about that, than the fact it is electric. the fact it's a cool car. the fact that is costs so much money. wealthy people like to own it. what's the challenge there for cadillac? is that possible, here are or maybe in china? >> very big in china. they're doing great in china. that is another part of this. they can spend a lot of money to build cars there and we sort of get what's left over. but look, cadillac to try to reinvent itself recent years, building sports sedans to go up
against european brands. great cars they didn't sell real well. can they force a new image on themselves with this electric? i don't know. if you have x-amount of cadillacs today, 10 years from now there will be x. connell: electric, not gas. >> hard to imagine that they will find something that will blow up the way tesla has. connell: in this competition in this particular space, meaning high-end electric vehicles. all the other companies are rolling out new ones? >> we'll not see the cadillac until at least 2021. next year, porsche, mercedes, audi is getting into the game. audi is in the game. you have tesla. there will be a lot of competition to get there. general motors is committed towards electrifying line up. china is big push. if you can spend the money in china, build the cars here. whether or not this really transforms cadillac is a much tougher sell. connell: i'm scared to ask you
how much an electric porsche might cost. wow! gary, thanks. always good to see you. all right, melissa. melissa: your taxpayer dollars at risk. democratic leaders eyeing a presidential bid siding with alexandria ocasio-cortez's push for a 70% tax rate. what that could mean for the 2020 election? steve forbes is back. that is next. ♪ e analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today.
we're bringing the story. he had direct oversight of the china operations for nissan as well. now this. >> brothers and sisters, there is plenty of money in the world. there is plenty of money in this city. it's just in the wrong hands. melissa: that is amazing for once i couldn't agree with him more. new york mayor de blasio not holding back about his desire to redistribute wealth. steve forbes is back with us, along with ford o'connell, civic forum pac chair and republican strategist. ford, i couldn't agree with him more. there is plenty of money in this city and it is in the wrong hands, his. my taxes have gone up and up and up as this city has gotten filthier and crime has risen, it is becoming more decrepit and stores are empty, storefronts are empty. amazing to me, he is right. he just doesn't realize it. what do you think? >> look he is either trying to
destroy new york city or he is is trying to run for president in 2020 on a platform that would make saul alinsky blush. this is not the first outlandish thing he said. we know he wanted to seize buildings from bad landlords, and he wanted to provide health care for all illegal immigrants no matter the cost to new yorkers. new york as you said is an eyesore. if he runs for president in 2020 he will have to answer that. melissa: steve forbes, he is amazing. he wants to take money out of the hands of greedy landlords. he raised their taxes as a result. they raised their rent. storefronts all around the city are empty. when you talk, go into a busy restaurant, they say they're about to go out of business because they can't afford the rent increase. they're gone. storefront empty. all the people in the area are gone. thanks to bill de blasio. how does he not see that, do you think? >> that is why his nickname is bolshevik bill. he is "oblivious" to that. what he doesn't realize, he has
too much money, the government has too much money, if they raise taxes even more in new york city, it is very easy to move across the river. new york and other states act like north korea. they don't shoot you if you leave but try to pretend you're still there and tax you like that. eventually people find ways to get out of the tax claws of new york and california and others that keep raising taxes. money moves very easily these days. so do people. melissa: let me ask you another question about bs bill. isn't that what you called him? >> bolshevik. melissa: i don't think you're allowed to say that word on television. i know what you said. a sign of direction democrats are heading towards the runup of alexandria ocasio-cortez's suggestion of0% tax rate for high income earners receiving a warm reception from potential democratic candidates. julian castro, elizabeth warren, fondly remembering the days when the top marginal tax rate was
way above 50%. it was great when it was that way. so smart. really motivates people to work hard. what do you think? >> well that is why john kennedy, last i looked, he was a democrat, started to reduce the sky-high nose bleed rates back in the early 1960s. when republicans reversed it, under democrat johnson reversed it, we went into stagnation of the 70s. when you raise the rates, don't get hooked up on revenues, it will hurt the economy. when you hurt the economy, you hurt the people who need it the most. less upward mobility, less job creation. so the people they profess that they love, are going to be hurt the most. their economy wreckers. melissa: you want to get in on bs bill? >> we all know taxing the rich into extinction every ever worked for viable economy in the history of the modern world but you have to understand something on the democratic side. they're trying to out left each other, because more than two dozen candidates get into the
race. many ways one that sounds the same, the one who wins more authentic, more personality. the question for eventual nominee in the blood sport they will have, who is the most progressive bonafide person, will that affect the electoral map in 2020, in michigan, western pennsylvania, collier county, florida, if you cannot win those places as democratic nominee, donald trump will be elected. >> this idea from rob to the rich and give to the poor -- >> what they do is rob from the rich -- melissa: go ahead. >> they rob from the rich, which means less investment, which means the poor get poorer and stay poor. instead of calling them progressives, call them regress serves. pushing us backwards. that stuff never works. melissa: they take from people who is working. they think everybody who is working is rich. >> that is the version of a flat tax. line one, what did you make? line two, send it in.
connell: works as flat tax, very nice. british lawmakers set to vote on prime minister theresa may "brexit" deal, next week. with less than three months ago before the uk could leave the eu what you should expect. what you need to know is coming up next. ♪ as a fitness junkie, i customize everything - bike, wheels, saddle. that's why i switched to liberty mutual. ... which is a crying shame. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ touch shows how we really feel.
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connell: the uk brace being for potential complications the head of next weeks brexit vote amid rising concerns about global growth that we talk about here all the time david o' sullivan joins us david schweikert the european ambassador to the united states. always good to see you, sir. >> thank you. connell: what happens if this vote in the parliament fails on theresa may's plan next week, then what? >> well, clearly the vote, the agreement which we have negotiated between the eu 27 and
the british government for an orderly withdrawal of the uk from the european union on the 29th of march needs to be approved the british parliament. we understand there will be a first vote next week, we wait to see how that goes, if they do not pass it on the first vote, i imagine they will then have to have discussions as to how they want to go forward. from the eu 27 perspective we think this is the best possible deal and we hope that in due course away can be found to have it approved in the uk but we understand it's a difficult decision. and there are conflicting views. connell: to put it mildly. well, we'll see i guess we'll just see how it goes next week. one of the things i saw today which was interesting for lack of a better term is that the uk, they might end up voting on an e u parliament the very same eu that they're leaving the way the timing ends up working out, right? >> well connell that's running ahead a bit. the next elections for the european parliament are at the end of may and so far, we agree that the uk will leave at the end of march.
connell: speculation was they would try to delay that. >> yeah, and that is certainly a possibility. you need unanimous agreement of the eu 27 as well as the uk to decide that and it's clear that the looming european parmament elections on the 24th of may held over a couple of days all across europe is certainly a date people would have in mind and you're right it would seem a bit strange for the uk to participate in those elections and still plan to leave the european union some weeks or months later so that's definitely an element in deciding how long any delay could be. connell: so you'd rather from the eu's perspective avoid that time of situation for those reasons? >> i think also for the uk it would not be satisfactory to ask people to vote in an election where you are probably for an organization which you're thinking of leaving anyway. connell: speaking of the uk, the other point that's been thrown around forever and i've heard so many we've had debates on the show, all kinds of views on it
is what happens if there's a "no deal brexit." if they don't reach an agreement and the uk leaves without a deal in place there have been some who say that is disastrous and others say no, no, they could do it and come up with bilateral deals down the line or whatever the case may be. what do you say, what is the eu 's perspective? >> i think there is a very large agreement between most people in the uk and the eu 27 that's a no deal brexit would be very bad for everyone. connell: but let me just talk to investors for one reason. what does very bad look like, what would that actually mean? >> well it would mean an abrupt departure creating all kinds of difficult situations whether this is in regard to checks at the border, on goods and services, aviation difficulties, a myriad of complex problems which need to be negotiated and planned for it to happen in an orderly fashion and if you add an abrupt departure i think there would be massive
disruption both economically and socially. connell: goods coming into the uk or they would just be everything would be delayed massively that kind of thing? >> exactly and there would be all sorts of challenges about aviation, travel and so forth. now, people have been working to prepare for the worst case scenario trying to mitigate that but i think everyone agrees this is the option we really want to avoid. connell: okay, we'll follow it next week it's always good to see you thanks so much for coming on. >> thank you very much indeed. connell: you're welcome, melissa melissa: take a look at this image, capturing a picture of the far side of the moon. look at that. connell: wow. melissa: china successfully became the first country to land on the distant part of the moon just earlier this month. connell: kind of cool for them. i think it's the economists that has a big piece on it how the chinese are really pushing forward with science. that's part of the big not to be a debbie downer but the big type of economic competition between our two countries they are really pushing on science so
good or bad news? melissa: you said you were a debbie downer so apparently it's bad news. connell: we knew that coming in though. melissa: here is good news. it's the weekend and bulls and bears kicks off, right now. connell: all right! david: the leader of the largest and richest city in america, now says the folks who built that wealth really don't deserve it as much as the government does. hi, everybody this is bulls & bears glad you could join us i'm david asman joining me on the panel today to debate this we got morgan ortega, deirdre bolton and john layfield and adam lashinsky. well new york mayor bill deblasio proposing a massive re distribution of wealth. >> working people have gotten more and more productive at the same time they've gotten smaller and smaller share of the wealth they create. here is