tv After the Bell FOX Business May 13, 2019 4:00pm-5:00pm EDT
liz: john layfield, ross gerber. thank you very much. [closing bell rings] not a win-win for the pools but a lose-lose. win for the bears. turbulent session. i will hand it to "after the bell." it is yours. melissa: the nasdaq biggest one day loss for the year. ending in the red on escalating trade tensions between the u.s. and china of the dow ending down 618 points. wow, off the lows of the session. we had been down about 719 earlier in the day but still, whoo, i'm melissa francis. happy monday. connell: exactly. what a way to do it. i'm connell mcshane, welcome to "after the bell." not often with he say off the lows. s&p down 2 1/2%. the nasdaq off 3.4% at the close. washington to wall street on a very important day. deirdre bolton on floor of the
new york stock exchange, edward lawrence at the white house. deirdre, we'll start with you now. reporter: clapping because it is over. the dow still settling down 618. we'll get a final print in the next few minutes. clearly off the lows of the session. we're down as low as 700 plus but only a slight blip up, if you like connell, mid-session when president trump, when we had confirmmation he would in fact be meeting with chinese president xi xinping at the g20 late in june in japan. take a look at really the whole forces that to the this market lower and. technology the biggest weight. not surprisingly followed by industrials and consumer discretionary. the fact we are the ones paying tariffs. american businesses are the ones paying the tariffs. goldman put in a research note openly a matter of time before
u.s. consumers start to pull back, u.s. businesses start to pull back. you had a lot of consumer discretionary stocks lower as well. i want to make a note how broad this off was. 11 major groups in the s&p 500, 10 of them lower. one ever so slightly, hanging on like a cat on a screen door was utilities. that shows you the mentality, defensive posture of most investors. we would be remiss if we didn't point out in other asset classes, treasury market telling you the same. a lot of investors bidding up the 10-year. yield basically low point since early march. connell? melissa: i had a cat on my screen door. i know what that looks like, deirdre. now to edward lawrence live at the white house with the latest on trade. edward. reporter: you heard the president will meet president xi xinping at the g20 in japan in june however no phone calls scheduled between the two. there has not been a phone call
since the u.s. increased tariffs. now china trying to put pressure on the united states. the president says that he wants to protect intellectual property of companies and level the trade playing field in response to our tariff increase, china increased tariffs on $60 billion of u.s. imports starting on june 1st. what china did was hike the tariff up from 5% to 10%, 20% sometimes. in some cases 25%. >> i love the position we're in. there can be some retaliation but it can't be very, very substantial by comparison. out of the billions of dollars that we're taking in, a small portion of that will be going to our farmers. reporter: the president has said that the china's retaliated against the farmers there. boeing republicans and democrats though in congress are supporting the president's tough stance for right now. senator chuck grassily, senator from a state with a lot of farmers says president trump should not give up on securing an enforceable agreement that
holds china accountable for its abusive trade practices, stalling, bullying tactics and blocking american products in chinese markets should not be rewarded. defense secretary patrick shanihan everything merges, law, trade, he goes on to say that a deal can be made with the chinese. listen. >> we have smart negotiators. we need to level the field. we want competition. we want china to play by the rules. reporter: and last week chinese trade sources are telling us that the vice premier told the u.s. delegation there is nothing more he can do. it is now up to the two world leaders to work this out. back to you, melissa. melissa: thank you. connell: here adam lashinsky, "fortune" executive editor, fox news contributor. we're joined by todd horowitz from the bub at that trading show. many investors mindsets into last week we would get a resolution to the china situation, maybe get a deal by
mid-year at the worst. this seems to be recalibration of all of that. what did you make of today's trading action? >> there has been consensus not just last week but for many weeks there would be a trade deal and therefore the trade deal wouldn't accomplish much. that was just fine with most traders, right? because what traders wanted was certainty. they kind of wanted to go back to the old way. they were not as concerned about the future policy issues as the white house is. investors are very concerned about a trade war and upsetting the global supply chain which is where we're headed. connell: right. there was a tweet, todd, got too much attention. too much attention earlier in the day from editor-in-chief of china's global times, connected most chinese publications are. china may not purposing u.s. agricultural products, reduce boeing orders, restrict u.s. trade with china. many scholars there are discussing the possibility of dumping u.s. treasurys and how to do it specifically.
on that last point, todd, that is the point people say, wait a minute. however most of the china experts will tell you that is rough one for china to do. they wouldn't necessarily be in their interests to start dumping treasurys. what do you make of it. >> if they dump treasurys that would be to their detriment. they will push yields so low they will not be able to get out. they're in an illiquid position what they own. they loaned us money through buying treasurys. if they try to get out they will get killed. the markets will adjust for it, so will the fed f they try to dump the treasurys, a false threat another part of what is going on with the giant poker game between trump and xi. until that changes we'll have this kind of volatility in the market. meanwhile we're only down 3% from the all-time highs. melissa: paul avesano, frequent guest on the show he talked to many companies, that they have
already enacted china work around. they have moved production to india. no sane investor or company waits for the government to solve something. we heard about gopro moving production out of china moving to mexico. whether this is resolved, businesses do not think it will be. they are making changes. what do you think happens as a result of that? >> some can and some can't, right? it is absolutely inconceivable for apple, for example, to move the bulk of its production outside of china quickly. they could do it over a decade but not quickly. the same would go for the big three automakers which put so much capital and effort into the china market. they're shut out, it will hurt them badly for a significant period of time. what you're describe something at the margins, melissa. melissa: todd, let me shed a giant tear for apple, they have almost no cash sitting around on the sidelines in order to move.
>> i wasn't suggesting sympathy. melissa: they would be a beneficiary of not having their intellectual property stolen. i mean that is really for years, we had taken cheap goods in exchange for looking the other way on china's bad practices. is it worth the pain to try to correct these years of what i would say was laziness? >> i think it is 100% worth the pain, melissa. i think it is time that we finally had a leader, president trump, who stood up and said enough is enough. put it together, if you want to work on a normal business relationship we're happy to work with you. if you don't, there are other places we can go. when it comes to the food supply they will have to buy our grain eventually no matter what. they will not stop eating unless they come up with a magic pill. melissa: i like the sound of that. >> if we get it done we're in food shape. melissa: connell. connell: let's bring in michael thurston, expert with eurasia group in new york. we covered a lot what happened
today especially in markets but president trump alluded to the fact there will be more help on the way for the farmers in this country who have been hurt and hit really hard. $12 billion in the way of a bailout last year. suggesting 15 billion more. will that be enough to help them get you there the tough times? >> i don't think it is really what farmers want to see. they are worried about losing market access to china which is huge importer of soybeans and other products and could be a larger customer of u.s. farmers. they're worried about really the long-term loss of these markets. connell: they're looking for other markets too, right? i exchanged with emails with a soybean farmer he done a couple stories with last year. he is looking, pretty much a trump supporter on all of this. been very patient. he said we're looking for other markets. that is easier said than done but i wonder what the long-term effects of all this will be? >> they are looking for other markets but no one is buying enough soybeans as china is.
sure government support helps. farmers view this as something of a bandaid. many of them remain quite loyal to president trump. i think the key is, they're wondering what the payoff is? is this leading to a deal or indefinite standoff with high tariffs. if that is the latter that would be tough. connell: is that your sense, this story is more about the long-term relationship between these two countries forever being altered rather than a short-term trade negotiation? is that what you're looking at? >> i think we're in a new normal for the u.s. chinese relationship. it's a higher level of tension. i'm worried about the durability of any deal. i think we have window to come to at least an agreement on trade. connell: between now and? >> between now and the end of june. connell: g20. >> it is because that channel between trump and xi is so important. some of these issues cannot be resolved unless it is trump an xi sitting down together in a room. if we pass that window, it is
increasingly risky to the sense that i think we could be in for extended stand-off until president trump feels economic and political pressure to come to a deal. that could be long week. connell: that could be -- that is real interesting point. a lot of people said june 1st. g20, face-to-face meeting at the end of june. michael thanks. melissa. melissa: former breaking news, former president jimmy carter is recovering from a broken hip after falling this morning in georgia where he resides. he was leaving to go to turkey hunting. the surgery was successful. carter's main concern that turkey season is ended this week. he has not reached the limit. wow. hopes the state of georgia will allow him to roll over the unused time to next year. connell: all the best. 94 years of age, president carter. melissa: more turkey. connell: a lot of turkeys we're
dealing with. more on the escalating trade dispute between the u.s. and china. whether the president's hard-line approach will really work. we're live at the white house with the latest. melissa: plus setting the stage for 2020. former vice president joe biden taking his pitch to the new hampshire voters. when comes to the trade war with china will he negotiate a better deal? brad blakeman former deputy assistant to president gw bush is coming up. connell: pushing forward on the green new deal, new york city mayor bill last blast taking his fight to trump tower of all places today. why the critics say the move could backfire on the booming economy. that and more coming up next. ♪ 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
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melissa: here is a look at some of the hardest hit stocks of the day. china comes out with retaliatory tactics. biggest dow losers there, apple, obviously a lot of business in china. boeing and caterpillar. there was one bright spot in the dow. proctor & gamble was only dow stock to end the day in the green. connell. connell: wow. president trump speaking to reporters in the white house alongside the prime minister of hungary. blake burman there with the latest from the commander-in-chief. blake? reporter: that is one time we saw president trump on camera.
he was sitting down meeting with the prime minister of hungary. the president asked a handful of topics, among them, china of course and also iran. earlier today secretary of state mike pompeo made an impromptu visit to the headquarters of the european union in brussels. european union ministers were there to discuss the iran nuclear deal which as you know the u.s. has withdrawn from. a senior administration official, pompeo exchanged with the counterpart multiple plot vectors emerging from iran. back over here at the white house, when the president was asked about iran today, he was asked whether or not the u.s. is seeking war with iran or regime change? this was his response. >> we'll see what happens with iran. if they do anything it would be a very bad mistake if they do anything. i'm hearing little stories about iran. if they do anything they will suffer greatly. we'll see what happens with iran. reporter: meantime saudi arabia says commercial ships were victims what they are describing as quote sabotage attacks which
includes two oil tankers that sustained, quote, significant damage. connell remains exactly unclear what this incident or may or may not be though occurred in waters off iran, which adds to the list of increasing tensions in that region. connell? connell: something to watch. no doubt, thanks. blake burman at the white house. melissa: the president also taking a jab at democrats during a sit-down with the prime minister. take a listen. >> they were asking for things they're not entitled to. i could ask them, i assume if they asked me i could ask them for same kind of thing. they wouldn't want to do it. all they're trying to do is win an election in 2020. they're putting their personal goals ahead of country. you can't do that. you can't do that. melissa: joining to us react, dan henninger from "the wall street journal" also a fox news contributor. rahm emanuel echoing the president's sentiments saying over the weaken it doesn't make a lot of sense spray cannon him
and requests, demands, subpoenas, they look like they're competing against each other to tussle with him as opposed to you know, focusing on one thing they want, having him refuse to do it. what are your thoughts? >> believe it or not i agree with rahm emanuel. that is a voice of a democrat out there in the middle of the country with a lot of moderate democrats who got nancy pelosi reelected speaker of the house. mostly moderate democrats who won during the midterms. yet a lot of the washington democrats want to run against donald trump personally. the idea is that he is unfit to be president. and i think donald trump is so suggesting there, alternative political strategy which is to say, look, earth to democrats, i am the president of the united states. i am the incumbent president. an you're going to have to run against an incumbent president and policies that he is responsible for. not just against his personality. and i think people like rahm
emanuel are aware that just running against trump, the personality, is not going to be sufficient for them in 2020. melissa: so along those lines, what do you think is the best strategy? rather than being on a treasure hunt looking for illegal activity somewhere they're reaching back into his past, looking at financial records, at the same time, they want don mcban, his son, all these different things, focus on we must have the tax returns, make that one and only? or challenge him on immigration and health care to try to get something done? >> melissa, i would say the latter for sure. i do not think the american people want to see their government bogged down into a 18 month battle over the president's tax returns at all. health care is an enormous issue t was a big issue for the democrats in the midterm elections. and question is are they going to begin to put forth policy proposals, health care,
immigration, infrastructure, joe biden apparently decided he will run against trump personally. meanwhile elizabeth warren proposed an array of policies that take issue where the trump government has gone. so this is going to have to play out over the next several months as we get up towards that democratic debate in june. is it going to be trump personally, just trump derangement syndrome all the time? are they actually going to try to identify some policy disagreements with this president sy? melissa: speaking of trump derangement syndrome. listen to this. mayor de blasio is promoting his green new deal inside of trump tower today. watch this. >> new york city green new deal is here to stay. it is bold. it is audacious. it is necessary. so we have a message for president trump and all of the other big building owners in new york city. cut your emissions we will cut something you really care about.
we will take your money. we will fine you. we will hold you accountable. melissa: this is so sad. i mean, hearing someone who, you know, he is so obviously, standing inside of trump tower, desperate, begging for a response from the president, anything to elevate him, to the point where people would notice, you know, mean while. this green new deal that he is talking about, would be a huge tax on builders who build glass buildings. nothing he talks about goes into effect until long after he is out of office. he wants to eliminate hotdogs. your thoughts. >> well the hot dog thing is really going too far but you know, this is trump taking trump derangement syndrome, if i may say so a new level. he is actually attacking donald trump's building. melissa: right. >> he is also saying we're, quote, we're going to take your money if you don't retrofit this building. you know what the deadline is?
2030. why do i think, melissa, that bill de blasio will no longer be mayor of new york city in 2030. i can only hope he declares himself as candidate number 23 for the presidential nomination. it would be extraordinarily entertaining. get him out of the city and running for presidency. melissa: by 2030 we will have long forgotten bill de blasio. dan henninger, thank you. connell: what else today? new fallout from the scandal rocking the nation. actress felicity huffman pleading guilty in the college emissions scam. we'll be live outside of the courthouse next. a major theme in the 2020 race for president. why socialism versus capitalism is taking center stage among that crowded democratic field. ♪ ♪ limu emu & doug
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of that scandal, rick singer, 15 grand to make sure her daughter did well on s.a.t.s. molly line is outside in boston. reporter: very concise. felicity huffman entering the guilty plea specifically to one count of conspiracy to mail fraud and she was emotional addressing the judge. she literally broke down in tears when discussing her daughter saying eight years old she had started to receive care from a nurse, her daughter her daughter received extra time for test taking. why is this ref haven't? because those involved in this scandal , of those involved in the scanned today accused faking the need for their children to have extra test time which then allowed the cheating parties to arrange to go to a specific test site to take the exam and have
paid to cheat test taker, correct or literally take the exam in some cases for some of those parents who paid to participate in the scheme. huffman's point seemed to be to defend her daughter as legitimately needing the additional time, not faking a disability or an illness n public apology last month, huffman quote, noted, quote, my daughter new absolutely nothing about my actions n my misguided and profoundly wrong way i betrayed her. this transcorrection toward her and the public i will carry for the rest of my life. my desire to help my daughter is no excuse to break the law or engage in dishonesty. another parent pled guilty, devin sloan a water executive from l.a. prosecutors say he paid $250,000 through the scheme. and actually ordered water polo gear off of amazon and had his son pose for pictures and then used that phony athletic profile to gain admittance to usc he is facing roughly a year and a day in prison that is the deal, the recommendation the prosecutors
are facing. huffman facing four months as recommended by prosecutors. the judge noted she would ultimately make the determination how much time they are sentenced to, what they could potentially spend in prison. we won't know that until september. that is when their sentencing dates are slated. other parents including actress lori loughlin have been indicted. they have not made a deal. they're slowly working their way through the courts on a very different path. connell. connell: difference some of the children had no idea. this other case like the water polo gear, posing online. boy, what a story. molly line. melissa. melissa: amazon's push for faster delivery in an effort to speed up shipping time. the e-commerce giant is turning to employees with a proposition, quit your job, we'll help you start a business delivering amazon packages. the company says it will cover up to $10,000 in start-up costs. that is really smart. connell: actually is. melissa: i mean -- we hear that all the time in the business, companies that need something specific.
connell: yes. melissa: they're like wait a second, we're willing to pay to go out to train or encourage people. you don't need the government to intervene of the just a little financial incentive from the company that needs that particular labor or business or whatever it is. connell: not bad at all. we'll take that. good story. melissa: former vice president joe biden making his first stop in new hampshire since announcing his candidacy. we're bringing you headlines from manchester. connell: doubling down on the trade war. we have guest coming down says the president has it right when it comes to china. he also has a warning for the congress. melissa: plus hungry and stuck in traffic? that happens to me all the time. burger king might have the answer. the fast-food chain is testing a service dubbed, quote, the traffic jam whopper. it will deliver the signature burger to commuters stuck on gridlocked roads. oh, my. drivers can order via voice command as soon as they enter a delivery zone, 1.8 miles away from burger king restaurant. after a successful test run in
mexico city, the chain plans to test it in l.a. come to narc! connell: what a country. across the country bring financial stress to work. if you're stressed out financially at home, you're going to be too worried to be able to do a good job. i want to be able to offer all of the benefits that keep them satisfied. it is the people that is really the only asset that you have. put your employees on a path to financial wellness with prudential. bring your challenges. every curve, every innovation, every feeling. a product of mastery. lease the 2019 es 350 for $379 a month for 36 months. experience amazing at your lexus dealer. if ywhen you brush or floss, you don't have to choose between healthy gums and strong teeth. complete protection from parodontax has 8 designed benefits for healthy gums and strong teeth.
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every year, our analysts visit thousands of companies, in a multitude of countries, where we get to know the people that drive a company's growth and gain new perspectives. that's why we go beyond the numbers. t. rowe price. invest with confidence. melissa: on the stump in new hampshire, former are vice president joe biden visiting the swing state for the first time as 2020 presidential candidate. hill very vaughn live in washington with the latest. hillary? reporter: biden warming up to popular progressive policies in his first campaign stop in the
granite state. he doesn't go as far as some of his opponents, like bernie sanders and elizabeth warren who championed socialist policies on the campaign trail. biden put practical spin on radical socialist reforms like "medicare for all," free college and the green new deal. >> allow anybody to be able to buy into a medicaid, medicare-like plan. we can insure the whole country that way. you could send everyone in this state to a community college for free. and entire united states for free. we do need to finish this green revolution in a way that is rational, do it, afford it, get it done now. reporter: president trump sizing up the field of 2020 challengers that he could face in the general saying that he likes what he sees. he also took a shot at the front-runner, joe biden on twitter, writing, quote, china is dreaming that "sleepy" joe biden or any of the others gets elected in 2020. they love ripping off america.
biden criticizing the president over recent trade stalemate after his event today. >> the president has done nothing but increase tariffs, the debt. and the trade deficit. the way you have to proceed, we have to have our allies with us. the only people paying the price are farmers and working people right now. he is going about it all the wrong way. a lot of bravado, no action. reporter: biden is the only democrat on the race that has been on the other side of the table with president xi. biden offered up a free tip with the president how to deal with china. he said keep it simple. melissa. melissa: okay. hillary, thank you. connell: let's follow up on that right now. connell: brad blakeman has thoughts former advisor to president george w. bush. i will ask your thoughts on
hillary's last point, joe biden's comment about china, last week, the week before, whatever it was we were talking about biden saying they weren't a true competitor. now this. how do you think of that approach? >> i don't think president trump takes advice from someone who got into this mess. the obama-biden regime was apologists for america. they allowed china to build bases out of the south china sea. and to take and rip off our intellectual property and to screw us on trade. so i think the reason why we're in this mess is because of the eight years that preceded president trump. and now president trump is taking on china. joe biden is no person that you would want by your side dealing with the chinese. connell: what about any other democrats? i think there is some fascinating politics in all this trade back and forth. if you think about it the way the president is approaching this not a traditional republican approach to trade. he has many republicans supporting him. he has changed the narrative, what we would expect from
traditionally a republican candidate. it leaves the democrats in a tough spot or economy slowed or market to down was, what would their counter be? they agree with him on these items? >> they do. here is the conundrum with democrats. china is watching. mexico and canada are waiting. waiting for democrat in the house to get on board with these trade agreements. and china understands, whatever the agreement they make with america will not be honored because congress will let it drag. connell: you wrote about that i was reading it today, foxnews.com piece, you support the president now. speaking of your example after kind of a republican maybe changed a little bit approach to trade or at least when it comes to china, the president has it right. you called on congress. talking about specifically usmca? or other things. that congress has to get moving is your point? >> absolutely. two agreements are waiting. canada mexico agreement. empty trump basically made the
deal. now it is up to close the deal. how do we deal with other countries when they know whatever agreements president will make will languish in congress. we need patriotism and statesmanship in washington. to understand we're all in this together. connell: when you say that, we have to put up with pain, no pain, no gain? >> absolutely. connell: short term it will hurt a little bit. to be fair the president should level with the american people, stop saying china will pay the tariffs? wouldn't a better argument or honest argument, we pay the tariffs, u.s. companies pay the tariffs but in the long run we'll come out on top. we have to go through a tough time, but it will be worth it. is that a more honest fair argument? >> president made that. larry kudlow made the argument. we're not only ones that will suffer by this.
they have a problem, we don't. 300 billion people they have to house, clothe and feed, put to work. china's growing at a very aggressive rate. all of sudden if it is turned on its ear, we have options they don't have. we can deal with vietnam, malasia, singapore and the philippines. they can make our products too. china's a country of makers, takers and fakers. they make our products take our products and fake our products. time to stand up. connell: you had that ready to go. great to see you as always, brad blakeman. we have special coverage, i co-host "after the bell," from the state of louisiana. president trump will go there, making remarks at natural gas facility and trade and jobs. louisiana has been hit hard by the trade war. melissa: another boondoggle for you. connell: not that i like to get away. big news story. that's all. melissa: rising tensions in the gulf. two saudi oil tankers attacked in the strait of hormuz.
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escalating tensions with iran. president trump issuing a warning against any further action just this afternoon. >> we'll see what happens. it is going to be a bad problem for iran if something happens, i can tell you that. they're not going to be happy. they are not going to be happy people. melissa: joining us walid phares, fox news national security, foreign affairs analyst. thanks for joining us. can i ask but the saudi tanker situation first? now we're seeing pictures of the tankers and it is unclear what damage there is. do you know anything more about this situation? >> well we saw other pictures coming from the u.a.e. these are two tankers, two saudi tankers and one u.a.e. tanker, one norwegian tanker. the fact that all four were sabotaged, this is the hallmark after military unit or terrorist unit. not that the four of them can be sabotaged from different groups. details, we don't have much details. there is commission in the
u.a.e. working on it with saudi president, american presence, but early reports we're getting this was done by a team, a team on four ships at the same time. melissa: we don't know if there were shots fired or what happened? we don't have any sort of visibility on that? >> we don't have any news of either shots fired or guns or missiles or anything of the sort. most likely some of my friends, telling me that most likely is explosive put by or device put by specialists. melissa: okay. we really don't know. in the meantime, so what do you make of that? what kind of a signal is it? does it mean things are escalating? how do you interpret it? >> this is the escalation we were concerned about, we have warned about. it all began when iranians started to deploy their missiles. talking about a year-and-a-half ago, in the region, threatening riyadh, threatening other capitals, threatening our ships. the president's administration did what they had to do deploy a force on the ground, warn
iranians, get out of the iranian deal and designate the iranian revolutionary guard as a terrorist organization. what you see right now the iranian regime because of these very strong sanctions is trying to provoke trouble. i think, i understand what they're trying to do. they're not going to confront the u.s. force exactly head on. they're going to their allies. they will try to intimidate and terrorize the u.a.e., saudi arabia, kuwait, maybe others so they would put pressure on us to stop that deployment. melissa: yeah. at the same time, you have secretary of state mike pompeo going to meet with our other allies in europe where they're discussing what to do about the sanctions, as, iranians, you know, put pressure on our allies saying, we are going to start enriching uranium again unless you guys get the u.s. to do something about trying to force everyone to not do business with us. how, how does that part of the deal work out? >> well, basically that is
exactly, you announced iranian strategy, to our arab allies intimidation. to our european allies, we'll not do business with you, we'll get out of the deal. i think this is the wrong approach. arabs are mobilized against iran regime. soon enough europeans, if they don't make money or business for iran what is in it with the iran deal? if iran wants to get out of it, europeans will not do anything else but align with the united states would they cave to that sort of nuclear blackmail if they are told we'll start enriching uranium again against you get the u.s. to back off? >> i believe the ayatollah regime is doing two things at the same time. in public they are saying we'll get out of it unless you put pressure on the united states but secretly they're talking to european companies, to some european governments, telling them this is only a show against the united states. politics. melissa: interesting, walid phares. thank you. >> thank you. connell: capitalism versus socialism debate growing in the
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connell: what a day. we'll take a quick look and the markets on a monday. all three major averages well into the red to put it mildly. we were down 700 plus at one point the dow closing up by 617. just about everybody was down. melissa. melissa: socialism on the rise. the head of the 2020 election. many candidates on the left are pitching socialist policies to american voters. what does it mean being a socialist versus a capitalist. fox business's jack did jackie s is diving in. jackie. reporter: let's review the fundamentals of the capital it system compared to a socialist one. private versus government
ownership. individual versus collective goals. high versus low competition. individual versus shared wealth. socialism is gaining some traction with america's youth 18 to 29. according to a "gallup poll" 6viewed capitalism postively in 2010. now only 45% do. in a fox news town hall bernie sanders said quote, democratic socialism is to me creating a government and economy and society that works for all instead of the top 1%. what if competition, innovation, tree markets are no longer functioning? can wealth be regenerated to support a socialist agenda. that needs to be questioned ahead of the polls. back to you. >> thanks, jackie. connell: more how all this impacts 2020 race. he found ad group of bipartisan
people in nation's capitol. he has done writing and research on it topic. one of your famous slide shows. whether it's a referendum on 2020 an capitalism? >> white house decide to make the choice between capitalism and socialism. notwithstanding some of the data point how millenials poll. overall they embrace capitalism as market successful system. one that helped make america great. we'll see if the democrats oblige and give him bernie sanders. it is a capitalism versus socialism election. connell: even if they don't, some would argue at least some candidates are at least to the left what we associate with quote, unquote normal democrat, right? idea of a more
progressive left. calling for precollege, wealth taxes and higher income taxes, the candidates who won the midts are from the midwest, as a party in itself, we've been successful with traffic cuts,. >> all of this gets into the news are you making argue that some of it is overdone? especially in the loss is some of the overdone there being hauled away and socialism is creeping in and the voters maybe aren't there,. >> i think only some of the candidates are. if you try to stand upright but i don't think the party is a socialist party. i think we are seeing in 2020 a
decade of destruction and a decade of debate over reform. clearly the couple i capitalisms working in demographics over time. >> all those types of things recovered of the past, one of the republicans, if president trump wins in 2020, how is the republican party look different verses if you lose, it's a big election just for the future. >> i think it's a big election for the future, if the president treated, he cements the realignment and the changes he's been driving to more populist party to more global party, should he lose, i think we'll see a lot of republicans returning the efforts to broaden the base, a party that is not challenged white male, and it
does not fit. >> free trade will come back, and the tariffs, it's a true market station i guess. i don't think the party will refer to 15 years ago perhaps. i think the party will be different. part of president trump with the 2016, those who have left behind. i think were going to see republican answers but the problem to identify the problems to focus on. it was good to see you today. thank you for coming on. we have a special coming up later in the week. capitalism versus socialism, first day afternoon during the normal short time 2:00 p.m. eastern o socialism versus capital capitalism.
>> i will definitely be watching it, and will be watching you on the road tomorrow too. i cannot wait. >> see again tomorrow. >> rough day in the market, and 617 points at the close. bulls and bear right now. david: the trade war intensifies china firing back with $60 billion of net goods and that is taking effect in just 90 days. it is causing market may have with the dow closing down 670 points. the nasdaq sucked into suffering the worth by three and half percent, but the president says america will have the parents on place on china on friday. he is confident there will be a trade deal when they meet at the beginning of next month. listen. >> if you look at what we've done this far, we have not taken a 10 cents until i got