tv Bulls Bears FOX Business May 13, 2019 5:00pm-6:00pm EDT
>> 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 working.
the retaking billions and billions, we have a right to do another 325 billion in 25% on additional tariffs. that the trend in androgen tremendous about money coming to our country. [inaudible question] >> read a great position right now. i think china wants to have it because comedies are nancy that they're leaving china. david: this is "bulls & bears", i'm david asman, joining for the panel jonathan helmick and gary, we are right where he wants to be china. and thanks to be getting better. listen. >> if you look at the first corner, we are point to percent. people are very surprised it was the tears were taken from china. we were in a very good position and i think it will only get better. david: i love the optimism from this president.
the stocks overreacted, what do you think? >> i think the impact on yes economy is not good to be very severe, that said, markets hate uncertainty and there is no visible way forward. that is what the market is reacting to. >> no such thing as overreacti overreacting, negotiations are great, batting the eyes and crossing the t's, yet by days because we are going to be tariffs the heck out of china will begin to the downside. you've a little overpromising, the market will be 1500 points since the tree came out, i suspect that we more to come. >> i completely agree with you on that. they will be more to come, i think it will be short-term and there's too much optimism in the market why we are seeing worry.
this is broad-based, i'm going to pay very close to touch it to ali baba on wednesday and will probably get guidance there. what i would like to point out, are you going or becoming softer, earning growth potential that might be more like facebook talking about increasing the wages, increase the profit margin, we are heading into softer going forward. >> a very real risk, oddly it's a possible point, who is more economically ignorant, the president or amc at this point? >> we cannot talk about -- >> he continues to make the salacious point. it's embarrassing that somehow we are taking money from china. it's americans money, these are tariffs on americans. i to get back to history the
republican businessman had a tearful, this is a mild recession into the great depression. how can any one went? >> were long, long way from there. there's nothing close in terms of her. david: let me say one thing. china now was 6% food inflation, their retaliating with a tariff that has been driving back in place, maybe even doubled. can the they afford to retaliate christmas. >> some businesses are moving production out of china, that is been going on for couple years as china's labor rates increase, but go pro today, they reiterated their promise and they will be going back into mexico, i do think china is a fragile here economically in ways that we are not. they have pushed up their debt level enormously in productivity
on the spending in china, the study on china for the last couple years did not measure up to what their expectations were. given demographic go to. and i get it. in terms of what david said, are the markets overreacted? i would say the impact on the u.s. economy, people are saying it's going to be .15% gross in gdp. that's how much. >> the better part of the year we have all the strength, we have all the weakness, don't worry, they get to come to the table, the china is a difficult and also does not have an election next november 2000 and 20, you can be a hair as far as close they will be. in this in the process, for me, the biggest part of the equation is a continuation of being told how everything is great, everything is working but i have
to tell you, tears continue to be told if he gets paid by china and us and our businesses, i would shoot back that up, and by the way, the contradicting appeared. >> there is a question of inflation, where is the inflation? if this is so bad, for u.s. consumers, where is the inflation? it is not here. >> one obvious example, we've seen in washington, it's been over a year ago president trump tariffs pushed off on the washing machine the hundred dollars. david: washing machines by the way. >> that the tremendous impact. no[inaudible]
>> it seen and not seen and that is the impact -- i think your point, you're very accurate going for, we are exposing cars to increase by $2700, should it tariffs increase, what has affected already and we don't discuss nothing a lot of farmers are being hit left and right, according to tony perdue, that is not good happen anymore, but when tariffs come about, should we expect more subsidies, should the government pay more? >> the people who eat pork and china are suffering and they eat a lot of pork in china, they can't have it unless expert without tariffs, chinese
consumers now by more cadillacs than u.s. consumers. that is because they are built in china, what happens to u.s. products that are now built in china? >> that worked out pretty well. >> what studies have shown we have noted that chinese exporters so far have been absorbing a lot of the tariffs. >> this new level, i suspect they cannot, i think he'll take the. >> a mention for obama put tariffs on rich farmers and then broke obama subsidizing farmers, and then backing tariffs to the conservative -- police gary, remember when barack obama was in power, we never had over 3%
in all the years who's in power. this president has moved to mov- >> nobody is arguing that, the most taxes president trump, but now he's raising taxes. >> i would interject one note, tax pulses, these are right, it's for the betterment of the economy of this country, there is a case being me, i would argue, activism is a good thing to say no, i know that tariffs are not the preferred way to go, in which we agree on that. i don't know how else it was a record happen, the truth is we have decades of waiting for the merck and president to do something. >> how do we go about it then? maybe in short-term pay, right now in the turf battle to basically make them change their
behavior. >> but you got a problem. [laughter] that's a question, only you can answer question because therefore hundred 502000 you manufacture jobs in the united states with just this president taken over, a lot of steelworkers essay tariffs are part of the region, either so manufacturing jobs in the united states, and you and i both don't like tariffs, but what would you tell the steelworkers? >> are tell them to start looking another line of work -- there now employed they were employed four years ago. >> will see how long does new jobs created last. it's notion that somehow the government market can create wealth it goes against 100 years and it hurts the economy.
the principles of economic freedom have arrived. the capital in itself and it just does not function as an economic system and we want to oppose socialism,. >> capitalism is a dirty word for some of the lot. the billionaire has told fox business the democrats who are in socialism don't know what to talk about. >> i'm a hard-core and have been my entire life. nothing people understand what socialism is.
but as bernie sanders, i think they recognize that is a trigger word and they use it to get people riled up as opposed to living socially, the question is how to solve it? the country, constitution, i don't think it but he truly believes switching it up. david: arthur is here with us. what do you think about what you just heard from him. >> he's a hard-core capitalist, he absolutely is he's a hero on the american economy he is earned his success in crated jobs and opportunity and growth along the way, he is right that inequality is what we should worry about -- >> why is everybod at every levg the. >> the problem is opportunity, it always has been and always will be. you don't want to put your hand in the pocket of the other. the thing were here about today is young people getting more
socialism, that is not true. the level of simply is not greater to among younger people than it was greater than before. it's more suspicious as accomplice, after the financial crisis when they have a lot of student debt, when the job market prospected turns good, as an opportunity for capitalism. >> you mentioned making a moral case for capitalism when income inequality is a problem and to potentially giving into the amc, elizabeth warren and everything on the left who think that intimate equality is a problem the government should help fix questioning. >> the problem with inequality is opportunity inequality, the truth of the matter it is been a little too hard to have them fall quite prickly. what i want to see is more mobility, i'm not worried all about income inequality, the opportunity inequality and dignity inequality, that is real
democratic capitalist, that's what we care about the most. >> that's exactly what is going to say, it's what's been lacking in society and angered a lot of people. however, in your interview you said that it's a dirty word and i don't think it is a dirty word, that's how younger people defined socialism as an older generation. communist, the cold war, those are memories for younger people, they don't see socialism as a government control of a public society, they see free healthcare, cheaper education, the things but it varies among states and i think that's plain along with the young people who have gone through tough times. in recession, going back to school and marketing jobs, and the high cost to print. >> once again, socialism is a more popular among young people. it's a capitalism is not exactly
a dirty word, but people are more worried about capitalism so we have to make a. >> the a people believe they have a benefit from capitalism in the revolution. >> that's a reason. >> the reason it has not been working for the precisely because the weight was set up is because all systems have been broken. it has everything to do with the way it is not just the government, is certainly is a social stuff with set up for years. >> i would say two things, nothing in school but how wonderful socialism is, they don't learn about the benefits -- of the sister. american universities, they are so hard left and they're not teaching the collective monism of tariffs. more portly i was at the working institute two weeks ago, allots of questions about inequality,
everyone focuses on education, but we know intercountry, in which one of our political parties is dead set on education reform. it seems to me, if we cannot educate kids, if the minority of kids coming out of school without tools, without reviewing been able to read, how can this possibly -- >> one of the guest has 1 million unsold jobs in america, posters are getting wrong, right and left, college for all mentality in this country, if your winner, we have 7 million unsold jobs, there's a particular program in the country, we can see the opportunity coming from no college no college debt. i am all about college for the right people, we have to think about people, we need more people working in this country. this is opportunity of a lifetime priest. >> they mention the media so i have to bring that up.
i remember when the policy came out that they tweeted it like dirt. they, with the greenville whatever the heck that was, and you seemed as a superstar, and how they're presenting all this. >> this is one or greater shows on television,. [laughter] this is a very pro-capitalism thing that we have here. the truth of the matter, i think there's a lot more balance and we have to keep making the case with the media that we have available. >> by the way, out of this incredible strength of the economy right in, the american economy, a position that is what's happened in asia and economies is sold on a trickle, the poorest americans are the ones who have been benefiting the most, that is in the past two years, and a strong world has really been helping those people and they say maybe the
postnuptial, maybe there's a real visual dislike of capitalism that you talked about but when it comes time to pull the lever at the pool there to be better off it was a few years ago. >> one other thing, you and i were kids, billion poor people around the world have been pulled out of extreme problem under poverty. >> we have one way to get the next 2 billion out of poverty in the next 30 years and that's where democratic capitalism. >> why do you keep saying democratic capitalism? what dimocwhat is democratic ca. >> we need democratic a mini democracy. -- china has a lot of good capitalistic but is not a democratic system, the reason the cotton the middle trap is under if they weren't willing to go to the second set, they were willing to take the risk that we have done in most western countries, that's really important.
>> a lot of conservatives said if china does open up economically the politics will follow. that is to say, 20 years ago, there's a lot of handcuffs on the economy they been taken off and why didn't become her democratic politically? >> is not editable. everything would fall into place and we all would be capitalism and be great, and a thousand cars blooming, it's not the case. we also need to have the democracy ethic around the world. this is what it means for marketing need that. this is in a nation of of riffraff. they want to be free and prosper, those two things actually come -- >> great to see you arthur. we'll see you soon. >> thanks audrey to be with you. >> a bite out of apple, what today's could mean for apple
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david: a major blow to apple going 524, it does not get any closer to that the consumers can proceed with the antitrust laws and challenge with exclusive control over the marketplace for iphone apps, apple responding the ruling", we are confident we will prevail that the facts are presented in the app store is not a monopoly by any metric in the corporate has a number to choose from to deliver their software. let's bring judge judicial and. what is this mean for the dollars of apples offer products? >> apple generally not the developer, it's a seller, until today, if you had a problem you
had to see the creator of the app, from today is to the seller, with the difference, the sellers the richest corporation of the world. david: is it in his pajamas of the basement of the house, who the heck knows. >> this is a radical transformation of which paint tips can group together and tax them against the tech giants, that's number one. number two, we'll thought they'd be the most conservative and before liberals radically transform the law. [inaudible] >> that was my main question, kavanaugh, yellow poverty apple,
we have people making tons of money, customers able to accept it because of apple, it seems that apple was doing everything great including making money which he should so what gives kavanaugh sizing of the liberal side on this. david: you're gonna target my free-market heartstrings, of course my compatriots from chicago will agree with me, jonathan will agree with me. apple offered $99 product and the purchasers agreed it's worth $99, evidencing, it was about for 50 cents and you guys made an alarmist profit without adding any value to, therefore you took money from us. i would not have been with justice kavanaugh and fairness to apple, his case is not been litigated. can this case go forward, a trial judge said no, our friends in the circuit said yes. in the supreme court voted five
to four, strange vote, said yes. the theory was, the overrule which is an old rule, requiring people to sign into the developer which tended to shrink class actions. >> you to spread a free market, i wonder if this is the bigger picture as a whole. and they are pushing on product- >> weight -- let me finish a sentence. the media channel at the top of the page. we will discuss later on, it happens to be a big problem, again and again, and again. >> forty-two state attorney general, and federal coat and federal pharmaceuticals in
canada, they are suing is really company and a federal court to enforce several laws because the feds want to. they're claiming price taxing because they're charging too much. the free market wants is purchasers are willing to pay. david: will have a minute left her you better get in here jonathan. >> just because it's used by the public does not mean it's the wound by the public. that's a terrible presiden pres- >> this is a wealth transfer mechanism from apple to its customers. >> just to be clear, again, it is often litigated. the question is, we have to open the door to gazillion lawsuits -- >> mini which will be frivolous.
apple is a statement and part of it on the air, and academic defense and apple may put -- if theunless they settle this case they're going to jury. >> i have seen it will be a wreck because the click under plaintiffs class action bar, it will be every opportunity to transfer wealth. >> whiffed ago, i wanted to went to, you enter two questions that were thrown at you at the same time, that's impressive,. >> give a great panel president trump has a theory for why china is feeling untreated with the u.s. are they baking on a democrat taking over in 2020? would that be better for china? we will be debate that coming up next. ♪ limu emu & doug
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>> the president wants to increase the tariffs, what is a bottom line,. [inaudible] david: former vice president forfront runner vice president taken a job at u.s. trade china deal battle and the rally in new hampshire today. it was a democratic rally, president trump says we only agree that china is installing in a deal because they're hoping for weaker president like biden in 2020, trump tweeted out that joe biden or any other democrat gets elected in 2020, they love
ripping off america, i think china felt they were beaten so badly that they may as well wait around for the next election, 2022c if they can get lucky and have a democrat when. which case, they would continue to rip off usa for $500 billion a year. is there president right or are there any democrat running that could take on? >> i think we know joe biden is way out in the lead in his most recent conversation are in today's comments about china will completely boneheaded and dismisses china's arrival. basically pretend there is no reason to be concerned about china, clearly he gets concerned less and politically. i don't think china is waiting for democrat, i think china is anticipating the pressure of the reelection campaign is going to make trump faster, sooner, easier and they are counting on
the to help release goods if you will pray. >> trade is win-win, your potential president and current president who has control over people lives and raise taxes, that the extreme when it comes to trade, with him or compressible for many years can sneak there and make an impact whether consumers, texan farmers, they are hurting the american economy at large. >> what i think was waiting on expert, the situation that the president was pushing the feds on interest-rate. that shows that the economy -- >> i don't understand. >> that's why they want to hold off -- i don't think that made sense, the chinese can look at the data and know the economy is
strong. >> relating in a recession and pain gains and we have so much debt heading into -- >> i think coming out of the first corner when it was so much better than they expected, but is there going up second, third and fourth quarter. i thought that was a crazy story. >> all i know, i think the next 539 days we're going to have to see the words sleeping joe. >> trade is great, it's a greatest thing, with three-point to percent gdp, 2.6%, the market with a new high before, those tweets which unraveled and we can't blame china, i've gotta tell you, i think he should be concentrating on things that we can control at this point in china is going to go the wrong way. we buy a lot of stuff, attend stuff from japan and china because our consumers spend a lot of money.
let it be, that's my take. >> let me show you something very cynical author which is politics after all, what if the president is stringing this on purpose? that is to say he wants a big bang for his buck and he knows he's going to get it if there is a deal, some people say 5000 on the dow, 6000 on the dow if there's a tree do, maybe he's just tremendous out on purpose politically to bring a deal closer to the electric ? [inaudible] >> it's a pretty nihilistic way to do it, in effect is billion of billions of dollars of taxes on america, a billion a half dollars a month in 2018 -- gary, you know the strength in the economy, but they don't operate
in isolation, easy weakness across the globe and in the drinking of the dollar could play a major role in your future. so even these are things we have to consider even with growth going down, is a two bidding factors to some of the weakness, and now the trade situation, i don't think it will be good if we contingent -- i just threw it out there, we are breaking news we need to get to. president trump tweeting this on the state program,. [laughter] >> the administration is restoring nasa to greatness and we are going back to the moon and then, get this, i am updating my budget to include in additional $1.6 million so that we can return to space in a big way". we will get more on that and more breaking news, they just awarded a california $2 billion the couple leaving bears round up weedkiller for causing their
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on the new queen sleep number 360 special edition smart bed, now only $1,799. only for a limited time. sleep number. proven, quality sleep. test felicity huffman pleading guilty to paying $15000 to help improve her daughter's sat scores and what is part of the largest college omission scandal ever. fox news molly is outside the federal court in boston with the very latest, molly, how is this ending? >> this kindle continues and they have said this investigation has parked a whole new era. she entered the guilty plea today and she has left the courthouse, she's very emotional when discussing her daughter and breaking down in tariffs before the judge today saying it eight years old her daughter started
to see a neuropsychologist and extra time to take test. many stand accused of taking the need for u action to sticky type allows him to go to the test site where the corrected or some cases took the exam overall. she was in court today, and she defended her daughter as a gentlemanly needing the time. reminder here, in a public apology last month, hoffman ", my daughter knew nothing about my actions and i went about in a profoundly wrong way and i betrayed her" another parent also played guilty today, he is out of ellie and he paid $250,000 and he is facing one year prison, hoffman is facing
formative prison, their sentencing for mid-september. david: huffman is using her mother present, so what message does this send? >> i'm not so sure, the apology and the way that felicity huffman is going about it, she apologized regret and acknowledgment of what is going on, and we have lori loughlin saying she's not responsible and she spent half a million dollars. here is a full apology versus one that is not apologizing. i think as a society we love to see celebrities toward him. that is why the story -- >> she needs remorse.
>> i think locklin should plead not guilty. >> all i can tell you is a felicity huffman handle this the way it is supposed to be and i think lori loughlin will be out over a period of time and it's a big mistake and how the celebrity entertainment world and this is going to matter, i fear felicity huffman will come out with the on-time. >> it will also come out and she will come out better out of this. the truth will set you free, she made a bad decision and did the crime and will do the crime aftertime. it's a pretty bad example for the doublet that she reports to be such a good role model two. just like martha stewart.
>> is going to mention martha, is a larger part of this case highlights, the suspect becomes aware it's on the marriage and the quality of the work, and this goes directly against, you should not be able to buy herself into or out of anything. you think they would do anything to change what is a disturbing trend away from the parents. >> you would hope universities would take this matter if you were transferred. i don't know if the water habit, as a going on for so long. seventy people getting just by buying a library or investing on campus. it angers me a lot. >> i'm news for you, if both are on a trend, it'll happen in the future unfortunately. >> is a shocking story. that's why has so much coverage. >> that has to be the last word, google on its search engine, the
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motinpromoting the liberal medi. do you believe them. the danger now government is going to get involved saying we have to have this much representation, this much representation. you don't line it, hands off. i trust google. i use it how many thousand times a day. >> i don't trust google at all. the algorithms are big trouble. zuckerberg is talking and other ceos are talking about increased regulation to make sure there's no hate speech, make sure there's no this kind of speech and that. someone is going to be defining
what those terms mean. >> we know who they are. >> we know who they are. but there are people bhienld the al goobehind thealgorithms that. the please the regulators, democrats, liberals, eu, are going to tilt in that direction. this language is to be watchful of. >> the monopoly conversation that we had before. all of these organizations have become gatekeepers to all of our information. but should it be regulated? it's the narrative that jonathan doesn't like which is why he says he loves google. but overall should it happen internally, should it be the government. should we keir that everybody is doing what they want with our privacy and data? what's the answer? >> yonlt have a i don't have an. >> go ahead, gary. >> you asked the question bias. no never. there's no bias out there. the "the new york times" best sellers never have any books by
conservatives either. i know they're bias but when i go for search i go to google. it's a habit. they've been about to s supplant everyone else. good for them. david: you say good for them. again, i'm libertarian on most matters but when they come out and say hey look, it is a monopoly, if not by definition in fact it has become a monopoly base and it can't be treated like the "the new york times" or any other bias news source. >> i wish they would do better. look, you can put up very bad turns and the president comes up all of the time. so there e there's definitely wn algorithm is there to make certain people look good, others look bad. you have to know what you're looking at. >> i wish christina would stop with the ma lo monopoly.
if you don't like facebook, don't use it. >> i know. david: that does it for "bulls & bears." we'll see you next time. ♪ liz: president trump announcing that yes he'll meet with chinese president xi at the summit this summer as apple's problems helped wipe out gains for the dow. president trump said he will meet with vladimir putin at the g-20. now a lot can happen between now and the g-20 and with peut. and china. we're going to bring all of that to you tonight. and the president taking a swipe at joe biden who is about to hold a rally at this very hour