tv Lou Dobbs Tonight FOX Business August 5, 2019 7:00pm-8:01pm EDT
to keep people locked into union membership. liz: thank you for having us in your home. we hope we helped you tonight. lou dobbs is next. lou: good evening. investigators are pouring over grotesque scenes in el paso, texas and dayton, ohio, after two mass shootings over the weekend. we'll take up the profiles of the mass killers and the profile of the politics being played by both political parties. technology bias towards the president. and google employee speaking out saying employees are hell bent
on defeating president trump and will use censorship to make it happen. wall street facing its worst day this year. the dow plunging 767 points. the s & p, and the nasdaq falling 278 points on the day. the president noting china's move means they are bearing the brunt of the burdens of the tariffs. the president tweeted this. based on historic currency manipulation, it's clear americans are not paying for the
tariffs. the united states is taking in tens of billions of dollars. chain a has always hurt or jobs, depressing our workers wages and harming our farmers' prices. not any more. steven mnuchin finally listening to president trump designating china to be a currency manipulator. our first get tonight since president trump's tariffs are not affecting consumers, and china is paying the burdenr burden of the tariffs. joining us tonight, peter navarro. the director of the white house national trade council. we watched wall street gin up a little business as we watched the dow post its worst
performance of the year. wall street taking a beating and investors as well and putting it straight on tensions between the united states and an escalating trade war. dew agree? >> a massive overreaction. we have a solid economy, the stock market should be a leading indicator of that. you get the day traders moving, and good people lost money today because they got shaken out of the market. but the fundamentals are solid as a rock. the big news on the currency front is important to the american people. when china devalues their currency by 10% -- lou: we'll get into that. we were talking about economics
and policy. let's turn to what we have known for some time. that is that china manipulates its currency. the previous administrations did not in any way even though urged to, it was obvious china is manipulating their currency. they chose not to. the president has taken the step at long last. what special consequences will there be for china as a result of making that designation? >> the treasury secretary under two pieces of legislation, the 2015 trade act gives the treasury secretary proud powers to take countervailing matters. the international monetary fund monitors currency under valuations and start the process of crocking down on this.
lou: when you say cracking down, what does cracking do you mean? there is not a substantive basis for an agreement. what else? >> countervailing tools the treasury can use to offset the intervention of the chinese. what the chinese do, they buy dollars and do what's called sterilization of the bond market. lou: i'm too far into the weed, you might lose me. the idea that the chinese have posted a number of comments to the business press talking about how this is a very wig retaliation, stop d a very big retags laying, stopping exports in their tracks and further
devaluing the yuan going beyond the support level 7-1 in the dollar. it seems to be to be relatively tame stuff. >> it is, lou. i think it's important for people watching your show to understand that bob lighthizer is still engaged with the chinese. there will be a lot of sound and fury out there. but china needs a deal and we'll be talking with them. even though this is important in the u.s.-china relation -- lou: this has never been the issue. you guide have wanted to talk. particularly the treasury secretary has been make it very clear he wants a deal in counseling the president accordingly. the reality is there is no deal. the president made it clear they are still far apart. but we are not seeing the
chinese make a lot of sense here. and as the president puts it, i think he's exactly right. he says i can take a deal that good for us. what's it going to take for the chinese to awake be to the fact that their economy is creative. >> the president is not going to put up with them failing their commitments like ting the fentanyl. lou: why would the chinese -- as i am looking at the numbers, and those are cooked numbers that they have been publishing to the world for 20 years, what shall we expect in. >> chieba wants access to our piggy bank. lou: they steal it. they stole hundreds of millions
of dollars. >> the president is standing up to china saying you are not doing that anymore unless you change the structure of your economy and stop ripping us off. that's their choice. we'll work with them but it's ultimately their choice. if they keep trying to relationship us off. president donald j. trump will not stand for that. and shame on the previous presidents who let us lose manufacturing jobs. lou: shame on the chamber of commerce. >> they are wringing their hand right now. lou: this market today in my opinion is a reaction to that dissidence in the body politic here. we are watching the titans of wall treat try to talk this president into a deal, any deal,
the business press in large measure is also together same thing. saying there is discussion that they will take any kind of deal. it's mind boggling to me to see what you once referred to as unregistered foreign agents of china continuing to crow and to weedle and to try to difficult swawd this president that no president before him has had the guts to take. >> finally on capitol hill, there is something they can agree on. bipartisan support for the china tariffs and china policy. the american public has come to understand because of the president's leadership what the stakes are, and exactly what china is doing to us in terms of ripping us off. that's the countervailing force to these wall street lobbyist
swamp creatures that want us to different up and let china have their way with us. the president is leading strongly on this. we have the market china wants access to. they won't get that access unless they clean up their structural act. >> there is a structural element here, too. they are making their presence known in the oddest ways. yesterday you were on fox. a graphic came up from goldman sachs. can we put that up? it purports to show that tariffs are having an inflation air yea impact on prices. there are many things i find interesting about this. goldman sachs has blown up what looks to me to be a 3%, 4% dirchtiodifferential. it makes it look like a mountain
instead of 3 points. what do you make of goldman sachs and its you be influence on this discussion with graphics like that. >> chris wallace insisted that graph was from the trump labor department when it was from goldman sachs, the mark twain thing. china is bearing the entire burden of these tariffs through currency manipulation and through slashing prices. if you look at i nation rates from 2018-2019, they are down. goldman sachs, they are the commander-in-chief on wall street of offshoring. full stop. lou: as i recall, the tariffs
were staged and didn't gone into effect on $200 billion in tariffs for almost a year. september it's going to be applied. am i right about that? i am just struggling to understand how a $20 million economy, its price index -- that its price index could be influenced by 4 points based on what would be by my kralings about $25 -- by my calculation, $25 billion added to the retail level. can you explain that to me? >> no, i can't. they loaded the dice. china -- the. juan -- the yu tax n wasunder v.
how could there be price effects during that period. lou: those folks over at goldman sachs, i see how they do very well. they are good with that pencil. >> they make a lot of money off offshoring our jobs. lou: i think that's what's staking in the craw of the masters of the universe and they better get used to it. they must for some reason think they have something baked into this particular race. i hope that they are -- well, i think they play it straight from here. peter, it's great to see you. give them hell. peter navarro. it didn't take long for the 2020
dimm hopefuls to politicize the deadly shootings in dayton and he'll pass oh and make it about themselves. >> if i was president i would use my department of justice to investigate white supremacy. >> i challenge everybody in the race to join me on common things like gun licensing. >> the guys i drink beer with and you watch television with are all republicans. >> this is a defining moment of truth. lou: the bruce ahr documents expected -- bruce ohr documents expected this week. i know, we have heard that before. stay with us. (vo) the hamsters, run hopelessly in their cage.
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mental illness. neither side has all the truth. look at the mass shooters from the last 20 years, most of them are young, predominantly white, but all races are represent. also their socioeconomic background and ideologies are varied. whether they are clinically diagnosed or not, they have deep mental distress. why do we choose not to ask tough questions and recognize people in desperate need of help before tragedies like these. here is the president addressing the issue. president trump: the shooter in el paso posted a manifesto online, consumed by racist hate. in one voice our nation must condemn racism, bigotry and
white supremacy. these sinister ideologies must be defeated hate has no place in america. hatred warped the mind and devours the soul. lou: the president calling on all of us to root out the sources of deep hatred in this country. so much now is focused on the deep state itself and what it has been up to as it has been trying to subvert the president of the united states. according to judicial watch, the justice department will be releasing notes from a dozen fbi interviews with justice department official bruce ohr. he's the official who met several times with discredited dossier author christopher
steele, including after the fbi fired him after leaks to the media. judicial watch has been seeking the 302 interview notes since september of last year. joining us is tom fitton of judicial watch. i know that you have been aprized that we'll see some of these documents. why do we believe it? >> because we sued for them and they promised the court they would be released. they were supposed to be released today. lou: they didn't lie to the court, did they? >> their promise was broken today in the interest of further transparency they tell us. lou: i'm told reliably it's not the first time they have broken to judicial watch.
they have been holding the 302s in full and thanks to the president's transparency initiative, they have a new attorney general at the justice department. so we'll be getting those 302s. lou: do you have a sense of what it's going to reveal? >> christopher steele was paid by the fbi along with clinton and the dnc also paying him. it was a joint operation against trump. they had to cut him off because of his leaks. they thought a way to get information from him still by using this cut out bruce ohr. so they were using him, bruce ohr to launder information from the clinton dnc to target trump. this is at the beginning of the trump administration.
lou: my head hurts. we have gone over these realities for so long. and to find documentary evidence is critically important. and congratulations. you have also got documents that comey had fbi documents in his possession? really? >> the original sin of the mueller operation was memos comey wrote about conversations he allegedly had with president trump. lou: that's one of the most of bizarre things. sending yourself a memo of what you say transpired in a conversation you had with another person. >> these are trump fbi files. he kept them at his home. we recovered the documents.
the fbi agents went to his home after the fact to question him and he gives them even more memos he was keeping at his home. it shows you this man was willing to break any rule in the book to target trump and it helps explain his motives. lou: we are told attorney general barr is not going to prosecute. that this is skinny stuff, i guess and perhaps not the legal expression for it. but is comey going to get another pass here? or brennan and clapper? clapper was clapping if you will. are those three desperadoes, are they going to get off after what they did to the president of the united states and the american
people? >> comey admits the leading documents shouldn't have leaked. i don't understand why they let him off. it doesn't augur well. i don't understand what the attorney general's thinking is here. lou: all hell will brake loose in my opinion. >> one of the core issues behind the mueller corruption -- lou: you are preaching to the choir here, tom. i think every one of these people should be prosecuted and given their day in court. we ought to find out if they are guilty. and if so, there should be consequences. >> it's unprecedented referral by the i.g. report for criminal prosecution of the former fbi director to doj. that's disheartening to put it
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the mexican government threatening legal action after this weekend's shooting in el paso. owobrador is urging america to instill tighter gun laws. and states that america didn't protect mexican nationals. perhaps the u.s. should sue mexico. 16 americans have been murdered in mexico over the last year. they should also sue on the loss of resources and drug smuggling resulting in the devastation of the loss of many young lives. mexico and president obrador may want to rethink their grand idea.
a fox business contributor and great american. good to see you. let's start with first of all, the el paso shooter shoots down. we got 31 total dead in these two horrible tragedies. we have mexico just beginning to behave like a mature partner. your thoughts. >> i agree with your talking points. the shooter is a nut. it's something we can't control. he didn't ask to see anybody's identification to see if you are a citizen of this country. the mexican government is complicit in tebs of thousands of american deaths each year by failing to hold the drug cartels accountable. we can point fingers at one
another all day long. but americans have suffered much more at the hands of the mexican government. not even talking about the $25 billion a year sent back to mexico in remittants payments. now is not time to point fingers at a tragedy. let's work together and work on securing this border and take care of our problems on both sides of the border. lou: it would be nice to see that's where lopez obrador is going. but he's not. he looks like a stooge of the mexican drug cartels which control about 80% of mexico and now starting to move towards more violence in even the
capital city of mexico city. it's hard to manage how we can have discussions about everything besetting our society without talking about drugs, their impact on mental illness and their relationship to mental illness, and the cartels at the root of that and for the president of mexico to come out with this just makes him look like a stooge with the cartels dealing in so much death and pain. >> i have been talking on your show for almost a year. the criminal cartels, and what they are doing to people in their own country. they are controlling all the human immigration traffic and they know it. you have the mexican military on the take and the mexican government on the take. it's hard to know who to trust.
if you want to improve the lives of mexican nationals. you need to enforce your own laws. it's against the law to traffic in narcotics in mexico. let's hold up the rule of law and work together to solve this problem. it works better when we are both working on the same goal. we proved that in you will legal immigration. they have done more than they have ever done. we have seen the results of that. we can do the same thing if we choose to do it. >> absolutely. to think that no one in the national left-wing media wants to give this president credit as the change agent. he's the one who threatened tariffs and that's when the mexican government responded. >> we have been trying to get mexico to help for decades.
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lou: former google emmyee telling fox google wants to make sure president trump loses the presidency in 2020. >> when president trump won, they literally cried and vowed it would never happen again. they want to use all the power and resources they have to control the power of the flow of information and make sure trump loses. lou: he says google has been censoring search results already to influence the election. joining me, peter schweizer. let's start with the allegations against google. that is nasty stuff. by the way, it's illegal. >> what people forget when they
talk about corporations have first amendment rights, that's true. but we have things called election laws. what google has been doing. they did this in 2016. there is academic research to show they suppressed necessary tough stories about hillary clinton. they thought trump was going to lose so they didn't feel they had to tip the scale all that much. this time i don't think they will make that mistake and they will go all in. lou: if they go all in, it seems like the justice department should be sitting inside the google campus as the silicon valley likes to refer to their headquarters. this is nasty stuff. it's more to me than just election law.
this is a fraud on the american public. what can be done? >> the department of justice and one would also hope the california authorities. but i wouldn't hold my breath there. are monitoring what google is doing. lou: can you imagine the california state government monitoring, doing all they can. google work with the people's liberation army in china but refuse to work with our pentagon. >> another country there is russia's attempt to create their own silicon valley. google has been involved in that. there have been google meetings with russian officials on the same subject.
lou: it sounds like collusion. >> exactly. they say they don't like to work with the pentagon because it creates uneasy feeling among uneasy employees. why does it not create the same feeling with it comes to russia and china. the authoritarian culture they have, they are going to be the gatekeeper of information in the united states. lou: that is the constant across all of this. china, russia and google. you can throw in a few other silicon high-tech titans and you just about have it covered. it to me is very disturbing that we are hearing that the justice department is not going to prosecute james comey and suggesting -- i'm inferring he may get off scot-free, so will
john brennan, james clapper and the whole corrupt mess that was the fbi and justice department leadership you you have the i.g. look into this. it's very clear he was leaking classified internal documents. the question is, do we have these laws for a reason? if they are just show we should just get rid of them. this is a prime case. the leak was done explicitly to get the appointment of an independent council which is what -- independent counsel. and that's what happened. it's designed to elicit a response. and you can't use leaked material to manipulate people which is what we have here. lou: so much corruption on the part of the deep state elites to
overthrow the president of the united states. they sure as hell ought to be held accountable. peter, always great to see you. take a look at this. a french inventor making more history this weekend. becoming the first to fly across the english channel on his hoverboard. that would be about 60 miles an hour. reaching a top speed of 106 miles an hour. he told french media his new focus is building a flying car by the end of the year. that looks like a lot of fun. more scrutiny of jerome powell. the "wall street journal" says he's in over his head. we'll have that and much more right after the break.
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market into a spin. where have we heard that before? a statement that could have been made at almost any point since october, 2019. joining me now, bill green and john losky, chief manage editor at moody's. the market all about a trade war driven by the chinese. my goodness. what a fearsome thing this trade war is. tell us how scared we should be. >> we should be more scared of chairman powell. he truly snatched victory from the jaws of defeat.
the all he had some say is we are going to back stop the u.s. economy to make sure growth stays with us. all he had to do was make that statement canada we would not have had any reaction to the tariffs. that kind of certainty is what the federal reserve is supposed to be doing. guaranteeing we will be there to back stop the economy. >> bill would be glad to know, i looked at the futures market. it asigns us a 58% finishes the year no higher than 1.78%. that's with three rate cuts. lou: i'm laughing on a day when
we are watching this tremendous sell-off in the market. but it's laughable. it's an investor reaction, reacting to the fact the chinese are manipulating their currency. they have been manipulating their currency for two decades. >> you cannot depreciate yourself to wealth. what they have been trying to doyles offset the u.s. tariffs. the market loss is pretty effort. but what did we see as a policy move on their part? they manipulate the whole back of weakening. when they needed it, they let their currency go. it's clear evidence' of the markets. >> let's get used to the volatility. we are 21% higher than we were after the christmas each
sell-off. the market is going all over the place, it's gyrating. this will be a short-lived die by the market and it will recover quickly enough. it's still growing. >> the fear is the fed is not there to back up the u.s. dollar. that's what the market is trying to digest. what will the fed do? lou: the president has been right about this. he started john boning the fed last october. he was right on the timing. by the way, let's be clear. jerome powell for whatever reason decide not to follow the markets. i can't tell you how many snowflakes are running around saying the fed should be
deciding where these markets go. >> i will maker the bold prediction the fed will follow the markets. i stated earlier, there is a good chance we may see fed funds finishing near 1.5%. that's where i believe the 10-year treasury will be. >> chairman powell has shown time after time he's not able to clearly communicate. chairman yellen when she didn't have the answer right. she would start reading from what the staff prepared her for. chairman powell doesn't do that. lou: it's a matter of great interest to all of our viewers and most of of the nation. devaluation of the yuan, this is a a global impact. >> it's hitting emerging market
currencies. it will make matters worse for the emerging market countries that china is trying to recruit with its growth initiative. brazilian currency is off by 4.5% since late july. lou: thank you, sir. i think you have got this fed thing figured out, bill. we'll be right back. thanks so much, both of you. (vo) the hamsters, run hopelessly in their cage. content on their endless quest, to nowhere. but perhaps this year, a more exhilarating endeavor awaits. defy the laws of human nature,at the summer of audi sales event. get exceptional offers now.
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lou: on wall street stocks plunged. the dow down 667 points. the nasdaq lost 278. a reminder to listen to my reports three times a day coast to coast on the salem radio network. the trump administration designating china as a currency manipulator. peter navarro talking about the president's decision. >> they take half a trillion dollars from us every year. they just steal it. so the president is basically standing up to china and saying you are not doing that anymore unless you change the structure of your economy and stop ripping
us off. we'll work with them, but it's ultimately their choice. if they keep trying to relationship is off, president donald j. trump will not stand for that. thanks for being with us. good night from new york. trish: tonight tragedy and so many unanswered questions as our country reels from two mass shootings. the death toll from both shootings stand at 31 people with 50 other victims injured. the president calling for a unified voice to condemn these horrific acts. >> the short in el paso posted a manifesto online consumed by racist hate. in one voice our nation must condemn racism, bigotry, and white supremacy.