tv Lou Dobbs Tonight FOX Business August 6, 2019 4:00am-5:00am EDT
♪ lou: good evening, investigator are pouring over grotesque scenes in el paso, and dayton. after two mass shoots over the weekend. tonight we will take up the profiles of mass killers, and the profile of the politics played by both political parties, highly predictable parties. >> more big technology biased toward the president, former google employee speaking out claims that google executives are hell-bent to defeat president trump and use censorship to make sure it happens, we take up google and
to whom what country is it loyal. lou: kooteninchela deppi wall st day in -- 2019, do yo dow plungg more 700 points. president trump today said china's devaluation of weaken china overtime. president also noting that china's move means they are bearing the brunt of the burden of his tariffs, the president tweeting this: :
>> tonight, treasury secretary steve mnuchin listening to president trump, designating china to be a currency manipulator. our first guest, says that president trump's tariffs on china are not affecting consumers, china is paying the burden of the tariffs, joining us peter navarro, assistance to president. , director of white house national trade council. we watched wall street gin up a little business today, dow with worst important of the year,
wall street taking a beating and investors as well, putting it straight on tension between u.s. and an escalating trade war, do you agree? >> this is a massive over reacted, i think what happens you get day traders moving in you get trend trading and before you know it. there is a lot of volatility, and good people lost money today because they got shaken out of the market, underlying fundamentals are solid as a ro rock. moving forward we'll be fine. the big news on the currency front, is that important, to american people, when china for example devalues their currency by 10%. lou: let's stay on -- i know you are excited. we're talking about economics and policy, but let's turn to what we have known for some
time, that is that china manipulating itself currency. previous administrations did not in anyway, it was obvious that china is manipulating its currency, they chose not to. president has taken that step at long last, when somewhere consequences will there be for china as a result of maybing that dessic ma designation? reporter:e treasury secretary, under two cms -- give industry secretary power to take countervailing measures, first to reach out to international monetary fund that monitors currency under valuations, and start the process of cracking down on this. so we are expecting -- lou: when you say cracking down, what does that mean? president is applied tariffs,
they go into effect, more on the way by end of the month if there is not a substantive basis for agreement. what else in way of cracking down. >> counter veiling tools that use to offset intervention of chinese, they buy dollars and they do sterilization if their own market. lou: not 5 far you might lose m. idea that chinese have posted this, number of comments in business press in particular, talking about how this is a very big retaliation, stopping u.s. agricultural exports, in their tracks. and further devaluing yuan below the support level if you will at
least 7 to 1. in the dollar. this is -- it seems to me, to be relatively tame stuff? lou: >> it is, lou, i think important for people watching this show to understand that, bob lighthizer is still engaged with the chinese, we're talking about shoulds a lot of sound and fury out there, at the end of the day china needs a deal, we'll be talking to them. lou: that has never been the issue, they have been wanting to talk. >> we want a deal, let's be clear about that. lou: particularly industry secretary has been making it clear, he wants a deal. and counseling president accordingly. the reality, there no deal. manti has made it clear here still far apartment but we're not seeing the chinese make a lot of sense here, and as
president puts it, i think he is right. i can take a deal, but if it's not good for us, i'm not interesting, what will it take for chinese to awaken to fact their economy is creatorring. >> president has been consistent to mar lago always willing to talk but not putting with them failing to -- -- lou: so stipulated. >> we do, look we have -- lou: what do the chinese do? why would the chinese? as i look at numbers, they are cooked numbers if ever there were cooked numbers, they have been publishing to the world for 20 years. what are we -- what should we expects. >> china wants access to our piggy bank. lou: hell a just steal the hundreds of billions that is good access to our piggy bank.
>> so president standing up to china, says you are not doing that any more unless you change the structure of your economy stop ripping us off, that is your choice, we'll work with them but, it is their choice, if they don't quit ripping us off president the not stand for that. lou: shame on wall street, shame on the chamber of commerce they also strike a discord. >> they are wringing their hands. reporter: lit me say, this mark. lou: let me say, this market in my opinion is a reaction to that disinn body politics, titans of wall street tries to talk this president into a deal, any deal, business press is doing same
thing, saying you know there is discussion that they will take any kind of deal. it is really mind boggling to me to see what you once referred to as these unregistered foreign age agents of china, you know continuing to crow and to wheedle and to try to dissuade that president from a course that no president before him had the guts to take. >> you have two piece of good news, finally on capitol hill, there something they can agree on, bipartisan support for the china tariffs and policy, but also, lou, the american public come to understand because of the president's leadership, what the stakes are involved in what china is doing to us. in terms of ripping us off. so that say countervailing force. to the wall street lobbyists, and swamp streeture -- treatures, we're in a bad place
now that president leading strong on this, we have market that china wants access to. lou: let's go to that. there is a structural element, those unregistered foreign agents are making their present known in oddist ways, yesterday you were on fox, a graphic came up from goldman sachs back. i would like too see everyone that. purports to show tariffs have an inflation aiary impact on price. goldman sachs has blown up what i see a 3 to 4 percent difference shall in prices, as a result of tariffs, making it look like a mountain, instead of 3. what do you make of goldman
sachs and inflewenc influence os discussion with peculiar graphics like that. >> i think most remarkable interview with chris wallace, he insisted from gra graph was from u.s. labor department, it was from goldman sachs back, mark twain thing, lies, damn lies and statistics, rigged chart, china is bearing entire burden of tariffs through currency manipulation and slashing prices, if you look at inflation rates they are down including on our imports, idea we're paying anything, it just, goldman sachs, they are commander in chief on wall street of offshoring nuoffshoreingful sto. lou: that graph that amuses me, as a recall, tariffs were staged, they did not go into
effect. on 200 billion. for almost a year, i think from cement, will b be applied. am i right? -- from september, to next year, am i right about that. kennedy: i athat? >> price index could be influences by our four points. can you explain that. >> i cannot, they loaded the dice. china think wit about it yuan wt up in america in in march of 20w could there could price affects
ought all, we didn't go to 25%. lou: those folks in goldman sachs, you know, i see how they do well. they are pretty good with that pencil. >> they make a lot of money offshoring our jobs, but people in ohio, michigan, pennsylvania and wisconsin they don't much care for goldman sachs back. they is sris sinnathamby sa th. >> they must think they have something baked into this race. i hope that the they are well, i hope they play it straight from here, peter thank you so much. >> nice to talk you to lou. lou: give them hell, peter navarro. >> thank you. lou: up next.
deadly shootings in el paso and dayton, some making it all about themselves. >> if i was president, i would use by deput department of just. >> i challenge everyone in democratic primary race to join me on common sense things like gun licensing. >> i am the most bipartisan guy i met, the guys i drink beer and watch football with, they are all republican. lou: by god. well. we'll take it up, and bruce ohr documents are expected this week, we heard that before, but damaging information about the deep state awaits, we have that and much more after these quick messages. stay with us.
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 charitiably.
light the night is very important. this event truly gives survivors hope. when you see these survivors doing this walk, it shows you why you're here and why you need to continue to do better to find that next cure. lou: you a u.s. official confirmed that north korea fired two short-range ballistic missiles from its west coast. this is the fourth such test in two weeks. these launches following the start of u.s.-south korean it in exercises despite objections from kim jong-un. 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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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. this was me before liberty mutucustomized my car insurance, so i only pay for what i need.
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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
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 b cheryl: it is 5:00 a.m. here are your top stories. president trump taking another swing at beijing, declaring china a currency manipulator after it devalued the chinese yuan. how china and the markets are responding. deirdre: president trump's economy has been booming. the trade war with china is escalating. global tensions are rising. we'll tell you what it all means for voters in 2020. cheryl: samsung and apple gearing up to debut their next generation of phones but over 1 billion people say they want dumber smartphones. what it could mean for the future of the telephone. deirdre: if you would give up money for unlimited vacation time, you're not aalone. the crazy length