tv After the Bell FOX Business August 12, 2019 4:00pm-5:00pm EDT
argentinian currency. hong kong airport is shut down. [closing bell rings] china pointing at the u.s. blaming the united states for some of the protest drama. we have stocks ending a very volatile session but off session lows. that will do it for the "claman countdown". melissa: hong kong unrest weighing on wall street. violent protests forcing flight cancellations as demonstrators fill the city's airport for another day of unrest. stocks sinking at the close. all three major averages end the day in the red as u.s.-china trade tensions fuel global growth fears. the dow ending down, look at that, just about 400 points. 399, near session lows. we had been down 452 earlier in the session. i'm melissa francis. welcome back, i think. connell: another happy monday. i'm connell mcshane this is "after the bell." the s&p and nasdaq firmly in the negative down 1.25%.
second day in a row both are down. we have a lot to go through. fox business team coverage, edward lawrence at white house, susan li on the floor of the new york stock exchange, phil flynn with action on oil and gold out at cme, edward, with trade, as usual front and center. you. reporter: china is saying the u.s. is stoking fires with the protests in hong kong. a chinese foreign min very spokesperson says, the u.s. is making various hong kong accusations are wanton, fact-distorting inflammatory. some senior u.s. politicians and diplomatic officials engaged with anti-china rebel rousers in hong kong. the chinese go on this entirely internal chinese affair issue. the chinese hinting a stronger response may be needed in order to maintain order this is exactly what one of the spokespeople said. hong kong, hong kong's radical demonstrators repeatedly used dangerous tools to attack police
officers. now these already constitute serious violent crimes and have begun to show signs of terrorism. senior administration official firing back telling me today, quote, societies are best served when diverse political views are respect ad and can be freely and peacefully expressed. united states urges both sides to curb violence. it is all muddying the waters related to the trade deal. we're at a stalemate with a trade deal with china. the u.s. is expecting chinese trade delegation to come here to the united states in september. they are preparing for that in fact. there are signals this could be a prolonged trade dispute in china. since june, 33 chinese companies announced to their stock market that they will move production outside of china. the winners are malaysia.
we'll see if this ends up in prolonged dispute. connell: which everyone knew, edward. is anyone linking from either side? you speak to sources on both sides, linking what happens in hong kong to the trade talks directly? reporter: the u.s. says these are different issues. this is humanitarian issue or an internal chinese issue. china for them, they basically lump everything together as part of the same tactic. china see what is we're doing in hong kong, what we're doing with taiwan, what we're doing adding missile defense in japan as part of a trade deal. they see it all together as different prongs of negotiation back and forth. for the u.s. it is obviously separate. we believe separate issue with japanned and our allies and hong kong and we'll see how this all mixes in september. connell: interesting distinction. our panel, adam lashinsky from "fortune," executive editor here in new york today, good to see you, adam.
adam is fox news contributor. also paul aver ask. ano. always good to have you. what is happening between the trade talks and hong kong, that the chinese see it differently than the u.s. would. >> it is obviously fascinating and nonsense that the united states is encouraging the rabble-rouserrers. our diplomats meet with all sorts of people. that is what they said. i believe them. that is a factual statement. that is what diplomats do. the topical linkage is particularly interesting, traditionally we have not linked things like trade talks and unrest. two observations. one, president trump has linked trade talks with all sorts of things. i would argue he has given permission to the chinese to think that way, which is kind of silly. i'm embarrassed to say, my second point is, i think that, what you can say for the protest is there is certainly an environment where there is somebody going after beijing right now. that is the united states. they may feel they have some
cover. connell: the question, the larger question, paul, whether they're linked or not, for the market, and people trying to calculate that, we saw it to some extent today, has the risk economically gone up, that we're headed down the road possibly to recession into recession as goldman sachs was saying? what do you think? >> i personally think so. if you look what china appears to be doing, they will wait this out. they are in no rush to actually end this. which i think is actually more than even a trade war. it is spilling into more of an economic war with china and think what president trump is trying to do, this current administration, make this as painful as possible for china in the interim to the 2020 elections. so it is going to be interesting to see how it plays out because we have two very opposing sides. >> now to susan li on the floor of the new york stock exchange. susan. susan: we're looking at thin volume trade out here for a summer session and that
ex-exacerbates the losses you see on the screen. part of the selling came when we hit technical levels. the 10-year yields falling below 165. numbers matter when it comes to algorithmic computer driven world. when the sell orders dropped in, we saw accelerated losses heading into this afternoon's session. it is pretty contained. fear gauge, if things were really out of hand and there was panic we would see something closer to 30. virtually every sector was hit, financials, industrials, consumer cyclicals, also energy stocks as well. we started off this morning on pretty, i would say shaky ground given goldman sachs note everybody was focusing in on, recession fears increase, no china trade deal before 2020, that 10% of tariffs on $300 billion will go in effect september 1st. individual corporate news, saudi aramco, a 2 trillion-dollar oil
company from saudi arabia, making 15 billion-dollar, investment in india's reliant industries. that is india's biggest oil company. ahead of what people will say renewed effort to ipo hopefully in new york markets. if you look at valuations, 2 trillion, 5% of the company, that is 100 billion-dollar ipo. that would be easily the largest the world has ever seen. let's end on positive news. what about disany? we saw "the lion king" is the most watched, biggest seller animated film of all time, costing 1.3 trillion, billion, i'm sorry. 1.3 billion in global office receipts. they have now beaten "frozen" which took a few years, from 2013. back to you. melissa: seems like trillion. we all have kids going to it. i saw it. it was fan tis i -- fantastic ol
falling to a five-month low. phil flynn as details on that one. good news for drivers. >> it is good news. we're seeing silver lining in gasoline prices at five-week low. it is six cents lower than last week. 14-cent lower than a week ago. 20-cents lower than a year ago. all bad news. gasoline demand rand gasoline production are both up. that is good thing. another bright cloud is crude oil prices. when the stock market gets hammered, usually oil prices go down, not happening today. at least the price of crude oil is not buying the selloff. they're optimistic on the demand side at least for today. the one that will benefit what happens, trade war, no trade war, is the gold market. the gold market was very volatile today. it is up about $14.30. it will go up because the fed will cut rates. odds are going up recession or no recession.
everybody is loving the gold. it is really shining today, melissa. melissa: thank you, phil. good stuff. connell: watching the wires closely at this hour. a deal we're told could come at any moment. announcement of cs-viacom today after the bell or tomorrow morning. charlie gasparino is reporting on that about a possible deal. adam, paul, are with us. charlie is trying to dot the is and cross the ts as what role joe ianniello plays at the company. assuming they announce a deal, is there larger strength with the company in the landscape, cbs and viacom? what do you make of it. >> there is a strength in a combined company. it is about selling content or buying content and that's what we're seeing here. one of the takeaways on this one, when you look at one of the reasons why i think it took so
long to get the reason done, the stock deals in the market today, today we saw all facets what i've been calling the vortex of volatility in action today. and doing stock deals in this environment is just extremely difficult. i think today was the ninth consecutive day the s&p 500 had a 1% intraday movement. those movements used to be few and far between. it is almost like a daily occurrence. stock deals like this will be more the new normal. connell: that is a good point. cbs was relatively calm but viacom sold off as shareholders are not expected to do as well there but big picture what you add in terms of what the deal looks like with all the deals already done in media? >> i hate to be a downer here in the media business, this is not strength in coming together. this is strength being able to cut costs in what are very bad businesses. all you need to look at is disney, the best operator there is out there, had a very poor report last week because of some
assets that they bought from 21st century fox. connell: so you don't like the endgame here is not going to be a stronger one is your point? >> i'm not happy personally about the reasons they're doing it. i completely understand it. no, i think it may be a good out come for them but it is not for happy reasons. connell: fair enough. >> fedex ditching amazon but ups is sticking by its side. shipping packages for the online retailer so will the partnership last? will that last. amazon gearing up to deliver their own packages. they're not doing business with the post office. they said fedex we broke up with you. i love the statement. i'm still enjoying that one. what do you make of the powerball lance between the two? >> i would say it is down to one for now. this arcane corner of the industry, the shipping industry is fining out what the tech industry has done for decades which is being frenemies.
they have business to do with each other, they will do business with each other when they think it suits their purposes that is the decision ups has made. i wouldn't be surprised a year from now how amazon is doing business with the post office and fedex and not with ups frankly. melissa: paul, you have so much background in the m&a business, funny to hear him describe it with the tech companies as frenemies. that is what the culture is look. you could see this between the two companies, couldn't you? >> prioritize what the long-term strategy is versus capitalizing on short-term gains. so here, you know, can you capitalize on fedex no longer having relationship with amazon, coming up with something not mutually exclusive as far as a beneficial long-term strategy. melissa: guys, thank you so much. connell: good stuff. now flooding the streets in moscow. protesters over there voicing their concerns over the sluggish economy. also the lack of political choices. will the government ever yield
on any of their demands? we have dan henninger from "the wall street journal" to respond to that. melissa: plus taking a trip outside of the united states to save on medical bills. americans are bringing a passport and a doctor for numerous medical procedures. more on the growing trend coming up. connell: new details how one of the country's high-profile inmates ended up dead in his cell. both the fbi and the justice department demanding answers following the death of jeffrey epstein. what happens now after the jail failed to keep the accused child sex trafficker alive. ♪ with sofi, get your credit cards right- by consolidating your credit card debt into one monthly payment. and get your interest rate right. so you can save big. get a no-fee personal loan up to $100k.
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connell: back with brake news on hong kong. the airport there which we were talking about earlier reopened. 6:00 a.m. local time they will reopen. that is not, 4:00 in the morning in hong kong. 4:17 to be exact. the airport will reopen. airport authorities working with airlines trying to get flights rescheduled. flight movements affected back in line. passengers can check in with airlines with latest flight information what they put out. they should have the airport open two hours from now.
melissa. melissa: okay. all right. you want to joe up? sources telling fox news, former illinois governor rod blagojevich who was imprisoned in 2018 on federal corruption charges, who can forget that, made it all the way processing from discharge from colorado prison, on thursday before a member of the trump administration became concerned about public pushback, when the president appeared interested in commuting his sentence. the commutation was put on hold. according to sources, can you imagine that, make it all the way to processing. this is a report. so i don't think we have independently verified this. that would be something, wouldn't it? connell: we're just hear about this right now. the idea is, old blago is on his way out of jail, getting all his belongings back, getting out after cell. sounds like he is getting out eventually or maybe not. there is speculation the president would go through. melissa: there were reports that
balloons, welcome home balloons out there today. his wife didn't put them out there. she didn't take them down either. that wouldn't make sense if it was today. i don't know. we'll see. the mystery continues with that question. connell: yes it does, the other thing to go back to hong kong for a moment. that gives us about an hour. the sun will come up there. the airport is reopening that will be something to watch even for market lates at night, going into tomorrow morning, to see if that unrest continues. they must feel confident enough they can get it up and running. melissa: i guess. i don't hoe how they would feel that confident given pictures. think we only have a few hours. that will be definitely a story to watch overnight if they were able to settle that. connell: managing a few breaking stories all at once. we want to get to the jeffrey epstein, speaking of stories breaking with that investigation, we're learning new details surrounding the death of the child sex trafficker. bryan llenas joins us from the
new york newsroom. reporter: attorney general william barr is blaming the metropolitan correctional center for failing to keep this high-profile inmate alive before his trial saying there were some serious irregularities. fox news learned that epstein was not on suicide watch at the time of his death, despite the fact that epstein was temporarily put on suicide watch after he was reportedly found in the cell with bruising around his neck two weeks ago. jack dodson, a federal prison consultant tells fox news, that inmates are rarely left on suicide watch more than a week. >> if you get out of that environment, you're in a special -- . reporter: he will steen did not have a sell mate was alone at the time of the death which a source characterized as unusual.
epstein was not checked on for several hours leading up to the time of his death, even though epstein should have been checked on every 30 minutes according to mcc's normal operations. the union representing two guards on duty in the unit housing epstein, said one of the guards had worked 80 hours that week. they blamed the bureau of prisons and the trump administration for low staffing that led to overworked guards. the union adding epstein's apparent suicide can be compared to all-time lower staffing at mcc the last three years. quote, we at c l3 3 have been talking about hiring freezes and under funding of our staff nationwide because of policies of this administration. we're waiting final results of epstein's autopsy which was done on sunday. connell: brian, thanks. melissa: here to react, doug burns, a former federal prosecutor. first of all, we just heard the
expert in that last story saying you can't stop an inmate if they want to commit suicide, is that really the case especially in something like this high-profile? judge nap made a point, that they have in psychiatric facilities that react if patient gets out of bed. seems like if you have somebody this important, there is a way to stop this from happening. what are your thoughts? my thoughts are you hit it phrase on the head somebody this important. reality as one of the many people were one of highest profile people in the system. i've been in cc. many times in 30 years in criminal law. been in the special housing unit. there are oddities here. at the same time i won't jump to any conclusions. we need autopsy results. audio and video if it is available. the attorney general of united states is quite upset about this
legitimately so. they are calling fbi investigation, they will interview everybody involved. back to your question, melissa, it is a little bit ironic. on one hand everybody is outraged but on the other hand it can be difficult to prevent suicides. melissa: what does it mean for justice going forward? the main question on everyone's mind, how was this allowed to fester and in open sight for so long, for some years? there were a lot of people along the way who could have done something. there were people who are clearly involved. then there are those like leslie wexner, who was his only client in theory or even, with there are questions around jeffrey epstein's brother. all of these different individuals with epstein gone, is there any leverage to, you know, find out the truth and how they were related and get justice for the victims? >> right. well there is two things. the case has a long and tortured
history. i remember reading about it carefully 10 years ago, et cetera. i want to dispel one sort of misconception, which you will probably be glad to hear, the death of jeffrey epstein does not, repeat, does not stop the ability to go forward against co-conspirators of his? melissa: does it make it harder? >> not really, and here's why. why it's a little counterintuitive. the witnesses are the victims. jeffrey epstein would not be likely heard at all if we proceeded to trial. in your mind, if agreed to cooperate, my goodness doesn't that track what took place, what we need to know and find out, yeah, of course it would have been much easier, you're right. melissa: doug burns, thank you. i know you will be back. we'll be doing a lot more on this. thank you. >> my pleasure. connell: a lot more to come on that story. meantime the i.c.e. raids in mississippi leaving companies with jobs to fill. we'll take you to morton's where
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melissa: troubling warning out of newark, new jersey. the epa telling residents to use bottled water as preliminary caution because of concerns over lead levels. test indicate filters may not be enough. officials are handing out bottles of water to residents and asking the federal government to assist. connell: cracking down on green cards. we today herd from ken cuccinelli, citizenship and acting director. citizenship likely to rely on the government's aid.
a move the trump administration will drive self-sufficiency. >> through the public charge rule president trump's administration is reinforcing the ideals of self-sufficiency and personal responsibility. insuring that immigrants are able to support themselves, and become successful here in america. melissa: meanwhile a company holding a job fair just days after immigration agents arrested hundreds of its workers in mississippi, believed to be living in this country illegally. fox news's rick leventhal is live in morton, mississippi with the latest. rick. reporter: and in the oppressive heat in central mississippi today. but it didn't stop 215 applicants showing up to the building behind me for the four hours of the job fair. they filled out applications. had entrance interviews. no interviews by the cook company which is looking for workers here. that will happen later. folks we spoke with yet, they didn't know exactly what open
jobs were or how much they paid but they are eager for work. >> what kind of job are you looking for? >> anything to help me out. >> is it tough right now? >> yes, sir. it is bad out here, man. we need this. >> everybody deserves a second chance in life. reporter: well, those folks could be some of the workers who replaced some of those who were detained or wearing ankle bracelets, waiting on bond hearings for deportation hearings. u.s. attorneys said the companies that hired the undocumented workers are part of the on going investigation. there is criticism of the raids themselves for separating parents from children, on what happened to be the first day of school. yesterday there was a protest involving 50, to 100 people, many were children of the workers who were detained. some saying designed a broken immigration system is breaking family. >> i think it is important we recognize these are real people with real problems.
all we can do as christians is spread our love. reporter: saying in a statement, every child with two parents arrested last week had at least one parent released within 24 hours, due to humanitarian reasons. and went on to say we are the only law enforcement agency that does such things to persons arrested by federal law enforcement. the point was according to i.c.e., adults were children are arrested by police across the country every single day, but you don't hear about parents being separated by children from law enforcement, and i.c.e. i.c.e. is complaining that coverage is biased and unfair. melissa, connell? melissa: rick, thank you. connell: we talked a lot about hong kong already. next the russia uprising. vladmir putin is under pressure as people fill the streets of moscow demanding reform. what the demonstrations could mean for putin's power. dan henninger from "the wall street journal" coming up next. melissa: traveling overseas for cheaper medical care. not just patients are vying for a better deal. why some doctors are hopping on
board. connell: dwindling presidential dreams. new york city mayor bill de blasio making his pitch to a grand total of 15 likely democratic voters. melissa: unbelievable. >> this was actually at a campaign event in cedar rapids, iowa. mayor de blasio according to the "new york post" drew a crowd of 15. melissa: i was not one of them. connell: that is surprising. you could have spent the rest of the day at the iowa state fair. we'll be right back. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. content on their endless quest, to nowhere.s, run hopelessly in their cage. but perhaps this year, a more exhilarating endeavor awaits.
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connell: russian president vladmir putin facing now one of his bigger challenges in 20 years in power. more than 50,000 protesters marching over the weekend in moscow, demanding economic and political reform. here is dan henninger from "the wall street journal" also a fox news contributor. hong kong protest remembers getting a the love attention, but how significant is it what is happening over in russia, do you think? >> well it is absolutely fascinating, connell. i'm not sure you can really separate the two protests. if you look closely at them, both of them are just full of young people. it has a eerie resemblance of glasnost in early 1980's and 1990s, in europe. most of these people didn't understand what was going on but like most people did understand they didn't have freedom. they wanted free elections. back then you were able not to communicate with each other
because you were so oppressed. now things are entiely different. that process in moscow was supposedly officially approved, but i don't think they expected 50,000 people to show up. one of the things that the russians did this past weekend was try to order youtube to stop broadcasting mass demonstrations live. you have the phenomenon of media elevating protests whether in hong kong or moscow to the whole world's attention simultaneously. that is a new factor. connell: it was interesting in hong kong at first, the chinese state media, they were censoring everything or not reporting on it. , censoring international media. even there they reported what is happening in hong kong and tried to spin it. which maybe adds to, or learn that china is more concerned or a change how media has gone about it as well? >> that is exactly right. chinese government and russian government will try to
manipulate what is going on inside of the media. don't make a mistake, the russian people are no at seeing reporting of protests in moscow that we're seeing. russian media is completely manipulated as is the media in china. that aside, it still remains to be seen whether the young democrattores can stand up against vladmir putin and xi xinping. now make no mistake, xi and putin fully understand what is going on. they see it as a threat to the authority in power. they are willing to use any means at their disposal to repress it. no question about it, they have overwhelming firepower. they can put down the demonstration if they wish to. the question, what effect will that have on world views of the chinese government and russian government, assuming they care. connell: risk associated with that. china has its own history.
both russia and china, tried to use what is going on the protest side to spin it, to say, that the americans fault. they say stay out of our internal affairs. even if the united states is not involved the other country saying that we're involved sentencer there a role here to play or something that needs to be done from the trump administration's point of view? >> i think the trump administration could elevate the hong kong protesters more than they have. there is a lot of stake. we're in a new era. the russia, chinese government have overwhelming force and power used against the demonstrators. the question, what they're doing on the streets with what the whole world is seeing, will that be a force equal what can be used against them? we'll find out. connell: we'll watch both in the coming days. dan henninger. thank you. melissa: recruiting new workers from across the country. toyota's pledge to build in america and hire u.s. employees.
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connell: this is kind of a weird business story. it is an attempt to i believe attack the college crowd? anheuser-busch inbev is producing hard seltzer. did not think we would have a natty light. this is effort to take on white claw, with a cheaper bright option. more intense flavors. 6% alcohol content. higher than competitors. look at that, natty light sellser is. melissa: i feel i don't need that. where is zemo when you need it. the force might not be strong this time around. disneyland's "star wars" land is receiving -- employees are seeing smaller paychecks due to hours being cut short. along with adam lashinsky we have tuna mobilably. i love "star wars." my kids love "star wars."
hard to imagine, even if at this time is terrible, my kids would force me to go if we lived anywhere nearby. this doesn't make any sense to me. >> no. perhaps it's a weak economy. perhaps you just can't judge these things on first season. it could be several years from now this is, that this is a rager. i certainly couldn't find any explanation why the "star wars" franchise would be flagging right now. melissa: town that, i, we were really searching for, what's the reason, what's the buzz? are people saying that the rides are terrible? it is too expensive? there is no clear-cut answer we saw. what are you hearing? >> well, there is a number of things i can point my finger to. there is indications that the crowds, maybe expected there would be overcrowding and so some people might have stayed away. i think remember, the pricing ahead of the debut of that attraction was really very high. so some people kind of stayed back for that reason. but ultimately, i do believe
that this current quarter, september quarter is going to have a favorable impact of those weakness that we saw. one other thing i point out, there was only one attraction debuted in "star wars," when that opened instead of two. the second attraction will come in the next few months that could also explain why enthusiasm was somewhat tempered for that period. melissa: you mean there is only one ride? >> that's right. the plan is to have two attractions within the "star wars" land. melissa: we may have stomach build on the reason here. everything at disney is always, a a ripoff, b, totally crowded. i say someone who is forced to do disney raul the time. i look around, how can all these people afford this i'm crying at how much i'm spending. i'm standing in line forever. this idea there is only one
ride. >> melissa, i'm just not buying this that the pricing was too high or people are concerned aabout the crowds. this is what disney does all day long, year after year. they know exactly what they're doing with pricing and crowd anticipation. that doesn't explain it, i can only fall back on the economy. melissa: tuna, do you think they will add, do you think when the second ride opens up it will get bigger? they will learn their lesson, everything disneyland in l.a. is smaller, it needs to be a bigger park with more rides? in order for you to get yourself, family together, to have the stamina face up a park like this, there has to be bigger payout than one ride, tuna? >> right, exactly. people typically have, they want more bang for their buck, right any think the really the must test is going to be when the "star wars" galaxy edge opens in disney world in florida. melissa: okay. >> this august. i think the company has hired proprietary survey that indicates that there is very
high enthusiasm. of course in disneyland, california, we'll have the first full quarter since the debut of that ride. granted the second attraction is going to come in a few months. we may not see the full i am being pack of that -- impact of that. i wouldn't be surprised if the attendance declines again, we saw in the june quarter. >> guys, appreciate it. connell: bringing to manufacturing jobs back to the united states. toyota, looking to hire more workers as it expands in america's heartland. grady trimble has the story live in one of the plants in princeton, indiana. grady? reporter: connell, how is it going? just like the markets closed the plant takes a little bit of a break until 7:00 tonight. this was the very last van that was worked on in this section of the plant. you can see this is where they attached seatbelts. this one was the very last one to get that today. i want to show you video we took when this place was in action earlier as well. you can see how hard they are at
work, cranking out a car every 56 seconds in the plant. the president urged automakers to start making more cars in the united states. toyota said, hey, that is with we're doing. we invested $13 billion to create jobs in this area over five years. there are new jobs open. we talked to a former, a current employee, rather, who tells us it is a great place to work. he made the pitch why people should work for a japanese automaker in the u.s. >> we're making american cars. we're making them here in america. we're making them for the world. >> it is about building good, quality vehicles. as long as we're producing them here in america, we're serving our purpose. reporter: all right. so it is going to be a tough task because as you know unemployment is at a record low right now. 3.7% nationally. here in indiana, it is even lower. so the economy is booming here. things are good but they're trying to get people from all over the country to move here,
to start making these japanese cars u.s.-built. they have several other plants in the united states they're looking to hire for. on top of that, there are other automakers from japan who have plans in indiana. so they have got some tough competition. sounds like they're up for the task. connell? connell: good story, grady. he brings up good point defining what automaker is versus domestic one. melissa: great point. skyrocketing health care costs in america are prompting patients to travel abroad with their doctors. we'll tell you about a new trend that is taking over. the possible risks many are taking to save money. that's next. ♪ looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions.
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a move local police are comparing to the kool-aid man. i'm sure you know who that is. the pitcher shaped mascot that bursts through walls in kool-aid commercials. police adding the bear was probably attracted by the scent of trash. no injuries were reported. connell: that's the good news. didn't drink the kool-aid. american hospital care has become so expensive some employers are paying patients, sometimes up to $5,000 to receive care in other countries, and here's the new twist, they are sending an american doctor with them to perform the surgery. this all from a report in the new york times. one particular company ashley furniture industries revealing the practice has saved them 3.2 million dollars in healthcare costs, since 2016. dr. kevin campbell joins us. he's a cardiologist. as i said, it is not new, right, dr. campbell for someone to engage in so called medical tourism to go somewhere else to have a surgery out of the
country, but bringing your own doctor i guess is something of a new twist. what do you think of it? you recommend that, or what? >> you know, medical tourism is something that, you know, really was born of the broken healthcare system in the united states today. a lot of patients are going overseas to get things done at a much lower cost. this is a new twist, bringing your own doctor. i think still while you have the quality surgeon that you want, that you have chosen from america, you still have to worry about the conditions in the operating room, what are the sterility conditions like? what is the post op care going to be like? i think patients are taking on significant risks when they go to these other countries. connell: makes sense. some risks still remain. obvious advantage, and that is on the screen now, is cost comparing to what happens in the u.s. and what happens in a particular hospital in mexico. cost of medical device used in a knee replacement surgery happens to be on the screen now, 8 grand here. 3500 there. some of the other costs were just as drastic.
that's issue; right? and we've been saying this for years, something needs to be done about that. what's the biggest single factor that plays into the disparitys? >> you know, i think it's the fact that our hospital systems are overloaded with administrators. these administrators are very expensive. there's data out there that shows the rise of hospital administrators is about 3200%, whereas the number of doctors produced every year remains pretty constant. so this is undue cost. and yes, manufacturers charge us far more for devices here in the u.s. than they do elsewhere, and part of that is because when they sell that device to a hospital, the hospital marks it up three to four times, like a bottle of wine at a nice restaurant when they sell to it the patient. connell: right. if someone is going to deal with that and many of these people have by again engaging in so-called medical tourism and going to another country to have a procedure done, i would think just by -- this is not based on data, but just based on what i think is common sense, it would depend on what the procedure is,
right? you're a cardiologist, someone having a heart procedure is far different than a knee surgery, you know? >> i think the acuity and the difficulty of the procedure should play a role. they are saying you choose your surgeon from the u.s. and bring that person over, but there are a whole lot of factors in the operating room, who assists you, you know, how clean the operating room, how good the equipment and reliable the tools are. so many factors that are difficult to control. the bottom line is, we need to do a better job of making healthcare more affordable in the united states. connell: right, but your larger point is a good point. if you were performing a surgery, you know, god forbid something went wrong, it may want be something you are doing but the conditions, something is uncontrollable, which people should think about. >> absolutely. you know, you cannot control for these conditions in any environment. we are so highly trained in the united states. i know my team, and i know my nurses, and i know my technic n technicia technicians. over there you have no idea what you are walking into. connell: interesting story nonetheless. dr. campbell, thank you very
much. we appreciate it. melissa: seems so crazy. i can't imagine. connell: yeah, i think i will stick to what we have. thanks for joining us. see what happens tomorrow. almost 400 today. melissa: that does it for us. i will see you at 6:00 p.m. bulls & bears starts now. david: massive antigovernment protests in hong kong shutting down the 8th busiest airport in the world, leaving thousands of passengers stranded. while china says violent clashes with protesters are approaching terrorism and they are warning the u.s. to stay out of it. stocks dropping on wall street as investors fear a u.s. china trade deal will be even further away right now. and take a look at all three of the major averages, ending down more than a percent, with the dow down 391 points. we will have more on this story coming up. but first, a new immigration crackdown in the united states as i.c.e. raids continue. the trump administration signalling they are not backing down on