tv The Journal Editorial Report FOX Business August 25, 2019 8:00am-9:00am EDT
will it be enough? is it too little, too late? we don't know yet but when you lost trust, it's hard to rebuild. that's it. ♪ ♪ >> we are having a little spat with china and china has been hurting our country for 30 years with the money they've been taking out. other presidents should have done something about it, i'm doing it, we will not lose close a trillion dollars a year to chainra. china understands. paul: welcome to journal editorial report, i'm paul gigot, as he prepares to leave to g7 meeting on friday president trump announced tariffs hours after beijing would slap own tariffs on $75 billion worth of u.s. goods, the latest tit for tat in escalating trade war sending
stocks plunging with dow closing down more than 600 points friday following a barrage of tweets from the president threatening to retaliate against beijing attacking federal reserve jarome powell and ordering u.s. companies to find alternatives to doing business in china. let's bring in wall street journal assistant editorial page editor james freeman allysia finley and columnist bill mcgurn, james, your friend has a phrase he calls the edge of chaos with trade negotiation including china and the u.s. where each side seeks to decide who can absorb the most pain. are we there? [laughter] >> we should there, also said it's like a drinking, you may win but you will get hurt too along with the other guy and that's where we are, you see that in the market reaction. these are taxes, the president interestingly acknowledging they are taxes in one of his recent tweets and big reason why we
have seen reduced corporate investment in the u.s. and around the world. paul: bill, how big a problem do you think it is? could we spin off into a recession? manufacturing is in contraction mode for the first time in a debate. >> right well, in the short time we are already escalating, we've escalated further than we've thought before. this is game of chicken, we think we can get off the tracks before china does but it's a very dangerous route to go, also the idea that you can just tell businesses to relocate, it's not that they buy from a factory, they built a network with supplies and so forth, you can't just move it somewhere else, these are relationships, they are contracts and so pricing. i also think xi jinping doesn't face an election. he's relieved of certain pressure that donald trump has. paul: i want to ask you allysia a president uses i hereby order american companies to find, to
relocate from china, i mean, that isn't something american presidents can do and since when do they -- it's not what bernie sanders would do let's be honest? >> right, i think joe biden has actually proposed imposing tariffs on businesses and just like donald trump that try to import goods from china to the u.s., the issue is no, you cannot order them to. there's no way to force businesses, some of them tried to relocate already to vietnam, malaysia, méxico, proving a lot more difficult than they imagined because as bill pointed out the supply chain, the local partnerships, highly or highly-skilled workforce in china makes difficult to replicate in any other country. >> in the president's defense, he was ordering them to look into this possibility and i think -- [laughter] >> fair argument that very few
multinational companies had not been looking this since he started this spat. paul: well, i think the president has a point when he says somebody needs to take on china against the predatory practices, stealing of ip, cyber theft, so much, the thing is i wonder if he has underestimated the economic harm from these big trade shocks and the fact that what bill suggested and allysia suggested you can't do this overnight and so you have a big, big damaging impact on economics on the economy that you didn't anticipate. >> that's a big question and you can say it does the chinese economy more than it hurts us, the power of trump tax cuts and deregulation have been larger than the drag of his trade fights, but we really don't know how long xi jinping has. he doesn't have to face an election but he also has to deal with a chinese population that likes rising living standards.
we will find out. >> one thing with china, the president also said, first of all, he said before that we are winning from tariffs, no costs, he seemed to have walked that back by suspending some of the tariffs he was going to put in but he also said we can do without china, this is one fifth of the world's population, we can't do without china. i mean, the idea that -- first of all, have a lot of dealings with its neighbors anyway. look, my view is that for businesses, china definitely has bad behavior, but i think the businesses assume that risk. i mean, i wouldn't invest money there but if you do, that's your -- the businesses decided it's worth the risk to be there. paul: allysia, the attack on jarome powell, compared who is the bigger enemy jarome powell, or xi jinping? >> counterproductive attack, he actually revealed that the
president is worried about the economy and i think china sees this as it's gaining leverage, the president is actually on defense, he's worried and i don't actually thinks 00 basis point cut in interest rates as the president calling will do anything, the bigger problem is trade uncertainty, it's not lack of credit. paul: that's the key issue, monetary policy that counter act policy act? >> jarome powell -- >> acknowledging remarks, this is not the answer to trade policy, i think he knows the limits, he seems to be setting table to cut more on the basis of trade uncertainty, i think that's not his job, he should focus on stabled prices and when you look at this low stable inflation environment as he's acknowledged, i don't see the chance for a cut. paul: would help if some of the other countries decide to have progrowth policies, thank you all, when we come back joe biden makes his case in new campaign
paul: former vice president and democratic presidential hopeful joe biden launching his first tv ad in the 2020 campaign this week targeting voters in iowa with a simple message, he's the one to beat president trump. >> when know in our bones this election is different, the stakes are higher, the threat more serious, we have to beat donald trump and all the polls agree joe biden is the
>> and what we have seen from the crowds this week and last, paul, in iowa he's had 100, 200 people, there's nowhere near the enthusiasm that say bernie sanders and elizabeth warren have in the first two primary states. paul: well, do you think bide season the most electable, first of all, as democratic analyst? >> i'd answer it this way, if we could nominate biden with kamala harris and dispense with the primary, yes. [laughter] >> that's not the real world and to go through brutal primaries with the kind of gaffes we've been hearing him make about forgetting when he met the parkland kids, forgetting the locations of the tragic mass murders, i'm not sure joe biden has what it takes to last the distance and so i'm not sure,
ultimately he's more electable but the polls now certainly suggest that that's the case. paul: all right, now, so let's turn to elizabeth warren, she's been rising slowly but fairly steadily in the polls, what's behind her rise? >> we is a candidate who has a program for everything. she is speaking fervently against basic capitalist principles even though she calls herself a capitalist and given the energy she's building on the left, she is generating a great deal of enthusiasm with small donors, no big dollar money, shs reality built the most effective grassroots movement in iowa and we are seeing enthusiasm being reflected in both state and indeed national polls. paul: is her big weakness on the
flip side of biden where her weakness is the fact that a lot of democrats wonder if she could actually beat donald trump because of left-wing agenda? >> yeah, i think -- and i think it's a fair concern in polls where over 40% say joe biden now is the most electable, the number for her is, i think, somewhere in mid to high-single digits, so i think with her -- the fervent ideological message is helpful in the primaries but i have trouble seeing when it comes down to the election in the 5 or 6 key swing states whether swing voters will respond to her message absent a severe economic downturn. paul: here is the other issue that i see in political tactual terms, she and bernie sanders are now splitting the left-wing progressive vote, bernie has his fervent partisans even if he's not doing as well in the polls
as -- as he did 4 years ago but the problem is eventually somebody has got to consolidate the voting block if they are going to beat biden and so when are warren and bernie going to go after one another? >> well, that's a very good question, the polling now shows warren has the slight advantage over bernie in iowa and some of the polling in new hampshire shows sanders ahead, not only of warren but of biden too, so they're going to have to go at it whether it's the first two primary states, i don't really know or think so, but ultimately you're right, they cannot evenly divide the 35 to 37% that is progressive and hope for either one to win the nomination. paul: are there any other -- any of the other candidates that you're looking at and saying, you know, this person has a potential for breakthrough, andrew yang perhaps, the
businessman, anybody in particular? >> you know, there are a bunch of attractive people kamala harris had her moment, mayor pete has probably raised the most in the second quarter, andrew yang appeals to those interested in technology and guarantied annual income, so i think we have a number of attractive candidates, but if you ask the ultimate question, paul, do i think at this point anyone other than joe biden could beat donald trump, my answer would be no. paul: wow, interesting, all right, we will see how it plays out and have you many more times, doug. still ahead much more on the 2020 presidential race including growing talks of a primary challenge to president trump and pushback from some of joe biden's democratic rivals on the electability argument. >> in every election since before carter we have never had someone leading in the polls that went onto be the president
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♪ ♪ >> the next leader of our party can't be someone that is a safe bet, let's just find the person that can get this done so we can beat donald trump, i'm running in this election because i know we could do more than that. paul: that was new jersey senator and presidential hopeful cory booker this week taking swipe at rival joe biden insisting that the 2020 democratic nominee must be more than a safe bet, we are back with bill mcgurn, allysia finley, wall street journal editorial board member kyle peterson, bill, you know what do you make of cory booker's critique there? >> i'm not sure cory booker is safe bet down in 1% range where
he is. if i were a biden supporter, it's feeling -- i'm a notre dame fan, you're going in fourth quarter, 6-point lead and you know you are going to lose. paul: why? >> joe biden isn't improving the numbers, sometimes improving the lead because bernie sanders used to be a closer second and has dropped out and basically those numbers are split by elizabeth warren, bernie sanders and to some degree kamala harris, i agree with doug sean, i wonder. it's amazing to me that joe biden is the moderate, for years probably you would see the liberal joe biden in the senate, that's how we described him, he's next to running against the guy that wants to jail oil executives and so forth that he looks moderate. paul: can we get a defense of joe biden, please? >> sure, anything can happen obviously but i will note that we have been hearing the same
story for months that joe biden can't last, that when his stumbling performance in the first debate will take him down and yet there he is, chugging on, steady joe, third of the vote, do i think that the electability argument can be overplayed and i think -- but i think it resinates with people if they make it concrete and positive way so his wife jill biden was essentially saying this week, democrats you may like him candidate but you have to swallow doubt and vote for joe because he can win, that doesn't good in bumper sticker. paul: on the other hand, as biden's ad said, this may be for democrats an unusual election, in a sense that they so hate donald trump, they so thing -- think he's over the top and beyond the pail and he's -- maybe the like thattability argument this time has more salience. >> top priority is beating donald trump but the question is
the other candidates have run so far to the left and i think many -- even democrats -- moderate democrats and progressive democrats realized once elizabeth warren's plan starts to be discussed in greater detail, bernie sanders 16.3 trillion plan for green new deal gets attacked, they can be more vulnerable than joe biden as he tries to position himself as more of a centrist. paul: elizabeth warren, i know that you're a big fan of her program, bill. [laughter] paul: but i think you have to respect and be impressed by her -- her own progress in this race. >> yeah, i probably don't agree with elizabeth warren in anything but i'm impressed on her campaign, she has put a good team in iowa, if you look at real clear politics average in the polls, the granted the polls are early, she's the only one of all the candidates that has been on a slow upswing for the most part of the campaign.
i think she worked hard, i think she does excite a lot of the base, i mean, people they want to beat donald trump but they also want someone to be excited about to go into that and i think she has some of that with -- a lot can happen with some of the lesser known candidates, whether they have a good debate night or so forth. biden's problem is people know him, wow, cory booker looked good, or castro looked good, are people going to say that about joe biden? >> competing theories in the race, do you counter right-wing populism and left-wing populism, that's what warren and bernie, castro increasingly is doing or do you do what biden is trying to do, look, trump is aberration and we will return to status quo, normalcy which is the better argument, that's a fundamental difference in
strategy in this case. >> yeah, one of the things that makes it more difficult call is there are many people trying to do the first and only joe biden and trying to do the second, the issue here is elizabeth warren is rising in the polls but bernie sanders has a very hard core support, a lot of people who love his policies who love that he stands up and calls himself a socialist, i don't think he's going pack in any time soon and if he doesn't elizabeth warren never gets the head to head that she really needs. paul: allysia, will donald trump have challenge, former governor of massachusetts saying it is already in, are those serious? >> i don't think they're be formable. mitt romney would have had the better chance, i don't think he wants to divide the republican
electorate and be blamed for if donald trump would end up losing election. well, you know, i think they'll probably expose and maybe again bring out some of the divisiveness within the party especially on donald trump's temperament and they try to play that and remind suburban women voters just -- everything that he has said that has offended over the years. paul: there's a lot. still ahead president trump calls on other countries to take up the fight against isis after pentagon report warn that is the terror group is making a comeback in iraq and syria. >> they've been decimated by the way, badly decimated but all of the countries are going to have to fight ♪ limu emu & doug and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ]
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the president's remarks come a day after his secretary of state acknowledged that the islamic state is regaining strength in certain areas. >> there are certainly places where isis is more powerful today than they were three or four years ago, but the caliphate is gone, and their capacity to conduct external attacks has been made much more difficult. paul: seth jones is director of the transnational threats project at the center for strategic and international studies. seth, good to see you again, thanks for coming in. >> it's great to be on. paul: seth, so what do you make of this pentagon inspector general report, and it -- you wrote for us many months ago, in fact, predicting this. how much strength is isis regaining? >> well, paul, i'm just coming back from the syrian/jordanian border, and after talking to syrian and u.s. officials in the region within the last few weeks that they're expressing very serious concern that isis has
regenerated both east and west of the euphrates river valley, and al-qaeda remains in pretty serious numbers in syria at the moment. so these groups are not dead. they don't control much territory at this point, but they still have reasonable numbers of fighters, 14-18,000 according to the most recent pentagon inspector general report. the u.n. numbers are a little higher at 30,000 isis fighters, but those still are pretty significant. paul: what do you make of secretary pompeo's argument that because the caliphate is gone -- that is the territory that they control -- that, therefore, their ability to project terror is much diminished? is that accurate? >> well, i think the problem is terrorism is not linear. i mean, at this point we see limited efforts by the islamic state to confront -- conduct attacks, external operations -- paul: right. >> -- in europe and the u.s. but, actually, there has been some concern in an area of syria that al-qaeda's affiliate does have some external operations
capabilities. and regardless, we see these groups over time rebuild their external operations capabilities, so i'd be more concerned about a year from now or two years from now than this week. paul: so we haven't had a strike or an attack in the homeland for quite some time. you're saying that that doesn't mean the threat has diminished. >> i think there still a threat. we have seen attacks in europe, and i think if you talk to the head of counterterrorism at the fbi, they have arrested a number of people this year for plotting attacks inspired by isis in the united states. so i think there still is a threat. probably somewhat diminished from a few years ago but, certainly are, could rise at some point. paul: all right. so so what do we do about it, i guess, is the next question. the president wants to pull all the troops occupant of syria. he's kept some there. he wants to get out of afghanistan. are we going to have to just stay there in some force with
special forces and intelligence gathering and the ability to strike with air power for many, many years? >> well, i think the president's certainly right to ask for assistance from countries in the region, the afghans, iraqis, the turks and others. but i think of this counterterrorism like trying to eliminate ants from your house. they're never going to go away, but you've got to keep on them year after year. and in this sense i think from a u.s. standpoint, this is really small numbers of special operations forces -- paul: right. >> -- and intelligence folks to keep an eye, and when they need to be hit, they can be hit by us. if they can be hit by allies, that's great too. but if the threat really is to us, we need to make sure we've got the capability to do that. paul: can we do that from, say, outside of afghanistan, or do we have to have the actual troops inside afghanistan with the sort of closer to the threat
intelligence capability? or can we do it offshore? >> i mean, my own experience in doing this when i was in u.s. special operations, it's a lot easier to do it when you have assets in place in that country. is so if we were to keep a small number of forces, for example, at bagram air base, able to fly intelligence, surveillance, reconnaissance aircraft, that would be much easier. and then to strike those targets with limited assets in the country and try to bring them in and get permission to bring them in from the outside. paul: there's been a big debate over what to do with the imprisoned isis fighters who have been caught, captured by our kurdish allies. the kurds don't want to keep them in syria. they want them to go home, but the europeans haven't been willing to take them and try them and contain them there. is that -- are those likely to be released in syria if the europeans don't take them? >> i think they certainly are. there are 70,000 or so
internally displaced persons at the camp in syria. numbers of isis fighters there probably around 10,000 or so. i have talked to senior european leaders who don't even want them in their prisons even if they have enough information to convict them. i think unless the u.s. can get other third party countries to take them in, i do fear that some of them are going to be released either in syria or potentially in iraq. paul: okay. well, i want to ask specifically about iraq. because that's where the caliphate, you know, created so much mayhem in mosul and so on. have they been contained there, or are they in danger of rebuilding there too? >> well, i think in sunni-arab areas of iraq right now there are some concerns about potential reconstitution of isis. for at least two reasons. one is the iraqi government used a large number of shia militia -- paul: right. >> -- to overrun areas like
mosul, and that clearly has created a lot of unhappiness within the sunni community. the second is the pace of reconstruction in cities like fallujah and ramadi have been pretty slow and dispiriting for many sunnis in those communities. and when you have grievances, either sectarian or governance-related, it does create opportunities whether it's isis directly or some sort of future organization, opportunities for resurgence. paul: all right. seth jones, thanks so much for being here, very informative. still ahead, the ceos of america's biggest companies distancing themselves from shareholders in favor of stakeholders. so what's behind the change, and why is it coming now? why is it coming now? ♪ hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens.
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issuing a statement on the purpose of a corporation that no longer puts the interests of shareholders front and center, but instead stresses, quote, a fundamental commitment to all of our stakeholders. that list includes customers, employees, suppliers and communities. we're back with bill mcgurn, allysia finley and james freeman. james, what do you make of this move? >> it's not good news for shareholders, not good news for workers, not good news for our economy. obviously, any business that wants to thrive and bring profits for its owners long term has to take care of employees and have a motivated work force. you have got to obey the law are, you've got to take care of customers, make a great product. but it's that commitments part where you're -- communities part where you're now saying communities vaguely defined, and they're -- within this group of ceos they define that word differently. by the way, this didn't go to the lawyers of any of these companies. paul: i know. they wanted to keep the lawyers
out. >> so they are not clear on what exactly has been promised here. but the big concern is for a lot of these companies, communities include nonprofit environmental groups that speak for no one. they haven't been elected by anyone, they don't represent workers, they don't represent investors. and i think that's the dangers when you start running companies to please someone who has no stake in the business. paul: allysia, pretty harsh, tough by freeman. do you agree with him in. >> yes, actually. [laughter] >> i do think the language is very boilerplate, but i think the liberals will be emboldened by it. paul: that's interesting. the liberals are criticizing it by saying, you know, there's nothing specific here. you don't have any policy -- >> well, that's exactly it. they're going to push them to go even or try to attack the businesses and say, well, you're not doing enough to help these
corporate constituencies. i think another one of ironies is, you know, jamie dimon has been posting to ease the quote-unquote reinvestment act which is the definition of forcing banks to serve stakeholders. paul: now, to defend jamie dimon if, he did call me after the editorials and said, well, they were a little harsh. but he said, you know, i take your point about shareholders. we all have to continue to serve shareholders. but look, he said, this isn't about selling out free markets. this is not us committing to the battle over the future of american, the american economy and american free enterprise and just telling -- not letting people distort who we help, pointing out that we do help employees and shareholders -- >> well, then it's meaningless are, right in the fearful part of this is the community part because companies that do a good job, sustain business have to please their customers first of all and then have to please the employees to keep their talent. so the question is, as i think
james put it, who's going to decide the community good? is it going to be the sierra club, you know? i don't see the community good being determined by saying let's give money to a vouchers program, i don't see these ceos tying their compensation to community members, community ratings of the groups that they want. also the fundamental problem with it, i think, is on the morality after -- of markets. instead of serving the shareholders like a retiree who's counting on a good return. this implies what business does as business is not moral itself, like serving customers with a need, keeping your employees employed and so forth and providing a good product. that you have to sort of buy forgiveness and indulgence, you know, from the community or other stakeholders. and who, the big question is who picks the stakeholders who get to have a say how other people's money is spent? paul: and just take general electric for an example. a lot of retirees relied on its
dividend for a big chunk of their retirement for decades. then suddenly, when it went down, is it more moral because they failed, because they were worried about the community and the environmental interests? >> right. and even for people that were in the business, i mean, if you think even the employee part, are you saying you keep paying people who don't produce and, ultimately, take that away from hair holders? that's not -- shareholders? that's not the way to a prosperous economy. free enterprise has pulled millions of people around the world out of poverty. they need to affirm that, but i think the political issue here is they're on defense because of this constant gripe that inequality is a huge problem, and it's worse than it's ever been. and so much of it is based on bogus stats. there was a famous book called capital a few years ago, largely debunked, but the myth persists. paul: thank you all. when we come back, the great student loan scam. a new report or shows the
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♪ ♪ paul: a new report from the federal reserve bank of new york revealing shockingly high clip went city rates -- clip went city rates as defaults on consumer debt have fallen. they've soared since 2012, now eclipsing credit cards, auto loans and mortgages. the report shows that not only are more americans defaulting on these government-backed loans, but that the congressional budget office vastly
underestimated the cost to taxpayers. nevertheless, democrats like 2020 presidential candidate elizabeth warren have spent years demanding more and more subsidies and claiming that the u.s. government would save a fortune. here's the massachusetts senator in 2013. >> let's all be clear about what the current student loan interest rates produce for the united states government. the cbo, the agency in charge of estimating these costs for the government, maintains that this year the united states government will make $51 billion in profits from the student loans. paul: we're back with james freeman, allysia finley and kyle peterson. allysia, the senator saying student loans would be a profit center for the federal government. what went wrong? >> well, they were basing this on some kind of interest rate arbitrage. the government would borrow at a lower rate than it would lend to students. what went wrong is, basically,
the obama administration decided to implement these income-based repayment plans, about 10% of their income, and forgive them -- forgive the remaining balance as somewhere between 10 and 20 years, 10 if you worked in the public sector. the result is that many students aren't actually paying down their loans, they're just making very modest interest rate payments, so their balances are continuing to grow. paul: so in ten years, i'm outta here, man, dumping it on the taxpayers. >> that's exactly what's going to happen. elizabeth warren is saying we're going to cancel your student loans, that's going to happen anyway on the current rate. paul: on the current rate. so why isn't this a huge issue politically? i mean, basically we have, what, $1.4 trillion -- >> 1.5 trillion -- paul: it could be that $1.5 trillion, all of it, is written off by the -- put on the backs of taxpayers. >> right. well, i would say two answers to
that. one is that that's a rounding errors when you're talking about these candidates' plans. elizabeth warn wants to write off about $640 billion, bernie sanders wants a $16 trillion green new deal. these plans seem very unlikely e to pass -- paul: no, but even if those plans don't pass, as allysia points out, they are current law, the policy, the forgiveness plans, and those already have a built-in write-down of that kind of a magnitude eventually anyway. >> sure. well, i mean, students are sympathetic, and a lot of them in their defense were told to go to college and told it didn't matter, you could get whatever degree you want, and they are not having great employment prospects. they took out the loans, but with, i mean, that's part of the reason it's not -- paul: am i wrong about the magnitudes here, are they potentially that large? >> right now the cbo's projecting in the ten-year
window using fair market accounting it's going to be over $300 billion. that's just the ten-year window. a lot of the losses are going to be far worse after that. paul: james, anybody who has repaid off their loan must feel like a sap. >> yeah, it's infuriating. it's a lot of money, and i don't think we should give senator warren a pass at all, especially since she's now saying let's forgive almost all this debt anyway. at the time she was claiming this was going to be profitable, she cited those cbo stats. the cbo was also putting out warnings saying, by the way, this is bogus because the accounting doesn't take into account the full cost of defaults. they put out these ridiculous warnings where they say here's our official estimate. we've got this beltway fraudulent accounting, so we're going to call it a profit, but we want to let you know if this was actually real accounting, it would show a big loss. she had to know that. so she was going on the senate floor talking about some big
taxpayer profit, she had to know it was a fraud. we're now seeing that realized, and who's made money? it's the professors and add meres at -- administrators at all these colleges catching all of this money. coincidentally, that's warren and her husband. paul: so she should have known it because you were writing it at the time -- >> even if she didn't read our paper, all she had to do was read the cbo letters saying, look, this is not real accounting. we're not taking in the cost of defaults. paul: so, allysia, any lessons here for those poor idiot taxpayers out there who are going to pay the bill? [laughter] >> the parable what happens with the democrats when they, quote, expand the entitlement state -- paul: or republicans. >> that's true. they always say it's going to cost us a few billion dollars or it'll save money. that's usually what they say. and it'll eventually be a much bigger deal. paul when we come back, hits and misses of the week.
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♪ ♪ paul: time now for our hits and misses of the week. james? >> paul, i'm not a new york mets fan, but i have to give them credit. fifty years after their miracle season, they are pulling off kind of a modern miracle which is not tanking. when teams are having a rough first half, they trade away all their good players and then say come back next year. the mets decided after a rough first half to try to get better, now they're winning. don't know if they'll make the playoffs, but it's exciting baseball. paul: kyle? >> i'll give a hit to greenland. president trump talked about buying it -- [laughter] denmark, which controls the arctic island, said no thanks, there's some tension there.
meanwhile, everybody's talking about how awesome greenland is, massive crust san exports -- crust today san exports. paul: and he's already got two tickets booked. bill. >> a miss to chicago teachers' union that went to venezuela for inspiration. there they found a socialist paradise far superior to rahm emanuel. [laughter] the union says we didn't pay for the trip, but these people used the union name and so forth, and they were clearly acting on praising venezuela back in march. the chicago public schools are not quite yet at the desperate level of venezuela, but if this unijanuary has their way -- union has their way, they're going to take them there. paul: if you have your own hit or miss, tweet us at jer on fnc. thanks to my panel, thanks to all of you for watching.
i'm paul gigot. we hope to see you right here next week. ♪ ♪ >> amid the terror of hitler's bombs... >> the airpower of the nazis was turned against britain. >> ...an unmistakable voice rallies the brits. >> i have nothing to offer but blood, toil, tears, and sweat. >> you think churchill saw his lisp as beneficial? >> what hitlerism is suffering in libya is only a sample and a foretaste of what we have got to give him and his accomplices. >> it was such an inspiring speech that it just worked magic on people. >> his dental tech worked magic, too. >> churchill said to my father, "you're not going anywhere. you're staying here with me." >> how did he earn a place in history? >> when you opened the box, what did you see? >> well, i saw some teeth staring at me.>>