tv Making Money With Charles Payne FOX Business September 26, 2019 2:00pm-3:00pm EDT
jfk's? some doozies we're exploring 4:00 p.m. eastern time. you might want to cover your ears. i'm not even talking about charles payne's phone calls. do not want to go there. charles: i'm resigning before they come out. no sense of defending them. good afternoon, everyone, i'm charles payne. stocks struggling trying to gain traction for number of reasons including a report that the trump administration is unlikely to extend temporary waivers to supply huawei but the big news on wall street itself is peloton. joining a growing list of ipos this year. the stock opened lower. some people are wondering why are there not rainbows possible for these individuals stocks when it comes to unicorns? we sat down with the ceo of peloton. we'll find out. compelling testimony from the acting director of national intelligence on whistleblower complaint that the president trump asked ukraine to investigate joe biden and his son. we have the latest from capitol
hill how this could impact the market and how the impeachment inquiry could to from here. all that and so much more on "making money." stocks we're sliding a little bit off the session lows of after a report the trump administration will not renew waivers set to expire in november with respect to huwai products. however there is a source telling fox there is no decision on extending those temporary licenses right now for the chinese company. point view wealth management david dietze and monica mehta. let me start with you. these seem to be speed bumps. they're not derailing the market. it is off less than 100 points. here is what i'm seeing that is really intriguing. the report is out. america leveled sanctions against chinese oil tankers. on the other hand the chinese foreign minister we don't want to play "game of thrones." another report from out of china
high-ranking source they will buy more soybeans boeing into the meeting. they're prepared to buy 35 million tons next year if they get a deal. >> talks are ongoing. this is not indicative after large trade agreement falling apart. stocks are flee he can thissing this this is not indicative of something bigger. charles: david? >> not new tariffs imposed starting next month, we're seeing a tremendous slowdown in the chinese economy. we're seeing supply chains moved around and of course the 2020 elections are coming up. the trump administration would love a win in the books. the general background is positive. there is issues doing with trade. there is issues having to do with national security and that is where it gets a little tricky here. charles: here is the intriguing thing, monica, last couple months, the market seemed for some reason to rebound after the ustr said these, the next round of tariffs are official. i think it was august 28th.
the markets made a huge reversal. webroke out of that range. we're not falling apart. if you get near the milestones you don't break through, at some point you have to pull back a lot. >> absolutely. there is a level of fatigue. you can only follow this so long. people come to accept the fact that the ongoing discussions are status quo for now. you will likely see something bigger happen before the election. i wouldn't be surprised if it is timed in a way so it gives -- charles: do you think the trump, that wall street even though they won't at mid it, no one says hey i'm modeling for a trade deal before november, but most people on wall street think something good will happen? either a piecemeal deal, something great will happen that will remove some of the tariffs, something that would propel the stock market higher? >> there is all the reason in the word to expect that. that makes sense for all the economies and that ultimately keeps america great.
we're seeing forecast for earnings to be up 10% next year. that has to reflect some good news on the trade front. of course patience is part of the negotiations. charles: meantime, folks, a new ipo peloton, it is failing in the nasdaq debut. another one of unicorn companies. it is known for on demand workouts and high-priced bikes and treadmills. it was priced at 29 but it opened at 27. gerri willis sat down with the ceo of the company. this is what he had to say about what makes this company different among those others that went public this year. >> we have doubled the company every year since we've been in existence. the triple digit growth. the law of large numbers would say you can continue that in perpetuity. this is a hyper growth company and we plan to be one of the special growth stories of the next decade. charles: so he's right. here is the thing, revenues went
up 110%, losses went up 309%. you dell don't want to do the latter in perpetuity. they pushed the envelope. good for them. they raised all the money they can squeeze out of it but what does it mean for investors? >> stay away from the stock. 50% of the revenue for peloton zero financed equipment purchases. which means it is kind of a financing deal that they clock on the books the minute that the sale takes place but -- charles: unassumption people will pay off the fairly expensive -- >> not reflected on the accounts receivable. it is really not as it seems. in order for peloton to justify $10 billion of valuation something like 40% of people with gym men perships throughout the u.s. would have to own a peloton. they would have to own 83% of the fitness equipment market. the numbers, they are red flags. charles: you're champing at the bit. hold one second, david, monica. i want to get your thoughts on
the other big story of the morning. the acting director of national intelligence testifying in front of capitol hill about the whistleblower report that says president trump asked ukraine to investigate joe biden and his son on a phone call. the alleged complaint that trump. this led democrats to announce the impeachment inquiry against the president. hillary vaughn. reporter: president trump watched part of the hearing with dni joe maguire in front of the house intelligence committee today. he says he thinks house intel chair adam schiff is focusing on the wrong thing. the real topic of national security interest should be around former vice president joe biden and his son hunter. >> it is adam schiff and his crew making up stories but adam doesn't talk about joe biden and hits son walking away with millions of dollars from ukraine. then millions of dollars from
china. he doesn't talk about joe biden firing a prosecutor and if that prosecutor is not fired he is not going to give them money from the united states of america. reporter: acting director of national intelligence joseph maguire was receipt he hadly asked today why he decided not to rush the whistleblower complaint over to congress within a week time frame. maguire says this complaint is unprecedented compared to others he has seen or his office has seen because to his knowledge this is the first time a complain involved someone with executive privilege and also someone who was not a member of the national intelligence committee. which means maguire had to go to the white house counsel first to make sure there was not any executive privilege being asserted. at the end of the day the white house decided not to exert any executive privilege. also maguire was drilled with questions about his opinion of the whistleblower and whether or not these allegations are true or credible? maguire repeatedly reminded the committee his job is not to investigator prove the
whistleblower's claims to be true or false. >> there is an allegation of a coverup. i'm sure an investigation and before this committee might lend credence or disprove that right now all we have is an allegation, an allegation from secondhand information from a whistleblower. i have no knowledge whether or not that is true and accurate state. reporter: ranking member devin nunez says the complaint raises major concerns about leaks in the white house and how they might damage future relationships between the president and other forerin leaders. this phone call with ukraine is the third phone call to be leaked to the public following other phone calls leaked with leaders from mexico and australia. >> this is now the third time. i'm not aware of this ever happening before. >> just seems to me though it is unprecedented and i would also say i think the decision by the president yesterday to release the transcripts of his conversation with the president of the ukraine is probably unprecedented as well. reporter: nunez says this
hearing in a open committee is unprecedented and proves that house democrats are trying to use this whistleblower complaint as a political stunt because the senate right now is holding a closed-door hearing with dni joe maguire right now behind closed doors. charles? charles: thank you very much. ii want to come back to david dietze and monica monica mehta's story. i think most americans are tuning out. >> recommend miss end of the kavanaughization, he said/she said this is not like the prices have to go up or you know interest rates where it could be more affordable to buy a house. i'm not sure what the real impact is on the economy or the stock market. so i would be leery making any points. charles: monica, if wall street sensed this is first domino in potential constitutional crisis it would be off more than 13 point now.
>> i think wall street is exhausted. some huge thing that will take down rome every other week. to their point there is level of exhaustion. there needs to be more info to come out. charles: you wanted to chime in on peloton. >> for me, the accounting statements are so critical. that is it what we study. they have already put a yellow, if not a red flag in their prospectus saying they have lost control, essentially of their financial controls. they do not have a clean auditing thing. so that makes a lot of concerns for me. you know, i'm thinking, gee, i still remember nautilus trading $40 a share with the bowflex. that is $1.68. that is cautionary tale. charles: i bet you can get a used bowflex on the internet. any used pella tons yet? i would love to see what they are going on. in seriousness, this bothers me. i've been saying this for years. i feel bad about the american public. often people not regular averagr
after investors say i know this product. i take a shot on. i ride in ubers. i ride in lyfts. i use pinterest. they take the lone shot. meantime silicon valley is bidding these names up to the sky, to the moon. then they're telling public, hey you can join the party but there is no party. they're foisting their shares on them. that is what they're cashing out on. that is something not right. >> difference liking a pair of pants for $40 versus $4,000. this is about numbers and valuations. you have to look past the cult-like following like soulcycle. charles: right. >> this doesn't float. charles: telling me to wrap. all those ipos, any negative impact for the overall stock market? so many of them are down from the first dade of trading? >> certainly never positive when people lose money. in this case the smart money is invest tores today, not private equity who are seeing stocks trade below the last funding round.
charles: a lot of people not taking the bait. you're right, they learned. bet most learned the hard way. you two are the best. thank you very much. tesla back in the news this after an electric police car nearly runs out of juice in the middle of a pursuit. this makes me wonder why auto companies pour billions into electric vehicles when there is no demand and they sometimes die at the worst times. news in the u.s. that may be hitting huawei. china at the same time may buy more farm products. florida senator rick scott joins us live to sift through all the noise. ♪♪ ♪♪
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electric cars this quarter. this is shaking off some bad press. pretty embarrassing. a police officer's patrol model s nearly runs out of gas. he actually had to bail out of a hot pursuit. that is the latest incident, microcosm of problems facing the electric vehicle industry. the question, can they succeed without government assistance and forcing of these vehicles on the public? joining me to break down the problems lying under the hood, money map press chief investment strategist keith fitz-gerald. tesla got an upgrade this morning. never heard of the firm. china renaissance says it was huge buy. a leaked report moments ago sending the stock through the roof. we keep seeing these kind of stories as well. >> well, i tell you what, charles, this is fantasy island. the electric vehicle market is particularly problematic because of the subsidies. it is hard to discern who is actually profitable and importantly why. this is being foisted upon the
american public but yet there is no real incentive to move to it. charles: so here, this is what i don't get though. general motors says hey, we want to invest, 6, 7, billion dollars into this. almost every other day we see a major auto company talking about how many billions they will pour into this. if you look at data here in the united states more recently we're buying fewer electric cars than we did a year ago. what are they expecting? do they anticipate governments no matter what political party in office will continue to sub sy dies this? >> i tell you, charles, got to believe that is the case. you wouldn't make a decision like that otherwise. if the companies are truly profit oriented they have to go. i think that is strange they would bank on that over higher margin or higher deliverables. that said, the demand for evs is inevitable. we'll probably live to see our grandchildren driving all
electric vehicles. the gasoline stuff i love will probably be relegated to a museum when i hand over the keys. to me it's a choice in the interim. charles: i will find me a big plot of land in idaho. pick up a lot of cars. i will have a combustion engine car park for old folks to drive a car or for young people to come who have never seen what a gasoline car can do. between now and then i wonder how we make the transition. we were greeted at the beginning of the week with the hottest electric vehicle company in china having such a bad earnings report, keith, they canceled the conference call. the stock is down 75% in the last year. they have lost five billion dollars in five years. it is on the screen. many point china is beating us in the ev v industry. i'm saying if that is winning i don't want to think we want to. >> we don't want to define what losing look likes. to me the government is going about this the wrong way.
if energy conservation is rightfully a priority we need to change the incent tiff. doesn't need to to to manufacturers, charles. doesn't need to be in the form of tax rebates. but direct rewards. the government doesn't have the guts. we don't have the political will power and the price point are too high. people buying teles and electric vehicles are not economically sensitive. if the cars truly are to be sensitive need to be in the 20, 30,000-dollar range, not 70,000-dollar electric paper weights. charles: i have to go. would you be a buyer of tesla? the stock is off the lows. one more short squeeze could get it back to 300 bucks? >> i wouldn't touch it. i don't think it is investable at this point. too many tray headlines and odd things boeing on with the stock. i would prefer much deeper into the technology of batteries and a.i. that will drive the cars. charles: i will see you for early discounted pass to my car
park. you can be the first customer, my man. >> done. charles: thanks a lot. >> done. >> new york fed upping the ante for cash starved repo market. overnight loans extending into the next month. $100 billion a day. they came into the week at $75 billion a day. i wonder if this is a cause for concern? we'll get into it. the stock market is trying to come back, the "cp effect." we'll be right back.
michelle gerard joins me now. i get nervous, do they get paid for that? >> they're not necessarily saying the same thing. so the market could react one way to one speaker and get whipsawed to the other. i understand your nervousness when you see a whole slate of fed officials on tap to speak. charles: absolutely. feels like everyone is kind of zeroing in on bullard and clarida because clarida has been more dovish of late. your note by the way is fantastic, you talk about the fed sticking to a late 1998 insurance policy thing but wall street want them to be more aggressive. >> right, exactly. so the fed keeps characterizing its actions as insurance and even though we've seen them cut-rate twice, they last cut them obviously last week, they signaled they're not sure the economy is going to need more stimulus because there are a number on the committee looking at an economy that is near full
employment. they look at consumer. that is really healthy. and they say that the one area that of concern obviously is trade policy. that uncertainty around the trade outlook is causing businesses to be cautious but the fed says hey, that's not necessarily something we can fix by lowering interest rates. so let's not be so quick to use up all of our ammunition and trying to address a problem we can't solve. so you got people who are happy to take an action to provide some insurance for a slowdown but don't want to get more aggressive. yet you look at that inverted yield curve, the market is saying hey, we see a lot of things to be worried about. the fed should be doing more, doing it quickly. charles: at the start of the week bill dudley suggested, former new york fed chief suggested those who are, those dots that are looking for rate cuts are voting members and he feels confident we'll see more rate cuts. >> i think that is where we're headed. i want to be optimistic about the economic outlook but i am
concerned about the pullback that we're seeing on the business side. you know, we've seen weak business investment. and in the last couple of months we've seen a slowing in the pace of hiring. and you know earlier this week we saw consumer confidence take a bit of a hit in part because there was less optimism about the employment situation. so i am worried that if the business sector stays relatively cautious, we see less hiring, that some of the consumer strength we're enjoying now might dissipate. i think ultimately the data will weaken enough, while the fed may now think they don't need to will ultimately decide more action is necessary. charles: let's hope they stay ahead of the curve. we have only a minute left. couple things i need to ask you. you talk about concern, i am concerned about what happened in the repo market, the financial system ran out of cash. hard money. it costs 10% to borrow cash. >> exactly. charles: the fed said we'll pump
in 75 billion a day. now $100 billion a day. am i only one worried about this, michelle? >> here is the thing, we have a minute left to talk about this complex detail or development. let me say one thing what is happening in the market is short-term technical issues that are kind of specific to the market. they are not, i can't stress this enough, they are not a sign that institutions are not wanting to lend to each other. this is not a 2018 scenario. charles: okay. >> there are definitely some issues about, that are fueling these higher overnight short term borrowing rates. this is not a systemic problem like we've seen in times of stress. charles: you're one of my favorites. i will take your word for it. i was going to talk about fiscal stimulus. but that's okay. >> next time. charles: next time. thanks very much, michelle. >> thanks, charles. charles: mcdonald's teaming up with beyond meat to give you the one and only plt. that's right, plant, lettuce, tomato. they will test the meat in 28
toronto restaurants. will they like it or love it. this is sending beyond meat higher. not hurting mcdonald's either. congress has a budget they need to pass. the question will they keep kicking the can down the road. also what will happen with china? florida senator rick scott joins me live to discuss coming right up. ♪ [upbeat action music] ♪
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♪ charles: we have got mixed news on the china trade front as reports say the united states is unlikely to extend temporary parts of the waiver to huawei. china making serious trade overtures today. the commerce ministry said they made deals to buy more u.s. soybeans and pork. the two sides remain close with communications ahead of face-to-face talks with washington in two weeks. florida senator, budget committee member rick scott joins me to sift through all the news. senator, i find it intriguing the last 24 hours we've seen the trump administration still tough on china with respect to violating sanctions on iran. saying maybe there won't be extension of waivers, but china making nice. they're saying nice things. they are making promises.
they don't carry as much as they used to. but i feel like they want a deal more than ever before? >> charles, before the break you talked about the federal reserve, i completely agree with you. i don't think why the federal reserve thinks putting all this money into the system is a non-event. i, no one ever explained to me why they have to have the balance sheet they have to have. with regard to china, just because they say they're going to do something you know you can't believe it. weren't they supposed to buy soybeans back in january and they didn't do it? nothing they ever say ever comes to fruition. they don't comply with the wto. they steal our technology. now they're taking away rights in hong kong. this is a regime that never complies with anything. charles: so you like the fact that the administration, while president trump obviously is trying to get a deal done is staying tough? he is not letting up. he pressed them pretty hard at the united nations you want them to remain tough like that? >> only thing that the trump
administration can do. bob robert lighthizer is doing the best he can to get trade deal done. i don't believe they can do it. they won't comply with it. you can't think of anything they comply with. so i don't think they will get a deal done. i'm very appreciative of the president is fighting to for trade, but remember this is way more than trade. this is a country that is trying to build a military bigger than ours, producing fentanyl and selling it all over our country killing american citizens. they have been for decades stealing american jobs. they are trying to take away hong kong freedoms. they said to president obama they would not militarize the south china sea. they did. they didn't comply. we'll not get a deal with them. charles: the senate passed another stopgap bill to keep the government funded. it goes to president trump to sign. you vetoed it. passed overwhelmingly 82-15.
why were you one of the 15? >> we keep borrowing money. i have grandkids. think about what we're doing. my grandkids will be expected to pay the debt or at least interest on all this debt we're running up. we're running trillion dollar deficits. there is a day of reckoning. we have to figure out how to live within our means. we are collecting a little over $3 trillion a year in taxes and revenues and we're spending 4. you can't do that in any business. you can't do it as a family member. we have to figure out how to spend money better. i did i in florida. i walked in with a 4 billion-dollar deficit. i left with a 3 billion-dollar surplus. we paid off debt. we can do it here. charles: impeachment news, or saga, not having major impact on stock market but your colleague senator mitt romney made a comment why he was virtually the lone republican taking this more seriously. he talked about the very nature of people and circumstances maintain power and doing things to preserve their power.
looked like he was taking a shot at his fellow republicans for not being tougher on president trump? >> senator romney has gone down the same path as the democrats like nancy pelosi. you know, they don't, he thinks the worst of the president instead of the best before he ever gets all the facts. we have to go through the process to get the facts. senate romney doesn't speak for the republican party. he can have his own opinion and doesn't speak for all republican senators. >> i don't know if you remember the old budweiser commercials, budweiser commercials, less tastety, more filling he was on both sides of the argument. senator, always appreciate it. >> have a good day. charles: health care costs are skyrocket. i don't have to tell you that. they're putting a bite on small businesses of will the burden of mom-and-pop shops put a democrat like elizabeth warren over the top in 2020? our political panel will debate that next.
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that's financial wellness. put your employees on a path to financial wellness with prudential. charles: breaking right now. the senate confirming eugene scalia as new secretary of labor succeeding alex acosta who resigned in outcry after role in a plea deal for jeffrey epstein. he is the son of late supreme court justice antonin scalia, a partner at a washington law firm, gibson dunne he represented companies such as walmart, ford and others in worker rights claims. still the vote was 53-44. so he is in place. meantime a new survey from the kaiser family foundation coverage, that health coverage in the u.s. is topping 20,000-dollars a record while single coverage also jumping. as costs rise workers at health
care firms may pay a larger share. could this be a deciding factor in the 2020 elections. we have jenna ellis reeves and democratic strategist rashad ritchie. let me start with you. from everyone who covers this the midterm elections were decided on health care. if i'm elizabeth warren i'm touting numbers every single day. >> not the crazy impeachment narrative democrats seem to be focused on, if we're talking about policy, single-payer health care is very, very bad for the american people. this is about the government becoming an interested party in the distribution of a scarce and limited resource. we've seen how that plays out in the united kingdom with charlie gard where the government has to determine what your likelihood is of recovering if they're going to grant you use of that resource. but there is actually a more nefarious interest for democrats going on here, charles.
that is with single-payer health care the government has control over this they can force government sponsored abortions. this is exactly where this is going. i hope if elizabeth warren or whoever the democratic nominee is gets on the debate stage with president trump, he was at the united nations talking about religious freedom, talking about the right to life for everyone and there is no constitutional right to abortion, i hope that comes out because that is really i think what is going to be determinative to see president trump's constitutional conservativism versus the far left. charles: rashad, your thoughts. >> my thoughts are this. president trump, when he was candidate trump ran on a platform of repeal and replace obamacare. here is where i am at with the health care debate. i don't care who takes credit, what legacy it is connected to, this is literally a life and death situation. 78% of americans say this is important to them. you have increasing cost of health care 4% for single
individuals. it has risen that much. that far outpaces the increase in wages. talk about the increase in wages, there is tradeoff with health care. charles: do you think this is winning argument for, let's say a candidate warren for instance? >> based on policies a better winning argentina than the impeachment argument. that is based on statistics. americans are more concerned about health care based on statistical than impeachment. charles: tony. >> there is three parts. first, yes, republicans have been incapable of getting a message across. there is never a time where republicans can't speak the english language. it is kind of incredible. president trump said they would be party of health care. they better have an answer. when the time came regarding
obamacare, regardless john mccain's vote, they will have to have a plan they need it. the idea "medicare for all" will be winning argument for elizabeth warren is nonsense. the everything you talk about the prices is true. the control is true. nobody is sold on "medicare for all." nobody is sold on the multitrillion dollar plan. nobody is sold on the pete buttigieg, "medicare for all" who want it. that is word salad. it is about having government control. people are saying we're not so down with that. charles: people are fairly anxious when the government controlling this. i want to bring in congresswoman alexandria ocasio-cortez because she rolled out a sweeping legislative package. she is calling it a just society. it will combat poverty in this country. you know, i'll start with you rashad, these policies she puts out always takes a shot at america. a just society as if we're so unjust right now. >> well there is definitely injustice in our justice system and in our societal construct. look what aoc has done.
done exactly what she did before with the "green new deal" and other proposals. this is visionary package meant to create conversation. it is not a policy it is not even legislation that has exist significant cosigners. at end of the day what would happen with policy like this you will have some good and not so good even from those on the democratic side. they're not supporting every element of this but there are dynamics we can agree to such as rent control and having standards in affordable housing. that is part of the package. charles: jenna. >> rashad is trying so hard to be reasonable here. i give him all the credit for really trying to defend this. >> i'm a reasonable guy. >> i give you credit for that, rashad. but this is absolutely ridiculous. this is about aoc trying to enforce socialism. administrative state even more when we talk about a just society here that is not saying that the government needs to increase control through this comprehensive package and put even more rules and regulations and say that we need to increase the definition of where poverty is so we can redistribute
wealth. that is all this is about. charles: a redistribution plan. >> to the extent it is redistribution yes, but the just plan is just a dollar from you and just a dollar from you and just a dollar from you out there and just one more dollar. that is her just society there is no justice in that whatsoever. this is child'ser rand, a child's fantasy being played out by the representative. charles: tony, jenna, rashad, thank you very much, appreciate it. >> thank you, charles. charles: peloton shares hit a session low. not a great debeau. >> why actors are getting left out in the cold. we'll be right back.
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charles: the streaming war is on. a growing number of tech and media giants spending millions of dollars on new and existing content. robber gray has the latest on how streaming services shaking up hollywood and who is winning the war. robert, i thought everyone was winning? reporter: the spigots are certainly open in hollywood hand over fist. they report hundreds of millions of dollars of rights to old fan favorites such as "friends" and topping a billion dollars for "the big bang theory." who is making money on reruns? one person laughing all the way to the bank, jerry seinfeld. two major netflix deals. one for the current show and buying rights for "seinfeld" sitcom north of half a billion bucks. handicapping winners from the megadeals can be difficult since deal terms can vary and they're not always public knowledge. >> the money will to to the
people that own the show. and whoever owns the show might be different depending on whatever those business terms were for those shows. but it is going to be the executive producer. the writers of the show. certainly actors will see some piece of that come through. reporter: yeah, that piece is going to change. the pie changing as well. previous syndication deals for archival shows such as "friends" and "seinfeld" allowed the producers, writers and to get a cut of action with studios keeping the lion's share. authorities say deals for the new content and lump sums and streaming platforms will own the shows as they build up libraries. that is important for netflix an apple. as everything old new again you might call this is the golden age of the streaming studio star system. that's right. household name creators such as j.j. abrams and shanda rhymes to
create big buzz and shows for streamers that could leave less catch for other users. participants from writers to producers, to talent, charles, they won't make huge money like in the old model because the platforms will own content. so there won't be big syndication deals where you have "seinfeld" on six hours overnight and raking in the bucks from that. they have already gotten paid up front. charles: oh, boy. reporter: back to you. charles: just when i was thinking about dusting off my acting credentials making a leap. i better stay here, robert. thank you very much, buddy, appreciate it. reporter: all right. charles: it has been nearly 10 month since president trump reached an agreement on usmca. now that democrats are in full impeachment mode? will we ever see a deal? will it make it to the floor of congress? i will ask commerce committee member robert wood all next. i get it all the time.
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u.s./mexico/canada agreement. again, pushing to be on a path, a continued path to yes. charles: house speaker nancy pelosi saying despite being full steam ahead on impeach. , that they are working on the usmca trade deal. will it really ever be completed? georgia congressman rob woodall serves the house budget and commerce committees, and we joins me now. congressman, thanks for joining us. it was kind of a surprise to hear nancy pelosi suggest that they can investigate and legislate at the same time, but how seriously can we take her this. >> i think you should take it seriously, charles. do i wish we weren't wasting time on so many investigations? of course i do. but we can multitask here. this trade agreement is not important to republicans or democrats, it's important to america, and that's what we've all been called here to do. nancy pelosi knows that, i know that, president trump knows that. we can get together and get that done. charles: so we just got a great deal for american farmers with
japan, china signaling they're going to buy more soybeans as they come into this meeting in two weeks, perhaps 35 million tons next year. usmca would just really, i mean, would even be better. who could be opposed to in this. >> charles, you're exactly right. the wind is at our back in terms of getting good deals for american producers, from manufactured goods to agricultural goods, to american consumers. it's not that folks are opposed to it. if we put it on the floor today, it would pass the united states house. but nancy pelosi's got a problem with some of the liberal members of her caucus, and she's been working these ten months trying to bring these folks along little by little. she's working very hard, and we're going to get this deal done for the american people. charles: nancy pelosi, of course, is a great historian. she understands the implications of going down impeachment. again, to your point, aoc put out this really harsh tweet over the weekend, a few other members probably pushed her. she said, okay, we'll launch the
inquiry. she probably knows this isn't going anywhere. a presidential candidate on the democratic side, there's no way that person can run in the heartland and say without the democrats saying they have to put this on the floor, could they? >> you're exactly right, charles. we don't have that many issues that are purely american issues, purely nonpartisan issues. but trade is one. there's not a single congressional district in the country, not a state in the nation that's not going to benefit from this deal, and every candidate knows that. charles: let me can you about this whole impeachment situation. the stock market really kind of yawning at it for right now. i'm no legal expert, but i read through the phone call transcripts, and i think it was disingenuous the way many news organizations put it out there. but, and in the halls of congress is there really that much of an appetite to go after this? >> well, you know, the story on capitol hill is that the president's trying to hide something. he's not doing a very good job. he keeps releasing full transcripts, full letters, full
inquiries. everything's out there. folks can make their own judgment. during the nixon impeachment, we were still able to pass a trade deal. during the clinton impeachment, we were still able to get work done on capitol hill. we can do both. but i think the real story is that nancy pelosi has never wanted impeachment. she's getting dragged in this direction by her more liberal moments. you don't see her gleeful going down this road. she's getting pushed down a road she knew she didn't want to go down, and their going to be sad that they did go down this road. it's bad for their elections, but more importantly, it's bad for america a. charles: real quick, your thoughts on the democratic side. looks like elizabeth warren is becoming a juggernaut. she's got momentum. does that change anything for congress and for the republicans? >> i think that's great news for republicans, charles. i worry about joe biden. he's a reasonable guy who's got a record of making deals. the more we can get a liberal idealogue on the democratic side
of the aisle, the easier it is for republicans to win. elizabeth warren is a great person to fill that role. charles: congressman, thank you very much. we always appreciate it. in the meantime, folks, the dow's off almost 50. we got within 4 points. ashley webster, you're going to have to bring it -- ashley: i'm going to do the heavy lifting charles, thank you very much. breaking news, possible movement on day 33 of the strike by -- 11 of unite autoworkers against general motors. a deal could be coming soon as gm extends an olive branch by returning health care coverage to its striking employees. we will go straight to the motor city for the latest developments. meanwhile, trade deadlines still drive -- headlines still driving the market. economic adviser robert -- is here to tell us if the dem' impeachment gamble is really just a cover story to pass the president's new nafta plan. we'll get into that. on wall street markets cutting