tv Mornings With Maria Bartiromo FOX Business October 8, 2019 6:00am-9:00am EDT
tensions, 28 chinese companies blacklisted for alleged human rights violation as president trump leaves door open for partial trade deal the meeting happening on thursday, what it could mean, high-level talks this week, futures have reversed for us entirely, dow futures down 95 points, nasdaq lower by 17. chinese-state television halting nba broadcast from tweet. the whistleblower controversy continues, democrats pushing to conceal the whistleblower's identity as they question time of complaint. mornings with maria begins right now.
♪ maria: big show this morning, joining the conversation fox business dagen mcdowell, benchmark capital kevin kelly and forbes media chairman steve forbes is here. >> good to be with you. maria: a lot happening on the china front, futures indicating a lower decline, lawer move at the start of trading, dow industrials down 91 points, s&p declining 8 points and the nasdaq lower by 16 as tensions between u.s. and china ramp up. here is the latest, washington added 28 companies to an export blacklist over their role in that country's crack-down on the muslim minority group, beijing warning of retaliation to stay
tune, high-level trade talks to begin on thursday, the president weighing on a potential for a smaller agreement yesterday watch. >> i would much prefer a big deal, i think that's what we are shooting for, maybe, who knows, probably unlikely. >> so i would say you heard the story here first, 1 million people in china who have muslim religion, they have been rounded up now for months, a lot of people call them concentration camps, they are called in china real education camps but they are guarded with armed -- with armed guards and they force you to learn the chinese culture and -- and forget your own culture in terms to have muslim. i remember some story, steve forbes, that during ramadan the chinese guards found to round them up and forced them to eat pork, do things that you're not supposed to do and make sure
that they were not following any muslim, you know, culture, your reaction. >> even though the world hasn't paid much attention those things don't work, russia tried to push poland in 1800's, it's doom to failure. internally it's simply going to even though the chinese may not like the leaders, it's the kind of thing that stokes futures dissension in china. beijing is worried, seemingly small things can have huge consequences ultimately, internally. maria: dagen, you said it yesterday eloquently in terms of what was going on there and i think that it hasn't been part of the trade discussion the human rights abuses, i wonder -- i wonder how important this is to overall conversation, obviously this is important that now washington is putting 28 companies on the blacklist.
dagen: this is the walk instead of the talk, i think that actions speak very clearly here but in terms of a trade negotiations on the front page of wall street journal today that china is buying joy beans as talks have resumed, sow beans are a barometer for how the whole thing is going, we are just building now momentum again, new purchasing deals, prices have been all been climbing in recent weeks, i wanted to point to that because this is some good news on the trade front. maria: it's a good news part of the story on trade, so you wonder if that's going to be enough to do a mini deal for the president and putting things aside like the human rights abuses and intellectual theft. look what's going on right now, anybody who goes against this, what it wants to do, state
television in china has stopped broadcast league games after tweeting support for hong kong protestors and adam respond in news conference moments ago, this is what he said. >> the long-held values of the nba are to support freedom of expression and certainly freedom of expression by members of the nba community and in this case, the general manager of the houston rockets enjoy that right as one of our employees, we are not willing to compromise those values, again, i'm sympathetic to our interest here and our partners who are upset. maria: he's not rolling over, the nba not the only organization dealing with backlash and bullying, activation blizzard, dagen.
dagen: he needs to take the stand, the reason that people were upset the nba initially put out two different statements after this incident happened and this is what, again, social media and twitter, they really do get the best of you, don't they, the nba, the other one was in mandarin, the english statement was mild and mandarin statement that they originally put out that we were extremely disappointed by the inappropriate remarks made by houston market general manager who undoubtedly hurt the feelings of chinese. adam was trying to walk a tight rope but you did have james harden come out, rockets guard say, we apologize, do you stand for free speech or do you stand the western way of life and western values and do you stand
for people who are being oppressed and abused by the communist china? >> one of the teams owned by chinese national who was founder of alibaba, the brock license -- brooklyn nets owner, and it's important to note that the former ceo of alibaba is a member of the communist party. there's no difference, shareholders in chinese companies are 3 in line, first it's the employees of the companies, keep raises the wages and second the communist party doing pet projects in china and then shareholders, how do you also, chinese investors in your own companies or your own businesses because now we are seeing he is aligned with china
on this, now the nba and adam silver had a very, very hard situation to resolve here because he's saying, listen, china -- he went all the way back to 1800's, the british came in and colonialized us and the japanese is and that's why we are sensitive to this, he posted this on facebook, you two opinions on what's really happening over in china, they are saying we don't want to be colonized again and they are placing the blame on us. >> that's the typical reaction, that's why the sanctions against 28 companies is so important, we cannot expect companies even the nba alone to do this. they need the backing of the u.s. government. >> you're right. >> when our trade secrets are being stolen. maria: yeah. >> they knew they with respect going to get support of u.s. or european governments.
maria: china is reacting the way you expect them to react. dagen: wasn't the nba, leadership of the league paying attention to what american companies have been through in recent years in terms of very high price that you will pay for doing business in china and getting access to the 1.4 billion people there. maria: right, what i've said over and over again, companies in the u.s. have been more interested in getting product in 1.4 billion people, getting market access in terms of protecting their own product. enforcement part is not what we are talking about. how are you going to enforce that? they will fight us all the way. >> that's why they reneged back in april, the u.s. wanted mechanism to say they have consequences, do you see
companies stealing or cheating, they'll be consequences, forget it. south park had a good response, this is interesting, the creators of south park, the cartoon parker issued apology, poking june at china's lack of free speech. >> we need to make sure it clears the chinese census, we want the chinese viewers? >> seriously. >> plenty other things to talk about, what kind of things you were into when you were younger. >> well, i always liked winnie the pooh, that's off limits, winnie the pooh -- >> they were saying he looks like winnie the pooh. that's how absurd it's gotten.
you can't have an opinion even if it's a comical one. maria: when jimmy was on, activist, he's in hong kong fighting, he said everything changed when xi jinping came in and everything changed when it was clear that xi jinping was going to be clear for life. dagen: i hope south park would read the whole thing because it's hilarious, china has banned that series, banned in the country, period, if we get to that statement later it's -- >> credit score will get hurt over that. they are social credit. maria: don't forget, this is big money, okay, so many companies are betting on the chinese audience, audience consumer base to buy their products. >> look at general motors.
maria: right. this is a big statement and it's the right statement, you know, if you believe in the things -- >> in terms of trade enforcement, we don't need a deal, all you have to do take one company and knock it down like we almost did with zte, that's the enforcement mechanism, take them out. maria: on deck this morning, executive chairman, ana on women in business and business today, fox news senior strategic analyst jack keane on troop withdrawals on syria, cofounder and ceo of of carl schwab. mercedes schlapp, chris hogan on long-term saving if for younger generation, big show ahead, don't miss it, we will take a break and when we come back we will check out the whistleblower
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we use data to show you what your shoppers have already bought so we can tell you what they might consider buying next. and you can offer them the perfect products. that ceo gets it. from adding unique capabilities to your company's apps to bringing you loyalty programs, our technology and financial solutions are changing what's possible in all sorts of ways. so, how can we change what's possible for you? maria: welcome back,ism peachment inquiry continues, the house is pushing with subpoenas, griff jenkins in washington, she's doing it in the intel committee. >> exactly, maria, let me start with this, fox news confirming day after the president's likely ukrainian call first whistleblower wrote a two-page memo describing the call,
firsthand knowledge and democrats are trying to protect the whistleblower's identity according to washington post, include testifying and their voice and appearance, they argue because of pressure from the white house. >> we cannot allow the president to somehow get to the whistleblower or threaten him or discourage him or her from telling their side of the story and us learning what exactly is the extent of the alleged scheme displayed in complaint. >> all eyes on u.s. em bar dos behind closed doors, pushing back against allegations of a quid pro quo. i think it's crazy to withhold but some responded the president
has been clear, no quid pro quos of any kind. subpoenaing secretary of defense and president trump is continuing to rail against all of this. >> impeachment inquiry is a scam. the opposition, the democrats, the radical left, they came out with a whistleblower report before they saw the conversation, had they waited one way, nancy pelosi wouldn't have made a fool out of herself. >> we have the second whistleblower coming forward, this one claiming direct knowledge of the president's dealings with ukraine, maria. maria: the direct knowledge, would that be much different than what we read in the transcript because who has got the transcript already, why do we keep seeing whistleblowers when we already know what was in the call? >> democrats say direct knowledge with the president and the former dealings with ukraine, not just the call, so
it would be interesting to learn because all the things leak what details outside and beyond that call. maria: i see, we will be following you, griff jenkins in washington, incredible story as well, where is this going? >> going nowhere because what's going to come out who knows when, the next few weeks, attorney general barr's reports on what happened in 2016 and 2017 have this whole collusion, that's why brennan is going on tv. maria: absolutely, i on this that congressman john ratcliffe made an important point that we haven't talked about, michael horowitz report should be out within 2 weeks, the fisa abuse report, we know that there was evidence of the fisa court which was not given. >> the other interesting thing none of those things who is
going to turn, plea bargain. maria: who will squeeze and get the others. dagen: impeachment proceedings being conducted in secret and the rhetoric that the american people hear from the left, democrats is increasingly unhinged, a guest in another network how to ensure that she becomes president impeaching trump pence, mike pence. if they are going to impeach the president follow the rules of the road and it smells. maria: impeach a dually elected president behind closed doors. >> there's an election coming up. maria: coming up fortnite's
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maria: welcome back, futures are lower this morning, take a look, we are expecting a selloff, dow industrials down, high-level talks are set for thursday in washington have investors on pause and cautious, we are awaiting important make data as well, price index later this morning so we will get read on inflation, joining us capital wealth planning, market strategist, jeff, pleasure to see you, thanks for being here.
>> you bet you. maria: we are going to third-quarter earnings reporting season, how do you want to be positioned, invested going into these events? >> i think you want to be fully invested, our model says you should be weary the first part of october, include thursday mornings reversal but i think this is going to be more of a process in what we saw with the august 5th selling climb and period of weeks, it's also on old market actually, maria, that when the president is in trouble the stock market is in trouble and it kind of looks like in the near term the president is in trouble. >> hey, jeff, it's kevin kelly, my note out to investors is talking about where the fundamentals are, we are expecting earnings to contract about 4%, you just mentioned, hey, when the president is in trouble, listen, the market could do well, i -- there's four stocks that really concern me
that have to do with regular pressure, microsoft, apple, google, they account for 14% of the overall market, 4 stocks command more than financials which is 12.9%, heading into earning season, how should we position ourselves, try to get to more conservative investment as a lot market has done trading at 19.4 times earnings. >> well, depends on what earnings ewe used, i think it's somewhere 177, 178 for next year, 19 times, 1 $77, you're coming up with 3200, i think earnings are going to pick up going forward because i don't think the economy is as soft as people are suggesting. >> what about the fed, chairman jay powell to speak at national
association in colorado, the fed cut rates last month, we have another meeting in a couple of weeks, are you expecting the fed to cut rates again? >> i am, i think they will cut it in october and i think they will cut it again in december, that's what the market wants and i think that's what the market is going to get. >> jeff, steve forbes here, do you see any breakout in this market, i mean, it's sort of been going sideways for a year and a half since the trade business began, trade war began, if we don't get deal with china, what's that going to do to manufacturing? >> same thing i said on your cruise for investors, by the way, i think the market will break out to the upside and i still think we are in secular bull market, not many people left around that have seen a
secular bull market, in 1949 to 66 or the 80 to 2000. maria: we will see you soon, we will be watching, thanks so much. >> always a pleasure. >> to you, president trump defending strategy for troops in syria facing massive pushback from both sides of the aisle, he wants to pull out. withdrawal conversation continues, jack keane is here weighing in on that, ellen degeners calling out critics defending her friendship with george w. bush. back in a minute ♪ ♪
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maria: welcome back, good tuesday morning, everybody, thank you so much for joining us, 63:00 a.m. on the east coast, investors on edge ahead of thursday's trade talks with china, dow futures down and nasdaq futures lower by 39, this is china threatening retaliation after the u.s. added 28 additional companies to the u.s.' blacklist, major indices finished slightly down yesterday after china trade story at 4:00 o'clock on wall street, dow industrials down 95 points, third of a percent, nasdaq was lower by 26, in europe this morning, take a look at the situation as we have more economic data out this morning, industrial output in germany, unexpectedly rising in the month of august by 3 tenths of a percent. economists are expecting a decline of 1 tenth of a percent, the german index is down 113 points, 1% lower, ftse in uk
down. chinese markets reopening after long holiday, there's some hope partial trade deal between u.s. and china, shanghai composite up a quarter of a percent and nikkei up 1% as was the kospi. fortnite under fire this morning, new lawsuit is claiming the hit game was designed to be addictive, comparing it to taking cocaine. details coming up. then ellen fighting back, find out what the talk show had to say of twitter mob for photo taken with her friend former president george w. bush. plus what they have seen and what they need to do to retire in style. president trump speaking out on his division to withdraw troops
from the northeast region of syria, garnering opposition from both sides of the aisle. >> if turkey does anything out of what they should be doing, we would hit them so hard in the economy, we only had 50 soldiers there, i don't want to be in bad or compromising position, isis people, whatever you want to call them, people are right there, they are right there, they are touching many of the countries, let them take care of it. >> nothing better for isis than to create the conflict between curds and turkey, the kurds will align with assad because we abandon them, this is a big win for iran and assad and big win for isis. >> i certainly don't think we will find peace in syria, i do think a couple of hundred people is trip wire for bigger water or
calamity. maria: thank you for being here. your reaction to the president's plans and the story is now being told out now where everybody knows what the president wants, he wants those troops home. >> yeah, well, the fact is, i mean, in my judgment it's betrayal of the kurds who gave up a 11,000 lives. syrian arabs and the syrian kurds to take away the caliphate that the president describes success operation. when the president came in he accelerated those operations beyond what president obama was doing, much to the success of the forces on the ground. to permit erdogan come in and
ethnic cleansing and do damage to them in the process and we stand aside is abomination as far as i'm concerned. such a betrayal that it will affect the relationship with the arabs and even israelis in the middle east. the united states is disengaging from the middle east just like president obama did, if that's the case, iranians are the big gain here and these countries will start having to deal with iran. maria: we have 50 soldiers there and i don't want to put them in compromising issue, is the issue to bring more soldiers -- 50 doesn't sound like a lot to me, i don't know, but, you know, he says if you don't have the correct wherewithal to fight, you don't want to have 50 soldiers in compromising position, would you advocate
sending more troops there instead of pulling out? >> what's happening is i think the president made a mistake in giving in to erdogan. he thought that the united states would support him in the effort and the president said he was not. the 50 soldiers is the space where erdogan intends to go in, we happen to have special forces and moving them out of the way, consider to be more forces there than that that are assisting the syrian democratic force which is are compromised, isis is trying to resurge in that area and that's what our forces are doing, they are assisting 60,000 syrian democratic forces to -- to keep a foot on isis' throat, i think what we should have said to erdogan when he said this is what i want to do, i would have said to him, we own the air space there, i'm not going the permit you to come in and do damage to syrian kurds and also i have no intention to move my troops out of the way and if you
do any damage to my troops, you'll suffer the consequences, i'm not going to let you violate the air space that we are control in eastern syrian, by the way, mr. erdogan i'm leaving the coalition supported by nato in its entirety to defeat isis in this area. that's a nato-supportive operation that i'm executing. maria: well, we will see how this goes, the president is really under pressure now with so many people opposing his moves, i want to get your take on hong kong and china as well, hong kong leader lam is warning protestors that the chinese military could still intervene, she says that the hong kong economy is taking a hit from the protests, now we know at one point that the president said if chinese go violent, any talks are off the table. we have trade talks about to happen on thursday, what's your take of impact on protests and also what's going on with beijing bullying all of the american companies from the nba
to -- to so many others, apple, et cetera. no doubt about the fact that beijing is putting a lot of pressure, president xi brought it on themselves with predatory operations conducted both inside and outed of china, some things you talked about here for 2 years is they are trying to dominate militarily the south china sea and the western pacific, but what i think is happening here is jimmy who you had on your show who is the billionaire media tycoon from hong kong, wealthiest person that has ever took place in the demonstrations has called on the protest movement to stop the violence. maria: yeah. >> he believes the violence is just an invitation to beijing to come in and use military force to put it down. i don't believe that beijing is
under praecipes on doing something right now given the negotiations going on with the united states and knowing full well, the president has stated as much that if something like that happens all trades are off in the united states and it's in china's interests to have those talks as in the the united states interest. it's in their playbook obviously, we know that for a fact, at some point they would consider doing it. maria: yeah, look, we will see what all this means to trade deal. china tells great story about foreign oppressors but they are their own worst enemy, china is obviously tracking its citizens, it is watching everything whether it's in kinda or outside of china and -- and, you know, it really does appear that this communist party and xi jinping being a dictator for life has accelerated the bullying,
accelerateing the bad behavior, general, what should the u.s. do about this? >> the reality that china fears its own people more than united states, more than any other country in the world, more than the region that it's fighting back on in terms of taking control on, in terms of south china sea and western pacific, it's their people that they are paranoid about and that's why the hong kong protest as jimmy describes it is front line and values between united states and democratic nations and china, they ups that the communist party is fundamentally an authoritarian regime that has to maintain control of the population if it's going to survive under the current system it has, it is their strength in terms of their authoritarianism and also their weakness and the people that run it totally understand it, that's why they are pushing back, they see that
as ethnic group of people that are challenge to regime because they are not part of nature of communist china party, it's as fundamental as that, it's their achilles heel, it would be the thing that would lapse the communist chinese party. maria: we have been questioning whether the human rights, the human abuses are part of this conversation, now we know that the trump administration is noting it adding 28 chinese in rounding up muslims in what people are calling concentration camps and they call them reeducation camps, general jack keane joining us there. more trouble for boeing this morning over the grounding of 737 max jet. >> southwest airlines pilot union is suing for lose
compensation. losing millions of dollars a month after grounding. boeing move to quickly market the 737 max without making sure that it was safe, another issue threatening to block the planes return to the skies, u.s. regulators want more testing on proposed changes and that's what's weighing on the stock at the open as you can see the stock in the premarket, more than 2% to the down side, this is a dow component. that's boeing, folks, epic games is facing epic lawsuit charging its game fortnite is to addiction. participants in canada say that they need to pay price for game they say it's having dependency of cocaine, make it as addictive as possible.
no comments from epic so far on the story, there's this. world's largest foundation exchange officially dead, hong kong stock exchange pulling bid for london stock exchange, acquisition would have created 70 billion-dollar company. ellen degenerus taking a stand, criticism for appearing sunday at dallas cowboys football game with former president george w. bush. ellen addressed that issue on the show yesterday. >> so people were upset, they thought why is a guy holiday liberal sitting next to a republican president, i'm friends with george bush, in fact, i'm friends with a lot of people that don't share the same beliefs that i have, just because i don't agree with someone on everything, that doesn't mean that i'm not going to be friends.
cheryl: back in 2017 he appeared on her show, i kind of like what she had to say. maria: good for ellen, so happy she did that, cheryl, thank you. when we come back checking out markets into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week.
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power in northern california to prevent fires, voting yesterday on affordable housing community, denver has banned mobile homes parks for years, dallas morning news, frisco with number one title, the town of frisco winning the nation's top spot when it comes to gap between median household income and the rest of the state, according to data from go banking rates, frisco's median household income has more than doubled, the website say that is frisco is the best city to live and if you have your sight set on big bucks but want to avoid living in urban center. quick break, millennials and their money, why younger americans should think long-term when it comes to next gig, back in a
maria: welcome back, volatility in the stock and bond market making future difficult specifically for millennials hope to go build nest, good to see you, sir, good morning. >> good morning, good to see you as well. maria: why is unpredictable market so damaging for young people according to you? >> for young people to understand thousand market works, let's use history as a guide, we all know that investing is like riding roller coasters, they'll be ups and downs, history is our guide, will show us that we are going to see growth, the main thing for young people to get started early investing, utilize 401(k) 's and most importantly
let the money sit still, time and compound interest are your money's best friends and have long-term plan and be calm, don't let the volatility and market fluctuations fall off your plan, keep focused. >> even if the things that you do long-term is go for stocks that have dividends that have history of rising each year, young people getting that kind of advice, compounding, compounding is a great miracle and with dividends you get 9-10% a year average but you will do well long term. maria: there's a study about that. i love the idea. >> in the fang age. maria: fang age, i like the fang age. >> well, it is definitely -- it is important -- >> the other thing -- >> it is.
>> when the market goes down, young people should rejoice getting more shares more less than and when the market recovers which as you pointed out it always does, they will do very well, very well. >> well, you're right, and when you start investing it's really important to understand what exactly you're investing in, i talk about long-term, looking at growth stock mutual funds, dollar cost averaging is one of the things that i talk about where as the market goes down you're actually getting things on sale by consistently investing over time but here is my plan, get yourself out of debt, get yourself on a budget, 3 to 6 months of expenses and
then you start to invest 15%% of income and i want america to take back futures by getting focused on a plan right now. but now this -- >> so overtime you keep purchasing that. a lot of people are hesitant to buy stocks because they think they are at all time highs. dca is a great thing to do that. >> it goes back to investing consistently and it's so important, not only that but i want people to sit back with
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maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is tuesday, october 8. your top stories, 7:00 a.m. on the button. u.s.-china trade tensions once again undermining markets, china threatening retaliation after the u.s. black listed 28 additional chinese companies for human rights violations. we told you in the past they are rounding up muslims and putting them in camps, this as president trump leaves the door open for a partial trade deal, what it could mean for high level talks coming up this week on thursday. investors on edge a bit. futures extending the losses, dow has a decline of 200 points. s&p down 23 points, nasdaq lower by 61, almost 1% there.
the major indices finished down yesterday due to uncertainty over china trade talks, markets were down 95 on the dow, 26 lower on the nasdaq. european indices taking a cue from wall street, trading down, fq100 down 14, the dax lower by 131 points. we did have industrial output this morning out in germany, it rose in august by three-tenths of a percent. ebbing on miftsz were expecting a -- economists were expecting a decline. markets in china reopening after long holiday for golden week celebration. china is putting a full court press now on the nba. chinese state television halted nba broadcast as backlash continues to grow over that tweet from the houston rockets manager, he supported the hong kong protesters and had to delete the tweet. now more companies are succumbing to pressure from beijing. gm putting the brakes on the new
corvette, forcing the automaker to delay the release of the sports car. more on the impact of the ongoing walkout at gm coming up. joining me to break it down, dagen mcdowell, benchmark managing partner, kevin kelly, former republican presidential candidate steve forbes. great to see you this morning. a lot to talk about this morning. dagen, you are noticing that chinese are saying we're going to get back at you for this 28 additional companies on the black list and they say stay tuned. dagen: signaling it's going to hit back at the trump administration for adding these chinese firms to the back list, citing the suppression of muslim minorities, with a million in concentration camps in china, as on tuesday over the black list a foreign ministry spokesman said like you said, stay tuned. and then in terms of the nba, you have adam silver really trying to fight back on this
about -- they put out, in this statement that the nba put out, i will -- he said the nba will not put itself in a position of regulating what players, employees and team owners say or will not say on these issues. we simply could not operate that way. but as a viewer noted, when you're explaining you're losing. maria: i think it's really important to recognize how china behaves during this period. because we're in a period right now where the u.s. wants a deal. they would like to see some kind of a deal with the chinese and even -- imagine they're acting this way, what the behavior would be once a deal is locked and loaded. i mean, you know, by bull bullyg american companies and taking the nba off television, limiting access for certain companies, all these companies that were bullied, marriott was bullied, apple. apple initially wanted to take down an app from the app store. that app was connecting hong
kongers and they were bullied into taking the app down. they did reverse the decision. >> they made apple put a data center in china as well. they wouldn't allow a data center to be outside of it for people to use the operating system. we had the travel companies, they wouldn't let the travel companies do any bookings unless they put that taiwan was part of china. there was that whole issue here. this goes back to the he long-term plan, -- we're talking short-term. by 2035, they want to be one of the top five militarys in the world and by 2049, the 100 year anniversary of communist, they want to be number one. when you had general jack keane on, he was talking about, listen, they're trying to do the influence in the south china sea. they're the ones telling north korea whether they can get a deal done with us or not and why the hacking comes through north korea. maria: the world needs to answer the he question, do you want the leading super power country in the world, economically and militarily, to be a communist nation. >> of course not.
for us, of course not. maria: if not, it's the duty to stop it. >> does adidas or nike want to sell into china and get all the money from the rising middle class. because they're going to have more people in the middle class than we do citizens in the united states. >> but if we're on the cutting edge of technology which we're quite capable of being and we still are and we take affirmative action in the south china sea, like putting our own bases there -- the movie reasond the navy are coming up with a strategy to cut off china from oil if we had a serious confrontation. maria: one of my biggest gripes as everybody knows, one of the worst stories is the fact that google has its a.i. lab in beijing. i mean, this is the jewel of all a.i. is at google. >> and they've done a nonprofit with ibm on that. so ibm doesn't have their hands clean on that. maria: and they did it after walking agra away from the pent. that's the top story, simmering
trade tensions, the u.s. black listing an additional 28 companies on the country's crack crackdown on the muslim group. this comes days before top officials meet in washington for the next round of talks. president trump speaking out ahead of this week's high level negligencnegotiations. watch. >> they're coming to see us on thursday and friday. we think there's a chance that we could do something very substantial, bob. i think you think that. they're coming to make a deal. we'll see whether or not a deal can be made but it's got be a fair deal. look, we've lost $500 billion a year for many, many years, on average. if you include intellectual property theft and all of the other things that took place, it's incredible that past administrations could have allowed it to happen. maria: joining us right now is the hudson institute senior fellow and a director of the center for yo chinese strategy,
michael pillsbury. is great to see you. thanks very much for being here. >> thank you. maria: let me start off with your reaction to the chinese saying stay tuned. what kind of retaliatory actions are they subjecting the subjecty will do, given the fact that the administration put 28 more countries on the black list. >> they're looking closely at the nature of the companies. one of them is the public security bureau. so it's a government entity that's being sanctioned. this isn't the only chinese government entity that the u.s. put sanctionse sanctions on. they're considering whether to put sanctionse sanctions on u.st entities as a retaliation. it's not just companies. maria: what's your reaction to that, the trump administration adding 28 chinese i'll call them entities to an export black list and specifically citing their role in rounding up muslims? >> this is part of a larger problem. the debate in washington has been focused on over the past year or so is china weak, about
to collapse, or not. and the chinese just weighed in this morning, a front page article on china daily which they publish around the world, they're saying since 2014 china has been the largest economy in the world. they cite both world bank and cia figures that use purchase power parody, china for five years now has been the number one economy in the world. they believe that deference and respect owed to them is higher than most americans are willing to give. if you assume they're looking down on us, they think they are the number one power, not 2035, not 2049, but five years ago. that explains a lot of their behavior. and so what president trump has had to consider is escalation beyond tariffs. looks like tariffs only affect 3.5% of the chinese gdp. that's the percentage of the chinese gdp that's exports to america. other areas that these companies that go on the black list would
affect also the capital markets, other areas in which the u.s. side could escalate if there's no deal thursday and friday. i think that's what the focus is now. it's not whether small amounts of tariffs make any difference. maria: i see. >> the markets should probably get used to uncertainty and friction between the u.s. and china. the idea of going back to a peaceful harmonious happy u.s.-china relationship i think that's over. it's clearly going to be a p kind of certainty that there will be u.s.-china friction. those who have private equity or sponsor ipos from china, those in these major capital markets, those are the people that have to think again about what actually is happening in u.s.-china relations. it's not harmony and friendship anymore. maria: so what does the audience need to understand about where we are today, going into these trade talks then? tell us what's most important to you here. >> well, the president is obviously saying the possibility of a good deal, what he used to call a monumental deal, is still there. it's very good news that china
is sending the commerce minister in this delegation for thursday and friday. this gentleman is known as a hardliner in china. that's a good thing. that means he has the confidence of president xi. if the commerce minister and other hardliners on this delegation can make a deal and there's a meeting with the president in the oval office on friday, which has become traditional sometimes, that's really good news. but doesn't mean friction's going to go away. if they think they're the dominant power in the world already, maria, then we've either got to give into that and accept our place as number two, or we've got to face friction and additional steps of escalation. maria: i'm sur private you -- surprised you don't have more countries speaking out about this because everyone knows what china's goals are, to be the number one super power militarily and do we really want the super power of the world to be a communist nation who by the way is bullying all of these companies. look at the nba backlash this morning, chinese state tv halting all broadcasts of the league games after the houston
rockers its general manager tweeted his support for the hong kong protesters. add a dam silver responded in a news conference, he did that earlier this morning. listen to this. >> the long-held values of the nba are to support freedom of expression and certainly freedom of expression by members of the nba community and in this case darryl mauery as the general manager of the houston rockets enjoys that right as one of our employees. what i also tried to suggest is i understand that there are consequences from that exercise of in essence his freedom of speech and, you know, we will have to live with those consequences. i think it's unfortunate but if that's the consequences of us adhering to our values, we still feel it's critically important we adhere to those values and i recognize that this is --
this issue may not die down so quickly. maria: no, it's not dying down, mike. what's your reaction to this, the nba story, and all this bullying from china? >> i think president trump makes an excellent point, maria, when he talks about his predecessors and he doesn't just mean president obama and joe biden, that's sort of bad enough. it goes back to george w bush and his father and clinton, that the chinese have been conditioned that they can bully american companies, they can bully hong kong, frankly, and nothing will really happen. we'll file a human rights report to a couple paragraphs, that's it. what president trump's trying to do now is make up for 20 years or more of this kind of condoning of chinese bad conduct. it's really hard to do. it may be too late. if they're at 75% of our economy now in terms of not purchase power parody but the nominal currency exchange rate, that means they're still quite powerful. maria, we have this theory, very
powerful in our country, i call it poisonous theory that chinas' going to collapse, china's weak, we tap them on the lapel a couple times and they'll turn over, play dead. no, it's not true. but that theory is very powerful. a lot of people on your show have it, that china's just a weak country, all we have to do is say boo and that will be the end of the story. maria: >> no. >> i think that's not true. maria: do you think we'll see a deal between these two nations? is it even possible? >> i agree with the president. we don't know. the signs there that something could be done but what he wants, a monumental deal, i think he knees progress on everything -- needs progress on everything, especially including enforcement where they backed out back in may. put the enforcement mechanism back in, that would be a strong plus. that's what i would be looking for on thursday evening. maria: mike, great to see you. thanks so much. >> thanks, maria. maria: we've got a big show this morning. we're coming back with an
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announcer: fidelity is redefining value with zero account fees for brokerage accounts. and zero minimums to open an account. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero maria: welcome back. the gm strike now in day 23, with no end the sight, slamming the brakes on an american favorite. we have the latest developments. >> reporter: i hope you weren't in the market for a stingray because you may have to hold off on buying one, at least for now. the detroit free press is reporting that gm will have to delay the launch of that car because of the uaw strike. there's only one plant that makes the stingray. it's in bowling green, kentucky. and gm was scheduled to get that plant ready for production this week and next. well, the workers haven't been
going to work during the strike so obviously that's not going to happen. and when they do go back, they have to catch up on production of the current model year. the workers could still start production later this year, the pay er says, but it's -- paper says, but it's going to take a while. here's what gm is officially saying. it's too early to speculate on production timing impacts on any of our vehicles due to the uaw work stoppage and that is just the lateest on the many ripple effects because of the 23 day strike. 415 workers we learned have been temporarily laid off at a plant in mexico, gm confirming that yesterday, on top of the 6,000 at a different plant in mexico already temporarily laid off. thousands more facing the same fate in canada. pressure is building on both sides to reach a deal. talks we were told took a turn for the worse over the weekend and the two sides were back at the bargaining table yesterday. they're going to be back again today. but it's unclear if they made up
any ground after that setback over the weekend. maria. maria: grady, thanks very much. this is certainly a costly situation for gm. grady, thank you. coming up, optimistic asian markets, trade hopes gave them a boost overnight. european stocks are under pressure, however and u.s. is also expected to open lower on worries over china, u.s. the vaping epidemic, walgreens and kroger taking drastic steps as schools take action, details coming up. ♪ you ain't nothing but a hound dog, crying all the time. ♪ you ain't nothing but the hound dog, crying all the time. ♪ you ain't ever fought a rabbit and you ain't no friend of mine h your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪
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futures are indicating a selloff at the start of trading. dow futures down 180 points and nasdaq futures are down 50 points as china is signaling that it will hit back over washington's decision to black list 28 of its technology firms, all this coming ahead of thursday's trade talks between the u.s. and china. now a new report says that the white house is looking to limit chinese stocks within government pension funds. joining us right now is chief equity strategy, senior portfolio manager, bob dahl. thank you for weighing in this morning. this on top of speculation that we were going to see disruption in things like the msci index in terms of limiting money going into chinese companies. how important do you see that? >> well, i think it's important in the sense that it sends a message that we're going to fight with fire. i think the actual indications are smoke screens that they could actually go there. this is just before we're
supposed to have i think it's round 14 of the talks. it doesn't make people walking into those tables feel very good. so not a good sign. maria: look, make no mistake, when you talk about what we're referring to in terms of the black list, that's u.s. companies supplying products to these chinese companies, suppliers will be barred from providing u.s. origin technology to them without a license. you did see that group, semiconductor companies, et cetera, trade down when this black list was first originated. when huawei was on the list back in may. what's your take there? here the stocks are in the premarket, nvidia down one and a third percent, others who are making products that are supplied to the chinese, some companies on the black list are trading down this morning. >> yes, that's natural. if you're going to get banned from certain things, that's a negative on the stock. and it shows you yet again trying to stay away in portfolios from things that have to do with china.
because you never know what's around the next corner. and there have been trades, when you can figure out when these things are going to happen. companies that do most their business in the u.s. performed those that are more international. economic growth is better in the us, not so in outside the u.s. >> we have earnings coming up in the next week or so. i'm trying to figure out how do we position our portfolio, given that it's been a blackout period, there's volatility happening. seems like valuations may be a little stretched. if we look at the nasdaq, that's trading at 21.4 times earnings. should investors be willing to pay up for that growth or should they be getting defensive in nature and start looking at the utilities, consumer staples, real estate that has done well as of late? >> well, you pointed your last comment, they have done well. so it's ironic what's done well are those high growth stocks that sit in the nat dabbin nasde defensive stocks.
the question is, what is defensive in this market? i would argue it's some of the lower pe, decent free cash flow soft cyclicals. that's what the market has shunned because it's acting like a recession is going to start tomorrow. let me own utilities because i know people will turn their power on in a recession. my view is recession talk is premature. this quarter could be the first year over year negative. i think we'll eek in the positive territory but the expectations at the moment i think is minus 2.7%. >> bob, do you think the market has already priced in the expectation that earnings are going to be kind of sluggish this past quarter and that the economy hasn't been as bouyant as it would be, so market's already priced that in, in other words, is this a classic case of climbing the walls of worry so everyone is downcast, is this a buying opportunity? >> i don't disagree, steve. i think a lot of that is in
there. we all certainly have seen the macro numbers. how can we expect great earnings? the problem i think is what's going to happen next year. consensus is still plus 10% and i don't see enough economic growth to get us to plus 10. i think the numbers are too high next year and in the outlying conference calls we will start to hear from companies what's on the horizon and maybe that's got the market a little concerned, apa brettly. dagen: bob -- appropriately dis wher.dagen: where are you on sl cap and transports, very hard hit, in the last quarter, even the beginning of this quarter, compared to the broader markets. is that saying something? >> yes, i think it is dagen. i think that -- first of all, i'd say the market has held good account of itself, hanging in there on 2950 on the s&p in light of all that's been thrown at it but inside the market as you've observed there are some places that have taken a it pretty hard.
the average stock is underperformed cap weighted averages so, therefore, small stocks have underperformed. transportation, you know, the fed ex numbers, we keep coming back to were they a sign that the economy as steve just said, are struggling in the third quarter and the answer is yes. the question is, what's going to get it going. i'm hopeful we are going to get some better manufacturing numbers over the next three to six months, both from the u.s. and outside the u.s. but that's a necessary condition in my view for the market to do better along with getting something through in china. maria: we'll be watching that manufacturing sector. thank you so much, bob. good to see you. >> thank you. maria: bob dahl joining us there. coming up, an executive chairman weighs in on women and business. and the big business of barbecue, one company makes a delicious mark in the world of sauces. we take a look. back in a minute. ♪ welcome to this place.
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maria: welcome back. good tuesday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is tuesday, october 8th. your top stories right now, 7:3. investors are on edge this morning ahead of thursday's trade talks with china. futures extending losses to the tune of 200 points. the dow futures expected to be down three quarters of a percent, 200 points out of the gate. s&p is down 20, nasdaq is down 50. here is why. china this morning is threatening it will retaliate to the u.s. after the united states added more companies to its black list. meaning that these companies cannot supply in america, we cannot supply products to those chinese companies. also, bloomburg is reporting that the white house is looking to limit chinese stocks within government pension funds. all of this having an effect on invests. the major indices finished down yesterday due to uncertainty over china trade and it's continuing this morning. at 4:00 on wall street, the dow
was down 95, s&p down 13, nasdaq lower by 26. we had a selloff in europe as well. take a look at european indices, down across the board. cac down 58 and dax index down 1.1%, 132 points lower. u.k. prime minister boris johnson is telling angela merkel a brexit deal is essentially impossible if the eu demands northern irelands takes in the region's customs union. in asia overnight it was green across the board. there was hope of a partial trade dean between the u.s. and china. that's what china wants. they want a deal in buying more agriculture and buying more stuff from the u.s. they don't want to deal with intellectual property theft. china put a full court press on the nba. chinese state television halting nba broadcasts as backlash over a tweet from the houston rockets manager, the manager supported hong kong protesters and then he had to delete the tweet. now more companies are succumbing to pressure from
beijing. e-cigarettes are under fire. two more major retailers banning the products as schools sue juul over the growing epidemic. the college admissions scandal, more sentences being handed out today as the prosecutor issues a warning to lori loughlin who continues to say she's innocent. our top story this hour, i sat down with an executive chairman to get her take on the possibility of a u.s. recession, the effect of brexit on the banking industry and we talked about the progress women have made shattering the glass ceiling. we began with breaking news on the u.s. business. >> i'm actually joining the board of our u.s. bank. maria: i'm glad you said that. when you first took over from your father, you said to the analyst community, to wall street, look, give me a few years, let me see how i can generate the returns, if not, i'll sell it. now there's all of this speculation, well, maybe
santender wants to sell the u.s. subsidiary, are you going to sell it. >> we're not going to sell it. the consumer in dallas, we're managing a different way our business there for customers and consumers and the bank in the east coast, we've narrowed the gap with our competitors. maria: tell me about the scale of santendere. you're the largest bank in the eu and spain. you've got lending across the world, south america, latin america region is very important, chile, mexico, brazil, how are they doing? >> we are the largest bank by value in the eurozone since about 20 years ago. that has been the case. and so we're very focused on europe and the americas. we generate 98% of our profits from 10 markets of which nine are geographies. so we have scale in-market and also global scale. as i was saying, how much we invest in technology or the fact
we have 140 million customers. that would be double the second biggest bank in the. maria: the eurozone has had a very tough time generating any growth and today we see the u.s. really being the jewel of the world, where that's where you're seeing lots of assets come to the u.s. first off, how is the u.s. doing, the backdrop, how would you characterize it? are we on the doorstep of a recession? >> so, i think the fact that we are expecting lower rates, means that the recovery could be more sustainable. u.s. is at full employment, basically, the lowest unemployment ever or in 50 years. so we see the u.s. consumer being very resilient and at the end, it's 70% of the economy. so our consumer business in dallas is doing pretty well. our bank obviously lower rates will not help margins but it should help volumes. so overall, we're very -- you know, we're very positive on this economy. maria: what about europe?
negative interest rates in many countries in europe, europe has a very tough time generating any growth. how long do you expect we're going to see these negative interest rates and what are the risks? >> it's hard to say. so clearly there's not just -- this is not just about interest rates an monetary policy, we ned to be working on, one is interest rates. on that, i must say there is no experience of a long-term -- except in japan -- long-term negative nominal rates and what that means for consumers, what will save us, i believe it's important that savers get rewarded but that also people that ask for loans have a discipline. we need to be a bit careful on that. what the net effects are for the economy. what it means for banks, what it means for overall jobs and growth around -- but it also needs to work with fiscal policy and we've seen germany announce a program so i think that is
something which is also going to be helping. we then have structural reforms, how much does europe need to change. this is a question that i think we should be able to answer. my view is that the european model has a range of options. when you're on the right side in terms of policies, you actually generate very good growth and spain is a great example. spain has grown for the last six years. 2 to 3%. actually, not very different from the u.s. of we've created 3 million jobs since the bottom of the crisis. so i think that is the other one. and i think many countries in europe either have done or will hopefully be doing these reforms. that's very important. maria: what about the u.k., do you expect that brexit will happen? lot of debate. we were expecting it at the end of this month. could it happen at the end of this month or are we talking about 2020? what's your take on this? you obviously are going to get impacted.
you're in the u.k. >> we have a great bank in the u.k. we're very proud the way the business has done. it's a difficult situation because for three years the uncertainty of course, the lack of confidence in what's going to happen, nobody knows. so this is making it difficult for business to invest and so i'd say the most important thing is getting rid of this uncertainty as soon as possible. there's a lot of discussion of an extension but the important thing is that there is a plan and we know what is the proposal so we can actually get rid of that uncertainty for business and people that don't really know what the rules are going to be. maria: final question here. as a woman in business, we see successful women, you have been able to do it all. you have a family. you have this career. you are running the chairman of santendere, a bank all over the world. what do you think it will take for women to truly break the
glass ceiling in a meaningful way. why aren't we seeing no more ces in the c-suite like yourself. >> it's great to be interviewed by a woman. the fact is, men rule the world. i was in a meeting in paris of the top finance aal companies in the world -- financial companies in the world a few months ago. there were 100 ceos. guess how many women? maria: three out of 100. >> three out of 100. i do thinker w think we have to. it's not just about gender and diversity. i think of other issues, we have to make sure that when we see something that's not working, we speak up and try to make it better. maria: generally speaking, women don't like to speak up. >> no. this is one of the things. so we fight internal promotions. men pull themselves forward when they're 50 to 60% qualified. this is em pir call in the he whole -- empirical in the whole
world. women, unless they're 100% or more qualified don't put themselves forward. this is happening. we need to make sure we get that extra help. i've always said there's a family tax which is paid by women. again, how do we fix that? soic there's things we can do better. maria: there's men on the boards, there's men on the executive suite. there's got to be something else somebody else can do other than women being more forthright, right? i thin.>> i've always a said it think quotas work. i think aform testify action does -- affirmative action works. i think making public commitments works. that's what we're doing. 20% of women in leadership roles, that's above the average than many other companies, we've committed to go to 30%. you were the first woman and the first person on the new york stock exchange floor, right? maria: yes. >> how did you feel? maria: i definitely was in the minority. you know, there was a lot of
suits everywhere and pushing me around but you've got to stay strong. i mean, you know, you're right about a woman having the confidence and needs to have confidence to push forward and have sharp elbows from time to time, unfortunately. it's great to have you. >> great to see you. maria: my thanks to anna boutine. coming up, actress under pressure, prosecutors are warning lor lori loughlin who insists she did nothing wrong in the college admissions scandal, they want more detail. and american made marinade, one company saucing it up with your barbecue, tasty flavor combinations that we are checking out. the storely coming up. -- story coming up. ♪ panama. ♪ panama. ♪ panama. ♪ panama. ♪ o have such a great trip. thanks to you, we will. this is why voya helps reach today's goals... ...all while helping you to and through retirement. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to
♪ saved by zero maria: welcome back. two major chains pulling e-cigarettes from store shelves. cheryl casone now on headlines. cheryl: kroger and wall greens announced they're no longer going to sell vaping devices, the latest retailers to end e-cigarette sales, joining walmart, sel cv s rite aid in t. manhattan couple set to be sentenced in the college admissions scandal, greg and marsha abbott pleaded guilty to
paying $125,000 to have their daughter's act and sat scores fixed. lori loughlin still insists she did nothing wrong. prosecutors say if the actress is convicted she will likely face a stiffer sentence than felicity huffman which could mean up to 40 years behind bars and more than $1 million in fines. huffman was sentenced to 14 days. lori loughlin's trial is set for 2020. well, more disappointing news for samsung. the company estimates its third quarter profit plunged 56% from a year ago due to weak demand for its memory chips. analysts say stronger smartphone sales could help drive a turnaround. and then there is this. instagram is removing the following tab this week. the thing that shows what your friends are liking or commenting on and who they're following, it's going to completely disappear from the app to make the whole thing more simple. that's according to instagram. thed product had said the
feature was causing problems for people who didn't realize their activity on the site was public. it was great for stalkers everywhere, guys. even this morning i found out that dana prino and mitch rochell liked a dagen mcdowell post on instagram. maria: i liked it as well. dagen au natural, when she woke up at 2:00 in the morning, looking absolutely gorgeous with no makeup on. i don't want the like button to go. i like yours. dagen: i don't want the like -- i stalk people too. i don't want that information to go away. but you're too kind. you are way too kind. [ laughter ] dagen: me and my -- i should say clean cleveland t-shirt that i got when we at the rnc in 2016. so i look forward to collecting more t-shirts next year. maria: all right. we're going to the convention. dagen: there's never been a more fascinating time to be in this business. >> but not with an elizabeth
warren t-shirt. dagen: no, cities. minneapolis, cleveland, the convention% in charlotte. >> and mil milwaukee. that's where the dnc is doing it. dagen: i already have a milwaukee t-shirt. we were there for one of the debates. maria: back to your instagram feed@dagenmcdowell,atatmariaba rtiromo. i love my instagram feed. it's no hate, just pictures. dagen: you love photographs, number one. number two, i love my dogs but there is no cuter dog on the planet than dusty. she is perfect. maria: charlie and ramone are pretty perfect as well. dagen: they've got problems. maria: we love our rescues, adopt don't shop. big business of barbecue, one company makes a delicious mark in the world of marinade and we're taking a look when we come back.
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there's no brittany. because as, bs and os determine your blood type. and we're missing all of them. that's why the american red cross needs people like you to help fill the gaps. schedule your donation at redcrossblood.org ♪ maria: welcome back. it has been doned the best basement in america and it's -- baste in america. it's made in america. they have headquarters in missouri, it is known across the country for the vinegar based cooking sauce. joining us now is the business manager, cory spate. thank you for joining us. >> good morning. maria: we've been looking at businesses that are made in
america. tell us how wicker's barbecue started and some of your most popular flavors and why you choose to produce in america. >> all right. so we were actually started in 1947 by peck wicker. peck wicker was a model citizen of hou hornersville, he worked a cafeteria worker and bus driver. in thon the weekends, he ran a barbecue shack. he sold the marinade, the same marinade we sell now. he passed away in the '60s but that's when the barbecue shack closed down. the marinade company sold a couple of times and it's been with the current owners for 30 years. we're currently sold in 1200 stores across the mid-south. our most popular flavor is wicker's original, and it's really close to the same baste that peck wicker uses. we're still made by hand daily
in hornersville, missouri and probably the biggest reasons that we're made in america is if barbecue sauce is made anywhere else, it's kind of counterfeit, isn't it. >> that's a great point. >> cory, can we get this stuff online? you sell in stores. you're relatively small but people are always looking for good flavors. can we get it online? >> yeah, we're available in all major grocery stores in the mid-south and we're also available on major retailers online. it's fairly easy to find. >> cory, how beneficial was the tax act for you guys to help expand your business or just run your business? because small, medium size businesses are actually the biggest job generators here in the united states. so how have you guys benefited from that? >> oh, the tax act helped us out a good bit, i believe. i think more people in our key marketing area had extra money to spend and our product is kind
of an everyday luxury. if people have more money, they tend to barbecue out more, rather than eating cheaper foods. so it helped us out by giving our consumers more money to spend. maria: real quick, how's business right now? how would you characterize demand? >> business is really good. we're about to see explosive growth. we're picking up new stores all the time. we anticipate our sales to double in 2020, to do double what we did in 2018. so we're growing really. maria: good for you. cory, good to see you. thanks so much. >> yeah, thank you. maria: we will take a break. when we come back, tanks and cars, a new way to blow-off some speed apparently using military hardware. wait until you see this, next hour, right here, mawvment we're talking -- "mornings with maria." we're talking live with charles schwab in the studio. stay with us. ♪
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maria: welcome back. good tuesday morning. thanks for joining us tuesday, october 8 your top stories right now just before confirm on the east coast china put full-court press on nba chinese states television halting, over the tweet from hooun rockets manager grows supporting honoring honoring protesters. >> more companies in pressure from beijing this is getting hotter in being if a, yesterday, when china asked about the u.s. plans to add 28 more companies to the so-called blacklist china was asked are you going to retaliate and they said. stay tuned gefrz on edge ahead of thursday trade talks with china futures extending losses dow industrials down 174 points s&p down 17 nasdaq down 44 china i threatening retaliation after uadded companies to the blacklist
maintaining american companies cannot provide technology originated in america to chinese bloomberg reporting the white house is looking to limits chinese stocks, within government pension funds major incomes down slightly due to uncertainty over china trade it is continuing the morning, the yesterday the dow down 95 points s&p down 13 nasdaq lower by 26. union indices this morning are also weaker take a look ft 100 down 19 points cac quarante in paris down 59d dax up down rather 130 points, the idea of brexit leaving with no deal, is increasing, in fact uk prime minister boris johnson change angela merkel brexit detail is essentially about about impossible. >> green across the board in asia hopes of a park deal between u.s. and china gains across the board, with korea japan, up about 1%, coming up
this morning top story u.s.-china tensions continuing bloomberg reporting white house looking to limit, the amount of money vested in chinese stocks within government punctuation funds director of national economic council larry kudlow talking about it yesterday. >> when we are looking at actually is investor protection u.s. investor protections, you are right quite transparency, and compliance with number of laws, there have been complaints, by the stock exchanges about this sec has heard complaints we have opened up a study group, to take a look at it but we're very early in our deliberations. maria: washington has added 28 companies to this export explicit on crackdown uighur muslim group high level trade talks to begin thursday once again joining us right now senior advisories for the trump 2020 campaign, former white house senior adviser
strategic communication, mercedes good to see you -- >> good morning thank you for having me. >> what is your take about human abuses, going on in china, we have known this is happening for sometime, that the -- chinese rounding up muslims million people putting in so-called, reeducation camps some people say they are -- they are a lot worse than that. as you know. what -- do you think this should be part of the trade conversation? >> well, i will tell you president trump addressed the issue of human rights, especially in what we've seen in hong kong, at the united nations, in the past few weeks. obviously, this is very concerning i think for the united states. i mean i can tell you, my husband matt was over in hong kong with hong kong protesters, where they made it very clear they said please thank president trump for what he is doing because he has been the only president who has been tough on china. and you know one of the things
that president trump has been able to do successfully which is one of the many things, that he has been able to do successfully able to put pressure on the chinese, when it comes to the issue of trade, and basically saying look we need to come up with a fair deal, we need to be able to ensure that there is free rereciprocal trade we are done with you stealing our intellectual property and technology, and past presidents have failed, so the president's position on china has been tough because he has applied tariffs on them and you have seen the economic slowdown that has happened in that country. maria: meanwhile, this is -- you know, this is really interesting to see what has taken place in terms of if domestic politics both sides agreed the president was right to push back on china, the president was right, to -- to stop this -- or at least try
to stop the theft of intellectual property yet now, with the impeachment inquiry you are not hearing a lot from left u.s. ambassador to eu ready to testify now behind closed doors, to three different house committees as democrats try to hide identity of the ukraine whistle-blower, i want your take on that first here is what president said about this yesterday. >> first of all, the impeachment inquiries a scam. the mistake they made opponents the opposition democrats radical left deep state whatever you want to call them they came out with a whistle-blower report before they the considerings had they waited one day nancy pelosi wouldn't say have made a fool of herself what they did is unthinkable what they did to this country is unthinkable luck i am pretty a lot of people said very few could haenlt it i sort of thrive on it you can't impeach a president for doing a great job. that is scam the people --
>> your reaction to all i want to point out that about typically for 214 years of america, when you have an impeachment process, it is handled in the judiciary committee this is where jurisdiction is judiciary committee nancy pelosi gave it to adam schiff to do in country teintel committee close door hearings american people can't hear any testimony from these people. >> that is right, maria i think that there is two stories here one is you have president trump, who has been incredibly transparent in this process. he made the transcripts public immediately. right when nancy pelosi was -- moving forward on this impeachment inquiry, then on the other side of this is the democrats just craft craft ing false narrative behind closed doors pushing out to the public in terms of talking about impeachment inquiry yet won't hold a house floor vote.
because they know that politically it could be a disaster, for moderate the democrats in trump district it is a challenge i think for democrats more so what is so disgusting is the fact the democrats continue to try to build up this narrative on there was a quid pro quo, when -- when call happened pejust jumped the gun without facts, without being credible, and i think the president is saying look, here is transcript even ukrainian president says there has been no pressure that has been placed on ukrainian president because i can tell you i have been in the room with president trump when he has said has talked about just foreign aid in general, and how many countries take the foreign aid and their corrupt governments misuse funds the president tries to to be very responsible when it comes to this issue of foreign aide i can tell you when it comes to the president, and ukraine for
instance, i mean it was very clear, that -- that it was separated, the president did nothing wrong. maria: the other issue about adam schiff he told us he never met the whistle-blower we learned in fact he did meet 2 whistle-blower there was period of time there that the whistle-blower had reached out to adam schiff's committee, and then there was 18-day period before it was actually brought to the i.g i am wondering if democrats coached the whistle-blower in terms of how to answer questions, how to testify, the way they coached creates dean blasey ford in the brett kavanaugh hearing. >> it would be interesting to get all the facts, sadly schiff can't get facts straight lies did not have direct contact with whistle-blower, he comes up with a fabricated dialogue, about the president and whooped with the president and ukrainian president on the call it is a disgrace, and mere fact is that schiff should resign, because of
misleading the public, when it comes to this -- issue on impeachment. and i can't believe nancy pelosi is supporting schiff on this effort, the fact is she is a weak leader, and she has fallen into the hands of the squad, and lielying schiff i thk created chaos in democratic party. >> jane brennan says he wants to protecting identity of whvb we know he is feeling heat because of his role in the a outrage of bdonald trump cia in rush probe so-called collusion had country in arms two years. i wonder if the president is making a mistake on his mid east decisions to withdraw troops from syria, aub number of lawmakers have spoken out against if president plan including mitch mcconnell, the president wants to bring troops home i know has been a
campaign promise but mercedes is he walking on eggshell with this decision is this a big mistake? >> well, i mean the president obviously, has been very firm in his position, he also has talking about ending theses endless wars making a strategic shift when it comes to our involvement in complex wars, so in essence the president is saying turkey, do -- european union we need you all to share more of this burden. so the president made it very clear also sent a stern warning to erdogan saying if any missteps here we can destroy your economy i will do it the one thing about president trump is that he will stay true to his word. >> 2020 on the horizon, who is the best person to go up against trump on democratic field from your standpoint? is this is going to be elizabeth warren versus
president trump? >> you know it could be i think the democrats need to figure out where their heart is, what we're finding is that there is a divide within the party where there is that attraction towards elizabeth warren because of the fact, that she is pushing forward a very far left agenda. and when it comes to you know basically going after corporate america, business america. that is, i think, incredibly disturbing not only for the corporations but specifically for the workers, who are basically you know the corporations excited to invest in america, they are the ones have brought in you look at economic success story because of president trump his policies, then you would find contrast when it comes to elizabeth warren, villianizing anyone deemed to be successful in america i think that would be incredibly problematic for democrats for biden there are
realities what you are seeing between his son, and his engagement with ukraine and china there is a need to investigate in that area and he has become a weakened candidate. he barely can defend his son hunter, at the same time he has no future vision for america he only talks about the past. which is that of obama years we know something american people rejected when president trump won. >> thank you very much from washington joining the conversation this morning, charles schwab corporation founder chairman charles schwab had breaking news with disruption for all financial services last week going to talk about that host of "varney & company" stuart weighs in don't miss a moment big rest of the hour take a break then china versus nba state tv halting all nba broadcasts amid growing backlash ghievenz manager breaking it down praise at
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backing hong kong protesters haunting nba cheryl casone with more. cheryl: yeah, a lot going on maria china's state broadcaster will not air nba preseason games scheduled this week china saying they will halt contract negotiations with league all this crossing the last hour houston rockets manager's tweet supported protesters no hong kong sparked widespread backlash throughout china, cctv says any comments that challenge
the sovereignty not win franchisee of speech. >> speaking in japan said organization, support franchis freedom of xrefks. >> long-held values of nba to support franchisee of expression, in this case there are more asked gm houston rockets enjoyed that right as one of our employees. cheryl: nba resisting beijing pressure to punish and the league was criticized by u.s. lawmakers, over its earlier statement that said it regretted the remarks, nba -- the creators of southpark issuing a sarcastic apology to china after show was banned there because of a recent episode about beijing censorship.
>> movie will make money make sure it will clears chinese krenzors we want those chinese viewers. >> official southpark twitter feed said this like nba we welcome chinese censors into homes and harts we too love money more than freedom and democracy xi looks like "winnie-the-pooh." >> the episode long live great communist party in china be good china, made a good joke about it. there you go. maria: funny. cheryl: whole thing. >> it is what statement great dagen mentioned the statement beginning of the show you were right that was -- southpark style. >> harvester to typically -- more tractors than ever before. >>. dagen: stick that censorship where the sun doesn't shine my mother would say. >> it goes back to you know, sports are supposed to bring
people together so this could have been an opportunity to talk you know about how you know, we're crossing you know -- the country lines about ideological lines now showing further separating us even further so i think that is the biggest issue we are having because china's way or highway for them, so you are seeing that happen with u.s. companies, over there, too right you have to do business on their terms. and also take your intellectual property no recourse for it so the problem now that we're having is -- is how do we actually enforce sanctions how do we enforce any deal that they may strike with us, in united states. >> very simple we are doing it today doing 28 blacklisting 28 companies doing business with china you hit specific bad actors more attention than broad behave. >> chinese government has noefsh to say we are not going
to be oppressed make no mistake the only people o pressing chinese people is communist party. >> how efl evil imagine deprooifg people of basketball. >> how plultiolluting the world are under for plastic views? chinese have 20 times as much plastic than united states so that stench in the air was so bad i always wanted to go back for hotel rolls so i could get away you couldn't get away from it even in hong kong it was so -- not cloudy but foggy because stench in air from all the machines, and the production, producing goods for the world. dagen: america is evil empire because we are ruining mother earth because we use plastic straws. >> emissions reductions. >> bad environmentalists come with dictatorships.
maria: quick break i sit down with charles schwab, his take on china tray market volatility investing new book vested, ellen degen degeneris fighting back, back in a minute. have debt we might d ie with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right - by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network.
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maria: welcome back boeing this morning down about 1 1/2% on potential dla is to return of the 737 maximum, gerri willis on the floor of the new york stock exchange looking a the that dow deponent good morning to you. >> set stow open lower on trade worries u.s. adds chinese firms to blacklist meanwhile, boeing down 1 1/2% on friction between u.s.
european regulators don't think plane is safe because of software problems grounded 8 months southwest air also pilots suing boeing that news this morning as well over lost income, finally antitrust probe of facebook gauge momentum 40 state attorneys general taking part you see stock down marginally a half point, it is led -- the new york has led that probe but more and more states climbing onboard we may get more than 40 -- wait and see back to you. maria: gerri i think coming up charles schwab is here founder as well as chairman, chuck schwab his take on china trade situation market volatility investing day on his new book vested. >> crushing a car with 35 on the tank might do the trick off road experience coming up wait till you see this. back in a minute. ♪
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maria: welcome back. good tuesday morning thanks so much for joining us i am maria bartiromo. tuesday, october 8 your top stories right now 8:29 a.m. on the east coast, investors on edge ahead of thursdayos pors talks with chinese officials futures extending losses down 171 points right now, china premier on his way to the united states will not be labeled as special envoy cannot make promises on behalf xi jinping. we are waiting on more news out of china talks and right now, we are waiting on ppi. producer price index a window to inflation european markets looking like this this morning, european indices down across the board, ft 100 down 20 points cac quarante paris down 53 dax in german down 122 uk prime minister boris johnson telling automate automate a brexit deal incredible impossible if eu
demands northern ireland stay in the region customs union in asia overnight green across the board trade smo., as you can see, korean nikkei up 1% others fractionally moving, overnight in asia top story this half an hour brokerage firm charles schwab slashed commission rates to zero making it easier, cheaper than ever for customers to invest in trade this led to a rate cut among xors td ameritrade etrade wondering whether the model can sustain itself joining us to talk more about that new book, the founders of charl charles corporation with us. >> we have known each other 25 years i love coming on your smo. >> i really pressure that thank you so much for saying that you have been sufficient an incredible leader in this industry for 25 years that i know you, with integrity that is why the firm is trufrtdz tell me how things have changed over the 25-year
period. >> well, first of all, i loved investing i love people who love to invest. and i have always want to make it better easier, cheaper for people to invest get more people, into our democracy in terms of free market capitalism, and so we have done it started out, rates, 35, 40 years ago, we cut rates then when did the decommission the regulation thing in 74. we have been cutting, cutting, cutting now, now zero just wonderful. >> i want to ask about that because you know this was like, the issues bow this was a really huge decision in financial services so many of your competitors followed suit immediately how significant is it for you in terms of margins earnings, what do you give up going to zero in commissions. >> we give up about 4% revenue we have been providing free trades for many of our services along the way, and so
we are accustomed to doing that completely universal everybody can come in schwab get a free trade do other business the 95% business comes from, different kinds of accounts, it could be income accounts could be portfolios we try to be about the modern wealth management firm have a breadth of things of services a bank that helps out too so we will do just fine, and i suspect we might get more business because of the free offer. >> "barrons" wrote this weekend saying schwab drives more than half revenue from net interest income and for every quarter point cut by federal reserve, you will lose 75 million to 150 million revenue for every quarter point by fed, how impactful has that been. >> interest rates go up and down. just like the rest of the markets now interest rates are down as economy moves along it
will probably go back up again we're not particularly worried about that there will always be interest rate, some people feared interest rates going to zero that will not happen you are not able to borrow free money that is not ever happened in lifetime. >> europe is going negative. >> maybe governments can for free money not very long. >> let me take you back to what you were just saying in terms of of the 25 years we know each other just got the ppi number it was down 3/10 of a percent estimate up 1/of a percent no inflation out there row would you characterize the backdrop how that is that changed. >> i mean you couldn't have a better economy, i mean unemployment rate being so low, it is incredible. >> 50-year low. >> we are in a robust economy, and many people when things are going well, a lot of people like to talk about well not going to be that well forever you have to be
optimist the market will dip some point in time we all know that you have to hang in there, and continue to enjoy the growth that will come, growth takes place not over a day or a month it takes place over a year, two years, three years you have to be patient, if you are investor the only way you can really make good money would be patient. >> i think overtime, people have trusted schwab not just for you know the nuts and bolts in terms of doing things cheaper than other people built also, for things bike advice you have created this wealth management companiy over years when you first started i was first in the business, it was really arming investors with right information to make those decisions today investors are smarter than ever have been right. >> one of the purposes behind me writing the book history of schwab was to let people that customers know what we stand for our values, make sure our employees understand that, too.
it will be permanently cast in stone, that will never change our values for our customers, so that is that is a good part of the -- is about what we stand or -- >> how hard was it to start schwab back then? and could you do it today the same way? because, we have a lot of small business entrepreneurs on this program we are vested in our audience i know there are small business managers looking at you saying wow look what he created, he is icon. >> it was very difficult, because we didn't get support of wall street we were creating, competitor. >> charged high fees -- >> they loved that fee, here is this -- west coast, reducing fees so we didn't get a lot of support from wall street so i had to go to friends, family and that, to do the early financing. >> yeah, so how did you start what was the initial money that you needed. >> is if i had four people i think we had around 100,000 dollars. >> about unbelievable.
>> about incredible. >> now -- 20, 30 billion dollars in terms of -- not market cap but much more than that in terms of money in the company. >> it is a great story, i am really glad you put it on paper to show us the evolution of schwab and your role in financial services your stock traded down on announcement down a percent a couple days on idea you are not going to have you have free trading, and no commissions, do you think the market misread that? >> no i think it was a natural thing to do because our -- revenues will be down slightly a periods of time until more business comes in that is what we really we are about a growth company, we will continue growing, we grow every year, nice pace, five to 10 percent per annum i hope will continue going forward, out of that, you know we have also a been able to find some way to make additional money we will gr.
>> where does growth come from at schwab in your view this speaks to what is happening in how investors are making different choices. >> financial services. >> every won needs to save, of course, for retirement, what is happening now 10,000 people be carrying every day they need help in retirement planning, and retirement income and so we have solutions for them and we will continue to be we think that is a big growth area for us retirement area. >> even though lindsey group reported income inequality tightened people he money to invest there is a thought that a lot of people don't even have enough savings. >> pretty -- >> what is the best advice for people. >> get started early. >> tell your children get started early, open a account at schwab free trade that is start when in 20s, 30s, do your 401(k) ira accounts free
money in 401(k) start right away don't hesitate just make it happen. >> you start you talk about starting your firm in the book, vested, and the idea of consumer freedom when it comes to investment you write how would my firm differ from kinds of firms ruled wall street so many years for one thing i meant to serve entirely new client base, so that new client base, where those people who felt that they can make investment ideas investment citizens on their own. >> that was who -- tried to attract people who could make decisions on their own have inspiration to build nest eyeing over a period of time the group after now broaden our view to help people who need more help. so we don't exclude those as last 35 years we have taken on more about complicated situations to try to help
people with wealth management approach. >> what can you tell us from experience in terms of the bank the individual today in terms of broad economic backdrop you said unemployment 50-year low but do you see any cracks in the horizon in terms of of a recession at hands? >> i don't see any. but it is also a possible, very -- almost impossible to predict what is going to happen tomorrow we just don't know. so we for -- if you study history, of stock markets, or economies there ails undulati. ons, upset answer downs we have to live those most did i when it gomes down you g in to think if you have experience would i like market go down i can get a cheaper price, when market goes down but you have to have emotional strength to live through that more difficult time period because every news will be negative network about negative you
have to volume that national instinct to sell at wrong time. >> the deregulation has been a really important part of the economic growth story out there, what do you want to see in terms of the regulatory environment for financial services right now. >> i think it is important that we have a very strong regulatory scheme i think that gives confidence to all of us will use it, it is amazing you see the internet how much traffic in terms of financial traction, i wouldn't make any big changes, i think we are at a state, that we are very confident, that we have trust in our systems, trust in our institutions, we have good capital base behind banks, that was -- on the margin there could be improvements make us more efficient what we are all about trying to be very esht if as a company, keep our costs low provide our clients, low prices that is -- i think a good -- win-win for certainly everybody.
>> you have been a gop dorn what is your take on this most recent upset around president trump democrats want to impeach him. >> well they have one -- that is nothing new at all it will continue whether this this subject matter gets over, it will come up with a new one, so until the election, that is when they really have a chance to throw him out of office. if successful. >> that is what america is go vote. >> go vote. >> on twitter on social media. >> every four years they want to do it a different way somewhat discouraging to me we all future what when obama was elected 8 years of him some not particularly happy with some policies would stuck with it waited for the next election. that is what we do in america i hope we continue doing that as philosophy off if most of us. >> president pushing back on
china bad behave. >> we are in hong kong have been there 25 years. has been a great place for us to do business, we like going to mainland but we were very nervous about giving up any intellectual property to the government there the military ends up earnianning owning hopeful-changes in agreement so we can go into mainland china we will see, it is a communist country they have different ways of thinking about things, fair trade is not fair trade the way we think about it, fair trade is sort of chinese way to think about it. >> chuck tell me about technology, fini fin tech growi sector you have used technology very effective way for investors consumers. >> technology to us having been brought up in started company on west coast we are
totally imbued in technology, the only way we can -- end up being really low cost provider in the financial services we have lowest covets because of technology, thank goodness for that. >> do you see that in terms of having be used by users consumers how are they benefiting from tech? >> speed, oakcracy availability 24-7 incredibly flourishes our clients wants to get familiar with it, love it because of accessibility. >> sounds you are bullish more bullish than before owning stocks in america. >> innovations is what america is all about free enterprise what we are all about, very optimistic. >> great to have you book a great read on chuck schwab building growing the he is charles schwab, investors millions across the world in
35-year period chuck schwab, fox news learned that gordon united states ambassador to european union will not come for testimony his lawyer says trump administration directed him not to appear for scheduled dpepgs of the house of representatives, in statement, says he is ready to testify, whenever he is allowed to appear, we know that appearance will be behind closed doors, in secret but we will not know what happens now we know he is not coming, ellen degeneris hits back at critics forced to did he have friendship with george w. bush, the thrill of operating 35 ton tank, rolling it over car wait till you see that we are back in two minutes' time. open an account. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero
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responding to backlash on twitter defending friendship with president george w. bush "varney & company" host stu can you believe has to defend a friendship. >> isn't that extraordinary. >> unbelievable. >> it is one of the big themes on my show is free speech. free speech u.s. executives happen to be doing business in china do they have free speech yes or no. >> for administration officials speak at universities at georgetown law school i think a couple days ago the department of homeland security acting director shouted down couldn't speak had to get off stage shouted down, no free speech.
then, we've got ellen degeneris, good for her! a picture of her tan next to bush 43 at football game, photo gets out, social media goes bananas on this thing very hostile to ellen degeneris she comes right back at it and defendst being friends with some won might not see things the same way that you do i think a wonderful thing ellen said, just because i don't agree with someone on everything, doesn't mean that i am not going to be friends with them, well, well said well said indeed, we need a bit more of that in this country a lot less of this shouting down and intense hostility to political opponents. >> people are sick and tired of shaming, constant shutting down of anybody who has a view that might not be in line with someone else's stu spot-on. >> doing it now. >> china doing it for decades,
facial recognition cameras don't help see you 10 minutes i know a lot more on this "varney & company" top of the hour 9:00 a.m. eastern every weekdays join stuart 10 minutes, first have you had a rough day crushing a car with 35 on the tank might do the trying to make you feel better, does it help gary? >>. reporter: yeah, i am -- driving a vehicle, pickup truck -- just a minute. ♪ ♪ nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪
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♪ maria: market down 175 points on the dow. final thoughts from our all-star panel. steve forbes? >> all depends on trade. if they get a trade deal, you will see this market rise 20% in a matter of months. we don't get a trade deal, we are going to see it go sideways. maria: we will see about that. thursday's the day. >> investing in the u.s. is the best place to be given the fact we are 70% of a services economy, services are doing well. i'm with chuck on this. let's stick to this market and invest locally. maria: ahead of third quarter earnings. start next week. dagen? >> this is an impeachment show.
we aren't allowed to call it impeachment anymore. it's by fiat, by decree. vote and then you will get the powers afforded to the house under an impeachment proceeding. until then, no body and nothing. maria: it's all done behind closed doors in secret. "varney & company" begins now. have a great day, everybody. stuart, over to you. stuart: good morning, maria. good morning, everyone. the nba which does a lot of business in china, has run right into the buzz saw of chinese censorship and repression. a clear warning to american executives, keep your mouth shut about hong kong or anything else concerning china, or else. this story is exploding. here's the latest. nba commissioner adam silver has defended free speech. this follows the houston rockets' general manager who tweeted support for hong kong protesters. china's response, immediate. there will be no broadcast of preseason nba games in china. the two biggest online shopping sites in china have st