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tv   Cavuto Live  FOX News  August 24, 2019 7:00am-9:00am PDT

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♪ ♪ >> protests heating up, the global economy slowing down and now all g7 leaders are preparing to sit down. where is this going? ambassador to germany rick ranel is talking. the trade war with china escalating as president trump and china's xi jinping go tit for tat on tariffs, stocks reeling, will consumers be paying? and are more tax cuts coming? we will hear from top white house economic adviser larry kudlow and findings of attorney general bill barr deep dive of russia probe are nearing, bob goodlatte on who should be
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worrying. cavuto live starts right now. ♪ >> welcome, i'm david asman for neil cavuto, john roberts, it's all going down, john. >> david, good afternoon to you, president trump just finished lunch with emmanuel macron, bit of a surprise, we weren't expecting him to have lunch with the french president, we didn't expect him to do anything until tonight. the two leaders did sit down and the president saying that despite recent tensions including france's decision to tax american tech companies which may result in president trump's slapping tariffs on french wine, the relationship continues to be strong. listen to president trump here. >> we actually have a lot in common. we get along very well.
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special relationship. >> bilateral meet negotiation g7 sessions, president trump will be driving progrowth message talking about what he has done in terms of cutting taxes and regulations to keep the economy humming. in lunch meeting macron said that european countries are talking about cutting taxes and the president will urge reform in world trade organization because he's complaining that china has totally gamed the system. and hanging over the summit, a lot of uncertainty of where the global economy is headed because of the escalating trade war with china, yesterday china announcing it will stop tariffs on $75 billion on u.s. goods on september 1st, the president retaliating by adding 5% tariff to $550 billion of tariff goods, tariffs that exist already on $250 billion of chinese goods will go up to 30% from 25% on october 1st and then the president's plan to put 10% tariffs on $300 billion of
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chinese goods will increase to 15%, some of that will go into effect on september 1st, but in order to protect american consumers, higher prices before the christmas season the president will delay till december 15th, leaving the white house last night the president said he has no choice but to take on china because of its trade practices but insisting that the u.s. will ultimately prevail in this game. >> we are having a little spat with china and we will win it. china has been hurting our country for 30 years with the money they've been taken out. other presidents should have done something about it. i'm doing it and i have no choice because we are not going to lose close to a trillion dollars a year to china and china understands that. >> in a tweet that surprised, shocked a lot of businesses yesterday the president ordering u.s. companies to find alternatives to doing business with china while some companies are worried and wondering where the president is serious posture and the president insists he has
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the authority under the 1977 international emergency economic power's act to order exactly what he ordered yesterday and the president taking another swing at the fed chairman jay powell saying that he is not happy with him, that powell is not a good chess player, the president said upon leaving the white house last night and then tweeting who is the bigger enemy, jay powell or xi jinping. [laughter] >> those are surprising words coming coming from a u.s. president about head chairman. >> you always think he won't sur produce you even more and he manages to surprise you even more, john roberts, great report, appreciate it. great turmoil front and center, president trump wants that to be a major topic of discussion tomorrow, to the u.s. ambassador to germany, rick granel, ambassador great to see you, first on china, how will the china trade news color this
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meeting that's going on in france? >> well, look, i'm sure that they'll talk about it because the g7 is designed, it was created to bring the largest economies together to talk about growth and that's exactly what president trump has been doing, you know, we think that if the world wants to grow they should really copy exactly what the trump administration has been doing, we think fe -- phenomenal growth, all of the other structural reforms, the deregulation, the tax cuts that we've been doing, so i think the china piece will definitely come up but there seems to be agreement here in europe from all the ceo's that i've talked to, the german ceo's and others that china doesn't play by the rules. david: sure. >> we invited them in wto because we thought that engagement would create a better
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rule of law and democracy and capitalism and all of the things that the g7 stands for but what we found out that it was a mistake to put china in the wto, they have not moved towards greater reforms and that's one to have issues they'll discuss. >> we are just hearing that the new british prime minister boris johnson with whom the president has a terrific relationship is going to ask him to dial back a little on china and larry kudlow has said in the past, larry is with the president on his trip right now, chief economic adviser, it'll be best to approach china as a united front, all european nations together, it does seem, though, boris johnson, one of the closest allies of the president telling him to dial back that there may be problems with united front against china. >> look, let me be very clear, if we need united front, europe needs to dial up and we don't need to dial back, our economy is the one that's humming and i
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hear every single day that german ceo's are racing into the u.s. because of the progrowth strategies, look, the german economy is struggling, people are looking at the largest economy in europe and they are trying to figure out what to do and what we are trying to say is when we go to g7 and we are supposed to talk about growth, follow us, do what we did, there needs to be in europe, there needs to be a plan that has a deregulation aspect, a fiscal expansion with some sort of tax cuts and we all know that we need to have regional architecture -- financial architecture that's structured better and those are the issues that we should be talking about and i would just say to european allies and european friends, dial it up. david it's interesting, larry kudlow had piece in wall street journal today saying exactly that about g7, 1983 after ronald
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reagan had a very successful turning around of the economy because he deregulated business, because he lowered tax rates, and our economy was humming then it seems like it's redo of trump going to europe. >> i think what the media has to do, they have to look at the bigger picture, we have largely a media that races to government to talk about, you know, what's happening in the economy and i think they missed the other piece and the other piece may even be larger which is the private sector. what i hear constantly from german ceo's, european ceo's all over from brussels, all the way across europe, what we hear is we need to get to the united states in order to expand our businesses because it's not working here in europe and so if we want to get to that higher growth president trump talks about 3.5, 4% gdp growth, if we are going to get there, we need
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europe to -- to also fix its economic models so they too with grow and we can all benefit, what we do know that when europe grows america grows and so we want them to get the issues right, but i think that they have to be the ones that splitically decide -- politically decide to go down the roads and political expansion. david: two negative quarters, definition of a recession, uk the same way, boris johnson has policy that he's going to apparently implement, not so on the mainland, though, and politico just got a draft document from a bunch of european leaders who were going to be pushing their radical plans to raise tax rates on u.s. companies, raise regulations on u.s. companies, possibly even put in tariffs, new tariffs on u.s. businesses in europe, how
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strong is that force among european leaders and does it concern you? >> well, again, i think if european leaders want to implement progrowth strategies that work, they need to listen to their own business community because the business community throughout europe is really with them, they've decided that we can't keep having the -- the government increases on taxes and regulations, that's not how you expand and the united states is the perfect example, the trump administration has really shown the way and how to do this and so i think it's important for media. i know i'm going to go back to this point, i think it's important for the media to also interview the private sector ceo's who are creating the jobs because if you just raise to government spokes people on how to grow of the economy you will get the same old arguments that
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europe has been trying, look, we haven't had a structural reforms in europe or even if germany in a very long time, it's over due. david: i think you're exactly right, ambassador, great to talk to you, you know, it's extraordinary, few ambassadors, that are as blunt as you are, it's always a pleasure to interview you, i appreciate you coming in. >> thanks, david. david: stocks selling off after president trump firing on china, going tit for tat on tariffs, can the consumer handle it all, we are on it. more tax cuts coming, confusion this week, white house economic adviser larry kudlow clearing it all up, he's here. ed it. at farmers insurance, we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪
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means for you. >> one thing that we do know is escalation of u.s. and china trade war, president trump, of course, announcing that virtually all of china's shipments to the u.s. will be taxed, we will go through some of the numbers, the u.s. be raise existing duties on $215 billion worth in chinese goods to 30%, so that was up from the originally panned 25%, that all happens on october 1st and this is according to the president's tweets. the tariffs on another $300 billion in chinese products will take effect on september 1st, they will be at a rate of 15% versus the previously decided 10%, we want to take you through some of the list of goods, you will see on the screen, laptops, iphones, ac units, then you go into a consumer, seafood, fresh garlics, carrots, friday morning china announcing new tariffs on $75 billion in u.s. goods and a
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lot of that is targeted to american cars, auto parts, when chinese people buy anything u.s. auto related, long story short, they will pay more, 5% on auto parts, the products chosen very much with purpose, the chinese government is targeting american made products in western states, president trump as you recall carried states in 2016 election, he needs to win them to rewin the election, michigan and ohio, biggest concentration obviously of auto manufacturing and the michigan race so close in 2016. iowa, largest producer of soybeans and that's a product that the chinese have also targeted. here are some other american product it is chinese businesses, chinese consumers will pay more for. you have coffee, shrimp, oysters, ice cream, beer, sparkling wine. china plans to copy u.s. schedule, two batches
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september 1st and september 15th basically nearing what the trump administration outlined, tensions high as we recall friday morning, president trump ordering u.s. companies to find an alternative to operating in china, stock market as we know sold off and business groups even publicly really worrying, national retail federation spokesperson said it's impossible for businesses to plan for the future in this kind of environment, david, back to you. david: what a friday that was, you know, that was the end of sleepy summer fridays as far as i'm concerned. so what does all mean for growing economy and growing fears of recession, steve forbes, trump 2020 advisory board member madison and dierdre bolton, incredible. steve yesterday was an extraordinary day, we had all of these first the news from jarome powell, head of the fed, news of china's tariffs and the
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extraordinary tweets from the president talking about really ratcheting up the battle on china, what do you make of this all? >> the good thing that this thing can ratchet down with a tweet. david: does look like boris johnson for one is going to ask the president to dial back a little. >> the key thing is happening, david, uncertainty, when you have uncertainty, that's less investment, even though the consumer is spending a lot more, if you don't have investment this economy will eventually slow down and that's -- we also part of global economy, we were back in 1930's, last time we had a global trade war, primarily with us and china but those results were devastating and we don't want this to happen to us, but, so hopefully they'll pull this thing back. david: madison, there were trump supporters who were nervous by the tweets wondering where it all ends, how would you try to calm their nerves?
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>> well, i think the number one thing that i'm hearing out of people in ohio that would be affected greatly if the trade war to escalate, the fact that they support the president because they feel that china has taken advantage of the united states for far too long, they look long term as to what the disastrous effects could be if we had no president or no leadership to address this with the chinese government and with china, president trump had stood up, he's fought for the american people, he's putting their interest first and i don't think he's ultimately ever going to do anything that's going to negatively impact people for a long time, let's not forget the economy is booming, people have jobs that didn't have jobs -- david: better job's market than i've ever seen. >> exactly. david: dierdre, one line in particular that stood out for most businesses particularly those who have business in china, i'm going to read it here, this is president trump tweeting out yesterday, our great american companies are hereby ordered to immediately start looking for alternative to china including bringing your companies home and making your
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products in the u.s., an order to american companies to bring their businesses back home. >> david, you were onset with me, all together when the news broke, there's a question of the legality, i don't know, but farce what can actually be done as i see it, a president cannot, i supposed he could cite a national security risk, i mean, there are ways to do it, it's just never been done before taxer doesn't mean that it can't be done but it's -- as most legal experts say it's more about tone and clearly -- david: the tone in the past right after he became president he did put the own uis on a lot of businesses to come back and a lot of businesses did come back. >> certainly did and other areas in the region that may be easier for american manufacturers to work with, we talked about vietnam, for example, as one place in particular, south korea. >> limits there, steve, that's the point. it's not easy because you have to build infrastructure that
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china has been doing for the past 20 years and places like vietnam -- >> it's not like changing the pitch in the middle of a baseball. takes years to put together. >> tariff is word for sales tax. uniting with european allies and finding ways to change this behavior, but tariffs hurt everyone, yes, they hurt more but we are hurt too. david: madison let's make a point that the president has made, international emergency economic powers act of 19777 does authorize a president and i'm reading from it to declare the existence of unusual and extraordinary threat to the economy of the u.s. that originates in whole or substantial part outside the united states and gives the president authority to do -- tell businesses to come back. >> yeah, he wants to put the pressure on and a lot people say this hasn't been done, he won't
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be able to do it, that's what they said about a lot of things, obama fed chair said there won't be a recession. >> another 2020 democrat out of the race, 2020 presidential candidate and ohio democrat congressman tim ryan, he's joining us next. music (plays throughout): [ 'watch me walk' by spencer ludwig ] yo dj, can i put in a request? ♪ don't have no sass about this ♪ ♪ i'm on my way i'm on my way ♪ ♪ can't take no class about this ♪ ♪ i'm on my way i'm on my ♪ like this! ♪ this is a moment you plan for. to start your investment plan, find an advisor at massmutual.com sfx: [ mnemonic ]
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david: 3 democrat presidential candidates dropping out this week, the latest seth bolton says it's really a race of 3 others, seth calling democratic primary 3-way race between joe biden, elizabeth warren and bernie sanders, he also says there's a real fear that the party is moving too far to the
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left, 2020 democrat presidential candidate tim ryan join us now. good to see you, congressman. >> good to be with you. david: do you have any plans to quick? >> weare just getting started. bill clinton got in presidential election in october. it's just august, even insiders are just starting to pay attention, once after labor day comes and some of the early states that that's when you start making your move and we've been crushing it, i'll be honest with you, we've got standing ovation at iowa labor conference and in new hampshire and we crushed it yesterday a couple of times at the dnc and just getting started. david: you didn't qualify for next debate, without that exposure, you will have to rely on a lot of money that you don't
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necessarily have. >> well, the qualifications for the october debate are the same ones for the september debate, so we are going to keep going, we are picking up steam on the ground, we are getting endorsement tons ground, we actually have two key joe biden people, representative fletcher smith just came on board for our campaign, we have 3 really popular councilman, one is the highest vote getter dan o'neil, bill, and -- >> you are seen one of the few moderates left besides joe biden, what do you offer that joe biden doesn't? >> well, i'm very firm, you know, on the china stuff i think we've got to take on what china has been doing and i'm very -- david: supporting the president on this? >> well, i think the president has botched this thing, out of the gate i agreed with what he was doing. david: he's been firm. you said he botched it, how is
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he botching it -- >> he has to get a deal. david: get dean or be tough as he's been? >> you have to do two things, you have to have a plan and outcompete china, there's no way to do this through trade and tariffs and all the nonsense, you've got to outcompete them, i have a plan on how to build electric batteries, build batteries and chief manufacturing officer that will drive this for office, china dominates electric vehicle 50 to 60%, china dominates -- >> that doesn't sound like a smart strategy. >> people didn't know what an iphone was either. you have an agenda and you're building the charging stations, this is a multitrillion dollar industry and china is cleaning our clock, you want to beat china, outcompete them.
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build those cars in youngstown, ohio. david: that's what the president is saying? >> they are not doing it, they are closing factories in my area. david: would you do what the president said he was going to do yesterday, impose restriction on what companies can do overseas to force them to come back? >> well, it's funny how he runs calling everybody a socialist and he's the one that wants to tell companies what to do, isn't that ironic, so i think you outcompete them, you got to balance the trade and you have to talk about cheating on intellectual property and you have to be firm on them and i have been my entire career, i was the first one to drop bill on china currency manipulation 17 years ago in congress. david: true. >> i have watched this movie before in youngstown, ohio, that's why i know it better than the president and i will do a better job doing this. you have to get us making stuff again in the united states. david: it's interesting that you mention that because we, of course, we have a terrific job's market, nobody can deny that right now, we have more jobs
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than job seekers and particularly manufacturing, i know manufacturing has been kicked around the past couple of weeks, we have created 500,000 new jobs in manufacturing, so again, hasn't the president been following what you said should be done? >> it's not just about the jobs, it's about the wages and 75% of the american people are still living paycheck to paycheck. david: wages have gone up faster during the president's term during obama administration? >> there's been technically they went up just a -- david: 3.1%, that's pretty good. >> here is what people watching your show are thinking, this is the stat, ceo's pay went up 149% since 1978, the average worker's pay went up 12%, the anxiety is still out there, that's why i'm saying i don't want to talk about $15 a job, 30, 40,
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50-dollar an hour jobs. how do we create the jobs and i've got the plan to do, we will make -- we will make electric vehicles, we will build solar panels, build wind tush -- turbines, these are the jobs of the future and pay, 30, 40, 50 bucks and anybody who thinks what i just said make sense go to timryan.com, i will provide stability, send me money and keep me in the race. we will give donald trump a run for his money. believe me. david: great to have you on, please come back and see us again, all right. >> i enjoyed it, thank you. david: north carolina becoming the latest immigration battleground, find out what the governor there just did that's not sitting well with former acting ice director ron vitiello, he's here next.
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david: north carolina's democrat governor vetoing a bill that would have required police to cooperate with immigration enforcement officials on illegal immigrants, so how will this impact ice operations in the state? joining me now is former acting ice director ron, good to see you, sir, thanks for joining us, to set this up, one reason that the bill passed, the bill the
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governor just vetoed was because a number of illegal immigrants let out were committing further crimes and they felt that they had to do something, what do you think of the governor's veto of this bill? >> i think he's made a mistake, i think he will life -- life -- live to regret it. these are people who came to the country, are in the country illegally and went onto commit crimes against citizens of that state, it's a big mistake, endanger it is communities that the people live in and endangers officers to not find people who are in the country illegally outside of jail setting. david: would you go so far that this is obstruction of justice on the part of the governor? >> well, i don't know about the law of it, right, but he's aiding and abetting, providing sanctuary for people who are criminal, not just people who are illegally but people who are here illegally and committed a
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crime. makes no sense to me. >> do they feel like their safety is in danger when not given cooperation by local enforcement? >> again, common sense, if an ice agent or officer can go to a jail and pick up a defendant who has already been through the criminal justice procedure inside of a jail where he's unarmed, where he's been taken care of until he gets released, you can take that person into custody in a jail setting, safest place to do it, otherwise they have to go find them in a community, that's not a good thing. >> you know what kills me is when law enforcement officers, ice agents, belittled by individuals there, some of the critics of ice would say that they are hunting down women and children not realizing that they are spending most of their time, that's what i am told anyway, hunting down really bad criminals. >> you're right, most of the arrests and most of the removals that ice does is plan enforcement operations against people who have committed other crimes in the country.
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david: now, it is true that some sheriffs in north carolina opposed this bill and they had an influence on the governor because they were worried about getting penalized by the federal government for not helping enough, what would you say to them? >> i would say that ice has a number of programs that can limit the liability that sheriffs perceive to have in this instance, knives the border patrol for 33 years, we used to give detainers across the hood of a car to deputy sheriff and never had once a problem with taking people into custody after they went through the criminal justice system. we need to get back to that, now the state can help, right, if the governor -- if they override this veto, the state can help these sheriffs and also the legislature, the federal legislature, congress can help here by using detainers or allowing the law to cover detainers and remove the liability from these jurisdictions that they perceive, i don't think it's actual, the congress could help here as well. david: now, let me ask about the change that dhs has made in asylum procedures where they'll be able to hold people longer
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than they used to, used to be sort of a catch and release, now they are going to have much more authority to hold these people longer periods and entire families, representative castro has spoken about this and i just want to play a sound bite and get your reaction. >> this is another example of this administration's cruelty, you know, your viewers will notice that they go to so many lengths to be so much more cruel than anything that's come before us. david: all right, that by the way is not the congressman, that's the presidential candidate, the brother of the congressman, what do you think of what he said about the new rule change? >> i think he's wrong, the idea here is to close the loophole, i've been advocating with my colleagues from the department for more than 2 years for congress to close this loophole, the department, the president and the leadership here show that they can do on their own so they published the regulation which allows us whole family
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story and appropriate settings until they have immigration hearing, now, when we did this in 2014 during surge under obama it worked, people stopped sending their kids, stopped bringing children to border in large numbers, the judge overturned the scenario and put us right where we are at now in 2014 come parson today, it's 5 times worse now than it was in 2014 and we acted then, this is a way for the administration to racket now. >> but there is a question of whether border facilities which are terribly overrun have the capacity to deal with more people for a longer period of time. >> you have to do it all, we don't want people in border patrol custody than they have to be, they should be booked in, family detentions, residential centers, if you're single adults they need to go to immigration detention under ice capacity and, yes, they won't be in border patrol custody, they'll be in ice custody. david: final question, are
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things getting better or worse at the border? rrs there's still a problem, too many people sending or bringing children to the border but it is getting better, unprecedented support from méxico and we have this deal with guatemala that allows people that went through guatemala to claim asylum there, they also repatriation agreement with them which is unprecedented so the department, the leadership, the president is doing everything they can to protect this country, we need to do more but there's still a problem at the border, the legislature needs to engage because the framework under the immigration law nows, these things with méxico and guatemala, they are subject to the vagaries of the politics, may not be sustainable, congress has to act as well. david: great to see you, appreciate it. >> great to be here. david: how did the russia investigation even get started, i g and report are nearing, who should be worrying? former white house committee chairman bob goodlatte is
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>> new report saying the findings of the investigation into the origins of the russia probe is about to rock washington, so what should we expect? joining me now former house judiciary chairman and virginia's republican congressman bob goodlatte, good to see you, congressman, appreciate it. >> great to be with you and your viewers. david: thank you, do you expect indictments are coming? >> i don't know yet whether indictments are coming, i think these are serious allegations, you know, this is definitely positive from my standpoint for the american people because they need to know how an investigation that cost tens of millions of dollars and resulted in findings of no collusion between the trump campaign and the russians started in the first place, and what kind of civil liberties were abused with regard to people like george
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papadopoulos and carter page, i think that there could be indictments, i wouldn't want to speculate who might face that but there are a lot of people in the chain that were involved in making this investigation get off the ground in the first place and a lot of people today have a lot of questions about why, indeed, that happened, i think inspector general horowitz will provide a lot of the answer but he doesn't have the ability to subpoena people outside of the department of justice and the fbi, so that extends possibly into other agencies to have government, intelligence agencies outside the government, that's where you have john durham, the united states attorney for connecticut involved under the guidance of attorney general barr, many people are pleased that the attorney is finally taking takie reins here and doing what we and
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trey gowdy started 2 years ago. david: congressman, the biggest question in my mind how high it was, was it just rogue actors like peter strzok and andy mccabe who were going with their political instincts rather than the good interest of justice or did it go higher than that, were there people at the top or after all this started during the obama administration, was anybody at the top levels of government involved in this? >> well, i think that the inspector general may answer that question. there's already significant evidence that it extended outside of the department of justice to intelligence gathering organizations, a lot of questions -- i know that john durham wants to interview a multiprofessor with russian ties but also western ties with
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joseph who played role in getting this started and i hope that takes place but there are a lot of questions that need to get out in the public, we had a look at ui lot -- a lot of this information and never got declassified. bill barr has the authority to declassify not only do you docus from the department of justice but the fbi as well. david: the possibility is that the u.s. intelligence forces were used for political purposes, that is whether it was the fisa courts, whether it it s using individuals on the payroll of intelligence agencies, whether, in fact, the cia and the fbi were actually working together in order to subvert political campaign, that's really at the core of most people's concern, i think. >> absolutely right. and both human intelligence, people approaching people like george papadopoulos and carter page as well as the fisa warrant which not only issued but
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renewed 3 times even after they weren't finding any information about carter page that would indicate a collusion between the trump campaign and the russians, all goes to the fact that we would never want this ever to happen again for any presidential campaign in the future, so both republicans, democrats and independents all should be concerned about this investigation and want to see it through, i mean, if i were a democrat i would want to know why james comey we opened the investigation into hillary clinton a week before that election took place. i mean, this is something where you have an important government agency, the fbi, the most important law enforcement organization in the world, tens of thousands of people do great work every day to keep us safe, to solve crimes, a few people in that organization abuse their powers and look what we had as a result. david: one thing we do know, congressman, forgive -- one thing that we do know is how the
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fisa courts operated in much too hazard fashion in accepting information that was not verified like the trump dossier in order to spy on american citizens, if not more, might there be rule changes specifically with regard to fisa courts that result from this? >> well, i think that there definitely needs to be a review of how the fisa court itself handled the information they received and, of course, if information was tendered to them that was not properly vetted, the court itself should have some serious concerns about how they were treated by the fbi when they sought that fisa warrant. david: congressman, good luck to you, a lot of things to investigate here, we appreciate you coming in, thanks a million. >> thank you, david. david: are tax cuts coming, more tax cuts, the president's top economic adviser larry kudlow up
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david: should east coast residents be worrying? fox news chief meteorologist with the latest, hi, rick. >> not real worries, david, this is what the hurricane season plays out, just averages, this is the peak of hurricane season, september 10th, things have been pretty quiet so far but this is where we are and you get the idea over about the next 4 to 5 weeks, that's where the big bulk of all of our tropical activity happens in a general average year, so between now and say october 1st, we will continue to watch really closely anything that looks like it could develop, one system in parts of
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western areas of the gulf, we are not worried about that developing into something tropical but bringing a lot of rain today across central coastline there in louisiana, this is the system brewing across just offshore of florida, all out of our guidance continues to pull this off towards the north and stays offshore but we will likely see some kind of development of this into tropical system staying offshore, one of the reasons we think that when we look at models, you get the idea, everything offshore, i don't think we will see direct impacts. another thing when you look at forecast rain potential, over the next few days, you get the idea, nobody here along the coast getting major amounts of rain, so that's good news, however, we will have something lightly offshore, we will see winds, awes and rough time here throughout the southern eastern beaches in latter part of august. you go further out in atlantic, this is the time of year where we get the system that is come off the coast of africa and then
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brew as they move across atlantic, this one right here and just at 5 minutes ago the national hurricane center called this one tropical depression number 5, so i think they'll be some development into tropical storm from this storm, most model guidance pull this northern area of the caribbean here, not really strong storm, but bringing a lot of rain potentially towards puerto rico which is not necessarily good news right there. but probably not as significant storm and then likely dissipating in the area. that said a long time to track the storm across the atlantic and we have the next 5 to 6 weeks, david, the bulk of tropical activity is and right on track we are starting to see things pick up across the atlantic. david: as long as they have numbers and not names i feel comfortable. good to see you, rick, thank you very much. coming up president trump's top economic adviser larry kudlow telling me that tax cuts 2.0 could be coming soon. and iran is firing off new
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missiles ahead of the g7 summit, so can president trump convince the g7 that it's time for europe to pull out of that iranian nuke deal? and answer all your toughest questions. sounds perfect. ...
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>> former vice-president and 2020 presidential hopeful joe biden is about to speak at an event in keane, new hampshire. he's been saying president trump's trade war with china is blowing up in his face. mark meredith is in washington d.c. with more on that. >> president trump spent much of the last week talking about the u.s. economy and what it looks like in the days ahead. they were looking for major tax cuts, including potential cut to the payroll tax, which funds programs like social security or indexing capital gains. then the president told reporters on tuesday he was open to the idea. >> we're looking at various tax reductions, but i'm looking at that all the time anyway, tax
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redubses. that's one of the reasons we're in such a strong economic position. >>, but one day later the message appeared to change. the president told reporters on the south lawn on his way to kentucky, changes to capital gains were off the table. >> i'm not looking to do indexing. i've studied indexing for a long time. i think it will be perceived, if i do it, as somewhat elitist. i don't want to do that. >> the president said repeatedly all week long, he believes the economy remains strong. larry kudlow told reporters despite all this have back and forth, no major economic stimulus is needed. >> there's no near-term tax cuts or fighting recession, we think the economy is in sound shape. >> kudlow says it's possible the administration could roll out another tax cut package in 2020, right in the middle of the president's reelection campaign. remember though, republicans do not control the house anymore, meaning it's unlikely that the president would get his way. david. david: mark.
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thank you very much. speaking of larry kudlow, president trump's team is trying to clean up confusion. his chief economic advisor telling me on fox business another tax cut pitch is indeed coming. listen. >> we are developing again tax cuts 2.0. we're touching base with all the key people in the administration. david: but, larry, it seems that the president took 2.0 off the table yesterday. >> he didn't. i spoke to him about it. what he was speaking to was something immediate, urgent or anti-recession. we just don't buy that scenario. david: forgive me for interrupting, but how soon -- might we see more tax cuts before the election? >> before the election, yes. in fact, you might even see tax cuts 2.0, which would drive additional tax relief and create additional tax incentives for middle class folks, for blue
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collar workers, for small businesses. additional incentives. additional tax cuts and you might see that during the campaign, to be perfectly honest. there is nothing in the near-term. that's what the president was getting at. we believe the economy is quite healthy. we expect some relief on short-term interest rates coming up from the fed and so forth. but longer run, why not? the tax code can use much more reform, right? much lower marginal rates for individuals, for businesses and so forth. we've made tremendous progress in 2017, 2018, 2019, but we have more work to do. no question about that. david: larry, you just made pretty big news suggesting during the campaign itself long before the election itself we could see a rollout of new tax cut proposalsments you very may well see a new roll out of additional, additional middle class tax--
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>> what kind? you said middle class. that to me sounds like payroll tax cuts. >> no, i don't want to get into a lot of detail on that bus i don't want to get ahead of the curve, but highly unlikely we'll go to some sort of -- the idea of some short-term payroll tax cut fix, it doesn't work, it never works. it has no lasting impact. we're looking at incentives. we're looking at lower -- look, the personal tax rates could easily be lowered and probably, the brackets could be shrunk. that's a thought. small businesses, for example, could easily benefit from additional tax reform. for example, you know, llc's might even benefit-- we might even kind of work through a way to help our friends in some of the states who are concerned about the shrinkage of the tax deductions
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there. david: it's all taxes. >> taxes. i'm not -- these are for examples. for examples, the capital gains tax could be changed, could be reduced from 23.8% which is very, very high. there's a lot of things that can be done to simplify the tax code, to help middle class folks in small businesses, to lower rates, to create incentives. david: so tax cuts 2.0, is that a campaign strategy headed into 2020. the head of forbes media, steve forbes. and co-chair, and jessica tarhov. taxes a strategy? >> the tax code, much too high and even in blue states they'd love the idea of reducing tax rates and stimulate the economy. good tax cuts are good. the idea that you can overstimulate with good tax cuts is preposterous.
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if your pay goes up, david, or somebody's pay goes up, i don't think they're sweating at night because their income is improving. go for what's good. by golly, why doesn't he propose a flat tax and throw the whole thing out, everyone would cheer. david: jessica, if you ask the vote, do you want to pay more or less in taxes? how do you think they're going to answer. >> they'll obviously say they want to pay less for taxes. david: there you go. it's a good idea. >> i think that middle class and lower class tax cuts are a good idea. all the candidates on the democrat side have those to benefit the issue. david: how are they going to pay for it? >> we are going to submit to congress, infrastructure. david: because there's not enough money in the united states to pay for everything they're proposing. >> the people on the republican side, the tax cuts benefitted people they were not supposed to benefit or purported to benefit. corporate payouts.
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you're looking at me perplexed and with a trade war-- >> let's be clear about this. this is a new york times headlines, they're not trump fans. face it you probably got a tax cut. they're associated with liberal organizations saying that 65% of taxpayers got a tax cut. only 6% actually paid more in their taxes, but that's a problem for republicans because they did not message that well in 2018, did they? >> well, i mean, a lot of media didn't want to report the real fax about the tax cuts and jobs act. david: with an about republicans duty to report if they didn't want to be reelected. a lot of them weren't as a result of not reporting that in 2018. >> the president is pushing facts about what happened and people that benefitted from the bottom to the top and benefitted from the tax act.
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and that benefitted positively families across the country. families from where i come from ohio, middle class families. that goes a long way. they see less taxes overall paid. the majority of people paid less taxes and of course in the first year of the president's administration, 600,000 women were lifted out of poverty. you saw people come off food stamps. it's a great time to be in america. >> again, steve, the messaging from republicans on the tax cuts, i think, has been terrible. they have not focused on the facts, which even the new york times can't avoid. >> yeah, the republicans are their own worst enemies on that. that's why we lost seats in new jersey, in new york and in southern california, not to mention the election fraud on the side. >> what election fraud are you talking. >> another time. and the time for canvassing for absentee ballots. david: let's not get too in the weeds. >> bottom line, you earned it, you should keep it. david: simple. >> and when we reduce the burden
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on people, you not only keep more, but you earn more. david: all right. let me switch gears a little bit for you, jessica, on the recession talk because there's been a lot of recession talk, not just by democrats, but in the media itself, also by people on wall street that are concerned about. you saw the market drop yesterday. >> right. david: most of that was china concerns, but a lot of it was this underlying concern about how that might affect the overall economy. how is that going to be played out on the campaign trail by democrats? >> i think it's going to be played out. no one wants a recession. this isn't a bunch of candidates running around talking-- what the president did yesterday on his twitter account, basically, moving us closer and closer to recession via tweet, frankly undoing the progress. david: even though schumer supports on taxes. >> he supports with china, but doesn't support a trade war and
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the tariffs. david: but he supports on china, and doesn't he support the policy? >> no, you can accomplish with the policy routes. things that democrats would do to challenge china that wouldn't end up with 25, 30, whatever his latest tweet says taxes, tariffs taxes on goods. david: jessica mentioned bell maher who says he wants a recession to get rid of trump, that's what his goal is. do you think that the media, at least people like maher and other democrats are everplaying their hand in talking about recession, particularly if it doesn't happen? >> yeah, absolutely. no, i don't think that everyone is out there talking like bill maher, for people who are, it's sick to wish that on the people of this country. it's sad to see that people's hate for this president overcomes common sense. as he tried to squeeze in in the last segment, and obama said to
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yellin, we will not have recession, the economy is too strong. >> do you think that bill maher want recession-- >> the cbo came out saying that the bad news the deficit is getting much worse. the good news we'll grow slower than what the president forecast, but through the next couple of years. >> if you got rid of the trade uncertainties with china and pending one with europe, you'd not only see the market go up 5,000 points, but you'd see growth on the resumed path. david: jessica, how do the democrats deal in the campaign with the job growth which is extraordinary. you have more jobs than people looking for jobs. that's the first time that's happened in my lifetime and it's a pretty impressive regard, is it not? >> it is impressive. last years, we've seen the growth and at that includes the obama years. i think that you should absolutely applaud the successes
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and the strengths and weaknesses. >> which is where? >> certainly in trade policy with what's going on. from our initial discussion about the tax cuts, it was said that you were going to get an extra thousand dollars in your pocket, but between the cbo report and the morgan stanley report about the impacts of the trade war on average americans, you're losing your money right away. i don't believe that they'd talk about tax cuts 2.0 if it had been a sterling success. some of that is messaging. i totally agree with you, republicans have done a bad job with that, but some is just the reality of who was getting astronomically richer from this rather than a few hundred dollars back in their pocket? >> that's 65% of taxpayers paid less. i don't think that message really got out. and i don't think that the good tax cutting believes ever thought this tax bill with was the be-all, end-all. they saw it at the first of what's to come. david: as president trump sits with allies talking about iran.
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limited edition smart bed. plus free home delivery. ends saturday. >> well, as iran fires off new missiles this week, europe is digging in against president trump's iran maximum pressure campaign at the g-7. so with the threat intensifying, why is taking on iran such a hard sell. joining me former u.s. marine bomb technician, joey, thanks for being here. >> thanks for having me. david: iran is a bad player. they've killed americans directly and indirectly. they've threatened our allies, israel primary among them. why is it so tough to mount a first -- firm alliance. >> the europeans, have our cake and eat it, too.
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they have on paper it sounds good, but relying on iran itself. so from that i remember perspective having the deal on paper that sounds good should be enough. unfortunately we're looking at a country as soon as the u.s. abided by the process and formally broke through, they announced they were going out of the deal and iran's going to speak out of both sides of their mouth just like they do with military operations through hamas and hezbollah and. >> 0s. they don't want to escalate militarization while iran is currently and actively supporting killing people in different areas of the region so that alone shows you that it's more important to temp to have something on paper that works good if practically can be acted out. david: by the way, you were wounded severely in afghanistan. i don't know if you think there was any link with iran. but certainly the ied that created your wounds and your problems was used in iraq with
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the help of a lot of iranians. a lot of the ied's that did not explode we found markings from ir iran, correct? >> i was injured in afghanistan in 2010, i was in in 2008. as a bomb technician, we have plenty of data and evidence to suggest that iran has had a big role. other countries as well and there's something to say for criticism of countries like saudi arabia, but more importantly, iran is the countries that we're focussed on today that will not only shift things in the countries like iraq, syria or, but also looking for nuclear weapons. we're dealing with problems with north korea and president trump is trying to show that a maximum pressure campaign can be successful and it is imperative that the europeans abide by this. it's a problem that he has to address and fix. at the end of the day, the american people can't sit around and complain about bringing our troops home and then criticize
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this diplomacy, maximum pressure economic pain at the same time. if you've got to because your opponents will hurt you. the president is trying to keep the troops away from harm's way, and the american people won't support a war long enough to win it. david: so you support-- if anybody has a right to talk about afghanistan, it's you, having been wounded there, but there's an effort to move a substantial number of troops out of afghanistan, despite the fact that terrorism there has not stopped. in fact, some people say it's increasing. there was that horrific bombing of the wedding party which led to 80 people being slaughtered in afghanistan. so there's a buildup of terrorism in afghanistan. you don't think it's the wrong time to pull some troops out? >> i think that any conversation like this has to be taken in context of the moment. i would love this decision that
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comes after this coming election. i knew there were 40 years of a presidential administration backing whatever the decision is. unernl to -- unfortunately politics plays a huge role in domestic security. in other words, we've gone through three presidents and they've wavered back and forth whatever it took to win the election and foreign policy and defense strategy in this region and that's probably why we've been at war so long in this region. for someone who voted for president trump and hopes for the policies to be successful, i want to see an understanding of what the goal is and why bring on the troops to keep us safe or makes us safe and ask the right thing to do. if it's a long-term strategy, i don't want my brothers and sisters in harm's way, but i don't want hundreds of thousands to be deployed years from now.
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>> and there's a plan out to forgive student loan debts for disabled vets. what's your thinking on that. >> i'm certainly not going to criticize a opportunin opportun to those who have given the most. >> bernie sanders and elizabeth warren screaming in iowa, for giving those with the degree and president trump is veterans, and the optics are good for president trump. david: staff sergeant, thank you. >> thank you. david: put on ice. the democrat governor of one state vetoing a bill that would help ice battle illegal immigration. is that the right move? ♪ relaxing guitar male announcer: it's a familiar feeling. the first chill in the summer air, each day shorter than than last,
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>> what do you think of the governor's veto of this bill? >> i think he's made a mistake. i think he's going to live to regret it. these are preventible crimes. think about this, who is he protecting in these sanctuary jurisdictions. these are people who are in the illegally and went on to commit crimes against the citizens of that state. it's a big mistake. >> saying that north carolina's democratic governor cooper vetoing a bill that would have forced sheriffs to work more closely with ice. and suzanna from the border state of new mexico. governor, good to see you. so the north carolina governor says he vetoed this bill because it would have weakened law enforcement in his state. what's your response to that? >> i completely disagree with him.
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i was a prosecutor on the border for 25 years and as a prosecutor on the border, i saw cooperation and partnership between local, state, and federal law enforcement agents every single day and that was to protect the people that this he serve within their community, to ensure when illegal immigrants crossed over into the united states and committed a crime in the against since american citizens for people who are in the united states legally. they work together to ensure those individuals were in jail and there was a retainer placed on them so they weren't allowed to be released from jail and roaming the country without detection and ice having to chase them down to be held accountable for the crimes in our state of new mexico or against the american citizens. david: i've got to say, one of the purposes of the bill that the governor vetoed was to stop that from happening because they saw recidivism, they saw people
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who had been released by ice because of noncooperation going out and committing more crimes. i mean, it happens. it has to be stopped some way. but let me ask about new mexico. you're-- the state of which you were governor, because they had a sanctuary state law that they were trying to put through back in january. it ultimately failed to pass, or it was pulled. why was it pulled? was it because originally in january, they were saying oh, there's not enough problem at the border. what happened in new mexico with the sanctuary state law? >> well, new mexico used to be a sanctuary state under my predecessor. he declared in new mexico, a sanctuary state. shortly after i became governor a little over eight years ago, i pulled it by executive order, we were no longer a sanctuary city, because it's unsafe. it puts the citizens of new mexico into jeopardy because we
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release individuals who commit crime and lets them wander in new mexico or other states. i don't think it passed because hopefully they're listening, the legislators of listening to the people of the state to say we have a right to the safety of the public in our businesses, in our schools, that when we shop that we should not be victims of crime by persons who are here in this country illegally. >> democrats had a problem with immigration the past couple of months. first, they were saying there is pea no problem on the border. that's literally what beto o'rourke said on the border. and when they come in with people from the new york times, serious problems, a crisis. they had to switch gears and then they're switching gears on family celebration. they said that this administration was diagnose something that never happened before. there was evidence it had happened before. then we have a new rule change to stop family separation to
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keep them incarcerated, the parents and the children together. it doesn't seem like they can get a straight line here on immigration, does it? >> no, they can't make a straight line because they keep making it up as they go along. eastern has to understand that-- everyone has to understand that congress holds the purse strings, that they have the funds, that people in the facilities have proper care, proper tools, toothbrushes, bedrooms, room, space, et cetera. they're the ones that provide the funds, but they're holding back on making sure the facilities are sufficient and large enough for the comfort while they're held for their asylum crimes. they hold it back and turned around and blame the president. you can't do the double speak here. they're the ones that fund it and turn around and sign the legislation from congress. it's the democrats that can't keep it straight because they want to have it both ways. >> well, it's going to be a
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campaign issue no doubt doing into 2020. governor martinez, thank you for being here. appreciate it. >> thank you. david: we've got breaking news to report and the president is in france. you'd think he was busy. we just saw him sitting down with president macron, but apparently he's finding time to watch this program because he just tweeted out, quote, face it, you probably got a tax cut, this was a new york times headline, and it's very true. if republicans take back the house and keep the senate and presidency one of our first acts will be to approve a major middle income tax cut. democrats only want to raise your taxes and as you remember, at the top of the hour, that's exactly what we talked about and we quoted that new york times piece from april of this year. so, he's watching. thank you, mr. president. meanwhile, union leader richard trumka giving 2020 democratic candidates a big warning. more on that coming next. ♪ here i go again on my own ♪ goin' down the only road i've ever known ♪
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>> afl-cio president richard trumka putting the democratic presidential hopefuls on notice with lots of them addressing union members in iowa this week. the labor leader telling candidates they have to earn a union endorsement and it's not based on having a d or an r after your name. and joining me is jessica, ka tcht and good to see you all. kat, thanks for being here on saturday. unions are supposed to be pushing for wages and pushing for more jobs which have both been doing pretty well in this
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administration. >> right. david: why would they go with democrats whole hog? >> well, it's interesting because if you look at it without thinking about it, of course it's going to go to democrats because historically it's always gone to democrats for the most part, most union support has gone to democrats, but we are living in a new wild, weird world now, where some of the things that republicans have supported in the past, they don't as much or they're supporting tariffs now and democrats don't like the tariffs, everything's flipped around and president trump has gotten more union support than some of the republican candidates in the past, like mitt romney. and it was interesting what trumka said about what the candidates will need to do. he was saying lip service isn't enough. you need to go out and be in the picket lines. you need to come to the union sites, and it's interesting when you think about the fact that the current democratic front runner is reportedly using a strategy of trying to go as few places as possible to avoid
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messing up. >> joe biden has been at plenty of union events. i think he's certainly the candidate ought of the democratic field that they would be most likely. the teachers union has endorsed kamala harris at this point. and joe biden was at the most union households, if not union members, but previously outperformed other republicans. david: we've got the stats on how many union members went for president trump. >> i would add yesterday there was a statement from the head of the national farmer's union going after president trump and saying you're not helping us at all. if this tariff war continues, a trade war and then eventually into a recession, this isn't going to be a gimme. president trump really needs to chase this population if he wants to be reelected in 2020. david: madison, there's this disconnect here because look at how much money unions go spend on democrats, compared to republicans. i mean, it's hugely more for
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democrats than republicans, despite the fact that 38% of their members vote republican, or at least did in the last election. >> yes, very interesting, but i think these stats are very important. as we say, 1984 is the last time anybody had a margin as good as president trump did over hillary clinton and over mitt romney. the jobs we spoke about early. 5.5 million jobs have been created since he took office. what's important, 500,000 of those jobs were manufacturing jobs. so he's overperforming in manufacturing jobs. david: in states like ohio and pennsylvania, michigan, have a lot of them. >> the states across the midwest and a lot of people across this country view him as someone who is fighting for the forgotten man and woman, for the forgotten worker. for long, long time democrats and republicans forgot about these people and people don't feel they were fighting for them as president trump has. david: kat. there's a question of medicare
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for all. a lot of these union people have fought for the golden medical that might be wiped out and even though they're fighting to have a plan in there. >> joe biden told me if you like your plan, you can keep it. which i definitely trust that because of how that's worked out in the past. that's a huge thing, a lot of people worked for the plans they're happy with through their employer. and medicare for all could wipe that out. and i don't think that anybody or shouldn't trust joe biden when they say you can definitely keep your plan. david: that's a problem for anything with for all, you can't make exceptions. if there's one plan for all, you can't make exceptions. >> bernie sanders said medicare for all-- >> said you couldn't do it. >> he put out a plan who has an
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exemption for union members to say they're not going to give that up. but to look at joe biden and at the economy, the number two issue beyond elk had, democrats are winning on every issue except for who is on the economy. and households vote on health care, the economy, the schools and public education, for the climate, and i think it's very shortsight today reduce how union households for whatever you want to say about manufacturing, which the reports are that's down well. >> they're going to vote on their pocket books. a lot of people in the union are not happy when joe biden spotted the tpp and losing private health care insurance that they're happy with. david: ladies, thank you for all. could indictments be coming from
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the russian origin probe? more on that coming up next. you can get a satisfaction guarantee. ♪ you can also wonder why our competitors don't offer that. schwab, a modern approach to wealth management. termites, we're on the move.24/7. roger. hey rick, all good? oh yeah, we're good. we're good. termites never stop trying to get in, we never stop working to keep them out. terminix. defenders of home.
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be right back. with moderate to severe crohn's disease, i was there, just not always where i needed to be. is she alright? i hope so. so i talked to my doctor about humira. i learned humira is for people who still have symptoms of crohn's disease after trying other medications. and the majority of people on humira saw significant symptom relief and many achieved remission in as little as 4 weeks. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal infections and cancers, including lymphoma, have happened; as have blood, liver, and nervous system problems, serious allergic reactions, and new or worsening heart failure. before treatment, get tested for tb. tell your doctor if you've been to areas where certain fungal infections are common, and if you've had tb, hepatitis b, are prone to infections, or have flu-like symptoms or sores. don't start humira if you have an infection. be there for you, and them. ask your gastroenterologist about humira. with humira, remission is possible.
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>> i think that there could be indictments. i wouldn't want to speculate who might face that, but there are a lot of people in the chain that were involved in making this investigation get off the ground in the first place and a lot of people today have a lot of questions about why indeed that happened. david: former house judiciary chair bob goodlatte telling me future indictments are possible into the current investigation on the russia probe. and what does saul wisenberg think? do you think there will be indictments? >> anything is possible. i don't think that conservatives should get to excited about the prospect. we will sound like the talking heads who were sure that mueller
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would cause indictments to people near the president. bill barr is not going to author any indictment unless there's clear evidence of an offense. what you might have is a report by u.s. attorney durham and perhaps by inspector general horowitz, a separate report, that details many improper activities, but you might have very few or no indictments. again, they won't indict unless-- they won't indict over anything petty. that's why there was apparently a declination on the issue of jim comey whether or not he should have released declassified memos. comey may be in trouble for other things, but they're not going to author an indictment for something minuscule like that. >> the key, and i think you bring up a great point. the key is cleaning out the politicalization of the department of justice and its
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arms in the fbi and elsewhere. and there's also a question of whether the cia was working with the fbi at certain points. there seemed to be indications about that. do you think we'll get to the bottom of it? >> well, i think we'll know a lot more about it. remember, you're looking at different things, apples and oranges. on the one hand, were there intentional material lies to the fisa court? if so, that's criminal. was there illegal leaking of highly classified secret information? it's pretty clear that there was. can they figure out who that was? that's a crime. david: we know who one of them was that would be the head of the fbi who admitted it. >> right, but that was on-- but that was on something that's already been determined to be not top secret, right. but then there's the other issue, the big issue you talk about is the political use of our intelligence agencies against an opposing party in a political campaign. that's truly an outrage, but it
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doesn't necessarily violate any criminal statutes. so, i hope that we get to the bottom of all of it. what is a crime and what isn't and what can be proven against a particular individual is the big question. david: well, and another question is whether the people who were actively engaged in that, peter strzok, andy mccabe and others, whether they were lone wolves or at least a small group of people or whether they were taking directions from higher up. >> well, and there were people, there are people at all levels who make representations. there were four representations by the fbi, by nobody else other than fbi agents to the fisa court. the fbi said that it speculated that individual one, who was glenn simton of fusion gps, it speculated he may have wanted derogatory information on candidate a, that would be donald trump. that's a lie, they knew there was no speculation.
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they absolutely knew that simpson had been hired by the dnc and the clinton campaign. they said that steele was credible. they knew by the time of the first fisa application that he had talked about the existence of a russian consulate in miami that did not exist. david: right. >> so in fact they knew that he wasn't credible so all of these things will go into the mix when they decide whether or not the misrepresentations to the fisa court, which there unquestionably were, and the omissions, whether or not they rise to the level of a crime. david: there has to be an overhaul of fisa. i think that's one thing both democrats and republicans agree on. sol wisenberg, thank you very much. appreciate it. >> thanks for having me. david: the u.s. trade war ramping up, and stocks tumbling down. will u.s. interest rates come down? the surprising connection. that's next. well, that's my.
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>> i'm not happy with jay powell. i don't think he's much of a chess player. do i want him to resign? put it this way, if he did, i wouldn't stop him. david: he's not a fan of jerome powell, and markets on the president upping the trade war with china. what happens now? back is debra bolton and steve, what happens to powell? the president clearly wants him to resign. he could maybe also fire him, no? >> legally, probably not, but if the white house wants him out, they can force him out. harry truman did it twice when he was president with fed chairman, huge wars in the 40's and 50's and a formal accord in 1951. if he wants to push it.
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david: and the fine point, truman didn't actually fire them, but how did he get them out? >> by making their lives intolerable. david: which sounds familiar. >> and the presidents always win going back to woodrow wilson, world war i. i think what he would like is a rate cut and i think in the next few weeks there will be a rate cut, but he would like 100 basis points and powell will only give him 25. david: deirdre, guess what? the markets want, too, they would be happy with a full 1% rate drop, right? >> i feel that friday was all about president trump grabbing the mic from fed chairman jay powell. because jay powell was out in jackson hole, wyoming, supposed to be the day we all talked about fed policy and what they were doing and i think president trump just thought, you know what? this isn't going fast enough. it's not effective enough.
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so now when you see the markets, the dow in particular, down more than 600 points and down for the week. now i am sure jay powell does actually have to consider the possibility of making more cuts than he had previously thought. david: and david, it was a crazy day yesterday. deirdre and i were talking about it earlier. >> hard to keep up. david: deirdre and i were talking on the air. usually you can take a week off and go to the beach. not this weekend, investors have to worry. >> there's no time off in this world, evidently. every president has tried to influence the fed chair. reagan famously asked voelker to not raise interest rates before the 1984 election. so this is not out of the ordinary. the difference is he's doing it much more publicly and the first time that a president is communicating by twitter. this is untraditional in that sense, but really, a president trying to influence a fed chairman is as old as time.
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david: steve, let me talk about what deirdre calls the drop the mic moment or grab the mic moment. the president did indeed grab it from powell, but let's go through the sequence of eevents and by the way, investors love conspiracy theories. i'm going to preface this, this is a conspiracy theory. early on friday you had powell coming out and saying the only thing to get us to lower rates would be more problems with china and then you had the tweets from the president that obviously would create more trade problems with china. do you think the president was trying to force powell's hand or force the hand of the fed to lower rates by creating more china problems? . no, i think he's got that siloed. he's got china and then he's got the fed and so he was going to shoot at powell no matter what. powell is not going to be allowed to keep that microphone even if he's in jackson hole and the president is now in europe. >> to the president's credit. clearly powell made a huge mistake in september, did he not by-- >> they should elevate the
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debate. why is the fed trying to influence the economy in the first place. david: good points. >> why are they manipulating interest rates in the first place? let the market set the price of money instead of a bunch of those in washington-- >> that sounds incredibly modern and rational. why do we have meetings to determine interest rates? we live in a modern world, and trade on computers. why do we have to have a bunch of humans in the room and decide what the interest rate is. that sounds like the 1950 that's. david: deirdre, that's one of the reasons why this president was elected to disrupt the status quo. >> back to 1960 there have been two soft landings successfully engineered. so it's true that the stats are not with the fed. it's a tough job. i mean, it's a difficult thing to get right. free markets, if we're going to go free markets. david: it's a tough job when you try to do an impossible job. >> the fall of the soviet union shows the fall of central planning and why we worship the
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federal reserve, that they shouldn't be criticized or anything is preposterous. david: steve, here is a radical proposal, how about getting rid of it? >> if you have a proper gold standard. another subject for another time. >> i think we're beyond the gold standard, mr. forbes. we have to modernize our economy, a modern economy requires a fiat currency. >> so we have 5 trillion dollars of trading a day. david: we can talk about gold for a while. the fact is the world is a crazy place. you have negative interest rates in europe and the president says when they have negative interest rates, our currency is too high, therefore rates should come down. >> one of his tweets as well on friday, we have a strong dollar and a weak fed. in germany right now you're paying for the privilege of lending your money to the government. david: and they're going into a recession. >> which goes to why aren't we floating 100 year bonds at 1%.
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>> but that's argentina. david: you're going to have to leave the bond discussion for another way. catch me on bulls and bears 5 a.m. eastern and fox news continues, coming next. know ho cover almost anything. even a "three-ring fender bender." (clown 1) sorry about that... (clown 2) apologies. (clown 1) ...didn't mean it. (clown 3) whoops. (stilts) sorry! (clowns) we're sorry! (scary) hey, we're sorry! [man screams] [scary screams] (burke) quite the circus. but we covered it. at farmers, we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪
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>> president trump landing in france this morning for the g-7 summit there on the french coast. just about dinner time there. i'm leland vittert. welcome to america's news headquarters from washington. gillian: good to be with you, leland. i'm gillian turner. the president talking about the summit and doubling down on the state of the u.s. economy despite the escalating trade war with china and more than 600-point drop at the closing bell on wall street on friday. correspondent john roberts is in

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