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tv   Bloomberg Markets Balance of Power  Bloomberg  July 15, 2019 12:00pm-1:01pm EDT

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where the world of politics meets the world of business. on the brief today, kevin cirilli from the white house on president trump's made in america exhibition. onian sassower in new york china's weak but not disappointing economic numbers. kevin, what is going on at the white house? kevin: kevin trump says it top --iness leaders continue to a business agenda that will bring jobs back to the u.s.. don't forget about nafta 2.0 or the usmca, specifically with regards to china, the president tweeting out earlier that he believes the second quarter slowing of growth in the chinese market is largely because of his trade policies, despite many economists saying that tariffs have not had as much of a negative impact on price growth as they would have begun to have
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thought. meanwhile, the president faces pushback from the chinese for those business deals with taiwan. the chinese are vowing to push back with tariffs of their own. the tier four continues. the business community against those tariffs. strongsident setting the economic growth market despite fed policy. david: we will turn back to china in a moment. will the president have one less soldier in his army for the tariff war? that is wilbur ross. facingwilbur ross questions, according to nbc news, questions about his future following reports of the senses question -- the census question. the president thing the commerce secretary should try to get that no matter what. this is one of those issues that the business community is at odds with the administration over. their apprehension over the citizenship question being added to the census because of how it
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would impact their ability to make economic forecast. david: thank you so much for reporting from the white house. let's turn to damian sassower in new york. i will put up a chart that illustrates what happened. the lowest rate of growth. they started taking numbers in 1992. june picked up. damian: the gdp numbers, a lot of that was baked in. if you look at the high-frequency data, the retail sales and industrial production data both beat expectations. if you look deeper, especially within retail sales, a lot of this was the completion of auto inventories. auto sales had a huge month after being and sluggish territory for the last two years. vonnie: they -- david: they had 13 months of declining sales and all of a sudden you turnaround. tease out is hard to exactly what is driving the headline number, but if you look at some of the other sectors within the data, you look at consumer products, for example
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furniture sales, home appliances, domestic spending is stepping up, domestic consumption is picking up. you cannot a joint -- you cannot -- you look at the path through a trade oriented economy like china to one that will be fueled by domestic consumption. david: the question is can they keep it up? damian: we will see. the data reflects last week's totals, which had a huge uptick. the issue is bonds, investors can use their infrastructure loans as equity capital and that is a new element and that is infrastructure spending, property spending, which should help stabilize things because the trade war is raging. david: and we did the global growth despite the trade war. thanks to damian sassower. let's find out what is going on in the markets with emma chandra . emma: we are looking at markets
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that are flat in the u.s.. dow jones and the s&p down .1%. the nasdaq is flat as well. earnings expected to be the big catalyst. they get going this week. we are looking at things a little bit flat. investors also assessing the data we got from china overnight that showed china's economy has slowed to the weakest pace on a quarterly basis since 1992. i want to draw attention to the nasdaq index, the nasdaq golden dragon index, these are chinese companies that trade in the u.s.. these are companies that trade in the u.s. the real action in the bond market, we are asking the treasury rally to continue, yields tightening across the board. i mentioned bank earnings, -- weng this week, we had
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should be able to show you how they are performing. they were up in the premarket and now down. we have gotten a little bit as well. we had gone into the green and are now down .3%. this is a company that reported evercore drawing attention. saying that is pressure across the board. financials weighing on the s&p 500 overall today and volume is higher than average. we're only thing that in industrials. finally i want to mention autos. let's switch up the board. they are the weakest today. we are at ford and general motors declining. fiat is still in the green but big meetings this week. they are meeting with the united auto workers union to negotiate new workers. david: the contract coming up is a big deal in detroit. coming up, president trump moves
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to have asylum protection for migrantsral american and it is already being challenged in court. we talk with the acting director of u.s. citizenship and immigration services, cancun finale. cuccinelli. that is next and this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i'm david westin. we turn to mark crumpton for first word news. mark: lawyers for jeffrey epstein argued today he should be released on bail. prosecutors say the financier is worth half $1 billion and therefore is a flight risk. several more women have contacted them in recent days to
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say jeffrey epstein of use them when they were underage. the judge will rule on thursday. the white house is moving to end a silent for most central american migrants. that asyluml state seekers who passed through another country first will be ineligible for asylum. the rule which takes effect tomorrow also apply to children who cross the border alone. the policy is certain to face a legal challenge. in louisiana, more than a foot of rain is falling, prompting flash flood warning's in that state and mississippi. today's rainfall was among the heaviest seen so far after barry struck louisiana as a week hurricane. the storm overwhelmed sewer systems in alabama, causing sewage spills of more than 250,000 gallons. it has been three decades since the chinese economy grew the slowly. gdp grows 6.2% in the second quarter, the lowest figure since
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1992. it is a sign that beijing strategy to boost the economy by cutting 200 million in taxes and fees was not enough. the trade war with the united states is also having an impact. exports fell in june from a year ago. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. david? david: today, president trump moves to end asylum protections for most central american migrants under a new rule published tomorrow. people who do not apply for asylum in another country before coming to united states will be ineligible for asylum in the united states. we welcome ken cuccinelli, acting director of u.s. citizenship and immigration security, which is a division of homeland security. i want to talk about what regulation does. i have heard three different
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descriptions. to whom does it apply and to whom does it not apply. ken: it applies to those coming across our southern border who have not applied for asylum and a country they are passed through on the way united states. not mexico, for instance, because they are next-door, but for those beyond mexico, they are required to apply and then be denied and prove they could be denied asylum. asylum is about safety. response toart in the quadrupling of asylum cases we are seeing that is tied in to the crisis we are facing at the border. someone from the central american country as a practical matter were to apply in mexico and he denied, could they apply to the u.s. for asylum? mr. cuccinelli: just to correct one point, while raw numbers you
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are right, what is coming over the southern border is mostly from south and central america, we are now seeing the southern border used by people from all over the world as an avenue in where they might've tried something else prior to the crisis we have at the border. to your question, if they apply and are denied in a country on their path to united states, they may apply in the u.s. we have a long tradition of generous asylum which has been swamped by a lot of fraudulent claims. what that does is it clogs up the system for the legitimate payments. -- the legitimate claimants. this will go a long way to helping is clear out over 300,000 cases of asylum backlog and the immigration judges in the department of justice are closing in on a 900,000 case backlog. as i said, been swamped at the border plays a big role. david: you are not accomplished
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lawyer in your own right. i'm an old lawyer. indulge me and condescending language. the statute says in part "any alien physically present in the united states or who arrives in the united states from irrespective of alien status, may apply for asylum." indication ofe an why this regulation does not go afoul of that language? mr. cuccinelli: there are aspects of the immigration and naturalization act that are in play. those from both parties have used the regulatory authority similar to how we are using different examples, but the same legal authority in the past. as you noted in the introduction , we are likely to be sued over this. there is very little we do these days that does not involve litigation, unfortunately. i have looked through the legal foundation of this regulation and it is clear, it is strong,
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and it relies on a long history of similar actions by the attorney general and the secretary of homeland security. i say later because homeland security is only 15 years old as a separate department. this is a jointly issued regulation. it is strongly founded in the immigration and naturalization act. why we expect litigation, we do expect to prevail and implement the rule starting tomorrow. david: let's talk about the conditions that presumably gave rise to this new regulation. everyone has to agree there is a situation of the border that is not sustainable. let's listen to what vice president mike pence said about what is going on down there. pres. pence: while we hear some democrats referring to u.s. customs and border facilities as concentration camps, what we saw today was a facility that is
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providing care that every american would be proud of. i expect we will see that this facility is overcrowded. that will be evidence this crisis. betweenhread the needle everyone should be proud on one hand and they are overcrowded. what is the real situation on the border? mr. cuccinelli: i was down there two weeks ago at the same part of the border. there is no question that because the border patrol is unable, as they are designed to do, to shift people they apprehend ties because ice's beds are oversubscribed, you are seeing these crowded conditions at border patrol facilities that were not designed for this. what the vice president is talking about to be proud of is the job the very flexible job border control is doing in
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accommodating these numbers. they were not designed to deal with as effectively as they can. what i can tell you is my understanding is now common in the busiest sector, the rio grande sector, they are now down of their threshold facility design. where you would have seen in may upwards of 4000 people being processed through their central processing facility, they are now down to 1500. i would note we have proven we can fix this. when congress finally gave us the budget needed to deal with children last month, in one month we went from 2500 children in custody and in detention down to the 300s, with only a handful of them being detained for more than three days. hours, that is the benchmark we set for trying to
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move children into more child appropriate facilities. when we get cooperation from congress, we can succeed. congress continues to fail to fix the asylum loopholes, which is why we force regulation today and they also continue, while pointing to overcrowding, do not do anything to help solve the problem. david: that is encouraging. how much of it was the $4.5 billion? the numbers are coming down, aren't they? mr. cuccinelli: they are coming down. the numbers in may were astronomical. 142,000 people coming across the border apprehended. we have had four months in a row of over 100,000 apprehensions. i've looked at data back to 2012. we do not have a single month of that level of illegal border crossings prior to these last four. , butumbers are coming down
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they are coming from an astronomical level. we are not out of this yet. we are headed in that direction. with the operation we are getting from mexico with the productive discussions going on with the northern triangle going on with the northern triangle nations, and i would point out, and give credit to the new president of el salvador, who is cracking down on ms-13 within his own borders. some said that would never happen but he is doing it and his own people are ecstatic. his approval numbers are going up because of his willingness to be aggressive on one of the factors that plays a role in migration in north america. david: i appreciate you taking your time out of her busy schedule. mr. cuccinelli: good to be with you. david: ken cuccinelli, acting director of u.s. citizenship and immigration services. still ahead, china growth slows and president trump says he is to blame. we talk with an expert. that is next and this is bloomberg. ♪
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david: china economic numbers show the weakest quarterly years, -- president trump tweeted in response that u.s. tariffs have a major effect on companies wanting to leave china for non-turf companies -- non-turf countries -- non- tarrif countries. welcome now edward alden. thank you for joining us. let's start where the president left off. as the president right that part of the reason why the numbers slow down for the quarter was because of the trade war? edward: i think there is no question. the export contribution to china's growth has been dropping , in no small part because of the tariffs and their knock on effect.
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it is not just exports to the united states. there was no question the trade piece of china's growth has taken a hit. china is finding other ways to compensate. 60 went -- 6.2% growth is slow for china but robust by global standards. it has not been catastrophic for china but i think the president is right. the trade war is affecting china's growth numbers. the questiono to of how much pressure president xi is feeling to make a deal with united states. from what you just said, are there ways for china to work around the problem so they do not feel that pressure and they hang in there? edward: china certainly seems to be preparing to deal with this over the long run. there are no signs, either at the g20 meeting between president xi and president trump or since then that the chinese are prepared to make significant concessions in the areas of u.s. concern in order to try to get a deal and alleviate this
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pressure. instead they seemed to be ramping up efforts to increase consumption in china, to increase investments, to put money into the economy, various ways to try to offset the trade loss. china's strategy appears to be one much more of trying to find other ways to stimulate growth, even with a slowing trade picture. the second part of the president tweets that this will lead china to want to make a deal that will benefit the united states, i do not think that is clear. there have not been significant declines -- significant signs since the g20 that the sides are closer to making a deal. david: are they talking? are there active negotiations that might lead them toward one another? edward: there have been some preliminary discussions over the phone with u.s. trade representative and his counterpart in china. there been no being scheduled yet. some of the problems that appear to have been made at the g20,
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president trump the chinese will buy more u.s. soybeans and they will make commitments to that, that has not come true. it is not clear what the u.s. pledged with respect to huawei means. companies will have to apply for licenses. there may be more exceptions. the g20 commitments have not been carried out. we have not seen any change in the status quo since the g20 or any sign negotiations are picking up. david: we do have a deal with mexico and canada, or we were supposed to call the usmca. everybody seems to agree it is terribly important. this is what vice president pence wrote in the washington post. i've seen how important the usa -- the usmca is to american people and businesses. it is a great deal and congress needs to act. do you agree and are they going to act? edward: i agree it is important congress ratified the usmca. our trading relationship with
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mexico and canada and broader political relationships are so important. mexico and canada made significant political commitments and coming to a deal with the trump administration. they moved forward toward ratification. there is no question that the usmca would provide greater stability in north america. said, the likelihood of congress acting on it before the election is extremely small. it is already getting caught up in the politics of the 2020 election. i do not think the democrats want to give donald trump a victory on the usmca prior to the election. whatever the benefits for the broader north american relationship. david: i understand they do not want to give him the victory. on the other hand, might have to go back to the constituents to explain why we do not have a deal with canada and mexico. there are a lot of states who depend on this. asard: that is true, as long the old nafta is in place, which it still is, the disruption from not having usmca will be
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minimal. the democrats want to run on a platform they are more comfortable with, which is saying the president promised a great new deal with canada and mexico. he came back with a lemon. if you elect a democratic president, we will come up with a deal that is better for workers and the environment. the democrats are much more comfortable running on that then saying we worked with president to get the usmca ratified. david: sounds like a plausible political strategy. thanks so much to edward alden. up next, president trump promised ice raids over the weekend. did they happen? we asked our political panel. that is next and this is bloomberg. ♪
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david: this is "balance of power" on bloomberg television. i'm david westin. for bloomberg first word news, we go to mark crumpton. mark: president may replace
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wilbur ross. according to nbc, that is prompted by the administration's loss in the supreme court about adding the citizenship question to the census. the courts and the argument for adding the question was contrived. turkey is marking the third anniversary of a failed coup attempt against the government. aesident erdogan and attended prayer recitation on the grounds of the presidential complex. factions5, 2016, within the military used tanks, warplanes, and helicopters to try to overthrow the government. 250 people were killed, 2200 others wounded. former south african president jacob zuma's answer questions today about claims of corruption during his time in office. president of south africa from 2009 until 2018 in the commission is investigating
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widespread allegations including members of a multi-indian business family influenced appointment of cabinet members and some radio morning of lucrative state contracts. there are plenty of questions after the blackout the lab heart of manhattan in the dark for a few our saturday night. the president of consolidated edison insists it out it did not happen because of high demand on the electrical grid but said it would take some time to determine exactly what happened. officials have ruled out terrorism. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david: thank you. immigration is emerging as an prominent issue in the 2020 election with the president changing a silent rules so that migrants who seek asylum in a third country are ineligible. with us right now is the
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director of -- >> this regulation will go a long way toward clearing the over 3000 case asylum backlog and also the immigration judges in the department of justice are closing in on a 900,000 case backlog. as i said commending swans at the border plays a big role in this. david: we welcome jen kearns, founder of a brand-new organization called women for america, and jeanne zaino. i want to start with you, if i may, jeanne. if you listen to him, it sounds pretty reasonable. we have to get our arms run what is happening at the southern border but says that because of money from congress it is getting better. apply to mexico and if you cannot get in there, come back to us. >> this is not a new issue, this is an issue that goes back
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decades. the problem is the president's rhetoric about what is going on does not match what is going on at the border. or indeed, what his own administration is doing. all the talk about the raids this week and had nothing to do with the reality of what happened or even planned. even people in the administration were frustrated that the president was going out and overhyping what would happen. yes, congress needed to act for a long time, it's been negligent in that. the president promised to act in 2016 when he was elected. that has not happened. this has to be addressed. it will be a key issue because it is something the news to be addressed. david: will it be or is it being fixed? pointing $4.5 billion, they are making some changes. maybe this crisis can be handled. >> unfortunately, the numbers are so great. last month alone, 130,000 people came across the southern border
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illegally, in addition to the nearly 210,000 that we left t through the immigration process. haveresident's tweet may not been eloquent, as are his other tweets, but the action sics taking place this week, they are modeled after president .c.e. actions. i i think this is thoughtful of the president. commitl aliens who violent crimes, which most people can agree should be deported. that justour families arrived from central america who skipped their proceedings. the u.s. has been kind tried to expedite their cases in the court system. these are folks that did not show up at the recent hearing. talk about looking a gift horse in the mouth. david: before that, the ice
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raids, it is unclear what happened. normally when you say we are going after criminals, you don't make an announcement. you just do it. so why do you make a big announcement and say these are into?ason we are going that is not the way that you handle law-enforcement enforcement, it sounds more like a pr stunt. >> i believe it is part of his determine strategy. the border patrol will tell you raids are part of the determine strategy. the president announcing these also sends a signal. word travels through these families back to their countries of origin. the united states is taking a zero-tolerance policy on immigration. those that came our under fear of being sent back. that is his determine strategy, i don't think is a pr stunt. >> this has nothing to do with deterrence, with all due respect. his had nothing to do with appealing to his base for 2020, distracting from epstein, his
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loss on the census question. he had a very tough weekend. this, along with the other unfortunate and far more worse and in eloquent tweets that he sent out, he has always said, never forecast when you're doing to your enemy. this was about 2020. david: i will read some of his tweets. it is so interesting to see -- why don'tswoman they go back and fix the totally broken in crime infested places where they came from. did you do you any favors? before that, the democrats were fighting about themselves about the right approach, but now they can all get together and say the one thing we agree is president trump is not a good person. she is working for nancy pelosi. it is shocking to see a president talking about four newly elected congress women, or
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men come in the capacity. when people say you can look at the president's tweets and you cannot tell them from him and a racist online, that is exactly true. david: the president has said this was not racist. >> some of these congresswomen are calling nancy pelosi racist because she will not take into account their points of view. that is something else the president we did. when everyone is forgetting is the independence in this country -- and i keep a special eye on those voters, women voters -- there was an interesting poll in california last year that said 65% of independent voters did not like the sanctuary policy. that is significant. these people are watching the left and the right fight. i believe that middle path needs to be listened to. david: let's talk about those independent voters. i daresay a lot of those folks put democrats in the house last november and wanted something to
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get done. why are we spending time on mueller testifying in the house when we have a debt ceiling, usmca to ratify? is that a smart use of time? we are running out of time in this legislative session. >> the house can do multiple things, and they should be able to. you are right, there are things that have to be done. nancy pelosi and the leadership has been keenly focused on that. and they have passed bills. but i think a committee can hear testimony from bob mueller, who released this very important findings of all the work that he did, all the money he spent on that. i believe they can do that and get things done. i agree with you, the path is through the moderates and independents. the president has to be careful is he is talking about caging and rounding up and deporting families ar that are seeking asylum. >> mueller himself said, this is my report. i will not be offering any
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additional testimony on this. e show, capitol hill drama. i will tell you with the voters care about. health care and illegal immigration. those vary depending on the day. illegal immigration is a problem the democrats have to address. david: framing the 2020 election in a short sentence. thank you both. coming up, bumping back up against the debt ceiling. the clock is ticking down and the government is running out of money. we talked with david stockman, president reagan's budget director. this is bloomberg. ♪
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david: you are watching "balance of power." i'm david westin. when david stockman was budget director in 1985, the national debt was approaching 2 trillion dollars, which caused some alarm. today it's approaching $22 trillion which means we are once again pushing up against the congressionally imposed limit on borrowing. we welcome david stockman. of "peak trumor p." he is also a former investment banker and corporate executive. welcome, good to have you. david s.: it is obvious, the swap has not been drained. in 1981, theoffice debt was actually under $1 trillion. the first thing, the great regret that ronald reagan had to do was to ask for an increase in the debt ceiling above a
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trillion dollars. he, unfortunately, was never able to slow down the growth of the debt because the tax cut got too big, defense got out of control. that is where it all started. in 1980, that $1 trillion was 30% of gdp. it had taken a long time to get to that $1 trillion mark. 38 presidents before him. here we are today, $22 trillion, and this is the important thing, 40 trillion. unless we do something to change fundamental policy tax, spending, defense, entitlements, we will be at 40 trillion. you cannot live with that when the baby boomers are retiring and they are all going on social security. at 2: we were in a panic trillion, now we are in a panic at 22 trillion. people with modern monetary theory say it doesn't matter. on the left and the right.
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as long as we are the globe's currency, we can borrow as much as we want. david s.: that is utterly ridiculous. if that was true, let's have $100 trillion worth of debt. let's dump money from helicopters and tell everyone to have a party. who needs to work? just had the fed print money. we have reached a point where we are on the debt because the fed has accommodated the congress over and over with these easy policies that have made it possible to finance a debt at artificially low interest rates. we had $4.5 trillion balance sheet at the fed, 22 trillion worldwide. it is the central bank that have enabled the politicians to pretend there are free lunches, fiscal doesn't matter, and the debt can keep growing. it is not sustainable. david: one is overall how much
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we are borrowing, the other is what we are borrowing four. they are separate issues. if we were investing all this money in profitable things, if you were a corporation and the , --tal returned david s.: a lot of it goes to defense here and we are spending way too much on defense and does not do much economically anyway. the rest is going to entitlements which keep people in dollars but does not help the economy grow over time. if we look at the private side, there has been an explosion of debt. it is $15 trillion now. most of it went into stock buybacks, m&a deals, leveraged recaps and so forth. planted aot productive capacity for the future. both privately and publicly we are borrowing like there is no tomorrow to have a party today
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on wall street, a party in washington. and where are we going to be five years from now when this debt is even greater and the baby boom is retiring at a rate of 10,000 a day? we are going to have 80 million people retired within a decade. base, is this an accounting problem or even political problem, or is it a problem for the voters? you represented your district in western virginia -- michigan. if the voters wanted this fixed, they would elect people who would fix it. david s.: back then, there was an honest financial market. the voters said, in 1980, when a ring for reelection, we don't like these 60% interest rates. were impossible to get, small business was being crushed. people said change policy. that is what elected reagan.
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but we have had a fed that since then has destroyed the price setting mechanism of the financial markets. they have allowed everyone to live a lie that you can have $22 trillion worth of debt and only have to pay 180 basis points of interest because the fed and other interest banks that central banks have suppressed interest rates. that is why the public is not responding. the politicians and the public have been given totally erroneous, false price signals about our borrow and spend. david: are we on the cusp of even more liberal bets? we heard chairman powell testified. one of the things he testified on his bare with the interest rate need to be in order to avoid full employment? this was an amazing exchange. >> do you think it is possible the fed's estimates of the lowest sustainable on implement
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rate may have been too high? >> absolutely. we have learned it is substantially lower than we thought. fed that isis a supposed to control price stability, inflation, and make sure we have maximum employment. if we don't need to worry about inflation, do we have a fed that has only one mandate, which is make sure everyone is employed? phillips curve was never correct and he admitted that it does not exist. it took another foreign member of congress to tease that out of him. the point is, labor markets are global. what determines the wage rate on the margin in the world is the china price for goods, the india price for services. as long as there are still rice paddies to be emptied and villages throughout asia that can put workers into factories funded with cheap credit, there will not be an inflation problem. but that doesn't mean the fed keeps printing money and puts the -- inflation rate
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practically at the running inflation rate. the money market rate has been under the inflation rate, measured by the cpi, less food and energy. .hat has not helped main street that has been a gift to wall street, so wall street is up 300% from the bottom. main street, the weakest recovery in history. it doesn't work. weid: take us through that, are on the cusp of earnings. we get into it in earnest. rates were higher, if the fed did what you wanted them to do, how would that benefit the c-suite, main street? david s.: if interest rates were higher, there would be an honest price in the financial markets for borrowing versus not borrowing. if you had honest interest rates, i don't think the c-suites would be borrowing trillions of dollars to buy back
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their own stock. they are loading up their balance sheets with debt that will carry for the indefinite future in order to buy some shares back today and goose their earnings by the qu arter. that is not productive investment. we are living a lie. household are borrowing too much. we had a morning in 2008. households today have 15.6 trillion in debt, one trillion more than back then. business has 50% more debt than back then. and we don't even have to talk about the government. this is the point. interest rates need to reflect economic reality. as long as they are being deeply suppressed by the fed, you are essentially stimulating wall street, creating the greatest bubble in history. when it collapses, and it will, 2000, 2007, we will have another crisis. david: really good to have you, david.
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former reagan budget director david stockman. a headline from the white house. the president says usmca approval is all politics, and has a plan b if it is not passed in congress. we will bring you headlines as they develop. live in new york, this is bloomberg. ♪ >> the internet has made human trafficking a much bigger business that it was hundreds of years ago. the internet, a lot of good things happen but a lot of bad things happen also. ♪
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david: some headlines from president from speaking at the white house. he said usmca is all politics and has a plan b. now he has said that china was president xi is a friend but probably not as close now as he once was, which may tell you something about the progress or lack thereof in the trade negotiations. thebook is our stock of hour. the stock is falling 1.5% today
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as the company prepares to face lawmakers this week. emma chandra has more on the proposed cryptocurrency in the spotlight. in june.y call initially had investors and analysts bullish, saw it as the next growth opportunity. if you look at the stock since that announcement, up about 12%. lawmakers, both democrats and republicans, and president trump , have been a lot more skeptical about it. david marcus, a top executive, is due to face congress, the senate tomorrow, the house wednesday. we know the concerns about libra regarding data security, competition, the fact that facebook is so big. of course, the timing is not good given facebook agreed to a record fine with the ftc last
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week, $5 billion with regard to some of those issues. hearing goingst on, libra, $5 billion fine, but they have reserves. is that a slap on the wrist, is the market seeing that as a major issue? emma: they certainly have the money to pay for it. also reinforces the fact that facebook is so big, $5 billion doesn't make much of a difference. we broughtaddressed in his congressional testimony last week, saying they have some serious concerns about it. bloomberg, into the there are people that are just concerned about digital currencies in general. bitcoin is most well known, incredibly volatile. if you look at the 20 trading day since lieber was announced, the trading range for bitcoin is $4300. david: in the meantime, i don't want to let you go without talking about semantic and broadcom. a donee that we may get
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deal tuesday or wednesday of this week. this morning, hearing talks have ended between the two. broadcom wanted to drop its offer price. semantic decided they were not up for that. they could potentially come back to the table. david: in the meantime, let's go to the white house where the president is taking some questions. >> that is a very racist statement. i'm surprised she would say that. >> [inaudible] they are very unhappy. i'm watching, all they do is complain. all i'm saying is if they want to leave, they can leave, john. i look at them on, omar, i don't know, i never met her. i hear the way she talks about al qaeda. al qaeda killed many americans. she said you can hold your chest out. when i think of america -- when i think of al qaeda, i can hold my chest out.
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when she talked about the world trade center being knocked down, some people, you remember the famous some people. these are people come in my opinion, hate our country. you can say what you want. get a list of all the statements they have made. all i'm saying is if they are not happy here, they can leave. you know what, i'm sure there will be many people that will not miss them. -- they have to love have to love our country. they are congresspeople. i never used any names. quiet. quiet! quiet! quiet! that if theyple don't like it here, they can leave. will miss them, but i guess some people will. 8% -- them is polling at >> nationalists are praising
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your tweet, are you ok with that? >> when i hear people speak about how wonderful al qaeda is, when i hear people say some people, much more than some people. when i hear the statements they have made, and in one case, you have somebody that comes from somalia, a failed government, failed state, who left somalia, ultimately came here, and that is a congresswoman who is never happy. says horrible things about israel. jews.israel, hates it is very simple. if the democrats want to wrap their bows around this group of four people -- one of them cap amazon out of new york -- tens of thousands of jobs, would have been a great thing. would have been a good deal. jobs, andousands of new york has not been the same
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since that happened. it has really hurt new york and new york city. amazon was going to go there. they are going to relocate a major part of their business. she kept them out. that was a terrible thing she did. so here is the story. i see them complaining, they are complaining constantly. i watched lindsey graham today on fox and friends talking about frankly,subject, and even stronger than what i'm saying. he said they are communists. i am saying that they are socialist definitely. as to whether they are communist, i think they might be. but this is not what our country is about. nevertheless, they are free to leave if they want. leave, fine.to if they want to stay, fine. politicians cannot be afraid to take them on. a politician that hears somebody
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, where we are at war with al qaeda, and see summary talking about how great al qaeda is, that was omar. how great al qaeda is. when you hear that, and we are losing great soldiers to al qaeda, when you see the world trade center get knocked down and you see the statements made about the world trade center, all of the death and destruction , i tell you what, i'm not happy with them. it is very easy to say, it is ok. ,f we politicians want to say and the democrats in this case, if they want to hear their wagons around these four people, i think they will have a very tough election. i don't think the people of the united states will stand for it. >> [indiscernible] does it concern you that that

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