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tv   The Intelligence Report With Trish Regan  FOX Business  May 22, 2018 2:00pm-3:00pm EDT

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disare up tiff for joe manchin that he will stay the democratic senator for west virginia. that is the fear. i will ask him. sort out what is going on. the dow down 70 points. trish regan. trish: how are you, neil? neil: very well. trish: good. the president is wrapping up his meeting with south korean, the south korean president where he did suggest kim jong-un and that whole summit thing might not actually happen. all of this as u.s. officials continue to try to work through the china issue. try to get some kind of fair trade agreement with china. you know what? the president is not happy with things as they are. he is not pleased with their results so far and he's right not to be happy. i will tell you why. i'm trish regan, welcome to "the intelligence report." ♪ trish: at this hour we're reporting on a major development
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in the trade dispute with china. the chinese foreign ministry announcing it will cut tariffs on imported cars and car parts. but president trump says that's not enough. tensions might be a boon for the markets although we're still down 68. i wonder, are we getting any kind of deal that is actually fair here? my intel on all of this coming up. new revelations on the fbi attempt to infiltrate the trump campaign. a former trump aide tells fox news there may have been more than one informant. more details on this crazy story just ahead. democrats stealing a page out out of the trump playbook with a new slogan out of election. you might recognize this message. that is coming up. president talking openly about trade with china moments ago. i want to go to edward lawrence. reporter: trish, the president is not happy for a framework for a trade deal that has been laid
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out. the president saying a final deal will look so much different than what has already been laid out. plus he says there is a long way to go. treasury secretary steve mnuchin told a senate committee that the zte issue was not discussed, lifting exemptions and enforcement actions against zte was not part of the trade negotiations of the president pointing out his administration slap ad $1.2 billion fine on zte, the telecommunications firm. also banning any u.s. technology going into their phones for seven years because they broke sanctions and sold phones to north korea and iran and lied about it. >> we were the ones that closed it. it was not done by previous administrations t was done by us but we'll see what happens. as a favor to the president i'm absolutely taking a look at it. reporter: commerce secretary wilbur ross says enforcement action is very different than trade talks.
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the two can not be merged there. congress also taking action on this front. senator chris van hollen in front of the banking committee had his amendment pass that banking committee. what his amendment does bans any president removing enforcement actions against chinese telecommunications firms unless the administration can certify to congress the firms cleared up their problems and completely changed from breaking the law. the president saying he does want a complete regime change which may fall under the van hollen act but he wants a regime zte new board of directors, new management structure t the president saying he would like to see that happen sooner rather than later to prove their case. the treasury secretary clarifying in front of congress, yes, the steel and aluminum tariffs are still being enforced. the administration is pausing any future tariffs on china but the style and aluminum tariffs
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remain in place. >> as it relates to china, the steel and aluminum tariffs will remain in force of the those were not part of our discussions. we were merely folk focused on -- >> those are not being touched at all? >> those are not be touched. reporter: trade talks continue next week when the commerce secretary goes to china. trish: i'm glad the steel and aluminum tariffs are staying, that gives us leverage. we need leverage right now, so far this ain't going so well. we talked about leveling the playing field, right? now china is saying, guess what? we'll cut tariffs on auto imports from 25%, can you imagine that, they're charging 25% on any u.s. car that goes in there, we'll cut them down to 15%. whoop dedo. every one giving them applause and pat on the back. food for him, saying this is not
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enough. that he is not happy with how things are going right now. he shouldn't be happy with thousand things are going right now. we have a whole lot of work to do as it stand currently, the u.s. puts a 2.5% tariff on chinese cars, but take a look at the whopping amount that they were putting and are going to put? they still want 15%. 15% compared to our 2.5%? how is that fair? how is that fair? i mean if we actually wanted free, fair, trade, shouldn't everybody just go to zero? right? wouldn't that actually be fair? we would say okay, zero for you. zero for us. no one puts any tariffs on anything. but get this, this is the irony of it all, i think chancellor merkel owes the united states of america a thank you note, or at least some of those ceos in germany do because this
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proposal, what china is offering to do will actually do more for the germans than it is us. they're saying okay, we'll slash it to 15% on all auto imports. turns out germany is sending more cars, the chinese are buying more german cars than american cars. so it helps germany. i don't bee grudge germany getting a little bit of assistance but we ought to be getting major assistance and i think there is an opportunity here to be far more aggressive. we hold the cards. we are china's number one customer. they need us. you know what? the president agrees, said just a few moments ago, he is not pleased how these trade talks went down. listen to him here. >> are you pleased how the trade talks with china went? >> no, not really. i think they, they're a start. trish: good. no, not really because as i said
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i was all prepared to come on and say we need to take a step back and we need to be critical thus far what is advanced. clearly he knows that here for reaction, former economic advisor to ronald reagan, art laffer. good to see you. >> how are you, trish? trish: i'm good. 15%, whoop dedodo i still don't understand why we can't say, art, nobody will have any tariffs. let's get rid of tariffs all together? >> i would make you my trade negotiator and every day of the week, twice on sunday, you're my favorite. that is the right answer. of course it is the right answer. you should be over there in china negotiating this stuff, along with larry kudlow. he agrees with you 100%. trish: larry does agree. he was on the show friday saying he agrees with that sentiment. if we want to say,.
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we consume a lot. and sure hope we continue to consume a lot, right? thighs to be a consumer and buy a lot of stuff. the president keeps pointing to the trade deficit what we need to reduce. forget, get rid of tariffs? >> yes, yes. walmart there is no lower class or middle class prosperity. without china there is no walmart. there is nothing wrong with trading with china. that is terrific. if they have too high tariffs on our products and they have too high tariffs on their products. they should be both down to zero. trish: some cases we don't have tariffs at all. if they were to send us white, we would charge 0%. there is another good statistic
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here. they're charging a big hefty sum on any clothes. so you know, i would like the u.s. to be able to make a few t-shirts here too. we could send them to china. why would you buy them in china? you have a giant tax effectively on them. >> logo on the t-shirts you got from china. what would you put on them. trish: -- made in -- >> japan is worse than china. they have non-tariff barriers. they don't collect taxes. they do it to discriminate. makes no sense. there is no discussion of currency manipulation. what we want is free trade world. totally free trade world where allocation of resources. china is not our enemy. china is our friend. which have to work with them to get this done right. trish: i know what you're trying to say. art, sometimes i wonder this is on my that needs to be reckoned with, right? >> reckon with.
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trish: this is big, big deal. it will keep getting bigger. economic prosperity will also lead to dire for more military prosperity. >> should every one in the world hate us because we're a great big economy because we have military that surpasses there? no. trish: don't you want it to stay that well? >> would love to. i want us by us growing, not pulling china down. i want us to do the best job we possibly can on this planet. i want other companies to do this too, trish. trish: so long as not coming at the expense of us, art. >> no, that's right. trish: okay. >> i want us to cooperate and work together. i was first person to go to main land china with george shults and john erhlichman in modern time. we set up with the nixon trip. i went over there with my arms crossed hating them. i fell head over heels with them. this should be our best trading
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partner in the world and should be our best friend. trish: they really can't be when they're not doing what we need them to do, shall we say in north korea. i mean they're helping a little bit now. >> they are helping. yeah. trish: this whole summit thing may be off. can't the chinese maybe come to the table and use a little influence there with kim jong-un? >> i hope so. i hope so. they have already done some. a year ago we didn't think there was possibility of such a thing. trump has done a miracle with north korea. tough admit that. that is amazing. with you as our trade negotiator and zero tariffs worldwide, it will be nirvana here in america. we'll be on cloud nine. america the great. trish: i would love to negotiate it because i'll tell you, it shouldn't be as hard as every one is making it. >> it's not hard. trish: we could sell so many more products in china, in india, all over the world if the countries didn't put this lousy tax on our stuff. >> and it would help them. those products they want, they
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need those products. we produce high-quality, low-cost, great products that they need desperately there. their poverty would lift them out of poverty. why does their government do not want us to make them rich. trish: they're afraid, art, they're afraid we're too powerful. they don't like the fact we're as powerful as we to begin with. if they keep buying our stu they have become more and more. i know you don't want to see a trade war. >> no. trish: these negotiations can be much better. they need to be more aggressive. rome wasn't built in a day. they have their work cut out for them. >> trish, there is historical problem in china. these regulations and tariffs come from a long history when china isn't what it is today. they have a big boy nation. now they have to behave like one. cut their tariffs to zero with
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trish regan our negotiator i love the idea. i love it. trish: you've had a big influence on me for sure, art. i like a lot of the economic principles you stand by. >> what do you mean a lot? which ones don't you? trish: cut taxes, would you? >> trying. trish: cut taxes. keep coming. the economy would benefit. we need growth. art, it's a pleasure, sir. >> trish, lovely to be with you. trish: breaking overnight, every one, a former trump campaign aide telling fox news there was another informant, another one, who tried to infiltrate the trump campaign in 2016. this stuff is absolutely, postively nuts. i want to know how the heck these people got the authorization to be penetrating a campaign! we have got some intel on the developing story next. ast cancer is relentless,
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>> to investigate possible misconduct at our justice department, all of this as former trump campaign aide says there wasn't just one informant, there was actually another informant, who tried to infiltrate the trump campaign back in 2016. we have judge andrew napolitano here with all the legal
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implications surrounding these alleged informants. my goodness, this keeps getting weirder, and weirder and weirder. >> i could not disagrow with that. president learned something over the weekend which caused his tweet, i hereby demand an investigation. he ordered that investigation promptly on monday. when i heard the tweet, i said oh, boy, i had not heard about it. i thought he would order a criminal investigation. he didn't. he ordered the ininspector general whether or not there were violations of fbi or department of justice investigations. that is low level of investigations. if he finds evidence as he did with andrew mccabe in that investigation, he needs to pass it on to the attorney general. trish: stay with me, judge. we have more breaking information on the story. i want to go live with the white house. blake burman is there. president seemed to suggest that the upcoming summit in
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north korea may not happen in june. but, blake, the other big issue on the table is whether or not the fbi spied on the trump campaign. that is big word to use. if they used that to send information back to the obama administration -- reporter: to pick your topic, question and answer session. 30 minutes he took questions as he sat along south korean president moon jae-in. president said, maybe this summit might not happen after all, at least might not happen on june 12th. the south koreans though today were much more bullish on the possibility as the national security advisor in south korea said, it was a 99.9% probability, but the president seemed to suggest earlier today that this thing could possibly slide. listen here. >> we are working on something, and you know there's a chance it will work out. there is a chance, a very
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substantial chance it won't work out. i don't want a waste a lot of time and i'm sure he doesn't want to waste a lot of tile there. is very substantial chance it won't work out. that is okay. that doesn't mean it won't work out over a period of time but may not work out for june 12th. reporter: kim jong-un that he could provide him security and north korea could turn into a rich and prosperous country. in the middle of all of that, there was a question lobbed to the president, this story, whether or not the fbi had an informant communicating with the trump presidential campaign in the summer portion of 2016. the president said if that were the case, it would be unprecedented and worse. >> a lot of people are saying they had spies in my campaign. if they had spies in my campaign, that would be a disgrace to this country that would be one of the biggest insults anyone has ever seen. it would be very illegal aside from everything else. it would make probably every
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political event ever look like small potatoes. reporter: group of house republicans, 18 of them, calling for a second special counsel, a second investigation looking into whether or not the department of justice, the fbi was engaged in misconduct during the first probe. trish? trish: there are a lot of calls for that second investigation. we may in fact need it because i think a lot of people have a lot of questions and the president, at least ought to know the answer to all of this. as well as us. thank you, blake. fox news senior judicial analyst judge andrew napolitano back with me. >> i'm glad blake brought us the language out of the president's own mouth. it shows the level of anger and concern on not just his part but on part of millions of americans who learned about this in the past 48 hours. so let's break it down. if this person who we think was the informant, this professor whose name we don't want to mention but our colleagues are mentioning, "wall street journal" mentioned it, and has detailed story about his background, bellied up in a bar next to somebody from the
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campaign and started a conversation, that is perfectly lawful. a lot of criminal investigations begin with off-hand, non-privileged, non-private conversations. if as the president fears this, is the most extreme of his fears, may be a basis for it, we don't know yet, the fbi actually sent an undercover agent to inv ag le his way into the campaign and this aide sat in private campaign meetings, can only be lawful if they did it with a search warrant. they could only get a search warrant if they demonstrated to federal judge that more likely or not that the agent would hear evidence of crimes. we have a extreme case here as possibility on basis -- trish: i'm glad you said all of this because my frustration surrounding this story is we don't know much here. >> right. trish: if for some reason they had a serious suspicion, i would think that this would happen time to time, serious suspicion
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with an intelligence threat, then you would go through the proper chain of command and get the proper authorization to be able to do this. now that said, what worries me, judge, is that they didn't go through the proper chain of command and that they didn't really have any reason to be doing this. that flimsy dossier. >> that is a legitimate fear on your part and on the part as a lot of us that watch these things as part of our job because we know what happened in one instance where they went to the fisa court, where the standard for getting -- trish: is nothing. >> getting the search warrant is a very low bar. we know the fbi has been using the fisa court in criminal cases because it is far easier to get the search warrant from the fisa court because the standard is lower than from a regular court. if they went to a regular article three constitutional court, followed the fourth amendment, they would have to demonstrate to a federal judge it is more likely than not there
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is evidence of crime going on in the trump campaign. trish: okay. >> if they went to the fisa court, they would have to demonstrate more likely than not there was communication with a foreign person, a much lower standard. trish: communication with a foreign person. we live in global society. had so much as white russian in a bar these days, god help, that is what comes down. >> this professor, we're talking about, could be categorized as foreign person because he taught in a british university, so the standard is extremely low. we don't know where this will go. i don't think a fruitful investigation of the origins of the mueller investigation can come about until mueller finishes we see what charges, if any. trish: i hear you. if they had a legitimate reason to be worried that the russians were somehow in there manipulating things, then they need to show that to us. right now there is nothing
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legitimate that could have been concerned about. >> i understand your concern, but under the law they will not show us that, we will not see it until mueller is finished. he will exonerate the president, charge the president, or send a report to the house of representatives. then we'll see what he found. trish: we'll keep talking about this, you know. judge napolitano, thank you, sir. >> you're welcome. trish: starbucks new, all are welcome, come one, come all policy, isn't going so well. we'll get the public reaction. >> use the bathroom there? trish: anytime you want. later in the show, famed economist robert schiller will say whether bitcoin is the next big thing. stay with us. they appear out of nowhere.
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your company is and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the nation's largest banks, and a local approach with a focus on customized insights. so you and your company are ready for today. trish: starbucks opening its bathrooms to the public after that pr nightmare from early april when two african-american men were arrested for not purchasing anything. our own kristina partsinevelos has details. she is outside in the rain at a starbucks right now.
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hey, christina, up umbrella's up. >> a stranger gave it to me. anyone can walk into a starbucks. don't have to buy coffee or use bathroom. i tried it out, they gave me the code. that is a new policy to let starbucks be more inclusive. you can't drink, do drugs or sleep or do anything inappropriate in the wash many. an employee called police on two african-american men in april. this happened in a philadelphia store. the men were just sitting there. they didn't buy anything, so the employee called police on the two men. this is not the first time. just five days ago you had a starbucks employee wrote a racial slur on a cup of a latino customer. clearly there are issues with racial bias or sensitivity going on with starbucks.
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what we did do when it wasn't raining i spoke to a bunch of customers it seems overwhelming positive about the guest policy. here is what they had to say. >> that could be a issue, if there are too many people taking advantage of that which we are not accustomed. >> that is kind of on them to up keep with it, right? it is their policy they will just have more work to do. they will have to clean it all the time. reporter: so you're seeing two positive remarks. there are a lot of viewers, fox business viewers took to twitter to issue their complaints, worried that starbucks will be a haven for drug users or the homeless. yes, we are listening to you. this has been an issue. next tuesday though, starbucks, eight thousand stores across the country will be closing down for a racial bias training. so they will do sensitivity training to teach their employees. that means over 8,000 stores will be closed next tuesday afternoon. here this store seems to be pretty good.
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you can get your cup of joe or go to dunkin' donuts across the street. trish. trish: i get a kick out of the woman, their problem. they will have to do more cleaning. i guess they will. here with their thoughts, adam johnson and david nelson. so from a business standpoint, investor standpoint do you think the company is doing the right thing, adam? >> they are. this a wake-up call for two reasons, trish. number one, we spend all our time with these damn iphones, staring at screens, you know what happens? we get detached from one another. go to places like starbucks even if they're doing same thing. point number two this is the real wake-up call starbucks has to deal with, what are the policies enable all the people to interact and not create a problem. starbucks ought to do something, have a little sign on the table, have you have enjoyed your coffee or beverage, make way for the next customer, thank you. we're figuring this out. trish: i think this is personal
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bias against people hogging up table. >> might be in my case. >> i have to take the other side. i think it is politically correct and business stupid. how often do you walk in, stand in a starbucks line for 20 minutes to get to your latte and go sit down there is no seats, because people have been sitting there for eight, nine hours at a time. >> exactly. trish: i don't understand why anybody would want to sit in a starbucks eight, nine, 10 hours, at a time. >> think about it. we live in 1099 economy. we're not working in offices. we're freelancers. we get a cup of joe and sitting there, we feel part of something even staring at screens. trish: bad for business. >> better than sensitivity training. how about service? what about food? do something about food? they haven't not food right in 10 years. >> worst breakfast sandwich i ever had. >> i think the coffee is terrible too. >> why? >> i like the coffee, i don't like the lines. frankly the service is suspect. trish: would you buy the stock right now? >> no, i wouldn't. it hasn't gone anywhere for two
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years. for good reason. they're doing one thing right. they're moving into china. they will go from 3200 stores, to 6,000. that is a pretty big jump that could boost the bottom line. >> i actually don't think it tastes that good. i think it tastes really putrid, awful. you look at china, are people going for it there? it is really more of a status symbol. >> interesting you should ask the question. i was in china a couple years ago, talked to the woman who was showing us around of the we basically hired us for the day to give us a tour of shanghai, the city she is so proud of. >> she showed you starbucks. >> she and her husband take their little boy, one-child policy, little boy for special saturday morning coffee. they can only afford to go once a week. it is a special treat. middle class income in china is 15,000 bucks. trish: i know people in asia to wash the paper starbucks cup, walk around wit. whether you're putting water or
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anything else in. >> status symbol. >> get from moving from a tea culture to a coffee culture? trish: i don't know. i don't think you necessarily can unless it becomes all about a brand or something. they somehow bizarrely manage to convince americans that their coffee was good and you needed it. >> they have gotten to 3200 stores, pretty big commitment to this point, but get to 6,000 for five years? >> exactly to your point. would you buy the stock at 22 times earnings? no. >> they're cannibalizing from somewhere else. trish: if they have the emerging market growth, it remain as big if, if they have the emerging market growth, i will can pay five dollars for your company. >> if you want to bet on america, buy apple. forget starbucks. sorry. trish: apple is interesting pick i know you love it. >> i love it. trish: thank you very much. no more on starbucks. are democrats trying to beat
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trump at his own game. chuck schumer can't stop talking about the swamp. like trump created a whole new definition or pronoun. can this work for the midterms for the dems? we have very good intel for you next. welcome to holiday inn! thank you! ♪ ♪ wait, i have something for you! every stay is a special stay at holiday inn. save up to 15% when you book early at hollidayinn.com
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trish: new york city will be run by a woman for the first time in its 226-year history. exchange is appointing chief operating officer stacy cunningham as its first female president. she will be starting friday. mark zuckerberg is apologizing to european parliament for the way his company handled its users data. zuckerberg apologized for fake news, foreign interference in elections and developers misusing people's information. a lot to apologize for. he said it is a mistake and said quote, i'm sorry for it. turning to politics. looks like the dems will have a new message for the midterm. maybe not all that new. watch it here.
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>> the swamp has never been more foul or more fetid than under this president. >> instead of delivering on his promise to drain the swamp president trump has become the swamp. trish: the swamp, the swamp, the swamp. sounds familiar, right? i guess they ripped a page out of the president's playbook. watch. >> we need to drain the swamp and we're going to do it and we are doing it. [applause] drain the swamp. [cheers and applause] >> drain the swamp! drain the swamp! trish: so he coined the phrase, now you got the likes of chuck schumer trying to use it. is that actually going to fly? joining me right now fox news contributor, former reagan campaign director ed rollins. >> how are you? trish: good. they're trying to use his own word now. he had such a good campaign they want it. >> there is no credibility with
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chuck schumer and nancy pelosi saying they will drain the swamp. they have been a product of it. they have many friends that are lobbyists. i think at the end of the day, with trump there is some believability. has the swamp gotten drained? no. you will take more than draining, cement it over and take 100 years ago to do that. as a campaign slogan i think there is no credibility to it. trish: i think you're right. i think a lot of their constituents will see through that, because he is so, the president has been so identified with having coined that. i want to switch gears ask you about a very big story right now. they're talking about being a second investigation and there is concern that there may have been a second fbi informant who was in the trump campaign in 2016. i haven't talked to you since all this news broke. so give me your reaction. >> my reaction, this is a very unconventional campaign. no one quite knew who was doing what, where, how and when but reality donald trump was the
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campaign. he picked where he was going to go. he is the one that had messages. cambridge college professor been around the game for a long time is not, is not to me a real source of worriment. did the fbi actually put somebody in there, pay them, use the information for something, and if they did, how could they find any information when everything else was chaos. i don't think it happened. trish: you don't think it actually happened. you don't think the fbi really did that? >> if you find out the fbi paid this guy they should be arrested for malfeasance. he is certainly not a player. 40 years ago. trish: he had been paid by the government tune of $200,000. >> for contracts. his father-in-law back in 1978, set of nine was a very important player. mr. klein was deputy director of operations for cia. may have had relationships with george bush. he worked for george h.w. bush's campaign in 1980. they pushed him in opposition research in 80 campaign.
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never a player. never a factor. certainly someone gone to cambridge for many years and pick him out as operative to filter. trish: you mentioned it is a he. you mentioned cambridge. i should remind every one, fox has not confirmed the identity of this particular person but there are certainly multiple, multiple publications put this person's name out. but, ed, if it is true, and you don't think it is -- >> what he has said, he had -- i think he tried -- a bunch of people try to be players in campaigns. trish: to the point where they're like, trying to rat out a campaign to the current administration? that happens? >> no. it doesn't happen f there is, there is, again, i will question a lot of things that happened in this campaign other than the fact they won but it was non-traditional campaign and some of the cast of characters who were in there had their own vested interests. >> that's for sure. >> not vested interests of
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president trump. trish: what you think, i know we're getting a wrap signal here, you think this is somebody who wanted -- >> there is always a wannabe. there will be somebody said i did this, i was foreign policy advisor, they enhance their resume' and try to get other jobs. trish: okay. there is a big difference between saying that -- >> absolutely. trish: and this person being paid specifically and planted by the fbi? >> if this guy was meeting with bannon, kellyanne conway, every day i would say great, look at him hard and fast but that is not the truth. trish: thank you, ed. he is nobel prize-winning economist and predicting housing crisis and dot-com bubble. and now robert schiller has a new warning for bitcoin. the professor is explaining next
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trish: warning here against cryptocurrencies. economist robert schiller says about says bitcoin and others are following a failed path by all monetary deviations. new does not actually equal better. he joins me right now. so good to see you, professor schiller. >> my pleasure, trish. trish: thank you. you have an interesting piece on this. walk us through your premise. why in your view, when so many are excited about bitcoin and
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technology it offers are you saying, okay you guys are getting a little carried away here? >> yeah, isn't it kind of amazing how much enthusiasm there is for bitcoin or other cryptocurrencies? i've been reading history, i find this isn't the first time that some kind of new money was proposed and got cell lows followers. there is a mystique to money. children will ask, little pieces paper, why do people take it? they take it because other people will take it. there is some sort of faith or belief in it. we could just as well have it worthless. somehow it isn't. it is worth a lot. trish: u.s. currency, right? >> yeah, i mean, somehow currency psychologically important part of our lives. it is, well, nations attach their name to it. the european union created this euro currency.
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i think it was a bid to establish connections between the different countries, make them feel like one country. so it is so important to our psyche, that anyone who wants to produce a new idea, tries to link it somehow to a new kind of money. trish: hmmm. but, but, you don't see this going anywhere, right? you see bitcoin -- i talk to lots of people. it is remarkable, it is crazy what it can do in terms of ease of payments going forward. western union, good-bye. it will cost tiny fractions what it once cost to get money all over the world. it could change the credit card industry. but you don't seem to believe so. how come? >> well, i don't think that cost of doing a transaction is that exciting. what is it that exists people? i think it has something to do with our political side.
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the really critical feature of bitcoin is that it doesn't depend on a government. and in fact there are claims government can't control it. it is like we're establishing a new community of cosmopolitans who are just smarter than the government. part of the story it is so hard to understand. only really smart people get it. and then part of it is, that it is independent and free spirit. it is creating a new, yeah, i would say community. trish: so that is the reason why people like it. and that is where the excitement -- i understand all that. and there have been various types, i haven't invested in this stuff at all, i have been kind of excited about it too in terms of its potential but where does that potential break down in terms of not becoming a reality, robert? >> well, it is a reality. it is hundreds of billions of dollars. you know, i didn't -- trish: you don't think it will succeed? >> well, we have thousands of
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cryptocurrencies. they're not all going to succeed. if any of them suck -- succeed. it is possible, that they have already succeeded -- trish: ultimately why would you say about it coin is a bubble? >> well, that wasn't my thing to predict how it will unravel but i can give examples of other kind of new currencies that have unraveled in the past. i think that it is kind of a loss of hope in the stability or the willingness of people. it's still, all of these currencies are still maintained largely by speculators. we don't buy and sell very much in terms of cryptocurrencies. it hasn't happened yet. see what happens, this is how money was invented. people wanted to trade and gold or silver turned out to be very convenient because they have a lot of value per ounce.
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and then some governments in lydia, remember this in the 7th century bc, said, why don't we make coins so people don't have to measure it out and weigh them? that was very practical and it is still with us. it is possible that bitcoin will last for hundreds or thousands of years. trish: i could talk to you all day. i would love to talk about 7th century bc. i am getting a little bit after cue here. we're beyond dollar bills ourselves. one of the important points you are making, often the confidence, the government behind the currency is big part psychologically. the question can you make the leap into so-called community that has no government. mr. robert schiller, professor from yale. always a pleasure. thank you, sir. good to see you. >> my pleasure. we're taking a quick look at the dow. we're off 76 points. back after this.
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. trish: right now, everyone, looking at session lows in the market, off nearly 130 points, 24,914. lot of news for investors to digest. i want to go to nicole petallides who has more on all of this. reporter: what a different picture from yesterday. we were hearing from treasury secretary steven mnuchin saying the trade war was on hold. today, giving gains back from yesterday. you can see a mixed bag here. the russell is pulling back
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after the record. the s&p and the russell down to the downside. and we're taking a look at some of the movers which include some of the laggards. this, as the sectors of industrials, energy consumers are the biggest losers. home depot, united health, boeing, 3m under pressure on the same day we heard from president trump say that the summit with north korea may not work out on june 12th. we'll watch for that. take a look at the retailers, as a matter of fact, you can see they're on the move, in addition to the fact they're the biggest laggards on the s&p 500. many have reported just recently, kohls and tjx reported today. toll brothers sells off after results. back to you. trish: thank you very much, nicole. you know, robert schiller said something interesting, he was talking about the psychology of money. isn't it true? cash, and what that represents
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to little kids and it comes to mind because my two little girls had their first communion over the weekend. and they got a little cash and wow, they were running all over the house. liz, cash, first communion, it goes hand in hand. liz: never too early to teach children the value of a dollar, trish. thank you, the value of at least stocks right now if you're in the dow suddenly dropping to session lows. we have the s&p now turning negative in the last couple of minutes. we have mixed trade messages from president trump. they've got investors pulling the plug on some stocks but divi diving into others. the dow jones industrial average is down 109 points. i'm sorry, the s&p, the nasdaq has nearly lost all its gains is up about a point. the president making headline after headline in the oval office just over an hour

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