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tv   Bulls Bears  FOX Business  October 23, 2018 5:00pm-6:00pm EDT

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set and starting to take action against some of those both for the killing of jamal khashoggi for some people coming out of saudi arabia. >> people all over the world trying to get the details. that doesn't progress. >> "bulls & bears" starts right now. a transient from wall street to washington, talking about the -- "bulls & bears." i come everybody. i am david: up returning and the panel today come senior correspondent charlie gasparino come a carrie smith, qb matt grew president kevin kelly, managing partner at benchmark investments in treasury can, and primetime 8:00 p.m. right here on fbn. i don't know how she prepares for the show but she's here.
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meanwhile staging a huge comeback. the dow coming back from a 548-point loss to end down 126 so has the market found a bottom. heavy volume going into the time when the market was coming back. that indicates that in fact he found a bottom. >> i don't know if it's found the bottom. it's close to a bottom. when the market opens way down in a stellar start to get flushed out, it was down at 1.540. it was down 548. he rose to 126. people look at headlines and say down another 126. it is this nice, bright, and big green candle which indicates that from the open. >> the point is people are really getting in when folks were buying stocks after he came
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out of your loss. >> the important thing to note here is people came in and bought because companies are reinvesting in their future. home depot extended in their supply chain trying to increase e-commerce sales. when you hear the narrative the tax cut that is just poppycock because you see them deployed in their people, so people are putting capital work into great companies reinvesting. >> i love how we say how great the market is on a down day. >> 548, 120 is pretty good. >> i would not extrapolate brought thoughts about this market from one-day trading. i would look at trading and look at the market from the time that donald trump signed a tax-cut bill until now and it's basically flat. why is that? markets are scared to death of trade. they don't like higher interest
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rates, the trade is at the top and he looks like, you know, here's the interesting thing. >> this was after -- >> 18,000. that was a pretty big john. >> but when he puts into place a massive stimulus, at least it's supposed to be has been flat. i am covering more and more tesla right now, so i'm looking at the automakers. ford and gm. they're not doing so well in the recent riots terrorists. >> a danger over react in. the market is overreacting. the reality is we have a very good economy. the lowest unemployment rate since 1959. the expectation is we'll see another on gdp. there is a lot fundamentally going on. i understand you're worried about trade.
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we are china's number one customer. the biggest deal to them in the world. don't give me this we need them. >> why is it over reaction? these are real companies. real companies facing massive headwinds because it trade in their stocks are suffering. >> first of all should be noted that charlie's been out of the market since 1929. >> everything he brings up his alley. but it's mitigated by the points that trish brings up, which is basically the economic environment is very positive. the trade comment geopolitical. these are all short-term. if you're settling based on short-term things. even if it is not short-term. the net effect on the world's gdp is so miniscule.
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i've done the math. >> whitest ford and gm! the effect of all the china tariffs is about .02%. >> i think it was on your show, this is going to increase the cost by a penny. look at ford's earnings. >> .02%. ford has been going down. they are blaming. >> i've got to point out what should be very obvious and that is we need the right kind of policy that will make a better environment for a cells and kids going forward. if we don't do anything about china come if we say we are too worried about ford's earnings, you're going to wake up 20 years from now or even sooner, charlie gasparino. let me finish for a second.
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>> three letter word, job. >> china supersedes us. >> with a chance chance to do it in a conservative way through t. ppm donald trump. >> when a company is suffering, what they're going to latch onto. if it's not tariffs they would play the hurricane. >> you think would be better to attack china with a coalition? >> here's what i think. no terrorists at all. should we do it with a coalition like tpp or should we do it so low? >> we are building a coalition. that's the point. >> europeans we now have mexico and canada. they are working on it. >> i want to give charlie something to feel a little bit better about right now. >> i feel great. another tax cut. this is that the president is talking about.
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if anyone can get it done before midterms come he can. here's a thought on this tax cut. >> we are putting in a tax reduction of 10%, which i think will be met natural because we are doing other things which i don't have to explain that it will be pretty much not neutral but great for the middle class. going to be a tax reduction of 10% for the middle class. his missus will not enter into it. this will be on top of the tax reduction that the middle-class authority done. we are putting in a resolution probably this week. these folks know about it and kevin brady has been working very hard for a couple of months. we will start the work sometime after the midterms. >> i don't know how the left can have a problem with that one. your thoughts. >> my thought is exactly what this administration is doing is
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working. fiscal policies if we look at the previous administration they didn't do anything except restart businesses. obamacare, small businesses were getting heard left and right. jobs are doing better peer see in the economy >> that's an understatement. never been better in my lifetime. >> exactly. this goes back to we just can't rely on monetary policy. but that may now is the market is trying to digest that in interest rates start to go up. >> he's talking about neutrality. he's going to raise some taxes? >> lower taxes. >> he'll balance it out with other stuff. >> don't you remember it must have been last week he went to all of his instead i want to see a 5% reduction. he's working on reducing.
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>> you've got to start somewhere. >> and why is about a trillion dollars? >> because of the massive corporate tax cut. >> no it is not. revenues are up charlie. overall they arrived. >> revenues that are supposed to impact the corporate tax cut. >> the point is a corporate tax cut allowed to grow which you can employ a lot more. >> supply-side economy. it doesn't happen overnight. >> talk. >> toxin sent. >> talk some sense into my good friend, charlie. the shotgun marriages to hear about overnight and so they could get a better tax rate. you don't hear about those because we have a better tax environment. >> generating more revenue.
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>> i'm going to give you guys a little schooling. the supply-side push does not occur overnight. it takes a while. that is why we got it done. >> don't you think the corporations, their bottom line will improve over time? >> that's not why we have a deficit. >> the democrats in congress have been supported by the republicans. the president has been signing the bills. >> an even bigger issue. what trump really wants to do is shrink government. he goes to each cabin attendants as i want to see a 5% reduction. who cares if he campaigned on it.
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the fact is he wants to shrink government. >> he told me that actually. i interviewed him last week and we talked a little bit about this gigantic budget problem with god. he said we need to start reducing expenses. he said i couldn't do that right away. two important that the military be supported. but now i can start. make sure the military gets what it needs and we could look for other opportunities. >> the final point is the tax revenues are up to an historic high. they can't come up because of income tax revenue. another big story we're following secretary of state mike pompeo ramping up regarding the ongoing investigation into the death of journalist jamal khashoggi. state department live from d.c. with with the details. >> secretary of state says the united states is going to revoke visas for those believed to be responsible for the death of jamal khashoggi. the secretary of state secretary of state said it involves those
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who involved in their apparatus in the saudi royal court and others. the treasury department and the u.s. department of state will soon release details on how many people in the united states is revoking the says as the secretary spoke to us in a briefing room a short while ago. >> we are also working with the treasury department to reveal the applicability of the sanctions to those individuals. these penalties will not be the last word on this matter. we will explore additional measures to hold those responsible accountable. we are making very clear the united states does not tolerate this kind of ruthless action to silence mr. khashoggi, a journalist or violence. >> the secretary says the united states right now is assessing its own intelligence on this as well as saudi intelligence in a turkish investigation. that's for the cia director is according to vice president mike
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pence working with turkish investigators and the vice president the vice president says she returned to the united states and read the on whatever details they have offered on this. the president spoke on this a short while ago. >> if what happened happened and if the facts checked out, something bad. at the same time they have been a good ally of ours. >> the administration says it will work with congress and other nations on any type of response are right now it's in a fact-finding fact discussing stage. and that would have been according to officials by democrats and republicans in congress who are pushing for a robust response against saudi arabia. >> rich, thanks very much. silicon valley splurging on democrats. what we now know about tech giants political donations coming next.
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than your customers thought possible. comcast business. beyond fast. david: google, twitter and facebook have given a total of $2.4 million to house and senate candidates in the midterm elections of the total given only 8% went to republican candidates. president trump has repeatedly
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called out the tech giants. i'm wondering where the present came from. >> i don't know the guys that run google. i don't know zuckerberg. i might've met him once. i got to know chapter is a little bit at twitter just through a mutual friend. i don't care that twitter endorsee because i think dorsey at least is making a concerted effort to try to d. by his twitter. i think he understands because of his program engineers and everybody is so liberal that there is inherent biases to the way twitter puts certain tweets that they are. but i think he knows that any cat said. he he understands he's running a business i believe that he wants to get conservatives engaged because they need the traffic the other guys i can't tell you. i really do worry about google.
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>> the biggest problem is not necessarily giving to the left-leaning candidates. the biggest problem is they are turning back on the pentagon. silicon valley needs to be there for the government. he was actually calling them out. google had right after the election google had their town hall where they had it out and cried because hillary lost. they also then one after a conservative that works better if you recall that case in so you had mark zuckerberg and you had dorsey stayed within they now try to employ. >> wait a second. i disagree with kevin. guess the companies are left doing, but their bottom line wing. the fact of the matter is that his tip money for google. 176,000 to republicans.
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>> just so you know that the hard money. 8% republican. the reason they do that is because the reason is probably the cost of doing the proposal they're not going to spend a couple of million dollars. hold on a second. if they thought they were going to win the business at the pentagon, they would've been competing. >> they petitioned internally over telling management to pull the plug. they did. >> addition to the chairman of the board. >> holding a town hall. are you kidding me? >> you are not seen entirely the reality of silicon valley right now. i appreciate what you're saying. because you're a businessman, you think they'll do what's best for the bottom line and i don't
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think there are was doing that. i think they are very, what's the word, very cognizant of what's going on in this environment. they hate donald trump been used in the comparison. the mainstream media equating him to a member for adolf hitler. this is an insult to history. i'm talking to the mainstream media. i pointed out these platforms, whether it be twitter, facebook, and they take down conservative pages at a much higher rate than those on the left. they wouldn't do that. >> you go into google and they have all these algorithms and say they are politically neutral. they are not politically natural. you see all the liberal stuff first. >> i can tell you dorsey by his public statements conceived by s. impacts the way they do
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business. he has essentially said that. the question is my view because they think it's a good ceo. you may think he, but i think he's doing a good job. he understands his bias. the bias of his programmers and algorithms. i don't know that about google. >> he's admitting there is a bias. >> you can mull over this one. facebook is huge. facebook is massive. >> who's going to break them up? what law? >> antitrust violations. it's free. >> i think the company has gotten far too big. >> haven't they said that about -- did they think ibm was too big? did they think standard oil was too big? what happens if the company
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self-destruct on the road just like netscape used to dominate the market and other search engines. >> if you're going to break them up, you're right. you have to prove that they are somehow enga anticompetitive. >> i can say they did do that with their advertising. so you could actually do biases. i could submit not saying i don't want our ties my house properties to single mothers, people of color. i'm just saying this is where it starts to unravel. >> we should mention the corporate tax of these companies are very much more evenly divided. we've got a move on. new information about how the migrant caravan for the u.s. got started in whether or not the president will have to follow through on his plans to send troops to the border to stop
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him. my panel weighs in on the president's pledge next. >> work, that is an assault on our country. that an assault.
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david: the caravan is 20,000 migrants to cutting up to mexico through the united states. he will send as many troops as necessary in order to stop the caravan. my next guest for reaction, border patrol council president brandon judd. this general idea the media and frankly about the democratic birdie, you just do nothing. these people keep coming in regardless of any border laws.
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very different from a statement made by barack obama. none other than the former president in 2005 before he was president. let's play that soundbite. >> we simply cannot allow people to pour into the united date sunday tech date, undocumented, unchecked in circumventing the line of people waiting patiently, diligently, lawfully to become immigrants in this country. david: that sounds like what trump is saying. >> it is. can you imagine if somebody shows up to a washington national baseball game two weeks early, sits in the seat and says i'm not going to move. that's exactly what we're doing here. putting people in front of the line ahead of people that have paid their dues, and i want to come here legally and do it the right way but now were going to prioritize these individuals. it's upsetting to those agents in those people that have to
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process these people to see they're getting away with what they're getting away with. >> i just want to commend my colleague david for plain not sound of barack obama. it is really i know hillary clinton voted for having a stronger border. chuck schumer did the same. a two-year barack obama say that as he did it very clear that the left has taken on a very different personality shall we say these days and i think it all politically motivated. that said, the president is taking some criticism that has these pointed out we don't exactly know this caravan. likely gang members he points out, people of middle eastern descent he points out and that has him concerned. watch. >> people coming up through the southern border, from the middle east and other places that are not appropriate for our country.
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and i'm not letting them in. they're not coming in. we will do whatever we have to. they're not coming in. >> there is no way he could know. why is he suddenly talking about middle easterners. you seen the people coming across. a very diverse group shall we say. what can you tell us who might be part of the caravan? >> and still inactive border patrol agent. anytime we have this kind of large groups of people coming, we are dealing with the criminal element. in fact, a lot of ms-13 is supported in the last couple years come here as family unit. they claim to have been in family units but they come here and ask for asylum and then the company had stayed and commit crimes. this is not fear mongering. this is a simple fact. unless we deal with the facts we
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cannot address an issue in the fact remains, this president, any president has the best intelligence of anything in the world and if anyone would know who's going to be in the caravan it's going to be -- >> the caravan -- middle easterners can come across the border. by the way, complete common sense that they could. >> there is a very large fair amount of work on this, middle easterners within the south american region within paraguay that borders argentina and brazil and it the largest source of funding outside of iran for hezbollah. enact a community there in our western hemisphere. >> i know why the left wants these folks in here. there's no doubt about that if they become nationalized --
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naturalized. it's really callous what they're doing. they know that you cannot have a massive welfare's day, which is what we have an trump has done nothing to stop that appeared in open borders. care how many factorypoor jobs donald trump thinks he's created. you can fill them. it's depressing wages. so callous what they're doing the people's wages by allowing more people in the country on top of the poor people we have now. >> gary smith here. i want to get back to trump's proposal for the border while you're at it supposed to cost $21 billion latest estimate. to think of it could be funded first of all would it be effective in the future? >> it would. all we have to do is look at what we have. san diego, el paso, and where we have put up barriers, they've
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been extremely affect kids. absolutely will be affect it. >> i wanted go back to where we are today. you think the president right in president right in who should deploy the military should this caravan come to her border. water solutions you think should be done to address this? >> people are not looking at the humanitarian issue on this. when we allow illegal immigration, we are putting people in. but the military will do is act as a force multiplier. cartels take these caravans and uses people as pawns. if were sent across the border illegally not through ports of entry. that then requires to deal with those individuals and take them out of the field in the cartels -- they create
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artificial gaps and enter the product such as opioids, criminal aliens, aliens from special-interest countries. military would not allow cartels because they were not as a force multiplier. >> final question, but the caravan didn't just materialize. the fact that it has been closely aligned with an election in the united states, do you think it's all coincidence? all "wall street journal" plays suggest he may have something to do with arranging the caravan in the first place. how do you think is guarded? >> you first have to look at the group normally behind the and that is without borders or no borders. that is a left-leaning group. they organize these caravans. what's amazing to name as if anybody should be upset or should be democrats. this energizes conservative
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voters. independent voters. most people want to see a secure border whether independent on the right you want to see a secure border and all this does is galvanizes in energizes conservative voters. >> we've got to leave it at that. braided shed, good to see you. trump not just a big win against russia with germany making a big reversal. we will tell you the details coming next. ♪wh is it ram? not ram. that's a chevy! it's chevy! that's right. from the family of the most dependable, longest-lasting full-size pickups on the road. gorgeous. chevy hit it out of the ballpark with these. and now you know.ed-
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i call it a win for donald trump. he's the one who brought up the subject of this crazy pipeline that would've made him completely dependent. >> sometimes it just takes someone to point out the obvious. he's done a really terrific job at that. they didn't make any sense they were going to be completely dependent on russia for gas imports. maybe it sounded good at the time, the good for him for shedding some light on the situation. pointing out occasionally it's very obvious. >> we didn't need president trump to point this out because we know russia in the past has used tear gas in their commodities as a political weapon. this is a very significant event in the most important thing that happened today is her u.s. ambassador to germany rick rachel tok said earlier on kudos to the chemist in here. >> having the announcement from the german at the german federal government will put money into
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this really is a game changer because that means the terminals will get built and lng will come to germany. the significance of that is that will help europe and germany really diversified energy needs, which is exactly what needs to happen. >> is right. it's exactly what needs to be happening. one of our major partners in nato relying on russia. if you think about what's happening, we are negotiating with the e.u. when it comes to trade so this will help alleviate. >> one of the pillars of the rejuvenation program which is to rejuvenate the carpet industry in the united states and this is another market for it. >> there's bigger points. just a few months ago when trump was over and they were supposedly all of the e.u. were laughing at them. germany which is about 50% reliant on russia for natural
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gas is investing in this facility. $600 million. >> how long are they going to be on russia after this? powerline? >> they import from russia, norway, netherlands. >> it's a blip. >> of their investing 600 million in their. in a storage facility. >> there's a lot of discoveries. lng is at this stage, liquefied natural gas for the tracking was 15 years ago. look what is happening. we could revolutionize the whole lng industry in germany starting right now to develop a new port could be good timing. >> it was a blip that wouldn't have happened. >> it actually is because
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they've wanted to actually start -- i can tell you why. there's three other terminals that are going to be competing and try to do more natural gas. >> it's an opening from u.s. markets. >> it's great. on a summer's death but don't make it like this is some sort of revolution. it's a nice win. >> how much of it is a need for you to say this is filthy. >> denote a revolution is? >> would they spend a billion dollars? [inaudible] now you're saying -- >> 600 million is one quarter of what netflix will spend.
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david: tesla soaring today ahead of tomorrow's earnings report on news that bears are now turning bullish on the stock your charlie gasparino has more on this. >> two short-sellers. the more prominent one from state-run research did a 180. this is the greatest company in the world. he thinks they are selling more cars than porsche. that is one line he used. they did something else. they moved up their earnings tomorrow. people think there's going to be good news coming out. elon musk has been talking up the third quarter when they finally reach profitability. listen, i'm amazed. i've been doing a lot of research. i'm amazed with what he created. i don't know if the numbers work. i will tell you this. they're going to talk about cash flow tomorrow. two big on payments coming out. they will talk about cash flow. when you don't pay your vendors
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on time, when you paid about 90 days and start showing cash flow improvement that to me is a few days he cash flow. the share price has to be at a certain point. >> they got one in november where i think it is straight up they have to pay $200 million another one in march were the stock has to pay about a billion. on top of that they burn a lot of cash. >> the problem with tesla is that it is same problem we talked about last week that amazon was on the forefront of solving. it's okay to have a great product. it's okay that people can buy your product. you have to be able to distribute. that is hurt amazon has built their note if you will appear distribution centers are the core strength. the problem with tesla is they don't have to distribute.
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>> the way you manage the product. >> you have a cash flow problem. >> i would look at the numbers tomorrow. really interesting on how they achieved their cash flow. that's what the market is pricing in cash flow positive. >> he's a genius. what he has created is really incredible. how did they get scaled? and is it scalable. this technology is going to actually become far more mainstream as they fast-forward a number of years. >> companies like volvo, mercedes, chrysler are already getting into it. once they tackle it for them to roll it out en masse. >> bmw is doing especially well in this regard and has the management team. tesla does not have an h.r.
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their accounting person quit a month after they hired him. the biggest problem you have is execution especially going hand-to-hand. >> tomorrow you'll see some better execution may think. i'll just say this and here's what scares me short term they need capital. >> today the stock was up 12%. buyer beware on tesla. meanwhile, bernie sanders issues a warning about the blue wave. are democrats getting worried about overconfidence? just ahead of the elections. we'll debate that ahead coming next.
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david: democrats are hoping for a blue wave. but bernie sanders trying tamp down the optimism. he says i happen to believe on election night which party controls the u.s. house will come down to a very few seats. could bern christmas warning be enough to get more dems out to vote? they are worried about overconfidence because that's what killed them in 2016. trish: boy, were they overconfident. every poll told them they were going to be confident. they thought they were going to
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shatter the glass ceiling. so i think they are walking things back a little bit, understandably so. david: nate silver who claims he's the greatest predictor all times. two years ago about a week week and a half before the election he said there was an 85% chance hillary would be elected. he's saying the same thing now that the dems will take the house. he also concedes, when you say 85%, there is a 15% chance you could be wrong. if there was a 15% chance it would crash would be you get on the airplane? david: the bottom line is the pollsters were wrong. >> the other thing to look like to tricia's points.
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being humble. they are contrasting that. six to seven people went to see bind at his last stop. they are -- to see biden at his last stop. >> they saw the polls after kavanaugh tighten up. >> it doesn't mean democrats have a good track record when it comes to healthcare. they ran and said if you like your doctor you can keep it. david: bernie sanders is admitting in their socialized medicine, there won't be any healthcare programs. whoever now has a program is going to lose it. bernie was speak being healthcare. let's play the sound. >> the polls said 70% of the
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american people want a medicare for all single payer program. but we have not one republican in the congress talking about medicare for all. you know why that is? because we have a corrupt political system in which billionaires buy elections. david: socialized medicine prohibits all private medical' programs. trish: there are some similarities between bernie sanders and donald trump. he's able to capture the imagination of the people in a way that's very compelling. you hear that speech and you think yeah, gosh darn. latest on the caravan. 7,000 people strong. it's growing and growing. form governor john sununu. he's still a new hampshireite.
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and milk. somehow it's not you equivalent of being a white supremacist if you drink milk. peta. peta, the animal rights group said this. david: we'll see more of trish tonight. >> when i walked in office 10 years ago, we were in the middle of the worst economic crisis in a lifetime. weed pulled the economy out of the crisis, but you still had people who were struggling. president trump: the number of americans working has just reached the highest in the history of our country. >> when you hear all this talk about economic miracles remember who started it. president trump: nobody ever had the condition of having produced the greatest economy in the history of our


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