tv After the Bell FOX Business November 14, 2018 4:00pm-5:00pm EST
liz: peter malo u.k., guy knows what he is doing, has billions of assets. [closing bell rings] he is holding on to apple, not panicking so shouldn't you. dow is down 210 points. transports up 23. that will do it for "the claman countdown." i will see you tomorrow. connell: another huge day of swings on wall street. stocks pared losses after british prime minister theresa may said she won cabinet support for the "brexit" deal. we closed down, came all the way back. but we're down 200 plus points on the dow, off session lows. we were down 350 points at one point. at the end of the day, four consecutive days down for the dow. nasdaq closing down four out of five. that is it where we are. i'm connell mcshane. melissa: i'm melissa francis this is "after the bell." more on big market movers.
here is what is knew at this hour. we are waiting new comments from president trump, the commander-in-chief expected to speak at the white house this hour and announce his support for an overhaul of the criminal justice system. we're going to bring all the breaking headlines from the president. plus, president trump just speaking out on amazon's decision to split its second headquarters between new york city and virginia. we are live at the white house with the latest on those remarks for the president. capitol hill, battle for power, house republicans choose new leaders as democrats prepare to take the majority. what divided congressmans for you and your money. connell: ending the day down, there were bright spots likes of verizon and home depot among winners on a down day. we'll go through all that. phil flynn watching the story of the week, the action in oil out in chicago. let's start our market reports
with kristina partsinevelos on floor of new york stock exchange. a lot of swinging back and forth. >> hard to keep track. you saw the up swing immediately after british prime minister theresa may that the cabinet approved the "brexit" plan. that the european commission and u.k. are allies they're working together on this, it eased concerns but wasn't enough to turn things around. another big weight on the dow again today is apple. share price of apple is falling. what could happen potentially it could hit bear market territory it drops 20% from the peak. the number we're looking for is $185.65. it is not there yet, edging so close below the one trillion dollar market cap level we saw earlier this summer. overall we have guggenheim. the analyst put out a note about apple. they're concerned about iphone sales and concerned about slowing growth across the globe. they're downgrading apple, even if you raise the price of the
target, it is not enough to offset a decrease in iphone demand. switching gears, we're talking about retail. macy's released the earnings report. it was a beat. very strong resultsp strong forward guidance. comparable same-store sales up. double-digit digital growth. yet look at the stock, down 7%. a lot of the talk on the floor over here is that you hit peak earnings and there is still concern about this slowing growth. canada goose still going strong. they're seeing a lot of potential in asia. wall street and walmart are out tomorrow, for their earnings and walmart estimated to bring in $125 billion in revenue. back to you guys. melissa: thanks, kristina. phil, oil snapping a record 12-day losing streak, ending up 1%. it's something. >> it's something, i'll tell you. the lower the price goes the bigger the opec production cut gets. opec tried to save the market from free-falling today. they announced a bigger than expected cut. it stopped the bleeding at least
for today. the big story everybody is talking about natural gas, oh, my goodness. we had biggest one-day upsurge in natural gas in over eight years. it was up over 16% today. there is a lot of concern by traders that we'll not have enough natural gas to get through winter, especially if it is as cold as it is right now and some forecasts hold up. that is a big sea change from the market momentum in natural gas a few months ago where basically we thought we were producing enough natural gas to overcome anything mother nature could throw at us. but another nature had another thought. much hotter than normal summer. we went directly into winter. supplies at lowest level since 2005. with today's cold it could continue to explode. cme group expanded circuit breakers from 50 cents to 30. they're expecting a big move. melissa: more fracking, phil flynn, thank you. connell: let's talk about all of this. clearing an important hurdle,
british prime minister theresa may, as kristina talked about, reaching a draft deal with her cabinet on a "brexit" deal. ashley webster has been watching this, michelle mckinnon from payne capital management. ashley, start with you on the "brexit" news. this is kind of your beat. she says she has her cabinet on board. markets started to come back, not all the way back. what is important about that? >> there is a long way to go. the cabinet fav approval, we understand 1/3 of the cabinet, 10 of thirty positions were in strong opposition of the deal but gave in anyway, to allow theresa may to come out to say we have the cabinet approval but there is a long way to go. the interesting thing the remainders, those that want to stay in the eu, the brexeers that want to get the hell out hate this deal. it will be hard for theresa may to get this through.
she will go to the europeans next week 1/2, sign a deal with the european commission. she has to come back to the houses of parliament. it will go to a vote of mps and i can tell you the mps are not happy. nigel fa who led "brexit," any cabinet member who is again win "brexit"eer must resign. this is the worst deal in history. nobody is happy. theresa may will have a real problem. connell: a lot of factors, ashley to your point, there is a lot that could hold this up. >> sure. connell: michelle, it pulled the markets back up, if it hadn't pulled them up and turned them the other way how big of a deal is this? we'll still deal with many issues out there. we'll talk about technology and other things in the market, how big of a deal is "brexit"? >> this is big deal particularly for the international markets. that is one of the key factors holding them back. obviously there is a whole lot
of other concerns, but if this moves forward it would be phenomenal news for the international markets. connell: carol you can weigh in on this, i would like to ask about the market before the headlines. we're looking facebook, amazon, apple right now, other technology shares on the screen. it was mostly lower day for many stocks. apple was very close to being in what we would describe as an actual bear market, 20% off a high when you look at the technology names what is your thought? hey, it is time to buy or let's steer clear for a while longer? >> i think each of the names are its own animal and has its own issues. i certainly think with apple the downgrades are overblown. if you've been looking at the company as a hardware manufacturer you shouldn't have been in the stock. this is a tech enabled lifestyle brand and they really haven't put the pedal to the metal on the services they can do in the ecosystem. this is huge opportunity for them. it will continue to allow them to print cash with already a
fortress balance sheet. i think the fact you're getting these downgrades is very short sight. it doesn't take the long road on apple or technology. connell: how about that michelle. worst five days for apple in 2 1/2 years. it is something else to see tech this bogged down, 14% for apple. some of these stocks pulled back a lot specifically on the apple story. do you think it is too much for the stock or how do you look at it? >> i agree with carol in regards to, i think it is too shortsighted. i have to say trees do not grow to the sky and eventually technology stocks had to pull back. apple was up almost 50% last year. 12% in 2016. when you look at that in terms of the broader performance that it has given the market it is not that bad. connell: so the way the day ended up ashley is the final point while we still have you. it will be kind of interesting to see how we play things out into tomorrow. we have our own issues. jay powell speaks tonight in dallas, the fed chairman. this "brexit" story will stick
around for a while. so we'll have more headlines. what is the timeline on it all, do you know? >> it is. we expect the european commission to meet with the uk 25th of november, 26th of november. they will come back, sign it off. because it has got cabinet approval. before christmas, this will go before a vote of mps in parliament f it fails, theresa may could be out of a job. we could look at new elections in the uk. connell: that is another big political story. ashley, thank for analysis. you guys will stick around. we'll get back to melissa. melissa: president trump taking credit for choosing the best deal for choosing new locations for headquarters. blake burman is live at the white house with the latest, blake. reporter: i think they are paying a very big price, that was not the take from me but the president as he gave an interview with the "daily caller." those are the first thoughts as it relates to the deal struck by virginia and new york. as you know they gave amazon more than $2 billion worth of
incentives. the president also telling "the daily caller" about those areas, saying quote, they're giving up a lot. they are expensive deals. only time will tell. maybe amazon will have massive competition and they won't be the same company in five years. in which case, it would be a big mistake. amazon countered at least during the rollout yesterday by saying this will be 25,000 jobs for each of those areas in which workers will make an average of more than $150,000. the president also continuing to contend that amazon is taking advantage of the postal system, telling "the daily caller" in that interview, quote, i think they're getting the bargain of the century. i think that is why i asked for a review. the president also saying that he feels others are taking advantage of the postal system as well. by the way here at the white house later this hour the president will throw his support behind the first step act that could potentially lead to criminal justice reform. those who are supportive of this potential piece of legislation
say that maybe this could be the big item that gets passed by this congress during the lame-duck session. melissa. melissa: blake, interesting stuff. all right. carol and michelle are back with me. carol, very interesting, if you slice through what the president said about amazon, he is really right in the sense that we want to see companies get tax breaks. because i just want the government to have less money overall, starve the beast. they're horrible with the money. yes, amazon is getting a great deal, i don't begrudge them that, but give small business a deal too. give people in new york a deal too. they're raising taxes everywhere else. the government needs to hog up less money. what do you think? >> absolutely. if there is anybody who like as great deal more than me is the president. interestingly enough this was not just driven by the best deal, there were cities offering a lot more in terms of money but you are absolutely right, melissa, the person, the entities that get really
challenged by this are the small business owners. they don't get the same types of tax breaks. they don't get the same types of incentives. if these governments know that having better tax incentives will encourage growth in their cities, it really is amazing that they aren't willing to do that, for all of the businesses. we all know government is a bad steward of capital. the less they have access to, better off we are. melissa: horrible steward of capital. amazon is giving great jobs, bringing them here. property values in the area are up. yes they deserve not to pay a ton of tax. but so do mom-and-pop stores. you have government picking winners an losers, while they hog and waste money. what do you think? where am i wrong? tell me i'm wrong? >> you're definitely not wrong. i 100% agree with carol's comments it will really hurt, it has already hurt small businesses that more tax breaks haven't happened.
however, what i think is also an interesting story here is that amazon has all this data of all these towns and cities of how much taxes they could have had in regards to a tax break. so, it will be interesting to see, does amazon use that data? so yeah, very interesting story and i think more to come. melissa: all right. guys, thank you. connell? connell: more breaking news, melissa. this is also technology-related. cisco systems just reported its first quarter results. so let's go to kristina with those numbers. the stocks are not moving much. what do we see on earnings? >> still not moving that much. estimates of 75 cents per share and revenue at 13.07 billion. what the company is releasing in their earnings they're seeing their traditional business like routers and switches helped that seals growth over there as well as new business in cybersecurity and software. they put guidance out. they are saying revenue going
forward will be increase of five to 7% growth year-over-year. they believe they had a strong start to their fiscal 2019. they also said that they bought back quite a few shares. they spent roughly 6.5 billion in share buybacks and dividends. last but not least they have increased prices the last little while due to tariffs. we're looking out for tariff wording, we want to know if they will talk about that going forward. connell: that is a stock to watch. dow component for tomorrow. thanks, kristina. melissa: showdown at capitol hill. senate and house republicans shaking up the leadership team after the midterm elections. what it could mean for the future of the party. that's next. connell: pushing forward a progressive agenda. what the new congress could mean for our booming economy. steve moore coming on, former trump campaign senior advisor. stay tuned for that. ♪
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connell: leadership elections taking over capitol hill today. congressman kevin mccarthy, easily able to defeat jim jordan. so he becomes the new minority leader, or will in the house. edward lawrence live with more on all of this. there was much more to it than just that. edward? >> that was the big headline. in fact kevin mccarthy easily beat representative jim jordan, 159-43 could become minority leader. steve scalise unanimously won majority whip. president trump pushed jordan but the majority of republicans went with mccarthy. >> in the last 49 years unemployment has only been below 11 months. but six of those 11 months you lived through. not one democrat voted for the
tax bill in the house or in the senate. they want to repeal that i know they want to remove i.c.e. i know they want to impeach the president. i just don't think that is the agenda that america wants to see. reporter: one interesting note from these votes, representative liz cheney, followed in her father's footsteps, vice president dick cheney, becoming conference chair, the number three spot in the party. out of their lunch the democrats struck a conciliatory tone, saying they can work within divided government. >> the viewpoints of individuals who have expressed their view of a different perspective, i'm willing to hear. because we want to show the american people how strong we are, how we can be held accountable, and how we can welcome new perspectives. reporter: we'll have to see if this is all just talk. representative nancy pelosi has said that any investigation that they start will be for a good reason. we know democrats wanted to see the president's tax returns. also investigate the commerce secretary, the interior
secretary and now acting attorney general, or acting attorney general. connell? connell: here we go. edward lawrence, live in washington. melissa. melissa: here is congressman mike johnson. he is from louisiana. he is a member of the house judiciary committee, sir, thank you so much for joining us. let me ask you about leadership first. some have said that kevin mccarthy, in essence isn't combative enough. now being in the minority position you need somebody who wants to throw grenades more than wants to build bridges what do you think about that? >> look, i think kevin will be a great leader for us. i love jim jordan. he is one of my closest friends and trusted allies in congress. he gave it a good run. it was an important symbolic run. kevin won the election. now we unify. everybody left the room very unified. the conference is ready to go to battle, we'll have to do that. we do want to continue to move the ball forward. we'll have a conciliatory tone.
if democrats make good on promises we heard them make we'll move forward for the country and i believe of the american people want us to do that. melissa: you're on the judiciary committee. the new democratic chair of that committee will start by attacking matt whitaker, the acting attorney general. they say that he hasn't been confirmed by the senate. among other things he doesn't belong in that position. what do you think of that attack, and will it be successful. >> i think it is unfounded. i do not think it will be successful. i hope we don't go down that road. the judiciary committee has broad jurisdiction over so many aspects of law and policy in this country. it can be abused. so i hope chairman-elect nadler will do the right thing and not abuse that position. we don't need to take the country down this road of endless investigations and all the rest because it will mire us in partisan gridlock. that is not what the american people need, want, deserve. melissa: they made it clear that is the road to go down. do you have any power to fight back against that. >> we'll stay united on our side of the dais.
this i think is a wrong thing for country. the we have incredible economic run the last two years. wages are going up, tax reform and regulatory reform. i the country wants us to continue that good work. if democrats try to erase all that, they will have a real problem, a firewall of resistance. that will be our obligation and stopsability to do that. melissa: some say it is bad politics for them to do this. if you look what happened during the clinton administration, those who pursued the president's endlessly, their numbers went down, the president went up, maybe you should step back and let them attack away? >> i agree it is terrible politics. some of the leaders there won't resist the fringe elements of their base. they're demanding scalps so to speak, that is unfortunate thing. we ought to work together as adults here and move the country forward. there are people on the other side of the aisle have intention to do that.
they want to do right by their district and constituents. hopefully those voices prevail on the and we need to pray that is the case. melissa: who is better lead the other side of the aisle if your goal is to do bipartisan work? who is the best democrat to work with you guys? melissa: it it. >> it is not my place to pick their leadership. melissa: give me a name. >> we talked about that in the gym. we talked about that at length. they have a struggle in their conference. it will be interesting to see the struggle and how it turns out. i don't think nancy pelosi has the votes she need. many on our side are cheering for her. she doesn't -- melissa: between us, you want toll us who was saying what in the gym? i won't tell anyone. just us. >> it's a code.
we can't violate it. >> congressman, thank you, appreciate your time. >> will do, melissa. melissa: i thought he was going to till us. connell: just you, melissa. melissa: yeah. connell: okay we have a lot more to get to. we'll go out west with all the devastation in california with the wildfires of the. authorities are searching for survivors. boy look at pictures of malibu as fires continue to rage across that state. we'll take you live on the ground in one of the hardest hit areas. that and more straight ahead. . and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪
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maybe you should think again. ask your doctor about once-daily tr ♪ trelegy 1-2-3 save at trelegy.com. connell: some more breaking news with kristina partsinevelos. we talked earlier about cisco making money. now it is uber, uber is losing money, right. >> i would like to point out they are not publicly-traded company so they don't have to release a report but they are seeing a lose of $1.07 billion for the third quarter. that is 20% higher in terms of losing money for last quarter. still better than last year. year-over-year seeing
improvement in that case. if we're talking about bookings, uber is a ride hailing service. they're seeing total bookings up 6% year-over-year. this is the news part of the release, going ipo expected in first half 2019. according to a dow jones report coming out. they want to go against their competitor lyft going possible in 2019. getting ahead of the game should there be any turbulence in the market. if you look into the further into the point, soft bank has 15% stake in uber. when softbank bought the stake, they put a caveat that uber has to go public by december 30th, 2019. the company is still valued at $76 billion. they have announced they will be investing a lot more in freight, in scooters and electric cars. food delivery as well. back to you guys. connell: uber scooter. that is interesting.
first half the 2019 on the ipo. kristina. thank you. melissa: massive wildfires in california, the death toll rising as hundreds of people remain missing. fox news's jonathan hunt is in malibu with the latest. jonathan. reporter: melissa, the thousands who were evacuated from the malibu area are to some extent being allowed back in now. certainly to the southern part of malibu. but up here, it is still too dangerous for many to come home. but when they do, this is the kind of heartbreaking scene they're going to find. you see the chimney stack pretty much all that is left of this home. it is an iconic image, one we see again and again. that is the only thing left standing. this property we're on right now is one of three within my eyesight here that are completely and utterly destroyed. these people have lost everything. the fire up north, the camp
fire, moved so quickly the people didn't have time to gather much. they threw themselves into the vehicles and got out of here. the vehicles they couldn't take with them, that is their fate. you get a real sense how hot these flames were when you see something like that, a vehicle completely incinerated. another house over to our right there, you can see the oven still there, burned, everything around it, everything within its vicinity, completely destroyed. there is another one up behind me here, third house, melissa, this one completely wiped out as well. and on this street, as you go down it, about a dozen homes all in all, on what is a pretty small dead end street, completely and utterly destroyed. up north in the camp fire, even worse. some 6 1/2 news to 7,000 homes lost there. of course, as we now know, 48 people killed in the camp fire up north. two confirmed fatalities down
here, in the southern california woolsey fire. another body discovered today. officials working to work out whether that was that person, was indeed a victim of the fire. melissa? melissa: just staggering, jonathan, thank you. connell: at least 50 people of the as we move on we will get back to amazon in a minute. alexandria ocasio-cortez, the incoming congresswoman from new york, she is leading the charge against the new headquarters in queens, new york, long island city. so is this a sign of a progressive future when it comes to economics? we'll talk to steve moore about that. revamping our criminal justice system. president trump has an event set to begin on prison reform. he could make comments on just about anything else. we'll bring you some of the president's remarks once they get started. keep it here. ♪
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connell: on breaking news front, we are awaiting this event with president trump on criminal justice reform. supposed to start any minute. everybody is gathering in the white house. president is expected to make announcement for support of first step act, the first major rewrite of the criminal justice system. president trump will start in a few minutes. there may be remarks on other subjects as well. we'll monitor that. melissa. melissa: president sounding off on amazon's decision to split
the second headquarters, telling "the daily caller," it was a competition. i know all about the competitions. i've been in those competitions. a lot of cities were competing for it. they took the best deal, you know? bring in economist stephen moore, coauthor of trumpnomics, inside the america first to revive our economy. what did you think of my dramatic reading, steve moore? good to see you. when is it the case that a new, giant employer who will come into a city, pay an average of 125,000-dollars salary per employee is not good for that local city? because there are people who are upset about this. >> that's for sure. look, i live in one of those cities as you know. i live in the swamp. i live in washington, d.c., and crystal city is obviously where amazon is locating, one of those headquarters and there has been a real mixed reaction frankly, melissa, just listening to talk radio and listening to neighbors. we're already at full employment
in arlington, virginia. people are wondering where are the jobs going to come from? where is the housing going to come from, that kind of thing. those are very legitimate concerns. we have some of the worst traffic congestion in the country. now we will add thousands of new people. melissa: right, right. that is a high-rent problem. >> rather have too many jobs than too few but look there is another part i think it is important, melissa, that i object to as a free market economist and that is these cities paid a high price. this was not just a competition in terms of showing off what you go. but also these cities are both, new york and arlington, virginia, will pay a lot of money to amazon to get the headquarters there. that is corporate welfare in my opinion. melissa: now, wait, saying they will pay a lot of money, are they paying the money or letting amazon keep more of their profits? >> that is a fair point. they will get various tax abatements. they got assurances from the
city they will build infrastructure and things. there will be a cost to taxpayers. i'm trying to give you both sides of equation. it is true they will potentially add hundreds of millions of dollars to the tax base. melissa: right. >> my point, we'll see whether that works. i just don't like these kind of competitions that become bidding wars where one city puts up a lot of money and one doesn't. we know the economic model that works, melissa. that is the model employed in places like texas, places like florida, places like tennessee and arizona where you have a really good business environment with low taxes, low regulation. melissa: for all. >> that is where businesses tend to go. melissa: rather than picking winners and losers, giving amazon a good tax break for jobs that they're bringing here, they should lower corporate taxes for all the companies, and small business, rather than picking winners an losers, that your point? >> you get an a in economics today. that is exactly my point. melissa: thank you. >> that model works better. there is a question of fairness.
look, amazon is a trillion dollar company. what, are they the second largest market cap company in the world. melissa: okay. >> you know there is -- melissa: i love you. we have to listen to president trump. i lo of you, let's listen to the president. >> i'm grateful to be here with members the house and senate and poured their time, they really have, their heart and energy into the crucial issue of prison reform. a very respected man, chairman chuck grassley, and my friend, where's chuck? chuck, thank you, chuck. thank you very much. >> you bet. >> worked hard on this. bob goodlatte. i saw bob here. thank you, bob. great job. senators lindsey graham mike lee, tim scott, rand paul, and doug collins, fantastic people who worked so hard and we appreciate very much what you've done, we really do. thank you all very much. working together with my
administration over the last two years these members have reached a bipartisan agreement. did i hear the word bipartisan? [laughter] >> there you go. >> did i hear that word? [applause] that's a nice word, bipartisan agreement on prison reform legislation known as, the first step, and that is what it is. it's a first step but it's a very big first step. today i'm thrilled to announce my support for this bipartisan bill that will make our communities safer, and if i have former inmates a second chance at life after they served their time. so important. i was called, when i announced, when we all announced together this news conference by some of the toughest, strongest, law enforcement people, including politicians, by the way, who are so in favor of it. i was actually surprised by some, like as an example, mike
lee and rand paul and others. it has tremendous support at every level. it is truly great. we're all better off when former inmates can receive and reenter society as law-abiding, productive citizens and thanks to our booming economy, they now have a chance at more opportunities than they have ever had before. it is true. our economy is so strong, when people are getting out of jail, they are actually able to find jobs. i have three instances of companies that hired people coming out of prison. they are so thrilled about it performance of these people. and now they're doing it more and more and more. a lot of people are seeing this. it is great. they wouldn't have the opportunity frankly, except for the fact that the economy is so strong. the job market is the lowest and best it has been in over 50 years. seems to be getting even better. our pledge to hire american
includes those leaving prison and looking for a very fresh start. new job, new life. the legislation i'm supporting today contains many significant reforms including the following. first, it will provide new incentives for low-risk inmates to learn the skills they need to find employment. avoid old habits, follow the law when they're released from prison. these incentives will encourage them to participate in vocational training, educational course work and faith-based programs. i want to thank paula white very much, because i know you very much wanted that. thank you, paula. that reduce their chances of recidivism and, in other words, reduce their chances of going back to prison. substantially. second, this legislation will allow federal inmates to be placed closer to their home communities in order to help facilitate family visitations.
so important because we know that maintaining family and community ties is key to a successful reentry into our society. third, the bill includes reasonable sentencing reforms while keeping dangerous and violent criminals off our streets. in many respects we're getting very much tougher on the truly bad criminals of which unfortunately there are many. but we're treating people, differently, for different crimes. some people got caught up in situations that were very pad. i give an example of mrs. alice johnson, who served 21 years. she had i think another 25 or so to go. so she would have been in there for close to 50 years, for something that other people go in and they get slapped on the wrist, which is also wrong, by the way. which is also wrong. but i'll never forget the scene of her coming out of prison after 21 years, greeting her
family and everybody was crying. her sons, her grandsons, everybody was crying, hugging holding each other. it was a beautiful thing to say. it was a very tough situation. among other changes it rolls back some of the provisions of the clinton crime law that disproportionately harmed the african-american community. you all saw that, you all know that everybody in this room knows that. it was very disproportionate and very unfair. throughout this process my administration has worked closely with law enforcement. their backing insured that this legislation remains tough on crime. it has to remain very tough on crime and supports the tremendous work of our police and the tremendous job that law enforcement does through the our country, our communities. they do an incredible job. we have great respect for law enforcement. we're honored that seven of the major police organizations, including the fraternal or the
of police and the international association of police chiefs have fully endorsed this bill. we could not have gotten here without the support and feedback of law enforcement. and its leaders are lear today, two of them, especially chuck canterbury of fop and chief paul sale of iacp. thank you very much. >> thank you. >> i appreciate that very much. [applause] and thighs are two tough cookies. they want what's right. they want what's right. interesting, if you look at texas, if you look at georgia, if you look at mississippi and den tuck, and some other states that are known as being very tough, these are big supporters of what we're doing and some of it has been modeled after what they have done. they have done a tremendous job. my administration will always support the incredible men and
women of law enforcement. we will continue to pursue policies that help the heroes who keep us safe. they are truly heroes. we also thank the more than 2,000 leaders in the faith community who signed a letter of support. we have tremendous support within the faith community. unbelievable support. americans from across the political spectrum can unite around prison reform legislation that will reduce crime, while giving our fellow citizens a chance at redemption. so if something happens and they make a mistake, they get a second chance at life. today's announcement shows that true bipartisanship is possible. and maybe it will be thriving if we're going to get something done. when republicans and democrats talk, debate, and seek common
ground, we can achieve breakthroughs that keep our country moving forward and deliver for our citizens and that's what we're doing today and i have great respect for the people standing alongside of me. i urge lawmakers in both the house an senate and work hard, act quickly and send a final bill to my desk. i look very much forward to signing it. this is a big breakthrough for a lot of people. they have been talking about this for many, many years. i want to thank jared kushner for working so hard on the bill. [applause] he really did. he worked very hard. he feels very deeply about it. it is my honor to be involved. it will be a even great are honor to sign. so good luck, chuck, mike, rand, and everybody, lindsey, everybody back here, go out to see if you can get that done. if you can, i'm waiting, i will
be waiting with a pen. and we will have done something. we will have done something that hasn't been done in many, many years. and it is the right thing to do. it's the right thing to do. thank you all very much. thank you very much. [applause] melissa: that is president trump there putting forward you know, what he says will be a bill to reduce crime on criminal justice reform, prison reform, with main components. you can hear reporters yelling questions at him. we'll make sure we hear if he responds to any of those questions. the outline of what he was talking about, vocational training, those who have been just released from prison to ease their way back into society by finding a job, making that easier, having them being closer to family after wards. also he talk a swipe at the clintons, talking about rolling back a portion of the clinton crime initiative that he says seemed to affect
african-american, you know, criminals more severely than others. so, listening to the president on that. also striking a note of bipartisanship. we have steve moore still standing by. let me ask you to respond to what you just heard there. if there is one component he understands, it is the idea that a job is your way back out and into society. he wants to make that easier. he talked about vocational training. i would imagine there will be some component to encourage employers to hire ex-cons? >> that's for sure. melissa, i've been following this issue for the last three or four years where those of us on the right actually have taken a new look at this issue. we're persuaded by some of our more liberal friends that the criminal justice system was unfair t wasn't allowing people to get a second chance in their life. trump said it very well. what we want is redemption. that is the whole american ideal, is redemption over recidivism. this could be, think about this, melissa. this could be donald trump's
first true bipartisan piece of legislation, that he passes. i hope he gets it done. there is nothing better, giving someone 19 years old who makes a major mistake in their life, why not after they serve their term give them a second chance. melissa: he talked about this is a bipartisan opportunity and it could be tone-setting at a time where there is so much acrimony. it could show a path forward to make a deal with the other side, when they have a stake. democrats have a seat at the table now with their leadership in the house. am i wrong to be hopeful? >> you know, i think you should be hopeful. i think there is a real chance of getting this done. the ball is now frankly in speaker pelosi or speaker-elect pelosi's court. whether she will actually move out of her resistance mode and work with donald trump, many liberals if her own party and republicans to get this done. i hope so. this will be a real, you know, a real advance in terms of criminal justice.
look, some people on the right are saying, well we have to make sure we're staying tough on crime and not reducing sentences for people. that is not what this is about. it is about people that are released, if they have turned over a new leaf, you give them training. there was story in "washington post," trump talked about this, employers literally standing outside of gates of prisons waiting for inmates to be released to hire them. there is such a shortage of workers. this is perfect time for the economy. melissa: you think that is real? that is one of those anecdotal things you want to be true. >> i do. you go across the country, melissa, i travel all the time. i ask every employer, how is business? what is the biggest constraint growing your business? they all say finding employees. that is true of people running construction firms and people running manufacturing companies. it doesn't take long, maybe three or six months to give someone the kind of training they need to do those jobs. but they have to be
conscientious and trustworthy people, right? that will be the hurdle that these former inmates are going to have to clear. whether they can earn the trust of their employers. melissa: yeah. he took a shot at, i mean president clinton took a lot of heat over the years, something at the time looked like he was forging common ground. irony he proved himself to be blue dog democrat and he was tough on crime. in retrospect a lot of people said that came down rather harshly on the african-american community. is this a chance for president trump to make inroad, you know with that group? >> well, it was interesting just watching the, the press conference, how many african-americans were standing behind him. i knew some of these people but i don't know all of them. this would be something else if donald trump can pull this off. as donald trump said, most people adversely affected by the
criminal justice system are african-americans. melissa: steve moore, thank you. double duty today, we appreciate it. >> thanks, melissa. connell: interesting to me. prison reform an economic issue which obviously is. that is clearly the tact the president took. speaking the president and economics he could face a major issue when it comes to 2020, could some ways be out of his control. we'll talk about that coming up. tell you what it is. how the administration might handle it when we have republican congressman tom reed on. stay with us for that. ♪
ricardel. connell: back too market sell-off, dow down 205, that could prove to be a bigger challenge for president trump's reelection campaign, if this meanings the economy will be in trouble, trump's biggest 2020 problem, the economy could be in recession, "washington post" road about that, congressman tom
reed, joining us now, member of house, ways and means committee. the timing of when economy turns can affect your prospects for reelection, is that something you worry about, that we could head to a downturn. >> going into a little bittal season with -- political season with a contracting economy could be a problem, but i don't see that. connell: let's talk about this from your perspective on ways and means, whether the economy is slowing down or whether to your point there is an opportunity for expansion, what is role of policy, what is big now with january attacks cuts 2.0. >> also stabilizing the agenda and taking on big trade issue of china, 1 we stabilize owes areas that is a big opportunityism are
we didn't with canada and mexico. congressman out of new jersey to be chairman of ways and means on democratic side, gave a interview to bloomberg, said some changes need to be made to u.s. mca, before democrats willfully support it. >> i think that votes will be there at the end, people recognize our farmers and steel and aluminum industries that are subject to the tariffs. we have to stable eyize the -- stabilize the markets, there are a lot of democrat esseats in those areas. connell: you think they are good there, then we move to china, you brought up tariffs. how much of a concern are these tariffs, we heard from pretty gig american companies this gets played out, it is either hurting their bottom line or they are expecting it to, how much of a concern? >> you are right seeing impact of tariffs, once we get canada
and mexico voted upon, i think that tariff takes care of themselves, until that happens in my opinion go-getting to 218 votes. 2ism and china? is president ready to cut a deal. >> i don't think we're at that point, negotiation in beginning of that dealer in the works that good. but we have a long way to go and we have to unite our allies, we go to that negotiation. connell: g20 or that overly optimistic? >> it is possible. but i would say a multistep process. connell: all right, we get close to the top, congressman tom reed thank you very much. >> than great to be here. connell: all right, there you go. i don't know whether we get something done at g20, more people talking about it, i think larry kudlow got it started yesterday. melissa: maybe we see something move through congress here before the end of the year or begin of next year and new term
to criminal justice, we have jammed a lot in this show. connell: we okay. >> i don't think david would like that. melissa: no, we have to a market down more than 200. connell: thank you for joining us, we'll see you same time tomorrow, it is time for david asman, bulls and bears starts right now. david: this is bulls and bears, i am david asman, joining me on panel, lindsey bell, kevin kelly could rick hunger and jonathan hoenig. author of a new book, a new textbook of americanism. president trump weighing in on aamazon's digged decision, heret we said, i think they are