tv After the Bell FOX Business December 14, 2018 4:00pm-5:00pm EST
week, they will end near session lows at this very moment. [closing bell rings] liz: that is it for the "the claman countdown". wiping sweat of our brow from real choppiness. "after the bell" starts right now. connell: stocks being hit hard today after the close. we are down across the board. ed dow lower by 500 points. down 495 as it settles in, ending the week in the red as well. look at s&p 500, nasdaq composite both finishing lower in the neighborhood of 2%. in the nasdaq two .25. fighting to stay in positive territory for the year in the final minutes of trading. we'll do our best to sum it all up. we did make it to friday. melissa: there you go. connell: that is the good news. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." gerri willis on floor of the new york stock exchange.
we wan to go right to her, gerri >> down 500 points on the dow jones industrial average. this started first thing this morning. negative economic news for china and europe. that started markets trading across the board. j&j, johnson & johnson, story from reuters that the company knew all about asbestos in its talcum powder for decades and did nothing about it. the stock is losing 47 billion in value down 10%. j&j telling fox business it is an absurd conspiracy so they're fighting story big time. their stock is down dramatically here. want to go back to market levels. nasdaq turning negative for the week. that is a very big selloff. it joins the dow jones industrial average and s&p 500 are already there. guys, back to you. connell: go to the market panel
on all of this. lindsey bell and jack hough is here. you hear from professional investors saying things like liquidity drying up. you heard algorithms taking over the market for couple weeks. but on the news to gerri's point with, we woke up with growth in china not as fast and ecb cutting its growth forecast. how concerned are but the global economy? >> that definitely is a big concern going forward. it was the center of market action as we got past the good news on china, u.s. trade we digested earlier this week. growth is just slowing around the world. you're seeing it in the numbers now. in europe it is particularly concerning because we got one quarter, it is a one off thing about germany and autos, production issues dealing with due to emissions. we thought we could get past that.
germany is the largest economy in europe. things seem to be slowing precipitously there. connell: many of these things to lindsey's point we already knew with news items added to that. from where you sit, people you're talking to, what is the biggest single reason on a friday investors didn't want much risk on the table heading into the weekend? >> i think investor are not exactly gobsmacked by the growth signs they're seeing here in the u.s. we knew this year would be great because of the tax cuts and effects on corporate profits, next year, people were forecasting gdp next year, talking about the low 2s. the earnings growth rate is coming down a bit. maybe it will hit mid-single digits next year. housing is cooling. so there is still growth out there but it is just not the kind of growth we're used to. no one likes to see the growth rate moving the wrong direction. connell: you think more u.s. or just as much as u.s. as everybody else blaming the rest -- >> combination of two things, slowing growth and better alternatives in the form of
higher rates on short-term cash. connell: we'll deal with the fed next week, lindsey, we'll talk about more of that later. trying to get the mix and handle what is really going on is a tough one for them? >> it is really tough. i think what we're seeing too, is yes, growth is slowing here in the u.s. as well. but the question mark is, what is the impact of the slowdown across the globe, in china, europe, how will that impact us here in the u.s. connell: both stick around. lindsey jack, back in a moment. melissa. melissa: markets are down but unemployment remains at the lowest level in half a century. kevin hassett is white house council of economic advisors chairman. thank you for joining us. >> thanks for having me. melissa: let me start with the wage growth issue because that is one thing that took a while to pick up. >> sure. melissa: we've seen an annualized rate of 4.9%. 3.2, 3.2, 3.7 over the last four
months. looking like very positive. the only challenge with that, it could be a harbinger of inflation. do you worry about that? >> oh, in this case know because what is happening is there has been a capital spending surge. capital spending drives up productivity and that drives up wages. something i have to disagree with the previous discussion. we're starting to see this really big positive news today on retail sales and industrial production. what we're seeing wage increases are feeding through into economic activity. atlanta fed gdp went from 2.4% in the fourth quarter to 3% because the big news. the 3% number i think is little low. the idea growth is slowing next year is not super in the data right now. melissa: how do you explain more people not coming in off the bench? you see wage inflation pick up, unemployment at historic low you would expect to see more people coming back into the workforce. do you feel there are people worried unemployed because they don't have the right skills
match? >> you ask exactly the right question but at eca twitter account, 73 1/2% of people hired in the last month came from out of the labor force. what is happening people are getting off the bench and coming back in right now. you're right to worry forward for the growth outlook, it could be at some point everybody who might come back does. at that point growth might slow because we can't find work years you mentioned retail sales. that is huge this time of year. this is when everybody makes their money. how strong do you think they will be? do you want to make a prediction? >> i think everything i'm hearing from talking to people is that the consumption in the fourth quarter is really, really strong. we talk to business lead they're talking about a block buster business year. it will be up 4% real terms, 4%. that is one reason we're optimistic about gdp growth, that is based on a lot of analysis and existing data.
melissa: let me ask you the big question. the dow down 500 points. dow and s&p in negative territory for the year. the president always used that as a measuring stick for how his presidency is boeing. it is supposed to be a forward indicator of what's to come. i mean measuring all of those things then it, would be really negative. what do you say about that? >> it is really hard to say why the market did anything today but i could say that over the medium term what matters is economic growth. if we have economic growth and profit growth the market will be fine. melissa: it is down for the year. >> the thing driving the market this year if you go back to the spring, everybody thought the global economy was booming. now everybody agrees that the u.s. is growing at a very fast clip but we've downgraded our forecast for europe. china is looking what you might call for them a recession. their markets are down 33% for the year. their retail sales are 25-year low in terms of growth rate. global economy and global economic outlook has big impact
of on u.s. markets. multinationals make -- melissa: when you talk to the president, is he bugged about the market? i bet he is? >> i was speaking to the president he was really euphoric over the strong economic numbers today. if you go down to the details of industrial production. anyway i think a very strong day. melissa: kevin hassett. good answer. i hope you come on real soon. connell: lindsey is, jack, three of us were listening, listen to jack smiling to kevin's interview. more importantly, kevin was listening to your comments before he came on. retail sales, industrial production, atlanta fed, growth is concern not as concerned as you might think. >> fourth quarter, i disagree next year it will slow down. look at fourth quarter this year. we know about the fourth quarter this year. tax cuts are baked in there. retail spending does look great in the fourth quarter. this year's growth is locked in. the question about why is the market concerned is simple.
investors are forward looking. they want to know what comes next. we had a very costly tax cut, costly in terms of revenue. we're looking for follow-on impact of growth. maybe we get it next year but the market is not convinced just yet. connell: on the answer, lindsey, about the stock market, has set pointing to some of factors about china and deflecting blame from the u.s. one of the things with china slowing down in the midst of the trade war with the chinese. obviously a huge economy. you can't blame all of their slowing growth on tariffs. there is certainly argument to be made we're certainly shooting ourselves in the foot by slowing tariffs slowing chinese economy and hurting global growth. your take? >> that is definitely something to be concerned aabout. next 90 days while the chinese, u.s. hash out the trade issue that puts uncertainty into the eyes of corporate america, right? it really will impact the first quarter. i think you can see a
significant slow down in earnings, in gdp in the first quarter because of this uncertainty. you will see a slow down in capital spending. you will see a slowdown in earnings. you will see a slow down in wages because of this. if we don't get anything, forget about gdp growth next year all together. connell: thanks to you both. we appreciate it. lindsey, jack, see you soon. melissa: secretary of state mike pompeo and defense secretary james mattis meeting with canada's foreign defense ministers to discuss a wide range of issues including trade and the arrest of the huawei cfo. our own susan li is here with the latest on this. susan. >> that is very interesting today there is a connecting point between trade and diplomacy when it comes to what is happening with huawei and detainment of two canadians in china. take a listen to mike pompeo, the secretary of state and his views how the u.s. can help. >> the unlawful detention of two
canadian citizens not acceptable. they ought to be returned. united states stood for that whether our citizens or citizens much other countries. we ask all nations to treat citizens properly and the detention of these two canadians ought to end. >> in the post the u.s. seems willing to help, getting the safety, safe return of these two canadians in china who have been detained on monday this week. this comes days after the arrest of course of huawei's cfo in vancouver while changing planes. awaiting extradition to the u.s. listen to chrystia freeland, the foreign minister of canada. >> i have spoken this week with the chinese ambassador to canada. we had many contacts with chinese authorities. chinese officials in their contact with canada have not drawn a connection between these different issues. >> both sides as you hear, canada, the u.s., want to make it very clear to the markets,
the world, these are two separate issues. has nothing to do with the trade in terms of detainment of two canadians in china and also the arrest of the huawei cfo. melissa: susan, thank you. connell: president's tweet on progress on the china trade deal, can both nations walk away satisfied? steve forbes joins us on the ongoing trade war. that is coming up. melissa: border battle continues. details on the new idea that could be the key to give the president his wall funding while making democratic leaders happy. connell: president looking for a new chief of staff. one possible contender on the job pulled his name off the list. who ends up getting the title? gerry baker coming up on that. "wall street journal" editor-at-large. ♪
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connell: look at selloff in stocks. dow down nearly 500 points. lower by 497. near the session lows, on concerns we were talking about a few moments ago. global growth among other factors. the way it sets up, we have 10 trading days left in the year of 2018. the dow and s&p are in the red for the year. nasdaq just clinging to positive territory. >> so we have a full border security investment plan we provided to congress. it walks through every priority area. we know where those smuggler routes are. that first and foremost where we need the combination of wall, infrastructure and personnel. melissa: with just one week left for congress to avoid a government shutdown the secretary of homeland security is outlining exactly what the administration need for ard bother wall amid calls for a bipartisan compromise.
"the washington post" out with an op-ed saying that president trump and democrats can reach a deal, if they have the spine to take it. here now is gerry baker, host of "wsj at large" with gerry baker, right here on fbn, a fantastic show everyone needs to watch. let me ask you, on the topic of a deal, seems like there is a deal to be had right in front of democrats if they want it. the president has outlined, it is 21 miles -- 215 miles of border wall. it is no new contraption. same stuff before, there is no difference. they don't like it because it is called the wall. couldn't they get something they really want in return? isn't it a golden opportunity for democrats? >> melissa, i think so. the president is deal-maker, repeatedly obviously said he would make a deal but obviously wants this wall done. this is symbolic some respects.
it is important for domestic security but also very symbolic because we all remember it was the thing that the president kept talking about during the campaign. it has kept insisting on his first two years. equally symbolic for the democrats. partly because the democrats made a big deal about it. their base is motivated to take on the president in all kinds of ways. it has that sort of symbolism, that is an opportunity for democrats to say we're not going to work with you. we'll actually defy you. although the makings of a deal is there, the question do they want, can they get something for that, for giving up symbolism opposing it. melissa: couldn't they demand something equally painful and symbolic. if he can't stop using the word wall, which might solve the problem, that will not happen, if we all banned that word, they could get something, whether it is daca or it's separating families? something that is as fiery to them and would be as good to
their base seemingly as painful to the president? shouldn't they just pick an item like that? >> absolutely. again they could do that. they could now, again, they might pick something, they might deliberately pick something that would be so, so unacceptable to the president, to republicans it wouldn't happen. we just have the standoff going on for however long they want to do it, part of the political theater of washington. they could, there is no question. remember we have been here before. melissa: yeah. >> we've been quite close to a deal, comprehensive immigration deal repeatedly over the last couple years. but both sides, you know, right now democrats do seem to just be absolutely reluctant to do anything that includes that four-letter word. melissa: i want your take on one of the other big presidential stories of the day, his search for a new chief of staff. chris christie taking himself out of the running whatever that was, after he made a visit it to the white house. the name at top of the list
besides yours is jared kushner? do you think that is possibility? do you think it's a good idea? >> clearly would have the virtue of someone whom the president obviously trusts. someone who who is not going anywhere. the president has a turnover problem in the white house. this would be the third chief of staff already. there is a they're very close. there will be issue what it looks like, propriety of having the president's son-in-law actually running the white house that important part of the executive branch. melissa: why would the night be proper? it is basically the person who is in charge of his day, who gets in and who gets out? you could have anyone do this job? >> some people think might be conflicts of having a family member doing that. the loyalty is entirely to the
president but he also has to he or she has got to play a role he is able to help the staff, the white house staff, to lead the white house staff as well. there might be conflicts. i'm not saying it is out of the question. i think the other issue what extent this mueller investigation is going on? to what extent jared kushner himself and president himself wants someone like mr. kushner there when investigations are swirling. we might see further prosecutions. we'll see a big report. the question, is it wise to have the president's son-in-law, to have mr. kushner in particular, who may be some respect as target of that report. would it be wise to have him there. melissa: gerry baker, thank you so much. >> thank you. melissa: watch gerry's show, "wsj at large," 9:30 people large. good stuff. connell: your privacy at risk. we have details, over here we
have them. facebook latest mishap putting millions of users unposted photos in the hands of 30 party apps. time's up. special counsel turning over more documents on questioning of former national security advisor michael flynn. so president trump is saying prosecutors somehow tricked flynn into pleading guilty in lying to the fbi. so we'll talk about that. the latest from the white house next. ♪ happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.
connell: special counsel robert mueller releasing key documents about former national security advisor michael flynn january 2017 interview with the fbi. edward lawrence live from the white house. what did we learn, edward? reporter: the judge who will sentence former national security advisor michael flynn now has all the government documents and memoranda related to interview with flynn. in the document the government defends what they did with the
flynn interview saying that flynn should have known that you're not supposed to lie to federal agents about meeting the russian ambassador. these documents the government also says, that flynn directed subordinates to repeat the lie to media outlets. flynn lied to the vice president who repeated that lie on television. flynn's attorney argued that fired fbi employees, peter strzok and andrew mccabe, came to the white house interviewed flynn not to have his lawyer present. the white house says this further shows there was bias in the fbi. >> most americans are concerned about, should be concerned about exactly how this information is obtained. i think we'll actually know that later on when the deadlines are reached. reporter: republicans in congress have been trying to get these documents for a long time from the special counsel who had not turned them over to republicans and members of congress. representative andy biggs of
arizona, says the judge could reconsider the whole case. >> they failed to inform him of his rights. mr. comey directed them to go there without notifying the white house. you have a whole problem going on. it would not sure rise me in the least if it gets tossed. reporter: it is in the judge's hand. the sentencings hearing is on tuesday. between now and then the judge has reading and processing to do. connell: more to come. edward lawrence at the white house. thanks, edward. melissa: resistance rising. much paris bracing for a fifth wave of protests gearing up riots to continue despite please from the government and concessions from president macron. more coming up. growing tension between the u.s. and china weighing on wall street. president trump brushing off the critics. why the commander-in-chief says he is optimistic a trade deal is in the works. (vo) 'twas the night before christmas
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it didn't today. you read anything into that with a president that cries wolf or read anything into that? >> people comes to china people want a real deal. not just good at moss for rings. hear had good atmosphericses on a possible deal with the chinese. people now want to see the particulars. the thing you will see perhaps at beginning of year, innatural gas. china import as lot of natural gas from russia in the middle east. it would like a bigger number. and so that way trump could say that i got a real victory here. china could have another source to play off against the russians in the middle east. connell: that is the key. both sides being able to walk away with something, right? when you say the new year, for all intents and purposes when the negotiations will begin again. you get through the holidays, you have, time will be running down in 90 days. you have decent amount of time left. >> president is setting up
atmosphere, especially state of the union, if they near something, that march 1st deadline will get pushed back, they are close to a deal. connell: right. >> springtime. connell: yeah. sounds like we have a relatively optimistic steve forbes with us today. >> i think both sides want a deal. china wants to keep the economy going. president trump knows the democrats will be after his scalp. version of death by a thousand cuts. if congress starts to mess with it. i have a perfect issue. i negotitated a great deal. improved america's economy. the democrats are trying to block it. connell: the question from wall street's perspective, is there any teeth to this? on paper only and china is making promises they don't follow up on? >> first on purchases, you either have a purchase order or you don't. connell: right. soybeans -- >> soybeans and natural gas and stuff like that, absolutely. in terms of -- connell: i.t. theft is tougher. >> what they do, bring in a deal
with a company, pick a company. we bring them in, don't need a chinese partner, you don't have to share it. you do some showcase deals you see, we're changing our behavior, which we never did in the first place. connell: of course. they won't admit it. like one of the deals where you admit no wrongdoing. >> that is what think pay diplomats for. connell: interesting to see if you're right. it may work out that way. talk about the fed while you're here as well. jerome powell is under pressure. president trump talks about him calling on the fed all the time not to raise rates. talked about the fed again yesterday on fox. here he is. >> hopefully the fed wouldn't be raising interest rates anymore because if you compare us as an example, president obama, he had zero interest rates. anybody can make money with zero interest rates. i'm almost at a normalized interest rate, yet our economy is soaring. our jobs are soaring. our businesses are doing tremendously. connell: wanted to talk to you about it, steve, we have the fed decision coming up next week.
you know, there is pressure on jay powell from the white house that he feels and does it affect the way he acts? >> anytime the white house goes really head-to-head in a big way with the fed, the white house always wins going back to harry truman, franklin roosevelt and others. connell: usually behind closed doors, right? >> harry truman was out in the public. it was a bloody battle. lyndon johnson the same thing. what they will do, fed will raise rates 25 basis points next week. so they can say we didn't give in to pressure. plus verbiage next year will be instead of four rate increases we'll do it step by step depending on conditions. that will be their way of surrendering. connell: in some ways from the market perspective if they didn't raise next week also, people would say boy, maybe it is worse than we think. >> you would see the gold price pop up. people worry about inflation. connell: right. >> this way fed has face saving, donald trump knows he has a victory. connell: that brings up argument
is for federal reserve not raising interest rates. i think it was peter navarro on our network earlier talking about inflation. what is the concern for fed, is it inflation which we haven't seen yet, future inflation or growth, slowing economic growth? >> that's the key thing and where i wish the white house would make a distinction. the fed thinks prosperity causes inflation. monetary policy causes inflation. the price going up of greater demand, that is a good thing. have to produce more, become more productive. that is how a market works. the fed has the thing called the phillips curve. impress people at holidays, cocktail parties. connell: i don't know if i use the word impress. >> so learning i don't know what he is talking about, he must be a genius. connell: exactly right. >> the only way to bring unemployment down high inflation. to bring inflation down, high unemployment. seven nobel economists debunked that nonsense. if the economy picks up speed,
especially after china trade agreement -- connell: you think it can? >> i think it can. the fed will be a danger thing. that is where pressure is needed. don't wreck the economy with your obsolete bogus theories. connell: laffer curve references on the curve thing or stay with phillips? >> throw in laugher as well. make it clear it is not baseball you're talking about. connell: steve for example,. >> melissa: a tribute to the late president, skydivers honoring president george h.w. bush creating 41 in the sky. he was known for a love of skydiving. his last jump was on his 90th birthday. the company quoted words cannot express appreciate your service, character, focus on family. we hope the family will appreciate the tribute to a great man. connell: look at that cool video. melissa: yeah. connell: setting the stage meantime for 2020. two potential democratic vendors vying for a white house bid.
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>> when you take on wall street, take on the drug companies, take on the insurance companies, before i decide i want to run i have to make sure there is that grassroots report. that is what where ascertaining. if there is i run. if there isn't i won't. melissa: bernie sanders close to making a decision to run for 2020 for president. meeting with potential elizabeth warren, the two likely agreeing to run for the democratic nomination. bring in our panel, gop strategist ford o'connell, civic forum pack and the managing director of outreach strategist, mustafa, i will start with you, what do you think of the purpose of those two getting together, to let us know about their meeting? what message were they each
trying to send? >> well look, the united states senators, two democratic senators both on the progressive side. they meet often. they probably will let off a lot of policy initiatives to share. they will keep the buzz out there. the person to really want will not be in congress, beto o'rourke from texas. beto o'rourke from texas is exciting candidate. if he is on the ballot there is trouble for republicans. he can carry texas. with 38 electoral votes from texas there is no path for white house any republican including president trump. melissa: so ford, what do you think, what do you think about that? you had these two other progressive candidates meeting together, essentially, you know, some saying, saying we're both going to run. neither of us is going to be bullied out of doing this. and you have people saying that they are too progressive to get the party nomination? >> more than two dozen democrats reportedly eyeing a 2020
presidential run. the field will be large. likely descend into a know holds barred mosh pit where they slam each other and president trump at every turn. one thing i can guarranty you that elizabeth will not be the democratic presidential nominee. she is sinking in the polls. progressive wing as you mentioned with beto o'rourke, kamala harris, bernie sanders is getting pretty crowded. clear the native-american stunt damaged her with progressives. here is what i say. 2020 electoral map will look just like it did 2016. the question can it sweep the midwest take florida and arizona from trump. if they can't do that trump will be reelected for another four years. that is real simple. melissa: let you answer that. do you think beto o'rourke can turn the map you are talking about? if beto o'rourke on the ballot pick up california and west, 38 votes locked for republicans
some years is no longer a lock. if texas is in play for democrats. melissa: hang on. hang on. >> he didn't win texas. melissa: muse -- you didn't answer the question of question though. >> he came within three points of beating 'tis cruz. raised $80 million the first run. he is exciting candidate that appeals to all americans. >> but he didn't win texas and democrats are not going to win texas in 2020. the question is, can you take florida out from underneath trump or sweep the midwest? what i'm talking about there, pennsylvania, wisconsin, an michigan. if i were advising democrats, lord i would not want to do that, tell you ticket of joe biden and beto o'rourke would get enthusiasm, blue-collar white voter into your camp. possibly you can beat donald trump. melissa: what do you think of that? that sounds like good advice? >> it is not, at end of the day
reason so many democratic candidates likely will run. that president trump is incredibly weak. melissa: no, can you answer the question. just answer the question that ford put to you. doesn't that sound like an appealing ticket, if you had biden put together with beto? >> i think it is, i think, i think it is an appealing ticket. there is a number of appealing tickets but the reason why they're so appealing tickets the underlying fact president trump is performing so poorly. i mean look, this last, 2018 election, democrats won 40 house seats. that is the biggest loss that republicans have suffered since the nixon administration. president trump biggest problem is president trump. melissa: ford, go ahead. get last word. >> bill clinton lost 52 seats in the 1990s. obama lost 63 in 2010. very little correlation of midterm and presidential. since 1900 incumbent presidents are 15-45 presidential reelects.
donald trump is favorite to win. only question that democrats take the state i mentioned. 40 states are decided. tin are up for grabs. he is the favorite. melissa: thank you for the discussion. connell: from that to this. disappointment under the christmas tree and in your wallet. americans apparently waste $13 billion on unwanted holiday exists every year. melissa: no, stop. that is horrible. why are you telling us this? connell: i think this is hilarious. wait for the whole thing. finder.com we waste buying presents for people that don't want them. 5% of people actually look forward to receiving presents. it gets worse. about 8.5 million americans will just throw away their unwanted gifts, though them in the garbage. big time bah humbug. melissa: i am so depressed. why did you have to -- he is laughing. he is laughing. that is horrible. connell: so american. melissa: i will cry now. people are trying to be generous and spread holiday cheer and
people don't appreciate that. they throw it in the trash. connell: throw it out. i think it is funny. melissa: you are a scrooge, man. connell: i am. melissa: oh, whose read is this. i can't even see. connell: melissa. melissa: newly exposed facebook bug could put your photos at risk. bah humbug. you're a scrooge. ♪ ...starts with a december to remember at the lexus december to remember sales event. lease the 2019 nx 300 for $319 a month for 36 months. experience amazing at your lexus dealer.
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connell: a brand new headache for facebook. the social media giant saying a bug on its platform may have exposed millions of users unposted photos to third party apps. deirdre bolton in the newsroom with the latest. >> connell, too much access. facebook revealing that bug just gave the developers too much
access to photos of 6.8 million facebook users. users photos ended up being pulled from the timelines without permission. ineven ones that they uploaded but never shared. facebook saying, also that third party developers may have the photos. i spoke with facebook's -- >> connect with apps like word with friends. what we've done through privacy shortcuts. we created a simple place for people to go to see the apps they used and delete them right then and there. >> facebook says the bug ran 12 days from sent 13th to the 25th. facebook says on the 25th it discovered the breach, it informed european union privacy watchdog. europe has harsher conditions for social media companies. if they want to function in europe they have to basically follow the rules or be fined.
facebook says it will provide tools for app developers to check if they were affected. work with them to delete any photos they have. it's a tough year for facebook. a massive security breach that allowed hackers to scrape 30 million people's information back in september. that of course cambridge analytica before that. before that the manipulation of ads on the platform in the run up to our 2016 presidential election. stock is showing it. chart on the screen, down year-to-date, down 18%. falling a lot more even than the s&p 5'2" 1/2% decline in that point in time. connell: i checked on how many apps i had given permission to. maybe i should have known, i didn't realize it at the time. >> it is kind of hard. tough go through opt out every single one and we're all a little bit lazy. connell: we are. thank you, deirdre. >> sure. melissa: paris bracing for violent protests marking the fifth straight weekend of
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connell: all right, paris is on high alert again the french president emmanuel macron calling for calm as police are bracing for what would be a fifth straight weekend of protest, despite a series of concessions from macron earlier this week. rebecca heinrich joins us to talk more about this the hudson institute senior fellow and military fellow so we covered, rebecca, that macron speech and we wondered if he had done enough. i guess not? >> no this has been a long time coming so these problems didn't start with him and they're not going to be finished with him. they've been simmering for a long time this dissatisfaction with the government and then macron's gas tax was finally the straw that broke the camel's back because those that drive those that live out in the rural areas, they're affected, much more so than the people who live in paris, and that's who we're
seeing protest, so even though he's rolled back that gas tax, there's still other thins that have created this dissatisfaction they want more help from the government and these things they want are really, there isn't one set thing they do want, better healthcare, better more wages, higher wages, that sort of thing , so it doesn't look like these protests are going to end any time soon. connell: so as they continue they just add to the many issues we're all watching around the world. you said they didn't start with him and they won't finish with him, but to use a play on words, will they finish him? >> they might. he's going to have to make some pretty quick changes, first he has to end, try to establish calm and peace again to the city and to do that in a way that, you know, is with the least amount of force as possible, because if you go too far government uses too much force they make more people angry, so we have to handle the immediate problem which are these violent protests which nobody should support and then he's going to have to do something to respond to the will of the people or
he's going to be done by the time he's up for re-election. connell: he thought some of the concessions and minimum wage hike and the rest of that speech was enough but to your point and these pictures clearly it was not and this is weekend number five. rebecca before we let you go zoom out just a little bit. because this is one of the many issues we're watching around the world but in particular europe we've covered brexit and the chaos from an economic perspective we've talked about the slow down and in germany the debt issues in italy. how worried are you about europe are they just going through a tough time or is there serious concern they're headed towards the eventual, not the immediate but the eventual breakup of the european union at some stage? >> i'm not optimistic about the state of what's happening in western europe in particular. governments have to respond to the will of the people. the western europeans have been tone deaf to what their people want, and so even if i disagree with some of the desires of some of these french people it's the culmination over many many years with a tone deaf government that doesn't respond to them terrible
immigration policies, i mean the list goes on and on and so it does not look optimistic for western european countries but i certainly am pulling for them. connell: biggest risk in the near term is it france or maybe brexit? >> no i think it's france. i think france in the near term it's the continued chaos, chaos is never good. you want orderly change over time that's always the goal liberal democracies have to pay attention to what their people want. connell: we'll watch it again this weekend obviously hopefully they can keep it under control but it's not like its been one or two weeks this is five weeks now this is going on in the streets of paris of course they had the terror attack in france earlier this week as well, so i'm sure that plays into at least how people view things rebecca good to see you thanks for coming on. >> thank you. connell: wow, all right melissa: it's really something to watch what's going on in france because a place people love to go it's a romantic city all of those things and you see these pictures and things are really falling apart. connell: from an economic perspective it obviously hurts kind of the micro level like the
small business owners and things like that but just big picture too to your point tourism and it has been down in a city like paris as you'd expect it to. melissa: that does it for us for this week. connell: we've made it barely with the markets through the week. thanks for joining us bulls & bears starts right now. david: hi everybody this is bulls & bears thanks for joining us i'm david asman joining me on the panel today lauren simonetti is here as well as danielle, gary kaltbaum in person in new york and adam lashinsky as well now take a look at this stocks slammed over reports of a deeper economic slow down in china, worse than economist economists predicted a slow down that the president says he should get credit for take a listen. president trump: but i will tell you this. china's economy, if it's in trouble, it's only in trouble because of me. that's the only reason it's in trouble because we've taken in $11 billion worth of taxes that i tax china.