tv Bulls Bears FOX Business January 21, 2019 5:00pm-6:00pm EST
connell: i agree 100% right and a good reminder by the way it's easier when someone else feels stupid to remind you, but it's a good reminder for all of us. melissa: that does it for us. connell: bulls & bears starts right now. david: democrat leadership rejecting president trump's plan to end the partial government shutdown as the costs continue to mount. we'll take you live to capitol hill for more on where things stand right now. that's right, because we are live today, and the reason for that is there's a lot of big news here, and abroad. you can count on fox business to bring it to you no matter whose taking the day off like our competition. this is bulls & bears we're glad you to join us i'm david asman joining me we have liz peek, jonathan hoenig, christina partsinevelos and carry kaltbaum on day 31, according to numbers from the white house we've lost more than a half a percentage point of our gdp for the quarter , so far, of course we
could get that back as soon as the things get working again, the clock is ticking though for lawmakers to reach a deal. federal workers are set to miss another pay day this friday. let's go straight to fox news senior capitol hill producer, chad the president came out with a plan on saturday and nancy pelosi rejected it, even before he came out with it, so do you see any progress at all? >> there's still just talking past each other and until you get everybody in a room negotiating this is going to go nowhere. you know the senate is poised to try to take these bills up, the president's plan here in the next couple of days. they will be in session tomorrow here is what has to happen. you have to move to proceed to the bill, actually start debate. well that's subject to a filibuster. how do you overcome that? you need 60 votes. well you can't actually file that until tomorrow and it doesn't ripen until thursday. that's just on the motion to proceed to the bill, and in fact you have to do that twice, so any idea that if that is going to be the pathway to put out
this fire with the government shutdown that's not going to happen. what this does do, however, is put pressure on democrats, think about vulnerable democrats up in 2020 i would look at doug jones the democrat from alabama and also put pressure on nancy pelosi, republicans want to make her the face of the shutdown and say wait a minute there's a lot of things in here, temporary daca agreements dealing with temporary protective status for other immigrants, is there something you can buy on here and then say wait a minute you're not even willing to deal nancy pelosi, if they were to get this through the senate, but that is a far cry right now. >> and is there any indication, have we heard from any of those so-called vulnerable democrats that they actually might line up and vote to proceed with this bill in the expectation that public sentiment may start moving against democrats and this sort of very obstinent position they've taken >> if the public sentiment starts to move against them i
think any bets are off and i'd also put joe manchin the moderate democrat from west virginia he just won re-election but then i'd start to look at the four immediate senators across washington d.c., the two democrats from maryland, ben carden, and then mark warner and tim kaine from virginia and the senate was in session saturday for two hours, just to come up and talk about the flight of all of the federal workers they represent in northern virginia. that's an issue. you had instances when van holland and card en have gone to the floor to reopen the government, get the senate to agree unanimously to vote immediately on a bill or even vote right there and pass the bill on the spot. those have been rejected so you could see where you might be able to get together a group of people who would get there. i talked a minute ago with senator john hoven, the republican senator from north dakota and he thought they had a shot. i asked if he thought all 53 republican senators would stick together and he said yes. here is one final point though that i think is very important.
some people on the right have said part of this agreement with daca dealing with the dreamers is "amnesty." mitch mcconnell has worked very hard to try to protect his vulnerable republicans up in swing states in 2020 i would look at jonie earnst in iowa, and martha mcsally and if this is perceived as amnesty and they go for that that could spark a primary challenge as we go into the 2020 cycle. >> if sentiment changes you could start to see democrats come back to the table but right now over the past little while it's the republicans that have been faced with the burden of the shutdown or i guess the blame i should say. i've been reporting on this and we talked about the furloughed workers, 800,000 people affected and how it's hurting the economy , the s&p is saying it's roughly about a $3.6 billion loss at the moment could climb to over 5 billion which is pretty much the funding for the wall. chad, could you just break down some of i guess the cost,
because for somebody that may not understand and we're not talking about pay. what are some of the costs associated with this economic shutdown? >> i have talked repeatedly with some of the farm state senators i mentioned senator hov en, among them about when this starts to really affect those types of voters, who have stood behind the president, especially in the agriculture sector they've taken the hit on tariffs still stood behind the president, they passed the new farm bill, the agriculture department isn't open, there was some suggestion they said well maybe we could reopen part of the agriculture department and get them to start to implement the farm bill that they just passed in december. the dairy sector is a major component there because they have this new dairy program and the farmers can't sign up. we're going to be getting into the planting season here very soon. those decisions have to be made and get guidance from the agriculture department how it's going to work. that could really ricochet around the economy if you start to have actual food issues that's going to be a problem. the other concern deals with
travel. you know, jim clyburn, the democratic whip in the house of representatives brought up just in the caucus meeting last week about security at the super bowl he didn't cite a threat but if you're having this idea of putting on these big national security events and you have people who are afraid to fly, jamming up the airport lines at hartsfield international airport and this goes on another couple of weeks, that's where it really could resonate and have a negative impact on the economy. >> it's jonathan hoenig, great reporting all day long. i have to ask you it's not just the government that's shut down. that is affecting parts of the private economy. ipo's are being limited because of the sec under staffing. you mentioned issues at the airlines and new drug approvals. is there awareness on both sides of the aisle this government shutdown is really starting to play a tangible part of the private real economy? >> well that was the argument that mark warner and tim kaine were making during the rare saturday session. they talked about the residual impacts in all of the ancillary businesses that have coffee shops and bakeries and places where people go to lunch around
these federal offices, in northern virginia in the district of columbia, in maryland. mark warner talked a lot about the craft beer industry, which is something that is in virginia and there's certain permits and applications that they need that they can't get through to rollout these products because it's being stifled due to the government shutdown. >> chad, this is gary kaltbaum. last time we spoke was a couple of days before the first pay check was not given out. now we're in a week where a second paycheck isn't given out. so it feels like the needle is even farther away as we get to the second and there's a real world americans that have to maybe drive an uber, take a pay day loan out, go to pawn shops, these are good americans that are being affected. is any movement whatsoever going on? >> no that's what's remarkable about this. the idea they had this meeting last week where vice president pence and jared kushner came to
see mitch mcconnell and there was talk back and forth about trying to debut this bill next week and have the president talk on saturday but even if they were to pass something today they're not in session today because of the martin luther king holiday, they have to start to be able to process those pay checks tomorrow to get the money out the door come friday. even if you were to pass something today, to be able to make that deadline tomorrow in some of these federal agencies is a far cry, and that's where even if you did things by the book, i talk about having to file and get 60 votes on thursday and having to do it again. that would probably be over the weekend or early next week if you did it by the book. you're already up against the next deadline. that's pretty extraordinary. david: chad very quickly the world doesn't come to a stop even if there's a partial government shutdown. an illegal immigrant was arrested for multiple murders in nevada. there is still pressure coming from those people who insist that that security and the borders is not being attended to is that any kind of political
pressure on democrats or are they ignoring those issues? >> that doesn't really seem to be resonating but i'm going to come back to one point here that i've mentioned on this program before. you know, everybody is saying that nancy pelosi and the president tweeted over the weekend, oh, she's having to go hard left because of the elections and is having to really resonate over there. most of the caucus that she elected, or that got elected in the mid-terms these are moderate democrats. who did the president meet with this past week? he met with the freedom, excuse me, the problem solvers caucus this is a coalition of mostly moderate republicans moderate democrats they went down to the white house. that's the group i think you have to watch and you seen a little bit of that in the senate like susan collins meeting with joe manchin and lindsay graham and so on and so forth the past couple days. david: chad again terrific work we appreciate you being with us today thanks very much. meanwhile, the already crowded democrat field for 2020 getting bigger, as california senator ca milla harris throws her hat in the ring today.
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david: that's right we're live because the news doesn't take a day off unlike the competition. meanwhile the 2020 democrat field is growing and today, more news with california senator kamala harris, announcing that she is running for president, edward lawrence joining us now from washington, so edward, i was reading into her tax plan by the way. this is a $3 trillion tax plan that's how much would add to the debt. any more details about what she's planning an economic policy? >> and this is going to be the problem for her. she lacks the history on economic issues that other potential candidates have like senator elizabeth warren that goes back decades. senator kamala harris is known for not backing down from a fight her economic policies may start just that. she took questions for about 20 minutes today on her views everything from the lgbtq community to her thoughts on the border wall. she says she's running because she wants to protect america.
>> the past is going to be about talking to people who are right now aware that this me is not working for working people. it's going to be about talking with people, about the fact that right now we have an administration that has waged a full on assault on american values and american ideals. >> and her plan for the economy according to the tax policy center as you mentioned would cost government $3 trillion in revenue, without raising taxes somewhere else. now she's also said that she wants criminal justice reform, which is really high on her list being the former attorney general, of california and she would be smarter about the money we do have and propose clearing the prison of criminals with minor offences but stop the revolving door of repeat offenders and also wants to tackle student loan debt saying they should be allowed to refinance those huge loans that are with some of those young people now days back to you guys >> you know i love this woman's story from district attorney to
attorney general to senator and now running for president. i think that's fabulous, but, the campaign slogan, for the people, it's not for the people when you mandate the producers and the business owners $15 minimum wage. you're telling these people you can only afford $10, tough. you're paying 15 and if you go out of business tough. tax credits how about just lowering the tax rates instead of government mandating a certain behavior, just get out of the way. the greatness of this country is letting people run their own lives, not government running their own lives. i wish these people on the left would get that. there's years and decades of evidence to just getting out of the way, low taxes, less regulation. >> well now her tax plan does get rid of the 15% tax bracket, the low ones. it also then also offers those rebate on the taxes, so basically everyone making under $87,000 would get either rebate or eliminate the tax bracket for
them. >> yeah, but gary, she's leftis t. as you said, income equalization , she's promoted plans like that, rent stabilization of course she wants to regulate wall street and increase minimum wage but she's not as far left as aoc and so many other democrats so i asked our guest is leftist the now centrist, and she gets slack for being too cozy with wall street, meanwhile she's talking about regulating wall street. has the left gone so far left that someone like kamala harris is actually more of a centrist who can win? >> i think the answer to your question, jonathan, is yes. [laughter] look we have a sloo of people vying for the title of most progressive candidate and the people who are really opposed to kamala harris' candidacy interestingly are the bernie sanders supporters. they think that her positions on many things are having to do with crime and criminal justice reform and so forth are bogus. they don't believe her and they don't think she's progressive enough so what i see is all of
these people lurching left coming up with ever more expensive programs basically to kind of solidify their credentials and i think what we all need to takeaway is keeping the send alt in republican hands in 2020 is unbelievably important, so these policies, these pie in the sky ideas do not come to fruition. >> she has been getting a lot of criticism though from some of the progressive democrats talking about when she was attorney general of california not being as strong on banks, they're saying she should have come out much stronger on banks, specifically wells fargo, but come out much stronger as those banks were sort of gleaning money from the customers. >> i think maybe coming from me , this might be hypocritical because she's talking about tax cuts. democrats have been complaining so long about the current tax cuts and how much that's costing the government, and with this plan, it could, she says it's going to fully pay themselves you'll have tax cuts for the lower income brackets by repeal
ing tax provisions for those that make 100,000 or more, as well as taxing large financial institutes. we don't know how much. nonetheless, isn't she doing exactly what democrats have been complaining about thus far in terms of increasing that deficit >> yeah it's an interesting comment that you're making because in fact she isn't willing to ditch a lot of the already very generous tax provisions that are affecting low income people so it makes it worse no question about it. david: there's another problem for people suggesting all of the tax cuts have to go in the lower 50%. the top 50% of earners in this country pay 97.2% of all income taxes. think about that. less than 3% of the income tax is paid by the bottom 50% and that's where she wants the tax cuts to go. frankly i think everybodies taxes should go down, but where, if this smaller and smaller and smaller group of people are
paying all the income taxes, how do you eventually squeeze blood out of a stone? >> but then how do you solve the main problem right here is just this increasing inequality the fact that affordability is just out the window, paycheck to paycheck, credit card debt at $8,200 per person, so jonathan or whoever was just trying to speak right now, gary maybe you guys can chime in and say what's the solution then to help these lower income families? >> the only solution from the left is here comes the fine print will be two words and that's "tax hikes." that's how they pay for all their little redistribution and them deciding for us who gets what, based on whose who and how you behave. david: all right that has to be the last word go ahead quickly edward. >> it's interesting too she wants to have a universal medicare for all system, so throw that on top of the tax cuts that she's asking for. david: it ain't going to be cheap. well thank you, edward we appreciate it and more bad news for china's economy. new numbers coming out today and
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david: breaking news the president just tweeting this out , moments ago. "china posts slowest economic numbers since 1990 due to u.s. trade tensions and new policies makes so much sense for china to finally do a real deal and stop playing around." while government stats are highly unreliable in china, it is true its government has just announced a 6.6% increase in its gdp last year, that's the lowest in decades, so is president trump right? does china need to do a deal with us right now? >> yes. they do need to do a deal with us, although really, the trade
tensions are just a footnote in china's deceleration, and i think it is interesting to note some people put their growth last year and growth coming up this year at a fraction of what the federal government in china is reporting, but basically, they can no longer rely on a debt-fueled infrastructure spending spree to promote growth in china, and this is a huge problem for them. they have been addressing it but the trade tensions have really caused them to kind of reverse gear and now they're building their debt loads again. i mean, they have a problem and they do need to do a deal. >> first off i have to know who their accountant is on doing their gdp. there is no way it's in the six es but look, this is vital, they're the second largest country around the globe, it matters to us, it matters everywhere else especially with europe slowing down and we're also slowing down, so i'm not so sure i'm thrilled with this tweet because of us, that's why china has been going down and it should be obvious by now.
they're in no rush. you would think by now that a deal would have been done already and certainly been hearing nothing but good news out of trump on trade but still nothing donald again we heard today something about the ip side, so another day gone by, another day where a deal is not donald that's another day, sooner rather than later to get something done hopefully. >> well what they are doing is they are trying to reduce the reliance on debt at the moment so yes it is going to be a short-term pain for their case, a long term gain, and january 16 , they had injected about $83 billion into their economy and the reason i bring that up is because of currency and how it is actually stabiliz ing so jonathan i'll ask you this again. for traders, would you say that now is the time to get in for commodities because the stability that we're seeing? >> well the stability has been really short lived christina but i think you're right. to keep an eye on commodities because china has been the
consumer of commodities to the bigger point though specifically to the president's tweet, he has unfortunately a zero-sum mentality this belief that well if china's losing we're winning. that's not the case. trade is win-win by definition. it's not zero-sum is the fact i think gary alluded to this the fact that china is slowing is bad for us as well but i think christina to your point it's more important, china is a controlled economy, and they've got ghost city after ghost city, fueled by debt, and never been lived in, and that is going to hamper any recovery they have and if it's like historical precedence what ultimately they have to do is write up a lot of the debt and ironically liberal ize their economy, open it up that's what they had to do in the past. >> let me promise you something also, stability is fleeting when it comes to currency movement. you may see the wan stable right now and then tomorrow, you get another moment and right now moves are sudden and moves, you know, i can tell you markets
still do not trust and i know the story, everything is fine as long as markets are going up but if the fundamentals continue to go south, the markets will speak loud and clear, and they will follow suit, and again, my biggest problem is china doesn't have elections. they can sit here and draw this thing out all they want. we do, and if our economy goes south, if our market goes south because of this, trump has got to get off his wagon and do something because come 2020 it's going to matter. david: by the way another point about the fact that china doesn't have elections is the chinese is still a communist government and the leader, president xi has been acting more and more like a communist than like a capitalist. >> because he is one. david: but he's been taking over a lot more private companies. there was this middle class i'm not talking about the billionaires i'm talking about the middle level businesses, they've, the state more and more is taking them over and maybe that's why it's slowing down becoming more of a communist
country. >> i think that is exactly right. there are some policies enacted just in the last couple of years like putting communist party members on the boards or in the management of every small business, which is unheard of there. >> and by the way -- >> not to mention the state they have now as well. >> to jonathan's point they were supposed to be liberalizing and actually did for many decade s right? that's what they were celebrat ing not that long ago but again xi made it pretty clear they have no interest in further reforms along those lines, so i have to say i think you can be pretty negative about china's future growth rate having nothing to do with our trade negotiations. >> how do we all feel about this promise this six years of buying goods? i think it came out of bloomberg and a few other networks saying that china is coming to the table. david: larry kudlow was on this show on friday and said it wasn't true. >> i wasn't on that.
david: you got to watch our show. >> i do but if it comes to the table it could change things around. investors are slowly pricing it in in 2019. david: you heard it here first the white house saying that was untrue. watch bulls & bears everybody. good news bad news for fliers and investors in airlines it just depends on where you're sitting you don't want to miss this if you fly. we'll explain, coming next. t. rowe price experts go beyond the numbers to examine investment opportunities firsthand, like biotech. because your investments deserve the full story. t. rowe price invest with confidence.
confidence of parliament in this government, i've listened to colleagues across parliament from different parties and with different views. i regret, i regret that the leader of the opposition has not chosen to take part. david: that was theresa may speaking at parliament earlier today saying and admitting essentially that since her first brexit plan went down in flames she's ready for plan b. nigel farage is a member of the european parliament so from what i can tell plan b doesn't sound a lot different from the one that went down in flames, so what's going to happen next? >> no, no, plan b is plan a, make no mistake about that. she's hoping to get some concessions from brussels, and she'll try and renegotiate that but i don't see much prospect of it. time is now running out there are 68 days ago until we're due to have brexit. legally of course, the position is that if we don't have a deal, we leave with no deal, which
i've got no problem with, brexit eers have no problem with but parliament has a massive problem with and i have a half a dozen options on the table if you want my prediction right now i think she's going to become desperate and try to kick the can down the road by extending that is my best guess right now, given it's tough to see any other solution. >> nigel, christina partsinevelos here. in the past i've heard you speak and say you want the most fair option you argue we should go ahead with it but wouldn't you say the original referendum was partially based on lies especially 350 million pounds to go to the nhs, and the fact this later ugov poll that came out wednesday saying those want to stay, there's the 12-point lead for people that want to stay, and perhaps maybe a second referendum might be in the cards or should be in the cards, what do you think? >> well, the idea that this is based on lies, you could argue
that every election in history is based on lies. >> [laughter] okay good point. good point. >> for old time come on, 350 a week may have been -- >> but it's not only that there's a few things and i feel like the public was deceived and just unaware of the repercussions of the brexit. >> no, no, no, look of course they weren't deceived. the real deception was on the other side. we had 50 years of being told it was just a common market and then it became a political union so when it comes to lies, the other side have total supremacy. look, this was the biggest democratic exercise in the history of our nation, number one. number two, we had a general election a year afterwards, both the labor and conservative parties said they would take us out and they got over 80% of the vote. point number three, 498 np's voted for article 50 which clearly said we either have an
agreement or we leave with no deal. not to leave the european union would be a massive betrayal of democracy and don't be conned by these polls commissioned, you know, by the side asking questions in a certain way. not a single person who voted leave has changed their minds. >> nigel, liz peek here. questions for you is there any chance, do you think, that the e u is going to help theresa may out by coming up with some changes to the original deal that she can take to parliament if not now and i would agree that it seems sensible to extend the date in the next three or four months. will there be any change in their view do you think? >> well i wasn't arguing to extend the deal, i was arguing that it's what may happen. >> yeah, okay. >> actually, do you know what? the answer is yes. i think if there was a change to the irish backstop, if there was a change to this trap, to keep
us stuck inside the european customs rules indefinitely. if there was a sunset clause, a time limited clause then theresa may despite the loss of 230 votes last week would face some chance of getting it through, so yeah, you know, if the german car industry, if the french wine industry started to put pressure on to say look, make a concession, it's still not impossible that at the 11th hour a deal of some kind gets agreed. >> but nigel, this is gary kaltbaum here thanks for being on with us. thursday, june 23, 2016, was the vote. we're now in 2019 and it seems like it's still on the treadmill and last i read, don't we have amendments coming in the house of commons, as you mentioned you have to deal with the northern ireland and ireland also and that backstop, are we
going to be here in 2020 still discussing that? >> do you know, it is a total failure of leadership, from our prime minister and our british class that here we are, 31 months on, from the referendum and given the loss last week we've made no progress. it is pathetic, it is pitiful, we're becoming a laughing stock around the world. it's a failure of leadership, and here is why. we voted a leave, to leave the institutions of the european union, and what theresa may has tried to do is to form a close and special relationship with the european union. when in life, there's a fork in the road, you have to take a route and go with it. she has tried to appease both sides and failed dismally. >> nigel it's jonathan hoenig. there's predictions of mass economic catastrophe if there is a hard brexit the pound will fall 10-15% the british stock
market will fall. what's your prediction for the british economy and stock market >> this is project fair, it is a total utter rubbish. we had the same arguments 20 years ago if we didn't join the euro, catastrophe would fall. get a sense of perspective here. 5% of the uk economy is exporting goods to europe. 7% is exporting goods to europe. i've not pretending that's not important but what i'm talking about, ending trade, cutting britain off. we're talking about in the worse case scenario, tariffs on our products. those tariffs are less than the average movement of our currency against the euro every single month, and what you're seeing is the big corporate lovie trying to maintain the status quo. these fears are unfounded and i promise you this. if we leave on no deal, and i hope we do, if we leave on no
deal, and the stock market goes down and the pound goes down, buy them both. david: nigel very quickly we've got to go but it's so interesting how britain and the united states very often parallel each other and go through the same things. we now have a disfunctional government. you seem to have a disfunctional government. what's the end result? is this a natural kind of break up of the establishment the political establishment of both countries, quickly. >> yeah, look, you know, brexit and trump were the biggest shock to western world politics we've seen in modern times. the other side the establishment can't accept it. they're fighting back as hard as they can, but the one factor you must not forget is the jeanie is out of the bottle. people want brexit, people want trump and those results of 2016 are going to prevail. david: nigel great to see you again please come back and see us. >> thank you. david: thank you very much well offering extra leg room on an airplane is usually a good thing for airlines unless you're an investor in the stock. we'll tell you why, coming next.
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been diving recently what do you think, gang? >> yeah, well there's a lot going on here david, first and foremost give it up for the aircraft manufactures, as you said, i mean the 737-200 back in the 70s you could fit substantially more people now with the same plane just newer and updated and of course they've made the seats a little bit smaller. i'm not saying it's comfortable but you will find more and more empty seats. the downside of that david to your point is that it technically means that it indicates a slowing economy, so empty seats has been terrible for the airline stocks, and i think you have to be very careful that this is truly a harbinger for tougher times in the economy ahead. >> airlines are notorious to increased capacity too much at the most inopportune time and this may be around the globe. there has been a bull market in aircraft just look at boeing stock over the last couple years it has sky rocketed because of all of the orders but all those orders means a lot more seats, a lot more seats means lower prices and the passengers are
going to win over the next six months to a year easily. >> so i'm surprised, having looked at airlines for many many years that one of the big determining factors of their profitability and success has been fuel prices. certainly they must be benefit ing from the fact that oil prices are down year-over-year. why isn't that sort of making up for some of this other, the capacity issue? >> i will tell you, some of these airlines hedge and they lose sometimes and they mix sometimes so you've got to be careful about that. they have to hedge, because just in case you get big spikes i remember years passed southwest airlines, gary became the ceo because he made a big betas oil prices sky rocketed and they saved, i mean, money at that time. >> gary i remember that but we haven't seen that right? right now if you hedged a year ago i'd think you're still in pretty good shape. >> sure. >> to add that point though before in our conversation about china we were talking about commodities prices going higher and if this trend continues we'll see the price of oil which
inevitably will hurt airlines if the oil continues to climb higher, but for those that are watching that don't trade airline stocks because some argue it's just a value trap, am i the only one that's slightly happy about this type of situation, more room? david: no. >> because do you know that you can buy the knee defender? do you remember hearing about that so you can't extend your chair back, so i can't tell you the horror stories i've had in economy class, maybe it would be nice, thank you. >> i wonder also if maybe remember it was about a year or two ago when all of the airlines started putting in an extra fee for this and that. maybe that kind of went through the system and they don't have any sort of little add-ons they're adding to things and so maybe they're sort of revenue yield just isn't as good. david: and the fact that oil was going up last year, that's one of the reasons they raised their fares. now that it has come down a lot there's a question whether we're going to have these warfare, the fare wars, and that could be very good for consumers as well.
it might not be good for airlines but it would be great for us right? >> then we would be investing in jetblue or spirit airlines, the low budget ones? david: good point. >> i hate riding them but -- >> the fare wars will come with empty seats that's how it always works. it's almost like a race to the bottom on price to get people in the seats and then see how it goes. >> no question. >> look for me and i travel a lot. it's good to see because i've got to tell you, some of the especially if you have to fly within a few days, they got you if you have to fly within a few days with ridiculously high price. i can fly to europe and back for much cheaper than going to the west coast from the east coast. >> and of course they got you in business and premium. i mean, historically economy seats are actually still relatively cheap, adjusted for inflation even back to the 1970s even when you include the bag fees problem is they make it so unbelievably uncomfortable from tsa through the final touchdown, to get through it.
but that being said this is tremendously the costa fordable, despite what we've seen. >> but when all is said and done as long as i get there safely i'm a happy guy. david: safety comes first, thank you, gang. well, betting big on the super bowl, no matter which team you're rooting for find out who could come out the biggest winners of all, off-the-field. details, next. ♪ ♪ you got a side that wants more space, ♪ ♪ 'cause every day starts like a race. ♪ ♪ you got a side that loves that style, ♪ ♪ but to fit in those shoes gonna take awhile. ♪ ♪ today life's got you runnin'. ♪ ♪ tomorrow big things are comin'. ♪ ♪ that's why nationwide is on your side. ♪ ♪ i am not for just treating my symptoms... (ah-choo) i am for shortening colds when i'm sick. with zicam.
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david: we have a bicoastal matchup for the super bowl. but some states beyond california and massachusetts are pumped up for a different reason. legal betting on the super bowl could double with 8 states participating and raking in the tax revenue. will this get states out of their financial holes? >> the easy answer is not a chance because the holes are so deep for some of these states. but to use the expression, this cooked my grits. these states turn to things like gambling to solve their fiscal problems. lotteries, et cetera. >> let me add to the ronald
reagan line. if it moves, tax it. here we go with something else. the government is your corner bookie. simple as that. with the lottery it's the biggest tax on who? the lower income needs to make more money. >> what about celebrating freedom. forget the freedom. if we are free, doesn't that mean freedom to bet on the super bowl? government spending here is the problem. the revenue, marijuana, this is a drop in the bucket. it's a free country. our laws should reflect that, especially when betting on a big game. >> the united states could be the largest sports betting market in the world.
the question is will there be loopholes with people trying to do it online. i feel that could be a lucrative way to make money if i created an app. >> that wouldn't benefit the states. david: illinois, they are hoping to get a lot of tax money. they are $7.4 billion in the financial hole. they say they will get $50 million in sports betting. that's less than 10% of their -f their debt. >> they are taxing running water in california. they are going after everything. it's never going to stop because they don't stop raising the bar on the spending front to control more of our daily lives.
eventually something will come up. dave * this brings us back to the kamala harris piece. they have grand plants for what they are going to do if they are president or governor. they will say tax our way out of the problem that's how we'll pay for it all. but taxes aren't always what they seem. you tax this amount and you get this amount. >> the trump administration hasn't done that. >> they lowered tax rates. david: we had more tax revenue since the tax cuts than we have ever had before. tax revenue increased. you lower tax rates. you get more revenue. >> the states have to balance their budgets and the federal government doesn't. that's the difference. david: don't give them an idea,
they will start coming up with their own currency to buy their way out of their problems. that does it forward bulls and bears. we'll see you back here again next time. president trump: immigrants whose protected status is facing expiration will now have three more years of certainty so congress can work on a larger immigration deal which everybody wants. >> i believe it's a nonstarter for him to ask for a permanent wall and for to us have a temporary fix. >> as president he can veto anything he wants to. liz: president trump's plan to end the shutdown goes for a vote in the senate. now "the washington post" is