tv Bulls Bears FOX Business February 11, 2019 5:00pm-6:00pm EST
wednesdayy bell -- wedding bells we found your cake. costco selling cake made of afteartisan cheese, it does reqe self assembly. melissa: cheesecake. oh,. >> david: president trump aboard air force one, on his wray to el paso, texas. time is running out for congress to avoid another government shut down, key lawmaker are meeting right now on capitol hill to try to hammer out a deal before the deadline on friday, amid reports that progress has stalled. we'll take you live in capitol hill, this is bulls and bears, i am glad you can join us, i am david asman. with me, liz peek, jonathan hoenig. >> and mitch mcconnell said that democrats are making new demands on 11 hour, putting restrictions
on how many illegal immigrants can be detained and bedded down, the president just making remarks,. >> if turns out they don't want to give us the space to detain murderers, criminals, drug dealers, human smugglers. david: let's go to fox news capitol hill senior,e chad there are new demands what going on. >> interesting people say they are new demands. going back to the open conference committee a couple weeks ago, in the statement. the white paper that democrats handed out that was the limitation in there. a lot of people think maybe republicans consider that to be a big and democrats would dial back, there a meeting of chair from both appropriation committees, richard shelby also,
and ranking minority members from both house and senate. i talked with granger as she went to the meeting, she said she is an optimist, but also a realist. then pat leahy look around in hallway. and several reports, ran over to see if he had news, he said there no white smoke yet, they have been negotiating for a while, that could be a good sign at this stage. >> gary here, thank you for staying on top of this. you know three days ago, i'm thinking, and it was reported a deal of basely done, two days ago a little bit less so, yesterday, uh-oh, and today it teams nothing there but you say, perhaps we're getting toward the better, imworried friday will be
here and all heck breaks loose. >> that is how these negotiations go, they go to last minute, have you some issue, hard to always hone in on the issue, whether ita anapprop yeags billanappropriation bill m bill. it does not catch a lot of people by surprise, here is the we, it is going to come down to getting something both sides can vote for, that big matrix of votes in middle of democrats and republicans, here is the other thing. when you talk with senate republicans they do not want another government shut down, they might be working on is what i've been describing as 6 plus 1, there are 7 outstanding appropriation bills, 6 bills, that is not dhs are all but worked out, they approve a mini -- they d regular aproap appropn
bill then a interim bill. i am told that president is leaning toward signing a short-term bill, but if democrats don't get something in the other 6 bills they leave money on the table. a continue resolution renews all of the fiscal from the year. >> the shut down gives us something to talk about. if we look at actual economic impact, last shut down, january 20 was when it happened, you saw s&p 500 close 0.4% higher event following monday, we know that overall impact on gdp has been minimal and one firm, lpl financial they crunched number, the median change on s&p 500 was zero. nothing. so chad, you are talking about
the white smoke and meetings, but do you think because there has been such a minimal impact on the market, that would push them to follow through with another shut down when you look at monetary impact? >> well, you know one thing that concerns a lot of negotiators, they are able to come to an accord. and then the president gets up thursday morning, and friday morning, after hearing the member of house freedom caulks and says i'm not going to sign it there was one senior, very conservative republican who said to me in des december, he said president trump does not care, his approval ratings will always be mid 40s, it does not impact him. >> chad -- >> it seems as though -- hold on. we have neata low the chair.
>> congresswoman can you come talk to us for a minute. >> wow. >> what is the news? what is the news in. >> no shame, love that chad. david: she blew you a kiss. >> i would rather have the news. >> chad, it seems that president trump got hammered about last government shut down is their a sense among republicans that democrats will be held accountable if it happens again because of an issue it has opinion talked about before but most americans are not staying up late at night. >> that is where in people think if democrats go to mat over that it plays out okay they are protechprotech -- protecting the illegal immigrants. that something that some republicans have been banking on. but at the end was day we don't know if they stick to it i pound
out that was in the bill in their proposal back from that open conference committee meeting. so, you know that could be very bad for democrats, but, by the same token, keep in mind you have liberals in house democratic caucus who are concerned about i.c.e., there was opposal last year one of most liberal members, a democrat from wisconsin. co-chair of progressive caucus, and resolution to abolish i.c.e., they are playing to their base the same way that president trump plays to his base. >> chad, great reporting, i have been following you, inside beltway. one prominent democrat called this a ego negotiations is that what is mucking this up? >> well key thing here, we saw anita go past, you talk about the big 4, egos are checked at
the door, they are serious lawmakers. they are the dollars and cents people, if you have you know quote grown ups in the room, you want richard shelby and anita lowy, and patrick leahy, if there is a deal to be had they are the ones who would get there, with ego, appropriators don't deal in egos. david: there is another point, which dealing in facts, we hope that our legislators will at some point biel i deal in fax, christina pointed to fact did not seem that the shut downs really affected the economy. we had a terrific january jobs report during the heart of the shut down that just blew, a expectations. but, now have you the president, go out it el paso, he will be at the border, don't those visuals of the president at border and
realty of economy doing well mean anything in the negotiations? >> well, you know, that -- let's see if it refs up his base, let's see when phone calls are to jim jordan, and mark meadows. some leaders of freedom caucus, they got very engaged in december. we thought that president would sign that interim deal to keep the government open until february. they engaged on house floor, they conducted what they call special orders, the lengthy speeches, the next thing the president called zen speaker of house paul ryan, and said he would not approve. so you know that is unknown. you could see a scenario, we've seen it in december we say it this march last year in omnibus. folks say wait a minute. and then he dials back. david: all right chad, great
reporting, thank you so much for being here, seal we you soon. >> david, i will blow you a kiss like miss lowy y. >> thank you, chad some smaller refunds than some tax filers expected, will this is our all americans to the truck wa trump, we'll detail that coming up. but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better.
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filing seen compared to same time last year, some are blaming trump's new tax law. it eliminating certain deduction, treasury department denying it tweeting out today, news reports and reduction in irs filings and refunds are misleading, refunds are consistent with 2017 levels down slightly from 2018 based on a small initial sample. if folks see a big cut in their refunds, some the white house had breather -- better messaging? >> i think it has to to how the treasuryintreasury organized wig tables for the irs, i suspect, i have no way of proving, but administration wanted people to see less money taken out of their paychecks right away when tax bill passed, we talked about it how people attitudes would be better they would see more take
home. david: we did. >> that is right, at the end of the year they are not getting as big a refund. it is idiotic that people think that government is giving them a gift, this is repaying an interest free loan this not a gift from the government, you should look at your entire year's payment of taxes, i fear a lot was not going to do that. >> that it is, so infuriating you on comp pa complicated and arbitrated taxes are, when it comes to taxes you are either a crook or an idiot, people are annoyed they are not getting a big tax refund, but that is money -- it your money, you gave a tax-free lone to the government, and president would simplify the taxes, now is time ar a flat tax let's make their their easy.
>> jonathan, funny, they tried to make it easier they launched postcard size tax forms and claimed there would be fewer forms, but that was not case, we know. the idiotic point, liz, brought up how people should realize it is their own money. but year after year it shows people seem to psychologically prefer to have a larger refund at the end was year versus having 20 to 40 dollars extra -- >> like a found money. >> like a gift. >> it has to do with you would take that large refund, and you would put it down toward savings or mortgage versus that extra 20 or 4 dollar will 40 -- 40 dollau might spend. new york governor, said he is going to washington to meet with the president he is concerned that rich or wealthy are leaving new york state because of the property deductions.
so there is a lot of changes. but i think we have to rail just change financial li lit literacn school. david: good luck. >> the tax business is a biz e n inblob. that is what it has come, to john montjohnson is height -- js right it should be more simplified. but the white house has not been able to explain it well, there are people who are paying more taxes because of the lack of write-offs, money talks, on votes, and if i'm paying $2 thes$1,000more in taxes, than ye because of the change, i will be upset. david: people who pay more are those in my tax state that is
where most mead yoork ne media,s angeles, chicago, these are places that put out message this a bad new tax law, they are paying more when mos most -- americans are probably paying less. >> 80% of americans are pays less. >> do we know. >> the republicans could not sell the country on a tax cut for 80% of the people is amaze. >> gary it was tax policy center that put out the stat that liz shared, wire talking about now negative, it has been applauded by many people on the channel, that tax cut helped middle class and helped lower income people. >> it does. >> but polls says they have not sign that much of a change on their paychecks. david: there are reports that 80%, will payless in taxes than they did -- >> not just right leaning organizations,others say well,
the numbers show it. david: amazon may be scrapping its plans to build its new headquarter in new york after growing outcry centers state and local lawmakers, we ask one new york assemblyman why he willing to risk tens of thousands of potential jobs, with potential invest gm for stainvestment fore next. >> amazon is a company we should not be supporting in terms of corporate give aways. that's why i switched to liberty mutual. they customized my insurance, so i only pay for what i need. i insured my car, and my bike. my calves are custom too, but i can't insure those... which is a crying shame. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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who south koresouth korea alleyy opposed amazon coming to long island city. there was a poll that showed 60% of queens voters were in favor of amazon, just 26% had the few, this was in december of amazon not coming. if amazon does pull out now, would that be a lost opportunity for a lot of new yorkers? >> i don't think so. because, amazon, companies compete to go to places, they loolook at talent pool, they wee coming regardless. when they are doing now another game day, always play with cities and states they are not going to leave,.
david: in they do would it be a lost opportunity. >> i don't think that we will lose any opportunity with amazon leaving, we have a robust text base in new york city, people want to come here and do business. >> but on other hand, 25 thousand jobs, payings there arr more is hard to e replicate, tht is a infusion of money into a community that would benefit of store owner, the question, do you not like amazon in particular or that not like the big handouts from new york. >> i don't like neither. the days of corporate politicians promising jobs up front to give away billions of taxpayer money it is over, after decades of lack of correlation of money giving out to
multinational companies, but results not there of jobs and economic growth, people are frustrated, they call it out the sham, further more we should be not subsidizes growth of these type of mega-monopolies, a amazn is not healthy for competition or competition, they are the market, they set the price, the is usepulveda play -- supply ch. >> they would argue they have lowered cost for american consumers and provide a service that i bet everyone in this room takes advancage off. >> when we starde started this . the economy -- back then the cost of a phone would be 30 million. we needed bigger corporations to be productive and efficient, but
now every mom and pop store owner has a smartphone, they can be productive. >> you brought up silicon valley and tech is better in new york. are we not still over reliant on financial surveys, this could be a good opportunity given amazon, and sprawling into smaller businesses and bringing in tech and talent. on fli flip side, i agree with h you. you look at tax benefits that amazon received this is more lo- lucrative to come here. if we removed the incentive, is still good for amazon to come. >> i think this is an extortion by amazon, i would ask, jeff
bezos didn't let david pecker extorts him, why are wil letting amazon extort us. every dime we sent that is -- that gets recirculated. >> this is gary, extortion is a felony and a crime, you say that amazon is committing, but all they are doing is based on performance based, 25 to 50,000 employees up to 8 million square feet, that is a lot of construction, a lot of construction jobs, and a major increase in customer base in the area there. what about the long-term of this? what if this does turn out to be correct the numbers.
david asked at beginning that would be a huge missed opportunity if the number are correct? >> if you look at what we did in upstate new york, in wisconsin. you know with foxconn, the numbers and promises met up front it is not there in the back-end. for us to keep going down it road, give away billions of dollars hoping they create on the jobs, preying on the emotion of the public promising the jobs, when there are a number of studies show there is no correlation between jobs, and economic growth and corporate give away, that is why eu has branded usage of state aid practices. >> i applaud you for standing up against subsidies, but it is not true, you used money to give to amazon to wipe away student loan debt, why is it okay not to subside amazon but okay to
subsidize students who have taken out their debt on their own dime. >> number of economics have proven that you invest directly to people, return investment is immediate, a person like with a student debt is behind 8 to 9 years of economic activity, if you more give that debt that person is reinvesting that money back to local community, buying a house, forming families creating small businesses and job, something more tangible. >> so it is not -- thank you, so not that you are against subsidies, but just against subsidies for big corporations? >> i see as investing in people very subsidizing the big corporation. david: you said that amazon of guilty of extortion. if that is for what they got from the governor and mayor, does that make the governor and mayor complicit. >> and their rational, if you ask governor, we did not have a
choice, everyone else is doing it. he is actually telling truth we have a problem in this country of race to bottom problem. >> what do you think final outcome will be. >> we would have to -- 6 other states have signed on, a bill to stop competing to give corporate give aways to cooperate with other states and hold the big corporations account able. they should pay their fair share, and do businesslike any 94 local mop -- any other businesslike a local mom and pop. david: has this country not proved that the. >> for many decades, but it is effective. >> thank you so much for coming here talking about this, it was a tough audience, but we -- >> i appreciate it. >> come back, see us again. >> alexandria ocasio-cortez released conditio contents of gw
deal, and students of university of miami love the idea yel yelly relize -- ide until they realize what is in it, next. >> based on when you heard, does this change your perception of the plan. >> i don't think that is. i try to find companies that turn these challenges into opportunities. but by going out in the field, and meeting management, suppliers, competitors. in the end, it's these unique companies with creative business models that will generate value for our investors. that's why i go beyond the numbers.
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david: since as unveiling last week, the quote green new deal faced criticism and confusion, but it gaping support among -- gaining support among 2020 democratic hopefuls, how about millennials. we traveled to university of miami to find out what students really think of it. most seemed be onboard until they found out what was in it. >> based on what you heard. would you say it would be
favorable. >> favorabley we need to cut our lines on fossil fuel. >> i like it progressive, and push world forward. >> i think if we didn't do that we'll kill ourselves. >> so plans 10 years we'll outlaw kole coil, natural -- cold, afterria natural gas, and. >> i don't agree with that. >> in 10 years that sounds like a reach. >> if you are unwilling to work we will supply help for salary and living wage. >> absolutely not, if you are not willing to contribute to society, i don't think that people are contributing should pay for you. >> that is not something i would be behind. >> cabot, i was relieved when i saw that once they had explained to them what was in the plan, they realize it was pie in the sky.
>> yep. i think more americans would do the same, but much of the information is not getting out, i think democrat party and people pushing this plan hope two thing, people won't look into it, they just hear the name, and say it must help climate change, i see. and a few people said if endorsed by cory booker and kamala harris and others it must be pretty good, and i think they are banking on social pressure, some many are afraid to say, i oppose this bill. they are afraid to be labeled anticlimate. i think democrat party is relying on that. >> already tha that -- templates pulled from her web site, i think this could be a way for separate the democratic party,
you focus on who is a progressive, who is not, have you those like cor cory booker onboard, maybe they are trying to show they are more progressive to go after that younger vote or what is spending right now with aoc . >> i think there is a pressure for candidates that are running for 2020 on democrat side to take a hole, embrace the socialist wave, i think it will come back to bite them in 2020 election, i think that is a god send for president trump, so many people are racing to left to win the nomination, and get this support of young are side of the party, but with the a general election, and a convincing average americans this shop full, i think it would -- that this is helpful it will come back to haunt them. >> this is gary. i had to say three things first.
thank you, thank you, and thank you. and i say this because my son just graduated from college. and basically they are not telling the truth in these colleges, that is how you end up doing these videos with these kids do not know what the heck is going omyo. my main question, are you cloning yourselves a thousand teams and get more and more people to the colleges to set them straight they are not getting straight stuff. >> cabot, gary, it has nothing to do with college, it is lack of details in the plan, and lack of -- >> i'm not just talking about this plan. i umtalking about in -- i am talking in general. >> i looked into cloning myself, the science is not there yet. i have been over a hundred college campuses and talking with students, i think a lot stems from classroom, a lot from a lack of information, and misinformation, on part of professors, that is a role, i
think media also plays a role, and our perception of democrat party is off right now, we have labeled these elements of socialism as fringe, as not something actually ser serious,e kind of laugh them off, they are serious people within the democrat party that push the the ideas, a lot of americans who are laughing off rise of socialist policies will wake up and realize before their eyes they are more acceptable, and it is error much an incremental push to part of left to gett ideas to become a part of the conversation. we need to take it seriously. >> you are right. and and one ways we'll take it seriously, people are pushing, alexandria ocasio-cortez pushing to have a vote to house, on this resolution. and i think they will push to is a house a vote in senate, then these people, who have blindly signed on to something so pie in the schedule be there black and white putting their signature on
that. don't you think that will really be a sort of war watershed mome. >> it would be helpful to have a vote so mean american wants to see who would i support largest economic piece of destruction in decade, and give alexandria ocasio-cortez an hour of live teemu selanne tteam to try to e, the more people hear her talk, the more outlandish she and and how little she knows. >> have students been indoctrinated, i saw this am sai saw this in schools in 80s and 90s. people are primed that oil is bad, and fossil fuel is bad and any type of use of the environment is bad, this what they are being taught. >> there is a cause and effect, a ltd oa lot of people on the re
right have washed their hands of the system. millennials are largest voting bloc right now in america. i do think they are predisposed, in class to associate anything with oil with big energy, or anything with right as evil, and lack of morality. >> i would disagree, i have three degrees. but maybe it is about the type of classes and fact there is a lack of financial literacy and business courses that everyone should take to discuss how sometimes oil prices play in market, how to deal with taxes. david: quick, answer. >> that is part. i think there a lack of people being taught basics. i think it a problem of the professor as well as lack -- >> we want to have a linger discussion, but, we don't have the time, thank you.
>> absolutely. david: new pole finds morning confidence in their finance climbs to levels that we've not seen since 2002. why is an economist warning that we could be headed for a recession? more on that to come. ou on trac. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do.
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david: a new gallup poll finds american's optimism about their personal finances is at a 15 year high, they are better off now financially than a year ago and 7 in 10 are expecting personal finance to be better next year, shy of 71% seen under president clinton in 98, all that nobel prize winning economist warns of a looming recession that could hit this year or 2020. who is right? the economist or the people? >> well i think that people. look, paul videoing man has been -- krugman has been suffering since the night of election that he predicted that the election of president trump would cause the markets to crash. but, he didn't really come up with any information other than fact that fed does not have many policy tools at their disposal, which is perhaps true, that has
been case for though several years. he brought nothing to new to this conversation i don't think. >> he is not warning, he is hoping for a recession. >> right. >> all he cares about who will win the election, and a recession would hurt the incumbent. the man is left of left of left of the left, amazing to watch. any credibility, what so every said 30 trillion debt will be fine, unless under a republican. i am trying to be nice about it. so i will stop. >> but gary. there is a contrarian argument to be made, optimism, and consumer confidence they are contrarian indicators, this is not trump derangement scenario, this is reality, 2007, that is when they peak, consumer
confidence was really at an all-time low in 2008. -- 2 now is time as warren buffet would say to be greedy when other are fearful, and fearful when others are greedy, fact that so fee peopl few peope fearful makes he fearful. >> look at factors, we're seeing a slowdown in auto sailing and housing, and conference calls, and guidance are lower, if we talk long-term, have you debt cycle, debt just climbing higher on all fronts then concern that consumer confidence level between expectations, between now and the future was an all-time low last month, i think this this conversation has come up quite a bit, maybe some economists may not be the people but this is something to consider going forward given the
washing signs. >> full disclosure, paul krugman did admit, by the way my track record for this is bad. at least he was out with that. >> you think. david: we have to move ochicago mayor rahm emanuel wants his cash strapped city to give away money, now one 2020 hopeful is pushing a similar message to voters, will handouts help out? ..
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he's using his own money to fund two families. one in new hampshire and one in iowa. >> this is marxist wealth redistribution. it's not even hiding. it's immoral and impractical. you have a right to your own money and no one has a right to $1,000 or any money they haven't earned. we have seen it in finland and canada and even america. that prolonged people on unemployment and kept them out of the workforce. these old tired, leftist ideas do nothing to help the poor. >> rahm emanuel is worth $14 million. my advocate says he can give
56,000 people $12,000 a year for one year. they keep saying it's government giving money. no, it's the taxpayer giving the money and it's a bottomless pit to some people. >> this is a strange time to be fulfilling this at a time which there are open jobs across america. they could use the money for job training schools. it's a master redistribution and accomplished nothing according to the experiments that have been done. >> a two-year program that happened in finland, they gave $635 u.s. what they found was nobody really entered the job force.
they did have one perk, and that one perk was happiness. >> it made other people unhappy. >> i have to disagree with that. christina, i know you are not from america. but the founders talked about the pursuit of happiness. the money that's valuable is money you earn. >> i agree. are we going to get into a debate about money? in africa they are giving 22 people money every month. they are trying it -- i don't agree with it. i'm with you guys. >> it's other people's money. >> i agree. we all agree. david: in chicago it's a combination of public funds, taxpayer dollars and private charities. they are getting private
charities in the mix as well. but it doesn't deal with the fact of motivation, whether that will motivate people to get out of the workforce. we could go another hour, that does it for "bulls and bears." president trump: we actually started a big, big portion of wall today, in a very important location. the whole area will be funded -- finished. it's fully funded. we need a wall. without a wall, it's not going to work. we can have technology. but it doesn't work without the wall. liz: we are just hours away from president trump making the hard-sell case at a campaign rally in the border town of el paso, texas. this is a