tv After the Bell FOX Business February 22, 2019 4:00pm-5:00pm EST
liz: trade is holding the leash of the markets. [closing bell rigs] maybe the leash loosened a little bit today. that will do it for "the claman countdown." the dow closing up 172 points, just about 30 points away from the session high. have a great weekend everybody. "after the bell" starts right now. melissa: green across the board. all three major averages ending the day in positive territory on signs of progress on u.s. and china trade negotiations. the dow ending up about 180 points, extending its gains for the 7th straight week. the longest winning streak in almost 24 years. i'm melissa francis. connell: i'm connell mcshane. melissa: happy friday, happy friday for stocks. s&p 500 up for four weeks in a row. the nasdaq up nine in a row. nine weeks in a row, the longest streak in 10 years for the nasdaq. we're all over all of that, all the news from the president. first here is what is news at this hour -- ♪
connell: a pivotal day of negotiations, president trump just wrapping up the meeting with china's special envoy at the white house. we'll have the latest comments from the president, whether or not he believes a deal will get done. plus putting a cap on just how much money you should be making. congresswoman alexandria ocasio-cortez's latest attack on the rich and the morality of your hard had earned income. not everybody on board with democratic socialism. brewing revolt against bernie sanders. that is coming up. melissa: back to the markets. the dow ending another week in the green, closing above 26,000 for the first time since november. let's go to deirdre bolton on the floor of the new york stock exchange. >> big winning streak, melissa. in fact you have to go back to may 1995, to see a streak like this for the dow.
the ninth straight week higher as you mentioned. we closed near the highs of the session. everybody listening with rapt attention to president trump as whether or not there were details about the u.s. china trade agreement. as we know those talks will continue tomorrow. a little bit of optimism boeing into the close. verizon, i want to highlight. big gainer on the day. talking about the five g network rolling out in 30 sis. apparently don't have to rip through your walls. it will be 40, 50 times faster than what we already have. one stock that suffered, our viewers see see on the screen, t hines down 28%. three huge headlines pressured that stock. one the fourth quarter earnings disappointed investors on the top and bottom line. the company also trimming its dividend. just trying to get its balance sheet in order. the big one, it disclosed it received a s&p from the sec as
part of an investigation into procurement accounting policies. long story short. seems kraft-heinz made sales in certain quarters look stronger than they actually were. that stock got punished. melissa. melissa: deirdre, thank you. connell: the trade talks extending for another 48 hours. we learned that as president trump revealed he may be meeting with his chinese counterpart xi xinping in march to finalize the details of a trade agreement. blake burman was in the oval office for a meeting between the two sides. he joins us now. blake? reporter: a lot of headlines coming out of the overall office meeting between president trump, top members of his trade team, and liu he, vice premier of china and his trade deem. both sides feel progress has been made. the structural issues remain. it was revealed in the oval office the two sides agreed to
changes as it relates to chinese currency manipulation. chinese negotiators will stay for the next two days to hammer out final details. they will be here with saturday, sunday and president trump and xi xinping, the chinese president, likely to meet at some point in march to potentially nail down a final trade deal. when you step back the wig question with all of this, they have been going after weeks and months whether or not there will be a trade deal. i asked president trump at this point, whether or not he feels more hikely there will be a deal or not? the president answered that question, then posed that very question to the top chinese negotiator. watch here how it all played out. >> is it more likely that a deal happens or doesn't happen, speaking for the united states, i would say more likely that a deal does happen. but that doesn't mean it is going to happen. >> translator: from china we believe it is very likely that it will happen and we hope that
ultimately we'll have a deal. reporter: a food sense a good feeling that a deal will come about at some point down the line. there was a very interesting, funny, maybe awkward, however you want to view it at one point between the president and his own top trade negotiator robert lighthizer as it relates to mous, memorandums of understanding, currency manipulation, they agreed on one of those mous. the president hates the mous, doesn't like the thought of mous. lighthizer had to step in, that is memorandum of understanding that is trade deal. i don't like the mou. we'll call them trade agreements at this point, not necessarily mous. he doesn't want to talk about mous anymore. it kind of underlines the very many complexities with all of this, including some of the complexities within the u.s. trade team, connell. connell: that was interesting
and awkward. you're right about that. all those things. idea more likely than not we'll get a deal is the headline, you got that absolutely from the president. thank you, blake. melissa: let's bring in the panel, mitchell rochelle, carol roth, mitchell, let me start with you, what is your whole take on the report that went by? >> discussing other than what you call an agreement i think it is progress. i think it's a good thing the parties are together, we know what they're talking about, the most important thing to me is the currency manipulation. that is the first time we've been talking about that. that is a way for the chinese to get around some of the tariffs. if we have an agreement on them not manipulating currency, that is a step in the right direction. melissa: carol, seeing the room back and forth, it seems like there is progress. until a deal is done it is not done obviously but i don't know, if you look at the chart, to see the markets reaction it seeps
justified? >> yeah, that certainly everyone has some optimism and it was nice to hear from both parties. melissa: yeah. >> it wasn't just trump saying this is what will happen but we're hearing from the chinese representative. that being said, what they're doing, getting a peek on inside is it is complicated. as former investment banker you need a memorandum of understanding, macro deal points. those are things you will agree on before they're papered in micro way. i think we'll get that in principle. whatever name you want to get it first, that will lead ultimately in a deal but devil is always in those details. connell: talk about the market broadly. we said, nine weeks in a row for the dow gains. the longest winning streak since 1995. that is 24 years, carol. we'll say with you on this point. the fed is on board. we talked about that over and over. we're pricing in as you guys
talked about some success on the trade front, i guess the question is are we pricing in too much? >> i don't think so. i think there is more room to the upside if we get trade done but you have to remember this is a very careful balancing act. you have to make sure the fed stays on board which means as we continue to get good economic data they can't see inflation is running away, data running too hot, that puts the fed back into play. if we keep moving forward, at a good pace, keep the fed on the sideline for the time-being, we get trade, that is the catalyst to move things a little bit higher. connell: mitch, what do you think about stocks, it is funny to ask at these levels but we've had quite a run since christmas eve. >> clearly before the question was were we oversold and now are we overbought? between now and the next earnings season maybe we get some trade progress. but before you know it all ice
are on first-quarter earnings. that will tell us where the market is headed. connell: that makes sense. carol, mitch, thanks for coming on. have a good weekend. melissa: fox business getting exclusive look at the impact of a trade deal with china. edward lawrence has the details. edward. reporter: i talked exclusively with st. louis fed president jim bullard. he says right now we're above the neutral rate when it comes to the federal funds rate. he would not have voted for rate increase if december. market volatility proved he is right. the fed should have waited. >> i argued against it at the december meeting. i thought it was one step too far. i thought we were taking extra rate hike there we probably didn't have to do. and given that inflation is still really very muted. now we brought this muted inflation language in, which i think accurately describes the situation. reporter: bullard believes inflation will stay under the target level for the rest of the year. he also says that gdp will grow
2.3% by the end of the year. bullard argues that the trade war between the u.s. and china has actually dragged the economies of other countries down. >> i think that the trade war has caused angst inside of the u.s. but that's nothing compared to the angst it has caused outside of the u.s. and china particular i think is growing more slowly than they would otherwise. other countries that do a lot of trade with china are also facing a lot of uncertainty over this trade war. so i think that is very much chilling global growth and if we want that, to pick up, then this, we need to get to some agreement between china and the u.s. on the trade. reporter: bullard says if we make that agreement, reduce or remove tariffs all together, it could kick-start an economic boom much like the tax cuts.
he also says that the deal would turn china's economy around as well as prop up or slow down the global slowdown that we've seen. probably turn that around for other countries. back to you, melissa. melissa: edward, great stuff, thank you. connell: really good interview. under armour ceo kevin planning has come under fire for ties i guess we should say an unusual advisor. what happens when the chief executive becomes a liability for a company? we'll dive into some other companies facing their own issues. melissa: plus congresswoman alexandria ocasio-cortez doubling down on her attacks against the wealthy. so what does steve forbes think about this plan? he responds after the break. connell: chaos continues in venezuela. soldiers shooting at protesters along the brazil border today injuring more than a dozen, killing one woman. we'll bring you late-breaking details on that situation. ♪ [shouting]
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melissa: coming under fire. under armour is doing damage control following a new report detailing the sports wear company ceo kept vin plank blurred lines between his personal and professional life. when the superstar ceo seems to put a company at risk? joining me now, steve forbes, forbes media chairman. this apparently caught the attention of the board based on emails they believe uncover ad intimate relationship between the ceo of under armour and this msnbc anchor, stephanie rhul, the problem the board had, they had a bunch of props wit, one of the main ones, they felt she was giving him advice, not great advice, flying in the face of what everybody else in the company was telling him,
including a sneaker launch that wasn't going well, instead of responding, look she will to on msnbc over the weekend, take care of the brand. they were like, that is not how we take care of business. there were a bunch of things like that. it brings to mind other stories, whether amazon, or other companies where you have this ceo had is iconic, who built the company but all of a sudden they're causing all kinds of risk. where's the line? when does this person start to become a liability? how do you deal with it as a board? what are your thoughts? >> this case it was not involving somebody who worked for the company, the whole different thing, boeing of them would be chopping block. she was outside, he made real mistakes in judgment. this company was struggling before their advice came along. they had a great run, built a great company, $5 billion. recent years they have stalled. so the question is, is this
great entrepreneur, kevin plank, ready to take the company to the 10 billion, 15 billion-dollar level? that is what is still outstanding. i think he has made a mistake in judgment. i think he learned from it and probably the stock, which has gone from $50, went down as low as 15, now 21, 22, i think he has got to prove that he can get the company to recover. in the case of amazon, again, had nothing to do with his people inside of the company. again he apparently made a mistake in judgment. paid a price in the public ridicule for it, but clearly the company is still on the move. so if it is not involved in people inside the company. it is a straight business decision, how much reputational damage do you do? in the case of amazon i don't think it has done much at all in terms where the company is going. melissa: steve, let me stop you there, ask you this. it raises the question, is this person distracted?
if you look at the case of amazon and jeff bezos, thinking about buying another media company to stop a story from coming out, he can't be focused 100% on amazon, if he is putting out all these fires on this other side because of a personal bad decision he made. even if you bring in somebody like elon musk, the genius behind his company, but then you see him doing radio interviews where he is smoking pot or whatever it is, you say, is this person distracted? i wonder with kevin plank, it starts to become a similar thing, if she is riding on his jet, she is taking her advice about president trump, stephanie ruhl, is he distracted? steve, is that one of the questions come to mind when they become -- >> key thing not involving somebody inside of the company, the ceo can get advice from whomever she or he wishes. the key thing is, is making good judgments? in the case of, in the case of
under armour, some misjudgments were made. that is what the board has to deal with but people can deal with so-called distractions. we had a president of the united states, woodrow wilson, who was smitten after his wife died with this other woman, people noticed it, said, you're not paying enough attention to your duties. he still was making big decisions and all that. those things happen in real life. the key thing, quality of the judgments being made. melissa: yes. >> amazon has shown no sign of falling down. in the case of under armour they were hitting a ceiling. the question is, can kevin plank get it back on its feet and up and running again. that's the key thing. melissa: i love the way you cut through things, steve, you're brilliant. >> ow oh. melissa: there is no, no. there is apparently a cap on how much money you can make. listen. >> really comes down to the question isn't 10 million enough? like, when does it stop? right? when, at what point is it
immoral we're building jeff bezos a helipad, when we have the most amount of homeless people in new york city. melissa: she said, right, like? i can't even sort through that. when is it, when is it too much? she is saying after 10 million you should give all of your money to the government, so she can spend it the way she sees fit. >> that's right. as yankee fan who still wants bryce harper to come to the yankees it will cost more than 10 million a year. keep your advice to yourself. >> yes. >> in terms of what she doesn't understand, 10 million you can buy all the hambergers you want, that is capital. after you meet expenses, that money is put back to work, invested, starting new businesses. when you start taxing destroying people's saving, whether 10 million, 10,000, you will hurt the economy. ones who are hurt the most the very people she purports to represent. she helped run amazon out of
town costing 25,000 jobs paying 150,000 each a year. the tens of thousands of other jobs that would have created. good work for first-term congress person. that kind of destruction we don't need. we need incentives, removing barriers to people starting new businesses. savings are critical. melissa: take that. steve forbes, you are fantastic! thank you. appreciate your time. he makes such a great point. not like wealthy people after the money, they're eating bonbons, buying jewelry. you're putting capital to work. it is going back out, investment providing jobs. growing the economy as opposed to giving it to the government. connell: talked about it with amazon. we talked about that over and over again. steve as yankee fan. with met fan, we have the opposite problem. we would be hoping that the ownership would spend money and not find it amoral. using socialist label against bernie sanders. some of his democratic opponents
are positioning themselves in 2020. we will talk about that. boy, knew new england patriots r bob kraft charged with prostitution in florida. we'll tell what you he is saying about it. 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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connell: shocking news today out of the sports world. new england patriots owner robert kraft arrested, charged with solicitation of prostitution in the state of florida. let's get to susan li in the newsroom. >> hey, connell. billionaire owner of super bowl champions bob kraft being charged with two counts of misdemeanors for soliciting sex from a prostitute. police say they have a video of kraft twice visiting a massage parlor in jupiter florida. the charges against kraft, part of a 6-month investigation. nearly 200 people were charged, a wider scope looking into prostitution, human trafficking, day spas and a a massage parlors
across florida. they release sad statement we category deny that mr. kraft engaged in illegal activity. mr. president trump was asked about it overall. >> what about the charges against bob kraft? he is friend of yours? >> it is very sad. i was very surprised to see it. he proclaimed his innocence totally but i am very surprised to see it. >> the nfl meantimes they're aware of a ongoing law enforcement matter and will continue monitor developments. kraft is worth $6 billion. owner of new england patriots, six-time super bowl champions. second most valuable team in the nfl behind the dallas cowboys. even if bob kraft is not convicted he could still face discipline from the nfl. the league's commissioner roger good dal to punish players and owners for behavior they believed to be detrimental to
the league. guys? connell: susan li in the newsroom. melissa: stamps.com getting shares destroyed today, ending down 57% after announcing its exclusive deal with the u.s. postal service will not be renewed. saying it is no longer the right strategy for the company. the news also weighing on shares of fedex and ups. connell: rough day for stamps.com. now these high level trade talks with china extending, they are going to keep going in washington ahead of the trade rep, robert lighthizer, who has testimony scheduled on capitol hill for next week. we'll bring steve forbes back on that. the latest developments are next. plus president trump putting pressure on companies to speed up their work on 5g technology. how the companies are responding is coming up. ♪ it's absolute confidence in 30,000 precision parts.
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melissa: talks extending for another 48 hours as u.s. and chinese officials are working to reach a comprehensive trade deal. fox business's hillary vaughn has been following the negotiations. hillary? reporter: melissa, there are some interesting developments. not only do we have talks extending through the weekend but on wednesday of next week you're going to have u.s. trade representative robert lighthizer testifying in front of the house ways and means committee going over what is going on between negotiations between the u.s.
and china but that is an interesting factor that is going to play quite a role here and talks extend through the weekend, and a deal isn't struck between the two parties, the president is saying he plans to finalize some meetings in a face-to-face meeting with president xi xinping at mar-a-lago later in the month of march. it will be interesting to see if the testimony goes through but also if it does how it impacts the ongoing negotiations, if lighthizer indicates anything that may change things with china. so very much a sensitive climate as we're approaching this, but looking ahead, dialogue is not done. it is wrapping or continuing through the weekend. then you have next week. lighthizer headed to the hill, providing an update certainly what was discussed over the weekend between both delegations, looking ahead to the final meeting with president trump and president xi.
melissa. melissa: hillary vaughn, thank you for that. connell: let's get back it steve forbes on all this, still with us here in the studio and you know it was interesting to watch as it unfolded in the oval office that hillary was referring to, robert lighthizer was the trade rep in the oval office he is one talking about enforcement if they get and a deal, mou or actual deal, whatever they end up calling it how do they enforce the deal? >> i think they will come up with a mechanism to deal with a issues like forced transfer of technology, stealing of technologies, hacking and things like that, partnerships, but the key is going to be, i think we conveyed this, our willingness to go after specific companies, specific individuals we feel that we feel are violating the law. connell: like huawei. >> like huawei. a bank taking advantage of money laundering take them out of the swift system, international
banking system, that bank goes down. unfortunately whatever you think about donald trump, he has credibility, if he is going after somebody he will go after them that is the enforcement mechanism not something they come up with formnal negotiation. >> the president said something when he was questioned about reporters, he said something to the effect i don't know if huawei will be involved in the trade deal or not, maybe they will, maybe they won't. in the past we were told that they are separate. you said they shouldn't necessarily be separate right, in terms of enforcement at least? >> in terms of enforcement earns no carveouts for state-owned enterprises or defacto state-owned enterprises which way waa is. we make it clear if we think you're violating the rules we take you to task. one of the things come out of this ultimately long term what they called the word trade organization they created in '90s. this has to be modernized again.
on the tariff side, that is the easy part. move the tariffs. china will agree to buy zillions of dollars of natural gas, oil, agricultural products, letting in our companies is key. will they let in banks? will they lit in our high-tech companies, without forcing them to transfer technology? you make break throughs on the usamca deal, that will, as president say, be huge. connell: it will be huge. now you have skeptic of the use of tariffs. not something you ever believed in. you've been quite vocal about that even during these negotiations. that said, i know we're not at a point where there is a final deal in place, has the president gotten further with all this than than he you thought he would, using methods? they made real progress, right? into they have made progress. tariffs hurt china. tariffs is sales tax but also hurts us. i prefer approaches where they are hurt and we're hurt minimally. connell: right. >> i think we're doing the real
punch, which is making clear we'll go after industries companies, individuals, starting to go to, take them to jail. connell: i guess my point, this could be a big win politically for this president? there were a lot of people even within his own party that skeptical about it. >> both sides need a good deal. the president needs a good economy going into 2020. chinese whole legitimacy of regime relies on prosperity. everybody knows their economy is at a virtual stand still. connell: how many people you speak to connected with the chinese economy, how bad are things in china do you think. >> it is visibly slowing. they know they have got to get that thing revved up again. they want to get it out of the way. that is why they're willing to buy many more products than they were a year ago. congress made noises about it, whether they ratify the deal, there will be enough buying by chinese where enough democrats --
connell: that is a good point. i don't know congress will have, takes longer than we have to explain, the whole debate of what an mou is, memorandum of understanding, seems that the reason robert lighthizer wants to use that terminology as an agreement, that wouldn't have to be approved by congress necessarily. that would be an mou the president could put into place with the chinese government. is that -- >> he could put it in, if you want it to last beyond the next president, not have it challenged willing to make decisions you have to have congress ratify it. chinese buying around the country, like pentagon putting facilities around the country, somehow facilitates progress. connell: good points as always. two for two, steve. both segments terrific. >> thanks. melissa: that is a great point. your privacy at risk again. facebook facing another data bombshell. what it could mean for your personal information. plus escalating tensions in venezuela. protests turning deadly as the country rebels against president maduro and his blocking of u.s.
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development. reports say a woman was shot and killed by venezuelan soldiers with a border checkpoint with brazil with a dozen others injured. four seriously. the military opened fire on a group trying to get humanitarian aid into the country. the soldiers along with tanks, have been deployed after president maduro announced he was closing the border with brazil, warned against anyone trying to bring in supplies. venezuela opposition leader juan guido has been calling for new aid shipments. supplies are being assembled in brazil and colombia. the u.s. sent nearly 200 metric tons of humanitarian assistance over past two weeks to the colombian-venezuela border. those supplies include good for 2000 people for a month. as well as hygiene kits, wheelchairs, crutches and bandages. in response, maduro who denies any humanitarian crisis exists, is considering closing the border with colombia as well,
effectivelying ceiling much of venezuela off. we've seen a battle bizarrely of two concerts. one called venezuela aid live, held besides a bridge linking venezuela with colombia. he is organized by richard branson who said guaido asked him to set it up. following news of that event, president maduro promised to hold a rival concert is, three days festival, called hands off venezuela of the strangely the two concerts are being held just 980 feet apart. strange times indeed in venezuela. connell: we'll watch it all weekend. ashley webster. melissa: more date at that privacy concerns coming out of facebook. the social media is collecting your personal information from different apps just seconds after entering the data. this is according to "the wall street journal" company collects the data even if no facebook account is used to log into these apps. are you kidding me? i specifically don't facebook for that reason. they're still doing it?
oh. now new york governor andrew cuomo is ordering an investigation into this report. connell: i was looking over there who you were yelling at. melissa: i was yelling at you. connell: i know. melissa: i would never log into anything with facebook for that reason. connell: you got, you did get rid of your facebook account, yes. melissa: delete facebook. connell: still got it. >> but -- connell: still watching you. that is interesting. don't get angry at me bit. backfiring agenda. how democrats plan to use bernie sanders socialist label against him in the 2020 race. that's next. key portfolio event. all in one place. because when it's decision time... you need decision tech. only from fidelity. you need decision tech. that have made the rx the, crleading luxury suvhnology of all time.
the board of twitter at end. month. this is "dow jones newswires" report. mr. williams said it is incredible 13 years. proud of what twitter accomplished during my time with the company. i will continue rooting for the team as i focus my time on other projects. evan williams stepping down from the twitter board. melissa. melissa: lean to the left, it might not -- might be about to backfire, we don't know. some democrats are using socialism label to take on bernie sanders. bring in hadley heath manning of the independent women's forum. this back and forth is so hilarious to me, he has to deny he is a socialist in order to run as a democrat but they will call him a socialist as if that is a bad thing, although, i mean it hasn't counted against him until now. he always been vocal about being a socialist. you sort this out for me. >> yeah, it will be really interesting in 2020, to see if there is diversity among the democrats and especially on this point, when it comes to the label socialist.
i think this term will go the way of label feminist, where so many people in the united states might say, i'm a socialist but -- they have to qualify and sort of define what that means. when it comes down to it, i think that simply suggests that americans have different definitions of socialism. a lot of people associate the policies of senator sanders with, you know, a bigger, broader social safety net, not really the government owning the means of production as dictionary definition of socialism. melissa: as what it actually is. when government takes ownership of everything. you look at that how it turns out in venezuela. they associate it with free stuff. what a lot of people think as free stuff. recent fox news poll, 50% of the self-described liberals view socialism favorably. they like free stuff. i guess is what they're saying. they don't realize they're giving up ownership of everything maybe? >> exactly. so i don't think this labeling of senator sanders as socialist is necessarily going to work to sink him, at least not in the
democratic primary r anybody who is really turned off by the term socialist is probably not voting for a democrat candidate in 2020 either way. melissa: good point. >> they will probably support president trump. it is interesting the various definitions of socialism. a lot of people on the left pointing to for example, nordic country as example of socialist success stories. they are anything but. these are free market economies. many nordic countries don't have federal minimum wage. real confusion what a socialist economy simply proproviding government funded healthcare and education programs. melissa: it gets more serious when socialists chase jobs out the community. bernie sanders railed against amazon forever. he takes credit for having them raise their wage to $15 an hour. but he is happy to see them go. you have alexandria ocasio-cortez, trying to shove amazon out of the community. suddenly people are realizing, wait a second, those were a
bunch of good-paying jobs that went away. here is the president's take on that a short time ago. >> i think it is a big loss for new york city. i think it's a big loss. i think it is, look at the deal, the deal was not a great deal from the standpoint of they could have made a better deal than that, a much better deal, but still i think it is a loss for new york city. melissa: so there it comes down to rather than these ideals as you pointed out, we don't, people don't really know what the word means, if it is do you want amazon in your community with all the businesses that goes along with that, with you know, the increase what property is worth, what the jobs that pay $150,000 a year, you could think maybe the city didn't make a great deal as the president said but you want them to be here or do you not? maybe that is clearer way do i like aoc, back her up and bernie sanders or no. your thoughts on that?
>> aoc and other politicians have opinion about amazon leaving or going somewhere other than new york city, are right to question special businesses, this is something lawmakers businesses work together all the time to determine what is business-friendly climate, what ventures into crony capitalism or corporate welfare. what turns so many people off from the reaction, particularly of representative alexandria ocasio-cortez is the celebratory nature of the fact that they're running businesses away. it is antagonistic towards business. that is something i think the democratic party will deal with going into 2020. one thing to deal with the terms about being socialist or not. it is another thing, really what kind of policies are they putting into place? how will that harm economic opportunities forever day americans, not just for the fat cats or ceos but people seeking jobs an opportunities. melissa: chase jobs away and economic opportunity. hadley, thanks for breaking it down. appreciate your time. >> thank you. neil: another big story today, the future of mobile technology. the race is on to build world's
first 5g wireless network? where does the world stand against china? we'll have that next. ♪ apartments become houses, cars become mini vans. as we upgrade and downsize, an allstate agent will do the same for our protection. now that you know the truth, are you in good hands? to be nobody but yourself in a world which is doing it's best to make you everybody else... ♪ ♪ means to fight the hardest battle, which any human being can fight and never stop. does this sound dismal? it isn't. ♪ ♪ it's the most wonderful life on earth.
♪ ♪ it's the most wonderful life on earth. air velocity is reading at fifteen fpm. why would you need to learn every detail about a company? firmness... nine. it's how ibm services helps retailers around the world drive growth and save millions. he's very into this. yeah. is that the standard amount? yes. feels good. when your partners are obsessed with business and technology, you can put smart to work.
reality is going to match the hype. the fundamental difference that this technology is going to bring, you're going to see, you know, speeds in 2022 you're going to see speeds that average four to five times more than what we ghettoed. >> let's bring in russ to talk more about that, cofounder and tech analyst at polygon.com. it's interesting, is he right about 5g that the reality will match the hype and if so, why? >> 5g, we're talking about a hundred times faster than the current wireless network. so you can stream a movie instantly to your phone off cellar connection, no problem. self driving cars and all of this new technology is going to need this fast connection. but we're in deep trouble, we being the united states, the u.s.. >> versus china.
president trump got into it this week. one of the reasons people are talking about, hay, w hey we neo this. the deputy chairman of huawei saying, mr. president, i can't agree with you more. our company is ready to help build the 5g in the u.s. with competition. you say we've behind the chinese. do we fall further behind if we don't allow their companies in here because we're so concerned about spying? >> here's the deal. they are 100% leading the market, huawei and zte are leading the market. manufacturing the technology. the problem is if we, as you said, allow them to come in, they've got full reign of our telecommunications. >> we need to catch up? >> we need to build the towers. 5g technology has a short range.
you need more towers across the country to make it work. right now it only exists in the u.s. in a few small. >> versus china. how far ahead are they and as a final point, what advantages do they get because of their lead? >> they are considerably ahead mostly because their manufacturers are right there and there's nothing keeping them from developing this technologies throughout the country and selling it to countries interested in that. personally i would not recommend rushing through this without knowing for sure that we're not giving people an open gateway into our telecommunications. >> it's interesting to see what the european countries have said. good to see you. we'll continue to follow all of this. all right. so. >> i think i need some 5g. >> you need to speed it up? >> faster is better, right? >> they tell me that. is that the case? >> i don't know. >> listen, the market did well, up 180, everything is fine with china. we got it figured out.
that's the takeaway from the week. everybody have a good weekend. >> happy friday. market ending higher on the day and we like that. so we eel tak we'll take it. >> bulls & bears starts right now. isn't 10 million bucks enough? congresswoman alexandria 0 casio cortez asking the question on a show time late night show. one millionaire says the democrat's latest plans for taxes are overdue. this is bull bulls and bulls & . thank you for joining me today. >> if you make -- yes, seriously. if you make more than $10 million in one year, your 10 millionth and one dollar gets taxed at 70%. and it really ces