tv After the Bell FOX Business March 11, 2019 4:00pm-5:00pm EDT
nobody defaulting on their loans. [closing bell rings] low interest rates. it is good for the market. liz: great to have you and optimism. market snapping a five-day losing streak. now time for "after the bell." melissa: the stocks making a major come back finishing the green. dow closing almost 200 points. we almost got there. we'll see where it settles of a being downed 200 points earlier dragged down by boeing. s&p 500, both ending in positive territory, snapping a five-day losing streak. i'm melissa francis. happy monday. connell: i'm connell mcshane. welcome to "after the bell." president trump unveiling his 2020 budget proposal today, seeking billions of dollars of additional funding for a border
wall. also including work requirements for certain welfare programs. we'll have the latest from the white house on that. elon musk's clash with the sec. the tesla ceo has only hours to respond and explain why he should not be held in contempt. the crisis in venezuela is deepening. the nation in its fifth day of deadly power outages. experts warning there is no end in sight. melissa: back to the markets. the dow seeing 453 point swing m low to high. susan li down on the new york stock exchange. >> we snapped the five-day losing streak. we're starting day one of the 11th year of the longest bull market in history. we had good gains. the focus was on boeing. that was the main drag on the dow. if it wasn't for boeing which pretty much weighed on the market by 200 points or so, we
would have seen a bigger day than that. this goes back to jerome powell, federal reserve chairman says he will stay patient when it comes to interest rates from his "60 minutes" interview. guess what? the u.s. economy on pace for pretty good year, 3% in 2018. look at the best performers today. apple what a big day for apple. they announced on march 25th event where they are expected to lawn of new tv series and possibly bundling apple news. getting upgrade from bank of america today saying the shares are worth over 200 bucks. coca-cola and 3m some of the best former today. get back to boeing. at the bottom of the session for the stock after the ethiopia crash and china, indonesia some of the biggest clients and customers, buyers of boeing planes said they would ground the 737 maxes until further notice, we have bowing shaving off 387 points off the dow. the it was the worst day for
stocks since 2016. the stock is still the best performer in 2019, up close to 20%. back to you. melissa: susan, thank you so much. connell: it came well off the lows, but still a very big story, boeing story. jeff flock live at midway airport with more for us. as countries ordered airports to ground their 747 max 8 planes. jeff? reporter: connell, all eyes on washington. in one hour's time, 5:00 p.m. eastern time. because the transportation secretary, elaine chao said the faa will issue an airworthiness directive with regard to the 737 max at 5:00 p.m. typically an airworthiness directive is something that would suggest there is problem with an aircraft that needs to be corrected. not necessarily, but that is generally what these things mean. so, we could have more action in the after-hours on the boeing stock, which as you point out was down as much as 12% early,
recovered quite a bit. as what has been happening, as you report, china, indonesia both grounding all 737 maxair craft. india has issued a directive. the transportation authority saying you have to have 1000 hours in the cockpit after 737 as pilot, previous incarnation of a 737 before they let you fly the new 737 max. cayman airlines, ethiopian airlines and indonesia groundedded fleets but not so in the u.s. the statement from boeing, the investigation is in its early stages but at this point based on information available we do not have any basis to issue new guidance to operators. they're not suggesting that the plane should be grounded. they have orders for more than 5000 aircraft. tremendously important for the airline. they have only delivered 350.
suggestion is that the profit for boeing could be as much as a third of its profit attributed to the aircraft. for those concerned who is flying these aircraft in the u.s., largely we're here at midway airport. that is where southwest flies. the biggest customer in the world for this new aircraft. they have ordered 280 of them. they have taken delivery on more than 30. united ordered 136 and taken delivery on 12. american airlines, 100 but 22 delivered. u.s. carriers continue to fly the aircraft. one left here from the airport, a 737 max. we'll watch for the airworthiness directive at 5:00. connell: jeff flock in chicago. melissa. melissa: here to discuss, mike boyd aviation security analyst and boyd group president. thanks for joining us. what jumps out with you being similar to the incident that happened with lyon air and the same incident with ethiopian
air? >> right at the takeoff they lost control. we're not 100% sure the two airplanes had the same problem. it looks that way. the max series, not just those numbers, we saw were not just the 8. it is 7, 89, and 10 airplanes around the world this is serious matter. melissa: you heard the industry not grounding this aircraft now. other airline advocates and analysts have been saying other things. jay ratliff was on fox news channel chan earlier this morning he thought the planes should be grounded until they figure out what happened. what do you think? >> i think we need to find out what happened, number one. we have credible people, pilot's unions saying hold off on that right now. i would rather listen to the u.s. pilots than some analyst running around looking at the
stock price. the fact of the matter there is an issue. we'll know within the next 36 hours what it is and what we can do about it. i don't think it is something that will take grounding the entire fleet to fix. melissa: when you look at the two flights, lyon air and ethiopian air have different qualifications for the pilot hours. 1500 minimum hours in the u.s. it is a few hundred in these locations. do you think that could possibly have been a factor? >> i don't know if those qualifications fit here. the real issue here, the training, the recurrent training, the standards of each airline. if you're on a u.s. carrier or certainly an eu carrier, southwest or american, that is safe as hand a man can get. other parts of the world we really can't say that. >> what do you think should be done from here? >> well, number one, we need to have some action. number one, there is a problem. maybe with that airplane, if it is proven to be the same event.
we have to have something more than chitchat what will come out at 5:00 from elaine chao's office. we need something to bring back confidence in the airplanes. they're good airplanes. like that whole series, you're talking about about jobs all over the place if we don't handle this properly. the thing that has to happen, we have to have leadership finally from the department of transportation. melissa: could this be fault of automation versus more people involved flaying the plane? some people wondered that. >> we could make the argument. like space odyssey, hal the computer that takes over from us. on other side the computer makes us much safer when we fly. when we have a glitch like this, what happened to airbus when they put out the a320 30 years ago, there were problems. there i think overall computerization helped us. melissa: mike boyd, thank you. connell: bring in the market panel on all this adam lashinsky, fortune executive
editor and danielle dimartino booth. former federal reserve advisor. the market kind of shakes it off. we had really, i thought impressive day today given what happened to boeing's stock, the rest of the market, especially technology. what did you make of the gains we saw there? >> i would agree with you. by the way you identify me a few ways. identify me as former 737 max 8 flyer. i flew on these. this feels like a new airplane. the flight attendant said, this is brand new airplane. this is great. i agree with you completely for something like this to hit important company is very concerning problem for boeing for the rest of the market to be up as strong as it was is very encouraging news. connell: we kind of shook it off, danielle. technology did well. energy did well. we were all playing off a bit of your friend jay powell, federal
research -- reserve chairman's. was remaining as optimistic as possible or maybe not. what do you think of it? >> if jay powell was patient going into the "60 minutes" interview after his colleagues at the atlanta federal reserve took the atlanta gdp now first quarter estimate for gdp growth down to 0.2% in the aftermath of revisions to december and november's, and the new january retail sales report. he is a lot more patient than he was. so markets in some ways are celebrating the bad news because it is going to make the fed even more patient, especially when you combine it with last friday's weaker-than-expected jobs report. melissa: guys, thank you. a work in progress. u.s. and china niece officials still hammering out the details of a potential trade deal. fox business's edward lawrence has the details. reporter: this week china and the u.s. trade delegations are
talking by teleconference. there will be no meeting between president xi xinping and president donald trump at the end of this month. we were the first to tell you that the chinese removed that off president xi's calendar. government officials are concerned that the president would embarass the chinese president by walking away from a trade deal. the chinese want an agreement first. we are closer today than we were. still major sticking points over speed of structural changes. the white house is sticking to that no deal is better than a bad deal. >> president will make a deal fit ace good deal. he will make a deal if it is in the best interests of america. if he doesn't feel like it's a good deal, it is not just worth signing a piece of paper. reporter: the chinese expecting to make law, a provision that bans government agencies and employees from demanding companies turn over trade secrets. that is a step trade sources are telling me that the chinese had to make for an agreement. they have still not addressed
forced partnership of companies or how they will open the market access. for some investors it doesn't matter now. the fact that they continue to talk to inch towards a deal. >> i think the fact they're basically saying we'll not apply tariffs until we figure it out that is the big, most important thing. because it will continue to be messy. there will be fingerpointing and regressions. as long as the tariff doesn't double, go to 25%. we'll be in good shape. reporter: there is no timetable when we could see the final agreement. white house economic advisors backing off, saying march or april for a meeting. just that they're bullish eventually it will get done. melissa. melissa: edward lawrence, thank you. connell: let's bring the last point to adam and danielle that are still with us. i don't know when it happened, adam, last week or the market stopped reacting to all the headlines. uh-oh, larry kudlow said x. doesn't seem like, the market is
kind of shrugging it off, you know? >> i had this contrary epiphany over the weekend on the most recent news. i think it is very good news, the chinese said you know what, we'll not go to mar-a-lago or schedule mar-a-lago until we have a deal. to me this suggests there is very serious talks going on which will lead to a serious deal and i think the market has come to the same conclusion. connell: i think the most serious, i should say, danielle, i don't really know, but i would speculate one of the more serious questions out there what will be the chinese be willing to agree to? on this whole enforcement question, u.s. would be allowed to put tariffs back on if china broke the agreement and not retaliate. do you think that is what we end up with? >> that is the great unknown of the at the end of the day mainly because the chinese can pass all the laws that they want to pass but they can choose whether or not they enforce their own laws. these are things we know from past history.
but to adam's point right now, i have to agree that markets have become so immune to the barrage of headlines right now, that i think investors are relieved with the fact that there is silence, meaning there is actually hard negotiations going on instead of people trying to make headlines. >> so the timing, adam, is less important, late march, early ape, it is fine if it is say june or july? >> i think the markets now feel highly confident they will get what they wanted which is for the tariffs to be removed. anything else is more for like high-minded policymakers than wall street traders. connell: we don't need any of that high-minded stuff. adam, danielle, thank you for being here. melissa: reviving the border battle. i didn't know it went away? i thought it was still happening? president trump doubling down on the border wall funding asking for $8 billion for it his budget proposal. democrat leaders declaring it
dead on arrival. where do we go from here? douglas holtz-eakin with his take next. connell: i don't think any of our stories go away. profits above all else, congresswoman alexandria ocasio-cortez is taking on capitalism again. what the progressive push could mean for your hard-earned cash. we'll talk to dan henninger about that from the "wall street journal." melissa: elizabeth warren adding a new target on her plan to take on big tech. we're live in austin, texas. that is live coming up. ♪ and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade. ♪
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melissa: president trump's budget proposal setting up a new fight with congress. blake, what do you need there, a new fight. reporter: just another one in washington, right, melissa? this is what administration, democrat, republican, go through this every year. unveil the president's budget. we heard what is a wish-list what the president wants. president trump saying he wants to increase defense spending by 5%, bringing that total number all the way up to $750 billion, while decreasing non-defense discretionarying spending by 5% as well. the acting budget director is russ vought. he appeared and said that the
administration is making the necessary tough decisions. >> so yes, we're trying to say we need to continue to secure the country. we need to continue to secure the border. we're not going to be bashful about that. but at the same time, we're also going to say that we have many, many programs that are wasteful and inefficient that we can no longer afford. reporter: as part of the budget the trump administration is projecting trillion dollar deficits not only for this year but also the following three years. over the next decade they predict deficits to run north of a combined $7 trillion. but the committee for a responsible budget believes it will be more like 10 1/2 trillion. it says the blueprint rather, is full of accounting gimmicks. >> the administration is assuming growth will be 3% or more for most of the decade. there is not any other serious impartial budget group, analyst out there that is calling for that growth level. reporter: the president is also requesting some $8.6 billion for
continued, continued rather, wall funding. melissa, one of the very many reasons today why democrats up on capitol hill say the budget is dead on arrival. melissa? melissa: blake, thanks. connell: here to talk more about it, someone who knows a lot about those issues, douglas holtz-eakin, former cbo director doug, we hear so much about this in washington now. the issue is coming up, have decent growth, low interest rates, deficits, do they still matter? >> certainly they do sap the vitality of the u.s. economy over the long term. i think a lot of people tried to paint this we're on the edge of a greek or portugal style meltdown. i don't think that the big risk. the big risk that the government takes private capital to devote it to these programs often are not very effective. often to get that capital we have to borrow overseas, if we get productive invests they go to foreigners and not u.s.
citizens this is a drain on the economy. no question about it. it takes the toll over the long term year by year. connell: go about it as way administration proposes to spend more, military, cutback, over all, if you look at fiscal year 2020, outlays, spending is 4.7 trillion. revenue trillion 3.6 trillion. and we look at some of the discretionary spending that they have planned. what do you actually, what would your analysis be of this approach? >> so i think this approach has two flaws. flaw number one is that the spending constraints are focused on a tiny sliver of the budget. annual appropriations for defense spending. by no means the majority of the budget. unless you're serious about entitlement reform doing serious disservice to beneficiaries.
the second important to fund our defense budget but the administration has chosen to do it through the budget gimmick, overseas contingency operations account. that is not how they intend to use the money. they want to get a deal with congress on new caps for spending. we've seen these cap deals in the past. it is imperative we get a deal because in the absence of one, spending gets cut by 125 billion. no one wants to see that they haven't laid out what they think is sensible deal on caps would fund the pentagon in the right amount, right way. we need to make sure the defense spending is effective. connell: sure. let me go back to entitlements because you and everybody else that analyzed the issues, if we don't do the something about the entitlement programs stop the rate of growth that all the conversations are meaningless. neither party doesn't do anything about it. in 2020 campaign -- takes a lot to get one by me. democrats are proposing more money being spent on more
programs, "medicare for all," all the rest of it. >> yeah. connell: you're certainly not hearing it from that side. you're not hearing necessarily from the republican side. so how do you convince people to care about that? what is the best argument as a political argument, so yeah, we got to do something? >> i think there are two things that jump out. they will be the politics of representative democracy. within a very short time interest costs will be the third largest program in the budget. they will be larger than defense. they will be larger than education. they will be larger than all the things people value and want. people are starting to ask the question why don't we deal with the deficits so we aren't spending money on interest? that becomes a viable part of the dial look real soon. it is also true there is no room to do anything new. you see lots of interest in new kinds of program. new generation of voters. they were going to have their own values. they will not be able to do anything. that will be frustrating. only way for them to do something, only way to make new
initiatives to reform older programs that are spending more than they need to accomplish the goals. connell: that is the question, how the heck can we afford this if we barely make the interest payments. >> right. connell: so if we wait until say the market kind of forces the country to act, interest rates start to go up, is it too late then. >> certainly later than you want it to be. this is a situation where leadership meets crisis, no question about it. proactive planning, take social security in under 15 years the law says we cut benefits across the board 25%. that is unthinkable for a retirement program. no one wants that to happen. figure it out now, so when someone making the retirement plan they know the deal. better than getting to a year before, whoa, not so good, what do we do? connell: it sounds sensible. always does when we talk about it. matter of dealing wit. doug, thanks a lot. >> thank you. >> venezuela in crisis. i mean the situation just keeps
getting worse by the day. the country is in its fifth day of a nationwide blackout. water, fuel, food, are running short. how the u.s. is responding to a very desperate situation. peter brookes, heritage foundation senior fellow is coming up. plus tesla says it is keeping more physical stores open by upping price tag of the cars. good idea. what the move could be for the future of the automaker. that is next. ♪ numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence.
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so elon musk has until the end of the day to explain why he should not be held in contempt for recent tweets that u.s. securities regulators say violated a september fraud settlement. there is a whistle-blower law firm representing a former tesla employee saying several executives new about musks plan to take the private at 420 a share days before he tweeted about the move. tesla saying in the statement that the allegations are untrue and sensationalized and only intended to seek the attention of the media. legal experts say the sec will have a few choices, higher fines, imposing further restrictions on musk's activity, removing him from the board or ceo role. one issue for tesla there have been very, like three high-level departures in the past few months. it is unclear who could step in and be ceo. so today's extra scrutiny does follow the announcements, melissa, you say it was a flip-flop on tesla's part first.
it would be closing most of its stores. then last night walked back some of the store closing plans but turns out not all. elon musk said in an email to the company, a small number of stores would remain open as galleries. not surprisingly the mood inside of tesla is increasingly negative. one online site from a former employee to compared the office tone to a morgue. the company continuing to grow through growing pains, uncertainty of the decisions the sec will take. continuing to try to recruit for some of those higher level positions that have empty seats at a moment when the company does need a little bit after leadership bench. melissa: you don't really want your office tone to be compared to a morgue. >> it was a rough description and not the only one. melissa: deeder, thank you. connell: i don't know. melissa: no. not good. connell: fox news alert.
i assume you remembered to change your clocks over the weekend, maybe forget about that in the future, springing forward, falling back, the whole thing. one day after most of the country pushed their clocks ahead, lost an hour of sleep the president tweeted it quote, making daylight savings time permanent, okay with me. more than two dozen states are considering measures to avoid the change. does that make us less grumpy. melissa: i was shocked arbitrary it was. like we're deciding what time it was. connell: i'm all for one, maybe stuck in the past. i'm all for picking a time. this time is cool with me. stay light longer. just pick it, stick with it though. melissa: stick with it. i don't understand the back and forth. i think just to screw with parents basically. someone without children. they do anyway. targeting silicon valley. senator elizabeth warren's latest move to take on big tech. how she is planning to break up
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connell: back with breaking news. i will say it slowly. shares of stitch fix surged after hours. we say surging up 21% here over the last few minutes. clothing delivery service. if you're not familiar with it. 3 million active clients. looks like the stock will be up big tomorrow. melissa: blasting capitalism. congresswoman alexandria ocasio-cortez is taking her attacks one step further. take a listen to this. >> the most important thing is concentration of capitol. it means that we seek and prioritize profit and the accumulation of money above all
else and we seek it at any human and environmental cost. that is what that means. and to me that ideology is not sustainable and cannot be redeemed. what we're reckoning with the consequences putting profit above everything else in society. melissa: that was her definition of capitalism. that is what she said the definition of capitalism is. joining to us react is dan henninger from "the wall street journal." part of the editorial team and fox news contributor as well. i think that she needs a dictionary of some type because she doesn't know what capitalism is. it is, when the means of production are in private hands as opposed to in state hands or government hands. socialism versus capitalism. what do you think of her interpretation of what she thinks capitalism is? >> i have read through a lot of that interview she gave down there in texas. that is the most coherent thing
she said. among other things she marked that ronald reagan's presidency was racist. franklin delano roosevelt's new deal was racist. she was on a roll. the danger of her remarks on capitalism not so much that the democratic party is going to adopt alexandria ocasio-cortez's version of socialism. it that's i think a lot of the democrats are intimidated by her large presence. she was the most popular person to appear down there at the south by southwest conference. and so they begin to sort of move in her direction. while i don't think we'll get anyone like that running for the presidency, this will be sorted out in the democratic primary,s, the real danger what would the next democratic president do? melissa: yeah. >> in many ways you can regard her as stalking horse for someone like elizabeth warren who has accountable capitalism act would charter large corporations, require them to have federal charter or elect
40% of the their board, open elections to workers. melissa: i don't know if republicans are pointing out the hypocrisy in her argument, she says she is for the people but what she is advocating for socialism is a government takeover of resources. basically a power grab for her. she wants her and her fellow politicians to be in charge of industryand and doling out money and goods and services, health care and food to the rest of the country. it's a power grab on her part. wouldn't it be good for people to point that out? she is not a friend of the people. she wants to be the boss as she said. i'm the boss. i'm in charge? >> well that's, you know, i think the benign version of that was the democratic party presidency we just had for eight years. i'm not going to equate barack obama's presidency with alexandria ocasio-cortez but in terms of its intentions, the administrative state, the
enormous amount of regulation it imposed on private sector. the idea was the private sector, capitalism has to be managed by people who are smarter than the people running these companies. melissa: yeah. >> that is what the obama presidency did and i think alexandria ocasio-cortez the risk here, she is moving the democratic party even further in that direction so the administrative state under president warren or president harris would even be bigger than it was under barack obama, which has suppress sieve effect on private economy. melissa: that is a great point. listen what she had to say about automation as well. play that sound bite for us. >> we should not feel nervous about, you know, the tollbooth collector not having to collect tolls anymore. we should be excited by that. we live in a society where you don't have a job you are left to die. melissa: so she said she is saying we should be excited about automation because you have more time to do other things. you can be creative, you can be
entrepeneural. that part is true. they were the conclusion she comes to the reason why everybody is afraid because if you don't have a job you're just left to die. i'm like, where is she living. if only that were the case. we're propping up everybody everywhere already? >> that is what i meant about the incoherent parts of her talk. that is basically double-talk. no one is left to die. she somehow has in mind that everybody in the future is not going to have to work. they will be able to sit home and painting pictures or playing videogames. presumably with guaranteed income of sort. the real serious question, melissa, will this sell? this is something a lot of democrats think they will have to talk about in the democratic primaries because they believe the people listening to her want to vote for something like that but the big question among serious democrats, is there any chance those sorts of ideas could fly in a general election? melissa: we will see. dan henninger, thank you so much. connell: we have such a busy week ahead, we would take a
moment, look what is on deck. a crucial brexit vote is happening tomorrow. remember brexit. members of parliament will vote on the prime minister theresa may's deal. we'll follow that as we have been quite closely. tomorrow also marks an incredible milestone. the worldwide web turns 30. it was invented by, tim bernley in 19889. that who is invented worldwide web. the tesla crossover suv as you heard came after the announcement selling a version of model 3 for 35 ground. we'll watch the big one. saturday, new york city holds iconic st. patrick's day parade. i'm keeping of all things irish. the st. patrick's parade is sunday. the parade, because st. patrick's day faust on sunday the parade is on saturday. mark your calendars.
melissa: thank you for that. connell: you're welcome. melissa: new poll reveals how close the race is between bernie sanders and former vice president joe biden. massive pouter outages in venezuela turning deadly amid rising political turmoil. we have the latest details for you coming up. ♪ jerry reed singing "eastbound and down" ♪eastbound and down. loaded up and truckin'♪ ♪we gonna do what they say can't be done♪ ♪we've got a long way to go ♪and a short time to get there.♪ ♪i'm eastbound, just watch ole bandit run♪ whatever party you've got going in the back, we've got the business up front.
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connell: calling for a national emergency. venezuelan opposition leader juan guaido struggling to stop the country from slipping further into isolation and chaos as a massive power outage left at least 17 dead. it continues into its fifth day. here from the heritage foundation, senior fellow, former deputy assistant of defense peter brookes. and, you know, the maduro regime, nicolas maduro blaming the u.s. for this power outage.
what do you make of what we're seeing in the most recent development in the venezuelan crisis? >> it keeps getting worse unfortunately. things like this hit those already hardest hit, connell. people are dying in hospital. inability to get dialysis is. young children, elderly. this is very, very difficult. of course they're pointing the blame at the united states but there is no evidence at all that the united states has any hand in this power outage. most experts believe it is because of maintenance, parts, other problems with the deteriorating power grid. this makes the situation even worse. connell: whatever the case, tough on the people. you start to ask yourself when we report on story after story, this being most recent what does it take to actually get rid of this guy once and for all, maduro? >> his regime is a house of cards, no question. we don't know exactly what event or occurrence will pull one of the cards out that will bring it down. we have to remember he is being
supported by cuban security, cuban intelligence services. cuba doesn't want to see venezuela under maduro go away, russians, chinese who want hill to stay in place. there are real challenges here obviously for the opposition. they have to try to recruit the military away. there have been some defections, not enough. they're concerned about the amnesty law. those are decisions that the people of venezuela have to decide for themselves but day by day the people are undertaking or bearing a tremendous burden an unnecessary burden. connell: if all of that takes even more time, it is dragging on couple months can't expect -- what about guaido's ability to take over and establish a government, all those kinds of things? >> of course. it is very difficult, you know for him seen as somebody who would be the interim president and the person who would lead
venezuela to free and fair elections and a better future. there are challenges all around. the way i kind of see this, the pressure coming on, this is like putting air into a balloon. at some point it will pop. the question is, is it going to be a with a whimper or a bang? but the people of venezuela clearly deserve better than what we're dealing with today. connell: peter, what does the future hold in your view, we were talking about in one of the early shows of venezuela, how rich it used to be, economically prosperous it used to be, how much potential is still there because of natural resources particularly because of oil, can venezuela be a economic viable and rich country again. >> absolutely. they have even before these years democratic tradition as well. this is what people of venezuela want. they want democracy, economic liberties, economic prosperity, oil, the world's largest reserves, known reserves of oil, it is not the best oil, it's a
heavy crude but still provides tremendous basis for a bright economic future for the people of venezuela. connell: it does. we'll wait to see the bubble, as you put it, see when it pops. peter brookes, thank you. >> all right. melissa: senator elizabeth warren continues her push to break up big tech. the latest company on her chopping block. that's next. ♪ but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
let's talk about thisd when we meet next week. edward jones came to manage a trillion dollars in assets under care by focusing our mind on whatever's on yours. melissa: neck and neck in iowa. bernie sanders is gaining steam among the crowded democratic primary field, according to a new des moines register/cnn poll. the survey shows the vermont senator with 25% support in the abbi hawkeye state, two percentage points behind former vice president joe biden who dominated the field in december's registered poll. sanders, who narrowly lost the 2016 iowa caucus to hillary clinton, just wrapped up three
big rallies in the state this weekend. one to watch for sure. connell: bernie and biden. politics taking center stage at the south by southwest festival. used to be years ago just about music in austin, texas, but not anymore. unless hillary vaughn is in the wrong place, she joins us in the latest from there. reporter: senator elizabeth warren singling out silicon valley, saying companies like facebook, amazon and google need to be regulated, need to be broken up, because she says they are bad for small businesses. >> i'm deeply concerned right now that the space around companies like amazon, facebook, google, is now referred to by venture capitalists as the kill zone. so my view is break those things apart and we will have a much more competitive robust market in america. that's how capitalism should work. reporter: warren says companies
like amazon are rigging the competition so shoppers see their products first and use their mountains of data to get a leg up on the competition. warren also says tech companies like facebook and google are quick to buy out tech entrepreneurs to maintain what she says is monopoly-like control over the marketplace. she says companies like google and amazon who have a platform would need to be reclassified as a platform utility and that includes any company making over $25 billion in global revenue, and she also says these companies classified as utilities would then not be able to own or operate anything on their own platform. connell? connell: hillary, thanks. as you look at some of the companies involved here, you just wonder, even if people, and a lot of people do, don't like the big tech companies for whatever reason, facebook and the like, i wonder if this issue resonates with voters. melissa: how does it resonate with that audience? those are tech entrepreneurs there that are looking to build something.
do they want their project to be turned into a utility? all we need -- the only thing below utility is what, the dmz? i don't know. i want to know what the audience thought. that does it for us. connell: "bulls & bears" starts right now. david: congresswoman alexandria ocasio-cortez serving up her own version of truth at south by southwest. what she has to say about capitalism has a lot of people questioning her basic understanding of this economy. we will play that for you. hi, everybody. this is "bulls aind beaan & bea" thanks for joining us. with me today is gary kaltbaum, liz peek and kristina partsinevelos. >> capitalism is an idea of capital. it puts capital, the most important thing is the