tv After the Bell FOX Business April 3, 2019 4:00pm-5:00pm EDT
you overweight? >> we want to buy strength, relative strength. those are the names we want to be in. [closing bell rings] liz: jc paretz the stock cyborg. he takes out all the emotion. just looks at technicals. time for "after the bell." melissa: green across the board. all three major averages ending in positive territory on u.s.-china trade optimism after a volatile day on wall street. the dow up 3points. 38 points. watching it settle. i'm melissa francis. what is your name then? connell: i'm connell mcshane. melissa: i knew it. connell: welcome. tech-heavy nasdaq is up five days in a row, nasdaq 47 points, .6 of 1%. we'll have more on some big market movers we've seen today. first though, here is what is knew at this hour. of the faces in the scandal, that has shocked the country. actresses lori loughlin and
felicity huffman facing a judge, appearing today in federal court up in boston. what is happening inside of the room? we are breaking down the financial hit to their careers as well. president trump vowing to shut down the southern border as the homeland security chief promises to treat the crisis like, quote, we've been hit by a category 5 hurricane. a lot going on today. we'll have the latest from the president on that. joe biden speaking out. how the former vice president is responding to allegations of inappropriate behavior. among our guests this hour, this lineup, harvey levin from "tmz." art laffer, former reagan advisor, guy benson townhall.com. melissa: best show ever. connell: ever. melissa: we have edward lawrence at the office of the u.s. trade representative where talks with the chinese officials are currently underway, we'll start with you, because that is probably a most important topic right now for everybody's
wallets. reporter: what a lot of people are watching melissa. there have been two important meetings today. this morning's meeting is two hours. this meeting going two hours. in a rare show of emotion, take a look at this the vice premier, smiling, waving, something he has not done the way into this office as he came here to meet the face-to-face talks. by all accounts we're close to a deal. that last 10% is very difficult to get to. >> we're making headway. i hope we make more headway this week. the chinese acknowledged these problems for the first time. they were in denial. reporter: it's a big sticking point but they're looking at mechanism of enforcement. the chinese want the tariffs to go away, never to return. the u.s. wants to be able to reimpose the tariffs without retaliation if they break this agreement. >> president is a tough negotiator. he knows enforcement ultimately
is the most important sticking point because china has cheated on previous deals. they go around it. tough make sure whatever agreement you get in place, it has to be enforceable. reporter: some notables on the chinese side, in addition to the vice premier. the central governors bank of china and adding ministry of industry and technology. that is important. because he is the guy that oversees the china made in 2025 plan that unabashedly called for china to lead in manufacturing by 2025. china backing off that, still one of their goals for the u.s. in order to protect intellectual property and to prevent china from flat-out stealing our technology through forced transfer or other means. melissa. melissa: edward, thank you. connell: hadley heath manning is with us. so is todd horowitz, bubba trading show host. hadley, market reaching at least the s&p and nasdaq new highs for the year.
looks like if you piece together everything edward is telling us, the interpretation is it is positive, but as he said, if you're 90% of your way to a deal, the last 10% will not abqaiq walk. how do you think this all plays out with china? >> in terms of optimism, personally i'm optimistic to hear that the white house is making it a priority to include the enforcement mechanism. that is big challenge with the chinese. our relationship with the chinese is much bigger than the economic picture. we have national security and geopolitical concerns that play the background music to this deal. i agree. the last 10% can be a difficult thing. but there is reasons for optimism, including what larry kudlow mentioned about the concessions. maybe related to i.p. theft and technological transfer and hacking. it is a great thing the chinese are finally acknowledging these are realities. connell: no downs we're making progress, todd, to hadley's point.
you have to have enforcement. they want all the tariffs in place to be taken off. the u.s. wants to leave some supposedly so there is some way to enforce it or put them back on. what is the way to make sure that china lives up to some. promises we think they're making? >> i don't think there is a great way. all countries try to steal intellectual property from others. they do it blatantly. there is a deal in place. i think only thing they're working on now, how do they both come out with trumbulllying, you know, the paying, saying that hey, he made us do it, versus come out hand in hand and arm in arm, saying we have a deal? i think markets already priced in a deal. i don't think the markets will all of sudden spike higher. intellectual property will be an issue forever whatever they agree to because all companies do it. melissa: facebook in hot water. researchers at cybersecurity firm found troves of user
information posted on amazon cloud servers. gerri willis with the story for us. yet another hit for facebook. reporter: unbelievable. 540 million facebook records, half a billion records left exposed by third parties. we reached out to facebook. they told us, don't blame us. facebook policies prohibit storing facebook info in a public database like aws we work with amazon to take down the databases. we're working with developers on the platform to protect people's data. this is coming directly to us from facebook. here is what happened. a mexican media company, go to the website, exposed this information, included names, comments, facebook i.d.s and likes. there was another defunct app, active pool, that left 22,000 passwords unprotected own amazon web services. researchers from a company
called up guard found this problem back in january, they started making noise about it. nobody did anything until now. facebook told bloomberg it is company policy to prevent storing data in public databases. the stock is not moving much. one more story about the issue of privacy and facebook, melissa. back to you. melissa: gerri, thank you very much for that. hitting an 18-month low, employees in the private sector adding 129,000 workers in march, missing economist forecast, possibly a bad sign for the jobs report on friday. kind of depends how you look at it. todd, i will ask you, adp is not always a terrific indicator what the jobs number will be on friday. what do you take from this? >> i think there is some issues, melissa. adp is not a good guy. they're very often wrong with the numbers. at the end of the day i think we have issues to deal with. you think we're in the midst of a beginning of a recession.
i think there is some issues out there. i think a lot of manipulation, trying to work the fed, trying to get rates to stay lower, instead of letting free markets decide what rates should be. when you move a market based on a policy, i think you're working the wrong end of the street. i think there are some issues out there, why everybody is demanding they want lower interest rates. they also see problems going forward. melissa: hadley, what is your take? >> i don't know if i'm as pessimistic about the labor market but i wouldn't be surprised to see a softening. look at progress we have made over the course of the past couple years. the labor market has been going like gangbusters, adding jobs. eventually we may not be able to keep that pace. this is something you and i talked about before, melissa but we have problems with the labor market. they're hidden below the top line unemployment figure. that has to do with a skills gap. that has to do with our drug abuse crisis. i think it is always important to be vigilant in terms of the labor market, making sure americans are finding work that
they're qualified to do and finding work that they want to do. melissa: that's right. the problem we're having, feels like we're at full employment. we don't have people left for jobs that are open. where do you go from there? thanks to both of you. connell. connell: good stuff. president trump says mexico has stepped up in recent weeks, at least trying to stem the flow of migrants from central america to the united states. so he is heading, himself, to the border on friday. the question what will he announce if anything when he is is there? is there any kind of a shutdown in the works? make berman live at the white house with all that is developing there. blake. reporter: connell, still no decision or timing guidance from the white house. the president says mexico is taking steps to apprehend immigrants at their southern border. he is seemingly changing frustrations with the mexican government to congress. he wrote this morning, congress must get together to immediately eliminate the loopholes at the border. if no action, the border or
large sections of the border will close. this is a national emergency. as you see there the president leaving open possibility of some, maybe not all of the southern border could be closed down. the white house says the president is not backing off his larger threat. >> no, not at all. i think we are leaving all options on the table. i think that the democrats have left us with no choice but to have to redeploy our resources, our border patrol agents from the ports of entry to in between the ports of entry where we're seeing a surge of illegal aliens coming through the border. reporter: the white house is also looking into options should the border close, that would include keeping trucking lanes open. however, still few details how that could potentially work. >> i have talked to various officials from dhs and others more knowledgeable than i. that is possible, if you ask me the mechanics of it, i'm not the guy.
reporter: the secretary of the department of homeland security, kirstjen nielsen currently down at the border. she is at el paso, texas, and will head to yuma, arizona and meet up with the president at calexico, california on friday. the they are treating the border as if it was hit by a category 5 hurricane. connell: big story no doubt last few days at least. blake burman at the white house. melissa: another one to watch. another one to watch, facing the judge, actresses lori loughlin and felicity huffman. is there place in hollywood after all this drama ends. harvey levin, "tmz" founder breaking it all down. connell: president trump threatening to close undo the southern border as blake was talking about. we'll dive into the potential economic fallout. who better to discuss all of that with former reagan economic advisor art laffer, coming up
later this hour. melissa: new beto o'rourke numbers released but is it close to the cash senator bernie sanders has on hand? we have the 2020 roundup coming up. ♪ 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. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.
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felicity huffman making their first appearances in federal court up in boston addressing their involvement in the massive college ad mixes scandal. let's get to kristina partsinevelos in the newsroom with the latest on all of this. reporter: lori loughlin was the latest celebrity to enter the courthouse in boston. as you see her heading with her camel colored suit people said pay my tuition. when she walked into hearing there was fox news producer that told us she was smiling. took -- shook hands with all of government advocates or sitting down with the government attorneys. she and felicity huffman is charged with commit mail fraud and honest service mail fraud. they're accused with conspiring with the ringleader of all of this, mr. singer. you're seeing on your screen right now, felicity huffman was accompanied by her brother with
the interviews with the judge, that lasted less than five minutes for both celebrities. what we know what was discussed, the judge was said they're not inclined personal travel, but caveat for lori loughlin could go to british columbia. there would be no firearms in the home should they have any. should remove it. no narcotics in the home. debate about condition to speak to the witnesses. the problem the witnesses and victims are their own children. the judge said he will not make it a condition. just be careful discussing details of the case. overall, you're seeing two celebrities amongst 11 parents that went to the federal courthouse in boston today, total of 33 parents in all, 50 people charged thus far in this incredible college scheme, fraud that is the largest one processed by the justice department. connell: it is incredible no doubt. kristina. thank you. melissa. melissa: joining us harvey
levin, "tmz" founder. you're also a lawyer. we wanted to take a little bit different tact of this segment. everybody is doing the kind of straightforward are these guys going to jail. i wanted to ask you the impact it will have on their ability to make money going forward. we covered the financial people who ran venture funds, ethics funds. obviously it is career-ending they're dealing with money and trust and lawyers. for actors it's a little bit different, i don't know, being a criminal doesn't necessarily knock you out from being an actor. it is harder for lori loughlin right, her image was hallmark, squeaky-clean. what does it mean for her career? >> well, melissa, i have a slightly different take on this. even with business people because i always think of michael milkin, who served time and michael milkin came back and especially in the world of charity, which intersects with business because he raises money. he has wiped the slate clean in
many ways. i don't think it is always true even in business but in acting, entertainment generally, look, i mean, i have seen, you know, look at kobe bryant for crying out loud. when you go back in time to that trial, everybody was writing him off, saying he will never get another endorsement? will he play again? will the lakers fire him? he won an oscar. so you know, sometimes there is nothing that succeeds like success. melissa: yeah. >> we've seen it with michael vick, you know, coming back after prison. we've seen it on a different level with justin bieber who is doing nothing but getting in trouble, having criminal charges filed against him. a good album and different conduct changes things. melissa: let me ask you this on the milkin point, to be clear he couldn't trade security. >> fair point. fair point. melissa: you're right he has a huge milkin conference coming up in l.a. very soon. he has gone on to really
rehabilitate his image, do a lot of very good work. for lori loughlin, her current career, so hallmark dropped her but your point is, a lot of people are saying she could actually get jail time because one of the problems, you can punish a financial crime giving people a crime. they used money to get out of something. a lot of attorneys are trying to make the case, especially in her case, she might have to do some jail time because that would be judge right way to punish a crime like this. her crimes are more serious. felicity huffman, she had stuff in postproduction. william h. macy he doesn't seem to be wrapped up in this at all. i don't know why any less culpable than lori loughlin's husband. what is your take on that? >> there was some evidence with william h. macy and they did not charge him, and you know, that was clearly a judgment call by prosecutors, but he is mentioned
in the indictment in terms of phone calls and whatnot. a couple things that you said, you know, i think one of them is in terms of jail time, you make good points and we are told by sources connected to the u.s. attorney, that if they end up plea bargaining this case i think is going to happen, the prosecutors are going to recommend prison time. and it is up to the judge ultimately but they are going to recommend it. and look, you know, i think it is a mistake and i think this is something that our country is doing, the media does. i have seen this for so long where it is just not true. people take snapshots of moments in time when something happens to somebody, when they're in a scandal, when there is a problem or whatever else, they try to use that to define them for the rest of their lives and that almost never happens. almost never happens. that snapshot at the worst
moment, almost never would be what is carried forward and only thing remembered. it just isn't true. we feel like it is true because the media magnifys everything. i blame ourselves. melissa: evil media. we're all culpable. >> melissa, i'm not saying evil at all. i'm saying look it is part of the job, we're reporting all this stuff but i think people jump to these conclusions, this will define their lives forever, and just generally doesn't. melissa: could even be better for lori loughlin, give her a gritty edge. she can break out of the goodie two-shoes thing and have hardcore acting career. >> melissa, i got two words for you on that, martha stewart. melissa: there you go. she is a bad ass. harvey levin, thank you. connell: on that note -- melissa: she is. i love it. martha stewart, she is gritty. she has it all. connell: funny. full and unredacted, terminology
throwing around democrats authorizing a subpoena for the entire mueller report. we'll bring you the latest effort on capitol hill with regard to all that. congresswoman alexandria ocasio-cortez, she has been hit with another federal election commission complaint. guy benson, townhall.com joins us on the fallout from that coming up. ♪
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now that you know the truth... are you in good hands? connell: beto bringing in the cash. we found out about this today. the democratic candidate announcing his campaign brought in $9.4 million. it's a first quarter number, since he joined in kind of late, he brought it in 18 days. saying 90% of the contributions were below $200. we had some more 2020 news to report. former vice president joe biden, potential candidate himself, released a twitter video after multiple women came forward
accusing him of inappropriate behavior. here is what he said. >> in my career i always tried to make a human connection. that is my responsibility. i shake hands, hug people. grab men and women by the shoulders saying you can do this. whether they are women, men, young, old it is the way i have always been. way i show i care about them and listening. i will be more mindful and respectful of people's personal space. connell: biden has yet to make any formal announcement whether he runs for president. melissa? melissa: a legal battle that might reach the supreme court. house democrats voted authorizing a subpoena demanding that the attorney general turn over the full unredacted mueller report and all the evidence behind it. chad pergram, fox news senior capitol hill producer is here with the latest. chad, what is the likelihood on this? >> well the key here is the term you used authorized. they have not actually sent the subpoena to the justice department and what jerry nadler, the chair of the house judiciary committee is doing, he is trying to continue to apply
pressure on attorney general william barr, say why don't you give this to us, work out a deal? we're told we could have this by mid-month. that is in the memo that barr sent to capitol hill a couple weeks ago. doug collins, the top republican on judiciary committee thought we could have the report as early as next week but here's the problem, do they send up report that so so heavily redacted nobody can make any sense of it? or that the public starts to say, hey, what is really in there, reading between the lines? that is where some people, especially on the democratic side of the aisle tout there might be another accompanying memo to explain what's there and democrats say that is a nonstarter because the problem there, it is interpretation of william barr. so this could go through the courts. people on both sides of the aisle want to see the report but republicans on the committee were individual call that the democrats were doing this, comment from jim jordan, republican congressman from ohio. he said why are we here? because the mueller report isn't what you thought, meaning
democrats. and democrats sitting on dais at that point scoffed and laughed, we don't really know, all we have is the memo. there are some republicans if you talk to them off to the side privately, they wonder privately if the president may have overplayed this. there is complete exoneration. i come out on top. if they come out with pretty tough information as it goes right up to the edge, that could backfire on the president, melissa. melissa: we will see. chad pergram, thank you as always on top of it. connell: warning sign for the booming economy. why business leaders are sounding the alarm about potential impact of shutting down the border if it came to that. one leader in the auto industry has her concern. she will come up next. melissa: president trump versus the fed. the commander-in-chief is pointing the finger at jerome powell for a potential economic slowdown. art laffer, former reagan economic advisor coming up on that. connell: on a busy news day we want a harm -- heartwarming
moment, a young goat, a goat eager to get with the kids the. melissa: [laughter] trying to get on the bus. wait a second. i want to go to school. what is the deal with that? connell: the goat will be late. melissa: i know. connell: a goat by the name of tango. trying to get to school with his friend. dragging him off. that is not fair. let him go. some nerve that woman. melissa: what's the big deal? connell: don't kick the goat. ♪ we're carvana, the company who invented car vending machines and buying a car 100% online. now we've created a brand new way for you to sell your car. whether it's a year old or a few years old, we want to buy your car. so go to carvana and enter your license plate, answer a few questions, and our techno-wizardry calculates your car's value
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connell: new warnings over closing the border. the white house attempting to minimize any minimum pack of border shut down with mexico but businesses, some at least are sounding the alarm. look at this. if trump closed the border with mexico the u.s. auto industry would shut down in days. that came from the center for automotive research. christian joins us right now. wrote about that in "usa today" as you saw. there are some other
alternatives talked about. we'll talk about that in a moment. under the worst case a complete border shutdown. how do you get to that analysis? it speaks to how cars are made and would surprise people. how did you get to the numbers and how bad it would be? >> thanks for having me. about how our supply chain works in the automotive industry. we have a complete set problem. you can't make a vehicle without all the parts there. with we had a fire in michigan that made magnesium castings for ford f-150 pup. all f-150 production was halted. they had to scramble, ship dies out somewhere else and get the production up and parts back into the factories. took 16 days to get up and producing just to that one supplier fire. connell: could put 90% of the car together if you miss a car
together, you wrote something about a wiring harness, i don't know what it is, it comes from mexico. that is your point. >> the lifeblood of the car, all the veins, that run everything electrical into the vehicle. it gets laid into the vehicle early in the production process. like building a house and running wires later. connell: right. >> it would be very difficult to do. they thread the wiring harness through the vehicle and connectors and terminals get plugged into all the little motors. connell: couldn't make any cars essentially. >> couldn't make any cars if you didn't have wiring harnesses. connell: a week or so the whole thing is a mess. i get that. >> yeah. connell: we showed trucks on the screen as you're speaking, reminds me to ask you, proposal or alternative that they leave the trucking lanes open. i read something 69% of the freight from mexico comes in via truck. if that is true, they leave those lanes open i assume the problem would be much smaller? how would that affect things in the auto industry?
>> it would make it a little bit better. it becomes sort of a slot machine. we saw that after 9/11, immediately we put up additional security at the borders. that the lines coming into the united states were, 12, 16, 18 hours long. putting big delays in the production process. you never know which truck will get hung up at the border. that is one of the cases they were looking at now, which trucks will be delayed, which ones will be expedited through. after 9/11 they put in place these programs. sort of like tsa precheck for cargo and shippers and drivers. that they get additional security clearance that allows them to clear the border in an expedited fashion. we don't know how they are going to handle that either. connell: there is a lot we don't know to be fair but if they did allow the trucks to come through and they didn't slow them down much, you say the industry could still take a hit or -- >> it would be a little bit wonky i have to say.
you do need 100% of the parts. even a stupid little trim part, nobody wants to buy a car that is missing a part. connell: that's true. >> you know, during the bankruptcy of the automakers, there were suppliers going bankrupt, i kept saying what part of your car do you not want? seatbelt anchors or mission critical. could be something silly like the liner. connell: i get it. simple way of thinking about it but also a good way, it speaks exactly to the supply chain like you said. thank you for coming on explaining that. we appreciate it. >> thank you. >> great example. it speaks exactly to the supply chain. connell: that point she made, what part of your car, one hupp cap out or something? you want the whole car. melissa: you need the whole thing. exactly interesting. all right. running an alleged subsidy scheme. congresswoman alexandria ocasio-cortez hit with another fec complaint. why they say this self-described socialist could have violate
violated campaign finance laws. guy benson.com political editor next. taking on the fed. president trump is blaming jerome powell for holding back the booming economy. is he right? art laffer, former reagan economic visor coming up. ♪ i've even built my own historic trading model. 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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connell: we have news in on boeing. there is a report now that the ceo of boeing, dennis muilenburg, joined in on a max 737 test flight today. muilenburg apparently according to reuters was on the plane. the new software update said to have worked. it worked as designed. boeing says it will conduct additional tests and demo flights. it plans to submit a software update for faa review once work
is completed in the coming weeks >> [inaudible] >> oh, i mean, it is conservative interest groups. it is entirely bogus. melissa: i don't know about that. alexandria ocasio-cortez, dismissing the latest campaign financial mitigations, lodged against her. let's bring in townhall.com political editor guy benson. guy is a fox news contributor, host of "benson & harf." just to break it down. this is a brand new charge. allegedly it is another way that she -- being accused she was able to funnel more money than is allowed into her campaign from donors in a way that was not transparent. this was allegedly through a company that was set up with quote-unquote venture money to support political candidates with below market prices for campaign support, whether that is advice, or whatever it is.
company is now-defunct according to the charges. so it spent all its money on her campaign in the past. she has been charged by ferc and she is investigated whether she put too much money in a pac and shifted over to an llc that was at her disposal for her campaign that would make it less transparent. those are the charges. they are not proven yet. i lay that out there. guy, what is your reaction? >> there is a few things here, melissa. this is allegeds, as you say, supposed mastermind was chief of staff, was campaign manager, with this scheme he set up, would allow people to donate into a big bucket of money over here exactly what you just described, sort of a convoluted money funneling back to campaigns. the fec will decide whether or not it is in fact bogus. that is the word she used.
that she called bogus attack by conservatives. that is not for her to decide or us to decide. that is the federal election commission. broadly speaking there is a level of shadiness if not illegality. my understanding aoc's brand as she ran for congress the first time in that democratic primary was to take more money out of politics and to make politics more transparent if the charges hold up in a transparent way, would strike me exactly the opposite of the values she espoused publicly. if that is the case she will have to answer. but my suspicion she will deflect and play victim. there is no criticism of her that is legitimate. it is always nefarious scheme from the right. melissa: that is interesting. she is making a lot of enemies in the democrat party as she stands up there very sanctimonious. it is interesting to see not
just the right would be feasting off this, bringing her to task for it. people within her own party. let me turn really quickly, just within the last hour or so, we finally got a response on camera from joe biden to this whole, you know, this cloud that has come over hip about his actions with women in the past and him being inappropriate, making women uncomfortable. he had first put out just a written statement, that was you know, very neutral. he never meant to make anyone feel uncomfortable. if he did he is willing to listen type thing. now he is explained things on twitter. what did you make of his comments? >> there is no question it is better than this written statement right, where it is very detached, sort of antiseptic, you don't know if he wrote it or someone working for him did. for him to be in front of a camera explaining himself and not really apologizing i will point out, but kind of saying i get it, i will do better in the
future that is certainly an improvement. i think it might have been even better more effective, if he said to the women i made feel unintentionally i made feel uncomfortable in any way i apologize. that was never my aim, never my intent. you know said i do a lot of comforting of people. i do that in hands on sort of way. not all these circumstances on video involved consoling. i think this improvement. this is a step up from where he was. it also strikes me as more likely now this is man who is getting ready to run. melissa: guy benson, always terrific. connell: shifting gears, feeling fed up. president trump, bashing the federal reserve chairman jay powell for holding back the economy at three meetings last week, that is what "the wall street journal" said in a report today. as you might remember, the president also spoke his mind to our very own maria bartiromo on the subject. take a listen. >> frankly, if we didn't have
somebody that would raise interest rates and do quantitative tightening we would have been over four instead after 3.1. connell: here now art laffer, former reagan economic advisor. now this latest report, art from the journal, produced i don't know if funny is right word or headlines attributed to the president about jay powell, well, i guess i'm stuck with you. what did you make of that, and criticism reportedly still continues from this president of the fed chairman? >> yeah, i think he is stuck with him. frankly i'm very happy he is stuck with him. jay powell is fine chairman. i much preferred than janet yellen or ben bernanke. he should not have raised rates in december. that shouldn't have happened. that did cause a market retractions slowing of the economy, the president is right on that. if every mistake i made at end of the year, i would be in trouble. president has perfect right to weigh in on all these issues.
he may well be right that caused that much of a decline in real gdp. jay powell should consider all the factors when making decisions. connell: interesting the politics that plays into all of this. and forth overlie gasparino steve moore, a friend of yours,. >> yeah he is, whether or not he gets nominated to the federal reserve board, whether or not he gets confirmed, charlie's reporting that he will go to bat for him because he want the him as a counterweight to jay powell. what do you make of that? >> i don't think that is true. i think steve moore is fin fine person for federal reserve board. he has qualifications. knows his economics. a great writer on economics, has been great for years and years. knows the field well. he would be a wonderful member. whether he is opposing jay powell on one matter and supporting him on another, steve moore will be a wonderfully positive influence on the federal reserve board and i couldn't be happer than i am
with steve. connell: next hour, "bulls & bears." >> i did. connell: you can speak to himself on all these issues. art, i want to get your opinion on what if the president closes the border between united states and mexico, what's the economic impact of that? what about a partial shutdown, all of that? >> sure. connell: on the auto industry we got an expert on who got a lot of attention she wrote in "usa today" what it would do to the supply chain, that the auto industry would basically shut down in days. here she is. >> nobody wants to buy a car missing a part. depending where, during the bankruptcy of the automakers, there were suppliers going bankrupt i kept saying what part of your car do you not want? could be seatbelt anchors? could be something safety, mission critical. it could be something silly. connell: that is how intertwined she says everything i if the sht down the whole border it is a big deal, even uck lanes open il
get dicey for the industry. how much of a risk economically is it for the president to threaten this type of thing? >> i'm not knowledgeableug to challenge her on specific comments she made. she may well be right. i think it will hurt the economy. i think it will hurt the auto industry. but there is another issue at hand the president has to deal with. the president has one, all he has is advisors. i'm an economist, when i tell him about this, what it will do to the economy. he is facing a very different issue shutting down the border. it is about immigration pouring into the u.s., illegal immigration. i don't know how to make those tradeoffs. i don't know how to make that sort of decision but from the standpoint of economics it is not good to shut down the border. it will not help the economy and will hurt the auto industry but the president's call how to make it. connell: he takes advice from people like you and others on the other side. >> exact hi right. that is what he should do. he is the decisionmaker of last resort. all we are advisers. whether he chooses to accept or
not, that is what is president is supposed to do, not advisors. connell: we get it. always good to have you. >> connell a pleasure. melissa: nato secretary-general making history today. the first time a leader of nato is appearing before congress. we're live at the state department after the break. plus some big news from abba. connell: what? melissa: more than three decades after the ban broke up, exciting details next. ♪ because your investments deserve the full story. t. rowe price invest with confidence. dear tech, let's talk. you've built a lot of cool stuff. and you're good at innovation, but are you applying it the right way? dear tech, how do we bake security into everything we do? i want all my data to be protected. tech has to step up. so, let's rebuild trust and transparency.
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melissa: here we go again, swedish pop group abba said fans can expect a new song in either september or october, this 37 years after the band broke up. no idea how it possible, but there you go. connell: look at me, nato secretary-generalt pushing back on president trump's criticisms of the alliance. to a joint meeting of the congress.
a big abba fan himself. hard to focus on this. on this. melissa: yes. >> there are 29 nato countries, foreign ministers are meeting here, much according to officials to confront russian aggression. hurricane harvey of talking to congress today called on russia to return to a cold war missile treaty, that he said russia is violating. >> thie time is running out, we don't' a new arms race, we don't want a ne cold war but you mustt be naive. reporter: and iran nuclear deal back to youis.
connell: rich thank you for squeezing that in. we did have to get the abba news. melissa: it was important. >> thank you for joining us. "bulls and bears" is next it starts right now. >> in my opinion, right now this is one of if not the biggest crisis this country has faced in a decade, truly. we're not treating it like a massive cat 5 hurricane disaster. david: homeland security secretary kirstjen nielson visits the el paso border in texas. i am david asman, this is "bulls and bears," thank you for joining us. we begin with that crisis at the border, president trump calling to congress to act, tweeting, congress must get together and immediately eliminate the loopholes at the