tv After the Bell FOX Business April 11, 2019 4:00pm-5:01pm EDT
wit. david joy. great to see you. [closing bell rings] thanks so much. too close to call, but for the second year the s&p is holding on to teeny, tiny gains. dow making a run for the green border. not there. down six points. nasdaq lower by 15. melissa: fighting for gains in final minute of trade. the dow ending the day down about 15 points. unitedhealth the biggest drag on the dow today, following bearish comments from analysts about the health care sector. the s&p 500 fighting there at the close as well. just barely in positive territory. nasdaq in the red. i'm melissa francis. hey, connell. connell: hey there, melissa. i'm connell mcshane at the white house today. welcome, everybody, to "after the bell." special edition of the program. we have chairman kevin hassett council of economic advisors on the north lawn. he is coming up in moments. earlier in washington i spoke to
imf managing director christine lagarde. she had a few surprising things to say about president trump's economic policies. we'll have that for you. talks about how he gets it right on certain issues. you will find out exactly what she had to say later on in the hour. start it off with kevin hassett, kind enough to join us on what is a very nice washington afternoon. on the north lawn on of the white house. i will start you out with breaking news. four republican senators would be opposed to herman cain's nomination to the federal reserve board. that means he wouldn't have enough votes if things hold up like that. what is the reaction, do you know, from the white house? >> i've known herman for a long time. i first met him in the presidential campaign. president likes herman a lot. he has ample experience in the federal reserve space. on the board of kansas city fed. we're on the process, everyone gathering their paperwork, do it, send it up. i think senators should wait
until the nomination is sent, until they get to see all the evidence. connell: cramer, murkowski, romney. >> if they see the evidence they will change their mine. normal practice at white house not to comment on these until they are sent to the senate. unusual to see senators comment this early. connell: it is normal pour guys like to you make comments on the economy. larry kudlow was colorful today. >> that's larry. connell: talking to "the hill." the federal reserve will not hike interest rates for the rest of my life, meaning rest of his life. i wonder if i have kevin on today make that same commitment. no interest rate hikes for the rest of your life? >> extremely unlikely. i hope larry lives a long time and we both see interest rate hikes. in the end, the way the world works in 2016 people thought there was a new normal where there is low economic growth and
almost zero interest rates. connell: right. >> president trump said we can give you the old normal of 3% growth if we just get our policies right. in the fullness of time, not talking about near term federal reserve policy, if we go back to mall interest rates hikes and that would require interest rate hikes in the future. connell: you were on earlier with maria in the week and saw that interview. forget about interest rate hikes, why would larry, even the president be advocating for interest rate cuts in this environment if things are as good as you're telling people are? >> my job at here is that i don't give president advice. connell: you give the president advice. >> i give the president advice. the signs of inflation are nonexistent. the fully consistent where we cea modeled economy. we have been can 3% growth without accelerating inflation because we have supply shock rather than demand shock. look at unemployment ratings were low we got inflation, it
was vietnam war and spending all the money on the military. there is a big, big increase in demand. that drives you up in the supply curve and drive prices up. we shipped supply curve out, put downward pressure on prices. larry's right the concern about inflation and i think the fed now agrees is pretty muted. connell: i said earlier was here in washington earlier to talk christine lagarde from the imf we'll have the full interview on in the show. they cut their out look and included the united states this time in their outlook. as you might expect we brought up trade, i asked her a question something like what would happen to growth if there were at this point, no, not only u.s., other protectionist trade policies in place. here is what she said. let's listen. >> we would be certainly higher than 3.3%. connell: how much? >> i can't tell you exactly how much. people have been used to trade for many, many years now. they have organized themselves, companies organized their supply chains in such a way they can
take advantage of the best labor forces capital taxation regimes all the rest of it. >> there you go. we would be higher. she wouldn't commit to a number how much higher. isn't that fair, the president is giving up growth for as he see it a freight geared? >> i don't think he is giving up much growth at all certainly not from us. the chinese people are feeling the heat from our tariffs. the fact, president trump and madam lagarde have same objective. fully non-tariff barriers and reciprocal trade around the world. when president trump got into the office, we documented that in the economic report i signed last year many countries on earth were charging high tariffs to us while we had almost no tariffs on them. president trump has played hard ball but i think we're seeing the results. connell: let me ask you one other question about another topic before i let gow, quickly running out of time, that would be immigration. we had a lot of talk back and
about president's immigration policies and effect on the border and if you shut down the border but the other point that is interesting the president talk as lot about the country is quote, unquote full. over years, many times, economists say more immigration we have often times that spurs economic growth. don't with you think we need more people and fewer people? what advice do you give to the president on that point? >> the president is absolutely right that we need to secure the bored earth. that is something talks a lot about. he is right that immigration system is different than international norm. we don't weight skills as much as other countries. we should have legal immigration. you have more labor input you get more out put but the question for economists about immigration, do we have an immigration system that increase the welfare of americans per capita income what geeks would call it. if you want to increase per cap at this at this time at that income you
need a skills based immigration system is. that is what the president wants to do. connell: president talks about merit-based immigration. >> if you look at canada, australia, countries with point-based systems they have had high economic growth a long time. australia more than 25 years. in part they brought all skilled people into the country. final thing is, part of the president's objective, take people who really gave up hope in the obama economy and were separated from the economy out of the labor force to give them hope and bring them back in. if you look at the latest job numbers 74% of the people hired came out of the labor force. this idea we don't have enough workers the president rejects rightly. we're bringing those workers back in. that is about his highest priority. connell: kevin, good to see you. thanks for having us. >> welcome to the white house. connell: never gets old, right? kevin hassett one of the president's top economic advisors. melissa back to you in new york for now. melissa: connell, lots of news. lots to chew on. there great interview. talk to the market panel to react to it.
jonas max ferris, max funds.com also a fox news contributor. veronica daguerre from "the wall street journal" the first headline in my mind came out of the interview the white house sees no signs of inflation right now. do you agree with that jonas? >> yeah. in fact there was a little wholesale inflation but in general this inflation fear been carrying people over a decade now, it will be any day now, including the obama administration is kind of a myth. that conversation just got into it. the days of the '70s where you just create, there is demand push inflation, is not going to happen ever again. you don't want fed official to think it can because they will behave like they have to get ahead of it. not only most stimulus top down supplyside, supplyside won and tech economy pushes down prices an internet, a situation where the fed is sitting on so much money, $4 trillion that can be reversed very quickly if there was inflation. you don't need to get ahead of
inflation you could end it in minute essentially lighting that money on fire, removing it from the money supplied. you don't need to err on side of inflation like in the '70s where there were issues of too much -- they're right. don't worry about inflation. think about what is good for the economy at this point. melissa: veronica, connell and kevin hassett were reacting there to a very newsy interview we have coming up later with imf director christine lagarde. she had wondered if the president is giving up growth in his trade fight right now, maybe in the short term but in the long term it could be a lot more growth if the deals come out right, especially with china? >> it really depends on the deal, right? what's the deal? how enforceable is it going to be? we'll need to hear more details. potentially the upside is vast not only for the economy, potentially the markets. some of that is probably not priced in yet. that is million dollar, billion dollar question, when will this deal materialize, what will it
look like? yes it will have global effects not just on the u.s. and china, but on germany, but on france all across the world. so everyone is waiting on this. this trade deal is an overhang on the markets. melissa: it was an interesting tease, that connell said she had positive things to say about trump policies. i can't wait for that coming up in a little bit. meantime targeting big business, presidential call candidate elizabeth warren proposing a 7% tax on largest and most profitable companies, what a great idea, projected to raise one trillion dollars over the next decade. veronica, that one trillion dollars they're going to raise from big business, send to washington so they can waste it, where does that come from? what is the impact of that? >> that is a good question. you're talking about higher taxes all that could mean fewer jobs, right? so that has a direct impact on growth, if you have less hiring, less jobs, that means less consumer spending. as you know consumer spending drives the u.s. economy.
anything that puts that in jeopardy could be at pressure on the market overall. melissa: yeah. jonas, can you think of a better idea from elizabeth warren than raising taxes to the tune of a trillion dollars, just sucking that out of the economy and sending it to the politicians in washington who can't even organize health care, can't organize immigration? i mean they can't do anything but spend it seems? >> well to be fair, better than a wealth tax idea. that was completely half-baked. i understand the frustration elizabeth warren feels, she is proposing essentially an amt for corporations. corporation taxation is touchy why it is difficult to have it period. the profits can appear in ireland. they can appear in licensing deal with another entity. they do -- there are legal games. this is what the tax code has. she doesn't want to go after the tax code. do a catch-alternative regime, even though amazon declaring no taxes because of gains, depreciation, whatever we'll
have override tax. the problem that number, trillion dollars will not materialize either because the accountants working for the corporations will figure out a way to report that number to shareholders to a different number. along with another number is the wink-wink real number. this will not work any better this is the frustration of corporate taxation. what she needs to do for her model, get rid of corporate taxation, put a flat sales tax. melissa: we have to cut you off, breaking news. jonas, great analysis. thank you, guys. connell: to melissa's point, breaking news, uber filed for its initial public offering. get to gerri willis on the floor of the new york stock exchange with the details on that. gerri? reporter: hey, connell, that is right, filing the s-1 filed on edgar. they filed placeholder amount for listing of one billion dollars. as you know, what we understand
is that the ipo would be among the, would be the year's biggest. they're expected to raise 10 billion at valuation of 92 100 billion. s-1, the one billion placeholder number. we expect another number to be put in place. hsbc is the underwriter on this issue or i'm sure there will be many, many more to be announced. back to you. melissa: thank you. connell: 90 to 100 billion. yeah. melissa: that's a big one. we'll have more obviously coming up. meantime wikileaks founder julian assange arrested in london. we have the latest details on the charges and the possible extradition. president trump meeting with the south korean president at the white house this afternoon. what they discussed about the on going push to denuclearization north korea. connell, what do you have? connell: you already heard from kevin hassett, medical list. later on in the program, managing director of the imf, christine lagarde in one-on-one
interview. she does have surprisingly enough about president trump's economic policies. we'll tell you what they are and some of the questions as they are. "after the bell" continues live from the white house. we'll be right back. ♪ patients that i see that complain about dry mouth, they feel like they have to drink a lot of water. medications seem to be the number one cause for dry mouth. dry mouth can cause increased cavities, bad breath, oral irritation. i like to recommend biotene. biotene has a full array of products that replenishes
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melissa: breaking news. look under the hood at uber they're filing their ipo. we're getting some numbers. go back to gerri willis. operating loss of 20,183,000,000,000. what else are you seeing, gerri? reporter: 3.30 billion, to be specific. that is a big number. we're seeing this across the ipo field, big losses we're following each and every headline on uber we're getting this afternoon. of course they filed the s-1 at 4:00. gross bookings for the year-ended december 31st were $49 billion. uber said net income attributed to the company for 2018 was 997 million. you see net income, you compare then to the losses of income, not even close. revenue for 2018 was 11.27 billion. meanwhile, we're seeing just an incredible number of bankers backing this ipo. morgan stanley, bank of america, citigroup, goldman, all-star list of backers. back to you. melissa: yeah, i mean you have
got all the good details. a few more they will be listed on the new york stock exchange under uber. that makes sense. you really don't see anyone missing from the roster of those going to be underwriting it. fascinating stuff no doubt. we'll come back when we have more information. thank you, gerri. under arrest nearly seven years after fleeing to the ecuadorian embassy in london to avoid a swedish arrest warrant. wikileaks founder julian assange is in custody. ryan chill coat live in lond con with the latest. ryan. reporter: assange certainly didn't go without a fight. six years, 10 months, in fact self-imposed exile in the london. took one minute to get him from the front door, that gave him that diplomatic shield to the paddy wagon to get him there. that is the beginning of journry
that will end in the u.s. where he is wanted for conspiring with defense analyst chelsea manning. if you remember him to hack into a computer with government secrets. british authorities were delighted. >> so before i do, i'm sure that the whole house will welcome the news this morning that the metropolitan police have arrested julian assange. [shouting] arrested for breach of bail after nearly seven years in the ecuadorian embassy. reporter: how did he end up at the embassy in the first place? facing extradition and charges for sexual assault in sweden in 2012, assange said he was victim of a politically motivated plot to extradite him to the u.s. for his work as founder of wikileaks. the then president of ecuador gave him asylum, taking him out of the reach of british, swedish, american authorities.
then came change of leadership. the current head of ecuador released a video saying assange simply has to go. the last straw was when wikileaks threatened ecuador itself. he said that simply wouldn't stand. he allowed the british authorities into the embassy. now he is in prison awaiting that extradition hearing to possibly go to the united states. melissa: yeah. threatening your host, not very wise. ryan, thank you. all right president trump striking an optimistic tone on progress with north korea during his meeting with the south korean president at the white house today. listen. >> i can speak for myself, i think i can speak for president moon, we think north korea has tremendous potential. i think sanctions now at a level that is a fair level. i really believe something significant is going to happen. we can always increase them but i didn't want to do that at this time. melissa: so what does this mean for his goal of complete denuclearization?
joining us now, peter brookes from the heritage foundation. also a former deputy assistant secretary of defense. thank you so much for joining us. >> good to be here. melissa: what is your take on this meeting today? we understand he said no to softening those sanctions. is that unexpected? some are wondering if he would really do that? >> no. but i think president moon of south korea and president trump are trying to find a way forward. we had some of course threatening rhetoric from north korea yesterday. knowing that moon and trump were going to meet today. they're trying, this is a very difficult issue, melissa, as you know. it's a very heavy lift. it will take some time. the president said it will take some time. i think we're looking for some way to move forward. perhaps additional meetings, working groups, north korea to say we have a road map for discussions. because right now i think things after two months since the hanoi summit, thinks are not moving very much at all. melissa: no, so if you look at, we're looking at the images of
these two leaders together. and it was striking and very intentional of course that, you know, when the south korean president and his wife showed up that you have president trump was out there with the first lady. they were very warm to each other. they came in. this is on the heels of what was the walkway at the table in hanoi. so you know, talk to me about what were they saying with these pictures we're looking on the screen? what was president trump saying? >> first of all it is reaffirmmation of the alliance. the u.s.-south korea alliance is very important. we have 30,000 brave americans there, not far from the demilitarized zone with north korea defending freedom for us and for the south koreans. so this is very important alliance. very important economic relationship as well. so political, economic, and security. i think they wanted to say that the alliance is strong but we don't fully agree with the current south korean government on the way forward.
moon is a bit softer on north korea would like to lift sanctions, have joint activities with them, that currently are under sanction. so i think he would like to say to the president, paying can you do something to get things moving on sangs schuss? i don't have a readout on the meeting yet. we'll probably know tomorrow. something to show they are working together and are strong. >> peter, before we run out of time? isn't that ironic, they're the ones in the path of danger more than anyone else in south korea? >> right. it's a different view. we've seen this before, melissa. in the past, that if we're nice to them, they will be nice to us. a lot of people characterize barack obama's general foreign policy that way. if we're nice to iran, iran will be nice to us. melissa: now -- >> the other side will let down their guard, tend the hand of friendship. that doesn't always workers specially with countries like north korea. melissa: peter brookes, brilliant as always.
thanks for coming. >> thanks for having me. melissa: historic meeting on capitol hill for president trump's space force proposal. wit it officially become a separate branch of the military? connell what do you have there? connell: we have news about herman cain and regarding his nomination to the federal reserve board. blake burman joins us live on the north lawn. president of the united states may be live tweeting the next jobs report. what is that all about? we'll be right back. ♪ voya helps them to and through retirement... ...dealing with today's expenses... ...like college... ...while helping plan, invest and protect for the future. so they'll be okay... without me? um... and when we knock out this wall imagine the closet space? yes! oh hey, son. yeah, i think they'll be fine. voya. helping you to and through retirement.
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melissa: breaking news right now. uber just filing for its ipo of up to a billion dollars on the new york stock exchange. under the symbol, what else, uber. morgan stanley, goldman sachs, bank of america, barclays and citigroup are among all the underwriters. uber had 91 million users on its platform at end of 2018. uber will pay drivers, get this, one time appreciation reward
related to the ipo. u.s. qualifying drivers get awards from $100 to $10,000, based on the number of lifetime trips. pretty cool, connell. connell: $10,000, that is pretty cool. fox news confirming this afternoon herman cain if things stand up they look now, would look votes for confirmmation to the federal reserve board. blake burman joins me from the white house lawn. before we talk about it, here is what kevin hassett had to say about herman cain. here it is. >> i think i've known herman for a long time. i first met him during the presidential campaign. the president likes herman a lot. herman has ample experience in the federal reserve space being on the board of the kansas city fed but we're in the process now with every nominee that hasn't been officially sent to the senate of having them gather their paperwork and do it and send it up. i think that senators should wait until the nomination is sent and they get to see all the
evidence before they make their judgment. connell: pointed out to kevin, blake, they're not waiting. four senators against him. is this over? >> the senate math would say it is over. do the math, 53 republicans no democrats support him that would bring it to 49. one thing keep in mind kevin hassett alluded to he hasn't been nominated. herman cain has not been officially nominated. steve moore has not been officially nominated. the nomination is not official. getting ducks in a row. let's wait. if you look at the math it is not good for herman cain. you have to ask whether the nomination goes forward. when i asked the president over here on the south lawn, he said herman will make at that determination. left wiggle room over there. putting it on the plate of herman cain. connell: important distinction. there is no nomination to withdraw because there has not been a nomination yet. melissa mentioned earlier
president moon from south korea was here. they went through some of the issues they talked about, one of the things came out to the pool spray when the president spoke to reporters, comments about quote-unquote spying on the campaign. reporter: spying is the big word. that is the word attorney general bill barr used up on capitol hill testifying. i think there was spying. here is the distinction between the attorney general and president. the attorney general thought there was spying the question is was it illegal or was it justified? the fisa process, a reason why they went down the road. the president thought it was illegal. he is ramped up his tone over last few days, saying it was illegal. an attempted coup he said the other day. that is where this is heading. the next phase of this investigating the investigators. the attorney general made it clear they're headed down that road. the president also made it clear he thinks this is quote-unquote illegal. connell: certainly not letting it go by any stretch. on guess a lighter note, not
exactly sure what to make of this. i came to the white house, one of the headlines out there president of the united states will be live tweeting the next jobs report. i don't know what that means but tell us. reporter: neither do i. connell: see you. reporter: not too much to get in the weeds, basically says people in the administration should not comment about the jobs number an hour until after the fact. 9:30 when the market opens. here is what i can tell you. the white house long felt the president is exempt from that. and now the new change that they're going down the line is other people within the administration -- connell: larry kudlow or kevin hassett. >> here is the thinking. from the folks here. jobs number comes out at 8:30. every democrat gets to run to the camera what a terrible number it is whatever their thinking it is, how awful. yet the folks here in the build having to sit back until 9:30 until they can officially comment. connell: i get it now. i thought, will the president be on his phone live tweeting right up to the report.
hope we get a good one, something like that. reporter: last couple times we got him out on the south lawn talking talking about it. everyone in the administration to ping-pong back and forth with the democrats if needed. connell: this is your area. reporter: haven't seen this many people himself since the president came on the north lawn. connell: he is welcome to come back out. you have it all back tomorrow. melissa: take a quick picture of the entourage that we're talking about. that we can make fun of connell later. they're going to do it. all right. renewed push for the space force. why the acting defense secretary says the proposal is vital to maintaining america's dominance in space. we're live on capitol hill with the details. plus "the national enquirer" is looking for a buyer after a series scandals rocked the tabloid. we're bringing you the latest fallout from that one.
what do the massive black hole that has been photographed for the first time there on the right and d.c. have in common? our next guest says it is the epitome of dysfunctional space, of politics in washington. fox news media analyst howard kurtz breaks it all down next. ♪ar and a beverage distribution supervisor. now i'm a director at a security software firm. wow, you've been at it a long time. thing is, i like working. what if my retirement plan is i don't want to retire? then let's not create a retirement plan. let's create a plan for what's next. i like that. get a plan that's right for you. td ameritrade. ♪ this is the family who booked the trip. ♪ which led to new adventures and turned moments into memories. with flights, hotels, activities and more for your florida vacation,
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space force. the proposal had sent system from lawmakers. hillary vaughn live in washington with the latest. reporter: acting secretary of defense saying this space force is mandatory to make sure the military is not playing catchup with outer space threats coming from russia and china. so he wants to stop any attack before it starts by building up this space force. he says convincing congress could be a bigger job than getting the space force actually built because the price tag has some senators cynical. >> i think space command makes sense. i understand that but to create a new bureaucracy that is going to cost us half a billion dollars a year? >> highly unlikely the bureaucracy of space force will remain flat over time. providing dod with wide legislative authority creates a new bureaucracy without more budget details is risky. reporter: i talked with the senate armed services committee chair, he said the budget quote,
optimistic. he like many senators think it is time to think outside of atmosphere when it comes to military combat because our adversaries are not waiting. chair inhofe saying timeline to get the space force going is pretty quick, that makes sense because they're pulling staff from other military branches like the army and air force to build up space force. they are not starting from ground zero. melissa: that was their point, budget optimistic. hillary, thank you. as the trump administration looks to get the space force off the ground, a private israeli spacecraft reaching the moon but failing in its landing attempt. it happened an hour ago. it was very exciting if you had a chance to watch it. the 100 million-dollar mission is the first private effort to reach the moon. astronomers capturing the first-ever image of a black hole, 50 million light years from earth in a galaxy far away, opening a new era in
astrophysics. that is incredible picture. a remarkable piece of progress in space exploration which you don't find in d.c., that operates like a black hole itself. fox news, howard kurtz, host of "mediabuzz," new column on black hole politics. no progress escapes d.c. gravity. i love it. inside gravity is so extreme nothing which enters can escape. sounds like washington. wawa. >> nice segment from the space stories. look at first ever black hole, i said what does that remind me of. look behind me of the capitol. sound and fury we glom on to but in the end what was last major issue where any progress escaped the nation's capitol? it's a black hole for any legislative effort, immigration, health care, taxes, infrastructure you name it. i thought i would draw the analogy. melissa: when people try to
figure out why is the president bringing up health care right now? what a terrible way to get reelected. so bad for republicans. why is he talking about closing the border that would cost so much money. they forget his goal was to go there to get people off their backsides to get up and politicians to do something, to get out of the black hole as opposed to everybody in washington seems like they want to get reelected. they want to keep issues alive to talk about them. enough of that depressing stuff. let me ask you about this. american media is looking for a buyer for the iconic but scandal-ridden tabloid "the national enquirer." now they think it is like one scandal too many. "the national enquirer" has been operating like this since i was a child on the set of "little house on the prairie." they would put out headlines what michael landon was doing, this and that. doesn't seem like it is that different. now it is too much and they want to unload it. talk to me about that. >> two things have changed.
the last two scandals have to do with politics, not just movie stars or former movie stars like yourself. between jeff bezos blackmail allegations, accurately disclosing his affairs led to his divorce but being accused of extortion by bezos, previously essentially pleading guilty, getting an immunity deal over paying hush-money to one of the women accusing donald trump of an affair became such a headache for the hedge fund that know owns a giant chunk of american media it decided to unload the tabloid. print publications are having a tough time anyway. i think from sources leaking this, it may be days away before the "national enquirer" is sold. there are a couple of self-inflicted wounds here become not just a financial abbas to but kind of a political liability -- albatross. melissa: it becomes a financial liability if they are engaging in these tactics which go beyond, there is tabloid
journalism where sometimes it's true, sometimes it is not. they gotcha, people may or may not believe it. a whole another step below that people putting it out are using it as vehicle to extort people. you know, to do those sorts of things makes it a much bigger liability, right? who do you think would be interested in buying it at this point? >> somebody with a plan to make some money. make it more of a digital product. "enquirer" denies the blackmail charge from bezos. what is tarnished where it is sort of on probation so to speak, any legal violation it could be prosecuted for the hush-money business in 2016 is. so you can see where that would dim the enthusiasm. why would hedge fund buy it? to make some money. apparently it has become as i say quite the political headache. melissa: the brand is still worth a lot of in the sense it is like a household name, "national enquirer." you know exactly what they do, you know what it is about, like
the fun guilty pleasure. >> the other significance here, david becker, ceo is close friend of president trump. that connection would be lost if he is out. melissa: yeah. howard kurtz, thank you so much. >> good to see you. melissa: breaking news this hour, uber officially filing for its ipo. we have latest from the new york stock exchange. a lot of juicy details there. plus connell has a huge interview coming up. connell: we do with christine lagarde, the managing director of the imf. we saider she gives president trump some credit when it comes to the economy but she has some worries. the methods instead of so-called madness. you'll find out what that means when we return from the north lawn of thena white house. ♪ 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
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melissa: breaking news right now. uner filing it the ipo. gerri willis with more on that. reporter: as this is happening lyft shares trading one down%. these two companies are in a navy feedback loop for two days. s-1 for uber, we'll get uber freight, app matching carriers and shippers, new mobility products, e bikes and e-scooters. news there. want to give you numbers there, revenue for the company,
20,177.9 billion, 201,811.27 billion, growth there. income losses falling from 4.08 billion, to 3.03 billion in 2018. you see some improvement there. back to you. melissa: gerri, thank you. back to the white house. connell what do you have. connell: we'll have the christine lagarde interview, talking about growth and trade, head of the imf. talking plenty about president trump. will not want to miss it. we'll be right back. well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem... like me. ♪
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global policy, where would that growth number be? >> we would be certainly higher than 3.3%. connell: how much? >> i can't tell you by exactly how much. trade numbers are quite funny. if you look at the impact of trade restrictions or trade tensions, it's not monumental but if you add to that market impact and more importantly, the confidence impact, then it starts hurting, because people have been used to trade for many, many years now and they have organized themselves. companies have organized their supply chains in such a way that they can take advantage of the best labor forces, capital taxation regimes and all the rest of it. so trade actually matters both in terms of access to markets but also in terms of framework within which companies organize themselves. connell: if we had less protectionism, is it an exaggeration to say we could have 4% global growth? >> i don't know because we have not actually factored in
revocation of whole tariff as banniers. for instance, let me tell you one thing. when we can probably forecast that in terms of products, in terms of services, we still have way too much tariffs and way too much non-tariff barriers. connell: we have certainly the ongoing dispute between the u.s. and china which everybody seems to be focusing on but europe is important as well. president trump had a tweet last night saying too bad the eu is being so tough on the uk and brexit so the european union is likewise a brutal trading partner with the u.s. which will change, he says sometimes in life you have to let people breathe before it all comes back to bite you. what do you think that means? all comes back to bite you? >> i have no idea. but what i very much hope is that the trade relationship between the u.s. and the eu is solid, is consolidated and is
fair and provides reciprocating benefits because those are two natural economic regions that should be allied together. connell: we at the same time have the disputes that continue over most recently subsidies to airbus which the president -- >> that has been a forever story. connell: it has. is he right about that? >> that subsidies -- connell: on the merits. >> i'm a liberal personally and i can tell you that subsidies on both sides should just not exist and they have been at each other's throat using, you know, competition rules and anti-subsidies principle against each other. connell: does he get it right on some of those issues, in your view? >> of course he does. connell: so do you have more of an issue with the how than the what? >> no, i tell you what i'm concerned about. i'm concerned about the possibly lasting impact of the threat of
trade war can have on economies. because i have been in the private sector for 20 years of my life. you listen to policy makers and you take your decisions, you decide to open an office, you decide to set up a subsidiary, you decide to hire people on the basis of what you anticipate. so when threats are on the horizon, you just watch, you wait. connell: you're not sure. you're uncertain. >> you're not sure where it's heading so you don't do much of anything. the u.s. economy is doing absolutely fine. connell: it is. >> right? at the moment? connell: that's what the numbers show. >> unemployment is down, growth is reasonably high. connell: why did you guys downgrade your forecast even for the u.s. in your global growth outlook? >> because remember last year, we had the job and tax act which clearly has operated as a big stimulus on the economy, so that fiscal stimulus has had a big impact last year. we think that the u.s. economy
is still doing more than potential at the moment, but the fiscal stimulus is abating because it doesn't have forever impact. connell: that's christine lagarde, the imf managing director with us earlier today here in washington. it's interesting, the point she was making at the end, not different than many of our guests have made, that the tax cut effect is kind of waning away and also on trade, we heard that over and over. it's not necessarily what the policies themselves do but what businesses worry about, if that threat is kind of hanging over them. it wasn't just taking shots, in other words, at the administration, but worried about the effects of the policies if this keeps up for too long. we'll see. melissa: i always wonder about that argument because they say they want certainty, before we had certainty of bad trade practices. and of the fact that they were going to cheat and steal so they don't like uncertainty but what about putting up with it for a little while to try and have a better outcome.
connell: i think, final point, interesting angle and you guys talked about it earlier but it's the kind of deal you get and if you get a deal that makes it better, then obviously everybody is all for it. see you back in new york tomorrow. melissa: terrific show. great interview, connell. you were fantastic. see you back here tomorrow. "bulls & bears." david: we have breaking news. disney just about to unveil some very highly anticipated details about its new streaming service that some analysts say could be a netflix killer. deirdre bolton is following it all from our newsroom. what are you expecting to hear on the call? deirdre: so first and foremost, a lot of people want to know about price. how much is disney plus going to cost. disney has always intimated that it's going to be less than netflix which for the most popular membership is $13.99 per month. that gives you two log-ins, streaming simultaneously. we will see what disney will offer our viewers. you can see the price per month for amazon prime, netflix and hulu all side by side.