tv Cavuto Coast to Coast FOX Business June 13, 2019 12:00pm-2:00pm EDT
>> and i like you, we have known each other for a long time. >> love fest. >> i will go buy loto tickets and be onset. stuart: jared is with neil on his program which starts now, right, neil. neil: thank you, my friend, a lot to explore, whais going on in the corner, good day in you're in oil, good day if you're in energy-related stocks because attacks on oil tankers raising questions worldwide whether we could be looking at so-called black swan nightmare development, in the next 2 hours, sometimes more than i could handle, we have barack obama, senior adviser, white house adviser has served all 8 years in that capacity in history of its country, not only jared, he's that person.
house ways and means committee member texas republican kevin brady to defend tax cuts, democratic candidates have been dismissing but more on the fallout from oil tankers reportedly getting hit by torpedoes, at least near the strait of hormuz and area that everybody claims it's theirs, we seem to think it's international waters, blake berman with more from the white house, hey, blake blake: hey, neil, no word on president trump, sarah sanders put out a statement, we are aware of reports on attacks on the ships in the gulf of orman,
one of the two oil tankers attacked off the coast of iran is operated by a japanese company and right now the japanese prime minister shinzo abe just so happens to be in iran, having discussions with aitola, he's trying to dial tensions between u.s. and iran saying he wants to help, avoid a, quote, accidental conflict. america has thousands of nuclear war heads and they are not qualified, which country and which country can't, we are qualified because we are against nuclear weapons, that's part of the backdrop, neil, as you see images today of those two oil tankers that were attacked, one of them by a projectile, potentially even a torpedo, keep in mind, here, that four other
ships basically in the area, waters off of iran were attacked last month as well and that's the backdrop when you look at the international oil market and what could potentially happen going forward, neil. neil: thank you very much, we are getting more from riyadh, the developments on two tankers are from the saudis, major escalation saying from our perspective we could connect and that is coming on those attacks that are backed by rebels that saudis have been going after, the saudis say to iranians, iranians are not claiming credit to this, they are saying that america can do leader to stop iran if it wanted but you add all of this up and a lot of worries piling up. fox military analyst, colonel, what do you make of all of this?
>> yeah, a couple of things, this is six ships, 4 last month and 2 right now that be hit, they were at the straight of hormuz, we heard two houthis claims. we don't know who is doing this, number 2, preventible, the piracy has been going on for years, the insurance companies don't want to stop the pirate violence unit, don't want to stop, it's frustrating because 4 to 10 men on the ships can stop the kind of attacks. tankers port to port and other navy involved. there's no reason for ships to be hit like this regardless of who is doing it, right now we don't know, we keep talking about iran but we are not sure who did this at all.
that's 40 days that we don't know or enough saying to assure who did it and paying for it. neil: why would the united states -- >> exactly. neil: who would want to do this? >> russia, for example, would benefit from this, meant -- plenty of benefits. russian prime minister in iran right now, why would the iranians hit the ship? could be piracy. we don't, we don't have answer. my concern is that we always
say, well, it's water in iran, it's water and whole bunch of countries they are being hit at and we need to be careful. u.s. soldiers have been involved for 18 years in the middle east and this country is four times larger than iraq. we need to do anything with sharp objects to react to this. we don't know who did it and then we can do some talking. neil: you know, leave it to someone who has seen battle and know of its privately cost to urge caution in a time like this, good for you on that, colonel. i would be remiss, sir, if i didn't mention what the president had to say in abc interview about taking down information on 2020 rival from a foreign operation, foreign country, he mentioned as an example, norway, what did you think of that?
>> look, i don't think it's illegal but it's certainly not what we want to do. i think our -- our elections ought to be our elections, period. what the russians did to us in 2016 is inexcusable and criminal act and we shouldn't be allowing other countries interfere in anything that the u.s. is doing politically. i can't speak to why the president would say such a thing, but for me no way, i don't want bostwana and i certainly don't want russia screwing around with the country and not elections. neil: do you think it was a mistake? >> you have to be careful with this kind of discussion, yeah, i don't agree that we should be taking information from other countries that affect our elections, period. neil: colonel, thank you very much, you tell it like it is. let the chips fall where they may.
colonel, we have a lot news later on in the show. in the mean tile oil prices and what this is doing and what's happening in oman and elsewhere. oil markets we are looking for incident, they had one. typical reaction, short-live, what do you think? >> it would be short live. we are still on strait of hormez. you can't use naturalized liquids and while we troll yum -- petroleum products and we need them to come toddes country and we are not practically oil independent, not yet.
we have been doing it for a long time. neil: other ships pass through its blessing. it's going to be tested. >> it's going to be tested and we continue on the mercy of people who are no more advanced than pirates were hundreds of years ago. that's the kind of mind set we are dealing with. and the notion of the -- how the oil helps support the terrorism that's unlearned across the region, the fact that we depend upon the middle east for any oil at all is a shame on us when we have so much reserve in the country and we could use natural gas as well as oil for our transportation fuels but we we e a couple bureaucratic barriers that prevent natural gas in terms of making up ethanol or
methanol. the white house has the ability with some bureaucratic changes within epa and within some of the other agencies to make it possible to just say to the middle east, keep your oil, we don't need it, we don't want it and i think that would have a dramatic impact on the way in which they think about us, the way russia thinks about us, it would -- it would drive the price of oil to much lower level on a permanent basis because you don't need the import. neil: whatever you want to say, could be global slowdown, could be, plain they solve this and that's why the federal reserve ready to cut rates supposedly if things get worrisome and that is why oil will go down, the price will go down because the demand will go down. >> certainly -- i do, i certainly think that the tariff issues have really caused people
to think that the demand for oil will be less, that doesn't mean it's going to stop growing but it'll grow less than people anticipated and we can keep up with lower supply level. keep in mind that the oil industry since 2014 has only replaced about half of the reserve capability of the industry and so we are headed for higher prices at some point because demand is not going to go away in 10, 20 years and we will need more oil, we need those reserves to be discovered and produced and so the fact that we are not investing in capital was big issue, so world -- if world growth comes back we will be short. neil: we are now getting energy from texas sources. >> and it helps to have the variety and sources that we do including the tremendous sources in the u.s. neil: all right.
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information on opponent, would you take it? >> i think you do both, i don't see nothing wrong in listening. >> would you want that interference in the election? >> i think i would take it, if i thought there was something wrong i would go maybe to the fbi, if i thought there was something wrong. >> the president said clearly, once again, over and over again that he does not see difference right and wrong and that's probably the nicest thing i can say about it. neil: well, the president defending his comments but as has been happening for decades, aren't we seeing campaigns throughout many decades relying on everyone and anyone that might get their hands on that might have possible dirt on opponent. i think what made the president's remarks so, i don't know, jarring, to me, at least was that it was perfectly fine
and maybe he might think that and said that but i thought that that was weird, your thoughts? >> well, i guess a politician would have style, he knows he will get tough questions, he's going to go there, he gets asked this question, i think in the frame-up to your question, i think that's the more important thing here which is our government has been trying to impact the elections around the globe for literally almost the entire existence of our country and aggressively over the course of last 50 years, we try to impact elections all of the time with our tax money. neil: that wasn't the issue. asked if a foreign government had dirt on your opponent would you listen, he said yeah. >> we do that. neil: that's the president of the united states saying, yeah,
and that doesn't alarm you? >> no, neil, i think what he said was if they had information in a course of conversation which he did say on twitter he had conversations in the last 5 or 6 days with heads of states around the globe, if you're having a conversation and they relay information that's the way it is with world leaders. world leaders have been trading information -- let me just say this, if there's any wrongdoing he would turn over to the fbi. neil: i might talk to the fbi. what do you think? >> well, a few things here, it doesn't matter if you're a democrat or republican or a foreign ally, example norway or adversary like russia, it doesn't matter because if you are allowing any kind of foreign entity to get involved in a domestic political process, an election, that doesn't mean, quote, unquote, meddling an election and hacking and voter
machines, you know there's no proof of when you start to stir the pot, create path to disinformation to voters to a principal, whether candidate or elected official, as foreign entity, the difference -- 100%. neil: i get it. [inaudible conversations] neil: they shouldn't even been considering. >> it shouldn't be considered. that is something in the course of business that, you know, it's actually disclosed to the federal election's commission usually when you incur cost, contract with someone who has done opposition research, this is a totally different situation. again, if you were from outside of the country and you're trying to get involved in one, way, shape or form, it is not right.
i'm not about to defend the steele dossier but defending president trump either. >> talking to a world leader and something comes out, president obama talk today head of russian government during middest of his reelection campaign of what he could or could not do during election season. is that an appropriate thing to do? >> i know what you're saying, if i get in there the next time maybe i'll be able to be nicer, i think it's what you're referring to, i'm not necessarily that that's great but i'm also saying that he's hs not the same thing, i have a whole binder things on mitt romney. >> let me suggest something, i worked for president, i worked in the white house, what happens with these national, there's a human relationship that develops, most of them run for reelection, most of them have
political concerns, they talk and essential questions, it's called having a relationship, all the president is saying -- >> that's fine. that's fine to have. >> he's going to listen and it's illegal -- [inaudible conversations] neil: look what he did in the country, a lot of people said over done and we don't know what to do with it. >> a steele dossier. neil: after all of that, the president say, yeah, if something came along, yeah. >> you can have a wonderful relationship with somebody but when things come out of your mouth, we will stop the conversation and move onto next topic. i agree that human relationships and interactions with other world leaders are important to the strength within the global community but you also can not put yourself in jeopardy by allowing them you can think to
be vulnerable, we will give you some stuff on you political opponent, then what, what do you owe them, that's the question. neil: why the president was sitting down and george was standing up interviewing him, that's probably -- [laughter] >> i've never seen george -- >> me neither. [laughter] neil: all right, guys, thank you both. >> thanks again. neil: digging in on trade. do you think the chinese are about to blink with all of their problems, they are going after citizens who want to travel to the united states, bad idea, they are really flexing their muscle in honing tong, this is a country of budge on trade, they have a funny way of showing it, stick around.
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that's the trend, target with same-day shipping option, this is a battle that's waging right now with wal-mart and amazon doing the same thing. i guess lots of stuff. kristina partsinevelos with more on that. kristina. >> what we are seeing offering 47 states, 9.99, you're seeing delivery companies climbing higher, ups and fedex. target relatively new on the screen, the company will be using a delivery platform called ship which they acquired in 2015, you need to pay annual membership fee of $99 in order to get the free shipping, however, i'd like to point out that target did say they're working on providing a flat shipping rate of 9.99, if you're wondering how does it compare to amazon, target, wal-mart in terms of the shipping, right now on your screen amazon charges
8.99 per order plus 99 cents per item, same-day shipping and not 2-day shipping, target with 9.99 and then wal-mart, recently announced the same-day shipping option, they're not going to charge a fee but you need to spend at least $35 and taking it up a notch by saying that they want to deliver groceries into your home and put them into your fridge but you need to buy a special lock, all of this is brand new so we are still waiting on how much the lock will cost, overall, this must cost the company money, target did say that even if it does cost company money they have seen increase between 10 to 15% with same-day shipping which is why they are taking the risk. they also said they are providing in-store pickup which is much cheaper. big question and i will leave it here, two questions, first one is how much is it going to cost target, they haven't announced yet how much they will spend on same-day shipping and then, neil, how congested the streets
will be with delivery trucks and all the couriers trying to get your item in less than an hour or less than 24 hours, back to you. neil: kristina thank you very, very much. >> thank you. neil: could be taking steps for boosting economy for on going trade battle. latest sign if they're blinking, i have a hard time seeing it. hey, edward. >> they are pumping billions of dollars into their economy already, china not backing down on the trade front nor indicating that they will come to the table with the president or agree with what the president wants, president trump says he has no interest in china pushback, everything that they agreed to in trade deal and negotiated last 10% was in good faith, the chinese today are refusing to say and beijing is
waiting for a speech the vice president will give. potential meeting with president xi, speech will be on u.s.-china relations, last year in a speech the vice president partially criticized the chinese human rights record, also condemn china for the control and oppression of its people, before confirming the meeting will take place between president xi and president donald trump at the g20 in japan, today a spokesperson for chinese ministry of commerce say that is the u.s. wants -- if the u.s. wants to force china to yield, it will never work. president trump is digging in. the state of the economy would be and white house advisers saying that china has more to lose than the u.s. in this clash, neil. neil: thank you very much, edward lawrence. investors if they are worried about this, they are not showing it, maybe they think cooler heads prevail, are you equally
competent? >> yes, i think it'll be a little longer than people are expecting. those who are waiting for rain days on same-day deliveries will be disappointed. maybe a third quarter, maybe even a fourth quarter situation in which we have some sort of resolution, certainly not will happen very soon. neil: you know, i could be wrong on this and won't be the first time that maybe the chinese are more focused on this upcoming presidential campaign than we give them credit, looking at polls for the president that show surprisingly trailing by double digits in some cases in national polls, trailing big industrial states he flipped from democrats in the case, we can wait this guy out, what do you think of that? >> yeah, i think that's certainly a possibility to be thrown into the mix of things to consider, also we are not expect to go see the chinese gdp drop like a stone and expectations
are that 6.3% growth in 2019 maybe 5.9 in 2020, so, yes, it's going to be experiencing softness, just the same way the u.s. is likely to be experiencing but nothing that's going to be coming close to dramatic slowdown or recession. neil: do you think the federal reserve is now or more of a july event? >> i think it's more of a july event. betting on the blues to win the stanley cup back in january, same kind of expectation for rate cut at next week's meeting, there's about 80% chance according to strategist that there will be a rate cut. but i still think that the fed could surprise us because when we look to the difference
between interest rates and inflation we are at a very, very narrow spread, narrower than before any rate cut that started going back to 1980. neil: we don't have a lot of wiggle room to cut rates, we built it up, not a whole bunch of them? >> that's right. i think the fed really would like to reserve some of that for next recession. neil: thank you, my friend. i want to pass item here that's raising eyebrows in washington now, white house counselor kellyanne conway for repeatedly violating law that limits political activities of employees, conway has become repeat offender of catch-act by disparaging democratic presidential candidates while speaking in her interviews and social media, the white house spokesman was asked about this and actions on part of special counsel's office were deeply
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neil: all right, the president right now is holding a working lunch with governors, i believe 8 of them are right now including governor of hawaii, you might hear the president talking about agency recommending that kellyanne conway be fired for repeatedly violating the law that limits political activities or statements particularly the white house counselor's criticisms of democratic presidential candidates. he might respond to that. the white house office saying that their argument, that's the special counsel's argument. i suspect if he's taking questions it will. you know he's challenging 20 nomination governor good to have
you. >> always pleasure, neil, thank you. neil: let me get your thoughts, governor, it's just come in the president has made similar claims about canada to go abroad, i think he mentioned biden and others that disparage him when they are out of the country or even in the country, is that a violation of hatch act, criticizing democrats? >> i'm not so sure about that, neil, first of all, do recognize the act is there for a reason, it's not like her job is 180-degrees apart from that. i would not be leading the particular charge. neil: the president continues to enjoy popularity party, obviously you're challenging
that, he trailed major democratic contenders if election was held today and you reminded me election is not being held today, what do you think in light of pretty strong economy and resilient market he's not doing better? >> i don't think the president is doing his job, he's not doing the job of watching out for cutting spending, he hasn't to this point. the job of worrying about all the workers who will be displaced through artificial intelligence and all those trends, robotics, self-drive vehicles. neil: something is working. >> watch out for what's going to happen in the future. automatic trains kick in we will lose a lot more workers and we have to plan them u now to get technical jobs.
the president said to congress, schumer and pelosi, you can investigate or legislate, if you're going to investigate me or my family or anything about my finances or my administration, i'm not going play ball with you, take my ball and go home, essentially saying i won't be president of the united states. and i think that picture of the president is totally self-absorbed and not getting out there and doing his job to take care of the people that he represent. i think the image will sink in people's minds and you will see ratings go down. neil: all right, not the case within the republican party. you're trying to get nomination, latest comments president made that if he had dirt on foreign entity on opponents he would entertain, he would listen to it. what did you make of it? >> and the president, neil, said it happens all of the time, congressional candidates get foreign -- hostile foreign power like russia and china offering them information all of the time about their opponents and sometimes they are reported to
fbi and sometimes they don't and if i'm donald trump got the information, well, i would probably take it and told the fbi and maybe i wouldn't, it's just another example of him living too much inside his own head. that does not happen in congressional races, at least i've never heard of it and i know a lot of senators and congressmen. neil: does happen in presidential races? >> it happened one and now we know strategy -- neil: the dossier and democrats relying on that, wink and a nod and in past presidential campaigns, is he saying anything we didn't know, my big reaction, governor, would it be the case a lot of times but another thing for the president to think it and say it. >> yeah, i think it's terrible and he's backing strategy of 2020, chinese and russians were in any doubt about whether he
would glad my accept information and probably would not tell the fbi or anybody else, they're not standing anymore after what he said yesterday. neil: trying to get nomination, governor weld, we have something on the president that no one knows about, what would you do? >> i would immediately report it to the fbi, immediately. we have a duty to do that. neil: so you wouldn't ask before you do that? >> no, no. that's -- [laughter] >> that's not playing the game straight. i'm not accusing of not playing game straight in the past, if you're going to play it straight, what would i do, what would bob mueller do, report it to the fbi. neil: let's switch gears and get your sense of the layout of campaign and where you might have a shot and that might be in the state of new hampshire, things kick off, a lot of
independents, republicans, how do you play this, map it out for me? >> well, so, of course, they're not going to be for anyone except the president. my hope is that it's going to be a big vote and recently from the pollsters is that 69% of the people today are very interested in next election. well, it often gets to 70% but that's election day, this is 17 months before election day, so i think you're going to see, for example, millennials, again xers, suburban women, voters in primaries coming out in much greater numbers and they'll be troubled about the extent to which mr. trump seems to be keeping his own council and not par -- participating in duties of his office, he's really not doing that and a thousand federal prosecutors signed letter explaining why, they say that he's committed federal
crime, so i think it's going to be a whole different electorate than it has been in the past and that's not going to be in favor of the president even in primaries, i think that would be in my favor in the primaries particularly in states such as new hampshire that permit cross-over voting and have moderate republican tradition. neil: the idea to dig president enough in early state that is people don't dismiss you out of hand? >> oh, for example, if i should win the republican primary in new hampshire which is a small state where i plan to be setting down roots in the next -- between now and time of primary, that's almost a fatal blow and i was here in '92 pen pat b buchannan and bush had 91% favorability, both parties nationwide. nixon before driven from office had just carried 49 states, so things can --
neil: no, no. we all remember lyndon johnson and technically won the primary but well enough to drive him out of the race. >> weeks later johnson was gone. neil: you never know to your point, always a pleasure, thank you, sir. facebook reported pushing back at reports that mark zuckerberg knew a lot about privacy problems and wasn't telling anybody about it. the charge that is he lied about it, we are all over this.
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neil: world's greatest golfer teeing off, gerri willis live, hey, gerri. >> hey, neil, that's right, we are here at pebble beach, site of u.s. open, 119th u.s. open. pebble beach is 100th year, great year for pebble beach as well. to tell you good business story, $170 million spent by fans right here over the next four days. i spoke to mike davis, ceo of golf association about what
pebble means to the industry and to golf? >> we go to greatest golf courses in the united states and this one is on everybody's list, this is a true national treasure and we've had a relationship with this facility going back to 90 years and so to bring the u.s. open champion, means the world. >> neil, we are staying in sand central, where everybody enters, 225,000 people who show them entrance with thousands of people storming in, we have been watching all morning, fans come through here and walk-through the entrances down the stairs, usga, not a bunch of dummies, they put store, merchandise, a
big business story, water fans, dustin johnson, we saw him on the driving range yesterday, he's favorite to win, 7 to 1. very interesting to watch him and, of course, brooks going for the repeat. very difficult to do, only one person has done it and that was 114 years ago. we will be here all day, all day tomorrow and we will be taking you place where is you would otherwise not see, back to you. neil: beautiful local, thank you thank you very much. still following on facebook story now disputing wall street journal report that mac zuckerberg knew about privacy problems and wasn't telling anybody about them. digital transeditor-in-chief, jeremy, he said, they said deal, let's say he did, let's say he did know about it, then what?
>> take a step back if i could neil, one thing we are interested is we are talking specifically, scandals and controversy and here is mark himself, what did he know and what didn't he know. i think that as reporters we try to give common decency, maybe question, who knows, courtesy here, but history, legacy of making mistakes an missteps and i'm willing to throw it out the window unfortunately in this case, i think mark probably did do what they are suggesting he did do in this case. time for the government to actually act, break up the company as warren suggested or throw down sanctions, something has to give at some point and this might be the case, this might be the case this actually happened. neil: could he have forged himself when he spoke to congress?
>> one of the challenges of the particular story, we haven't seen emails, we don't know exactly what's going on here, but, again, what makes assumption that he did actually do what they say what he might have done because there's history here n which case he really needs to step down the path of staying, you -- >> i'm just wondering too where this goes, what's going on with google, amazon, businesses out of business and all the fang stocks are -- there's zealous call, how big a deal is this? >> it is a big deal, one of the largest companies in america, technology companies that appear to have too much control and the problem is that they have too much control but it's abuse
going on of trust of the companies, that's what's being evidenced here with facebook problem. when there is the level of abuse systematic, we are talking about ftc consent decree from 2012 and the same issues still going on today when there's the level of systematic abuse it's time for something to happen. neil: you know, we don't know much more than this. the president says that apple's tim cook is at the white house today, don't know what was discussed, i would bet you the issue of china, tariffs came on, comes a day after we learned from foxconn which can be doing that outside of china, your thoughts? >> i'm sure that they're having that conversation, trump loves to talk about manufacturing in the u.s. and tim cook made promises about being manufacturing here. it's a fascinating concept and as soon as you start having the conversation, the question of price comes up and i'm sure that's exactly what they are
discussing. if you build an iphone outside of china which is realistic, foxconn says to, tim says to, instantly cost twice as much, is that a fair trade-off for u.s. consumer, that's the reality of the situation. neil: thank you very much, jeremy, editor-in-chief. normally advisers and those in the administration from top cabinet posts to personal advisers that chew them out and pit them out, maybe year 2 or 3 if you're lucky. wrote historical records by staying 8 years with the obama administration. she's coming up. ed more than just a paycheck. you definitely want to take advantage of all the benefits you can get. 2/3 of employees said that the workplace is an important source for personal savings and protection solutions.
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>> energy stocks, combined them and you have a market where it's at, 116 points, energy sensitive and sensitive issues, turmoil in the middle east oil tankers, we are getting but reports on that. we are going to get a read from the house means ranking member, also the president to push fire with fire with chinese. also getting the read from the former senior advisor barack obama, very interesting but she is out, with her life let alone
the eight years she spent with barack obama. no advisor has spent more time in such a division. and what she think of the presidential race. >> the top story, oil prices are going up after two tankers were attempted to be taken out. we have jackie with the details. reporter: good afternoon, good to see. oil prices up more than 2%. giving back some of the gains they seem. when you see tensions in the middle east this is what tends to happen. in the past we've seen major reactions, actually a lot more severe from the analysts and traders that i've spoken to today have said this move is not as drastic as i would expect. certainly something to monitor and tension in the middle east continue we could see the prices go higher. the backdrop is very important. from a supply stamp but, we are coming from a very strong place especially here in the united states. oil production, 12.3 million barrels a day. that is forecasted for another million barrels by the end of
the year. saudi arabia only 7.9 million barrels a year. that was published is money. russians reported just under 11 million barrels a day. this provides a context where we fit in with the top producers. opec is trimming for global growth demand. calling for one point to million barrels a day and terminate 1.4. the global growth is key because you need extra demand growth to absorb all the additional supply. keep in mind, crude coming out of the united states is a lighter grade than what is procured in the middle east. there are different uses for, it goes to different customers. the u.s. is definitely ramping up exports but that continues to take time because infrastructure issues in this country are still working to move the oil around. oil prices have a lot of reasons to go lower but it will depend short-term on how the tinker plays out. before the news, they are saying
therefore handle is not out of the question, that would be incredible this time of the year especially in the peak of the season. >> thank you. wall street journal greg is here right now, what a very intriguing call last week when they're talking about the 1970s oil crisis provided less and we are now. he joins us out of washington. good to have your. >> yes i hear you. >> explain that to me how the oil crisis obviously offended things but potentially the same possibility exists with the trade war inexpensive in in the 1970s the united states had gotten used to cheap reliable oil imports just as right now the u.s. has gotten used to reliable infection goods from china. it's a shock action that reduces the supply of the import it raises price.
we caught a supply shock. in the 1970s, it was quite that, he pushed the u.s. to work for session at the time. i don't think you're looking at the same thing here. mainly because inflation is so much lower. but beyond that, some of the longer-term dynamics are similar. it will be costing for the u.s. to get used to china trying to find different sources to apply for the goods, it will add to costs and inefficiencies. >> so to go without middle eastern oil were suddenly double, triple, quadruple, i can manage in that would across the board lead to a spiral like that. but you would be arguing disruptive. >> in the 1970s we make things work for selves, there was rationing or price fiscal. yet the famous lineup for the gas station. none of that was necessary because of the constraints on the ability of the market forces. the supply to where it was most
needed. when they lifted the place control of it or eight years later most of that chaos disappeared. we are not done anything similar. we have imports lining up for the commerce department but we don't have millions of drivers lining up at gas stations, the point and making, a lot of the imports sometimes do not have immediate american substitutes or substitutes from anybody. the part of the complex is a supply chain that is built up over the five, ten, 20 years. reinventing the supply chains takes time and cost money. we should expect that to extract some cost on the u.s. economy over time. >> not significant cost of oil crisis. >> racright. >> most of the tariffs of the 25% rate isn't registering so if we were to settle tomorrow unlikely as it is, then what? >> we don't really know, i think
a lot of the harm frontiers right now is not the direct costs, is the uncertainty. if your company or customer planning on supply chain is very difficult to do. and the president has not said that the tariffs are permanent, the negotiating, will know a lot more after the g20 summit the end of this month when there's a hopeful meeting between president trump and president xi of china. if it looks like they can get negotiations back on track that will create a lot of relief in the market and economy and hope that the tariffs will not go up to some level the people are talking about and if things go from bad to worse, we need to start getting used to the idea that used to be reliable and cheap and nothing so reliable that will be so cheap and extract cost. >> a great analogy thank you my friend. >> meanwhile, something else that we could be worried about, it said to continue for the growing for a lot of residents to take their experiences we can, the local government has
been shut down and has been recommended that they get out of the streets and then people worry about tiananmen square and is at about to happen all over again. michael goodman with us, this is a reminder to us of china's true nature. we carefully deal with. >> a lot of people are wondering what is the impact of the tariffs dispute on the trade issues. someone said would china be reticent to take on the president trade i don't think so, i think the be preoccupied with hong kong and fold to the trim command. at tickets more likely the other direction that this will make china less willing to negotiate. >> and more willie kept the any? >> china is always playing the very long game.
certainly looking at the presidential campaign, look what they did in the midterms in 2018. they were running ads in midwestern newspapers basically attacking the president. that was a meddling -- >> do think of a reelected. >> i think there waiting whether it's him or somebody else, there are certain things i believe china is never going to give up. they're never going to give up on the intellectual-property test. >> maybe the damage has already been done? >> i think it's too much of the way that they do business. it's ingrained in their business mentality these days. >> they must see the manufacturers need them. >> i think it's true of a lot of politicians and even chinese politicians because when they feel the pain, that is when they are vulnerable. i think it china's relationship with the outside world, the tendency is to draw back not necessarily make a deal to move
forward but to draw back into weight for more opportunistic time, not a democracy, whatever pressure there is is internal and invisible from the outside. look what they're doing in hong kong, that sort of thing, any other government in the world would be under pressure. china does not feel the pressure at all. >> so far looks that way. good to see you again thank you. every democratic presidential candidate wants to get rid of the presidents tax cuts. that is up next. fact is, every insurance company hopes you drive safely. but allstate helps you. with drivewise. feedback that helps you drive safer.
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geopolitical standpoint, joetta canonical standpoint, what is going on in europe, the feds are really at a place where they have to keep rates low to stay in step with what is going on with the european central bankers, there's a lot of dynamics. on certainty is bad for the market but good for mortgage rate. they have a tendency to move lower. >> what will this do for housing? it's been bumpy, erotic, even with the low rates, obviously mortgage applications picked up but not much you think. >> first of all, a lot of people refinanced the last time richard out at this level. some of it is how many people does it make economic sense. typically a consumer it makes economic sense if you have a 381% drop in interest rate. that's with begins to make sense there may be a life event, my
daughters getting there, this will be an expensive wedding, do we need to temper the equity to pay for this. those shewbread data is that those kind of life event that process to look at to retake long-term savings and take it out of the market or do we take things out of our equity speed entered. >> it's beneficial in the long term if it stays. >> yes i think this will stay throughout 2020, again to start going beyond that, i would have a much bigger job if i could predict longer. i think there's a downward pressure and we will see interest rates, mortgage rates specifically state these rates for about of time. >> good luck at the wedding and congratulations. thank you. you probably heard the news by now, conway, according to an
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southern company we are trying to follow the federal watch recommending kellyanne conway being removed because she has talked about too many democrats out of her development and violating her office, the white house would say none of this is the case. it got us thinking, it happened sometime on the show, what did the role of the key white house advisor about what they can or cannot say. research the history books and found the longest serving senior advisor to any president in american history. it is valerie jarrett, she
served for eight years with president obama, she is a best-selling book out, find my voice. >> how are you. i'm delighted to be here. >> this is breaking news, i hate to throw that you but what are your thoughts on this, about what you can and cannot say. >> it is a clear law that purged habits people who were in the white house and the ministration from babbling and politics while they are in the white house. you can do whatever you want on your own time but from the white house you are restricted from engaging in any political activity. we took that very seriously in the obama white house precolored well within the lines and ethics training to ensure everybody appreciated what they could and could not say from the white house. >> but you would make a commen comment -- >> no not a political one, not when you're in the white house, briefing room,. >> so do they recommend she take a hike, you agree with that?
>> my guess is that she's not interested in what i have to say, i just tell you what the obama white house would've had it done, president obama would have 0 tolerance. >> if i had violated the hatchback yes he would fire me. >> there is a limit on how much you can say about anyone in that capacity. >> when you are dabbling in politics, you are not supposed to say anything. >> would rummagwhat about mitch? >> if you get to anything being interpreted and if it affects the outcome of the election you cannot do from the white house. it's a lot. >> it is very tough when you're in advisor in his capacity and your closeness to obama and the president of the united states, i did not realize it was michelle robinson,. [crowd boos] 1941, 91 as deputy chief of staff and i was recruiting and
her resume was sent to me by a dear friend in the earliest lawyer does not want to be in a law firm. they had a really unpleasant experience at big corporate practices that will. a drum into city government. i was trying desperately to recruit a distric superstar. when i made the offer she debuted and set her fiancé did not think it was a great idea. and i was accused of fiancé whether we care. and she said his name is barack obama. >> use a community organizer and i did know he was the first african-american who became president of harvard. >> and she said would you have dinner with me and i'm so delighted that i did. he was concerned, he said you're going from a big law firm right into a political arena without any backup. and who will be looking after? and i said i am. >> you have the presidents back and even though you don't speak
about any ministration members even in the book, you had familiar enough with people who are much more vocal, robert daniel wasn't key in getting the job in the white house we were told. you don't bring up those details but did you have a rough relationship with him? >> no we work pretty well together. everybody there was a part of the obama administration, there to serve, not losing track of the purpose. in the beginning we all have relationships with him and we developed relationship within the chiller. and we went to form a very good team. >> robert gates, i don't know when you're working with them, but in his memoirs he said he will involve foreign policy issues? >> i never picked that up from him, i was surprised to see in his book. as a senior advisor that's our role. we are there to weigh in on
every single issue that goes in front of the president's desk in the listens to the junior staff and they want president obama's strength was being well-informed and to make sure that his decisions didn't have an intended consequent disparate he listen to everybody and i don't think i was on the scale anymore so than anybody else who had a great idea. >> the people suck up to you knowing you're so close to the president? in the first lady. that you don't want to get on this woman's backside. >> you talk in the book about the time that you are shocked at the election results but you said something interesting that maybe you didn't intend. about the role the obama ministration played in the campaign. those of us essayed until the
end didn't meddle in the clinton campaign, we got a call the campaign manager and said tell us everything you doing, to brief us regularly, but it was clinton campaign ours. so we had a handle policy in retrospect you think that costilla clinton? >> i don't. two reasons, one we were there still working in the obama administration, president obama made it clear, if anybody wanted to take off and join the campaign and several people did including john protested, he said you should do that full-time. if you were part of the ministration he wanted us to renter up until the last minute to make sure the focus was where it should be. in the second point was her campaign. we ran our campaigns twice, it was up to her. >> i remember people commenting, is wise that she hear more.
>> at the time it was our place to second guess her strategy. she did what she thought was right and she got the majority of the votes of the market people. she did not get the electoral vote. our focus was serving the obama administration and completed the people's business that he was elected to do up until the very end. >> junior 202017 that is an emotional day. but i did not realize that there were some surprise that wallonia brought a gift, protocol says you don't bring a gift, but she did. in a surprise people because michelle obama did not have something to give to her. >> it was a bit of surprise but the total scheme of things it did not matter. >> before meeting the election,
they seem to get along, how did that go when barack obama had a chance to meet the guy who beat him, and look tense but it seemed okay. >> i think he tried to suggest like what president bush had done for him and all of us. that is to have a smooth transition of power. part of the other line pillar of the democracy is that elections have consequences and whoever is in office to ensure that they do everything possible so the national security and representation of our country to ensure the success or hits the ground running. that's what we try to do and that's a george bush and president bush had done for us. >> joe biden is a front runner right now, getting a lot of grief because he flipped on that once back to now not in then once said china was no competition and now apparently is. he regrets his behavior and all
that. what do you think about? >> i think it's early in the campaign, ivan honor working with price vice president biden for years. i don't think so. it is early and i think eventually over time it will become a smaller field, but right now anybody who wants to put their name in the hat and compete as they should and earn the confidence of the american people is what it takes to win, i think that is terrific. i am keeping my focus on the general election and whoever emerges as the nominee of the democratic party i will be working for them. >> there's a poll that's misleading, they change all the time the argument is that biden is stumbling at the gate and this reflects back that he is trying to tell the line that the
climate change in all this in initiative in that regard, were told to president obama when he met with key democrats but i think you have to find a way to pay for the. >> i think a lot of folks have thought president obama's counsel and part of what he's saying is authentic, find what your messages and explain to the american people why they should trust you. don't spend a lot of time beating up your opponent in primary, keep focused on the general election, we don't want whoever wins to go in and we can stay. those of the messages i've given the candidates with whom i've talked to. >> when you hear joe biden and a lot of the things he has said, americans can look and say the unemployment rate is going down, i'd rather the market go down, the jobs,.
>> why should we have to choose, we cut in half and does it obama was still civil. i think part of what i'm looking for is someone who i will have to turn off the television when the person is speaking. >> you do that when president trump comes on. >> it's not good for my blood pressure. >> i hunger for the day we do have a calmer that we know the president is looking out for us, all of us not focused on himself. >> you're not a fan that's no not -- >> he is saying that jerry and george papadopoulos had affordability. >> i think by his own fbi director's words that is something that you're not supposed to do. why would we want anybody to put them on the scale for election. if you have to ask themselves, why would they be giving you the
information in the first phase? >> you want to win -- >> it was so controversial the democrats and republicans -- >> i don't thickly do. from what i have heard and my experience at the white house that if you are contacted by a foreign official you should call the fbi because they should not be interfering in their election. why would we want them to, why wouldn't we want to went to the american people voted for. >> do you think, i talked to many democrats to say we don't see him as a legitimate president he cheated the russians put them in there. >> i feel he's a president, i would prefer he's not and i will do everything i can to work on the next election. i'm sure there are things we still don't know, there's a lot of information out there, i
think it's appropriate to have all the information in the transparency that we have about the government the more confidence the people have in the government and i'm a big believer in the and i'm a believer of people getting engaged in voting and that's why started with mrs. obama an organization encouraging the everybody should be concerned that a lot did not vote in the last presidential election. it is stunning to me in troubling and frankly the young people have the most to lose. working to engage them in the process and get them to appreciate the responsibility of a priority. >> you been dragged in the middle with the suite referring at the time to you, planet of of the apes had a baby. they had two of her. >> you put yourself in the arena and you have to learn to absorb
a lot of pain. what can we do to get to the point they were not tweeting at each other for talking to one another. >> not about me, she was more angry about the broader issue and keep in mind, my mother is in chicago, jim crow era and was hoping moving or progress in that. >> i am wondering, do feel that we click. >> what i said to her, we were having a very interesting back-and-forth where she was explaining how we stepping backwards and i was explain in the activism that i saw among women and women from parkland fighting against gun violence in the "me too" movement and she was recounting, get the ways that the administration is rolling back the progress that you made. in the end she said the difference between us, you think were almost at the mountaintop and she said she felt we were dangling over the top.
in reflecting on that conversation of over all the conversations. the future of our country depends on all of us. we cannot just run one another or be so dependent on the devices that we don't learn how to communicate and look into somebody's eyes. >> much is said about president obama that universal him get upset. i know you don't like to buy the confidence, one thing that stands out -- did you see drama out of him? did you see a temper? >> is so interesting as that, ever obviously i was there everything they for eight years and plenty of times where i felt like we disappointed him and he could've been justified with losing his temper and he did not. he is a temperamentally, person and more interested in solutions
them blame. on healthcare.gov, the website went down, it's horrible and there could've been a lot of finger-pointing and he said let's get a backup. because we want people to have affordable healthcare. that was his focus, always the long view, you the american people, all of you whether you voted for him or not we were there in service of you. he did not lose his supper, there was no drama, he would not tolerate it. there were times where i would come in agitated -- >> not at all. in the point of my book was to tell my story and have people officiate the zigzags of my life and the ups and downs. >> you're in iran. >> was born there. >> hughes educating the united states. >> my father in the 50s wanted to do academic medicine so he
could not find a job in the united states at the level that he wanted comparable to his white counterparts were making. he and my mom were of interest and we had a much better diplomatic relationship thereon those days. in the country was recruiting physicians from all over the world to share and my father took the sleep of faith with my mom and i was the second baby born in the hospital and we lived there until his tent. i spoke through for languages at the time and i regret coming back to the united states and did not want to be different so i stopped speaking and i had a british accent because he lived in london for eight years. >> joe biden had the recent and said my best bud with barack obama who is now not chosen tights in the race and the former president. >> no, i cannot imagine that he was, they are good buddies. does the president want him to win. >> he asked him not swaying, and
it's early, we have a long campaign ahead of us, we hope everybody treat each other distantly. >> is a president, barack obama hoping joe biden it's the nominee. >> i am not going there. >> maybe he will tell you that. >> the book is finding my voice and my journey in the path forward, it is very uplifting in this teenage republicans and democrats are willing to say horrible things about each other give you hopes they could still come up with a bestseller in not be a jerk. that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪
that he gets into everybody in washington goes crazy. that happens for 24 to 48 hours. this involves if the president's pricing and willingness to potentially get information from a foreign government if they had information from a foreigner. if necessary, they were taken to the fbi. that was a new onset is been stripped out of the coverage in the last 24 hours. now it is bluntly being projected to the market people that he would go against his political party. that is not true. the other thing to remember, hillary clinton works with foreigners, she paid a foreign national together information from russian intelligence official to attack her political party. that is worth mentioning despite the democrats think it should be discussed at all. >> i don't know the rules and how they plan to whiteout advisors, but the kellyanne
conway, thanks she should be fired. in a similar capacity to work obama, it is something that you should not do. what did you think about a qui quick. >> i was intrigued by her answer because she claimed it would've been zero-tolerance for her boss. that is not true. in 2012 the hhs secretary was found guilty of violating the # and she pays no punishment for that. i happen again into 2016 for the hud secretary violated it guilty of the same thing and no punishment for him. there's plenty examples from just the eight years prior to president trump we had officials who did something political and got a slap on the wrist. >> all the criticizing, i don't know what the laws are in this versus looking through a political prism. i guess is behind the boulder. >> it seems to be.
this is one of the things were the lawyers will person, anytime you are i talked to white house officials we get the candid answer, i cannot get into the politics of it from the policy perspective they give you next donation, luckily i don't have to be grateful for that. >> whether people are like it or not, speak your mind. good seeing you. >> the president did get what he wanted, when it comes to tariffs and obstructing the mexicans on the board. it is still worrying a number of republicans that he overuse that. the ranking member house ways and means on deck. 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 the moisture in your mouth. biotene definitely works. it makes patients so much happier.
>> we are learning more andmoree attacks onto tinkers today they were to 15th, mike pompeo is presumably on the subject, we hope to get the read from kevin brady, the ranking member of the house ways and means committee on all of this. right now a lot of signs that we see point are pointing to iran. them go beyond. because beyond risk...
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was headed for 21 filled with oil. when it was attacked. we seem to be saying that that is iran. i want to get to read right now from house ways and means committee republican congress and kevin brady. this is just coming at you and i plunges for that. but the latest incident, we say is iran, so if that is true what we do? >> good morning, good to see. i'm a little behind the times, we've been added to a half-hour loading block and separate out to this meeting on mca. >> you one of the few politicians talking about, you can never be a cb anchor. [laughter] >> ami get your take on something, that is the fact that you been universally panned by all the 23 democrats running for
president, it did not do the job, to a man or woman they will take him back had he felt that quick. >> i cannot see anything worse than the u.s. economy certainly for those crowds that they're talking to, young people, minorities, those who have little skill and those who apply skills, this new tax code is given opportunity to democrats that have never given them before. turning the clock back to the slow rope of obama is exactly the wrong thing to do in the fact of the matter is, our economy is going 50% faster than the obama experts predicted, jobs are coming back, manufacturing is back in america rather than supervisors. i cannot think of a worse mistake then to reveal the tax cuts. >> what about listing the corporate tax wage? another big mistake as well. what we get on 21% makes us
competitive and as you can tell we are competitive we are seeing the investment and job growth, dollars our point back into america, lashing for the first time since you and i can ever remember the more foreign investment coming into the u.s. then leaving and having a big impact, it would be a huge mistake to make american businesses uncompetitive again. >> one that's having an impact and stands out much bigger, is tariffs, like on chinese goods, that the tax that will hit us, are you worried that all the good you did with the tax-cut. >> the good news is we have a very strong competitive economy, tariffs and trades uncertainty to have an impact on economy, what i am hopeful is with the passage of the new u.s. mexico canada agreement and a resolution to china tariffs we lift a bunch of that uncertainty and backup. we started the year in my view on the path of 22% gdp, it is
still possible as we resolve some of the trade issues and i'll tell you we had a good meeting with speaker pelosi enriching you earlier this week, chairman grassley and i did on the new mexico trade agreement it seems to me that we are on a path passage this year and there's still more work to be done but it seems both parties in the house are being constructive, everyday matters of delay in this agreement but that could be helpful to the economy as well. >> the president are beautiful thing, he got what he wanted out of the mexicans on the board issue, and that helps because of them, how do you feel about that? you think trade has a lever to get what you want something as quick. >> it isn't necessarily where i would go. coming from texas as a border state, we can about. we can have strong security relationships new mexico and strong trade relationships new
mexico as well and i will tell you we pay a price and both issues. i was glad to see that resolved, we spent a lot of time visiting with the president about this issue, i think right now the number one priority is the u.s. mexico canada agreement, and about the tax over his and let me just report for the first eight months this year the taxes are the highest in american history in inflation adjusted that is apples apples and the second-highest received in american history and growing more expected to go 50% more over this decade so again we have the revenue that we need, it's a suspending that the problem. >> representative gets a fact, a lot of people were surprised that people that get more, corporations 0k some did return
the favor by bonuses, giving work to the retirement et cetera, if you do it all over again, i know you had budgetary constraints in a payout, would you made the more generous -- >> for me, i do think the crisis of families and low incomes received the substantial tax-cut, i think one of the lessons that we learn is that we assumed because families live paycheck to paycheck, they want to see those with the relief immediately and a lot of families got the relief, did not quite notice it, that was a lesson learned, secondly, you can never do enough tax cuts i think on the individual especially on the rates of middle-class families, that's why we proposed along president trump more middle-class tax cuts, the bottom line our economy grows and you give people the control of their money.
>> thank you. >> thank you no good to see you. >> the dow up 97 and a quarter points. i will follow up again with the secretary of state house what they have to say about iran issue because they think iran was behind it. the attempted sinking into big oil tankers. let's go to charles payne. >> the hebrew much. good afternoon everyone i'm charles assisting golf tankers reportedly struck by por pedo, we will break it down who could have target and already sensible relationship with iran. markets overall higher, of course, you can see in your screen all three indices are higher. oil prices skyrocketing and oil right now on track for biggest gains since january, meanwhile bernie sanders defending democratic socialism saying most americans would be delighted to pay more taxes, i will tell you why i think he's