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tv   Bulls Bears  FOX Business  July 13, 2019 11:00am-12:00pm EDT

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i'm jamie colby. thanks for watching "strange inheritance." and remember -- you can't take it with you. they hear that. alexa turn off the lights! that does it for us. bulls & bears up next. david: history made again on wall street with stocks soaring to new highs in the final minutes of trading. all three of the major averages closing brand new records with s&p 500 above 3,000 for the first time ever in the close. here's a look at how far stocks have climbed since the election. more than 10 trillion dollars has been added to the value of stocks and market caps since then. now, remember, on election night, when new york times columnist paul krugman forecast an unrecoverable stock market crash, boy, was he wrong. >> i don't want to incentivize companies to leave, fire their
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people, build product, sell the product over in our country, no tax whatsoever, so we end up with no jobs, no factories, no taxes, no nothing. that's not going to happen anymore. it can't happen under our new agreement. david: president trump pushing for his usmca deal at a lockheed martin plant in wisconsin a state he did narrowly win in 2016. trump calling nafta a disaster and urging congress to pass his new deal and boost the economy and jobs. hi everybody, this is bulls & bears. joining me today, i'm david asman is our panel. let's go straight, though, to jeff flock who is in milwaukee. jeff, how did the president's message play in milwaukee? >> i will tell you, david, his opponents can argue with him about a lot of things, but when it comes to the economy, it is hard for anyone to come up to criticize president trump about, i'm sure they will, but talking about usmca today, he called it
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the stupid days of nafta. today he says it's the smart days of the new usmca, better pass it. here's how he put it. >> i'm calling on congress to pass usmca and send it to my desk immediately for signature. we shouldn't be playing around. and every day that goes by, it gets more and more political because we get closer and closer to the election, and maybe it's harder. it shouldn't be hard -- i mean the day before -- the day before the election, but view it as a bipartisan bill. >> the president pointing to the unemployment rate, especially here in wisconsin. you know, it was good before he took office, 3.8% unemployment. it's even better now, and he said it would get even better than that if we passed usmca. as you pointed out at the outset david, this is a very important state for the president. one he won by a very narrow margin. it was one of those blue wall states. wisconsin, michigan, pennsylvania, democrats thought
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they would never lose it. now, since they have, they're saying let's build that wall, that blue wall. david: yeah, by the way, you see that 2.8 unemployment figure and you think there's a mistake. that can't be real. it just doesn't -- it still is hard to calculate what that means. >> crazy. david: good stuff, jeff. thank you very much. so trump's touting growth, job creation and market records, amid the noise in washington. so what's your reaction with what the president just said? >> well, david, kind of mixed reactions. let's first deal with the trade agreement. you know, i'm in favor of any trade agreement that frees up the borders or the trade between borders, but almost by definition, david, any trade agreement picks favorites. that's all it is. it's a way of government getting involved and saying we should keep manufacturing here. we should keep prices higher here. all generally in favor of jobs,
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at the expense generally at the american people. you know, people talk about jobs saved, but, you know, like, for example, the produce manufacturers are saying oh my gosh, this does nothing to alleviate the fact that so much produce is grown in mexico. yeah, but who is the beneficiary of that? it is the american people with the prices. that said, independent studies have shown this is going to be a net positive. so we're probably moving in the right direction. david: probably, okay. >> as far as the market, and the economy, i think people are confusing the two. the market is of course at all-time highs. meanwhile, the fed would not even be talking about lowering rates if they were that convinced that the economy is great. i hate to be again the old man on the lawn, you know, yelling -- [laughter] david: you sound like that. >> i can so visualize that. >> i will be on the woman on the lawn yelling. you know, i think this whole talk of the fed rate cuts and
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let's not send that discussion there, but the idea that powell is very concerned about trade becoming a problem, which is why most people are saying there's no deal in immediate sight with china. let's get usmca done. i love the fact that the president is in the swing state of wisconsin, touting this deal. that is the manufacturing sector. that is agriculture. that is the state he was able to win, and it went back to the democrats when you look at what happened in the midterms. >> good point. >> hilary clinton didn't show up there. president trump is. he needs the farmers' support. he needs their patience, same for manufacturers. >> let's talk about the new nafta a little bit. the interesting thing about the new nafta it is sort of old nafta weakened a little bit. the reason that's relevant is this is mostly political noise. the president said this nafta deal was terrible, and yet, he barely won wisconsin, and my point here is that it was politically insignificant and it
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is probably politically insignificant now as is i think politically insignificant as is the market, that's not going to swing the voters in wisconsin. now, the economy will and gary made some i think some smart points on that. david: jonas? >> first of all, the original nafta was good, and the 90s economy and the stock market is proof of that. so there was a lot of fear mongering, you know, by recently deceased ross perot among others that was going to lead to some jobs leaving, yeah, that happened but also led to products coming with a lot of tariffs and trade wars going on. the president improved it, more like modernized it. it was an older -- there wasn't even the internet then. it is good. it is also still good for the economy. it will prevent trade wars and there will be a trading partner and was it done in a way that implies the other one was absolutely awful and this is the best ever, yeah, but the bottom line it was an improvement and it is also why the economy and
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the stock market are doing -- >> jonas, i have to say something. i happen to agree with what you said about nafta. nafta was good for the economy. nafta was good for so many people. but i think you're underplaying the political significance of nafta. it over the long period was a devastating thing for many other people, and i think that president trump was elected in part because of that. that's why i made the point he hasn't really done anything here. he just tweaked what existed -- david: hold on. i got to push back a little bit because you guys are burying the lead. the lead is jobs. i mean, the jobs numbers of this president are extraordinary, and they're extraordinary for several reasons. one, we had the tax cuts in which, yes, corporations got a very sweet deal, but they used a lot of that money. they did buy back stocks but they also hired a lot of people. and we have 500,000 new manufacturing jobs. that ain't for nothing he was in wisconsin, a lockheed martin
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plant, is because manufacturing jobs some of which we were told by the last president would never come back, did come back, as a result of what he did. he brought corporations back to the united states that had fled to other countries because the tax rates here were too high. >> i can put some numbers on it, david. >> but david, don't you think that a lot of the manufacturing jobs came by because of my initial argument, if you pick favorites in any one industry or sector, you can make that sector look good, and if you bury the price increases across the u.s. population, people don't realize it. >> gary, it was across -- you asked me a question, gary. >> i can make any industry come back today if i'm the president at the cost to the american taxpayer. david: gary, you asked me a question. let me answer the question, which is that it was across the board. if we had just seen job gains in one particular area, i would agree with you. that's not how it's happened. it's been across the board, not only manufacturing, other industries as well and other
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segments of the population. the lowest black unemployment rate ever. the lowest latino rate ever. as the president said today, it is a blue-collar recovery. >> i agree with you. i would agree it is more because of the tax policy and the cutting of the red tape than any kind of trade agreement. david: i agree. >> trade agreement always picks favorites; right? >> the trade agreements are not in effect yet either so it is hard to say those were causing all these improvements. i will also say original nafta was actually pro consumer and pro corporate profits which is sort of what a trade agreement would do. this, if anything, is more of a pro-labor twist on it. you would almost argue this is the kind of thing a democrat or unions would have influenced nafta if they had that power back then. so this is why democrats are in kind of a weak position because trump keeps stealing moves that they should have done and taking them as his, which is why he's moving to the drug pricing thing. these are areas democrats have failed as pro-labor, pro pricing things and trump is tweaking previously free market, pro
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consumer, pro profit arrangements. david: right. all right. that's got to be the last word. we have to move on. tensions running high on capitol hill as the debate over how to fix the border crisis reachs a boiling point. we're going to take you there live for the very latest, coming next. >> i'm not calling on you, sir. >> of course not. >> this is my time. >> you are not at the border! you are not at the border right now! you're in a hearing room. you're in a hearing room. it is my time!
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>> what was worse about this, mr. chairman, was the fact that there were american flags hanging all over these facilities. that children being separated from their parents in front of an american flag. david: wow. emotions raw on capitol hill, a
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day-long hearing on child separation at the border just wrapping up. hillary vaughn has been following it for us from washington. hillary, there have been some very heated exchanges this afternoon. tell us what you've seen. >> very heated, david. also very emotional. alexandria ocasio cortez and congresswoman talib appearing before the committee as witnesses describing first-hand accounts of what they saw down at the border in these detention facilities. they called the conditions inhumane, but even acting -- or former acting i.c.e. director tom homan said that the things he has seen down on the border first-hand haunt him to this day. he still has nightmares about things he has seen. a lot of lawmakers pointed their questions and their anger at homan for what they say is enacting the child separation policy, they blame him for putting it into action. >> you gave her numerous options, but the recommendation was option three, family
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separation. >> that was alexandria ocasio cortez explaining that she is pointing to a memo that was released in april of 2018, detailing from homan to then secretary nielsen options for zero-tolerance policy that he thinks would reduce the incentives for people to come across the border. there was also a lot of talk about why homan did not address the conditions that these children were being kept in. >> do you not care? is it because these children don't look like children that are around you? i don't get it. have you ever held a deceased child in your arms? >> you sit there and insult my integrity and my love for my country and for children, that's why this whole thing needs to be fixed. and you're -- fix it! >> homan actually replied he has held a deceased child in his
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arms, a 5-year-old who he found in a tractor trailer at the border. which is why he wants to stop these people from making the journey in the first place. david: our next guest is a congressman. there's something wrong with a representative complaining about bof border facilities after she had voted against providing more money for those border facilities, isn't there? >> there's definitely something wrong there. i have been to that border numerous times in the last six months. i'm the co-chairman of the border security in the house of representatives. there's no question, it is a terrible situation on the border, but you know what? for two months we have tried to get the democratic party on the other side of the aisle to give us humanitarian aid that would enable to give relief to this humanitarian crisis, enable the president to do what he needs to do, and we just can't seem to do
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it. and we had planned i.c.e. operations, a couple of weeks ago, and i thought there was going to be a deal maybe cut there. there's nothing happened. even today in voting for our -- the defense authorization act, there was money that was cut from the president there. not only do they not cut a deal, it's gotten worse. and so i think that it's disingenuous to hear someone say something like that. >> you heard the former director say look, you are a member of congress, fix the problem. you are a member of congress. how would you fix the problem because the root of everything that is happening at the border isn't happening at the border? how do you fix this? >> number one, we're not going to get -- it doesn't look like the leadership in the democratic party are going to work with us in any form or fashion to really stop this.
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all we can do is have interior enforcement. in other words, we need to start carrying out the judicial orders from federal judges who have over a million illegal aliens who have already had removal orders. many of these are criminals. many of them are. and so they won't give us the resources to be able to -- be able to detain these folks the way we should, and then they squall and squawk when we want to carry out the federal orders. these people, these illegals, a million of them strong have already had their day in court. and the court has ordered them to be removed for whatever reason. and if we don't start removing these people, that the courts have ordered to do so, then we can't stop and turn off the green light. these people will continue to come, flooding our borders and coming in and looking at the problems, sanctuary cities. we have got criminal activity. we've got overwhelming number
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coming into our schools. it is a terrible problem. i'm a healthcare provider. we know there's many communicable diseases down there. many folks are being isolated and quarantined because of these diseases. and mrs. pelosi is -- here we are, the speaker of the house, it is hard for me to understand, but she's actually instructing these illegals who are -- who have already federal orders to be removed, she is asking them to defy the federal law. it is incredible. i can't believe that we're seeing this, but it's hard for me to imagine sanctuary cities either. >> congressman, i'm with fortune magazine in california. you and david respectively have made your comments about the democrats. i want to ask you a question about policy on the border. two things quickly, most people agreed something needs to be done in central america. yet president trump has threatened cutting off aid to the central american countries. secondly, you talked about federal orders. judges have ordered the
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administration to provide for basic hygiene for the children who we have in our care, and they are not getting that care. your comment on both of these things please, sir. >> my comment is that the president has asked for over two months to have the resources to alleviate some of this hygiene problem and the care centers down there, and we have not gotten it. in fact, this very day, the democrats in a national defense authorization act have cut the president's funding even more and lessened his authority down there on the border. >> and the foreign aid? >> and the foreign aid, the same thing, the president also with what was voted on today in the house, is going to restrict his ability to take those funds and use them or not use them for foreign aid. david: yeah. >> so i don't see any deal coming between the leadership of the democratic party who is
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trying to please their far left wing, and i can tell you, i've been on that border a number of times. it is a terrible terrible crisis. i have so much compassion for these people, but we have to be a nation of laws. we cannot have open borders. that's obviously what the democrats want. david: congressman, to that point, president trump confirming earlier that i.c.e. raids will begin to deport illegal immigrants across the country this weekend. and this is something you brought up before, that house speaker pelosi is actually telling people how to avoid agents. let's play the tape. >> it starts on sunday, and they are going to take people out, and they are going to bring them back to their countries or take criminals out and put them in prison or put them in prisons in the countries they came from. we're focused on criminals as much as we can. >> an i.c.e. deportation warrant is not the same as a search warrant. if that is the only document i.c.e. brings to a home raid, agents do not have the legal
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right to enter a home. if i.c.e. agents don't have a warrant, signed by a judge, a person may refuse to open the door and let them in. david: so there you have the third most important person in government explaining to immigrants who are here illegally how to avoid the law. what do you make of this, congressman? >> i'm just blown away. when i read this today, i asked several of my colleagues on the floor of the house, did you ever think you would see the speaker of the house of representatives asking people and instructing them to defy the law, and it's just incredible that we have a million people who are for whatever reason have had their day in court, had their cases adjudicated and been ordered to be removed by federal judges, and then being told by the speaker of the house, that they should not open the door for these people. and i just -- it's hard for me to comprehend. again, i can't comprehend what's going on in sanctuary cities
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either, that people would put elected officials would put the welfare of criminal aliens ahead of their own citizens. i don't understand that either. david: congressman, we need to have you back. this subject is not going away. please come back and see us again soon. we appreciate you coming in today. >> thank you, david. david: meanwhile, bracing for impact, a live picture of new orleans right now. hurricane barry is barrelling down or up, we should say, in the gulf coast. it is expected to reach hurricane strength as early as tonight. we're going to get an update from our fox weather center. plus, we are on the ground live in new orleans next. fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard.
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david: bracing for barry, president trump declaring a state of emergency in louisiana ahead of what could be a category 1 hurricane. mandatory evacuations are now underway in parts of the state.
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nearly 60% of oil and gas production, more than a million barrels a day of oil comes from the gulf of mexico. it's been shut down due to safety concerns, so they are locking them up right now, sending the price of brent crude and natural gas futures higher today. we have team coverage bringing you the latest details. casey stegal is on the ground in new orleans. let's go to fox weather center where adam klotz is tracking barry's path. what's the latest? adam: if this is going to become a category 1 hurricane or tropical storm, currently it is looking like it will stay a tropical storm, but that's not a huge difference, difference between 70 miles-an-hour or 75 miles-an-hour wind. the legacy of the storm will be the water it is bringing on shore. likely making landfall early tomorrow morning. we will track that as it does so. winds picking up at this point. we see spots getting close to 50 miles-an-hour gusts and outer bands of rain. this is going to be a huge rain
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maker before it is all said and done. that wind also causing a problem when we talk about water. this is our storm surge, and a wall of water anywhere from 3 to 6 feet right along the coast, even getting up to new orleans as possible. that is enough to cause a lot of problems in some of these low-lying areas and right along these coastal communities. with the rain, no surprise here, flood advisory stretching from the coast of louisiana all the way over towards portions of mississippi and then running farther to the north as eventually this system will run on shore and kind of spin its way out here for a while, likely still just in portions of mississippi, eventually arkansas by sunday and monday, so it is a slow mover. only moving at 5 miles-an-hour. this is something i want to show you. it is two forecast models of the rain as this system moves on land. these really deep white colors, that's rain getting up to maybe 20 inches, so a lot of rain, but you see it is not very wide. in this model, new orleans maybe 2 inches of rain. if this shifts just a little bit further off towards the east, suddenly looking at new orleans getting up to 15 to 20 inches,
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all depends on where this eventually makes landfall. that's something we will watch closely. as we know the mississippi is incredibly high. it is high all the way up into missouri. all of this funneling down, david, a lot of water is on the way. that's going to be the legacy of this storm. david: adam, thank you very much. as you heard, that storm surge is louisiana coast is going to be wicked. casey, you are there in new orleans. are they prepared for what's coming? >> david, i think so. you know, this is certainly something that folks are used to here, be it the government officials or the residents. storms are not new to this area. so certainly all of the preparations have been made, but the window to finish them, it's closing. i was putting my hand up when we were in the team coverage boxes as we call them at the top of this because the rain is starting to come in sideways. it's probably not translating on tv, but we're getting the outer bands that are starting to already fall here in the new
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orleans area. let's show you some video now, not a curfew in place, but all of the residents in metro new orleans being told to be in home and off the streets by 8:00 tonight. that's not only for their own safety, but also to keep the roadways clear for emergency vehicles, first responders. the levees are said to be holding, according to the army corps of engineers as are the pumps that are designed to pump water out of the city. but record levels of water already in the mississippi river. roughly 10 feet higher than normal. so all of that storm surge adam was talking about and the extra rain, that could be awfully problematic. listen. >> nobody should take this storm lightly just because it's supposed to be a category 1, when it makes landfall. the real danger in this storm was never about the wind anyway. it's always been about the rain,
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and that remains a very significant threat. >> so constant checks are being made obviously on those levees and the entire hurricane protection system that was built after hurricane katrina. the louisiana national guard is on the ground, about 300 -- 3,000 troops, i should say, have been deployed across the region. we have al learned that there are -- we have also learned that there are 300 buses at three different locations that are just sitting there on standby. 300 buses should there have to be some kind of a mass evacuation or something like that, god forbid, a megashelter as it's being described is being set up in alexandria, louisiana, about 206 miles or so northwest of here. so if they have to get large amounts of people out of here, they're prepared to do so. hopefully that will not have to be the case. we're here.
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we will keep you posted. david? david: you can never forget katrina. casey, thank you very much. appreciate it. president trump he's not a fan of crypto currencies, including facebook's new libra, what this could mean for the future of facebook. that's coming up next, stay with us. chugga-chugga, charles! my man! hilda, i like the new do. got some layers in there, huh? the more, the merrier. got to have this stuff in the morning. oh, that's too hot. act your age. get your own insurance company. carlo, why don't you start us with a little bit of cereal? you can spread it all around the table. and we're gonna split the warm hot dog. and i'll have a glass of grape juice to spill on the carpet. oh, uh, do you want some to spill? act your age. get your own insurance company.
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david: shares of facebook opening lower this morning after president trump slammed the company's plans for its own crypto currency called libra.
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the president tweeting out in part quote i'm not a fan of bit coin and other crypto currencies which are not money and whose value is highly volatile and based on thin air, similarly facebook's libra virtual currency will have little standing or dependability. facebook and other companies want to become a bank, they must seek a new banking charter and become subject to all the banking regulations. so could facebook's libra survive if it's regulated like a bank? >> well, the short answer is no. there's a lot of complicated stuff here. facebook set up libra is it actually isn't facebook's but that's a story for another day. the whole point of virtual currency david is that it doesn't run through a bank and isn't regulated by regulators like central banks. now, that said, our central bank and many others are going to say as j powell said hey wait a second not so fast, we have something to say about that. i think it will take a long time
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for facebook to get this thing going with that kind of reasonable opposition. >> yeah, facebook's announcement wasn't like hey i'm pregnant. it was more like hey let's wait until the bit of a baby. -- birth of a baby. it's more like a birthing announcement. it takes some time. i think that virtual, digital currency, whatever it is is inevitable. i think most millennials are okay with the concept, if you will, of paying people around the world, but having said that, facebook with all of these major partners investing in this idea, this currency, it might have pretty quick and fast adoption and that might also, if the system doesn't work, it could cause a worldwide crash of the financial system. so we're in very murky waters here, but the countries, switzerland, japan, and the states, wyoming who are supporting innovation are seeing money come into their territories. we have to support innovation. >> yeah, i actually like it.
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i'm not sure i understand adam's opposition to it. it's all -- all it is is going back to putting intermediary between barter. if i ask adam to make clothes and if in return i make him shoes, crypto currency is the same as any other kind of currency. it is a standard barter. i don't see why it leads to a downfall or doesn't lead to a downfall. i will agree with one thing, though, that i think both of you said, if the government gets involved, it will for sure wreak havoc and make it unusable. >> it's about some sort of framework for how this stuff can function, if the world is going to use it >> but why do we need a framework? that's my question. >> yeah. >> why is a framework necessary? >> go ahead, jonas. >> i will give you the quick -- let me -- i go back to bubble 1.0. let me give you some history on
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this. the first digital currency i believe was raised 100 million dollars back in the dot com bubble. the industry has had all these years of no regulation to make this work, and yet all the areas where this was supposed to help sending money internationally without paying high transaction fees doing a small merchant transaction with a small business not having to pay 5% to some quasi monopoly credit card things, none of that has happened. all that's happened is an unregulated penny stock swindle that is of epic proportions that billions of dollars have vanished into unknown realms, the money that wasn't hacked away. all those currencies -- i shouldn't even call them that, are down about 90% or more if they exist since the peak bubble crisis. i say they need the regulation of a bank to be legitimate and not a fraud and deliver on some of these supposed benefits of crypto currency. david: gary, you are going to
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have to call jonas later. we have run out of time. we will talk about it again. the war of words between house speaker nancy pelosi and congresswoman ocasio cortez getting so heated, even president trump is now stepping in. his warning to progressive democrats coming next. ♪ ♪ award winning interface. award winning design. award winning engine. the volvo xc90.
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but i think that a group of people is being very disrespectful to her. i will tell you something about nancy pelosi that you know better than i do, she's not a racist -- she is not a racist. for them to call her a racist is a disgrace. >> is the president doing pelosi a favor by coming to her defense? >> you know that guy in the bar who is like are you going to let him say that to you? tries to encourage a fight? trump is so brilliant about politics. he's very under -- people underestimate his political genius and this is i think -- he could not disingenuous i think he's trying to drive the party further left where he knows he can make a clean win. by starting more fighting between pelosi and aoc is only going to help the party implode and guarantee him a reelection. i think what he said was true
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and he could be just being nice, but i also think he's already planning on how to set them up. >> well, you know what? two things come to mind. first of all, i love donald trump. i sometimes hate donald trump. but to hear him talk about disrespect, i mean, come on, you got to just laugh. so where jonas -- >> or cry. >> the other thing that comes to mind is the old -- the enemy of my enemy is my friend. look, he is a shrewd politician. he's just picking what he thinks is the winning horse. i don't blame him. >> yeah. he needs her help, you could argue. she might help him if he's nice to her, i don't know, on the border, on the budget, on up coming big topics, but he's exposing a major rift, nancy pelosi, moderate democrats, most of the democratic party, versus the really left liberals. it's infight. that helps president trump. he's exposing it. >> he's squandered every
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opportunity he had to work with pelosi to date. he knows when he says that, immediately they are going to say nancy pelosi donald trump is on your side. he knows that, end of the story. david: it is not the end of the story. there's an important national point which is the race card i think is wearing thin. i mean, when people point their finger at nancy pelosi -- and i agree by the way with jonas, part of this is the president doing his baiting routine, he's brilliant at it, some people would say, but it is true, isn't it, that the political correct way of using race baiting when you don't have an argument to stand on, you immediately point your finger and say racist. >> i agree with you. he's absolutely the wrong person to carry that message, the person who said that the white supremacists were equal to the protesters in charlottesville. david: he did not say that. that's a total misrepresentation. >> that's how i remember it. david: the point is that we agree on the race card being
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overused. >> the point is nancy pelosi is not a racist. david: of course not. >> and saying it on social media doesn't help. david: we have breaking news, the new york times just reporting that federal prosecutors are accusing jeffrey epstein the financier facing sex trafficking charges in new york of witness tampering and wiring $350,000 to two people who were potential witnesses against him. now, federal prosecutors say epstein sent the money to the potential witnesses in late november and early december, 2018. we of course will continue to follow this developing story. well, you can add apple and google to the list of companies that have ignored privacy. we will tell you exactly how they have done that, coming next. ♪ limu emu & doug what do all these people have in common, limu? [ paper rustling ] exactly, nothing. they're completely different people, that's why they need customized car insurance from liberty mutual. they'll only pay for what they need! [ gargling ]
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[ coins hitting the desk ] yes, and they could save a ton. you've done it again, limu. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited...
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anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass.
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david: it is not just amazon. google and apple are now caught in the middle of their own
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privacy scandals. a new report saying google has been allowing contractors to listen in on the recordings of customers collected by their virtual assistant called google home. meanwhile apple has had to disable the walkie-talkie app on their apple watch due to concerns about people who can eavesdrop on your conversations. so is privacy a thing of the past? >> completely, absolutely. no matter what, google or amazon or apple do about it, you just can't control the technology. in the google case, this blows my mind. first of all, the contractor had the information. a conversation that you have with your wife in your bedroom or with your kid, i mean, they have this information and then they leak it. but the fact that the device is listening in before the wake word, before the okay google and storing the information. david: weird. >> yeah, we've voluntarily taken these microphones into our homes and gone on to websites where we are giving our location information, so to an extent, privacy is absolutely dead.
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by the way, these are the relatively well meaning legitimate companies engaging in this. there's all sorts of criminals trying to steal our privacy as well. it is a mess. david: good point. >> but privacy doesn't have to be a thing of the past. we willingly -- the trade off for being in a connected world and having all the efficiencies associated with it, we give up privacy. people say oh my gosh, how could i possibly live without facebook? oh my gosh. you could go without facebook forever. you could not use google -- there's other search engines out there. you don't have to use alexa and siri and all these other things. >> name one. >> it's easy to become disconnected from the world and still live out there. you can have a great life. most people, like lauren, a typical millennial, who we love, chooses not to be unconnected. >> i still write checks.
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still write checks, put them in the mail with a stamp on them. >> you are sweet. [laughter] >> i do have a suggestion, though, maybe instead of having to opt-out of some of these services, you're automatically out, and you have to opt in. that's one thing that -- david: that's a possibility. >> that could sort of protect our privacy again. >> people want in. they want in for the free giveaways. it used to be so hard for people to put microphones and cameras in your house, now you pay money to do it so you can say what tees weather and you hear the -- you can say what's the weather and here the answer back. there's always a tease tore give you something -- there's always a teaser that give you something to collect information, like filling out a quiz to get something free. the humans are listening so they can learn to get the machines to understand. david: that's what they claim. i don't believe it. >> i think there's too many conversations going on for people to listen to. i assume they will show you ads
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and other services based on discussions you are having with your spouse. that's the future. it is a little incremental every year, so we don't really notice. if we looked back 20 years, that would be highly shocking. david: i don't think that's the future. i know a lot of people who have conversations, they've got alexa in the room and they get advertisements about the conversations they are having. a lot of people don't think it's a coincidence. how many times you get in an elevator and somebody is on their phone and taking about something intimate, a guy talking to his wife, it is the kind of privacy that people are willing to give up the time. think people don't care. think people don't care. what led to shaq hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job.
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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. ♪ what might seem like a small cough can be a big bad problem for your grandchildren. babies too young to be vaccinated against whooping cough are the most at risk for severe illness. help prevent this!
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david: we all know shaquille
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o'neal is a savvy businessman. but he says following the advice of jeff bezos has probably quadrupled his net worth. he said he makes his investment based on whether it's going to change people's lives. once i started that strategy i probably quadrupled what i'm working in. if something comes across my desk and i don't believe tonight i won't look at it. david: is this advice we can take to the bank? >> he loves it and believe tonight, and you can't get better advice than if you read peter lynch's one up on wall street. it encapsulates everything i
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think shaq believes in. >> i'm sceptical about this advice. first of all it leads you to a path of world changing things that wind up losing money for everybody. amazon built books online for a money losing business for 10 years. the execution was so great that was more important pass an investment. >> it all comes down to the chris i cream cream -- the crisy creams for me. if i don't believe, i'm going to take path and focus on things i do. david: i once invested in people express. i watched it go from all the way from where i bought it all the way down to zero. you can't sales believe in this
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philosophy. no one is perfect. - [narrator] the following is a paid advertisement for the hoover onepwr floormate jet. how do you typically clean your floors? do you make it a team event? (frantic music) do you do the sloppy shuffle? do you call in backup? cleaning your hard floors has always been hard work. first there's sweeping or vacuuming. then you haul out the mop and bucket. but does pushing dirty water around really get your floors as clean as you'd like? and then there's the joy of cleaning pet messes, or getting down on your hands and knees to scrub old, dried on, or sticky spills? sure, other products claim they make hard floor cleaning easy, but they still require lots of elbow grease, and they do nothing for large messes. sometimes you just wish there was an easier way.

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