tv Cavuto Coast to Coast FOX Business July 15, 2019 12:00pm-2:01pm EDT
competitor it's a bunch of stuff you don't really need be pushed at you. if you believe amazon you can get a good deal on echo and other products. amazon wants you to be addicted to the ecosystem the same way you are with apple. stuart: they revolutionized the industry. blake burman in for neil. blake: i'm blake burman in for neil. this is cavuto "coast to coast." we expect him any moment. we'll bring it to you as this happens. the dow and s&p hit all-time highs for a second straight session but boeing did drag on the dow after "the wall street journal" reports that 737 max 8 groundings could extend for the
rest of the year all the way into 2020. but first back out to that made in america event down there in washington. things, even though they are running smoothly here at home, they're looking much rockier overseas for china. for example, china seeing its slowest growth since 1992. huawei is reportedly planning big layoffs here in the u.s. while more u.s. companies are ditching operations in china. we begin here with edward lawrence. he is live at the white house with how both sides are responding on this monday. hello, edward. reporter: good day, blake. we'll keep an eye on when president trump comes out. the president woke up this morning with the economy on his mind. the president it touting in tweets, china's economy in the second quarter, is the slowest in 27 years. he adds tariffs are having major impact on china with companies wanting to leave china for non-tariff countries. now adding that the president believes china wished it had not
broken the original deal in the first place. the administration arguing it is china who is paying for these tariffs now. >> these tariffs are working. as president trump said in his tweet, they're raising tens of billions of dollars but also china is also paying for the tariffs. their producers are being forced to lower their prices. they export less, they earn lower profits. the chinese government is seeing slower growth. reporter: many economists say tariffs are a tax on the consumer and eventually the consumer will end up paying that. the president is holding off on the next round of tariffs on everything else being imported into the united states being under tariff. he does have the option coming up. they're still moving towards that. the chinese are right now, phone conversations between the two trade delegations are still ongoing. the united states trying to get a date for the next round of face-to-face talks. the chinese are mixing economic
and foreign policy that could affect honeywell which are selling arms to taiwan. >> in order to safeguard national interest, china ill impose sanctions on sales to taiwan. i don't have any details at moment but be sure that the chinese are true to our word. reporter: there is call to boycott the non-defense arms of these companies that includes, for example, the china is the third largest market for the gulf stream private jet. that is a general dynamics subsidiary. the loss of that market could affect their bottom line. all this is mixing into the trade talks, blake. it has come in what huawei added to the trade talks back and forth. back to you. blake: edward, talking about potential layoffs with huawei as well. edward lawrence at white house for us. thanks. to market watcher, brian wesbury. he says china needs a trade deal
more than we do. hey, brian. >> hey, blake. blake: you do i believe that? just looking at the numbers here? >> china thinks in 100 years, they think in 1000 years we can't do that, therefore they're going to win. but companies don't think in 100 years and 1000 years. companies will move their supply chains out of china and in fact, many already have. dell has. gopro. brooks running shoes. nintendo. what they're doing is, they're taking their supply chain, the products that are coming to the united states from china and they're moving them to countries where there aren't tariffs. and this -- blake: will that reverse when the tariffs come off? that would be the next question. if you move it, all of sudden there is tariff truce long term what do you do next? >> well it's possible. it depends how much you invested somewhere else.
my belief the longer china lets this drag on the more likely these supply chains are moved permanently. that is why i believe they have to come to the table because the threat of 25% tariffs on the rest of, on the next $300 billion worth of exports is going to hurt china even more. we see that in their slower growth. by the way, i think the u.s. is winning. some of this production is coming back to the united states and that's why i don't believe a slowdown in china or slowdown in europe is actually affecting the united states negatively. i actually think we're picking up growth from those two places. that is why our gdp is actually accelerating from the past eight years while china and europe are slowing down. blake: running at about 3% clip. china q1 was 6.4%. q2 was 6.2%. >> right. blake: you say china needs a deal now more than the u.s. but if you look at the calendar,
brian if we're having this conversation a year from now, and there is an election, two months, three months down the road, if there isn't a deal, is the president that is going to need one then? >> i actually don't think they can wait that long. this is why i say, it is really not china's outlook that matters. it is u.s. corporations out look that matters. they think quarterly, they think yearly. they don't think in one one -- 100 years. they think now. when they invest in vietnam, malaysia, mexico in the united states to produce those goods, they will not go back. that is a big investment. they have to have it pay off. they will not waste their resources over time. that is why i just don't think this thing will drag out until the election. will not be the president that gives in. it will be china gives in the. blake: we will see what happens, brian wesbury. have to leave it there. good to speak with you. >> thanks, blake. blake: stocks setting records as earnings season kicks off. it will be interesting couple days and weeks with earnings
season. citibank already today began with a start there, beating wall street expectations. s&p 500 earnings expected to slip .6% from last year. revenues though are expected to rise about 3 1/3%. to market watcher alan knuckman, what we should be looking for. interesting time that we find ourselves in right now. >> definitely, hot, hot markets. we're seeing a market melt-up. we had a full recovery. if you go past history, every time the market sold off, it bounced back the distance of the drop on the old tops. we have a 10% target to the upside across the board from this rally recovery that we've seen. blake: you say 10% to the upside but when you look at 80 companies in the s&p 500 have said, maybe q2 is a little weaker than expected. that is 20% of the companies in the s&p. what makes you feel so optimistic? >> i've been optimistic for a long time. nothing' changed.
money flow goes into equities. if you look at treasurys, not the opportunity to make money. money continues to flow in the stock market. part of being optimistic, following the path we're on. obviously we continued to rally for nearly 10 years here. corporations are doing extremely well. you talked about banks. banks profits are billions. we're talking about, you should see numbers for jpmorgan five billion profit for the quarter. 6 billion profit for bank of america. these guys are making a lot of money. growth has slowed. we're still having continued expansion of those profits and that's what is most important for these corporations. blake: see earnings there on the screen, companies reporting earnings this week. look at companies, banks, particular, goldman sachs, wells fargo. bank of america. we saw citigroup today, we're talking about a potential rate cut at the end of the month. that would affect these banks, would it not? >> definitely. banks set tone for the quarter as they do in the past.
with the rate hike, today odds increased to 30% with half a percent cut. we had taken on the market. blake: why are you seeing that confidence? >> that is what futures market ares telling us. that is what you have to go on. there is heightened expectation there is more possible. whereas a week ago it was 5% chance. we're going to get a cut. now the question will we do a half-point here? will we do quarter point and quarter point back-to-back. we'll wait to see. that can be a cattle prod for the market that can juice the market. i don't know if that is good for the long term, but we're, stock market is up at all-time highs. i never seen a rate cut when the markets is at highs. we haven't cut any rates since the financial crisis this is really, this is really adding sugar to the kool-aid for sure. blake: that is one of the questions we continue to ask the administration if the economy is doing so well like you say it is, if the market is doing so
well like you see it, why do you need a rate cut? the president is calling for it. most likely will get it. alan knuckman. we'll leave it there. >> thank you. blake: speaking of the president. we're awaiting president trump. he is at the made in america event. they have done this a couple years. this is the third time the president has been at the event. when president listens, we'll tune into it to see if he makes any news. speaking of news did you hear what billionaire investor peter thiel is suggesting? he is throwing out the words google and treason. we'll tell you what he wants the government to do about it. ♪
when you're near an xfinity hotspot, you're connected to wifi, saving on data. when you're not, you pay for data by the gig. use a little, pay a little. use a lot, just switch to unlimited. get $400 back when you buy the new lg g8. call, visit or click today. blake: sigh of relief from the south lawn on the media. it is about a billion degrees. there the president emerged.
this is the third annual made in america showcase south lawn of the white house. the president walking around, touring products made in america. he is coming to the cameras. maybe, let's listen here to see if he says anything. [inaudible] >> back up, guys. back up, guys. >> i know this company very well. >> back up, guys. >> [inaudible]. >> they are building a new factory. now is your business? [inaudible] >> press follow me. press follow me. blake: you know the drill, about 2 1/2 years into this, you never know if the president might come to the cameras to make news. you never know they will monitor the made in america event. touting american innovation products and companies.
to the man who wants to unseat president trump, one of them at least, joe biden, one of the few democratic candidates opposing "medicare for all." he rolled out his new health care plan today. fbn's hillary vaughn with the very latest. hi, hillary. reporter: blake, joe biden is calling out his fellow 2020 contenders for president wanting to ditch obamacare in favor of "medicare for all". >> i knew the republicans would do everything in their power to repeal obamacare. they still are, but i'm surprised many democrats are running to get rid of it. reporter: democrats want to expand medicare, biden want to build on obamacare instead. opting a modest medicare plan. the biden plan would have public option negotiate prices with providers, reduce costs for families by capping costs to 8.5% of household income. the plan has cost controls for new specialty drugs, allowing
hhs to decide a reasonable price for consumers. the plan would allow patients to buy prescription drugs from other countries as long as hhs determines that these drugs are safe but biden's -- people like candidate bernie sanders, senator bernie sanders who want to ditch obamacare in favor of "medicare for all." senator sanders is not backing down. he is at a rally advocating further for "medicare for all" plan. he tweeted this in response to biden's video. i thought to improve and pass obamacare i vowed to repeal of obamacare, but i won't end corporate greed that creates dysfunction in the health care system. we must pass "medicare for all". the cost of biden's plan would be $750 billion over 10 years that is a lot less than "medicare for all" interests. a center study estimates "medicare for all" would cost the federal government $32 trillion. biden going with the more
affordable route. blake. blake: just a little slice, 700 billion compared to 32 trillion. hillary vaughn on capitol hill. health care was the deciding factor for many voters in the midterms. could it potentially decide 2020 is a question a lot of people are asking. fox news columnist liz peek is here now. liz is here now. she willing on "bulls & bears" 5:00. we'll take you here first. >> glad to be here. blake: you're looking at same polls i am, the 2016 deciding factor gave house to democrats was health care. now if you look at polls, number one issue is health care. joe biden rolled out his plan. >> it is interesting, because in 2018 it is unifying factor for democrats. it is the most divisive factor for democrats running in 2020. biden's plan is considered moderate compared to bernie
sanders's plan. almost any plan would be moderate. blake: in the primary we want a "medicare for all" option, don't scrap obamacare, build on it. if he get there is that is where he will go. >> a couple things for him. it ties him to obama. that is something joe biden very much wants on the campaign trail. number two, think about the blue-collar voters democrats are hoping to win back in 2020, that they lost in 2016. who has more generous health care benefits than union people who work for private companies, right? that has been the big benefit that has been won by union negotiations over the last decade. do those people want to give up what they have so hard fought won in exchange for "medicare for all"? absolutely not. biden is someone, who democrats feel he can appeal to the voters in the swing states this is another thing he can talk about. blake: we got the email blast from the biden campaign today, sort of laying all this out
there, press release, i'll tell you what caught my eye. the very first stat, the very first number in the press release is the following, they say because, quote, of obamacare, over 100 million people no longer have to worry that an insurance company will deny coverage or charge higher premiums. that is the first thing they wanted to point out, laying the groundwork for republicans are going to take away preexisting conditions. we saw that work in 2018. >> that is a pretty good argument point. tell you the truth, republicans are nowhere on health care. incremental things, allowing private groups to go across state lines, that actually does help expand more affordable health care insurance, but otherwise they don't have any big plan. i thought the republicans should take obamacare, in a dark room, scratch out the name, scratch out something else, this is our health care plan. that is what biden is doing. blake: you know who says they are the best at branding, right? >> exactly right. blake: speaking of the tweet from over the weekend, the president is pushing back
against it, essentially, when he told four progressive democrats to go back where they came from. three of them are from the united states. a fourth emigrated to the united states and is a legal u.s. citizen. the president is pushing back on it. this is a blunder, is it not? >> i think it's a huge blunder because he doesn't need to do this. these four young congresswoman are already incurring the wrath of a great many americans including nancy pelosi and establishment democrats. they are the outlyers. people are generally speaking, people are not on board with these very disruptive elements in the democratic caucus. they're known for being ant at the semitic. president trump, be quiet about them. they're daming themselves. blake: the white house is not quiet on it. they're being asked about it. marc short, chief of staff of mike pence on "mornings with maria." >> when the people write president has racist motives,
look reality who is serving donald trump's cabinet. he is making a point a lot of frustration people feel. hard to find anything ilhan omar since being elected to congress being proud of united states of america. blake: the congresswoman in the past which many took being antisemitic, which she apologized for. here is the problem, the name recognition of ilhan omar across the country is minuscule compared to that of president donald j. trump. they say look at ilhan omar, the rest of the country is looking at the tweets from the president. >> going back to my initial comment, the greatest schism in the democratic party since they took over the house, the outspoken progressive squad are the most vocal element and nancy pelosi is trying to maintain order. if you look at it politically, nothing could be better for
president trump and republicans going into 2020 to have all the people fighting with each other. when president trump comes out and says something mean about them, that makes people say i have to defend them. so, i think it was a mistake. i hope he backs off of this. blake: liz peek, we'll see you tonight, 5:00, "bulls & bears." >> pleasure. blake: coming up, president trump taking a tour around the white house to check out products at the made in america event. you can see him on the south line as we take a live look in. we'll bring you the formal remarks. he is expected to make those shortly. we'll take you there when that happens. also, bitcoin, the price plummeting today amid new signs after cryptocurrency crack down. the president says he doesn't like the whole cryptocurrency thing. the markets reacted. key portfolio events. all in one place. because when it's decision time... you need decision tech.
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but dad, you've got allstate. with accident forgiveness they guarantee your rates won't go up just because of an accident. smart kid. indeed. are you in good hands? blake: start of earnings season started with a nice beat by citigroup. shares of big banks are down despite that, taking a look at the board there.
you can see jpmorgan down about little more than a percent. goldman sachs down a little more than a percent. city group, bank of america down as well. stocks at an all-time high right now. it could be higher if not for boeing which is down about a tick under a percent itself. jackie deangelis is live at the new york stock exchange with the very latest. hi, there, jackie. reporter: good afternoon, blake. boeing is at lows of session but off the session lows. "the wall street journal" is hearing from industry insiders that potentially we could see the 737 max jet off the runaway until the end of the year. this is coming after american airlines said it would keep it off the schedule through november 2nd. so extending that deadline. that is two extra months actually. united said last week it is keeping it off the ground, in the air until november 3rd. remember the 737 max was grounded since march 13th. seems like so long ago. that was after the two crashes
occurring less than five months apart. boeing is working for software updates on the plane supposed to fix functionality defects. airline is working to train pilots. the hope they will be safe to fly again. airlines don't want to disappoint customers with last-minute cancellations. they seemed to think it is more prudent to make announcement so travelers can prepare. the 737 accounts for a third of the operating profit. crucial for them to get it back in the air. some say that boeing should rebrand the plane, that passengers will not want to fly on the planes. look at the stock. on the day of the grounding boeing was trading $370. it is now a little under 362. that is of so many volatile moves. blake. blake: jackie deangelis on floor of new york stock exchange. thank you. you got to wonder what happens with boeing over next couple months. when you select a plane, flying
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reporter: hey, blake. we have the prime day shopping extravaganza kicking off but also proving to be an opportunity for workers at this fulfillment center behind me outside of minneapolis to have their voices heard. they are not protesting pay. we expect 100 workers to go on strike in 3 1/2 hours. it will be a six-hour shutdown and a walkout, first of its kind, north american walkout. they have not done this on big days like cyber monday and prime day. what they're upset about is not pay. amazon moved their minimum wage up to $15 an hour. what they are upset are working conditions. what they say are unfair productivity quotas. one of the workers says she has to box at least 600 items in one hour, 60 minutes, which is hard on the body, which is hard physically to do. they want more full-time positions. more are temporary and they want more full-time jobs as well.
we'll be tracking this throughout the day. i want to point out that amazon did get back to us. they say if the groups, unions, politicians rally to their cause really want to help the american worker, we encourage them to raise the minimum wage. back to you. blake: susan, sorry, thank you, we have to jump in. president trump on the south lawn for "made in america." >> welcome, everyone to the white house. we're proud to be hosting our third in made america showcase. we're about made in america. we started this. [applause] this is my third already. i went around and saw the incredible companies make everything from the thaad missiles and i said how will it do against thaad missile. the boat would have a problem but the engineering are incredible things. i will go into look. i saw incredible things
yesterday. made in the usa. we're here to sell operate and support the most incredible products in the world. this is very representative sampling because we're making more product here than we ever have. joining us today are manufacturers from all 50 states and they are terrific talent, terrific craftsmen, business people. sandals from florida, tabasco from louisiana, airstream trailers, the airstream is a great trailer. i've seen it for many years, they're doing better than ever, from ohio and custom-built motorcycles from the great state of indiana. we also represented, we have a lot of folks here from light speed bikes from chatanooga, tennessee. as a result of moving certain of its operations back to the united states, i love to hear this, that is what i like, when they move back, we don't have to make product in other countries,
its parent company has experienced 70% that just happened, they just announced 70% growth over the last two years. so they moved their operations back and they are 70% up in growth. so i want to congratulate you, lightspeed. i want to congratulate everybody. that is fantastic. [applause] and also a very special thank you to casey andrews with gameday iron works in oklahoma for making this beautiful presidential seal. it is a beauty. i think we have it displayed someplace right here and i specifically said how much? because i want to buy it. i don't know if they gave me a good price. but we'll get it. we'll put it up at the white house. it is beautiful. so many of their other projects and products are incredible t was forged from american pride and with american pride and
american account craftsmenship and it was 100% american steel. our steel industry is doing very well. we put massive tariffs on dumped steel. they were dumping steel. our steel industry was going out of business. if i hadn't been elected you would have no steel industry now. it would be gone. do we have not only steel, energy, some other things, we have, we're vibe brand. we have the hottest economy anywhere on earth right now. today also viewed boats that were proudly displayeded by cobought boats from kansas and freeman boat works from south carolina. a farm irrigation system from nebraska's tl irrigation. i want to thank those three companies. it is not easy to get these big, beautiful products here and you got them here. [applause] thank you very much. i also want to share our appreciation to lockheed martin ceo marilyn usan, showing us the
incredibled that -- thaad missile system and keeping the sikorsky helicopter plant in pennsylvania, saving 465 jobs. i called marilyn a couple weeks ago. i read a story they're closing your helicopter plant in pennsylvania. we doesn't do that. marilyn, you have to do something. i really appreciate it, marilyn. they're keeping the plant open. everybody in pennsylvania is happy. we will continue to make sikorsky helicopters in pennsylvania. thank you, marilyn. some of the manufacturers represented today have been around for a long time. more than a century in a couple of cases. johnson woolen mills was founded in vermont before the civil war. today stacy is the fourth generation of her family to run the company. stacy, wherever you may be, hi, stacy, please stand up, stacy. congratulations. [applause] it's great.
others are just getting started like the snake bite company in missouri. i thought it might be a snake. it is nothing to do with snakes. i'm happy about that. i looked at your product last night. it is incredible. kevin kelly raised, start-up funding online a few years ago. now he is selling specialty bottle openers and some other things on two continents and the product is amazing. kevin, congratulations that is a great job a great job. thank you very much, kevin. [applause] where does snake bite come from? where does that term come from? i get it. okay. well it has been working right? it has been working. but while those here today create many different goods you're also devoted to one of the greatest missions on earth, making the best products from the best materials, with the best workers anywhere in the world right here in the united
states of america, right? made in america, made in the usa, call it either way, that's what we're doing. when i took office i was told by the previous administration manufacturing jobs would be disappearing. there was no way -- they said you would need a miracle, right? we have a miracle. we're up 600,000 manufacturing jobs since the election. [applause] so it has been an extraordinary resurgence of american manufacturing. we added more than six million jobs sense i was elected including over one million jobs in manufacturing, engineering and construction. as i said 600,000 jobs in pure manufacturing. that number is going to go substantially higher. japan and other countries are at my absolute request, order, call it whatever you want, they're sending tremendous and building
tremendous plants now in the united states we hadn't had auto plants built in many many years. we're having many in michigan, ohio, pennsylvania, florida, north carolina, south carolina. many, many plants are being built and being expanded. that was not happening. our auto companies and many companies were leaving the united states. now they're staying. they have a big disincentive to leave. we're not happy when they leave. when they leave it is not the same. last year we saw the biggest increase in manufacturing jobs in more than 20 years. under my administration manufacturing share of total job gains is the largest it has been by any president in over one-half of a century. don't forget, the old days they manufactured. so i'm competing against some pretty tough statistics. yet it is over 50 years. unemployment has reached the
lowest rate in our country in over 51 years. [applause] and many groups i have to say, african-american unemployment, if you look at african-american, asian-american, hispanic-american unemployment it is the lowest it has ever been in the history of our country. the women's unemployment, the lowest has been in over 70 years. we'll soon have the all-time record for women's unemployment. today american manufacturers are contributing $250 billion, think of that, $250 billion more to our economy than they can contributed before this great election that took place in 2016. heeding the wisdom, you people note this, many of you are indeed manufacturers in your own way, manufacturers with great talent, we're heeding the wisdom of our founding fathers by restoring our economic independence and reawakening our
industrial might. that is what has happened. whether it is jobs or making something, that is exactly what happened. previous administrations allowed foreign countries to steal our jobs and plunder our wealth. they stole our wealth. they stole so much. it was allowed to go on so long, but it is not going on any longer. you take a look at what is happening. look at today's front page of "the wall street journal" you will see where china's had its worst year in 27 years. i'm not looking for that but we had a deal with china and they decided not to make that deal. they said let's renegotiate. i said no thank you. we put tariffs on china, very big tariffs on china. [applause] and we're standing up for the american worker like our country has never stood up for the worker before. certainly not in 100 years or
50-year era. i think we can go back right to the beginning. nobody stood up for the worker like i'm standing up for the worker. to protect our defense, industrial base probably about the most important if you think, we placed tariffs on foreign loom and foreign steel. it brought not to a complete halt. we still get some. they are paying a lot of money into the treasury. amazing the difference it had. for our farmers we have taken in tens of billions of dollars of tariffs from china, but china stopped dealing with our farmers. so i asked your great secretary of agriculture, sonny perdue, what kind of number are you talking about? what have they left? $16 billion, sir, taken off the table. that's okay. we've taken in much, much more, many times that in tariffs. so i will give the farmers, we're going to help them out, because they are great patriots,
we'll give them $16 billion just did, been approved. i approved it. so our farmers didn't lose anything by the fact that china targeted our farmers. they targeted the farmers. they said you know, president trump did great with the farmers. the farmers love him. he loves them. so we'll hurt the farmers. well the farmers are patriots. i never had one farmer say, please make a fast deal, sir, please make a fast deal. the biggest beneficiary will be the farmers but the 16 billion that wasn't spent was putting back into the farm and ag system and farmers are thrilled, i must tell you that. [applause] we're taking the toughest ever action to confront china's chronic trade abuse they were doing numbers on us for many years. i watched "sleepy" joe biden talking about we'll fight china on trade. he didn't do it.
he has been there like 45 years. he didn't do it eight years because they ate our lunch during the obama administration. it was only recently that, well i mean recently, lots of warnings for the last period of time. then you have statutory constraints where you can only go here, here, and we did that right at the beginning and now they're paying a very big price. hopefully we'll see what happens. we're going to have good relationships with china. president she is a friend of mine. i used to say a good friend of mine. we're probably not quite as close now. i have to be for our country. he is for china. i'm for the usa that is the way it has got to be. this should have never been allowed to happen. we've been losing four, five, even more than that, 100 billion, think of it, $500 billion a year to china that doesn't include intellectual property theft and loss. that doesn't include.
they say that $300 billion. who knows what that is. a lot of people estimate it. it's a lot. they say it is 300 billion. so you add that to 500 billion. so we've been losing $800 billion a year to china. so essentially we rebuilt china. they have done a great job. i'm not going to take away. i don't blame china. i blame our past presidents and our past leaders for allowing a situation like that so ridiculous to happen. it is that way, other than the size of the number, it is that way also for many other countries. we're working on a lot of them. we just approved, it will be subject to the house blasting it. maybe for political reasons they doesn't, the usmca, that is mexico and canada. great deal are to the manufacturers. great deal for lockheed as you know, maryland. telling me when is that going to happen? we have to get the democrats to pass it. they may or may not depending
how they feel politically. it is all politics unfortunately. it shouldn't be. it should be love for our country. it shouldn't be no politics involved. [applause] so the usmca will create up to 600,000 new american jobs including 75,000 new auto jobs. and now we need congress to pass it. call up your friends, republicans are totally on board. call the democrats. get them to pass it. it is believe it or not, it's a deal loved by unions, by manufacturers and maybe especially by the farmers. it is something that is very, very -- blake: you've been listening to president trump on the south lawn of the while house. made in america today, the president turning into the promoter-in-chief today. products he would like to see bowed worldwide. this is a issue for the president wanting more products made in the u.s. and he is
highlighting that on this day. we're expecting that the president could indeed take questions at the end of this. this could well turn into a press conference. if that happens we'll take you back out to the south lawn of the white house. to reaction now, former jcpenney chairman, and ceo, allen questrom. that backdrop suggests its aspen, colorado. allen, how are you doing today? >> how are you doing? blake: president has economy at 3%. stock market at all-time highs. dow at 27,300 right now. seems like he is trying to get out there saying hey, we're the best thing going worldwide? >> i think he is doing that. obviously trade is one of the issues. when you listen to the press you're not quite sure we're doing well or not doing well but you know we have great employment, our wages are going up. i think the public basically thinks things in the united states are a lot better than rest of the world. a lot of that has to do with
trade policies we've had and some issues we've had in terms of regulation. the president really is about making america better and he wants to make it better in all cases. he wants workers to feel better, he wants companies to do well. fair trade has to be the case. we have to make sure our products are competitive. a product, qualitywise as competitive and other foreign countries. if we can't do that, we need trade. trade is very good for all countries. the more we do that, develop our own competitiveness on those products, better for us and other countries. blake: bearish or bullish on a trade deal with china? >> i believe we will have a trade deal with china. i think it will be good for them. it will be good for the united states. i think, you know a lot of what is going on today, waiting to see what happens. i believe him not raising the last one up to 25%, the 300 billion he supposedly would do helped the economy quite immensely.
i do believe by the end of the year, hopefully i'm maybe optimistic that we will have a trade deal that will be good for both people. blake: allen questrom, out there in aspen, colorado. it has to be tough to go outdoors indoors this year. >> it is tough. you see the snow up in my back. blake: we appreciate you sticking around, thank you. >> nice to be with you. have a nice day. blake: you too. the trump administration announcing a crackdown on asylum-seekers as democrats continue to blast the president's policies at the border. one of the more captivating moments of last week came when tom homan, former acting i.c.e. director went up on capitol hill had a pretty heated exchange with certain members of congress. he joins us now with reaction. hello, tom. >> how are you doing? blake: doing well. i'm wondering what do you make of these i.c.e. raids that were expected to happen this weekend, apparently did not? >> well, i think they are.
i think, look, this was hyped up by the dems. thousands of officers will be raiding cities. no, i.c.e. is very good at this. i.c.e. does this every day. there are certainly out there, fugitive operations teams are out there right now to apprehend those ordered removed by a federal judge. it is not the blowup dems claim were going to happen. it's a target enforcement operation. it is not a massive raid. they know exactly who they are looking for, know exactly where to go. very approximately planned operation. they came out with numbers that may surprise a lot of people. blake: there were several heated exchanges while you were up on the hill with house oversight committee. one with a certain specific member, democrat of the house and earlier today you were asked the following on "fox & friends," want to get your clarification on the other side. watch. we don't have the sound but, you said on "fox & friends" as it
related to this democratic member, you wanted to issue a quote, beating to that representative. do you care to clarify? >> no. i mean i'm a 34 year career law enforcement officer. he spent my career savings lives. this man attacked me personally. told me i didn't care about crying children and called me a racist. of course i wouldn't do it, it crossed my mind. this guy needs to be beat down. blake: physically or verbally or both? >> both. i mean, you know what? don't pick a fight if you don't want to fight. i what he said was beyond the pale. and for a man who was found dead children, a man who rescued many children in my career, do not tell me i don't care about dying children because they're not the color of my children. that is beyond the pale. i've been in law enforcement 34 years. i negative started violent activity in my life, but, do not attack my loyalty and love for
my country and attack my integrity as law enforcement officer. i served my country for three decades. blake: the exchange was congressman had basically asked you if you ever held a dying child, and i have done it with a five-year-old, and you had a five-year-old at the time? >> yes. i found many dead children in my career. many dead females. many dead males. every death is very unfortunate. so, to attack me, saying i don't care about dying children, 34 years doing this, that was the most insulting thing anybody ever said to me in my life. blake: to be clear, tom, we do not condone violence, when you talk about potentially beating a member of congress, some would wonder whether or not it race as level it should not go to. >> i said, that crossed my mind. i'm a normal human being i have thoughts, but i certainly would never do that all of us when we're enraged at a certain part
being attacked you think about it. certainly never do that. that is not me. blake: last word to you, tom? >> i think that hearing was pull the curtain back on people that want to force a false narrative across this country. i try to speak the truth. every time i tried, not every time, most time i tried to speak up i was shut down. that wasn't about getting to the truth, it wasn't about transparency this is false narrative to the american people and not letting expert witness talk to clarify, verify the facts versus fiction. blake: tom homan, former acting director of i.c.e., coming on, talking about the exchange. appreciate it. >> thank you, sir. blake: president trump expected to take questions from reporters this is the at made in america event on the south lawn. these are prepared remarks. we're told since this might become a q&a sort of press conference kind of thing. why we always stick around and watch. why you want to stick around for the next hour of cavuto, kos to
president trump: if you're not happy, you should leave. >> [applause] >> three of the women were born in america. president trump: that is a very racist statement, somebody that would say that so speaker pelosi said make america right again. let me tell you that's a very racist statement. i'm surprised she would say that john, go ahead. reporter: what is the controversy being talked about being born in america, what were you talking about? president trump: well they're very unhappy, so all i'm saying is if they want to leave they can leave, john. they can leave. i mean, i look at omar, i don't know. i never met her. i hear the way she talks about al qaeda. al qaeda has killed many americans. she said you can hold your chest out and when i think of al qaeda , i can hold my chest out. when she talked about the world
trade center being knocked down, some people, you remember the famous "some people." these are people in my opinion that hate our country. now you can say what you want but get a list of all of the statements they've made, and all i'm saying is that if they're not happy here, they can leave. they can leave and do you know what? i'm sure there will be many people but we'll miss them, but they have to love our country but these are people, quiet, quiet. quiet. reporter: are you okay with people saying your tweets are racist, sir? president trump: quiet. these are people that if they don't like it here, they could leave, and i'd be, i don't know whose going to miss them but i guess some people will. one of them is polling at 8%. one of them is polling at 8%, so
when i hear people speaking about how wonderful al qaeda is, when i hear people talking about "some people", some people for the world trade center, much more than some people. when i hear the statements that they've made and in one case you have somebody that comes from somal yeah which is a failed government, a failed state, who left who ultimately came here and now is a congresswoman whose never happy. says horrible things about israel, hate israel, hates jews, hates jews. it's very simple, and if the democrats want to wrap their bones around this group of four people, one of them kept amazon out of new york. tens of thousands of jobs, would have been a great thing and she kept amazon from going, would have been a good deal. could he have made better? maybe but tens of thousands of jobs and new york has not been the same since that happened.
its really hurt new york and new york city. amazon was going to relocate a major section of their business in new york. she kept them out. it was a terrible thing she did, so here is the story. i see them complaining, they are complaining constantly, i watch lindsey graham today on fox & friends talking about the same stuff and frankly, even stronger than what i'm saying. he said they're communists. i'm saying that they are socialists definitely. as to whether or not they're communists i would think they might be but this isn't what our country is about. nevertheless, they're free to leave if they want and if they want to leave that's fine and if they want to stay that's fine, but the people have to know, and politicians can't be afraid to take them on. a politician that hears somebody when we're at war with al qaeda, and sees somebody talking about
how great al qaeda is, that was omar, how great al qaeda is when you hear that and we're losing great soldiers to al qaeda, when you see the world trade center gets knocked down and you see the statements made about the world trade center, all the death and destruction i'll tell you what, i'm not happy with them and it's very easy to say oh,, well it's okay. if weak politicians want to say and the democrats in this case, if they want to gear their wagon s around these four people i think they're going to have a very tough election because i don't think the people of the united states will stand for it. reporter: mr. president? president trump: john, go ahead. reporter: mr. president let me see if i can sum up. does it concern you that that
tweet was seen as racist? lindsey graham said encouraged you to aim higher. president trump: see i disagree. he said what am i supposed to do just wait for senators? no, so i disagree with lindsay on that. that was the only thing. he said aim higher. shoot higher what am i going to do? wait until we get somebody else in a higher position, higher office? these are people that hate our country, but john, they hate our country. they hate it. i think, with a passion. now it's possible i'm wrong. the voter will decide, but what i hear the way they talk about our country, when i hear the anti anti-semitism language they have, when i hear the hatred at the have for israel and the love they have for enemies like al qaeda, then i'll tell you that i do not believe this is good for the democrat party. certainly it's not the party i've known over the years.
reporter: mr. president, does it concern you that many people saw that tweet as racist, and that white nationalist groups are finding common cause with you on that point? president trump: it doesn't concern me, because many people agree with me, and all i'm saying, they want to leave, they can leave now. it doesn't say leave forever. it says leave, but what it says and what that, john, what that says is if they're not happy with the united states, if they're doing nothing but criticizing us all the time, you see people walking down criticizing the united states, we just hit the highest stock market in history. all of these incredible manufactures that are in, these are great businesspeople, they employ many people and we have workers with us too. they're having the best year they've ever had. can i say that, is that a correct statement? >> [applause] president trump: so and they're hiring more people than they've ever had. we just hit 27,000-plus on the
dow. it's the highest the stock market has ever been, and you have to go by the election because the market started going up the day after i won. they like to add all of that tremendous gain, they like to try and give it to obama, but the fact is if i would have lost the stock market would crash and if these people that i watch in those debates ever got their hands-on the united states government 401 (k), the values of your company, everything else that we talked about we're so proud of, it's down the tubes. people will lose their money, lose their wealth, you'll have a crash like you've never seen before, and i'm really good at this stuff. i know what i'm talking about. thank you all very much. thank you. [overlapping speakers]
president trump: the i.c.e. raids were very successful. people came into our country illegally. many were felons. many were convicted of crimes. many many were taken out on sunday. you just didn't know it. in fact i spoke to the head of i.c.e. i spoke to a couple people. we had many people who it was a very successful day but you didn't see a lot of it because it was done a lot. you'll speak to them and i'm not even sure they should be telling you but it was a lot and it wouldn't have to be sunday. we've been doing this. look we have been removing ms-13 they're monsters. we've been removing ms-13 by the thousands during my administration and i tell my people, it's much easier to go the other route but i say focus on the criminals. focus on the people that are killing people, that are causing crime. focus on them. much easier just to go to general population, that's easy. but i don't know it the easy way we're getting tremendous numbers
of criminals and yesterday it was just reported to me as i said how did that go yesterday? didn't have to start yesterday. the truth is it started a number of days before yesterday but yesterday was very successful. people come into our country illegally and they go out legal ly. every person taken out had paper s and we had court orders. okay? thank you. >> [overlapping speakers] >> you've been watching president trump on the south lan an event that was and is supposed to to the products made
in america, afterwards the president took questions though as he clearly felt that he needed to deal with the issue of the day, which was nothing to do with the economy, nothing to deal with products made in america, rather, the tweets that he sent out over the weekend regarding four democrats members of congress which democrats and many others are calling racist. to axios market editor, the wall street journal and capital founder mike murphy on all of this we'll get into china in a second and the markets. the president with the tweet which you probably seen by now in which he says of these four democratic members of congress, he says why don't they go back and help fitch the totally broken and crime-infested places from which they came. three of the members of congress were born in the u.s. , the fourth is a united states citizen who immigrated here. the president tried to go on the defense today by saying well, they are all free to leave if they want to.
he clearly feels that he needed to change the narrative on this one in this manner. >> i think it was a mistake and this is why. you have the democratic party being torn apart by the more moderates like nancy pelosi and then the far socialists left, and i think its been really interesting watching the way they're embracing identity politics is played out and as i know alexandria ocasio-cortez coming out saying nancy pelosi you're a racist. if i were donald trump i would just sit back and let them fight there's no need to interject yourself into the situation and he's taken the spotlight off a very divided democratic party and put it on himself distracting from the kind of controversy that if you're donald trump you want. >> the white house is focusing on illham omar the congresswoman from minnesota. the president chose to talk about comments she made regarding al qaeda back in 2013 and i want to quote those right now. she said in 2013 during an interview "when i was in college
i took a terrorism class. the thing that was interesting in the class was every time the professor said al qaeda, his shoulders went up. she goes on to say but you know, it's not every time you don't say mesh with an intensity. you don't say england with the intensity. you don't say the army with the intensity. she continued, but the names al qaeda because you don't want that, you want that to carry weight and be something." the president is focusing on illham omar because of the trope s she made earlier this year sat she was forced to apologize for but the president bringing all of this up makes him focus on something that is not the economy. >> right and the president really can't leave himself out of these things. whether it would be smart or good tactical strategy to sit on the sidelines he's very clearly made the decision he needs to put himself in the middle of all these issues and he did over the weekend and certainly something
everyone would be talking about. i actually have to disagree and i think setting himself and taking those questions and this issue head on was actually smart because if you don't define yourself you let others define you so he went on to say we've got this meeting today we'll talk about made in america, he did that at the very beginning and obviously this press conference veered completely off course but the guy has got to come out and defend what he says and he has this big podium and he doesn't mind taking advantage of it. >> he used the made in america event to address this let's get back on to made in america, and the economy here as a whole. i want you to take a look at the companies shifting production out of china as the trade tensions continue and the tariff costs add up. all of this today after china just posted its lowest economic growth in 26 years. mike, those are some pretty big names, what do you make of the headline coming out of china 6.2 % reading on gdp down from 6.4%. >> i think you have to agree with president trump that the tariffs are having a major impact on them. we run venture capital funds so
we deal with companies that were working in china that are looking to move other areas in asia to produce their products, because of the tariffs. >> on what percentage like give me a number? >> i'd say it's probably a quarter of companies that were producing there, are now producing elsewhere, and i'd say it's close to 100% of companies producing that are looking to move out of there because of the tariffs, so this is something that's definitely having an impact on companies, definitely having an impact on china and blake i think if you go back a little bit. for years where we talk about china stealing our ip, our intellectual property, having unfair trade deals with china, and how jobs are leaving the u.s. to go to china, it looks like finally, the tide is shift ing a little bit so i think what the united states needs for investors watching at home, we need a fair trade deal with china and that'll help the united states. >> the president continues to make the argument that americans aren't paying for tariffs. that china is but as you know that's not how tariffs work. people, i think, are starting to
catch not necessarily catch on to it but they understand the process. should that be on argument that the president is making? >> absolutely i think he should come out with it and i think trump needs a trade deal but china needs a trade deal more and here is why. we're seeing economic impact hits. there's a different political dynamic though in mainland china , because their people don't have freedom. the social contract with the government is you surrender your political freedom we guarantee you economic prosperity. that's what their entire legitimaticy of their regime is resting on so i think if that starts to erode, xi-jinping is in trouble that puts a lot of pressure on him to seal a deal. >> i've got 10 seconds last word real quick. >> i don't know what that is. it's not entirely true but not entirely false. obviously china does need a deal the u.s. does need a deal. you can't just continue these tariffs on into 2020 because this is really going to start to hurt the u.s. economy. >> we'll see what happens this time around in 2020 where things stand. the president wants a deal between them. thank you, all, appreciate it. >> thank you. >> meantime, more new york city
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>> welcome back the former vice president joe biden sharing his health care plan today, with an estimated $750 billion price tag to it, that over the course of 10 years. the candidate says it would revive obamacare's individual mandate, rollback tax cuts and that he opposes medicare for all we're back with dion, gillian, and mike, who stuck around, thank you. what do you make of it? >> i mean, look this was kind of largely expected. joe biden ran with president obama on the original obamacare which included the public option i just think again, president obama had a super majority in both the house and the senate when he was elected president
with a very large majority. he had all of the momentum coming in, he still couldn't get this public option done i'm not sure any real investor out in the trading desk takes seriously the idea that president biden if he won would get through a public option. i think these medicare for all jitters going through the market i don't think that's well- founded. you have to look at congress. you need congress to get anything like this donald they're very clearly not on board. >> if you're advising a potential democratic candidate for president you would tell them, include medicare for all, so that it satisfies the primary , but say build upon obamacare so that if you get into the general election you don't have to talk about medicare for all you can talk about obama. this is kind of what this does, right? >> well one of the interesting phenomenon we're seeing is as the democratic party goes farther left, we start more moderate and that's the play that biden is making. this is to the left of obama. this would be an unprecedented
leftward swing, but it does look moderate and this is something we'll see a lot more. >> if obama was running today do you think he would be behind medicare for all? because it's levin of obama but i'm thinking he would be doing the same thing wouldn't he? >> i can't speculate but i do think that there's this really energized far left base that is pulling people further and further left than they otherwise would be and the risk for the democratic party is going to move so far left that the american public is not there and completely terrified to vote. >> $750 billion price tag, over 10 years, i guess that's a staggering number. it's a big number but when you talk about medicare for all which is 30 trillion i guess this maybe looks a little more appetizing for moderate? >> it does and you talked about if running for the presidency you have to win in the primary and the general election but it would be really great if we had someone running on something best for the american people so i don't know exactly how you solve the issue of health care in this country, but there has to be a better way than what
we've tried, and repealed, and what we're doing now, so hopefully if someone would run out there and obviously it's a more center approach but to say we're going to have the best healthcare system we claim we have the best defense system which we do so we'll have the best healthcare system in the world if we can do that that would resonate with a lot of people. >> the wall street journal had new polls over the weekend, between president trump and some perspective democratic candidates and the theme has sort of continued for the president. he trails leading democrats in a hypothetical 2020 matchup, up against joe biden leads president trump by nine points up against bernie sanders, seven points, elizabeth warren five points. a couple things caught my eye here. biden and bernie get over 50% that's where you want to be in polling land. >> yeah, i think this will change a lot obviously as we get closer and closer to having some certainty about whose going to
be facing off against trump but one thing i think that's fascinating when you look at the polling people really like life under the trump adminitration. they are optimistic about the economy, they like what deregulation has done in their business opportunities but i think he's got a like ability problem right now. people are finding his personality abrasive. >> 45% approval rating. >> they just don't necessarily like how he's communicating it. >> that 45% though is under water when you look at the break downs, up against joe biden , if you're working under the assumption that democrats vote anyone but trump, republicans are all in for trump , what about that middle third? joe biden has got a four point edge against him with independents. that seems to be a pretty big number, does it not because that 4% can tilt an election one way or another. >> absolutely i think she hit the nail on the head. tweets like this over the weekend don't really serve him with those independents. those people who haven't quite
made up their mind they don't swing left or right but you've also got to look at areas hard hit that trump campaigned on winning and changing things. rural areas, formers had one of the worst years. a lot of them support him and like what he's doing in china but you look at what's happening with him right now because if he doesn't get a trade deal to bring it back to china, and we don't get a solid trade deal that benefits farmers especially with some of the things president trump promised that could really shift in the other direction. >> the dow is at 27,000-plus, growing at 3%, this is everything that his administration seemingly would want at this point. history would suggest that is the path to 2020, the polls suggest otherwise. >> so i would be, anyone watching at home they should be investing or betting on the u.s. , betting on u.s. stocks but i'd rather bet on trump versus elizabeth warren or joe biden or really anyone else in these polls we're seeing right now i think very similar to 2016
i don't think they hold a lot of water. right now the president a lot of it based on on the market and the economy. people feel better about where they're at today than they did three years ago and i think when they go into the polls they vote with that and hope for that to continue. likeability is important. >> do you think that's the question because every poll shows healthcare is the biggest issue. >> healthcare was the number one issue in 2016 as well and 2018. so i guess you're saying in one way maybe and one way maybe not. >> so healthcare matters to people but their overall quality of life is more important. we talked three years ago about how payrolls wouldn't increase, couldn't increase, although jobs may increase. you're not going to get people earning more money and you look at the payroll numbers people are earning more money so people are going to, that was what was out in common talking points. >> it's more just people coming into the labor force, the phillips curve would suggest that you've got more people with
inflation. >> going back to president obama said jobs will come back to the u.s.. agreed? >> sure. and i was -- >> well how about jobs in the u.s.. where they come from i don't think is important. that's kind of the point. >> well no but the point is are more people working today than three years ago? >> are you better off now than before? >> i think that's going to be the question. >> do you think people in the united states aren't better off today than they were three years ago? >> certainly lots of people are better off, and again -- >> if you're looking for an argument is everybody better off >> that wasn't the point. no one said the people said that no jobs or no wages wouldn't rise. no one said that but president obama said what you said. >> you talked about wage increases and not getting wage increases in the united states. >> but when you look at inflation at about 1.5% year-over-year wage increases a little north of three i believe when you start to do the math,
is that exactly what you want? >> it's better than nothing so if people feel better having a bigger paycheck so i think that's what is really driving people. it's not the individual healthcare mandate or one certain part of it. it's am i better off, do i have a job making more money in that job and that's what people vote with. >> i think it's are the most marginalized people in society getting opportunities and we're starting to see black unemployment rates at a historic low and starting to see the low skilled employees are having opportunities in this really tight labor market so i wouldn't look at the overall across-the-board picture. i'd look at the people who need it most and the opportunities for upward mobility and see the trump adminitration make a stronger case that they are the ones primarily benefiting. >> got to leave it there. interesting talk. thanks for rolling with the flow it's interesting. thanks guys. coming up stocks hitting highs, as spending is sky high, no matter what president you talk about over the last decade, 12 years that's been the case. pressure rising for a debt limit
today talking to stuart varney. listen. >> my sense is they are very supportive of a, this country, b , this president and his agenda , i've not found problems there and i think they're work ing hard and i don't believe for one minute that google is somehow committing "treason." >> to fox business' charlie gasparino now. good to see you. >> charlie: nice to have you in the city. we should point out that peter does have plugs into the white house, a supportive person. huge headline. tech entrepreneur, a little bit of conflict of interest here that should be pointed out, he's a board member of facebook, so a lot of people, from what i understand, people close to google, people work for google, lobbyists and people like that that we speak to, they will turn around and say he's cover ing his own you know what
because of a broad crackdown that involves facebook , but that said i'm hearing from my sources close to the white house that the trump adminitration does plan money some sort of a crackdown on google and here is what they're worried about and it's the less treason than it is search that there is a discrimination against conservatives in google searches. if you're looking for pundits conservatives don't come up. if you're looking for views on say abortion or any hot button issues conservatives don't come up at the top of the search. they believe there is some of that and from what i understand, inside the white house, they are planning some, they're talking about, definitely doing it but they are discussing some sort of crackdown on this issue. >> but peter thiel's argument here is this dates back to the artificial intelligence project that was pulled and then working with china that was pulled on the search engine. he seems to suggest that maybe
google's working hand in hand here with china secretly and people inside the company don't know about it. i mean he's talked about potential intelligence investigation or you would think the department of justice getting involved. >> charlie: the department of justice is already eying google on a lot of issues. my guess is they will look at this as well. theatre thiel has a lot of connections inside the white house. we should point out he is a board member of facebook and a conflict of interest just on its face but also listen, here is the thing, 2020 is coming. a crackdown on tech and google is politically ex peaked yet, the trump adminitration believes , they believe this sort of issue cracking down on google from bias whether it's conservative or being too big keeping all the history on all your searches is something that resonates on voters so what i'm telling you is this. from my understanding is they're looking really hard at this search, whether search is bias,
and obviously, on whether, how they maintain customer records, and but it's very political. now how they go about it i can't tell you. will they go about it through the judy miller anti-trust division, and find some anti-trust division with google and go through the ftc which has other laws it could apply? the standards at the ftc are different than anti-trust, it's much more about fairness and compliance with broad laws, so just remember, there's a lot of different ways to do them but i will tell you they're talking about doing it so now if you're a shareholder, this is something you have to worry about over the next two years because clearly there's something on google, and facebook and it looks like google and facebook are at the top of the list particularly google because the trump adminitration really believes and maybe it's coming from the president himself. i've never spoken to the president about this personally. he mentions tech broadly, about
being bias against conservatives but there are people inside the white house that say that search engine, the search is particularly bias. >> you know the president in 2016 and still to this day rails against "fake news" media and that's almost sort of baked in now, right? like it's a phrase. people talk about fake news not even really knowing what actual fake news is. is the censorship sort of the 2020 play, right? now that "fake news" is baked in , is that the next link to sort of explode or expose i guess? >> yeah, listen from what i understand inside the white house though there is legitimate concern about i can't tell you whether these algorithms that determine like what you search like they produce what you're searching right whether they're conservatively, when they have a liberal bias or anti- conservative bias. the people putting them together though are generally silicon
valley progressives, so it is not, it's not outside. it's more than a theoretical possibility that these companies have stacked the deck against conservatives. it's just based on who is doing the algorithms, you know, who these guys are. they are all huge democrats out there. i mean, the only thing you could say this year is that you have opposition from big tech from the elizabeth warren types and the bernie sanderses as well. there's a progressive left that hates them as well but clearly -- >> a lot of issues for them no matter who occupies the white house. >> charlie: the guys doing the algorithms are progressives think they got an issue with this and the white house thinks they have an issue with this. >> at least they're based in silicon valley. charlie gasparino thank you. appreciate it. coming up a live report on how new orleans managed to survive the wrath of tropical storm barr y, we'll take you there with how the big city is doing today.
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>> another busy day in now washington d.c. as we are just learning right now that at 2:00, so in about 24 minutes from now, the treasury secretary steve mnuchin will take to the white house briefing room and he will give an announcement or have a briefing even we're led to believe as it relates to the regulation of cryptocurrency. that coming in 23 minutes as you know this has been an issue that president trump has tweeted about in the last handful of days here and now we're going to hear from this treasury secretary at the top of next hour. speaking of, there is pressure rising for a debt limit deal and the house speaker and the treasury secretary are expected to continue talks today. for the fox news senior capitol hill producer chad pergram on whether a compromise is in the works and chad, i think it's safe to say there will be a deal of some sort, the question is just when? reporter: right, and this seems
to have picked up some urgency over the weekend. you don't have the treasury secretary and the speaker of the house talking on saturday night unless it is absolutely urgent. house speaker nancy pelosi fired off a letter to the mnuchin, treasury secretary steve mnuchin saturday night saying she wants a side bar to this debt ceiling arrangement would be an increase in the spending caps. that sequestration, the set of mandatory caps that have been imposed since 2011 and what pelosi is looking for is the term she uses is pairity meaning they will be willing to increase defense somewhat but she has to have an increase in egg else that's not defense. now she can probably move that through the house of representatives without much trouble the issue would be the united states senate and you know how the senate kind of jammed the house of representatives a few weeks ago over the border bill. it's thought there might not be the votes in the senate so therefore house speaker nancy pelosi could jam the senate and some people speculated this might have been baked into the
deal a couple weeks ago. a couple things to understand if you look at long term treasury yield for mid-september, they are higher than mid-august that means some people are forecasting there might be trouble down the road. keep in mind raising the debt ceiling is one of the hardest votes for any member of congress to take so is this a standalone bill, do they try to attach it to something? i've heard rumors they might try to attach it to the 9/11 bill and there's another piece of legislation that moved out of the ways and means committee. i want to read my notes. this is the tension bailout bill they could add coal miner tension bailouts on to that and that could be the vehicle here so we don't know that the urgency has been impressed upon members of congress and that's why we had a little bit of mild drama saturday night. chad correct me if i'm wrong but i think it's really only eight legislative days between the house and senate before they got to deal with this in september, eight days between now and september. >> right because they leave for the august recess usually, the house is supposed to go away a
little bit earlier than the senate but you can see them if they don't have an agreement. this is what happened in 2011. >> times ticking september is just around the corner, chad pergram up on capitol hill, chad thank you. my pleasure. for the markets editor who says spending is the problem. hi, john. >> hey it's great to be here. >> you know there's some within the white house that used to say exactly spending is the problem. are they not? >> yeah, there's going to be lots of political posturing both sides try to score their points but politicians exist to spend so ultimately after lots of talk of looming financial crisis they will extend the debt ceiling. the mistake i think people make is they presume that we have a revenue problem, the revenue problem is that government collects way too much in the way of revenues and how we know that is that investors line up to lend the u.s. treasury for 10 and 30 years at rates that are around 2%. if you want to shrink spending
which should be the goal of any reasonable person you actually the best way to do it would be to shrink the revenue coming into washington so that investor s are less likely to lend to it in the first place. >> but you know that's not going to happen. >> you're absolutely right. but let's stop pretending that we have a revenue problem of too little revenue flowing in as evidenced by the fact that 10 year treasuries used to be 11% in 1980 versus 2% today when federal debt is 22 types what it was and unfunded liabilities are a lot larger, let's be clear markets are not gear full of deficits but what we should be fearful of is a political class that spends every dollar they take on is an extra dollar of control that nancy pelosi and donald trump and mitch mcconnell have over the economy. that weakens economic growth. government can't spend this prosperity by definition it weakens us. >> but the debt calculator back up on the screen if we can because it's just about to get
to $22.5 trillion and john last week, larry kudlow the president 's top economic advisor , was asked about his take on this and whether it was a problem. he said i don't see this as a huge problem right now at all. >> it won't politically but he's correct. let's be clear if markets are correct. investors clearly think the deficits aren't a problem so i ask the question. what would we prefer? a $4 trillion annual budget that's in balance or an annual budget deficit of 1 trillion on 1.5 trillion in spending? i prefer the deficit scenario every time. >> you don't think they want a balanced budget? >> no why would you want a balanced budget in the most economically productive country on earth. >> that's responsible, like i do, you do, state governments do , why not washington? >> all businesses take on debt all the time. so do individuals take on debt. the problem is the total --
>> but if they take on too much , eventually the doors shut ter. >> of course they will and markets will discipline governments and businesses and individuals, but the problem is the spending. would we prefer 1.5 trillion in annual spending whereby pelosi and the rest of them allocate that or prefer them to spend $4 trillion? whether the government borrows the money or taxes it away is to make a distinction without a difference. the problem is the spending and if people really care about deficits, the only way to get them down is not to increase federal revenues but to shrink them so much lenders no longer trust the federal government, but as you note they are never going to do that. politicians exist to spend doesn't matter whose in congress , what we know for sure is the size of government continues to grow. >> republicans and democrats it is what they are good at, john t amney of real clear markets interesting discussion. thanks john. >> thanks for having me.
>> now a tropical depression, moving inland from the gulf coast, new orleans largely unscathed by that storm and we find jeff flock with the very latest. hi there, jeff. reporter: hello to you. talking about government spending, well, why did the city of new orleans survive the storm partly because it wasn't as bad as we thought but partly because the governments spend $15 billion on levies like this one building new or repairing the old ones. this is where the breach occurred during hurricane katrina. it flooded the entire ninth ward and all of the homes that you see there have been built since katrina and many of them maybe you can tell have solar panels on the roof, but now the levy system that's in place, i'd just give you an up close and personal look at this part of it , frank, follow me up here if you would. this thing is rock solid.
there was some concern this could be overtopped but maybe you'll see the water remaining out here but that is the major league flood wall right there, perhaps something you might see in holland or something, but that's what protects 350 miles of this, at the cost, upgrades and new $15 billion, but new orleans is dry today. that's a good thing. >> indeed and jeff this is a lesson learned from katrina. reporter: absolutely. i mean, they weren't prepared. and people are complaining here now. you told us to evacuate. we were all scared and i mean this town is prepared and they did learn from katrina. if something goes wrong in a place that's half below sea level you'll have a problem so this is what they brought but it's actually a good thing. >> jeff flock it is good to see you and a good thing indeed down
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>> continue to follow breaking news as you can see the white house briefing room they are setting up there and for good reason as we now hearing that the treasury secretary steve mnuchin is set to take to the podium there, at any moment as he is going to be briefing reporters on cryptocurrency regulation. that's all we know at this point we don't know if any sort of action is coming, what the treasury secretary might say, or announce. we do know that the president has been awfully skeptical of cryptocurrency in the last handful of days here and now, we
are set to hear from the treasury secretary about it. i'll bring back them back with us. jillian, i guess the question is cryptocurrency when you don't necessarily know whose on this side of the transaction or that side of the transaction how do you regulate it? >> yeah well it's more fundamental than that. we still haven't decided whether it's a currency or if it's a security or something else but you know, i think that so far the federal government has taken a pretty smart approach to this and going after the people who are obviously using this for fraud, obviously bad actors, and breaking existing laws and i think that's the smart approach although it does create some uncertainty because they let this new innovation thrive. we don't know where this is going but it's really promising but it's some of the underlying technologies, like blockchain so you don't want to taint that. >> do you think they try to separate the actual blockchain technology from it and who might be using that to potentially be
doing illegal activities i guess is what you're saying? >> well there's a ton of potential for blockchain to be used for good and a way to trace supplies but like when i lived in china how difficult it was to know that your booze wasn't counterfeit and this is a way you'd be able to verify that. this is a solution to many problems, how it plays out in the economy is still an open question but i hope they don't tap in on it too hard but if we want to be encouraging american entrepreneurship, innovation, don't let regulations stand in the way. >> it's an interesting comment because this is a republican white house that talks about deregulation and here we're talking about regulation. >> i'm really excited to see what the treasury secretary has to say because a lot of folks have been waiting for some kind of direction from washington. obviously the people who started this space who are the real enthusiasts they don't want government involved at all but you see folks trying to bring crypto to wall street and they like direction from the federal government in terms of what can
be donald how you can do it so it'll be very interesting with a thin line to tread because there are folks on both sides who really want very diverse and different things. >> don't think you can use bitcoin yet to buy whatever you're buying on amazon but today is amazon prime day. tomorrow will be amazon prime day as well, and there are these protests all across the country. legitimate at this point? or is amazon just being targeted here? >> it's both, right? not one of these things that has to be one or the other. certainly there's an opportunity for employees who have been denied reasons who have legitimate complaints about their working conditions, who have legitimate complaints about the waps treats employees to say all eyes on amazon right now and we'll take this opportunity to stage job protests and make our voices heard but as i wrote about last week, in the axios market newsletter, you're seeing this pushback to the minimum wage hikes all over the place. walmart employees, target
employees when they got minimum wage increases they said this is nice but not enough. we haven't gotten a raise in 10, 15, 20 years and now you want to give us an extra dollar more while we see booming profits coming from the company we deserve a bit more so i think you'll see more and not less. >> you know, it's amazon prime days. days, yes. >> when does this get to the level or will it ever get to the level of black friday? my wife and i yesterday were talking about buying something and i said oh, wait until black friday. i didn't say maybe it could be a deal tomorrow on amazon prime day. >> i think it's something amazon would like but getting back to the point of the protests one important thing to note here is that amazon just announced it's vesting $700 million into offering new training with some of its low skill employees . this is something they get they don't have to stay at amazon that makes them more competitive and better suited for the american workplace and this is great because it's not a federal program. it's not a political question necessarily although they have their eye on that.
it's a tight labor market and you have to give something to your employees to retain them and just such a positive development. >> i was in harlem this weekend it was fine. >> i'm kind of bummed i missed it. >> you say that because you missed it but maybe people here didn't have power. there's a new warning out because officials are now saying that the upcoming heat wave. i don't know if it's supposed to be here but it's going to be 96 down in d.c., i'm guessing it's the same here this weekend because of it. this could happen again. i guess many people are wondering, it's 2019, why should a heat wave leave to a blackout? >> well that's a great question and the officials don't really have an answer. you say this statement they put out. we don't really know what happened and in fact it could happen again. you've got a place like times square that does use a lot of electricity but it's maintained so that it can use a lot and that it can continue to function when you've got these millions of visitors who descend upon us
so when we're seeing this happen and when you've got comed coming out saying we don't really know that should be worrisome for other places, because if they can't control a mega tourist destination like times square -- >> is it worrisome for other places or for someone who doesn't live in the city say man new york has to get its act together especially for all of the taxes that you all pay. >> well we don't know what happened so far and that's disturbing and relieved to see they are ruling out terrorism but one of the things i found encouraging in this story, we've heard about looting and crime sprees, i do think it's a testament to how far new york has come this was orderly and people are more concerned about where they could buy a beer and enjoy the heat wave. >> i'm looking it up right now. new york this weekend going to be 97 saturday, 94 sunday. i can't wait. >> good luck guys. >> hope they get their act together.
>> thank you. well the treasury secretary steve mnuchin about to address cryptocurrency, potential regulation, a live look in washington d.c. the white house, the james brady briefing room we'll bring you thereafter this. ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. . . yeah, actually.
blake: coming up on the 2:00 hour. what a nays day already has been the trump administration is will dramatically limit central americans to keep asylum at the border. undera new proposal, people passing through a country first would be ineligible for asylum. this as the president is facing heat overcrowded facilities. we continue to keep our eyes on shares of big banks. we are down despite city groups beating on earnings. jpmorgan chase, goldman sachs all down at moment. we found out from the treasury department that the treasury
secretary steve mnuchin will talk about cryptocurrency. i was just emailed by a treasury official, this will be about quote, crypto currencies and relevant regulatory issues. fun sitting in for neil. charles payne, i leave the white house half a minute and this news dump. i send it over to you, my friend. charles: blake appreciate it. good afternoon. i'm charles payne this is making money. this is the calm before the storm as markets mark time. nasdaq hitting record highs coming into what is known as earnings season. later in the show i will go in depth what should be moving markets and how to find value when the market is at an all-time high. hint, you might buy what everybody else hates. president trump taking to the mic a short time ago to address his conversal tweets about progressive democrats. what he is saying now. the white house unveiling new asylum rules to deal with the crisis the border.