tv Bulls Bears FOX Business August 29, 2019 5:00pm-6:00pm EDT
we have been on the record for this and have been attacked publicly. are you a fan? deirdre: i'm in the middle. the first one was the first movie i saw, you know, in the theater. connell: thanks for joining us. "bulls & bears" starts right now. david: we have a very busy hour for you. president trump just unveiling details of the u.s. space command. more on what that means for all of us. meanwhile, hurricane dorian is headed for florida, where it could hit as a category 4 storm. live team coverage in the weather center and on the ground in miami. plus new reaction to that scathing inspector general report on former fbi director james comey. andrew mccarthy is here in studio to break it all down for us. and the big news from the latest meatless product hits the shelves, just eggs. the ceo is here with an announcement exclusively on "bulls & bears." but first, stocks jumping
today as china blinks on trade. with the dow closing up 326 points, hi, everybody, i'm david asman. welcome to "bulls & bears." joining me tonight, jonathan hoenig, kristina partsinevelos, steve moore and jackie deangelis. now, china signaling today that they would not immediately retaliate against the latest u.s. tariff increases set to kick in on sunday. a spokesman for the chinese commerce ministry saying quote, china has ample means for retaliation but thinks the question that should be discussed right now is removing the new tariffs to prevent escalation of the trade war. president trump also weighing in on the negotiations earlier with fox news' brian kilmeade. listen. >> for 25 years, china has been ripping off the united states. you know that. i talked about it a long time ago. it's one of the reasons i'm probably here as president. i'm in the white house. they have been ripping us off for billions and billions of
dollars like babies. there is a talk scheduled for today at a different level. david: let's bring in china expert and senior research fellow at the heritage foundation, dean chang. dean, i thought it was kind of a tepid positive statement by the chinese but the market certainly saw it as a strong signal. did you? >> well, i think that the markets are reacting to the fact that things maybe won't be getting worse. certainly if the chinese had retaliated we would be seeing yet another vicious cycle. i think a lot of folks are hoping if the chinese are holding off, that maybe the administration might also choose to hold off. they haven't fully imposed the tariffs yet and maybe they will hold off rather than going ahead on sunday. >> you know, if you were advising the trump administration, i wish you were, on these china trade issues, what would your advice be at this point? china keeps -- one day they say
they will do one thing, the next day they do the next. they are becoming impossible to read. they seem to be taking a harder line. what should the trump administration do next? >> believe it or not, i think the trump administration has the right idea here. their focus seems to be on the intellectual property rights issue. at the end of the day, that's the big problem. in the 21st century, we're in the information age, intellectual property is really the currency of the realm. it is really the currency of international power now. if the chinese won't respect the rules, if you want to know where the billions and billions of dollars are going, are disappearing, it's the intellectual property that the chinese have actually taken from american and other corporations around the world. >> kristina partsinevelos here. that's a perfect segue. not sure if you saw it, in the past two hours or so there was a new article from the "wall street journal" stating that prosecutors are probing huawei over new allegations of technology theft. what do you make of this latest news?
>> well, at this point it's almost impossible to top previous stories, or maybe it's easy. when somebody steals a mechanical arm claiming that it fell into his backpack, he took it home for a weekend and then brought it back later, i mean, it's like are you serious? clearly, you don't take intellectual property or even theft very seriously that you would tell us a whopper like that, then say oh, believe me. >> dean, i'm wondering -- i'm sorry. it's jackie deangelis. i'm wondering if you think it's realistic that the president over the weekend will remove the tariffs from china, as it's expecting or hoping so negotiations can go forward. when i look at how he's negotiated, i don't necessarily see that happening. >> no, i don't think it's going to. i think the markets are probably going to react on monday accordingly. i think that in fact, the administration is quite likely
to go ahead to if nothing else demonstrate that we are serious on the issue of intellectual property and making the chinese, by the agreements they themselves have already signed up for. you know, they have agreed under wto and elsewhere to abide by i.p., to respect intellectual property. so this isn't a new demand. this is asking them to abide by the rules they have already signed up for. >> jonathan hoenig. thank you for being with us. still no indication they are going to abide by those rules. you have to admit, i hope you admit there has been some casualties to american companies as a result of the trade war. just today, abercrombie & fitch down by 14% specifically on tariff related issues. my question to you, sir, do you think the president wants a deal with china? he has talked explicitly how we don't need china, he wants companies to come bring their efforts home. do you think he wants a deal with china, or do they make a great enemy, a great foil ahead of the 2020 race? >> well, i think that anyone who wants a war, whether it's a trade war or an actual war, in
order to improve their standing politically is foolish. mr. trump is many things, mercurial, volatile, unpredictable. i don't think he's foolish. that being said, i think that within the administration, absolutely there are some people who really would prefer i think a trade war. i think others are really hoping the chinese will come around. and i think that we should all be prepared, however, for the possibility of a trade war that lasts quite a long time. david: we were talking about next weekend. next weekend there will be more protests in hong kong. fortunately, the last one, that huge protest on a sunday couple of weeks ago was peaceful. but if this one is not, if things go bad, how will that or how should that affect our trade negotiations? >> well, i think one of the things that the chinese are well aware of is that here we are 30 years after tiananmen and there are still sanctions in place that affect not just u.s. but
western trade with china. to coin a phrase, the whole world is watching. so the idea that the chinese can roll tanks through queens road in hong kong and not have it affect trade talks is i think a pipe dream on their part. david: while we've got you here, there is something near and dear to your heart. president trump just announced the establishment of the u.s. space command. listen. >> spacecom will defend america's vital interests in space, so just as we have recognized land, air, sea and cyber as vital war fighting domains, we will now treat space as an independent region overseen by a new unified geographic combatant command. the establishment of the 11th combatant command is a landmark moment. david: dean, you are also a member of the national space council's users' advisory group. let's combine these two
segments. how much of what's happening in china has to do with this push towards space? >> well, with regard to the chinese military, they are very very much focused on space. not so sure that any of the trade negotiations have much to do with that. but the chinese view space as part of the information age so the same way that intellectual property is economic lifeblood, the ability to move information including via satellite, is a military prerequisite. david: i just have to follow up on that. sounds like science fiction but i heard about these satellite killers that they may be developing. any truth to that? >> well, in 2007 we saw the chinese blow one of their own weather satellites out of the sky. the weather satellite was already dead. one of the worst debris generating events in history. we have seen them target satellites out in orbit, the most valuable real estate in space. we have seen them create their own version of a space force in
2016, long before space command, never mind the space force, came back to reality here in the united states. >> as a libertarian, i'm wondering whether we really need the government exploring these new frontiers of space. can't this be done by private companies like spacex and might not it be done faster if it's done by private initiative? >> there is space exploration and defense of space assets. spacex, blue origin, virgin galactic, there's a really interesting and exciting new world out there of commercial space for space exploration, space exploitation, space industry. at the end of the day, defending those assets, that's going to fall back on the military which is a government responsibility no matter how libertarian you are. >> let me ask you this. i didn't see the president come out today and say oh, china is behaving a little better so i
will remove the tariffs. actually, he announced this initiative which i thought is very aggressive because it has seriously china's military does take the space initiative, i see him saying we are front, we are center, we are ahead of you, we are big, we are strong. i actually see it as an aggressive move. do you agree? >> honestly, no. mostly because the chinese stood up the support force now almost three years ago. they frankly are in some ways organizally and conceptually equal or even ahead of us. they put up quantum communications satellites. we are playing catch-up here. we're not playing first on base. david: great stuff, dean. we really have to have you back again. please come back and see us soon. meanwhile, we are all bracing for an impact. hurricane dorian intensifying as it heads towards the u.s. it could make landfall as a devastating category 4 storm. we are live in the weather
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yeah, actually. david: florida governor ron desantis declaring a state of emergency, making it clear to residents that they should not take this storm lightly, as dorian barrels towards his state. we have team coverage. to bring us the latest developments, phil keating is on the ground in miami but first, straight to the fox news weather center, where fox news' chief meteorologist has been tracking the path of this storm. it's a fascinating story where this is going to end up. >> yeah, it is. we might be talking about this storm for a really long time which everybody is going to get really tired of, to be honest with you. then people are going to be impacted. i'm going to start here. this is one week from today. so the amount of rainfall from this storm, this is just one run of one of our models, showing some spots here in the 20-inch range right across the central florida coast. i want to point this out. take a look at this. we have rainfall totals in
around ten inches up around columbia, south carolina. we are going to be talking about a lot of rain and flooding across areas very far away from where the center of this storm comes onshore. throughout the day today, the pressure has been dropping a little bit. this is a visible satellite, it's what satellite looks down on and exactly the image it gets here. structure of the storm hasn't changed much. pressure came down this morning but it hasn't come down anymore. the winds that normally would correlate when the pressure goes down, the winds will go up, that hasn't really happened yet. there's a couple of different central areas of kind of an eyewall here, and so officially nothing has really changed all that much today. that said, it will likely strengthen tomorrow, that is the current thinking, and our models which look like they are getting into some better agreement, what they are really not in agreement on is when this right-hand turn happens and our model spread is really still large, unfortunately. spread meaning differences in opinion. these are our two most reliable
models that we look at in weather forecasting. take a look here. we go towards monday afternoon, one of our models show the storm making landfall here on the florida coastline. the latest run of the european model, take a look at that, it's back across the bahamas and doesn't get towards the coastline here until wednesday. so there's a really big spread still here in what we're looking at. some of the models keep it around the u.s. coastline for a couple of weeks at this point. i hate to tell you. lot of stories. officially just real quick, here, this is the official track from the hurricane center. category 4 storm somewhere here along the coast sometime monday. but we have a lot of changes to talk about over the next number of days. got to stay close to the news. david: let's go to fox news correspondent phil keating, standing by in miami. florida is under a state of emergency. it could get hit with 130 mile per hour winds, potentially life-threatening storm surges, as we just heard from rick, we are still not sure what's going to happen. how are they preparing for the worst down there?
reporter: they are preparing by number one, lining up at every single gas station up and down the coast right now, all to fuel up their cars, their suvs, their trucks and their generators, because a lot of floridians know very well that after a major hurricane of that magnitude, they will lose power for days, if not weeks. then you're on your own at home and you will have no air conditioning, and that's where you have your air conditioner for that as well as keeping your refrigerator and icebox working properly. the line snakes all the way around here at this costco and inside the store as is the case out here. it is a madhouse. my wife was just at publix down the street. she says it was a madhouse in the parking lot as well as inside the store. take a look at some video of what's been happening down here for days. inside grocery stores, people depleting every shelf that's got bottled water, canned food,
things that are going to last, nonperishables, baby diapers, baby foods as well as anything they can eat over the next three days. lot of people use their barbecues and gas grills after the storm. that way they can at least cook a hot meal. otherwise you could be stuck like us eating cold soup out of the can. the governor did visit the national hurricane center today for an in-person detailed briefing on what the nation's best federal experts are predicting and expecting, but like rick said, there is still so much uncertainty in this case. but the governor says if you are delaying getting prepared, do not. >> the time to act is now. if you haven't acted, act to make preparations. do not wait until it's too late. if you've prepared and then don't end up getting affected, no harm, no foul. but if you don't prepare and you are affected, that may be something that is difficult to recover from.
reporter: dorian plowed into the british virgin islands and u.s. virgin islands yesterday as a category 1 storm. a lot of rain, a lot of wind, but no reports of major damage, and puerto rico got spared the direct hit. everybody had been fearing that. david? david: stay away from that cold soup, if you can. that doesn't sound very good. reporter: it will be good, trust me. david: phil keating. great to see you. thank you very much. well, a report released by the justice department watchdog showing james comey violated fbi policies but he's not going to be facing criminal charges yet. now he says he wants an apology. former federal prosecutor andrew mccarthy on the fallout next. >> i believed for a long time and this report confirms it, mr. comey is a meathead. he's a political hack. he hurt the fbi badly. fact is, every insurance company hopes you drive safely.
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david: a scathing report today from the justice department watchdog showing that former fbi director jim comey violated agency policies in his handling of memos on president trump, setting a quote, dangerous example. but the doj says it will not seek prosecution. president trump responding with a tweet. perhaps never in the history of our country, says the president, has someone been more thoroughly disgraced than james comey in the just-released inspector general's report. he should be ashamed of himself. comey also taking to twitter, posting this. quote, to all those who spent two years talking about me quote going to jail or quote, being a liar and a leaker, ask yourselves why you still trust
people who gave you bad info for so long, including the president, end quote. joining us now is former u.s. attorney for the southern district of new york and fox news contributor, andrew mccarthy. so andy, what comey is implying is that he was cleared of leaking but isn't that precisely what this report found him guilty of? >> yeah, it's like he's in an alternative universe. he wasn't cleared of leaking. he was cleared of criminal charges for disseminating classified information, which out of all the things that were alleged here, you know, in order of priority, i would say it's like third or fourth level priority. and the thing that disturbs me about this, and i don't -- i have known comey for 30 years. it doesn't do my heart any good to have to say this, but you know, the fbi's in a bad place right now. and for him to act like this is vindication under circumstances where it's really a scathing
report that goes through misconduct page after page, if people think this is the fbi's idea of vindication, that is not going to improve the institution's standing and it's a critically important institution in our country. so it's a black eye day. >> it's jonathan hoenig, is that why comey is not going to be prosecuted? the president i think had tweeted something like ten times that comey had leaked classified information, but in fact, the report as i understand it said the information he leaked was not classified. is that why he's not facing charges himself? >> yeah, that's right. you know, there's a gulf here between what's a violation of the criminal law and what's a violation of various regulations that the justice department has. so the felony violation in the law is the dissemination without authorization of classified information. you have to really prove that somebody's done it willfully in most circumstances. but that doesn't mean it's okay to leak other information that's
law enforcement sensitive information. and the other thing probably that's important to point out about this is this is just one slice of a much bigger investigation. the overarching investigation that the ig is working on involves all of the i guess what's called the investigation of the investigators but you know, we are looking at fisa abuse and you know, all kinds of stuff attendant to the investigation. this is just a slice of it. >> i want to follow on jonathan's point. this is where you really see the partisan politics. you have those that argue it's not classified information and therefore, comey has no choice but to share it. what are your thoughts on that, when he actually testified saying that february 14th memo was unclassified and some on other networks, mainstream media will say he had no choice and that's the reason why he shared it with a journalist to show how bad it was? >> that's really a silly point, i have to say. for a couple reasons. first of all, on may 3rd, about
six days before he was relieved, he testified in congress and said political pressure had never been brought on him before in his experience in connection with making a law enforcement decision. so to then after he got removed to kind of suggest that there had been obstruction and that he had been the victim of it under circumstances where just a week before, he kind of indicated he hadn't, is hard to understand. the second thing is, this is the thing that troubles me the most, he's jim comey. right? he's got a big public platform. if he decided that i'm going to have a press conference, i'm going to walk down to the end of my driveway and give a press conference about why i think trump is unfit and why i think he should be removed, he could have done that. >> why didn't he, then? >> it's a very good question. i'm asking it. i'm glad you are, too. i mean, really, why did he have to leak government files? it was totally unnecessary.
>> one question. what makes me angry about all of this news that's coming out about the russia investigation and the investigations against trump, is the just incredible prosecutorial misconduct here and what bothers me is no one is going to be punished for it. apparently comey will not be, and others. how do you feel about that? this was just a misapplication of justice and for people who believe in civil liberties, people's civil liberties have been so routinely violated here. >> steve, i think number one, the game's not over yet. we are in like the fourth or fifth inning. but secondly, to your point, i think the biggest takeaway of the report which really doesn't have -- it's not so much about what comey did and classified information, the report confirms that donald trump was really the central figure, he was the subject of this investigation, and it was set up so that, for example, the january 6th
briefing that they did on the russia investigation, that was labeled as a briefing of the president-elect on russia's interference in the election. it was treated by the fbi as an opportunity to gather evidence in the russia investigation. and what i have been saying all along is that what they tried to do here was continue an investigation of trump by telling him he was not a suspect to try to put him at ease, but in the meantime, structure the investigation in a way that they had to gather evidence against him if they were going to gather it against anybody. >> so isn't that the central point? black eye for comey, he's not getting prosecuted but that's, you know, where does this fit into that larger narrative that we are going to start to hear about? >> i think the big takeaway here to me is a confirmation that they looked trump in the eye and told him you are not under investigation when he was the center of the investigation. david: i got to ask a quick question before we go. doesn't comey bear some
responsibility for okay'ing the use of the unverified trump dossier, the fbi is supposed to verify everything that goes into a fisa warrant. it went into the fisa warrant and it wasn't verified by the fbi. isn't that partly his responsibility? >> it's principally his responsibility, especially since he's using the same dossier to do this briefing of trump. david: andy mccarthy, great to see you. thank you. appreciate it. new details on the fbi raid at the home of the uaw president. will corruption at the top promote rank and file members to turn in their union cards? hmm. exactly. liberty mutual customizes your car insurance, so you only pay for what you need. nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪
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david: we are learning more about the raid on the home of a uaw president. his name is gary jones. the fbi and the irs conducting the operation amid allegations of corruption and taking bribes. the fed's also targeting the home of joanes' predecessor, dennis williams. so far the investigation has led to eight convictions. uaw membership has been slipping recently. jackie, you have been following this story for fox business. this going to convince anybody the union has their best interests in mind? >> no. you want to talk about black eyes, this is a big black eye. actually, there were no arrests involved with the raids that we saw yesterday, but it's just another drop in confidence. the workers in the union are actually in the middle of a very
tense contract negotiation. a contract that expires in mid-september. this is not a great time to have a leadership problem like this. gary jones and the uaw, they issued a statement yesterday, the uaw said the uaw and president gary jones have always fully cooperated with the government investigators in the matter. as the leader of the uaw, president jones is determined to uncover and address any and all wrongdoing wherever it might lead. certainly, that's really what the workers want to see. they actually have been talking about this and saying we just want to see top management out here and bring new management in so we can start over and really focus on the issues that are the most important right now. >> but you know what's so interesting about this story, david, that's what they have been saying for 40 years, right? how many times has the corruption story, you know, we're going to deal with this and have a new leader come in. i would refer people to union facts.com which shows that these kinds of corruption scandals are routine. you know, the people who lose out here are the workers
themselves who the unions are supposed to represent, because the money, you know, that the unions get isn't going to the workers, it's going too many times to corrupt leaders. that's why unions oftentimes don't represent the interests of the people they represent. >> yeah, and the reason the unions have power, unfortunately, it's not that people oftentimes have a choice to join these unions. they are given coercive power by government. everything from the nrlb, national labor relations board to the wagner act. to steve's point, you like to think if this helps the workers but it doesn't. think back a decade ago, in 2007 about $1200 for every gm car produced went straight to the health and medical benefits. that causes unemployment and that's why the only place you are seeing union membership grow is in government, education in government. that's exactly where it's growing. >> by the way, to add one point to what you are saying, that's the reason why the domestic auto industry has moved out of michigan and ohio and states like that and is now in alabama
and states like that that don't have to deal with the uaw. >> what about his tore atory ans have quite a strong history of changing to safer job procedures? i think it's presumptuous to think when you have a bad apple it's a reflection on the industry itself. many corporations have had ceos that stole money. that doesn't necessarily mean everybody that works there is bad or the organization cannot do good. i think it's just a sweeping statement. yes, there are issues that need to be addressed. why not wage stagnation and the fact unions have fallen for what is it, the last 20 years or so, 10.5% of american workers right now are unionized? perhaps there's a connection there, too. >> can i say one quick thing on this? i believe in collective bargaining. if people want to collectively bargain, i have no problem with that whatsoever. if they want union representation, i have no problem with that. what i do have a problem with is
forced unionization. that's the problem in many of these states. >> what about an opt-in/opt-out situation? >> i'm fine with that. many don't have that. >> but that's the whole point. you have to get government out. you say well, if they don't like it. government is heavily involved in supporting the unions and bringing them into business. as i said, the nrlb, if you want to literally put them on a fair playing field, get the government out of supporting these unions. david: we are past time on this segment. thank you. the poster child for the green movement failing to succeed. the lessons learned from georgetown, texas coming next. at fidelity, we believe your money should always be working harder. that's why, your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today. my body is truly powerful. i have the power to lower my blood sugar and a1c.
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in an all-time low and we have had some price increases so far but you know, again, this is a long-term proposition. david: that was georgetown, texas's mayor dale ross touting the benefits of going green, converting the town's energy grid from natural gas to 100% renewables, including wind and solar. the town received glowing media attention for its plans as well as a million dollar grant from bloomberg philanthropies but now bloomberg wants a refund. the green deal is in the red. electric bills have soared and georgetown's municipal utility is facing a $7 million shortfall, and on august 13th, the town council voted unanimously to kill the deal. so has the shining example of a green new deal become a warning sign for the rest of america? >> yeah, you can't fake reality, david. a is a. once again, the greens always looking to hurt mankind in their big quest, make everything green. what do they do? they just push up people's
energy bills. fact is that natural gas is cheaper than wind, cheaper than solar, definitely more reliable and once again, the greens start with this premise if you use natural gas, if you use oil, somehow that's bad. that's the wrong premise to have. these are the energies that power our modern economy forward, and the more fuel we burn, the better man's life has become. put man first. the environment will worry about itself. >> okay. what, jonathan? jonathan, sometimes it's like you purposely say that, put man first, fine. i agree with that. it helps the economy grow. you have helped the united states grow. but we do need to discuss the climate pollution. it is not a partisan problem. it is something that affects all of us. to this particular town, to just jump and say that it's not working, starting in 2017, yes, you're right, electricity bills have gone up over $1,000. it's very expensive. what is very concerning, too, is georgetown city officials are refusing to release any type of electricity contract so their transparency is completely
missing. but overall, why not give credit. this is a city trying to change the way, trying to become more innovative. of course it's not going to happen overnight. nothing happens overnight. so why not give the city a break a little bit and give it some time? david: stlothey voted against i. >> what's innovative about forcing people to pay more for energy they are using to run their lives and better their lives? that's not innovative. that's a step backwards. david: steve wants to get in. >> here's my point. texas, really? texas is the oil and natural gas capital of the world. that would be like nebraska saying we are not going to grow corn. how stupid is that idea? by the way, natural gas prices just fell to $2 for, you know, a million btus which is an 85% price reduction. the problem with wind and solar, i don't have any problem with wind and solar. they are two to three times more expensive and this town is figuring that out. by the way, germany figured that out five or six years ago when
they went green. david: and spain. >> the shale boom unlocked so much natural gas resource in this country, it would be difficult for communities not to tap into it and take advantage of those prices, steve. that's not to say that the goals of the renewables are not lofty and they shouldn't continue to invest in them and try to bring the costs down, but look at the time horizon in a different way. david: got to move on. demand for meatless eggs appears to be alive and well. the ceo of just inc. is going to join us with a big announcement, next. there's a company that's talked to even more real people than me: jd power. 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome.
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ingredients include mung beans and turmeric and the company says it has sold the equivalent of ten million eggs. here now in a fox business exclusive, just eggs ceo josh tetrick. great to see you. congratulations on all the good news. you have more news to make right here. go ahead. >> very good to be here. ten million is a lot and i'm really proud to announce we are going to be bringing just eggs to walmart who is the biggest retailer in the world. david: that's big. >> much more than a vegan thing. this is very much a mainstream thing. we are pretty proud to share that with you for the first time. >> congratulations. >> kristina partsinevelos here. i don't eat meat but i eat eggs. i think what i'm trying to grasp my head around is a lot of the calories in the food. what's being put into the product? we just quickly showed it. today i was doing another segment talking about impossible whoppers. 630 calories versus a real whopper which is 660 calories.
three tablespoons is about 70 calories, your product. can you describe the taste for me and two, the nutritional value. i feel like that could be something that really hurts the industry, if reports come out showing that there's a lot of junk in there. not your product. >> no, you are totally right. i think an important thing that gets missed in these new types of products is the health. it's really important that it's not just healthy, but it's healthier than what is currently existing. so for us, if you take the breakfast sandwich version of what we have, it's about 20% more protein than a conventional egg. it's about 65% less saturated fat. it's free of cholesterol. from a sustainability perspective it uses less land and water. now, the big opportunity here is not to just look at an egg or beef or chicken and say we want to be that. the bigger opportunity is to look at the evidence about what nutrition is and do that. we want to add more protein, add antioxidants, micronutrition in
the future, and it is made out of a bean that's been in the food system since 2300b.c. so for many thousands of years, this bean has been around. it just so happens people didn't realize it actually scrambled like an egg until we came around. >> the amazing thing about this is we have proved thaw don't have to crack a few eggs to make an omelet. i thought that was pretty cool. my question is, is it economical? is this going to cost me less than if i buy, you know, to make an omelet with your product rather than crack three eggs? >> so the economics of eggs are really interesting. about 1.4 trillion eggs, if you can believe it, were laid last year. it's for a market about $260 billion. our goal is to be the most cost-effective egg and protein, period. the average cost of an egg is about eight cents and about 50% of that eight cents comes from feed like soy and corn. today, we are more costly. we are about 22 cents per egg equivalent. the goal in the next two to three years is to get below five
cents. we want to be in a world and i would love to share this when we eventually get there, where we are not only below the cost of an egg, but we are below the cost of chicken and beef, even tofu, other protein, while being healthier and tasty. there's a lot of work that needs to go to get there. ultimately that's how we get mainstream. >> it seems to me like these alternatives, we discussed the meats and now your product as well, this is all really sort of scientific evolution of food. how long before this basically takes over all the traditional products that we have been eating, if products like yours can come out and be more cost-effective and also be healthier alternatives? >> you know, i think the bottom line is we can overcomplicate food but at the end of the day, people want to eat food that tastes really good and makes them feel good, that's really affordable. i wasn't -- we live in san francisco today, that's where my headquarters for just is. i was born in birmingham, alabama, eating cinnamon rolls out of vending machines and chicken sandwiches from burger king. people want good food. i think at the end of the day if we can figure out a way to make
the thing that tastes good really affordable, even more affordable, that becomes the thing that's on all the menus. that becomes the thing that dominates shelves. i think what we found really interesting is some of the biggest egg companies in the world, the biggest egg processor in europe, some of the biggest egg companies in korea and increasingly in north america, don't see us as competitors but see themselves as protein companies. at the end of the day they want on sell more protein. we are actually partnering with them in a way coca-cola has concentrated and sell it the a bottler. we have our just egg protein which is really just the mung bean as protein. we sell it to them and they do everything else. for us it's a capital-light way to do it. we rely on their expertise, manufacturing and distribution and hopefully everyone benefits. >> it's jonathan hoenig. thank you for being with us. look, it's called just eggs. obviously it's not eggs at all. that's fine. but isn't this going against what's been a real trend in the food industry for well over a decade now, this whole idea of unprocessed farm-to-table? you are kind of bringing it in
another direction here because this food is in fact pretty highly processed, isn't it? >> yeah. you know, i think the way to express it to consumers is here's what our process is. we find a bean, it took us about four and a half years and well over $100 million to find this bean, then we mill the bean into a flour so imagine we find a bean, we mill it into flour, then we spin the flour down for a process, we use a centrifuge. the protein is separated from the fat, fiber and starch, then we take that protein, we add tumeric, oil and water and then you have the product. that's what it is. i think importantly, part of the reason consumers have a bad reaction to processed foods is because companies that make foods that require a process often are not open about what that process actually is. at least we found when we are open with the consumer about what it actually is, folks feel better about it. but at the end of the day, i'm the biggest proponent for eating whole foods. i think it's healthier to eat kale and tomatoes and grapes
than it is our product, as much as i love our product, and i think at the end of the day it's about a little bit of balance. it shouldn't replace everything, but we think it's a good step to creating a more sustainable food. david: got to go. i have to ask, do you ever eat meat? >> you know, we actually created meat where you can create it without killing the animal. i just had a chicken nugget the other day that our team made up. we will talk about that next time. david: boy. that is a tease for which you are going to come back and explain it. great to see you. congratulations with the business. does it feel like your work week keeps getting longer and longer? chinese tech billionaire and alibaba co-founder jack moss says those days could be numbered. we could only be working about a third of the time in the near future but is that a good thing? s won't go up just because of an accident. smart kid. indeed.
he now see as future that people work 12 hours a week, four hour day, just three times a week, with the benefit of artificial intelligence. telling an audience in china, quote, because of artificial intelligence, people will have more time enjoying being human beings. does this sound like paradise or a problem? >> david, i'm crazy but i actually like working. i think idea of people only working 12 hours a week, what will they do the rest of their time? but yeah, look, work week has been shrinking for 100 years. used to be people worked 65 hours a week. now they're working about 38. david: jonathan? >> exactly right. people work on average about 13% less hours than they did even back in the 1950s, david. thankfully we have automation. we have artificial intelligence. these wonderful innovations technologies create more jobs than they could ever be filled. think back to 100 years, 120 years ago we were on the farm. david: ladies, 10 seconds what
do you think? >> technology made me more connected i am working harder than i ever was. i feel ai eliminates jobs. >> crime rates. too much time. david: that does it. for "bulls & bears". >> to insure that, all resources of the federal government are focused on the arriving storm, i have decided to send our vice president, mike pence, to poland this weekend, in my place. very important for me to be here. the storm looks like it could be a very, very big one indeed. liz: that was president trump just moments ago, sending vice president mike pence to poland in his place. the president staying here. that hurricane dorian, potentially spinning into a category 4 that could slam florida.