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tv   Sunday Morning Futures With Maria Bartiromo  FOX Business  October 1, 2017 6:00pm-7:01pm EDT

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>> maria: good sunday morning everybody. welcome this week the white house and congressional republicans put on the full court press for tax reform. president trump heads to puerto rico to survey hurricane damage on tuesday and the trump administration looks for a replacement for former health secretary tom price. good morning i'm maria bartiromo thanks so much for joining me. this is sunday morning futures. with healthcare in the rear view mirror now, for the time being, president trump and republicans are turning their attention to tax reform. how will it affect you, the american taxpayer? the director of the president's national economic council, gary cohn will join me live in studio coming up. also, could tax reform be used to help peel back the dodd-frank financial regulation some i'll talk with house financial
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services committee chairman jeb hensarling of texas coming up and then an emotional scene on capitol hill this past week. house majority steve scalise returning to congress for the first time since being shot in june at a baseball practice game. what was the mood like inside that chamber? i'll talk with his fellow congressman as we look ahead right now on sunday morning futures. and republicans are making their push on tax reform after the latest healthcare failure the stakes are high. this new plan tries to simplify our complicated tax code. consolidated the number of tax brackets from seven down to three, sitting individual tax rates at 12%, 25% and 35%. the president describing it as a rocket fuel for the economy saying it will de live a "middle class miracle." joining me right now is president trump's chief economic advisor and director of the national economic council gary cohn. director good to see you.
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>> maria great to be here. >> maria: you've got a lot on your plate i know that and this tax plan is so important for the economy and for jobs. can you talk us through what's most important in terms of this plan what do americans need to understand? >> absolutely. before i do that, let me just stop and hesitate for a second and talk about puerto rico for a second. >> maria: sure. >> i just want to reiterate how involved the administration continues to be. we've spent the entire weekend as we have last weekend working on puerto rico, making sure we're out saving lives sustain ing lives and making sure everyone in puerto rico and the u.s. virgin islands is taken care of. the united states has gone through extraordinary efforts to deliver goods to the island. right now, our big challenge to get those goods delivered to the citizens of the island that need those goods. >> maria: it's hard it's an island. you can't get there right? >> it's hard and the infrastructure has been destroyed so we're working full speed ahead. as you know the president and many of the cabinet members will be there on tuesday to see what more if anything we can do.
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>> maria: but let me just say this because that mayor from san juan really gave an aggressive and sort of add it plant interview with geraldo rivera and she's angry at the president is this politics or really maybe there could have been more done sooner? >> look i think when we look at the history of this the administration has done an extraordinary job of delivering goods and services and people to the island. we started with 4500 national guard there. we now have over 10,000 u.s. government people on the island. there are more ships in the harbor full of material, food, medicine, things to build infrastructure than you could imagine. the challenge now is to get them unloaded and distributed around the island. >> maria: i know you'll be there the administration will be there tuesday we'll be watching that cover that live obviously and the president has been tweeting about it all weekend. let me ask you about taxes now because you released a very important plan and its been a
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detailed plan but we still don't understand who falls where, so 12%, 25%, 35% of the rate if i make $200,000 where does that fall? am i getting taxed 25% or 35%? >> maria remember what we did. we released a outline of the plan and in the plan as you point out, we really have four rates. what people are forgetting is we really enlarged the zero rate. we doubled the zero rate so if you're a family today, you now get the first $24,000 of your income at a zero rate. you then kick into the 12% rate, then you go to the 25% rate, then you go to the 35% rate. we have not determined the break points for that. we have given the ability to determine the break points to the senate and the house as they write the legislation. the reason we've done that is because one of the two big bright line tests in our tax plan is that we must in the
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keyword is there we must have a middle income tax cut when we're done so we have told the tax writers set the brakes where you need to set the brakes to make sure that we end up with a middle income tax cut. >> maria: that makes a lot of sense what you've been talking about the whole time. want to cut tax for the middle class but i want to show you what andrew cuomo tweeted this weekend the governor of new york where you've got a lot of tax income levels and he tweets out this. under the gop tax plan, every new yorker, every new york region will see a tax increase. is this true? >> gary: well andrew tweeted, i completely disagree with that. >> maria: he's saying every new york region is going to see taxes go up. >> gary: i don't know what he means by every region. i really don't know what he means by that. first of all we haven't even delivered enough details for him to come to that calculation. >> maria: let's talk about the elimination of the state and local income tax deduction. this is something i think that he's referring to. talking about tax rates in new
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york of 10% on a state level. you're talking about property taxes that have been going up and are very significant, so if you eliminate that deduction, that is a tax increase for new yorkers right? >> gary: it's not necessarily a tax increase. in fact it's a tax decrease because we're going to replace that with other pieces. what people haven't seen yet and this is what people have to do. they have to take a look at the plan in its entirety. we're going to elongate the brackets, we're going to increase credit quite dramatically but child care credits, where they phase out is going to dramatically change. the size of the child care credit is going to change quite dramatically. we keep talking about the deductibility of state and local taxes and how important that is. let me give you something that is an absolute and is a fact. under the old tax system, 25% of families actually itemized took advantage of the state and local tax deduction, so 75% of the
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families in america did not use the itemized deduction to deduct the state and local taxes. >> maria: but if you make $200,000 or more, 90% of you use that deduction. >> gary: like i said it's 25%. we are designing a tax plan for the uned states of america where this is t federal tax plan. we are digning a tax plan to deliver middle income tax relief to america. >> maria: i feel like you keep getting bullied by the left. we knew the talking point after you released this plan would be this is a tax cut for the rich and i feel like you're constantly on defense having to defend lower taxes. i saw you were in a review the other day and he kept throwing these gotcha questions at you and you're there saying no, this is not a tax cut for the rich. what's wrong with wealth? what's wrong with coming from nothing working really hard, making money and achieving success? why do you have to defend that? >> gary: we shouldn't have to defend the american dream. this is america. this is where people come to
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succeed. this is where people come to earn money. this is where people come with ideas. look at silicon valley. we have silicon valley because people can come here with great ideas and build businesses and succeed. this is what makes america great we want people to succeed but we want people to pay their fair share of taxes. >> maria: now you sound like a globalist. that's what they say there's one faction in the white house whose the globalist, and then there's another faction that just wants to cut across-the-board. where do you sit? >> gary: i want a fair and equitable tax system one that allows the united states economy to compete on a global basis and one that is fair and allows middle class families to keep more of what they earn. >> maria: isn't it true that the top 10% of taxpayers pay 70% of the tax? so if you don't cut taxes on the very people that are paying all the tax, you're not really cutting taxes. >> gary: in broad brush terms that's a relatively true status. >> maria: there you go what's the answer then if you're not
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cutting taxes on the highest earners then you're not cutting taxes if they're paying 70% of the tax. >> gary: our objective here is to continue to give middle class middle income families a tax cut , allow middle income families to keep more of what they earn. they still are paying taxes even though the wealthier people are paying more taxes, middle income families are still paying taxes and yes, we do believe as an administration we can have them pay lower taxes. >> maria: well you say you are already at four rates because of the zero and i understand that. are you going to have another bracket 44% for the millionaires , 5 million and up is that what you're working on right now another bracket so that the highest do in fact see a higher rate? >> gary: we have given the tax writers in the house and the senate latitude. if they need an additional rate to make sure that the tax budget works, that we have given them the ability to put in a fourth rate if they need it. we prefer not to have it but if they need it they have that
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ability. that's why when people come out with these definitive statements of what the tax plan is going to do, or what the tax plan is not going to do i find it hard to believe because we don't know what the tax plan looks like yet >> maria: do you think you can get this done by year-end? >> gary: absolutely. i'm very convinced we can. >> maria: so where is the debate right now? is there an alternative to this state and income tax deduction for example? i know that was supposed to raise $1.25 trillion over 10 years can you find that money somewhere else? if you were to not eliminate that deduction if you got so much pushback from republicans as well? >> gary: so remember where the house started and the house blueprint was the one that had the deductibility and the non- deductibility of state and local taxes. we took the house blueprint as we tried as a group of six to work together with a plan that would work for everyone. we took the house blueprint and incorporated that into the group of six.
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we are very negotiable on a lot of factors in the tax plan. what we're not negotiable on is two points. we're not negotiable on whether we end up with a middle income tax cut, not negotiable. what we're not negotiable on is a 20% tax rate for c corporations and a 25% tax rate for pass through corporations. >> maria: i want to talk about that next. let's take a short break and when we come back i want to zero in on the business tax breaks because a lot of people say this is the most important part of this plan that will move the needle on economic growth. when we come back we'll table about the corporate rate and others follow me on twitter maria bartiromo at sunday futures let me know what you want to hear from gary cohn. i'll check twitter. stay with us back in a moment with gary cohn. i count on my dell small business advisor
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>> maria: and we are back talking taxes with the president 's top economic advisor talking about the republican tax reform plan. want to get into the business side of things gary and that is of course is the corporate rate at 20% and a pass through rate l lc's et cetera at 25%. why had you come out with these numbers why are these the right rates? >> look maria we've spent a lot of time on this. this is a red line test for us where we end up with the corporation. the president has spent an enormous amount of time pushing us on where we are and this matters enormously to us. it matters because we have to be competitive with the rest of the world. when we look at the rest of the world the developed world today, the average tax rate for the rest of the developed world is in the low 20s. you know, 22, 23, 24 depending on it. >> maria: ireland is at 13%. >> i said the average. there's exceptions to every rule >> maria: i know why companies are moving to ireland. >> we understand that but we feel lick we've got to get below the average of the developed world. 20% gets us below the average of
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the developed world and that's why it's a bright line test. we can't go below, we can't go above that because then we get non-competitive with the rest of the world. >> maria: if you've got a pass through business say you own a hardware store on main street whatever and you'll get that 25% rate is there a risk here that people can game the system that you're supposed to be paying the 35% highest rate or even higher than that and you call yourself an llc. how do you avoid gaming the system? >> we've talked a lot about this there will be quite extensive anti-abuse language in the pass through definition so we make sure someone that really is earning 100% wage income that they should be taxed as ordinary wage income is not transferred into pass through income. >> maria: you're talking about a repatriation as well are you talking about 10% or lower, is this a one-time charge? you've said $2 trillion overseas you want that money to come back >> we know it's at the high
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2 trillion could be $3 trillion at this point overseas. we are deeming the rate meaning we are not giving companies the choice. they are going to pay the rate if they have money overseas that's how we catch up from the worldwide system to the territorial system. we will end up with a bifurcated rate. we will charge you one rate if you have liquid assets offshore, we will charge you a different rate if you've got bricks and mortar and you've turned those earnings into bricks and mortar or investments offshore. we will give you some period of time to pay it but you will incur the tax liability the minute the tax referendum goes through. >> maria: even if you have property overseas then the same thing? >> if you have property you will owe us the tax over some period of time at a lower rate. >> maria: and is is that at 10% or lower than that? >> okay so we'll have two separate rates, we'll have a higher rate for liquid assets a lower rate for ill liquid assets again we've given the tax writer s in the senate and the house the ability to adjust those knobs adjust those numbers it will be in that 10% range. >> maria: how much does the
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estate tax and the amt generate because i'm wondering if you don't eliminate that state and local deduction, is that a place for wiggle room? is that an alternative because the estate tax is one tax that people might say okay, well that is helping the rich. maybe that's something that you could give them. >> again maria let's talk about the estate tax and talk about the people getting caught in the estate tax and the people against the estate tax. the american farm bureau and small businesses, they're the ones that come out and really advocate the repeal of the estate tax. they are the people that get caught in the estate tax. we want america to be a place where you can have multi- generational family businesses, where you can build a family business and pass it from generation to generation and not be forced to sell your business upon death. death should not become a taxable event if you're in a small business. death should not become a taxable benefit if you're a farmer. if you're a farmer you should be able to pass it on to your family. we know the statistics.
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wealthy people can use estate planning and get around the estate tax, so look, when you're looking at the estate tax as a whole, it really affects family- owned businesses and farmers more than anyone. the alternative minimum tax, again it's something that's even the irs tax advocate and a bunch of non-partisan groups that come out and said look this has not worked. what happens with the alternative minimum tax is it was a pretty good concept. it was a good concept to say that everyone should pay their fair share. again wealthier taxpayers have hired accountants to figure out how to not pay the alternative minimum tax, where middle income taxpayers end up paying the vast majority of alternative minimum tax. good concept failed execution. so let's get rid of it and simplify the tax code. one of our core principles is to simplify the tax code. >> maria: when do you think you'll have more of these details like for example, the specifics on brackets, the level of income, and the debate over the deduction on state and
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income tax? is that an open debate right now right? >> this is in the hands of the tax writers both in the house and the senate. we are confident that we're going to get a tax bill done in this calendar year, to do that we've got to get out of the house relatively soon to get out of the house we're going to have to have real details. this will has to be in markup, hopefully in october. >> maria: real quick before you go, there's a lot of speculation about changes in the white house some people think you'll get this tax reform done and then you'll leave. is there any truth to that that you would leave after that? >> maria i've got a great job. think of what i'm involved in. we started down a regulatory path which was our number one objective. we're starting to have some wins on regulation. we've got a tax path, we're working on taxes, we've got infrastructure to do. the president and i agree on an agenda and we agree on an agenda to drive this economy to places people don't think we could be. think about the fact that we just published a 3.1% gdp for last quarter.
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people didn't think that was attainable. >> maria: 3.1% is a great number good to see you we'll be watching for sure gary cohn is the director of economic policy at the white house and we'll be right back. right back. we're talking regulation ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
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>> our prayers have been answered. his bravery and his family's strength have been such an inspiration to this house and to the people it serves. america is grateful for this moment. the chair now proudly asks for what purpose is the gentleman from louisiana seek recognition? to speak out of order mr. speaker. [applause] >> [cheers and applause ]
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>> maria: wow house majority steve scalise made an emotional return to congress this past thursday for the first time since he was shot on that virginia baseball field back in june. the louisiana congressman also thanked members of both parties for their support during his recovery before casting his first vote, since the shooting, for a bill that would in part extend tax benefits to hurricane victims. texas congressman was there to welcome back his colleague and he joins me now congressman good to see you. wow that must have been really emotional watching from here. i'm getting the chills how was it in that room? >> well it's emotional watching him from here. it was such a moving event because so many of us had played and i didn't know the president was coming to the hospital that first night i was there about 10 minutes before he got there, but to stand beside the president and first lady as the doctor said that night, president was trying to put a happy spin on it and well you know, been 13 hours
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so looks like this is a good sign and the doctor said i've put a tremendous amount of blood in him today i'm going to put a tremendous amount of blood in him tomorrow if he makes it through the night but we don't know. i'm going to be on pins and needles. to pray so fervently for his recovery and to see him back in the chamber was just overwhelming and steve is such a modest guy, but one of the hardest working guys. it's just a triumph of answered prayers and of someone really, its been tremendous amount of work. people don't realize to get to that point where he is is taking enormous work in addition to the answered prayers and a lot of people don't know. i haven't heard this in the media because it was told to me privately. congressman from georgia was in a position behind the fence behind the home plate as the shooter was moving from the third base dug out around toward
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first where he was going to be able to shoot and they were lying on the ground in the dug out, the first base dug out and barry says i'm about to be exposed and i'm looking around theres no place for me to run no place to go and he saw crystal g riner, capitol police firing shot in the ankle and she was trying through tremendous pain to shoot and he realized that i'm about to be wide open exposed he says a prayer and he sees david bailey, capitol policeman at that moment come out from behind his cover, the suburban. he's completely exposed, yells twice, drop your weapon drop your weapon and the guy shoots at him twice and as soon as he says drop your weapon the second time, he fires twice and takes him out. david bailey as steve said in the chamber saved his life. he is the ultimate hero and between the efforts of crystal and david, they saved lots of lives probably two dozen or so
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of the republicans out there and i was also gratified to hear maryland democrat honorable man say that this was a hate-filled shooter and that you only hear people from the left normally say we had a leftist full of hate shooting but the president knew that the very night, the very day he said there are problems on both sides after charlottesville because he had been there when he knew steve sc alise nearly didn't make it because of the hate of someone on the left. but its just been an emotional ride. thank god and jennifer, steve's wife has been amazing. she has been really a testimony of what people ought to be going through such things. >> maria: you're right. there really are a lot of heros here and certainly david bailey and officer griner, they really are our heros, as are all the first responders and police everywhere, but let me ask you.
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he made this vote. i believe steve scalise's last interview was here on this program before that horrible shooting. he goes back, he votes now is he back in terms of voting and he's going to be doing rehab along with coming into the office? >> that's what i understand, he's going to be back and he's the guy that stood up for me to get me able to cook ribs again for the rest of the members of congress. it's the one-time i'll leave a good taste in people's mouths, but steve made that happen and i said and steve said so when ribs and we chose a day right there on the house floor. i'm going to be coongnd a make sure he gotome again. >> mariawow. >> i broughsome to the hospital ando him and dav bailey bause david when i said rough for sing so many of our frids lives, he said no, thank you for all the ribs. i mean what an incredible model. >> maria: what an incredible person really it's true. >> but i said david, did you really go completely uncovered,
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barry said it hit me, i have to make it him or me, him or me and that's when i stepped out and he said thank god it was him. >> maria: that's incredible congressman let me switch gears while i have you and ask you how are you going to vote on the tax plan. >> sure. >> maria: i can see there's push back here talking with gary cohn. are you okay with the elimination of the state and local deduction number one and what about a higher rate if they come up with another rate for the highest earners and the millionaire camp of up to 37 or 39%, is that something you would would be okay with? >> depending on what we did with the other areas, and by the way, i thought gary cohn did a good job and your questions were terrific but steve moore says i have the best description of the corporate tax and it's accurate. we placed the highest tariff of any industrialized nation on our own products. that's the corporate tax. it's also an insidious tax because who pays the biggest
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percentage of their income for the corporate tax? corporations don't pay that. they pass it on to their purchasers, to their customers, and who buys a bigger percent or pays a bigger percentage of their income? it's the poor and the middle class, so they're the ones that are paying this. it's a straight pass through tax when you lowered the corporate tax, you're lowering the tariff we put on our goods. >> maria: congressman are you okay with this deduction being eliminated? are you going to vote yes? >> yes absolutely because warren buffet these billionaires never pay the estate tax. they have estate planning to get around it but my aunt lilly lost over 2000-acres of her estate. she was land rich and cash poor. the irs took every acre, they took everything and i was there for the estate sale. we all, the family bought what we could to try to keep things in the family. i've seen what the estate sale does to the middle class, to
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those that have spent a hundred years building farmland and they can't pay the taxes. >> maria: well he made that case as well. congressman good to see you sir thanks very much. >> great to see you too. >> maria: we'll be right
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>> maria: welcome back as republicans rollout their new tax reform plans some of them on capitol hill say the new plan
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could help do something peeling back the dodd-frank regulations joining me is the chairman of house committee on financial services jeb hensarling of texas thanks for joining us. >> well thanks for the invitation. >> maria: would you like to see a rollback of dodd-frank attached to any tax plan? >> oh, i'd like to see it attached to any bill across congress so fundamental tax reform is so critical to our economy but so is regulatory reform and our speaker paul ryan has called the financial choice act which effect you'vely repeals and replaces dodd-frank, the crown jewel of our regulatory efforts. so we passed it in the house with only one republican vote descenting. unfortunately we're still awaiting action in the senate but i look for any opportunity to advance both tax reform and regulatory reform. we're going to look at the appropriations process, we're looking at what the senate can do, but it's an important part of releasing capitol in our
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society and tax reform will be important but so is regulatory reform. >> maria: for sure and already we've seen as a result of the president's executive orders on regulation peeling back certain regulations, we're seeing economy actually respond & companies loosen up their purse strings to invest more in durable goods type things and big ticket items. 3.1% gdp this last week tell me what else you would like to see in this tax plan. are you happy with the current form that's framework that the leadership has released? >> well again, if i can harken back you're right. 3.1% gdp growth is not by accident. i mean, we've got a president who is already rolled back hundreds of rules, used the congressional review act, 14 times to rollback onerous obama regulations where it had only been used once so this president really is poised to be the deregulation president since the most regulation since president reagan with respect to the tax reform plan.
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i can not envision a plan that i would not end up supporting. i'm very excited as is all republicans if this prospect of having a fair flatter simpler more competitive tax code and by reducing both the c corp. and the pass through rates on businesses, i think this economy is poised yet again for three maybe 3.5% economic growth, so again this is a frame work. this is an outline but i think they are off to a great great start. >> maria: well the committee for responsible budget says that these tax cuts are going to cost $2.2 trillion so the question then becomes how do you pay for it do you need this to be revenue neutral? gary cohn who was just with us and treasury secretary steve mnuchin have said many types that they are expecting growth to pay for this in a big way. do you think that's achievable? >> oh, absolutely. i mean, i'm not sure there's any time in america's history in the last century where we haven't had fundamental long term tax reform that hasn't
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generated both economic growth and more revenue. you can go back to the reagan tax cuts. there were three different tax cuts and we had 4% sustained economic growth in 1984, i think it was 7% economic growth and when president reagan left office, revenues were 19% higher you can go back to the kennedy tax. you can go all the way back to the coolidge tax so what we see is revenue feedback. it's not just theory that i have >> maria: it's a great point. talking with senator ted cruz about this last week and he points out that in 1984, the gdp was 7.3% which is like china numbers. i mean, we haven't seen that in so long. we forgot that that's actually achievable living in this one and 2% growth world. infrastructure package, gary cohn just told me during the commercial break actually that an infrastructure package is ready now and you can also attach that to a tax plan should you need to do so to get the
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votes required to pass this thing. what would you like to see? do you want to just do a clean tax reform package like the framework says now or do you want to have this unraveling of dodd-frank or an infrastructure package attached to it? >> well the most important thing right now is to get the votes to get the tax reform package done. >> maria: well you don't have the votes on the state income tax deduction though, right? >> well i don't know that. what i hope is that people will look at what is the difference intake home pay between a 1.7% gdp economy and a 3-3.5% gdp economy. and so i hope that people will look at that a generous doubling of the standard deduction. there are all types of provision s in this outline. they're going to help working families, middle income families , but the most important aspect of this is this is a tax reform plan built for economic growth. i hope in some respecs people look at the entire painting and
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not a few brush strokes in the corner. if you look at the entirety of the plan, i have no doubt again based upon economic history that we are once again capable of 3% plus economic growth. you nomar it a we've essentially come out of a lost decade from the years of obamanomics, so the average middle income family is probably $14,000 achieving less in income than they otherwise would have had had we had sustained 3% economic growth. that's what i hope all my colleagues will focus on and that is the tax plan built for economic growth that will bring jobs back to america, capital back to america and lead to not just more jobs but bigger paychecks and greater take home pay. >> maria: that's the key isn't it the wages which haven't moved in so many years. congressman good to see you sir thanks very much. happy to be here. >> maria: jeb hensarling joining us there. a high profile departure from the trump administration health and human services secretary tom price resigned president asked
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him to after reports of his use of expensive private jets on the taxpayer dime. our panel is weighing in on that as we look ahead on sunday morning futures back in a moment o ♪ ♪ i'm... i'm so in love with you. ♪ ♪ whatever you want to do... ♪ alright with me. ♪ ooo baby let's... ♪ ...let's stay together... ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
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the fights and all that stuff was sidebar stuff. he was a very respected member of congress but couldn't get on top of the job. >> maria: i guess it's not just all this use of private planes but healthcare. >> well the bottom line-- >> maria: no obama repeal and replace. >> i'm not a big advocate of congressman of coming in running a big 80,000 person department and my sense is he was a very passive player in the healthcare debate where i think the plan was for him to go take care of the congress because he had been a chairman of one of the committees. >> maria: do we know whose going to take his place at this point? >> no we don't. there's several people in name. >> maria: there's a mike pence p rotoge. whose the head of the very important part. >> maria: medicaid. >> healthcare is not done yet whether you get us to repeal or not you've got to run the program as it is today and need someone who doesn't have to incur someone can walk in and make it happen. >> maria: let me switch gears and ask about foreign policy ian because secretary tillerson is
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in china meeting with chinese officials, obviously north korea top of mind. what can we do at this point to reign in the north? >> look while everyone is talking about trump reigning fire and fury against north koreans the reality is you have 15 countries of the security council led by the united states increasing sanctions step by step, the chinese are absolutely cracking down on smuggling from north korea into china and also on joint ventures with the north koreans giving a lot of money and now tillerson is also working with the chinese to try to develop more direct diplomatic negotiations with the north koreans as well and has admitted the trump administration is in direct contact with the foreign ministry around kim jong-un and in other words, despite the headlines, there's more been accomplished on north korea by this administration largely because time. >> jon: has been escalating so much than the prospect of military strikes, which you kno- >> maria: that's fascinating.
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well we need it. >> maria: does the u.s. economy get impacted if we keep putting pressure on chinese banks because of north korea? >> the u.s. economy gets impacted if we move from a constructive path with the chinese where we're both trying to con strain the north koreans and to one where we say do you know what the chinese haven't done enough we've given up we'll start putting our own squeeze on the chinese directly. we haven't done that yet and you've had people like gary cohn who you just had on, will barras who says do you know what we should be careful before we start putting a lot of tariffs directly on the chinese. i think the go slow approach is better. >> maria: it feels like he's had more success on foreign policy than anything else. >> i think his foreign policy team is the strongest team you have and the general mattis and others have given him good council and i think to certain extent he respects their council and has been a positive thing. >> maria: there is a referendum going on in spain. tell me about that?
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>> well you have hundreds of people that have been injured by the spanish police. it was illegal to hold this referendum according to the spanish courts but what the prime minister should have done was ignore it and just let it go on and be symbolic instead he said i'm going to crack down. most people who wanted to vote voted anyway but now the people that want independence in catalo nia have a much stronger case and it's one more place in europe where you're seeing center not hold. we seen it in brexit. we've seen it with the french and german elections and now we're seeing it in spain. >> maria: this is extraordinary. what a story we'll take a break and then the hurricane response in puerto rico. hurricane maria the president's war of words with the mayor of san juan will play some of that sound and have our panel react to that next on sunday morning futures back in a moment. i count on my dell small business advisor
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>> when people are dying, it is hostile. >> but i don't see people dying mayor. >> then i don't think you're going to the right place. >> you're talking about people starving? >> yes. people don't have food, people don't have water, people can't have their dialysis. people can't have their oxygen tank so maybe you haven't gone to the right places. if you are a mother and have to give your child water from a creek, i don't think that's something that people want to see in any country. >> maria: that was the mayor of san juan puerto rico talking to our own geraldo rivera about her war of words with president trump and of course she's been very critical of the president and his response, but she was answering a question fema said that she's not helpful, that she's not going to meetings,
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she's not being helpful with anything, pushing back on her criticism of president trump. your thoughts on how this is taking place? >> my thoughts is she is not as relevant as fema getting in there making things happen and i don't think she can stop things. i think the problem the president had you have to show empathy in something like this in addition to efficiency and he has not shown any empathy and backfired on him. >> maria: he says you're going on tuesday ian. >> empathy is the one thing we can't expect from this president we didn't, he wasn't voted for empathy. it's not what he does, auto it? and so the idea that he's going to be able to show his human side, no. like right? what he needs to do is let the professionals actually handle it he already is in the worst possible spot on this, tweeting and taking on the nfl as opposed to puerto rico, when everyone was saying come on you've got to do something about puerto rico, so the optics couldn't be worse and any doubled down on it by attacking the mayor whose facing all the time. i have no interest in saying the
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mayor's the most wonderful mayor or the worst mayor it doesn't matter. you don't go after the first responders. you're above it you have to lead by example. this is the leading by example here and i think this trip tuesday frankly, never mind it's a distraction and going to be hard for people it's not going to go well. >> maria: you don't think it will? >> i don't at all. >> maria: to be fair gary cohn said look maria i just want to say this was during the commercial break also, he said just want to say there are 78 mayors in puerto rico and there's one governor, 77 mayors agree with the president and so does the governor. this is one mayor. i don't know. >> i go back to the point and i don't disagree with anything you said. you can't be beaten up on the little people when you're supposed to be in there as the president. you're the big player going in there with your government and fixing it. he did a very effective job in houston. a very effective job in florida. and he needs to get good, this is about making it. we don't forget that bush's presidency got destroyed by katrina. trump's president is not going
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to get destroyed but he had a real opportunity to make it work despite all of the problems in katrina nobody believes that bush didn't care about the people. they believed that it was incompetently handled right? and now here, the trump administration has shown competence in two major disaster s and fema isn't ready to handle three at the same time the problem is not that. the problem is that trump is not seen as acting like a human being with three plus million americans. >> maria: what should he have done differently? >> he shouldn't be attacking anyone in puerto rico. he shouldn't have yesterday and then again today doubling down and saying political ingrates. you just don't do that especially when you're also taking it as someone whose he's being criticized for saying you don't care about brown people. >> maria: yeah. well the devastation has been incredible in puerto rico. so it's hard. >> again, going back katrina we lost a city. here we're losing territory. i think to a certain extent everybody sees this and it's a terrible story.
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>> maria: we will leave it there ian, ed, great to see you both thanks so much for joining us on sunday morning futures i'll see you tomorrow morning on the fox business network join me 6:00- 9:00 a.m. eastern on mornings with maria but first you know who likes to be in control? this guy. check it out! self-appendectomy! oh, that's really attached. that's why i rent from national. where i get the control to choose any car in the aisle i want, not some car they choose for me. which makes me one smooth operator. ah! still a little tender. (vo) go national. go like a pro. money managers are pretty much the same. all but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not,
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>> lou: good evening, everybody. the popullist wave in america is growing. and the snootiest have been shaken by alabama. they decided for roy moore in the run off senate scomplekz the judge's wins clearly taken as a profound warning to all establishment elites and rinos, particularly those in the senate. alabama


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