tv After the Bell FOX Business October 15, 2018 4:00pm-5:00pm EDT
we think they're attractive long term. [closing bell rings] liz: nice to get paid with dividend when there is volatility and you want to hold on tight. michael cuggino. dow erased 142 points of gains from the top of the hour. we're down 89 falling. "after the bell" with connell and melissa starts right now. melissa: quite a day. all three major averages ending in the red following the worst day for stocks in seven months. the dow down about 96 points. ending down four out of the last five sessions. what is this, our new tech know mix i hear in the background? connell: something new i thought for the new show. melissa: i love it. connell: connell mcshane, "after the bell." that is interesting. not a great finish at all. more on the big market manueverrers. here is what is new other than the music. tensions spiking between the u.s. and saudi arabia.
secretary of state mike pompeo is on his way to meet with saudi king salman to discuss the fate of a missing columnist. president trump warning of severe punishment if riyadh is responsible for the disappearance of jamal khashoggi. we're live at the white house what has been intensifying tense situation. could mannedder in chief has been visiting florida seeing devastation left behind by hurricane michael. search-and-rescue efforts are underway. dozens of rest he dents remain unaccounted for -- residents. president touching down in georgia. among our guests, tony sayegh, treasury department assistant secretary for public affairs, former senator ron paul and in addition to that presidential historian doris kearns goodwin coming up. melissa: the dow ending the day down at session lows, dragged down by apple, visa.
lauren what are the biggest movers today. >> melissa, this market tried to continue the bounceback on friday after last week was the worst week for stocks in seven months. that was not able to happen. we had about a 240 point swing from high to low on the dow today. volatility continues. it is october after all. apple, the biggest dow loser affected all three major averages today. essentially goldman sachs came out with a warning saying that apple could have trouble meeting wall street expectations in the all-important holiday quarter because of demand in china weakening. that could even include their bigger, their new iphone x. so apple is a big story. the best performers on the contrary for the s&p 500 today were harris corporation and l3 technologies. merger monday. 43 billion-dollar defense deal. these companies taking advantage
of the pentagon spending more money on defense and weapons development. those were big movers today, positive on the broader market. it is a huge week for earnings. we have seven dow stocks reporting this week. 53 s&p 500 companies. we got one of them this morning before the market even opened. bank of america, double beat on the top and bottom line but like we saw last week particularly with jpmorgan, investors unimpressed. this stock finished the session down almost 2%. here was the bad in the report. lower bond trading revenue and sluggish loan growth. financials worst-performing sector today. we get netflix tomorrow. they did terrible after the second-quarter earnings report. we'll see after all that original content. melissa: we want to dip in right now and see president trump here. we'll see if we can hear him as well. he is landing, arriving on a tour in georgia right now. he earlier today was looking at difficult spots that had been
ravaged in florida bit hurricane that just swept through and now he is arriving in georgia to take a look there. you can see him coming down the steps of air force one and greeting the folks on the ground. see if we can hear anything there. usually likes to make comments to folks standing around when he gets off and can generally hear some interesting stuff. seems like he is too far away. we'll get back to the market. we'll keep an eye on this. connell: make con would have been hit hard by the hurricane, no doubt. jonathan hoenig, capitalist pig hedge fund, michelle mckinnon, payne capital management. thank you for coming on. today, michelle, that was not a very positive close for the market. what did you make it in terms of what led us negatively into the close today? >> very hard to tell on any given day, i simply say trees don't grow to the sky, right? pullbacks are very normal and healthy and on average we get
one 10% correction every year, to year-and-a-half. it is, that's normal. what i would be looking at is corporate earnings. what's going to happen this quarter and last quarter. i think you will continue to see companies beat on expectations. any type of pullback we're having right now is opportunity. connell: 27% gain in s&p five earnings in the first quarter. 25% in the second. jonathan, expectation we'll see for third quarter is 27%. >> earnings don't matter, connell. earnings are not what is as important. it is the stock market reaction is important. as lauren pointed out, bank of america double beat the stock fell as a result. from a technical perspective this is still essentially a falling knife. i feel almost the end of the music man, the mayor asks where is the band, where is the band? where is the bounce. we're looking for a bounce and
still e20 new 52-week lows and only 20 new 52 week highs. this is still a falling knife. connell: i wonder if the saudi arabia situation played in the market especially towards the end of the day? >> i think it is honestly more about midterms, discussion of trade. who knows, maybe "brexit" thrown in there, why not? if anything would be more correlated to oil, not necessarily the broader market. melissa: warning sign for retailers. retail sales rose .1 of a percent from the previous month, missing economist expectations as american consumers reined in their spending at restaurants and department stores and sears, one of the most iconic department stores filing for chapter 11 bankruptcy. fox business's jeff flock is live from the store's former headquarters in chicago with the latest. jeff. reporter: yeah, melissa, thought it was fitting to come here to the original headquarters. this is where it was born.
that is the original sears tower built in 1905. sears roebuck, would be richard sears, slvaoebuck. even the president weighing in on the end of sears. >> very, very sad what happened. when you look at that whole filing that they did last night, to me it is very sad. somebody that is of my generation, sears roebuck was a big deal. so it is very sad to see. reporter: the president also said he thought sears had been mismanaged. it is worth noting until 2016 when he stepped down to become secretary of the treasury, steve mnuchin was on the sears board. big losses for sears. last year they were profitable for the year was 2008.
q2, 2018, they made $65 million. this year q2, they lost half a billion dollars. what is up next for sears? new ceo. eddie lampert stepping down as the ceo. they're closing 142 more stores. the ppgc, the pep shun benefit guarranty corporation, will take over some of the pensions. unclear how big of a hit that will be. they have secured on the positive side almost $2 billion in funding to take them through christmas. if you want to save sears, maybe go out and buy something at sears if you can find one open. melissa: right, if anyone goes to stores anymore. jeff florke, thank you. is this a win for amazon? let's bring the panel back here. jonathan, jeff used the analogy, they were the jeff bezos of their time but jeff bezos innovated from mailing people books to creating storage in the cloud. >> yeah. melissa: netflix used to sell or
used to rent you dvds if the mail. nobody has dvd player. they're bigger story than ever. >> there are no monopolies in a free market especially a area like retail the as you point out amazon, walmart, have been investing tens of billions of dollars in innovation, sears plan under current ceo eddie lampert was essentially run it at a discount. sell off assets, essentially the run the stores at very low cost. it didn't work. this is a stock that has been showing lower lows for years now and what worries me however, this could be a canary in the coal mine. loan delinquency systemwide is 1.9% n 2010 it was 7%. so my fear is although terrible for sears, this could be canary in the coal mine when it comes to defaults by major u.s. companies. melissa: michelle, is it a canary in a coal mine in another sense? what physical retail stores, big brick-and-mortar, still make sense? >> yeah.
i mean i actually think companies like target as well as walmart have adjusted, have adapted to the consumer. i think brick-and-mortar will still be around for some time. we're definitely seeing that particularly last quarter in retail sales numbers. that the brick-and-mortar saw extremely high traffic. so brick-and-mortar isn't done yet but i definitely think it is sear's fault, though i agree with jonathan, they didn't step up to the plate, they didn't adjust, adapt what the consumer wanted, but i don't think it's a canary in the coal mine in regard to the general markets because the consumer is probably the healthiest it has been in years. melissa: thank you to both of you we'll see you later in the hour. connell: tensions from the white house and saudi arabia. they have been trading sharp word over the suspected killing of columnist jamal khashoggi. blake burman live at the white house for us. what is the latest, blake? reporter: well, connell, president trump and saudi king salman had what was believed to be their fir phone call this
morning since the disappearance of "the washington post" columnist jamal khashoggi. president trump says the king denies any involvement in this so to for his son the crown prince. the president suggested earlier today this could potentially been the act of rogue individuals. watch. >> the king firmly denied any knowledge of it. he didn't really know. maybe, i don't want to get into his mind but it sounded to me like maybe these could have been rogue killers. who knows. reporter: that conversation on the phone between the two lasted for about 20 minutes. i then asked president trump whether or not he can trust, whether or not he believes the saudi king. this is his response? >> all i can do is report what he told me and he told me in a very firm way they had no knowledge of it. he said it very strongly. reporter: connell, cnn is reporting that the saudis are
preparing a report that khashoggi's death was the result of interrogation went wrong. my colleague john roberts at fox is reporting this literal second, sources are selling fox news president trump has been reports that jamal khashoggi may have been accidentally killed as an unthorrized attempt to abduct him and take him to saudi arabia. white house has not been reported to this to the white house. khashoggi has been missing two weeks. connell: headline was out in the market last two minutes of trading. don't know impact but it was definitely out there. melissa has more impact on this. melissa: dan henninger, w-aj editorial director and fox news contributor. the market took another leg down when this report came out this is cnn's reporting. we're talking about it because we saw reaction to it but it is not independently confirmed.
what do you think about it? >> if the market sold off on the news it would suggest what is at stake here is very big. not simply a discrete event, something people are, or unusual mystery killing in turkey. what is at stake is the future of saudi arabia. prince mohammed bin salman has put in place economic and social reform albeit with authoritarian method virtually everyone thought was necessary to bring saudi arabia into the 21st century and this is a key american ally. they're an ally against iranian hegemony in the middle east. there is a lot at stake in the outcome of this killing. melissa: when you talk in terms of what is the potential damage, a lot of people have made the point what foes badly for saudi arabia goes well for iran. as our relationship with them would deteriorate as a result, and rightly so if this is true, that would be to the direct benefit of the mutual enemy that
is iran, no? >> exactly. you know, if the salman reforms fail, face it all of these businessmen who are going over there, jamie dimon, richard branson, larry fink, they were expecting to see benefits from this big economic reform. this is a very important country. the iranians meanwhile have tried to, you know have been at loggerheads with the saudis. they're trying to destablize syria in conjunction with the russians and i think it is very important for president trump to send secretary of state mike pompeo to talk to king salman. try to get a straight answer what has been going on and as well make it clear to the saudis that the stakes are very high for them. if this is proven true, this was a interrogation gone wrong, they're going to be consequences inside of saudi arabia and they may well be for prince salman. melissa: although i mean, is there a way for them to dig themselves out?
could you see them trying to make the case the crown prince had no idea what was going on if it was in fact someone else? could they possibly make the case and preserve him still as the reformist while blaming someone else within the kingdom? >> they could try to do that but i think events have moved against them enormously here with all these people pulling out of this extremely important business conference and prince salman is, albeit a very important individual inside of saudi arabia, he is just one person. i think the saudis themselves have too much at stake. the reforms were necessary. the alternative the possibility that saudi arabia could fall back into becoming a fundamentalist religious theocracy. he was trying to move them away from that. as i say, melissa, the stakes are enormously high. ultimately if this proves out to be true, i think prince salman's future is at risk. melissa: that is interesting, the way you paint that, seems like it could be someone else in
the kingdom possibly making things bad for him as he tries to reform. maybe that is what happened, maybe that is how they paint it down the road, but definitely hard to know when we'll know the truth, and really believe it to be the truth. how do we figure that out? >> it is the middle east. "washington post" has an extremely interesting story today about how western and european american intelligence sources think the iranians are planning major attacks inside of europe and inside the united states but they make the point that the mullahs running iran often do not know what their intelligence services are up to. this is the middle east. i think it is conceivable that prince salman did not know exactly was going on. i don't know if we'll get to the bottom of that, but ultimately you do have to take some responsibility for the behavior as we know of your country's intelligence services. melissa: interesting. dan henninger, thank you so much. connell: your point there is a lot obviously we don't know about this and a lot more we're
still looking into and questions how the u.s. should respond if the allegations are in any way true that saudi arabia was involved in the killing of this columnist. we'll talk about it as we continue. more on rising tensions between the two allies. tony sayegh is coming on from treasury where he is assistant secretary. ron paul as well the former texas congressman coming up. melissa: devastation after the storm. president trump touching down in georgia after visiting florida earlier today, witnessing total devastation left behind by hurricane michael. we're live on the ground in georgia. that's next.
oh, and there's the closing bell. (sighs) i hate missing out missing out after hours. not anymore, td ameritrade lets you trade select securities 24 hours a day, five days a week. that's amazing. it's a pretty big deal. so i can trade all night long? ♪ ♪ all night long... is that lionel richie? let's reopen the market. mr. richie, would you ring the 24/5 bell? sure can, jim. ♪ trade 24/5, with td ameritrade. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world.
optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. melissa: president trump touring part of florida today, surveying the damage left behind by hurricane michael. >> i've seen pictures but it is
hard to believe when you're above it in a plane, you see the total devastation. see know houses left. not even the pads are left, it is incredible. >> fox news correspondent steve harrigan is in warner robbins, georgia, where the president just landed moments ago. steve, what's it like there? reporter: melissa, we just saw the president and the first lady come out of air force one, get into a convoy to see the damage inflicted on georgia for the hurricane. president has been out front, not just florida, but georgia received a very heavy blow from the storm as well. officials here in the state are calling it devastating, catastrophic. this is something that has not happened in state of georgia a major hurricane going as far as 100 miles inland. creating damage not just to houses and businesses but agriculture. the cotton crop has been devastated a 2 billion-dollar hit to the economy. some farmers saying we have nothing to sell. as far as the situation goes
inside the state the hardest hit area is the southwest. that is a poor part of george today. a lot of mobile homes. one casualty, a 11-year-old little girl. she was with her parents. the wind lifted up the carport, it crashed through the house, killing her, wounding the grandmother. in the case of heavy storm, downed power lines prevented the first-responders from reaching the house until after midnight. connell, back to you. melissa: devastating. you were just down there last week. connell: just got back over the weekend. interesting to follow what steve is saying in georgia, it is under appreciate the how much damage in georgia. we road out the storm in cordell, georgia. amazing how bad the damage was. florida is getting a lot of attention with good reason. we spent mime in mexico beach. can't tell you how important communication is, these cell phone companies, at&t and verizon, a lot of people don't
have at&t. verizon said 98% of the network is restored. but that 2%, so difficult for people to get in touch with authorities, i lost this, or i need help with that. until they get that up and running at 100% you will still have real problems and devastation of course with the pictures speak for itself. melissa: what is it like to be there? we look at pictures, it looks like, sticks. connell: mexico beach is almost, i heard mike tobin and others say it is true, it is almost gone. there are a few structures standing but there are areas in mexico beach, if you start in panama city and move east it gets progressively worse until you get to mexico beach. there are areas leveled, it is awful. melissa: amazing. connell: some in silicon valley not seeing eye-to-eye. two tech ceos we're talking about went at it on twitter over a proposal in san francisco to tax business to help the homeless. we'll break that down for you on
"after the bell. i mean you can't and be full service. it's impossible. it's like having your cake and eating it too. ask your broker if they offer award-winning full service and low costs. how am i going to explain this? if you don't like their answer, ask again at schwab. schwab, a modern approach to wealth management. hey guys. today we're here to talk about trucks. i love trucks. what the heck is that?! whoa! what truck brand comes from the family of the most dependable, longest-lasting full-size pickups on the road? i think it's the chevy. ford. is it ford?
nope, it's not ford. i think it's ram. is it ram? not ram. that's a chevy! it's chevy! that's right. from the family of the most dependable, longest-lasting full-size pickups on the road. gorgeous. chevy hit it out of the ballpark with these. i'm ray and i quit smoking with chantix. i tried to quit smoking for years on my own. i couldn't do it. i needed help. for me, chantix worked. it did. chantix, along with support, helps you quit smoking. chantix, without a doubt, reduced my urge to smoke. when you try to quit smoking, with or without chantix, you may have nicotine withdrawal symptoms. some people had changes in behavior or thinking, aggression, hostility, agitation, depressed mood, or suicidal thoughts or actions with chantix. serious side effects may include seizures, new or worse heart or blood vessel problems, sleepwalking or allergic and skin reactions which can be life-threatening. stop chantix and get help right away if you have any of these. tell your healthcare provider if you've had depression
connell: to the battle of the tech execs. twitter ceo jack dorsey getting into a public argument, as you might suspect on his own platform with sales force ceo mark benioff over a ballot measure in san francisco that would tax big business to help fight the homelessness problem in that city. we have jonathan and michelle back with us to react to this jonathan is already shaking his head before i can even explain what we're talking about in full. this is prop c what they call it. they want to raise $300 million for homeless programs by taxing businesses. benioff people might recognize from the "time" magazine purchase. he is in with this. dorsey is with the mayor saying this is not the way to go about it. your view, jonathan? >> not the way to go about it. the homeless problem in seattle and much of the west coast is caused by government regulation. the solution to tax successful
businesses. connell, you see exactly what you see from another assault on business, higher minimum wages, loss of jobs, exodus of companies that made that area of the country the so prosperous the last few years. connell: michelle what is a suggestion that might be a better than this one? if you think what is argued in san francisco, left of center politics versus way left of center politics that is the argument they're having here. any idea because it's a serious problem in san francisco? >> it is absolutely a serious problem. i agree with jack dorsey and the mayor, taxing is not the way to go. creating the revenue, what do you do with the revenue? potentially you could have the businesses move out. so i agree on that point. but you know, the good part of this argument is the fact that they're speaking about it. connell: right. >> there is all these different articles coming out how bad it really is. i think hopefully we get a better solution.
connell: to that point, jonathan, what is the solution? do you have free market solutions that would play better than what they're talking about. >> the most easy solution, the one that would cost citizens of seattle nothing deregulate building restrictions and regulations prohibit anything over anything from two or three stories to be built. tremendous influx of people with money want to live there, and not a lot of building, supply versus demand. that is why there is scarcity of housing in so many left coast countries, areas, there is tremendous demand and regulations from government keeps that new, lower cost housing being built. connell: it was interesting back and forth as least michelle says on important topic. we will give them back. appreciate it. melissa: rising tensions between the u.s. and saudi arabia. sources telling fox news that president trump has been informed of a report that jamal khashoggi may have been accidentally killed during an interrogation? up next, ron paul, former texas
congressman, on why he believes the united states should break ties with saudi arabia. ♪ i can do more to lower my a1c. because my body can still make its own insulin. i take trulicity once a week to activate my body to release its own insulin, like it's supposed to. trulicity is not insulin. it works 24/7. it comes in an easy-to-use pen. and i may even lose a little weight. trulicity is an injection to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. don't use it as the first medicine to treat diabetes, or if you have type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you or your family
have medullary thyroid cancer, you're allergic to trulicity, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have symptoms of a serious allergic reaction, a lump or swelling in your neck or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases your low blood sugar risk. common side effects include nausea, diarrhea, vomiting, abdominal pain, and decreased appetite. these can lead to dehydration, which may worsen kidney problems. to help lower my a1c i choose trulicity to activate my within. ask your doctor about once-weekly trulicity.
if you want to get the most details about your family history. my pie chart showed that i'm from all over europe, but then it got super specific. i learned my people came from a small region in poland, and even a little bit of the history about why they might have migrated during that time. those migration patterns are more than just lines on a map, they're really your family's story. i can't wait to see what i'm going to discover next. connecting 20 million members to a deeper family story. order your kit at ancestry.com
congressman and host of the ron paul liberty report. sir, thank you for joining us. this is a mess. what do you think the right response from the u.s. is? >> well i think the response shoved been done weeks or months ago because i want to separation , seriously. military. disapprove of that war in yemen. there is murder occurred between factions and saudi arabia. quite frankly i don't think we should respond to that. people, if something like that happened in the united states, we don't have various countries come around here and get involved and threaten sanctions. so i think what we should do is, proper policy, is not be an accomplice in the war in yemen and somebody else, internal people in saudi arabia because it looks like somebody in saudi arabia killed somebody, another person and there is a lot of controversy there, there may be a power struggle there but i don't think we should respond saying we'll we'll
punish you because we are all-knowing and we know exactly who did what and why. so i -- melissa: what if he was a legal resident of the united states at the time? that is one of the things that people are parsing that at the time he was here he was working as a columnist. he left and went to turkey. that was the point he was abducted? >> i think it would be a lot more to that argument if incident occurred here but, a legal resident, i'm not so sure that means, you know, our police forces travel with every, every individual like this no matter where they go around the world. questions could be asked but it is not the responsibility for us to go and throw our weight around and impose penalties, stir up a lot more problems when we're not the investigators. we don't have the authority to investigate so i would say no, that we shouldn't accelerate this. if it happened here in this country that would be a little
bit different. melissa: yeah. we watched the market go down further as these reports came out. the market was pretty much on tenterhooks after hitting all new highs. we seem to be on a different trend. what do you make of that? >> i think the correction and the big bust is on its way. the correction is there. i think people have been seeing signs of this for a good many months. you can't have 10 years of inflation, that is monetary inflation and have an artificially low interest rates, which essentially were zero and not expect distortions and excessive debt and malinvestment and bubbles. you can't do it. it is natural absolute. melissa: do you think there is a bubble or do you think there are bigger problems in the economy? >> the equity where the money went. the economy, the initial stages of a monetary inflation is there are, there are economic activities that people construe as beneficial but that is a
deception. that happened during the '20s. there were economic statistics that reassured people but there were still distortion because there was monetary inflation. there is a great distortion but the biggest thing for years, even when greenspan was there, as he was leaving, he kept interest rates too low, too long, so we lowered them even further which causes all the distortions and malinvestment, worst of all the debt. this is what we're facing. so much debt out there in the worst debt is the government. the amount of money we owe is unsustainable. and this has to be resolved because of the distortions, you just can't say well, it looks like the economy might be weaker now that the stock market went down. okay, let's print more money. it makes no sense at all. we distort the most important thing in the economy and market rates of interest to tell people what to do, when to save, when to spend, when to invest yet we
have not had the signal. melissa: not at all. >> a lot of people benefit by it. it has to be paid for. melissa: thank you, sir. we appreciate your time. >> thank you. connell: get a few shots at the fed from ron paul at the end. melissa: we can't just print money forever and spend it like mad and print more money, keep rates low so it doesn't cost more to try to pay it back in fake money. connell: been saying this point for years and years. as we get ready to race to the polls voter enthusiasm is skyrocketing as we get closer to the midterms. we're on the ground in california where there is a key race that could play a crucial roll flipping the balance of power. we'll check in there. economy booming as president's approval rating is ticking higher. what does all that mean heading into november? presidential historian doris kearns goodwin will join us coming up next. ♪ 300 miles an hour,
that's where i feel normal. having an annuity tells me my retirement is protected. learn more at retire your risk dot org. ...that's why i've got the power of 1-2-3 medicines with trelegy. the only fda-approved 3-in-1 copd treatment. ♪ trelegy. the power of 1-2-3 ♪ trelegy 1-2-3 trelegy with trelegy and the power of 1-2-3, i'm breathing better.
trelegy works 3 ways to... ...open airways,... ...keep them open... ...and reduce inflammation... ...for 24 hours of better breathing. trelegy won't replace a rescue inhaler for sudden breathing problems. trelegy is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling,.. ...problems urinating, vision changes, or eye pain occur. think your copd medicine is doing enough? maybe you should think again. ask your doctor about once-daily trelegy and the power of 1-2-3. ♪ trelegy 1-2-3 save at trelegy.com.
connell: go back to georgia with breaking news now as president trump standing next to the first lady is speaking. let's listen. >> hard to believe, actually hard to believe but the people are incredible in florida, georgia, alabama, and north carolina, south carolina went through a lot two weeks ago and they got a little bit of the remnants of this one too on top of it. so incredible people but i want to thank fema, first-responders, the law enforcement has been so
incredible. secretary nielsen, you worked so hard. i don't think, have you gone to sleep in the last two weeks? i don't think so. but your whole team has been fantastic. governor i would like to thank you on behalf of the country, what a job you've done in georgia. i have to say rick scott in florida, likewise, the two of you really done something. and i just spoke to the great governor of alabama and she is in there fighting and also doing, we have terrific people running these states. i want to thank you very much, dearly very much. brock, these are compliments to everybody from myself, the first lady, secretary used to be governor of georgia. you know anything about agriculture than any human being i have spoken to. he doesn't like it when hurricanes wiped out the crops. they wiped them out. doesn't make them feel too good. you talked to me about it.
he doesn't like to see that. sonny perdue is a incredible secretary of agriculture. sonny, how about saying a little bit. >> i want to reiterate, mr. president. what governor deal said. your administration is more connected to any local departments than i can ever remember. i experienced this well, all the way from local community leaders to state legislators, to governors, the people you appointed in your office are reaching out here, making people feel like we truly have one government. that is wonderful to be a part of that. i want to thank you for allowing to us do that. it makes a difference when people undergo situations like this, not even in disasters they're connected, when they go through like this they feel they have a lifeline, secretary nielsen, any of your administration, you particularly. i'm glad to be a part of that.
commissioner black and i toured some of the ag area yesterday. there are tremendous losses. our farmers are resilient. we will help them, you will help them and they will be okay. >> let me ask this, commissioner, when brock says generational damage, i don't like the sound of generational damage, what does that mean, how long does that take to get back. >> we were coming up on pecan trees particularly, they start bearing seven years after they are planted. they don't reach economic profitability for about 10 years. that is what we're talking about, half a generation. these farmers, many percentages of pecan trees across the country, across the state down in southwest georgia were toppled. those that weren't toppled the nuts have blown off. so they were looking for bumper crop in cotton and pecans and peanuts and devastation there is heart-breaking to hear from governor diehl. you will talk to farmers later today. >> very good.
>> mr. president, thank you. god bless you. thank you for being here. we lead the nation in peanut production, pecan production, forest product production. we're leaders in vegetable. that's production. today we're leading in destruction unfortunately. we will lead in rebuilding. >> no doubt about it. >> and i have members from the intergovernmental relations from the white house, had two telephone calls while winds were still blowing. >> yeah. >> i had good fortune last year-and-a-half or so to be in and out of some places where folks who do the job i do, never had the opportunity. governor, mr. secretary used to say, agriculture when he was the governor, and governor diehl we get to come in the front door. often times it has been the backdoor. it has not been that way, we're
grateful to you. i promise you we're going to continue to work because we do have an outstanding group of people working with us this afternoon. >> i look forward to that i look forward to seeing some of the farmers. they're great people. that is true. jimmy carter, peanut farmer and nice man. he is a nice man. met him on numerous occasions. you think about it, that is what he did, right, peanuts. do you have any questions for us? >> american red cross -- >> i heard. good job. >> take as whole community to overcome these types of disasters. not only neighbor helping neighbor all the way to the federal government, but if it wasn't for the volunteer organizations they do a whole lot to temporary shelter people. that is what is going on. >> couldn't do it without you. we have a great participate. >> thank you. >> coming back, power quickly. >> yes, sir.
>> i know your company well. any other questions? >> just saw florida. are you concerned there is possibility that up to 17 f-22 stealth bombers were damaged at tyndall air force base. >> i'm not hearing that. many were under repair. some of the engines were taken out and did a lot of heavy repair work. we'll have a full report. there was some damage, not nearly as bad as we first heard. >> are you concerned about what that might cost? >> i'm always concerned about cost. i don't like it. the first question why didn't they take them out? because they were fixing them. this hurricane happened quickly. it was a storm. nobody thought it was a big deal and then all of sudden became a category 4, happened very quickly. no, we think it is much better than we originally thought. there was damage, no question about it. the f-22 is one of my all-time favorite planes. it is the most beautiful fighter
jet in the world and one of the best. yes, sir, go ahead. >> are you going to ask congress for supplementary funding for -- >> the governors know we're there for them. i spoke with rick scott of florida. governor you know that. we're right with you. and we'll be helping alabama, we'll be helping all of the, as we have been with north carolina and south carolina. we're there. >> are you worried about the deficit? >> i always worry about the deficit. you have a hurricane. i have to take care of people. the deficit is always a problem for me. we take care of our people, most importantly. >> sir any estimate how much -- [inaudible]? >> i think governor, do you want to make comment on that? >> mr. president, still too early unless brock has more. >> it will take time. we want to ball preliminary damage estimates and the true cost will not be revealed for
quite some time. >> [inaudible]. >> well, weather has been a factor. and yet they say the worst hurricanes were 50 years ago, if you can believe it. in fact the one that they say was worst, there were two or three worst, one was in the 1890s and one was exactly 50 years ago. the winds were 200 miles an hour. so who knows. that is what, that is what the numbers -- we are, i did. i addressed it last night on "60 minutes." >> is there nothing about the number of storms that come in that make you think -- >> we have a number. for a long period of time we had very few. i have a home in palm beach, florida. i'm there a lot. and frankly, we had years where we had none. then over the last couple of years we had more. and hopefully we'll go back to many years we have none. we have been hit bit weather there is no question about it. it is interesting that the worst of all time, 1890 and as you know, 50 years ago was the as
really great one that was supposed to be worst. i have never seen anything where houses were ripped off with the foundations. this, the foundations are actually taken out. it is really pretty amazing. but we have to get it taken care of, most importantly. anybody else? >> last night in your comments about climate change you said there is something there. previously in the past few you called it a hoax? >> there is something there. there is something there. man-made or not. there is something there. and it is going to go and go back and forth but there is something there. but again, 50 years ago it was brutal. 1890s were brutal. you had different times and main thing we have to make sure things get back to perfect condition. that is what we're doing. we have tremendous support from the farmers. the farmers really got hurt, especially in georgia. florida was housing and other things and over here your farmers were, those farmers were
really uprooted. we'll get it taken care of. >> mr. president the latest research from noaa that climate change makes the recent hours cain even stronger. >> i will have to look at. >> does this affect your all decision renegotiating paris climate accord? >> i want crystal clean water. i want cleanest air on the planet, now we have. it has gotten better since last year. and i'm very, very tough on that. so when you talk about environmental, i am truly an environmentalist, a lot of people smile when they hear that but i have the cleanest air and i will have the cleanest air but that doesn't mean we have to put everyone of our businesses out of business. that doesn't mean we can't compete or we're not allowed to compete with other nations that aren't doing what we're doing. we're competing very well. our nation is hottest nation economically on the planet by far, even though we're very big and we were up 10.7,
$11.7 trillion since i got elected. nobody thought that would be possible. and other nations as an example, china, not that i wish this but they're down many trillions of dollars. so we're doing really well. and i want to keep it that way. yes, please. yes, sir? >> sir, can i ask you off topic? >> sure. >> there is a report that the saudis might say that khashoggi was killed during the unauthorized interrogation. does that sound -- >> i just saw that. i just don't know. i will have to see what they say. and we're working very closely with saudi arabia and with turkey. they're working together to figure out what happened. they want to know what happened also. so, a lot of people are working on it, steve. a lot of people. we'll be bound very much by that i heard that report. nobody knows if it's a official report. so far it's a rumor, rumored report coming out. yes, ma'am? >> what instructions did you give secretary pompeo when you
sent him over? >> i'm really sending him just to find out really, first-hand, what happened. what they know, what's going on. he may go to turkey, he may not. he may meet with all of them together but we want to find out what happened. and he has got instructions to find out what happened. we're talking about the whole situation with saudi arabia that you've been reading about i'm sure very much but it's a terrible situation, there is no question about it. okay? >> what do you think about secretary mnuchin going to the conference? >> he will make that decision. he has a while. he has to know by the end of friday. we'll make that decision. we haven't made a decision about going yet. he will make that decision sometime prior to friday. >> another off topic, mr. president. senator warren released dna results some likelihood she has native-american roots. >> how much?
one in 1000? >> what about the money -- >> she owes the country an apology. what is the percentage? 1/1,000. >> i don't have the exact number. when you have the percentage -- >> what about money you told her -- >> if she gets the nomination in the debate, where i was going to have her tested i will only do it if i can test her personally, okay? that will not be something i enjoy doing either. okay, what else? >> over the weekend you said you're considering reviving the child separation policy. have you discussed that? >> i didn't consider anything. i'm considering changing immigration laws. i've been doing it for a while, we have the worst, as governor can tell you, as sonny can tell you from your time as governor we have the worst immigration laws and dumbest immigration laws in the history of the world, okay? there is no country in the world that has such stupid laws as we do. somebody comes into our country, they put one foot on our land,
and we have to bring them through a long court process. or we have catch-and-release which is even worse. we catch them, commissioner, we catch them, we find out they're a criminal, we write them up, then we release them, tell them to come back in three, four years, for a court case, they never show up. we have the dumbest laws in history. because of the democrats. because they want to have these laws that way. and it is so crazy. and we are getting them changed one by one. we're very tough on the border. we have to be very tough on the border. we're looking at all immigration laws. they are a disaster. they're laughingstock all over the world. and this country will never be a laughingstock when i'm running it. we've made a lot of progress. thank you all, very much. thank you. [inaudible] melissa: wait, we'll listen a little bit here as well. you never know when he will say something else explosive as soon as they're done. they touched on absolutely every
topic from climate change to immigration, to what happened with saudi arabia and how to proceed on all of that front. it was supposed to be a about just the relief and recovery effort going on there in georgia. connell. connell: since he did, touched on so many topics we get instant reaction, tony sayegh, assistant secretary for public affairs at treasury department. tony is with us. thank you for coming on. >> good to be with you both. a few minutes before the top. hour as we wrap up "after the bell," i was going to ask, what is happening with regards to saudi arabia and these reports surfacing that possibly this columnist khashoggi was accidentally killed. according to john roberts. he is planning a visit to
saudi arabia. >> we all view this as terrible and concerning situation. a lot of developments and information will be coming out this week. we'll evaluate all this information and ultimately come to a decision by the end of the week. what i will say this is part of a six-country trip we were already scheduled to take to the middle east including israel, saudi arabia, jordan, qatar and united arab emirates and kuwait. we have terrorism financing center we opened in riyadh we opened last year. we'll evaluate all the information to decide whether or not we participate in the conference that is scheduled there at same time. connell: so i'm clear, as of now the trip is still on? >> yes. connell: trip still on for secretary mnuchin, final decision by end of the week, being discussed he still might not go. that is obviously under discussion if you're saying that? >> that is correct. there will be information comes out, developments come out, we'll develop them all objectively. connell: if there is punishment
put in place against saudi arabia, if there are more developments and turns out saudi arabia is to blame for killing of this columnist, those punishment and sanctions would likely come out of treasury, right? are discussions already underway how to go about this. >> we don't discuss potential and future tank shuns, telegraph any future actions, connell. as you understand there is a lot of information we're potentially learning today. we'll have to examine all that throughout the week and ultimately come to administrationwide decision whatever response is most appropriate. connell: what is most important that you learn today, that you referred to? >> we haven't learned anything concrete. there are concrete. there are reports coming out from other news sources indicate it is coming down and we are interested to hear what that is what the president did speak this morning. secretary pompeo is meeting with the saudi king assaulted were interested in interested in how the conversations go. >> amended until we hit the top of the hour.
david asman's new program's new programmer after a spirit they came out on the deficit, fiscal year 2018, 779 billion up 100 million from the year before. not a lot of time to explain this, but this doesn't sound good. >> we inherited a terrible debt and deficit issue. we've got economic growth up to past 3%. trillions of dollars of revenue to the federal government in the short-term is spending we want to make sure the president made a priority the top in for far too long. we have to unfortunately accept other high spending conceptions. we do it with the growth in the future spending cuts we will propose we look at the deficit back in order. we are broke back for the first time in eight years up for .2% last quarter. we planned for 3%, trillions of dollars. >> you're getting off a little bit easy on that topic. good to see it today. thanks for hanging around for a
spirit tony sayegh. >> we want to say again they say they haven't decided what they'll do with secretary mnuchin with respect to whether he's going to saudi arabia. a lot to discuss now as david asman get started on the next show. "bulls & bears" starts right now. david: from wall street to washington and across the country we are talking about the topics that matter most to you in your money. "bulls & bears" is back. hi, everybody. i am david asman. join me on our panel on her first day of their very own common dagen mcdowell, gary b. smith committeeman grew president, former bomb economic adviser and john layfield, layfield report ceo. gary, robert and john are all fox contributors. another volatile