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tv   Bulls Bears  FOX Business  November 1, 2018 5:00pm-6:00pm EDT

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candidate missouri attorney general running against the comment claire mccaskill last night and had that race tied. that's a big one. >> a lot to watch here. i does it for us. "bulls & bears" starts right now. >> that's what i'm told. david: hi, everybody. i am david asman. this is "bulls & bears." we've got jonas max ferris, max bunce founder, lauren simonetti, cohost of "fbn:am" here on the fox business network. adam lashinsky come executive editor at fortune and ceo and cofounder of the digital. last but not least, fox business senior correspondent charlie gasparino peter jonas and adam are both fox contributors.
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shares of apple sink in after hours despite earnings and revenue. investors scared by disappointing outlook for this quarter heading into the holiday season. guys, what did you make of it? the stock down about four and a quarter. lauren: i think it's going to turn around, david. record profit once again. record sales. they are showing that more expensive iphone serb boosting their selling price and we may not be upgrading as often as we usually do but we are still upgrading those new phones come expect that those look really good. >> except they're too expensive. you're not getting this as a gift anywhere once they got around a thousand dollars. interesting they can charge so much for a phone and in a few days it makes you wonder how high can they go? $1300 phone. what's the price point to make some and such to samsung. maybe much higher than anyone thinks. >> there is no christmas take away yet. nothing here that says anything
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about christmas. i don't there's three, four, 5% turns around or not. without having listened to the call just looking at the numbers i don't see anything to get all hot and bothered about in this report at all. >> they were down so much that they had to do better. that was the problem. >> apple is supposed to save everybody. we're not seeing that just yet. >> 10 days of the iphone access in the excess macs are noted in this quarterly report. kind of hard to tell how the new phones are doing. >> i think there's a bigger picture which is we are moving from a time when tech stocks hit a part from other kinds. the whole economy is becoming technology i.c.e. starting to look more like a regular company. the notion that it's going to increase revenues 30% a year forever. business doesn't work that way.
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these stocks, all of them are likely to compress their difference in premium for the rest of the market. lauren: might be talking about a perceived lack of innovation from apple now. how much better can the phones get in the other device is dead? they are getting more expensive but arguably are they getting much better? >> they could have peaked. you have to imagine some very different quantum leap in the way that we receive information in saying i'm moving my fundamental expense from holding it in my hand to wearing it on my risk is not going to rescue their earnings. >> david, i'm a little nervous that charlie hasn't said anything yet. >> he's holding. charlie: i could care less about apple. i just want to add something on apple. it's making me uncomfortable, charlie. that's very encouraging about what's going on with apple as they are becoming less of a one
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trick pony and they've been for the last several years. they've been an iphone only company. adding all the services, the story gets better and they are more like the real economy in that regard. >> one thing we discover is china right now anyways, not a big consideration is concerned the first round did not include apple to china watches by selling well in china. the second round of tariffs if god for bid we get them may include apple. that could really hurt. >> while aiming, apple has more pricing power. anybody can telephone with a 10% tariff tag on it. so maybe yes products come from there. but they could handle price point increases more than most companies. >> i think that's a very good point and i have a different take on that which is its no mistake that the chinese government hasn't gone after apple which accounts for half a
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million jobs in china indirectly. the united states government hasn't gone after apple for the same exact reason. i think they'll be the last ones. >> i was just talking to a friend was a restaurant in new york and it's got a few of them. he says his profit margin is about 5%. no relation to apple and by the way. but he gets a 5% profit margin. what is the profit margin on apple now? did he get that in a report? >> i didn't catch it but it's a lot more than 5%. >> something like 30%. charlie, that is why i care about god. one other company can print money like that. >> i don't know. you tell me. >> it was made earlier about the services revenue. i will say this. apple is maybe the most interesting position of the major tech companies to build
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that services revenue. the reason is among their user base they have an extraordinarily well trusted brand. contrast that with facebook syscon only under suspicion by its own biggest users and fans. a very different place to start your revenue growth. >> that's a problem we see the end of the exponential wrote because they're not doing the privacy games all the other tech companies do. apple specifically doesn't do that. facebook, google are limiting themselves to just the phone ecosystem by not being as abusive as competitors. >> my world is the intensity of the digital marketing and how it interacts and i can tell you, facebook is the greatest machine ever built in the history of the universe and probably for all times except that it's almost designed to take its users off
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so it sort of self-destructs. >> i think one thing i do care about with apple, it's hard to cover those. it's hard to predict where the stock is going. we are talking about how great it is again. one of the interesting things about apple is tim cook. as tim cook ever going to live up to steve jobs. always an overhang. everyone will question his ability to innovate like steve jobs does whether any products. one other point. among all the bank stocks, the one stock i think that is somewhat immune to regulatory pressure here is apple. netflix, take them out because netflix they're not quite a technology company that deals with privacy issue. if you look at the other companies, facebook, twitter, even amazon they'll come up with some degree of regulatory
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pressure whether democrats control congress after the midterms or whether republicans control congress. >> i don't think apple just based on its business model is going to fit in the regulatory process. they may be in the trade crosshairs. >> that's because they've become too big to fail or because they're so good that the public likes them. charlie: they don't have the policy issues. >> after wondering where you were. first of all -- [inaudible] the race to really great points. on the tim cook issue, the markets are the answer that one. i don't remember what apple is within jobs died but i think it was $300 million. something like that. they've added 700 million or so. still a fair question but the market is answered. regulatory just to add, they
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also don't never faced are anticompetitive because they built this giant business on relatively small market share. charlie: if you're worried about the bank stocks and people are locating, and i hate to even give investment advice because i'm always wrong. this may be the one you want to stick with. >> tweeting all of his fellow tech stocks about how they should be more careful. maybe he's got a point. >> is also a liberal democrat. that is big. when you look at technology stocks, what are the two ways that the populace both on the left and the right come out to? they come at on the left attacking privacy.
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they come on the right that there again the shadow than conservatives. >> the different political reaction and i hate to say it this way, but you make a great point because he's talking about it to be competitive against his competitors. immigration. we've got to talk about immigration. it's very similar and it's taxing. >> i think the question is he's looking at steve jobs. he knows and three to five years several turn on the tech companies are behaving the way they are now. but he knows that leaves apple at the top because he is reminding everybody that apple doesn't. >> another big story here which is china. >> markets rallied after trump said on a treat on china.
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just had a long and very good conversation with president xi jinping in china. we talk about many subjects. those discussions are moving along nicely with meetings been scheduled at the 220 in argentina also had good discussions on north korea. i questioned why he's sending out his tweet that the market had been down for the last three days. we are making progress now on china because the midterms or five days away. david: the markets. it's that simple. >> i question why the market would react to something like that because it doesn't mean anything. it's words on a page. >> he's gone back and forth and back and forth on this china business. the sophisticated mind in the market came out today at "the new york times" and the same listen, if you really look at the subject, were inching towards a trade war. a very big one.
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the real question is that i know there's bad players would rather put a stop to them stealing their stuff. how much your businesses get crushed in the trade war. and i think that's why we got the tree today. charlie: i don't know why we got a treat today. but i'm just telling you. the other thing is that they control a lot of treasuries. they have to park their money somewhere. my bigger point to suppose they want to screw us really bad. they can get us where it counts. >> and put the money where? i mean, come on. trade for apple stock, i don't know. >> the months were in a recession and then it becomes an economy.
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it doesn't matter. david: and let's not forget. this is a business person and he knows how to take it right to the edge and pull it back. do you really think you'd let it go all the way to a major nuclear? >> he won the presidency. extremely mediocre business. >> he also won his deregulation. >> some of the best brains against china. mr. low-energy is said to maria recently on fox business. >> 90% of companies are using microsoft operating platform. what are we going to do that china keeps stealing everything this way? >> i am a free trader by nature. it went to school for economics, the best thing for the world.
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this one is a tricky issue because it's absolutely clear the rules don't apply in china. the u.s. government needs to do something whether terrorists are right or wrong. i'm silent on that point. without any pressure from the u.s. government. we are talking about $10 billion plus for example in microsoft that would go into profit. >> the trade war is a two front war and would argue. there's a piece of intellectual property theft and attacks has some innovation frontier and then there's the piece that says the stuff you're buying a wal-mart is being made more cheaply. if i were the president's advisory tell him to fight the innovation trade war. lauren: you can't fight it when they wanted me to stealing anything. >> the other wars are going to make a difference. charlie: there's one more war. the stuff we saw them.
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we sell agricultural stuff. we produce stuff here that goes over there. that's going to hurt us. >> we are fighting the court spirit of growth that will amount to anything but were at least doing up for some of their espionage. >> i hate to put the point on something ballmer was talking about. there's no question they are stealing our technology and it doesn't matter if they admit it or not it's the right thing to fight them on not. software companies have a particularly hard time and they will be the last to succeed in this market including agriculture we sell a lot of stuff to them. >> you think they'll buy it if we can stop them from stealing? or get the impression microsoft is giving it away because they couldn't charge and they had to go and hurt in china. this is a bad idea to have a trade war stop this behavior. is it too late? can you get them to pay for all the stuff they're stealing
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anymore? >> if they wanted to institute the rule of law for enterprise technology, they could. right now the big technology vendors do not sell software in china. could they? absolutely. david: is going to leave it at that. they've come a thank you for joining us. president trump delivering remarks about immigration. just moments ago blake burman joining us from the white house for details. give us the highlights. reporter: hi, david. when you look at poll after poll heading into midterm elections, the number one issue is immigration. but for the president on the campaign trail for days in two weeks talk about this. what we just saw for the roosevelt room at the white house amounted to a closing argument as we head into the midterms on this issue. he talked about by the southern border needs to be sure that the might of its latest caravans
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making its way through mexico and heading north in the president continually blame the democrats. >> the laws are so bad. they're not archaic. they're incompetent. they're just bad. and we can't get any democrat votes to change them. it's only the republicans that are in unison. >> the president revealing he wants to change how asylum is handled at the southern border saying those seeking asylum he wants it to be a system where they can only go to a port of entry. >> under this plan the illegal aliens will no longer get a free pass into our country by lodging airless claims in seeking asylum. instead, migraines seeking asylum will have to present themselves lawfully at the port of entry. >> the president saying he will
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pick up this issue next week. he says at that point he will issue an executive order. david: before or after the election? thank you for you much. who gets credit for a booming economy? trish regan sat down with vice president pen. more on that after this. >> we are setting one record after the another. the american people see that. >> not because the president obama. a once-in-five hundred year storm should happen every five hundred years, right? fact is, there have been twenty-six in the last decade. allstate is adapting. with drones to assess home damage sooner. and if a flying object damages your car, you can snap a photo and get your claim processed in hours, not days. plus, allstate can pay your claim in minutes.
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david: breaking news and you'd never know it. apple beat today because look what's happening in after-hours down almost 5%. despite beating on both the top and bottom line the tech giant gave disappointing outlook on this current quarter that includes the holiday shopping season. that's the most important quarter of the year that's why the stock is down over 5% after hours. to vice president pen telling our own trish regan there's only one person who deserves credit for a booming economy. guess who. take a listen. >> we are setting one record after another. the american people see that. >> because of you guys cannot president obama. >> i know the last president tried to take a little credit
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for a growing economy. the economy growing under president obama i think almost nobody noticed. from the moment this election was called two years ago you saw confidence come back. using investment come back their jobs coming back. the president added to that historic rollback for regulation. this sort tax relief for working families for small businesses. we've been essentially unleashing the american economy. >> is that a fair claim, guys? >> let's look at it this way. the economy grew at an average of what? david: never got above three. >> average it was to. >> it was less than two. he was saddled in the early years obviously with the financial is.
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but here's the problem. they didn't grow very well. it's going better now. the question for president trump in for mike pence and should they take the road to relax because i don't know if the corporate tax-cut is the magic fully here. think about it. if you're going to expand the economy through some supply-side notion come you got to give people more money in their pockets. corp. generally don't give it to the workers. they generally don't expand. they do stock buybacks. that could be a drag on gdp going forward and then higher interest rates because your deficit will blow. >> it's not a keynesian stimulus plan where you're putting money at the cash for clunkers thing or when george w. bush sent checks to everybody. it wasn't supposed to -- really it's to prevent companies from leaving and remain the most competitive place.
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the point is realistically you want your tax rate in line with other major economies. >> i think the big problem is they sold the other gross things. i think kerry collins, one of his economic advisers used to work at goldman sachs sold it to trump and i think most people know that in cutting corporate taxes doesn't give you what she would get if you cut individual taxes he's a liberal and he didn't believe it. >> they both have bags for the buck. determine this expansion and jobs. small business sector all over the united states. why do we have more jobs than people looking for jobs right now. companies are spending money on job creation. >> and raising wages. we will find out tomorrow we can
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see 3% in year-over-year wage growth that we haven't seen a decade. >> when obama obama left it with three points have been. just remember that. >> by the way when obama took over he wasn't a procession but instead of lowering regulation, taxes, which is what most presidents to he did exactly the opposite. totally the wrong medicine. now they're doing what should've been done it years ago. >> you're comparing him to the worst of the worst. his tax plan on the merits is pretty crummy. >> better than raising taxes, my friend. >> may i.? first of all, i'm not going to tell you that the pendulum doesn't swing. they didn't notice economic growth under president obama. i noticed he was eight years or seven years of economic growth. it wasn't as good as it might
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have been in regulations that were needed because the lack of regulations cause a lot of problems in this country. i will not dispute that the regulatory moves the trump administration has taken have helped the economy in the near term. we will see. >> we've got to move on. hbo is going dark on the dish network and blaming the new at&t time warner merger. now the department of justice is right in the middle of this whole thing. but should the government should stay out. new, exclusive details coming out. let's talk about this when we meet next week. how did edward jones come to manage
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david: all-out war between the government in at&t appeared the department of justice claiming the at&t time warner merger in wake of hbo dish network for the
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first time impacting more than 13 million subscribers exclusively to fox business, doj you saying they to use the controversy as part of its argument before an appeals court to kill the merger. >> you know, david, this is essentially what they'll say. we predicted this would happen. whenever you match the massive amounts of structured distribution that at&t has with content, they will do this very thing. they will negotiate hard with other content distributors like this. and then you'll have blackouts. what's interesting is at&t came back with that statement which i found fascinating because it essentially says this in a nutshell. the government and dish are joined together into stew killer deal at&t time warner before the appellate court. this is actually a battle according to at&t because that's
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a statement from the time warner subsidiary between at&t and dish with time warner in the middle. >> i think this is a continuation of justice being a sore loser. they tried and tried again to stop the deal. were not satisfied -- >> adam, adam were not satisfied with the results so will try again. >> i give them an e. for effort on this. >> i do, too. they'll go before an appellate provision on the deal is much more liberal, much more like you than me and many more obama administration -- >> i don't know which are talking about. >> on the globalist just like you. more types on that panel. they could have been this time warner guy. another thing on the free market standpoint. does it make absolute sense at&t would try do screw rivals with
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content like hbo, like cnn? lauren: come over to our direct tv. why can they get a lower price tag here? >> are being extorted. this wouldn't happen -- >> the content companies have built her own if they borrow money like netflix. weirdly it's kind of worthless now. >> the shows are extremely valuable. charlie: have you ever looked at netflix balance sheet? i know adam has. it's in so much debt. >> because they don't want to lose this deal. >> interest rates top netflix for marring so much money because of the bubble waiting to blow up. it literally is. if you match massive distribution with content from your going to have anticompetitive behavior in the justice department is on pretty
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solid ground with this one. they agree with donald trump for once in my life. >> incredible. you have those dish, dish now is a skinny bundle package for 25 bucks a month. at&t has a similar thing. isn't it possible the market can work it out without the government? >> i don't know. unless you think 5g is coming around the corner, it is what it is. we have the distribution there that's fixed. they're owned by comcast, at&t, dish. content is being controlled by players. there is a potential here for anti-competitive. part of me likes anti-competitive me likes anti-competitive behavior appeared at businesses and stocks going on. but here consumer oriented person you got to worry about this. they'll be before an appellate division, appellate court -- david: we've got to wrap,
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charlie. great reporting. thank you very much. thousands of employees from san francisco to tokyo walking out of the global protests. find out why coming next. apple after hours to shave about 75 points off the battle. the dow component could really hurt the overall market tomorrow. stay with us. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.
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sexual harassment. google employees and contractors will walk out. they did walk out on november 1st. they are looking for changes. they want transparency. also recommending an appointment of an employee representative to the board and this comes as a reaction to "the new york times" report that came out early on that a few senior google employees were shielded from sexual harassment allegations including andy rubin who's the most famous name in the bunch. he was given a very generous package of $90 million in the fact that google had what they called credible harassment against them. of course the creator of android which is the main platform around the world. powers around 80% of them. he was speaking here in new york city this afternoon and of course was asked about these walkouts. take a listen.
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>> google set a very high bar and it clearly didn't live up to expectations. >> also plotted to win that took part in these protests. we answered some business questions as well in terms of working with the military. he says that's ongoing. still at a very, very early stage. >> susan, thank you very much. you'll stay with us. we bring back our panel now. >> gentleman first, go ahead. >> just like google. >> no, i insist. >> google listens to their employees and their saying you want protests, get it. that turnout was much larger than expected. the point of the matter was then the two movement, time is up in the employees are saying google you've covered up instance after instance in some cases giving tremendous severance packages to
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guys who did bad stuff. we have this moral code to do the right thing. and let's do the right thing. >> we should point out google's not the only company out there with tremendous severance packages to people who left the me two movement. >> but this is a company where the employees have a huge say enough inside how the company asked whether it turning down the use of artificial intelligence to do something they don't approve of. >> full disclosure reports and issues. wall street has had issues. >> she's right, charlie. lauren: thank you. >> by me just jump in. you're particularly right because this is an unusual company. it's not that they died with the company does but the company is encourage them for years. i'm a google spouse by the way. you know, we are different.
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were not like other companies saying you said you're not like other companies. it sure looks like it. >> they are not like other companies in the fact that they think out of the box politically you're ostracized like the one gentleman who wrote the letter that complaining about the liberal corporate culture. i see this not so much that they're like a really bad company because they're right in the middle of this like everybody else. i see this like a lot of stuff out of silicon valley and credibly hypocritical. >> your say in their self-righteous. >> self-righteous and hypocritical. they told alignments and things and not others. >> to look at the aerial footage of the walkout today. these are thousands and thousands of employees.
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it's a strange walkout. the company claims they are in favor of the protest with the company claims they're in favor of everything they do. there's hypocrisy going on. they say that but they don't act like that. >> all the silicon valley firms, cross like they're doing the work. i get it. it works. what it really comes down to is there and it makes money. on the political front they're actually worse than most companies. that is really where. >> i'm not sure i agree with you. >> how about the guy that wrote the letter. >> let me talk. let me talk. how it works? >> so anyways. they are allowing process. when i write a letter to management about the corporate
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culture. and i don't get fired. free speech is when you're a conservative with conservative views and you don't get fired. that does not happen at google. >> no maybe google is going to change. >> their progressive liberal company. look at their record is so obvious. >> which company is hypocritical? >> major headlines coming out in cbs posts earnings conference call. more on that coming next. before we go another look at apple after earnings. it is down about 7% after hours. so they say that ai will put the future in the palm of our hands. that's great. but right now you've got your hands full with your global supply chain. okay, france wants 50,000 front fenders by friday.
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thumbs up to that! remember, the time to prepare is before you go on medicare! don't wait. get started today. to learn more about the range of aarp medicare supplement plans and their rates, call or go online today to request your free decision guide. oh, and happy birthday... or retirement... in advance. train to the cbs earnings call once again not addressing the elephant in the room. charlie. >> i don't believe there is any good i listen to the whole thing. i think we see the headlines of the big thing people are waiting for his cbs and all have an impact on the stock price going forward delete on a tradable basis. that's a sexual harassment investigation. a little bit of update on this.
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investigation into the smooth behavior as ceo, charlie rose behavior, other executives behavior due out by the end of the year. the investigation will determine whether let's move this gets less or none of its $120 million compensation package and will know this i believe by the end of the year. at that point, whether cbs do next? hear from everybody inside the company. they're going to look to shot themselves. the ceo on an interim basis is the guide that is les moonves is right-hand man. they don't want to do what sherry redstone wants to do in merge viacom and cbs. the rest of families essentially controlling shares of both. is the controlling shareholder could work out a deal when they reached accords settlement essentially that they have a two
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year window and i think that's the next step. the real question is i think this is adam's game because fulltext step in and buy them. i don't think so. maybe you have a different opinion. >> i would totally agree with you through the part that confuses me is even if they shop themselves, doesn't redstone have to buy into it? charlie: no, they have a standstill agreement worked out as part of the big messy lawsuit between les moonves and the board. so they have two years to legally do this. my question and i don't think there is a lot out there at least now, the netflix want to get involved in this. i don't see it. they produce their own content. cbs will be forced to merge. >> it's amazing they can't talk about this. guys, we've got to leave it at
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that. should the federal government be responsible for dictating the national minimum wage? would white house adviser larry kudlow had to say about all of this. that is coming next. .. a once-in-five hundred year storm
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should happen every five hundred years, right? fact is, there have been twenty-six in the last decade. allstate is adapting. with drones to assess home damage sooner. and if a flying object damages your car, you can snap a photo and get your claim processed in hours, not days. plus, allstate can pay your claim in minutes. now that you know the truth... are you in good hands? david: breaking news. here is another look at shares of apple down just about 7%. set to shave 110 points off the dow.
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shares sinking further after the company's cfo said it will stop reporting unit sales figures. amazon's $15 an hour minimum wage kicking in today. it's a policy that will also apply to whole foods. larry kudlow took a shot at the federal minimum wage. >> the federal government should not have jurisdiction over the states in a matter like this. the conditions are different in each state. the economy is different. the state of business is different. i am not in favor of minimum wage. but if you do it you have got to do it at the state level. i oppose doing it at the federal level. david: the minimum wage has been with us since the 30s, do you
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think they will get rid of it? >> larry kudlow is right, it's a state by state issue. dave are's in favor of getting rid of the federal minimum wage. he doesn't really like what he's doing for political reasons. technically out of the larry kudlow textbook you shouldn't need a minimum wage. in practice one of the problems with capitalism is it can create a situation where you go too far in a reactionary environment. and to stop that and keep the magic of capitalism going, you need some things out there so it seems fair to everybody else. >> listen. i think larry is right about the state issue. we have seen first off, minimum
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wages in a lot of these businesses cause them to establish the minimum wage for certain small businesses december troys them. >> the cure is often worse. >> the inexperienced workers are the ones who make closer to whatever that minimum wage is are the ones who usually get hurt because they get fewer hours. >> the economics is bad. >> there is not a lot of proof it's not bad. we haven't had one that bad. >> the economics are not good on passing broad-based minimum wages. when you are talking about $8, $9, $10, $11.
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>> if you want to have a social safety net, having a floor helps. if you don't do that, then you do other things. david: that does it forth "bulls and bears." "the evening edit" with elizabeth macdonald starts right now. liz president trump: america is a welcoming country, but we'll not allow our generosity to be abused by those who will break our laws, defy our rules, defy our borders, break into our country illegally. we'll not allow it. these illegal caravans will not be allowed into the united states, and they should turn back now. we already dispatched to the border the united states military. they will do the job. they are setting up and preparing. we heap nothing


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