tv Bulls Bears FOX Business December 10, 2018 5:00pm-6:01pm EST
she has to be left of center in order to make her entire caucus happy. for appearance sake. there's more behind the scenes of trading going on. >> we will see you tomorrow. thanks for joining us today. >> "bulls & bears" starts right now. david: hi, everybody. this is "bulls & bears." required to join us. i am david asman. today on the panel with steve forbes, tov horvitz, and liz claman. we'll take a look at this. the dow staging a major comeback after plunging more than 500 points with chaos across the pond. british prime minister teresa maker in the future of the exit from the european union is a question at her delay that critical vote will happen today. ashley webster is in london following the very latest developments. actually, what is made doing now?
reporter: well, we understand she's we understand she's heading off to the netherlands tomorrow to meet with the dutch prime minister. she's going to do a tour of european capitals to win support from the e.u. members to help her. she renegotiated the leaders. not sure that's going to work. she'll go to brussels on thursday, but already the e.u. has stated we are not going to renegotiate this. we gave you the best deal you're going to best deal you're going to have to live with it. it's going to be a tough road for the prime minister. she made the announcement issues differ in the vote for many days now, probably a week before this happened but she said no way was i going to delay the vote, but it was clear the writing was on the wall she was going to lose. she voted to remain. she said despite that fact, brexit was approved and we must respect the will of the people. take a listen. >> it is to leave with a good
deal for the european union. that's what we've negotiated in recognizing the importance of the trading relationship including the automotive industry. this desire is not to have no deal, then they need to accept a deal in the best deal on the table is the one we don't want to negotiate. >> the question becomes, when do we get to see a vote in parliament on whatever new deal they can get together. probably sometime in january. some of the headlines in this evenings papers say the clock towards no deal is getting closer to the u.k. leaving the e.u. in march of next year crashing out. no deal at all. starting to look increasingly like that could be a very real option. back to you. reporter: ashley, it is lives. could you do us in a huge favor and cut through the rhetoric on both sides here.
the economy will tank. in fact, since brexit some of the numbers have varied out to that idea in such that you have the u.k. at the g7 going from first when it comes to annualized economic growth to worse. they're tied with italy. that's a possibility, but they say that it's all scare tactic nonsense. which is the real truthful site here if there is one? >> it depends which way you look at the glass half-full or half-empty. they say this'll be an economic disaster and that was backed up by the bank of england who put out a report saying what, to gdp will fall anywhere from 2% to 3% by the end of 2020 there will be a big economic hit. as you say, those that want to get away from europe say don't listen to that. arrangements can be made. let the u.k. get away from the control of europe and be free to go around the world and make
around deals and that is where the prosperity will come. >> ashley, steve forbes here. what would be considered a win for teresa meng as she makes her tour in europe, what could she bring back the people would say she might get a chill through parliament. >> that is very good question. so much is made about the northern ireland backstop that that is the main dublin block of why they can agree to this deal. but, i think very many other aspects of this deal that she's trying to sell that still gets too much control at the e.u. over the u.k. and it would take a major, major revamp i just don't think she's able to do it. >> is that regulation? what is the real sticks in the craw or she could come back and say we've taken care of this. >> control over laws. european court of justice.
do we really get clear of that. it's very vague in the deal she has. regulation on free movement. all of these things are very vague in the way it's written in the fear is boris johnson called it a lobster pot. they're trying to lure us in and wants for and will never get away. that was a good analogy. >> if she goes down when they have about whether it's next week or early next year, does that mean elections realistically? or can they still hang on? >> no, what will happen will be a vote of confidence by the labour party by jeremy corbyn. it is shown that there is a lack of confidence, he would form a majority government that he could not do that a general election would be held early next year that she can also get ousted by her own conservative party, which frankly absurd what right now. some conservatives won a hard brexit and others say the deal mrs. may's offering is probably the best we are going to get.
i do think her political future is dim right now. >> ashley, tov horvitz here. i think the e.u. itself is collapsing and i think there's a lot of other issues. just getting out would be the best solution whether they have to replace mayor not. what are your thoughts to that? >> said like it's rue brexit tier, todd. many people say don't bother with this deal. march 29th of next year crash out if you like. there's been all sorts of predictions the planes will be grounded, shortages of medicine, but the brexiteer say it is scaremongering. that won't happen. we can make arrangements. we'll take a hit initially, but ultimately get control back over our borders and our eleemosynary on trade and that ultimately is what people voted for more than two years ago.
>> ashley, this is kristina partisnevelos. you brought up the fact this is a hard exit. what about the dynamics between northern ireland and ireland. you can't go back to the violence that occurred not too long ago. if you could weigh in on the backstop deal, do we think they could agree that there is no hard border between the u.k. and northern ireland? >> well, that is the biggest problem of all is what you do. no one wants to go back to the hard border. no one. the e.u. customs will still have a say over northern ireland's dealings with the republic of ireland and the fear for northern ireland as they will eventually be going down the middle of the irish sea. they're very worried about that. quite frankly, how do you solve that issue? have you normalized, get out of the e.u. and include a non-border between northern
ireland and southern ireland. there's a real conundrum in no easy answer. david: you mention teresa made this may be it for her. if it is, a guy named jeremy corbyn is in the wins. he's a socialist in his career was pretty much over. at least it was down. right now he stands to benefit from all this. what happens if he becomes prime minister specifically to the economy? >> the day that happens the markets will tank. there will be a huge hit to the economy. he will make bernie sanders look like an extreme right-winger. he's extremely socialist in his ideas. god forbid we go back to the days of the 70s i lived through that of nationalized power in the nationalized everything. it would not be good for the economy. it would be terrible for the markets. make no mistake he has his eyes on number 10 and i won't be surprised if he starts making his first move this week.
>> ashley, so it is boris johnson, former mayor of london. who knows if he's going to make a play for the tory party. boris johnson has been in the past quite popular, certainly in london. he is a brexiteer. has he begun to verbalize or make noise about trying to make a land grab there when it comes to leading the country? reporter: i think boris would love to be the next pm. he was on all the political shows this weekend and every one of them sadder you going to make a play for the conservative party leadership and he would not discount it. he also by the way had a fresh haircut, which led to all sorts of speculation. david: probably the first one he's had in three years. >> ashley, quick question. this is kristina. it's 11:00 at night. what you hear from people? are they defeated with all of the outcome? do they feel there is no winning at this point in may is going to
have to step down? what are you hearing from people? reporter: i hear from people that they are absolutely fed up with the whole thing. brexit fatigue has really taken hold here you go to appoint a matter what you think about it you want to say do something, get on with it. such a divide in this country. dividing families come in communities -- such a divide, no common ground and that's the problem in finding a deal. get something done. >> ashley, steve here. as a former brett, what would you say would be the ideal solution? you understand that. you've been through it all. what's the best solution you can imagine happening out of this whole deal? reporter: if you ask me, a hard brexit would be just fine. i don't believe in all the predictions of doom. everyone does that, but just getting out as boris johnson said give them have the money
and 18 billion pounds and then we'll figure out a trade later in the deaths of more money if they give most decent trade deals. cutting the straight path is the best way to go i really do. >> and the currency will collapse a little be perfect. >> ashley, steve forbes here. why was the conservative party made such a hash of this? people thought britain will become the new hong kong, the new switzerland. and instead is just warned on socialism. theresa may could be moderate labor. reporter: she really good and it's really disappointing. it's very split. almost like democrats in the u.s. on the other side for you have hard left and moderate left. consumers who are far right who want to say goodbye to brussels right now and then the moderate conservatives. they always say in parliament your opposition faces u.n.
parliament. the opposition party faces you, but your real enemy is behind you. in other words the back benches. mrs. may have a lot of backbenchers who would love to stick a knife in her back. it's a real bad seeds in the parliament and she has hung in there, but how much longer? david: god bless you, ashley. you skipped dinner in order to be with us. same for you eat, young man. google ceo on the hot seat tomorrow. republicans want answers to conservative censorship, mishandling of user data and plans for a censored search mechanism in china. coming up next, we'll speak with the chairman of the house judiciary committee, bob goodlatte with more on what we can expect. that is next.
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david: google ceo grilling the hill tomorrow testifying before the house judiciary committee. republicans finance or to allegations of censorship to work with china on a censored search engine. can the google ceo make the case that big tech does not need regulating. joining us now is the chairman of the house judiciary
committee, bob goodlatte. thank you for being here with us. i don't like some of the stuff i mentioned in the intro that google has been up to. i also don't like the idea of congress are bureaucrats making up rules and regulations for the internet. what do you plan to do about google and its problems? >> first of all we are going to shed light on the issues you just mentioned which i share your concern about and probably about 20 others. we have 40 members of the house judiciary committee and they all have different views about what to do on this. the answer about what congress will do about it i don't know. i'll be leaving at the end of this year but i'll be issued -- watching this issue very closely because it's important to me in the country. a couple of facts people need to be aware of. google conducts 90% of searches on the internet.
with regard to youtube, 75% of american adults use youtube including 94% at 18 to 24-year-olds. these are dominant market power is we need to make sure we expose what their practices are and we are very pleased mr. sundar pichai is coming to answer these questions. he's put on the spot with a lot of tough questions and answers are difficult. >> chairman, if i may, isn't it going to be hard for google to, had and say we believe in a capitalist society. should we stop google from answering a censored version of a platform in china when you have yahoo! already do it. the fact that microsoft offers a censored version which david
asman would like to know as well. how can you tell a company don't do that when you have competitors doing so anyone a thriving u.s. company to succeed around the globe. >> the issue is each of these companies and corporate executives need to look at carefully as they make the decision. it's also important that congress shine a spotlight on these american companies, which are supposed to stand for principles of free speech and privacy and other issues that people do not enjoy that make the sale at jet amid debate. they will do business in china. and would they think about doing that in other countries and ultimately even in the united states in order to protect free speech we need to have companies promoting not and are negotiating in holding out for that in countries like china.
>> mr. chairman, sorry, steve forbes here. tomorrow you're going upon trust google reaching out to china with this standoff attitude towards the pentagon? >> yes, that's a very pertinent question. why is it that you and your employees do not want to help the united states department of defense keep americans safe and keep all of the issues of trade by supporting the needs of our military to have access to the best technology available. >> you may not love the answer, but as a free country in a capitalist society, that is their decision and we've actually had ceos and have come up for example, p.j. rogers at cypress semiconductor when he ran a piece that but for them,
but for the defense contracts they got, this company would have been searching for other customers. even as a free marketeer, and let the dollar vote go. let the shareholder decide we don't want to go with google. they don't want to support our defense department and go with another company. >> if there were that simple a degree, but google has leading-edge technology and some of these areas. you're right, we can't force them to do business with the defense apartment, but i see nothing wrong with people putting pressure on google to do business. >> for wet, speculation? >> not to regulation. her shyness spotlight on this company, which has as i say, dominate shares in the american market. the american people need to know more about this company than just that than just that the duke of searches for them. another point to make about the free enterprise and free market is the congress authority given google in the other social media companies tremendous protection by exempting them by their
liable and even unfair business practice laws that apply to other forms of media, that apply to your television network, played in newspapers in the form of liable laws and so on. they are given an exemption under section 230 of the communication decency act. if they're going to exercise their right of the first amendment to regulate the content themselves on their network, and are they going to also give up the special protections they have as an internet service provider. >> mr. chairman, why do you think google speculates and has been so tone politically. praeger university routinely gets answered on youtube. knowing they can be hit politically by opening themselves up like that.
it's perplexing. >> it is perplexing. it's a good question we are going to ask that question tomorrow. we want to know if it's a matter of modernization or the company is dominated by a board of directors and employees on the last and therefore want to try to influence the american people and not direction or whether they have some other explanation for them. true to chairman tommy mentioned size of google. you're republican. republicans are generally more free-market than democrats, that they will be taking over in january and they do consider size alone for alarm and possibly more regulations. are you going to try to combat that charge in minority of the house? >> there'll be advocates for that. in type trust laws properly administer that they are not to
be confused with regulation. antitrust laws say if you achieve market power, the government can step in and say you've got to do something differently. that is different than saying we're going to set up a panel here and they review all the decisions you make regarding the free-speech decision that you make on youtube or how you conduct searches and what comes up on the search bar when you type in names as suggested things and whether only negative things come up about donald trump in those negative things don't come up with regard to hillary clinton. those questions are all fair game, but the underlying issue here is the question of how big of a company and whether it has market power is an interesting issue in all of the dominant players in the tech sector. whether it's microsoft, their
old system or whether it is intel with their chips or facebook with social media or whether it is google the search come in the list goes on and on and it is a concern that corporate power is very centralized on the internet. we need to ask questions about it. >> one question, mr. chairman you might ask is the block chain. as that comes into its own, that's going to create its own privacy. no one -- it's going to be very hard to hack anymore and hack anymore in mobile to control your data. we will see what google says to that about their future. david: we will be hearing about those questions and more. by the way tamara what time is it all began? fox business will be covering it so you can watch it right here on fox as mr. chairman, good to see you. thank you for being here. coming outcome of u.s. trade rep playing hardball with china offering no flexibility on a
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>> when i talk to the president of the united states is not talking to going beyond. he's talking about a deal we want to get it in the next 90 days. >> the man is a tough cookie. u.s. trade rep.lighthizer offering no chance for china trade deal even though phyllis larry kudlow said on friday to extend the timetable before the terrorist taken. would you thinking? the chinese will go far if negotiations where they will extend the deadline. lighthizer you would not attend to say will be very flexible. if they see a real progress,
you'll see an extension and you'll start to get nice is about a deal on natural gas into hundreds of billions of dollars over 10 years. >> there'll definitely be some sort of a deal in place. but what happened here is very very much what steve is saying is simply though they're close enough where it makes sense to open up the negotiations for longer. finally, we've got a leader stepping up and saying we need free and fair trade in all these things done so we we can get back to free markets. >> weight hazardous that it is a hard deadline after 90 days. by the way it happened december december 1st so it's 81 days now. the clock is ticking until his boss, president trump decides to work back the clock. you know, the question i would ask you is like kaiser going to look like his boss overruled
him? >> what is going to happen is they'll sit down and if they get close again, the markets are kind of telling me that they're already closer than we think and i think at the end of the day, which are going to see them as we are right there at the finish line. we will extend this a few more days. almost day-to-day and other wizard deal signed a deal done. day by day. but would be the same thing here. >> what was being negotiated. >> we seem to be close to a deal. if the trade deficit in october with china alone with a new high of $43 million. soybean prices >> that's incorrect.
they have been higher. soybeans are lower because they have an overabundance of supply. >> what is the president saying? by more american. not talking about the u.s. dollar. that is a major issue. >> the u.s. dollar should be climbing higher. why do we have to weaken the currency like everybody else? this is all the invention of the fed and central banks that want to manipulate current view. when you look at the soybean market, they are still causing united states. we are an exceptional spot. i love this dollar, but why not talk about the fact that they are holding so much u.s. reserves right now in terms of u.s. debt.
>> there are two issues. at the end of the day price tells a story. >> the fact of the matter is -- the nice fact of the matter is when the u.s. does well economically the trade deficit goes up in capital comes pouring into this country. the other issue is it's nice to have a deal, but can you get it through the new congress? unscathed. going back to 1984 we had a huge trade deficit in 1984 and economic growth of 723%. the president is wrong when he uses the metric of trade deficits to distinguish whether we are in a hot your sick economy.
you have a very healthy economy and a huge trade deficit. >> because it means a strong consumer here in the u.s. wants to buy things from everywhere. the problem president trump sees out there if he wants it to be a level playing field so that americans buy american because the prices are right and they are in line. we treat our workers better. that costs money. we pay them more. we give them health care. that costs money which is added onto the price. especially with the usmc i get mexican car workers, auto workers paid more that certainly helps the whole north american continent. >> french president offered in all of ranch to protesters set up with taxation without representation. should democrats take a hint that more taxes aren't always the answer?
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david: french president emanuel macron addressing the rights in this country were high taxes. macron hoping to appease the protesters with measures like this one. >> i want to see an immediate and real improvements and this is why i'm ordering an end of year bonus for all employees without any tax. how we treat you as a very important part. david: where reduced bonuses come from if not from higher tax is? so is there a lesson for us particularly if democrats keep pushing policies similar >> without representation, is
not taxation without representation? this creates a resolution. this is the stuff of boston -- boston tea party was made out of. when you make them foreign, the thing we will have here there is more of them than they can reform a revolution in this world and in that country as well as in this country. this is the one of the problems you have the last continuing to push for war taxes, take a bigger piece of my paycheck. you are hurting everybody whereas their agenda should be to grow from building normally in creating income to everybody. >> i say this with all due respect. the french are babies. this is not taxation without representation. this is a nanny state and they
are the babies. the safety net in that country it lived there for a whole year. it's made of kevlar. nothing falls through. they get so many welfare benefits. you're rewarded for not working and something's got to give. by the way, he's a centrist pro-business president who tried to do something. i wrote this down and he said we spend too much money and yet people are still poor. something's got to give. they need to cut taxes, but also cut spending and that is where the french become total end-to-end because they don't want their benefits taken away and you can't believe the benefits they get. what is next, massages and facials? >> they are showing things that are starting to happen. again come you see it throughout the world and throughout the globe, but a lot of people are becoming very upset with the overall system of both we have
in certain areas. that is becoming a bigger problem and that's why we are seen a lot of violence. it's only going to get worse in my opinion. >> the question becomes what they do. ronald reagan knew how to cut taxes. you don't do one-time bonuses by removing the price of taking risks in doing good things. macron, the payroll tax in france, they have a very high unemployment rate. 21% among young people. individual 14% bad enough. on the company site is 45%. their highest income tax rate 45%. sales tax 20%. one of the worst in the world 33%. what he should have done is cut those rates, say the heck with the budget. you start to change the political culture. david: there is no other country on earth -- go ahead.
>> france is pretty much the most taxed country in the world. so it's not representative of europe. it's an anomaly when you raise the first question about why are democrats -- the democrats use this as an argument to follow through on a socialist policies. i don't necessarily think it's going to work. i think what he proposed so far is just patchwork. he's very unlike his approval ratings at 23% in france, but this shows how so many people feel left out and can we make comparisons to those protesters right there and americans who may have voted because of the populist movement we were forgotten. we spend so much time on our gas going in. he spoke software, was much calm her, trying to emphasize that the people and these trying to win back his points. this is all just patchwork. nor do i think it's an example for democrats to say we should do this as well.
>> attacks feel was misguided. okay, fine. the french have to understand and they can because it's been decades and decades and decades that they can't continue to get all of these freebies. these benefits. find somewhere to pay for it. >> is not what bernie sanders and elizabeth warren want here? >> they want a carbon tax, guaranteed income and open borders. it's not working. it's a matter of populism. populism is on the left or the right, but you see a convergence in europe in the united states with a lot of populist goals. >> to your earlier point that not mean the tax cuts president trump put in place was useless as well. you said why are we taxing? how are we going to fund it? >> who's going to pay for that?
we haven't cut spending. >> you pay for tax cuts by creating more business and by expanding your growth. by not shrinking. >> steve forbes is going to say that will stimulate more success. david: would have a record of revenues right now. we have higher revenues and only in the corporate area. >> the bottom line is don't worry about washington. worry about the american economy if it's doing well, heck with the government. what is holding growth back here even though it's pretty good as uncertainty about another tax called terrorists. david: bringing us back to the beginning. we've got to leave it here. elon musk continues to poke the bear. should investors be worried? will discuss that coming next. >> i want to be clear, i do not respect the sec. i do not respect them.
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tweets censored? since the settlement? none? does someone have to read them before you go out? so your tweets are not supervised? if they tweets had a movement in the stock. [laughter] >> look at you. >> i want to be clear. i do not respect the sec. i do not respect them. >> you are abiding by the segment, aren't you? >> because i respect the justice system. >> should they be concerned with the latest statements? >> no. they would've hurt already on this one. they did take a hit over the past couple of months when he was doing things he has most ceos know should not be doing like smoking pot with joe rogan who has a podcast. little things you don't want the leader of the company that deals
with certain public safety, the rocket ship company. i do not think giving your opinion and negative format that is helpful, but i don't think it will have much bearing on the stock. >> i agree with liz. the company issued a statement saying they are going to head with the agreements, which means they should be pre-approving any tweets that involve material information. so he may have said that. he could be compared to the president. the president doing a bunch of things. markets have moved a little bit but then they've gone back to place. the latest quarter didn't really quite well. they turned a profit. concern is his ego. why did he make himself -- smoking pot with joe rogan. the fact he tries to make mini submarines, stop making yourself the news. david: the stock is up $7 even after the statements on 60 minutes. go ahead. >> i think his penalty should be
a lot strict there. they need to be tough for her and stopped with the goofing around. this is what happened. they just get a fine and move on. the small business couldn't pay the fine. so here he is looking at him square in the eye and saying i don't care what you say. >> i agree with you 100% on now. >> what gets to the point than if you're a small instead of not respect in the sec, why do we have an sec? >> that's a good question. we will hold that one for another segment. now been hit with a sales ban in china. for huawei. we will debate that coming next.
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something. >> i think it's 100% payback. but i think it's just part of the game they are playing until they come to a deal. this will help with some of the newer phones. >> i think it's absolutely tied in. the chinese are furious about the arrest of the cfo of huawei. her grandfather i believe was in charge of the shenzhen province. i think they are needling us back after the arrest of this individual. they look at apple as the crown jewel of the united states. david: she was arrested nor 21. they say it took place on november 30. >> given apple had employed
thousands of people through contractors it will hurt their economy as well. i think this is just all part of the game. david: does it end with a good trade deal? does her future depend on a trade deal? >> a limited trade deal, they will start buying more of our products like natural gas, et cetera. >> also a promise to do what they say they are not doing but they will say they never did it. david: you wanted to play hardball. do you think we'll get some real concessions from china after all this? >> yes, i do. the bottom line is they need us more than we need them. they will come to the table, but -- >> they will buy our natural gas. david: you are pushing that thing. i hope you are right on that.
that can be important for gals producers. thank you so much for watching. that does it for bulls and bears. evening edit starts right now. >> what is being said in this chamber -- [laughter] >> for what is being said in this chamber and out of it from members much all sides. from listening to those views it's clear while there is broad support for many of the key aspects of the deal [laughter] on one issue the north ireland back stop remains widespread and deep concern. if we held the vote tomorrow the deal would be rejected by a significant far gin. liz: