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tv   Cavuto Coast to Coast  FOX Business  September 24, 2019 12:00pm-2:00pm EDT

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about a military attack on iran if they cross another line. the result of that was a sharp drop in the price of oil since the oil patch is not going to be threatened by american military pressure. david asman, in for neil. it is yours. david: the president is meeting with boris johnson. he was dealt a setback with his nation. as soon as we get tape of the meeting. in fact here it is, let's play it. [inaudible]. >> thank you very much, everyone. it is great to be with my friend boris johnson. just got a position that he is having a very easy time with. much easier than he thought. tougher or easier?
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guess, what he expected. pretty much what he expected. >> it is. >> he is doing a fantastic job, not easy, but doing a really good job. i think he will make great progress come october, come november. >> october. october the 31st. >> the results, the results will start to show in november. but, it looks to me like he is making great progress. it is an honor to have you here. we'll discuss trade. we can drew group pell our trade with the uk and we can i think do a big job. bob lighthizer is here, our trade representative. your trade representative is here. they're already scheduled a to continue negotiations. for more substantially more trade with the uk. we'll look forward to doing that. we'll talk about other things also. boris? >> great to be here i hope we can make a -- our secretary of state of international trade is here.
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we hope to get going on that always remembering the nhs is not for sale but everything else, there's a huge amount we can do. i guess we'll talk a bit about iran and some of those difficult issues where, we share common perspective. we want to dial things down but also make sure that people in the gulf don't get the wrong idea about what they can get away with. that is a complicated issue. we have to make progpress there as well. >> we'll be talking about many things and we'll look forward to it and we'll start in just a minute. thank you very much, everybody. thank you. reporter: prime minister johnson some critics say you should resign because you misled the queen with regard to shutting parliament down. how do you react to that?
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>> we absolutely clear. we respect the judiciary in our country. we respect the courts. i disagree profoundly with what they had to say. i think it was entirely right to go ahead with a plan for a queen's speech. this is a, longest period we haven't had a queen's speech for 400 years. we've got a dynamic domestic agenda. we need to be getting on with. more police on the streets, investment in our national health service, improving our education. we need to get on with that. and frankly i think we need to get on with brexit. that is the overwhelming view of the british people. when whether they voted to leave or remain they want to get this thing done by october 31st. >> that was a very nasty question from a great american reporter. >> was that american reporter? >> a good one. >> i think he was asking a question to be fair a lot of
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british reporters would have asked me. >> now that we have that out of the way. i'll tell you i know him well. he is not going anywhere. don't worry about him. any other questions? reporter: how should he deal with the budget? >> no i think he is dealing very well. everything i see is, look, i watch it very closely. he is a friend of mine. i to watch friend closer than enemies. the the enemies you watch a different way. it was difficult vote. i happened to be there the day of the vote. i even made a prediction. was a correct prediction that was a long time ago t takes a man like this to get it done. they have to get it done. it would be terrible to do another way. i don't see another vote. i don't see anything else happening. i think he will get it done. >> what was your reaction when you heard the uk supreme court decision? >> i had no reaction. i asked boris, to him another
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day in the office. he is a professional. it is another day in the office. >> tomorrow is another day in parliament. [laughter]. >> we had, boris, the first couple of months, we were 0-7 with the supreme court. since then we won the wall, asylum, some of the biggest ones we have a great streak going. we were starting off 0-7. the first time we won you were shocked that we won. since then we almost run the table. we won a lot of decisions. i'm sure that will happen to you. >> we're not counting our chickens. we're full of perspective i say for the justices of our supreme court. we'll respect what the court had to say, but we'll get on and deliver brexit. i think that is what the brittish people want. >> in other words he is very nice to the court. he has total respect for the court. reporter: separate subject can you explain why aid to ukraine was stopped?
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>> because i think other countries should be paying also. why is the united states only one paying to ukraine? i've been talking about this for a long time, not only with respect to ukraine but frankly with a lot of other countries. why knit germany, i spent with the chancellor, why isn't germany, france, why aren't these other countries paying? president obama used to send pillows and sheets. i sent anti-tank weapons and a lot of things to ukraine. we think that it is very important and, by the way, i don't know if you know it, that paint was made. but i wanted to get other countries, other countries should also pay. frankly it affects them more. that is barrier, a wall between russia and the uk. they don't pay, why are they not paying? why is it always the united states that is paying? i made that loud and clear. told it to mick mulvaney, whoever he is, i told it to a lot of different people. i told it to mike.
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two mikes. i told it to steve. i said it to wilbur ross. i keep asking the same question, why is it that the united states is always paying these foreign countries and other foreign countries frankly are much more affected than us? so i said, hold it up. let's get other people to pay. then everybody called me, can we pay? there was never any quid pro quo. the letter was beautiful. it was a perfect letter. it was unlike biden, who by the way what he said was a horror. and ask how his son made millions of dollars from ukraine. made millions of dollars from china even though he had no expertise whatsoever? okay. so what he did was a real problem. with us there was no pressure applied, no nothing. okay, folks. thank you very much. thank you.
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david: okay. a set back from the supreme court of great britain decided that he acted hastily and wrongly in dismissing parliament for a few weeks while he was wrapping up some details of his brexit plan. we don't know exactly how all of that is going to spin out but the president talking to mr. johnson about that. also talking about a possible trade deal with the uk, saying that lighthizer, his trade representative, is here with the president in new york, perhaps they can work something out while they're here. my good friend, blake burman is standing by at the white house. he also talked, blake, about the ukraine kerfuffle, and all of the ramifications for that. whether it will lead to more calls for impeachment. it actually already has. whether that goes anywhere is another issue. what is the latest? reporter: i take that title of my good friend, thanks, david. david: absolutely you are. reporter: let me sort of lay out what wave seen from the
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president because we saw him touch on it earlier. for the first time president is acknowledging aid to ukraine was delayed, he was earlier this summer, he was a part of it, he is sort of giving his reason why. the president is saying today, that he wants other nations to pay their fair share, burden-sharing much the president says this is something, or at least those around him say that this is something that he has talked about for years. we heard the president bring up this issue of burden-sharing in his speech before the u.n. earlier today. sources are telling us today that some of the reservations that the president had had as well involved corruption in ukraine. part of why the 400 billion-dollar aid package, rather, was delayed and, a source telling me earlier today as well that one of the concerns was that the president was going to be going to the g7 in august and again was going to be pressing for burden-sharing. we heard the president
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specifically lay out the need for france and germany to pay up as it relates to defending ukraine and helping ukraine out against russia. so that is part of the argument that the president is making today. there is going to be movement elsewhere, david, as well. 2:30 this afternoon, joe biden, who the president is saying should be investigated as we heard the president lay out his case against joe biden there. biden will appear before the cameras to talk about the whistle-blower complaint as it relates to the phone call in july as it relates to the phone call between president trump and ukrainian president. back in 4:00 this afternoon, democrats, house democrats will be meeting behind closed doors to discuss potential way forward with all of this, as more house democrats are coming forward to talk about impeachment. the president today described impeachment as a quote, witch-hunt. david as you know -- david: we heard that phrase before. reporter: the phrase he used for
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the mueller investigation. a lot of movement today. the president defending a delay in aid. we'll hear from joe biden. democrats will meet behind closed doors. by the way, david, tomorrow, the president will meet with volodymyr zelensky, the newly-elected president of ukraine. >> very interesting. of course the democrats by the way just for those who have not been keeping us with us, the democrats are saying that the president didn't give money to ukraine because he was waiting for a quid pro quo, if they didn't react to an investigation on joe biden and his son and what they were doing with ukraine they weren't going to give the money. there is no way of getting inside anybody's head to determine what their motive was, right? reporter: the president's argument said there is no quid pro quo. i want others to pay up and the money was eventually given to ukraine. david: it was indeed. blake burman, good stuff, hard to keep up with it all. appreciate it. let's get comment from "the
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daily caller" editorial director vince coglianese. you end one investigation, think you basically ended one investigation, here pops up another one. the president's critics are not going to quit. on the other hand there does seem to be some question about exactly what transpired between the president in that phone call and mr. zelensky, the president of ukraine. are we going to see a transcript of that information, vince? >> i guess it is possible although the president said yesterday it would set a bad precedent to begin releasing phone calls between world leaders, specifically the united states and or the world leaders, think about this. this story would languish without a transcript being seen, that suggests the president has opportunity to string the media and his democratic critics along, they keep on having to take glancing blows off of joe biden. in order to understand this story at all you have to context allize it, you have to mention, joe biden himself admitted he
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did pressure ukraine to fire its top prosecutor. just so happens that prosecutor was investigating a company that his son was a part of. if the president dispels all of this, if this story goes away, so does the criticism and focus on joe biden and president may see upside dragging this thing out. david: not only joe biden. what "the hill"'s john solomon reminds us today, the democrats, when hillary was running for president used dirt from ukraine to attack trump. so this goes back a way -- a lot of people, apparently ukraine is this, has this hoard of dirt on u.s. politicians because it is, some of them have been making money there. this thing has been going on for a long time? >> yeah. we've also seen john solomon also reported that chris murphy, senator chris murphy of connecticut was placing pressure on ukraine earlier this month to, that they might be putting their own aid from the united states at risk if they don't follow the actions that he is asking of them.
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so this is a big deal. look, you mentioned the russia investigation, how long that thing stretched on the way it played out. this feels very similar at outset. there is a mystery. a lot of scandal what the president may or may not have done but we don't very clear answers. we do know his political opponent engaged in very real action when it involved the country in question. david: we know it is holding up a lot of other stuff. before the ukraine story broke we were making real progress getting a decision on usmca, the mex can, canada, trade deal with the united states t was moving ahead. looks like nancy pelosi was helping the administration. now that is on the backburner, right? >> the house of representatives led by democrats they have no interest in letting president trump have a sort of win there is blood thirst here. 4:00, the democratic caucus brings notion of impeachment without any clear independent why they want to impeach the
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president to begin with. david: vince, thank you very. appreciate it. >> thank you, david. david: president trump keeping up the america first theme while talking tough on iran. let's listen. >> all nations have a duty to act. no responsible government should subsidize iran's bloodlust. as long as iran's menacing behavior continues sanctions will not be lifted. they will be tightened. david: this as european leaders joined the u.s. in blaming iran for the saudi strike. retired u.s. navy captain chuck nash says the sanctions are working against iran, but, captain nash, if they don't, let's assume for the moment that you may be wrong, there may be another iranian strike of saudi arabia or another one of our allies, and that leads to a military strike, if it does, it is likely there won't be boots on the ground but it is probable there will be some strikes from the air above which is your
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territory. will it come from u.s. planes or the planes of one of our allies? >> i think it will probably come from a coalition with u.s. participating. right now we've got, we beefed up air force assets in the region. the aircraft carrier uss abraham lincoln is out there in the northern arabian gulf. which is out of reach of the iranian military but well within the reach of the aircraft in lincoln. so forces are actually postured and in position. the question is, as you, as you raise, what is it going to take to put something like that in action? never underestimate the miscalculation capability of the irrapians. they have been stepping things up to the point where they struck that saudi oil facility and the evidence is pretty clear. the intelligence has been shared with our allies. that is why they're on board right now. so if they were to do anything that caused an attack on a u.s.
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asset or loss of life of an american there would be hell to pay and it would come in very short order. david: we heard from john kerry, former secretary of state, over the weekend, when he was secretary of state he had a visit from israelis who wanted to attack iran. on a different issue but again similar circumstances. is it likely that the israelis would be involved in any kind of attack on iran? >> i think the arabs would have a hard time with that but the israelis would definitely support the saudis. one of the things that has happened since president trump has taken office is, we're seeing a lost relationships with strange bedfellows. the irisraelis and saudis are talking at high levels both in the intelligence communities and in the military. so politically they are more in alignment because they share a common foe which is iran. david: yeah. >> so the iranians really are hanging out by themselves while the rest of the countries in the region are coalescing.
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david: now saudis and the israelis have an air force but i got to say i would put more credits to israelis than the saudis particularly after that attack on iran on the oil field. their air defenses didn't work at all, right? >> they didn't. the drones came in below the radar so to speak or maybe literally and that didn't happen. so the u.s. beefed up patriot batteries. the israelis have a system called iron dome. i know you're familiar with that. that thing has an incredible capability but would israelis move iron dome into saudi arabia? i doubt that very much but the u.s. will beef up air defense systems like patriot and bring in some additional radars to cover those low flyers. david: this iranian thing makes for strange bedfellows. people at that have been enemies for generations are working against them. thank you, captain for being here. >> my pleasure, david.
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david: appreciate it. u.n. secretary-general general stoltenberg is meeting with president trump in the next hour. he will be here. we'll ask him what is on the agenda right after this. car like i treat mine.
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>> some of your critics are saying you should resign because you misled the queen with regard to shutting parliament down. how do you respond to that? >> thank you very much. as i said earlier on let's be absolutely clear, we respect the judiciary in our country. we respect the courts. i disagree profoundly. david: uk prime minister boris john son responding to his loss in the supreme court a unanimous decision against his decision to suspend parliament while he worked on details of his own brexit plan. to former aid to margaret thatcher, nile gardiner, the suspension ruled unlawful will
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not suspend johnson's plans. >> good to see you. david: the bottom line, did he essentially mislead the queen, that is what they're saying over there? >> i don't think boris johnson misled the queen. the attorney general jeffrey cox, it is perfectly legal to pa rowing parliament. it is standard parliamentary procedure. what was unusual in this case was the length of the suspension of parliament, but there was no attempt by the prime minister to mislead the queen. and the prime minister acted upon the legal advice which was available to him. so i don't think boris johnson will be going anywhere at all. david: okay. >> he will not resign as he made clear in his statement alongside president trump in new york this morning and -- david: but, nile, is this decision a unanimous decision by the uk supreme court. i have mean that must have some effect on his actions going
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forward, no? >> well, this simply means that parliament basically resumes actually tomorrow and it gives perhaps extra time to the remainders who are potatoesed to brexit to further trouble that is the reality of the situation. the government is determined to deliver brexit on october 31st, which is the will of the british people and the opposition now has a choice whether it wants to call a vote of no confidence in the government or not. if it does so, that will lead to a general election before the october 31st deadline. the polls show the conservatives will win big actually if an election is held in october. so it remains to be seen whether jeremy corbyn of the leader of the labour party goes ahead to call for a vote of no confidence. david: we did have some, by the way we're looking at the market down triple digits right now. that is presumably mostly on the
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basis of china, whether they were offended by some of the remarks the president made about them in his united nations speech. apparently there is some kickback to that. but on the good news side, nile, that the uk may be able to work out some kind of trade agreement with the united states while boris johnson's here? >> well it was very significant i think that at the, at the heart of the president's u.n. address this morning while they call for a u.s.-uk free trade deal and also the president's reiteration of his support for the principles of sovereignty and self-determination, so fundamentally important of course in terms of brexit. and i think the trump administration is 100% committed to delivering a u.s.-uk free trade deal. those talks and discussions have been taking place now for over two years and as soon as brexit is implemented october 31st you will see the formal negotiations in place between london and washington and i expect in 2020 you are going to
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see a free trade deal between the world's largest and fifth largest economies. so all the stars are in alignment for that but britain needs to get out of the eu first and boris johnson is firmly committed to doing so on october 31st. i hope that britain gets out of the shackles of the european union as quickly as possible and britain can of move forward with negotiating, implementing, assigning a large free trade deal with the united states. david: you're against brexit i take it? i'm joke, i'm joking nile. you made your views pretty clear there. nile gardiner. >> thank you, david. david: president trump calling out iran and other nations to step up. to nato general secretary jens stoltenberg having lunch with the president next hour. thank you for being here. what will you discuss with the president? i know iran is slightly a far distance from what nato deals
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with, that will be on the agenda? >> many issues are important when we discuss nato and the united states. the most important message is that a strong nato is good for europe but it is also good for the united states. the united states is a stronger nation because through nato the nights has many friends and allies. iran is also an issue. all allies are concerned about iran's support of different terrorist organizations. their destablizing politics in the whole region and of course their missile program. while it is agreed iran should never be allowed to develop nuclear weapons. david: is there a role for nato if in fact the situation between iran and saudi arabia gets even hotter? >> nato is present in the region with a training mission in iraq
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but we don't, and so nato allies are present in the straits of hormuz and the gulf but there is no call for a nato mission, through the nato alliance in the straits of hormuz. david: right. >> therefore i'm not speculating about that because i think that adds to uncertainty. what we now we need to try to de-escalate and not speculate potential nato role. david: as you well know, mr. secretary-general, the united states and europe have very different views how to deal with iran. the europeans wanted the united states to stay in the agreement that was made by the obama administration, not ratified by the u.s. congress. does that interfere with any help the united states may try to get from the europeans specifically putting together a coalition? >> well, it is a well-known fact that in nato there are sometimes
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differences surrounding the nuclear deal. however i think the strength of nato is that we've been able to overcome differences and unite behind our core values to protect and defend each other. when it comes to iran there is no call for a nato presence but nato allies in the region and we -- to discuss, analyze the situation in iran and the foreign minister meeting and defense minister meeting in nato. we discussed the increased tensions in the region and i have, nato has strongly condemned the drone attacks on the saudi arabia oil facilities. >> what do you consider to be the greatest threat to nato at this moment? >> i think the greatest challenge we see is unpredictability, uncertainty. for many years nato had one
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challenge. that was the soviet union but now the soviet union doesn't exist anymore but we have much more complex, a much more unpredictable security environment. my main message there is when we see more uncertainty, then we need strong international institutions as nato, based on the core idea, one for all, and all for one. that has kept all nato's allies safe and security for 70 years. no nato ally has been attacked by another nation because any potential, if they attack a nato ally the whole alliance will respond. that is the best way to keep us safe. david: of course why so many european nations which were under the soviet control wanted to get into nato. of course one of those nations is ukraine. it has been in the news. i won't ask for your opinion on the political situation but they have been trying to become a part of nato for a while. will ukraine become a part of nato?
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>> nato has said that we will support ukraine's reforms moving towards membership but we don't, we don't have a date. what we do is that we provie strong political support to ukraine, strong practical support to ukraine. just recently actually decided to step up the support for ukraine because ukraine is close partner and when our neighbors are more stable we are more secure and then i think it is too early to say when they will become a member. david: mr. secretary-general, i know you have a lot of appointment today. thank you so much for your time. nato secretary-general jens stoltenberg. we appreciate you coming in, sir. >> thank you very much for having me on. david: thank you. president trump calling out china front of the u.n. what that means for talks in mid-october as the market is down triple digits, probably because of his remarks. more to come. at fidelity, we believe your money
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david: we've been looking at these triple-digit losses the market took adown turn seemed to coincide john lewis, chairman of oversight, he believes it is now time to begin impeachment proceedings against donald trump. again these, this follows right on the heels of the whole mueller investigation. calls for impeachment on that. this is because of the kerfuffle regarding that phone call the president had with the president of ukraine. president trump just calling out china by the way in his address
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to the united nations that might also have something to do with the downturn. let's just play the tape of that. >> not only has china declined to adopt promised reforms, it has embraced a economic model dependent on massive market barriers heavy stayed subsidies, currency manipulation, product dumping, forced technology transfers and the theft of intellectual property and also trade secrets on a grand scale. david: of course nothing new there. the president has been saying that for quite a while but to say it on the stage, the prominence he to those positions at the united nations kind of ups the ante. edward lawrence, how these words of the president might affect the talks? reporter: overnight in china. no reaction we heard overnight to the talks. the president right now in a
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meeting with the prime minister of india and they're talking about trade and it was those comments that part of the speech in front of the united nations general assembly that talked about china and trade that resonated around the globe. the president was more direct than he has been in a long time when talking about china. >> hopefully we can reach an agreement that would be beneficial for both countries. but as i have made very clear, i will not accept a bad deal for the american people. reporter: and he says china has been gaming the system of international trade and as long as he is president that will end. the president goes on to conclude that part of the speech talking about china by saying that he is confident, that he is counting on president xi xinping to be a great leader. now the two heads of the trade teams are trying to work out a scheduling for a face-to-face meeting. last night secretary steve mnuchin, treasury secretary steve mnuchin clarified that the meeting will not happen next week. >> i think it is not next week,
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it is the following week we'll be having those talks. we had deputy level talks last week and we made a little bit of progress on that front and we look forward to meeting with the vice premier. reporter: chinese trade sources are telling us they're looking tentatively at october 10th and 11th for the meeting between the heads, principals of the two trade teams. david we'll have to see what happens after the chinese sort of digest these comment. david: speaking of digesting comment, edward, thank you very much. turns out it was the u.s. that canceled china visit to u.s. farms. apparently that was news to the president, take a listen. >> they're going to reschedule that at a different time the timing didn't work. that was purely our request? >> why was our request out of curiosity? >> we didn't want confusion -- >> i want them to buy farm product. >> there was no confusion. we want them to buy agriculture. they are committed to buy agriculture. david: you don't want to catch
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any president by surprise, certainly not this one. charlie gasparino on president trump seemingly caught by surprise with those comment. >> it happens. david: but we all thought it was the chinese, we were led to believe it was the chinese that canceled that trip. that led, market went down significantly because of that news. >> why were we led to believe? this is white house that lies. all companies, i covered corporate america for years. last week i had a story that said sheldon adelson called the president to talk him out of the ban for u.s. companies going over there. remember that whole -- he would do an executive order. at least he threatened it. white house spokesman hogan gidley he spoke with three people. this isn't true so i didn't go with it. this is like, this happens all the time. i will say this though, and again i'm going back to my chinese source, who is not some guy that is third string. i spoke with a senior diplomat
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the other day. a meeting at private real estate investor house, heavy hitters in the room, i asked him about what this type of jawboning what does that do for the talks? he says point-blank it makes it much more difficult. the chinese don't want to lose face. they will not buckle under that type of pressure. they remember, he brought up the opium wars. when the british and french essentially turned china, which was a big export economy in the early 1800's into an importer. it destroyed the economy. they ain't going back what he told me. i don't think this type of rhetoric works with them. pressure, multilateral pressure with trading partners, tpp, the stuff that really strangles you long term, they understand that. then they can come back and they will come to the negotiating table. i think market is down on this impeachment thing too. david: let's talk about that, charlie. right now it is down 166 points on the dow. it was down but not as significantly. it wasn't triple digits.
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>> still near 27,000. david: it seemed to take that term by a comment from one law maker. >> he is a important guy. john lewis, an icon in the civil rights movement. this is not a crazy bomb thrower. he represents literally the democratic establishment. he is a backer of joe biden you should know. this is not like "the squad." just so know. this is not aoc this is seasoned smart, veteran guy. when he says something like that, people, people listen. david: if i could throw in my two cents. i think part of the reason the market is worried not necessarily thinking the president will be impeached. republican have the senate. even if impeached he would not be indicted by the senate. a lot of stuff looked like might be getting done, now usmca will not get done at all. >> it's a distraction. we maybe not have a trade deal. we might not have usmca. we'll not have a infrastructure bill. a lot of people thought, we're not getting anything done. it will be bedlam.
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david: all the way to the election. >> little things like everybody talks about fannie mae and freddie mac, reform billing something to get them out of government control. something to recapitalize them. they need congressional buy-in on that. guess what? that ain't even happening. david: we haven't talked about a guest shutdown. >> i was prepared to talk about today, obviously market forces -- david: crackdown on big tech. >> i'm telling you, that the trump administration is devoting more resources to that than a lot of stuff. two departments, two units of doj are looking cracking down on big tech. the focus is on google. they have the ftc on it. they have a civil division looking at privacy issues. doj antitrust looking at probable criminal violations. this is big time stuff. david: that is one thing the democrats and republicans agree on the breakup -- >> those stocks are throughout the indexes. david: charlie a lot of breaking news. thank you very much for covering
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it. bernie sanders wants to get rid of billionaires. he wants them to be illegal. can he do that? he released an aggressive plan too. that is coming next. invest and protect for the future. so they'll be okay? i think they'll be fine. voya. helping you to and through retirement. it's what gives audible there'smembers an edge.ening; it opens our minds, changes our perspective, connects us, and pushes us further. the most inspiring minds, the most compelling stories: audible. frstill, we never stoppedss wmaking it stronger.e. faster. smarter. because to be the best, is to never ever stop making it better.
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david: there is a lot more red on the screen than green. when we started this hour it was about 50/50. right now there are only six green stocks. all the rest are red. a lot has to do with the president's remarks on china but it really took a downturn when congressman john lewis said he was ready to proceed with at least an inquiry, whether to go into impeachment of president trump regarding ukrainian issue. and this didn't help either. bernie sanders saying he is preparing a tax just on extreme wealth, saying there should be no billionaire. he actually tweeted that out. his first sentence was there should be no billionaires. susan li, breaking it all down for us. susan? >> interesting right, in a
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capitalist system that we live in. bernie sanders like elizabeth warren wants the rich to pay. he mentioned this in a tweet today he gets set to outline his new tax bill. he said there should be no billionaires. we'll tax extreme wealth and invest in working people. what he is proposing a graduated wealth tax, wealth tax, not income tax. that is important to note. how it works it starts at 1% for with assets above 32 million. 2% for these between 32 and 250 million. 3% tax on those above that, up to 8% for the super wealthy. those that have $10 billion in total assets. those are the besos of this world and google owners, mark zuckerberg, et cetera. sanders predict this is tax will raise $4.35 trillion over a decade. so this goes actually further than what elizabeth warren was imposing. she wants to impose a 2% tax on assets above 50 million. the top 70,000 families of this
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country over 300 million. anyone with assets over $100 million would pay basically a million dollars a year in taxes. fortune's over a billion dollars would be subject to an additional 1% surcharge as well. as for joe biden, still the front-runner on the democratic side. he wants to raise the capital gains tax. it is taxed with dividends, and those on incomes, on business income, part done me in 20% range as opposed to actual income with the highest tax bracket still in the 30s, mid 30s or so a lot of people say if you increase the capital gains tax it does not have that much of an effect to be honest. even if you go after the wealthy, they can afford smart accountants and money managers move money offshore. the europeans have done this before. this is not a good idea for capitalist economy we live in. david: 15 european nations tried it and all scrapped it.
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it didn't work. all the capital went abroad. it is confiscation taxing that might be unconstitutional. that is taking assets on property you already paid taxes on. we don't like that here in america. netflix, a look at the drop particularly in the last third, we'll talk more about that coming up. of a different kind. adp helps canyon ranch place the right people in the right jobs, so employees like dave can achieve what they're working for.
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david: we are about to come up to a pool spray. you will see what the president said moments ago. it is on slight delay. he is meeting with prime minister modi. the president had a very long spray as we call it here with the pakistani president. that indeed set up a lot of
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questions about our relations with pakistan. india and pakistan setting up couple fights particularly over kashmir. that might be addressed by the president and indian prime minister. we have gone from double digits down to if you look at the big board, 172 point loss on the dow. china had something to do that. the president made unkind reremarks, could be considered as such by the chinese about the way they do business. then you had john lewis, congressman suggesting we may begin impeachment proceedings based on what is happening in past couple days. united nations various leaders turned into questions with the president about his ukraine and his phone call with the ukrainian president. whether or not there was a quid pro quo. whether or not the president would release a transcript of that.
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whether this could lead into another series of impeachment inquiries that may lead to official impeachment. we'll have to wait and see. the president has another day here at the u.n., let's listen in. this is the president of the united states and the indian prime minister. >> 59,000 people in the stadium. that was a great day, prime minister modi of india and we had many things to discuss. one of them, perhaps in our case, one of the biggest ones is trade. we do a lot of trade together. we're working on that. we're also be discussing kashmir. i imagine that will be brought up and other things. we have plenty to discuss. the relationship has never been better i say than it is right now between the prime minister, myself, india and the united states. so it's a great honor to have you. thank you very much. [speaking in native tongue]
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[speaking in native tongue] [speaking in native tongue]
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[speaking in native tongue]
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[speaking in native tongue] david: a lot of prime ministers from india, do speak english. india is second language in india. they speak a lot of languages in india. we thought the prime minister might be speaking english. we'll get out of this now. if the president says anything regarding the ukraine or the situation with china or markets themselves which are now down almost 200 points we will bring that to you. also stocks, we'll be talking about the renewed impeachment call which is weighing heavily on stocks right now. a senior democratic lawmaker was the one who came out with a statement suggesting that we may indeed have new impeachment hearings, just after we wrapped
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up the mueller investigation. here we go again, folks. fasten your seatbelts. more to come on "cavuto: coast to coast". ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance, wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually.
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david: stocks dropping further on a new push for impeachment of president trump. president trump, meanwhile, dismissing such calls. listen. >> i think it's ridiculous. it's a witch hunt. i'm leading in the polls. they have no idea how they stop me. the only way they can try is through impeachment. this has never happened to a president before. there's never been a thing like this before. it's nonsense and when you see the call, when you see the readout of the call, which i assume you'll see at some point, you'll understand. david: fox news senior capitol hill producer chad pergram. chad, the market, if we can look at it, is now down over 200 points. really took a hard downturn when john lewis, congressman john lewis, pretty sober fellow in the house of congress, suggested that time has come to begin
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impeachment proceedings. at least the market's taking that seriously. reporter: he is the conscience of the house of representatives. he was a civil rights leader and that was very important and that caught everybody's attention here on capitol hill. what we have seen in the past 12 to 16 hours, david, is a lot of moderate freshman democrats from battleground districts willing to say we are for impeachment or for an impeachment inquiry. this has long been a drumbeat by liberals like alexandria ocasio-cortez who was very critical that democrats weren't moving fast enough on impeachment. listen. [ inaudible ] reporter: republicans are continuing to stand behind the president for now. last night, i spoke with kevin
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cramer, a republican senator from north dakota. >> the whistleblower, i mean, that's just not us. >> there's a whistleblower who doesn't like donald trump and probably is offended by, you know, by a lot of the things a lot of bureaucrats in this town are offended by. reporter: there's a lot of risk for some of these battleground district democrats to be out in favor of impeachment. look at this statement from the nrcc, the national organization that is in charge of getting republicans elected to the house of representatives. they talk about the freshman democrat from new jersey who is part of that op-ed that came out in "the washington post" today. this is what they said. quote, instead of delivering on the issues, she has backed baseless impeachment and shown she's not serious about governing. house democrats are going to meet later this afternoon for a special caucus about the whistleblower allegations at 4:00 p.m. eastern time. the speaker of the house might have a statement.
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this is all on nancy pelosi trying to navigate these waters here. we will see if we hear something from that. i was just told before we came on the air that there might be a resolution on the house floor about the whistleblower later this week. david: what kind of resolution would that be? reporter: you can imagine it being similar to something they were trying to do in the united states senate, saying that they should release the transcript, release the report to the intelligence committees. that's going to be blocked in the senate. but what this really is, is an effort by democrats to get republicans on the record as opposing that and say look, here they are standing again four-square behind the president and can they continue to defend that position. david: just to be clear, the president at any time has the authority to release the transcript, correct? reporter: he certainly could. that's why this hearing on thursday, this open hearing the speaker announced on thursday is so critical. the i.g. from the intelligence community is supposed to come up, including the acting director of national intelligence. we have had some big hearings on capitol hill and each time, you
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know, we say this is the bigger one, robert mueller, jeff sessions, this might be the biggest one yet. david: chad, thank you very much. let's bring in our panel for the hour. axios markets editor dion riboen. former ted cruz pollster chris wilson and "wall street journal" editorial page writer jillian melchiore. dion, let me go to you. the reason i think the shth mars going down is not because they think the president could lose a trial in the senate with a republican senate but because they are worried nothing's going to get done of substance in the congress. sometimes that's good for the markets. sometimes the market views that as a positive. but when you have the usmca and other deals that could affect the economy, that's a problem. >> yeah. i don't know if that's really the case, because nothing has been done for quite some time. we have been sitting in this situation -- david: it looked like we were going somewhere with the usmca. "the washington post" actually editorialized we should go forward with it.
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it looked like nancy pelosi was doing some head counting, thought she might have enough democrats who were in favor of it to go with it. >> the other thing is the usmca is not a big deal to the market. the market got its tax break from trump. that's what it wanted. it's been getting deregulation. that's been helping businesses. the snusmca is malsmall potatoe. david: i wouldn't tell farmers in north dakota and other places that -- >> what we need is nafta to not go away. the big deal is president revokes nafta and replaces it with nothing, that's a big deal. the usmca doesn't make a lot of changes from the current nafta agreement. david: let me get to the politics of this for a second. at 2:30, about an hour and a half from now, joe biden is going to be making a statement about the whole ukraine stuff. of course he will be focusing on the president and his conversation with the ukrainian leader but will he account for his own actions and the actions of his son and the family involvement with ukraine? >> i think this is a complete mess. couple things. first of all, i do think that's
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a serious question. it looks bad for him to be getting involved in a corruption investigation into a business that his very troubled son had a financial role in. i think that's something we do need to question about. at the same time, i think it shows really poor judgment of president trump withheld u.s. aid. we are talking about a geopolitical thing here. this is military aid they need to defend themselves, and that was being held hostage out of political considerations? david: just to give the president his due, today he said the reason it was being held back because they were worried about the u.s. taking the full weight of financing ukraine. you don't buy that? >> i do think we have to be really careful with aid money or weapons money being used in a corrupt way. i think raising corruption considerations in general is probably fair to do but it does look -- it looks like something may have been going on that's political. it's bad news on both sides. i think democrats are looking at
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this saying if we get biden and trump out maybe we get our far left person in. david: that's the point, biden, whenever biden talks about the president of ukraine, it always comes back to him. the constant refrain from the media is that there's been no evidence of wrongdoing on the part of mr. biden or his son. however, you have articles in the "new york times," in "new yorker," abc news, "the washington post" with a lot of evidence, it may be circumstantial evidence but we had a year and a half of circumstantial evidence about russia that didn't go anywhere at least as far as the collusion charge was concerned, so i just think it's just as bad for biden as it is for the president. >> i don't know what joe biden feels like he has to gain by making a statement about this. the only thing it does is shed more light on the issue which is as big of a problem, if not more, for him than it is for president trump right now. if it creates more of an investigation into what went on into -- with hunter biden into ukraine and if it's going to lead to china, there's no way he comes out of that in a good
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position. i can only imagine his campaign team trying to talk him out of going out and making this statement. i have been part of those conversations, when you have a candidate who cannot be talked out of doing something. i have to do this, it's the right thing to do. joe biden has a history of making poor decisions for the purpose of protecting his son. this seems to be leading to that as well. david: will the president issue the transcript of the conversation he had with president zelensky of ukraine? >> probably not. that doesn't really seem like it's been his m.o., right? he says you know what, nothing happened, believe me, i didn't do this, then that's kind of where it ends. he's really put off any attempts by congress or folks out there to get whether it was his tax returns, whether it was conversations with -- that he had with president vladimir putin of russia, et cetera, et cetera. he just says no, that's what happened and left it there. i don't see any reason for him to go in a different direction here. david: on the other hand, presidents do have a need to have private discussions with foreign leaders. once that bridge is gone over,
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once the president releases one transcript, we all remember that conversation president obama had with the then president of russia, where he said you know, don't worry, when i'm re-elected, we will get things done. except for those slips, i can't remember a president releasing private conversations with other leaders. >> yeah. i think you're right. this sets a dangerous intelligence community cannot like something a president discusses and exposes it. i think that's not a great situation. all around this is a thorny development. >> for the same situation, president zelensky has to be in an irritated mood about this, too. because he's being used as a political pawn. he thought he was having a private conversation with the president of the united states and it's all over the national media here, while we are having the u.n. i think it's problematic moving forward and the democrats, what they are doing here in terms of trying to make this public are going to have the presidency back and reap what they sow and it's not a good situation if we cannot promise foreign leaders
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private conversations with the president. david: forgive me for looking at my iphone when you guys were talking. [ speaking simultaneously ] adam neumann, about whom there was a long "wall street journal" piece not long ago, jillian, about how he affected his way of doing business, it was none too favorable and now it is expected that he's going to step down as the wework ceo. what do you think of that? >> i think it's what needed to happen. i also think here we have got shareholders looking at this with scrutiny and raising some really important possible problems. i see it as a positive development. >> this is a big blockbuster kind of deal. adam neumann was the founder of the space. he was what separated wework from these other. the reason wework has grown to be the large behemoth that it is that's in the news is because of adam neumann. this signals right now that
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softbank has really gotten their way. they have been pushing to push neumann out. it looks like they have won the battle which is big news and folks in wework, the private shareholders who own that, the private equity groups, all those folks will have soul searching to do about what they want to do, especially now that the value of the company might have been reduced down to $10 billion from $40 billion or $50 billion. david: shareholders matter. shareholders do matter. we don't hear enough about that. but also, i think it gives notice theo a lot of ceos, particularly from social media type companies, you can't be as wild as these guys have been and not expect some kind of feedback for that. elon musk, you think of, a bunch of other ceos. >> you know, but the other challenge that exists here, a lot of these ceos that have been pushed out have been brought back in. you mentioned musk. you go back to steve jobs with apple. uber has not done too well since their occurrence. i think it's a real problem, as you said. the shareholders that really do own the company or a portion of the company will look and say wait, we have grown because of
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this guy. should we step in and try and stop this from happening or keep him on the sidelines in case he does need to be brought back in. david: you can grab this phone out of my hand. i'm always getting it from family members about using it at the dinner table. i do have to use it here. it is what i do, folks. senator bernie sanders wants to eliminate billionaires' wealth. the plan he has to do just that and i'm going to be back with the debate over the impact of the wealth tax plans tonight on "bulls & bears" at 5:00 p.m. check out that show right here on fbn. ♪ ♪
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credit cards and cameras. and people inside from accidentally visiting sites that aren't secure. and if someone trys we'll let you know. xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. david: bernie sanders rolling out another wealth tax. of course, you heard one from liz warren. now he has one. it aims to take away some of the
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wealth of america's billionaires, really cutting it in half. janney chief investment strategist says bigger government could create bigger problems for investors. mark, just the fact that his tweet, bernie's tweet where he announces this, begins with the sentence "there should be no billionaires" like there's some government right to stop the amount of money that you make. >> well, exactly. obviously, that kind of reaction that we're kind of getting a sense from from the marketplace with regard to the perspective implementation of such a tax is unfriendly. investors are going to wonder not so much whether this is the last of what is already a progressive tax system kind of amplifying or escalating the taxes applied to the wealthy, but who's next. of course, from an industry sector perspective, the fact that it's helping to seed medicare for all is going to weigh on the health care sector already under pressure with regard to the policy risks associated with health care, drug costs and so on and so
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forth. this is just one more thing that's sort of dousing animal spirits in the investment community. david: it would be a totally new tax. this is not an income tax, not a property tax. it's a confiscation tax. my words, but that's essentially what it is. it's taking property on which you have already paid taxes away from you. liz warren loves to say it's only two pennies, it's 2% a year and over years, that adds up. >> well, you're right. the key word there, of course, is each year. this isn't a one-time only like estate tax. it's tax on wealth that may be sitting in an account that you are neither adding nor subtracting from, yet at the same time it's taxed on an annual basis on whatever the total value is regardless of whether it appreciates or not. so obviously, this is something that would normally alter the behavior of the wealthy but given the surveillance that's around this to try to trap all the assets that can be found to
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thereby mitigate any of the tax aversion techniques such as estate planning or moving accounts offshore is really going to be interesting to see how this plays out. david: stay with us, mark. chris, the fact is that 15 european nations have tried this, dumped it because all the capital left the nations in which it was being tried. >> well, they just didn't do it the right way. bernie sanders is suggesting. this is bernie sanders trying to shock himself back into the democratic race. he sees himself losing ground to elizabeth warren. you've got sort of a mainstream democratic party lane and socialist lane that is fighting over positioning and he's lost his position to warren. he dropped way back in iowa, we are seeing the same thing in a national poll today. he's doing whatever he can to get back into the race. when it gets down to it it's really hard to be an insurgent twice. david: the language is important. as we have seen in polls we have done, americans don't like the word socialist. that's why you always hear it from the president talking about the democrat plans.
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but dion, we have a phrase that bernie uses here. he wants to create a national wealth registry. that sounds pretty intimidating. national wealth registry. what does that mean for your rights of privacy? >> i mean, you know, this used to be called the fortune 500 list. bernie sanders is trying to -- maybe that will be a point of pride, you know, like if you get on it you will be like hey, look, i made it to the national wealth registry. bernie sanders wants to take all but 1%, 2% of my wealth. maybe that's what he's trying to do, get billionaires more excited about being rich. maybe this is the way to do it. david: you know, mark, it always starts with the super-rich and works its way down. i think of the a.m.t., the minimum tax, which was only supposed to hit a couple dozen people in the united states before trump changed that, it was hitting about ten million people, ten million taxpayers. it starts small and it spreads like all taxes.
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right? >> well, unfortunately, i agree with you on that. i think that's what i alluded to earlier, which is to say the precedent that might be set by something like this establishes the grounds for some creep such that once now instead of $32 billion and up is the threshold, that gets moved down to something lower, and lower, until eventually all the things that bernie sanders wants to pay for and make free by virtue of being underwritten by the taxes collected from what was originally the super-wealthy ends up being more of the affluent and who knows where it even ends there. david: politically, where does this end? because liz warren has a very similar tax. it's based on the same idea, confiscating your property. some people, john delaney who is still i believe running for the democratic nomination, he thinks it's unconstitutional. do you think it will be deemed such? >> yeah, maybe. i want to point out talking about this as a billionaire tax is ceding a rhetorical point.
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you aren't going to finance the trillion dollar plans by appropriating from the wealthy. bernie boasted if you make less than $29,000 you aren't going to pay any more taxes which means anyone at $30,000 and up will be paying more taxes. that's not a popular thing for three-fourths of americans. david: good point. that's a terrific point. the fact that anybody who asks liz warren whether the middle class will be forced to pay more taxes for medicare for all, anybody who asks her, she pulls back and finds some way to avoid the question. >> i think we have to step back and take a sober look at this. these are tax plans. to get tax plans implemented you have to go through congress. i don't know if you looked at the makeup of congress lately, in particular the senate which they would need to pass any of these plans. they are not really on board with this wealth tax or increasing taxes for anybody. a lot of them have elections coming up. these increases on taxes, particularly the plan where it would start over $29,000, that's not going to play well when you
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are back in your district trying to drum up votes. i think we have got to make sure and take that into account. these plans, bernie sanders, elizabeth warren, if somehow they are able to win the presidential election will not be able to implement any of these. david: at the same time, it could prevent, there's a guy named walter mondale who knew very well if you say you are going to raise taxes on the middle class in 1984, ronald reagan said he won't do it, mondale said reagan will be forced to and so will i, the difference between us is i'm telling you i will raise taxes. he was wrong. ronald reagan lowered taxes. >> then raised them a bunch. david: the overall bottom line was he lowered the top marginal rate in his second term and mondale lost the election. >> one of the benefits of watching the democrat race play out, i think a benefit of the socialists like aoc who were elected as members of democratic caucuses, a lot of democrats who people like me run campaign ads and say they want to take your guns. no, we don't want to do that. now they admitted it.
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they will raise taxes. no, we don't want to do that. they want to kill all the cows. no, we don't want to. anyway, from a standpoint of where the democrats have moved and where the party has moved, this race and this last cycle has moved them so far to the left it will be tough to pull back. david: it will, and mark, i'm noticing a lot of very wealthy people are getting out of the market, though, because they are concerned that they won't, if a democrat is elected, he or she won't be able to move to the middle and i look at people like warren buffett who are in more cash positions than they have been in years. same with paul singer, other mega-billionaires bernie would like to relieve of their income. they are worried about that. >> well, i think it's still a little premature for the market to be pulling forward expectations around who's going to be the leading candidate from the democratic party that's going to challenge president trump and exactly what their policies are likely to be. but i think for certainly 2020, particularly early in the year when their campaign starts to heat up and the rhetoric starts
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to mount around the subject, i think the market will begin to reflect that by way of either advancing on expectations that what is known to the marketplace, that is the trump policy is going to stay intact, or whether it's going to be challenged or potentially undermined by policies that would not be market-friendly. david: it's not advancing today. if you can look at the dow jones industrial average, it's continuing its downslide. it's now down about 230 points on the dow. things are not getting better in terms of investor confidence right now. as they see the situations developing in washington and new york. uk prime minister boris johnson brushing off the latest blow to his brexit plans. can anyone really stop his plans to leave the eu next month? more on that to come. you wouldn't accept an incomplete job from anyone else.
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that's the german chancellor next to the u.n. secretary general. there's the president of the united states. kristina partsinevelos is at the u.n. with the very latest on all this. lot of pomp and circumstance there. reporter: oh, there's a lot going on. we know here we are going to talk about the uk right now. it was a unanimous historic decision. you have opposition politicians calling for boris johnson to step down as prime minister. however, here in new york city, you had boris johnson himself seeming undeterred by the entire situation, more so focusing on brokering a deal between the united states and the uk post-brexit. here he is with the president just about over an hour and a half ago when they had a bilateral trade meeting. listen in. >> i think we need to get on with brexit. that's the overwhelming view of the british people. whether they voted to leave or remain, they want to get this thing done by october the 31st. and that's what we're going to do. reporter: the president himself not only spoke about brokering a potential u.s./uk trade deal in
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his speech to the general assembly, but then brought it up again during that same bilateral meeting. listen in. >> it takes a man like this to get it done. they have to get it done. otherwise, it would be a terrible thing to do it any other way. i don't see another vote. i don't see anything happening. i think he's going to get it done. reporter: johnson still set to give his speech this afternoon. then he will have a conference call with his cabinet and he's got to fly right back to the uk. why is that? because brexit is still on the cards for october 31st, despite the fact parliament has asked to put in place a lock to avoid a no-deal brexit but ultimately it's up to the eu to grant such an extension. right now, speeches are still set for tomorrow in the house of commons so a lot of drama still going on between -- within the uk and then of course, a potential deal in the future between both countries. back to you. david: lot of drama here, too. it's all over the place. thank you very much. we will be going back to
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kristina throughout the next couple hours. meanwhile, billionaire investor ken fisher says debt may not doom us all after all. that's next. at fidelity, we believe your money should always be working harder. that's why your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today. of the value you'll find at fidelity. their medicare options...ere people go to learn about
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-- are not relative to the overall level on a global basis, the world is actually in fine shape. people think debt's bad, more debt's worse, too much debt, you go to hell.
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david: he says you don't have to worry too much. that was billionaire investor ken fisher on "bulls & bears" which you can see every night at 5:00 p.m. saying our growing debt shouldn't be a concern. let's bring in the panel to talk about this. a lot of people would argue with him on this point. in fact, we had some people last night who did. do you? >> i would argue with him it's probably not, you probably just can't keep spending and putting it up on the credit card without this ever coming back to haunt you. i think if we want to look at this in a more immediate way, we can look at states where this is happening. we see entitlement spending, sort of these perpetual things already beginning to crowd out really important other projects like education, for instance. i do think this is something that we are starting to see it, it's certainly going to grow going forward and it's going to constrict our ability to spend whether it's on infrastructure, defense, all these other things. medicare, social security, medicaid, those are the real problems lurking on the horizon. david: the difference between states and the feds, of course, is the feds can do thing states can't like print money.
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i'm not suggesting it. i'm not suggesting it, but it's something that they can do. so that's part of the reason ken says it's not as big a concern as state debt. >> i think ken fisher rose to the top of the bernie sanders target list, the first one saying that. as long as the economy continues to grow faster than spending and debt, we probably are in a decent situation. recessions happen. that's not going to go on forever. i think going back to what we were talking about earlier, about sanders and some of the plans the democratic party, they almost seem to be designed specifically to crash the economy. that's what concerns me. we can't keep spending the way we are, then when the economy does stop growing we will find ourselves in a very difficult situation. david: let's bring in somebody i'm almost positive would disagree with ken fisher on this issue. former cbo director under bush 43, doug holtz-egan. you read his piece in "usa today ". ken is a very smart guy. i have known him for 20 years, love him dearly but what worries me about his comments, they may
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give cover to a lot of these multi-trillion dollar spending plans. >> yeah. i have to say i respectfully disagree with mr. fisher. this is not something that you should take lightly. there are really two arguments that he made. one is if you look back in the '80s we had some pretty big deficits and debt and that didn't seem to harm the u.s. economy. he should be very nervous about anyone who tries to equate that situation with this one. that was a situation where productivity growth was strong year after year after year, where the baby boomers were entering into their prime working years, women were entering the work force, the soviet union was collapsing. that's not the world we live in. we live in a world where baby boomers are retiring, it's getting more dangerous, not safer, there are more demands, and we live in a world where the entitlement programs are two-thirds of spending and you can't change them year by year like you could -- david: but you know what, i know what ken would say, you are a
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worrywort, we are doing great, the economy's booming, we are becoming more productive. yes, we do have a shortage of people, lot of people going into retirement, shortage of new workers coming into the work field but at the same time, why worry when you have an economy that's going this well? >> because the deficits we have now are not the ones we choose. they are structural. they are forever. we have got over 4% of gdp in deficits, ignoring structural primary deficits as far as the eye can see. just because you don't have a crisis doesn't mean you are not paying a price. every time government is borrowing a dollar it is taking a dollar the private sector could have used to educate a worker, invent something, buy new equipment, make the world a more productive place. we are crowding out trillions of such opportunities every year and if we're not seeing a crisis, it just means the termites are eating the woodwork. this is a problem. david: how do you think it blows up? >> it may not blow up. this is a global capital market.
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we are the best-looking horse in this glue factory. other places have bigger problems than us so it doesn't blow up by having us shut down, but we do give up the chance to grow faster. we do give up the chance to bequeath a higher standard of living and we give up the opportunity to genuinely spread american values around the globe. i think those are big costs. david: i don't want to get too much in the weeds but when you have the biggest thing is making people kind of calm about all this is you have such low interest rates, it's not as much of a cost as it would be if we doubled the interest rates we now have. but you have europeans with these negative interest rates, so for a long time now, you've had low interest rates and i don't foresee any time when those interest rates are going to pop up any time soon. do you? >> and they may not. that's certainly a possibility. but as i said, if our interest rates were the only thing we had to worry about, that would be fine. but you could, you know, take the interest part out of it, we still have big structural
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deficits and are still impinging on the capacity of this economy to be even stronger than it is right now. if you look at the pace of economic growth, it's been good. 2018 was good. but we are slowing in ways that i don't think we should be and we are not locked in on the kinds of productivity increases we need to replicate the post-war era. in the post-war, the standard of living doubled every 35 years, once in a working career. we are on track to have it double every 70 years. we can do better than this. david: what happens if we get a bernie sanders as our next president who wants to have a wealth tax, who wants to essentially add tens of trillions of dollars, doubling or tripling our current federal budget? >> look, those plans are a budgetary fantasy land. they won't happen because they can't happen. you just take on medicare for all as one example. that's a plan that's going to cost $32 trillion additional over ten years. it would require 20 so percentage points of payroll tax
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to pay for it and the idea you can do it on the backs of a handful of rich is just not in the numbers. you're looking at an enormous expansion of the federal government, enormous expansion of payroll tax. it would be devastating to the economy and the existing problem would remain. he's just talking about paying for making it worse. david: always a pleasure to see you, doug. take care. thank you very much. stocks dropping as democrats consider advancing impeachment. we have late-breaking details on that after a short break. (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade.
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but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands? david: bernie sanders just saying he hopes democrat lawmakers move forward on impeachment inquiries, and stocks as you can see, continuing to drop on news that senior democrats are pushing more for it. gerri willis is at the nyse with the details. were you there when the news started to swish through the market traders? reporter: it's been very hectic down here. lot of people talking about john lewis, the congressman on the
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floor of the house. i think you played the sound. he said basically impeachment proceedings have to begin, they have to start, and traders down here don't like that. let me explain why. because sometimes they like to see congress stymied, right? they don't want our elected representatives to do anything but there are two things that they are set on that they want to see. usmca, the new nafta, they would like to see that. they would like to see a china trade deal. they think the house has a role to play in that. to the degree that nothing happens for now, the second year, from their point of view, that is not a good thing. that's what they have been talking about. the dow down 200 points on that. and the nasdaq, the worst day in a month. meanwhile, i want to mention to you wework. lots of rumors about that company and now a press release from the company itself. wework board of directors announcing leadership changes. neumann is stepping down as wework ceo, as you see right there. he's decided to step back. he will continue as non-executive chairman of the
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board. weworks already mentioned the former co-president and ceo, have been named co-ceo of the company. as you know, that ipo was delayed, put on hold, because of the issues surrounding neumann. lots of stories about his personal conduct, is it befitting a ceo, many questions about that. now we have him stepping back. no share price to check here but it will be interesting to see if investors now embrace that company now that we have had this major, major change. back to you. david: they are expecting a lot less from the ipo. i think at one point it was targeted at $47 billion, it came down to $15 billion. reporter: not anymore. that's right. right. huge cut in valuation. lots of people saying it will affect other ipos that might want to come to market. lots of concerns about companies like peloton now. the ipo market having a lot of trouble. david: so is the market which is
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down 190 points. gerri, thank you very much. federal prosecutors in california launching a probe into juul over e-cigarette health concerns. hillary vaughn on capitol hill with the latest on that. reporter: david, so far, eight people have died from vaping but the cdc today says they still don't know what part of vaping is actually killing people. the cdc says they don't know what brand product, flavor or chemical is causing over 500 people to get sick, some of them hospitalized. lawmakers blasted the vaping company juul who represents about 70% of the market share for vaping products, calling their testimony in front of congress this summer deceiving. and one concerned leader from today, rudy johnson who's daughter was hospitalized after using juul products, says companies like juul are targeting kids and the fda is doing nothing. >> the juul executives who sat where you are sitting had the audacity to say they didn't
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market their product as a smoking cessation product. >> they recently addressed this in a "time" magazine article by saying blank happens. well, blank happened to my family. if this was lettuce, the shelves would be empty. reporter: but banning e-cigarettes would only leave millions of adult smokers without any option. >> if you get rid of flavors from vaping or vapor products, then you are stranding eight million people at least who are ex-smokers and 11 million people from access to products that work so that they don't pick up a pack of cigarettes. reporter: if vaping does get banned a lot of people will just resort to getting products from china or switching back to cigarettes. david? david: i wouldn't put stuff made in the black market in my lungs, i can tell you that. hillary, thank you very much. good stuff. well, wall street warning of a big tech crackdown. charlie gasparino with the very latest details on that, coming
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a small number of social media platforms are acquiring immense power over what we can see and over what we are allowed to say. media and academic institutions push flat-out assaults on our histories, traditions and values. david: interesting hearing that at the united nations. president trump slamming social media platforms as wall street is warning about underestimating the impact of the crackdown on big tech. charlie gasparino has all the details on this. charlie? >> right. this follows our reporting the last couple days about the burgeoning investigations into big tech both in congress and the white house. yesterday we detailed what's
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going on in congress. right now i will give you some details on what's going on at the white house and it is a fairly significant investigation, and maybe investors are now taking this seriously. here's what we know. the trump administration is dedicating a lot of resources to cracking down on the big tech firms, namely google, facebook, amazon, apple, all the ones that are considered holding your privacy, controlling debate, you name it, antitrust issues. here's something interesting, david. two units in the department of justice are actually looking at this. it's not just the antitrust division. it's also the civil division, the antitrust division is obviously looking at criminal, possibly criminal or even civil antitrust violations, that these companies are too big, they don't let in new entrants. the other civil division is looking at privacy issues. they are covering the whole map. we should also point out that the ftc is looking at various issues involving big tech. again, the companies that are most in the spotlight are the ones i just mentioned before,
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but i would say two namely are going to get the most scrutiny, google and facebook. for the obvious reasons of scale, what they do with personal information, how they sell it, and whether or not they -- whether or not they are keeping out new entrants, particularly google on its search platform and you know, involving advertising. so that's what we have right now. all these stocks, i was reporting some of this stuff from the congressional point of view, all these stocks were up, today they're down. the market's down. but also, you know, trump's comments were pretty interesting and yes, coming on the heels of what we have been reporting on fox business. back to you. david: i'm looking at facebook. that's down almost 3% right now. the market itself is down less than 1%. still a heavy loss in the market, but social media is taking it particularly tough on the chin. thank you, charlie. appreciate it. stocks are dropping, as democrats are considering advancing impeachment. joe biden is set to give a statement on ukraine at 2:30 p.m. eastern time. back with the panel. dion, we were talking about this
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before. is joe biden going to say anything about his own situation and involvement with ukraine or is this all going to be, is he just going to focus on the president? >> if i were a betting man i would bet he's going to focus on the president although i do find -- it does seem like it would be tough for him not to. the question i guess is he going to take questions afterwards. if he's going to take questions, obviously members of the media will bring that up, what about you, what about your son, what about your family. but if he's just going to come out, read a statement, and you know, get out of there, i assume maybe he will focus all this on president trump which i'm sure his advisers are suggesting that he does. david: i think now he has the cover also of a lot of democrat political leaders who are calling, we mentioned john lewis, there are others who are now chiming in, bernie sanders said it, who are kind of giving him cover. some of these people are competitors of his for the nomination, so they were kind of settling back and not chiming in because they like to see him twisting in the wind a little. now they are beginning to give him cover. >> they may be giving him cover but i think his political advisers would rather he not
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talk about this at all because he does have so many vulnerabilities on it. depending on what he's going to do, maybe he will play a record on his phonograph. david: oh, wow! >> but i have no idea what he's going to go out and do. he has so much to lose if this goes further. if they start looking into ukraine like i said, the next leads to china, from that standpoint he puts himself in a really -- david: just to remind folks, the ukrainian thing most people are familiar with, his son was on the board of a company that had dealings with ukraine, even though he had no business experience, getting $50,000 a month from ukraine, but he also kind of tagged along with his father to china and had a deal there as well. >> that's exactly the thing. no business experience at all, there were deals before the united states government, his father sitting vice president, he flies over on air force two and comes away with a billion dollar investment. yeah. you know, we were talking about debt earlier. one of the big challenges we have is how much debt is owned by china. he pull all that together, this is a really vulnerable position. that's why when you see bernie
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sanders, who is competing with joe biden for president going out and talking about this, it's like come on, joe, bring yourself into it. it's kind of a two-for. you can take out the president and -- david: forgive me for not being quite as cynical as chris. you think bernie's not just interested in getting the president through another impeachment inquiry, he's also interested in putting ukraine at the top of biden's agenda? >> i would say the far left democrats are not terribly upset about this development. two-for is the word for it. you are taking out the moderate and also taking out the competition on the other side of the aisle. david: you said this is a tough crowd. that's a really tough crowd, when you have democrats trying to see other democrats fail, which apparently is happening with regard to biden and his involvement in ukraine. >> all's fair in love and war. i think really, we are watching the market selloff and that's my thing, i try to say leave the politics to you folks. i think what the market is really worried about here is that this gets president trump
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off the focus of getting a deal with china which is what the market really wants. the market wants these tariffs taken off, the market wants a deal, and the market wants china and the u.s. to -- david: tell you what the market doesn't necessarily want. house speaker pelosi saying she's going to make a statement at 5:00 p.m. today, that's about three and a half hours from now, regarding the trump investigations. and the question is whether she's going to go along with other people who have suggested that it's time for a full impeachment inquiry. we will bring you right back on that as soon as we get information here and can confirm it, we will do so. . . ♪
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oiit's not "acceptablend or nothing." and it's definitely not "close enough or nothing."
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mercedes-benz suvs were engineered with only one mission in mind. to be the best. in the category, in the the world. lease the gla 250 suv for just $329 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. david: stocks seem stuck to the down level right now. 200 point to the downside. democrats are advances impeachment. we got news john lewis, democrat of some note is calling for impeachment inquiry, expansion of that. we're getting news 5:00 p.m.
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today, 5:00 p.m. three hours from now, house speaker pelosi will make a statement regarding this matter. at 5:00 p.m. you can see me on "bulls & bears." we will cover the statement by nancy pelosi 5:00 p.m. on fbn. charles payne is here. we need the cp effect. can you help us out? charles: we do, david. i'm charles payne this is "making money." breaking at this moment president trump reiterating of his goals of a complete deal with china and the determination to curb iran's menacing behavior. he took on the globalists and leaders that ignore their own national interests. how will his speech interest the word? our panel has the answers. the president taking treasury secretary steve mnuchin to task this after we learned it was mnuchin's office that actually asked china to cancel the farm visits next month. what it means for the upcoming trade talks. we keep hearing about


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