tv Cavuto on Business FOX News August 29, 2015 7:30am-8:01am PDT
weeks as oil prices spiked in the last week. >> jonas? >> the inhibitor works so well on cholesterol you don't have to have a good diet. krispy kreme. >> i want them, jonas. dagen, take it away. >> if we don't get smart quickly, china will destroy our country. i don't want from china, but you almost have to buy from china. it's ridiculous. china is draining our wealth. the chinese do not respect us. one thing i can tell you, china won't be ripping us, japan won't be ripping us, mexico will not be ripping off this country like they're doing right now. >> donald trump repeatedly warning america about being tied to china. now that we're seeing worries about china wreaking havoc on our markets, is he right? hi, everybody. i'm dagen mcdowell in for neil cavuto. to ben stein, charlie gasparino,
adam lashinsky, along with katie halve lich and scott martin. neil and charles will be back next week. scott, right here, right now. trump right about china? >> so far it looks like he is, dagen. if you've been watching any of the volatility in your 401(k) this past week or in your investments, it's directly related to some of the issues going on in china. this isn't out of the blue, though. if you look at commodities, of which china is the world's largest commoditizer or least the buyer of, guess what? they have tanked in the last year or so because demand is falling, china's economy is in big trouble. they have benefited, though, from a peg to the u.s. dollar. so while their currency should have been appreciating all this time, it's even lower -- >> wait. i -- today i am the anchor of this program. and you know who we're going to go to next? >> this is ridiculous. >> who knows more history than all y'all combined, ben stein.
you're awfully quiet. what do you say? >> you're being kind, dagen. we love china. they sell us quality goods at low prices. we get the best of electronics with their low-wage labor and low prices. they buy our bonds with their surplus in trade. they support the dollar in every way. >> of course. >> they are the best friend of the american consumer and they have free markets. those markets have done incredibly well in the last several years. recently they've done a significant correction, but overall they've been a great boon to u.s. investors. i think china is our friend. we don't want them waging war. we don't want them seizing territory. but economically china has been an incredible boom to the united states of america. >> i would second what ben would say, i agree with all that except maybe the friend part. i'm not sure about that. >> expect for that cyber hacking and the spying and the suppression of the press. >> ben is right on all the economic issues.
let's get back to the original thing. donald trump called this. donald trump called nothing. donald trump didn't predict the chinese stock market schacollap. donald trump did not predict the chinese gdp would go from 8% to maybe 5% depending who you speak to and if you believe the numbers coming out of the country because they don't use generally accepted accounting principles. all donald trump did was say let's fete into a trade war, chinese leaders are more cunning than our leaders, and, you know, let's slap some sanctions on them. >> katie, he has been concerned about our ties to china and one of the biggest links we have is that we've run up our debt and china has been the buyer. china has been -- >> how is that their fault? >> it's not their fault but it's a dangerous link because we're in bed with them. would you let me finish? we rely on them to buy our debt because we are running -- because we can't pay our bills.
katie. the other lady on the program, what do you say? >> i think that if people are concerned whether you're pro china or anti-china, if you're concerned about the way china is affecting your own 401(k), we have to look at the bigger picture as a country. the fact is we do know yoe a lot of our debt to china and have no plans to really pay it off anytime soon. >> that has nothing to do with your 401(k), zero. >> sure it does. >> let me me finish for goodness' sake. >> i didn't actually say that the debt was direct correlation to the 401(k). i said if you are worried about the chinese markets having an effect on your 401(k) you should pay attention ultimately overall to the debt. >> don't buy chinese stocks. >> i can make the connection. wait. they've been selling -- they've been selling treasuries in the last week to raise dollars to devalue their own currency. >> dagen, this is a non sequi r sequitur.
the bottom line is donald trump did not predict anything. the chinese are not destroying our economy. this is a ruse for -- >> they're taking our jobs. >> let's get adam in here. since you and charlie are going to be best friend on this program today. >> well, you're absolutely right. but i'll start by knocking him, which is as you know i don't like it when charlie calls president obama stupid because i don't think it's a kind word. >> i think he's stupid when he comes to some of his economic policies. >> understood. >> he scored highly on his lsats. >> what i will say about the statements that donald trump is making and where i totally afree with charlie is they are ignorant. they are ignorant statements by somebody who is trying to be a populist who probably doesn't even believe what he isseiing, because we take money from china and we use it to fund our economy. it's a very good deal for us. we should be very pleased that
they're investing in the united states. >> they buy at low interest rates too. >> you guys sound like you're ready to move there. adam, you're a journalist. you have zero freedom of the press in china. good luck having a career there. scott? >> i'm happy to talk about -- >> change the subject. >> i'm not changing the subject. >> you are. >> ben said it was a free market. it is anything but that. if you guys want to open a business in china and play ball with the chinese government, good luck. >> you're changing the subject. >> let's have a -- >> you think that donald trump called the -- >> can we take donald trump out of this for a second? you can have concerns about china and the national debt and the markets in china as a separate issue. you can have concerns about it without having donald trump in the middle of predicting anything. the bottom line is -- >> he's a presidential candidate. >> -- china is stealing our intellectual property,
manipulating their currency, doing all these other things -- >> the currency? >> yes. >> so let me ask you this. >> go ahead, charlie. >> do you think the fed manipulates the currency more than china? >> we have our own problems snap they're two separate issues, charlie. >> no, it's not. >> yes, it is. i said manipulate our currency not ours. >> you brought up donald trump wants to put -- >> we all manipulate currencies. >> charlie -- >> that's not what i said. >> charlie, you brought up trump wanting to put tariffs on. not a good idea because you know who can school us on tariffs? ben stein, but not right now. ben, watch this. >> in 1930 the republican-controlled house of representatives in an effort to alleviate the effects of the -- anyone, anyone? the great depression.
passed the -- anyone? anyone? the tariff bill. the holly smoot tariff about. >> right, ben? >> smoot-hawley i thought. >> it's both. >> right. you're right, charlie. should be smoot-hawley. china has been incredibly good to us. yes. they are an aggressive power. yes, they are a rising government. yes, they've done number of bad things. overall they have benefitted the american consumer fantastically. we should not be picking fights with them, especially someone as incredibly ignorant as donald trump should not be picking fights with them. >> of all the economic problems we have, that's all he does is talk about china, china. i almost can hear him in my sleep saying the word china. china. of all the things we have to worry about, like a ridiculous tax code, corporate tax rates, you name it, entitlements, he's railing on china? >> but you know what, he's
resonating with americans because they are worried about us running up our debt and getting in bed with a country with questionable practices. >> i'm not saying donald is a demagogue but demagogues do this all the time. >> talking to me or -- >> she just pointed. >> she was looking at me. asking a question. >> sorry. i wasn't looking at her looking at you. >> katie. >> yes. >> you get the last word. >> i think china can be a positive force and a negative force and i think it's a concern they hold so much of our debt and people are concerned about china because they're being blamed for market crash in the united states over the past week and people want answers on whether that's true or not. and we've discussed that here today. >> it's simply not true. the traders caused the crash. >> i love you all. we make peace in the commercial and when we come back, if you think the iran nuclear deal is a bad deal, wait till you hear the price tag for that deal.
today on forbes on fox, democrats using donald trump's own words to push their tax hike plan. are they misquoting him or has trump got it wrong? also, hillary clinton doubling down on the president's green energy push. will that cost taxpayers even more green? ooh pizza rolls! ahh! they're ready! make summer awesummer with totino's pizza rolls. and get a free movie ticket when you spend $10.
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are prone to infections, or have flu-like symptoms or sores. don't start humira if you have an infection. talk to your doctor and visit humira.com this is humira at work. live from america's news headquarters, hello, everybody. i'm uma pemmaraju. a somber anniversary has residents along the gulf coast mark the tenth anniversary of hurricane katrina as it swept through through that region and left behind so much devastation. a wreath-laying ceremony in new orleans happening this morning at the hurricane memorial and at the levee that ruptured in the lower ninth ward leaving 80% of that city under water. former president bill clinton will be among those speaking tonight at a special event. katrina killing more than 1,800 people across the region and causing more than $151 billion in damages.
overseas, an accident at a paper making facility in china leaving seven people dead there happening in hunan province when a worker fell into a pool of poisonous wastepaper pulp. colleagues rushing in to help were overcome by the toxic fumes and died. i'm uma pemmaraju. back to our program. the cost of the iran nuclear deal piling up literally. the international nuclear watchdog group saying it will need tens of millions of dollars to enforce it. and charlie says guess who's going to have to pay for it -- we are. >> you know, listen, every democrat from new york -- almost every democrat is against this deal. this deal looks increasingly suspicious. i don't have a problem in a theoretical sense engaging with iranians. it's a very secular country aside from the minority of the mullahs who run it, you know, but it is the mull las. and here's the thing i have a
problem with. this is the obama administration. can you trust the obama administration to make sure a deal gets enforced right? and now we hear that the u.s. taxpayer -- i mean $10 million is not a lot of money in the scheme of things in our budget, $18 trillion economy, but, you know, it's the thought that counts here. >> the symbol of the money that we're paying into a bad deal with a country that you cannot trust. >> and to charlie's point, you know, the president, when he announced this deal, specifically said this deal is not based on trust, it's based on verification. as we go through the deal and look at the detail, it's actually the exact opposite of what the president says. it's all based on trust and not verification. the iranians will be doing their own sampling. we won't have 24/7 inspections like promised earlier this year by the white house. and the americans, paying for this, the majority are against the deal. >> 58% are against the deal. >> earlier this week we had 200 admirals and generals sending a letter directly to president obama saying this is a bad deal,
you had just a couple weeks ago veterans against the deal coming out with these powerful advertisements showing american soldiers who are over in iraq who are blown up or killed by iranian bombs. so, you know, the verdict is in on the deal. it's bad one. now people will be paying for it with their wallet. >> ben, does it disgust you we're strog pay into this? >> obama in terms of the iran deal disgust me, frightens me, terrifies me. no redress. $10.3 million as charlie said is a drop in the bucket. real cost is going to be when the first nuclear bomb, god forbid, falls on tel aviv. that will be the real problem. god help us with this deal. >> it's very clear that iran is calling the shots in all this. >> very clear. >> in the last few days iran warned the watchdog it was not allowed to detail, to probe into its previous nuclear work, it would not accept any leaks. so don't accept it and then maybe this deal will fall apart.
ed a tsunami. >> well, we don't have time to discuss why i disagree with almost every scurrilous statement the rest of you have made about s that -- >> come on. >> $10 million -- $10 million is nothing to pay for something that is going to work if it's going to work. >> how do you know it's going to work? i personally am glad that -- i'm still talking -- the founding fathers set up a system that didn't take into account if what 58% of the american people said in a poll. we'll go to congress on this and congress will decide whether or not to pass it. >> it won't make it to congress. >> we don't know that it won't. >> you have to stop talking over each other. >> these are atomic bombs. you can't gamble about atomic bombs in the hands of a country like iran. we can't hope that it works. >> that's your opinion. >> it's more than opinion. sir, it's more than opinion. >> it's just your opinion, ben.
it is strictly your opinion. >> it is not. this is being -- >> i got to get scott in here. >> -- generals, admirals. >> here's the big point, guys. we already fund 25% of the iaea's budget. they want another $10 million today, might want another $10 million tomorrow, the next day, the day after. we can't send americans to the inspecti inspections. we can't even be there when they take the freaking fra ining phof the enrichment or nonenrichment, so to speak. this is a terrible deal, it won't be enforced right. we're saying let's just get it through congress so iran is happy with us because they'll make a deal with us. >> why are you willing to roll the dice with israel? if there's one country we need to protect, one country that has our back on everything it's them. and we're rolling the dice with them? >> god bless you, charlie. god bless you, charlie. >> are you interested in hearing the answer? >> yes, please. >> briefly. briefly! >> because there's an
opportunity to give diplomacy a chance and try to have a peaceful situation. >> adam, this deal -- >> wait. let me say one thing. diplomacy is when all parties come to the table and everything is on that very table. part of this was done in secret with iran and the u.n.'s international nuclear watchdog so, we don't know what is really going on with much of this deal. they are giving iran the card, adam. we have no control as a people in this country because it was not done as a treaty. >> iran is still shouting "death to israel, death to america" as they're continuing work on nuclear enrichment. >> and funding other terrorist organizations and they're going to have more money to do that very thing. that's the final word. >> i guess you don't like it, dagen. coming up, adam, and everyone -- republican governors drawing a line in the sand over
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the who is looking into transferring gitmo detainees to military sites in the states, but republican governor nicki haley of south carolina, governor sam brownback of kansas telling the administration not in auerbach with regard. katie, you say they better win this fight for all our sakes. >> we shouldn't bring terrorist who's are foreign enemy combat ants into the united states. why arl are aren't we putting them in nancy pelosi's backyard?
we should be expanding gitmo and be using enhanced interrogation techniques to protect people here at home. by the way, if they're going to put them into our prison systems here on our homeland, put them in general population. let's see how it goes. >> yeah. we're talking about the naval bringing in south carolina. i agree with everything you said. the last thick you want to do is radicalize -- >> i don't think they would have the chance. i don't think they would have the chance. >> i don't think they would. >> dangerous, dangerous people who when they have been -- if there's a radicalism going on in -- >> who wants more terrorism here at home? i mean, this is essentially what this is all about. >> right. >> actually, it boggles the mind why we need to bring them here. loo ben, that's the issue is
with -- terror attack on the soil by having those prisoners there. >> well, this is another like iran. why does president obama want it so badly? because at least in my view he wants to get guantanamo bay naval base back. one socialist to another. if the governors of south carolina and politicians in kansas, south carolina, don't want military bases in their states, we can always defund them. >> are these criminals? >> yeah, they deserve defunding because they don't want terrorist on their soil and to add the danger of terrorism. scott. >> that's exactly what the left
does. you dangle money and you take it away if they don't agree with you. you don't want these prisoners, these detainees, their infrastructure, and their families and certainly, look, going forward gitmo should be expanded. katie is right. it was a success. we got good information out of it. you survived. you'll get a reward for that. major reward. that's okay. we can hand it. >> thanks, guys. >> all this turmoil that they're buying them with their own money. they say you should too. you laugh. you worry. you do whatever it takes to take care of your family. and when it's time to plan for your family's future, we're here for you. we're legalzoom, and for over 10 years we've helped families just like yours with wills and living trusts. so when you're ready, start with us. doing the right thing has never been easier. legalzoom. legal help is here.
whei just put in the namey, of my parents and my grandparents. and as soon as i did that, literally it was like you're getting 7, 9, 10, 15 leaves that are just popping up all over the place. yeah, it was amazing. just with a little bit of information, you can take leaps and bounds. it's an awesome experience. names they like so much they just bought them. can't wait to tell you, but scott goes first. scott. >> in times like these you got to stick with businesses that have a lot of cash in their balance sheets and tried and true businesses. that's google, googl. >> adam. >> van garde small cap value. one advantage to this primarily
focused on the u.s. not internationally. >> and, ben, finally. donald axle rod next. >> some democrats are using donald trump to sell their tax hike plan when they get back from summer break. here's what donald said that got them excited. >> the hedge fund people make a lot of money and pay very little tax. i know people in hedge funds. they pay almost nothing. it's ridiculous. they say it's crazy to talk about upping taxes on investors even if they are wealthy. who is right? i'm david. welcome to forbes on fox. let's go in focus to find out with steve forbes, elizabethed, carrie sheffield, john tammany, and bruce jabson. john, what do you think about