tv Forbes on Fox FOX Business May 7, 2017 3:00am-3:31am EDT
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economy prospers. what are we waiting for. david: we're glad the economy grew more jobs, but the auto sales figures are lousy. >> i don't know if that's a trend yet. but the problem is that, you know, donald has not got any near term fixes here. there were people on the program who said he should have gone after the tax cuts and there's even some bipartisan efforts and speaker pelosi for lower corporate rates or a lower payroll tax going to the middle class. david: i'm laughing. because frankly, i don't think the democrats are going to go along with any of this. >> right. david: but the economy is slowing down. the gdp figures were obviously, 0.7% for the first quarter. >> that's right, i think the atlanta fed revised higher, but you're right, it looks like auto sales not coming in as strong as expected. david: auto sales are down. >> what the president is facing is the swamp and he wanted to drain the swamp, the battle is the swamp winning?
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will he start looking like his nemesis arnold schwarzenegger who had epic battles with sacramento. donald trump is up against the d.c. elite and establish pt there. can he get it done? will tax reform happen or at minimum tax cuts. david: john tamny, it doesn't go as far as far as i'm concerned. we go from seven brackets down to three brackets and it cuts the individual income, at th that-- tax rate and the corporate rate. >> the index whether the economy is growing is irrelevant. the better point to make, the americans have their work personalized too much and investments penalized too much and their death penalized tomorrow. cuts to stimulus is obvious, whether we're booming or slow, taxes are too high. david: there are polly anna's saying that the economy is
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great. i'm not sure it doesn't need a shot in the arm. >> it's been a weak recovery for a number of years, david. the key thing about the tax plan, it cuts marginal rates so for each additional dollar that you earn, you get penalized less and less. that's key. because where we've been suffering is in capital investment by businesses. either new business startups or companies investing in expansion. and that's where you get growth from and that's where the tax cuts would help. david: one place that hasn't been suffering that much is silicon valley, rich, where you are, but not so for the rest of the nation. in kt fa -- in fact, the rest of the nation is jealous of you guys. >> we're in a boom for sure. the five most valuable in the world, two in seattle and the country desperately needs tax cuts and regulatory reform to get on a higher plane of growth. there isn't an economy that
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gets better with this growth. oz is right. david: while things are great in silicon valley, they don't grow as many jobs as the old manufacturing. are they going to come back? >> i think that you'll see new manufacturing coming back using new technology out of silicon valley and elsewhere. you'll get a bunch of small businesses coming in that people aren't dreamt of before. companies like microsoft and apple, they grew into the giants of today. david: john, you don't shed any tears over the loss of old manufacturing jobs. if we have tax cuts and as mike said, the tax cuts are designed to go after incentives, to incentivize people to start new companies, we might see a whole new industry is created as a result of this, no? >> well, of course we will and it probably won't be manufacturing and who cares? if it were about job creation, we were just abolish the tractor. if you lower the penalties on work and investment, you'll see all sorts of new industries
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created that we've never imagined. that is what is growth is about, not going back to the jobs of the past. david: e-mack, we never saw the computer revolution coming back in the '70s. >> that's true. david, what he is happening is a change in town. remember the demoralizer in chief. david: talking president obama? >> correct. last summer said those manufacturing jobs, they're not coming back. guess what? they're starting to come back. why? because you have a new administration. the democrats owned this narrative too long. their attitude. tax give aways to the rich or tax give aways to companies. it's our money and you keep more of your money, you're going to create more things, not the government creating more things. david: bruce, didn't we just have an experiment on the old way and it didn't work out too well. >> well, one of the experiments they did was expanding health care coverage and this celebration on the white house
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lawn would roll back on people getting care. 20,000 of those jobs were in health care and they're messing with that and it's going to hurt the economy. david: and the other thing, if the health care passes, employers would no longer be required to present health care plans, that could incentivize a lot of new business, because a lot of employers were shifting from full-time to part-time employees as a result of obamacare, that may go an i way. that's right, obamacare was a travesty and basically run out of money. they were looking for ways to fund it. >> property taxes. >> and so, i think the important thing here is, look, every time we've had a major tax cut, the amount of money that's actually flowed into the government from taxes has gone up. almost every-- even under president bush, when we had a bad economy, tax revenue went up. and this is about the narrative against tax cuts, david, is about control. the democrats could read the ledger. they know taxes would go up,
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but less control over the money and that's why they're fighting it. david: those folks, they're smart folks in sill vicon valle there's nobody smarter than zuckerberg in some ways. are they finally catching the fire that more government is not necessarily a good thing and keeping more of the money you earn is a good thing? >> well, they're liberal in a way that's not really recognizable in washington. they're liberal and libertarian at the same time. it makes no sense to think tanks and washingtonians, but has logic to it. we have to have a higher rate-- president trump has to own this and get out there and explain why we need lower tax rates as reagan it. he's not. and paul ryan is blowing it, too. they don't have much time because the 2018 elections are going to determine whether president trump's first term is successful or not. david: time is slipping by. steve, is trump going to come out and cheer lead this thing? >> i think he will because i think he realized that if the democrats gain control next
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year, he's going to get impeached and have a terrible rest of the term so they've got to get that message out there. they've been poor at it up until now. david: last word from steve. coming up next, democrats accusing fbi director comey of costing them the election, but some here say they'll keep losing because of the way they're treating blue collar
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ff sunday pitting macron against nationalist candidate marine le pen. i'm leland vittert. now back to forbes on fox. >> i join those who believe that the actions taken by the fbi did, in fact, have an impact on the election. >> but there's no question that that had a great effect? >> it had occurred to you that the public chastisement put secretary clinton in a negative light. >> democrats, of course, including hillary clinton herself blaming the fbi director for her loss in the election, but sabrina says they'll keep losing as long as they're not addressing the
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needs of working class americans, explain. >> working class americans and goes beyond that, it goes on connecting on a human level. lawmakers on the left and right forget that politics is personal and a challenge for hillary clinton was showing people that she connected with them. there was a lot of talk about hillary as the first potential female president. there wasn't a lot of talk how do i connect with you on a human level. she didn't bother to visit a lot of the states where some of these people are really hurting. and i think that that hurt democrats. it traditionally hurt republicans and now it's on the left. david: bruce, even some democrats were saying, if there was an ohio democratic congressman tim ryan said the following on friday, quote, we had a lot of commercials about donald trump and didn't have enough commercials about working class people and how we were going to help them. is that democrat right? >> you know, i do believe he does have a point. i think the election was lost in, well, first of all, in any other republic she would have
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won by three million votes, let's put that aside. she did well, but didn't do well enough and i think the fact. matter is, her message didn't get through because it was talking about, you know, e-mails and who donald was grabbing in elevators or whatever. and so, i think that the democrats do need to focus on issues and i think they need to focus and get the campaign on the issues. david: e-mack, one of the biggest issues during the obama administration, people were losing money. the median income rose at just 0.6%. that's less than inflation, which means they were losing money. >> yeah, and sticking also at 1997 levels and by the way, i think the 3 million popular votes were all in california. david: good point. >> and the rest of the country was saying, hey, wait a second, the democrats should have seen what was happening out in the country long before hillary clinton. state legislatures starting moving to the republican because they had the vision, the growth plan, the jobs planment voters were saying
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essentially when it came to the trustworthiness of hillary clinton and the democrats, we trust sushi sold by a gas station more than your economy and your jobs, you don't have anything and don't have a plan. david: i've never had sushi from a gas station and don't want to begin now. rich, the fact is, the democrats used to be able to rely on a voting block of working class americans. they clearly lost that block and that cost them the election, right? >> yeah, well it's been a multi-decade parting from the blue collar workers because not all about teachers, professors, the mainstream media and snowflakes on college campuses and hillary herself, what a horrible symbol. this is a woman whether she was in the governor's office in little rock or the first lady, the way she treated people on staff on air force one, the way she treated secret service people, yelling at them, you know, blue collar people are really sensitive to that kind of stuff because they get that kind of crap every day of their lives. david: but, steve, more than
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just being about one person, whether it's trump or hillary, this has been a long-term bleed from 2009 to 2016, democrats lost, look at this, 63 seats in the house of representatives, 11 senate seats and then in the state legislatures, they're lost even more. 13 governorships all that really kind of weighs on their ability to win elections, whether it's presidential or anything else. >> the democrats have gone a long way downwards from the days of john f. kennedy where you could appeal to strong national defense and a vibrant economy. they're down just appealing to precincts in california, new york city, cambridge, massachusetts and that's it. and it's showing all around the country. they don't have a message, hillary clinton never had a message in that campaign other than she wanted the job. it was hers. david: and, bill, the message is clearly, we're going to help the working people and donald trump said it clearly, hillary clinton, maybe she tried to say it, but didn't come through. >> the dems lost to workers and want to blame anybody, but that failing.
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a lot of them think the russians stole the election by hacking into republican computers and then failing to leak it to the new york times. david: bruce, isn't that a failing? when are democrats going to get off that and focus on what really counts in elections? >> well, i think a lot of this is cyclical. i mean, when bush was in for eight years you had the republicans sliding and that's what you're having now. i would agree, there needs to be more of a coherent message and i think it will pick up as opposed to, you know, comey talked about being mildly nauseous and i think that democrats are sort of chronically nauseous. >> yeah, it's making me car sick. and what the democrats are doing. they're not going to get a plan out of keith ellison or tom perez. there's no-- >> dnc chair. >> and james comey didn't tell hillary clinton go use a server in your basement or call people deplorable or irredeemable.
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david: and tim ryan says we've got to get off the blaming game and focus on democrats getting back to representing the voting block that cost them the election. is that message spreading or is he still a small minority in the democratic party? >> well, i'm not sure yet, but i think that tim ryan is onto something and part of that is it that sort of democrats obsession with identity politics and i think that was another real problem for hillary clinton. she talked about issues like paid leave, for instance, as a women's issue. in fact, this is an issue that affects all voters, it's a massive economic issue and the real issue is of poverty, it's an issue of low paid workers who need more opportunity. so it could have been an issue where we address economic growth and there was a real conversation on the left and right how to stimulate the economy. she missed that. david: all right, first and last word from sabrina. cashin' in gang getting ready, what have you got? >> my huge interview with the president at the white house and what he has to say about the media and fake news building and funding the border wall and the president's big
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surprise legislation coming in the next few days and it even has support from many democrats. tune in and find out what that one is. we'll see you at 11:30. david: absolutely, we will be watching. up here first, as tensions are running high over the way passengers are treated on airlines, and they have airlines, and they have something that have more
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into a long flight and physically ripped off the plane and teeth knocked out. >> people shouldn't be treated that way. >> it's unbelievable the pilot or crew would let that happen. david: they were grilled over a passenger dragged out of his seat and a family on a delta flight said they could face jail if they didn't take the two-year-old out of a seat. >> ayou and your wife would be in jail. >> what? i bought that seat. david: on top of that, american airlines is shrinking leg room on some seats. there's a tone deafness to this, no? >> there certainly is, too much on finance and not enough on customer satisfaction and they're considering putting a fine for making you pay extra if you want an aisle seat or a window seat instead of a middle seat and the bathrooms on the small planes are so small, i think they're eventually going
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to get a lawsuit from those who didn't get in and out. david: isn't that too much on the airlines? >> no, what the customers are saying, as much as they'd like leg rooms and bigger bathrooms, what they prefer are lower priced tickets and that's where we're headed. david: look what's going on? people are infuriated by all of this. >> solution travel sites should rank flights on quality adjusted fares. the airline with the cramped seat or the $5 charge every time you use the restroom would float to the bottom. david: that's an interesting idea. mike, what do you think? >> i'm suppose today fly on chicago monday. maybe i don't want to go to foster care and maybe i'll cancel. >> i tend to agree with john, the profit picture will force them to adjust, they're behind the curve and technology is going to change exactly how revealing their service is and i think that will put some pressure on. david: rich, it's true that these things, cell phones are
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causing a blowup of all of these videos of what happens on flights. so maybe in the overall, people care more about getting a cheaper fare than anythingles? >> look, capitalism is running experience in the marketplace and america has the right to run this experiment. it's either going to work for them or not and let the marketplace decide. david: sabrina, i'm willing to guess, less leg room on-- american has shrunken their leg room but less leg room, i don't think it's going over, do you? >> i'm only 5-3 and i would gladly take a cheaper ticket for less leg room. i think there's a bit of a tone deaf problem, but the court of public opinion was pretty rigorous on united and i think if other airlines continue to have problems where they're physically abusing passengers or harassing them, the marketplace will take care of that. david: steve a couple of seconds more, there's going to be some tweaking boo i airlines, is there not?
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>> there is, there's a reason why american airlines ranks below united in overall performance last year. the market is speaking. you don't perform, you're not going to do well. david: that's right, listen to the market, businesses. listen to the market. coming up, a market pro saying millennials should be 100% invested in stocks and the names that you should be all in on no matter how old you are.
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>> millennials should earn back what they are spending on molson and coors. david: and what do you think. >> it would go flat. david: resist. keep it here, eric bolling and cashin' in. eric: president trump had it with the mainstream media. taking to twitter, the fake news media is officially out of control. they will do or say anything in order to get attention. never been a time like this. this was something that was bothering the president when i sat down with him earlier in the week. >> i'll tell you that's unfair the way they cover me, because they say the media, i'm against the media. i'm not against the media, i'm against the fake media. if you look at cnn the way they cover me, no matter what you do, it's negative hits, hits, they have the noncelebrity panels, people nobody ever heard of and that's why they're not doing well.
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