it is not a good thing rates are going up. [closing bell rings] ashley: deederly, nicole, thank you for that is it for the countdown. david asman and melissa francis for "after the bell." david: wall street digests first interest rate hike for the year and comments from the new head fed, jerome powell. the dow was all over the place t was spiking to session highs of 250 immediately after the announcement. the s&p and nasdaq following a similar path also ending the day lower t was up. it was down. it was a crazy day. hi, everybody, i'm david asman. melissa: i'm melissa francis. more for the outlook for the economy and look at big market movers. here is what we're covering this very busy hour ahead. wild weather slamming both coasts of the u.s. on the northeast. the fourth massive storm to hit in the past three weeks.

cities frozen under heavy snow, dropping at rate of two inches per hour. another storm in the west is prompting mandatory evacuations for tens of thousands of californians. we are tracking them both from the weather center. things are heats up on capitol hill. the house -- tempers flaring what is now being included and what's not. a live update in washington where things stand. the head of the house judiciary committee, bob goodlatte, expected to slap subpoenas on the justice department for documents on hillary clinton's email investigation. he is also proposing a new immigration bill. congressman goodlatte among our guest this is hour along with congressman jim jordan, judge andrew napolitano, and author of the new book, "secret empires." peter schweizer. david: very exciting line up today. back to the markets moving big on news out of the federal reserve. phil flynn watching action in oil and gold from the cme in

chicago and nicole petallides on the floor of the new york stock exchange. nicole, i didn't see any rhyme or reason. i saw ups, i saw downs. i heard mr. powell essentially not commit himself to anything. what was moving the market? >> we always have this back and forth action. we were up 250. we were down over 70. we were down 45. that was tougher one wanted to finish in the green ultimately. we're down 45 points. we see moves after 2:00 p.m. we got pretty much what everybody expected. they really expected jay powell to give it going forward in very succinct manner. more of a regular guy from carlyle group moving into the fed role and now our fed chief. you can see nasdaq also finished to the downside. on annotated charts you ethe selloff happening. it wasn't that bad. we had plenty of winners to speak of. we'll speak to great energy names, looking in particular at

financials. financials all in the green as we got our rate hikes today as anticipated. three this year, three next year. that is pretty much on the table at moment. goldman, bank of america, morgan stanley couldn't swing it. let's look at facebook this morning was selling off once again. all the concerns about personal information, regulatory concerns. the stock managed to move back into the green up a buck 24. it was down 11% this morning for the opening bell for the week. back to you. >> nicole, thank you. phil, oil moving big on the fed rate announcement. gold closing highest level in over a month. what is up with that? >> it is incredible. it's a six-week high. the fed outlook for positive economy but also about demand. u.s. oil demand through the roof. gasoline demand. diesel demand, you name it. we were talking a lot about it. oil glut? according to the department of energy today in their report, the energy information administration, we saw a drawdown in crude oil supplies.

that put us below average for this time of year. we don't have a gluttony more when it comes to crude oil. supplies are below average. that is one of the reasons for we saw explosive move. we saw strong demand for gasoline and strong demand for diesel and when it is cold on the east coast oil goes up. melissa: that is true,. david: when there is big demand for growth. melissa: that's true. david: jerome powell's did not try to relate too much but he had concerns about the white house trade policy. here is adam shapiro but we hear from the fed chairman first. >> a number of participants reported about conversations with business leaders around the country and reported that trade policy has become a concern going forward. david: let's bring in today's panel to talk about this. jonathan hoenig from capitalist pig hedge fund. also a fox news contributor. todd horowitz, host of the bubba

trading show. we have chicago well represented today. dan mitchell cofounder of center for freedom and prosperity. dan, let me start with you. the market kind of lost its triple digit gains while powell was speaking, specifically when he referenced the trade tariffs, a concern that number of businesses have about the increasing costs from that. that is the number one concern policymakers, economists have about the economy. if trump gets into a trade war like the 1930s that wouldn't be a good thing t offset good news of lower tax burdens, deregulation, in fact the fed, i will give them credit they have done a pretty good job to try to begin to normalize monetary policy but the trade thing is sitting out there like a ticking time bomb. let's hope be defuses it. david: i don't know than, we

have pretty strong economy. phil talking about the drawdown in the oil and gas. the economy is churning along. it needs more energy for production. that to me is great news. the last time jerome powell spoke, his concern of an overheated economy. that doesn't concern me when you're growing 2% for 10 years i could use a little heat in the economy. what? >> interestingly, david, doesn't see much indication of inflation looking forward. not much more than 2% in terms of where the fed sees inflation going. so you have mixed signals once again. perhaps the fed intended that way. what i'm seeing demonstrable signs of inflation. there is no such thing as a free lunch. we had almost a decade of artificially low interest rates, david. whether higher commodity prices or take a look at 52 low list. full of bond funds, bond etfs. perhaps the market suggestions that the fed will not be done actually when it says it will be

done. just as it was not done cuttings on the way down and go the other way up. david: talking for years about our problems with these artificial rates. it was kind of the obama way to stimulate the market because he wasn't stimulating by raising taxes and regulations. right? >> that's true. david: hold on. this is for todd. go ahead, todd. thank you, jonathan. todd. >> well i think what you're looking at here, david, houdini would be rolling over in his grave with the magic act powell pulled off getting dollar killed and flush and keeping global rates really unchanged. although they raise rates in the united states, globally the people borrow from us will pay the same rate because the dollar got hammered because of this announcement. this was more of an illusion from my standpoint and these rates are still artificial. i want to know when we start to talk about the debt. we still never want to address all the debt props we have out here. david: never i don't targeting chinese trade, the trillion administration telling lawmakers on capitol hill today that

action is needed. >> our view we have a very serious problem losing our intellectual property, which is the biggest single advantage of the american economy. we are losing that to china ways not reflective of underlying economics. melissa: dan, nobody pushed back against them for a long time. they have been stealing intellectual property. the trade is not even close to free and fair. everything from that, counterfeit good coming into the country. there are some things. >> the trump administration i think is right to be concerned about in effect cronyism or mercantilism in the chinese economic model. my concern though we would be much better served going through the wto or having a multilateral approach with the eu and japan who are concerned about chinese misbehavior. if we simply act unilaterally, all that happens china does

tit-for-tat with us. they start buying more products from other countries. so the unilateral approach i think is the wrong way to address what is a real problem. melissa: but, todd, i mean when you wait for the europeans to get on board, they are notoriously soft. they're never going to stand tough. and how much of this is about you know, is actually about north korea? we're going to be tough on trade and by the way the elephant in the room is, you're support of north korea as well? >> melissa i think it is about time we got tough and we forgot about what everybody else wants to try to negotiate these deals that will take forever. this is like getting a building permit to build a bridge 10 years. let's go at it, go after them. either they come back hey, we will work on a deal or stand on other side. this is not smoot-hawley, this is donald trump taking charge and flexing united states muscles. melissa: jonathan? >> i just hate to see political power and economic power, melissa get mixed. deals are about fighting north korea get mixed with deals

about us being able to buy a south korean washing machine or a tv made in japan for that matter. free trade is beneficial. the president doesn't believe this. i don't think he understands it is win-win. the more free trade we have better of an economy we have. that is the foundation which his policy should stand. not micromanaging every single trade every american wants to make. melissa: thanks, guys. david: isn't that what the fed does? we had enough with the fed for the moment. let's move on from the fed. we have breaking news. facebook ceo mark zuckerberg just making his first comments since his company's latest political data breach was exposed. the company's stock rebounding slightly today after sinking monday and tuesday. deirdre bolton is following new details hot off the press. >> hot off the press in the last ten minutes. david, we've been waiting for this statement from the ceo and founder mark zuckerberg for at least 48 hours but he just responded moments ago. i am going to quote part of the

statement he appropriately posted on facebook. we have a responsibility to protect your data. if we can't, then we don't deserve to serve you. i have been working to understand exactly what happened and how to make sure this doesn't happen again. so, david this, is part of a much longer post. it was almost a forensic account going back to 2007 about facebook's relationship with all of our collective data, the little steps that have come along the way. some of my more cynical tech analyst friend are saying can't believe it took them 72 hours to put that up. there were a lot of people saying listen, either mark zuckerberg or coo sheryl sandberg should have been out in front of this on monday, making a state. however, people that i know who actually work there say the company really wanted to get it right. they know that this is pretty big. this is a big deal. it is the second strike, if you like against the company. of course the first one is if you go back to our run-up here,

the 2016 u.s. presidential election, more than half of our voting population, adult population, so 126 million people, saw ads that were either generated or manipulated by russian bots. so that was the first strike if you like against facebook. this second one now is this data, slash research firm, analytica. they knew they kept data. they knew they had to make a strong statement. i want to point out coo, cheryl samburg reposted mark zuckerberg's comments, added her own spin but essentially a mea culpa. a larger story we talked about before, david, if you're not paying for something, you are the product. so i think that is just something to keep in mind. while we all use all of these social media sites i also want to highlight there are two class action lawsuits that have already been filed.

one from users, one from shareholders. it remains to be seen how big they will get, how much traction they will have. we know facebook is waiting for a letter from the ftc. we know they will probably face inquiry from the uk. so the company realizes they are in the cross-hairs. since this is business channel we should talk about the fact they may have to do with thinner profit margins if they go to hire more engineers to deal with some of this. david: right. here is the business bottom line of this story, information is money. melissa: right. david: we have been all, billions of people have been giving information to facebook. >> for free. david: for free, and they have been using that to generate a lot of money. that's the bottom line here. and everybody has to deal with that deirdre, good stuff. thank you very much. here now with more is judge andrew napolitano. judge, here is the legal, as far as i can wrap my head around it, the legal issue here, facebook, we all saw four or five-page

very, very little type disclaimers that we had to sign when we got into facebook. >> right. david: or when we agreed to give information to certain part of facebook. facebook was the enforcer there. facebook was the enforcer, and they did a lousy job. they essentially gave stuff they shouldn't are given away, or sold stuff, forgive me, they shouldn't have given away. now the question is the government going to step in to become the enforcer? >> first what you say, is true, david was the -- facebook was the enforcer and did a lousy job. mark zuckerberg's statement came out in last couple minutes, supplemented by cheryl samburg, is essentially ad mission. that is exhibit one in the class-action lawsuit against them. they will get action in shares of stock. they admitted the obvious allowed people they didn't trust, untrustworthy to gain

access to private information from those of us who did not authorize it. where is this going to go? it will probably go into mark zuckerberg horrifically beaten up by the house judiciary committee, senate judiciary committee and their counterparts in the british parliament, and there will be legislation they will fight against and repropose. david: judge, you and i have very strong libertarian leans. we do not want the government in the internet. >> correct. david: there is something section 230. i will not get into much into the weeds. this the is first amendment of internet, exempts providers like facebook from liability much stuff that is done with the information that is put on its site. >> yes. david: a lot of lawmakers are now saying we have to revisit section 230. we have to make people like facebook more liable for things that go wrong. do you think that is going to happen? >> this section you cited is the first amendment of the internet

and it insulates the internet from being sued. facebook can't be sued because of what you or i post there. the house of representatives by overwhelming majority, the senate probably to follow suit as soon as this week, will allow facebook and other people who are bulletin boards, will be sued if they post information that can facilitate certain sex traffic behavior. david: right. >> that is the camel of the nose under the tent. david: that was the back page lawsuit they were considered liable despite the fact they didn't put the sex ads on there. >> if this passes, it appears it will, the president already said he will sign it, it is beginning of the end of first amendment fred dom in the internet. it will have the government right in our iphones. david: it will be a whole new world at least for internet. >> you're welcome. david: appreciate it. melissa: head of the house judiciary committee bob goodlatte serving justice

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david: president trump responding to flury of criticism over his conversation with vladmir putin. he tweeted out this. i called president putin of russia to congratulate him on his election victory. obama called him, also the fake news media is crazed because they wanted me to excoriate him. they are wrong. getting along with russia and others is a good thing, not a bad thing. they can help solve problems

with north korea, syria, ukraine, isis, iran. bush tried to get along didn't have the smarts. obama and clinton tried but didn't have the energy or chemistry. remember the reset button. peace through strength. melissa: bob goodlatte from the hughes judiciary committee getting a subpoena from the justice department demanding documents on handling of the hillary clinton email investigation. here is chairman goodlatte. thanks so much for joining us. when will this happen? >> melissa will happen very soon, not today but very soon. it is in response to a long-standing demand that we have had going back to last fall when chairman gowdy of the oversight government reform committee and i, launched an investigation how the fbi handled matters surrounding the clinton email investigation. there are as you know, from the

page strzok texts and others many, many questions how that was handled and we want the documents that the inspector general has. he has 1.2 million documents so far. they have provided us with about 3,000. melissa: i am glad you brought that up, 1.2 million documents. do you think they will hand it over to you in digital form? how do you go through that much information? >> they should hand it over to us in digital form. they should hand it over to us unredacted so that we can see the exact communications that took place and not have to guess a lot of these things and go over to the department and examine documents incamera. we already, when we done that found discrepancies, found things should have been provided to us unredacted even in the small amount of information we received thus far. melissa: switching to another important topic. you are testing the waters with an immigration bill that president trump is backing t protects daca recipients,

include funding for the border wall. do you think it has enough support? >> the support for that has been building steadily. we're working with members who have sought changes to parts of the bill and we're making daily progress on that. we hope to be able to move it to the floor soon. melissa: yours is more conservative as i understand it versus the other bills out there being discussed. that you have e-verify. you want to crack down on sanctuary cities. tell us what are some of the details that make yours in your mind superior to other action out there? >> we do have more enforcement measures that close loopholes we have in our immigration system. it is not just about a wall. it is about having border security in places, wall in places but also once people get inside of the country that is when the real problems begin. so we want those provisions. we also want to end extended family immigration and only allow the nuclear family, the

spouse and minor children. then move toward merit-based system where we're finding people needed in the u.s. economy, not just people who come here because they happen to have a relationship to somebody else who is already here. melissa: can you get something done on this because there has been so much back and forth, so much talk. the president made an offer early on to offer what looked like amnesty to many more people than the obama administration had yet we don't see an outcome. to a lot of americans, that feels like business as usual in washington where things don't get done. do you feel pressure? >> i do feel it is very important we get this done and we get this done as soon as possible. while it has the necessary closing of loopholes and other enforcement measures it has a generous daca provision that not only allows people to stay here permanently with periodic renewals but allows them existing pathways to citizenship. not a special pathway that is

created just for them but if they are lawfully here which this would create a lawful status for them for as long as they want to stay here. they can travel in and out of country, they can work, own a business but also will give them the opportunity if they marry a u.s. citizen or employer petition for them get opportunity for permanent resident status, ultimately citizenship. it's a yep russ proposal in that regard but it also says what the speaker and president have said. we have to stop this problem from persisting in the future and this bill does that. melissa: congressman goodlatte, thanks for your time today. >> thanks, melissa. david: winter storms whipping up the east coast, dumping piles of snow just as commuters get ready to go home. an update from our weather center. texas still on edge following a string of deadly bombings. many fearing bombs have been planted throughout austin despite the suspect being killed. we're on the ground in texas after the break. >> one thing we have not yet been able to finally determine

and that is whether or not there are any other bombs out there that were prereleased before the killer died himself. ♪ the only vehicle in it's class with standard apple carplay integration for your iphone.

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david: bombing suspect in texas authorities were able to get to the source of the deadly serial bombings that have been terrorizing texas over past couple weeks. the suspect killing himself as the s.w.a.t. team was moving in on him. casey stegall live in texas with the details. what a dramatic ending, casey. reporter: boy, david, could you say that again. right now authorities combing through every single aspect of the suspect's life which includes of course searching his home, not terribly far back in the neighborhood behind me in pluegerville, texas, a northern suburb of austin. a wide perimeter set up, a large chunk ofdown down pluegerville

evacuated including city hall out of abundance of caution and police and investigators warned that there could be more hidden explosives out there. they simply don't know at this point. but law enforcement began closing in on 23-year-old mark conditt yesterday largely after he was captured on surveillance tape in apparent disguise, dropping off packages in question at an austin, texas fedex store a few miles from sunday's blast. they caught up with him at a nearby hotel where the vehicle was caught in round rock, texas. as he started to leave police moved in. conditt's vehicle ended up in a ditch on nearby interstate. as they approached the vehicle, conditt detonated a explosive device killing himself. one officer was knocked back, the other fired his gun. once word started to spread that conditt had been identified as

the austin serial bomber, those who knew his family say they are shocked. >> my assumption would be that they knew nothing. they are are the nicest family you want to have, the nicest neighbors you want to v i haven't slightest idea what the motivation would be. reporter: conditt did live with roommates at a house he apparently owned with his father. those roommates we're told being cooperative with the authorities. now they're being questioned. the race is on to make sure that he didn't act, that he didn't have accomplices. that he acted alone. they also have to figure out his motive here. what on earth would have caused him to do this. david. david: up believable. a lot of mysteries there. casey is, thank you very much. melissa. melissa: covering up corruption. how a new era of washington fraud used your taxpayer dollars. peter schweizer, "secret empires" author coming up. facebook ceo mark zuckerberg

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melissa: averting a shutdown.

house speaker paul ryan returning to the capitol after meeting with president trump on proposed $1.3 trillion spending bill. as we await official details set to be released any minute. congress must pass the spending bill by friday in order not to face another government shut down. here is congressman jim jordan, member of the house freedom caucus and house judiciary committee. i can't believe we're up against this deadline again. >> happens all the time. >> what will happen here? >> no one wants a shutdown. more important than that is are we going to bankrupt the country? this is the second largest spending bill increase in american history, second in the last decade only to the obama stimulus package. this will result in one trillion dollar a year deficit this year along. this is not exactly what american people elected republicans to do. that is our biggest concern as conservatives. we don't want a shutdown, we shouldn't spend money on things in the bill, money for planned parenthood, money for obamacare, money for taking people's second

amendment liberties without due process or court of law. that those are aspects of the bill. melissa: ceo of facebook mark zuckerberg now admitting that the company quote, made mistakes. that is understating it. house judiciary committee meeting with facebook officials tomorrow. we're learning that the company's issues with user data didn't start with cambridge analytica. that started with obama campaign. >> we were injected social network on in u.s., on facebook which is most people. where this gets complicated is that freaked facebook out, right? they shut off the feet ture. the republicans never built an app to do that. so the data is out there. you can't take it back, right. so the democrats have this information. melissa: that was carol davidson bragging as you heard. she is a former obama media staffer, talking about mining that data. she went on to tweet in response to this, just recently, she

tweeted, they came to our office in the days following the election. they were very candid that they allowed us to do things they wouldn't have allowed someone else to do because they were on our side. this is what she is saying on twitter. >> right. melissa: not only did facebook know about this, they know the tool they have and they're acting like, oh, we didn't protect you. they weren't hacked. this is their product. that this is what they sell, this is what they do. do you guys feel you have to do something about it? >> i wonder if it was mistake mr. zuckerberg is talking about. was it a mistake for democrats to use it or mistake or republicans. what i'm concerned about is privacy. i hope the mainstream press who fetes fired up about this issue, well they should if something done wrong where we have the briefing tomorrow but i would like to see the mainstream press fire up what the fbi did when it comes to privacy as well. took campaign research document called the dossier, dress i had

up like it was legitimate intelligence, melissa, to get a secret court to get a secret warrant to spy on fellow american citizen. let's be concerned about privacy, but be concerned across the board. that is what we're supposed to be do as members of the united states congress and costtutional rights of american people. melissa: i hear where your going this. this group of people they control elections. they have all the data. let's not forget the fact that mark zuckerberg has political ambitions. we know cheryl samburg definitely has political ambitions. they know how to use the giant resource and giant company to their advantage. do we want people like this controlling information, controlling elections? we're worried about the russians. i think these folks, these managers at facebook are lot more threatening than the russians. >> a couple things. we don't know exactly what happened. at least i don't. why there is briefing tomorrow. we may need hearings to get to the bottom of this. all for transparency and getting the fact there is is distinction

between a private company doing what they did. may have been wrong, we may need to get to the bottom of it, i'm concern about it, and there is certain what the government did. the fbi did this they used a campaign research document paid for clinton campaign, democrat national committee, made it look like it was legitimate intelligence. went to the court, didn't tell the whole truth to the court, namely who paid for it, the fact they terminated their relationship with author of at that document christopher steele because he went public about his relationship with the fbi. didn't tell then the whole truth and used them to secure a warrant to spy on someone associated with trump campaign. let's be concerned about all the privacy issues. that is what we should do. if it takes hearings on zuckerberg facebook issue i'm all for that to find out what took place. melissa: congressman jim jordan, thank you. >> thank you. david: more than a foot of snow day after the beginning of spring. a massive storm slamming east coast grounding thousands of flights. latest on thousands of flights

stranded in california.

david: the calendar says winter is over but it is not giving up. the fourth nor'easter this month slamming areas along the eastern seaboard, canceling over 4,000 flights in the u.s. forecast put heaviest snowfall for this afternoon. that makes a really messy commute home. here with more on the spring monster, meteorologist adam klotz. he is tracking it all for us inn the fox weather center. hey, adam. >> my hope is a lot of folks don't have commute home because they stayed home today. a lot of folks up and down the east coast experiencingly from d.c. running up into new york. we see more snow falling in the boston area. it has been a big one and slow moving and there is plenty of time for more snow eventually to build in here. we're seeing from philadelphia, new york, running up to boston getting some of that snowfall that will linger into the

overnight hours a little longer for them. here is the hour-by-hour forecast. you pay attention to the time stamp follow along with it. as it begins to lift off to the north we'll see areas like washington, d.c., clearing out early in the overnight hours before eventually getting after midnight seeing light snow in areas like new york city, continuing to track this. by early thursday morning a good portion of the area saw a lot of this snow will clear out a little bit. then we're just looking what's left over. i have seen some places getting up to five or six inches of snow in the new york city area so far already. this is additional snowfall to that. again we're looking at spots getting anywhere from another 10 to 15 inches of snow, some isolated in nature. new york city maybe six to 12 inches total depending where you are. that will be the case for a lot of major cities. farther inland you see some really high totals. david while all this is going on there is something happening on the other coast as well. we're seeing a big system bringing in a lot of moisture.

that could mean mudslides. the national weather service is concerned about mudslides in portions of southern california we're getting as much as five to 10 inches of rain there, on ground already scorched by wildfires. flash flooding could be issue. folks need to pay attention overnight tonight running into thursday, david. david: adam, thank you very much. >> yep. melissa: the swamp revealed. a new book giving us all a look at how some politicians helped china make their own families wealthy off your taxpayer dollars. what a surprise. the author of that book, peter schweizer is next. oooooohhh! you stopped! you're gonna leave me back here at year 9? how did this happen? it turned out, a lot of people fell short, of even the average length of retirement. we have to think about not when we expect to live to,

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david: how the beltway swamp really works. a newly-released book, entitled

secret empires, how our politicians hide corruption and enrich their families and friends. it will make you mad. chronicle as new era of washington fraud detailing how millions of your tax dollars were poured into extended families of politicians and get this, while they were helping our international competitors, folks like the chinese pull america's factory, capital, our own secrets away from our own shores. here is peter schweizer, the author of "secret empires." peter, great to see you. number three on amazon. >> yeah. david: congratulations. first talk about a chinese company, this really is bad enough when american companies have their hooks into our politicians but when it's a chinese company be, there is a company called wong chong, they are supposed to be a private company. but they are not. this company is battery making company based in cambridge,

massachusetts. they were getting a lot of money, over $200 million from the obama green policies, and the waa chong company, the chinese company wanted to by a123. take it from there. >> it is a company that has deep political ties with the chinese state. a123 is not doing well. there are american companies want to buy the battery company because it has advanced companies. wa chong wants it they want to take the technology back to china. a lot of red flags. wa chong played it smart, had a consulting arrangement with george w. bush's uncle with, a former mayor of chicago, mr. dailey is on the payroll and they essentially greased the skids in the obama administration. so they are able to apply and get this technology to bring it back to china. david: just to remind viewers out there, if you remember the solyndra, disaster, a123 was kind of like that.

they had a lot of problems. they got over $200 million. >> that's right. david: also this chinese company, was getting our tax dollars. >> that's right. david: how did that work? >> that is precisely what happened. this is the problem, illustrates the problem, david, they juice in with political people in washington, d.c. of both political parties often times, they use it to grease the skids, a123 had unique technology funded in part by taxpayer dollars, ends up being sold to the chinese. the deal gets approved. joe biden is somebody who advocates on its behalf. there is interesting question there, because his son hunter was a creditor for a123. david: aye yi yi. >> there are interesting commercial ties. it shows corrupting influence. >> the bottom line, deal went through even though a group of bipartisan senators tried to stop it, cfius, we remember them from the uranium one deal. they eventually went along with it. both the cap at that that our tax dollars went into it.

some of the tech information, our pressures information, our tech secrets went to the chinese. >> yeah. david: and some of the factories went to the chinese. >> that is exactly right. the agreement they struck when they bought the company, we'll keep manufacturing in the united states. that didn't go too well. they actually closed or reduced the size of factories in places like michigan. moved it back to china. there is advanced technology in china today that was paid for by u.s. taxpayers. their factories shut down here. they are now with a123 going to be competing with tesla. we know about tesla. they are taking fiskar, which has another company that went bankrupt here that al gore was tied in with. it is now a chinese company. david: so they not only got a123 by fiskar which a lot of our money went, hundreds of millions of dollars i remember? >> exactly right. david: they got fiskar and all secrets went along with that company. quickly you mentioned briefly there was connection with not only politicians in the company but with family of politicians.

that is something that happens a lot in d.c. we could have picked out somebody from any party, but it happens on both sides. senator dick durbin has a wife who is lobbiest. he has a son who is a lobby i. he has a nephew who is a lobbiest. all three of these people benefit from legislation he is working on, correct? >> that is exactly right. this is huge problem. david: he is making his entire family rich by voting or creating legislation? >> that's right. these are individuals often times, family members, they're not experienced lobbyists. they become lobbyists because they're related to powerful politicians. i call them the prince links of k street. prince lings of communist party bosses that get juiced into huge deals, guess what we have american prince sis lings. study sass 1/3 of the u.s. senate, 33, have at least one immediate family member of a senator who is registered

lobbiest. that david, does not include, that does not include those people who are working in government relations but are not registered as lobbyists. it's a massive, massive problem. david: by the way the last time we talked, legislation to prevent insider trading by politicians, people like nancy pelosi's family, et cetera, benefited from doing some of this. any luck there at all? >> we passed the stock act but here's the problem. david: a lot of people said it was watered down. >> it was watered down, because it was passed everybody was upset. six months later bipartisanship, obama white house, basically gutted bill. who said bipartisanship is dead in washington? when you take away a perk or self-enrichment tool both parties like they suddenly come together. david: they come together when you're trying to drain the swamp they come together like magic. the name of the book is secret empires. it is not so secret anymore thanks to the great work you do, peter. congratulations, number three. hope it is number one soon.

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cme group - how the world advances. ♪ . >> the new generation is betting on alternative reality. >> and a new article, a significant group of millennials seem believe to they don't have to save for retirement because, and get this, by the time they're old enough to stop working, capitalism will no longer exist. >> that sounds right! oh, wait. >> they're advocating socialism as an answer to their old age when they don't have money, you know it is teachers that are -- we saw this happen about 20, 30 years ago when all of the radicals went into the teaching profession and we know that now clearly because we see a lot of the junk that's coming out of the heads of our kids when they graduate from college. >> if capitalism doesn't exist,

who do they think is going to pay for them? >> they're going to find out. the answer is nobody, and the money is going to dry up and we're all out of luck. >> unless they discover money trees. >> there you have it. "risk & reward" starts right now. liz: this just in moments ago, facebook billionaire ceo and co-founder mark zuckerberg finally breaking silence on data mining scandal. this after the data of estimated 50 million users were leaked without permission for things like targets of political ads. but here's the outrage. zuckerberg finally revealing the real problem at facebook that it let's an army of apps and developers rampage through your data, family and friends data without your permission. that is why facebook is one big giant app. that's how it made $41 billion in sales last year.