[closing bell rings] the dow up over 1000 points last two sessions. that will do it for the countdown. we'll throw it over to david asman and melissa francis "after the bell." melissa: stocks dropping into the close. take a look at this chart. dow dropping 400 points. after yesterday's more than 700 point plunge. major averages worst week in two years. oh, i'm melissa francis. david: some stocks are looking like a buy if you were on the edge unless you think it will go further. very important hour on this "after the bell." all but two of 30 dow stocks closing in the red. go straight to nicole pettiledes on floor of new york stock exchange. we're not at the low but very close. what started the real downdraft

today? >> i think financials and tech broke down. we're not right at the lows. we were down 448 points. but we're finishing down 426 points. for the week, down 1400 points. the dow took out the february low. but one piece of good news the s&p 500 did not take out the february low. for those folks that didn't want to see it, worried we would head lower, that might be one piece of good news. those techs and financials could not hold on. they keep their eye on washington. dow is down 425 points. that is 1.7%. dow, s&p, nasdaq, have had the worst week since january of 2016. so big picture for the week, the dow, and s&p are down more than 5%. the nasdaq down 6%. and then we take a look at some big losers of the week. we saw 3m,bge, goldman sachs.

they are down seven and 9%. defense stocks, that is one area we saw up arrows. this as we have bolton coming in to head up security. lockheed martin, northrop grumman, raytheon, they all gained for than 2%. i am presenting green arrows. back to red. facebook took spooked the tech trade. they are down 13% for the week. regulatory concerns and concerns about the response of zuckerberg. drops another 3.3%. this is a tech stock that bucked this trend today. it is big ipo since snap. that got a boost. everything seems somewhat tainted this week. maybe they will buy them back on a monday. back to you. david: defense got increase of

$100 billion, amount of money spending on defense. thank you very much. appreciate it. >> thanks. david: the bill to avoid a government shutdown, had strong words for members of congress. fox business's adam shapiro is at the white house with the very latest. adam, there are a lot of people who said they were lifelong trumpers who are now talking about dropping donald trump as a result of what happened today. >> well there are definitely people who are disappointed the president signed the omnibus spending bill. a $1.3 trillion measure which the president called ridiculous of the. he said what transpired over the last week or so was ridiculous. he signed but this morning he threatened to veto. when he signed the bill he signed it for the sake of national security because this spends hundreds of billions of dollars to rebuild the u.s.

military that was a promise he made on the campaign trail. but lack of daca fix or students came to the united states bought by their parents here illegally, there was no fix. there was the back and forth with democrats and republicans and the president said he would never sign a bill like this again. listen to him in his own words. >> i say to congress, i will never sign another bill like this again. i'm not going to do it again. nobody read it. it is only hours old. some people don't even know -- 1.3 interest dollars. the second largest ever. reporter: it is now law. it was originally going to be a press briefing. then a news conference. it was more of a statement. the president was there with secretary mattis and wilbur ross, the commerce secretary. he talked about potential

tariffs against china. he signed the memorandum which begins process to impose tariffs. the chinese initiated what they call their retaliation. they imposed $3 billion worth of tariffs because of the steel and aluminum tariffs. they said look to the united states, if you want a trade war we're going to get one. the chinese say they will not back down. back to you. david: adam, the most important symbolism i saw the press conference, he did not sign the bill in front of the cameras. every other bill he signed, you see him signing in front of cameras. it was such a bad bill he didn't want to see being signed in public. reporter: that is absolute symbolism. analysts say it was political skillful of the president, it was kind of image, picture or video could be used against him in the future. david: thank you very much, adam. melissa. melissa: the commander-in-chief is not concerned about the recent market volatility. >> i think the stock market is going to be great. the stock market is way up.

when i came into office the stock market was from a different planet. it is way up. melissa: let's bring in our panel. steve forbes, forbes media chairman. carol roth, and jack hough from "barron's." steve forbes start with you. i liked it better when the market was barometer of the performance because lately it is not giving him a good report card. >> it is about uncertainty, melissa, threat after trade war, how the chinese will react. yesterday he gave exemptions on the steel tariffs to eu, south korea, australia, me, jack, and everybody else but the china one has the markets worried because these things can spin out of control and the uncertainty means people will hold back on investment. that is what we don't want. melissa: carol, i mean you add to that, you have his legal situation, the turnover in the white house just the massive spending bill, the idea

washington is spending your tax dollars out of control? >> it is very frustrating. seems like congress and the president threw us all over the proverbial omnibus. melissa: that was good, well-played, melissa. >> it is good as a joke but not good as reality. something that those supporting the president certainly don't want to see. you couple that with the fact gdp reading going down uncertainty with potential trade wars, uncertainty over actual wars. there was a lot of peacocking with a appointing ambassador bolton and talk about all this military strength. all of those things added up, adding to potential uncertainty. unfortunately doing a lot of good we saw when we got tax cuts months ago. melissa: jack, analysts are

saying they have lost confidence in cheryl sandberg and mark zuckerberg and what happened at facebook, that was a new drag on market. >> facebook is the new tobacco stock, everybody hates it. they make too money to ignore it. i have thoughts in today's "barron's." i get 10 cents every time i mention the magazine. if you thank northrop grumman and you can thank bombs away bolton. investors are rattled by the tariff talk, sabre-rattling, we need a little less chaos going forward. melissa: steve? >> the fact chief of staff kelly, kelly didn't know about the bolton appointment it was announced, reinforces what direction this administration is going in. even though his focus on chinese trade abuses which are very real, it is very good, there is worry about have they thought

the thing through, how best to do it, cooperate with allies. europeans would sign up confronting some of those abuses. so it is not so much the overall direction but how it is being done that has people concerned. >> i think market would have been happier with michael bolton quite frankly for that position. melissa: a lot of good comedy, coming out of you, jack, which is good. that will buoy our spirits. carol, throwing us under the omnibus you have the line of the hour, peach watching market, care about the future of our country, the idea that everybody found a way to spend more and they came together by agreeing to let the other side spend is really distresses. >> yeah. i mean i didn't even sound like much of an agreement as the president said. didn't seem like anybody read it. so really is an unfortunate situation. it is an unfortunate situation in the background of the overall

growth we're seeing on global basis, potentially the opportunity for that growth to continue in the u.s. it is a perfect backdrop to cut spending and do something responsible. we unfortunately didn't see that i think we'll continue now to see this volatility until maybe we get some good news out of earnings and that comes to the backdrop again. but at some point we do really need to focus on this. david: let's get a trader from the battle ground himself. from nyse, trader steve guilfoyle. steve, take a deep breath. i'm sure it is not as bad as it seems, was this a matter, thedown draft that happened in the last two hours of trading when things got really nasty. why is that? why did it happen after the president announced he would sign the bill or earlier when we heard news of china doing some sabre-rattling with regard to trade? seemed like suddenly went down in the last two hours. why? >> well, we have so many factors

weighing right now on sentiment, i think sentiment has turned. a lot of traders are looking to take profit, a lot of us still have profits. we have smaller profits, but still up from our basis. a lot of guys are getting out now, when the getting gets good. i'm not waiting for deficit spending package will weaken the dollar. look at libor rate. short-term liquidity issues could weigh on smaller cap stocks. larger might repatriate cash. they might not need the short-term money which will make the rates go higher. confluence of issues. david: perfect storm. >> what are we down 1200 points on the dow couple days? it doesn't feel -- david: how much of what happened today had to do with the fact it is frye and people didn't want to go long into the weekend? >> there is something to that. when we saw the moc order maybe an order ago, they were really heavy to the sell side, a lot

heavier than usual. sometimes they pare off. it was not a quadruple witch or anything like that. it was surprising to see the size of those orders. only saving grace, volume is low overall all week. even on the big down days, volume is below average. maybe conviction isn't even there? you know what? there are etf flows to worry about. you see them rolling out of banks. them rolling out of the tech stocks. rolling into defense. rolling into energy. not to mention the pop in the price of oil. david: what about people going in though, getting hungry and realizing that stocks at that they have been thinking about buying but that were too high for months mr. now within their range? >> you're looking at them. that is my game. so yeah i bought a lot of stocks today, all right? i got out of a few positions that i wanted to get out of a while i just gave up on. i reduced my exposure to tech i'm basically a tech trader. i like the semis. i see the demand story. you know what?

they're most exposed to china. i have a little issue on my hand. i decreased exposure in that space and increased exposure to defense stocks. david: steve guilfoyle. that was solid analysis. melissa: it really was. go back to the panel. that made a lot of sense. the jack hough, start with you. >> profits are plenty in the markets there are bargains to be found especially giant tech companies on top of the market people saying they are too big to pro. that is nonsense. facebook is growing the top line faster than 35% a year. show me a mid-cap, this is growing like a startup. premium trading to the stock market is tiny. plenty of value to be found especially among the big cap tech names. melissa: carol, i take a lot of issue with that especially facebook, you're looking at a massive regulatory problem coming down the pike for facebook. their managers have shown they can not deal with what is going on. they did not get out in front of

it. the interview mark zuckerberg did only made people feel more uncomfortable. the core business which is about getting you, get on there do everything you can, even elon musk tweeting today that he deleted his page, deleted his account. he deleted tesla and every trace of them. i think, carol, facebook has real problems. >> first of all a little rich coming from elon musk but that aside, for full disclosure i own facebook stock. melissa: okay. >> i am an investor and i am particularly worried about it. i'm worried over time people will become a little more sensitive to the privacy issues. they will start to understand that facebook also owns instagram and all of these other applications that they say they're going to switch from facebook to. i think from a long-term trend, i think that they do have a lot of concerns. in the short term i imagine this will probably blow over.

you get opportunity. i'm hoping to get out higher price. from long term perspective i have a lot of concerns. melissa: especially, from the long term perspective, kids don't care about their privacy. guess what? they're not on facebook and instagram anymore. the grandparents are on there and they do care about everything being mined from there. companies care. what are your thoughts on all those things? >> in terms of a facebook, they mishandled this thing. melissa: horribly. >> lesson to the top management which is rather smug. this thing was coming. after all, after 2012 the obama administration boasted the campaign boast about how they did what the trump campaign was accused of. they did it in 2012 where given hose sanaas for it. facebook did not face up rather they were misused. five years later, six years later it has come back it bite them. i think facebook will get through this i hate to say it, this is beginning to look like a

bargain. even if only us old sis sters go on facebook, there are a lot of us around thank you very much. david: for more what happened inside the beltway, chad pergram, fox news senior capitol hill producer, what happens in the future. chad, first of all the spectacle for today was about donald trump. there was nobody inside the beltway except for donald trump. he knows how to take the stage to use theater parlance. he knows how to look for that one light and he found it today. he stretched out the drama until the very end. we weren't sure until the last moment whether or not he was going to sign the bill. turned out he signed it before he got on stage. >> this is what is interesting. congress went on its recess. it's a two-week recess for the easter and passover recess. there was not as much pushback but there was chaos in the capitol people were trying to figure out, congress had gone home, could they pass interim

spending bill to keep the government open because he didn't signed this because nobody was here. i should make crystal clear, when congress puts together 2200 page bill a bill worth $1.3 trillion, the president of the united states is dialed in on that, for the president to consider vetoing it, that got so many members of congress and staff upset. they worked all night, worked for days putting the bill together, members of the administration, mick mulvaney, marc short got up on stage and talked about, but to get up on stage -- david: chad, forgive me. i have to stop you mid-sentence. i don't know if you can hear this before, keep in mic open. the point is nobody read the bill. >> right. david: it is 2232 pages. somebody worked hard on it but putting that thing together done in such a way the president himself mentioned it was a joke.

nobody could read the bill. we were supposed to get beyond this president, these bills that people vote on before they have had a chance to read. >> it wasn't just this president. it was republicans in congress said they would read the bills. that is one of the big things they campaigned on in 2010. but at the end of the day congress kept getting into the problem they couldn't pass the bill. they had to get a coalition of democrats and republicans. they pitched idea of raising defense spending. that was the big sell for defense to get republicans on board. keep in mind conservatives are divided. they don't seem to care about deficit reduction anymore. when president talks about line-item veto. they tried that in the mid-1990s. he tried that. supreme court case, clinton versus new york, 6-3 decision -- david: getting too much in the weeds. i have to talk about what happens. this will last for six months. we'll go into the whole process in september. that is right before the midterm

elections. a lot of people who had been trumpers, there is nothing will separate me from this president are today telling people this is what separating me from the president. what the president did in signing this bill is going to separate me from this president and from the republicans in november. how much of a threat is his signing the bill today to what happens in november? >> well, in many respects it's a big threat he says i will to the do this again. congress has to do something in a way that will earn his signature. the other side, a lot of times this president says he will do one thing and does something else. even though this was a threat today, some of the people i spoke with on the hill thought this was your term, sabre-rattling. a lot of people thought he wouldn't sign it at the end of the day so is it a idle threat? if republicans are on the ropes to retain house of reps on in midterm elections do they want a veto threat over them this is

president running against congress. this is something president trump runs very well. congress, whether be democrats or republicans are in charge, is unpopular and he risks losing control of house or senate. david: more to dangerous to the president than this is losing his base. if he lost his base, most important group of people, forget the folks inside the beltway, it is his base he is most worried about. he says this will never happen again. i will never sign another bill this bad in terms of spending again. what can he do? we heard about the filibuster rule. we heard about perhaps line-item veto. can those changes be made before he is faced with another bill like this in september? >> not really. i mean it take as 2/3 supermajority to change the rules in the senate. senate majority leader mitch mcconnell is on record on multiple occasions democrats and republicans don't want to make

those changes changes if you're ox is being gored today, it might be somebody's ox tomorrow. the republicans are basically 50 senators. 51 senators but john mccain is out. that doesn't help republicans in near term. in terms of line-item veto, would you have to amend the constitution. they have tried that before. there is a problem in the constitution that says this isn't the way that a veto is supposed to work. the power of the purse resides with congress, and this would upend that. david: rush limbaugh once said, only thing that could separate trump's base from donald trump is donald trump himself. media will not do it. a lot of people today wonder whether the president has done that. it is interesting to see chad pergram -- nobodying gets inside the beltway like you. melissa. melissa: backlash over facebook. the social media company is attempting to do damage control as lawmakers demand answers over

the data miss use scandal. deirdre bolton is live in the newsroom with the latest on the controversy. >> there is a lot here. mark zuckerberg holding closed-door meeting with employees today. no word exactly what happened in the meeting. i know from friend who worked there, the tone all week very somber. front and sent are at this meeting had to be address to staff, call to arms, giving specific guidance how to deal with data issues going forward. the fallout from the cambridge analytica scandal is big. this is the data and research firm that facebook users, personality quizes, gauged their personality, their political leans and the problem now for facebook is this allegation that the company failed to protect 50 million users data and privacy. speaking of which the acting ceo of cambridge analytica came out today and he says in his words the data had been obtained in line with facebook's terms of

service and data protection laws. essentially he is saying we did nothing wrong. we followed the map laid out by facebook. so facebook it is on you. obviously coming from a specific source, the cambridge analytica acting ceo but it is worth noting. a lot of users continuing that # delete-- facebook queue. elon musk had his facebook pages deleted for spacex and tesla. that is five million accounts. i didn't even know these pages to begin with and they kind of look lame. he deleting them a. a lot of people follow elon musk. he is oddly leaving facebook account, his 7 million users, he says facebook is not creeping into that app too much. in general this user revolt is a problem for facebook but even

bigger challenge is, honestly are they going to hire more human engineers, that cost more money, that eat into their profit margins? i know they have very strong sales but they have to do something. new york ag has an investigation going. massachusetts ag. we know lots of demand from d.c. back to you. melissa: without question, they have got big problems over there, deirdre, thank you. david: steve forbes is back to react. talk about congress here they often mess things up, no matter what it is. facebook didn't know how to regulate their system properly to prevent some of the data from being released that shouldn't have been released. so therefore it will be up to us for the government to help these people. what was the worst phrase coming out of the government, i'm from the government i'm here to help? >> right. david: that is what worries me most what is happening right now with facebook. >> when you reach a certain size in this country in terms of the economy they will come after you one way or the other and facebook wasn't prepared for it.

they didn't think it could happen to them. they thought they and others were well wired with washington. they're getting their just, i don't know rewards but they're getting hit and hit hard. that is useful lesson for them. i don't think this company will crater. microsoft took years for them to recover. now they're a vibrant company again after the government went after them. strong companies can survive these things. internally they have to realize, their challenges are as much political as commercial. i don't think they have really grasped that yet. david: steve, i want to switch if i can what happened with the budget today and the president signing that. of course it was great theater leading up to his signing. nobody knew what was happening. everybody was focused what he was doing. he brought an audience to him and speak to the national audience why he was signing it. hated the bill, what it did with everything except defense. defense was an important thing to sign. it was important to build it back up. that is the first duty of the

commander-in-chief to keep this country safe and the military declined to the point where we are in danger. he got build up of the military in there but little else. how do you think it affects long term and affects republican party with the midterm elections coming up? >> in terms of lead-in, elon musk for facebook, if he dropped government subsidies for his products that would get real headlines in my mind. david: he will not do that. >> of course not. going back to this i think even though the president is taking a pummeling on this, he had to do something to get defense up and with the democrats having effective veto in the senate i think he had to do it. the key thing now, what do you do to dominate the agenda in the future in positive way? that is why he has to start with tax cuts, get the trade negotiations going so investment picks up again, dominate the agenda in positive way so the other stuff doesn't detract. david: i wanted to hear what the base thought. as you know the president is always speaking to his base. he is more worried about that

than anything else. i listened, i listened to rush limbaugh today. i heard his base speak and they said, he has become a part of the swamp. it was amazing to hear voice, caller, after caller saying we're not be supporting this man anymore. do you think that lasts until november? >> what it underscores is that it is not so much the president's problem. he doesn't run until 2020. that is a republican problem. that is where voters take it out on them, the base. we have six months to the election. what you will see, seven or eight months, what you will see in the early fall the president will veto the next spending bill. he will use it as campaign issue. if they have dominated things right on future tax cuts and the like, they could really stem the losses that they face now. right now it is up to 68 house seats are in jeopardy according to rasmussen. david: putting fine point on it, when this comes up in september, when he faces another bill, you know it will be loaded with all

kinds of junk, the likes of which he signed today, he will say no more, that will lead us into the november election and that will be his revenge? no yes. he wouldn't hesitate then to shut the government down. he would love it. david: steve forbes, thank you very much. i appreciate it. >> thank you. melissa. melissa: great analysis. interesting stuff. president trump officially signing a massive spending bill leaving many lawmakers unhappy. my next guest republican mark sanford says this bill is horrific on a host of levels. he joins us after the break. >> i looked very seriously at the veto. i was thinking about doing the veto but because of the incredible gains that we have been able to make for the military, that overrode any of our thinking. ♪

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melissa: a matter of national security. president trump signing a $1.3 trillion spending bill but not without some reservation. >> it's a matter of national security i have signed this omnibus budget bill. there are a lot of things i'm unhappy about in this bill. there are a lot of things that we shouldn't have had in this bill but we were in a sense, forced, if we want to build our military -- melissa: here is congressman mark sanford. he is house freedom caucus member. boy, what do you think of that? >> well, i would respectfully say they've to disagree with the president on this. i think the ultimate measure after country's security is its economic security. paul kennedy wrote an interesting book a few years ago, rice -- rise and fall of economic powers. economic sue security was --

melissa: you think he should have vetoed the bill and demanded changes? >> i do at two levels, not only spending level but frankly at the process level as well. as republicans we went backward. you may well remember nancy pelosi telling their members they should vote the bill so they could read what was in it. in essence that is what every republican did yesterday, we had a matter of hours to review a 2000 plus page bill. unless you're an amazing speed reader, no way you could read through this. i calculated, you would have to read 232 pages an hour to work your way through this. so from a process standpoint i think it was broken. certainly from a policy standpoint in terms of the amount of total expenditure i think it was mistaken as well. melissa: some even made the charges, when you do finally get a chance to read it, they pulled out things like some of the choice that the president had pushed for in the va. they crammed back in the spending. that it is even worse than people think once they get a

chance to read it. where do you go from here, congressman? >> well, i mean politics is daily tug-of-war. the day, the battle will start up when we reconvene after easter. to your point there were a number of policy losses. to be fair the president pushed hard on notion of border security. one of the chief tenets of his election yet if you look at number of miles for secondary fencing and secondary fencing only were incorporated into the bill, a giant gulf there. i think republicans had more losses than wins if one is a conservative sort of philosophic framework. melissa: that is depressing. another day. we'll work again. congressman mark sanford. david: another day will come in november. we'll see it again. big boost for our nation's heroes. the president trump signing a largest pay increase for our military in decade. what it could mean for the men and women in uniform coming up.

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>> this will be actually the largest pay increase for our incredible people in over a decade. it increases total defense spending by more than $60 billion from last year and funds the addition of critically-needed ships, planes, helicopters, tanks and submarines. melissa: funding america's heroes. president trump signing a spending bill giving a major pay

increase to the men and women in uniform. in addition the military will get much-needed equipment, stealth jet fighters and an upgrade in the nuclear arsenal. we have the director of defense studies at the center for national interests. harry, was it worth the price of all the rest of the spending to get the military spending? >> i think the president believes so and i believe ultimately he is correct. the united states is employing men and women in uniform, the pay is considering low considering what we ask them to do. some of our sailors work 100 hours week. that is crazy amount they're asking them to do. the other thing, we're asking them to fight wars of the future, potentially with an aggressive china and russia. they don't have the equipment they need. much of it is old from the cold war. i think they made the right move here. melissa: mcmaster is out. bolton is in. replacing former national security advisor with ambassador

john bolton. the move coming at critical time with major foreign policy decisions on the horizon, including north korea, the deadline for the iran nuclear deal. what is your reaction to this? >> this is a very tough day in tehran, pongyang, moscow and beijing. a lot of people will have tough days there. i think john bolton will focus this president on number of key issues. i think the iran nuclear deal is dead and buried. i wouldn't be shocked if new national security advisor push more sanctions on iran, bring back old sanctions. when it comes to north korea pongyang understands very clearly they need to come to the table with concrete proposals to nuclearize. if they don't, there will not be a summit. melissa: harry, thank you for your time. >> thanks for having me. david: president trump issuing a warning to china. he says the u.s. won't lose out on billions of trade because of china anymore. our next two guests debate the president's strategy. you don't want to miss it. that's coming up.

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>> china is going to end up treating us fairly. for many years they had free rein. they don't have free rein anymore. we have great relationships with china. look, it's time. it's time. last year we lost $500 billion on trade with china. we can let that happen. david: president trump today kind of throwing his supporters a bone after signing a spending bill that is likely to cost him some of his support. will it work? the trade strategy, and is this strategy going to work in the long term? we have two free-marketeers who deliver dramatically on issue of trade. todd horowitz, the bubba trading show host, and john tamny, "forbes" columnist and real clear markets editor. todd, first to you, we lost 1400 points on the dow this week. a lot of that had to do with

trade talk. doesn't that say something to you that perhaps the folks who are worried about trade have a point? >> hi, david. no, i don't think i think market was destined to sell off anyway. there is more relationship what happened with facebook. i think what trump is doing, best thing that can happen in this country. we are the economic power. it is about time we put our power together, hey, you want to do it our way, no longer take advantage of us like you have done the last 30 years. david: john, the administration has cooled down the rhetoric from where it was when they firsted announced the steel and aluminum trade. we had peter navarro one of the big proponents of these tariffs on fbn earlier today. let's play the sound bite. >> we think the chinese will respond quite favorably in terms of discussions. they have a surplus. we have a deficit. they have a lot more to lose than we have by disrupting relationship. they know wit. we know it. we will work with them. it will be great.

david: the rhetoric has cooled down. the number exceptions to all these tariffs have grown enormously. the i think china is only country that qualifies for tar riffs. is that any solace to you? >> no, not at all. what peter navarro and donald trump don't know about trade could fill any books. i don't like being tank advantage of, that is why i'm precisely for free trade. when you have the whole word competing to service your needs the odds of somebody tied to government greatly taking advantage of you is -- world gives us a raise every day and we're able to specialize. david:ed to, go ahead. >> we don't have free trade right now. not in this country. you're looking at free trade. we don't have a free market how can we look at free trade. david: john, you have a question, john, go ahead and answer. >> if we don't have a free

market do you want to make it less free by letting government decide who can serve our needs and by extension letting the government decide how little we specialees the work we do? your message is confused like the president's. david: todd, go ahead. >> i guess i'm confused i would rather see a free market system we negotiate on a deal instead of giving all our money away and supporting rest of the world and instead of letting the world take us. david: go ahead, john. >> last i looked the free market is function of individuals getting to choose whom to sell to and whom to buy from. what you want is the opposite of free market. you want politicians -- >> not when you have the fed -- david: hold on. one at a time. todd, go ahead. >> you don't have a free market when you have the federal reserve manipulating dollar the central banks around the world suppressing dollars to such rates. that is not true free market. the only free market is bitcoin and cryptocurrency, i had trade

24 hours a day with no interference. >> todd i would do same thing i'm losing what easy debate. nice segue to the federal reserve. >> i'm not changing subject. david: john, let me ask you one final question there have been a number of free traders recently joined the administration, larry kudlow among them. also david malpass. does that give you any solace? the fact that there are people agree with you on trade now part of the trump administration? >> it does. let's see action. what we heard from president trump yesterday this awful move vis-a-vis china is the first of many. markets have responded. who in the administration who believes as we do is going to stand up for the right of people to trade with anyone regardless of what country they are in? david: todd, quickly. >> yeah markets responded. they're up 29% since trump took office. you have to understand that you have to negotiate -- david: todd, they're down since the tariffs were announced, right? >> sorry?

david: the markets are down since the tariffs were announced? >> they're down but david, we know that the market should come down anyways. we talked about market coming down before tariffs were thought about. david: both of you guys, both of guys are good friends of mine. you're both brilliant. you're both free-marketeers. you have a big difference of opinion on this one. come back and talk again. i appreciate you being here. >> anytime. david: have a great time. melissa: very spirited. david: they're strong guys. melissa: volatility on wall street, how you should navigate the wild market swings. what it really means for you and your money. ♪ exactly. so i started trading. but with everything out there, how do you know what to buy? well, i think my friend victor has just the thing for you. check this out, td ameritrade makes it easier to find the investments that might be right for you. like our etf comparison tool it lets you see how etfs measure up to one another.

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melissa: all right. some people are attempted to hide all their cash in a empty

stress i guess. i don't know about all that. all three major averages suffering the worth week in more than two years. our next guest says avoiding the stock market is no answer. author of get money, live the life you want, not just the one you can afford. her name is christine wong. thanks for joining us. we dragged you on because everything is crazy and you have a new book coming out, inspirational investing hard to do on a day like today. even people out there who are not terribly focused on it, no the market gone down a bunch. what would you say on this? >> it is sure a volatile day. just remember you're thinking about the long term. we're not worried about short term stuff. a lot of people see headlines, catch a glimpse of it, look at investing through a very small lens. this is happening past few days. this is happening in the past few weeks. you know, you have to widen that lens. when you're a personal investor you have to remember you're investing for the long term, you know? you are holding on to

investments for years. gradually everything will be okay over time. so -- melissa: even when the sky is falling? even when everybody is so concerned about president trump, there is trade war coming, facebook is a disaster? that is something we've been able to count on forever? all of sudden elon musk is deleting his account. people come on, say invest for the long term. maybe the long term doesn't look so good? >> every time something like this happens everybody says, what if this time is different? the sky is falling this time. i think probably during the recession, you know -- melissa: would you double down right now? >> i mean i would. i love a good deal. stocks are on sale right now. that is one way you look at it. if you're afraid to go. >> stock market because afraid of losing money -- melissa: now is time to do it? >> sounds counter intuitive. i love stuff buying it on sale and when the stuff makes me money it's a very good time for investing. >> that is interesting point of view. it is very brave.

>> as long as you invest properly. melissa: what does that mean? people we have on, wow really looks like tech is on sale. that is a huge opportunity but this could be a rotation where all of sudden those stocks are under pressure for a long time because of trade wars, because of what may happen with semiconductors, because of their exposure to foreign countries. what do you think about that? >> that is my hesitancy saying yes you should buy stocks on sail. sale. you don't want to time the stock market. you don't want to active invest. you want to invest for the long term in broad, sounds very boring but broad mutual fund and diversify portfolio. melissa: or buy the index? >> it has been volatile as we've been saying but you know what? over the long term it is going to be fine i think. melissa: kristin wong, thank you. >> thank you. david: meanwhile we have some breaking news. the president is leaving washington. boy, this is one of those weeks when i'm sure he is very glad to be doing so. he is going down to his florida

home. essentially turning out the lights inside of the beltway. there is air force one on which i think he has already climbed the stairs. no, he has not yet climbed the stairs. he is just, marine one is just about to land. then he will go out -- remember all of congress had essentially left the day before. so he was alone in washington where all of this drama unfolded, dramatic moment when he decided or at least announced to the world he already signed that spending bill. but again he is glad to get down to his home in florida today. i'm sure. more to come. stay with us. see why chevrolet is the most awarded and fastest growing brand the last four years overall. : gm financial.

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. >> there is marine one. the president getting off in just a moment. that's not the president, but he'll be going home to florida. remember the millennial we had this week who said -- asked the president that great question and regrets it, yeah, i wouldn't want to be president. >> what would i tell my

21-year-old self? don't run for president. it's been a rough week in the markets. he was going to use the markets -- seemed like, a barometer of his presidency. >> he didn't look too happy today when he announced he signed that spending bill. >> there he is. all right, here's "risk & reward." >> my highest duty is to keep america safe. therefore, as a matter of national security, i've signed this omnibus budget bill. there are a lot of things i'm unhappy about in this bill. there air lot of things that we shouldn't have had in this bill, but we were in the sense forced if we want to build our military. we were forced to have. there are some things we should have in the bill, but i say to congress, i will never sign another bill like this again. i'm not going to do it again. nobody read