with the dow. we're losing air right now. we're up only 36 points after being up more than 400. [closing bell rings] final minutes of the trading day. we're at the lows of the session and the dow. let me hand it to "after the bell." that will do it for "claman countdown". cheryl: the dow in the last ten minutes started to fall. we were up 40 points earlier today. another exciting day on wall street. you can agree with that. we're closing 49 points to the upside. look at the chart. we were up 440 points. now we're up by 48. sorry it is my fault because i'm here on "after the bell." all major averages closing higher. i'm cheryl casone in for melissa francis is it is not your fault. volatility from mr. jack bogle, the great jack bogle. he hasn't seen volatility like

this and today is an example. i'm david asman. this is "after the bell." half the stocks are ending in the green. phil flynn from the cme in chicago. he is watching gasoline prices. have you noticed they are on the rise, i'm sure you have if you have taken a road trip? first to nicole pettalides on floor of new york stock exchange, who took a pin to bust this balloon, nicole. >> truth the matter, david, some of the traders at the closing bell were looking at a "new york times" article other that fbi raided offices of trump's lawyer michael cohen. dow up one quarter of 1% at this time. the other two factors, volume was lighter than it was on friday's selloff. syria, what will president trump do about syria. what will he do pertaining to

syria. we know he has that front and center for today, maybe tomorrow. what drove the dow jones industrial average, goldman sachs, merck, ibm accounting for nearly half the dow gains. merck was up 5.25%. health care did very well. a lot of biotech investors got squeezed today. we saw technology big pictures, technology, don't forget amazon to the crushed on friday. they tried to buy many solve those back big time. last but not least, a quick peak at financials which on friday we'll be watching for some of those but according to the report from "the new york times" they are seizing records related to several topics including payments to pornographic film actress. that is according to "the new york times." that may have burst the bubble. david: stormy daniels. we knew she was behind some of this. thank you very much, nicole. if you have driven recently, there is a lot more pain at the pump. we warned everybody last week. now we're seeing retail gas

prices jumping to multiyear highs. looks like they're going to keep climbing into the summer. phil, it always happens. murphy's law. just as you're driving more, gas prices go up. i always say the first sign of spring is rising gasoline prices. here in chicago it might be snow but rising gas prices are being driven by something we haven't seen in a few years that is explosive demand, not only here in the u.s. but across the globe. a few years ago we were hearing peak demand would level out. they love low gas prices. part of that is the cost of crude oil. we were supposed to have cheap crude forever, right? oil prices are back up. they are back up with the stock market, dave. concerns about geopolitical risk what happens with syria. president trump making a warning he will make a decision on syria

in a little bit. fold prices are up on the geopolitical risk even with stocks prices up. back to you. david: thank you, phil. cheryl, over to you. cheryl: what happened in the markets what happened in the last moments of trading. president trump of course today was downplaying fears of a global trade war and impact on the stock market. >> the market is up today very substantially. not at all. don't forget our country will be much stronger when it is all finished, so you understand. these trade deals are horrible. our country will be much stronger when this is finished. melissa: stronger but we will see. dan henninger, "wall street journal" fox news contributor, liz peak, "fiscal times" and adam lashinsky from "forbes." i want to cover the breaking news. dan, start with you, "new york times," report, sorry, the competition, the fbi raided the offices of president trump's

long-time personal attorney michael cohen on information and basically a referral for robert mueller and the mueller probe but the "times" does say this is not directly tied to the mueller probe. something uncovered in the mueller probe ended up leading to the fbi raiding offices of michael cohen. admitted to paying off a porn actress. what do you make of this breaking news? >> connected to markets today, we know markets are on a hair trigger these days. donald trump says tariffs are going in the right direction. market goes up 400 points. even he can only control markets for three or four hours. as to cohen, surely markets discounted all of this information related to stormy daniels. internalized most of this by now. surely they expected he would be, his offices would be investigated by mueller. i'm pretty skeptical of the idea that a selloff of this magnitude had to do with one lawyer.

cheryl: adam, it is a bit of surprise. markets, investors learned to ride out, whether the trade war or syria. whether the latest tweet. we learned to roll with volatility. again this late-day sell why yo, what do you say? >> some of us learned to roll with volatility but not the traders trading minute to minute. they love the volatility. so i think that they are willing to react to almost anything. the knows that the president can make the market go up, don't worry about the trade war, the one i promised i would fight, the one i promised you on friday i was going to fight, i think we're going to have volatility. we're not rolling with it at all cheryl: liz we're going through from "the new york times" report that was crossing as the market was closing. the fbi reseized tax documents,

personal emails. could this be a problem for president trump depending what they seized? >> i'm sure that is the question. the markets didn't want another element of uncertainty which this presents. basically the whole probe, the mueller probe has been sort of sidelined. everyone is focused on the very strong economy other things going on that are basically positive. yes, this kind of goes after the question of the payment that trump's lawyer made to stormy daniels, whether trump knew about it. maybe they're looking for information about that. he obviously came out and said he didn't know about it, had nothing to do with it. if there is some contradiction of that, there would be a problem. cheryl: dan, michael cohen, his attorney, michael cohen's attorney is saying this raid was completely inappropriate. they're already saying that they do not agree with today's events, this afternoon's events they are fighting back. >> they fought back against the manafort raid, a crash and stash raid where they woke up manafort

while he was sleeping. that should have suggested to michael cohen he could be in for the same thing and i don't know, we don't know, what documents were kept in michael cohen's office. conceivably there are the president's tax records in there. but this was all foreseeable. one would have assumed that cohen and his lawyers or even the president's lawyers would have known something like this was coming. and prepared themselves for it. cheryl: communication between client and attorney not privileged looks like, david. david: absolutely. something else rattling markets, facebook ceo mark zuckerberg meeting with lawmakers on capitol hill on what is expected to be a fiery hearing tomorrow. here is republican senator john kennedy from louisiana. he is on the judiciary committee which i will be questioning mr. zuckerberg. senator kennedy what most concerns you what is going on with facebook? >> i come in peace. i don't want to hurt facebook. i don't want to regulate them half to death but clearly we

have found that the digital promised land that facebook committed to is not all mill and honey. -- milk and honey. facebook's motto is been move fast and break things. well it did, i want to know how to fix it. mr. zuckerberg is on the hill today lobbying congressman. i'm not interested in being lobbied. i'm interested in fixing two problems at the forefront. number one, the privacy problem. number two, what i call the propogandist problem. david: let's deal with the first. we'll deal with propaganda but you asked a question earlier in an interview i saw you on where you said who owns my data? a lot of people would say, look if you're putting all your data out there it's free-for-all. anybody who wants to pick it apart and take a certain piece of it and use it for advertising is free to do that. to which you would say, what?

>> to which i would say is it a knowing and conscious delivery of that data. look at the service agreement that facebook has you sign. it would be helpful if they write it in english as opposed to swahili. it would be helpful to talk about, do i have the right to erase my data? or how about facebook contact me before they want to sell my date takes trying to erase anything on the internet is pretty tough to do, right? >> that is part of the problem. as best i can tell. i would like to ask mr. zuckerberg, can you tell me, john kennedy, who owns my data? or maybe put it another way, who in the milkky way doesn't have my data. david: exactly. >> apparently everybody does. how did we get to this? i also -- david: maybe there is no answer, frankly. you know what i mean?

not something you can regulate into existence. >> but there is another issue we need to talk about. we need to talk about the antitrust implications. is it in the public interest for facebook to -- competitors. i want to know about facebook's politics. much has been made about cambridge analytica but, i read a story today, i will just read you what president obama's media director said -- david: i can do better than that senator. if you don't mind, we have a sound bite of that media director and what she said. >> please do. >> she said three years ago, it doesn't bother the media or the mainstream folks inside the beltway. let's play the sound bite, get the senator's reaction. >> play it. >> we were able to ingest the entire social net work, social network on the u.s. on facebook which is most people. where this gets complicated is, that freaked facebook out, right? so they shut off the feature. well the republicans never built an app to do that.

so the data is out there. you can't take it back, right? the democrats have this information. david: so this obama official was saying this three years ago. nobody seemed to care much back then. was there any difference from what she was describing that had been done in the obama re-election campaign and what the trump campaign did? >> we need to find out. let me tell you what else miss david send also said. this is her direct quote. facebook -- she ran the media part of president obama's re-election. facebook was surprised we were able to suck out the whole social grab. they didn't stop us once they realized what they were doing. facebook was very candid they allowed us to do things they wouldn't allow someone else to do because they were on our side. is that accurate? david: senator, i, and a lot of other people would love to hear you ask mark zuckerberg a question related to that? are you going to do it? >> yes, sir. david: okay. finally i got to quote to you, a

phrase that i know you're familiar with that ronald reagan said years ago, he said the scariest nine words in the english language are, i'm from the government and i'm here to help. that is what a lot of people are concerned about, vis-a-vis these facebook hearings. all you guys will say we politicians want to help the internet work better and may end up making it worse, to which you would respond what? >> to which i would respond i'm sympathetic to that point of view. i don't want to regulate facebook half to death. i do want to know if facebook has the ability to address this privacy problem and this propogandist problem because i strongly suspect that both of those issues are too big for them. and i am hoping mr. zuckerberg will not spend his time, as his lawyer did, no disrespect, pulling things out of his his or

orifices. david: if he talks frankly like you do. senator john kennedy, thank you for being with us. >> thank you. cheryl: our panel standing by listening to the reaction. adam lashinsky, doesn't want to regulate facebook to death but doesn't want to regulate them at all. does facebook has a problem. >> the senator broke brilliantly, this is simpler than it looks, you, david, dan and i work for media companies and so does mark zuckerberg. all the senator has to aget i am to agree to that are you a media company. i don't know what a social network is or media company is. if they're a media company, they can be regulated like one. we don't need new regulations. cheryl: that is the thing, liz, if their status changes that is where the game completely

changes for mark zuckerberg who may frankly be walking into a bit of ambush. >> no matter what he addresses tomorrow he will the some part of his constituency down. he can't reassure investors who he already told the increased security issue will cost the company significantly. somebody may be worried about that he can satisfy the legislators or shareholders. i'm not sure he can do both. cheryl: dan he already said in the prepared remarks. they will be hiring another 10,000 security engineers. he said this will hurt the profitability of the company. at the end of the day is it the shareholder that will lose, not the facebook loser, the mom in south dakota who has no idea their data is being passed around? >> you may be right about that, cheryl. i read prepared testimony. he answers some of the questions questions about privacy. making apps more transparent. warning people what could happen with their privacy. he also addressed the issue of propaganda in the elections. they're involved in pakistan,

india, mexico, germany, france, question being is it bigger as the senator asked than even facebook can handle? that i think is the key question. cheryl: senator kennedy brought the timing of this. taken three years and still can't get a handle on securing our information. and letting russian bottoms into the platform. dan, liz, adam, thank you very much. we appreciate it. david: don't you love the frankness of senator john kennedy. melissa: he is is great but, boy, mark zuckerberg i betcha he is hoping to have the hoodie on tomorrow to cover his head. david: wore a coat and tie. i was surprised. democrats big critics of republicans tax cut. they say the cuts benefit the rich moist results of a new study may contradict this claim. we'll speak with famed economist. art laffer about all this coming. cheryl: former attorney general lynch breaking silence on.

middle easting with president clinton. "judicial watch" president tom fitton coming out with these details now ahead of comey's book release. david: the world is horrified once again by the images of another suspected chemical attack in syria. dozens killed. president trump says there will be quote a big price to pay and a decision could come as early as later this afternoon. retired lieutenant-general thomas mcinerney on what america has to do right now. he will tell us neck -- next. >> it was an atrocious attack. it was horrible. you don't see things like that as bad as the news is around the world, you just don't see those images. ♪ [ phone rings ] hey maya. what's up? hey! so listen, i was taking another look at your overall financial strategy. you still thinking about opening your own shop?

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david: dealing with a possible war crime. president trump saying a decision on the syrian crisis could come as soon as today. a move prompted by recent chemical attack against civilians in the war-torn country. more from the white house, blake burman. break? reporter: we heard from the president and this administration in the past they reiterated all options are on the table as it relates, in this case to syria. earlier today, the president had his cabinet by his side, convened his cabinet. we are told that syria was likely one of the topics, top topics discussed during that meeting. beforehand as the cameras were brought into the cabinet room the president didn't just point the finger at bashar al-assad. >> we are meeting with our military and everybody else and we'll be making some major decisions over the next 24 to 48 hours. if it is russia, if it is syria, if it is iran, if it's all of them together we'll figure it

out and we'll know the answers quite soon so we're looking at that very, very strongly and very seriously. reporter: over the prior couple weeks the president said he wanted roughly 2000 u.s. troops out of syria. the press secretary sarah sanders a while ago firmly pushed back on some of the criticism that the commander-in-chief's comments might have emboldened syria's dictator. >> we're still there. it is outrageous to say that the president of the united states green lit something actions that are as atrocious that have taken place over last several days. reporter: here at the white house he will be meeting with and dining with his top military brass. oh, by the way, david, this comes as his new national security advisor john bolton is here at the white house. this is day one for him on the job. david: baptism by fire. blake burman.

thank you very much. cheryl. cheryl: he can handle it. let's bring in lieutenant-general thomas mcinerney, former air force vice chief of staff. general, what do you make of the latest developments over the weekend with regards to syria what seems to be another chemical attack by bashar assad on his own people, mainly women and children? >> it is very serious, cheryl, that if verified that assad's air force did it that means the russians and the iranians, the irgc, iranians, all agreed to do that. that's why when the president said when he examines it, they will find out they did. that wouldn't happen unless all three agreed to do it. that is why we must have a very positive response, once we have all the facts in, and we ought to get the french and uk allies plus others to join us in the response. it should be a very serious response. the israelis had two aircraft. we ought to have 40 aircraft.

we ought to tell them we mean business. take out his entire air force. cheryl: we, president trump, remember a year ago did authorize a strike against syrian, that airplane field. i want to ask you about something senator graham said this morning on "fox & friendses. he talked about assad and how he thinks he should be dealt with by our president. listen to what he said. >> he is a legitimate war criminal in the eyes of the international community and assad and his inner circle should be considered war criminals, legitimate military targets. if he had the opportunity to take him out you should. you should ground his air force. you should destroy his air force. cheryl: take him out with whatever means necessary. >> well, that is pretty serious. i'm not quite there yet but i'm there for taking out his entire air force and making sure they understand, we will not tolerate it. there are only some lines you can let them cross, cheryl.

i think this is one of them. it ought to be a coordinated response with u.s. air force, french and united kingdom at least. if others join in, that's very good. cheryl: do you think, because president trump just days prior had said he was looking to maybe bring out u.s. troops out of syria, get us out of syria, there were 2000 american troops right now dealing with the remnants of isis in this country, do you think that prompted assad so say okay, if the united states is walking away i will decide to use chemical agents again? >> no, i don't think he did that. whoever said that was insane. he would love us to pull out. what i believe is should have a cadre there to protect our kurdish allies and have airborne, airborne 24/7 we can protect those kurds that rush friends, helped us defeat isis there. that is what i would do. that means your ground footprint

is a lot smaller. enabling kurdish fighters that supported us to get that territory is important. cheryl: general. great perspective on this story. we appreciate your time today. >> thanks, cheryl. david: most knowledgeable airman in the united states. that is one person told me. north korea coming to the table. president trump discussing his upcoming meeting with kim jong-un. will those talks lead to a duke nearized north korea -- denuclearized north korea? we'll tell you what the president is saying next. whether the fbi is trying to hide something about surveillance abuses and hillary clinton's email probe. we'll tell you the latest developments coming up. >> i think that members of congress and the president are understandably frustrated with the pace of production and some of the redactions that they're seeing. ♪

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david: breaking news. take a look at the chart. that says a lot. the dow diving in the final

moments of trading this on a "new york times" report that the fbi raided the offices of president trump's former lawyer michael cohen. well now we're learning new details about all of this. edward lawrence is live in d.c. with the very latest. edward, what have you got? >> according to "new york times" communication that was taken does include communication between the lawyer michael cohen and president donald trump before the election, before the inauguration took place in this. now the fbi according to fbi sources they're looking into a number of different things including the payment that michael cohen made to stormy daniels, the $130,000. because of the raid, michael cohen's attorney released a statement today. his name is stephen ryan. he says the decision by the u.s. attorney's office in new york to conduct their investigation using search warrants is completely inappropriate and unnecessary. it resulted in unnecessary seizure of protected attorney/client communications between a lawyer and his

clients. these government tactics are also wrong because mr. cohen cooperated completely with all government entities including providing thousands of non-privileged documentses to congress and sitting for their deposition under oath. the attorney for michael cohen obviously a little disturbed by the developments here where the fbi raided his office and took the documents. fbi sources are saying this is related to a number of different investigations including that 130,000-dollar payment to stormy daniels, the adult film actress who potentially had an affair with president donald trump. her attorney actually released a statement today also very quickly saying that mr. cohen has been placed in these cross-hairs by mr. trump. this could end very badly for them. this is not the only topic they're investigating. they're also looking into possible russian collusion here but this raid was taking place with the referral to the u.s. attorney's office from the special counsel's office, from

special counsel robert mueller. it does have implications beyond this investigation here. david: very interesting. we'll be following this. edward, thank you very much. we'll monitor this all hour. we'll bring you any breaking details as soon as they come in to us here on fox business. cheryl? cheryl: coming up, tom fitton, "judicial watch" president joins us. we'll talk more about the raid that happened this afternoon and what is in store for trump's lawyer, personal lawyer, michael cohen. ♪

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david: breaking news. the fbi raiding the office of donald trump's lawyer, michael cohen. there is some question about exactly with they were looking for, whether related to the whole stormy daniels affair. our own catherine herridge is standing by inside the beltway. have you heard anything about this at all, catherine? >> i've been making calls, david. the word i heard consistently from my contacts this move toward michael cohen is very aggressive move by the special counsel's office. in a case like this, even a case that is even more high-profile they always bring in what's called a clean team this is team that goes through all the evidence gathered in the raid and make a determination as to what is within the boundaries of the investigation and what is attorney/client privilege and therefore off limits. so a raid like this involving the attorney in this case, the president of the united states, would be extremely aggressive,

extremely sensitive, and it would take, i would say a high threshold but with a lot of distrust on all sides the clean team would really be under the microscope in terms what they decide is within the scope of the warrant, david. david: kind of hard to imagine how the storm any daniels affair could be at all within the purview of mueller's investigation into collusion with russia? >> listen, i don't have a good answer for that. it could be unrelated. david: yeah. >> to that. but we just don't know at this point. so i don't want to give people bad information. what i would say is even the memo that outlines the boundaries for the special counsel investigation as we learned recently in one of the court filings, huge sections of that are blacked out or redacted and not available to the public and based on what i know, are not even available to the defense teams of paul manafort and others.

and the other thing that kind of jumps out at me about that memo is that it was written about two months after the raid at manafort's home here in the washington, d.c. area, so. david: we should remember that the special prosecutor for bill clinton was charged to investigate scandals involving an s&l that went bust and he ended up giving notes of impeachment for monica lewinsky that had nothing to do with the s&l. go ahead. >> the thing that is not speculation when you have a raid like this and it involves an attorney of any ilk, doesn't matter whether the president of the united states or someone of a much lesser stature, it is always very sensitive. they have got to bring in a clean team and decide what evidence is admissible and what evidence is outside the scope or protected. that is the key right there. david: absolutely. catherine herridge thank you so much.

we have tom fitton from "judicial watch." he will join us with a lot more. cheryl. cheryl: we have something overseas. putting an end to a nuclear north korea. u.s. officials say kim jong-un is ready to discuss denuclearization when meets with president trump. president trump confirming the white house has been in touch with north korea. here is what the president said about the matter this afternoon. >> this should have been done by other presidents and they decided they didn't do it, they couldn't have done it. but it would have been a lot easier if it were done five years ago, 10 years ago, 20 years ago, a lot easier than now. but we have a meeting that is being set up with north korea so that will be very exciting i think for the world. cheryl: well the two leaders are slated to meet in may or early june. david? david: still don't know exactly where they will meet either. the economic report is out. the cbo is raising the budget deficit forecast thanks to more spending and tax cuts. art laffer, former reagan

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oh yeah, we're good. we're good. terminix. defenders of home. david: congressional budget office just came out with a hair-raising report on the budget deficit. saying it could grow to one trillion dollars by 2020. could a deficit that big depress an economy growing steadily under president trump? let's ask famed economist, art laffer, one of the geniuses behind the reagan economic miracle of the 1980s. we're happy to have him here. art, we heard a lot of the same kind of talk in the 1980s, when ronald reagan came out with his tax cut. oh, my god, what will it do with the tax cut. the deficit grew because of growth in military expenditures which is happening right now, but we also had this economic boom. >> we did. i wouldn't take the cbo numbers terribly seriously. i think they always you know estimate growth and what growth

will do with regard to revenues but budget that was passed, david, as you said many times it, was a hair-raising budget they passed, way too much spending and there is no control of the spend but but the tax cuts if you look back at history as our guide i think you will find the tax cuts will work very nicely, growth will increase and that will work to lower the deficit, not to increase it. david: you and i talked in the past it is not the deficit as important but the deficit as percent of the economy as a whole. if you have a big deficit, it can look horrible, but if it creates, because you have these extraordinary -- look what it was in 2009. you had 9.9% of gdp as deficit, $1.4 trillion in spending. that was not when the economy was not growing at all that. is a problem, right? >> kennedy put it clear, deficits to overconsume are not good but deficits to create growth, jobs and output are

wonderful. what you want to look at is the deficit, not look at the dollar number, although the dollar number is important, but look at the deficit or national debt relative to gdp. even more so, look at debt versus total wealth. you want to compare a stock with a stock in this case. david: right. >> we had a huge increase in total wealth. i'm worried about this market tapering off coming down so sharply. this is one day. by 2020, i think we'll have a much, much higher stock market, much more wealth in this country. i would hope, unless someone does something to ruin the prosperity. david: art, one of the economic failures of the obama administration was the fact they were always complaining about the disparity between the richest and poorest but that disparity increased when they raised taxes and increased. it is extraordinary that happened. now we have an unusual situation where the top 20% of the wealthiest people in america will pay 87% -- no, that is the wrong one.

top 20% of wage earners will be paying 87% of the total amount of income tax. i mean, that is is an extraordinarily diversion. that shows us something distorted, right? >> sure does. you want a low rate, broadband as jerry proposed. when you try to put all the bills on highest income group you will get them trying to evade, avoid, otherwise not report taxable income. what trump has done lowered taxes to get the avoidance and shelters will start disappearing. i think it will be very good for the economy and tax collections in due course. david: put up the other graph. one of the things that happened during the reagan administration while you were there, everybody did better. >> yes. david: reduction of tax rates from the wealthiest down to the poorest people, they paid less. look what happened, the poorest 20% their income increased 12%,

the richest 20% increased by 12%. all boats did rise across the board. we haven't had across the board tax cuts yet with donald trump. >> but this is very good. but let's just not demean this one. this is a very, very good tax cut that he has done. remember, we did the ones at the 1986 one which is the second tax bill which i expect donald trump to do another tax bill with larry kudlow doing this. we can get a great tax bill coming out as second one. i expect that one will be the one that knocks it out of the park but this one is great and no one should diminish this tax cut. it will lead to prosperity and growth and lower deficits. i think cbo is wrong about this. david: part two will include a dramatic lowering of top rate. >> and broaden the base, lower the rate, so everyone pays their fair share of total taxes. david: perhaps all income groups could get a boost in their

income? >> of course. that is the dream, rising tide raises all boats. it is really true. no one's better off when they pull someone else down, david. everyone is better off when everyone set per off. that is the kennedy model. he used the next line, rising tide raises all boats. we have to live by that model. david: art laffer, thanks for being here, appreciate it. >> thank you. david: cheryl. cheryl: breaking details the fbi raiding the office of long-time president trump lawyer michael cohen. we have the latest what we know right now. plus new developments in the hillary clinton email scandal. how the justice department is responding to republican calls to hand over millions of documents. tom fitton of "judicial watch" sounds off next. ♪

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david: we are following a breaking news story on president trump's lawyer, michael cohen. sources telling fox news the fbi raided not only his office but his home as well. joining me, tom fitton, "judicial watch" president. tom, sorry to jump you with this breaking news story. it affected the markets in the last ten minutes of trading. this referral led to the fbi raid apparently was made by robert mueller. this according to michael colen's personal attorney. this would be far beyond the per view of what robert mueller was enjoined to investigate. >> we have to figure out what the referral meant. purpose of the raid, underlying crime, presumably they were

pursuing evidence was related to his investigation. but i'm also interested in if he made a referral directly to new york, southern district of new york or bypass the justice department headquarters making the referral. there are nevertheless serious development for mr. cohen and president correct directly. having mueller involved in this and instigating by all accounts this investigation into the stormy daniels matter will cause a lot of controversy. folks will look at this and compare and contrast the raid on mr. trump's, president trump's lawyer with the collusive approach the justice department took with hillary clinton and her attorneys in their investigation into a mishandling of national security information. david: that is interesting jump. before we leave what happened today entirely i want to ask, i don't know if you heard me talking to catherine marriage,

there is question of lawyer client privilege whether the stuff mueller took whether he was set up to look into collusion with russia. clearly there is nothing related at all with russian collusion story and what happened with stormy daniels. so doesn't that mean that the stuff the fbi got today is protected by lawyer-client privilege? >> potentially. the government will have to handle these documents very carefully. mr. cohen and the defense counsel will be concerned that his privilege is being burst here. really extraordinarily aggressive. i just hope all the rules have been followed given the problems with mr. mueller's operation, the partisanship there and, the fbi -- david: given problems with the fbi itself. that, if i could relate it back to what happened over the weekend, we had the president

tweeting out the message, what do the department of justice, what do the fbi have to hide? why are they not giving strongly requested documents to the hughes judiciary committee? stalling but for what reason? he is talking about stuff related to the hillary investigation and talking about stuff related to spying on the trump campaign through the fisa courts. >> doj and fbi have compromised by obama and things have not been cleaned up. people will question whether they can administer justice and the question is whether this is revenge bit deep state or legitimate law enforcement investigation. david: hillary loretta lynch wia interview about the famous meeting with bill clinton on the tarmac. >> she will confirm what nbc released it was a matter, not an investigation and directed comey to talk like that. she obviously denies there was any serious discussion of hillary clinton at this tarmac

meeting that she had with bill clinton a week before the election. but the very meeting itself is was controversial. if you were working on the case all you needed to see was that the key, someone who should have been a subject in the investigation and wife after husband of the witness was meeting with the attorney general. that was a power play by the clinton gang and obviously comey took it for that. and i guarranty you everyone at doj took it for that. it was the icing on the cake for an investigation that's result was preordained which was to exonerate hillary. david: tom fitton. we have to leave it at that. thanks for switching gears. >> you're welcome. cheryl: breaking news this hour. sources telling fox news the office and home of long-time trump attorney has been raided by the fbi, michael cohen. more details are now coming in. we'll give them to you after a quick break.

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>> we have some new developments on the breaking news surrounding president trump 's attorney michael cone.

david: sources are telling fox news that the fbi raided his office and his home and now the wall street jerusaleming reporting that his manhattan hotel room was raided as well. very interesting story, and we will be hearing a lot more about this. >> risk & reward now. liz: breaking news, this just out in the final hour of trading cohen siding with the dow giving up most of its 440 point gain the fbi raided the office, the home, the hotel room of michael cohen, the long term personal lawyer of donald trump. i'm elizabeth macdonald welcome to risk & reward the u.s. attorney's office for the southern district of new york executed a series of search warrants and seized the privileged communications between michael cohen and his clients including records related to subjects such as payments to pornographic film star stormy daniels who said she had an affair with donald trump. let's get to fox business edward lawrence he is in d.c. with the