>> they could remake the whole city. now it's health care, technology and other things. >> hartford was on the list. >> they let you in hartford. your huge and hartford. >> thank you so much. that doesn't. "bulls & bears" starts right now. >> see you tomorrow. david: from wall street to washington and all over the country, we are talking about the topics that matter most to you and your money. this is "bulls & bears." hi, everybody. i am david asman. joining me on the panel today our very own susan li is here. scott martin, asset management chief investment master. jonathan hoenig of the capitalistic hegemon and editor of in a textbook called americanism, more about which later and jonas, max ferris

founder. scott, jonathan jonas are all fox news contributors and are happy to see them here today. president trump looking for across the board budget cuts. take a listen. >> i would like you to come back with a 5% cut. get rid of the fat. get rid of the waste. i'm sure you can do it. it'll have a huge impact. >> that would be nice, but budget cuts is a star. >> do it, talk about it. the budget is up 17% year-over-year. >> we should be clear. the death exploded because the spending. >> stop spending and start on the federal level. americans of the last 10 years to tighten their belts. time for government especially. if not now, when. we have a businessman president. he said cut the fat.

>> some businesses have spend a lot of money. first of all, we are going to have it any day now. >> at take more work than asking for a 5% cut. part of the problem is they were tax cuts to corporations that we needed a warrant fully paid for in the budget. >> to what is bad -- >> the economy is at all-time highs. >> don't say we don't have the money. >> spending is what's causing the deficit. >> always peer promises made, promises kept. a mantra of the republican party.

the overall budget is for $.4 trillion. what he's talking about is taking a middle figure, 1.3 trillion. the top figure is medicare, medicaid and social security. you can't. it's illegal to touch a believer or not. you'll end up with the savings by the way the $400 billion. you'll end up with $57 billion. >> it's not bad at promises made, promises kept. it's really true. here's the thing. the reason i do like to 5% is that they start. if you all remember, we had a valid regimen governments and is pretty much going on being prom king. you are taking jell-o shot. jonas is probably surfing in miami. that's how long it's been.

maybe actually getting budget responsibility. >> the president has lost a lot of the fiscal conservatives like myself because of this spending. a small start. >> part of the problem is we don't actually know how many agents these are their pier 15 departments. department of education. there are 96 independent agencies. 220 executive departments. by another account different agencies. >> has some agencies instead of building a new wall. >> mick mulvaney and their onset of the office management budget. he's a tough guy. he knows where the numbers are. >> the republican party would let him be a tough guy. he wanted to offset the corporate tax cut but the high super bracket, but the party has always been scared of the next election unlike trump who can do

whatever he wants is like no, no, we are republicans. ergo with god lower revenue than they would have in a created the defense budget. that is not going to end well. david: but the growth is sending very well. >> you can't choke off the growth is affected you've got a real problem. >> the tax cuts were promised to be -- am i right? that was a big sale point. we are going to cut the taxes, but don't worry it's not going to blow up the deficit. >> making so much money because of the tax cuts, buying back shares and they are to record levels. there has been some benefits from all this spending. david: they are expanding, hiring people. that's why we have more jobs. because businesses are high here.

>> go back to be a balmy airs. >> you're still in from our futures. >> we need to remain competitive. it needs to be covered by spending cuts and tax increases somewhere else in the budget. the president seems to know that no one will let him address. >> if you can't have 5%, to your point, this is an achievable goal. we've all had to cut that number in budget. >> even the stuff that you're not supposed to touch, like medicare has a 10% waste in its budget. maybe somebody like maldini could. >> that the problem with governments we've seen no matter who's in the white house. they say they're going to cut waste and more waste grows out of the ceiling or wherever. it shows up. even if you cut waste, guess what, there's more that's going to pop up.

it always does. >> the epa as an example that they gutted that agency. >> rob lowe. you know what, it not like a metaphysical fact of government. this is an agency essentially created in the 70s as i remember. this is not something of the founders. david: the department of education, >> jimmy carter who is not a great president to his credit really deregulated. he got rid of entire agencies. >> some of that might happen after the election. after the election once the dust has settled a little bit, maybe you'll have more drastic moves. >> would make it less drastic moves if there's any changes in congress. and i would say maybe. infrastructure stuff could happen later but as far as cutting the budget significantly, if you think it's going to happen later but didn't happen yet, i've been trying to cut my budget is 10%.

>> this is over a year now into the presidency. has he ever talked about cutting spending never? david: with other rocket, but as you said to begin with and then maybe it's the beginning of something. the president counting the impact of tar us. one high-ranking member speaking out this afternoon. white house trade adviser peter navarro joining us to respond to this and more coming next.

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>> stop talking to check and are they ready for you? >> i don't think so could be one a make a deal and i said you guys are not ready yet. you're just not ready. they've been taking $500 billion a year out of our country. so now they're paying 25% tariffs, $250 billion. it hasn't affected our economy. inflation is still low. very low. hasn't had any impact except for one. billions of dollars are pouring into the treasury. >> the president praising

terrorists. the u.s. will now withdraw from a 144-year-old treaty because foreign companies including china at discounted rates. from the white house, the man who pushed for an end. peter navarro has urged the president as director of the white house national trade council. peter, great to see you. as i understand it, this treaty gives foreign companies the benefit come a better shipping rates and american companies. >> raid. the whole of government pushed on this because it's ridiculous. we have a situation now where cost more to ship a package from los angeles to new york than it does from shanghai to new york. and by a long shot. what that did under this upu, universal postal union, what he did was disadvantage american shippers, manufacturers and workers and force the postal -- u.s. postal service to subsidize those to the tune of hundreds of

millions of dollars. the president took one look at this and says this is not, fix it. today in switzerland but state department officials delivered the news. the news is that per se that were getting out of this upu. we wouldn't mind staying in it. what we are doing most importantly itself the clearing rate, which means the postal service will be allowed to collect the full cost of those packages coming in. if they don't challenge it will stand, but if were in trouble there, were out. >> peter, susan li here from fox business. i'm just wondering, is this another way to squeeze china in order to get them to the table to negotiate what you consider a fair trade deal? they are the largest donor of u.s. treasuries in their down to their lowest in a year. hold up another $6.

is there concern the biggest banker might be pushing back? >> it may look about china but not really. a lot of packages benefit singapore. interestingly enough the germans make out like bandits on this. let's not be confused. this is not going after china in. basically the presidency and a tremendous injustice in a multilateral trade organization. >> treasury holdings that china is the largest holder of u.s. debt in their continuing to cut down. are you concerned? >> no. that's been an issue. i've talked about that for many years for they have large reserves and could use that. i think what the president is doing as you said earlier in the clip you played, we've been in a

position with china, europe, other countries where we don't have their reciprocal trade. the president taken action to level the playing field and were having great success. the new deal with canada and mexico is testimony to the strategy of donald jay trump. we got a good deal, much better deal. >> is jonathan hoenig. thank you for being with us. the strategy includes terrorists. the president often crows about how much money is coming into treasury thanks to the tariffs. two-part question if you'd indulge me. word is that money come from and secondly in your first book you argue vehemently against tariffs that terrorists could cause a global economic catastrophe. why is it now -- >> when did i write that book?

>> life-changing. >> of akin asked the question, what has changed in seven years at us cause you to write against tariffs. >> loved answer the question. let's say nafta in 1994. china entering into the wto in 2001. off shoring of 70,000 factories, 5 million manufacturing jobs from the mergers of globalism for unfair non-reciprocal trade. taking it to the american worker. moving jobs offshore. >> all the money coming out of treasury. >> when we impose tariffs. >> iron and steel. come join the people who pay the tariffs. it's probably consumer words coming from. >> as attacks coming from americans, sir? >> you know how terrorists were?

>> do? i'm asking you, sir. >> tell me how you think the works at the border. is that coming from americans? >> i would guess that you are in the debating somewhere in high school or maybe college. this conversation has no utility at all to me. >> hold up, guys. [inaudible] some guy i've never met. >> and you get this guy under control, please? >> i actually always wondered why the junk i get from ollie express is so cheap that i think this addresses some of that which is very interesting. are there any companies that we send out regular shippers are benefiting delete a loser as as

the one cited dating that doesn't make any sense? >> at the one-sided bag from the pony express area that doesn't make any sense. it happened decades ago. was originally designed in a system of corporate welfare essentially for developing countries where we would give them a lower rate to move packages around in developing countries. we have this interesting letter from ronald reagan in 1986 as president who said this is crazy. let's do something about it. it speaks to the depth of the swamp in washington it was a good thing. we do things in trunk time. this is totally unfair to america. the president did something and we did it quickly. that's a good thing. >> i'll take the rest of

jonathan's jell-o shots. don't worry. >> we don't even know what that means. >> we will try them out. >> teeter, to the point mr. trott made earlier about the economy not been affected here, how can we say the tariffs have been impacted some of her greatest american companies because boosting preannouncement and earnings, and talking about guidance from companies in the s&p 500. worried about the tariffs intact. did you see to that and how that might play out? >> the overwhelming impact of the trade strategy has overwhelmingly positive. we are actually getting countries to the bargaining table double never, ever talk to us and we are getting good deals out of it. if anyone's going to wring their hands about how the terrorist policy is hurting people, let's look at the statistics here. historically low unemployment. historically high business

optimism, consumer optimism. wages going up disproportionally for lower income manufacturing workers. we've got more job openings then we have people to fill them. profits and earnings are up and if there's any bears, you're in the wrong place. david: all right, let me ask a final question to you, peter. the president has talked openly about his goal for terrace with regard to auto tariffs zero. zero coming income is zero going out. are we any closer to that goal? >> we like the three zeros policy is you can't just get terrace down to zero because a lot of the big problem we have places like japan and europe are non-tariff barriers. your tariffs, zero non-tariff barriers to missouri subsidies. the others i like have to do with currency manipulation in value added tax, which works against this in a lot of

countries. we are closer to god. talking with europeans in earnest. ambassador robert lighthier has open negotiations with japan and the u.k. we are hitting on all cylinders here. the president is just knocking it out of the park. some of you months ago were talking tough on trade. you can see it gets people to the bargaining table and gets good deals for america. that is polished. >> i hope we do get down to zero. the goal of every free and fair trader is to get to zero on both sides. peter, great to see you my friend. thank you for being with us. coming up on "bulls & bears." can i join the push to oust mark zuckerberg is the chairman? is it a battle even worth fighting? we will debate that coming up

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>> major facebook investors including huge public pension funds and that officials are pushing for mark zuckerberg. join the shareholder proposal that asset management back in june. zuckerberg has about 60% facebook voting shares move is largely symbolic. doesn't it show isn't all about travel here. bosses and their users. instagram founders leaving. that is the third asset they've bought. it makes you think, how difficult is it to work for mark and is he the right leader at this time? train to the new pension fund has for .7 million shares or

they have some influence will zuckerberg has listened to these guys. >> at the people have the money in this pension fund managers change, that's how much influence we have. >> he can totally ignore this? >> you all ignored in the sensitive he loses power. because america and the globe is losing, you know, they look at these tech executives like the kings they are, queens in some cases, but these people have pushed it. a lot of these guys. >> i can't get out of social security. >> i'm not saying it's right. >> there's been a shift in regulation. >> they are mad because they're losing money on the shares in zuckerberg is not going to give up his company for anything.

he started this company in a storeroom when he couldn't get a check to talk or even look at him. >> that's not true. he married his college sweetheart. >> she wasn't talking to them before you the thing. the company needs him. instagram was one of the best deals. he's still a good leader. he screwed up the security in the privacy thing, but who hasn't messed something up intact? susan: tried to give him some dating advice. i mean, really? david: zuckerberg is not you i must. he's not crazy. he is a very, very sincere person serious about making this company work. i think it's going to listen to these people. he's also a terrific ceo.

that's not true. and again, a lot of these companies have come public with these kind of superstructures. if you don't like it come you can be consumer. i've never owned a share of facebook but i use it everyday. ain't america grand? you might there are a to b. shareholders to try to influence.by the amount of shares they have. a lot of these people as millions of them. >> the business model is you don't pay by somebody pays for your information. >> his equity has been in decline for a few years as have a lot of these people because the public has decided right or wrong that the thirty-year path they've had, the amount of oversight. >> when he had that could be. you know what, you get mark zuckerberg lecture in front of all these congress people.

david: hold on a second. it's not your shareholders. advertisers are excited because they were doing fiddling with the numbers they were getting. >> they weren't getting as many eyeballs. >> at their shareholders and operatives are complaining, he's got a listen. >> get 60% voting rights. at what point, you know, is that somebody else? >> as well is tied up in a company. >> million dollars when you're worth 75. >> the stock goes down. >> on the way up on everyone's making money. >> wear whatever you want. >> coming up next, more from stewart's interview with president trump laying out how he plans to save the nation's big bucks by shrinking the

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this isn't a typical bank. this is banking reimagined. what's in your wallet? >> what's the big deal economically in the next two years? >> are used to take 21 years to get a highway bill. it would take 21 years. were trying to bring that down to two and maybe even one. by the way, if it not right, were not going to approve it, but we are not going to take 21 years to find out whether or not we could do it. >> is that part of the implementation of the restructure rebuilding? >> is part of that. infrastructure is turning right at the midterms and we think that's an easy one. david: the president telling stuart varney today that he wants to slash the amount of time will take to complete infrastructure projects. those rebuilding projects will be starting after the midterms.

nothing is going to be easy. this president knows how to build things and also knows how to deal with regulations. i like your call and making this an easy one, yanks. maybe they do, maybe they don't. to see this thing is going to go through free and easy is no guarantee. if you want talk about spending and how much this is going to cost him you'll spend a lot of money on roads, bridges, trained, transportation committing sway over budget. >> there is an alternative privatization. >> come on, let's do it. if you want to see me give it up for time, this is a great place to start. there were rumors this week about president trump perhaps privatizing elements of the post office. this is a tragic way to start. all over europe does post office

or privatized or to fax, highways or privatized as well. and you know what, doesn't cost the government a dime. unlike infrastructure spending. if obama was doing this, we'd all be yelling bloody. >> the other side is the regulating. 860 regulation polled were suspended. >> if you look at the small business, the small business survey, record levels and employs 60% were they higher 60% of the new jobs in this country. they are confident, which they are. that is what's driving the economy right here. david: on the privatization dialogue with jonathan. you have to build things that we do, bridges, roads and stuff like that you got it deregulate before hand. >> first of all -- >> i'm very hopeful about this president and infrastructure fixed to america.

that's what he did. you couldn't build trump tower without pain them mom. it was very hard to get that done compared to some highway across this country. that said if we have the infrastructure of european countries and china and all these places where you go to the airport in shanghai like a couple years ago, it's not just deregulating. other countries pay for partially with taxes -- first-class services. they have something in the budget to pay for. if you think it's going to magically happen and not cost money. >> you don't necessarily has to raise taxes. a lot of highways in this country used to pay a toll for and with the toll is paid off don't have to pay more. >> self-confessed duracell prescribed king of debt. this country already is deep ad hoc. record that across the board. taking out more debt with

interest rates rising again. david: but who would pay for anything? if the bridge is about to collapse, who's going to pay for it in your world? do you think that would work? >> that's the problem. david: we've had that problem in illinois. >> and it's pretty good shape. but it was falling apart and without the privatization. >> the mayor spent all the money. >> more waste, fraud and abuse. >> the company is not profitable. not enough money in a lot of places to fix their own bridges or make a highway or have internet or anything. that's the reality of a large country. >> that's the excuse for funding the post office. while service every little town. >> at some point, to get some of this done.

privatizing doesn't magically make it free. it's expensive. that's okay. you get the most traffic in areas like miami-dade they have advantages -- and it's a premium service. those are part of the ways you pay for it. at the end of the day coming to talk about spending billions and billions if not trillions of dollars in infrastructure and it's not all 100%. >> when i lived in china in the early 2000, the roads were terrible. the airport was horrible. it was old, creaky, hanging on a thread. so they started from a lower base. so they built up, but used a lot of dead. some estimates say they have 250% of gdp. >> jonathan is the real world if you have projects like this, when it be better to cut the regulation and had to build a two instead of 20.

>> in now, if they can build more and more. you know, we called this shovel ready jobs figures ago. wasn't obama's infrastructure -- >> what's the problem with that? i don't see the problem with cutting regulation. >> you know, they dug up all the rows. >> regulation is always positive. >> coming up, a huge move by the u.s. economy up the scale of the world economic forum's global competitive report. where the u.s. ranks right now is coming up next.

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into another positive side the u.s. has gained the title of world's most competitive economy. for the first time in a decade, and the u.s. rank right up there at the top above 140 economies 85 .6 points out of a potential 100. singapore, germany, switzerland and japan have dropped low. it's nice to be number one

again. >> take back to singapore. >> is the financial crisis that bad to knock us out of the top 10? >> that's it's interesting. one thing in your life's so to highlight which is on your shifty and in the united states. it was big in the previous few years, corruption. thanks, obama. >> susan, the world is playing catch-up. >> for a long time, singapore was at the top because it was so much easier to get licenses. but i'm really impressed. market innovation, optimism back in the u.s. >> it is somewhat of a loaded term. i'm surprised they only scored 85 on a scale of 100. we should be scoring 95. then i'll just say, one of the things the committee making the rankings bad was the tariffs. >> we got our mojo back.

that's the thing. >> remind me not to go to singapore. >> i'm honored they are. >> first of all, america's been at the top of the list since the 1700s. [inaudib conversations] >> this list is a joke. let's break into it if we shout. they rejigger the way it was done. that's what happened here. they used to do it differently. now they are waiting on the stuff we are good. david: the economy has become far more competitive. >> the world economic globalist. >> anybody who puts japan on the top five. >> because they stop waiting transportation high and started -- so we just admit

america still the most capitalistic. >> hold on. the fact is that the rest of the world right now. here the rest of the world is playing catch-up here in >> yes, the world is playing catch up. it's very difficult to do business there i would agree. getting licenses as a foreigner or nondomestic. >> don't make me come over there because we can go to singapore together and will stop in japan and you can see for themselves. >> would you rather sit together? >> the fact is though -- there is still despite the fact we are at the top again, there is still the socialist more that's taking place politically. why is that still a part of our political system right now that the economy is doing so well. >> young people have been taught from the get-go that capitalism

is bad, that self-interest is bad. but making money is bad. it's only good if you give it away. no dates is the best example. when he would make money as ahead of microsoft he would be evil, but now he gives it all away he's a good beneficiary. we need to return to love and capital. the president can do that so much better because socialism -- >> old-school politics too, david. u.s. fell out of the top one spot. >> the reality is it's old politics, too. they basically carried on for many years. >> the majority of countries in health care, that is why -- because it >> you are saying that socialized medicine hopes and economy? >> for that list which is over talking about, they look at life expectancy. >> we are now on top. we don't yet have that

socialized economy. >> you make things -- >> semantics. david: bottom line is very simple, folks. we are number one. that's all you have to know. meanwhile, legalizing hash. time for investors to make some cash. "bulls & bears" debates that coming up next. i wanted more from my copd medicine... ...that's why i've got the power of 1-2-3 medicines with trelegy. the only fda-approved 3-in-1 copd treatment.

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canada. david: canada is saying okay to legalizing cannabis. are pot stocks a smart move? it's up 25%. you see the spike. it's come down. but isn't it too late to get in on this? >> no, what we are talking about is a revolution. what happened after prohibition was repealed. whenever there is freedom, there is profit. there are opportunities for people to make money and also be satisfied. these are popular stocks. david: i'm not sure there won't be some kind of backlash to this. over the weekend i saw four middle aged women smoking dope,

the stink weed. it's horrible. with kids running around. >> i think the stocks may have a place to run. if you look at some of the surveys and the polls out there, a of the tide is turning on people's opinion on marijuana. maybe it's something that should be allowed at least medicine alley if not recreationally. i still think they have a place to go. >> can we start off this conversation by talking about deregulation and saving money. we were talking about deregulation and you saving money for the government. if they allowed marijuana to be legalized, doesn't that save money? and then you fill the coffers of

the government. so why not. >> this is a big show. i have to talk about the drag on the gdp if everybody becomes a pot head. there have been three we references. like california? colorado? all you need to know as an investor is this etf was a latin american etf fund because it's a trendy area. just likal earn tough energy stocks 7 years ago. and then a 90% decline. even if we have a future -- if there is a future in this, and i'm not saying there is. it will be mopped up by our drug companies. >> it always comes down to how you invest. do you go out and put the nest

egg in marijuana stocks? no. you look at what's working in today's environment. david: i'm saying there will be pushback and regulations put on this thing. even though right now technically it's illegal. in new york you can get arrested for smoking a cigarette. >> it's getting decriminalized as we speak. the tide is turned. it's a matter of these companies getting their you know what together. the itr owns the real estate that gets leaked to the growers. >> there is one distillly business in california called eve that is a delivery company.

>> for years solar panels were in the works and no one made any money investing in that area. you always covered those so-called sin stocks. i guess you could call that. pursuing your own self-interest. if it is made perfectly legal. they have got the cash to put the facilities down and whatever you need as an ancillary business they have got it. >> freedom helps the society, look at amsterdam. the sky doesn't fall. it's not falling in colorado or washington. >> you get the powb, you get the women -- oh, that's scar face. >> the problem canada is with them legalizing everything fully, now they have to find out

how to enforce everything that happens. >> did you notice there was a west to northwest wind and something was blowing? david: that's manhattan. that does it for us. thanks for watching. evening edit starts right now. president trump: i want to start right now. secretary pompeo will be back late tonight or early tomorrow morning. he spent a lot of time with the crown prince. with that's been said saudi arabia has been an importantal life ours in the middle east. i want to find out what happened, where is the fault, and we'll probably know that by the end of the week. >> president trump seems to want to listen to and believe people like kim jong-un