unquote punishment be? >> u.s. officials have to hear those tapes that supposedly exists. they need to have some insight into what's really going on there before anybody can make a call. i does it for us. >> that does do it for us. "bulls & bears" with david asman starts right now. david: from wall street to washington and across the country we talk about topics that matter the most to you and your money. this is "bulls & bears." hi, everybody. thanks for joining us. joining me on the panel today, our very own christina parts and nonetheless. took me a longtime remember that game. liz p., jonathan hoenig of the capitalists is hedge fund in gary kaltbaum, president of cult capital management came on the way from florida to be with us

today. major headlines out of d.c. the dow ending the day down 327 points. we will break it all down for you this hour with our panel and some very special guests as well. first, the street from treasury secretary steve mnuchin sending shockwaves through the markets. just met with president trump and secretary of state pompeo and we have decided i would not be participating in future investment initiative summit in saudi arabia. markets immediately plunged on the news and what happened to the markets? >> just another big geopolitical then. they don't know if there's a big rift between the united states and saudi arabia. what does that mean for oil markets? should saudis retaliate or not increase production to offset iran's losses and then there is this big arms deal on the table

which president trump is talked about. it's not insignificant for sure. >> $14 billion has been materialized, so still a lot of money on the table. i do believe it's a bigger picture if you look to chinese markets expecting gdp numbers coming out today. will we see china's economy start to slow, hit that six-point x%. >> i mean common the markets week to begin with. news like this takes more and more out of the market. i don't care how many billions of dollars plan to buy from america. reports of what they did as journalists were actually unbelievable. they carved it up like an animal. this is a journalist trying to do his job. it doesn't matter how many billions of arms will sell. the president comes from this. saudi arabia, it's like an

islamist cesspool. every accomplishment is just now women can drive and they have movie theaters. >> in bullish markets, bad news can be excused. in bearish markets, all bad news is accentuated. we had cut out today talking about china by the way of just ignoring trump right now because they don't have an election we do. by the way, and mnuchin expected to not go. they may not have met. >> over 300 points in the dow. imagine how much worse all of this with the if we were dependent on oil as we used to be. the trump administration liberated carbon fuels have you talk oil, gas or coal. we are not independent of the world oil markets. people are confused about. we are not completely

self-sufficient. that's the amazing thing. >> less than 12% of the oils from saudi and real me is 40% on petroleum because of the green energy movement. things are a lot better. >> we need to fill in not offset. and the sanctions coming iran and you've brought up the saudi -- it is horrible. i completely agree. in the business perspective, think of the money the saudi company united states right now. the reported 5 billion in uber a loan. the public investment fund they are investing all kinds of startups. we can't discount that. >> not to mention the bonds they have. kristina: i think it's horrible, inhumane, blatantly obvious what happened. will the president and administration stop doing business? everybody's point of this conference to show faith or will they stop doing business? i don't think so.

>> the problem is we are in a very momentous time right now vis-à-vis iran. the dimension we are on another sanctions regime and our entire mideast strategy is sort of up for grabs now. it's very uncomfortable to me that so many enemies. >> what do you mean up for grabs? >> saudi arabia and the gulf states generally speaking to confront iran. this is in a position the president taken. we really need to have the saudi center can. what's alarming is turkey is looking at this as an opportunity to divide us from saudi arabia. obviously cheering us on. this is really -- >> i just got back today to think the head of the joint may have done this and we're supposed to trust the thought process of this person that supposedly going to change the culture for saudi arabia.

>> it doesn't even matter if there's actual military response. we talk about the bully pulpit of the presidency, and call a spade a spade and call it out for what it actually is. >> knows more about this region than any of us put together. president trump on his way to montana stopping to take some questions say that looks the "washington post" columnist jamal khashoggi is in fact that any spending for answers from saudi arabia. >> we are waiting for the result about three different investigations and we should be able to get to the bottom fairly soon and i'll see you on the plane. >> whether you're considering possible consequences based on mouse? >> you'll have to be very severe. it's bad, bad stuff. we'll see what happens. >> joining us now is volleyed ferris, fox news national security and foreign policy analyst and former trump campaign. great to see you whalid.

we can't completely cut her ties to saudi arabia because of oil, because we need them with iran in a whole lot of other things dealing with isis, et cetera. our relationship with them is going to change. in what way? >> it isn't my field. with the president is trying to do from the moment they could be a rogue action under the level of policymaking in saudi arabia is to precisely save the relationship between the united states and saudi arabia even if there are punishments are sanctions because any co-ops with saudi arabia means three things immediately. we were just discussing this. we will fail or have trouble in wrenching or implying sanctions on iran. if the saudi's eyebrow, don't expect the uae to stay hidden. don't expect egypt, bahrain, maybe jordan. >> we know we need them, but the question is how a relationship change? i know they have a lot of crown

princes over there. i'm told by one of the panelists it got to thousand of them. is it a matter of changing the crown prince or what? no, no, not so simple. mohammed bin salman is the nerve center of the regime. think of the alternative. you're going to get the muslim brotherhood as an alternative. not another social democrat or liberal. sacking, the control of the reforms in saudi arabia would be set back. i'm not happy with the situation but that's the reality of it. in terms of sanctioning weddings to be sanctioned, sending the mother of all message that not having that relationship. >> you touch upon. my name is christina partsinevelos. does that mean stopping short and not sanctioning the prince himself, not his father as a whole. >> just the opposite. sanctioning the people who have committed this as high as

possible and if orders are given from the top, and then we have to put in pressure for the change. now before we get the information. second, remember we've been preparing an air of coalition. it would be nothing if that happened. thirdly to relaunch the peace process between israel and the post and in. as the backbone of this? each of saudi arabia. but be careful while we are proceeding here. >> it also sounds like you think mbs is the best of all worlds over there. is that what you're saying? is that how bad it was over there who would take his place? >> yes in a sense. i've been following the reforms in saudi arabia. in five years, six years we may make it another structure but between now and five and six years. he's in charge of these reforms. better would be to put pressure on his regime to do different

policies to make a strong declaration about never doing this. in addition to back him in legal system in saudi arabia reagan punished. there are many options you can take on just sounding the alarm. we have to be careful while we are engaging in that direction. >> it seems there are opportunities to have an exit strategy here. i assume that's what our government and the saudi's frankly are working towards. i don't mean that they get off stock free but some group of individuals inside of those responsible for this and mohammed bin salman is eliminated from that group. i don't see how we otherwise move forward with all the things you've talked about, there has to be a group of people basically targeted for this assassination which is what it looked to be unpunished. is that basically what's going to happen here? >> i agree with you. the saudi probe first and maybe another type of probe will take

place. while bubble there was a decision to engage in the initial decision to go and kill him or with the initial decision to go and bring him. there's a big difference between notes. if it's below the highest level of concern, then we could work it out in the solutions. if it the highest one we have a problem. >> jonathan hoenig. the mysterious regime to latin american spirit are americans allowed to travel to saudi arabia to visit? >> yes. we have so many companies there. thousands and thousands of americans going there. maybe some americans cannot go for religious reasons. that's a different story. where the center is. men and women can travel there. of course you have what they should wear. it's tectonic. if we do not pay attention,

everything that has been improved will collapse. >> i think back to the shah of iran. he was an awful dictator but he was replaced by the dictators and he did much worse. >> that's a concern i have because we know who the opposition forces are backed by the muslim brotherhood. we want to be very careful to send a strong message to the leadership in making sure whatever has been achieved is not lost. david: partsinevelos, great to have you on. a market mover today. president trump threatening to close the southern border as a caravan of migrants makes its way through mexico. latest developments from the white house in the week to former acting i.c.e. direct their tom homan. he is here next.

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david: president trims and in a major warning to mexican officials. edward moran says the latest on that. edward. >> the president threatening to mobilize the military imposed the southern border with mexico fails to turn away 4000 migrants coming to the united states. this is the second large caravan coming this year from one doris

in that region trying to flee the violence there. they are going to -- planes coming to the united date and seek asylum here. the president to stopping all payments to these countries which has no control over their population. last mexico and defend able to do so i'll call it the u.s. military and close our southern border. senior state department officials say the u.s. is working with other government in the region to prevent these caravans in the future. senator lindsey graham said he and i also want guatemala, honduras and el salvador stabilize their country is that we cannot tolerate how governments be indifferent to our immigration problem. democrats saying we should look at these a little differently because of the violence there escaping. jim jackowski of treating out today saying, quote, we must support refugees and start

turning a blind eye to fernandes repression and violence. the white house looking for their next move right now. secretary of state mike pompeo meeting with the panamanian president. running into mexico city city he will talk with the current to see what they can do as his marching orders from the white house is used to ask mexico if they can help with the situation. >> edward, thank you very much gray fox news contributor of i.c.e., thomas homan. even if all of those refugees are immigrants, however you want to refer to them were angels and had something to contribute to the american economy, i don't think we'd have the place for them on the border. we are to have 105,000 individuals in the past 12 that are stuck in all kinds of situations. family detention centers, and problem with that space. some of them are stuck in court backlogs. how do we do with all these

people? >> first though let's be clear i heard the soundbite saying that god take care of these refugees. when they show up on immigration court in its come if they show up, more than 87% of those are cases don't qualify. so that is first. on an earlier show, this is about getting to the united states to get a better life. i can't blame them for that but they need to do it the right way. they cannot respect the laws. second of all, there's more of this caravan coming. congress needs to get off their and do their job. i've been up on the hill when i was i.c.e. direct her. secretary nielsen telling what are the loopholes. whether republican or democrat you'd want to secure the border. no downside on that. >> this is gary kaltbaum. we've given billions to

honduras, guatemala, salvador. we just caught a major trade deal with mexico. this money not talk with these countries to prevent these things from happening? >> money talks. we've got a warrior is a president. we've got to take one thing at a context. billions of dollars go to these countries every year. people who live illegally in this country works in money back for their families and home countries and billions of dollars every year so we've got to keep that in mind. i can understand pulling back from foreign aid but we need to look at remittances and hitting them there also would make a big difference. >> how effective can the mexicans be at halting this caravan at their border? i understand the need some sort of passport or something to get into mexico. why can't mexico take that burden off her shoulders? >> i've been saying for a couple days about the president talking

to mexico. someone from central america cannot transit through next go without a transit visa. if they show up with mexico should not give them transit visa. if they want to claim asylum, they can claim asylum in mexico. you said earlier, they very left honduras. they went to to other countries are missed so they left the danger they were supposedly escaping from. >> tom provide a quick question. why are we discussing the problem going to the employees that are higher in this commode everyone to call them, refugees and the second thing, and bringing military to the border, but the military cannot enforce or can't be a civilian law enforcement. talk me through that. >> first of all, as far as the worksite people getting jobs i'm with you. we increased worksite investigations by 300% going for

400%. but then again, in the list of loopholes and legislative changes, we want mandatory either side that they refuse to do it. as far shutting down the border, president reagan dead at. i remember sitting in my cruiser at a port of entry that was close because they're looking for a dea agent and president reagan was holding them accountable. we have mexico accountable back then. mexico responded to your >> hi tom, jonathan hoenig. as you said, most people are simply looking for a better life, a better american dream at a time when american employers are looking for employees, why would we stop them at the border? why would we take some of the jobs and build the economy? >> if we need low skilled label or this type of labor, how congress open up the labor market, whatever. we cannot condone illegal aliens

coming to the country to take a job illegally. this isn't just illegal immigration. we keep allowing illegal immigration in this country. we are bankrolling the organizations that smuggle guns, drugs. drug cartels for further. within full criminal organizations to the cartel. the same that has murdered a season murdered a siege in spirit as how to do this the legal way. >> and. >> the rule of law begins at the border. ironically immigrants are coming here because of respect for the rule of law they don't have in the country. they have to do it legally and there are ways to do it legally. tom, great to have you on. great to have you here. >> thanks for having me. >> coming up, what the top economic adviser told business leaders about potential u.s.-china trade deal. five hundred years, right?

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david: president trump's chief economic adviser larry kudlow said china has not responded positively to any of our asks. they are unfair traders, illegal traders stolen our intellectual property. america is the greatest technology in the world. the backbone of our economy. china can't seem to do that they steal it it. we can't allow that. christina, the chinese are heading back now. why wait is suing retreat secret. >> an american firm sued while way. they've got a complaint last year. they are both going after each other. the chinese company is asking in litigation to have followed the technology from the american firms so they can see. i'm talking literally they want to see the code or a saint,

engineer plans because they believe this american company and the cofounder who is a chinese u.s. citizen still employees, also stole -- >> kaman, we know it's china that the one. >> obviously china -- my biggest worry is this has been going on for a lot of months now. we've got mexico, canada, china going on. they have no reason to get a great deal done so quickly. i think they're just waiting on it. the only thing we have in our court right now, say they did six points at 1% gdp, not true. they have used twice in the last couple of months. people in china are getting upset and starting to bubble up a little bit. hopefully that moves them because this has to get done. whatever the answer is going on right now.

>> i really disagree. a lot of pressure on china. under pressure for almost a year now. the markets way down. but that's because the outlook for the economy and as you say we don't know how bad the economy is. probably worse than the reporting at this point. but also, president xi jinping has become a target for criticism, which is actually unheard-of as of 24 months ago because people are not sure he's doing the right thing i've been so staunch opponent. they just lowered tariffs on 1500 products. china has very high tariffs. a lengthy article in "the wall street journal" about what we're doing vis-à-vis china. we are active on 10 different fronts. just today they changed the way the world post office assesses postal rates on china. they had a ridiculous thing that'll save as this $300 million a year. >> jonathan todd about that a little bit.

the point is that still a communist government. they had rules, for example if you're an american company or a foreign company in china, you are required to staff your company with chinese communist spies. >> is an authoritative a free economy. kudlow's point, intellectual property is a real concern. you addressed any staff to go folks doing the stealing. terrorists are simply something else. part of the s&p companies reported as cited tariffs. >> a stately beat them with.

>> products that come into the united states of course will hurt the economy. i don't think china will back down. china is trying to dominate. they have been made in china 2025 manufacturing. in their own currencies they are the largest holder of u.s. debt. helping will start to pay that would be a fire sale may lose out. i do not think we should discount how hard and how long they played this game. >> their entire business model had a very strong plan to further consumerism they had to flip that on its head. this is hurting them. >> they have ghost towns. i was in china last year. it's also hurting us to now.

>> the guidance down because those tariffs, you say it affects china, fine. it affects us, too. their support gets better. >> how can any control, and the only reason china has gotten where it is now is because it they open up their economy. the control of unfree economy could never dominate. the reason it dominated us because we've been the most free. >> the truth is we should have done this 10 or 20 years ago. i blame the chamber of commerce crew. >> stop them from doing what's in there. >> by the way, we are putting people in jail. that's one of the wonderful things happening. i understand this is going to ding our economy slightly.

>> would rather leave on that note of optimism. trying down to the midterms only 19 days away from now. i know farmers eager to house newt gingrich agrees are the two issues midterms are going to boil down to. we will name them in a minute. (roger) being a good father

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when mit rocked our world.ailed we called usaa. and they greeted me as they always do. sergeant baker, how are you? they took care of everything a to z. having insurance is something everyone needs, but having usaa- now that's a privilege. >> the choices jobs are moms. let's be clear. the lowest black unemployment in history. the largest number of unemployment jobs in history. the economy is growing and the fact is the democrats promise to throw all of that away based on their socialist ideology. >> with 19 days left, farmers acre newt gingrich echoing the slogan gaining traction at the midterms will boil down to jobs versus moms. let's bring it to the panel.

>> voters are pretty appalled by democrat protesters beating up on now candidate than people working on various campaigns. that's an appalling idea, ray. were supposed to have a debate. >> that's the guy who's responsible for what liz was talking about. mike stark a woman's harm is the campaign manager for the republican gubernatorial candidate in nevada. he was arrested on tuesday. he's done this twice before and the pac continues to retain him. >> and nice to the election. >> egged on by maxine waters and hillary clinton. in the higher the undertaker or somebody to care of him. i hate seeing it. it's a shame. i want to accentuate the

positive. i'm in florida. you've got rick scott against nelson. wants to raise taxes. for the governor's race. what i'm amazed that when i look at the ads being run, they are not pounding away in republican side. look at the economy. they are not pain away -- pounding away. now they want to raise taxes, but accentuate the positive of what's going on. this economy and maybe it changes, the right now sizzling under any number you look at in every way you look at and i'm quite amazed and i must incorrectly. >> i'm going to be heading to florida. this turnout, airport for the university of florida that this could potentially be the biggest voter midterm elections we've seen since the 1960s. why are we seeing that? early voters come out. in georgia alone is three times

the number early voters who gone to the polls. a lot of people talking about kavanagh. >> this is why we need people to go to the polls and get out regardless. we can sit here and debate all we want. people actually need to step forward and go to the poll. >> if i send you five years ago we've got to create jobs. governments try to create some jobs are my guesses a lot of people around the table with me now, government doesn't create jobs. i'm against moms. we should all be against moms. >> that's what deregulation is all about. that's what the tax cuts are all about. the list of accomplishment republicans are talking about. >> .intervention, not reregulation, but life ain't fair. >> to jerry's point, that is what president trump is to talk about exclusively and republicans that there's much more to be done. more deregulation. makes these tax cuts permanent.

to your point get out of the way and let this incredible organic economy continued to bubble along. >> they can grow. >> we have an idea. we have an idea. >> let's bring in more immigrants but the tight labor market. >> let me tell you what they don't tell you. the tax cuts we've had more revenue coming to the treasury than never. it is always the spending side it's been going on since i've been bar mitzvah. these people do not know how to cut spending. every year no matter what recessions, pressure next inch income is ending goes up every year and i'm telling you i've said this once, twice, thrice. they are taunting market. they are taunting the economy because we cannot -- >> a lot of them contrasting the

jobs done with the call for mob action on the part of hillary and other people. >> they have no platform. >> will be right up until election day which will cover on fox business. meanwhile, the war on fakes news -- fake news just a very real. how facebook is looking to see the mid-terms be impacted by fake news. will they see? e. hey, no big deal. you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges... how mature of them. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty ♪

david: facebook looking to avoid a repeat of 2016 doing everything it can to make sure the midterm election isn't influenced by fake news. based at headquarters the very latest. facebook says it is laser focused on cracking down on fake news and bogus accounts and to that end, more room on its memo campus. doesn't a security expert data scientists and engineers are working around the clock ahead of the midterms. pages and links in real time to root out bad act or is trying to mislead users about who they are and what they're doing.

>> if i am representing to you i am independent but actually i am running 50 different pages together, that they are being coordinated. >> recently fined efforts to manipulate voters in brazil after a flurry of posts after the presidential election was being postponed for a day because of protests. when content like that is fired, they will take it down or reduce its distribution and then let users know what the true story is so they're better informed. a lesson learned the hard way after ceo mark zuckerberg acknowledged agents abused for social media platform in the 2016 election, thousands of fake stories are posted every few hours than in front of congress have vowed to tighten security. facebook admits it can't catch other malicious page or post this as having a war room was so many security x earth working side by side at least improves

their odd of catching fake news and taking it down before any real harm is done. after the election the team is reconvened to assess how well the defense strategy worked. back to you. >> claudia, thank you free much. do you think they can do it? kristina: facebook right now using fact checker helpers like associated press fact check.org. only eight employees, two are dedicated. billions and billions of posts per day. on average they're able to to debunk one post per day. they were lying on artificial intelligence. david: at abc was one of their fact check partners. >> you are telling me i'm supposed to depend on workers at facebook telling me what's fake news. >> associated press two. on top of it all of these

organizations according to "the wall street journal" says none of them received any instruction special instruction. >> i'm so tired of people gushing about facebook. people coming in now, spouting off about facebook. >> we are providing the facts. >> don't use it. they've been under a lot of scrutiny and to their great credit are doing everything they can to build back a reputation. they are taking this problem seriously. david: i've got it through zuckerberg a bone. they're placed in with weekly conservative. i don't think google -- >> ever since they were distributed at the coliseum, there have been organizations promoting rumor and speculation. really and truly alter history. now we all get our news where people are focused on now.

they can't possibly win this in. >> i do agree that it's great they are doing this because nobody else, they are the first. they have to step forward. but how do you go after -- >> you can't, you can't. >> have you seen this lately? have you seen how many millennial star shutting down facebook? they have to earn back a reputation. good on them for doing estimates of the duo correctly. there is a bias when it comes to politics and i just wonder how this is going to go. >> all the algorithms -- but somebody has to build the algorithms. >> keywords are very critical and everything else. buyer beware. >> i don't think this group has a lot of hope for what they're trying to do. >> way, we are on facebook so we want people. >> will get on not after the

election. >> keep going on facebook and check out fox business. david: businesses beware. elizabeth warren ramping up her attack on the ceo of wells fargo. if she runs for president, there's no telling who could be next. introducing the all-new lexus es. a product of mastery. experience amazing at your lexus dealer.

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escalating her campaign against a familiar foe, urging the federal reserve to replace wells fargo chairman tim sloan. she wants him replaced with someone she says isn't so deeply up reply kateed in the bank's repeated egregious behavior. >> by executive fiat. where is due process? elizabeth warren hates banks and bankers. that's been made clear. her entire scheme with the consumer protection bureau was to go around all accountability. david: she created a bureaucracy

that is accountable to no one. she created a bureaucracy that is accountable to no one *. >> they can go after anybody they want. handoff. government has no role in the private sector. certainly not elizabeth warren and not the president himself. let the private sector. >> it's another politician that never created a dime much wealth, never created a job. they want to dictate to the private sector what to do and how to do it. they are socialists with other people's money and capitalists with their own money. >> what about the people who had their car repossessed because they couldn't pay for the extra

auto insurance wells fargo charged them. >> those people have been made whole by the bank in has been so much restitution. >> the 2008 recession. who was punished? >> the regulators. >> the bankers were by all the regulation. >> it needs to be discussed. david: it was not the consumer financial protection bureau that found out the problems. that's why it was created. it was a journalist who found out about this. >> people did lose their jobs. so there was repercussions. but people who don't understand

business dictated the big business running the country. david: should the government be managing a company's personnel. >> when the president couples and makes comments about harley davidson. that's not right. we want our country to flourish and these companies to grow. >> wells fargo -- >> i think there is a difference between encouraging countries, and trump would say he has been encouraging from the bully pulpit to do that. >> i don't want the president founding away at any company because you never know what it's going to cause in the markets or to that company itself. harley davidson acted in the

best way possible with their company and shareholders. >> who is going to do the best with it. he wells fargo or liz warren. "evening edit" starts right now. >> i don't think they are doing enough. supposedly they are sending 500 federal officers down to the border which i hope they can stop some of this caravan if not all of them. the mexican government has not been, i think, 100% cooperative. far from it. i think the president is using his leverage. he has considerable leverage with these countries. we send a lot of foreign aid to a lot of these nations. liz: we were on it early. is mic