tv Bulls Bears FOX Business October 22, 2018 5:00pm-6:00pm EDT
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low-cost tacos. as part as it's still a taco promotion. how fantastic is that? >> said that when my time before we get off the air. [speaking in spanish] >> the tacos made out of doritos. have you beat that? that is just heaven. here is "bulls & bears." >> david asman peer to transit from wall street to washington in over the country were talking about topics that matter most to you in your money. this is "bulls & bears." ♪ i come everybody. thanks for joining us. i am david asman. turning us on the panel is morgan ortegas, global opportunities advisor cofounder and maverick pat cochair jonas wagner as he is cochair of bs founder -- that's his chair.
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former obama economic adviser and gary b. smith to the mcgrew president who just flew in from florida. jonas, robert and guerriero fox contributors. 15 days away from the elections. "the wall street journal" poll showing the president approval rating is on the rise of more voters are interested in the midterms and now another tax cut is on the way for middle america. take a listen. >> we are putting in a resolution sometime in the next week or week and a half, two weeks. we are giving a middle income tax reduction of about 10%. we are doing it now for middle income people. that's on top of the tax decrease. >> are you signing an executive order for that? >> no, no. we will do the vote after the election. >> robber, you are already just on what the president said shaking your head.
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>> it is total bs. they're not going to be there november 1st or the midterms are november 6th. it's not happening. i tweeted that out this morning. >> you are confusing practical with marketing. trump is a marketeer. let's say i stipulate the trade impracticality is not going to get done. who cares. he's talking directly to his constituency out there. he knows what they want. he knows they love his economic policy. and in about more dollars in your pocket. just over. just go for a spirit >> part of the challenges that tax cut has not had as much play in the midterms as we all expected. when you look at the fox news polls, for example, the went out last week and issue a priority, and tax cut was pretty low on the totem pole. the president messaging this is important. >> you don't think it's been sold enough.
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>> something he's saying two weeks before is absolutely not happening. >> is bringing it back, which is growing the economy. >> reading it back, but that was never a plan to cut taxes more. first of all, middle income people are not paying federal tax. prd increased the standard deduction from some huge amount and it was already low because the bush tax cuts were not reversed for middle income people. obama only raise the brackets. >> i'm nominating him as chairman now. middle income is like $50,000. what's the federal tax rate? there's hardly a tax cut. >> there's a narrative out there. >> 80s did not sell the most prescriptive, but he kept saying he did hear that today's been doing for 30 years.
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>> not imaginary. >> is a stable genius to know is questioning capability. 83% of the tax cut went to the top 1% of corporations. so yes, the narrative makes sense. the narrative makes sense. david: but wait a second. that is why trump is now coming back to say hey, i know you enjoy this quote, unquote tax cut we had first time around and even though jonas is right technically. i don't even think most people know because it comes right off. but hold. most people don't. the other part is that now, yeah, we probably did a lot of it to corporations. now we will give more of it to you. that's an important point. >> we are all beneficiaries because the fact is what they are doing that the money come in the savings they have is tiring more workers.
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>> one didn't help new york. when you say that helps everyone. before these tax cuts, robert. 7 million new jobs. >> we should just be clear. obama had 211,000 per month. let me finish, please. thank you. >> the new jobs we haven't seen before. did they benefit from the corporate tax? >> if you look going into the mid-term. we just don't want to let you talk. >> i can only talk about cut off bob good >> don't make cut off. i'm kidding. but when you look at the 2018 agenda and what trump has been talking about, what the congress has been talking about, a lot of
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republicans have been criticized for not having a message come asleep in the other is in time for tax cuts in the next two weeks. what is the president going to do the next two years? >> i think is actually playing all his trump cards and that is the economy matters. i'm going to give your tax cut cut and by the way. we have a soundbite, from trump saying basically you put the democrats in peer the stock market is going to crash. >> look of 401(k)s. let's say we have bad time in three weeks from now. they will go down tremendously. people lose files. if they don't go out and vote,
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then they have themselves to blame because they'll lose wealth. i've had 11 points $7 trillion. >> no question that the rate stay mild and although they're starting to creep up, is the regulation has tax cuts have been incredibly strong for the stock market. 50% since he's been in office. it's not necessarily as rosy over the next 12 to 18 months because we are now in a different rate environment. and that will have an impact. >> let's switch gears dramatically. dramatic air vent in mexico is moving closer to the u.s. border. honduras and el salvador. the president giving us this afternoon. take a listen. >> we gave them hundreds of millions of dollars. they do nothing for us. they can do a lot better job.
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i don't know what's going on with mexico. i guess it looks like the people who won't get in the middle of mexico. so i'm not exactly thrilled there either. david: president trump tweeting earlier south it looks like mexico's police and military are unable to stop the caravan heading to the southern border of the u.s. criminals and middle easterners are mixed in. border patrol in military that this is a national emergency must change laws. first of all, and the group that's organizing all of this is called [speaking in spanish] people without borders. i wonder if voters are okay with that. >> there's no question that this base on immigration does welcome the president during the midterms. immigration has been a policy. i don't agree with his policy. he should be much better to the dreamers. we should have protection on the borders. we are confusing immigration
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with migration. we are putting everything into this big fuzzy ball right now when it works for him and his work since the day he went down the escalator. >> there is a couple facts. one is that he talks about the aid. we gave last year in foreign aid $400 million to guatemala. almost $150 million honduras. he's talking about economic sanctions against these countries. that sounds like a lot of money. the gdp of guatemala is $75 billion. even if he said i'm not going to give you anything, which he won't do, i wonder how much of an impact it's going to make. >> i used to cover the region for a long time for about a dozen years. a lot of that money goes directly into the pockets of the leaders. they won't tell you that because all the diplomats -- >> beta one of.
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>> sanctions are not going to impact immigration because migration is happening because they want to be those leaders. they want to leave the violence. mentioning the government is not going to change people from leaving. it will have the opposite effect. >> important to look up at the republican leaders in the sanity of not been on the same page as the president said about the current caravan controversies that the president is tweeting about. marco rubio said today the migrant caravan was manufactured by supporters of a radical agenda using poor and desperate people to embarrass and undermine the u.s. in the region but it's going to backfire on them. that's coming for marco rubio who's been involved in bipartisan discussions on immigration. who's not to the right of donald trump shows i think a political miscalculation by people behind this caravan that'll end up helping the president. >> what you think revealed that when he said he was manufactured?
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>> i think he's talking about the people who are paying for it and supporting it. >> you think about the logistics. they are walking nearly 2000 miles. you think they brought along a semi with food and water? they are going to want 2000 miles. they packed a brown bag lunch and they're going to do this? to rubio's point, there's got to be some organization. david: let me bring in somebody who knows extraordinarily well. jorge costa near joins us now. it doesn't appear as though mexican authorities are doing anything, much if not anything to stop migrants from working their way through mexico to the u.s. border. am i wrong? >> i think you're basically right and i'm very happy you are right. it's a pleasure to be with you because i don't think mexican authorities should be doing the united states dirty work for it. i think we should offer the migrants, we in mexico the
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chance to requesting asylum in mexico. they are fleeing from probably the most violent city in the world other than countries at war. they are fleeing the violence, fleeing the gangs, fleeing incredible homicide rate. david: the homicide rates in mexico. where does the united states topic? >> we in mexico should give them the chance to request asylum in mexico if that's what they want. if they don't want that come if they want to go to the united states border, across the border and request asylum in accordance with u.s. laws and they're allowed to do that, then we in mexico should let them go through. this is a u.s. issue. when president trump says they have to requesting asylum in mexico first, he is misstating. there is no obligation on the part of the hondurans or of mexico for them to request asylum first in mexico.
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and that's where the americans to result. >> would you make of the criticism from the left hillary gets what the farthest leader which could've ultimately led to this. is there any kind of cranky left-wing stuffers very story there? >> i think it's a little cranky. there was a coup in honduras in 2009. the president was overthrown. secretary of state clinton did what she could to try and reinstate him and reinstate the constitutional role. people are fleeing and now they are fleeing to gather which is a much better idea.
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we're rubio i don't buy it. i don't believe people are walking thousands of miles with their kids because it's being manufactured. one of the most violent places in the world with an authoritarian government who treats a lot of people like lower than a mile and these people want to come to the u.s. there is a political asylum way to get here. i'd like to hear your perspective i'm not. >> i agree with you completely. senator rubio with all due respect is searching for reds under the bed so to speak. i wish we in mexico had the organizational capability to do with the hondurans have done. have 7000 people cross -- >> you honestly think these are people doing it on their own?
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there is a huge organization. there's a big organization called pablo seaford terrace which is getting a lot of support from a lot of different people and they are behind organizing. >> there's a bunch of people, organizers and not do this, the church series of priests in mexico in honduras, and el salvador questionably. that's different from someone forking out money and giving the money of feeding them. the red cross in mexico is putting up a fence for them -- tents for them. people give them food, diapers, toilet paper. they are going to tremendously hard time. this is an enormous sacrifice for these people and i think we should adopt a more humanitarian approach instead of either trying to find a conspiracy behind it or tell the mexican
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government throw them out, deport them all. >> this is morgan. these migrants are certain mexico, correct? >> correct. most of them in mexico. >> forgive my ignorance because this is my best issue. if they're in mexico, why can't mexican government do something right now wherever they are to help settle them and give them political asylum in mexico? >> at the request political asylum and a thousand have requested it, will be processed and sent them oversee that. that's all they need to do. >> they may not necessarily get it. most of them want to come to the united states, morgan. they don't want to stay in mexico. david: back me up on this. it's very difficult to get asylum, but be able to work in mexico if you're from another country. the new president wants to change it. appreciate it.
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good to see you. coming up on "bulls & bears," both republicans and democrats are demanding that the u.s. take action against saudi arabia following the death of journalist jamal khashoggi. what is being considered right now is we are hearing more from saudi arabia? >> we were determined to uncover every stone, german to find all the facts for this murder. if you want a car from a company that's been building them for 115 years, get a ford. if you want a car with driver-assist technology, standard, get a ford. if you want waze and amazon alexa compatibility, get a ford. if you want a car that doesn't have any of that, get anything... but a ford.
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david: president trump says he is not satisfied a saudi arabia the nation for jamal khashoggi step hear both sides of the political aisle are demanding u.s. sanctions against saudi arabia. stephen manchin says it is too early for that while the investigation is ongoing. meeting today with the saudi crown prince honestly dislike of his middle eastern trip. joining us now is american islamic were president, judy vasser. here's what worries me about the whole situation here. i remember when the shah is in power. who is not a good man. he dealt with little opponents in a way as severe as the
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saudi's do. he killed them, tortured them. we abandoned the shah however iran and we ended up at the ayatollahs who are far worse than anything the shah of iran was killing hundreds of thousands eventually one way or another. is it possible we could end up in the same situation with this? >> there's no doubt. and listen, there's nobodyicalld globally with writing radical islam and ideology of isis and other things. but at the end of the day, you will end up with the muslim brotherhood of the saudi variety running saudi arabia and by the way that empowers turkey and qatar and iran in a situation that makes it much worse. i'm not saying we should excuse our allies from assassinating american resident who appear this is what happened. but there are ways to do this. even the russians and the use of chemical weapon to assassinate in london, we invoke sanctions but we didn't start next in the
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world as a result of an assassination so we need to vent proportionality. that demands some of the things you could do is to kill civilians in jenin. we've been calling for an exit on the u.s. commission freedom. all these in jail for false crimes of drugs and other nonsense in saudi arabia. they can release them to show good faith and the horrible thing they did to jamal khashoggi. >> we actually have some saudi foreign minister interview yesterday with bret baier or he called this a tragedy. >> this is an operation where individuals ended up exceeding the authorities and responsibilities they had your day made the mistake when they kill jamal khashoggi and the consulate and they tried to cover up for it.
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we are trying to find out how they were assembled, how they were dispatched and try to ascertain what happened in the consulate and what happened subsequent to that. >> president trump indicated before his on-the-fly to texas that he is still not satisfied with the saudi response thus far. i just think it was groundbreaking -- not groundbreaking, but a change in saudi position of the foreign minister said it was a mistake, that it was a tragedy. the president still not happy. whether it's -- >> for those people who were nana, the past 50 years, the saudi's mix in a little truth with their propaganda in the bottom line is we should make it clear this is a front in their war against the islamists. we are now allies of the islamists like the atp and turkey are the qataris and the brothers in khashoggi's connection to god. at the end of the day there needs to be a response to say
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that we will no longer in any way support one bullet and also put in sanctions against some saudi royals making quite a bit of money on petro islamic sales, et cetera. without abandoning the relationship and jeopardizing it like so many of those in the media now want us to do. >> zudhi, this is gary smith. a lot of what you said though just sounds like tongue wagging to be honest with you and that's exactly what obama did. he said don't do this. we are trying to redline. when you get down to it, is an economic sanctions the only way we can impact the saudi's? >> there needs to be some economic sanctions, but again, i would not support ending the arms deal. the bigger picture perspective in the next six to 12 months is balancing the severe threat to the iranians, qataris and turks and especially the iranian threat. we have to be careful.
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economic sanctions are important, but it better not be tongue wagging to say we want him released or his attorney release. the true prisoners of conscience in saudi arabia that we should demand relief no difference in the cold war with so many others. >> you can do all that without abandoning saudi arabia. zudhi just there, thank you my friend. appreciate it. a change is coming to psycho scores. more people may be able to take out loans, but is that a good idea? we will debate that coming next. ♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound)
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could it make it easier to get a loan. but is that a good ting? >> i would say i'm not would say i'm not too supportive on this. there should be put in quotes. there's been a bit onerous since the great recession 10 years ago and definitely cost less people to be able to get the fair lending they needed. that being said there is now leverage back in the system almost where we were a decade ago where consumers are 100%. housing markets at 100%. i don't think they making these type of loans not really have the right fico scored that were all used to is a good thing. more money to people at a higher rate but really they don't understand how to pay back. >> two that i say so what. let the market decide. if people want to take out loans in over leverage, that's fine. in fact, they should choose to use the fico score.
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why isn't there a competitor would be my first question. over leverage, under leverage if they want access to money. and they have been doing something which i don't think even you would he in favor of. they would delete having tax claims information about bad credit reports. deleting data in the history of our worries. i don't think that's a good thing. >> i don't think they trust you. i think the whole thing is borderline crooked because what i think is trying to do and what achieves didn't stop reckless lending. because it's not really a good measure if you're going to pay back a million dollars condo loan. that things go underwater you're going to walk away from it. it doesn't do that. what is due is gives a basis for financial companies to charge you more knowing that you're still going to pay back the loan
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which are ficus corbyn is because the government never should have allowed people that don't establish credit and digging your fica score. if you don't pay a cable bill, they didn't give you a loan. it shouldn't ruin your credit. your car insurance is going to cost more. the sixers are going to make a whole lot. >> another reason why he got this is because he's got your interest rate still essentially. 3% from the 3.5%, that the artificially low interest rates. the president wants to keep them that way, but let's face it is artificial and it was 0%. >> when i was looking at the story, people of $400 in their banking account and no overdraft history as the people eligible for the soldier's fico score. i'm with gary on this that people can be responsible for themselves. >> you want to bet they're going to charge extra. >> people are not going to understand the compounding.
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when they finish. they don't have the education. this was the whole idea of subprime come at the idea that people did not know what they were signing up for. not everyone knows what they're getting in and sometimes they should not be getting it. >> because who says? it's like your implication is that we should somehow cure this reckless lending. it is like hearing reckless eating. that's our responsibility. if i don't read through this stuff and i can't pay and i go bankrupt, that's my fault. individual responsibility. >> even if it leads to 2000 recession? >> right. a lot of financial institutions should not have been safe. they should have gone belly up and they would've learned. >> president obama in the campaign trail in nevada taking credit for this rocking economy while slamming the gop. we will debate his impact on the midterms next.
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>> when i walked in the office 10 years ago, we were in the middle of the worst economic crisis of our lifetime. that was the last time the other party was in charge of things. i do think it's interesting. i just hope people kind of noticed that every time there's a pattern where they run things into the ground and we have to come back and clean things up. david: president obama back on the trail today. this time in nevada same in the gop urging voters to cast their ballots early, so could the former president be the hope democrats need ahead of midterms? gary, i frankly thought we went through this a couple weeks ago when president obama was saying he was responsible for the booming economy we have now. >> exactly.
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if voters in november 1 to 8 years we had under the obama a economy, they are welcome to get it. this is an economy that never chewed through% annual growth first time in history. this is an economy where they said achieving anything over that would be implied, almost impossible. get used to it. job suffered, wages suffered. housing prices barely out. the horrible economy because obama came in there like most democrats did and thought, let me regulate things. that may be in control and collect the money. it was a an abysmal failure. >> well -- i'm not even going to go there because it is such a ridiculous comment. it's not surprising that president obama's in nevada helping jacky rosen. there's a few states, and the
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swing states is going to be one of the core ones. he's won it twice by wide margins. secretary clayton be president obama in nevada. so that's an easy state for him to go to. i was there. we did not the rules to actually really take ourselves into a different situation. the market was at 6000 north of 18,000. higher than president trump. we can go through fact by fact. at the end of the day, i do think we need some regulation. the first one to say that dodd-frank went too far. we could go issue by issue. it's no different to pendulum swings too far in that it goes the other way. david: bill clinton, democrat president, the last one before president obama who said the government is over.
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>> all of a sudden you have the republican not for trade. the deficits under obama went from double digits to under 3%. they're back in double digits. would have been a fiscal conservatives? they left the party. i actually think we should figure out how to move forward. >> you speaking because they don't have a lot of stars. they might never have as big a star. who's to be spiking the football. there's a point in economy. i know gary's going to disagree with some of this. maybe all of it. obama was referring to 29 were they came in and fixed the library. when you're in that situation, all the sudden cash for congress is such a idea. when you're in a good economy, all of a sudden the democratic policies can be a drag. stop you from going into a high
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growth rate. amend trump style 80s economy. too much of either one. >> if democrats win the house majority, "politico" is reporting law firms and lobbyists are preparing for a booming business, anticipating a congress would open a slew of oversight investigation tying up pharmaceutical companies. when lobbyists do well i get worried. >> the lobbyists do well in washington. to go back to the point about why obama is out there, and if we look at spartacus, the other senator, and there has been not minor missteps, major missteps by people supposedly running for president. the smartest thing they can do for the midterms is to get these people.
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so the question will be if you keep a republican senate and let say for the sake of argument, what can they do with their subpoena power? nancy pelosi today was speaking at a competitor's conference and she talked a lot about the subpoena power and with the house democrats will do. not only with those investigations as it relates to big tech and all these companies. >> if we take back the house come i hope we don't have two years of investigations because then you are giving a link to president trump to be the next president again. they vote for someone who's for something. being anti-trump is not a voting thing they were going to be ringing the bell on. i hope that's not what we say. >> joe biden said the same thing used it in i happen to agree with the two of you.
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you set up such high expectations for the base. anything short -- david: hold on one second. they are playing the wrong card. obama's are big star. i think they tried that. >> i'm going to have to interrupt because we've got some breaking news. firefighters are battling a huge fire burning into buildings in morris county, new jersey. this is a six alarm fire broke out this afternoon. the commercial building includes apartments on the two top floors. that is very worrisome. officials say everyone was evacuated safely. we don't have more details on that as far as injuries go. we'll bring you any updates as soon as we get done. we'll be right back. stay with us.
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arnold argues the competition hasn't been working on the drug industry to keep a check on prices, so is he right? robert, and he's only got $3.3 billion, but i kind of like the fact is putting the money where his mouth is. >> i love it. the one thing we all agree with his drug prices are too high and we could argue whether health care is right or not right that we would agree health care pricing is too high. i like a guy going after certain lanes that we need to go after. this is one of them. >> i don't know prices are too high or not too high. that's where the market to decide. the market has not been allowed to operate in this case and the reason is twofold. the drug companies basically have a monopoly. two, the monopoly comes from the patents they get in the allowed them to keep control of the drugs in the billionaire's thoughts doesn't allow generic drugs to come in.
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even when the patents expire the government gives them an extension. pfizer was what the term creating an extra 1400 days. and how much money they made in 1400 days extra? $23 billion. >> one of the things this guy wants to do is to set up a nonprofit to come out with generic drugs. the moment that a drug loses its patent he comes in with his nonprofit to create generics at good prices. >> there's so many complicated issues wrong here. although the guys who made money at enron in the 2000 knows more about manipulating prices. it's like putting joe cannon in front of the fcc. he knows it's going on. >> when i was at ubs who bought enron in bankruptcy. >> do you know if this guy was doing? they're all making a lot of money. it seems a little fishy. anyway, he's identified what is
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wrong in this industry that is questionable. they manipulate the patents are taken advantage of. taken advantage of medicare. however an underlying problem that people consume too many drugs as well. you can't just let people take a thousand dollars a month drugs when there's a hundred. >> the government's going to come in. >> and this is why the drug -- there's no demand reduction ever. once they're paying for, which is the case. >> the problem is there's no demand reduction because it's totally invisible what people are paying. the whole insurance medical industry is. i going to the doctor, 99% don't even know what it costs.
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>> it's not a free market. you have medicare and medicaid. we already pretty much have socialized medicare and medicaid in the va, the better. >> to go back from a political perspective, president trump sign something hubby and pharmacy guide causes. i actually think one issue the president talks about on the campaign did not say things traditionally very conservative. this infrastructure are one of these issues in a bipartisan congress the president could go forward and have real solutions that would help everyday americans, especially as it ties into the opioid crisis. >> we've got to leave it at that. who are looking to really put the fast and fast food by using drums for delivery. details and hurdles is good and hurdles this could face are coming up next. that is next on "bulls & bears."
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♪ the lexus ls 500 & ls 500h. take advantage of great offers on the 2018 ls 500. experience amazing at your lexus dealer. you. david: uber is moving forward with their drone delivery program for uber eat. word of the program leaked when they accidentally posted a job description for an operations manager. they said we are excited about
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each drone delivery program. our program is still in very early days. is this just pie in the sky sort of thing. >> the drone company that does business with fox. not surprising with driverless technology uber is doing and now drone technology they want to be the forefront. we won't have the jettisons overnight where everything is flying. but we'll move to regulations that will allow us to do more. in the cities we won't see it develop so fast. >> i eat a lot of uber eats. they are saying it will take
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approximately 5 minutes for your delivery as opposed to 30. >> we have done a lot of drone deliveries. last location, rural areas. >> they are both droning on if you want a good pun. >> i'm pro technology. but you were just talk about driverless cars while people are binge watching netflix. the whole sky will be dark with uber and amazon. >> we won't have the jettisons flying. it will happen in different areas. david: there are drones with cameras on them look into windows.
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>> i think the stuff that once company does, the drones, 5g wireless, that's why i'm excited about the markets. >> we are all excited about the market. that does it for bulls and bears. evening edit starts right now. president trump: we have been giving so much money for so many different countries for so long. it's not fair and it's nod good. when we ask them to keep their people in their country they are unable to do it. you are going to mind ms-13, you will mind middle eastern. you will find everything. guess what? we are not allowing them in our country. what's happening on the border is caused by the democrats because they won't let anyone change immigration
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