tv Bulls Bears FOX Business October 24, 2018 5:00pm-6:00pm EDT
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earnings tonight. absolutely. another one of those caves is. everything we heard was good news for missing people are spending more money in to let the market looks at it as has been a comic tells you a lot about emotion. >> so far so good after hours per you will see right now "bulls & bears" with david asman. tree into a major criminal investigation now underway in growing in areas of new york, washington d.c. and florida. what we know about the suspicious devices spent to several prominent democrats including the homes of president clinton and a bomb as well as cnn headquarters in manhattan. live on the scene coming up here and also bringing you the latest on the topics that matter most to you and your money. this is "bulls & bears." ♪
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i am david asman turned me on am david asman turned me on a panel am david asman turned me on a panel today, liz p., fox news.com panelist. steve forbes media chairman jonathan hoenig of the capitalist pig hedge fund and jack cao bavarians. liz and jonathan are both fox contributors. stocks slammed today. take a look at the dow ended down a whopping 608 points in the nasdaq and correction territory down four by 5%. the dow and s&p 500 are now negative for the year. as concerns grow about orbiter earnings. let's bring in the panel and a lot of problems are affecting the market. the bomb threat today all over the east coast. worries about china, what's happening with the world economy and of course earnings. what is most heavily weigh on the market. >> the tariffs beginning to recognize will affect profit margins, going to infect investing decisions because you don't know what the rules of the game are peer disrupting global supply chains and the fact that we haven't resolved the thing at begin to weigh on the market.
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get a big deal with china but not on the horizon. >> we've heard from larry kudlow and others that there's no progress in talking to chinese about the many issues we have done. not just unfair tariffs. i do think watching the fed carefully, the fact that they gone back from their language. upset about jeremy powell raising rates three times this year. most likely for. everything is sort of changed investors have a lot -- >> it's been brewing for months now. we've seen a break down in the leadership in stocks. bull market don't live forever and sometimes you see a break down in the market.
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first it was taken as broadened to the banks, financial insurers. something is bothering this market. earnings are good. >> one thing we can rule out to earnings season, statistically there's an very little difference in the stock performance between mr. earnings. something broader investors are concerned about. for the first time in a decade you can get 2% unsafe cash. maybe a money market, something like that. i tell people don't panic. for the person who might panic if it drops another couple thousand points. panic now, put some money. >> panic before everyone else. >> you said there were something broader going on. what are you talking about? would he think is broader thing going on? >> rates have a lot to do with
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it. looking forward to next year. investors never had the feeling that conditions are really peaking. when it comes to earnings growth , there is 0.0 chance that next year's percentage increase in earnings will be less than half of the earnings growth. where stock prices are. >> 10% this year, 10% next year. it's not the economy afloat right now. it's the perception of the future. the trade things the biggest thing out there. the markets always price that in. this can really impact the economy. >> you should be happy to agree. >> we've heard the administration, many appear on the show downplay. preferred ceos for the federal reserve today, the beige book a terse mention something like 55 times. that's double how many mentioned
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back six months ago. bob shankland -- excuse me, bob shanks was on "after the bell" about an hour ago. he mentioned tariffs is having a major impact on ford's bottom line. >> the impact this year on that from sort of a bubble type price situation of about $600 million of head when and on top of that about $200 million related to the tariffs to and from china which also forces to cancel a product program that has charges associated at $150 million. probably on the two in the billion dollars of headwinds from almost angst this year. >> ilya dollars a year. >> you're taking advice from a guy who's running a company that's been doing terribly in terms of the stock market, based. >> the truth is the earnings numbers did not wow people in the cycle because analysts have been pushing estimates that the record that goes by. almost impossible to have a
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really exciting earning. it happens all the time. i used to be an analyst. i know how you play the game. also the remarks of all the ceos who were poor demented mentioned tariffs did the trick is almost all of them will raise prices. very few said this is going to clobber bottom line. most of them adjusting. piller got cleaned. the tariffs and taxes at the low end of their expected range. >> is that something on the companies in tariffs are supposed to help. aluminum, alcoa, 52 week lows for months now. ford is down a multiyear low. should these companies be benefiting >> a lot of them are in terms of jobs that they're supporting. look at the jobs numbers come in the areas where there is the greatest growth gates in industrial areas. that's where they can't find enough workers to fill the position. >> maybe this is jack's point.
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the supposedly -- >> more job scare you? >> stock ricin scare me in forward-looking indicators. he said it was a bubble under obama appeared during a bear market. >> whistling past the graveyard they say will raise prices. what does that mean? people will buy less when you raise prices. this ricocheted through the economy. the uncertainty, profit margins in impact by input, which means prices are going to be higher at the consumer level. that's not inflation. that's just taxes prices of things. in that we've talking about this. the president continuing his attack on fed chair jerome powell telling "the wall street journal" every time we do something great he raises the interest rate. he almost makes it look like he's happy raising interest rates. i'm very unhappy with the fed because obama had zero interest rates. of course obama also had zero growth. a little more than zero.
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this comes out the same week that we have paul volcker, the former fed chair paul volcker announced in 1984 president reagan actually ordered him not to raise rates before the 1984 election. >> well, reagan should get credit in a sense he did not come paul volcker when he was raising interest rates in the early 80s. he could call in a favor. you probably shouldn't have done it. he did need to do it. the fact of the matter is simple grenade the backing of the president doing something that no other politician could have tolerated, reagan came through. >> i don't know if we need higher rates. >> talking about higher rates. >> i just know the president himself talked about in 2016. he said the fed was reckless with his monetary policy. i'm quoting the president now. david: you're suggesting donald
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trump is inconsistent? >> except i would say coming into the midterm elections to have the market crashing takes a lot of thing out of this deal that trump has had. basically he is talking up the economy, growth policies in place and the fact growth has accelerated. i actually understand his frustration with the fed. i think he's overdoing it but i think it's probably pretty normal to have the reaction he had. >> wall street were shocked and trump is weighing in on what the fed should do. if you are firing to a month until he finds one that won't hike rates, that would be a problem. just waiting in doesn't mean it's a problem. for not dealing with the really important issue here, which is how long will it be until trump finds a twitter nickname. >> that's what the president will blame when the recession does come it won't be the tariffs. it'll be the fed. it reminds me of the importance
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of an independent federal reserve data. you talk about chavez, talk about erdogan. it's an endless printing of money that leads to those. >> you raise the question of a recession. you see it in the forecast at all? >> it would get a real trade work, yes. if not come in no way. this economy is strong and other global economies will imitate us on taxes and the regulation if this is allowed to continue. in terms of the fed, and they shouldn't be setting interest rates in the first place. if the manipulation of prices. view saturday. >> indicators continue to go up at an accelerating rate with 11 to 24 months after the peak day that a recession. the economy is still in shape. as i said earlier, expectations got reality. >> we've got a move on. we'll be talking more about the bonds that were being discovered
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david: early voting numbers showing republican showing on a far greater numbers than democrat ones. this is a new survey showing that 38% of americans feel their finances have improved under the trump economy. bank raise headlines as just 30%. kind of putting a negative spin on the data. you could easily say twice as many americans say they're better off now than those who say they're worse off, but in the negative spin. a magnet the nature of the beast makes me think of mark twain with statistics. in style, 83% are good as before or better. only 17% say it's worse. half of the 17% are disgruntled
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democrats. >> early voting shows americans do feel current environment is helping. >> a lot of a lot of things have powered voter turnout including the kavanaugh hearings obviously a very powerful thing. the fact that donald trump is out there campaigning like crazy has got to be hoping turnout for sure. makes behavior amongst democrats, all this protesting, and in-your-face harassment of people like mitch mcconnell, people don't like it and i think they're stepping up in voting with their feet. >> this is a good report for the president that 38% say their finances are better. >> 45% say it about the same. 38% say it's better. it's a total of 8% to the same or better. only 17% say they feel worse. so yes i would say that's a positive for the president
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policies. >> okay, most say their finances are either the same or worse. is that accurate? >> no, it's not. look at the numbers. most say by over 80% they say it's either the same or better. by over 80%, jonathan. >> okay, i'm rooting before today's stockmarket slump i hope the economy -- >> of insurance premiums for health care went raising and it still made those reforms that trump and some free-market republicans want. that's what eats up earnings now. not a bad economy but the fact that health care is still has patient control. >> stock prices are up, house prices are at. most people are doing better. it's not the trump economic miracle the republicans want you to believe.
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the continuation of the long bull market that began under obama continued under trump. great news for republicans is all democrats know how to do is lose the mill underperform. >> the economic policies of these two guys heard some say presidents don't affect economies. they can buy their economic policies. president obama raise taxes dramatically increase regulations across the country. this president lowered regulations, slash them to bid them lowered tax rates. >> remember when trump said democrats when but be careful because your 401(k)s will fall apart. republican chances in the midterms have been rising in the stock market has been tanking. >> you guys are missing the point totally. but. there is immediate surge in consumer and business optimism. that never happened under president obama.
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>> paul krugman said things were going to go to in a handbasket. >> the recent consumers in a higher people is because they are confident in the future. they're optimistic in this president made them that way by promising tax cut in pulling back on a lot of regulations liberally smothered the economy. it is real. >> couldn't say enough good things about tax cuts and the regulation. the president has made you more free. people don't vote their pocketbook. they about their morality. deregulation tax. deregulation tax company can americans were free. >> making people more prosperous are able to move up to better jobs. david: freedom and prosperity is not a bad duo. >> my hair started to come in a little record 2016. david: everything is working better.
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david: president trump arriving on marine one at joint acm jurors. he's about to get off his helicopter for air force one. on its way to a rally in wisconsin if you've been following the president the past couple weeks, you know that he is just about every day in a different part of the country of working for some congressional or senatorial candidate. very busy, busy schedule that would tire out a 30-year-old. i can't recall a president ever doing as much, just doing as many things. >> people are dumbfounded by
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energy level. they have been a number of rallies. talking about what he's trying to do gets very energized by it. david: if i remember right from your property in new jersey is right next to his. when he goes on a so-called vacations are a long weekend, he's not resting a bit. >> we always know he's coming by the noise in the sky. the helicopters and everything else. see you no sites is quite something. still exciting if it not something we complain about. look, especially the marine aircraft that turns a helicopter into an airplane or vice versa.
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i would like you to keep pace with the sky. >> is one of those rare people who goes by. he's never had it during your more to come. >> we have [inaudible] a comprehensive federal law in the united states. we should all make it easy for users to take a copy of and delete personal data. dream do you see that little bug up in the corner there. he was talking to europeans. as far as apple's chief exec to give tim cook calling for european-style privacy regulations come as claiming his rivals for not doing enough to address the data breach scandals.
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jonathan, tim cook praising all these europeans, some with a over regulation. is he right? >> tremendously dangerous. i'd be worried about is an apple shareholder to begin with, but the fact is calling for government regulation. apple inc. set the standard here and let all the other companies file your standards. that's what true leadership is all about. this is real dangerous precedent for apple to be calling for. >> what this is is a sales pitch. everything apple sells google will sell you for half price or give it to you for free. the deal is google is going to chase after you like a creepy stalker and apple is going to keep your details private. cook is out there committing people why they should pay top dollar for apple's privacy. >> you have to make a distinction between data breaches which is a serious thing in using data to sell you stuff like mtv. free tv. advertising to run the
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programming. if you want free stuff, free access to the site, they're going to have ads popping up in the want ads are going to respond to. david: also showing off to the europeans. you got a european regulator. i can't remember her name from the netherlands, that she is labeling on these billion dollar signs for all this high-tech companies may be trying to avoid getting on himself. >> is also had tax issues in the e.u. tim cook has staked out this ground is very favorable for him and for apple because they have a completely different business model. they are not relying on solid corporate customer data to users further revenues. they are selling gives most and it's a much easier sell for him. at the same time it's a slap in the face to his rivals leni enjoys that very much. >> people might say of course we need governments to regulate the
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business. just think of what government regulation has done to the airline business. airlines are private. every element defined in airline, putting a plane in the air is regulated by government. that's what you can see if apple gets its way. >> high tech will come to the rescue was blocked chain, which will enormously make it more difficult to hack and increase privacy which will also have one for men. jonathan, and i don't think the laptop is ever killed anybody, and the planes flying at the regulations could kill some people. >> until the consumer is unhappy about the way this model works, and you're not really going to see a change. you're not going to see a call for regulation. let's face it everything is free. when you want to google something or buy something on the internet, and is free to do that and i don't think anybody wants that to change. sure into your not going to get
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a lot of reregulation, right? spinnaker recite as those kooky things. nobody knows what it means. the privacy notices you get in the mail from the bank and throw them away. >> this is a much bigger deal for regulators and government officials. it actually has for a lot of users. even facebook which had a 52 week low today after his privacy scandal didn't really see any drop amongst user. >> lushes remember that most people are broke. give them the choice and do you want to get something for you by giving away privacy, i'll take it because i don't have a lot of money. david: last word coming up with the latest on the unexploded bombs being found all over the east coast. that is coming next. >> we are smart, we are tough, we are resilient and we will not allow these terrorist thugs to
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david: from the clintons to former president obama to debbie wasserman schultz suspicious devices with democrats up and down the east coast today. fox news national brain dns has more from the clintons chappaqua home. brian. >> good evening, david good we are learning tonight the fbi says the packages sent to the former attorney general eric holder, clintons, obama's, and also george soros were all put an end to the same type of packaging in these heavy manila envelopes with
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computer-generated headers as well as six american postage stamps. packages have a return address of congresswoman debbie wasserman schultz in florida in her name was misspelled. on tuesday night a package was sent to the clintons here in chappaqua. it was intercepted before it reached their home. a technician spotted it in an off-site facility where the mail is checked. president bill clinton was inside the home and hillary clinton was campaigning in florida. right now we have a tweet from bill clinton. he said thank you to the secret service among first and agencies to respond to this week's incident. i am for avril grateful for their efforts. this is all happened 15 minutes away from the home of philanthropist and donor george soros. on monday night he received from his home received a package which included a device that looks like a pipe bomb. investigators are trying to
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figure out whether or not that package was hand-delivered, hand placed inside the mailbox or whether or not it was delivered via the mail. we just now saw two vehicles exit where the home is and we don't know if it was the clinton but two black vehicles just came out of the chappaqua home. >> he was there last night. thank you very much. reporting of suspicious packages sent to the clintons and former president obama, cnn heard an evacuation alarm of their own. take a listen. >> they have reject those -- excuse me, that sounds like a fire alarm here. we'll keep you posted on that. i heard it in the background. will find out what the latest is here. we'll be right back. >> we have that at fox news about 17 years ago when we had an anthrax attack here in the building. tap into us as well. columbus circle, kristina partsinevelos. >> right now on 58th street
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right outside the cnn headquarters are at everything seems to be up and running at the moment even though employees were told to go home this afternoon. what we do know that the packages just mentioned, one was sent to cnn address to john brennan. he's actually an msnbc contributor. went to the mail realm after 10:00 a.m. they did receive an evacuation notice. the package itself with a pipe as well as the powder that was in it. it was at least 10 cars, sirens, and all the streets completely blocked off. over 300 n.y.p.d. here. black suvs, unmarked cars. the entire area blocked off. definitely a different scene earlier this morning. likely a similarity between a lot of the packages sent to the various locations, six locations we know thus far. in the past two hours or so,
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cnn's president has also issued a statement, really putting the rhetoric and blame on the white house in mrs. brown jeff zucker. there's a total and complete lack of understanding that the white house about the seriousness of their continued attack on the media. the president and the white house press secretary should understand their words matter. thus far they have showed no comprehension of that. that's a statement from the president of cnn because they had to evacuate this morning. packages were sent there. two and a half hours ago jeffrey of arizona happened to be in town because he was at a cnn conference on monday. i grabbed him and asked him about what he thought about the whole situation. he was great article. listen in. >> the president had some very good words a few minutes ago and i hope he follows through on it. will see the next rally because sometimes the biggest applause
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line are those celebrating a journalist or politician who beat up a journalist for example. there is no place for that. reporter: law enforcement is telling fox news they do believe there is an individual or a specific group behind these packages due to all the similarities that we've seen thus far. we'll be here reported more throughout the rest of the evening. back to you guys. journey into thank you very much. taken the cake for the most outrageous reaction is still a brain who took to twitter to blame president trump for the multiple bomb scares, tweeting out president trump with every fiber of your rotten bean, you can edit and condone hate. never as excedrin 43 days have you discouraged people from unleashing the violence incited them. your very existence requires anger and fear. you need it like normal people need oxygen. this is on you. this is from the representative
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comment a woman who set a couple weeks ago that civility is not for people you disagree with. this is on a lot of people. >> we had the shooting of steve scalise and from a burning supporter. it reflects the environment and may wish everyone would just got that can take a deep wrath and say enough of this kind of stuff. >> how deep did you have to dig to find a lefty that trying to politicize this pain. i had to google his name. alex jones when he needed to up some conspiracy. >> hillary clinton is in florida today. with the way she had to say. >> it is a troubling time, isn't it? and it's a time of deep division
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and we have to do everything we can to bring our country together. >> i would remind everybody that hillary clinton cannot get over the fact she lost the election 2016 and has basically been angry and her followers, driving them to anger by blaming all kinds of people including the russians and donald trump suppose that collision for her loss. i think everybody is playing for this heightened violence. >> a suspicious package on hillary clinton. is that what happened here? remarkable. >> jonathan, i want to say one thing. they covered latin america for 12 years. you do not want to live in a country where political differences are settled with violence. it happens all over latin america. i saw many governments come and go violently. it is a horrible, horrible way
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to live. >> bomb that was placed in their home on hillary clinton i will blame her for the fractious resistance in a lot of behavior coming from the left which is almost as threatening us that. >> as the political violence. to your point as well, but the whole point of america, of a government is the extraction from everyday society. so all violence is wrong whether it's a bomb or a body slam. i was happy to see the president speak so strongly against the israeli terrorist acts. david: game, with better, with a rapid at that. still do, "bulls & bears," new york's attorney general is suing exxonmobil accusing the oil and gas giant of defrauding investors by downplaying climate change. rpmi reacts next. -- our panel reacts next.
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david: new york attorney general filing a lawsuit against exxonmobil accusing the multibillion-dollar soiling gas company of defrauding his investors by downplaying the financial risk of climate change to its business. the new york ag point of former secretary of state rex tillerson personally saying, quote, the
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alleged frauds reached highest level since he go rex tillerson is this a political witchhunt? is that what this is? >> this is stale bread. several state attorney general tried to do this several years ago fell on its face because they had nothing there. david: you know how these corporations are. the usually fold like a cheap suit. what he thinks going to happen? >> i hope they do fight it. this opens the door to similar lawsuit. no energy producer has yet come forward and said you're right. climate change is a big problem. they're going to put us out of business 50 years from now, so will the
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>> private company downplaying the effect of climate change. completely unacceptable. >> it's a little ridiculous. no one has ever caught a whiff of car exhaust and set it is pretty good for the environment. republicans control every branch of government. democrats have no power except new york. this is what we do in new york. >> to jonathan's point, wondering if it's possible to disagree with someone on climate change without being hauled into court. that's a dangerous thing, isn't it? >> how long do we want these to get you to explain every rift
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lake going to global warming. >> and insulted investors you didn't know to how involved and fossil fuels. >> how about a suing attorney general new york for raising electricity rates of return of oil gas. what we get is going to cost 10 times what we have today. germany they pay two to three times electricity because of reliance on alternative fuels. what suzanne. >> i have this thing called the martin act which is what the attorney general, barbara underwood using the martin act as in this amazing cudgel to smash anything she wants. it gives her enormous power to investigate anything about a company. i do know this is such a good act. >> let's consider so far climate change is not hard to slightest impact on exxonmobil and it won't for another 10 or 20 years. exxonmobil is gone out of its
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way to do research on alternative energy. they've made big investments in alternative injury -- energy. >> the more fossil fuel use, the better anyone's life has gotten. of course they would have you believe somehow your exxonmobil is kerry not the world. people's lives have gotten better the more fossil fuels they used to the fact they're going after exxonmobil. david: jonathan you might not be here the next segment because the attorney general is going to handcuff you and drag you away to the nearest prison. >> we wouldn't have whales that we did not ask on. oil used to be a big source. >> it like greenpeace. david: very interesting. a lot of effects of these changes. thank you, folks. nikki haley is not running for president in 2020 she said. how about replacing mike pence as vp.
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pence and running in 2024? >> i'm worried that waiting until 2024 is a long time. and it would behoove president trump to have a female running mate. mike pence is a terrific guy. he has been a loyal foot soldier. but he was pivotal in bringing the evangelical community on board with president trump and that has been accomplished because of kavanaugh and neil gorsuch's ascension to the supreme court. the evangelical community is supportive of trump, but i think women might be convinced by a smart, tough female like nikki
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haley. david: we have someone here who ran for president and took a good run at it. steve, what do you think? >> liz peek what have been my running mate. everyone figures nikki haley has been done. roosevelt did it, but he did it after two terms in the white house when he dumped garner for henry wallace who turned out to be a communist. but that's a piece of history. david: there is a charisma effect. >> who has the most of charisma of all. if you are in the white house, you know the answer.
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>> does pence descend directly into heaven after that? what becomes of mike pence? >> the on way it could happen is if he does a terrific job. he is a religious person and there are jobs in the international community of churches. i'm not snarky about him being religious. >> liz, once you get that sense of power that you get, do you think you would be satisfied with something like that? >> not unless he becomes pope, and the pope is not going to resign. i want to do a round robin with the exception of jonathan. steve, do you think we have bottomed out or are we close to a bottom? if not, how much furt doer we have to go here. >> trade disputes that they
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start to get resolved, then during to seat market pop up. otherwise the tariffs will hit more and more. david: what is the bounceback? or is there no bottom to this drop? >> you look for signs of the next recession. you look at housing and jobs. both look good. this bull market has been so good for so long it has created a wealthy effect. i think there is another leg up for stocks up from here. >> one of wall street's most of prominent economists talked about their growth model. i agree with steve. i think it comes down to xi
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jinping and trump meeting. >> i'm bullish on america, but the trend is down in stocks. until i see that reverse, i'm fearful of what comes next. david: thanks for joining us. "evening edit" starts right now. president trump: at these times we have to unify and come together and send one clear, strong within unmistakable message that acts or threats of political violence of any kind have no place in the united states of america. >> terrorism only works if you let it work. what they are trying to do is scare us and destabilize us, and we'll not allow that to happen. we are new yorkers, we are smart, we are
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