for a campaign rally. connell: he's heading to illinois tomorrow continuing to support republicans got 11 days until the mid-terms so the president tries to turn out the vote. melissa: there you go have a terrific week out. go ahead, signing off for now. >> bulls & bears starts right now. from wall street to washington across the country we're talking about the topics that matter most to you and to your money, this is bulls & bears. hey, everyone i am trish regan in today for david asman. we have susan li, gary b. smith, and john layfield, ceo of the layfield report. you are all fox contributors let's get to it we had certainly another wild day for these markets take a look at the dow today dropping nearly 300 points at one point it had actually been down 539 big tech once again to blame, guys, how long

do you think this volatility lasts, let's start with you. >> i think a while. all evidence in is still the upper hand i was hoping that maybe it would reverse the market today and it just did not happen and you know, the big thing about this market everybody keeps talking about october but i have a laundry list of industries that have hit new yearly lows down 30-60% over the last six to nine months all kinds of industries to me indicating probable slow down in economic growth and lots of trouble around the globe. trish: you're making me nervous, susan. >> the s&p the majority of the stocks are in bare market territory so 20 perrer down from recent highs, that's a bit concerning but look volatility is just the name of the game and we have to get used to this so markets go all the way down but spike up pretty quickly. trish: gary has been a little worried for a while john layfield he's been expressing these concerns but i look at it

and say i realize people are worried about trade, china, what it means for tech; however i just want to remind you all, we are china's biggest customer. we're pretty relevant to china. they need us i would argue much more than we need them so is this whole argument tariff dispute plays out, where do you think it winds up, john layfield >> i don't think it winds up anywhere for a while and that's what gary is alluding to is the fact it won't. we can get away with pushing around canada and mexico and we have 28% of gdp exports come to us 19% of canada and 4% of china and china is not feeling the effects of this yet. people are saying the tariffs caused this market to crash. they haven't. the economy in china is a serious problem right now. july, august, and september, you seen gdp increase in china, a lot of that was front loading some of these goods being export ed to get around these tariffs but you've also seen exports increase, same thing, a lot of it is front loading so

they're not feeling the effect of this yet and both sides -- trish: i disagree. >> estimated the importance of the other. trish: gary do you buy that from john? a few comments. one on the china, i think everyone is overestimating the effect of the tariffs. you're talking about two econom ies with 30 trillion in gdp. trish, even if we collect every single dollar on these tariffs, which we won't, and there's so many work-arounds that both countries with ship through third party countries, the effect, just on the u.s. , is .02% of gdp i think it's over blown. as to gary's negative it i think there's some negativity there i think today was very constructive. >> it was down 300 points. >> we rallied back, we were almost, i think we were almost positive for the day, if you look at that as a candlestick, which i know is a little geeky, it's a very bullish candlestick.

we had a low that we came off of i'm not saying it's the low i think everyone here would agree we don't know if it's the low. i thought it was very constructive. >> it's down 300 positive we are in some big big trouble. >> but yes, but all that, yes, i agree with that, but you've got to look at the open. we opened down huge, and basically, we're flat for the day. >> but let me just say this. we can look at the market as the trees, which is the short-term of the big picture, and most areas of the market popped out in january and have never come back and i must tell you my biggest worry going forward is leverage. we are still at all times highs with margin, on the market that still hasn't come off, and margin is the best friend in bull markets but is the biggest enemy in bear markets and green turns into gear and they are going to start selling and that's just going to accident rate the downside and i just think there's more time than price. >> i would counter that, gary, with one word. gdp. i think you saw the growth today this economy is still running pretty darn smoothly.

in fact it's running hot, better than they ever thought. >> gary b., look i agree on the economy. it's running fantastically, these tariffs must not matter that is where i disagree with you my good friend. i love you you're an original bulls & bears but comes down to sooner or later i disagree with a smart man and that's what i'm doing right now. we had $12 billion for our farmers, four days reporting $ 1 billion loss because of these tariffs newspapers are laying off people because the prices going up because of tariffs of paper coming in from canada. trish: wow! the pessimism i'm hearing john layfield. we're going to go to susan li on this next here, because this is a very important, you may go on about that but i'm going to tell you what the current situation is now when it comes to fundamentals. you may have markets that are down. you may have markets but we have very good news on the economic front, very very good news. let's talk about this here. let's go through what we got to the u.s. economy, 3.5% in the

third quarter, not bad, right? and then you look at consumer spending which is a huge driver of this, up 4% and contributing to 70% of total gdp, so sue? that's good stuff and when you look at the fundamentals that are here right now, sure maybe john layfield is worried enough and gary about china, et cetera, but we get some awfully good things going on. >> it's pretty obvious in the consumer numbers that we got fast pace of growth when it comes to consumer spending in four years, mind you and that does power two-thirds of the u.s. economy, and i think you're seeing that underlying strength of the consumer confidence and we saw it with the michigan sentiment survey as well. there you go. we're close to record levels still, 18 year highs with consumer confidence. >> in the market looking forward not backwards, i have to ask the question if things are so great, why have world whirlpool down 35% from the high , block rock 32%, state street bank 40, century aluminum

65%, u.s. steel 45. i'm just a big believer market speaks and i really do believe it's speaking loud and clear and i would bet that going forward we're going to see some one and two prints on gdp in the next quarter. >> over blown fears, that's why gary? gary b. smith, overblown, okay hang on one second, >> [ overlapping speakers ] trish: gary? >> between gary k. and john layfield we have the two cumulus nimbus clouds that could rain on any parade. i'm hoping susan is bullish, because -- >> listen. gary k. comes up with whirlpool, why don't you come up with more dinosaurs and come up with the american buggy whip manufacturer >> gary b. that is incorrect. the premise of the question is why the volatility if everything is so rosie why is the stock market not at 35,000?

>> look, i want to counter some numbers. trish: hang on. you're losing me you're losing me one at a time. >> [laughter] trish: gary, okay, guys! gary? >> any person with a finishing maneuver in the ring called the closeline from hell i agree with 100%. >> gary b. may get it through. trish: all right that's fine. i will point out to you pessimists out there, that -- >> i'm not a pessimist. the market is pessimistic. trish: but then isn't it the opportunity to get in? i mean, wouldn't you look at at that pessimism and say it's over blown when you look at the fundamental economics? >> i will by mr. eiten by mr. eiten an tee you one thing when this is over there's magnificent opportunity. the greatness of the country and higher highs will eventually come but we do have bearish markets and they usually last a while. trish: when is the end then? when do we stop? >> i have no clue. trish: i see it as there's a lot

of positives up there and the federal reserve is raising interest rates because of a strong economy. that's a great reason. >> are they going to stop? >> that is going to stop. they will stop raising rates. >> there are some great buys out there right now, facebook was at $218 a few months ago i bought it today at $144 that's a 30% discount off a company that's one of the greatest growth companies over the last 20 years but there's going to be increased volatility not because the economy is not on fire. it is on fire we're in complete agreement on that. there are geopolitical concerns that add to this market volatility. let me ask one question to gary k. you just said whirlpool was down 45%. unless you think no one is ever going to buy a refrigerator again why aren't you in buying that stock? >> because i think it's going lower first, and by the way i didn't just mention -- >> how much lower? >> i didn't just mention whirlpool. i just mentioned a bunch of

industries and all i asked myself at all times is why would all these industries be down between 30 and 60% if everything is just fine with the economy going forward, and i just think we're going to get the answer in the next couple of quarters. by the way i'm really a nice guy if i had friends they would tell you. trish: i'm going to ask another question here, because john and gary, given your pessimism, right now, is it in your view going to be bad, as in really bad, like at some point we head into a recession because of tariffs or is this in your view a little blip along the way that might actually turn into a buying opportunity? john layfield? >> no, no, it's not bad. look i'm not a pessimist. i think the economy is absolutely on fire. we're in 100% agreement on that. you asked why there was volatility and i answered your question and you didn't like the answer because you don't want to think these tariffs are causing a problem and perhaps they're not. perhaps you're right that is my opinion. trish: i don't think they are.

i really don't think they are. >> i just think that there's more price in time. that's all. trish: let me ask you this. here is a big picture question for you john layfield, if we don't actually deal with this, right now, in the here and now, and create a more level playing field for american companies and american people, what happens five, 10, 15 years from now? >> i think china right now, is playing chess and we're playing golf. i don't think it's even the same game. we're talking about mid-terms and talking about how this is going to effect something in 11 days they are talking about becoming a reserved currency in 25 years how is that going to effect that they just bought into the largest infrastructure project in canada and they're building out this new road for a reason. but look i don't think the tariffs are the way to get to the problem with china which is a legitimate problem of stealing intellectual property i don't think that gets us there. >> by the way i do think we can get a decent counter-trend rally because a lot of pessimism has been built up in the market here i just think that leads to lower prices eventually and we'll deal with it. trish: i would only say that you

know, we don't want to be out there playing golf. we don't want to turn into the french. we don't want china to turn into the usa. we need to protect -- >> i just want to say we're turning into south africa either we don't want to turn into colombia either. trish: we have a lot to cover at this very moment hang on to that thought. >> wherever john layfield is. trish: we'll goat get to another big story that we're following and authorities arrested a man in connection with the 14 explosive packages sent to prominent democratic figures and to cnn. edward lawrence has all of the details from the white house, hi , edward. >> reporter: trish the fbi is still interviewing 56 year old in connection with those 14 packages you mentioned and he now faces 48 years in prison with five charges that he's been charged with. now the first device showed up on monday here we are friday, and we have an arrest in this case, president donald trump says that he directed the full

force of the fbi and other government agencies to find this man. president trump: we must never allow political violence to take root in america. cannot let it happen, and i'm committed to doing everything in my power as president to stop it >> reporter: and dna broke this case open with the evidence they found, in fact the fbi found a partial fingerprint on a package that was sent to representative maxine waters, and then more dna evidence off a package that was meant for president obama. now none of the devices went off , but the fbi says they could have, with the proper heat, or with the proper shock, the agents took him into custody at an advance auto parts in plantation, florida right near where he allegedly lives in florida and attorney general jeff sessions says that this kind of violence has no place in our society. >> we will bring the full force of law against anyone who

attempts to use threats, intimidation and outright violence to further an agenda. we will find you, we will prosecute you, to the fullest extent of the law. >> reporter: now, even though law enforcement has made an arrest in this case they say that there's still possibly could be more packages working their way through the mail system related to this. the fbi saying this case is still active, but they believe they have their man. trish? trish: thank you so much edward. president trump lashing out on twitter while he's now accusing the social media giant of bias, that's next.

♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest.

>> reporter: trump blasting twitter today accusing them of having bias gps his account. the president tweeting, twitter has removed many people from my account and more importantly, they have seemingly done something that makes it much harder to join. they have stifled growth to a point where it's obvious to all, a few weeks ago it was a rocket ship now it is a blimp. total bias? twitter quickly responded to the president in a statement that reads in part, many prominent accounts have seen follower counts drop, but the result is higher confidence that the

followers they have are real engaged people. what do you guys make of this, susan? do you think he's jealous that kim kardashian has 4 million more followers than him now? >> you know, i don't want to lose to kim k ignition really, but i would have to say if you looked at the twitter move this week the price is actually telling you investors like what they see, so they have a lot of fake accounts and yes they may have lost users but they're making more money now and twitter in fact was up double-digits yesterday that was astounding. anybody? hello? >> yeah, i have a couple thoughts. one, what does president trump have against blimps? >> [laughter] >> blimps are great. i think they're a good thing and two he should be kissing the ground that twitter walks on. twitter is responsible for so much of his popularity. if he didn't have twitter, we'd have to read his comments, you know like a day later or online new york times or something. twitter is his greatest friend.

trish: let me just point out that actually, twitter ought to be kissing the ground he walks on because i think he single handedly has made twitter relevant. i mean, think about it. >> we are in agreement with that. trish: i mean 2016 we didn't really need to go on twitter as much but now if you want to know what the president is thinking, you're going to see it on twitter first. >> it should be -- >> gary b.? have you heard of the hindenberg oh, the humanity. they're evil. >> i believe that's different. >> [laughter] >> just a couple of months ago -- >> look, i think jack dorsey when he said his employee s had a liberal bias, i thought it was a good thing he put it out there and says it doesn't effect their business practice, and i think this was a great move by twitter they've got to take care of all of these fake accounts and trolls that are on twitter and there's going to get some things wrong but they are on the right path. >> a couple of months ago, i

think they moved like tens of millions of followers i lost a bunch i'm now getting them back so i don't know what's going on there but i think that getting their act together and look i just think that with donald trump and twitter they should be best friends. he's made, he won the election because of him and their stock i think would be cut in half if he wasn't around. >> i want to get back to a point that trish alluded to. you can not, the very first thing i do when i get up in the morning, first thing i do is i look at the futures. the second thing i do is look at the twitter feed, because trish is absolutely right. the amount of news there is particularly from the president and around the world on twitter, it's really indispensable. if they can find a way to further monetize what they are doing this could be a home run. i've avoided by the stock because they can't quite ever seem to figure out how to make money but as a news source, you can't live without it. trish: it's really remarkable, because i do think that the trajectory of the company prior

to this election cycle was kind of on the downside. >> they said that maybe snap would takeaway some of their users. snap lost 2 million last quarter , and so that stock is at a record low and some say it's a great acquisition target. >> maybe going the way of the d odo bird. >> yeah. >> somebody is going to buy it. why would i thought two years ago that snap would be in danger of going out of business versus twitter. >> it's the same thing happening with facebook millennials are shutting off facebook left and right. trish: lack of trust but if they are going to instagram. >> why are people, so by the way snap is like the one where you put the picture up and it disappears? i've never gotten that because to me if you go through the hassle of taking the darn picture, it ought to live. any thoughts? anybody? susan? >> okay, let me, i think i'm the expert here on snap don't you think boys? >> i will not argue. >> so snap basically is for

younger users . it was the first one to come up with those frames and glasses and the different sort of cute little, you know, what do you call these you tell me what you call them again. trish: oh, like yeah i know the little looks like a puppy or a kitten? >> so that's what they came out and with that's how they got the young crowd. and but who would have thought that you take the picture and by the way, there's a fair amount that goes into taking the picture, and then -- >> there is a bubble on social media that's going to play itself out over time that's my take. >> here is a good rule of thumb on technology. i always use the gary k. rule. if i think gary k. is actually using it, gary k. is still communicating, i just got a telegram from him the other day. >> [laughter] >> so i don't think he's using snap. he's confusing snap with snapple >> tesla could be facing more legal troubles this time in the form of an fbi criminal

investigation, more details after the break.

one second. barely enough time for this man to take a bite of turkey. but for cyber criminals it's plenty of time to launch thousands of attacks. luckily security analysts and watson are on his side. spotting threats faster and protecting his data with the most securely encrypted main frame in the world. it's a smart way to eat lunch in peace. sweet, oblivious peace.

>> tesla in more hot water the wall street journal is reporting that the fbi is opening up an investigation that tesla misstated performance of the production of their model 3 sedan and about the company's business going back to early last year. gary b., apparently you know the difference between a blimp and a zepplin apparently i don't, but you also have been very big about tesla's financials the last couple of years. gary b., what do you make of this? >> well, it's interesting. i kind of thought when they came out with these last numbers, john, i just did not spread this because i don't have any basis, but my gut feeling just seems a little off. they had to beat and all of a sudden they came up with these miraculous numbers i don't know if anything is there, it just seems the timing of it is a

little off, besides that even if the numbers are right, as we've talked about, i think tesla is in a battle that they cannot win , and regardless, i would avoid the stock. >> you know, i watch for a couple of years as every quarter , elon musk would announce production numb berms for the next quarter and every quarter they would miss by a mile and i always ask the question are regulators going to look at this and they never did until he finally did that famous tweet. there are a lot of smart people that actually are looking for forensic accountants to look at this latest report because man, it went from the outhouse to the penthouse over one quarter so i gather this will play out in time but there's still a lot of suspicion about their numbers and keep in mind the stock is still 70 points below the recent high. trish: and quality is a question as well yes you can reach those production targets of 5,000 model 3's a week, but people looked under the hood and a lot of these vehicles come out with a lot of defects and may

not be road ready so there are questions about how do you actually look at this number, how do you gauge tesla's worth but i've got to say, i thought it was a brilliant move when he moved up the earnings dates to say hey, i'm going to get back at you. >> look i think he's a pretty brilliant guy and a brilliant idea and a brilliant concept but sometimes the create or, the entrepreneur if you would, isn't necessarily the best company manager right? and so he's been moved out of that position in part because of his tweet, but it makes you wonder, john, should he never have even gone public to begin with? i mean, i know he needed the money, and the scale, the public markets could afford, but given his sort of excentric personality, do you think that they might have been better off being nurtured and even having more input say from the private equity industry rather than the public market? >> yeah, trish that's a great question, and the problem with elon musk right now is the public perception, you nowhere

business os comes out raised the $15 minimum wage and goes out and he's completely gone from the parriah six months ago to the golden child. elon musk just doesn't play the game well but if he wasn't in the capital markets he couldn't raise money like he does right now. this company to me as far as these numbers this company is bankrupt. these is easy if it weren't for elon musk and nobody has made money long term betting against elon musk. >> you're right the big enchilada going forward is they have to raise a lot of money and a strong market and low interest rates have enabled them. they were able to come out with yields in the fives. those yields should have been in the tens for the bonds they floated, so it's going to get interesting as we especially if markets continue to head south and interest rates go higher. trish: but do they make the convertible and pay us $1 billion and convert in march of next year if their share prices don't hit 3,560 or so? i think they're probably in the midst of a lot of talks right now raising dollars with who

knows who at this point. trish: okay, all right >> there's also a serious problem with elon musk himself. he's levered himself significantly, for tesla stock. this stock reportedly gets down around 250 he will have margin calls on his own stock. he's got real problems if he can't keep the stock moving which is one of the reasons he put this on twitter. trish: all right, all right, i'm going to jump in guys because we have breaking news on the story we have been following all day. just in, right now, we have brand new video of getting out of this truck, take a look right there. the south florida man charged with five federal crimes, now for sending 14 pipe bombs to prom it dent prominent democrats throughout the country and of course to cnn, that video just coming in we'll bring you any and all details we get, more coming up, we'll see see you right back here after this. it's easy to think that all money managers are pretty much the same. but while some push high commission investment products,

fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.

we perform over 50,000 operations a year in places like this. for the past 15 years, chubb has identified ways that we can strengthen our safety measures. and today, our hospitals have some of the best patient safety records in the country. now, we're constructing new buildings that will define the future of piedmont and chubb is here, insuring our expansion. two million patients a year depend on us. and we depend on chubb.

trish: president trump on his way to charlotte, north carolina tonight holding a rally for republican congressional candidate mark harris, and this is all part, the president's attempt, to avoid a blue wave, when voters head to the polls in just under two weeks. kevin corke is in charlotte, with more tonight, kevin? >> reporter: always great to be back in beautiful charlotte, north korea and i'll just remind you of 2016, you know north korea let's be honest it was pretty purple. well the president is aware of that and they want to make sure that 2018 mid-terms approach, they make sure that it falls once again back into the red category. you'll hear a hush over the crowd here as they sing the national anthem but let me just say this is a very important strategy for this white house, the president knows he has to be here, as often as possible, but make sure that he drums up the base and gets them ready to get out and vote in the next 11 days the president, obviously heading back here to the tarheel state, but before leaving the white

house, he talked about the need to get the base focused and fired up, with 11 days to go. president trump: i did not, i did not do my face in the van. i heard he was a person that referred me over others, but i did not see that. not at all, no, there's no blame , there's no anything. if you look at what happened to steve scalise that was from a support supporter of a different party and you look at what happened, these incidents there was supporters i'm just really proud of law enforcement i think they did an incredible job and i will see you in north carolina. [indiscernible] president trump: if they wanted me to but i think we'll probably pass. well i think that i've been ton ed down, if you want to know the truth. i could really tone it up because as you know, the media

has been extremely unfair to me, and to the republican party. i think the media has. >> reporter: obviously the president responding to a number of questions there, before making his way here to north carolina. i just want to button it up by saying listen this is part of that strategy that will not just take him here, you saw him go to texas, wisconsin, north carolina , tonight illinois and this is so crucial, you mentioned that harris/mccreedy racist a house racist pretty uncommon for a president to make his way out for a house race ahead of a mid-term but that should underscore for you and everyone at home the importance of this years mid-terms it should make for a good evening tonight of course 7:00 p.m. eastern time is when the rally is scheduled to start we'll have live coverage but for now back to you. trish: kevin thank you so much. and as we close in on the mid-terms, just 11 days away, we're seeing markets on track to log their worst october since the recession so could these

recent sell-offs and possibly more next week hurt the republicans chances at the ballot box and now here is my take, guys tell me what you think but i think as an administration which started after we got elected into office in january 2017 saying that we are mark-to-market kind of crew, that includes steven mnuchin and president trump as well when the markets go down, is that a sign that maybe the belief in all the tax cuts have filtered through? >> i'm going to jump in and say "no." i do think that you need to in some ways divorce what's going on with the markets, from the overall economy, and you have only to look at the prints that we're getting on gdp, the consumer confidence and spending numbers to show that there is still a lot of really strong activity, economically speaking. i think that the markets trying to anticipate, sometimes they get it right and sometimes they get it wrong. i've argued as you heard me in the show earlier saying they are getting it wrong as far as the

china thing. i don't think it's that big of a concern but nonetheless that's reflective in what you're seeing in the markets. the economy, however, is good, so as you look at how this plays out in mid-terms, people still feel pretty decent. >> just remember the markets still up since the election. that definitely helps but keep in mind every couple of hundred points does not help as you head into the election and just remember you have a media that is downplayed 8,000 dow points and bring people on every day to say it's because of obama, and now they are calling it the trump dump 24/7 so yeah, it just doesn't help. i don't think it's going to hurt that much though. >> i agree with you. >> i'll go john and then you. i think probably the reddest i live in florida and maybe i'm one off because most of the people here are retired but you think they would feel it in their savings, not once have i

heard anyone mention the market and link it negatively to trump. i don't think it effects the polls. in fact here in florida where the governor's race is really really hot and the democratic candidate had a big lead, it's really narrowing, so i think trump's coat tails might be a little longer despite the market sell-off than people anticipate. >> gary b., i'll always defer to you only because you're a scratch handicap golfer. but gary, i agree with you, about the market volatility. i don't think the average person out there really cares. look history says that the republicans are probably going to get hurt badly in mid-terms 35 of 38 times sin the civil war in mid-terms the president party lost seats in the house and i think what's always scary to say this time it could be different but this time it could be different because we have so much angst against both sides against the democrats and republicans that i think consumers lack at their own

pocket book we have a 3.7% unemployment rate the lowest in 50 years more importantly than the dow right now and people will look and say we're doing quite well. we may not agree with all of the politicians. trish: okay all right so we'll go to break guys but a big auto giant is calling on the president to impose a nationwide mandate on electric cars they say it'll create jobs, it'll reduce fuel con soon but someone says more government regulations will only decelerate the auto industry's gains are they right? that comes your way, next. your company is constantly evolving. and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the nation's largest banks, and a local approach with a focus on customized insights.

so you and your company are ready for today. because when you want to create an entirely new feeling, the difference between excellence and mastery, is all the difference in the world. introducing the all-new lexus es. a product of mastery. experience amazing at your lexus dealer.

>> guys this is a head scratcher. gm is calling on the government to mandate the sale of electric cars. why? the usual litany of reasons, going to create jobs, reduce fuel consumption, co2 emissions, make electric cars more affordable cure all diseases and ensure the redskins win the super bowl i'll kick this off by turning it over to the only person here probably like me driving a 67 impala growing up gary k., what are your thoughts? >> a what? >> [laughter] >> 67 impala. >> look all i can tell you is

in one word i do not like is mandate especially from a government that is ineffective. let the market deal with this. i think we only use about 40% of energy from petroleum products now so the market is working and i do believe eventually electric cars are going to flushish as batteries last a lot longer, just gm, go away, leave it alone trish: i think that you're right i think that this is eventually going to become the future, but we were buying a new car recently, and i looked briefly into the electric car space, and my children kindly reminded me mom, you're always running out of battery on your phone. we don't want to be on the side of the road running out of battery in our car. i was like, good point and the reality is it's just hard to charge right? it doesn't last long enough, and you don't have enough charging stations. i mean at least you know you can find a gas station on the exit. >> the personal motivation from

gm itself because it makes the volt and they have other electric cars in the line up as well and they want to ensure their buyers and they're not selling them at losses which they currently are. >> you had me until you mentioned those football team because i'm a cowboy fan which means i don't watch football in january any more which is more upsetting than the fact that the redskins are better than my cowboys but i grew up in texas around the oil field and drove a truck with a nascar motor in it that got 4 miles to the gallon. i love the gasoline engine but i do think this is the future and there's a role for government and elon musk having to build-out the tesla charging infrastructure. henry ford doesn't have to build the gas station i think this goes too far. but do you know what? >> i disagree with you, john. look a lot of the highways were actually founded on turnpikes which were built a lot with private money.

you know why gm is trying to do this. it's the same way large companies want to raise the minimum wage, to drive out the smaller competitors. gm is one of the few companies out there that can scale up huge with electric cars. of course, they want government backing, but they also know they can drive out the little teslas of the world, because they can produce on a massive scale. this is all about the bottom line. if you let one corporation dictate to the government to help you out what company is going to do next, hershey comes out and tries to get the fda to approve chocolate as a drug to eat every day. >> [laughter] exactly. anything is possible out there. again -- >> gary k.? >> the words mandates, fees, fines, regulations throw them out the window. >> gary k., are you actually saying that companies would have a vested interest and can buy all politicians? >> yes. >> [laughter] >> and they do every day. why do you think the lobbying business is the biggest bull market in history? trish: why do you think donald

trump is so detested by so many people in his own party? >> the swamp. trish: it's the lobbying money. >> listen guys, we've got to go to the next segment. president trump is going to be avoiding one major topic, when he meets with china's president we'll have that news, coming up. you're headed down the highway when the guy in front slams on his brakes out of nowhere. you do, too, but not in time. 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 ♪

..

♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest.

trish: president trump and president xi will meet at the g20, according to larry kudlow. they will be covering a range of topics, but trade will reportedly not be discussed. don, if you are going to sit down with xi, don't you think you ought to be talking about trade? >> i don't agree with the tariffs as they go after intellectual property. but we have to do something. the president needs to sit down like he did with kim jong-un to make the world safer. >> over one-third of the companies reported in the s & p are talking about tariffs affecting their business.

the president says he's for america and american corporations. the tariffs are affecting things. the longer they last, the worst they will get. i don't think they should taunt the economy. things are going great in the economy. china does haven't elections. they don't have to worry, even with their economy and markets heading south, no elections. we have elections, elections have consequences. trish: if people start going to walmart and they are paying more for their stuff. that affects them, and affects consumer spending and sentiment. we haven't seen that happen yet. i don't think the miles are going way up at walmart. but if that does happen, there is a political price you pay. china does haven't to pay it. xi can sit there and say i don't

care if my people are suffering. he does haven't to worry about getting elected. >> i think this is the narrative right now. we are two weeks away from the mid-term elections. as we get closer to buenas aires and the g20, we have to talk about trade. there is politics involvement as well. north korea is obviously part of the equation. >> gary case said that one-third of the companies are talking about tariffs. to me that sounds like companies hiding behind latest national disasters. i think they are using tariffs as a way to cover because their sales or earnings are not as good. i have a sneaking suspicion that trump and the administration is under selling this. i bet they are going to talk

about tariffs. if something good comes about, surprise announcement, if something bad comes out, we never talked about it. trish: there is no way he could sit down with xi and not actually address this. one is intellectual property theft. that's the other big elephant in the room. this i think is the most of important discussion they could have. to not have it would be awkward. but you set the barlow, do you buy that? >> tino they have a meeting and they don't talk trade, pox on both. this has to get done. i know gary b. thinks it's an excuse. the hard number are the starting to speak. and the longer this lasts, the worst it's going to get. if it else today late, even worse going forward. >> we need, when you read about

china. when they come to the mindset of dealing with america, they are saying we are not going to give in to a foreign bully again. we have to figure out a way chinese can say they won and figure out an offramp. if we are digging in on a zero sum game it will go on for a long time. >> i don't think it's a zero sum game. it's a plus for us. the chinese economy is dramatically shrinking. it's bad over there. maybe our administration doesn't bring up tariffs. but they will bring up tariffs. trish: i like that. that will work. it's fun to be here with all of you. this is good stuff. i will see you at 8:00 p.m. eastern for trish regan

primetime. we'll talk about what's going on with this crazy man out of florida. and the caravan is 14,000 strong and growing. i will see you at 8:00 p.m. thanks for joining us. president trump: i'm pleased into form you that law enforcement has apprehended the suspect and taken him into custody. these terrorizing acts are despicable and have no place our country. i instructed authorities to spare no resource and sentence to finding those responsible and bringing them to swift and certain justice. >> this is a demonstration of the skill, capability, and determination of our american law enforcement. the best in the world. liz: a suspect apprehend