chief will hold a major rally in montana before heading to another rally in florida that night. connell: a couple more, georgia andnd the on sunday. i know the he's going, more stuff coming up on monday to close it out in missouri. that's it for us. anyway, thanks for joining us. melissa: have a great weekend. "bulls and bears" starts now. ♪ ♪ david: this is "bulls and bears," i'm david asman, jonas maxer if race, dagen mcdonnell, gary b. smith and jonathan hoenig. a rocky day for the markets as concern grows over whether president trump can reach a trade deal with china. now, the president trying to the ease those fears this afternoon. take a listen. >> spoke with president xi yesterday. they very much want to make a deal. i think we'll make a deal with china, and i think it'll be a very fair deal for everybody, but it will be a good deal for the united states. david: and that was enough to

lift stocks off their lows. so, folks, what do you make of all this? >> okay -- [laughter] >> well, i'll jump in. there's a couple things. one is it's curious that these tariffs which amount to a total on our economy of .2% on gdp can move markets. the other thing i still scratch my head, we know that, quote-unquote, the fang stocks are the market movers, facebook, you know, amazon, netflix. and it's ironic, those stocks are not even affected by tariffs. even apple is exempt. so you look at market movers, why would market be down on tariff news, good or bad, when the majority of the stocks moving market aren't even affectedsome that said, i'm bullish that there's going to be something that's going to be done just like there was with nafta. maybe even trump will have an election day surprise. >> i mean, look, tariffs are bad

economickings. isn't up for debate, david. [laughter] adam smith proved this, this is not up for debate. and in the might end up being like george bush sr. where tariffs, steel and aluminum tariffs were tried early in the administration. they found it didn't work, and they lifted them. ultimately, bush went on to system success in that realm. to some success in that realm. tariffs are taxes. >> gary b., i'll point out that those fang stocks, all of them, now in correction territory, down 10 or even 20% in some cases, number one. and the question about apple, you bring up apple and china. apple is not subject to the tariff fight yet. but people are looking -- >> exactly. >> -- toward the end of the year and thinking, you know what? who's next? apple and their iphone imports, and what is china going to do to retaliate against apple, and what will it do to

retaliate against manufacturing -- >> i'm not going to let you guys all pile up -- >> in china? [laughter] >> bulls and bears friend gary, he's bringing up some interesting points. notably, these tariffs just aren't that much of a big deal yet. okay, yet. theoretically in the past there's been tariff issues, but that was during the great depression -- >> and this time it's different. >> that was before global supply chains. there are tariffs now all over the place. hay ship cars into the other countries -- they ship cars into other countries and reassemble them. does that mean the market wouldn't go down if we were many a recession and tear war escalated? -- tariff war escalated? even if they expand to your holy iphone, it's not going to trigger a market crash. [laughter] the financial media overplays this tariff thing. >> exactly. >> the interest rates moves back up to 3.25 are way more impactful than the trade battle even though that gets all the

press. >> jonas and i are in complete agreement. whole -- every, you know, because we've had a little bit of a selloff, companies are now running to hide behind this tariff story just like they do the when -- >> yes. >> -- the retail theres stay, oh, my gosh, we were affected by the hurricane. as be no one ever shopped for clothing before or after that. so this whole tariff story, as jonas points out, not even sure we could collect all the tariffs out there. there's so many work-arounds -- [inaudible conversations] >> gary, i remember you as being a price guy -- >> hold on one second. i i think it's a cover story for companies that have bad earnings or revenue misses due to some other factor. >> i thought you were someone who was interested in price trends? whatever it is, i'm seeing -- put me on the bear -- >> i am, but it can't be attributed to the tariffs. >> well, you know, just when 2008 really started, it started in 2007. and people thought it was just a

subprime issue. so we don't know what ultimately causes a market maelstrom. but what worries me is the news is so good, but so many stocks are doing so poorly, especially corporate debt. we haven't seen junk bonds, corporate bonds selling off as much -- david: but, you know, there is news out there that there may actually be a draft agreement between china and the administration. the administration, some of them are denying that's true. larry kudlow said no, but maybe they are really getting somewhere for all the talk, for all the threats, for all the tariffs? be they end up with a deal, that ain't a bad thing. >> these 200-point swings aren't a lot anymore. that used to be a big deal. yeah, they can be -- trump comes out and says some stuff, the market goes up, goes down, but you're talking about a situation where it is not that much of a deal in this economy. does that mean people can't panic? they can panic about everything. but bottom line is these tariffs are small. he's not doing 50, 80, 90%

tariffs. look, they've got 20% value-added taxes across europe. germany's economy is okay. you can have a tariff forever be it's low and it doesn't lead to distortions and factories being relocated -- [inaudible conversations] >> say it's a good thing, but just because it's not a good hinge doesn't mean it's going to cost a depression -- >> since i'm the only -- [inaudible conversations] can i please talk the here? i mean, you stopped me before my ?rches ended with a period. to gary b.'s point -- [laughter] gary b., this market is weak in terms of look at revenue misses that we've seen so far in this quarter. you've had more than 40% of companies, i think, based on latest data that missed revenue expectations. earnings you can juice. you can cut costs, yea, you get a tax cut. but ultimately, you need to grow the revenue, and the revenue's been the problem whether for

apple, for amazon, that's what's whacked those stocks so badly. >> what are you talking about the the revenue misses? are you talking about for, like, the national railroad company and consolidated coal minersesome. [laughter] who cares about those companiesesome stocks that are on the forefront are killing it. amazon, google, apple are killing it -- >> what about, gary, what about -- yeah, but facebook's at a 52-week low. amazon is many a bear market, 20% off the shies. >> yeah, that's -- >> take the politics out. just look at price. is this a bullish or bearish stock market? >> i am looking at the price -- [inaudible conversations] >> amazon's down from its highs -- david: let me just switch to main street from wall street, because we got those incredible jobs numbers today, 250,000 jobs created in october, way over expectations. so main street is backing up wall street. >> that was part -- that was very, very good news for an

election, and it's great news for the economy. but from a stock market point of view, you remember when donald trump said you're going to get tired of so much winning? the problem is when unemployment's this low are, and you just saw a big wage gain, it starts to build on problem of, wait a second, interest rates are going higher, top-line revenues are slowing, maybe not for everybody, but our expectations were for much higher growth, and now we have to start paying people more? this is not a great environment for investors, and that is ultimately why stocks are going down, not tariffs -- [inaudible conversations] >> no, didn't we have this same environment in the mid '9 0s when wages were going up, inflation was creeping up? that was a great time for investors. [inaudible conversations] >> it was very bad for the stock market briefly because it happened too quickly, and that's what it looked like when we were headed to 3.25%, and that's where the problem started a few weeks ago when we went fast up to 3.25.

i'm sure we can be backed up on that chart by -- >> david, what i hear you saying is that the economy's doing well and that the consumer is confident. this is true and this is nothing to be the besmirched. but historically, that occurs at market tops. we remember that enthusiasm was very high many 2000. people were very optimistic. this is a lagging indicator -- david: yeah. it also happened in 1984 when economy grew by 7.3%. it also happened in 195 and 19836 when the market, when the economy was growing over 4% a year. >> i don't know, gary had -- [inaudible conversations] >> now i'm starting to change over jonathan. he's making a good point about 2000 -- david: i'm optimistic. we've got to move on, gang. for the third time in three months, president trump is heading back to west virginia for his first of two rallies today. a state president won by more than 40 points in 2016. kevin corke joining us now from

the huntington rally. he must be getting pretty familiar with that state, kevin. >> well, let me el you, he's just set up shop, right? [laughter] i mean, he's been here so much. i always like to go down to the greenbriar, and because i'm from colorado, i love the mountains, as you know, is so driving across this state is a lot of fun around a lot -- for a lot of us. let me just tell you this really quickly, i know you guys have been talking about numbers throughout the day, it is really easy messaging whether you are rich or middle class, whether you are white collar or blue collar, be you're talking about numbers like 250,000 new jobs in october, simple numbers like, yeah, unemployment is at a near 50-year low or wages are up 3.1%, it's easy to understand. it makes for the messaging very simple for the folks here to consume. and clearly, it is being well received. yes, he is also here for patrick

morrissey who's in a dog fight with joe manchin. it would be a huge upset if he were able to pull him over the finish line. the the president does have golden touch as he takes these rallies across country. we'll see if that happens. obviously, he is continuing to have his comments behind me. let me just share this, guys, it's not just another stop in the great state of west virginia, he's off to indiana later on tonight. and in case you hear or read he's going to a high school gymnasium, that is true. what you don't know is it's one of the largest in the country, it seats 7300 people, so you're look at a rally with probably close to 10,000 people there tonight, then it's all over u.s. including a stop in georgia and more stops as we've been talking about from montana all the way back down here to the southeast in florida. very busy time for everybody as we push ahead. four more days to go, guys. i'll be running with him. back to you. david: great to see you, kevin. thank you very much. >> thank you, my friend.

david: can you say trademark misuse? that's what hbo is asking after this tweet by the president on the iranian sanctions. look closely and we'll explain coming next. ♪ ♪ the day after chemo shouldn't mean going back to

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♪ ♪ david: the white house announcing today that they're ready to snap back sanctions on iran, calling them, quote, the toughest sanctions ever imposed on iran. deirdre bolton has more on when this means for us. -- on what this means for us. >> the u.s. is reimposing all the sanctions lifted by obama administration. just a few hours ago from the south lawn the president made this comment: >> sanctions start on iran. they're very serious sanctions. they're very big. they'll be elevated from there. but as you know, sanctions are starting on iran. as, you know, iran is taking a very big hit. >> the trump administration will reimpose all the sanctions that had been lifted under that 2015 nuclear deal. and the key to the president's comment that we just played for you is this implication of potentially even more sanctions. oil, if you want to know, moved lower on those comments. and net-net has actually even

been lower since may since the u.s. broke out of that iran deal do. a little bit of an unusual pattern, right? normally when sanctions are imposed on a country if there's a connection to a commodity, those prices go higher. but there's really a difference in this situation because of supply. most oil traders say prices are going to go down from here. the u.s., russia have very healthy supplies. in fact, just yesterday u.s. energy administration reporting that u.s. crude oil production reached a record 11.3 million barrels per day this many august. so idea here is the concern at least from an investment point of view is actually oversupply. goldman sachs out with a note this morning saying brent could even go as low as $65 a barrel by the tend of next year. silver like, price of energy falling. it is likely consumers will pay less at pump, and for most americans spending less on gasoline means they feel better about their finances and spend more elsewhere. david: you're sticking around

with us. so, gang, what do we hope to get out of this? >> compared to the time cover, this is completely not a big deal. from a purely lawsuit point of view from hbo. look, i'm -- as we remember from the the old bulls and bears days, dagen and gary, i'm kind of anti-tariffs. like, i always feel like just do business with these countries -- >> [inaudible] >> i'm anti-sanction. thank you for correcting me again. [laughter] >> anti-sanctions. we're breaking with europe too, right? >> that gives you more internal power with the country, because then business interests put pressure on their leaders. we get it all the time. our whole government is pressured by it. the point is when you just cut them off like north korea, you actually have no leverage anymore. in fact, one of interesting things about this president is he doesn't really how things are supposed to be done or look. that's why he, essentially, embraced north korea in a way that i thought was not a good

idea. unfortunately, he's doing the opposite with iran. he wants to undo all the obama stuff. at the end of the day, you can talk more about oil situation, let's hear what you had to say then, because it was interesting too. >> no, i -- in terms of oil, reason we can get tough with iran, a country that has shouted for years "death to america," "death to israel" even as we were giving them $100 billion sanctions relief and sending pallets of cash in the night, reason we can get tough and withdraw from this lousy deal is because this year we'll be the number one oil producer many world, bigger than saudi arabia and bigger than russia. >> that's a great point. >> because president trump has freed up the u.s. energy industry to basically pump crude here in the u.s. jonas mentioned hbo, so we should point out president was having some fun. he tweeted out picture earlier with a nod to "game of thrones." hbo pyred back with statement: we were not aware of this messaging and would prefer our

trademark not be misappropriated for political purposes followed by a tweet that said, as david pointed out earlier, how do you say trademark misuse? -- [inaudible] [laughter] so, gary b., this is the, you know what? it's the sanctions, it's about oil and energy, and our national security, but i'm going to have some fun with it too. >> no, look, i -- dagen, you and i are on same page. at some point you have to -- i don't know why jonas doesn't embrace sanctions with basically a sworn enemy of united states. they want to destroy us. why in the heck would you want to do business with a country that wants -- would like nothing more than to see the united states burn to the ground, terrorists running wild? at some point you've just got to, you know, do with your hands and say we're not doing business with you. and another country is doing business with you, we're not going another business with them. [inaudible conversations] >> we essentially won the cold war. i know a lot of lives were lost

along the way, because the soviet union failed without firing a shot because they were economically starved at end. and iran is a pipsqueak compared to the soviet union. their dollar, i guess they call it the' y'all,st been getting killed. why not full sanctions? to dagen's point, this is an enemy of the state. a true enemy of state. >> exactly. >> because we're talking about -- we're not talking about phone sales to apple that are going to go to samsung, we're talking about oil. and you just listed the other countries that have increased production. the money that's not going to the iran is going to the saudi arabia, to russia. it's like does it really mattersome we have sanctions against russia. are we going to sanction them more? david: and i've got to say, to jonas' point, oil sanctions have a very checkered past in terms of effectiveness. we remember with iraq what we tried to do against saddam hussein, he always got through the barricades. [inaudible conversations]

>> let deirdre many in here. >> i was just going to the say some of our allies, actually, we've given waivers to, so i think that's another reason prices are going lower. it'll be curious to see, i mean, india, for example, south korea. they actually get passes on this. i'm curious to see how that's going to play out. >> so far this get tough with iran is working. oil exports have fallen, what, a million barrels a day so far? and that decline is more, it's twice the level achieved over the same period during the obama era. >> the production russia and saudi arabia went up -- david: well, saudi, remember, it was president trump who called on saudi arabia to produce more oil. they've been churning it out like crazy recently. >> i mean, i hope we can, i hope we can just all agree -- [inaudible conversations] >> i would flip it around and ask jonas, okay, so you don't like sanctions. what would be your solution to a country that i think jonathan said, inaccurately so, is a sworn enemy of united states? what would you do? continue doing business and say,

look, i know you're an enemy, but a dollar's a dollar? >> well, we do business with saudi arabia, we do business with a lot of countries that are -- >> saudi arabia's not an enemy. >> nor should they be, that's my point. at the end of the day -- >> but iran is. >> iran hasn't attacked us, okay? i know they do a lot of questionable -- >> jo thatnas, that is splittina very pine hair. >> we were importing our oil from venezuela -- >> even when we inked the iran nuclear deal, they were let'sed by the -- listed by state department as number one sponsor of terrorism. >> why is north korea still what they are with launching missiles everywhere? all it does is create a crazy regime with no one that everybody in the country somehow thinks because they're isolated from the -- david: just a point of order here, iran did participate in attacks on u.s. troops in iraq that led to injuries and depths, so they have attacked us. >> in fact, that's why we have their money held up in banks,

because courts here in the united states have ruled that money goes to the families of the victims of iranian terrorism. >> let me just crump in. i happen to think both saudi arabia and iran are true enemies of this country. regardless, the fact that this president would use this opportunity, the bully pulpit is invaluable. to put a picture of him with a game of thrones reference? it misses the opportunity -- [inaudible conversations] >> i'm not, just because i'm saying this plan is bad doesn't mean you have to have a plan. >> the point is -- >> they're not a great country. i'm not saying let's be pro-iran -- [inaudible conversations] >> and it's my turn now. i'm just saying a bad plan is worse than no plan. it's okay to have no plan against a country sometimes unless they're -- >> what about our allies though? what about fact that we're really breaking with europe on this? >> we're breaking with -- i thought all those countries do business with iran through the banking system, they're always selling -- weren't they selling them weapons, like, the french, 20 or 30 -- i think there's a

lot of business going on with iran, that we should be a part of, frankly. why should we let germany and france get all the grave i have? >> to the jonas' defense, i suppose, the president's now many love with another, someone who a year ago was a sworn enemy of this country -- david: north korea. >> north korea. >> jonathan, on the -- >> sense of confusion. >> but on the messaging, i think that idea is you cheer the policy and president trump's tweeting you kind of ignore it if you don't like it. but by way, it's the money that talks and the internet meme that walks. david: always, always. on that point, deirdre, thank you very much for joining us on day. appreciate it. coming up, elon musk is bored with apple products, and consumers might be too as fears over slowing demand growth. stay with us, we've got a lot more. ♪ ♪ i know you want to leave me for schwab, but before you do that,

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♪ ♪ david: well, apple closing lower, down almost 7% after dropping a bomb on investors in its earning call yesterday. you might remember we talked about it here, revealing they will no longer disclose how many iphones, ipads and maxes they sell after reporting flat unit shipments for the iphone in the fourth quarter. as concerns grow over slowing iphone demand, tesla's elon are musk weighed in, as he usually does. i still use an iphone and everything, but apple used the really bring out products that would blow people's minds, you know? and still make great products, but there's less of that. i don't think people are necessarily running to the store for the iphone 11. well, gang, it's not exactly a new comment, but elon musk saying it, does it make any difference? >> if you're only going to follow two people on twitter, elon musk and donald trump. [laughter] apple's got problems right now. what can i tell you. they're saying, you know what?

growth of this phone at $1,000, it's plateaued. and you know what. >> it's because all of these companies want to be public, but then they want to be private. elon musk knows about in this more than anybody. they don't want to deal with having to tell people everything that's going on with their business. they're not going to throw a his city fit, but -- hissy fit. why wouldn't, why overshare? the regulators kind of give them a little pressure, but i don't blame them. >> jonas, i disagree with you, and i disagree with musk. it's easy to look at apple and just see their products. just like it used to be easy to look at ibm and just see mainframes. that's not the growth part of their business. so he's right about that. exciting products? it remains to be seen. i think there's sill a lot of people buying iphones, ipads if, etc., etc. but the real under the covers that he's missing is one of their biggest businesses, maybe their highest businesses, their services, the apple care, apple pay, the app store, the apple

music. that's a $9 billion business growing by 30%. that's where it's shifting to. that's story i think musk is missing and a lot of shareholders also. >> gary, what happened to you? [laughter] you used to be the one that was so -- to me, apple is one of the more dangerous stocks to own right now. this, to me, is very much like microsoft or cisco was in 1999 and 2000. this was a stock that the no one questioned, everyone owned, it was value funds, growth funds, and today's move is really quite remarkable because apple had been really one of the -- this isn't any company, guys. this is 4% of s&p, it's 12% of the nasdaq, i think 6% of the dow jones industrial. as apple goes, i think so goes the nation, or at least so goes the stock market. >> one thing i'll point out, gary b., you mentioned the services business like apple pay and the music subscription service. revenue was up double digits, but it was growing slower in the most recent quarter than it has

been recently. and then you start telling investors, hey, we're not going to break out all the different unit sales, and the question is obviously what are you hiding? in terms of elon musk, good luck trying to outjerk steve jobs, because you can't do that. [laughter] and by the way, elon, you're just jealous because the revenue in the most recent quarter for apple is actually more than the market cap of tesla. >> if you're going to slam -- >> no. elon musk, i once interviewed, i was trying to interview him on television -- >> there you go. >> -- and he took his mic off and left and said i've got to go to a meeting atman -- at goldman sachs. >> don't cross this woman. david david that's pretty nasty. >> it's just a jerky move. and by way, elon, you make cars, buddy. it's not like you're making flying shoes. >> he makes flamethrowers. [laughter] >> you know what?

that that's not a flamethrower. >> it's a good point. >> elon musk on the -- [inaudible conversations] it moves roof -- it removes roof tar. >> -- before it goes bad places. >> he's a jerk! it's an electric -- >> i get in, please? thank you. i'm well aware of the price action. i guess, jonathan, as i get a little bit older, my charts tend to be a little wider in that i look at a longer time frame. [laughter] here you have a fantastic company. the difference between some of the companies you pointed out and apple is those were mostly one-hit wonders. by one hit i mean they had a core product and made it. >> microsoft? >> and i don't blame them for not having unit sales anymore because that's saying, look, that's our old business. david: well, the markets punished them today for that, gary, and the fact, the fact is that there are a lot of market watchers today when going gets

tough, apple hides its numbers. a lot of people are wondering, okay, today they're hiding the unit sales, they've got something to hide, that's not a good thing. >> still up 22% year to date. >> well, their competitors -- [inaudible conversations] >> but their competitors don't post unit sales either. >> look, i am squarely between gary and jonathan in this one. it's not ipod shuffle that they can just make it disappear. the whole business is built around phone right now, and i think investors should know how phone sales are going. is that so ridiculousesome. >> i'll make the point that in intel in 2010 made more money than it did many 1999 -- in 199 99, but stock traded at a much lower price. a a lot of people buy apple because it's not going out of business, but it might be in a holden pattern for three, four, five, ten years or more. david: why what happens at gas pump could shift election returns come tuesday. we'll tell you the details coming next. ♪

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are standing by. so call now. ♪ ♪ david: could we see a colossal collapse in gas prices just many time for tuesday's elections? that's what one analyst is predicting. will it impact races on tuesday, gang? [laughter] >> well, i -- [laughter] it's hard to say. are people going to get gas on their way to the the election? [laughter] david: probably. >> the price is down a dime, i'm going to the change my vote. i think it's a positive impact in general on the economy. just like we had wages up today, great jobs number. will it impact the election? st probably a little close to the the election to have much of an impact, but it's certainly positive overall. >> i think the idea to remember that development, that energy, that oil companies are good for the country, they help america, and when people go to the polls,

they should certainly keep that in mind. but we could see a collapse in the oil prices. i don't know if it's going to be before tuesday, but some of weakest stocks have been these master limited partnerships, mlps. so if we get an energy crisis, we could see energy prices along with gold and every other commodity drop as u.s. dollar really skyrockets. >> well, if you want a conspiracy theory, part of the real reason -- russia's producing oil at 30-year record highs in october before our election, surprise, surprise, to drive the gas price down to get trump's crew reelected. david: now he's getting serious. [laughter] >> the real reason, saudi arabia and russia are picking up the slack, and there's some problems in the economy right now. oil is used to taliban on future -- gamble on future growth partially. and because of that, you are seeing money come out of the oil futures market because people hi the demand is not going to be there. we're going to increase the

supply to nothing, and that's why it's come down so sharply. >> you know what, american oil output has also spiked, i should add that, with us now being the number one producer of oil in the world this year. one of the things it does is it keeps inflation expectations in check among consumers because it is the most important kind of inflation gauge for your average people, average folks because they're driving around. and if they see prices coming down, that keeps their expectations tamped down, and it does free up more money to spend over the holiday shopping season, keeps spirits lifted. what's not to love? deafd david the national average was almost $2.90 a gallon this summer, and now it could bottom out at $2 a gallon in some states. not all. california, of course, has very high rates. but that's pretty significant. >> be careful what you wish for -- [inaudible conversations] >> strong economy than lower oil prices in a recession. >> i i mean, hopefully -- [inaudible conversations] >> g . >> it was just a few years ago

that obama and the democrats were just tar and feathering these ole executives. >> yes. >> you would have thought they were the robber barons from the '20s. i hope now someone has them back up on capitol hill thank them, as dagen points out, for ramping up oil and gas -- [inaudible conversations] >> the old exxon guy in the cabinet, right? >> yeah. but then he called the president a mean name behind his back like an idiot, and then he got, well, shown the door. >> and we used to talk about peak oil, and oil was always going to keep going up -- david: yeah, we talked about that yesterday. >> that's what's brought oil prices down -- david: the market works, gang. coming up, it turns out someone has been tuning into "bulls and bears" and agrees with our very own trish regan about breaking up big tech, and he happens to be one of the most important techies there is. we'll reveal who after a short break. stay with us. >> why not break 'em up? >> break it up? >> huge. facebook is --

>> whoa, whoa, whoa. why would you -- >> who's going to break 'em up? and what law? >> the government. ♪ ♪ ce-in-five hundred year storm should happen every five hundred years, right? fact is, there have been twenty-six in the last decade. allstate is adapting. with drones to assess home damage sooner. and if a flying object damages your car, you can snap a photo and get your claim processed in hours, not days. plus, allstate can pay your claim in minutes. now that you know the truth... are you in good hands?

i am a techie dad.n. i believe the best technology should feel effortless.

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♪ ♪ david: well, we're used to hearing politicians, even some folks right here at fox business talking about breaking up

facebook and google, but now a computer scientist, who's actually known for inventing what he called the worldwide web in 1989 -- and, no, we're not talking about al gore -- he's saying the same thing. kim burners lee says the concentration of facebook and google in the digital marketplace now demands that, quote, there is no alternative to really coming in and breaking things up. so, gang, is he right? >> okay, first of all -- >> absolutely not. [laughter] look, i'll, i guess i'll jump in first. [laughter] look, this is -- we have a long history of targeting big companies that end up even without government intervention falling on their own petard. you know, for the very first and most famous one was standard oil. i got news for you, even before the government broke them up into 34 countries, they had lost half their market share. why? market competition. at one time internet explorer had 96% of the browser market. people still use it?

no, they're using the chrome and the google and other stuff like that. market forces will take care of this. what this techie said is completely idiotic. >> well, to be fair, he also said let's see if they get destroyed first -- david: let me just put up that full screen. before breaking them up, we should see whether they are not just disrupted by a small player breaking them out of the market, but by the market shifting, by the interest going somewhere else. so you're right, he does contradict -- >> he's being delusional because they won't. unlike the early phase of technology when companies like aol went away, you didn't have to do anything. they destroyed each other. the consumer benefited, no question about that history that gary is alluding to the. things have changed. if you haven't -- >> this time is different! >> what's happened to you people? this time -- they said the same thing about alcoa, about standard oil -- >> i'm going to explain the difference between early tech err and now, and what has happened is a company like google is actually not built --

we think it's the greatest innovator, but it's become a tech conglomerate that acquires competitors that are going to beat them. facebook -- >> [inaudible] >> google bought youtube, android, net, they bought all the -- >> and, jonas -- >> they didn't invent anything. knock knock -- [inaudible conversations] >> we don't need to break them up, we need to stop them from buying the competition. >> you bring up standard oil. when standard oil was a monopoly, the price of oil dropped precipitously. there's nothing wrong with one dominant company if that market share is won through competition. and there's a tremendous amount of competition in all of these spaces. >> the competition's wonderful, that's my point. let there be competition, don't let them quickly buy competitors up. google tried to be youtube. they failed, and you talking about would have been youtube the -- you talking about, but google bought youtube. that's what we've got to the watch for. don't let 'em take all the competitors up and own the

entire world of technology. that's what you have to watch out for. >> but, jonas, large competitors have always bought -- how many companies do you think amazon and microsoft have bought over the years? how many companies do you think ibm has bought over the years? at some point new technology comes in. at one time there was just three networks, cbs, nbc and abc -- >> and today's tech geniuses -- [inaudible conversations] >> i bet microsoft wish they bought apple, and we're were the that that they -- we're better that they didn't. >> it was going to be the sears, walmart that was going to kill us off, in a free market new competitors always come up. even, jonas, your point of let's just control how they can merge -- >> but these companies, these companies have got, have been handled with kid gloves by washington for years. they've gotten a free pass. you know, they're protected from any liability because of laws in washington for user-generated content.

they have gotten, they've gotten a free ride for a long time. and like jonas said, instagram should have never happened by facebook. >> i was going to say, it's ironic to say -- google has got a free ride, meanwhile you probably use it a hundred times a day k and you've never paid a cent for it. >> we pay -- wait, wait, wait, oh, we pay, we just don't know how we pay. we don't know where that user-generated data is -- >> it's in russia. [laughter] >> we pay plenty. we just don't know the actual -- >> are you going to tell me if you heard tomorrow that google and facebook were merging, you wouldn't be a little concerned about -- >> no, not at all. >> not at all. [inaudible conversations] >> well, i gotta say, there is a competition, there are competitors out there, and one of them, by the way, is bing. bing competes -- >> bing? david: i love bing. i use bing more than google. >> i know they're paying you,

david, nobody uses bing -- david: i don't have one penny of microsoft stock, not one penny. >> the only people who use bing, it come on their computer, and they don't know how to replace it. david: i love my bing. [laughter] >> my dad's condo in south beach -- david: i'm a bing guy. and i don't have the microsoft. i'm not stuart varney. >> i wouldn't brag about that. [laughter] at parties. >> don't you want young people to the like you? david: have you ever waited a really long time on hold for a representative to pick up your call? well, it could be because of a rating you didn't even know existed. that's next. ♪ ♪ all money managers might seem the same, but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better.

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lou: two customers call a bank. one waits for just minutes, but others a longer time. it's because of customer ratings. and you can't get your customer ratings like you can your credit score. some of these customers. you have got to cut these people loose. the behavior they do on the planes, trying to bite lowest

price, they buy clothes and return them to the department stores and put the tags back on. good customers who can be reward a little bit. >> the more v.i.p. customers have always been routed to -- you go to a new york city restaurant, i wait in line. they say, oh, you are on the david asman show, they say come right in. >> this is a ruse. they treat everybody like garbage. you are calling any business, you are treated like dirt on their shoes. dave require's clv.

customer lifetime value. >> you get treated differently by everyone you walk into. there is customer loyalty cards at drug stores and things like that. if i was a share holder in one of these companies, i would say it's good business. they spend more time with the good customers and more time with the tire kickers. on the face of it, it doesn't sound fair. businesses are in business to make money and this is the way to maximize their bottom line. >> there is a business in disclosing the scores and letting which businesses treat you well. >> is anybody scared of how far theoretically this could go? we saw you on a street camera throwing junk in your car.

>> it's called google. david: imagine if liz warren became the chairman of the committee for consumer affairs. >> she is the woman of your nightmares. >> are you better off than you were four years ago? >> more tax reform and eventually more revenue. >> i think it tax cuts will be important, the regulations will be important. >> the republican tax plan will be full of tricks for the middle class and treats for the wealthy. >> the crumbs they are giving workers is so pathetic. >> we have an economy that's the hottest in the world. >> is there more or less unemployment in the country than there was four years