what happening, a technology conference. connell. look at you, having fun. we go the headline from federal judge they are having are lookt cnn lawsuit. melissa: very interesting for what it is worth, bulls and bears now. david: this is bulls and bears, thanks for watching, i am david asman, joining me caroll roth, jonus -- is that liz cl -- clam, we're back again. after months of pr campaign showing amazon shopping for two newest headquarters, guess what, they end up inside of epicenters of big commerce and big government, new york and dc, panel was it grand search through middle america for show. >> it was, amazon is like

captain of the football team that leads you on, he is asking you to the prom, then he asks the head cheerleader anyway, they are never going to middle america, they should, they within to power centers, to the political power center in dc, they went to financial power center in new york, wasted a a t of time and resources for rest of the country. >> i never got asked by the football player, i was a yearbook editor in chief nerds, but i agree, in end thigh had to -- they had to go somewhere, where people had a population base, where el do you get that but queens, it is unbelievable congresswoman alexandria ocasio-cortez, has suddenly put out a tweet storm saying her community is furious, we've been getting e-mails and out reach and calls from queens residents

all day long, community response, outrage, amazon is a billion dollar company, idea it will receive hundreds of millions in tax breaks is crazy, yes, they get a lot of tax breaks, let me say that. she said subways are crumbling, but she dud not -- does not know how this works, there will be 25 thousand jobs, full time, well paid, what would you rather have? bordered up buildings. david: what kills me is fact mayor de blasio new york increasing spending 35% in 4 years, and subways are still crumbling irk lik like any morex money would do good. >> this is spending through tax plan, but it so look. only thing she got wrong in my opinion, she called a billion wilbilliondollar company, not an like it is.

it important to get these companies but not so important to give them the whole hogg. the infrastructure is cu crumblg to get from this new location to jfk airport, 15 miles away, they will find out takes an hour. ththe company here, where do all venture capital goes, california, boston, new york. >> and the lobbyist in beltway, that is where a lot money goes to. >> and places that people' to live, cooler than chicago, i am sorry. but, it is more expensive to live in new york it is cooler, important to have high quality people who are evidence cathyed who want to -- educated who want to live here. >> the deal also you talk about convenient, maybe not from queens to jfk, but crystal city in arlington over river from where i am now, they can walk to

national airport, and jeff bezos, he owned "washington post," he lives here. so some of this may have to do with personal stuff as opposed to where tax benefits are. david: good point. the point is that he is supposed to do best by his shareholders, not a question of whether most diverse company around. he should focus on values if shareholders, not necessarily idea -- why would we look eye at horse in the mouth, any city would have died for this, any city that gets it should be appreciative. >> 100. >> absolutely. >> this stack abatement, if you don't have company there, they are not paying you taxes. this is a situation you are not losing anything, company has a trillion dollar market cap, they don't make much of a profit, percentage that will go to new

york or to virginia is very little anyway. on net, net basis. >> caroll. >> that is like deal most companies get, you refer to. but there is capital -- they will build stuff with taxpayer money not just tax breaks but those are tied to incentives, if they don't hit the incentives, number of jobs that is six-figure jobs and not getting a benefit this is a huge for the city, one that chicago would have died to have. >> two democrat got together, it has long-term cost to city, this is why they do things that turn to long-term cost, they can bankrupt cities, i think to out bid every part of this country, they might have taken to too far. >> but they done, that is interesting, they did not go with the highest incentive package they had maryland and new jersey, that is not only

reason they within there. >> can't you just look at nevada, brian sandoval, republican governor spend more than a billion dollar luring tesla giga factory there, for construction job created 13,000. and then, tesla turning giving million of dollar to area schools for science and robotic classes. david: but why choose washington and new york, they are about 250 miles apart from each other, have you -- look, i don't mind them doing best thing for shareholders, where greatest can concentration of talent is in new york and washington. but i do mind the pre/10 -- pretends, this months of spending with pr campaign. >> jeff bezos has a house in every state practically. i am not against the it for

shareholders, i am talking about did the cities get hosed, i think that alexandria ocasio-cortez brings an interesting point, jeff bezos needs to get together with elon musk and put a tunnel between that place and two airports to get around like a civi civilized place, like joe biden said, a third world airport. david: amazon workers are getting a lot of money but living in manhattan not cheap, i wonder if there will be a housing subsidy. >> you know who else got hosed, small business owners, liberal government officials could that tax breaks help to increase growth. but unfortunately, this never trickled to small business owner to come do the same, i love the thought process, i just wish they would expand it so everyone could participate. >> amazon is getting some benefits from existing programs for any company to locate there,

not that new york it most favorable place, there are more start ups in the city, as high cost it is,. the synetic area is in new york city. david: despite our sandon easta mayor it is great place to liv. >> they may want anonymity in seattle it all about amazon all of the time in new york they are one of several thousand companies, maybe profile will be lower. david: they can't pick on amazon, because it is the biggest. >> oil plunging today. adding to longest losing streak in history, are these low prices good or do the they they portene ahead, we debate that coming up.

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comcast business. beyond fast. david: oil prices fell 7% today in trading, steepest plunge in 3 years, the 12 straight day of losses. drivers happy, gas prices continue to fall but traders are concerned that oil's fall

portends a worldwide economic slow down, is it good news or bad news. >> my perspective this is good news for consumers, not so much energy. by and large look at what has been going on this is a $20 drop in price, just in last month. i think closed like 550 nine 9. , west texas intermediate. and but i wonder if there something sinister, i say that tongue in cheek, we had iranian sanctions that would be put in to place by trump administration, not able to export their oil, so everyone ramped up to make up for that iranian production rush. the u.s. all others, saudis and et cetera, then very last minute, all these country that were getting oil from iran, china, india and et cetera, got a get out of jail free card, they said no, you can still get

oil, now we have a glut, prices have gone down, maybe there is a sinister strategy that worked out for consumer. >> to defend president trump, he was honest about it said, i don't top. >> -->> -- saying to your kid no more candy, you luced used playstation too much. >> president trump talking about saudi arabia yesterday, a lot of people think because it looked like oil might have been making a recover, he sent out a tweet, monday, saying hopefully, saudi arabia and opec will not be cutting oi production. >> it has been a few weeks and oil has fallen 25% that will put a lot of oil production out of business in our country.

this is bringing up this issue, too much of a good thing, other country manage their production to keep their price high, we're only ones that it is a free-for-all, that is a great industry in america, this part of off national security, but we all start pumping oil there is a lot of oil, it has happened 4 time, they cut production or raise it drive price down. and then we have to go out of, business. david: has not happened yet. >> it is watching in a few months if it continues, we'll have det problem with junk bonds, then watch price will go up gain, then they will come back on-line, borrow money. >> so far so good, right. >> fact that we're weighing on who cartels are doing. liz, don't you think it

straimpleg trumstrangetrump woue don't cut production is that not county who what you expect. >> if you don't cut production, we'll be in u.s. producing half of the world oil by 2025, we'll be energy independent. david: wonderful. >> a great thing, we're not on hook with countries or deputy on country what have despised us in the past, read iran. you look at, that should we bring back some supplies, soak it up so price stabilizes? president trump had a lot of oil companies on his side, they are not going to be on his side if they feel he is pressures opec to keep it supply up to keep price down of gasoline. david: and world wide growth, some people are concerns this portend is worse than what might be happening for u.s. companies

a global economic slow down is -- is anyone worried. >> there is a global economy slowdown, the projecttion demand for next year was reduced last month. i am an american and proud of it but president talks about it should be opec and others that cut production not u.s. cutting product any time soon. >> that -- goal should be as much profit as we can make not how much volume we can pump out at a loss, that is not a goal. david: so far we're not pumping it out at a loss we may. if it keeps coming down. >> we're competing against country with lower cost structures than us, have you manage resources whether fish eggs or back -- or whatever it is. >> frozen yogurt. >> the iphones do with oil.

>> i think what gets lost is in global story we're so focused america doing well, we do need the global economic environment to stay strong too, if you look to neighbor to north, with canada, and fact what could happen with their housing and oil and pressure that could create on global market, that will end up having an affect on us. we can't think just about ourselves in a vacuum. >> jonas can you say, if you talk about free market, hedge funds are backing out retail investors selling then short seller who come in, say, this is san opportunity -- this is an opportunity let's short oil to see drop $4 in a single day, we started dollars 59 and change and ended 5 will d 55 dollars ir market. >> no question that fact that oil became this commodity is not

great. fur underlying real, that said, we have to have a strategy if it goes to 30 again that is not just rampant bankruptcy, we have no plan. i hate to say it, you almost need a central plan. >> no. >> does your heartbleed for oil companies. >> a few years ago they just got back on their feet. it was a real disaster in a lot -- they shut down the wells, and a lot of bankruptcies, they came back. david: okay, that is it. we have to move on, president trump gets ready to meet chinese president xi jinping in two weeks, is a trade deal in the works? >> we're communicating at all levels that say very good thing. only half the story? at t. rowe price our experts go beyond the numbers

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david: president top economica visor saying trade talk with china are back on the table. >> pretty clear now that at g20 meeting in argentina, there will be talks between the two leaders. and trade will be included. david: this comes as trump reportedly held a meeting today with senior advisers on trade ahead of upcoming meeting with president xi, and said to be nearing a decision for auto tariffs for foreign automakers, what happens to the market if president trump comes back from argentina without a deal. >> i will say that cats and dogs will be living together. it could be start, of a deal with president trump and president xi, i am not sure they will come out holding up a paper

saying here it is. a lot of still ski skeptical ofe chinese and their intention to negotiate. they have to stop stealing our intellectual property. >> these talks have been on and on again more times than ross and rachel from "friends," i agree with his, what do you think if president said we're put tariff nonsen nonsent to sio you think that market would respond? >> i are responding to any headline from trade. i think that marketing would be heap with that, in end we have to look at china as an student it -- as an opportunity, it is no longer made in america, we should stamp things assembled in america. it shows a fundamental

misunderstanding of supply chain economics, if you don't think at least something within a made of in america product comes from china. >> we're already seeing negative stuff, earlier on of it hard to figure out what was happening. your beer would cost an extra nickel for a can or soda or car $150 extra on a 15,000 toll ar l do -- dollar car, today honda moved production of soccer mom favorite, the van to china from u.s. because of the 40% tariffs that china would place on u.s. autos there. we're seeing some numbers come in not good so far. >> you are acting like we don't already have 25% tariff of trucks coming in they don't

assemble cars and this i don't know this is why this is what is driving the market, it since it- interest and tech stocks. i think having low tariffs across board. is not going to cause the depression. we had a depression once, they tried tariffs it caused problems. you get intraday swings no bought, but as far as serious down side, i don't think they will have high enough tariffs to cause it, i don't think there will be more disruption in absurd world of tariff. >> does anyone care they since henry kissinger to china. david: who does care is peter navarro, the president's own trade theme is cross purpose with kudlow and navarro getting in fights.

>> and mnuchin, nobody seems to be on same page, i ask you, what is our policy other than we don't like intellectual property theft? what is it? i have never seen it. i don't know what they want. do you? >> the challenge with jonas said, is that some of the overhangs and headwinds that market faces are out of our control, trade issue is went our control, don't you believe that if we're able to create some certainty this is going to go away, that it will have a positive affect. >> the interest situation is in our control, you could say tech stock was result of over investing in tech stocks. you are acting like this market has gone way up in anticipation of major improvement on tariffs from the current situation and would collapse if it does not happen, i don't think it would

have a huge affect. could it spiral if we were in a trade war with other countries for no reason, adding tariffs to cars in germany, and they did deals with china and kept us out, yes, but now we have blusterring. >> we're already fighting with european union, did you see, you have bmw, daimle daimler-benz se election, concerned, they are foreign stocks. i have to say, that it will cost about i think 11,000 more on the bmw . >> so seems like a some of the manufacture crisis, but why are foreign stock markets down so much more than ours if we caused this problem that does not make sense, right. >> market in u.s. drive a lot of world, bottom line is when numbers come home to roost, they have not yet, all thing that

walmart and target that people are buying for holiday, they were ordered in may and june. let me finish. wait until end of q1, we see that is when this data will come in, if market still on a high, not impacting it much now but it could be trigger if that data comes in bad, i think it will be we go to a huge correction that could last for a lnl time. long time. >> not saying it. >> not just hard data but sentiment that is the bigger issue, it is stopping companies from making bigger investment they don't know what to do. so the guided an going forward we're not sure what shaping that is what drives market. david: i'm glad we solved everything, we have to move on. putting our economy at risk, two senators from, acrossaisle out with warnings for president trump, they are urging him to

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you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. david: did you think that federal reserve is what would be republican and democrat together. thigh they are urging president to back off from fed. we believe is dangerous. we have confidence that chairman powell and believe under his leadership that fed will not bow on political pressure of any kind. is this beltway theater, or could we be heading for a crisis over fed's independence? what do you make of senator flake and coons in their defense of fed. >> you see this strength of the

independent branches of government and those who look for oversight. i see both sides. raising interest rates is a sign of a healthy economy, you look at consumer, small family have not made anything on savings or cds over last 12 year, raising interest rate to keep up with booming economy is important. but president is looking at maybe fed is a little bit too aggressive in doing it. as i talked with banking community in georgia, which is supportive of increasing interest rates they do feel that fed is doing it a little bit too aggressively. i think some criticism of the president -- he is a big boy he handle its well. but it is incumbent upon us to question even the independent agencies the decisions they are making. >> it is possible that -- i am

concerned do you think possible that fed trying to prove how independent they are to counter trump to show he is not influis -- influencing their policy. >> one thing i have learned, you can't discount anything, i would hope that federal reserve would be more focused on what is right for the economy, not trying to prove president wrong. >> go ahead. >> i was going to say, i don't want to hear potus talk about the fed, unless he said he will get rit of -- get rid of it but i wonder with him in spotlight does that create an issue where he might be scaring the average investor and putting more of a spotlight on the the fed for market that is really been over focused on fed for past several years? >> that is a possibility,y

bright it up with our banking community in georgia, during past few weeks, one thing they focused on at-this-point is, right now, we're not seeing a lot of people come in and getting loans at the banks, a lot of businesses use reserves they have put aside during the bad economy, not a lot of impact, they don't see there would be a lot of impact on it. i go back to that balance, i think we need of increase in the interest rate to keep up with the economy, but if we go too fast, you know we actually have to pay out a lot of that interest on debt we have, we don't top asset rail -- we don't want to asse asset el -- accelee that date. >> you need some working room, unless you increase interest rates. i am not so sure that president is an expert on it, he is a real estate guy, he filed for

bankruptcy. but looking at economy as a whole, 12 governor at fed, they try are to get enough working room, if they do need a correction they have tool, to me, i was an independent regulator i appreciated when congress gave me their views, but tweeting and that is moving markets, that is not right. david: before you answer, i just to clarify, donald trump never personally filed for bankruptcy, about go ahead. >> i appreciate that, i agree with what you say as far as giving wiggle room. adjusting interest rates, is a way to counter recession, we will be at some point at some time, for last decade and a half we have not had wiggle room, we have to move on interest rates, at a less aggressive pace than what we're doing right now. i think as it comes down, you know tweeting is not an effective way to get things

done, but if president found effective for him to bypass media, whether it is right or wrong, as far as criticizing or tweeting, the real issue, what is the right interest at the right time to support a booming economy without stifling it. >> i encourage everyone to read the letter, congressman i am sure did you, senator coons and flake put in letter no federal reserve reserve chief has been removed in 105 year history of this, we're not sure that president is is allowed to do that expect for cause. raising rates during a strong economy does not quality, the mere fact they brought it up must mean they are worried possible that president trump might consider getting rid of powell the man he pit into place. do you think that could be a prosbility? >> i don't know, i would not put a lot of credibility in that

line of thinking, at-this-point, we're so divided here in the you look at the those that are actually making the statements in senate, those may be in house or making statements, are they actually concerned or trying to seed a doubt going forward. i don't know. we live in a era in politics you could make an as sertation of anything, you could not read too much into, that i think that real aspect to focus on is you know i feel part of my responsibility to give oversight, and to give my opinion as stated earlier, they should expect and respect some opinions the elected officials in congress. i don't know that is an indicator he will get rid of mr. powell. i think it is maybe a way -- >> you are right. in this atmosphere, people can say anything, and real expert of that has been president trump, i

think maybe they take their cues from someone who has been successful at insisting thoughts. >> this month we got release paul volcker, former fed chairman book, president reagan once demanded high not raise interest ratesr right before the 84 reelection. >> thank you. >> "wall street journal" tech conference making headlines, we'll have very latest from there next. (toni vo) 'twas the night before christma, and all thro' the house. not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up to a $1,000 credit on select models now during the season of audi sales event.

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david: "wall street journal" tech conference out left, a lot with chiefs defending cnn jim acosta. and fretting about privacy regulation, susan lee is joining us. reporter: a very busy program. right now we're in venture capital part of the day, start ups and how do you get funding, is there a lot of cash, i think the answer is yes. interesting session this afternoon has to be amazon sense why are vice president, head of all hardware de vices, first question was about choosing of crystal city on long island as

next two headquarters, then talk about alexa. and what about tr privacy. >> beginning we don't sell customers data. it is not -- we use it internally for recommendation, we don't franchise it out if you will. we also think about for very beginning customer should be in control of that data. if you say something to an echo and blue light goes on, it goes to crowd, you don't' it to happen, you should be able to delete it. reporter: now interesting that david limp said data and gut feel is part of reason they chose two cities they did for amazon second headquarters, to fine enough tech talent and places they wanted to live in. >> this is liz, one thing that is fascinating, one of top

people is joh john chae check of waymo. he must be in demand. that waymo will roll out in next two months, its self-driving vehicles in arizona, they have done millions of miles in testing, they are first? reporter: we caught up with john at breakfast, he said he had an announcement during his visioned that was it. they promise 2018. their self driving vehicle service, it will be small, start in phoenix, a small select group. then he said he wants to target businesses, he images and anticipate most early business will be from more corporate like womlikewalmart to ship workers m point a to point b, they have been buying up cards with partnership with ford and the

like. >> in terms of which trends of driering stock mark -- are driving stock market in years to come is there a theme you can hang our hat on. >> ai, been talked about over and over. artificial intel ven, and way it is described, don't think of it robot, in future, they look like human being. it more about subtleness of artificial intelligence, you choose, preselect or type an e-mail before you do-it-yourself, that is creeping into the system, i think idea is how to use it more efficiently and every service we need in our daily lives. >> i do a show. we had a guest on the other day,

talked about this bottom line is, even though a lot of this technology, that driverless cars there is still a driver, someone who can grab the wheel, we remember someone got killed in arizona in the year because of what driverless technology, i am concerned about this increasing artificial intelligence, they are implanting chips, a uk firm is now implanting chips to their workers. it could be trouble ahead. >> no! >> no, we're not talking about this here, i can tell you that. but uber ceo is coming up in a couple hours, i am sure he'll talk about self-driving vehicles, they say this is a huge pune for them, and -- opportunity for them away no, tesla, -- uppe uber -- waymo, sn jose, in future, they want

everything to be diver less, i do don't want you to have to own a car. >> jonas ferris, when you circulate with tech udon'tian do they have a sensation that the end is nye? >> no. i feel there is a lot of optimism hire here, i asked a ld you see that 600 point slide, steve ballmer shook it off, do i think that is froth coming off the names yes. this is a buying opportunity. there a lot of innovation still. i am interested to hear more. david: wait until privacy

regulation take industry by storm, susan freigh suess greatk you very much. >> coming up, rising interest rate under cut government spending, details coming next.

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david: nobody inside the beltway seems to be doing anything but talk until they have to. soon the u.s. government will spend more than servicing the debt than it does on defense or medicare with interest payment. will anything be done to cut into this spending problem? >> cut, i would say no. on a positive note when you have gridlock, all the big spending stuff, obamacare, the defense thing. it's not just one party in control. i am an optimist about the economic growth. it is increasing tax revenues. but if it doesn't increase tax revenues a lot the next few years, this is going to get ugly

fast. it's got to be radical and something like you don't get spousal benefits and social security for free. we used interest rates to slow inflation down. maybe we need to have a tax that comes in to slow the economy down and raise revenues. >> i would say i'm waiting for the party of fiscal conservativism to stand up and be fiscal conservatives. i'm not holding my breath. this is something that needs to happen. we have the perfect backdrop. we have concerns over rising interest rates and inflation. this would be the perfect time and perfect backdrop to cut spending. if there is any time for them to do it, the time would be now. >> you are exactly right. this is sort of a weird thing. jonas didn't mention the $1.5

trillion tax cut. that added to the deficit. >> revenue actually increased as a result of those tax cuts. >> $1.5 trillion has never been paid for. >> we'll never solve this problem. david: overall revenues increased because of the corporate tax cuts. most of of the money the government gets comes from income tax. >> if we think it will be paid for, i have got a bridge to sell you. the vbo says only if we have 4.2% growth we won't get that. the last time the federal budget was balanced was in the clinton administration. never thought it would happen. remember graham-ruddman? it never happened. they have to look at taxes. david: waste and fraud in

medicare, one entitlement alone. it's 10%. that adds up to $70 billion, $80 billion a year. if they cut the cost and waste in medicare it will be $100 billion a year. >> they just clocked in at $105 billion budget deficit. if the government were a teenager parents would cut up the credit cards. at what point will somebody wake up and do something. president trump asked all the major' divisions of the government to cut by a certain percentage. he's obviously feeling pressure. if you have revenues coming in, we are outpacing spending revenues twice as fast. >> there is an opportunity to do

this across the board. in every single area it's going in there with that business mind and that entrepreneurial spirit and doing something a different way. and we can't continue to have interest payments balloon and pay more for the things we already goto bought. david: one thing missing inside the beltway is backbone. that does it for "bulls and bears." blake: amazon announcing it will open new new headquarters in new york and a virginia.