>> i'm sorry you know she is watching. it is 5:00 a.m. tomorrow. thank you for joining us. >> great to see you! a lot of news that never stops and there's a lot to cover when i wake up in the morning nice and early. >> it literally never ends! that does it for us, "bulls & bears" starts now. >> hello everyone this is "bulls & bears" thank you for joining us i am david asman. today we have our panel joining us. larry kudlow saying earlier there's a good possibility we can make a deal with china and argentina this weekend but he says it is not set in stone for the president. take a listen. >> if these conditions i mentioned a few moments ago are not met and not dealt with, th president said look , he is

perfectly healthy to stand on -- given the strength and size of our economy. weare in position to deal with this and handle this very well. >> gang , is our economy strong enough to deal with tougher tariffs on china? what do you think? >> i think the economy is strong enough, david. but that does not mean we should test it just because it is strong enough. the ministration i think deserves a lot of credit for the economy. they are doing great things for the economy but i think they're in risk of sabotaging all of the gains with the trade war because they're going into this negotiation on friday thinking there holding all of the cards. mr. kudlow that is what he said. present xi jinping is coming from the other side thinking that they are holding all of the cars too. have two guys that think there holding the cards in a position of strength that does not give much room for give and

negotiation. i'm afraid we will be in this trade war for some time. >> i'm not sure if the economy can handle it going forward. if you're operating at full employment i know what will happen when we need to switch our goods and start buying from american companies? your production facilities operating at almost full capacity with the exception of gm at the moment. but you have a situation where you have people that need to buy american goods. how are they going to be able to find the american goods? companies will need to continue to buy from elsewhere. that will increase cost and passed on to the consumer. there are so many reports coming out every single day talking about tariffs. and one is saying for morgan stanley that the cost per family go up $3000 on tariffs alone encompassing the entire world. have these costs that will come into effect as of january 1. if the president goes ahead with it. right now i think you act tough, they will grant something small but i do not think it will -- >> i am with you on virtually

everything you just said. i watch them today and when he was suggesting that they could make a deal this week, i just started laughing. we are talking about trade with china. he is going to walk into the meeting and xi jinping will say what? intellectual property theft? -- >> you are saying there is a zero percent? >> they might agree to agree on something because guess what? they've been trying for a few months now. they've gotten absolutely nowhere.the real key issue and it remains to me, and the president has met somebody on this, which does not happen very often. i agree with him we have to do something about intellectual property. it is not going to happen that easy. anything else that you get will be smalltime. >> is going to be really tough to get something going at this meeting i think because we cannot forget that the leader of china, he has the job basically as long as he wants it. whereas we have domestically, a change of power in congress, the president is facing that. on top of that, you're going to

have consumers not so excited about this when it starts hitting their pocketbook. while we keep hearing about how great the economy is and how fantastic consumers are doing, when you look at credit card default rate or banks that are smaller than the top 100, those are banks that cater more to consumers that are having a tougher time. these are consumers with lower credit scores. the credit card default rate for those consumers are higher today than they were in the depths of the financial crisis. when you increase the price of the things that they will be buying, these guys are already strapped. already struggling.>> you just said something that i take issue with. he is there for life but he's not there for life.there are a thousand people behind every leader with a knife in their hand waiting for time to stab them in the back in a communist country. he is got to produce. and the chinese economy is going to hell right now.

it is really going through a lot of hard times. it is larry kudlow 's position and a lot of other economists, not those that just work the menstruation that china is hurting a lot more than we are. and if xi jinping does not show results pretty soon, those guys with knives behind him will stick him in his back. >> i'm going to argue against your back he said the economy is down and even siding a bit on the network. but we are not talking about that.>> are you saying that our network is wrong? [laughter] >> no! i am saying we need to talk about why it is going down in china. if the government over there that is d leveraged the banking system they try not to put out as many loans. they can easily switch that. it is not entirely because of this trade war. look at how much china has, they're investing so much in africa, in the military, i would be concerned about that going forth. and we talk about this on the show, that they are putting their hands everywhere. there increasing their reach and that is where the united states has to be concerned.

>> and i suspect they are, it is not coincidental john bolton was there with larry kudlow, both talking about china. go ahead. >> to your point, china is in this for the long haul! exactly, if you look over the past 2000 years, china and india, for most of the time accounted for at least 30 percent of world gdp. the only time it changed was about the time of the industrial revolution. now china is catching back up. china has always perceived itself to be at least if not the strongest, right up there in the strongest nations in the world. that is its rightful place and it is seeking to get the position back both from an economic standpoint and militarily. >> you look at china right now, with the economy, you're right about the problem with the economy it has nothing to do with these tariffs. not yet. july through october, all four months gdp was higher in all four months -- he has to rely

on politics to get this initiative passed. he is dealing also from the century of immolation. it is big in their mindset. they said never again will they give into an imperial power. they feel that if they give into president trump, look at the chinese papers, they say don't give into the bullies. last time i negotiated they said they don't feel they can give them. the president xi jinping feels like he's coming from a position of strength. soybeans right now cannot be sold on the ohio river and he things america's negotiating for weakness. america feels the same about him. i do not see that -- >> are you saying he is the leader for life, his life may not last that long! >> you are right, his life could be short politically or otherwise. that is very true. but it is not going to change the chinese approach to this entire thing. whoever comes out to be harder line. they have a harder system than we have. obviously, no surprise. reality is, they will not give in on this and they can take

longer. they can take longer than we can afford to take. >> by the way, to your point, i will bring up apple because apple has entered the conversation for the president suggested that i funds to be subject to tariffs.iphones manufactured in china. what is going to happen with that? >> what's going to happen to that? it will be passed on to the consumer which we already know. we have been discussing for quite some time. you do not think that will happen? >> he will never do that with iphones. some things you do not want to mess with because he will take off voters everywhere. >> you mean are we talking about the who is running apple or are talking about -- >> they will never put a tariff on an iphone. it will not happen. >> will me talk about these tariffs, what are these actually? what are these tariffs? when a country does something, when they misbehave in the rest

of the world is not so happy, if we put the sanctions on them those sanctions are effectively tariffs for that country. we have been sanctioning ourselves. we are putting sanctions on ourselves. when we say this is how we are going to bring another country into line by putting sanctions on them, how is it we think we are going to get china to go in the line by putting sanctions on ourselves? there is a lot of issues there. if we keep this up, these are sanctions were designed to place on ourselves. they hurt our own economy. >> i'm reluctant to ask this but the fact is larry kudlow says, he is a free trader and administration that's known to be against free trade and the ultimate goal of the president is zero tariffs. what do you think? >> it is a goal that won't be reached. >> actually do think it is a goal. i absolutely loved when donald trump was over in europe and everyone was giving him a bad time. and he said i listen to you, let's do it, let's have zero

tariffs. zero across the board and also, none of this subsidizing. i think he does want it. and i am not an expert strategist on this.i just worry that if we threaten or keep turning and we have to make good on that threat, it harms our own economy. >> by the way our producers begging me to say that we were not suggesting anybody be assassinated over in china. i just want to get that out there. or anywhere else in the world! [laughter] we are not suggesting that. >> the president slamming gm once again. what he is threatening to do in reaction. the automaker closing plants and laying off workers.

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another swipe at gm, taking to twitter saying quote - very disappointed with general motors and their ceo for closing plants in the sp nothing being chosen mexico and

china. u.s. saved general motors and this is the things that we get. we are now looking at cutting all gm subsidies including four electric cars. they made a bet in china and mexico i do not think that will pay off. i am here to protect america's workers. patrick anderson joins us now from east lansing michigan. patrick, you worked for the auto industry old-time michigan and elsewhere. as a present right? should we do with subsidies for gm and other automakers? >> the electric car subsidy is already pretty weak. in terms of helping automakers. and by the way, general motors has kind of run through their allocation of 200,000 by the end of the year. that is kind of a silly thing to say actually. however, it is a question about whether he should be subsidizing electric cars in general. part of what our analysis shows is that electric and hybrid cars are still only about three percent of the u.s. market even

with a subsidy. if we are looking at maintaining employment and maintaining u.s. leadership in manufacturing, really, right now electric cars is a small fraction of the market and the president threatening to take away that is really not threatening to do a lot. >> wouldn't it just be a political ploy then? because he of the situation with tesla has a ready had the 200,000 threshold and the fact the president can threaten to remove subsidies when you already saying they're not that valuable and gm is coming close to that, really, is the present thing i'm going to be tough right now but really i have no effect? >> i do not think the president's rhetoric here is particularly important in terms of looking at the industry or what general motors did. general motors had to take action. their sales was functioning, we were looking at the models here, the models that they selected in the plants have

been slumping. they have excess capacity, their choice is either repeat the mistakes of the 80s and 90s and threaten themselves into bankruptcy again, or take action and i, even as someone that knows the pain that will happen in my home state of michigan over some of these, i would rather see them take action now then go bankrupt again. >> really the question here is, who is general motors accountable to? is general motors accountable to something that may look politically good or politically bad or are they accountable to shareholders? if general motors will do it's in the best interest of the shareholders it looks like this was the right move. and if they do is in the best interest of the shareholders, the company is more likely to prosper and be around which means jobs will not be lost. if they make decisions that are not honoring their fiduciary duty in the end, american workers get harmed because the company goes down. >> i would say generally, that is completely true. not just for the auto industry but for others. and i would add is not in the interest of the for general

motors management to ignore trends and keep cars of not spelling out and hide from them, the reality. the one thing everyone in the auto industry knows is that they will not be another bailout of the auto industry. and in this particular situation, even though again, i know exactly where some of these plants are. particularly the detroit plant, it is going to be painful in detroit.i would rather the general motors was around selling cars and selling it through american dealers and making american suppliers active and profitable than ignoring what is happening in the market. and i am pleased, actually, see general motors taking a leadership position. even if all of these decisions to turn out not to be -- even if they chose the role models or plants, some of them, the data we are looking at shows sales in these models are declining. the u.s. economy is cooling and

everyone in the auto industry knows, sooner or later, there is a downturn and people stop buying cars. is one of the first things people do when a recession is approaching. stop buying cars. and you did not want to have a factory full of cars you cannot sell when that happens. >> patrick, nothing anyone expects general motors to manufacture a model of a car no one wants to buy. i don't think that is really the basis of criticism. here is what i find shocking and i will be curious to hear what you think. the president knew about this. it is not like he saw the press release yesterday and i know that because i know he was getting letters from congressman ryan, concerned. i know he had a conversation with sherrod brown, the president knew about this. when you anticipate that a

president who is as concerned about these jobs as he says, would have already been in discussions with gm? not turning them today with stuff that i think you and i both agree is silly. but already in conversations with them saying once again, what is it going to take to get you to bring the model you are making in mexico and retool so we keep the jobs here?isn't that what you would expect? >> i think is a little much to expect elected officials to be inside the thinking of every american company. even a company as large as general motors. >> but he knew. >> well -- i think you're expecting him to have more knowledge than a u.s. elected official typically has. and i will say also for these congressmen and senators, they of course, want to maintain employment in their plant. so do mayors, so do other businesses like my business. i would like to see more employment in these areas and more automobiles built in these areas. however, general motors had the inside information. i have some of it.

you did not need to have a briefing with the senator. you can look at this to know that you cannot keep producing these cars and continue to have the production schedule you have because they sales are declining. if you read through general motors decision, they are not just saying we will reduce the production of these plants in these models, they are saying that we are shifting to where the market is going and where they are stronger. and as a whole i would rather they did not then go bankrupt again. [multiple speakers] >> are we shifting production though, where cars are being sold you are shipping to china, right? because your building plants in china the president says that is not true. gm now produces more cars in china than they produce in the united states. and it seems to me with this trade war, the talk about reducing subsidies and going after american business, it will just get worse because right now it appears to me that americans have lost the ability to export cars because we are

just building cars overseas for overseas use. is that right? >> and i think americans lost the ability to build cars or export them. in fact, if you look not only general motors but you look at chrysler. their main business right now is to export jeeps to other countries. and their new ceo is spearheading that. the china operation for general motors is integrated to some extent but the rest of the company but that is really largely separate. they build different cars in different plants. there is very little crossover of assembled vehicles.there are some now but still very small. fortunately, what you see with ford and gm, and to a lesser extent chrysler, the models are continuing our know very good in the marketplace. if you look at trucks, you look at the crossovers, look at some of the sedans that -- also

sport cars, ac ford, gm and chrysler being to the top, we need competitive models that customers want. >> i'm sorry to cut you off we have to leave it at that. next time you come back going to ask if chrysler is really an italian car company. but that is for another day. thank you for being with us. >> all right. >> remember when google executives were crying out loud over donald trump select-and-say he conflicted with their own values? but their values have not stop them from working with the chinese on a censored search engine. now, their own employees are calling them out on it. that is next. our new, hot, fresh breakfast will get you the readiest. holiday inn express. book now for at least 20% off

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the company and cooperation with china on a censored search engine called project dragonfly. hilary vaughn has more on this for us. >> hi david. over 100 google employees a lot of them engineers have signed onto this public letter asking

for their company to shut it down. that is the dragonfly project i would develop a censored search engine in china because they think it would violate basic human rights. saying they have a right to know that the tools that they are building are being used in a certain way and they want to control or at least have a say in whose hands are getting their hands on these tools writing quote - we are among thousands of employees who raise our voices for months emphasizing serious human rights concerns and repeatedly calling on google to cancel the project. so far our leadership response has been unsatisfactory. our opposition to dragonfly is not about china. we object to technologies that aid the powerful in -- and oppressing the vulnerable. there is a growing list of employees of people calling out the employer. he says dragonfly would ramp up surveillance of chinese citizens, sparking concerns that the government would use

google data to silence the government and sensor unpopular points of view and put google in a position where they would have to comply with other oppressive governments around the world that want to limit free speech and freedom of information. google issued a century, a statement that they had written months ago in response to this letter that was just published this morning. saying that they are working on search in china and it is only exploratory. they've no intention of launching anything soon. no word if they will actually address even internally, the concerns of some of their employees but as of now, there been silence. this is all they are saying on the public for us in the public we will see if they decide to say anything to their employees directly.>> hilary vaughn, very interesting stuff. we all remember two years ago on election night, these tearful google executives pi mean the top executives saying that president trump, is such a shame he was elected he does

not share our values. are there values really -- there is the scene on election night. when the google representative shall crying about this. are there values really represented by the chinese censorship?is that what is going on? >> no, i think millennials need to find a nice warm tree to go hug. [laughter] this is insane, david! there picking fights that they want to fight.there are so many human rights around the world, you are dealing with all these countries. you want to go after president trump and i understand that. is it hypocritical?yes. but in united states we have freedom of speech. have the right to do that. then they go to china and deal with a communist government and now they want to pick up their full outrage and talk about how they want to change the world. give me a break! it is a great company, it has a monopoly in the united states, trying to get to china. i do not know why they are dealing with a communist china

with censorship your request i will disagree with john in this. i actually agree with the workers. i think google management is being hypocritical. you want to attack your own president, saying that he does not match your values and then you go to china and do that because you will make a lot of money. but it raises a question i have for all of you, because if you are a milton freeman type that believes in the idea that the sole responsibility and management is to make shareholders happy. then you have to support what they are doing. i think it is hypocritical.>> i think it is a narrow view of what he would have said. because -- quincy absolutely said it i can give you -- >> it is not the short term. the long-term the management and the board of google have to decide if their strategy is to sell as many things as possible to as many people as possible, completely irrelevant and how the tools can be used. or do they believe that as a corporation, they have some

concern with that. do they want to actually sell things that can cause so much harm and be so oppressive that can in dramatic violate human rights in doing that, are they then harming their shareholders?>> i can't tell what side you're on. >> that's good! >> 3-point play the first one if you're taking from a business perspective, the fact that google wants to go after 20 percent of the world population makes the money over there. the ceo and a conference earlier this year said they are essentially going to answer 99 percent of the queries in china. we do not know if that stat is correct. the second point is, hasn't google already been involved with censorship to begin with? we talked about in the united states but think about thailand. you cannot speak ill of the king in thailand. google removes posts. the fact you cannot in germany post anything regarding nazis and the nazi era and propaganda.that takes that down.

they're very transparent but nonetheless, censorship has existed. i think we need to talk about the entire big picture. you have said it, google is a monopoly! that is the concerning part. >> google is not an entire -- there are other competitors. there is bing and others.>> you always bring up bing! >> there might be another competitor also coming soon. i'm sorry john, go ahead. >> look, you avail to use myspace. [laughter] [multiple speakers] >> i still have aol.com. i think google is a monopoly and has some issues. especially what they are doing going forward. i may have misspoke. i think it is very hypocritical with the heads of google are doing here. but also i think it is just

business. it is a bit machiavellian, you have to conform to the country you're in. i met about the employees transfer. >> to their point, not that i'm here to defend anyone at google but they say we are new we are bargaining with the devil but it is the largest market and this is the camels nose. we are in their two the point of kristina partsinevelos. mark zuckerberg skipping out on a hearing and facebook admitting he's doing more harm than good. that next.

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apologize for the decision for mark zuckerberg not appearing you took responsibility for that. >> how does that look to the member of the parliament? >> not great. i get --

>> as you can see admitting today that it did not look great the company ceo, mark zuckerberg failed to show in a special joint international hearing in london. was he being obstinate by refusing to testify in front of all of these global lawmakers? or has facebook recognize that the less we hear from him, the better? what do you think? >> at the moment yes, i think the relays right now he needs to stay under the radar. given the scrutiny, the fact that the company, the stock has seem to plummet. however, this meeting and the fact that mark zuckerberg did not show up in uk parliament shows that maybe they are hiding something. when it comes to brexit in the 2016 brexit, was there any type of political interference on the network? these are all questions that need to be asked. especially when it affects democracy. by not showing up in things very concerning first facebook

as a whole but if i was working for the company, part of the pr side i would say, zuckerberg right now people don't like him, they don't trust the company. you're saying that reflected the number of users, that the growth is starting to slow down. >> to me it is a short-term, long-term thing. in the short term absolutely, they are keeping him out of there for one reason. we just looked at a clip that the mainstream media is not going to go anywhere near. they are just not going to get to it. if mark zuckerberg had been there testifying it would have been everywhere! >> just the fact that he did not show up, -- >> it will be aligned in the newspaper. you will not see it in a lot of places. if he shows up they make a big fuss. right there, that is beneficial. in the long run he's really taking off european regulators who do not like him to begin with. because he's being disrespectful and not coming. it will hurt facebook in the long run. >> i think they are facing what a lot of social media space might appear clearly, they have not been handling it well so

far. but in social media the bigger question, and that similar to what we were discussing earlier with google. to what degree are they responsible for promoting freedom of speech, for resisting oppression and to what extent are they involved in censorship? where is the line between, these are funny facebook accounts and these are people that are spewing out false information. is it freedom of speech of essay i can fly and put a pumpkin -- i can make up all kinds of ridiculous data. if i can come up with that and say those things because my freedom of speech allows me to spread that information. >> let me just -- he has missed 80 percent of the invitations to testify in europe. it's not like we are paying a lot of attention. >> because he exerts too much control. maybe he should step down. >> the media is not covering

the fact. >> we are covering it. >> we are. >> i agree with that facebook needs to answer to a lot of questions out there. and then some say mark zuckerberg answer for the people we have elected buffoons that want this pony show i don't blame him for not showing up for these clowns. [laughter] a lot of these guys were not even elected. to back at the point, a lot of people were british twits, the house of lords, you know the guys that are not elected to anything in particular. >> wow! >> which makes it worse. there is need shoes and a red nose! [laughter] >> john, are you confusing the grilling that zuckerberg had in the united states and the questions that he got there? >> no, i'm not at all! i am saying why show up to this dog and pony show? i think facebook has as many women out there as most nba basketball teams do. they are a misogynist culture.

put someone out there like sandburg. she is terrific, a brilliant lady. mark zuckerberg does not play well in front of these guys. and jeff bezos was hated by the liberal, he was hated by conservatives. now he says we will deal with the dod. he is the darling. mark zuckerberg can't figure out the political process so i think it's best to keep them out of the limelight. >> but then why bring up cheryl? she is to politically connected. she is from washington, the political world, she will not appoint harry reputation on the line by sitting on that chair. that is my opinion and why i would think she is not stepping in in this role. so zuckerberg -- >> i did nothing facebook readership can win either way. no matter who you put, they will not win. this is a bunch of politicians that just want to get soundbites. they want to make themselves look good and they want to make facebook look like the great big bad enemy. i don't think they can possibly win.

what they're probably looking for anything a lot of social media is looking for is, as much as i hate regulation, they want somebody outside to say, here is the line. because otherwise, how do they win? how do facebook or twitter or google on a global basis say, here is a line. >> and the other thing regulators want is cash. and they are getting a lot of it because some of these vines -- the fines are in double digits, there is interested in money is anybody. meanwhile the media love to talk down the trump economy. now they are talking to the gm downsizing as an example of things going wrong withthe economy because this, does it say more about the media than the economy . more to come. i think there are some ways to help keep you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do.

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biotene has a full array of products that replenishes the moisture in your mouth. biotene definitely works. it makes patients so much happier. [ready forngs ] christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even know where i live... hello! see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. >> the wake of general motors

announcement to/jobs the media sounding the alarm and economy. publication from the wall street journal, near toms, detroit free press, all waving warning flags. despite headlines, we continue to see strong economic data pouring in and consumers are spending money. thanksgiving weekend online sales surge and the tsa so

historic number of travelers over the holiday weekend. is gm the canary for the economy? or is all of this just a press trying to talk down a trump economy? >> i think where real conundrum for the business in the market. i think we will have the biggest christmas of all time. with consumer confidence at an 18 year low. almost no one claim, wages are great. it will probably be for me the best christmas of all time. the question is, what happens next year? i think most of us see a slowdown occurring. certainly a global slowdown and is this the last hurrah? it could be for a while the tax cuts to millis will probably play out, and you have a rising rate environment. i think we are do for a slowdown. >> i think john has that exactly right.i do not think that gm is necessarily a canary in the coal mine, nor do i think having a good retail size and i think john is right we

will see a terrific christmas. i do not think that is any kind of proof that we will stick with this great economy. i always like to say this, we are always heading into a recession. it is just a question of how long it takes until we get there. >> like it's always going to rain? >> exactly! [laughter] it is always going to rain, it is just, when? i think john is right next year in the third or fourth quarter we will see a soda. >> he spent half of your time in italy, and the europeans are having a lot of headwind. there brexit in england, problems with italy, where you are familiar with. is that the ill wind of europe blowing in this direction? >> i'm actually astounded and how little i see in the u.s. about how dangerous the situation is over in europe. the economy definitely slowing there. brexit, hopefully that will go smooth but italy is a big problem moving on the horizon. because that country, oh my god, a country that is

currently being run by one of the guys, he used to like 10 years ago, he was selling drinks at the napoli stadium. it is not good! [laughter] and i would not be surprised to see a lot of fireworks coming out of their dr. possibly threatened the euro as a whole. but interesting in the us, like you are saying, you are hearing a lot of negativity on the economy which you never really tend to hear until after it is too late. i think a lot of it is that we have a president who manages really love to hate. but the reality is, we look like we are at peak earnings. you have a labor market that is so tight, expenses will go up. you have interest rates rising. that means interest -- and we have a record level of corporate debt that has grown astronomically. a lot of that is well over one third, rates are going up. that compresses margins and 25 percent of that is rolling over

in the next three years. so they have to reissue that. again, it means that it will hurt the bottom line. when you look at the corporate profits , i think it will get tougher. i do not see a lot of tailwind i see more headwind. >> will be harshly talking about the corporate debt, is not only corporate that you have individual debt fueling a lot of this. online sales may have hit a peak. in-store traffic could be another situation. we are still waiting for those numbers. and we are talking about leverage loans. almost $1 trillion.double what it was in 2008. those are loans given to companies with out a great credit history. they could see defaults in the near future.i think there are some signs that their concerns to come. we are seeing that reflected in how investors are reacting to the earnings thus far. we may have great sales, great quarter and yet, investors are not pleased because they're worried about the future. >> the president is not pleased either.he had an interview

with the "washington post". i'm just getting this. he blames the federal reserve, not surprisingly. not only for paul's with the stock market but also with general motors. we will see how it shakes out. how would you feel about amazon turn your personal medical records into data points for the healthcare industry? like it or not, tomorrow, amazon will be unveiling the software. details and debate coming up on that.

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david: we've got some breaking news, we're getting more of that washington post interview with president trump. i want to just read a little bit of it. he says, so far i'm not even a

little bit happy with my selection of jay powell, not even a little bit. i'm just telling you, i think that the fed is way off base with what they're doing. what do you think about this, gang? [laughter] >> well, we had trump, back when obama was president, trump was really upset that the federal reserve was keeping rates so low. >> you remember. >> i'm confused as to why it's a bad thing that they're trying to get those interest rates back up. >> look, he's having a wrong argument with himself. we talked about this last week, i think. if the president had come out and said, you know, i understand that the fed is going to have to start moving rates up, but i think it would be better if they did it a little more slowly, that's a reasonable constitution. but instead -- discussion. instead he comes out and says they need to cut the interest rates. no one's going to buy into that, but are you surprised? david: hold on a second, a lot of presidents have done this. president reagan once told a

federal reserve chairman, tell that guy not to raise rates before the election. that was in 1984. by the way, another quote from this washington post piece. i'm doing deals, and i'm not being accommodated by the fed, says president trump. they are making a mistake because i have a gut, and my gut tells me more sometimes than anybody else's brain can ever tell me. as somebody who lives in washington, i know a lot of brainiacs who make mistakes. >> mary barra, in giving her excuse with gm, says it'll cost them a billion dollars because of the higher cost of steel. so she's blaming trump, trump's blaming the fed, who does the fed get to blame? >> if we're talking about gm, they need free cash flow in the country because they do not know the direction of where cars are going to go, so i think that's a separate story all to begin with. we know the president goes after the fed the moment we see the markets react. there are concerns especially, we just talked about debt and

these floating rates and how this could affect the economy going forward, so you've got to put the blame somewhere. i don't think it's wise for politicians to get involved with the fed which is supposed to remain an independent body. nonetheless, i still think he's going to do his course. david: millennials in manhattan don't drive. elsewhere they probably do. >> in 2017 trump -- and i thought this was very dangerous at the time -- trump was using the stock market as his report card saying look how great this is. now we've got liquidity being drained out of the global economy at a faster rate than we've seen since 2008, and that is going to naturally have to start bringing down asset prices, so we're seeing the stock market struggle. i think i just read that deutsche bank out of the 70 asset classes that they follow, 90% of them are in the red for the year -- david: yeah. ten seconds, john, do you trust donald trump's gut more than you trust the brainiacs inside the beltway? [laughter] >> the fed missed the haas two crisis. no, i don't the fed.

they should been independent, and i think trump is preparing a scapegoat in case the economy goes south. david: gang, that was a terrific discussion. we'll tell you what amazon is planning coming together. thanks for joining us, "evening edit" starts right now. ♪ ♪ >> we know from a recent investigation by "the new york times" that facebook was aware of the fact that these ads were being placed. >> any information you can seen contained within that cache of e-mails was, at best, partial. and at worst, misleading. >> the company's knowledge because of a separate investigation. not in the multiple areas that the company -- [inaudible] they didn't report it to anyone at the time, and during the period when we were asking questions about it, no one disclosed that the company was aware of this information earlier. >> i do want to set the context,