christmas tree lighting ceremony. the annual celebration includes musical performance, u.s. navy band, and mull u mull tip multic stars. connell: very nice. david: this is bulls and bears, what a day, i am david asman, joining me on panel, jack how, liz peek, kevin kelly and michelle mckennan. stock surges today do you up more than 600 above 25,000, and nasdaq back up 7,000, fed chair powell suggesting that pace of rate hikes could be slowing. a day after trump slammed powell in a "washington post" interview for boosting rating three times already this year, saying this

time so far i'm not even a little bit happy with my select of j, i think that the fed is way off base, so, panel, question, is powell now caving to pressure from the president. >> i don't think he is, i think that jay powell has been reading economic tea leaves, and decided they were ahead of the game. i mean inflation is under control. less than 2%, that is their channel number. oil prices of plummeting. and the market volatile spooked him i think. i don't think they had to accelerate from here, i think they will raise rates in december, but signaling of more about 2019. >> it looks like caving, it smells like caving, but i am giving fed chair the benefit of the doubt this one of few issues

you find president and say paul at times running happen in hand down the beach in slow motion. there is no hurry. >> i think an important thing to note, the market had a big disruption on october 3 change powell said we're far from neutral. you saw him backtrack that today, one reason i think he backtracked a lot of leading economic indicators pullback from the market, influence on the of them. if you think about sentiment, as well as new orders, they have come down, we have a great gdp today 3.5%, house hol hold speng of revised down, i think maybe fed thinking they will raise rates 3 times next year. >> i agree with the panel, the

fed and fed will continue and has always been independent, they will be focused on makes decisions on the data. who knows, maybe that time will be time that fed actually threads the needle and we do not get a hard landing in the economy. i think that is what we saw in market. david: liz brought up a great point that oil is down. two months ago powell was hawkish was because of energy prices, look at what happened to oil in last two month. the height is just about the time, where greenpoint, is that is just about the point where powell made his hawkish comments, and made president so mad, since then it has come down. there is more reason to be dovish. >> without a doubt, and there has been slowing in global

growth. yes we're talking yes policy but we're influenced by the growth rate in china, and europe is skittering along. and though that has smi some imt on inflation expectations, powell we're not a vacuum our strong dollar because of expectations that rates were going higher has hurt our exporters. and all these thing are somewhat destabilizing. >> or he is watching the stock market, and making it up as he goes along. david: powell or president. >> powell, but i, i take your point on oil prices. david: i am getting back to question, nobody concerned about fact that president seem to be dictating terms to powell. >> no, i'm not afraid of that. >> now. >> we have a committee that determines the rates, they have meetings and take notes, this

critically important that inch recognize that, the santee of independents of fed has not been compromised, especially president trump and his sentiments. i don't think it ever would be, you would have an upheaval from congress, so, no. >> 100%, i think trump is being trump. as he has always been. this is not new news for him on call out fred. fed. david: a koen in-- coincidence, the paul volcker book coming out, the saying that ronald rean dictated to him to not race rates it has happened before? >> i was to say, fyi. the president was kind of right, i think that powell of getting ahead of what he had to do to maintain low rates of up plague, and high -- inflation and high

unemployment. i am not saying we want to listen to president. >> are you going to say it. >> no. president trump should not be saying it but he was saying what a lot of other were saying on wall street, what is the rush. >> i'll say he might have been right for dubious reasons, he wants to keep the stock market going. >> he wants to keep the economy going. >> again it is the right time to wait and see there no hurry. david: the. presidents in past have talked to fed chairman about what they should or should not do. everyone said that barack obama didn't. he didn't have to. because there was zero rates for his term. >> i think that is a great point. also important to note that there is a delicate balance, and talks about secretary mnuchin talking with bond dealers, saying would you rather see federate hikes or rather see them slow down on their tightening policy. where they are buying

backboneds, i think -- back the bonds, there a duel threat hooping. the fed is a precarious position, they are tightening policies in bond buying program and raising rates. >> i think what is important, is you want the fed to raise. that is a sign of a strong economy. yes, we're thinking maybe fed should slowdown, but, you want the fed to raise, that signals a strong economy. >> you also' a continuing strong economy. and wild talk later in -- we'll talk later in program about housing, this sector has been walloped by other factors including the rising prices of housing and also rising rates, it has an impact which was quickly of deng evident. david: was that impact an over shoot? this 600 point gain come down? >> i don't think it was an over shoot, it was a mia culpa from

the chairman to the stock market, saying, what i said off the cuff, in a informal setting was far from neutral, imbacktracking that -- i'm backtracking that to my colleagues here in new york. i think there is a couple things to play. to your earlier question, we need to remember candidate trump, said interest rates were too low, now president trump is saying interest rates are too high. and so this just gets back to you know we do need to raise rates could they were too low for too long, the fed will raise in december, probably 3 timings next week, they have to telegraph it, properly, and that is who happened today, i think that market move was warranted. david: he is a real estate guy, thigh like if when inrates are low. >> president making another threat to auto industry, spurred on by massive layoffs at gm.

latest details on that, and how auto executive are reacting live from l.a. auto show, next. >> we want you to keep an a on, a live look at washington president participating in national christmas tree lighting ceremony. the tree will be lit this hour, we'll take you there as soon as it happens, stay with us.

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david: president hinting at new auto tariffs in wake of announcement of plan closures and gm layoffs, saying that reason that small truck is much a favorite, tariffs of 25% have been put on small trucks it called chicken tax. if we did that with car tax, more would come in. and gm would not be closing their plants, get smart congress, and country that sent us car have taken advantage ofu for decade. the president has great pow or this issue, because of the gm event it is being studied now, jeff flock on the floor of l.a. auto show, how are they reacting

to thought of more tariffs? reporter: you know, generally they don't like the idea, but the president is right about shipping tax, 25% tariff on those medium duty trucks, despite that and fact that u.s. dominate market, most economy of heres -- most executives here. to not like the idea of more tariffs. >> it would be bad if it was pushed to 25%, bad for consumers lately. >> lincoln only making vehicles in north america, it may be a help. >> perhaps then but we do have our vehicles that we export to china that is a very important part of business. reporter: you worried about that. >> we would like government to work together to solve the tariff issue, china and u.s. economy, they are large and important economies.

>> appropriately forever lastly, publicly jawboning an auto industry economy to not close a plant. >> i will not get between trump and his tweets, that is one thing i will not do. reporter: you can hear david, from scott, no economy ofments to tick off the president, but they are in unison, can we set them without raising tariffs, please? david: go ahead. >> jeff, there was talk about president and secretary mnuchin going after the bailout that happened in some 11 billion, was there and talk about that about that bailout that happened with gm years ago? reporter: you know, they visited a lot more, they got most of it back, but you are right, 11 billion is what u.s. treasury came up short on that, i tell you, thing about general motors

what they did wrong before, when thrmpthere was a downturn they d not make the tough decisions, now they are trying to do it, they are getting their head handed on them, sometimes you have to make tough choices. >> that seem like next sort of series of questions, what are other automakers, are they crowing about that decision they made because. everyone else seems to be doing better than general motors. i don't know if behind scenes they are you know, enjoying or. what it seems have you heard any sort of blame throwing out there? in terms of what they should have done right? reporter: well, the thing about interesting ford today, ford announced they are cutting two shifts at a plan in flat rock, and louisville, they were clear to say we're not eliminating jobs we're transferrying those

people -- transferring people to vehicle that sell better, not cutting jobs. i think -- some have suggested maybe they went to school after yesterday, and learned from how it within with general motors, sometimes you do have to make tough choices when you run a company, as well you. >> am i missing something about idea of a tea tariff on cars, te tariff on light trucks and suv have made them more expensive. but still people want them, that is customer preference, they think they are cool, they are wrong by the way, minivans is where coolness fac factor is anm bringing it back. reporter: you and stewart varney. >> -- gas prices. reporter: have you too make a car -- the two things they think in my mind, one, you know everyone wants who is popular, right now it is not cars, they

are trucks. you you talk with our oil guy, phil flynn, low oil prices will not last forever, you how quickly they turn, a short time ago that gm was dumping the hummer brand because it was a gas guzzler and big cars were out, i would p think you would want to keep your options open. david: gm has bigger sales in china than in united states but they want to fill that chinese market with cars that don't have tariffs attached, only way they can do that is setting a factory in china. is there any indication that gm might be persuaded to go against their economic interest and do what president said, and build those chinese cars here in the united states? reporter: i don't think there is anyway you could afford to build

a car in china -- build a car in u.s. and sell it in china and make money. unless you are talking about real high-end stuff, if you talk about mass market vehicles, that is most of what they sell in china, that is only thing you could do vie abily to build a real economiea --expensive car n afford. buick has done well, cadillac has did well. and other piece is there is a lot of cars made by foreign company has in u.s., who is the most 5 out of 10 most american-made cars are made by foreign companies, honda, and fiat chrysler. so, you know, a complicated mess these days, it so inter twined there is no easy answer. >> a question, i have the president got through the

usmca is there a sense of relief from auto executives about getting that done, getting supply chain in canada and mexico for car parts? reporter: that was their big fear, scott keogh, who now runs vw said it was huge, most of u.s. automakers have operation in canada and mexico, that is a bigger deal than anything else, money that gm makes in china, they do a fairly large volume, but a lot are low margin vehicles, canada and mexico piece of huge, scott keogh said, now that resolved that goes a long way to giving us more stability, that is what the automakers want is stability, what do we have to do in terms of mps, and plans for the future, you can't just, say i'm going to make a car, and then in a month have it done. this is a long range business,

they need stability. david: jeff flock terrific stuff. >> just weeks ahead of a spending deadline, president trump threatens to partially shut the government if he does not get funding for border wall. congressman on the impact this could have. holidays, a look this is live, national tree lighting ceremony in washington. you can see it there in middle, make out the dark outline, pretty soon you will see it clearly when the lights go on, at any moment, we'll bring it to you live. ♪ run, run rudolph ♪ (roger) being a good father

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put your data to work on the cloud that drives business. the ibm cloud. the cloud for smarter business. david: wouldn't you know, it happened during the commercial break. we decided we would not bust out of the break, it is a beautiful tree, there was no particular time that it was set to go off,

i guess it within off about 5:23:30 eastern time, there is the president, our beautiful first lady, president's wife melania, they just flipped it on. it looks good. celebrations continue for about a month on the mall. if you are in washington, you paid for it you should go there and appreciate and enjoy it. a beautiful ceremony, this is just moments ago. a tape that happened during the break. the tree lighting ceremony. in washington and new york, it has officially begun, welcome to christmas. now to speaker paul ryan, urging democrat to back borderrual funding.

our bill contains president's full request of the border, the president and the senate democrats will have to come to agreement. david: he is working on his beard. this is president trump, tells politico he would be willing to shut down the federal government, unless congress authorized a 5 billion dollar to fund his long promise wall. , is a partial government shut down before holidays worth the economic risk. we ask congressman lee zeldin. 5 billion over two years. in washington terms is chump change, for most of us it is a lot of money. are democrats playing har hardbl because they want a shut down? >> i don't think they want to give president's victory, the right thing is as we're seeing in our southern border, we need

to invest the funding, the border second is were. it is also about things that come across the border, the drug epidemic, and trafficking and sex traffics and human traffics, and arms that come across, it is not just people but also things, we have a vulnerability with our border, we should protect it, and invest in it who cares, if senate democrats are doing a political calculation, that is wrong answer, not just policy but on politics for them. >> my knowing is that senate bill has 1.6 billion for security. not necessarily a wall. do you think that the senate democrats will go along with upping the number to 5 billion if not targeting a wall spes ericly but -- specifically but just enhanced border security. >> i don't think who they are willing to compromise on.

i would not want to be, i can't guess they would be willing to compromise for more than they should. we have been through this before. at the beginning of year, in january, there was a shut down over a course of a few days, caused di dubai senate -- causey senate democrats, what is of the -- by the way that was focused on immigration, and after the government reopened. president came dac an -- back ae offered them what they wanted. this time, at end of september we funded most of the government for fiscal year, department of defense, v.a. budget and other aspects, education and more are funded for the fiscal year, this is much smaller of a threaten shut down than in january of

earlier this year. >> seems that it should be an advantageous playing field for democrats, the president ran on this he needs this wall. they should not have a fill philosophical objection, why wouldn't they us it to get leverage from the president. >> that would be smart of them to do, let's say senate democrats we need for our homeld security. by the way, if they look at polling, it popular. and on top of, that they have an ask of something that important this republicans and president feel good compromising with, it would be a win-win, everyone can go home for holidays and talk about right thing keeping government funding and country protected. and possibly resolve other issues that are important to get

resolved, that would be the right play for senate democrats over the course of last week. >> do you think there could be horse trading with infrastructure, given back governor cuomo will be in dc talks about 10 billion for gateway project in new york, 5 billion is half of that, he could talk with chuck schumer, saying president trump said he will give us 10 billion vote for border wall? >> you might be making too much sense. you look at gateway project, something i support as well, you only have two profitable lines of amtrak nationally. and this is maybe you know not something that is being built above ground that everyone can see, built below ground, this is important, not just for new york and new jersey, but a major mode of transportation for the

region. and really for our country, i love that idea. i support it, it makes sense, fund gateway and border wall. >> congressman a quick question, if terms of atmosphere now that we're passed the election, i have hope we'll have some legislation where both parties agree. and what do you think odds are with infrastructure? >> i think they are great, i believe they are better in 2019 than in 2020, closer you get to elections in 2020, i think less likely you will see both parties compromise on major pieces of legislation. this something that can could filled with a win for both parties, a win for the country. one important thing that is worth pointing us, at the end of 2015, the en end, there was a 5 year highway bill passed, that is up at end of 2020.

if you are trying to fund a 1.5 billion dollar infrastructure bill, we have a must-pass bill that has to pass next congress that will be almost half of that. when all sides sit down at table, we should look at where the president has proposed not just, public federal tax dollars but also use a tax credit, and unleash private capital, more public-private partnership, there are ways to vist, pension funds, and so, i think that there say you know there is a win all around, but we show in the wait until presidential election gets closer. you have a bunch of house senates, senate democrats that were spooked by seeing crowley the lows to alexandria ocasio-cortez. that is something that risky, is closer you get to 2020, and democratic primaries, the more that you know the house democrats in charge may not' to

give their votes, they are worried if they get caught working with the republican, the democratic active socialist may throw them out. david: now you are making too much sense, and far too honest be on a congressman. last 3 government shut down, s&p 500, and was up. the market like it when you are not working, maybe it would not be ways thing this the world. >> way to think outside of box. david: all right congressman great to see you come back. >> appreciate it. david: google accused of turning your phone into an electronic spy. tracking of single move you make, wait until you hear the details, that coming next. you're headed down the highway when the guy in front slams on his brakes out of nowhere. you do, too, but not in time. hey, no big deal.

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splodavid: another black eye for google. reporter: going t google accuseh illegally tracking your location, this europe that would vviolate the laws. in u.s. google, it still tracking you. consumer groups in europe are alleging, google uses various ways to encourage users e enable settings. like g mail, and youtube, it is confusing for users who don't know they are authorizing going to told track them, we reached out to google for response, they

say location history is turned off by default, you can edit, delete our pause at any time, if it on it helps improve services on predicted traffic in your commute, and you pause it, we might still collect and use location data, we'll inal enablu to control location data. google with the tech industry have been under close scrutiny by governmenting in world on how much data they are and what they are doing with the data, we have the ceo, heading to dc next week, for a congressional hearing, you remember google was absence in senate for -- september senate hearing. >> i'm wondering, what -- what

about those european regulations, they ar strict. will they bleed over here, are we likely to adopt the same. reporter: facebook reduced revenue expectation on the year because of spending with the looking at contend on-line, policing platform, also, hiring people and adheres to new privacy laws in europe and also in california. i think a lot of these tech companies understand this is the new world we live in regulation, tighter regulation on the forefront. >> i agree, tighter regulation is on the forefront that is a bearish sign. but we cannot lump in all tech

stocks in to one category, i would not be surprised if generate growth stocks and tech stocks reach new highs soon. >> it is important to note, today's market action, you say a name like amazon outperform google, i am interested on jack's opinion, i know he is the minivan mega-fun guy, but where does he sit with biggest threat to google is advertising from amazon or regulatory affects from the government, here and abroad? >> not regulatory, we're approaching peak pai paranoia og tech. for get europe, the locals love it, they will keep that coming. hire in the u.s., you are not finding either party that will want to cripple one of the most prosperous industries, and deal with these service. keep in mine, facebook, two billion people in world use it

regularly in their free. oxygen, sunshine provide a better value but that is it. this is free. and they advertise. >> have you been to california lately with privacy controls. >> i think you take a way too rosie opinion about how it will work, europe is serious, the numbernumbers. in terms of fine are huge. i think it could be solved. it seems that if it were made easier and 'people had to buy in, that is what the europeans are after, have you to say, yes, it is okay for google to track me, then it will be solved, i assume that is what is going to evenly going to happen, my view that will cut off future revenues, there will be apps in our future, you walk to barney's

they know what you have been looking at on-line, he is third floor, we have your credit card, but they could be speed bumps getting there. david: they have to change their business model, they have been giving us, giving in quotes, that great apps, because they have been going in and taking our information, once we sign on their app, and say i accept to that long list of things that gives them access, they have to change it to perhaps, apps we buy, literally pay money for if we want, and that is where they will have to get their revenue instead of mining or information. >> most of the world is poor, a loot of the world is cheap, not one wants to pay, everyone will cry until you ask them to pay, then they don't care as much, the alternative to a going to sell call th called apple. they charge a lot of money. >> should, i paid a lawyer.

read 20 pages. go ahead opt 97, but i think that jack made be off, talking about peak paranoia, one thing that google has done is poked regulation ors i -- regulator i, they said we'll do project dragonfly in china. >> that is one project, i don't want to broad stroke it. they are still working with pentagon and defense department, there are other programs in play, but, let me get back to, i think bottom line that nothing in this world is free. if. david: right. >> if you are not paying for something, you are the product. >> it can be tempered. >> we'll end there liz. >> we were expecting a uptick in new home sales, but today we got news they are way down. so what is going on happen to real estate in 2019? details coming next

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>> one thing weighing on fed chair powell change in direct, may be a downward shift in home sales, they fell in october

after economists expected a 4% increase, is 2019 going to be a bad year for housing or is it a blip? >> i like at prices, last time i saw house prices up close to 3% year-over-year. that say terrible housing market. houses are sticks and stones, and labor, overtime, they should track rate of inflict, we're 2 -- inflation, we're 2 to 3% on inplayinginflation, this will kp affordable if it cools off, i don't think it will be a tumble. >> i think it was healthy thing that prices came down. we don't want to have same thing like in 2008, and you had prices accelerating well above wages, that does not make sense, something had to happen. >> at the end of 2016, we had

shortage of housing, about 800,000 units. prices were going up away too fast. this has been a very long cycle in housing market starting with the crash. i just think we're not back to equilibrium yet, prices going up and mortgage rates going up, that is why sales are not strong. next year, my view that sector so out, household formations strong, should come back next year. >> i am taking opposite side, homhomebuilders are down 20% ths year, investor don't want to own them, they are a forward looking. market today they were down before, jay powell came on with his remarks. it is interesting to note, no one wanted to the come in on

homebuilders as an investment, given the fact that they are trading at precrisis levels, that is pretty telling. david: kevin, what about 2019? is it a tough time? >> i think it is a tough time, given that we have seen -- we look at jobs numbers, every month. we have seen wages not go up to rate housing has gone up, peep founpeoplefound it bet torrent,a lot -- better to rent, there is a lot of capacity on-line. >> do you think that whole philosophy about owning your house, a priority of the past has changed that would be a game changer, i don't see data that supports that, people are getting married, which, children, they have to live, is new generation willing to rent. >> you mentioned there is a lack of choice in housing market, people are delaying buying houses, interests are going up,

they don't want to be forced to a expensive house they don't' to be in forever. that is one thing issue that we'll see face, we need more supply to come on-line for people to buy in the affordable range that people' to be in, 200,000 to 500,000 dollar market. david: that is why, i'm optimistic, there is a backlog in demand, and maybe peep people will buy in 2019. >> i wanted to make a point about kevin point a leading indicate oar for the economy. that is just one. and a lot of other leading indicators are positive. i would say, i know we're looking at this as housing like ooh we might be in for a recession, but no. one does not make all. david: very good point to keep in mind, how would you feel about amazon taking our personal medical records and selling them as data points to healthcare advisers? details of an announcement made today that you need to hear

about, that is coming next. givs 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. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.

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david: amazon announcing new software to mine medical information. do you trust amazon to keep your medical data private?

>> what could go wrong, right? what could go wrong with amazon knowing everything about everyone's medical care. who hasn't been waiting for big tech to get involved in healthcare. we have had gross inflational prices over time. there is room for improvement. i don't know if this is the way. but it's time for these guys to get involved. >> this is taking information that is already out there in paper form. and it's making it more useful forr so we can use big data to find things and make healthcare cheaper down the road. hippa doesn't go away just because it's digital.

>> we have seen big tech skirt rules and regulations. that's one of the big just concerns. will this information be come no miced? this is a heavily regulated area. they should have efficiencies. we have seen amazon signal the move. they have acquired co-pack to package prescriptions. >> you can have my data, i just want cheecher medicine and better healthcare. at the end of the day it's great news for me. >> this is where amazon goes into an industry and tries to disrupt it. david: i do not want my personal

medical records handled by amazon, particularly after they just bought this pharmaceutical company. one thing we learned the past couple months. no guarantee they can keep tall our data private can be believed. thank you very much. and thank you for watch can "bulls and bears." "evening edit" starts right now. president trump: if mexico can get it straightened out. during certain times we closed the border. they will not be coming into our country. we actually started big sections of the wall, but we want to finish the wall. we want to get funding from congress. when you look at what's happening at the border. there will never be a right time if this isn't the right time. liz: