spn. it is because of you. thank you for watching. murray is next followed by the >> shannon: this is breaking news. i'm shannon bream at wagner's world headquarters in new york. president george h.w. bush has died. he was 94, the oldest president in history. bush 41 spent the summer at his home in maine, which he loved so much, he talked about how happy was to be there but returned in october to texas, where his spokesman said the president was looking forward to some "proper tex-mex," the day after his stomach the funeral of his wife, barbara bush, he checked into a hospital with and infection. he went home a couple of days later. he had a former parkinson's disease. doctors treated him for pneumonia and other infections

in recent years. george herbert walker bush was born on june 12th, 1924. in milton, massachusetts, south of boston. he was a decorated u.s. pilot who flew torpedo bombers, and survived being shot down during world war ii. he met barbara pierce at a christmas dance when they were just teenagers. they got married in 1945 when he was home on leave from the war. he later graduated from yale university and then with bar but they moved to texas to work in the oil business and that is where he got into politics. he became a congressman and ran for congress in 1980. he lost the republican nomination to ronald reagan but became its vice president and finally, eight years later, took the oath of office himself as commander in chief. on his watch, a lot of foreign policy got done. the berlin wall came down, the soviet union collapsed. when saddam hussein invaded kuwait, he defeated the iraqi forces. he also started a foundation to promote community service.

after leaving the white house, barbara bush started a charity to help more people learn to read. she was quite an advocate for literacy and was tireless about it. they were married 73 years, longer than any other first couple in u.s. history. they had six children, including a daughter who died of leukemia when she was just three. they've been open and talked about how difficult a time that was for them. their eldest son, of course, george w. bush became the 43rd president of the united states. they had 17 grandchildren and eight grandchildren, after barbara bush died, her husband said she would want life to go on. at the time, "so cross the bushes off your worry list." now they are together again. george w. bush, the 41st president of united states, did tonight at 94. bret baier looked back at the life of this american hero. >> for a new breeze is blowing, and a world refreshed by freedom seems reborn, for in man's heart, if not in fact, the day

of the dictator is over. >> bret: george bush's hardest test as president was giving the green light for operation desert storm. but he is credited with rescuing the tiny, oil-rich nation of kuwait from saddam hussein's million man army of iraq. before george herbert walker bush took his first step into the white house, he learned to walk in maine. born june 12th, 1924, and the town of milton, massachusetts, a family already deeply involved in public service. he was the second of five children to dorothy and senator prescott bush. with high school behind him, george was accepted at el university, but what is education on hold. the start of the second world war back at him to serve his country instead. in 1942, george bush celebrated his 18th birthday by enlisting in the u.s. naval reserve. within a year, he was ensign bush, the youngest fighter pilot in the navy. taking part in 58 combat

missions in the pacific theater, bush was flying his plane on a special bombing mission over china when he was shot down by the japanese and was forced to bail out at sea. he survived, though his crew did not. >> i'm floating around in his raft, paddling, and then all of a sudden, saw this tower come up and saw the submarine service. >> bret: with the end of the war inside, bush set his sights on barbara pierce. the two but in 1945, while bush was still in the navy. they would have six children, including our 43rd president, george w. bush. and popular florida governor, jeb. bush left the navy and graduated from yale before he and barbara moved to texas to find his dreams on an oil field. by the age of 30, he was cofounder and president of the pot off chores, which pioneered experimental drilling equipment. just like his father, he was attracted to public service and

politics. after losing his first political race for a senate seat in 1964, he was elected to the house of representatives two years later. serving two terms. encouraged by richard nixon to run again for the senate in 1970, he was defeated a second time. he moved onto high government positions. in 1971, richard nixon appointed him ambassador to the united nations. in 1973, he became chairman of the republican national committee, at the height of the watergate scandal. in that role, bush urged nixon to resign for the good of the party. >> i shall resign the presidency effective at noon tomorrow. >> bret: president gerald ford sent bush to china as a chief of the u.s. liaison office. a short time later, he called him home to be director of the cia and bush was credited with bringing morel back to the agency. bush last and left in 1977 on president carter entered the white house. by 1979, he was ready to get back into the political ring.

>> ladies and gentlemen, i am a candidate for president of the united states. [cheers and applause] >> bret: bush was seen as a moderate alternative to ronald reagan, but dropped out of the presidential campaign after a poor primary performances. a short time later, he accepted reagan's offer to be his running mate. reagan won in a landslide. during his eight years as vice president, bush was credited with softening reagan's view of the soviet union, and pressed hard on issues like deregulation and the war on drugs. in a natural progression, bush became the republican party's nominee in 1988, with senator dan quayle from indiana as his running mate. the republican team defeated massachusetts governor michael dukakis and texas senator lloyd benson. >> i, drove herbert walker bush. >> during his presidency, the soviet union dissolved, the berlin wall fell, and my wall nor you go was in

restaurant , securing the panama canal. when everything came to a head, when iraq's saddam hussein invaded neighboring kuwait. >> we are not walking away until our mission is done, until the invader is out of kuwait. >> bret: president bush reacted quickly, committing over 400,000 u.s. troops, and building a strong coalition of allies. operation desert storm had begu begun. the majority of america supported the president's decision to throw saddam hussein back into iraq and bush's popularity rating hit an all-time high. most thought he was unbeatable for a second term. but a broken campaign promise. >> read my lips: no new taxes. >> bret: would come back to haunt the 41st president. in the fall of 1992 with the war a distant memory, george bush lost reelection to former arkansas governor bill clinton.

bush traveled to kuwait to commemorate the gulf war in 1993. an assassination plot on his life was uncovered, but bush was unharmed. it was later discovered the poorly orchestrated plan was the work of the iraqi intelligence service. the kuwaiti court would convict all but one of the defendants. bush retired to texas with barbara, getting in a few rounds of horseshoes and celebrating countless birthdays by parachuting out of planes, spending time with the family in maine, and reliving memories of when he was a boy. >> i can honestly say that the three most rewarding titles bestowed upon me are the three that i have got left: husband, a father, and a granddad. >> bret: while retired, his wife was active, until the end. joining forces with former political foe bill clinton to raise money for the victims of the 2,004 indian ocean tsunami, and hurricane katrina in 2005.

the former presidents formed a close friendship, continuing their charity work and enjoying annual lunches at bush's home and using his experience and insights to serve as a quiet advisor to his eldest son, the 43rd president. here, attending george w. bush's presidential library dedication in 2013, and sharing a few words. >> glad to be here. god bless america, and thank you very much. [applause] >> bret: bush even kept up with public debate by joining twitter, where he often shared photos of his colorful socks, and became part of her signature look. age brought health challenges, of course. a form of parkinson's disease that left him in a wheelchair, and brief hospital stays in his 90s for pneumonia, bronchitis, and a fall in his home. but not enough to keep them out of the limelight, throwing out the first pitch before a 2016

baseball game, and pregame ceremonies months later at the super bowl in his houston hometown. reuniting with his former running mate and vice president dan quayle in july, and then catching a glimpse of the rare eclipse that crossed the country alongside his family in maine in august. one of his last public appearances was that his beloved wife barbara's funeral, where he met with former presidents, first ladies, and the current first lady, melania trump. bush recently returned to his vacation home to home of maine, joining fellow veterans for a pancake breakfast before he was hospitalized for low blood pressure and fatigue. this was the first time in decades that neither he nor his wife attended the annual memorial day parade. he wrote in a tweet, "i am forever grateful not only to those patriots who made the ultimate sacrifice for our nation, but also the gold star

families heritage is imbued with their honor and harold is in." not for his maturity and straightforward approach, george h.w. bush called this country to be better, in hopes of inspiring the people to be great. >> i think historians are going to say that we did pretty well, and that's all right for me. i'm not in any rush, and haven't come a letdown and let them make that determination. >> shannon: we also have bread prayer with us, anchor of "special report" and the geopolitical anchor on the phone prior to bret, as i look at the piece, i am overwhelmed, when i think about, one of the first and foremost things i thought about was bush 41, his humility, especially given all he accomplished. >> bret: think about how many things president hw bush did. he was a navy pilot, world war ii vet, a congressman, a u.n. ambassador, and envoy, a

cia director, vice president, president, obviously, husband, father, a grandfather, great-grandfather. in the wake of all of those things, he was one of the most humble people you would ever meet, and most people would tell you in interacting with president bush, he would be asking about you. he would be asking about how you were. there was no more figure in american history that i think bridges the gap between someone like president reagan, who was largely credited for bringing down communism, but yet president george h.w. bush is the person where the wall actually falls down during his presidency. you think back on history at

these moments, president hw bush is going to be someone who history probably smiles on quite a bit. >> shannon: absolutely, bret. somebody who, what i think about the old-fashioned notion of someone really wanting to serve their country, we talk about his navy service and all the other posts that don't get as much attention because he ended up being the 41st president, he really was somebody who wanted to sort of keep his nose down. it wasn't about scoring bragging points are getting attention. he really did have that from the gut, your country is important, you do serve it, and you do it quietly and humbly but you work hard at it. >> bret: nt instill that in his family. i mean, this is one of the most prolific political families we've ever seen. in u.s. history. the statement from his son, president george w. bush, is quite something. he says, "job, neil, marvin, dora, and i are saddened to

announce that after 94 remarkable years, our dear dad has died. george h.w. bush was a man of the highest character, and the best dad a son or daughter could ask for. the entire bush family is deeply grateful for 41 life and love, for the compassion of those who have cared and prayed for dad, and for the condolences of our friends and fellow citizens." this is the statement from his son, president 43. i think what you really saw was in the funeral of barbara bush in april, something that he was saying goodbye and a lot of people who were close to president hw bush said they thought it was just a matter of time, because of their relationship was so close, that it was tough to see how he was going to, and his current state,

last very long, but he did, and he was on twitter, he was putting out statements, and i think tonight is something that this family was waiting for, but one that obviously they are saddened for. >> shannon: absolutely prior to bret, thank you so much. our coverage continues on fox news channel, on cable and satellite. we'll take you back to regular raise raise our living standards. we have cycles around that. we have a short-term debt cycle. the recession. when you provide credit, you provide bonding power. when you provide credit, you also create debt. that means an obligation to pay back more than you earned. as you are going through that providing credit, in the early stages, everyone is

conservative. they do the calculations of what it will take to service that debt. later in the cycle, that causes asset prices to rise. because asset prices rising incomes rise, people get more credit worthiness. they have more collateral. they also gain confidence. as it continues, they become more emboldened and they pay less attention to the paying back. everybody is making money do it. later in the cycle when you are really coming to the constraints, central banks continue to tighten. you cannot continue to grow that way. that tightening of monetary policy, cracks begin to appear and vulnerabilities emerge. that produces the cycle on the downside. >> a worry this time around that the debt that the u.s. sold is getting more and more expensive

as interest rates go higher. someone said it will cost us a billion dollars a day just to service that debt. do worry about that impact over the short term on markets? >> i worry about fed policy. the change in the fed's attitude makes me worry less. as i go into next year and the year after, i worry about that a lot. that is a big thing. with that, i should also say, there are non-debt obligations which are very large that have to be considered, too. pension obligations, unfunded pension and healthcare. building up a lot of ious. maria: let's take a short break. g 20 taking place this weekend. turning our attention to china when we come back (vo) gopi's found a way to keep her receipts tidy,

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maria: welcome back. back with ray. i want to get your thoughts on china. the president has a sit down with the president of china. this is an open question, as far as where this goes. your thoughts on our relationship with china right now. >> there is a continuum of issues. there are trade issues and then there are ways of operating issues. i think the way of being issue

is a real big issue. i think as we step, we have to realize that the world is a small place relative to these two countries and they will bump into each other. we are in that world where they will be bumping into each other. we will have different expectations. one of the chinese leaders describe it to me as follows. what you value most is the individual in the united states. property rights pertaining to the individual. if you want to build the highway and their individuals on that property, you might have a challenge of doing that. in china, it is the family. the country consists of two characters. state family. he said, him, as a leader, and other leaders, basically.

himself as fraternally top down. they want their country to be great and they run it top-down. if we were to deal with the video games, it would not be tolerable to their kids to watch certain types of video games and a number of hours. in the united states would say individually that is a parental decision made bottom-up. we have this different way that has worked for them. top-down way versus the bottom-up. freedom within the boundaries. china has changed in terms of freedom pertaining to markets and so on. it is within boundaries. a very limited amount of privacy those types of issues. there would be a different approach. two different approaches. bottom-up, top-down.

your education system. how we take care of your education system. we would say along that freedom, freedom of debate in various ways. new wall street program. at-large with jared baker. right after this program. i hope you will tune in. >> we in the united states need to be very clear. entitled. we are right to reject chinese violation of the rules. rules that don't cover unfair practices.

what our position is, china can't succeed. not allowed to succeed or it is somehow wrong for china to succeed. a position for us politically. >> succeeding without stealing intellectual property. >> different perspectives of how to achieve success. they have a view of how to achieve success. we different view on how to achieve success. that is where the issue lies. you cannot expect them to change their approach. maybe there is a little bit. when we look at the issues, when there is a trade issue in in a way of being issue. maria: it is great to get your insight. thank you for joining us. don't go anywhere.

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♪believe we're still worth the fight♪ ♪you'll see there's hope for this world tonight♪ ♪i believe, i believe ♪yeah ♪rock guitar maria: welcome back. coming up next weekend on this program. doug mcgregor my special guest. we will see you sunday morning this week and on the fox news channel. house judiciary committee is my special guest along with ken starr. join me for our program sunday on fox news. start smart every weekday. foxbusiness 6:00 a.m. eastern

from six to nine. i hope you will join us. thank you for joining us this weekend. that will do it for now. stay with foxbusiness. the premier with gerri baker begins now. ♪ >> hello. welcome to the debut of wall street journal at-large. i am the editor at large. doing something a little different from the current fair of television news and talk. not be looking for the quick soundbite of the easy sound line digging deep into the big issues of the day that are shaping our world. technology, markets, government, government, entertant