reporter: look at the table, how far apart a little garden in between the two sides, might be an indication of how far they are right now. melissa: thank you so much. that does it for us. "bulls & bears" starts right now. david: our top story this hour, new reaction is now pouring in on the shocking announcement by amazon, the tech giant canceling its plans to build a second headquarters in new york city. this is a decision that's been met with both anger and relief. new york congresswoman alexandria ocasio-cortez is taking a victory lap of sorts, tweeting this out. quote, anything is possible. today was the day a group of dedicated everyday new yorkers and their neighbors defeated amazon's corporate greed, its worker exploitation and the power of the richest man in the world, end quote. here's what white house economic adviser larry kudlow had to say to brian kilmeade earlier. take a listen.

>> i know there was some controversy. you know, we just -- the president and i just met with governor cuomo and that topic did come up, but it would have really helped new york, that's all i can say. it's too bad. it's just too bad it didn't work out. david: you can bet our panel has a lot to say about all this. kristina partsinevelos, liz peak, john layfield. first, back to new york city, where amazon's second headquarters would have been built. connell mcshane, new polls show locals wanted amazon to come in. what are you hearing? reporter: in the end it was really that local pressure from the likes of congresswoman alexandria ocasio-cortez that you brought up that amazon says led into the decision to pull out. remember, there were a lot of jobs being promised. amazon said it was bringing more than 25,000 jobs here, high-paying ones as well.

$150,000 average salary but again, that local political pressure got the best of the company. in a statement earlier today it said wow, the polls show that 70% of new yorkers support our planned investment but a number of state and local politicians made it clear they oppose our presence and will not work with us to build the type of relationships that are required to go forward with the project we and many others envisioned in long island city. among those who envisioned it, the governor of the state, andrew cuomo put a statement out today, essentially blaming those local politicians. the mayor of the city, bill de blasio, who also supported amazon coming, did not put the blame on the politicians. he pointed the finger at the company. he said you have to be tough to make it in new york city. we gave amazon the opportunity to be a good neighbor and to do business in the greatest city in the world. we have the best talent in the world and every day, we are growing stronger and fairer economy for everyone. if amazon can't recognize what

that's worth, its competitors will. last hour in our broadcast of "after the bell" i spoke to a local state assemblyman, ron kim, who was opposed to amazon. here's what he told me. >> we invest that money in local growth, local economy, the talent pool that's already here, instead of supporting a monopoly that's designed to destroy competition and local businesses, that can actually create better long-term jobs that will hire locally. those things can actually come to fruition as tangible. giving money to amazon is not going to result in tangible outcomes. reporter: you hear there, he saw this as either/or, either the local businesses or the large corporation in amazon. obviously amazon and its supporters would argue the exact opposite. the bottom line, the company is not coming here to new york. it will stick with its plans in northern virginia and a smaller plan to move to nashville, tennessee. david: that will affect the bottom line in new york and their finances. joining us, new york republican

congressman tom reed. congressman, you weren't happy about amazon tax breaks. we had you on before to talk about that. but i can't imagine you are happy about their decision to leave the state. >> exactly. obviously i wanted to see the jobs, wanted to see the investment in new york but this highlights exactly why we were raising objections to the deal to begin with. you are giving $3 billion to one company. it's all tied up in a politics of winners and losers out of alba albany. we should be improving the business climate for all of new york and stand with our existing businesses, existing residents, first and foremost. >> congressman, this is liz peek. i'm wondering at the end of the day was the objection mainly the subsidies put forward by new york city, or just that it was a big company, refused to hire union labor, refused indeed to be unionized? what is your sense of that? >> the sense is the $3 billion worth of tax subsidies. i think a lot of local politicians objected to that.

i expressed concern. why are we picking one business over another? why don't we let all the boats rise with an economy in new york that's based on lower taxes, freer regulations in regards to allowing business to prosper in and of itself? rather than what we see right now is kind of the old school politics of picking winners and losers because of political connections and deals that they have to strike in order to get that relief of $3 billion. >> you say -- this is kristina partsinevelos. you say one business over another but what other business like this could potentially promise investment of $2.5 billion, the fact they could hire 25,000 people at $150,000 per year? i feel like yes, they picked amazon over other businesses but i don't think there could have been anybody else, maybe microsoft, that could -- or google or apple, the tech giants, unfortunately, that could have taken amazon's place. >> i would point the direction to thousands of hard-working new york taxpayers and new york businesses that are already in

new york that were turned a back on. we are not giving them breaks, not giving them tax relief. what we should be doing is looking at the people that have thrived in new york under a very aggressive and negative business climate, stand with them and you would multiply those thousands of businesses that have -- >> kristina again. you mentioned all of these people that live here but then why not do anything over this extended amount of time and then just use this opportunity to say yeah, we are thinking about the people but nothing has been done thus far up until this point for the people? >> that's where the people of new york i hope wake up. we need new government in albany with a new philosophy that embraces business opportunity, that embraces an environment upon which small business new york can thrive again. this excessive tax and regulatory framework in new york is killing us and driving our people out. that's going to be up to the people to say this is not acceptable to us. >> congressman -- >> i'm sorry, jonathan. here in long island city throughout the day talking to a

number of people who told me earlier today that they were concerned about the drop in real estate values, that they were excited when amazon announced it was coming in, that the prices were going up, and now they are starting to get concerned about their local community, that the price of the property that they own might go down. do you share that concern? >> absolutely. when you have an opportunity like this, obviously we want the economic development. we want companies like amazon to come to new york because they are coming because of the business climate that exists, rather than one-off deals that create this incentive. i hear their concern and i agree with it. but that's what's causing thousands of new yorkers to leave on a regular basis from new york state. what we have to do as a state is say enough is enough of this crazy policy coming out of albany. >> congressman, jonathan hoenig. thank you for being with us. i want to ask, aoc and other prominent democrats have been out promising they have defeated the world's richest man, they fought back cronyism. where do you stand on that spectrum? you talked about being against subsidies.

are you against subsidies for all companies, or simply subsidies for big corporations like amazon? >> i think we need to look at the root cause of the problem and solve that which is the tax and spend culture of albany. but we shouldn't be attacking one company because of its success. i do not subscribe to this populist message that this is corporate greed. no. that's not the right philosophy. that has long-term implications also. but you know, from my perspective, we can do better than just one-off deals like we saw with this $3 billion deal with amazon. >> congressman, john layfield here. in the free market, you have to respond to competition. you had competition from all 50 states to try to get this headquarters second from amazon. you guys have screwed up the state. businesses are leaving. their regulation is terrible, taxes are terrible. do you not want any business from outside the state? and you are not willing to do anything to help the new york people? because nothing's changing with you guys. people are leaving because of people like you that are elected. >> well, just so we're clear, i

don't work in albany. if i was in albany, i guarantee you we would have a different philosophy at the helm when it comes to the economic climate of new york and embracing businesses from across the entire country. so when you say you guys, let's be very clear. >> you are an elected official. i'm throwing you all in one pot. that may be wrong but i think you guys deserve it. >> i will tell you this. that's why at the federal level with tax cuts, tax reform and what we are doing to unleash the economic growth, new york should learn a lesson from it. regulatory relief and tax cuts have led to the biggest economic expansion in u.s. history in a long time. we should do the same in new york. i carry that message to albany. david: let's be clear, congressman. there are some people who are activists who just don't like capitalism and it's that simple reason that they wanted to keep amazon out. there are other people that are against corporate welfare and felt that amazon was getting too much corporate welfare. i think that's your premise. you would like to lower all taxes, lower all barriers to entry into new york and make it a more business-friendly community in general, correct?

>> couldn't have said it any better than what you just said. this attack on corporate greed and corporate america, that's not good. that is an extremism point of view that is represented by this democratic socialist movement that is not good long-term. but what i'm talking about is that corporate welfare based on picking winners and losers because of political connections or because that's the only deal that could be struck at the time. >> congressman, just to be fair, if every other state is making a pitch for amazon's second headquarters and offering up all kinds of benefits, i get that it's not a very attractive way to compete for business, but i'm sure you sharpened your pencil and determined whether or not this was going to be a net plus, whether it was indeed worth $3 billion. let's not forget new jersey was offering $7 billion. to the extent that they were creating jobs, you know, wasn't it a net win for new york? >> yeah. obviously the economic development, but it still -- the deal turns its back on the residents of new york, those businesses of new york and that's just not fundamentally

fair. what we should be doing is standing with them first and foremost. if we took care of new yorkers first, also at the same time we would be taking care of opportunities like amazon and others to come to this state long-term. let's also not lose sight of a lot of times these deals, you have people come in, take the perks but then they leave immediately once they get close or make the investment and take the cash the taxpayers put on the table. that accountability is also something that has to be looked at in this situation. >> now we are left with no amazon. what do you propose should happen at this point? do you think that now we should be investing in the people like you mentioned earlier? what is long island city to do? and new york, for that matter? >> it's wake up to the leadership that is in albany right now. >> i want actual strategies, though. that's just political talk, right? >> strategy means we need to revive the republican party in new york. we need to bring what, the democratic socialist movement that's represented by policies out of new york, out of albany that are driving businesses out must come to an end and if we don't do it there, i will tell you, i'm concerned about the long-term fate of new

york state. >> congressman, right, it's lower taxes can inspire amazon to invest $2 billion, $3 billion, perhaps it can inspire every business to invest that amount of money. i want to briefly ask you, how much does foxconn's experience in washington pull into your analysis? they were given $4 billion in subsidies, already a lot of those jobs promised haven't been matriculating. does that fit into your analysis of the situation when it comes to amazon as well? >> yeah, that's the question of accountability i was raising. you look at the buffalo billion, you look at what's going on up there. we are very concerned about these one-off deals where the folks take the perks and then they leave the state. i would rather stay with the people that have demonstrated commitment to new york state, the residence and businesses that have been there for decades and at the same time attract new businesses that look at new york and go this is why we are the empire state, this is why we will thrive and grow and bring people back to the state rather than losing population. david: what about the voters, congressman? this is going to be the final question. we have these polls out that 60%

of the people in the new york city area were in favor of this. now they have to -- the politicians presume bably have answer to those people. what do those politicians say, or do they just try to ignore the majority? >> i think you look at that poll for what it is. i support amazon itself. i support amazon and the economic development of coming to the state. but what it highlights is the fact that the policy, that this one-off deal represents, that has to change. if you look deeper into the conversation, most new yorkers would say yeah, let's relieve burdens on existing new yorkers first and foremost, then bring the amazons in, bring the apples in, but also thrive with the new businesses that are right there on new york soil. david: congressman, it's a tough crowd that you were up against today. we thank you very much for facing us. we appreciate you being here. >> thanks a lot. david: please come back again. thank you. the clock is ticking as congress rushes to pass a border

compromise deal before government funding runs dry. we are hearing the president will declare a national emergency. the latest details on all of this in a live report from capitol hill, next. ♪ every year, our analysts visit thousands of companies, in a multitude of countries, where we get to know the people that drive a company's growth and gain new perspectives. that's why we go beyond the numbers. t. rowe price. invest with confidence. that's why we go beyond the numbers. the first-of-its-kind lexus ux and ux f sport, with the latest safety system standard, best-in-class turn radius and best-in-class mpg. experience amazing at your lexus dealer. jardiance asked: when it comes to managing your type 2 diabetes, what matters to you?

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at the same time and i have indicated to him that i'm going to prepare -- i'm going to support the national emergency declaration. david: straight to our senior capitol hill producer, chad pergram, who has had boring days but this was not one of them. chad, first of all, a lot of us long suspected this would happen, sign the spending bill, then declare a national emergency. we know it's going to be challenged in the courts but will he have time to spend some of -- move some of the money around to spend on the border wall? reporter: it depends. i want to distinguish between what the president is doing in declaring a national emergency and a couple of options he already has available to him once they pass this bill. there what is we call transfer authority and the ability to reprogram money. he can already do some of that, part of the statute says you have to get a sign-off by the appropriators in congress. another part says you can kind of go around that. nancy pelosi, speaker of the house, she indicated just about an hour and a half ago she thought the president was going to do an end run and she didn't like that at all. members of congress from both

parties are very protective of their prerogatives in the constitution, and keep in mind that even if the president starts to move this money around, he's doing so inside of one pot of money. that dhs appropriations spending bill is about $49 billion, $50 billion so if he's raiding account a to move something to account b, account a has some constituencies up here on capitol hill and some lawmakers from both parties aren't going to be very happy about that. more powerfully, though, if he starts to move it around from other appropriations bills, keep in mind that this bill just doesn't fund the department of homeland security. there are six other spending bills here and if he starts to move money around between appropriations bills, some wonder whether or not that's constitutional or not, but that's where, say he moves money from defense, that's where he's really going to get an earful from democrats and republicans because there are caps on the sizes of these bills. and you start to run into this constitutional issue because article i, section 9 of the constitution says that congress has the ultimate power of the purse and if you run afoul of that, that's where the litigation might come in, you

know, is article 2, meaning the executive branch of the government, tramping on article 1. this is also the question for republicans, when you know, they kind of were very upset at president obama, a lot of the different things that he did and said he overstepped executive authority. some might be willing to look the other way. republican senator john kennedy of louisiana said he didn't think this was going to be quote, the end of the western order. we will see if some of those conservative republicans who raised all sorts of hackles about various executive action that president obama took, if they do the same with president trump, just because they are getting their way on this issue at the end of the day, david. >> let me ask you, chad, great reporting as usual. a national emergency, is there precedent for that? when i think of national emergency, i think of when kennedy was shot, when reagan was shot, the cuban missile crisis, 9/11. considering that illegal immigration peaked in 2000, amongst republicans is there any sense this strains credulity and even more important, what type

of precedent does this set, for example, the green new deal and other ideas the democrats might have? reporter: that's the problem. that's the problem. that's the problem. nancy pelosi picked right up on that point in her press conference. it's the one-year anniversary of the massacre at the high school in parkland, florida. she said why don't we declare an emergency, national emergency on guns? keep in mind, though, i see this come into my e-mail box all the time, where the president is declaring, and i see it from both parties, president obama, president bush, president trump, they are declaring a national emergency on various issues and usually, we don't pay very close attention to that. there is broad authority to do that in the constitution, and there's also authority to do that under statute. there's about 600 different types of ways you can declare a national emergency. this is where i think it's very important to pay attention to the words of the speaker, where she said well, you know, we are weighing our options, we are not ready to move just yet. i think that, you know, liberals in her caucus will push her to put some sort of resolution of disapproval on the floor, kind of condemning this action, but

she might secretly like that to say you know, we think we might win the popular vote in 2020 by about five million votes, hillary clinton only won it by two million, it makes it very hard for the president to win re-election in the electoral college, maybe we will get a democratic president and declare a national emergency on climate change, on firearm deaths, you name it. she might actually kind of like that. >> both of you guys just raised a very good point, this is setting a precedent for every president going forward. if they can't get what they want from congress, they declare a national emergency. but what about you were talking about the transfer authority. that's bypassing congress. republicans and democrats alike. wouldn't that really ruin the morale within the environment, especially on the republican side, if you have the president of the united states trying to bypass them? reporter: well, i think sometimes because these political questions are so meddlesome on capitol hill that when they can't figure it out it's easier to punt to the administration. i have seen that happen historically for a long time now. but i will go back to those prerogatives that members of

congress of both parties try to protect and we have seen on a litany of issues over the past 30, 40 years of that ceding of power from article 1 in the constitution that deals with the legislative branch to, you know, the president. if you go back and read the federalist papers, alexander hamilton talked about the word he used was energy in the executive. so he wanted to have this healthy tension between the executive branch and the legislative branch, and sometimes it corrects too far in one direction and sometimes it goes back the other way. the other thing i should point out, we are talking about historical figures here, george washington, president washington, was very concerned about establishing precedent. he was very mindful of every action he took was going to establish precedent as to how future presidents acted. and all presidents do this to some degree. one wonders if president trump might be establishing brand new precedents that other presidents in the future follow. david: chad, it's a big issue. unfortunately, we have run out of time. but we thank you for coming. please come back and see us again soon.

let us know. this is a changing story, every minute of the hour it changes. senate democrats now accusing mitch mcconnell of trying to sabotage the green new deal. what's really behind the outrage? ♪ >> our republican colleagues are taking a page from president trump's petty playbook, trying to make this a game of political gotcha. but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.

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liberty mutual customizes your car insurance so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ this is all they can muster. a political stunt. this cheap, cynical ploy, evidently represents the sum total of senate republicans' leadership on the vital issue of climate change. our republican colleagues are taking a page from president trump's petty playbook, trying to make this a game of political gotcha. david: chuck schumer and other democrats fuming at senate majority leader mitch mcconnell for pushing for a vote on their

popular green new deal. this a plan with nearly 70 co-sponsors. democrats released the resolution. most democrat presidential candidates say they are for the resolution so what's underhanded about putting the resolution to a vote? what do you think? >> absolutely nothing is underhanded about requiring these progressives to stand behind a policy that they have all signed on for. all the progressive senators who are running for president have said oh, yes, they support the green new deal. transparency is the best disinfectant. let them stand up, have their name attached to this deal, this program which makes almost no sense whatsoever. it's fiscally irresponsible. the progressives just learned a little lesson in new york. their opposition to amazon is now going to cost 25,000 new yorkers jobs. their proposal of transferring our economy, turning it upside down in a quest for carbon neutral existence is just as

irresponsible. they should put their name to it. i think it's a great idea for mcconnell. >> just to that point, you said cost new yorkers 25,000 jobs. the jobs aren't there. it's just a gain and now the gain is gone. >> that's true. it would have been. it would have been. >> this litmus test we talked about before, how it's literally showing who is a progressive and who isn't. i agree with you. why not come clean, vote for it. the problem that i think needs to come out is details of the plan. it was on the website, taken down as a frequently asked question section. how is it going to be paid for? is it going to be the federal reserve that will extend credit like was listed in the frequently asked question section? is it going to be the government that's going to pay? answer these questions first, then we can have a fair process of voting. >> you know the specifics. it's going to be tax the wealth creators. i agree with liz. put it to a vote. all these dreams, all these progressives say they support the green new deal. let's see the vote to get rid of air travel or to tax the wealth creators.

>> or the cows, right? >> it's really the fact that they couldn't even get the faq right. they are going to run the entire economy. that's what's -- this green new deal is a giving up of the economy and energy, the lifeblood of the economy, to socialists. i tell you, as dismayed as i have been over the green new deal, i'm a little bit codified or happy about the new fox news poll which shows in fact, ma majority still support capitalism. there has been a rise in democratic socialists, aoc, bernie and the like, 56% of respondents say they support capitalism against just 25%, socialism. despite all the noise a lot of socialists are making, fox business viewers still support capitalism and i believe most americans do, too. david: and that's the point. it's not just fox business viewers, although we know we represent a strong capitalist front here, but 4 out of 5

americans, 4 out of 5 americans think that the american dream, they are either on their way to it or have achieved it. 4 out of 5. less than 20% say it's out of reach. that's what the democrats are saying, is that it is out of reach but less than 20% of americans believe that. so the democrats have dug a hole so deep, i don't know if they are going to get out of it. they are knee-deep in this socialist rhetoric. >> you know, that statistic you just mentioned, that poll is one of the ones that really pleases me most, because 45% i think it was hadn't yet accomplished the american dream and by the way, it's not all about money. it's about security and freedom and other qualities of life issues that are very important to all of us, but that 45% thinks they are on the way. they disagree with elizabeth warren and some of these people who say people can't get ahead in our country. they know better and they feel that they are going to get there. i think it's very encouraging, actually.

>> and david, it paints a stark contrast between on the one hand, republicans and independents, when polled, they say they wanted government to literally quote, leave them alone. when democrats are polled they said they wanted government to give them a hand. so it sets up the exact dichotomy of what is the role of government, to leave you free or help you -- david: bottom line, americans may not have the american dream, but the fact that they want to pursue it, jonathan, you are the one always saying it's the pursuit of happiness that's what the constitution says, it's not necessarily happiness in and of itself. that's something long forgotten. quick last word. >> what about the definition of socialism? i think it's changed. we constantly vilify it. i'm not saying i'm supporting socialism, but if you look at the poll, the same poll says 47% support universal health care, 47% oppose it. i think if we are going to talk about maybe socialism to the younger generation that talk about it, maybe it's about equality, maybe it's just about universal health care and

education -- david: that's what they all say in the beginning of a socialist revolution, it's all about health care, human rights, whatever it is, and you get bigger and bigger. you can't stop government. it's like a cancer. it grows and grows and grows. >> why is that poll showing that split for universal health care, though? david: we have to put that question for another day because we have run out of time. it's a war of words between president trump and california governor gavin newsom over scrapped plans for a high speed rail. california congressman john garamendi sounding off next.

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david: president trump is now demanding that california return the $3.5 billion it received from the federal government for what the president calls quote, a green disaster. the high speed rail project. california governor gavin newsom firing back, tweeting out fake news. we're building high speed rail, connecting the central valley and beyond. this is california's money

allocated by congress for this project. we're not giving it back. the train is leaving the station. better get on board. also desperately searching for some wall money, question mark. for more on this fiery feud, let's bring in democratic congressman for california, john garamendi. congressman, don't you think taxpayers deserve a refund if california's not producing what they said they would? >> well, why don't you come on out to california. david: i would love to. give me a ticket. >> absolutely. you will probably fly on an airplane that does emit co2 but along the way, you will find out this project actually is well underway, well over 100 miles is under construction and will soon, that section of it will soon be completed. the question is, when will the rest of it be completed. here's where i have had a problem with this high speed rail for some time, and that is, they started for good reason in the middle of the california

central valley, a long way from the major population centers. i would have wished they had started with the population centers, for example, san diego into downtown l.a., where it would be used immediately, where its value could be seen, then stretch on into northern california, even starting in san francisco and heading south. they didn't, but it is under way and no, the money isn't going to come back. the president loves his tweets, he loves to get out there, but the reality is the money has been spent, the train has not yet left the station, but the construction is well under way. >> congressman, john layfield here. we had a congressman on earlier from new york city. they basically ran off amazon, in a manner of speaking. they are certainly no longer getting the deal. there's this populist message against big companies. there's a matter of california very similar to new york city and new york state, and there's a flight of people leaving because of high taxes and a proposition on the other side is you can go to a place like texas who has fully funded schools,

fully funded police, no state income tax. there's a real competition now between states. what are you going to do in california? years of fiscal irresponsibility from politicians who have preceded you who put you in this dilemma. what are you going to do for the free market to make california more competitive? >> well, you two should get on that same airplane and come to california. it is the most dynamic state in the nation. it is rapidly growing. we have very significant job improvement and very significant high-paid jobs, but we also have our problems because we are very successful. we are now the fifth biggest economy in the world. may i repeat that. california is the fifth biggest economy in the world. it didn't come about just out of happenstance. it came about because california has traditionally invested in education, in research. now, we need to do more, absolutely we need to do more, more education, more research, need to do it better. we need to build our infrastructure. frankly, one of the major

problems we are facing right now is the president about to declare a national emergency and take away critically needed money for flood protection in california, presumably protecting the citizens of california is far less important than building his wall. so we've got a whole series but listen, i welcome you to come to california, learn what is going on in the golden state, then go home and replicate it every other place. great if texas can do the same. >> congressman, thank you for being with us. let me ask, you mentioned twice now taking a flight to come to california. given the fact that going from san francisco to los angeles is less than an hour, just a couple of dollars, why spend billions of dollars of taxpayers' money on a high speed rail system when transportation via air travel is already widely acceptable and terribly inexpensive? >> well, perhaps you haven't spent time at the airports recently. perhaps you haven't spent time on the roads to get to the airport recently.

those are all critical infrastructure projects along the way. and we do know that high speed rail does work. it certainly works in similar distances in europe and japan and china. it will work in california. but as i said, i think they made a serious mistake by starting in the middle of the central valley for what they thought were good reasons. we do and we will eventually have in california a high speed rail system but i recommend what they do now is pivot, pivot away from the san joaquin valley, put in the various kind of control systems, then build in urban areas. >> so you say all these things, change the trajectory of it, but this was voted on ten years ago. isn't it delayed by 13 years and $44 billion over budget? why use government funding for it, then? shouldn't maybe this be an opportunity to go after some company funding, privatization? >> good that you should mention

that, because in fact, that is one of the ideas and one of the proposals that have been explored and continues to this day to be explored. the high speed rail authority, now that they have put this one section in place, as a test bed -- not only test bed but eventually to be used, is seeking companies from around the world to come to california to build out the rest of the system, and in a public/private partnership, and by the way, we would like those train sets, those rails, those electronic systems, all manufactured in america preferably in california. so let's make it in america. david: congressman garamendi, we have to leave it at that. i'm afraid we have run out of time. thank you very much for coming in again. great to see you as always. i appreciate it. coming up next, we will have more on the fallout from amazon's shocking announcement that the company's not going to be bringing its second headquarters to long island city, new york after all. ♪ doing it's best

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david: amazon of course as you have heard, scratching plans to move its second headquarters who long island city, new york, but what's the impact on jobs, real estate and the overall economy in the city? let's bring in doan kelly, vice chairman and director at commercial real estate firm savilles studley.

thank you for being here. good to see you. we don't have a lot of sympathy for people that were speculating in terms of buying places in long island city, holding it for speculation, but there are people who lived there for a long time who saw their property value rise. i think all of a sudden, the bottom dropped out of it, right? >> it's a tough day, no doubt about it. values had to fall considerably and the whole development plan from long island city which has largely been residential development was beginning to see the opportunity for people, more jobs to work in the community, and it become a work, live, play environment. this has a real effect on economic development in that area. >> it's liz peek. some of the opponents of this program from amazon were talking about how the infrastructure was going to be overwhelmed, schools were, you know, people already couldn't find seats for their kids in schools nearby and so forth. what's your take on that? is that a valid concern that people had, or is that just a reason to sort of fight any kind

of new development? >> well, the development has to be carefully planned and it has to be well-executed, but i think when you run away from the prospect of 25,000 jobs, a lot of them high-paying, a lot of them in tech, that's not a very ambitious stake for a community or city the magnitude of new york city to take. that's a challenge to step up to and succeed at, especially if you are going to promote yourself as one of the, if not the premier tech city in the united states. >> i'm sure there's a lot of americans watching that don't live in new york and think who cares, we are always talking about new york, because these jobs could go elsewhere to them, to other states. you are seeing a lot of people on twitter even just now saying hey, come to michigan or hey, we support you. but if we bring it back to new york because this is where our story is, the tech hub here, is it growing? is it something that we are still overly reliant on the financial services industry and therefore, we should be investing in all kinds of tech companies no matter who they are

if they come knocking on our door? >> the new york market in general is going through a sector shift right now where technology is actually surpassed securities industry employment. it's larger than it is right now. and it's growing at a much faster rate. so this is a legitimate tech town. today was a deep blow. >> i feel like no one knows that. i feel like i have been watching a bunch of media coverage and it's always financial services, we need to diversify away from that. >> you know who really knows it is the financial service employers that are now competing against these tech employers to get these people with high skills. >> does someone come, someone has come and scooped this up, there were reports of even some amazon employees having advanced knowledge of this potential move, scooping up some of that real estate. they are hurting, or perhaps have some losses now but there is a possibility if it's not google or facebook or some other big tech behemoth comes in and picks up the plan amazon has abandoned? >> there's not that many people that are going to pick up a

25,000 person plan. that's pretty rare territory. will the economy continue to grow with tech jobs, yeah, absolutely, but this is a once in a lifetime kind of program, once in a lifetime kind of commitment. so there's a lot to make up here when we are talking about 25,000 jobs. it will not stop the economy from growing. in some cases, it may be positive to people who were scared at the rate of growth in the city, particularly an employer that large, and you know, manhattan demographically has been shifting left and south for a long time. them going to long island city, amazon going the long island city was sort of a contrarian move, so i think it resets the game board. and i think the people -- >> do you think that mayor de blasio, he seems to have been sort of awol on this conversation recently, and seemed to sort of run for cover when amazon decided to bail, because he's after all running to be a progressive candidate

for president. do you think he could have stepped in and done more to keep the company here? >> i don't know. i assume he did whatever he could do to try to keep them there, but i don't know. david: thank you very much for coming in. really appreciate it. >> my pleasure. david: great perspective on all this. retail sales taking their biggest dip in ten years but larry kudlow says don't worry about it. more on why he said that, coming next. ♪ what if numbers tell only half the story? at t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence. whooo! want to take your next vacation to new heights?

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>> the government shutdown i regard as a temporary glitch. shoppers were very late according to the national retail association. david: larry kudlow explaining january's sales. >> i think he's promoting his

book. when 73% of the g -- p is coming from the consumer, thing like the government shutdown may not have as big an effect. china is switching from a manufacturing economy to a consumer-led economy. i think it i a worrisome trend, but i also think the economy underneath is very strong. >> i would agree with that. i think we'll see revision upward in these numbers. but there have been all kind of signs of softness in consumer sentiment. the market, we had a big wealth effect. but i will almost bet you anything, folks, that these numbers are not going to be as bad when they finally get revised. >> you said it, it's the wealth effect. the more we have, the more we

spend. think back to december, the market was getting crushed and consumer confidence was the lowest in president trump's administration. david: that does it for "bulls and bears." >> i i to all my colleagues. he's prepared to sign the bill and he'll be issuing a national emergency bill at the same time. >> i know it's not an emergency. >> i'm going to support the national emergency declaration. liz: we have a hot rocking show today. we have been telling you for weeks, mitch mcconnell weighing in that president trump will declare a national emergency to by pass congress and get money for his border wall. and he'll s