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tv   Bulls Bears  FOX Business  April 30, 2019 5:00pm-6:00pm EDT

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with. the stock trading up by 5.5%. >> let's see if it gets above 212 tomorrow. keep an eye on ven venezuela. thanks for joining us today. appreciate it. >> "bulls & bears" starts right now. david: we've got breaking news. shares of apple trading up about 5.5% ach hours o after hours. apples earnings conference call set to get under way in moments. we'll monitor that and bring you the big headlines coming up. let's take a live look at caracas. , venezuela. the opposition leader juan guaido attempting to get leadership of the country. we'll tell you how the white house is responding now and we'll speak to a former ution ambassador to venezuela on where things go from here. we go to the middle class
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this time, i'm going to make sure everybody comes along. >> that will be what i consider the measure of the economic success of the nation, not just the growth of the gdp. my goal is to reward work, not just wealth. the first step is we have to deal with the god awful tax cut the president -- by the way, you all did really well on that, right? really saw things go. david: 2020 democrat front runner and former vice president joe biden just wrapping up his first trip to iowa since announcing his candidacy. biden continuing to rail against the trump economy and tax cuts but do voters agree? this is "bulls & bears." i'm david asman. joining me on the panel, carol, robert wolf and john layfield. joe biden remeeting his criticisms on "good morning america" saying the voters aren't feeling the benefits of the strong economy. listen. >> what would you say to the
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trump voter, the trump supporter who looks at the economy and says very strong numbers? >> what i would say is, did you get any benefit from the tax cut? have your wages really gone up? do your employers treat you with any more respect and dignity than they did before? the fact of the matter is they're not getting their fair share. david: biden doesn't argue that the economy is not doing well. instead he asks the question, are you getting what you think you deserve. is this a smart strategy? >> joe biden, i just heard him say a tax cut was god awful. so what does that make a cut hike? quite amazing. look, joe biden's job, if the economy stays strong, is to convince you it's not strong, to convince you your life will be better if you have him. but the fact of the matter is the numbers, the gdp, the unemployment numbers are much better than obama biden overall
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for a long period of time. that's going to be tough to go after. he's going to try to pra pray pn emotion an that the wealthy are wealthy because they're screwing you and that's why you're not. i'm not so sure it's going to work but that's the m.o. as we move forward. >> gary, i feel like you're being kind of kind to joe biden there. the reality is he's gas-lighting people. with few exceptions everybody did well under the tax cut and to the extent the wealthy got a little more it's because they were paying more. everybody benefited. i don't like the strategy of pitting e people against each other, the fact that there are high property taxes at the local level, the fact that the government regulation interferes with the freeing markets in health care. it's the government's fault that people aren't doing as well as they could. it's certainly not the fault of
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a tax cut. david: just a point of order, it's not necessarily everybody doing better but the tax policy center, a liberal group, says that 80% of taxpayers got some kind of a tax break. >> well, not surprisingly. i think the idea of fair share is resonating. let's go back to the midterms. the republicans ran away from the trump tax cut. they didn't bring it up. which is why one of the reasons we flipped 40-plus red to blue areas. secondly, i think fair share makes sense because wages aren't going up as fast as inflation and health care and food and education. and people don't think necessarily they're getting their fair shake. that doesn't mean they're better than they were a year ago. i think the question is, are you better where you thought you would be on this tax cut, which is president -- david: there's the -- we were looking at the wage growth versus price inflation. it does look like wages are going up faster than inflation.
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>> price inflation does not include -- so you think -- david: i think inflation is lower than wage growth right now. >> wages is at 2%, health air inflation is north of 2%. david: that's 3-point -- what sit now, tbairry? 3.4% wage growth? go ahead. >> absolutely. and look, again, all of this talk about what joe biden is going to do for somebody, god bless the man for trying. but i got news for you. people have to do for people. that's how people become successful. to think that government is going to help you with your lot in life, sorry. doesn't happen. >> i don't get that that's what's being said, but. >> i think you're right about one thing. the arguing about the fair share is the only argtd that's going to resonate i believe with democratic voters also wealth and equality as a chance. you can't really argue the economy. and as far as the midterms, since the civil war, the president's party has lost the midterms 90%. that's an historical fact that
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people tend to vote out the president's party at midterms. but when you look at presidents getting reelected, you look at ronald reagan, could you say you were better off four years later. say the same thing for bill clinton. president obama, you could also say four years you were better off than you were during the financial crisis. if president trump can say they're better off than they were four years ago, ex this unless this economy goes south, is going to be the case, then president trump probably gets reelected here. >> the ridiculous part about this is that joe biden is not going to be advocating for a deeper tax cut for the middle class. he's not going to come in and say okay, we're going to go from where we are now and all of the sudden we're going to change the middle class piece and bring it down. no. he's going to advocate to leave that where it is and make a bigger db raise the taxes on the wealthy. at the end of the day he's not making the middle class any better off. he's making the wealthy les well off. and you can't tax your way to
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prosperity. it's a great emotional argument. but the arable argumen rationalt doesn't make sense. >> says five 5-percenters. one-. people are not ringing the bell saying my god everything is working. it's not working. but it's better than it was. we've kidding ourselves. let me finish, please. four out of ten people could not afford $400, okay, in emergency. that's 40 mrs. of th 0-r $400 i. >> that's because they're spending more, not because they're not making more. the reality is that they don't have the financial disciplines e and enjoying the fruits of their labor, buying the iphones and the bigger houses and not delaying the gratification.
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david: we're going to talk about that later. what about biden's own record because he does have a record of defending the obama stimulus program, for example, there was that famous recovery summer in 2010 when he made all kinds of promises that didn't come true in terms of job creation. how much of that is going to come back to haunt him in that s election? >> all i can tell you, i've been saying this for a very long time. i think barack obama spent eight years putting head winds into the economy. more rules, more regulations, more fees, more fines, more mandates, more taxes, more demonizing of the prow producees of the country. all we keep hearing from these people is how bad the producers are, how bad the wealthy are. like they're these bad people that do everything wrong and screw everybody. no. they're hiring all of the people. and we keep hearing about what government is going to do for the middle class.
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i've been hearing that for 30, 40 years. the people have to do for people. governments don't do anything for anybody. let me just tell you, the federal reserve -- david: quickly. >> -- leaving rates low for years they screwed -- david: we're not going to solve this problem right now. one thing everybody can agree on is apple is soaring. stock jumping to 5% after hours. apple's conference call is under way and susan lee is standing by in the newsroom. what are the major headlines. >> it was very strong as well for the next quarter and they say that march was the strongest out of the three months and they expect it to carry through up until the june quarter when it ends. pretty much what i heard from the cfo of apple that i spoke to before the earnings results, they're standing very positive. and there's a lot to be positive about. the stock price is surging because of the cash return.
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apple has $113 billion cash on the books which they want to reduce to zero and they've announced a buyback in terms of shares and dividends. they're giving money back to shareholders and when you do that the stock pops. the dividend increase, it's the seventh one in less than sen years. and they point to me a lot of strength when it comes to services, to ipad sales. yes, iphone sales are disappointing in the quarter. i asked if it was about china. the cfo says yes, it has to do with china. they were light there but they said look, march is looking good and the amount they're charging for the iphone in china, there was a lot of criticism that you can't sell a four-digit iphone in a developing emerging market like china. they've adjusted and now they have a financing program and a trade-in program so you can bring in your old iphones and
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get a new one for a discount as well. the service is the future of apple as luca mentioned to me as well. it was a record quarter when it comes to services. when we talk about apple pay, apple music, that's what services are. they're looking at 50%, double-digit increases across the board for everything in the services division, counting for 20% of the revenue. they want to get to $50 billion as tim cook outlined. wearables, my goodness. there was a lot to celebrate there for the pods, also the watch and the like. and they are looking at some pretty strong growth numbers as well. in fact they told me that if you take a look at -- in less than four years since they've introduced the wearables, the watch division and the like, it's the size of a fortune 200 country. and i want to clarify -- david: quickly. >> wearables are growing 50%. david: gary, what do you think about apple switching from a tier products play to more of a
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service company. it's 20% of their revenue right now. >> well, they better. iphone sales for down 17% year over year. earnings were down 10%, revenues were down 5%. the reason why the stock is up 5% in the after market is because they announced a new buy back of 7% of their shares. to me. we're turning into a value play with apple, not a growth story. because they're gargantuan. guidance next quarter is to be flat so that's not great news. david: robert, you don't have one of the wearables on. you don't have your apple wearable, do you? >> i don't have an apple wearables. david: i don't have one either. 50% increase. >> i have one. >> they're with the younger folks unfortunately. but the reality is. >> look at the airport, kids are walking into walls right now
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because of these air pods that they're wearing. these things are everywhere, in gyms, you look at them and this is all about services. 1.3 billion people on the planet right now have some type of apple device. that's about all you can sell. this is all about services. i really believe in the near future they're going to buy the nfl rights and that's when apple becomes one of the biggest media companies in the world. david: thank you very much. democratsand the president may have found a common ground in the form of a trillion dollar infrastructure plan. house frur committee on how we're going to pay for all of this coming next. >> we have an opportunity to work together in a bipartisan way. building infrastructure of america has never been partisan issue and we hope to go forward in a very nonpartisan way.
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click, call, or visit a store today. david: breaking news. president trump just tweeting about the situation in venezuela, quote, if cuban troops and malitia do not immediately cease military and other operations for the purpose of causing death and destruction to the constitution of venezuela, a full and complete embargo, together with highest level sanctions will be placed on the island of cuba. hopefully all cuban soldiers
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will promptly and peacefully return to their island. we will have more on this with former u.s. ambassador to venezuela coming up right here. meanwhile, in the meantime, president trump meeting with key democrats today to discuss infrastructure in the united states. both senator chuck schumer and speaker of the house nancy pelosi calling the meeting quote productive saying that they will be meeting with the president again in the coming weeks. edward lawrence is joining us now from d.c. with the latest. hi, edward. >> yeah, david, infrastructure. one thing that the republicans and democrats say needs to be fixed. the white house called for a discussion from both sides to try to see if they could come to an agreement on something going forward. now the democrats, house speaker nancy pelosi as you said calling this meeting productive. she says the president agrees that broad band access needs to be included in this deal. still some democrats are saying they would like to expand the deal to some of their other
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priorities also. >> it's about jobs jobs jobs. it's about promoting commerce. it's about clean air, clean water. public health issue. a quality of life issue, getting people out of their cars, not being on the roads so much. >> and senator chuck schumer says the president did agree that infrastructure, fixing infrastructure is critical for our future. >> we agreed on a number, which was very very good. $2 trillion for infrastructure. originally we had started a little lower. even the president was eager to push it up to $2 trillion. >> and he's talking about $2 trillion over ten years. now at the conference in los angeles, the acting chief of staff mick mulvaney says he wants to make sure this can actually happen. >> i think there's probably more interest, especially on the democrats' part to make a show for trying to get a deal. it's a much better task to get
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the mca deal passed than infrastructure passed. >> the democrats have agreed to come back in three week to see how they can fund the infrastructure and continue talking. david: edward, thank you very much. representative brian joins us now, a member of the house and infrastructure transportation committee. what dining the odds are of a bipartisan infrastructure bill? >> i think that it's certainly necessary. no district has any more infrastructure needs than mine. i have got four ports and highways and rails and waterways and pipelines, you name it. and we want an infrastructure package really badly. so does the president. however, you know, i can't say that i'm super optimistic because the democrats have proven time and time again this session that they're willing to even shut the government down to get their way. i think if they are willing to check some of their pet projects at the door, like the green new
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deal, rolling back our tax cuts and things of this sort, i think there's a chance that we'll be able to do that. i'm willing to compromise and i know the president is too, but let's see if they will put their, you know, their money where their mouth is. so often, david, they will put an amount of money out there and then try to work a deal up to that amount. and we saw that back during when joe biden was leading the charge, you know, on the stimulus package in 2009, which was a complete boondoggle. it didn't stimulate anything. in fact it put the economy to sleep or worse. we don't want to see things like that. >> congressman, it's robert wolf, how are you. >> doing great. >> i agree that this is something that needs to be passed. it's the most bipartisan thing in the country today. unions support it, the chamber supports it, republicans,
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democrats. i actually presented to the senate on the need for an infrastructure bill in the past. and actually i spent a bunch of time in texas southwest looking at things like next generation gps. what i would say is one, i actually think the democrats are absolutely want to pass the deal as well. how will you guys all pay for this. because what happened to the conservative gop party of paying for things that you want to do. because actually the deficit is higher today than it's been in the last decade. >> no question about that. and a lot of it has to do with rebuilding our military, you know, and the democrats not willing to cut any domestic spending to speak of. this is something i agree with you 100%. we want a deal. we want infrastructure. and again, i'm willing to. >> how will you pay for it, is the question. let's cut it in half and say it's a trillion. how are you going to pay for
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that? >> i think we're probably going to have to have a combination of different things. and public/private partnerships is one of the biggest best deals that i think we have. i think county government, i know that i represent southeast harris county, houston, and these are a lot of industries there that are very willing to pay for things themselves in a partnership with the federal, state and local government. so i think you're going to have a combination of things. and again, before we even talk about raising taxes, we have to know what the projects are going to be and put a price tag on it. we can't set an amount out there where we got $2 trillion, let's just create projects until we hit 2 trillion. we've got to have these projects all driven locally. these can't be projects that are driven by the federal government. these are things that the local and state governments and
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industry want as well. and i think you're going to see these partnerships go forth. it works, we've seen anytime the space industry, also serve as a space committee ranking member. those projects do work, those partnerships. david: carol, go ahead. >> congressman, it's carol roth. you mentioned the democrats putting their money where their mouth is. i find it's putting the taxpayers' money where everybody's mouth is and unfortunately on both sides of the aisle it seems that both. tyes want.tyes. parties want to put the taxpayers money out there. are you committed to being fiscally responsible and not taking on for deal for this infrastructure. is that a deal or are you willing to take on more debt. >> we're going to have to see what we get for our money. i don't want any more debt. we're at 23 trillion now. i ran for congress five years ago because of the national debt
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buildup, i was worried about my 14, soon to be 16 grandchildren and what we're going to saddle them with. and so we absolutely have got to start being fiscally responsible and that's why i think it's so crucial that both sides be willing to -- you know, let's not roll back tax cuts. let's not hike taxes on the middle class. and we keep hearing this nonsense about the tax cuts and jobs act only benefits the wealthy. we've got the lowest unemployment rate we've had in 60 years. we don't want to mess around until, you know -- and ruin the economy that we're enjoying. david: congressman, i'm afraid we've got to move on. thank you for coming in. i appreciate it. >> you're welcome. david: come back soon. chase bank getting slammed for what people are calling poor shame in a new deleted tweet. but never fear, we found the tweet and we will show it to you coming next.
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david: chase bank slammed for sending out this tweet which attempted to motivate people with low balances to save more money by making coffee at home, eating food from the fridge, cutting back on cabs, things like that. well now the bank is being slammed for what critics are calling poor shaming, including this sarcastic counter tweet by senator elizabeth warren pointing out to chase's financial bailout and suggesting that the real problem is that employers don't pay employees living wages. chase says they'll get better at the motivational tweets but was the bank in the wrong here? what do you think? >> absolutely no not. the greatest generation hopped off into a hail of bullets and certain deaths and now you have kids who need safe spaces because words hurt.
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this is insane. they need to be banished -- you have every i.d idiot in the word has the platform because of twitter and now companies are apologizing. people apologize for everything. the world has gone to hell in a hand basket. >> unfortunately the guy who heads up twitter at chase is now a lyft/uber driver right now. that's the party. i agree with john. number one, you got to be careful when you're on twitter whether you're a corporation on an individual, but man oh man, everybody is a victim, everybody has an issue, everybody has a complaint, everybody has a problem. i think john said it best. i mean you bring on omaha beach and what some of our elders have gone through and veterans and you're complaining about a little tweet. i just -- back up and relax, if you ask me. >> well i ran a public company. i respectfully disagree. i don't think that they should have put it on twitter. i don't think that it was poor
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shaming or things like that. but it was stupid out of their communication staff to put that on. it was too cute and no one laughed. david: but you were laughing. >> how could you not laugh when john goes on. it's going to be a new meme tomorrow. >> listen, it used to be that no good deed went unpunished, now no good tweet goes unpunished. i didn't take a bailout. i came from a blue collar family and paid for my own education. and at the end of the day personal and financial responsibility is a good thing. you should delay gratification and make your coffee at home. delayed gratification is a predictor of financial success. it's bad that we can't talk about personal responsibility in any realm without shaming somebody. >> that says a bad thing for our social fabric. >> jp morgan is one of the great institutions of our country.
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jay my diamond one op the great ceos of the last 50 years. you can call it a mistake or not. it's not much. they employ tons of people, create mountains of wealth. that's what this country is about. again, i just think that people need to relax on some of these things. david: that's all it is, free advice. i mean, don't pass on something that's free. gang, thank you very much. you're looking at live shots of the streets of venezuela where protests erupted in an attempt to topple dictator nicolas maduro. we'll ask former u.s. ambassador to venezuela how all this is playing out. that's next. patients that i see that complain about dry mouth,
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we want as our principle objective a peaceful transfer of power. but i will say again, as the president has said from the outset and that nicolas maduro and those supporting him,
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particularly those who are not venezuelan, all options are on the table. david: that of course national security adviser john bolton answering questions on the uprise in venezuela under way right now. and you are looking at live shots of the streets of caracas. opposition leader juan guaido and his supporters attempting to oust dictator nicolas maduro. what you're hearing are the canisters, tear gas canisters exploding. by the way, that's on the right side. live shots on the left. former a ambassador to venezuela joins us now. question, what happens if this uprising fails? >> well, that's very difficult to say. it's entirely possible that the opposition is determined to stay in the street until there is a change in leadership.
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if it were to subside, i think it would be temporary, because the circumstances on the ground in venezuela are so miserable that it's virtually impossible to imagine the populous simply deciding to accept the status quo. >> ambassador, carol roth. the president just tweeted that he was basically threatening sanctions against cuba if they didn't stop interfering? what was going on in venezuela. obviously there are a number of different countries that are currenting supporting maduro. what es your takwhat's your take president tweeted and the potential for interference and our relationship with cuba and china as well? >> i think you have to treat the cases of china and cuba very differently. the first thing i would say, and it is implied by the president's
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message, and that is that the cubans are playing an important role in supporting the maduro regime. to that i would add that for cuba the survival of the maduro regime is really an existentiall matter. they have an interest in the regime. they are the principle creditor to the government. but the success of china's economy doesn't rise or fall with president maduro. >> mr. ambassador, this is robert wolf. how are you. thanks for coming on. >> pleasure. >> it feels to outsiders that the key question is how does russia think, what do they do, what are their actions.
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it feels like, in many ways, they hold the cards. >> i think that overstates their influence and certainly the administration is being careful to communicate its support for the guaido government. our administration. in such a way it makes clear that we do not want this to evolve into a larger great power conflict. but the u.s. continues to have the preponderance of influence and power in the region. russia is important to venezuela and there are russians on the ground, but i'm not sure how significant their presence is. for me, the cuban presence is in fact a more critical matter. >> mr. ambassador, honor to have you on the show, sir. when you talk at regime show, look at what went on in libya
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when gaddafi got killed and led out of power. it's evolved into chaos and civil war. when you take owbt one bad guy, somebody just as bad takes over. the second biggest bad guy in the country takes over. how do we know that what happens in venezuela next is going to be a good thing or a wetter thing than what's going on right now? >> well in the first instance there is enormous support for regime change. basically maduro is ranging on by force with the support of the military, the cubans and as one of the other panelists suggested, a handful of others. there is also very substantial support for juan guaido, the interim president. and he has already begun to, really to put key figures in place for the government ministries and agencies.
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he's appointing ambassadors. i think what we see in venezuela is certainly at this point, very different from what we saw in libya. david: ambassador, forgive me for interrupting but we just are getting some word of another conversation with pompeo, with our secretary of state in which he states that in this morning there were clear indications that maduro was ready to leave venezuela but the russians convinced him to stay on within this according to secretary of state pompeo saying that maduro was headed to havana but the russians convinced him to stay. what are your reactions to that? >> certainly the russians will see their own interest advanced by any effort to frustrating the united states in the region.
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now i'm not sure that they have the power or ultimately the interest to hang on in the face of what appears to be a developing popular movement across the entire country. but their capacity to make mischief and their interest in confounding the united states is pretty clear. david: so very quickly, you would have no question that what pompeo was saying was true or at least the understanding of the united states? >> i would have no way of judginjudging that one way or te other. i hadn't heard that. but the russians have been very vocal in their support for maduro and in trying to warn off the united states. david: they have apot o a lot of support in personnel as well. the department of homeland security is running out of money to handle the crisis at our
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southern border. arizona congressman andy biggs on what needs to be done right now at the border. that's next.
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i would plead for you support if our men and women doing heroic work along the border. while or 2020 budget will help address the crisis, we'll need additional funding even sooner. given the scale of what we're facing, we'll exhaust or resources before the end of the this fiscal year which is why this week the administration will be sending a supplemental funding request to the congress. david: that's acting homeland security director saying that congress is running out of money. a new abc poll shows that even democrats are growing sharply more concerned about the crisis on the southern border. let's bring in congressman andy biggs, border security caucus cochair. more than money, you have amnesty laws that have gaping holes in them leading to tin flukes of migrants. isn't that more of a problem than money? >> well, actually we got to have resources because v we have no
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place to pay people coming across. so right now you get all of the applicants, we can't hold them. and right now we're seeing people now that we can't hold who come over and simply, they don't declare asylum they just know we have to release them because we have nowhere to put them. we have to have some funding' resource to get temporary detention centers up. but you're right, we have to deal with closing the loopholes such as how these people come in and declare asylum and we immediately let them loose. >> congressman, this is gary. for months we've been hearing for what caravans and what crisis even though we've been seeing video of video after video of many coming across. so we're now hearing democrats maybe we do have a crisis. is anybody actually on the move. do they recognize it's an immediate concern right now that has to be attended to? >> i'm not seeing the urgency
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that i would expect, if they really believed it was an emergency. so what i'm suggesting to you is some of them -- i actually heard one say the other day that is still a manufactured crisis. i thought we got rid of that narrative about a month ago. it is real and i invite all of my colleagues to dispute whether it's real to come down to the border, i'll take them. i don't try to sway it. but it's real. but the urgency is not there yet. because i think -- but i think we're getting closer because you're getting some coming on saying it's a real problem. you're getting places in states like new mexico declaring an emergency. that's critical to getting the critical mass necessary to turn the tide. >> congressman, john, good to have you on the show, sir. i saw one report that had 860,000 asylum cases still pending right now. this has gn goin been going on e some time. that's going to take a couple of
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years to work through. even if you add a detention center. we can't build a detention center for a million people. i know you're not implying that. what are you going to do when you close the loopholes. what happens physically at the border. do you turn the people away? how do you change the asylum system. even if you build the wall, people claiming asylum, this is the no going to work. >> of the 860,000, here's the way to think of it. they're already in the general public. we're not going to get them back anytime soon but there's a flood coming ow over now. we can maybe detain some of those whether we guil build the detention centers. the way we get at this as well is we can make our cbp agents, turn them into immigration officers. and if that's the case, they can make some determinations immediately and that might help us as well. but we have got to also leverage mexico. mexico has got to keep some over
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on their side of the border. the way you leverage that they have to sign an international protocol saying they're going to be recognized as the last safe state and they'll hold those people. that's the only way to defeat the ninth circuit ruling that came out ten days ago. >> congressman, carol roth. i don't know if you caught the '60 minutes "piece over the weekend but they did a piece on the border and what was striking to me was the level of treatment that these people at the border were receiving. they were getting food, they were getting shelter, there were diapers for the young kids, medical care. the reality is the people who are bucking our laws are being treated petreated better than tr own count friday. the people on the west side of chicago where i live. what do you say to the citizens who are seeing people coming here illegally, breaking our laws and getting more dollars and attention than some of the citizens of our own country. david: quick answer, congressman. >> that's the frustration. they're getting three meals and more attention than some of our
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citizens. that is fundamentally and morally wrong. that's why we have to do something immediately. david: congressman andy biggs, also a pleasure to s to see you. "avengers end game" is out. bernie sanders has a way on how disney can use its new billion. ♪ look limu. a civilian buying a new car.
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>> so you agree with us. >> i can't say that on today's show. >> he agrees with us but he's going to caveat it.
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david: the one-percenter. i think he may be glad that bernie is being overshadowed at the moment. >> you can look at my tweets and see where i'm supporting. david: that does it for "bulls & bears." we'll see you next time. liz: to the uprising for freedom in venezuela, breaking news, moments ago, secretary of state pompeo says nicolas maduro was on the verge of leaving today but was instead advised by russian trussian to stay in kra. juan guaido expected to seeng at this hour. he es joined by top military defector es and supports. we'll show you tonight video that you have not seen before. it began in the early

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