>> thank you, cheryl. [closing bell rings] cheryl: call it a trifecta for the bears. we're off session lows for the dow, folks. we'll take it. down 125. that is it for me. connell mcshane, melissa francis, take it away. melissa: venezuela sharp warning from the country's disputed president. dragged down bit energy sector as the u.s. threatens to increase sanctions on iran. the dow ending down 122 points right now, but off session lows. extending losses for the second day in a row. rough ride out there. i'm melissa francis. connell: i'm connell mcshane. this is "after the bell." down two days in a row for the s&p. nasdaq three days in a row to the downside. down 13 points of all three of those major averages have turned negative for the week with one more day to go. more on the big market movers

ahead. here is what is new at this hour? live look at the white house this hour where president trump is wrapping up meeting with top republicans on trade after a surprise announcement about the future of the board at the federal reserve. we're watching the steak stake out position. if senators speak to the media after sitting down with the president. nicolas maduro is defiant following days of violent protests trying to remove him from power. the disputed president making an appearance at military base. telling the armed forces being prepared to combat traitors. to ignore any planned uprising. we're live once again in caracas. it has been a disasterous spring for the midwest. the flooding out there could actually get worse if anything. we're on the ground with one of the hardest hit areas that is still under water after a levy failed this week.

melissa: we got you covered from washington to wall street. blake burman at white house. gerri willis at new york stock exchange. phil flynn at cme watching oil. we'll start with you. oil tumbling 3% today. what is up with that? >> basically the market saw big increase in supplies this week. that really took away fears that we would feel the pain from shortages, from iranian sanctions. possible loss of more venezuelan oil that was a negative mood today. seems like we got through the worst of it. maybe because donald trump tweeted the prices were too high. the market may be listened to them. some people think russia listened to them. russia's oil production missed its quota target. it wasn't above quota by much by 500,000 barrels. some people say that could cause friction between opec and russia. that they need to lower their production just a little bit. if you look at this oil market

move today, it seemed like a sigh of relief. everybody was weighing for iranian sanctions to go into effect. the market was built up. it is anti-climactic. that is why you saw prices fall today. melissa: that russian overproduction. opec hates cheaters, right, phil? sarcasm there. connell: gary b. smith, kadena group, fox business contradict tore and danielle dimartino booth. former fed advisor. phil's point about the selloff in oil. got a lot of it whether russia or united states. not as concerned about supply with iran. what is our outlook for energy? >> for one reason, connell. energy is always related to growth in the worldwide economy. i think the u.s. is still doing well. i think the rest of the world is kind of flat-lining if you will. i think we may be headed that

way also. i think growth here will start to level off. the market starts to reflect that. growth levels are off. demand for oil drops. hencs fall of energy stocks. connell: federal reserve commentary you were in the middle of, yields when up, seems right today? the bet here is i guess a sensible one for investors trying to read between the lines saying doesn't look like the fed is going anywhere whether up or down anytime soon? >> no they're not. there was element of disappointment carried through. 10-year pop up to 2.54% t was 2.44% before the powell press conference. by the time he left the podium we had priced probability of a rate hike in 2019 from 70% down to today 45%. so there is definitely disappointment out there because

of that insurance rate cut. rich clarida is speaking tomorrow. everyone pays attention to see if he speaks about publicly the prior two times fed done this in 1999 an 1998 to stave the possibility of going into recession. melissa: setting priorities. president trump meeting with republican senators in the white house to discuss trade this afternoon after this second would-be nominee for the federal reserve takes his name out of consideration. blake burman is here with all the details. another busy day for you, blake. reporter: pretty big 180 as it relates to steve moore, it was during the 89:00 hour when moore was giving interview with another outlet said he was going forward with his pending nomination to be on the federal reserve board of governors, nominated likely by president trump. over at it white house said as well there with no change in status whatsoever. that was this morning. during the 12 hour president trump sent out a tweet that moore's pending nomination was done with. at issue with moore, past

writing and comments he made about women. senate republicans started to express reservations. moore said the comments were meant to be humorous but admits they were not. he decided to pull out he claims he was the victim of a sleeze campaign and says the attacks were just too much for his family. >> this is kind of a victory lap for the left because they took me down with a smear campaign. you know, but it is interesting to me, you go back to what i just said. if they think my ideas were so, you know, out of the box and so you know, so wrong, why didn't they debate me on economic ideas? reporter: reaction from top democrat in the senate, chuck schumer said following statement, only thing less funny from mr. moore's tasteless, offensive jokes, that president trump would consider him for a seat on federal reserve. with moore and herman cain pending nominations withdrawn there are two open seats for the fed board. by the way you mentioned trade

meeting at white house this afternoon, just about all of the senior members of president trump's team inside of the white house today for that meeting there, of course two major big-ticket items. first a possible trade deal, potentially with china in the upcoming weeks. also the usmca trade deal which could be running into some resistance up on capitol hill. melissa. melissa: blake, thank you for that. calling for military unthink in venezuela nicolas maduro appearing with armed forces today after opposition leader juan guaido called on the military to join him trying to remove the disputed president from power. back on capitol hill democratic congresswoman ilhan omar said the u.s. could be partly to blame for the escalating crisis. take a listen. >> i don't believe that interventions that are pushing for regime change are in the best interests of venezuela and interests of the american people. melissa: interesting perspective. danielle you lived in venezuela for a time.

what is your take? >> i can't think of anything more reprehensible than what she said, if you think about it. when i lived in venezuela before chavez came in. supermarket shelves were full. hospitals were open. people were not literally dying. oil industry itself was in great shape as well. it had wonderful future prospects. i'm not trying to say it was perfect prior to chavez coming on. they had serious inequality issues. you can't say trying to remove a dictator effectively guilty of infanticide, coming up with the wrong word. babies are dying. this lies at the feet of this monster. i think anything that the united states can do to take him down, take him out of power is absolutely in the best interests of the citizens of venezuela. melissa: gary. >> you know the other part is, i'm sure when danielle lived in venezuela it was one of richest,

if not the richest countries in south america. now it is well, i don't think we need to go over the atrocities there, people starving. it is interesting that omar only in this country come from somalia, seek asylum here, go to a university, get educated, come out as a nutrition specialist and now be a member one of the highest federal offices in the country. you can't do that in any other country. all the exists she has been given in the united states and has earned quite frankly, you can't do in a country like venezuela. for her to slap america, say it is our fault, i agree with danielle, it is reprehensible. melissa: thank you. breaking news right now. cbs reporting first quarter results. let's go to deirdre bolton with the numbers. >> you do have cbs exceeding wall street expectations for earnings, earning $1.37 a share.

you can see it on the screen. estimate was for $1.36 a gain if you like, little better than 1 1/2% quarter on quarter if you compare these results to this time last year. revenue slight miss. wall street looking for $4.3 billion. 4.17 is what cbs just posted. if you look at the way that the stock has performed, call it more or less in line year-to-date with the s&p 500 but it is being bested for example, by disney, i think the two big questions analysts will be focused on through the call, throughout this evening, leadership question. ceo and chairman les moonves resigning amid allegations of sexual misconduct. so the temporary or acting ceo stays in place through december 31st. that just came across the wires. some longer term questions also about cbs all-access will compete with netflix and amazon. two outstanding questions there. the new digital streaming world, leadership. melissa. melissa: deirdre, thank you.

connell: let's move on to tesla now. tesla as a company has been under a lot of pressure. electric carmaker looking to raise $2 billion in debt and equity amid heightened concerns what turns out to be dwindling cash reserves. let's get to gerri willis with more on tesla. reporter: connell, that's right. investors and analysts on wall street both like the news that tesla is looking to raise $2.3 billion in a stock and bond sale. the stock was higher by about 4%. 4.3%. the earnings this week were disappoints. people worried about it. worried about raising capital. the wedbush analyst called the move to raise money a good move. another company we're looking at, went public on nasdaq. ticker bynd. the b-shares just took off. they opened at 46. they closed at 65.75. that is 163% gain. the company has no earnings. thank you very much.

it has market value of 3.5 billion. doesn't get better than that in the u.s. of a. melissa: seriously. reporter: i'm told their food is good. we had a secret source said the burgers are you a some. check on google, worth noting the stock is down three days in a row after disappointing earnings. ad revenues disappointing. more than $70 billion in market cap has been wiped out in google over the last few days. the stock continues lower as you can see. back to you guys. connell: thank you, gerri. melissa: attorney general william barr skipping a house hearing on the mueller report today as he battles -- his battle with the left escalates. karl rove former president george w. bush senior advisor is wondering if democrats can resist the urge to impeach president trump? he joins us after the break. connell: dangerous flooding in iowa. more rain in the forecast. we're live in davenport what turned out to be a devastating scene. melissa: and more people being exposed to the measles. now a group of moviegoers and

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report. hillary vaughn is live on capitol hill with the latest. hillary? reporter: melissa, democrats in congress called for attorney general bill barr to be impeached. house speaker nancy pelosi is taking it a step further, not ruling out jail time for the attorney general. >> he lied to congress. anybody else did that, it would be considered a crime. >> should he go to jail for it? >> the, there is a process involved here. reporter: the department of justice responding to pelosi's threat saying speaker pelosi's baseless attack on the attorney general is reckless, irresponsible and false. house minority leader kevin mccarthy he thinks house democrats like chairman jerry nadler of house judiciary committee have actually misled congress, not just barr. >> i do not believe attorney general barr lied. i believe he has been very transparent in all of this. reporter: barr left his house 9:00 a.m. today. he was supposed to be here at

10:00 a.m. sharp for round two of his testimony but he never showed. so house judiciary committee democrats ate kentucky fried chicken on the witness stand instead. ranking member republican doug collins blasted democrats chicken shaw raid calling it a political stunt. >> the chairman is worried more about political stunts than having the attorney general here. reporter: nadler wanted staff attorneys to quiz the attorney general. >> obviously the attorney general is afraid to face that kind of questioning. i mean, what we saw today is besides the attitude of contempt the administration has for congress, what we saw was fear. fear of effective cross-examination. reporter: nadler threatening to charge barr with contempt for not handing over an unredacted version of the mueller report.

they're trying to work out a compromise. nadler says he is trying to find common ground by monday. melissa: they have the chicken. i'm glad they didn't bring a whoopee cushion. maybe that is next. hillary vaughn, thank you. connell: following up on all the silliness, democrats last couple days calling for impeachment of attorney general bill barr. our next guest warning about a new impeachment of another kind. penning a new editorial in the "wall street journal" can dems resist the urge to impeach? but house members may lack the self-restraint. karl rove, former senior vice to president george w. bush a fox news contributor. he join us from austin. that is melissa. melissa: sorry. connell: melissa threw her cell phone at me. are you angry? you're just looking at numbers here. you're saying it doesn't make sense for democrats. i wonder if they will listen to you? >> probably not as i said in the column. do look at the numbers.

support of idea impeaching president dropped dramatically after the release of the mueller report, particularly among independents. it dropped among democrats even but particularly painful for the democrats it did so among independents. three polls since the mueller report came out. "washington post" abc poll, last august 49% of independent voters wanted to begin impeachment hearings with idea it might lead to removal of president trump from office. today that number is 36 in the aftermath of the mueller report. there is pbs national public radio marist poll talked about hearings that would, to take steps that would lead to impeachment ha hearings. 40% of independents support that. 51% don't. cnn poll talked about have impeached and removed from office, 30% of independents support that. 66 don't. now, my point is, is that the people are going to decide the 2020 election are not just the republicans who overwhelmingly

oppose impeachment or the democrats who by a margin of two to one support impeachment. it will be settled by the independents much after the mueller report they no impeachment, no investigation column. connell: that is interesting. if the democrats keep pushing this it could backfire on them. at the same time you would think you want the president to move on as well. in politics, coming at you. let me get rid of this. he talked about it a lot. in your column you pointed out, that might not be great politics, to keep bringing it up on twitter. >> look. it will be brought up simply by the democrats continuing. they will not stop. nadler, maxine waters. ad sham schiff, elijah cummins, four committee chairman investigating the president, they are not going to stop. that will continue to put democrats within a hole with independents. my view is, similar to yours i believe. president ought to use that powerful megaphone to talk about the economy, not only what he has done, but what he will

continue to do to spread the prosperity and other issues he thinks are important to american voters. when the democrats talk about impeachment. they enrage republicans and discourage independents. so the president doesn't need in my opinion to talk about the issue in order to have his people riled up. every time nadler or waters or cummings or schiff says something there is a counterreaction among the base. connell: one more question on this, karl, about the 2020 candidates. when joe biden officially got in the race, he, he really came after the president. he has done well in the polls. got a bump in few of the polls. someone like elizabeth warren, others focused more on policy. you wonder whether the attack trump, anti-trump, i can beat the president message, i don't know if that goes as far as impeachment if that is resonating to some degree. is that true? >> well it is. look at four polls in the field about the democratic presidential primary before biden's announcement.

biden up by nine, by eight, down by five, up by six. these are the four polls after he got into the race. up by seven, up by 14, up by 24, up by 26. pattern, some reminder that old joe, he was in the obama administration as president's wing man. but i think it also says something to the efficacy of argument biden is attempting to make. i'm a more normal democrat. i may not be as far left-wing as you are but i'm the won who can beat donald trump. we'll see how durable that argument is over the long haul. at least in the few days since he jumped in, obviously had a positive effect on the polls. connell: i can beat him in an election, rather than i can kick him out of office. it's a different message. thank you, karl. >> you bet. melissa: federal trade commission potentially changing the way the company handles privacy issues and paying the ftc a massive fine.

the company may appoint a federally approved privacy official following multiple scandals. dow jones is reporting that the settlement is likely to include whatsapp. connell: interesting stuff. former vice president joe biden we were talking about has faced criticism from both sides of the aisle after something he said yesterday was a curious comment about china. melissa: yeah. connell: we'll tell you what is firing up his critics, firing up a lot of people. microsoft reaching trillion dollar market cap. microsoft ceo satya nadella, quoting, i would be disgusted if someone celebrated our market cap. going on to say it would be the beginning of the end. what? melissa: i don't understand. wouldn't you be proud of being over a trillion dollar market cap. connell: we're living in a weird world. talking about money, capitalism. melissa: i like money. still works everywhere i go, money.

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melissa: hitting the campaign trail in iowa, joe biden downplaying growing concern about the rising power of the world's second largest economy. listen to this. >> i met virtually every major world leader in my role as vice president, foreign relations chairman, over the last 30 years. that is not hyperbole. china is going to eat our lunch? come on, man. they're not. >> they're to the competition for us. melissa: huh? here is capri cafaro, former high state senate minority leader. bob cusack, "the hill" editor-in-chief. bob, this just echoes the comments, his running mate president obama made, saying when mitt romney talked about russia, president obama said, the '80s called, they want their foreign policy back, they were wrong about russia. now to say this about china, right now moments ago the

pentagon releasing its 2019 report on china, this is just out. it talks about their clandestine operations within universities, the theft of intellectual property, the spy ship that was off of hawaii, how they have doubled their spending on the military in the past 10 years. they are now the second biggest spender on equipment. i could go on. what are your thoughts, bob? are these guys, come on, man, they're no problem? are you kidding? >> it shows, melissa i think biden is a little rusty. he had a good launch. but hasn't been on the campaign trail, his own campaign trail in many years. this is something -- when you're on the campaign trail, whether you're a republican or democrat. there is a script, you bash china, if you're lucky enough to get into office you work with them. but you mentioned a slew of statistics there, china in the south china sea. they're the second biggest economy. something i think republicans will play with for a long time, maybe some democratic rivals. melissa: capri, this isn't just

a stumble on the campaign trail, this is fundamental misunderstanding what is going on in the world. the theft of chinese, from china of our intellectual property and you know, their company huawei, one of the largest, you know, digital companies in the world with equipment and everything else that you know, a lot of people think it's a giant spy machine? >> you know i think vice president biden in this moment was trying to convey some level of optimism and greatness about the united states basically, trying to say, the united states is the greatest country in the world, nobody can catch up with us, that yes, i think how we all feel and it is aspirational and it is positive but you know, to just leave it there and not also provide some tangible policy ideas on how to approach things like intellectual property theft, currency manipulation, trade deficits, and now the growing military presence in china, i

think does open up vice president biden to looking into like he is rusty as was just mentioned. melissa: but it is worse than rusty, bob. this harkens back to the obama era foreign policy, lead from behind. you know, no one's a threat, don't get involved. make a deal with russia. just sort of of a patsy, not taking any threat seriously. it is dangerous. >> one of the things out of the mueller report regarding russia what the obama administration did and didn't do as far as hacking. melissa: right. >> when you talk about hacking i interviewed mike pompeo, don't just look at the russians, look at the chinese. tough watch them on every front and clearly they want the advantage. if you look how many countries china is in, it is enormous. that is all aimed at beating the united states, period. melissa: capri, will you watch to see if he changes his tone? because he was just rusty or if

this is truly how he feels about foreign policy and we hear more of it? will you be listening for that? >> i certainly am. one of the things that vice president biden was trying to convey in his remarks you played, look i met all the people. he tried to show his gravitas, if he doesn't reflect that in policy as well as tone he will have some challenges. >> thank you. connell: we have news on u.s. steel. u.s. steel is investing over a billion dollars, 1.2 billion for upgrades for plants located near pittsburgh, pennsylvania. those are the ones we visited last year. we did a show from there as a matter of fact, as company attempts to reduce cost and time of producing sheet steel. analysts saying projected cost of these upgrades could be an issue, probably will continue to say that as steel prices have been falling. so the stock has been lower generally speaking. down in the regular session today, tonight it seems to be doing well in after-hours

trading. up almost 4%. u.s. released better-than-expected earnings after the bell. melissa: what kind of steel? connell: sheet steel. what did you think? melissa: just wondering. connell: checking? melissa: stark warning for movie-goers if you saw a midnight screening for "the avengers" in california, oh, no, you might have been exposed to the measles. what you need to know. just leave california. that some ecology up. connell: venezuela violent processes continue. people are filling the streets amid growing calls for the military to out of nicolas maduro. we're live in venezuela next. ♪ i wanted more from my copd medicine... ...that's why i've got the power of 1 2 3 medicines with trelegy. the only fda-approved 3-in-1 copd treatment .

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$4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. melissa: both sides defiant. disputed venezuelan nicolas maduro appearing today on state television with top military brass to insist he is still in charge. opposition leader juan guaido admitting this week's demonstrations were not enough to out of the maduro regime. he is calling on venezuela's soldiers to join the people in protest. fox news's steve harrigan live on the ground in caracas with late-breaking details. reporter: nicolas maduro controls the state airwaves here. he puts himself on tv quite a lot, if you watch state television today, you saw maduro meeting with soldiers, meeting with generals, generals in front of him. soldiers behind him, marching together, training together. a sea of green uniforms. it is really an effort to show

that the key faction in this dispute, military still supports nicolas maduro. that is what he is trying to get across. he also had some stern warnings, saying the current dispute in venezuela could lead to a civil war. he told soldiers prepare for more fighting ahead. maduro said he will punish those responsible for the failed military uprising on tuesday. the start of that punishment already has begun. he issued a warrant for the arrest of leopold lopez, a key opposition figure. this raises the question, will the maduro government try to arrest the man recognized as interim president by the u.s. juan guaido? u.s. officials warned repeatedly any attempt to harm or imprison guaido would bring about serious consequences. this week we've seen two days of real violence on the street with heavy protests. at least 20 people alone were shot yesterday. four of those died including a 4-year-old child. so we're seeing those protests.

the next move by the opposition is likely to be efforts at nationwide strikes to shut down the government entirely. back to you. melissa: stay safe. steve, thank you. connell: here with analysis, michael o'hanlon. foreign policy senior fellow at brookings. let me start with one of the points steve harrigan brought up, the hypothetical if something were not only to happen with juan guaido, say if he were arrested, what would the u.s. response be, do you think? >> well, we don't have good options i don't think for that scenario because i don't find the military options particularly credible. it is fine to talk about them and vaguely allude to them. that creates a little more pressure, good, but the economic sanctions are the main tool here. we don't want to occupy another country of 30 million people. that is something we got out of our system in iraq and afghanistan clearly. president trump has been pretty clear. we'll not do regime change, big

invasion, panama style, venezuela is 10 times the size of panama, president bush invaded in 199 to replace noriega. that was a tiny effort. economic play is all we've got. we played that pretty well to the hilt. i think the main thing for american policy if the arrest happened hypothetically you ascribe, see what the rest of the world would do. if we get the rest of the world, especially the lima group of south american countries to get incensed at this point you might get leverage and sanctions from wider group of nations that would be the next effect. american policy doesn't have lot of room for manuever in the scenario. connell: in terms of economic sanctions how much harm can you do? people literally, already reports we're getting such dire straits. starving there, as we talked earlier, one of the richest countries in the region now is just in absolutely terrible

condition. so how much more damage can you do in terms of putting pressure? >> very good point. we need backup plans in case things do get much worse. we find ourselves in dead end of policy, because we cut off oil, i'm not going to blame us. obviously chavez and maduro drove the economy in the ground, you agree i'm sure with that as well. we could make things substantially worse. we're requiring to make things substantially worse to force regime change. we could consider something happened in the iraq in 1990s, so-called oil-for-food, where proceeds for oil sales controlled very carefully but iraqis allowed to do population. we may have to consider that kind of option? connell: your sense this drags on a while? report from the state department, comments from john bolton and others, you know, maybe maduro was on the verge of getting out. he is just being propped up by russia and cuba to some degree,

maybe china but that he was on the verge of leaving? do you think this is going to drag on? >> i think it could. i think the key point, none of us know. we don't individual within our power to really cause a change with the limited kind of tools we're applying. if you go through past cases around the world in this kind of a situation, this is obviously fraught and potentially decisive moment. i think odds of maduro fleeing are less than 5050. they're substantial. they're a lot more than 10%. but my opinion less than 50%. so i don't know how to really change that very much. and therefore we could see a prolonged crisis. we better have a back up plan. it could involve massive provision of food. it could require temporary creation of a safe zone in the area. maybe in a border region near colombia, where the international community provides military forces to protect the relief effort. connell: right. >> we have to consider those kinds of possibilities. connell: before the military. thank you, michael o'hanlon. always good to see you from

brookings. melissa: authorities in the caribbean island of st. lucia are quarantining a cruise ship after discovering a case of measles on board. the ship is reportedly owned by the church of scientology. it is carrying 300 people. no one is allowed to leave the ship at the port. a crowd that attended a midnight screening of "avengers: endgame" in orange county, california, have been exposed to the measles by a woman with the disease. a health care agency in the state is warning people who attended the movie at the amc theater in fullerton on april 25th. what a mess. connell: what a mess. it is, speaking of a mess, in the midwest we have to get to the story where 40 million people are embracing for more severe weather and more flash flooding. we are taking you to iowa. we'll be there next. ♪

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melissa: bracing for more severe weather. record flooding already devastating the midwest, leaving parts of davenport, iowa, under water, millions of people are bracing for even more rain this weekend. fox news's mike tobin is live in davenport with more. wow, that is quite a scene behind you, mike? reporter: it's a quite a scene. we're now in record territory. i should say we set the record that was back from, back in

1993. the water will crest a little higher at 22.7 feet. i can show you the spot where the levee failed, causing all the water to rush. >> downtown davenport here. you see where the orange is? that is tarp covering what is called the hesco barrier. basically filled with dirt that kept water coming through. it was temporary solution. it was holding back floodwaters 48 days. subject to rain. it got soft. the firefighters told levee was at risk. an hour later, floodwaters came pouring through. all the cars didn't get out of way. it looked like a sue sue tsunami. the bad news according to the mayor of davenport, there will not be any relief in the short term. >> reality we have to look at rain keeps flowing, flood keeps running wait to recede to make long term changes.

reporter: flood warnings, flash flood watches stretch all across the midwest. a disaster relief package worth $13.5 billion is currently hung up in the senate. it is hung up because it include aid for puerto rico. democrats and republicans can't decide how much aid should go to puerto rico. according to senator joni ernst of iowa, farms and businesses hit so hard by these floodwaters are struggling, at risk of dying. melissa? melissa: wow, mike tobin, thank you. connell: back to the numbers now. we have new numbers on the national debt. spoiler alert, things are not getting better. the congressional budget office out with its latest projection for the next 10 years. that came out late this afternoon. let's go to edward lawrence in d.c. with the details. reporter: connell, the congressional budget office showing what we all know there is massive budget deficit in 2019. cbo projecting a deficit $896 billion. one billion less than january,

because of economic growth. still the federal reserve chairman says the u.s. is on unsustainable path with spending. others sounding an alarm with this interview with our maria bartiromo at milken conference. >> i have admit i've been complaining about debt since i ran in 2009. doesn't seem to hold us back from a economic standpoint. i don't know what is different when you're reserve currency. i think you're in uncharted waters. reporter: current path federal debt would be 78% of gdp? 2019 to 90% in 2029. now 10 years away. democrats and republicans spending two trillion dollars next 10 years on infrastructure. i'm no accountant. the numbers don't add up. might have to cut spending or increase revenue. connell: edward lawrence can be an accountant. what a mess, edward. every single time we do the story. unsustainable path. still there.

melissa: we're still heading in that direction and spend being like drunken sailors. connell: that's right. melissa: a sweet booming business. how baked by melissa is serving up small cupcakes, creating a big empire. burger king taking on mcdonald's. the has food chain putting a hilarious spin on not so happy meals. have you seen this? that's next. ♪yo ... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?

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melissa: faking her way to a business empire, one entrepreneur turning her small business into an american phenomenon. yum! joining us now is founder of baked by melissa, no, not me, i wish it was, but it's not, melissa bennett. thank you so much for joining us. you have a tremendous business. your stores are all over. my kids love it. they make me stop all the time. your cupcakes are delicious. you survived the cupcake bubble. i don't know if you remember a

couple years back, this was the fad. everybody was opening a cupcake shop. nobody eats that many cupcakes. there was not enough room for all these people. you emerged as the winner. how did you do that? >> i think first and foremost we never paid attention to anyone else but what we were doing because we had an incredible opportunity and we needed to take advantage of it. we have best in class bite-sized cupcakes but really dessert and gifts. i see the cupcake as my vessel for flavor. if you have experienced baked by melissa, go to bakedbymelissa.com. orders can be shipped anywhere in the country. you will receive them perfectly fresh. everything is made entirely by hand with the most delicious ingredients that i choose my several. hershey's fudge, skippy peanut butter. the flavors are amazing. melissa: i don't want to run out of time. what gave you the idea for the teeny-tiny cupcakes? that's really what differentiates you in my mind from the others. when you go to get one of the other cupcakes it's such a big commitment. my kids are like it's too much, believe it or not.

but with these, you can get a whole bunch of different flavors, you can sample what you want and you don't feel like you have been terrible because they are tiny although i will eat this entire pack in the car on the way home probably before i get two blocks. still. >> and you can. melissa: what gave you the idea? real quick, 100 million cupcakes sold. amazing. you are currently over 50% of your total business is in e-commerce online, as you said. what gave you this idea? >> i used to eat two big-sized cupcakes every single day on my way home from work. i would try and only eat half but i could never decide on the flavor. i love dessert and i love cake. this way, you can try every flavor without feeling bad about it. everything is just around 50 calories. i created six limited edition flavors just for mother's day. you could send gifts to all the moms on your list and they will arrive perfectly fresh and they are the most moist, delicious cupcakes you are ever going to try. melissa: what was your biggest hurdle? what was the time when you felt like you couldn't keep going and you had to sort of pick yourself

up? what was your biggest problem along the way in order to inspire other people out there? >> i think that the constant change and challenge, we started the company baking every single cupcake. obviously that's not sustainable. i had to learn how to manage. i was 24 years old. then i went from doing that to overseeing all the store operations. i never worked a day in retail before. being aware of my weaknesses and being able to put people in positions where they were better than i was, and really just evolved with the company. i'm melissa of baked by melissa. that was hard for me. i can only imagine how hard it is for another founder who doesn't have a company that bears her own name, right? now i focus primarily on products and the brand. melissa: congratulations. i have been lying saying i'm baked by melissa. now everyone knows i'm not. thank you. connell: we are obsessed in our house, i have to say. melissa: we will tell you about the burger king unhappy meals

tomorrow and online. i know we teased that. we didn't get to it. i was blabbing too long. connell: priorities. although that is a funny story. a lot going on here. we will have that tomorrow. melissa: "bulls & bears" starts right now. i met virtually every world leader in my role as vice president and foreign relations chairman over the last 30 years. that's not hyperbole. >> china is going to eat our lunch? come on, man. they're not competition for us. david: not competition. former vp and 2020 contender joe biden facing a lot of harsh criticism from both republicans and democrats for drastically downplaying the economic threat to the u.s. from the world's second largest economy. hi, everybody. this is "bulls & bears." i'm david asman. joining me, carol ross, kristina partsinevelos, jonathan hoenig, gary kaltbaum and a packed show.