seriously as its pancakes. i don't know what to say. you can't take your burgers as seriously as your pancakes if you're i hop's. melissa: that does it for us. connell: "bulls & bears" starts right now. david: breaking tonight. a bloodbath for tech giants as shares tumble over reports that the government could be ramping up new antitrust probes. hi, everybody. i'm david asman. thanks for joining us. this is "bulls & bears." joining me tonight, kristina parro partsinevelos, liz peek, gary kaltbaum. these companies appear set to undergo u.s. trust investigations after the u.s. justice department and the ftc agree to split up oversight of these technology giants. this as "the washington post" is reporting amazon could also be facing antitrust scrutiny from the ftc as well.

kristina, you have been following this story. how much trouble for these giants? >> right now, this is just a green light to open an investigation. i like to preface that. we are selling a selloff but nothing at the moment is happening thus far other than the fact they can open an investigation. you mentioned the ftc. the ftc could potentially look at amazon and facebook, the doj would look at google and apple. they are splitting up which is interesting because they are now name calling, going after specific companies. you saw huge drop in facebook's price today. the news came out in the afternoon. reason being the ftc has been looking into facebook for the past year but over privacy concerns. now they are going to shift their focus and look to see whether facebook is stifling competition. david: look at that. 7.5% down today. >> a huge drop. for the other tech giants, google, this is an ongoing story. google has been fined in the eu for antitrust situation and now they are moving to the united states and google, there was one case back in 2013 but it was closed. there's a lot of missing pieces,

lot of i guess parts that can be moved but nonetheless, it really hit the tech sector. it caused the nasdaq to enter correction territory and it's a darling for a lot of portfolio managers and hedge funds because they carry tech. >> the amazing part about this, i got all the headlines right here, i would just think it was the european union doing all this, not the united states. i don't know what's going on, what gives. the antagonism that's out there at this juncture, you know, these are great success stories and you know, they say google has 75% of searches. that's because they earned those searches because that's where people go. this is not good news for them. they are definitely in the crosshairs. this will affect stock prices, this will affect shareholder wealth. most importantly, these are a huge part of the major indices, especially the nasdaq 100. that's why you saw them get whacked today. expect a lot more news going forward. hopefully the two can get together, the justice department

and these companies, and get something done. >> gary, we have been saying this for months now. the number one risk to technology is regulation. now that you know what is starting to hit the fan with disastrous consequences. look, antitrust is arbitrary, it's not objective law and as you said, it's punishing exactly those successful companies. this in my opinion really makes big cap tech which now is in correction, lost basically $100 billion of market cap today, it makes these stocks almost uninvestable, like tobacco stocks in the 1990s. david: wow. that bad? >> these are stocks to be avoided. just look at microsoft in the early 2000s. once they had the antitrust suit against them, it was 15 years before the stock went to -- >> i don't rule out the role of politics in all this. during the obama administration -- david: you cynic. >> -- we did have probes into tech but they were great defenders of the tech industry which, by the way, helped president obama get elected in

2008 and 2012. there was a very happy relationship with that which has really come asunder. by the way, not just from the right where a lot of conservatives accuse these companies of a very leftward bias, but also from people like elizabeth warren, who wants to break up tech. we are late to the party. the eu obviously has been looking into antitrust charges and other kinds of misdeeds by the big tech companies. the united states is sort of following along. i kind of agree with gary, i think this is really bad for these companies and for the united states. these are our champion companies. nonetheless, i don't think this is at all surprising. david: no. it does seem to be a concerted effort. you have a division now, the ftc and justice department have kind of divided the spoils. the ftc gets facebook, justice department has got google and alphabet. the ftc is also looking at amazon. then justice department gets apple as well. they divvied up the spoils here and it does seem, to your point,

liz, like perhaps the trump administration's trying to get ahead of the democrats. democrats won't be able to use this as an issue in the campaign if trump gets ahead of it. >> maybe. we could see bipartisan support. but i'm just going to push back for those on the panel that have said you know, these are companies, they should be rewarded for what they have done. how about the fact you have trip adviser, yelp that has issued complaints again google that they are lower in the search engine. there have been cases of manipulation. there could be more cases of them promoeting their own items like amazon. that's what they're looking into, small party businesses that have to succeed but succumb to the giant in their marketplace. what about them? >> after the assertion was against microsoft in the early 2000s, they were taking advantage of their monopoly by bundling their explorer with their operating system. it wasn't being fair. they were essentially spreading the technology we now enjoy and

use for free. this is exactly the type of punishing of these big successes and it makes them uninvestable in the sense government is splitting up companies like chum, to fine them and spit them out. how can you invest in a big cap tech company knowing government is coming after them with fangs out? >> it simply puts uncertainty into the system as well as the investors' minds. especially the institutional investors, when they have to worry about what comes next. what news event comes next. who is going to hit them next. with facebook, they are going after them on competitive issues. wait a minute, hold on. facebook beat out somebody else to get to where they are and maybe somebody else who is better than facebook will beat them out. that's what competition is about. i don't understand why you want to take down -- take a peg out and take down companies that are doing so well. i understand there are some issues in there but to do this broad investigation, it seems like they have dartboards in the rooms of these departments and

are throwing them at the big guys right now. not so sure it's a great move for the markets or the economy. >> i think that's probably true, gary, but in terms of facebook, for example, they have bought up potential rivals which you could construe as an anticompetitive behavior and which, by the way, can simply be prevented by not allowing such takeovers in the future. i think google, they showed a thing on the screen, 75% market share, actually i have seen studies saying it's more like 92% market share. i don't think that by itself is a problem. the question is -- david: you don't think big is bad necessarily? >> no. the question is have they abused that, as kristina is suggesting, by using that monopoly, 92%, pretty big number, to basically favor their own ad streams and so forth. david: sometimes when i listen to democrats talk about these companies, i hear this envy, the politics of envy going on, the politics of it's not fair for them to have such a big, no matter how much effort they put into making themselves big, it's somehow just not fair by the

nature of bigness. [ speaking simultaneously ] david: because it is political. political all over the place. >> i don't think it needs to be like that. we just need to know if we are being manipulated or not. i don't care if it's right or left. i just want to know if i'm being taken advantage of online. david: everything is political in this season. you may not like it but that's the way it is. the president getting the royal treatment on the first day of his official three-day state visit to the uk as a major protest against him is planned for tomorrow. we will get a live report from london, right after this. all money managers might seem the same, 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. thanksno problem.. -you're welcome. this is the durabed of the all new chevy silverado. it looks real sturdy. -the bed is huge. it has available led cargo area lighting. lights up the entire bed. it even offers a built in 120 volt outlet. wow. plug that in for me. whoa! -holy smokes! -oh wow! and the all new silverado has more trim levels than any other pickup. whoa! oh wow! -very cool. there's something for all of us. absolutely. it's time to upgrade. (laughter)

you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves all your worst symptoms, including nasal congestion, which most pills don't. and all from a gentle mist you can barely feel. flonase sensimist. you can barely feel. back then, we checked our zero times a day. times change. eyes haven't. that's why there's ocuvite. screen light... sunlight... longer hours... eyes today are stressed! but ocuvite has vital nutrients to help protect them. ocuvite. eye nutrition for today. you can earn $100 off your deductiblee, for every year of safe driving? sing that. ♪ vanishing deductible, you can... ♪ ♪ earn $100...

♪ earn $100 off... ♪ off your deductible. ♪ deductible. ♪ for every year of safe driving. ♪ ♪ for every-- for every-- ♪ ♪ for every year of safe driving. ♪ what are you-- what key are you in? "e." no, no, go to "g." "g" will be too high. not for me. ♪ vanishing deductible. oh, gosh. sweet, sweet.

david: president trump and the first lady attending a state banquet at buckingham palace this evening on their first day of an overseas trip which is going to culminate with a trip to normandy. amidst all the friendly pageantry there is political turmoil in britain over brexit and other things and very mixed feelings towards president trump. let's head straight to edward lawrence in london with the very latest. hi, edward. reporter: hi, david. yeah, mixed feelings but not a lot of protests today. we saw some big signs but there

really weren't those protesters that they were expecting. however, tomorrow we are expecting a little bit larger presence from protesters. a little color from the banquet tonight. this is in the main ballroom in buckingham palace, the largest room there. it's a table that's 75 feet long in a horseshoe shape. the president is sitting in the middle next to queen elizabeth. the dishes set forth was commissioned by george iv. there are 4,000 pieces on the table, that includes 288 dinner plates, 107candelabras. they are serving windsor lamb with herb stuffing. the president talked about the enduring bond between the two countries. the foreign secretary says this is a celebration of how close the u.s. and the united kingdom has come over the past decades. >> when you look at the state of the world today, and you look at an increasingly autocratic china, an aggressive russia, the

world actually wants the uk and the u.s. to be friends, to be working together. that's what we're doing and that's what we're celebrating on this visit. reporter: earlier today, the president participated in a number of royal functions. he inspected the royal guard of honor. he broke with tradition during that and started talking with the guardsmen. later, the queen showed the president a variety of artifacts from the royal collection, including a colored engraved portrait of george washington by an english engraver william nutter and a picture of king edward viii playing golf at historic st. andrew's among other items. this was a day of pomp and circumstance, as i said, not protest. the signs were in some cases larger than the protesting group. again, the mayor of london has approved the blimp that mocks president donald trump, a larger blimp than last year, to fly tomorrow. we are expecting in four cities in the united kingdom that there will be protests against this president. back to you. david: we knew they were coming. edward, thank you very much. let's bring in steve hilton,

former senior adviser to prime minister david cameron and host of fox news channel's "the next revolution." you have the wonderful greeting by the queen of the president and the royal family with a couple of people absent, but then you have the protests. which is the dominant feature? the welcoming he received or the protests? >> it's both the welcoming and also president trump's attitude to this visit. the really big contrast is with the previous administration here. i think what president trump has done is made this special relationship that we talk about so often, he's made it special again because i remember very clearly when i was in ten downing street working for prime minister cameron, president obama was in the white house and he didn't consider the relationship special at all. he prioritized the relationship with the eu, even with germany, and in fact, when these visits were planned then, there was a lot of diplomatic back and forth literally to avoid the question coming up about whether obama would even use the word special relationship. david: did your boss, david

cameron, was he upset about that, that president obama put the eu above his relationship with the uk? >> well, he had to deal with it as a reality and therefore, the way that was handled was that they wouldn't even talk about it. they would -- traditionally, there's this back and forth between the teams for either side that says will the president use the words special relationship, honestly, they discussed that. they planned that. now, because it was very clear that president obama would not use those words, the british side didn't even ask in order that there wouldn't be a humiliating rebuff. >> this is a really nice remind tha er that things have not always been perfect between the uk and the u.s. we have been fed a daily dose of how much the uk detests president trump in anticipation of this visit of his. i guess the question is, during this time, are we going to get a further reminder of how actually the problems, the brexit problem and the challenges in front of

the uk right now could really work to cement this relationship? is there a possibility that this whole visit turns out to be a tremendous win not just for the uk but also for the u.s.? >> well, it should be. president trump is certainly making that clear. most impressive is the way that despite these protests, despite the incredibly ungracious welcome, if you can call it that, from the mayor of london city, who basically attacked him in a newspaper article over the weekend, despite all that he's still out there saying i love this country, i want to be a great friend to the uk. i think once the current political turmoil is resolved, you elect a new leader of the conservative party, that person will become prime minister, they have to go back to the eu before halloween, when we know what happens with brexit. it's only at that point you can start to have a conversation about a real trade deal because the eu rules mean that you can't do it until then. >> this is gary kaltbaum. i wanted to ask about the mayor

of london. he's kind of reminding me of newman from "seinfeld" or frank burns from "m.a.s.h." seems to be a troublemaker. here you have the president going to solidify a relationship and all he does is go after him in a big way. what gives with this guy? >> i think the most important thing to remember is he is running for re-election in a very left wing city and he's pandering to his left wing base. that's what this is all about. trump derangement syndrome, if you like, isn't exclusively a u.s. phenomenon. i think the best comparison was actually made by president trump in the tweets he sent out just before arriving, comparing him to bill de blasio, because actually -- david: but smaller. >> that is the point. but seriously, despite the fact he's still there and probably will be re-elected because it's such a left wing city, he's seen as a failure as a mayor. >> his ratings are terrible

right now. >> particularly on the issue of crime which the president has highlighted. one more thing. he's out there saying we shouldn't roll out the red carpet for him. he's also on record, this mayor of london, saying we should welcome, the uk should welcome louis farrakhan. that's who you're dealing with. >> i will interject and try to bring it back to business. we actually spoke about this earlier. thement is s president is set t with outgoing prime minister theresa may to talk trade and brexit. he is encouraging a no-deal on brexit. here's what he had to say before leaving for the uk. >> you know they want to do trade with the united states and i think there's an opportunity for a very big trade deal at some point in the near future, and we'll see how that works out. our country is doing incredibly well. our businesses are doing well. >> steve, what do you make of that comment, hard brexit, no

deal? >> well, that's my position. i was there actually campaigning for brexit back in 2016. i have always had the view that actually, this shouldn't even be an issue because the hard brexit as it's described is really the only real brexit. >> what about all the companies, the investments, i know the health minister comments on just the cost of drugs and the entire health care system and that that will be bombarded with higher costs. >> really interesting story in that. one of the biggest manufacturing employees in the uk, airbus, there's a story that was put out a couple months ago in advance of the previous argument when it was coming to the deadline and there were arguments about what kind of brexit votes in parliament as part of the lobbying process, the remain side, the people who are against brexit, said that airbus would leave the uk if there was a hard brexit. what did we get last week i think it was? the ceo of airbus saying we are going to stay here whatever happens with brexit, whatever kind of brexit, because we know the skills are there and so on.

i think in the end, the real point about all of this is that it's not so much the nature of brexit that will make the difference in terms of jobs and industry and so on. it's the policies that the british government pursues with the newfound freedom that it has outside the eu. if it follows basically president trump's lead, cuts taxes, cuts corporate tax, cuts regulations, then the uk can thrive outside the eu. david: bringing it full circle is the fact that from where you started, now that we have this -- they have this break with the rest of europe, they are going to need this special relationship with the united states economically. >> that's exactly right. i think that's why whatever the protests, whatever you get from the mayor of london which is a position without any real power anyway, i think certainly the conservative side of the political fence understands that and will, you know, you don't get any points in uk politics

for cozying up to donald trump, i'm afraid. that's just the reality. but they also know that alienating the president is really going to be bad for the uk national interests. i think they understand that very well. david: jonathan, go ahead. >> very briefly, we are friendly with england. the president has talked about wanting to make a trade deal. why not have just simply no tariffs and free trade between these two friendly countries? why do we need a specific trade deal? what benefit does that serve? >> i think the key word there is the word president trump uses a lot, reciprocity. that would also apply to the u.s. i think there are certain lobbies and constituencies in the u.s. that quite like certain types of tariffs on certain industries. that's something you would have to wrestle with. i think that noble aim is certainly one we should pursue but in the end, when you get to industry by industry, it gets a little tricky. david: steve hilton, great stuff. thank you. please come see us again.

are president trump's latest round of tariffs the best way to start immigration negotiations with mexico? the former ambassador to mexico is here, next. >> mexico's making hundreds of millions of dollars for many, many years. everyone's coming through mexico. including drugs, including human trafficking. we are going to stop it. we're not going to do business and that's going to be it. it's very simple. hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem... like me. ♪

my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. side effects include nausea, diarrhea, vomiting, belly pain

and decreased appetite, which lead to dehydration and may worsen kidney problems. i have it within me to lower my a1c. ask your doctor about trulicity.

david: president trump is holding tough to his threat to impose tariffs on mexico unless they help us slow down that flood of immigrants coming mostly from central america. the president tweeting out today as a sign of good faith, mexico should immediately stop the flow of people and drugs through their country and to our southern border. they can do it if they want. but would the imposition of tariffs make matters better or worse? we welcome a man who served as

u.s. ambassador both to mexico and to honduras, john negroponte. good to see you, ambassador. what do you think of using tariffs to force mexico's hand on immigration? >> apart from the fact that i don't think it's very good economics, i don't think it will necessarily have any effect. it's sort of apples and oranges. besides, i think rather than taking punitive measures, i think the problem of immigration south of mexico's border between guatemala and mexico is an area in which the united states and mexico could cooperate. we could work together to help solve the problems in the northern tier of central america. i see it as an area of potential cooperation, not one of confrontation. >> i am a little bit more confused about how they came to this conclusion because you had the white house acting chief mick mulvaney who commented to reporters saying if -- what it would take to remove tariffs and

he said it would be ad hoc. i feel like there's a lot of confusion on how they will go forward. my question is specifically can mexico, do they have the power to actually do this, to stop these immigrants going forward? do they have the capability? >> it's certainly hard to stop people from wanting to come northward. could they do more on their border, they probably -- on the border with guatemala, they probably could, although it's a pretty rough terrain down there so people do manage to get by. yeah, i'm sure they could do some more things. but it's proven to be difficult over the years. just like it has been difficult for us, much more sophisticated and wealthy state, to prevent illegal migration across our own borders. >> ambassador, you mentioned we could instead be cooperating with mexico in trying to stem the flood of refugees. but haven't we been doing that? haven't we been working with honduras and guatemala, providing aid to those countries

and so forth? nothing seems to have mattered and increasingly, the press is saying you cannot stem the flow. so the question is, what can mexico do in its own country to actually keep people from applying to asylum here in the united states, keep them on their side of the border? i think that's what trump wants. >> i think one thing they could do is agree to process -- hold people in their own country to process them before they come to the united states. i think there's a fundamental structural problem here whereby people can reach our border, then they are entitled to apply for asylum, then they get, the children get released into the country, then they may or may not reappear for asylum hearings. it's a totally screwed up mess. but to come back to the question of the border, with central america, yes, many things have been tried, but conditions have gotten worse. the violence has gotten worse, the gangs have gotten worse. i think we really need some kind

of overall plan to deal with the reconstruction of that northern tier of central america and on that, i think the u.s. and mexico can work together with other countries as well and perhaps with the international financial institutions such as the world bank and the interamerican development bank. we need a strategic plan to deal with the abysmal conditions in central america. it shouldn't be that hard. there are not that many people in that part of the world. >> ambassador, thank you for being with us. it's jonathan hoenig. you mentioned the economic impact. i saw one study that said these tariffs could add about $1500 to the cost of an imported chevy silverado truck. is that what's bothering you, the potential for higher prices when the tariffs do start to hit american consumers? >> well, i think that was if the tariffs went all the way up to 25%, if i remember correctly. but whatever the case, look, i'm just in the school that was

educated that tariff wars are not necessarily a good thing. i remember when i was working for ronald reagan and colin powell asked me to brief him on the fact that he was going to sign the u.s.-canada free trade agreement that day, they were going to do it by video teleconference with prime minister mulroney and i started to brief president reagan. he interrupted me, said you don't need to tell me about the virtues of free trade. i remember the smoot-hawley tariffs. >> great. >> i remember the smoot-hawley tariff, too, through the history books. >> ambassador, i'm going to switch gears a little bit. you had president trump also tweeting about the situation in venezuela today saying russia has informed us that they have removed most of their people from venezuela. i want to get your take on this. do you believe that russians are cutting their ties completely with maduro? what do you think the reasoning was for all that? >> well, i think we are maybe rushing to conclusions here. we had this one story in the

"wall street journal" and i think also a tweet from the president but on the other hand, we've got both the venezuelans and the russians in spanish language publications have been denying that there's been any such reduction. i think we better wait and see what happens. it would be inconceivable to me or very hard to imagine that russia would want to somehow diminish its ties with the maduro regime. they have propped it up, saved it and it's the leverage that they've got for continued influence in the country of venezuela. >> ambassador, this is gary kaltbaum. thanks for being here. about four to six weeks ago, we thought the end was there for maduro, that he was gone, and that out of nowhere, he's staying and supposedly russia talked him into staying. what gives? you have a country that is absolutely destroyed, hope is all gone, yet he's still there. it makes no sense. >> well, you remember zimbabwe.

you remember noriega in panama. cruel dictators can stay in office for a long period of time, well, well beyond their sell-by date, if you will. i think that's what's happening here. you have this guy hanging on and the longer he hangs on, the fewer places he has to go. he's not going to be safe anywhere else. david: one more question about mexico and central america. you now have the honduran president being targeted by the dea for being a drug dealer, drug trafficker himself. that's the charge. you also have the southern part of mexico, parts of it virtually controlled by the drug cartels. how, even if mexico wanted to, how could they get control of a part of their country that's been taken over? >> yeah. well, it's just, you just mentioned another layer of complexity in what is a very difficult situation. the question you ask sort of belies the assertion that

somehow mexico could stop this overnight. it's going to take time. i'm sure they can do much more, but it's not going to happen from one day to the next. david: ambassador negroponte, great to see you. thank you for being with us. appreciate it. joe biden under fire for skipping an event in san francisco, but wait until you see how the crowd treated moderates like him. was he taking a pass for the right move for the current front-runner? >> some democrats in washington believe the only changes we can get are tweaks and nudges, but our country is in a time of crisis. the time for small ideas is over. i'm working to keep the fire going

for another 150 years. ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature.

♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ they feel like they have to drink a lot of water. patients that i see that complain about dry mouth, medications seem to be the number one cause for dry mouth. dry mouth can cause increased cavities, bad breath, oral irritation. i like to recommend biotene. biotene has a full array of products that replenishes the moisture in your mouth. biotene definitely works. it makes patients so much happier. the doctor's office might mejust for a shot.o but why go back there when you can stay home with neulasta® onpro? strong chemo can put you at risk of serious infection. in a key study neulasta® reduced the risk of infection from 17% to 1%

a 94% decrease. neulasta® onpro is designed to deliver neulasta® the day after chemo and is used by most patients today. neulasta® is for certain cancer patients receiving strong chemotherapy. do not take neulasta® if you're allergic to it or neupogen (filgrastim). an incomplete dose could increase infection risk. ruptured spleen, sometimes fatal as well as serious lung problems allergic reactions, kidney injuries and capillary leak syndrome have occurred. report abdominal or shoulder tip pain, trouble breathing or allergic reactions to your doctor right away. in patients with sickle cell disorders, serious, sometimes fatal crises can occur. the most common side effect is bone and muscle ache. if you'd rather be home ask your doctor about neulasta® onpro. pay no more than $5 per dose with copay card.

let me be clear. if we want to beat donald trump and achieve big progressive goals, socialism is not the answer.

i was re-elected, medicare for all may sound good but it's actually not good policy, nor is it good politics. i'm telling you. [ audience members booing ] david: the boos went on for about a minute. the democrat divide deepens. 2020 candidates, former colorado governor john hickenlooper and former maryland congressman john delaney booed for denouncing socialism by their own party while speaking at a san francisco democrat convention. congresswoman alexandria ocasio-cortez had to chime in. she tweeted her response, telling delaney thank you but please sashay away. 14 candidates took the stage with many of them calling out former vice president joe biden for skipping the event entirely, but given the backlash against those moderates, was biden's absence really a smart move? what do you think? >> he's got to show up and say it, say it as these other candidates that these very brave

candidates said, socialism is degenerate filth. socialism is wealth destroying. it kills people. this is a great opportunity i think for democrats to look rational. say what you want about the president, we talked about it perhaps with howard schultz, he's seemingly moved to the side. a democrat who doesn't look socialist, who doesn't look crazy, who looks pro-american, i think is a real opportunity to shine here, despite what this california audience did in booing those who denounced socialism. pathetic. >> well, we have a new bumper sticker. socialism is degenerate filth. david: won't fit on that bumper sticker. >> you have to forgive those people, that's tax-a phornia over there. the biggest problem they have is i don't think jfk could stand up there and say i want to lower taxes without getting booed. look, i don't know what's in these people's heads. i want these moderates to go up there and yell and scream about how bad socialism is but

unfortunately, in that party, the loudest voices seem to be in there. the good news i think for the party is that biden's still up by 19 but we are a long way away. >> actually, that's an interesting point, gary. his polling has actually gotten better over the last month even as he has been called out for being all but invisible. my take is, if he had shown up at this thing we would have clips of him being booed and basically demonized by his party. that doesn't do him any good. he's winning by sort of staying above the fray. if he had a bumper sticker, that's his bumper sticker, above the fray. let all these other guys go at each other, come up with all these lunatic proposals. by the way, doing this in california was hilarious because california is a mess. san francisco's a mess. it's sort of embracing all the policies all these candidates that showed up there want to now impose on the rest of the nation. i say good for joe biden. he made the right choice. >> he doesn't have to weigh in on the whole socialism debate.

>> totally. >> are yyou are very accurate w that. he chose to go to a 50th anniversary in ohio. there was a reasoning behind that. i think if we were go back to your definition of socialism and then that's where you get the discrepancies, you have people that define it differently. maybe joe biden is just trying to distance himself away from a word that is not perceived in positive light from a lot of people but the younger generation seems to view it as something a little bit different. we have talked about this, many times. i know you are going to weigh in. you are dying to get your comment in but really, it's just the definition. i think it's smart if you don't agree necessarily with that, just distance yourself from it. david: california is granted, it has a lot of crazy things going on like a homeless situation that's causing typhoid fever, things like that. it's nuts. but at the same time, can these democratic candidates, can the moderates afford to just dismiss it as what you said it was,

jonathan? >> the democrats who speak out against socialism are getting booed. they are getting booed. >> at one event. >> socialism has been embraced by the democratic party part and parcel. i think there's an opportunity there to move to the middle but you just don't see it from the average democrat who seems to, as gary talked about, be embracing these extremely leftist policies that even a decade ago would have literally be seen as out to lunch. >> i would disagree with that just based off of even the midterms in general. most people that go to the polls, you have a lot of moderates. people, yes, we talk about it on tv, we are always debating the right and the left, but most often, people do see some value on both sides, they go to the polls for that. so yeah, you can say they booed in california but that's a small faction, that's not representative of the entire country. david: one thing i know for certain is we are going to have plenty of time to talk about this again. american manufacturers facing the toughest month in almost a decade. how do we turn things around?

the national association of manufacturers ceo and president is here next. back then, we checked our zero times a day. times change. eyes haven't. that's why there's ocuvite. screen light... sunlight... longer hours... eyes today are stressed! but ocuvite has vital nutrients to help protect them. ocuvite. eye nutrition for today. dear tech, let's talk. you blaze trails...

but you have the power to do so much more. let's not just develop apps, let's develop apps that help save lives. let's make open source software the standard. let's create new plastics that are highly recyclable. it's going to take input from everyone. so let's do it all, together. ♪ ♪ let's expect more from technology. let's put smart to work. ♪ ♪ it's been a long time since andrew dusted off his dancing shoes. luckily denture breath will be the least of his worries. because he uses polident 4 in 1 cleaning system to kill 99.99% of odor causing bacteria. polident. clean. fresh. and confident. of odor causing bacteria. at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys.

there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond.

david: u.s. manufacturing is slowing down a bit and bracing

for more tariffs. national association of manufacturers president and ceo jay timmons joins us now. great to see you. you represent a lot of people, 14,000 american manufacturers. how are the current tariffs and the threat of tariffs to mexico perceived by your members? >> yeah. actually, i would also say that we represent over 12.5 million manufacturing workers, six million of those directly related to trade, two million are related to the nafta north american relationship that we have. i have to say, look, nobody likes tariffs. tariffs are never good. so we were a little taken off guard last week when there was a conflation of immigration and trade and tariffs. we kind of looked at that as a molotov cocktail, if you will, of policy. we didn't think it was particularly very helpful to the discussion on trade. >> certainly the numbers that indicate some slowing in manufacturing predate the latest conversation about tariffs. what is it that has caused this

kind of hiccup, if you will, because we were seeing pretty good numbers, pretty good increases in manufacturing employment except until at the last eight weeks. what was that all about? was it inventory adjustment? do you see it coming back? what are you thinking? >> look, i think that's a good term for it. hiccup. we are still growing. it's still in the growth territory, just not growing as fast as it was over the last couple of years. part of the growth was the very rapid expansion was because of the very helpful tools that we were given, tax reform, regulatory certainty. now we are looking at the possibility of increasing costs for manufacturing because of tariffs, whether that's china or whether it's these new tariffs that have been announced for mexico. right as we are getting ready to hopefully approve the usmca trade agreement which would be extraordinarily helpful to the long term prospects for manufacturing in the north america region. >> given your past experience with all this, do you think going forward we could predict

another lower number, because people, manufacturers are going to reduce capital spending given all this uncertainty and that will in turn, or companies will reduce capital spending and in turn, affect manufacturers and jobs, et cetera? >> look, i think that you have to look at the global economy and -- >> it's weaker. >> correct. and sending -- there are some yellow flags we have to look at. manufacturers aren't just going to look at things through rose-colored glasses. they are going to look at the entire global economy, if you will. china is slowing down significantly. even europe is slowing down. we have to take that into account. the american market is still strong. but we react to other markets around the world. and china is a big driver of that as we all know. >> jay, gary kaltbaum. my main concern is that we have been told for a year now that these tariffs were nothing more than tactics by the president. but for me, it seems like it's becoming somewhat of an addiction in that we are hearing

that they were even thinking about targeting somebody like australia. do you get to talk to the administration and are you basically in their ear telling them that there's a bunch of people in businesses with $350 billion of products that cannot plan for the next few months because they don't know what the tariff's going to be? >> you exactly hit it on the head, gary. it's hard to plan when we don't know what our cost structure's going to look like. so with china, for instance, we understand the administration has been very clear that this is a strategic positioning to re-align the relationship with china so that we can do things like protect our intellectual property, that we can get rid of counterfeiting of our products and other quite frankly, pretty poor trade practices that we have seen from china. this mexico situation is very different. it feels very different. it obviously looks very different because you are now mixing a policy issue which, by the way, the president is

rightly frustrated about and the american people are rightly frustrated about. but this is a problem for our congress to deal with. it needs to deal with it very soon. we actually have a plan which you all have probably seen called a way forward. we think that it's very important that congress looks at immigration reform comprehensively and gets on the stick, quite frankly. david: won't happen before the election. >> it's jonathan hoenig. thank you for being with us. when manufacturers complain about the tariffs, oftentimes the administration will say look, just manufacture things here and you will avoid that tariff. what's your response to that? aren't you essentially still hurt because a lot of manufacturers even who do manufacture here import the goods that they do manufacture from foreign countries like china? >> yeah, there's no question about that. by the way, you know, there's an imbalance in some of these tariffs. for instance, we have one company who manufactures here in the united states but they have

component parts that they have to import. those are tariffed. but the final product that a chinese manufacturer makes has no tariff. so that's an automatic imbalance that we've got to deal with. you're exactly right. you can't plan, you can't plan and you can't make investment decisions if you don't know what the cost structure's going to be from one month to another. david: jay timmons, thank you very much. by the way, we should mention, 500,000 new manufacturing jobs president obama said would be gone forever, that's since president trump has been in office, so there is a good news story here as well. great to see you. please come back. >> good news and by the way, we still have 500,000 jobs that are open in manufacturing we are trying to fill. david: there you go. it's a great news story. the trump administration just making a major change to visa application requirements. liberals are going wild saying it violates immigrants' rights. does it go too far? details coming next. from fidelity. a visual snapshot of your investments. key portfolio events.

all in one place. because when it's decision time... you need decision tech. only from fidelity.

you need decision tech. hey, who are you? oh, hey jeff, i'm a car thief... what?!

i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem... like me. ♪

. david: that does it for "bulls and bears." thanks for watching. we'll see you next time. liz: president trump and the first lady departing buckingham prince william and the duchess of cambridge were there. the president attended not as a private citizen, the three-day state visit. he's there to commemorate d day. he's representing american families. the president was met with insults from london's mayor. i'm elizabeth mcdonald. "the evening edit" srt