"strange inheritance." and remember, you can't take it with you. ♪ ♪monday night. maria bartiromo's wall street is next. maria: happy weekend everyone. welcome to the program that analyzes the week that was an helps position you for the week ahead. i am maria bartiromo. what a week it was!in a few moments, former federal reserve chairman allen greenspan is my special guest this weekend. we're going to talk about the economy and this week that was wild in terms of the stock market. also ahead, we will talk with not one but two golf superstars this weekend. brooks kept a and rory mcllroy, coming up right here. but first the dow halting is losing streak but not before a

massive slide monday of more than 700 points. while markets were certainly impacted by new china trade tensions, many still talking about concerns over an economic slowdown where do we go from here? join me now the former chairman of the federal reserve, who oversaw the long expansion, except for the one we are in right now. the chairman, allen greenspan is with me. doctor greenspan, always a pleasure to have you, thank you for being here. >> a pleasure to be here. >> the week that was, wild swings in the stock market over the u.s. calling china a currency manipulative over this impasse between the u.s. and china and of course come over worries of a slowdown as the federal reserve is lowering interest rates how would you assess what we just saw this week in the stock market? >> i think it is predominantly tariffs. between china and the united states and similar,

irreconcilable differences. and that is causing a high degree of general global instability anything is reflecting obviously in the american markets. >> now we have a tariff fight. a lot of people are wondering, worried that tariffs going into the holiday season are going to zap economic growth. we saw you know, 3.1 percent growth in the first quarter, 2.1 percent growth so far in the second quarter. how worried are you that this tariff fight will impact economic growth and how would you characterize the economy today doctor greenspan? >> let's first remember, the tariff wars do not have -- there people that lose less than others and they are declared the winner. tariffs mean that you increase the cost to your own population. and you can only do that, you

can't do that without contracting your economy. and this debate that's going on, we are essentially in a tariff war. it is major for us which is creating on settlement. it's very important for us to understand that there may be seeming winners and losers but when you look at the data, everyone who is involved in the tariff war, loses. because it is a charge on, it is a tax and tax withdraws income from an economy. maria: are you expecting the economy to slow down further? >>yes , because the entitlement issue is creating major withdrawal of gross domestic savings from our society which

creates slowing capitol investment which in turn, creates slowing and productivity growth and i see no change in that pattern so i am not exactly optimistic about what's going on. >> meanwhile we took eventually and dollar deficits. i know it is very important to but the markets do not seem to worry about the fact that you're talking about a $22 trillion debt and trillion dollar deficits for years out as far as you can see. doctor greenspan, give us your sense of the worry here. >> i think it is wishful thinking. long-term data shows that unit money supply, basically is a determinant of the extent of inflation in this economy. and when you are working in the type of context in which we are working, unit money supply tells us down the road

eventually price inflation will take hold. there is no evidence of it immediately obviously it was short run it's not the case. maria: right. >> it is very difficult to see how you can continually produce large deficits, federal deficits without creating an increase in inflation. maria: before yougo but , you w op-ed -- about an independent federal reserve and why it is so important. i know there's a lot of conversation about the way the president coaxed the fed but haven't we seen this before? have we seen other presidents as far back as lbj tried to get the federal reserve to do what they want to do? i guess president trump's comments are much louder because there is twitter now. there was not twitter back

then. >> i don't think it makes any difference. in other words, i remember. i was almost 20 years. and i remember a president that did not like low interest rates. maria: exactly! >> you just have to remember, they have, they can say what they wish but you are legally determined to do what you can do. maria: doctor greenspan, a pleasure to see you. thank you for joining me this weekend. rex my pleasure. maria: doctor allen greenspan. don't go anywhere, brooks koepka is next. hi surfer dude, what's up?

i see you looking at me. take those earbuds out of your ears, and come talk to me. i'm the big see. what is the big see? i'm here to tell you about skin cancer. hello! did you know your risk for melanoma doubles if you've had more than 5 sunburns? no. no. listen, mirrors don't lie. and more than 2 people die from skin cancer every hour. oh man. that's terrible. if we see something new, changing or unusual, that could be skin cancer. is there skin cancer on me right now? i'm not a dermatologist, but do you know who is? who? your dermatologist! come closer. that tiny spot on your nose could be the end of you. you guys checking yourselves out in the mirror right now- that could be skin cancer. the good news is, if you catch it early enough, you can be a-ok. you gotta get checked, girl! do i? yes! everybody has to get checked! see the big see today. maria: welcome back!

the best and the brightest of the golf world in jersey city, new jersey this weekend. the northern trust tournament for the first leg of the fedex cup playoffs for the pga tour. it is happening now. tiger woods may still be the top drawer, the man to beat at the moment is brooks koepka. the worlds number one golfer. he finished number in the fedex cup and world cup standings earning a $2 million bonus in the inaugural wyndham rewards top 10. i caught up with him at liberty national golf club where the big tournament takes place. >> on a good run right now. you know kind of one of the things that you do not want it to end. eventually it is going to. but you know, i am enjoying the moment, enjoying where i'm at and trying to make an impact and it's been a lot of fun.

maria: had to stay there, tell me that? is partly mental and partly physical but how do you stay number one? what's going through your head now? >> when i first became number one is more about i just wanted to stay there. that was the goal to stay there. then i lost it and got it back again. ever since i got it back is been one of those things were not trying to push too hard, not trying to put too much pressure on yourself. you can get consumed with it and that's what i did in the beginning. now it is just relaxing to play, still the same game i played for 25 years now. nothing has changed, put the ball in the hole. maria: is there something that you know that others don't? you are a champion so when you go out to you know your among the best in the world, hands down. you got others around you but what are you thinking about? >> i'm not thinking of anything. just go out there and win. go play the best every day the best i can for that week. even if it comes up short, it comes up short.

nothing can be disappointed and if you give it your all. maria: has the game changed? you've knew a social game on tv, social media, technology, tell me how the game has changed from your standpoint? >> it's crazy, there's much technology. i don't even know how it works you can break down into just about anything from you start looking at half of a degree here and half of a degree there, the ball is going b,300 in his b,15 off-line. it can get very complicated and get obsessed with it. i am the kind of person where i see the numbers, all the technology involved in and i kind of get consumed by it instead of letting it come naturally. maria: for looking up at the pressure on yourself. you always it is just golf. you got here and what is important is you feeling relaxed. >> is just a game at the end of the day. we are still having fun i'm still having as much fun as i

did as a five yo kid, 10-year-old kid not making any money, not playing for a major championship. it is still a game for me. maria: and you grew up with it. >> yeah, that's what makes it fun. i grew up playing with my family and i was a, you start competing against guys a little older than you, guys your age. then you get here and it becomes very real. maria: here we are at the beginning of the playoffs. you say winning major events championships, is easier than regular events? >> yeah, i think so. i think guys put a little too much pressure on themselves. you figure there are hundred 50 guys, a lot of them just, they just won't win. mentally some just are not strong enough and from there you have a few that will play good. you only have to beat a certain amount of guys. guys just mentally get in their own way a lot of times. maria: to your most recent huge win. a huge amount of opportunity comes your way with that. endorsements, how do you decide? >> obviously tried to partner up with brands that come and go along the same viewpoint that i

have. it's fun, we get to meet so many different people, golf is a game everyone loves to play. you get them out on the golf course or five hours and really get to know somebody. it's been fun dealing with sponsors and dealing with different partnerships. and meeting a bunch of people. maria: golf has become really big business. i know it didn't just happen that way but it happened over several years. do you feel it as a player? do you feel it is the number one? >> yeah, a little bit.your certain obligations, you have to stick to and it is fun. each year it seems to grow and grow as far as who you can meet, who you can bring into the game and that's what i think everybody loves about the game. you see a lot of athletes even when they are done player they want to come and play golf. maria: is funny because there from other sports but really love golf. >> yes, we watch them all the time then they end up watching us. all they want to do, some are just golf junkies.

maria: you feel you didn't get treated respectfully by the media. you cannot get your due by the media. >> i did feel at that. a couple of guys that haven't done what i've done, the dollar bill, mount rushmore, it doesn't matter, i get it, i get i am not smiling all the time not the most personal on the golf course. you know, it is one of those things where, it's my work. i'm going out there to not please anybody. on the golf course i'm just going to take care of business and i'm sure a lot of people -- they might enjoy their jobs but at the same time when they are grinding on a computer they may not be smiling. that's basically what i'm doing out here. maria: by the way, that's why you're winning! >> yes, i'm focused. maria: you didn't do an equipment deal. tell me why?>> i just wanted to play with everything i've got right now in the bag. it's nice to keep your options open. it's nice to have you know, if some company comes out with a

new driver, a new ball, new wedges, and the like that, i have the opportunity to go test it and see if it will make my game better. maria: the next what, five months? really important to you, how do you prepare? >> yeah, i mean obviously, these few weeks will be important. then from there it's just you know, i'm happy where i'm at. i feel like everything has worked out well, i think that's why i've had so much success the past few years. beingable to kind of pick and choose what i like to do or, hopefully it stays that way. maria: my thanks to brooks koepka. don't go anywhere, rory mcilroy joins me next.

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♪music time and time again, you know when i'm doing street magic..i'll walk up to someone and i can just see they're against me right? they don't want to be amazed. they don't want this experience to happen. but then the magic happens. ♪can we be there? and all of that falls away. ♪oh, just think of the time ♪i know that some will say come on man! ♪it matters a little babe. stunned. i believe in magic. it's the experience of waking up and seeing things the way you saw them before they became ordinary. ♪i needed to try (amazement & laughter) ♪i needed to fall that's the goal. i'm looking for that experience of wonder. ♪i need never get old maria: welcome back!

for over a decade, rory mcilroy is being among the golf. three major titles by the age of 25. i caught up with rory in jersey city. the first leg of the fedex cup playoffs. >> people don't think of golf and think of playoffs, right? you know, we've had i think 43 events in the regular season and then, you know, your season is really determined by the last three events. you know a group of points and people plan for the you know, the big pot of gold at the end. i think, we are going into three-week structure. obviously this week it is important but i sort of see it as a three-week golf tournament. >> you need to reassess some of the major tournaments versus just any events. tell me how you see the

difference? >> i've played well every week pretty much but the major, a little disappointed for me. i try to treat them like a really vapid i try to treat them the same but they are not, there is a spotlight on the tournament, there is a little more fracture, this set up a little bit differently. i try to treat it like i would any other event but i just, i didn't, i just didn't get it right. i've had success in the majors before and i played well. it's just a matter of finding the balance between intensity and a little bit of you know, a relaxed focus i guess. i did not do quite as a good job with that this year so i just have to try and do a little bit better. maria: i can understand the analysis. you want to be last, you want to go into it as this is just what i do and not have pressure that is more important than anything else.then you see

the crowds and the prize and lights are on and cameras rolling. maybe that gets in your head. >> a little bit. i think it's between trying to treat like any other week and then you know, you're trying to kid yourself that is something it's not. so i guess that was really my thing. i need to treat these events as what they are you know huge golf tournaments that mean a great deal to me. maria: has golf changed? there's technology, there's a broader acceptance, a broader number of people, young people. tell me what goes into that in terms of the change and how it evolved from your standpoint. >> havens is a start to play, i would like to think golf has become more inclusive. clubs, younger people getting in. you know more accessible, you do not have to you know hopefully you do not have to earn a lot of money to be able to play the game anymore. i come from a part of the world

where we have a lot of public golf courses. golf is just as accessible as any other sport.i think it's a bigger business, people realize the technology, everything that's going around it. everything is just become that big bigger. with social media and exposure, more people want to be involved. maria: is sure is a big business. your goal this endorsement opportunity tell me the brand that rory mcilroy really is? >> i think when i think of my brand, irc want to be as authentic to myself as possible. i do not want to crater brand that's not really me. we seen in the past and people have tried to you know put forward this image that is not may be quite them. and of always tried, i want to be me. maria: based on audience levels, what you're seeing in terms of the interest in golf

how do you characterize that? is an indication of the economy, the popularity of golf, what can you tell us? >> yes so, you know, i think is so different. you can some of the other major sports in this country, football, baseball, basketball. you know, if you like golf is, is the only sport where you know, just as many people play golf as they do watch it. not a lot of people play football. they love watching it but they do not play it. i think we have a wonderful opportunity that you know, people watch our game also play. and they're interested in how we do things and they are interested in how they can improve their game.maria: was a difference when you look at playing in northern ireland, europe and the u.s.? are there differences? >> our differences, the grass is different, the conditions are different. the way they run the tournaments is definitely different. you know, but i -- i live in the united states, i make my home here. my living is on the turf for

the most part so i enjoy it, i love it. to be here at liberty national and you know, play, it is such a cool setting. you look across india see manhattan. maria: tiger woods was a hero of yours growing up, right? how does it feel he's back on top and you're playing in the same champions? >> i feel very fortunate that you know, some people say you know, you don't really want to meet your heroes but you know, i met tiger, a long time ago and we have become pretty good friends. nothing could be further from the truth. he has been awesome with me. i have a great relationship with him and i was so happy to see what he did earlier in the year. you know, i don't think people truly realize what he has had to go through to get back to this stage. i think everyone involved with golf realizes if we look at this as a business, tiger woods

is massive for our game. maria: my thanks to rory mcilroy. don't go anywhere, more "wall street" after this.

the one welcome back. next weekend right here on the program, venture-capital icon, peter kiel will be my special guest peer with talk about google and its relationship with china, is it treason? join me next week.

meanwhile the sunday morning on fox news channel sunday morning futures live at 10 am eastern, my special guest, steve bannon and steve moore will be my special guest. catch the show live 10 am on foplus, starts marching in weekdays from 6 to 9:00 a.m. eastern for mornings with maria right here on fox business. join me every weekday. that will do it for us for this today. thank you for being with me have a great rest of the weekend everybody. i will see you again next time. gerry: hello and welcome to "wall street journal at large". i am the executive editor of the washington journal for filling in for gerry baker. hi tensions in