if this means there is more to come to the down side. shane require was good to get different takes. we may see you back here tomorrow for a 1,000-point rally. david: the u.s. state department issues a new travel warning. we're on the ground in hong kong coming up. but first, to our top story, wall street walloped. the dow plunging 800 points today at the close. the fourth largest point drop in history as fears of a global slowdown intensify. it is the worst day of the year, with stocks, for all three major averages ending down about 3%. this is a key indicator that we haven't seen in more than 12 years, rings the alarm that a recession could be on the way. welcome, everybody. i'm david asman. this is bulls & bears.

joining me on the panel today, gary b. smith, christina partsinevelos, john layfield, and mr. steve forbes. sparking the sell off today, the two and ten-year treasury yield, their curve inverting for the first time today since 2007. i know it's a lot of gobbley goock but this move has been a flashing red light ahead of almost all the last recessions for the past 50 years. here's former federal reserve chair janet yellen in a fox business exclusive. listen. >> are we going into a recession >> so i think the answer is most likely no. i think that the u.s. economy has enough strength to avoid that, but the odds have clearly risen, and they are higher than i'm frankly comfortable with. david: steve forbes, do you agree? >> i think we should avoid a recession, david, but the key thing is not about inverted yield curves and stuff like that. it's about what happened on fox

this morning, an interview with peter navarro who took a very very hard-line, undid the good feelings yesterday that we're back to the negotiating table, people fear this trade thing is going to drag out, hurting business investment. when you don't have investment, eventually you hurt the economy. if we do go on recession, this is entirely self-inflicted by not handling the trade war right. >> i agree with steve. i think this whole thing is self-sabotage. i've thought this all along. i think this trade war is not thought out. i don't think we can define success or have a plan to get there. the inverted yield curve is very important. in 2005 it first inverted. it took about two years before you start to see the recession. we have full employment right now. we have wage growth. we have a very good economy, though, it is slowing. but i think this trade war could potentially tip this entire globe into a global recession. it's not going to be the main cause, but it is a global

slowdown that we're playing a high-stakes game of poker here and i don't think we're winning right now. >> you said the inversion curve is really important. do you think maybe it is time for us to start putting less emphasis, less weight on it, given we have seen previous historical -- phillips curve for example doesn't really hold its value in today's world and given the president and how we can't predict anything that happens anymore, do we have to put as much weight on to it? i guess that's a question for whatever wants to answer it on the panel. i think we need to bring up too concerns outside of the united states. the fact that you had contraction in the fourth largest economy. that would be germany and then weakness in july for china. so these are things weighing on the market. the united states is huge, but it's not -- it doesn't operate alone. >> well, i will weigh in, kristina with my thoughts. the yield or the inversion curve or not, people say, my gosh, it is a signal that there is going to be a recession.

yes, there is a recession somewhere on the horizon, whether it's the inverted yield curve or something else. a recession will happen. as to when, it's anybody's guess at this point. it could be two, three years down the line. and someone will say, it was that inverted yield curve that flashed the warning. but, you know, to john's point, i will pick up on a couple things. our economy is strong. i don't want to sound like a polly anna because the world economy is weak. that being said, none of this forecasts if a recession will occur. i kind of discount, unlike steve and john, the tariffs. i would love no tariffs. believe me, but is that going to cause our economy to come down? we've had tariffs in place for a while, and the gdp continues to come along. i think what's going to cause, if anything, is if the democrats take control of the entire government, and then you see

more of a socialist, everyone give the government money, and they spend it inefficiently. that will certainly cause a recession, but beyond that, maybe i'm a little less worried than the panel. david: steve, i don't think you can discount what's happening over in europe. as kristina said, you have germany and the u.k. now entering into what seems to be a move towards a recession because they're not doing the right things. we did the right things here in the united states. we cut tax rates. we cut the cost of doing business by lowering regulations. they're not going in that direction, and it is costing them dearly. >> well, they are not -- they are unwilling to make those kind of structural changes, david. you see the same thing playing out in a slower motion in japan, which has been sort of going along far quarter of a century now. tariffs are a sales tax. they disrupt profit margins, supply chains. it is nice to say well you can move from china to vietnam or something else, but that takes time to do. that means a whole lot of new

things have to be done. and we have uncertainty out there. what's going to happen with china? what's going to happen with nafta too in congress? another big looming thing is tariffs on auto imports and auto parts imports. you put that on, germany is going to go over a cliff and we're going to have a global problem. david: it looks like it already has. >> slight downturn, 2, 3 percent downturn, that's a different matter. autos matter big for them. >> i agree with gary when he's talking about we're the best economy to invest. look at merging markets and what could happen with brexit, we don't know how that will end. looking at the oil price, strait of hormuz, we don't know how that will end. david: the hong kong rise. >> the hong kong rise, the trade war itself in china, india backing out of article 37 which pakistan says there cannot be a peaceful resolution to kashmir and also the province there. there are a lot of things right now in the world that we can't

possibly handicap. america is by far the best place to invest. i want this trade war to end well. i just feel like we're doing long-term structural damage to our country the longer this thing goes, and we don't know how that will play out. the -- it is a zero sum game we're playing and i think it is stupid to do with the big economy. david: we have increased government spending by 8%. yes, tax revenues increased. one reason the deficit -- really the only reason the deficit is growing, not because of tax cuts. it is because of spending. if in fact we have a recession, tax revenue is going to go down big-time. that means our deficit -- we think it is big now. it is going to be a lot bigger. >> that actually is a perfect joint point to what gary said. i wanted to highlight that. it's not black or white if you have democrats take over and spending is going to increase. to your point right now, we've seen spending increase incredibly high. david: 8%. >> that's a concern no matter what, regarding the markets and

everything that we have been talking about thus far, i think the economy here is -- we know it's starting to slow down, and i think we need to pay little more attention -- john brought it up very nicely as well. go to go back to gary's point, i think that was too black and white. david: go ahead, gary. >> no, i was going to say about the government spending, look, you know one thing that we have seen is that it's easy to get out of a recession or easier at least if the market is allowed to operate. we've done our best at getting out of recessions when the government stepped back and allow it to take its place. when you have increased government spending, by definition, in every single case, it is less efficient. you talk about these programs like the green new deal, where you basically funnel billions if not trillions to the federal government, to then spend on crazy projects, that's very difficult to get out of recession, when the government is in charge of your money.

that's what i fear. i think that's the point that kristina and i agree on. david: thanks for putting a darker line on our dark cloud, gary. appreciate it. [laughter] david: protests in hong kong flairing up again. police in riot gear firing tear gas on a crowd. there are reports that china is moving troops to the hong kong border. we will have the very latest live from hong kong, coming next. fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right - by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k.

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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. david: a third consecutive day of protests in hong kong. police in riot gear in the streets in force after two days of violent clashes crippled the city's international airport. susan lee is in hong kong with the very latest. susan? >> more subdued day of protests in hong kong, and they were out of the hong kong airport, so the airport reopening for business

after receiving a court injunction that pretty much bars protesters from entering the hong kong terminal and that's important for the financial capital like hong kong which receives around 1100 cargo and passenger flights each and every day, the eighth busiest airport in the world. we still had a few dozen protesters still camped out, still trying to relay their message to international passengers that stepped off their planes. as for flights, they were able to take off and also arrive as well. the protesters did amass in the district at a more rural part in an area that was similar to the protests and where they were taking place on sunday evening. now we did have tear gas being lobbed once again. this is after protesters according to reports, they were shining and directing their laser beams directly at hong kong police. we also have some disturbing satellite images that are being shared by the state department, and we did have president trump tweeting yesterday that

according to u.s. intelligence sources, china might be amassing tanks and artillery near the hong kong border. the satellite images show and pretty much confirm that tweet, showing there are more tanks and more artillery being stocked at a soccer field. that's something that's obviously the protesters are watching and of course the world as well. back to you. david: susan, thank you very much. in addition to president trump's tweet, the u.s. state department also issuing a statement saying, quote, the united states is deeply concerned by reports of the chinese paramilitary movement along the hong kong border. we encourage china and all parties in hong kong to pursue a solution that respects hong kong's high degree of autonomy. joining us now live from hong kong is former editorial page editor of the asian "wall street journal" and currently foreign policy fellow of the independent women's forum. claudia, thank you for joining us. you covered the tiananmen square massacre in 89. is that where we are heading

>> that's my great concern, david. they already have troops stationed here in hong kong, since the handover, 22 years ago. why do they need more at the border? it doesn't look good. >> thank you very much for being up so early to speak with us. i want to talk about the possibility of intervention and just within the past i think it was 48 hours on monday, the chinese state media reporting that china is now saying that there's first signs of terrorism when it comes to hong kong. what's the significance of using the word terrorist and terrorism when you're talking about the protesters? >> well, they're laying down the verbal markers for a pretext for some kind of forceful action. there was no terrorism going on. you know, there was a scuffle in which some people who shouldn't have attacked a guy who was from a chinese newspaper they thought was working undercover to spy on them, which people have been doing from china, but this has not been terrorism. everything that's going on here

tracks back to china and the chief executive in hong kong being absolutely unyielding on the completely reasonable and right demands of the protesters. china is calling it terrorism because that's what they also are telling us they are concerned about with brainwashing in internment camps. it is propaganda, a dangerous sign. >> claudia, it's gary smith. this strikes me as a civil war, and we may think that hong kong is right, some might think that china is right. we might side with, you know, i think, you know, president trump by his tweet i guess kind of sides with hong kong, but this seems to me like as i said, an internal matter. as horrible as it might be, should the u.s. have any role whatsoever, other than issuing our concern? >> it's not actually a strictly

internal matter. there's a treaty deposited at the united nations between britain and china that sets up the terms for hong kong being handed back to china in 1997. it stipulated part of that is that hong kong will be treated separately for 50 years. there are already violations of that going on. but in a broader sense, and this is really important, i think, hong kong is a free society. it truly is. the people here qualify in every way richly to be highly competent self-government. i mean they really understand -- the kids here who are demonstrating understand law, and that is, new york lawyers i run into. there is i think great importance to defending free people. it is very hard to create a truly functional free society. you don't let one go under. in that sense, that's where they're calling stand with hong kong. i think it's really important in

every possible way, in every way within our power to say the demands here are for what they were promised under treaty, not internal, under treaty, and china should comply with those. >> claudia, given the situation today, is there a way that china thinks these protests are just going to wind down on their own, try to isolate them, say they're violent and more and more people peel away as they did five years ago at the so called umbrella protests? is there a deadline of october 1st where xi, the president of china, dictator of china, has to have this thing resolved, he can't have this ferment going on on the 70th anniversary date. >> working backwards there, there's speculation president xi hasn't actually commented on this, i don't think, so it's speculation among those of us who watch this kind of thing that china -- we know that xhi -- we know that china wants to have a big celebration for the

70th anniversary of the peoples republic of china, which by the way has been responsible over 70 years for the suffering, death, misery, repression of an enormous part of the world's population, but they want a big party. they probably do want it cleaned up, but that's speculation. and as far as their hope that it might wind down by attrition, i think that's been fading away because the more that they decline that china remains absolutely unyielding, on the protesters asking for such reasonable things as completely withdraw the bill that triggered this whole set of protests. >> are the protesters -- are the protesters still have wide popular support, or did they make a tactical support by going to the airport? >> i think that do. yeah, if you talk to people on the street, or around these demonstrations, i think they do. the problem is that hong kong people actually value freedom. they really do. and they want that promise kept. they don't want to live under

the orwellian surveillance state that is china today. it's been actually -- surprising, but yeah it is quite strong, the support. >> claudia, thank you for joining us today. i agree with everything you are saying, but as a realist, it doesn't appear that the world is going to do anything. after tiananmen square which you were there the world did basically nothing. after a million, as you mentioned, have been put into detention camps, the world has ignored it. with kashmir, that's a treaty that india just over wrote. in georgia with putin, when he claimed the same thing, terrorism, genocide, he goes in there, the world almost does nothing. it seems to me that as a realist that people don't want a war over that, that china is going to go in and do whatever they want to do, and the world is going to do nothing about it and forget about it within two years. david: very quickly, claude, go ahead. >> wouldn't it be right though for anyone who can to speak up for what is right, even if it's

not going to happen, even if that's not how it will work out, isn't that the right thing? think back to winston churchill, call the status as it is, if hong kong goes under to china's system now, china will move right on and there will be a next. there will be taiwan, and at some point the troops that are amassing at the border here are going to be much closer to somebody else's home. that's why speak up now. david: claudia, i know you have been there before. you know how to deal with dangerous situations, but please take care of yourself. we wish you the very best. >> thank you. david: thank you very much. good to see you. two 2020 democrats at odds over a key election proposal. are either one of them telling voters what they should hear? and as we go to a break, here's another look at the markets. wow, what a bad day it was. stocks suffering their worst day of the year. with the dow ending down, that's not a misprint, 800 points. it's the fourth largest point drop in history. there's a company that's talked to even more real people

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david: 2020 democratic candidates new york city mayor de blasio and john delaney joining us last night outlining their big differences on one hot ticket item for democrats. listen. >> there's nothing demonizing about making sure there's fairness. look, we've got a country right now where for a huge swath of our population, it's not working the way it used to. we're not talking about small business owners. we're talking about the super rich. and for them is that we have to be clear in my view, it's time to pay your fair share of taxes. that tax rate's been going down and down. david: are you in favor of the brand-new kind of wealth tax? >> no, and the reason i'm not in

favor of it is because, a, i don't think it's constitutional. and b, the countries that have had it have largely backed away from it because it is almost impossible to implement it in force. david: just to remind you, this is not an income tax. this is a tax on your property on which you've already paid your taxes, so it's really a confiscation of what you own. who is right on the wealth tax? >> i think mr. delaney is right. i think it is unconstitutional. look, this is wealth that's been created that's already been taxed at least once. so this is not an income tax as you mentioned. that's a very important distinction. and the problem is, you now have to look at people's wealth every single year. you have to audit people, figure out that wealth. it is a very convoluted process. and surprise, surprise, rich people have a good way of hiding a lot of their assets. so this is not very feasible. i thought mayor de blasio did a great job of acquitting himself yesterday on the show here. i don't agree with a lot of what he said, but there is a mindset out there that the wealthy need to pay more, and it will be a big factor in the next election.

>> he can sound reasonable until you actually look at what he says. two big things on this, david, first of all is tyranny, how do they know what you own? this gives irs agents going to your home, finding what you own, did you buy a painting that is going up in value? stuff like that. it is about control. secondly, it destroys capital. without capital you don't get investment. without investment we have a stagnant economy like we see overtaking in europe. >> it's very difficult to find out what the actual wealth of these people are. however, there have been a lot of loopholes. maybe we need to talk about that. the erosion of the estate tax, the fact that the threshold has increased. >> that's a loophole? >> not a loophole, but a lot of people have complained that there's been avenues that the wealthy can maintain their wealth, and inequality is growing. john would agree with me on this probably with the rising inequality. >> well, the rising of allowing

couples, allow 10 million, that helps upper middle class people. the super rich they found ways around this a long time ago. this helps the upper middle class. is that bad? >> the super rich will find a way to get around it. is that okay? >> in terms of paying -- first of all, look at the income tax. they do pay over 50% of the income tax in this country. i don't know why they think they are not paying their fair share. in terms of the so called estate tax, the death tax, the middle income people, upper middle class don't have the lawyer power to find ways to set up elaborate trusts to get around these things. that's not fair. david: gary, there's a question of what the super rich is? liz warren had this wealth tax which hit at 50 million. that was her super rich. de blasio's putting it down to 10 million. it's like the amt, that was originally meant for only a couple of dozen people. it eventually hit tens of millions of people. >> exactly. david, no matter where you draw the line, it gets back to point i was making in the first

segment, when you take a dollar from the people that's spending the free market and give it back to the government, a number of studies showing that you get about 90 cents effect in return. why? because the government spends its money inefficiently. so this whole talk about fairness is silly. when the government takes it, they spend on what they think should be happening out there, whether it's levelling out everyone's income or whether it's projects or overspending on, you know, the big dig and things like that. it's just silly. you know, we talked earlier in the first segment about why the rest of the world's in recession. look at the rest of the world, how they operate. mostly government centralized control, some form of socialism. that's why you get the italies and the greeces and the frances struggle for years and years and years. if you want that to happen, then, you know, then we should give the government more money

to spend. david: meanwhile, shocking new details in the death of jeffrey epstein. what two prison guards were actually doing when they were supposed to be keeping watch, at least that's what we're hearing. former federal prosecutor doug burns has heard quite a bit. he will sound off on that coming next. also take a look at the stocks, worst day on the dow and the nasdaq this year, awful, awful day percentage wise. this is the couple who wanted to get away who used expedia to book the vacation rental

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david: we are learning more about the circumstances surrounding the death of jeffrey epstein. two guards reportedly falsified records saying that they checked on epstein every 30 minutes, when they were actually asleep, again, that's what we're being told. the guards have been put on administrative leave pending an investigation. new york city mayor bill de blasio telling us yesterday before these headlines came out that he didn't think a scenario like this was likely. listen. >> the one thing i do not think is possible here is just pure traditional human error. that just oh some guard fell asleep or someone didn't cover their shift. that's the one thing i would rule out given the prominence of the case and the nature of the situation, which means something else happened. david: did you hear that? he would rule it out. here now is former federal

prosecutor doug burns. doug, do you agree with mayor de blasio, that there's something bigger here, and it goes beyond human error? >> i'm going to agree and then disagree. here's why, the normal prisoner, okay, and i hate to put it in those type of terms but you will see where i'm going, this could happen and indeed does happen all the time. okay? but when you have somebody this high-profile, there's no question that the rules are a little different and they are going to watch him closer as a general proposition. so having said that, i do think it could have happened, but there's a lot of questions here, sounds like a cliche, more questions than answers, but right now there are. >> a lot of questions, but this is just an opportunity for people to talk about conspiracy theories, get themselves on tv when you look at it, it happens quite often. 1/3 of deaths in jails are suicides according to the institution of justice that put out a report. there's 500 lawsuits that have been filed in the last five years because of negligence in jail. so shouldn't we be having a conversation about the lack of

staff, the quality, the turnover over time, etc.? >> but again, sadly, in terms of human elitism, you know, i've been in it 34 years, every day, when you see somebody worth hundreds of millions of dollars, high-profile, as a practical matter, they will be treated different and watched more closely. that's why those of us like me are scratching our heads. but you're right, your point is right on the money. of course it happens all the time. >> well, in terms of what happened to him at the scene two weeks ago, where allegedly he was strangled or he strangled -- whatever, whatever, wouldn't that merit constant watch? >> that's a key point, steve. the point is, he was on suicide watch, but you have to be careful the way you analyze that because people don't want to be on that, by the way. it is brutal and difficult. >> a straight jacket? >> yeah, they can put you in a straight jacket. it can get really brutal. there are different levels. there's one where not to get

graphic where they are naked, there's nothing in there, nothing to hang. his attorneys weighed in and said we want him off of that. the prison probably concluded if it is coming from his counsel, we will take him off. here comes the million dollars question, i don't know the answer to, when you are on suicide watch, the sheets you have are like papier-mache, they will not hold a human body, when he came off of suicide watch, to your point, steve, did they give him regular bedsheets? i don't know the answer to that. >> great to have you on the show. >> thank you. >> if these guys were in charge of lee harvey oswald they would probably rule that as a suicide as well. this seems nuts to me. i understand this happens a lot, but not with one of the famous prisoners in the world. with all of the forensics that we have now, are we going to be able to find out in your judgment what exactly happened here >> now you go right into shoptalk. you are right on the money. here's the point, we need to see visual photos, videos outside the cell. that will tell us a lot.

cynically you may see things like oh, well, it was erased over. we can't find them. no, no, you might see that because i have seen that. i have been around the block for years and years. i'm not suggesting for sure. next, if as the attorney general bill barr said, the fbi is going to investigate. they are going to interview everybody. and you're going to get 302s, right? you have heard that elsewhere. but joking aside, really really drill down on what took place here. very very unusual. you know, a memorandum of an interview, i'm joking because that was a big deal when the 302s came out in connection -- david: but doug, you see either a blank tape or a gap -- >> that's going to raise a lot of questions. david: for a lot of people, that's going to say this was not a suicide. >> it is going to raise a lot of questions. and then hang the big big red flag, sunday night, i'm sitting in my living room, and they said we're going to release the autopsy results. they come out two hours later, wait, we need more information. i'm like wait a minute, where is that coming from? we haven't heard the results of the autopsy. john's point, there is a big

difference, again, broken record, i keep repeating it, but it is important. sherlock holmes would say watson the most important thing here is this guy is so high-profile, why wasn't he watched closer? david: doug burns, good stuff. thank you very much. a media mogul is known for his controversial comments. did he just go too far? why he may be in legal trouble right now. that's coming next. but allstate actually helps you drive safely... 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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david: a battle royale now brewing between the founder of sports blog bar stool and alexandria ocasio cortez. he's sparking controversy with a series of anti-union tweets, including one in which he said he would fire his employees on the spot if they contacted a journalist offering to help them unionize. aoc shot right back, quote, if you're a boss, tweeting firing threats to employees trying to unionize, you are likely breaking the law and can be sued. in your words on the spot.

all workers in the u.s. have the protected freedom to organize for better conditions. cnlrb and union organizations like afl-cio for tips end quote. portnoy is challenging the congresswoman to a debate. we reached out to him for comment. we haven't received one yet. does alexandria ocasio cortez actually have a point here? >> she does, david. unfortunately the times i agree with her -- i can count on one hand. but boy, this is at best -- he's really walking a fine line here. look, by the 1st amendment, you can offer your opinions on unions. you can say i don't like unions. i don't think they are good, etc., etc., but basically he's threatened to fire as you said anyone that joins. that's probably not something you can do. i do like his idea of the debate. i think that's fine. i don't think she will take him up on it. but he probably went a little too far. >> debating is great, gary.

i agree with you on that. the company is located in new york. we were talking about the commercial break, the department of labor can go after them. david: they said they are look. >> could he be that smart that he planned this whole thing because i'm sure one of our viewers right now has never been on bar stool's website and decides to google it. i'm sure traffic is through the roof. i don't know if the rest of the panel has seen the pictures with his face and says union busters. publicity? >> it is going to be costly publicity. he's going to need every extra cent of revenue to pay for the lawyers that he inadvertently kicked off by making that comment about firing workers. they can file a complaint with the national labor relations board, and he's going to have to defend it. he may have gotten the publicity, but he might have gotten himself a whole headache, and you can bet every union organizer in the country is going to come in and try to organize them and make his life miserable. he could have done it without going over the line. >> kristina, to answer your

question, yes, david portnoy is that smart. he just challenged aoc, not to a debate, but in his words alexandria ocrazier cortez to thunder dome. he's going to get out of this by sayi saying it was satire. i think it probably was. i don't think he can prove one way or another. none of his workers are unionized. this is nothing but marketing genius by this guy. it is a great property, by the way. david: it is fun. >> they put a video on there today talking about this thunder dome match. >> see, you guys are promoting it. david: steve if no bar stool employee wants a union, no one was necessarily aggrieved; right? don't you have to have somebody aggrieved before you can file a suit? >> they will find somebody aggrieved and they will try to make his life miserable with all the tens of thousands of petty regulations. yes, he will ultimately i think

prevail, but he's going to find out that the government when it goes after you can be a pretty miserable thing. david: i will say. be careful what you wish for. the farm belt feeling the pain. some u.s. farmers facing billions in losses due to tariffs on china, but despite this, and a host of 2020 candidates making their case, farmers in iowa say they are sticking with president trump. coming up next, we're going to be speaking with american farm bureau president who will be with us. here again is a look at the five stocks that contributed to a third of the dow's 800 point loss today. boeing, goldman, home depot, apple, and 3m. ♪ ♪ ♪ introducing the all-new chevy silverado.

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>>i met with farmers in webster county and green county, iowa, a

few weeks back. and they told me -- i remember this vividly -- that they think they may never be able to sell to china again, soybean farmers. they may never be able to sell to china again, as a result of this trade war and this tariff battle, and that is devastating and scares them deeply. david: more from 2020 hopeful bill de blasio telling us yesterday iowa farmers are in a trade war panic, but, but the "wall street journal" today reporting that iowa farmers say despite the pain, they believe president trump is, quote, doing the right thing. they feel he has their back, and they plan to vote for him again. here now is american farm bureau president. what are you hearing from farmers all over the country? >> well, that's what i'm hearing. our farmers are in this for the long run. we're interested in having a level playing field, and we think the president's working hard to get us that playing field. so they are hanging tough. and what people need to really understand is that we've got a perfect storm in front of

american agriculture. we started out way before these tariffs started, tariff war started with a bad farm economy, with depressed prices, losing about half of our net farm income, and then of course we've had natural disasters from one side of the country to the other, from hurricanes in the southeast to flooding in the midwest, fires in california, and even a volcano in hawaii. so we've had things stacking up on top of each other to make the economy bad. but our farmers are hanging tough, hoping we will get that level playing field across the world. >> zippy, two things, one is that you think they will get the temporary subsidies to get them through, the drought, you might say, lack of chinese market? and two when the trade were is resolved -- when the trade war is resolved, will we get the chinese market back in again or will they diversify?

>> we think the trade mitigation package will be delivered to our farmers. our farmers are very appreciative to this administration who has all along said that they would stand behind the farms and back up the farmers. this is him proving that he meant what he said when he did that. we very much appreciate that. as far as the future and how our markets -- of course the chinese and other countries that are not buying from us will go to other places, but when we get things settled, when this president levels that playing field, there's no doubt in my mind that china's going to be buying agricultural products from us, because in a lot of the commodity areas, there's not enough of those commodities to go around, then vel -- and they will have to come back to the market and buy from us, sooner or later. >> zippy, thank you very much for joining us. i'm pulling for you guys, and i hope this works out because i grew up in farm country, and my

heart belongs right there where i grew up, but i'm worried about what steve mentioned, about long-term contracts that don't come back at least for the foreseeable future. the farmers right now are still backing the president. where is the breaking point? if this goes on another year, is that the breaking point? farmers want to farm. they don't want aid. what is the breaking point for these farmers? >> i think you need to look at the other parts of the world. we're working right now with congress trying to get a positive vote on usmca, and we think that's important. we've got to prove to the world that this president and this congress is willing to have a trade deal with our two nearest partners, our two biggest trading partners. once we get that done, we think that will happen this fall, and hopefully we're not counting our chickens before they hatch, but we think that's a very positive thing for america. and then we've had rumors of a positive outcome of what might happen in china. and of course, the u.k. coming away in the brexit movement, opportunity to go and trade some

there, so a lot of interest in other parts to do business with us. we're encouraged by that. and i think several of those wins may help farmers hang on in their confidence in this president of doing something with china. of course that's a big market, and we would love to be there. >> it's hanging on, just quickly, if you go into the article, midway through the "wall street journal" article, it brings up subsidies. that's a major factor, the fact that 14.5 billion are going to farmers this year, 10 billion last year, almost 25 billion bucks, band-aid solution, no, zippy? >> well, it helps our farmers hang on. it does not in any way make them whole. you know, those -- they have put that form will together to try to replace -- formula together to try to replace what they've lost in china. who knows what that number really is, but you can't make farmers whole when they're going through natural disasters like they have, when they already had

a bad economy, and now you put the trade wars on it, it is a difficult time. don't get me wrong. david: right. >> farmers are in a difficult spot. david: right. >> but they believe that the best thing in the long run is to have a level playing field and open up the markets across the world. david: in 2016, trump won 61% of rural america. the question is whether he can do it again. zippy, great to see you. thank you very much for being here. please come back. appreciate it. >> thank you for having me. david: more bad news i'm afraid for farmers and for meat lovers as well. your favorite dish could cost you more. details of a new sin tax, so called, proposal, that's next. an i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument, but this... this is my forte. obviously, for auto insurance, we've got the wheel route. obviously. retirement, we're going with a long-term play. makes sense. pet insurance,

wait, let me guess... flea flicker. yes! how'd you know? studying my playbook? yeah, actually. ..

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ask your doctor if brilinta is right for you. my heart is worth brilinta. if you can't afford your medication, astrazeneca may be able to help. 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. david: talk about a red meat issue. some your next steak cost you more because of a tax. the sin tax would follow sugar,

tobacco and alcohol. would you pay even more for meat? >> no, i don't think i should. i am in support of all these regans. they eat grass, and i eat cows. this is idiotic. >> there is a lot at steak here so to speak. >> oh ... >> per capita beef could be sum shun has dropped 30 percent since its peak in the 70s. i know if you eat an impossible bigger or beyond bigger and boy those prices are going to come down. you can't even tell the difference. >> thank you, gary.

i don't eat meat. the tax could potentially work given the methane cows potentially put out in the air. >> cows aren't the problem, it's the politicians we have to worry about. melissa: the dow falling 800 points. new warnings of a potential recession. after yesterday's monster rally it was the deepest sell-off for the dow this year. in hong kong, violent clashes between pro-democracy protesters and riot police spread from one of the busiest airports on to the streets of one of the world's biggest financial capitals. the battle for the border. san francisco filing suit against the trump administration over its new rules that could make it harder for folks to get green card if they