tv Bulls Bears FOX Business September 25, 2019 5:00pm-6:01pm EDT
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helping our farmers who were targeted. china is starting to buy our agricultural product again. they are starting to go with the beef and all of the different things, pork, very big on pork. but if you look and if you see, and they actually put out i think a statement but they are starting to buy our ag again. they want to make a deal. they should want to make a deal. the question, do we want to make a deal? >> if usmca doesn't pass through congress, is that it for nafta? >> that will be a shame -- i don't want to answer that question, but you know how to feel about nafta. i think it is the worse trade deal ever made, although i also happen to think the world trade organization was not one of the greats. not one of the greats. that was the creation of china which went like a rocket ship from the day they signed. it was terrible. but you know, we're going to find out. that's going to be a very interesting question. with nancy and chuck and all of these people focusing on the witch hunt, because they can't
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beat us at the ballot. they're not going to win the presidential -- we have great polls, great internal polls, ohio, iowa, pennsylvania's looking -- north carolina. we just won two races that a lot of people thought we were going to lose both those races. one was down 17 points three weeks before the race and he won by a substantial margin, by a substantial margin, dan bishop, and he was up 1 or 2 points and he ended up by what was it, 25 points or some incredible. i will ask you folks because i don't want to be inaccurate otherwise i will have a front page story. we have breaking news, trump exaggerated but he won by many many points. he was leading by maybe two, maybe three, but he won in the 20s. so it's been -- so we're looking great in north carolina. we're looking great in florida.
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you had one or two congressmen, democrats listen say we can't beat him at election, so let's impeach him; right? didn't you hear -- al green, he's a real beauty, that guy, but he said very distinctively, it was all over the place, i don't know if they are trying to lose the tape i guess, essentially he said we can't beat him, let's impeach him. that's pretty -- that's pretty dangerous stuff. steve, go ahead. >> thank you, sir. you had expressed some concerns about the precedent of releasing the transcript. why did you go ahead and do it >> because i was getting such fake news and i thought it would be better. now they are asking for the first phone conversation. i will release that too if it is important to you. because i had a conversation on a previous election plateau that he had hit, the current president hit a couple of
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different plateaus, and i spoke to him previous to the call that we released which was a very innocent call, very very innocent, very nice call. he wasn't pressured at all, but i don't like the concept of releasing calls because when a president or prime minister or king or queen calls the united states, you don't like to say gee we're going to release your call to the fake news media and they are going to make you look like a fool. what happens is it is hard to do business that way. you wonder how feel people comfortable, so i hated it, but you folks were saying such lies, such horrible things about a call that was so innocent and so nice. in fact, lindsey graham said to me when he read it, it was very interesting, he's a smart man, he said i can't believe it, i never knew you could be this
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nice to a person. he said i can't believe it. he said i didn't think you had that in you to be so nice. i was nice. i'm nice to a lot of people. people don't understand that. he was shocked it was a nice call. he said there is nothing here. i don't like the precedent, steve. i don't like it where you're dealing with heads of state and to think that their call is going to be released, but i felt that -- and, you know, we spoke to ukraine about it. mike actually called up his counterpart and we spoke to ukraine about it because we -- because if they didn't want us to do it, they would not have done it, but he actually said that was a very innocent call. you can release it all you want. >> are you now braced for a long impeachment saga? >> i thought we won. i thought it was dead. it was dead. the mueller report, no obstruction, no collusion. you look at all of the things that happened, cory lewandowski
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was fantastic the other day as a person that they have been tormenting. you look at all the people that they've tormented, all the legal fees. people came here with bright eyes. they wanted to make life so great for other people, and they left where they spent hundreds of thousands of dollars in legal fees that they didn't have, and it's a sad thing. what these democrats have done to ruin lives is so sad. i have seen people with only good intention, they came to washington because they wanted to make the united states and the world a better place, and they went home, they were dark. they got hit by mueller subpoenas. i think there was 2500 subpoenas or some ridiculous number, 500 people were interviewed and yet they don't interview joe biden and his son? if you're a democrat, you have automatic protection. that's years and years of people putting in certain people into
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positions. but when you look at all of the -- all of the trauma that these fakers have caused, and the press, look, the press -- much of the press is not only fake, it is corrupt. these stories they write are corrupt. they're so wrong. and they know that. it used to be -- i used to get press until i ran for politics. i used to be the king of getting good press. i was very good at it. they covered me well for what otherwise i probably wouldn't be here, and once i ran, i said, boy this is incredible. but if you see the way they treat my family, used to be treated great. my family works so hard. the people that work with me, these people, all of these people, they work so hard, they've done such -- the greatest economy we have ever had. we have a military, 2 1/2 trillion dollars. we've rebuilt our military. you don't hear the vets complaining. we got choice approved that couldn't be approved. but when you see what happened with the viciousness, and when
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you see little adam schiff go out and lie and lie and stand at the mic, smart guy by the way, stand at the mic and act like he's so serious, then he goes into a room with nadler and they must laugh, they must laugh, but it is so bad for our country. people have said rush limbaugh, great man, sean hannity said it, a lot of people have said it, mark levin, they said they don't know if one man, anywhere in the world, all the men they know, or women, that could handle what i have had to handle. i think that's true. but i handle it. to me it is like putting on a suit. all right. how about one more question? question on the economy. a question on the economy. go ahead. go ahead. >> hi, mr. president. from venezuela.
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>> wow. how are you doing over there? >> pretty bad, our situation. >> i would say pretty bad, yeah, it is sad. >> but we are fighting. >> it was one of the great countries and one of the richest countries not so long ago, 15 years ago. it is incredible. >> we are going to make it. >> i agree with that. and we're helping you. >> yes. >> we're helping you. >> yeah, i know and thank you. >> go ahead. >> i have two questions. russia and north korea, two of the most antagonist nations in the u.s. interests, what can be done to contain these? what are they looking for in that country? they say the russians with willing to negotiate. this is one question. and the other, mr. president, you say that the socialists is one of the biggest challenges, you say yesterday in the united nations, but the region is far
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from safe. maduro is still a dictator, full in power. [inaudible]. are you worried about it? >> i just say that socialism will never happen in the united states, can't happen in the united states, and venezuela unfortunately i have to use your country as the example of what socialism can do, how it can tear the fabric of our country apart because i know a lot about venezuela. i have had many many friends of mine come from venezuela. they live many in miami, certain section of miami because they will say i'm thinking about my business and i'm not. they are fantastic people. they voted overwhelmingly for me. they like what i've done for venezuela. we have venezuela very much in our hearts and sights and we're
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watching it very carefully. you know what i would say? we're giving millions and millions of dollars in aid, not that we want to from the maduro standpoint but we have to. people are dying. they have no food. they have no water. they have no nothing. they are dying. no medicine. the hospitals are closed or don't even have electricity. it is so sad to see. let me just say that we have it under control. we're watching it very carefully, and we're going to be very very -- we're watching it very carefully, including other countries that may or may not be playing games. we're watching it very carefully. >> but do you know if russia is talking with usa or what can you tell us about it? >> put this in the back of your mind. it is all going to be fine. we know everything that you said. it is all going to be fine. we're very much involved. we very much know what's going on. okay? thank you all very much. thank you. thank you very much.
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david: wrapping a press conference at the united nations, it's been quite a week to say the very least. not only did he have a full schedule at the u.n., but then of course all the inquiry with regards to the ukraine. if you can see a president who is always on the move, who always has tremendous energy, this was one of those moments where he seemed to have a little less energy, but you think of what's happened, just in the past three days. you can understand how draining it might all be on him. thank you for watching. this is bulls & bears. i'm david asman. joining me on the panel today we have carol roth, steve forbes, gary kaltbaum and zachary carabell. we have kristina partsinevelos who you might have heard at the press conference. she will be joining us. you might have heard her ask a couple of questions to the president. steve forbes, your opinion on what we just heard because again you heard very low talking president. he's usually a lot more animated at these pressers than he was
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today. i'm wondering how much of all this is pressing down on him right now. >> well, as you point out, sheer fatigue, but for somebody who has been going through what he went through, that was an impressive list of countries he listed he's had an interaction with the last 72 hours, that was quite feisty. most of us would be snoozing off like his commerce secretary did during his speech at the u.n. i didn't think it was a bad press conference at all. i thought he hit back and dealt with the impeachment thing, and then i loved how he asked for an economic question. he didn't get it, but he asked for it. david: kristina partsinevelos is there for us. you got two questions, good for you. >> if you are counting, it was three. i had to correct you on that one. china trade because we had this news came out today, the president said progress has been made. it's going to be sooner than expected. you saw the up tick in markets,
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and yet we want to know why is this narrative different all of a sudden. what was the determining factor? then i followed up again, give me some specifics, please, i should have said mr. president, but i didn't. unfortunately he wasn't able to say what was different this time around, and that seems to be the continuous circle that we're going through. china needs a deal. china needs to go through this because they are losing millions of jobs. they are losing millions of dollars. the economy is coming here. the jobs are moving here. yet we aren't really moving forward with it. that was the first part of that question. the second one, because we are a business hour, we need to focus on trade. that's what moves the economy right now. usmca, we know the president earlier today talked about nancy pelosi and if it doesn't pass through congress, it's her fault because she may not have time to sign it because of the formal impeachment inquiry, but again, i wanted to know, if umsmca doesn't -- usmca doesn't go through congress, does that mean good-bye nafta?
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that will be a huge deal because of the trade passing through our borders with canada and mexico. these were questions i was hoping to get more specifics in terms of answers. nonetheless he did answer and afterwards he gave a little wink like saying it was good questions. you heard it. there was way more ukraine. do you have any questions? we could touch on the ukraine conversation as well. david: let me ask producers, though. do we have the congressman with us? no. yes or no? no, we don't -- yes, we do. i'm getting a yes and a no. congressman, thank you for joining us. we appreciate you waiting for us. i want to start with what kristina was just talking about, the usmca, a lot of investors, a lot of business people are concerned. a lot of farmers frankly are concerned about getting this thing passed because they feel that think could get a huge increase in their market share of sales if we do have a mexico canada trade deal.
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is the impeachment push, though, going to push that off the table for the next several months? >> well, i think the usmca has problems of its own, regardless of the impeachment issue. there are three problems that have been out there for the last year ever since this thing was finalized. they have yet to be resolved. one of them is on everybody's mind and that is the provisions that are in it, the extension of the ability of the pharmaceutical companies to get their patents extended, basically everlasting patents. that's a major problem for biopharmaceuticals and the like. that needs to be addressed and it hasn't been addressed at all. one must ask the question why is the patent issue involved in the usmca to begin with? david: if i could press you on this one point, as to whether the impeachment proceedings, there are going to be six congressional committees that will be focusing on impeachment now because of what nancy pelosi said yesterday, giving the green light to it, doesn't that suck
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the oxygen out of moves to get usmca passed? >> no, not at all. in fact, over the next -- this week and then when we return from going back to our districts and for me going to eastern europe, to deal with ukraine and other issues, we will and we are now dealing with prescription drug prices, a major, very very significant piece of legislation will be heard this week. we're also -- just left committee hearings on how to deal with the issues surrounding the -- [inaudible]. so a lot of things are going on in the normal legislative process while of course the impeachment hearings will also be going on. yes, we can do many things at the same time. we've passed legislation dealing with a whole host of issues, healthcare, dealing with all of the issues of making sure that people don't lose their healthcare if they have a preexisting condition, on and
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on, some 50 bills have been sent over to the senate. so the road block is actually over in the senate. now with regard to the usmca, there's also an environmental issue. will mexico be able to enforce the environmental pieces of that proposal? >> congressman -- >> i believe there's a labor issue also. those issues are in place. >> congressman -- >> yes? >> this has been on the table for months now. should it come to a vote? shouldn't the house as a whole have it? you guys control the house. presumably if you don't like the bill, you can block it. think the fear of some of you is it will pass with democratic support. why don't you let it come to a vote and let the peoples representatives vote on the thing? >> i'm quite sure it will come to a vote. let's understand that there are three very very important unresolved issues in the current language, and should it pass the house of representatives and the senate, there's no way it could possibly be changed in the
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future until you go back and renegotiate the whole thing. it is a treaty, not a piece of legislation. and therefore these fundamental issues which i just listed really need to be dealt with. if they are, you can be sure that there will be a vote. and i suspect there will be the votes to pass it. that's not where we are today with regard to the usmca. >> congressman, one of the things that a lot of people have been saying about the difficult optics of the politics of impeachment is that it drives out all these other conversations. i'm wondering why from a purely communication and strategic perspective, why you and the democrats in the house are not hammingering home every day what -- hammering home every day what those 50 bills that you just alluded to are, chapter and verse, constantly focusing people on what the legislative agenda and reform agenda is of the democrats in the house as a way of highlighting the fact that there is a lot more going on than simply the party of anti-trump. >> well, your point is very very well taken, and in fact we are
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doing exactly what you suggested that we do. every day all of us in our own way, you know, our media, in our talking points, in our press releases and the like, are talking about the legislation that is being enacted, either that we're carrying or that is going through the house of representatives. that is there. the fact of the matter is, we cannot overcome the daily tweets from trump. that tweet dominate the news of the day. there's nothing we can do about it except to continue to talk about the work we are doing on government reform issues, dealing with corruption, dealing with voting rights, opportunity to vote, dealing with environmental issues on and on. all of those things have happened that frankly are often drowned out by the morning tweet. david: congressman, one thing that drowns out a lot of investors is the question what's going to happen with china. our own kristina partsinevelos
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was asking the president about it. let me play the sound bite. >> markets reacted positively after you spoke about china and that it would happen soon eer rather than unexpectedly. you have the foreign minister of china saying they have no intention of unceding the united states, yet they are investing heavily in infrastructure -- >> not anymore. maybe they just said that. >> what is different this time, though, the fact you are saying it is progressing? >> i just think it is progressing. i think they want to make a deal. they are losing their supply chain. >> do you have something specific? >> i don't want to say that. david: congressman if there is a deal that's hammered out between china and the u.s., will the house and the senate work quickly to get it passed. >> if it requires our action, probably the answers are yes. those are good questions for
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which the president did not give a full or even useful answer. the reality is in my district, the price of walnuts was a month ago down by some over 60% largely due to the trade situation not just with china, but also with india and turkey. in addition to that, we have 30 to 40 percent decline in the value of almonds. so agriculture across this nation has suffered mightily as a result of the trade war, principally with china but not only with that country. david: yeah. >> this trade war needs to be resolved hopefully in a way that would create a better acting china. there's no doubt that china is a terrible actor on the international stage. we know that here in the united states, chinese -- a government -- actually the pla owns a bus company and rail company and is driving american manufacturers out of business.
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david: i don't mean to be rude. if we don't hit a break at a particular time, it will cut us off. we thank you very much. great to see you, we appreciate you being here. >> you got it any time thank you. david: 2020 contender sanders joining protesters outside general motors. what is he doing there? we will have the very latest live from detroit 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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david: bernie joining the picket line, 2020 contender bernie sanders speaking to gm workers as they continue to strike for a second week. grady trimble has the very latest live from detroit. hi. >> hey, david. we got an update, uaw leadership sent a let tore its members saying -- letter to its members saying some progress has been made in negotiations. up until this point they were doing negotiations in smaller groups. we have learned it since moved up the chain.
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how long until this thing wraps up? we don't know but at least things are moving in the right direction towards a deal. as for senator sanders, it is quiet here now, but when he was here, it was a chaotic scene. he was surrounded by union workers, union staff, police, private security, and he spoke to union members briefly. he talked about things like how much they are being paid, their healthcare, as well as moving plants to mexico and as a consequence of that, people here losing their jobs. i will let him speak for himself. here you go. >> start investing in your workers! [cheers] >> stop cutting healthcare! stop threatening pensions! pay your workers a decent wage! stop shutting down plants in america and moving abroad. >> general motors didn't like what he had to say too much. they sent out this statement
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saying criticism about the wages and benefits gm pays is unwarranted. the total compensation of our uaw workforce including wages, profit sharing and benefits is the highest in the u.s. auto industry. now, david, i had the opportunity to ask the senator a question, amidst all that chaos. what i wanted to know is a lot of these workers like their health insurance plan which is in large part paid for by their company. under sanders proposal, medicare for all, a single payer system, they would lose that insurance. so i asked him about that. he didn't really provide a clear cut answer. but it's something that i'm sure these workers are going to be paying attention to come election time. david: he kind of gave you a little shove too, didn't he, when you asked that question; right? >> yeah, a little bit, but i was persistent, but i was still able to ask it. david: you can take it. grady, thank you very much. over the summer bernie sanders did make some changes in his medicare for all plan to accommodate the extremely generous health plans offered by
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unions like the uaw. so carol, i'm wondering doesn't this prove that medicare for all really isn't for all, even for socialist bernie sanders? >> you know, david, given the fact how little bernie sanders likes to do any work, the picture of him striking is just poetic, i can't get over it. i'm giggling over here. i do think there's a point of not tying your healthcare to where you work. i think it is better for people to have more choices. but the answer to that isn't to have one government choice. the answer is to have more free market choices, because if you put everything in the government's hands, it is either going to be too expensive for anyone to afford or you're going to have rationing, and you're going to have choices pared down which is exactly what these workers are concerned about. bernie sanders just wants to be out there not doing anything and spewing his socialism. i wouldn't take it too seriously. david: gary. >> so the great con fis kay tor of wealth finds some voters who
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are not happy that their health insurance would be taken away. what do you do? you go to win back those voters by changing the rules you put in the first place. i got news for bernie sanders, because there will be 150 million more where that came from, and this is going to be an interesting next few months as he pivots every time he meets with people that are upset about losing their healthcare. socialism has its cost, i must say. >> yes, and that's going to be interesting to see how bernie answers the question about how he pays for it. he's already admitted that the middle class taxes are going to go up, but like obama style, he says oh well, you will get more money because i'm going to save so much money taking it from the government. you can keep your doctor and your health insurance. you saw elizabeth warren get pummelled of all people by steven colbert, he was polite about it but took criticism for daring to ask, where is the money coming from? >> this was the entire point of the affordable care act which
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everybody derives as obama care was to create a public private hybrid pool whereby you would insure people who are not insured by their employers. you would guarantee access. you would make sure that preexisting conditions didn't knock you off the roles. if there had been the fixes that congress needs to do, all the issues about what those insurance pool as are, costs spiralling, none of those were addressed, now we're back to groundhog debates that we have been having in the united states the past 30 years there should be affordable healthcare for all americans in affluent country. >> since obama care, healthcare costs have soared, not gone down. >> i said that. they needs to be fixed. >> partially fixed in 2009, instead co-pays went up and choices went down. david: that needs to be the last word. we're up against a hard break here. president trump not a bit worried about his phone call
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because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i return, thanks to drop & go. at national, i can lose the wait...and keep it off. looking good, patrick. i know. (vo) go national. go like a pro. >> as the president said a week ago, he did nothing wrong. the transcript reveals that despite reckless accusations in the media and by democrats on capitol hill, that the president had somehow threatened aid to ukraine to demand a specific act, it just never happened. the transcript is clear on that
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point. the ironic thing is the only time it did happen that we know about is when former vice president joe biden threatened over a billion dollars in aid to ukraine in exchange for a specific act. but in this case, you know, the president's been completely vindicated. david: vice president pence joining lou dobbs tonight at 7:00 p.m. eastern time defending donald trump's conversation with the ukrainian president, but was there any wrongdoing? the justice department and legal minds like alan dershowitz say no. >> i did not see either an impeachable crime or any indictable crime. what i saw is some pretty rough politics. and the answer to that is let the other side play rough politics. in the end this is going to be a political tie. it will dirty the biden camp a little bit. there will be some americans who will say maybe the president shouldn't have made that call, but it doesn't belong in congress and impeachment inquiry and doesn't belong in the justice department.
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it is not a crime, high or otherwise. david: judge andrew napolitano joining us now. he disagrees. where is the evidence of the high crimes >> you know, two or three or ten lawyers looking at the same problem can come up with two or three or ten and they get paid. david: like economists. >> ten different opinions. >> that would be 20 different opinions. >> right because each lawyer has more than one opinion. the federal law makes it a crime to accept anything of value in a federally-regulated political campai campaign. it makes it a crime to solicit anything of value in a federal political crime. and it makes it a crime for two or more people to conspire together to get something of value in a political campaign. a lot of lawyers have looked at this and said let's see, the president was holding up 390 million dollars in aid to ukraine, and the president of ukraine said, you know, we not
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only need that, we need to buy more javelin missiles from you, yeah, but i need a favor from you. the favor i need is for you to help my lawyer and my attorney general investigate the guy running against me. >> but it wasn't put that way. looking at the transcript, it wasn't put that way at all. >> he did use the word favor and he did say rudy giuliani and he did say attorney general barr. it is unheard of for the attorney general of united states and the president's private lawyer to assist in a foreign investigation of a president's political opponent. that's one way to look at it. the other way to look at it is as dershowitz said this is rough and tumble politics. by the way, the united states of america has for generations been pressuring the countries that receive foreign aid to make sure they spend it in the right way, and it doesn't get into the hands of the corrupt. so there's two ways to look at this. i don't think anybody's mind was changed this morning. i would not have authorized the release of the transcript. i think it sets a terrible
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precedent. the democrats are now going to be looking for other transcripts that he had with this president zelenskiy and other foreign leaders as well. >> judge, help break this down for people like me, who aren't lawyers. we saw a video of joe biden bragging about the fact that he did withhold aid in exchange for something. that seems very clear quid pro quo. would we not want a president to investigate that, given the fact that he has been the vice president of the united states and he is running for president? is that not appropriate? >> well, the investigation of it would not be conducted by the ukrainians. it would be conducted by the justice department that works for donald trump. it would be absolutely appropriate. unless you don't want to get into this thing where one administration investigates its predecess predecessor, i can understand that. however, if joe biden committed a crime and he boasted about
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what he did, you are quite correct, that would be an american crime, not a ukrainian crime, and it would be for the doj to investigate. all the president has to do is make a phone call and that investigation starts. >> judge, in the press conference today, donald trump made reference to threats by various members of congress. you don't do something, we're going to in effect cut off your aid. they were much more explicit in that phone call by far. >> remember, not all threats are unlawful, but threats that involve foreign assistance in a domestic political campaign are unlawful. but if, for example, bob menendez says if you don't kick those russian soldiers wearing fake uniforms out of your country, we're not going to send you a nickel. that's perfectly legitimate threat. david: judge andrew napolitano, great to see you. a new poll shows the former vp's title of front-runner could be up for grabs. we will tell you who is challenging that lead coming
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david: joe biden losing ground. new polls showing elizabeth warren not only catching up but sur passing the forming vice president, showing 27% now favor the massachusetts senator while 25% say they prefer biden. is this an indication that democrats don't want a more moderate candidate but instead just want higher taxes and more regulation? >> be afraid, be very afraid. look, what i've been seeing over the last few weeks is i see joe biden has absolutely no definition to who he is and what he's about, and elizabeth warren does. now, i vehemently disagree with everything and her socialist policies. but guess what? she's get 10 and 15,000 people. she's drawing a crowd. her numbers are going up and momentum is everything when it comes to these elections.
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it is unfortunate because if ever she got ahold of our economy, you might as well cut the dow by 30, 40 percent and the economy by a big percent because she just wants to take over industry and tax the living daylights out of everybody. >> well, the fact of the matter is, she's rising up not so much because of socialism but because of the problems with joe biden and also the fact that bernie sanders for whatever reason is seen as yesterday's candidate, yesterday's man. warren comes out with these proposals, sounds nice proposals, but the amazing thing, david, there's a rasmussen poll that found young people, yeah, they are favorable towards socialism, yet when asked do you want more government control over your lives? do you want government to take more money from you? they say no. it's about communication. it is not socialism. it is communication. >> let me make an absolutely futile plea for the next year which is as we discuss a presidential election, we don't invest the president and the office of the president with
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god-like or emperor like powers over the economy. it is very tempting to say as gary just did, if elizabeth warren gets ahold of the economy, but there's almost nothing the president can do about the economy without congress enacting -- [talking over each other] >> we are magnifying the role of the presidency and de-emphasizing the role of congress. david: go ahead, carol. >> let's be clear here, in terms of the mainstream media, the person who has been the toughest on elizabeth warren to date has been a late night talk show host stephen colbert. >> exactly. >> nobody has asked her anything so she hasn't been forced to tell everybody some truth or some version of the truth. once she is the front-runner, if that actually were to happen, and the scrutiny comes in on her policies, i think that is going to be a big mess for her. if i'm joe biden or any other
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these candidates, you start putting that pressure on now otherwise it is too late. >> the regulatory agencies have power, they have the force of federal law. barack obama used the kind of law making on the side to really hurt the economy. david: last word. president trump calling out big tech on the world stage, amid state and federal investigations of facebook and google. why don't investors seem to be worried? >> the small number of social media platforms are acquiring immense power over what we can see and over what we are allowed to say. ♪ all right brad, once again i have revolutionized the songwriting process. oh, here we go. i know i can't play an instrument,
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>> my administration has made clear to social media companies that we will uphold the right of free speech. a free society cannot allow social media giants to silence the voices of the people. david: that was president trump calling out social media on the world stage. this as the ftc chair testified in another antitrust hearing amid state and federal investigations of facebook and google, both democrat and republican investigations. joining us now venture capitalist and founder and former ceo of double click, one of the largest internet ad platforms, kevin o'connor. great to see you. you had a terrific piece in the "wall street journal." tech stocks are mostly up big-time this year. if there is a real imminent threat to these companies, why are their stocks doing so well? >> well, i don't think there is an imminent threat. every election cycle they need a
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punching bag, and it really helps when the punching bag has a lot of money. >> that's true. >> big tech has accumulated a lot of money. it also helps that when the punching bag isn't very well liked it is kind of a populist movement, i think the tech companies have a real pr problem with the general population. i think there's a real backlash. people don't like the mass accumulation of wealth. they don't like the arrogance, the sloppy privacy issues. they don't like it. but there's no law against, you know, making bad business decisions and not being liked. i think a lot of what people see -- what trump is doing, this just bluster. this is part of the free market. he is sending a shot across the bow. i think smart people, the smart money, they don't believe that there's any -- there's no law against being big and successful. >> people are forgetting that the other big event of the late 90s in addition to the impeachment of president clinton was the antitrust suit against
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microsoft. that really could have gone either way. for a period of time the stock came under pressure. the company remained immensely profitable throughout that period. so it is certainly true that investors could be saying not unreasonably that no matter what happens, these companies are going to be immensely profitable if they are broken up, others will be profitable. there is more of a risk i think than you are suggesting of actual regulatory action. >> sure, there could be, but i think people are going to look back at what happened to microsoft. that was i believe an agreement that they finally came to. it was a crazy agreement. if you look back today, the whole issue was putting an internet browser in your operating system. people thought that was somehow, you know, abusing the power. you would have been an idiot not to put a browser in your operating system. people look back -- technology changes so fast. everyone today is a click away from being put out of business. by the time the congress gets around to this, i think the competitive landscape will change quite a bit especially as it relates to social media.
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i think social media is under consumer attack right now. >> kevin, it is carol roth. you know, i contend that one of the reasons why the market isn't bothered by this is that there should be any regulation, regulation sometimes is welcomed by big business because it's anticompetitive. any regulation makes it much more difficult for a start up or a small business owner who doesn't have the same sort of resources to compete with the big businesses who do have the resources to take on that regulation. what's your take on that? >> absolutely. i mean, you take a look at, you know, for example, on the privacy side. it is very easy -- everyone has a google account. everyone has a facebook account. it is very easy for them to get personal identifiable information and to get people to sign an agreement and they control an immense amount of data. so it is way easier for them to do it than for a small company. if you look at the eu regulations, how many hundreds of millions, billions of dollars have been wasted from people clicking yes i accept this, yes i accept this. i agree with you there.
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>> kevin, steve forbes here. look at your crystal ball. what is the next big disruptive thing coming along? i'm old enough to remember back in caveman days ibm dominated the world. then came mini computers and the pcs and the company really went down in the early 90s. what are the big disruptive technologies you see coming along where the market will affect it rather than blustering politicians? >> the obvious one is artificial intelligence. i think every business plan we get has an obligatory ai element to it. usually it is not -- ai is very debatable. i think people overestimate the power of ai where we are today, but clearly artificial intelligence is going to revolution nice a lot of industry. -- revolutionize a lot of industry. the other one is just vertical -- basically every industry is becoming a technology company. you know, whether it's fintech, or construction tech, or
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anything else. technology is leverageable. humans are not. every industry will go through a transformation if it hasn't already done so. david: we need to leave it at that. please come back. you are terrific. we like having you here. here's a story just in time for october fest why it may be easier for some employees to call off from work after a night of drinking. we will give you details you may need. ♪ (dramatic orchestra)
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should always be working harder. that's why your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today. david: we have good news for you. you may not have to feel guilty that time you collect sick from work with a hangover if you live in germany. a court ruling that being hung over is officially a legitimate medical illness and the decision coming as part of the ruling on anti-hangover drink accused of making illegal complaint that ruling might not be good news for businesses. absences from work due to m
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hangovers to $41.8 billion in wasted salary. we only have time for a quick question. have any of you ever called out sick because of a hangover? >> never, i swear. >> really? >> i am not a drinker, but i get made fun of for not drinking. it's amazing what society is about. if you do not drink your body. mckay never had but there is been plenty of times that i wish i had. liz: i am not saying anything more. >> i do not drink alcohol either. so i never had a drink hangover but i have had a couple of food hangovers but is never hit me away from the office. david: too many goody two shoes. i have come in with hangovers before and frankly i was getting a pass by one boss. let's talk to one guy, stephen have you ever came in with a hangover or had to call in sick?
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>> i don't have to call myself and no, not from work but you did not ask about college, i did not call into the professor that there's many classes i missed. david: we will get details later. that is it for "bulls & bears". thank you all for watching, we will see you next time. ♪. liz: president trump fighting back just a short term ago at a press conference. saying look into joe biden instead of democrats pressuring and threatening the ukraine. this is bareknuckle d.c. brawl, it just went full metal. but the boo market seeking impeachment stride. expert analysis of what you can expect will and will not get done. how the market will react and all of this plus we have the odds from wall street traders on trump impeachment. guess what wall street is bedding. now we have the leader of ukraine saying he felt no pressure from the president to probe joe biden and the president is a no smoking gun no
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