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tv   Bulls Bears  FOX Business  October 8, 2019 5:00pm-6:00pm EDT

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connell: got 15 seconds, go over that car again. there he goes. melissa: you had a tough day, people giving you a hard time, run over a car we love it. that does it for us what a show. connell: bulls & bears starts right now. >> we are not apologizing for darryl exercising his freedom of expression. i regret, again having communicated directly with many friends in china that so many people are upset, including millions and millions of our fans. david: nba commissioner adam silver defending houston rockets general manager now deleted pro- hong kong tweet. this is the growing rift with china deepens and china is taking another aggressive step putting its partnership with the nba further in jeopardy. hi, everybody this is bulls & bears thanks for watching i'm david asman. joining me on the panel is jonathan hoenig, christina
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partsinevelos, carol roth and john burnett. so nba commissioner adam silver insisting that houston rockets general manager has the right to show support for anti protesters in hong kong even after china's state broadcaster canceled plans susan li is standing by in the news room with the very latest details. susan? >> reporter: so adam silver there you heard him and he's also backpedaling a bit today, saying that they don't regulate what owners, players and employees of the nba say. i guess they are doing this internal calculus right now that the nba need china or does china need the nba. you know, the nba hasn't been in china since 1987 going back to the chicago bulls and michael jordan and there's only one nba in the world so 600 million people stream the games on streaming services and hundreds of millions, close to 1 billion watch it on broadcasters, cctv, so some would say that the nba
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has actually more of a preferential position compared to disney or starbucks because you can go to alternatives, but there's more controversy today, because we heard from steve kerr , and he's asked about what was happening in china, and now steve scalise getting some backlash. let's bring up the tweet if we can with representative jim banks criticizing steve kerr, because he's the coach of the golden state warriors, this has lit up social media. he actually didn't even want to go there and say who owes everything to american sports fans and defends the chinese communist party at the white house so there's a very divisive issue with either you support china or you don't support china and you have a lot of backlash from u.s. politicians as you heard yesterday from marco rubio , beto o'rourke, and even ted cruz and the likes and it wasn't even a full apologize. they just said it was regret
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table that so many chinese fans were offended by the gm's tweet, but i think in china, we are the nba and you decide what your positioning is it's a different calculus for you. david: absolutely thank you susan. please stick around with us if you can. it's not just the nba. other american companies are bow ing to china as well. video game developer activision blizzard removing a gamer, and bans the company pulling its shoe depicting hong kong protesters after facing a china boycott and even tiffany's removing an ad that offended chinese customers, so should these companies ignore chinese attempts at censorship, or is this a very lucrative line they can't afford to cross? >> i wish i could say we should ignore it but we've been seeing this over the past decade that companies are bowing down to china. examples you've got clothing retailers, gap, because of a t-shirt, apple most recently removed pro-democracy songs by hong kong singers from their
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chinese app store so this is an ongoing situation that shows the color green prevails in front of all, but unfortunately, one tweet, deleting a tweet may not mean anything for us but this really sets a precedence for what it means for putting your opinion online, especially -- >> this is a private organization. it is not the nba's job to change china, to change what is an oppressive policy in china and yes, when an employee jeopardizes a business relationship whether it's james garner or roseanne or kathy griffin they feel the ramifications but the nba, if they could miss an opportunity here. think back to the 1980s with the soviet union brands like nike, coca cola, they've positioned themselves as the freedom brand. as the inneds brand, as the american brand. nike should fill those shoes and tell china look this is what we stand for, take it or leave it. >> it's absolutely hypocritical for these u.s. companies to actually support kneeling, right
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and risking profits in the u.s. while bowing down to china in their pursuit to actually pursue global growth. this is absolutely hypocritical. they aren't even upholding american values. we've seen over the last several decades, right, with the expansion of global trade that the u.s. has actually used trade as a way to promote democracy. you do that through policy, american policy, but you do that through enterprise trying to make end roads into foreign countries while bringing u.s. value. this is a complete, this is not a slam dunk. this is a missed play on behalf of the nba. >> listen they keep saying that this is offending the chinese consumers but we have no idea if it offends the chinese consumers because they all have a gun to their head because they have no free speech and at the end of the day this isn't offending the chinese consumers. it's offending the chinese government, and that is the big issue here. this is a huge opportunity for these companies, to take a stand for freedom and democracy and
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say that that is more important than the almighty dollar and the reality is if enough of them do that it puts pressure on them. david: susan can i just ask you a question because there was some question about the apology that the nba made to the chinese whether it changed in the chinese version. there was an english version which was bad enough, and silver apparently has turned that around, but the chinese version was particularly where they used words like inappropriate for what this gm had said. what's the story on that? >> reporter: so they added a few extra lines to that to say it was regrettable and it sounded more like an apology than the english language statement that the nba issued. i just want to get back to how important the chinese market is and whether or not nationalism does impact u.s. brands. i think starbucks will tell you that it does, as walmart they've experienced this, and starbucks used to have a cafe in the forbidden city which was the
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imperial palace? so that was removed after controversy with a broadcaster saying why should we have an american company basically in our representative of where the emperor used to live and so that was removed and people actually started boycotting starbucks as well. >> jonathan, i want to quickly -- >> i want to ask quickly could the chinese people themselves could the government see any blowback from the fact that look the nba is extremely popular in china. could the government itself get blowback from the fact these games all of a sudden aren't available any more? >> there are always alternative s however as i mentioned there's only one nba so in some ways there's been a very smart strategic decision from the nba to get in early into this market, so it's most watched sports league in the entire country, and it's not just tv. look at those paraphernalia. nike does 20% of their sales in that country and we also have players with shoes and jerseys they sell a lot of them in china as well, so as i mentioned to
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you the nba is deciding right now does china need them more or do they need china? >> they also set a precedence for business though guys. you have to realize if you're a business doing business in china this is not the only time this pops up. this is going to be a continual issue so i think it's important for businesses if they are going to try and be a part of this market to understand that this is what they're dealing with. they are dealing with censorship and it's not going to rear its head once. >> so this as well, carol, as the owner of the brooklyn nets brought up by the way, in one of his facebook posts, he says look , memories are long the historical context to this, china has gone through 120 years of being invaded by european powers in fact hong kong was divided up during the opium wars and what about the japanese invasion during world war ii now that they have economic some would say power, military power, they feel that this is their time to finally stand up for something and memories are long and they are very cognizant of
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foreign powers to try to tell them what to do. >> jonathan i want to go back to your earlier comment. i'm confused are you stating companies should be taking a stand but individuals that work for these companies should not be saying anything? >> i think it's a missed opportunity christina back in the 1980s a lot of the american companies position themselves align themselves with american values like freedom of speech especially in contrast to the soviet union so it's a business decision, and businesses have to make decisions but another business decision would be to embrace those values. david: but jonathan on the other hand do you remember arm & hammer? the company was named after a man named arm & hammer who used to deal with lennon and the soviet union so there have always been examples of capitalist compromising in order to get into certain markets. >> david while this is an
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opportunity and does the nba take the money in pursuit of a business relationship or stand up for the free speech values of one of the members of their team david: at least they pulled that original apology and it seems like silver is now standing behind his gm so that's some progress let's see what happens to the other companies susan thank you so much for staying with us its been a long day i appreciate it. well the white house just issuing a direct response to house democrats attempts to subpoena witnesses, and document s, and their impeachment injury. details just sent to democrat leaders, former doj prosecutor some of the best there is, responding next. each day our planet awakens with signs of opportunity. but with opportunity comes risk. and to manage this risk, the world turns to cme group. we help farmers lock in future prices,
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but when i started seeing things, i didn't know what was happening... so i kept it in. he started believing things that weren't true. i knew something was wrong... but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine... proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain
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and unconstitutional impeachment inquiry" and they cite lack of a precedent of an impeachment inquiry without a vote of full house. here is former federal prosecutor with the department of justice, boy you're the perfect guy to have here at this moment. andy mccarthy wrote about this a couple days ago and he said the constitution says the house has the power of impeachment, not that the speaker of the house, and indicating that because there has not been a vote by the house as a body this inquiry is illegitimated. what do you think? >> well i trust andy's research , i'm sure he dug through it and found pretty good precedent for that position. i think what it really speaks to overall is not really the semantics of who started the probe or who gets the vote or who doesn't vote but it looks like both sides are migrating towards litigation. they are each looking at very absolute terms about what the power is here and moving this towards the courts and the
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courts don't want to get into the middle of two branches of government such as the executive and legislative branches so i think we have a long slow game about to play out with the courts being involved against their will. >> jim it's carol roth. as i'm talking to average americans and real life on twitter one of the concerns that i keep hearing is that there isn't a level playing field that people think it's important for congress to have oversight but it seems to be that depending on who is in charge, what political party they are affiliated with and otherwise, if there seems to be different sets of rules and people are happy to have some sort of investigation as long as that is the same for everybody else in congress and anyone else that's been part of an administration past and present. what's your take on that? >> i think it's a great point. the reality is whatever the final result of any particular investigation it's only valid if the process is consistent and fair and that means you might not like the end of that game but if the process was fair you can't say too much about it. here it does seem like over the
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last couple of years there's an awful lot of ends justifying the means where people want to change the process because they feel so strongly about donald trump. frankly right now we're talking about adam schiff, a former federal prosecutor who knows better than to say that it's obstructionist to fight him and that's basically where we are with this quicksand of the house deciding if you want to fight and defend yourself somehow that might be a crime. >> hi, jim. it seems like the democrats are really placing a heavy investment on political antics, secondhand information, and complete optics and while the trump adminitration is really trying to focus on process, fairness and actually for a situation where the evidence and individuals involved can be press examined; however when you look at the electorate, the left believe fighting with the democrats and the republicans are siding with the trump adminitration, for the most part
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; however, that middle, concerning independents and swing voters, how are they going to see that? are they going to lean toward how it looks or smells or are they going to opt for process? >> yeah that's a tough question i'm a lawyer, not a political master, but i would just say that i think you get outside the beltway and an awful lot of people are completely sick of the fact of investigations. they don't want to hear about any investigations. they want to see something change for the better in terms of their country, their economy, their community so there's a lot of fatigue and when you get outside of the beltway but people are starting to get a notion that we need to have consistent fair rules for everybody no matter how much you feel self-riotous about your dislike of president trump perhaps, you need to have the same rules in place no matter whose goose is getting cooked. >> jim it's christina partsinevelos here, to add-on to what john just said he said the trump adminitration is following the process and is fair and fairness is a quote. is it fair to stop and block the
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text messages from the u.s. ambassador to the eu? is it fair as well to stop him from speaking? what are your legal thoughts on that? >> well, i don't, look i mean legal is not necessarily the same as basic fairness. i think there's a lot of things that are happening that don't look good that aren't necessarily the best tactic. i think a complete shutdown where you say we're not going to cooperate at all with the house is putting yourself in a less sympathetic posture when it comes to the courts. the courts want to see people working together on some level. my view is they should be taking this piece by piece and saying that we're filing a motion to squash this subpoena and here is why. we're not going to disclose privileged information and here is why and really, break it down into legal specifics, instead of broad policy statements. what we're doing now is baiting the bear. we'll have a court get involved judge to judge. they all have different takes and somebody will have to weigh and decide whose playing pair, congress or the white house. >> jim the prediction market predicted is showing about a 72% chance that the house predicts
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the president. put your own prediction head on for a minute here but in a word, will the president be impeached by the house, yes or no? >> well i guess yes. [laughter] david: one word. you asked for one word you got one word. that's why we love you thank you very much. >> i'm usually paid by the word too. >> [laughter] david: thank you but next time we'll pay you a little more. good to see you jim. tune in tonight by the way 8:00 p.m. eastern on fox business, of all days this is a day you need to watch trish trish regan she is speaking with the president's lawyer, rudy guiliani you know that's fun about all of this and that's trish regan primetime tonight at 8:00 p.m. eastern time and in the meantime, ellen is firing back after being slammed on social media for just sitting next to former president george bush and having a good time at a football game. we'll tell you how both of them are responding now. here is a taste from ellen. >> people were upset.
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david: daytime talk show host ellen taking a stand against critics after receiving back lab for just sitting next to a friend and former president george w. bush at a football game on sunday. listen. >> i'm friends with george bush in fact i'm friends with a lot of people who don't share the same believes that i have. we're all different and i think that we've forgotten that's okay we're all different but just because i don't agree with someone on everything doesn't mean that i'm not going to be friends with him. when i say be kind to one another i don't mean only the people that think the same way you do. i mean, be kind to everyone.
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>> [applause] david: president bush's spokesman told fox news exclusively that they really appreciate ellen's comments about respecting one another, so should d.c. take some notes on civility with this? >> yeah, we have the terrible ugly tribalism, david. i don't know a better word, collectivism that has been interrupted and the country says you can't even enjoy a football game with someone who doesn't necessarily vote the way that the same way that you do, or with anything else that's the nature of america is finding those shared values and in my experience, this oftentimes the progressives that are less tolerant than other ideas and many of the conservatives but regardless everyone needs to take a step back and appreciate there's more in common than we have in opposites and build bridges even amongst folks who normally wouldn't think would be friends. >> yet somehow in one sweep jonathan you made it political by calling out the progressives and saying that maybe it's more the progressives. yes, ellen is great, she's love ly, she's moving past the
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fact that bush has voted twice against gay marriages and she gave that really simple simplistic speech about working together. i agree, right now in america, we're seeing a division. everything seems to be binary black and white. we see the rhetoric the online through our twitter followers and if they don't agree with something you say you immediately get bullied or insulted, however you just said right into it by calling out and saying that it is the progressives. david: there goes civility. carol go ahead. >> let me bring some love into this conversation. i'm going to give this a big heart. i think that this is amazing, and i think whether it's d.c. or whether it's social media, we have to realize that just because you don't like somebody 's ideas that it doesn't make them a bad person. if i didn't agree with you, i wouldn't have any family, i wouldn't have any friends, i wouldn't have any colleagues but the reality is we all bring something different to the table and i love the message that ellen brought. i thought it was beautiful and
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it was with humor and kindness, almost like this mr. rogers moment that we've been missing for so long and i hope that everybody takes it and i hope that ellen will be my neighbor. >> i'm going to tap into my inner marion williamson and say well we just need to spread a lot of love across the world even at sporting events it's crazy. i disagree with christina. here is the situation. whose upset? the left is upset with ellen. i mean the right is not upset with president bush. >> really? really? >> why? she actually is doing videos, posting selfies, and actually crossing their mason dixon line so to speak on tolerance. >> i agree. >> only the left would get upset with a lesbian, whose showing tolerance. >> i don't like the hipocracy that we're seeing. this panel is saying yes this is great. ellen is showing she can be friends with conservatives that vote against gay marriage but at the same time let's go back to
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every other time panels well say this is the left doing this or the right doing that. let's stop this division and focus on -- >> okay i'll say this. ellen did the right thing. david: all right by the way jonathan i got to take issue. we're running these huge deficits right now because of all of the spending. we have all of these democrats running saying they spend tens of trillions of dollars more on government. do you want everybody to get along if we have a democrat president who wants to spend ten s of trillions? >> no david vigorous debate of ideas of course but it doesn't mean at the end of the day you can't sit down and enjoy a drink and a meal at a football game with your fellow american. david: i like that. >> whose going to pay? david: more 2020 democrats are now proposing new taxes aimed at the ultra wealthy. but a warning for small business owners, why he says that they should be a lot more concerned than the billionaires, that's next.
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david: 2020 democrats continue to propose new taxes that they say will only effect the super wealthy so today joe biden releasing his plans to have wealthy americans pay the bulk of a $750 billion investment in education in america by removing tax loopholes and now both bernie sanders and elizabeth warren have big plans of their own for wealth taxes, and that's where they confiscate things that you've already paid taxes on but there are concerns it
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will be more than just the wets it taking the hit. johning us now is founder of the marks group it's a small business consulting firm. gene, you wrote an op-ed for the hill titled why small business owners should fear the sanders and warren tax plan. can you explain why they should fear it more than the billionaires? yeah, sure. first off can we talk about ellen? david: no, no, we don't want to do that. let's keep it straight. >> let's talk taxes. yeah, both sanders and warren are proposing tax plans that are going to be taxing what they call the wealthy, and elizabeth warren wants to go after assets, which is kind of a new thing in the tax law, because now, she wants to like use a percentage of however many assets that a person has, starting at $50 million. bernie sanders wants to sort of attack corporations and what he wants to do is tax corporations or ceo's or earnings a lot more than the average worker 50 times more is where he starts that off
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with so they are taking that approach to taxing the wets it so a lot of small business owner s might think well it's just the wealthy who cares doesn't really have an impact on me. it really has an impact on small business owners. i own a small business. david: how? >> well i'll tell you. small businesses themselves are a reflection, david of big businesses. when i go to my clients and they are operating their businesses, whether they have 10 employees or 100 employees they are at 1% of that business. they are the ones that are earning the highest salaries. they are the ones most likely with the nicer cars and the ones with vacations they take or they take time off during the day. they are sort of 1% that the warren and the sanders plans are going after. david: uh-huh. now though they wouldn't be effected by the actual financial impact of their plans the psychological impact is pretty significant and the reason why it's significant is because a lot of the workers at these companies look at the ceo's of their businesses regardless of the size and put them into that
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perspective. it creates a bad psychological situation. i think it's a big issue for both senator warren and sanders and they have to reassure small business owners that this is not as big an issue as a lot of us think it might be. >> gene, we've seen under president trump tax cuts and jobs act a huge explosion in terms of jobs, investment, and so forth, right? so like you'd mentioned if these tax plans to funnel these welfare programs is passed that will actually have a catastrophic impact in terms of investment. do you see a flight in terms of capital leaving the u.s. and we've seen a lot of examples even right here in new york where carl icahn is moving down to florida so what's your take on that? >> here is the thing a lot of people don't understand about big businesses and the wets it. small businesses rely on these people for their livelihood. it is not just large corporation
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s and by the way some of my best clients are large companies. they are the ones that pay my bills to these services so just think about large corporations that hire employees that are going out to dinner that are populating restaurants and merchants and other small businesses in the area. when the taxes come along that are taxing corporations at this kind of level or even individuals, it takes wealth away from these people and draws back on their investments and it makes capital go away and that not only impacts the overall economy and their own companies but it has this other impact on the small businesses. david: carol? >> gene it's carol roth. you know in terms of the actual numbers as well, when you think about a small business owner, so much of their wealth is tied up in the ownership of the business so now you could have warren or sanders come in and say well your business is worth $20 million, and guess what a small business owner won't have liquid capital to pay that. the same thing when they go to sell their business.
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maybe they've been taking a $70,000 salary but now their business is worth $20 million they've built up over 30 years and they have to pay something there. isn't that a tangible impact for a small business as well? >> it's possible, but i say, it would be like political suicide, carol, for sanders and warren to come after small businesses in that way mainly because as you know there's like 30 million small businesses in this country it's a big voting block and the media and general sense of it supports the average entrepreneur and the small business, so it would really be a tough decision to do that. however to your point the fact that warren particularly is taxing assets, that is a bad precedent to start. we are an income tax basis couldn't are and once you have government starting to tax assets, where does that end and does that trickle down to small companies some time in the future? it really could. david: well it may not be constitutional. even some democrats are saying that. gene good to see you thank you very much for being here.
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fortnite fury. parents suing the makers of super popular game saying it's turning their kids into addicts. do they have a solid case? we'll ask judge andrew napolitano coming next. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases low blood sugar risk.
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david: the makers of the popular video game fortnite now facing a class auction lawsuit filed by parents who claim the game ruined their children's lives and say the game is as addictive asco cane. the lawsuit filed in canada states that fortnite causes the brain to release dopamine that's similar to the same reaction from drugs. let's bring in fox news senior judicial analyst judge andrew napolitano so do the parents have a case, judge? >> well the reason the case is filed in canada is because the united states supreme court has already ruled that these video games are protected under the first amendment and no cause of action can be had from them. there is no such ruling in canada. this would be, this is a novel
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case in canada and it's one of those cases where it's a beauty contest between experts. whose team of expert presents the more compelling case? the psychiatrist and psychologist who will testify for fortnite, or the psychiatrist and psychologist who will testify for the plaintiffs? and one respect, i mean, mozart and bay over en are addictive and in another respect is it really the job of the courts to protect people? i'm showing my libertarian side on this. >> they are from quebec, montreal my hometown the family suing but i immediately thought of the oreo story the connecticut college that said oreos are just as addictive asco cane so i have a problem i do seed a lot of oreos so can i sue for that case but that's not my question. my question is does a legal basis for this particular case they are using the quebec supreme court that ruled in 201e
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public, tobacco companies didn't warn the public about the harm. >> well i can't say yes because it's novel, but it is the right way for them to go, because the failure to warn is what we call products liability trigger, that allows them to reach a jury. the question is is this a warn able event? did the company know that this stuff is addictive and harmful? being addicted to mozart or this game might not necessarily be harmful. they have to prove harm as well as -- >> but what about in south korea, you know those kids that play all into the night? >> i doubt that a canadian court would take cognizant to that. and as you know there's no jury so this is a trial before one judge or three judges it's not the history. david: jonathan go ahead. >> but this is nothing new. go back to the 1950s. it was billiards that was going to ruin kids and in the 80s it
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was packman, and this is nothing new, judge. what is new is that people seem to have completely forgotten about the very idea of personal responsibility. personal responsibility of the parents to police their kids and what about the responsibility of the kids to put don't the mine craft and fortnite. >> and if there was a better immitation they would have done it. >> [laughter] >> i'm with you 100%. >> so i'm wearing two hats, i'm wearing the small government civil liberties hat but also the judicial hat to explain how the procedure works. david: carol? >> what about the harm factor. i mean the reality is that kids are making millions of dollars playing video games now, so perhaps it's just on-the-job training, i mean if you're the person whose defending this can't you say that this is actually a good thing that they are addicted of because they have the possibility to make seven or eight figures a year. >> let's get to the question that was asked earlier. harm is the lynch pin of these
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cases so if the manufacturer can show that okay, kids like it and they can't stop playing it but there is no harm the case is over. the case ends. >> okay judge i want to get your opinion on a completely different story the supreme court clearing the way for blind people to sue domino's people and other retailers that their websites are not accessible to them. so what does that mean for small businesses in america? >> the americans with disabilities act requires that businesses that are a public accommodation, like come in o's be available for the physically challenges. those that are challenged with eye site and with hearing. domino's says it does that. the plaintiffs say they don't. the supreme court said come back to us after the jury trial so this is not a ruling on the merits. this is a determination that the plaintiff is entitled to try and prove his case. >> i want to go back to the video games. when i grew up in the 1980s i was happy to get my atari.
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i was staying up late at night until my mom found out and i learned not only about personal responsibility but they gave me a good spanking on the behind. i probably wouldn't be sitting here. >> are you looking in the camera and thanking her for spanking you? david: thank you, mom and thank you judge. great job. >> appreciate it. david: before we head to break let's see what's coming up on evening edit, it is melissa francis my old partner what do you got? >> coming up we've got trump 2020 senior campaign advisor laura trump joining the show. she will weigh in on whether a bipartisan prescription drug pricing bill can get done, while the democrats push on with their impeachment inquiry and she will address what many see as the decline of civility in america, but you're always civil, david asman. david: well you make it easy for anybody to be civil, melissa francis. i miss you. melissa: sometimes i'm outnumber ed. david: we get it. thank you we'll be watching
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meanwhile the great tax, details of a new study linking the moment one state raised its income taxes to a substantial departure of wealthy residents. what we now know and the message this should send to politicians coast to coast. the lexus es... ♪ ...every curve, every innovation, every feeling... a product of mastery. lease the 2019 es 350 for $379/month for 36 months. experience amazing at your lexus dealer.
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david: in with the taxes, out with the wealthy residents, a new study drawing a direct link between the two in california, at least the national bureau of economic research recording a sharp up-tick in migration out of california, in 2013 just a couple of months after the state increased its income tax rate, on those making over $1 million so what is the lesson for other high tax states, john, like new york for example? >> do you know what? it's really up to the electorate
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in each state to really understand, if you tax to the extreme, capital in wets it individuals will leave but guess what there's also other individuals that are leaving. retirees are getting the hell out of new york and places like california and chicago. why? because their limited income, right, retirement funds, are being taxed at a high rate, so do you know what? if you actually want to maintain the same standard of living you have to take flight to florida. go to texas, or nevada, and the same thing will happen, it will cost a bit but if anyone on the left actually wins the oval office, they will want to tax america to death and we'll see a flight of capital to other countries. >> yeah, we are saying this is a huge, huge issue in illinois and so i hope that governor ritz kerr is listening because i've got a couple of lessons and one is that you are in competition with other states and people
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will leave. this is the biggest chatter going on in the business community. the other one is an economics lesson. it's better to have a bigger pie with each person contributing less than a tiny little pie with people contributing more, i'm not sure if that's friedman or who but it's something that illinois needs to learn. i just hope this is a statement. i hope i can one day be concerned with this topic because i don't fall into that income bracket and you guys are complaining but the study is on foxbusiness.com and they said you could save $69,000 in taxes per year by moving from new york to the sunshine state. david: wow. >> christina money is mobile. and it goes, this has been documented over and over again. it goes to where it is treated the best and as john and carol alluded to in places like new york, california and certainly illinois it's being treated terribly so people who are the job creators are getting up and the heck out of town, it not only hurts productivity but exactly the folks who depend on those jobs and john to your point the more wealth is taxed
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the more it is abused and regulated the less wealth creation you have so people always say they want the rich to give back. my god just let the rich produce and that's giving back for everyone. david: but you know who else is hurting and this is the irony it's hurting governments of those high tax state, because they have become more and more dependent on the smaller and smaller tax base. those are the 1% whose moving out so john, you get people, irony is you get somebody like governor cuomo complaining say we need the rich. don't tax them so high even though as he's taxing them higher. >> when we look at the financial crisis back in 2008 and 2009 you know president obama and others took a lot of heat. why? because the governor at the time said do you know what? we need wall street to pay those bonuses, because if wall street does not pay bonuses, even during the financial crisis, that's going to cause a huge budget crunch with regard to the new york state budget. there's yet another example.
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david: carol, you have the irony in illinois is that your governor is a billionaire. why doesn't the billionaire get it? >> okay so here is why he doesn't get it and i'm not trying to take a shot at it but he didn't actually earn that money. he inherited it so when you don't really understand it from that perspective, you haven't been somebody whose built yourself up, i think, that that becomes an issue. i think there's also a lot of guilt on the democratic side for the people who are wealthy saying don't come after me. i'll be on your side just don't come after me and unfortunately, it happens in illinois over and over again. >> john, just managed to right before your comment, carol to actually justify the bonuses of those bankers and all of those large organizations, especially during the financial crisis when so many people lost their job so kudos to actually finding a reason for tax >> the thing is i educate every new yorker by saying that they make the same decisions that businesses make, when they're actually out there trying to find a product and source where they should get it
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from they are going to go where it's cheapest and they can get the same value. corporations on individuals as well. david: by the way i hear a siren in the background carol. i think the governor sent a cop car to pick you up. we got to move on. >> i'm really popular around here. david: i bet. well did you have to work for your allowance when you were a kid? a new study out saying only half of today's parents force their kids to do chores for their money. is that right and wait until you hear how much parents are actually shelling out now. announcer: fidelity is redefining value with zero account fees for brokerage accounts. and zero minimums to open an account. at fidelity those zeros really add up. ♪ maybe i'll win ♪ saved by zero
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is. david: it happens every week in some households, some kids are making a killing, some kids average 30 bucks a week. only 52% of parents expect their
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kids to do chores, should more parents demand work for the allowance, did you get money for nothing. >> it would have taken me forever to get to that, my mom started me 5 years old, 50 cents a week, and a envelope, his come back with a nickel. >> my parents believes that chores are something i had to do, i do not deserve to be paid for it it was just expected, i took recycled bottles from recycling bins and took them for change and then i had lemonade stands, i soldiering i could -- soldierinall that i could. >> we did lawns, polished silver, helped clean the garage, i think i got about 5 dollars a week, kids should work, just giving a kid, you do them a
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disservice just giving them dollars, teach your kids to have some responsibility, that is first step you put them to make something with their lives, make them work for that dollar or 30. >> my dad was so gangster about financial principles, i had to work for my money, and day camp, he signed me up in the kitchen for summer, to pay for day camp, i made peanut butter jelly sandwiches all summer long, i never made one again. >> as a kid i worked in a fast-food restaurant. the days when the minimum wage was $2 .50. i think i worked for a dollar an hour at the time, because i was underage. probably illegal, but it shows that minimum wage does cut off people from earning a fair living. >> you know thing, that i'm glad that i had the opportunity to
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start my own small business as a kid, my parents, my family supported it. david: you learn a lot from those, that is it for "bulls and bears," we'll see you next time. melissa: u.s. market close near session lows on rising trade tensions, after u.s. puts 8 chinese tech companies on avoid black list. -- trade black list. and u.s. puts visa restriction. >> all of this as turkish president prepares to visit the white house, we'll ask retired general robert scales about this visit. and the battle over funding the border, new figures released by the government show an alarm

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