tv Bulls Bears FOX Business October 9, 2019 5:00pm-6:00pm EDT
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>> fire me up. >> lots more in the next hour. she will be on "the evening edit". david: the mba china, firestorm intensifies, adam silver in shanghai right now set to meet with chinese officials as more u.s. companies feel the fallout over hong kong protest. markets ending up with expectations of a china deal they are set to resume lesson 24 hours. hi, everybody, this is "bulls & bears", thank you for joining us, i'm david asman. joining me scott, christina and steve and steve. apple joining the growing list of american companies under fire in china over the hong kong protest. the iphone maker triggering an
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angry response from the chinese state media and consumers when it approved a map app that allows protesters in hong kong to track police movements. here's what the president said about the controversy moments ago. >> are you okay with the chinese government pressuring the mba over hong kong? >> they have to work at their own situation. they know what they're doing. but i watched the way that they were pandering to china and her own country, it's like they don't respect. and i said what a difference, is in is that, to me is very sad. >> is strong right? should american companies stop caving into china. >> it depends how you define caving. in terms of doing something that you don't do in the united states, no, you have to pull back or feel you'll be able to move the needle forward. if you can't, then you make a decision and waited out.
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but what china did but overreacting in the mba is now doing something it should've been done along time ago, governments have to back the companies up so china knows if it goes active or not for a company like that, they will pay a price for it. if they know there is a price they will think twice. >> steve moore? >> i agree with steve forbes. this is a big story, this is the opposite of colin kaepernick were football players were doing unpatriotic things. this is american companies stating that for the principle of free speech and freedom. i applaud the mba for doing that an apple for standing up to china. and steve forbes is right, when somebody's players and owners suck up to the chinese, i think it suggests that they do not stand for anything. i think this is a great thing, the hong kong protesters are
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great, great freedom fighters and i love the fact that you have a major sports league standing behind them and maybe at the cost of some of the prophets. >> haven't we seen this for quite some time. yes the mba is relevant and topical at the moment, but companies have been caving to china for a long time going back to google, they left china in 2010 and they removed a lot of the protests, they removed searches. i feel like is anything going to change, were talking about the story but it seems that profits are a priority when you see a slowdown, let's go after the chinese market. >> scott martin, the mba has been hot and cold in this issue. at first they caved into the chinese then they pulled back and now their commissioner is over in china and god knows what he's doing, i'm not garret getta clear sense of footing by the u.s. company.
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>> i think adam silver is doing a lot of captaincy because it seems like you're right, the mba, i don't like the response. to steve forbes point, the houston rockets was standing up first free speech, human rights against depression, all these terrible things -- >> this is where the government has to step in, other companies will move if we don't. >> that is private inver enterp. >> no it's not. we have to make sure other governments know if they're going to take invaders restated up for principles they will pay a price. don't leave our people out alone. the government has have a backbone and cover the back. >> the nba is big in china, they should have be able to take care of them themselves. mba is a private enterprise -- >> in china, the government bashing the mba and barring the broadcast is highly unpopular
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but the government does have to worry about that. this is where our government can step in, we stop radio liberty and getting their message approved. david: moving on to the china trade deal itself, high-level talks are going to resume tomorrow, the market saw positive signals afterward that china is open to a partial trade deal. the stocks came down at the end of the day from highs as chinese officials said goodwill was gone after the blacklisting of check chinese companies. let's bring in department of agriculture trade advisor tom. will the president settle for partial trade with china before the election? >> a couple of weeks ago he said he wanted a global deal, universal deal, the tone has changed a little bit because china has said they're willing to settle for a layup.
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the segway and from what mr. forbes said into the deal, i think the free world is starting to see what an authoritarian country dictator operates. they could care less about us. china is going to try and do what's good for china. which figure out what we can get what we need and what's good for the market people. lighthizer is a negotiator and nobody has seem to like donald trump on the global stage. i think it's good to be an interesting couple of days. >> i actually and going to direct this to mr. moore about your comment that the president is an exaggerator with policies when it generate the 5% growth he promised while campaigning since trade has been such a big issue that weighs heavily on the markets. can you elaborate your comment on that?
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>> you said the president was an exaggerator and he knew growth would not be a 5%. -- >> we are ahead over heels where the economy is today. this is the best economy in 30 years. lowest on employment, lowest interest rates, lowest inflation rate, and is a blockbuster economy. my feeling is, i love the trade thoughts on this, donald trump should probably try to get the best you he can from the chinese, i don't disagree with that. but get past this election, the economy is going to boom once and announcement is made that there is the truce and then the second term to really go after china aggressively. >> my whole question on this, i'll direct a little bit to steve to my right, no one ever thought the hong kong would be such a pivotal point in these negotiations. everyone thought they would go away quietly.
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and they are not. that is what person under precipitated mba and i think again people starting to see what a vicious dictatorship comes out of beijing and i wish some of the younger people that are pro-socialist would take a good look at this because this is what we could have 20 - 30 years from now. >> the comments on how china is showing who they are, some of the latest in the narrow deal that donald trump might be able to get on the table, by more soybeans -- >> is a joke. >> not only is it a joke, how can we trust china to believe them that they will buy the soybeans as they promise. >> how do we blindly trust iran, there has got to be an attractive balance but in the global deal.
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without that it's a waste of time. >> in terms of video, a few soybeans is not going to cut it. they gotta be driving 100 billion and it may come in as natural gas, china needs natural gas, gets it from russia and the middle east, you can get a tenure deal with hundreds of billions and if china would make on it we can take retaliatory action. if the chinese company's misbehavior punish them. we have never had consistent application and the rules in the past. >> what will be so different this time? you're talking about getting a deal, get it done before the election and for you, do you think there will be structural forms that might be missing because pressure to get this done now by november? >> i don't think they will get everything done in the next couple of days. but there will be some sort of a
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deal, global market -- >> the best weapon against the country as a proper under prosperous u.s. that we have not had for a decade until the last few months. democratic government signing a new law to combat the state housing crisis, will it work? we will be asking california congressman. he is with us next. >> poverty rate is still the highest in the nation for one reason. cost of living. ♪ ♪ limu emu & doug hour 36 in the stakeout. as soon as the homeowners arrive, we'll inform them that liberty mutual customizes home insurance, so they'll only pay for what they need. your turn to keep watch, limu. wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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california congressman, good to have you here. are californians going to regret this move? >> i think they already regret it. anticipation of this law rental housing starts in california are down 42%. because nobody in the right mind is going to invest money in an apartment complex when they know there is a good chance they will be forced to accept low market rates. it is already doing enormous harm that is three in half million over the past 15 years because before you can stick a shovel in the ground you are charged $150,000 a piece and restrictive zoning laws are restricting the supply. >> this is such a frustrating thing, everything you said is true. statistics are everything, we have known this. anyone lived in new york has known rent-controlled as a total failure. if there is any failure on
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policy and threat control. can you please persuade your governor that he is hurting the people he's trying to help. >> i wish i could, history is clear, we have tried wage and price control several times 4000 years ago, they very consistently caused a shortage of pressure trying to control. that's just as true of the rental market today and why we don't learn from these mistakes that we keep making over and over again i don't know. >> the shocking part, the mainstream media doesn't see it either. what is it say about our schools and more school reform, teachers who could teach ruth subject. >> that is the other problem the teachers unit is now running the public school and this back the fact we are spending much more today per student we're delivering a much lower quality
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of education. left-wing policies bring to estate, what is the work in california? >> thank you for joining us. it seems like this is a way to appease unhappy constituents especially because you're talking about the homeless issue. tensions are really high what other solutions are there with this moment in order to enact to build more affordable housing. what are you concluding? >> get the government out of the way. that is a problem all along. if you go back to 1974, the average median price of a home in today's dollars was $176,000, and a median price today is not 176,000, it's $544,000. a median price of a home has grown since the 1970s.
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why, we have piled feet upon feet upon restriction upon restriction of the housing of the state. the rental and single-family residency. that is what is causing this. you get the government out of the way and when they moved to the california 1960s, there was abundant with every income level because the market could supply at every income level. that is still true of the free states and the united states. it is not true of state dominated by left-wing policies like california. >> those regulations make it impossible to get anything done. i think the san francisco area, they passed a bond issue with $2 billion for affordable housing exposure for the homeless and though several years ago, 60 units have been built because you can't get anything done. >> let me walk through these numbers, median price of a home in 1974 was $176,000 in today's
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money, today we charge $150,000 in fees before you can stick a shovel in the ground. >> just report, i agree get the government out of the way, look at where trades are with everything in this segment. the government is getting more in the way, what is this report. >> it is already been preached in california. 3 million more people have moved out of california then i moved in in the last 30 years. the only reason our population is not collapsing because the babies informed immigration mostly illegal. a lot of people are moving to nevada and arizona and i marveled that i can't think of an act of god that can turn beautiful california into a less desirable place to live and work in major family in the nuclear
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test range. acts of god cannot do the damage. the active government can and a half and you see it in the census data. david: we hope you never move out of california. thank you for coming here. the white house combating growing calls for impeachment but is an inquiry unconstitutional. the way it is being run, we will ask federal prosecutor doug burns, he is next. >> the whistleblower is a democrat, strong democrat in working with one of my opponents as a democrat and i might end up running against. the whole thing is a scam and a fix. ♪
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impeached. 2020 hopeful joe biden for the first time calling for president trump to be impeached. the president responded last hour suggesting as part of biden's campaign strategy. biden is dropping like iraq, i don't think he's going to make it, i don't think he is going to make it. this is when way he could do. he sees what is happening he is no longer at the front runner. >> here's where it stands, the white house is declaring it will not cooperate with speaker pelosi's unloaded impeachment inquiry, highly partisan and unconstitutional, nancy pelosi calling the ministration response unlawful obstruction. here now is federal prosecutor doug burns. you can see how it's setting up for court battle. who wins a battle. >> i think you start with what he wrote on the half of the white house, there are cases saying in a congressional
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hearing, and specifically in impeachment hearing your title to do process to the constitution and the argument you're not affording us the subpoena power. that comes up in the context of he did not take a full vote. i'm not so sure on this, the point being. >> let me say, the point of the ministration unless there's a full vote on impeachment, the minority party, the republican cannot subpoena or cross-examine the witnesses. >> i think her house rules and procedures the point is they can give up the power or not and they did not do it so they should not. >> i feel like all admit i'm learning a lot. you have the subpoena, at the white house continues to resist, because that result in contempt of congress which would be a federal crime? >> that's an excellent question,
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i've been doing it for 34 years, we go to court and one side argues one position in the other the other, and you have a judge to decide it and make sure nobody makes frivolous arguments. here you have a couple of different approaches. it's pretty disgraceful to be strong and automatically characterize any attempt to fight subpoena. that's obstruction of justice, that's ridiculous talking point in the public has to understand everybody stop with that, two lawyers are going to go to court, the subpoena is improper, why they will argue it. in the other side says, no it is proper. mr. brent you said is improper, why we have work product, executive privilege, and you litigated. if everyone would stop with these answers, you see that, they are obstructing justice, it's ridiculous. it's a vital argument to be duped out and ultimately determined in court as to whether each particular subpoena
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one at a time is valid and should be enforced or should be squashed. >> this is scott martin, what you talked about the little twist in term turns, how much te could occupy in the future as we lead up to next november. could they run out of time before the next election to get this squared away? >> you read my mind, that's a great point. i asked my friend a 50 year veteran lawyer, i said wait could this go past the election and he said pretty clearly that he thought it would move relatively quickly and wrapped up in the senate before the election. i will endorse that. >> what will be the implications for the future if any party can go in cavalier fashion. >> that's a good point. the implication, first of all the typical conversation with the president of the united states and the foreign leader. he wants to speak to the free litter, you're right, again we
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go back to the lawyers in both ways. this is nothing but a political thing that we will undo a valid election in impeached because they don't like him and his policies. that's a valuable argument. the other side says no he abused his power and high crimes and misdemeanors. the first part has the better argument which is really thin and weak into your point, if we go down the road where you can remove, and the founders during the constitutional process did not want to have a situation where you don't like him or his policies and you're going to impeach him. they rejected a parliamentary system exactly. and they said high crimes and misdemeanors are interesting because they're lower level of offense. words are defined by the company that they keep. the point is, high crimes and misdemeanors go with treason and
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bribery. >> it seems, if trump were to lose in court and the democrats move forward with this, trouble say, i'm wondering if you think the american people might back him, there is no due process that he is basically being hung out to dry without a fair process. and i wonder if you are representing donald trump, is about the argument you would make. >> yak there is a couple things, careful what you wish for, the point is this can backfire. if trump was acquitted in the senate, they will need 67 votes, i am not show sure they can get there. >> there is a report that the whistleblower work for the 2020 democrat candidate. so that turned out to be the truth and doesn't the president have the right to face the whistleblower. >> fundamental proposition, if
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somebody is a witness you need to see their face and their testimony and cross-examine. >> always a pleasure. they can bring much for coming in. the united nations is sounding the alarms say the organization could be running out of money by the end of this month. more on the warning and whether we should pay off their debt. that is next. ♪ 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. my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it
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the un following reports that they could run out of money and a couple of weeks. so make all member countries pay, not just the united states, secretary-general antonio says un is running a deficit of $230 million with only two thirds of members paying their dues to the organization just this year. with a history of scandal and misspent funds, does the un deserve a bailout? the answer is no, the president is right and there can be a role you don't hear view introduce you do not vote. and you can stay on the island as a nation but use in the lobby and twiddle your thumbs which they should be doing anyway. >> maybe the solution is to tell the countries that are not paying their dues that they don't get a parking space in new york, that will get their attention. united nations is a craft -- >> there you go.
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there is a big point, the corrupt organization, anti-america, anti-freedom and we should dramatically reduce the dues that we pray to the united nations and by the way, let's reduce what we pay for the ims, oecd, world bank, all of these are corrupt international organizations that have little impact on peace and prosperity. >> firstly would we not call this a bailout because united states has not paid yet, this is according -- >> there still 381 million and back payments, 674 million due this year. moving that aside, to your point saying and lacks value, what about the security council and sanctions. if the united states does not pay, i question to scott, would that take away from the dominance of the united states, let's say china fade paid more.
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>> let china pay for it. i don't think that would be about thing. i don't think they will do it, here is the other thing, china is a problem with respect to what steve said, they have been gaming the world bank and other countries and freeloading and getting through all that payments and everything else. so they should pay more and if they want to pay more let them. are any of these concerns if these countries start paying more and more in the united states start paying less and less, that can remove our strength from the world. >> what strength. >> we don't have the strength. the un works against her interest at the united nations. >> absolutely. happens all the time. in that sense, how could they have more influence, if you look at human rights commission, you have cuba and others for the
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human rights abusers sitting on human rights panels. >> i wonder what we get for our money. we do pay $8 billion in a year just in general fund and a couple of extra billion for the voluntary services. it's a lot of money. i wonder if it's worth it? >> it's a lot of money that goes into the pocket of rich people it does not help the poor people. if you want to drain the swamp stop funding international organizations. >> stop funding the swamp and that's the swamp. you're right, your initiation was right, if you look at where that money is going, the money does not go to where they say that's going to go. and you have these countries taken advantage in us being the piggy bank and going against the
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united states and other procedures around the world. we get to fund their activities and been hated on that the countries that take advantage of us. it's a pretty bad deal. student debt bills piling up for one investor giant is planning to cut costs. the details are coming up next ♪ ♪ i am alfa romeo. 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 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.
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david: as americans grapple with soaring costs for higher education, fidelity investment is cutting fees with savings plans. you have been following this story. >> i'm not going to take the student angle, fidelity is getting in the mix with a price for and we know that schwab reduce the commission fees completely on any trade for etf in stock. td ameritrade got the mix, but fidelity did not. they will be reducing the fees on college savings plans. the fees are not the high but it's a smart move to get into the mix and for college debt since it's such a topical issue. it's a hot button issue with democrats as well. we know debt is at $1.6 trillion in 2019. according to a very recent study, if your graduate with a bachelor degree, your debt level from a public institution is
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$29200. everybody who holds a bachelor degree, that is the average. this is about college debt but also about a brokerage firm reducing their fees and getting an a price war with all the other guys. david: steve forbes, you've done a lot of work as to why the cost of college has gone up more with inflation. what the reason. >> four times the rate of inflation, for the best of intentions, all of these programs to help people go to college ended up raising the price of college. tell grants, loans, because the institution got the money, they felt they could spend more and to raise the price because governments cover unit. the other thing in the future, these institutions shall be liable for some of those debts so when they know they take the money even if the kid was there
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for six years, they just took in the money and the kid was suffering and so you have the result but instead of being an escalator of mobility, you end up in servitude. >> that is a good point. recently out of college, ha ha, not really couple decades ago. when i got out in 2000, there is not much given as far as guidance, i had an economics degree. i got lucky the economy was so good, i knew people in the industry, i remember friends of mine who had questionable majors, english, history that did not get help by the college to get hooked up with employment outside of that. hopefully somebody along the line, maybe parents or other guidance counselors help these kids go to trade school and other vocational positions where they can get the right education they need for the things they want to do in their life. >> the idea that all you need is a college education and juuling fine. a lot of people believe that that they went highly into debt to get their college degree and
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they are not doing all that well and not doing enough to pay for college debt. there's been a lot of false promises by people saying, you need a college degree, maybe some of those people should not have had it. >> the excess of cost of universities and colleges is the single greatest financial scandal in america. i do not understand why republicans are not taking up this message and say this is outrageous that a middle-class family that earned 60 or $70000 has to pay 40 or $50000 a year to pick send their kids to college. donald trump should give the speech, every university and college across the united states should cut the tuition in half, they can do that easily. >> and princeton, they have billions and billions of dollars, they don't need to charge trish and do they. >> so you have expenses and no income. in terms of what princeton did,
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they grants, no loans. so you don't have to leave with debt, they pioneered that 15 - 18 years ago. to the whole point, if the institutions have to have a piece of that loan knowing if you defaulted, then they have to pay your part of it, i think you would see a whole different attitude. >> just to your point and scott's point, there was a survey from pay scale, the interview 248,000 americans, two thirds regretted their degree because of the debt level and the second reason was because of their choice of major with humanities being the biggest one. david: attention all pizza lovers, your next pie could be made by a robot. but what impact would that have on the workforce let alone the taste of the pizza. joining us next to tell us about his pizza making machine, you do not c want to a miss it.
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david: don't forget hand tossed pizza, that is a tough sell. seattle bay startup is bringing new robot made pizza. the company says its machine could produce 312-inch pizzas in just one hour. it is already in use are major those occasions like t-mobile stadium, the ceo of picnic, clayton woods joins us. you have a tough audience. make the case, how can your pizzas compete with the hand tossed? >> it is great to be here. our system can make their hundred 12-inch pizzas per hour and every pizza is custom and made with fresh ingredients and we use the chef recipe in whatever ingredients the shelf wants to make. we can make it with hand tossed pizza. the other night we made pizza for 500 people with one person and one hour.
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>> while we replicate the great new york pizza from sbarro that the guys like, that's a joke i know sbarro is fake. what about the toppings with respect -- i watched the robot video, the toppings can be messy, barbecue chicken and things like that you still need 70 to watch the machine in case it gets jammed up and gets messy with the tomato sauce. >> no actually, the system is quite consistent. that's an advantage we consistently put the ingredients on in the system you see is a prototype and getting better all the time. that's the exact pizza we meet at the stadium for the mariners fans this year. >> i have to ask a basic question, this means pizza will become very cheap.
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will this create an obesity crisis as we get these things cheaper and cheaper and better and better. [laughter] >> i will tell you, it doesn't get any cheaper than our office where we make a lot of pizza. everyone that comes in and assess it for gaining weight, no one is tired of pizza yet, i don't see much of a problem. were reducing the upbringing cost for operators, it's a good thing because tough times out there to be a pizza operator with labor shortages and rising cost and competing delivery options. >> is innovation and technology, that leads to lower prices for consumers. that's what elizabeth warren does not get it. one question for you, the technology that you're using i bet that technology is going to be used more routinely and all those that want to raise the minimum wage will destroy a lot of the jobs in the pizza places. >> the food service industry is really having a labor crisis.
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national restaurant association says there's 800,000 open jobs in food service today so most of the operators we are targeting, we are not replacing jobs were replacing job openings. i don't think there's going to be a problem with anyone not been able to find a job. >> i want to focus on the business model, you are leasing out these machines to pizza makers, why did you choose to make that decision considering you will have to constantly update the machines and work on the maintenance for them. >> a couple of reasons, operators we sell to don't have a lot of capital for new technology and a lot of them don't own a lot of their equipment so we make a frictional sale and if the customer sends a contract with us we will train them, install the system, set them up and no upfront costs. and they will pay a monthly fee
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and the monthly fee is targeted to be at or less than their actual savings. they should be cash will positive from day one and makes them feel good about by new technology because otherwise it's a big risk for small business person. david: we wish you the very best. we love your spirit and it looks like you're doing great. congrats and please come back soon. let us know how it turns out. >> thank you for having me. david: before we had to break, let's see what's coming up on evening edit. melissa is with us. >> turkish president confirming the military operation in northern syria has begun. iran urging turkey to avoid military action. we have an a rain and journalist whose brother is reportedly being held hostage by a rain and religious leaders. we will get her take on the leader strike. a lot to get to that. >> thank you very much. farmers caught in the crosshairs of the u.s. china trade battle are finding amazing ways to make
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money. cramming produce with air guns and charging people to fire in the sky. next with the very latest on the corn cannon craze. ♪ performance comes in lots of flavors. there's the amped-up, over-tuned, feeding-frenzy-of sheet-metal-kind. and then there's performance that just leaves you feeling better as a result. that's the kind lincoln's about. ♪ if you have postmenopausal osteoporosis
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david: u.s. farmers finding new ways to corner the market, jeff flock with latest on corn cann cannons? >> you stand here with a cannon and fire away. why? this is not been a great year for farmers, whether china trade, bad weather. you know whether you support president in china or not, the fact is that farmers are nothing if not very re source full and -- resourceful and e and en.
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>> this is the howell pumpkin patch. >> we shoot it out of corn can we get a hundred dollars a bushel. >> people come from all over to partake. corn cannons are not new, made some noise. >> hit will top of the silo. reporter: they are not new, but farmers have been doing size hustle whether is corn maze or you have get to yoga. >> and hug a baby get to. reporter: farmers find ways to
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make it work. one last shot. try this, a bell up on that targets. their you go. not bad,. david: you are getting closer. >> nice try. david: i would like you to ask her, does she think, this a tough question, does she think she may be last generation of her 6 generation of farmer family. reporter: a great question. david asman asked, you are 6 generation, yo are you concerned you are last generation, you have three children. >> i am not concerned. this agratainment helped to diversify. >> it helps save the farm. reporter: hayrides and all they are hopeful. david: great stuff thank you.
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steve forbes so many corn cannons you can get and use to have a market for. >> technology will create more and more better shooting corn cobs. i hope democrats don't try to put corn cannon control. >> why, why would you say that. why not just say this is great, capitalism at its finest, farmers focusing -- why make it political? david: steve, i wonder whether they will survive this, you know? >> look, i think family farmer will survive. the theme of tonight's show, innovation technology leads to lower prices and growth. >> we'll go have pizza on that. >> on you? david: scott martin you are around corn country. >> beside needing a scope on
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that corn cannon. jeff could barely hit the side of a barn with that. he is the thing, local companies, have opened their farms to entertainment, that is making them money. david: good night everyone. melissa: stocks snapping a two day losing streak. rising on trade deal hopes, a massive chinese trade delegation arrives in dc . as chinese officials say that goodwill is gone after u.s. black listed chinese companies, will even a partial deal get done? president trump said this is still a good chance. >> president erdogan confirming turkish military has moved into northern syria and iran's rouhani urging turkey to stop. we'll hear her story and what she thinks of the latest strikes. the showdown
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