tv Bulls Bears FOX Business October 22, 2019 5:00pm-6:00pm EDT
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is interesting and leads into what you're talking about with the nba. this story is not over with the whole hong kong. there will be a lot of protest. different interesting. >> that doesn't press. as always "bulls & bears" starts right now. >> the clock is ticking for congress to agree on a new north american trade deal. the president lasting speaker nancy pelosi taking too long to bring into a boat. white house trade advisor peter navarro says if it does not get done this month it may not happen at all. we will ask mr. navarro where thanks dan when he joins us from the white house. first this. [shouting] protest outside of manhattan courthouse where exxon is on trial. the world's largest publicly traded oil and gas company now
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forced to defend itself against charges that it may apply to investors about the cost of climate change to its business. is this another attempt to bring down big oil. hi this is "bulls & bears" and thank you for joining us i'm david asman. joining me on the panel jonathan ho nick, carol, steve moore and zachary. let's go straight to jackie at the state supreme court in downtown manhattan. walk us through happen today. >> it was a short session that started after 2:00 o'clock in the afternoon, both sides were able to give their opening statement. this is basically exxon on trial in new york at the new york supreme court and basically lawyers for the prosecution kevin wallace, he said potential investors worry about climate change when they think about the future of exxon mobil. they worry about the cost of climate change in the cost of regulation. then exxon had different projections when it looked at these cost internally versus
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when it presented those to potential investors. if that's the case and made acid seymour can secure than they were in reality then the attorney general alleges that as a violation of the martin act and that's a fraud statute. a partner for paul weiss was leading the defense for exxon today in his opening statement, he made many arguments but one was these cash flow projections that they're talking about inside the courtroom are in the future. they don't impact the bottom line right now. >> to analyze do not have feedback with any way shape or form with records of the corporation. >> they are going to have a lot of details that come out over the next weeks on both sides.
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the prosecution is going to call the first witness stand tomorrow at 930 eastern time. that is a potential investor that will talk about her experience and what she believed given the projections that she saw. meantime, next week the ceo of exxon for 2006 - 2016 also former secretary of state will be called and there will be a lot of question surrounding what he knew about the multiple sets of projections. what is at stake, a lot. the signs were looking at in this case potentially 500000000 - $1.5 billion if exxon is found guilty. david: thank you very much. let's bring in fox news and fox nation liberty file judge andrew napolitano. >> the original charge was exxon was hiding evidence of climate harm from fossil fuel.
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and in the prosecution find any evidence that they were doing that? >> no. the we say prosecution, this is not an indictment this is a civil trial, no jury just before one judge. this is a weird case that started out making allegations that exxon had created evidence to deceive and the government kept changing obligations the more they found. now basically saying exxon recorded internally the future cost of remediating environmental issues as less expensive than they knew or ought to have known they would've been. the d.o.j. looked at this and said no case. the sec looked at inside there is no case. but new york has something called the martin act which is the toughest most demanding more from security fraud law in the
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land. david: just a follow-up, is something the prosecution keeps moving the global. >> they did all the time. that is their goal. you could argue this is a political case. this is an effort to transfer wealth from the largest oil and gas company in the world to yo e state of new york. >> thank you for being on the show. i don't think he used the two words that describe the case, take down. as a takedown with exxon and all the energy companies. the idea that the investors have been defrauded is lunatic. exxon has done pretty well over the last 15 years. note investor was defrauded. how can they even make the claim that somehow investors invested in something that lost money when exxon has not lost money. >> this is the point of the argument in opening that the whole case is speculative. he looks at the lawyers and say they cannot put anybody on the stands that say they lost a
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nickel. you have to put someone who hesitated to invest in the future. that is not a major of damages. >> this is the first of the third time going around. the company was exonerated. isn't this another example of government going after a productive prosperous company that helps americans produce energy and isn't this the equivalent of a police officer pulling someone over and tapping out the back taillight and say we have a problem. they will find something wrong with exxon but because it's a fossil fuel company, they deal in oil and not misled anyone. >> this is the natural progression of the trend among state attorney generals to seek wealth transfers both from big tobacco and big pharma and offer big oil, they do it in a sexy environment showing the
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demonstrators. there is no jury down there. who are the demonstrators think their influencing. this is the radical environmentalist who want to put exxon out of business and trying to use the instrument of government to make that happen. >> the next target is going to be big tech in europe with more significant than google. >> with 25 billion. >> i would say i don't think this is a takedown, i don't think this is a defensible case doing in internal projections without that being subject to fraudulent claims. it is political and exxon to try for years to fund scientific research that pointed in a different direction and then climate change. i'm saying that created a political animosity on those who feel -- this is a political case
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based on a company that has funded research to say it's not a big deal and greenhouse gas is not a big no. that does not make the case right. >> most judges would say bring in somebody lost a result of this. and i'm throwing the case out. they can't. it's all speculative. their first witness is going to testify about why she did not invest enough that she invested and lost money. >> the company lied to itself which is something i do every time i get on the bathroom scale. it's a big issue. if you've ever been inside of a corporation, there are multiple sets of projections for everything and you get a different information from the ceo and this is how big companies go. what is a potential for a really bad president appoints other companies. >> let me get down and dirty.
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there is no potential for president because this is near state supreme very low reputed state court of general jurisdiction. if this were the seventh district of new york the case will be thrown out. but if were going to trial all across the country. >> it's a very complicated case. you summed it up very nicely. thank you for being here. president trump slamming the cake into nancy pelosi for inability to act quickly on the north o american trading. things are looking good with adil china. what are the chances of that happening next month. we will ask white house trade advisor all about this and a lot more next. loca to the city. [ applause ]
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off on the democrats inability to push ahead with the north american trachea. i can't believe nervous nancy pelosi is not moving faster on usmc a h.e.r. people wanted i don't know why she is not putting it up for a bipartisan vote. taking too long. white house trade advisor peter navarro joining us. what is going on with the trade you and when will it be voted on. >> it is taking way too long. but there was a group of bipartisan folks talking about it. adam schiff in the labor in the equation. so the problem that we are running out of days in the legislative calendar. this is a great deal for ameri america, it's twice the size of the china deal. we expert five times as much to mexico and canada as we do to
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china and we really ought to be talking more about this and for me this is a test of nancy pelosi whether she can rise above intuit's good. david: they say they can do this and the impeachment of the same time but people are wondering, you set on october 3 on fox business if we don't get a vote this month, it probably will not happen. do stick by that? >> here's the problem, there is only a few more days left in the legislative calendar in november the first couple of weeks the house is gone, the senate is there in their back a few days before things giving and this is gonna be a real turkey if nancy steps in. people get up everyday, they go to capitol hill instead of doing
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usmc for infrastructure or drug pricing or any number of things they can do. they just dive into the swamp with their boots on. david: i want to press you, if we don't get it done by the end of this month -- you said it probably will get done do stick by that? >> we have a couple days left before things giving. i'll wiggle out of the last one and say if we don't get it done by turkey day it'll be problematic. the problem is i don't know what these people get paid for, they're never there working and then when they're working there doing stuff that does not advance the welfare of the american people. farmers, workers, manufactures all benefit from the usmca. david: the economy would take off even more than a house but i want to switch gears. >> let me say one more time, i got my 30000 on the dow if you get usmca by the first of the year. david: i will indeed.
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turning to china we had congress secretary that told maria bartiromo that he wants the right kind of deal and having it done next week is not so critical to him, is not so much timing but getting it right do you agree with that? >> that is all negotiation behind closed doors. but what i can tell you those negotiations are taking place in lighthizer is working at the deputy level and principal level. were in a path to chile to paper that deal. as a president want to say, let's see what happens. david: you mention chile meeting next month in which the president of china will be there with president trump. >> they won't be riding the subway anytime there soon if you saw that. >> they're having some problems. >> every time i go to a new city i ride the subway but also can put their. reporter.david: this over 15 nes
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coming on with china if there is assigning a phase i down a chile will those tears and? >> that the decision made by the president. we want a phase two into phase three and the only way we get the chinese to focus on these things is by applying appropriate pressure. that the decision up to the president. let's see what happens. let's focus now on usmc i before thanksgiving that be a gift to the american people and i'm feeling bullish right now but my heart has been broken before. i want to talk about a guy name ron vera. it is a pen name that you used in a number of your books and it's an anagram for the name navarro. it was an interesting thing people talking about. but now we have the chinese making it very big.
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they said it will not only impact and threaten normal international relations in order but in the long run it will ultimately harm the interest of the united states itself. what do you make of the chinese and the focus? >> iran is throwing out the first pitch of the world series tonight. i heard they took away his visa in china. that's all i have to say. it is just good fun. david: they don't think it's good fun, they say your statement should be carefully screened from now on. >> have you ever met a member of the chinese communist party that had a sense of humor? david: i have to say i have not to tell you the truth. >> i've been eyeballing them with the negotiations. david: one more thing happened last week, the wall street journal a piece about noble office meaning that larry kudlow put together with a bunch of trade people.
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steve morris was there, you were called in in the middle of the meeting and led people to wonder if you're all on the same team visa trade in china. >> what happens in the oval stays in the will. david: that's it? >> that's it. >> we had a good conversation. thank you very much. great to see you again. >> see you at the world series. [laughter] >> i wish. what do you make of all this. steve you were at that meeting that i referenced to peter. is the trade team that the president is dealing with all on the same page? >> what happens in the oval office stays in the oval office. [laughter] i'm just kidding. i was not the source for the wall street journal story. but trump likes to have different opinions, what's the correct strategy for dealing with china and one thing i like
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about donald trump is he puts people on the table with different opinions and that's why ceo should do in terms of making a big decision. one other quick point about the mexico canada trade deal. what worries me is pull oc is saying she wants to change the deal and change various elements of more labor protection for the drug companies and so on. if you do that i really worry about is of the whole deal. >> in terms of china which is the big focus, i like the idea of going at this in phases. it is so comprehensive. we talked about seven different minimum dams and i think hopefully we can make progress on the first phase then we don't get the tariffs increased which is huge for the market.
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the part-time concern is whether the ip enforcement is going to be in phase one. that's what we have been hearing. that's a most difficult thing for china to enforce their entire business and countries business is based on the replicators instead of innovators. if that is supposed to be part of phase one and measure how we get there. >> mr. navarro downplayed the whole run. chinese officials have brought this up as questioning mr. navarro's o cut ability. he told us a program that china was not paying the tariffs and we now know they weren't paying the tariffs in china is pena and he fabricated the source, he fabricated the source over a number of books. if a high school student did that they get expelled from school. will note under mr. navarro get expelled from administration. will wait and see as a president likes to say.
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>> part of the challenge of ip protection is a full come of all of this conflict between china and the united states. my concern a lot of the ip theft is in the past and a lot of what china is room with artificial intelligence are in their own 5g network what people are calling the splinter net, their own technology protocol and will have our own and their interbreeding on those things. i fear what we are basically doing, were addressing past abuses without dealing with future competition which would involve us spending a lot more money to the department of defense, darpa, on her own artificial intelligence. were spending some money privately. that is a real problem. david: a lot of human rights abuses which we did not have time to talk about. elizabeth worn out with another multibillion-dollar plan. funding education, at least charter schools out of the picture entirely. they have defined for themselves. issue making a big mistake or political calculation.
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warren was where the schoolteacher makes about $78000 and they get the summer off. why she is proposing higher taxes but more government control. we know wealth tax is enough to discourage investment it's her disdain for charter school. elizabeth warren used to support these. it's for parents and educators can have accountability. this shuts them down and makes public education that much worse and that's why her prescription only pushes us in the wrong direction. >> there's a lot less that meets the eye. her proposals have been extremely detailed and very thoughtful whether you agree with them or not. this one, the amount of federal funding for profit and nonprofit charter schools is de minimis relative to state and local funding which is where the
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preponderance of money comes from all of these. you can make a case there is for-profit charters, that's a real problem when you have public money unless were going to privatize the education system. i think that the real issue. but again -- >> why when it to if these charter schools especially in the low-income, minority areas that have such a better impact on students. why would you not want to move away from the unions and more toward the private -- >> if you look at the antonym to freedom in the dictionary it is elizabeth warren. she's all about centralizing power and centralizing control. the reality is the federal government should not be involved in education. it should be at the state level. she wants to control everything. she does not want to have the level of competition.
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fortunately her ideas do not work otherwise. >> there's another explanation to why the proposal came upright $800 billion for the government schools is what we been doing for 50 years throwing more and more money at the schools and we tripled in real terms the amount of spending in public schools and over that time the test scores have been flatlined. but he is in the question why she is doing this is very simple. anywhere from a quarter to one third of all delegates at the democratic national convention are public school teachers. they dominate the democratic party and you have to give them billions of dollars if you want to win the nomination. david: you put your back and behind a power force inside the convention at the expense of kids and parents who are trying to find competition to public schools. forgive me, that seems callous doesn't. >> that is the whole point. if you want what is good for children at the end of the day you should be supporting any initiative toward the private education levels with worn once
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the opposite, more taxes and more control. he bubbled the we work control and now leaving with a huge golden parachute. does adam neumann deserve it. the details you will not believe coming up. ♪ no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. at fidelity you'll pay no commission their medicare options...ere people go to learn about before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! well, you've come to the right place. it's also a great time to learn about an aarp medicare
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order to save the deal started. the deal is getting a lot of pushback because of a super golden parachute for we works flamboyant cofounder adam neumann. he is a wild party being blamed for causing the company billions and unrealized capital. he is going to get $1.7 billion for essentially walking away from the comedy. the company has to postpone thousands of layoffs because it does not have the money to pay its workers severance. should he be getting this much money while the company cannot pay their workers. >> that is a question that answers itself. you know you're in a bad situation when you know you don't have money to pay workers severance. i'd be very surprised, we'll see whether he walks away with this package given the recent evaluation is at $8 billion which is less than softbank single contribution to the 10 billion way less than the 47 billion in the public market. this is not the case of a completely out of hand ceo who did have a visionary and
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charisma like a lot of these guys, they're almost always guys. but the accounting of it, it's extra ordinary they were able to act as if they had cash flow for bookings 12 - 24 months in advance when they did not have the cash and acting as they did. this is close to fraudulent. >> whether or not he walked away with two sweet of a deal or not, that is up to investors to decipher the one that lost money. certainly the company was mixed value. a couple months ago it was valued at $50 billion, maybe just $5 billion paid but this gentleman it was his creation whatever money he got he got voluntarily through agreements
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with the company and investors and keep in mind if you don't use wework, we all benefit. it's accretive destruction of capitalism at work. we seen this business model be tried, tested funded by private dollars and no subsidies unlike the volt or any of these green programs -- >> jonathan, jonathan. davidthis isgoing to go down ast game of all the business history. he constantly had conflicts of interest. he enriched himself and i think will end up with shareholder lawsuits and i think this is one of the reasons why people hate capitalism. it doesn't happen very often but this is one of the reasons. david: 1.7 billion for walking away. that's a lot of money pray to make or break break that votes. the results and what it means in a live report from lending coming up next. >> one way or another we will leave the au with the steel to which is house -- ♪ ♪
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david: a deal but not a deadline. british lawmakers giving boris johnson a victory on the break the play but rejected the goal to leave the eu by the end of the month. ashley webster has a latest in london maybe that is a good question were waiting on that you to decide if they will honor the request for a delay. a delay that boris johnson never wanted. but under uk, he now has to abide by that. earlier there was a vote on the deadline of the three days of debate and he said after the vote we will have to start making preparation for a no deal exit. take a listen. >> the government will take the only responsible course and accelerate operations for a no deal outcome but secondly i will speak to eu members about their
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intentions until they have reached a decision. and until then we will pause this legislation. reporter: so we wait for the eeo. the only way a no deal will happen is if that uses no deadline extension you're on your own. that will never happen. then the government could call for a general election to break the stalemate and win more seats and get a proper majority. but boris johnson would need two thirds of approval of parliament 434 votes to achieve the general election and that's not going to be easy at all. where are we were the same place since three and half years ago. another extension to january the 31st of 2020. david: that is crazy. thank you very much. we appreciated. the british people voted for
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brexit in years ago why can't parliament do what the people said they wanted. >> i would imagine it somewhat we have in the united states or congress that not the best and brightest people are in charge and that's why three half years later were still talking about that. but i think the damage from paralysis and uncertainty could be bigger than the damage of making a decision of moving forward. they really do need to get their act together. >> brags it has turned into no exit. where the europeans and many of the liberals and british probably meant don't want to live by what the people voted on. my summer is very simple power of the people, the people voted get the whole out as fast as you can. it's good to hear steve quoting on that comment. [laughter] >> from an outside perspective, this is clearly moving in the
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direction of a brexit sooner rather than later much sooner than the past two years. almost everybody in england in the uk including northern ireland. this is a death row how you get to break the. and whoever's been harboring fantasy with a second referendum and everybody says forget it we made a terrible mistake the odds are nonexistent at this point. >> is such an opportunity is two ways of changing the status quo. you can be better or worse. the hong kong, the singapore, the switzerland deal if they can adopt a more free-market, open economy everyone will prosper. it's do or die for that important economy. david: parliament took one full month to argue on a bill about circus animals. it may be the only parliament in
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the world that is more dysfunctional than the u.s. congress. [laughter] i wish them good luck. before we had to break us he was coming up on evening edit. elizabeth macdonald is with the. >> senator blackburn will join us, what happened when russia agreed to a buffer zone in syria and the cease-fire ended today. vice president battling out big time in the key swing states which is the state to watch for in 2020 and the big impeachment story is selling the impeachment narrative to voters and could get delayed past christmas time. were watching that story. beto o'rourke now and fight with the christmas mall. david: that's why we want to. as she was say the leaders of turkey and russia reaching a deal as they joined forces along the syrian border. how concerning is this. will ask fox news foreign-policy analyst. he is with us next. >> all i can say from the united states perspective it is a bad deal that russians are docked by
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david: the u.s. brokerage cease-fire between turkey and syria expiring two hours ago and president of turkey has struck a deal with vladimir putin to have russian and turkish troops began patrolling the syrian border and buffer together. this coming as president trump says he plans to leave a small number of troops in syria to defend oilfields. joining us now fox news national security and foreign policy analyst. we have russians, turks, kurds and u.s. troops all simultaneously along the same border, what could go wrong.
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>> everything could go wrong with the mixture. but i think we should start being lost until less worried about syria. we have withdrawn from syria. the body of our force which was in the northeast has left iraq as we know and there's a small contingent in the very south which eventually we go to iraq. what were talking about now is what the russians and the kurds in turkey will be playing with what kind of game. the kurds will be the loser. turkey will be a winner in russia the strategic winner at the end of the day. >> just a few days right on the border in mexico there were drug cartels who went to war with the government, they use military grade weapons and shot a helicopter out of the sky to free the sons of el chapo. this is happening right on her own border in the u.s. shouldn't we be more focused on
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that than what is happening with turkey and syria and the kurds. >> we could, we could shut down all of our operations around the world and focus on that and other similar ones but we cannot because we know were engaged in many places around the world we can calibrate. i'm sure most military commands can focus on both at the same time. it was a surprise for public not our intelligence and what happened in mexico. we need to focus more on the capacity of these cartels south of our border. absolutely. >> what about isis. thank you for being with us. we were told isis is defeated. that's great but we saw a video of isis prisoners running free from prisons that were bombarded. 30% of the detainees at guantánamo returned to the battlefield. what percentage of those detainees released from the present, what will come back and harm the u.s.? >> i hate to break bad news, the
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caliphate meeting land, government infrastructures, this is gone. what remains in syria and part of iraq is a federation of cells and those who have been free from detention centers will be recycled and some will be captured by syria and russia and others by the iraqis. but there is a high risk now that those who have been liberated or free from the detention centers will be recycled by local military or for cross to iraq. that's a serious situation. >> what about the future relations between the united states and turkey and turkish president and trump are well suited for each other and loser? that turkey is in nato and american ally in american air force base interlink and you have the president of the united states saying attack turkey if
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they go too far into syria. where does this go, we have an airbase there, would we be attacking them inside turkey? >> look for the turks, they think our administration and the president gave them more than others because they allowed them to move into the operation but putting very serious conditions with threats that we will demolish the economy. but now we don't have to do it because the agreement done is in the hands of the russians and the turks. we are out of that situation. turkey is a member of nato but this government since 2002 does not act as the other 26 members of mado in terms of relationship, their banning weapons from us and behaving like allies and outputting the changes on iran. we have to reside interim reviver policy with turkey at this point time.
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>> as if this was not enough. we have the question of oil. that's coming into the picture. the president was speaking about a plan he may put to good use. let's listen to what he said and get your reaction. >> i don't want to leave syria, it's very dangerous. we have 28 troops. people said 50 but it's 28. you've the army on both side those troops would've been wiped out. i don't think it's necessary other than we secure the oil in the little different section. david: that set off a lot of alarms saying is not up to us to secure oil in syria property what to say to that? >> a few hours ago things change. we were able to secure the oil when we were in and part of the deal with the turks. what happened a few hours ago, president putin have agreed that there is a partner in the bosses. >> everybody wants the oil. they from now will see more of russia and where the oil is when
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the president will make a decision for the long sustained time to deploy any unit there. david: i know you took a lot of time getting here. we thank you for joining us. we appreciate it. is the forest under force still strong with the star wars franchise. the new trailer for the rise of skywalker into look at ticket sales already hitting a record two months before it even hits the big screen. more of this coming up ♪ ♪ [ applause ] thank you. it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. i love you! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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>> the force will be with you, always. ♪ david: a good tease, disney releasing final trailer for "star wars: rise of skywalker" during "monday night football" halftime, the 9th, they say, final episode in the skywalker saga, film hits theater december 20, presale tickets last night, mobile, on-line ticket retailer, said skywalker sold 45% more tickets in first hour than avengers, can anyone compete with disney's box office dominance. >> it would appear not, the last "star wars" installment, solofor business made 400 million. they did take a write down on
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that. they are not infallible, unlike the pope. but they are potentially trippable. this is an amazing trailer, i am sure it will make a lot of money. maybe they don't care if it is good movie. >> i don't want to be a kill joy, do we have now the grandchildren of the people who sow the original movie, maybe "star wars" can jump the shark, get new old ideas like remake of they live with rod i ro roddy ry piper, they have seen "star wars" before. >> jonathan, bore -- bob iger is genius to acquire he is building this amazing content library that is driven by characters, that will not only dominate at the box office, but also in their disney plus streaming. david: 10 seconds steve.
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>> david, i'll make a $1,000 bet, this is not the last "star wars" movie. david: i would not take that bet. i plan to go to see this. that is it for "bulls and bears," we'll see you next time. elizabeth: coming up, turkey and russia agreeing to a buffer zone in syria. will it hold? the push to protect syrian oil fields. that debate tonight, th debate n president getting criticizes for removing troops, as former president obama promised multiple times there would be no u.s. boots on ground in syria. >> to campaign 2020, pence and biden battling it out in a key swing state, that moody's analytics said it the state to catch for. can a 2020
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