candy cane, i assume it a real story. thank you for joining us. you are with us later in the week. jackie: i am. >> merry christmas, and "bulls and bears" starts right now. >> here is cheery news, wall street welcoming in holidays all 3 major averages closing at brand-new record highs. and the eighth in the row for nasdaq longest record streak in 21 years, on two year anniversary of president trump's tax cuts, are you really better off now than you were two year ago because of this. architects of tax cut say absolutely be they point to new data they say, proves it this is "bulls and bears," i am david asman, thank you for joining you, joining me today. jonathan h. >> trump former chief economy

advisor gary cohn. and kevin har hark hassett defeg trump's two years of tax cuts. is this just prfrom two guys who formulated the plan or did the tax cuts really payoff. >> the tax cuts really paid off. there is always a an anecdote. on machine wh someone maybe dids well, but the majority of americans got tax cuts, if you have a financia 401(k), you pare in that, this year all asset classes are up, you have record lows in unemployment across the board, including minorities and women. overall, this was a great success. >> you cannot attribute things like unemployment going down,

rising markets, and general goodwill in the gdp to tax cuts, those trends were well in place -- >> what? >> woe -- >> let me finish. >> and wage growth past 2 years 2.4%. both slower than it was in 2016. and 17, as in end of obama administration, as you know, i don't think any of it should be attributed to obama or trump. david: another fact federal reserve had a forecast at beginning of this administration that unemployment rate would inch up to 5%. in fact it came down to to 3.5%, this lowest if has been in 50 years. there is strong evidence that we went counter to trend rather that than with trend. >> david, it is no big surprise. tax cuts, put more money in

hands, stop hearing when people say giving tax cuts to wealthy individuals it is letting them keep the money they have earned, putting more money in hands of the productive people who have earned it. there is a fantasy about rich, they put all their wealth in a big you know room like scrooge mcduck. what do they do with it. david: i do that. >> they are the one that vote of it and create the job -- that invest is create the jobs. >> thank you, for, joh jonathane give them money, they don't give us money, we're the driving force, government does not turn on lights without the dime that we give them. >> right. >> and be clear, and consierks i am sorry zach -- >> he took a deep breath. >> markets are skyrocketing, i speak too small businessessing all of the time, caroll is the queen of small business they are

happy of all heck about massive regulatory cuts they don't have too look over their shoulders every day, and california wants to screw the independent contractor there that will hurt business. david: let's talk to a man who spends his life dealing with small business. gary cohn and har has hassett. bring in hector great to see you. what do you think, have small businesses done as well or better than big corps? >> no doubt. remember that old saying trust with verification. we were trusts it would work, now we have a lot of results, you don't have to take my word for it you talk to small businesses every day, they're happy with the way things are going right now, they want it to keep going they hope this environment they have been

living under, will continue to go on to future. but, all across the board, whether you look at unemployment rates which are at historic lows, especially the hispanic market, we have never seen numbers this low, people are investing more into their businesses, and expanding operations. so, we want this to continue, and by the way we think that there more that can be done with regard to tax incentives for small businesses. david: like what? >> well, at end of the day, as you know most small businesses pay their taxes at the individual rates, we think that individual rates could go down a little bit more. a lot of large corporations va mechanism that small businesses don't have to detuck things, and have moneys offshore and et cetera, small businesses don't have that advantage. we think that tax cuts are good are they are helping shall be but we could do more and grow the economy further for the next couple years.

>> gary? >> may i add, give or fake a few bucks here, we're going to send government federal state and local this year like 5 1/2 trillion dollars. >> tha that is a lot of run. >> there is room to cut, they have not proven themselves to be appreciate with our dollars, i would take a few bucks out, and not feed the beast as much and watch the economy get stronger than it right now. we the people that drive the economy not them. >> on other hand. let these throw something in here, we were told time again if you cut taxes and cut tax rates you will have less tax revenue. >> we have proved this wrong. >> more. david: more tax he revenue has e in, supply side theory that

increasing economic activity with lower rates can lead more revenue that is a good thing. >> i agree with gary, and with some of your other panel onists, we -- panelists, we have a spending problem. some incentives built in have benefits us in ways not seep before, trillions of dollar repatrioted back united states a lot of money is back into the companies, they are hiring more, they are loading up on inventories, i think we'll see a lot of that evidence in this last couple days. >> i mean -- >> you will see numbers go up in terms of sales. >> hector not like a le a -- thk you for being with us, not such a mystery about where prosperity comes from. lower taxes, lower regulations, and lower government spending, hopefully trump will work on government spending in 2020. >> please. >> the notion of small business, would you see big business is toportraited as evil, amazon for

example, in a prosper iosous ecy a rising tide lifts all boats. >> no bought about it amazon was a small company once. the small businesses there is nothing small about them they are the engine that fuel the economy. a lot of the innovation comes from those small businesses, whatever we can do to give them more of their own money, they know what to do with it they are not taking vacations and buying new cars. >> one thing tax cut -- have led to higher government deficits. david: why do you say that, spending has led. >> no. >> right. >> if you don't cut your spending, you cut your taxes get

higher deficit. >> tax revenue up 4% in 2019. over 2018, not a revenue problem, it is a spending problem. >> zach on the record he wants to cut government spending. >> i did not say that, you are my god deficits are ge t going o kill us, now the future is gold in. >> no, we hate deficits we hate inefficient and too high spending that needs to be addressed moving forward or there will be a day of reckoning, i am in that camp. >> hector, you have to come back, you sorry a lot of debates here appreciate it. >> merry christmas. >> merry christmas true. >> a big shake up at boeing, this is solution visitors and passengers have been looking for? ♪music

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>> congressman it is important from an accountability stand point. my company and i are.

david: that did not go over so well that was boeing ceo dennis mullin berg about two months ago he is out today partly because of that testimony, amid the 7 37 max debacle, grady trimble with latest from chicago. >> at top of the new ceo to do list is getting the 73 7 max back in the air, with new leadership of calhoun, boeing company will have a renewed commitment this tra transparenc. after former ceo came under firing for his handling of the crisis, he was too cozy with regulators in getting plane to market. then not transparent enough for their responsibility for the crashes, boeing is still working

to get 737 max recertified and back in the air. airlines, have removed it from their scheduling for the foreseeable future, investors, like the move. muellen burg is out, and calhoun in. boeing stock up today, but stock's poor performance since second crash last march shaved 6 front points from the dow. -- 64 1.s from the dow, we're waiting on sec filing. david. david: thank you, grady. >> investor cheering move with boeing stock climbing, but will switching out the ceo really fix the company's problems? jonathan. >> in real world this is what happens there are consequences. the ceo fails and the ceo is

out. i know you say golden parachute, i believe he would rather have stayed in his job. but that type of failure is not tolerated. but what about government, my guess none of the relate or to failed are out of a job, they will problem get a increase, it is up to government whether the planes over are fly again -- offeever fly again. i contend that flying is safer than walking down the street, and this company has become an arm of the faa . it is up to them whether the planes will fly. >> flying is safe. but more than 300 people died and most believe that it was -- it would have been avoidable if they did their job, and not too koz we regulators also, cozy with the regulators, ceo had to g handling of last 6 months was aoka.they will sell planes, thee

way off. the stock went up 15 dollars that day, it was false. and i think that dye has been cast, a good move they replaced him, he did a wonderful job getting boeing to where it was before this happened but it was about time, hopefully that's can get their act together, they are a great company. >> i think that is an indictment a little bit about board, it took the board too long to remove him, it should have been done a long time ago, then that golden parachute and gradey and david mentioned this is issue that most people have with quote unquote capitalism that is cronyism, which a board are not strong enough in terms of compensation when things go bad, they want to see someone take accountability that is -- >> he lost his job, caroll, what else do you want a pound of flesh? he is out out of a job.

>> most people would say if you are terminated or ar you resign, because things have not gone well, it should be built into your contract in a better way. their are a little bit too cozy, i think that is one of the big issues, that we contend with when people talk about capitalism. >> this one of those things no one company can make the change, right, the one company that does, all headhunters or people doing ceo searches say, don't go work for that company. it is really not a change that one company can do. it is -- we have seen companies try to get ahead of the pack. and it rarely works, but on their detriment, you are right, there should be more consequences, he himself did not responsible for the crash for say, she , per se, he is responsible for mismanaging the spoons. >response. >> no one has addressed have

there been any consequences the faa ? any regulator lost their. david: and faa as you mentioned was too cozy, with boeing, but recently they have been after muilenberg to get out it might have been they too much information was going to be revealed about the way they have been working with boeing, maybe they were interested in getting rid of him. >> let us not forget the approval of the plane that had problem went much quicker than expected even though i had trained pilot say, in are problems with it, john than youu are 1000% right you there are flamblame there. >> note last chapter of the story. david: we'll until follow it. >> u.s. on high alert, official on edge after warnings of a dangerous quote christmas gift

from north korea, how concerned should we be? we'll ask heritage foundation national security expert james carafano, he is joining us next. ( ♪ ) sure, the content's easy. but then you have to connect, download, edit, reformat, output, save, send, upload... still uploading... and maybe eventually post. this isn't working. introducing samsung business video solutions. with the galaxy note10, you can shoot, edit and post thumb-stopping videos, all from one device. samsung business solutions. and i recently had hi, ia heart attack. it changed my life. but i'm a survivor. after my heart attack, my doctor prescribed brilinta. it's for people who have been hospitalized for a heart attack. brilinta is taken with a low-dose aspirin. no more than 100 milligrams

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david: u.s. officials on high alert as north korea warns of a possible "contribut "christmas s could involve a missile test, kim jong-un holding a meeting with top military brass, satellite images show new construction at a site linked to long launch missiles, here now, james carafano, great to see you, what happens if there is a test? >> i think u.s. is actually been

clear on that. i think sent message. the u.s. will go back, double down on sanctions there are a lot more sanctions to crack count on them, last time that u.s. did military demonstrations. that we're prepared to defend the alliance, i think that u.s. will pull out the same play book. >> what happens to the falling in love with the perfect new relationship everything that came before 2016. was a disaster, and enables this regime now they test again what has happened. >> this administration did not allow north korea to develop nuclear weapons. >> i did not say it did. answer what i asked. >> what was the asked? >> what happened to last two years. >> this is a actually i thought was great strength of u.s.

strategy, which is maximum pressure. open diplomatic channel, great concerns there not a war in northeast asia they look capacity to seriously threaten united states if you add up deterrentses. and heavy sanctioning that protects us, diplomatic chance sell-offer an alteraiv an alter- alternative, we're in better shape. >> this is caroll, what is it that you think kim jong-un wants other than someone to pay attention to him, and maybe media attention, it seems unclear what it is he is going after and whether there say realistic plan or path that would be acceptable to us in united states. >> well, so you hit on key point, this is a very opaque regime it is very difficult for us to know what does he want. the u.s. has been pretty

consistent. we have to negotiate denuclearization, kim has pushed back on that for a year or two now, she really pushing back or what is an alternative strategy for him, u.s. has been clear it is not moving off its position, question, does he really believe that -- >> wait, united states has been anything but clear, we have gone from rocket man to my best friend, all these love letters. >> time out. >> you can't spin it, trump got played. >> look. >> what did we get from the summits? nothing. >> well u.s. negotiating positions have been the same sunday one. >> two summit, two summits. >> it has been the same. >> what did we lose? nothing. >> we sanctioned and emboldened

-- >> wait. >> wait. >> international -- >> come on, you know that is not true. has kim had any more international access than two years ago, no. he -- >> yeah -- >> david: hiel hole hold on, jonatm finish. >> argument makes no sense, i heard this before, he gained international recognition, he has no more access, we did not do anything he could do the do two years ago, your argument is rhetoric it worse than trumps shame on. >> you this guy was never getting rid of nuclear. that is his power at-this-point in time, he is a murderer, a thug, his people are inches smaller than the rest of the world because they are is afterred starved, there is no media, he killed his family with antiaircraft missiles. i don't blame president for

trying nothing will ever come of it. david: james, a question from someone who knows inside and are on the of north korea that is john bolton. he -- there was an interview we had with axios, he claimed that trump administration was bluffing in terms of maximum pressure, he said, we should be intercepting oil tankers, things that would really cripple north korea administration. what do you think of that in. >> john statement is true. north korea is widely regarded as most heavily sanctioned country, true to paper, there are additional sanctions, we could put shantion -- morantions on north korea.

the administration is not ge to back off, they will put morantions on. -- more -- more sanctions on. as long as we're tough on north korea, the iranians know there is no relief for them. president has no other sop opo sho-- shop option. david: merry case mass to you. >> thank you, james. >> good to have you here. >> china make a big announcement on trade, does this bring us closer to a deal, we'll ask trump former tradedvis trade --r curtis ellis how big of a win this is.

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david: new optimism over new trade development with china, fueling stocks on new record highs today, here what president said this weekend. >> we just achieved a breakthrough on the trade deal, we'll be signing it shortly, they are already buying billions of dollars of product. david: we heard big news from china, beijing announcing a cut to tariffs on hundreds of items starting january 1st. we bring in former trump campaign, curtis ellis. how big a win of this for the president? we heard a lot of fall starts in

-- false starts in past. >> a big win, we heard china is cutting tariffs on billions of dollars of products, it needsure our feed. interesting it is structures, tariffs cut across the board because under world trade organization rules, you are not allowed to single out one country, this shows how all of us united states, every member of wto has given up control of its own sovereign trade policy this great news, whole deal shows that president's approach as worked. china has been cheating us for decades, never did anything, until not until president trump hit them with tariffs and called them out, now they are at the table, they are ready to do something, and the rest of the world is now acknowledging that yes china cheats.

>> curtis, i am thrilled, but let's keep it real here. big issue was intellectual property enforcement and protection, what did we gain here? do you have any evidence in that china will do anything different on ip front. front. >> yes, i have very high confident, robert lighthizer, u.s. trade representative built into this agreement, a method where in the past,y pit it this way, in past, businesses who fell they were cheat by china had to complain to china, and ask china to please stop stealing, we know how that works, they cut you off. under this the new arrangement they will file their complaints with u.s. trade representative, then it has to be resolved in a quick manner. we don't go through the world trade organization, that drags things out for years and years, by which time business is bankrupt before it gets in a

judgment out of geneva, now handled government to government with our government, in the first place, the first place you file your complaint, then up to our government to make sure that this gets taken care of this chinese live up to their agreement. >> let me give you the best news in just over a week it willable 2020, that is the big election year for president trump. and he has recognized that tariffs stink, it penalizes his own people. >> not true. >> let me finish, please, even china recognize they get rid of their own tariffs also this good news, tariffs throughout histoy are terrible, it makes no sense. if it was done as negotiating terrific, getting rid of them helps economic growth, gets manufacturersing back on track, it has soft, and more personally, word uncertainty can

come off the table, because uncertainty hurts businesses. >> right, we have certainty, 25% tariff remain in place on 250 billion worth of goods, they are not going anywhere soon. we have not seen consumer prices are flat. producer prices flat. no inflation, so much for your real shop warn, warn out statement that consumers are paying for tariffs, they are not. >> -- you may have a nice theory. >> have you a theory, a theory, tariffs always bad, look, america was bottom o on tear -- was built on tariffs, japan as huge tariff barriers we have lowest in the world, and only with we put tariffs in place against china, that china decided to start playing ball, and play by the rules. >> david: zach. >> this will be looked back as a victory for a war that no longer exists, in that china spending hundreds of billions on art ai

research. their own efforts to develop 5 g with their own internal internet. you focus on this doubt date the, large -- out date the thing called trade balance, they are investing for the future, for their own society and competitiveness we're wasting massive amount of emergency on something that matters little. >> we're wasting a lot of energy on impeachment. >> a deligh delightful redirect. >> we have a policy place to bring out some of this high-tech investment in china, to stop the chinese from stealing cyber espionage, from google help china develop its artificial intelligence and direct american retirement fund to chinese capital market which are then used --

-- >> jonathan we have to leave it. warren and the wine cave, why some critics call her out for hypocrisy, she has a prominent democrat in her corner. wait until you hear who is talking her up to wall street remind closed-doors, it may surprise you. re commission-free. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk while our competition continues to talk. thlook at all this ink no more bit comes with.es. big ink tanks. lots of ink. no more cartridges. incredible amount of ink. the epson ecotank. just fill and chill.

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david: elizabeth warren taking swift backlash after aiming pete buttigieg for his method of courting donors. >> mayor had a fundraiser that was in a wine cave, serving 900 bottle a dollar wine. think about who comes to that, billionaires in wine caves should not pick next president of u.s. >> actress jane lynch firing

back, hello, everyone, billionaires and in wine caves -- >> class warfare is ugly. now we learn that elizabeth warren had her own even last year. >> kudo to jane lynch for speaking out, in america every individual has rights, even those evil billion airs, they have a right to speak support their candidates, and elizabeth warren is -- just an endless supply of venom and hatred and hypocrisy. the greens are about that, you should not use fossil fuel they my on private jets, the same with elizabeth warren, decries wine cave fundraisers yet she had the same thing. it is same as it always is from this phony and fraud.

>> they use class warfare and envy as a mechanism to erode individual rights in the country, that is dangerous, if you see individual and property rights -- if you seize have the rights and property rights from someone, who are because they are a billionaire, it is important to continue remind people that individual is the smallest minority and needs protection. that is what this country is based oi am so glad, that jane lynch said this. >> in constitution is as one bottle one vote. -- >> [ laughter ] >> i missed that. >> in find print. david: i knew it. >> i think elizabeth warren has gained a lot of ground by being a one note pony attacking billionaires, hard to see that being an electoral message, you cannot simply attack a small

privilege minor diaity, as your pathway. >> it isism threa is -- empathy call. >> as elizabeth warren rails against wealthy elite in public, behind the scenes she has a prominent dem yeah democrat movs over, former president barack obama going to bat for her? what do you think? >> trying to sell elizabeth warren to wall street woot like puts together a snake and a month goose, give me -- month >> all she does is put things about wall street, everyone is too corrupt, too rich, too terrible. in that debate, i never seep a race on the bottom, i out the my

kids reach for the stars, they are reach for the ground, buttigieg trying to present himself, vote for he because i am less wealthy, what happened to these people? >> what is going on with president obama. he claims or joe biden claims he does not want his endorsement. >> he is not getting it. >> we really don't know whether or not this is obama in anyway endorsing warren, this is a rumor story. or him saying to her. look, a class warfare party line is not pathway to presidency econom.i am sure -- there snow y obama is not saying, you will lose the presidency. if this is your governing message. >> it soundsly he is supporting here could they are professors. >> because all professors are great. >> elizabeth warren is way left, you thought obama of lift,

elizabeth warren is light years to left. >> i have news for you, these leaks do not happen by accident. they are put out there, this has to be true, and all i can see poor joe biden. vice president for 8 years, of barack obama, and barack obama won't even utter his name. >> i --? >> a. david: all right. >> i want to push back against rumor, president obama has cid partsaidparty is moving too far, i find it hard to believe he would do this. david: politics, ain't beanbag. >> tonight, battle for 2020 in high gear, butte withou buttigio center, bloomberg playing long game, and californians leaves high taxes in droves, leading to statey slowest population

growth. a lot to get to. david: all right jackie thank you. >> talk about california, there is a crisis. one group said they have a plan that deal with biggest crisis they have right now. homelessness in the state. but wait until you hear how much it will cost. you are not going to believe it.

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hospital, cafeteria aren' ren f- rent free, cost to build it 3 million, is this a solution. >> no. this say extreme fancy, i think it is a nightmare. it is proposed to be privately funded, have at it, but it is a waste of money did does not address the reason. david: which is. >> the nimby environmental regulation plo prohibit develop, that is why housing is so expensive in california but not pennsylvania. there is job growth in pe pennsylvania, but they don't have the nimby regulations in california. if you had more building you would have less cost for housing. >> i think i mentioned before, nimby giving away to banana that is -- >> that is it. >> what happened, prices go up? you know this is a odd solution,

if is like building a large posh refugee camp with no exit strategy. that is its own municipality, celebration, disney city, strain transpose to homeless in california, it -- people going to live there forever, then its own city, then next homeless cannot live there it will be full. >> i like entrepreneurial solution idea, i have talk to advocates, they say it is important to are access to some level of housing to address other issues that affect them leak mental health, or drug use, it is difficult to do that when they don't have a stable environment. but this is other piece, what is their obligation, the path to rehab them to train them get them out, and not incentivize people to want to go there, with free tv and a cafeteria. >> well, after california gets their hands into this, if they

got it off the ground, three billion would turn to 9 billion, and if it took two year its would take 10. but, jonathan is right, what do you do to -- so we don't have homeless, how do you get bev hand, i work close with boys and girls club in stla central flor, young kids, one person not enough job, what do you do? it is beforehand that matters most, not the -- a house is great. but if we could stop getting. david: i want to push back on jonathan, one thing you don't do is inencourage homelessness by making it easier to be homeless, there are so many rules and regulation in l.a., chicago, new york they legalize allowing streets to be used as bathrooms theyin legalize camping on prive

property, you have to respect that property and public health which is in danger in these big see city. >> they give them innocenttive to come and camp. >> good subject. >> a couple trying to bank of pk their young daughter for christmas, it may have taught us a lesson on giving during the holtheholidays ♪ freaking hard. like quitting every monday hard. quitting feels so big. so, try making it smaller. and you'll be surprised at how easily starting small... ...can lead to something big. start stopping with nicorette

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♪. >> banana. >> you got a banana.

>> that's fun. >> you need help? >> yeah. >> oh. >> banana. >> yes, yes. okay. david: yea. >> i got it. >> oh, i love you. david: don't you wish they could stay that way. unexpected reaction when parents tried to prank the 2-year-old daughter gift wrapping a banana as a present. guess what? the toddler absolutely loved it. the heartwarming video clip was viewed more than a million times as people react to the child's pure joy of receiving a simple banana. should this serve as reminder to all of us about the true meaning of the holidays? >> i just learned from our basil, that bananas taped to the wall are worth $120,000.

i actually think this is a pretty generous gift. here is the thing. it goes to show you happiness is within your control. if you walk through life with gratitude you can live a happy life. david: that's beautiful. >> i can't think of any sarcasm, any joke, nothing. this is great to see. i wish more people react that way. i have seen people get great gifts, weren't happy wit. good on this i expect banana and masking tape to be on a wall in museum very soon. >> fair enough. if a banana is a gift i give my wife on christmas, i will not not have the same reaction. >> should honestly getting dcf on the call. what kind of parents prank a two-year-old kid? give your kid a nice exist. they did this with the intention of making a facebook moment. i guess they got it. david: they did get it. not only did they get it, but reminded us all, jonathan, that

is holidays is really holy days. there is something more important than a holy day, than something material. i think that is the message. very merry christmas to everybody. happy hanukkah. happy new year. we'll see you next time. >> stocks closing to new highs. closing in on record territory on china trade. the rally today. trump announcing u.s. and china will sign a deal quote, very shortly. china, promising to cut tariffs on a range of goods ahead of that deal. all of this unfolding as trump and his family prepare for the holidays in florida. the war of words between president trump and nancy pelosi and charles schumer getting rougher by the day. state resident