and has my minority leader kevin mccarthy. catch the show live 10:00 a.m. eastern on fox news. and i hope you'll join me every weekday right here on foxbusiness start smart tune in weekdays bulldogs. melissa: bulls & bears now. david: making history once again the dow hitting a major milestone 29,000 for the first time ever, during intraday trading today before losing steam, but white house economic counsel director larry kudlow says investors and consumers still have reason to celebrate and hi, everybody this is bulls & bears thanks for joining us i'm david asman joining me on the panel adam lashinsky, jackie deangelis, gary b. smith, and jonathan max ferris. good to see you all, well it was during white house economic director larry kudlow's interview with our own stuart "varney" that the dow crossed 29,000 during the interview and retreated after the u.s. announced new sanctions on iran. kudlow though saying everyone has benefited from the booming

economy, particularly those in the lower classes, take a listen >> the bottom 50% has increased their net worth by 47%, okay? second. the top 1% has increased their network by 13%. middle income people have retirement accounts and 401 (k) and they have had a fabulous period, actually its been a fabulous three years. david: so jackie how could democrats say the economy and market rally is working for the upper class when the lower class did pretty well too? >> they have to try to debunk the theory because that's what this president is going to run on in 2020. if you take what larry kudlow said and you take that as fact and i have no reason not to, it shows you that this economy is working for everybody. look you can't have an economy that's increasing 47% for the bottom 50% and the rich aren't getting a little bit of the benefit from that too, as a

matter of fact we need them to because they recycle more of their money into the system and that tip uses to stimulate growth, but this is not just about the economy, it's about the stock market, people are feeling good about what's happening here in the united states, and you look at the unemployment report today we stayed at 3.5% might have been slightly under expectations but you still have unemployment at a 50 year low and we are seeing wage growth, so when the democrats stand there and say this isn't working, you know, i would like to ask them, to dig more deeply into that. >> there's a whole side story here of even if you have no wealth in a house or the stock market directly or indirectly you're still benefiting from high wets prices because high home prices when they build homes it hires people to build homes and high stock prices lead to ipo's lead to start-up financing and jobs so everybody benefits as a rising tide but specific to what larry kudlow is talking about, it's worth noting that the average person, or even lower to the middle had serious

wealth destination by the 07-08 crash mostly in home equity but whatever equity had disappeared and that came back, so your percentage gain is very radical if your home price went up 20%. now really very wealthy people in the top 1% they weren't living on the edge of home equity as their primary asset they had investments in stocks and bonds so their portfolio is more like the stock and bond market so that was a very specific benefit this recent swing-up in the economy particularly low interest rate helped home equity come back to people wiped out essentially. david: adam even on wages, i know today's wage growth was not as much as was expected but the lowest 10% of wage earners have had a 7% increase in their wages , since the tax cuts kicked in, so even when you're talking wages it's a benefit for the lower wage earners. >> sure, look, we can talk economics or we can talk politic s, i think we want to talk politics, but the again is

what will the democrats, what can the democrats say? just to play on something jackie said i don't know what this 47% means and i don't give this administration the benefit of the doubt on any facts because it's not their strong suit but here is what i would push on. there was this famous fed study that said that some 40% of americans couldn't raise $400 if they needed it in an emergency. i want to know what the status is of those 40%, and i assume that's where the democrats will focus as they will need to. david: by the way the reason i don't trust that particular statistic is because 76% of americans say the economies doing either good, or excellent, with regard to personal behavior s, but that doesn't match up with the stat. well the december jobs report showing slower growth and some critics are pointing to annual wage growth which as i mentioned dipped to 2.9% year-over-year, below the 3.1% that economists

cited become there were some statistical things that played into that number which we can talk about but joining us in a fox business exclusive is labor secretary eugene scalia. great to see you sir, thank you for being here. a slight miss off expectations but unemployment remaining at a 50 year low what did the numbers tell you about our labor force? >> to me it was a strong and to what was just an extraordinary year for the workforce. as you mentioned, we saw that 3.5% unemployment number and a number most of us never seen in our lifetimes. it's a 50 year low. we held that. just very strong but here is a number that i'd like to think about. back in the fall of 2016, the congressional budget office was saying by this time we would have added 1.9 million jobs in the economy. do you know what we added 2.1 million jobs, just last year , and we've added 6.7 since

this president took charge, so when you look at where we are today, compared to where people are saying we would be it's just a terrific place to be right now and yes, there is wage growth, and it's higher for those in the lower income brackets as was remarked earlier which is very good. david: gave it smith go ahead. >> mr. secretary welcome to the show. >> thank you. >> i want to get back on that wage growth because i think it's better than most people say. it isn't even better than forecasted because inflation is so low and in fact it's out pac ing our inflation rate by a fairly healthy percentage so even that is probably the ultimately good news, right? >> very good news not just that we're seeing wages grow and not just that we're seeing them grow for people at the lower end of the income scale but you're right. we've kept inflation in check, which means that people are

really getting the benefit of that wage growth and just i was talking about low wage earners, but looking back again at the year we just had, we had lowest unemployment ever measured for african americans, for hispanic americans, and we're also seeing more people coming in off the sidelines, labor participation in the prime age workforce is also looking very good right now , so it's really hard to find bad news in these numbers. >> secretary scalia, there was also an inflection point here more women employed than men which i thought was interesting so it's the first time that we've seen that in roughly a decade, does that sort of give a little bit of a sense of where the trend is going that some of the services industries are going to continue to be more robust, education, healthcare, that kind of thing? >> yeah well that was a notable number, and in 2019 we also saw unemployment for adult women hit a 70-year low, so that's good news, you may be right. i think we're seeing growth in

some industries where women historically have been an important part of the workforce, but we're also seeing women enter other industries that they haven't been so heavily represented to so i think that's part of the good news here too. >> jonas ferrous here, i would actually question, the best news , if the wages were actually going up 5 or 6% wouldn't the federal reserve raise interest rates? it seems like you want very low unemployment but not wages to take off. the worker likes to see their wages take off but ultimately it's inflationary and causes economic slow down, so the best part about the report in some ways? >> look i think we all want to see wage growth. i'm not going to speculate what the exact right number is but its been very good, and by the way, during the obama administration, what you saw was that there was faster wage growth among higher earners, and now that's flipped and its been flipped for about 17 months during this presidency, where

the fastest wage growth is at the lower end of the income scale. we know that is good news. david: adam quick last question go ahead. >> well talk for a moment about the quality of the jobs. how should we interpret that as opposed to just simply looking at percentages or growth percentages? >> yeah, well look, when we're talking about rising wages, part of what we're talking about is quality coming to those jobs. the other thing we seen though is that there are, some of the other measures of unemployment look really good including the so-called u6 number which takes account of people who were working part time would rather be full time we're seeing more of those people able to get into full time jobs. david: secretary just a real quick last question. democrats want reverse the tax cuts, that we had under president trump. what would happen to jobs & companies if we went back to the old rates particularly on the corporate side? >> well let's remember, that the economy we have right now is not an accident. it's the result of a decision on

taxes, by the president. it's the result of a decision on deregulation by the president, and we reversed those things, i think we'll see a reversal in the fortunes of the job market. david: eugene scalia, great to see you, sir. well president trump taking new action against iran, as some democrats now blame him, the president, for the downed ukraine yankees jet we'll debate that coming next. (chime) (shaq) magenta? i hate cartridges! not magenta! not magenta. i'm not going back to the store. magenta! cartridges are so... (buzzer) (vo) the epson ecotank. no more cartridges. it comes with an incredible amount of ink that can save you a lot of frustration. ♪ the epson ecotank. just fill and chill. available at... i am totally blind.

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going to let the investigation play out before we make a final determination. it's important that we get to the bottom of it. david: the very latest live from baghdad. trey? reporter: david green. there were a number of protests today in baghdad amid the breaking news from the region and those demonstrations largely peaceful as protesters here chanted for iraqi prime minister , to put the focus back on the iraqi people and put them first. on the path we have seen images from baghdad of violence erupt ing in the street and tear gas and live amunition being fired and today was different. people here want change. take a look at what the scene looked like. you can feel the energy in baghdad. thousands are demonstrating against their government. hundreds have been killed in these protests, since the beginning of october and iraqis are hopeful the prime minister will cut ties with both iran and the united states putting the

focus back on the iraqi people. reporter: the developments in baghdad do come as new information is getting revealed about that you crane plane crash that took place earlier this week outside of tehran's international airport killing all 176 people on board and western intelligence officials do leave it was shot down with surface-to-air missiles and the crash site has been almost completely cleared according to reports this is not what is normally done with a crash site and iran saying they will allow boeing to inspect the plane's black box and the plane had ukraine passengers on it, canadian passengers and a number of other nationalities and this as the international community is calling for an international investigation, but you have the iranians saying the plane was not shot down and they will reveal new information tomorrow. we'll wait and see what that information is. david? david: trey, i can't believe you got up on that stage as that demonstration was going on. talk about an eye witness report , great to see you, thank you very much good stuff.

some democrats blaming president trump for the downing of the ukraine yankees jet over iran. listen. >> if what is being projected is true, this is yet another example of collateral damage from the actions that have been taken in a provocative way by the president of the united states. david: and then there was 2020 candidate pete buttigieg who tweeted this out innocent civilians are now dead because they were caught in the middle of an unnecessary and unwanted military tit-for-tat. jackie, these democrats are talking as though it started with the death of soleimani. >> right. david: but it didn't it started with an attack on the u.s. embassy which many people thought would turn into something like 1979 the attack in tehran on the u.s. embassy and before that there was the killing of an american that's where this happened at soleimani was attacking the u.s. and then he arrived illegally, in baghdad , to commit god knows

what. what do you make of all of this? >> i think you're looking at this in the right way, it was a problem starting 40 years ago people are reading the headlines now and living in the present moment and want to blame the president but what i would ask pete buttigieg, and jackie spire is what is the president supposed to do in the face of provocation is he supposed to sit back and allow the iranians to continue to have stockpiles of cash and to continue to fund their regime. david: and to continue to kill americans. >> and build nuclear weapons he had to do something. i'm not diminishing the fact there was a huge an tragedy in terms of the iranians shooting down the boeing plane, 176 people died but you can't blame that on him. the iranians also have some responsibility to act within a reasonable way, on their own foil in the face of this, considering the fact that they really brought the conflict on. david: jonas? >> first of all i don't know whether he was the target because i don't know who he was two weeks ago nor do all of these reporters and politicians who seem to have the position

they are taking because that's their party but things have changed so much politically we actually accidentally took out an iranian commercial aircraft in the 80s and the media back then blamed it on a technical glitch and that was our missile. this is not our fault. we had a target i will say obama did 542 drone strikes and it killed more civilians in this plane crash because there was targets with a hit over 3,000 targets he hit and that didn't get a lot of negative attention like this is. >> i would put it a little differently, david. i've made a new years resolution to try not to react to stupid political arguments. i think that it's stupid to blame the president for the shooting down of that plane, which he didn't do, the united states didn't do, and i think it's totally appropriate to have a rigourous debate about whether or not the taking out of the iranian general was the right military act and even more importantly, if the administration followed good hygiene practices in informing

congress, as it is constitutionally bound to do. those are important conversation s. >> well it's interesting, well first of all, adam congratulations on your resolution. >> thank you very much, sir. >> but it's interesting, we never had this debate when obama took out bin laden. so look, whether jonas is right or wrong, this guy was in fact a top terrorist. bin laden was a top terrorist and we took him out. they do harm to the united states. they deserve what they got, and as far as this is all now a political argument i disagree with adam in one sense. it's not a stupid political argument. it's great by the democrats because they are playing a zero- sum game. they know that in order to have any chance of victory, they have to start chipping away at trump now as they have and this is, look, you know darn well if this was obama or this was clinton, they would be, you know, up in

arms saying my gosh, that's the greatest thing ever so it's pure politics and silliness as jackie started off with. david: as jonas pointed out it has happened before. there were drone strikes and you mentioned bin laden. there was alaki. remember him a u.s. citizen that obama took him out in a drone strike a u.s. citizen and no sign of any imminent threat from him. no more than a guy arriving a terrorist arriving in baghdad illegally to go off and continue to attack the u.s. embassy. >> there is an important distinction here and i'm not taking sides. you can call him a terrorist but he's a senior military commander david: no he's a terrorist. it's not only me that's calling him a terrorist by the way. he was a terrorist he killed 600 americans and he was in a war zone, illegally, adam. >> but that's not my point.

that's not my point. that's fine but all i'm saying is if you go after a commander of a sovreign nation you should expect the sovreign nation to go after you. doesn't matter what he does. people call our generals terrorists all the time. david: wait a minute, wait wait wait. our generals do not instruct their troops to go out and destroy civilian compounds. >> our generals have drone attacks that hit civilians all the time. david: please, you're creating a moral equivalence between our generals and this terrorist that we got? >> i'm saying that it's a fair debate to say is taking out a senior military commander the right military move? that's all i'm saying. david: okay but don't make any more all equivalence between this guy and what he does and what our generals do not specifically target civilians in their campaigns. this is a guy who year after year, decade afterdeck aid, targeted civilians as any other

terrorist does. it's a big difference there anyway we got to move on. not paying her fair share, democrats furious at alexandria ocasio-cortez won't give money that she's raised to her own party. more on that coming next. ♪ do you recall, not long ago ♪ we would walk on the sidewalk ♪ ♪ all around the wind blows ♪ we would only hold on to let go ♪ ♪ blow a kiss into the sun ♪ we need someone to lean on ♪ blow a kiss into the sun ♪ we needed somebody to lean on ♪ ♪ ♪ ♪ all we need is someone to lean on ♪

david: congresswoman alexandria ocasio-cortez is infuriating the democratic establishment by refusing to pay party dues, while bank rolling left wing challengers to the party establishments candidates. the freshman democrat reportedly raising more than $5 million in 2019 alone and in the last quarter she raised more than any other house democrat. but while she's paying off the bills of her radical friends like bernie sanders, she's not paying due to the party that actually helped elect her in the first place. one democrat source telling fox

news, "dead beat cortez should pay her bills. she's always wining about people paying their fair share and here she is leaving her friends with a bill." so, what does nancy pelosi and the dnc do with this radically successful fundraiser, adam? >> david she reminds me of a politician when you and i were coming up in the journalism world in the republican party named newt gingrich this back bencher weird guy who slept on his couch in his office and said things that pissed everybody off all the time, and in particular, his republican colleagues, because he didn't want to tow the line and the media loves the newt gingrich story because he had a lot of interesting idea, and anyway, we know how that played out. that's my observation for the day about aoc. david: gary? >> well i'm going to try to give you an answer, pelosi better befriend aoc and quickly. republicans have to be cheering this move because you can see

right before our eyes the democratic party splinterring. now we have this sanders aoc wing to say basically look, we're going to go our own way and create a sub-party call it the squad plus, the squad 2.0, and forget about the elders in the democratic party. aoc clearly is now a power broker, and the only way pelosi can reign her in is to say do you know what? let's join together. she's not going to do that. pelosi's old school, of course she wants to be the one in charge. i applaud aoc for this move and she's obviously running for something down the line, president and vice president, so we'll see how it goes. >> i don't think if you can't beat them join them is necessarily the approach pelosi should take. i think aoc has been rewarded for a string of bad behavior and she's gotten away with it so that's why she pulls stunts like this. i think if a republican did this there would be hell to pay but

when she does it everyone will make excuses and pelosi needs to slam down the gavel with aoc and be tougher with the squad in terms of reigning them in or it's going to get a little bit out of control. >> she reminds me of another politician too. his name is lennon. i actually think she's a very important force for the party. raising money is very important that's why tom steer is doing so well in the polls, and he has a lot of money to spend and getting people out to vote is a very important quality. i think she's taken over the party and probably for the good. they already lost the party fell apart with all of these old people and she's a star. i don't agree with her politics but she is the best politician you can't deny that and she will get a lot of people to vote for her, she's the future president. david: but gary it's wonderful irony this is a woman who took d nc money and took their support and now she's got all of this money she's collected $5 million

and she's not sharing the wealth the phrase we've heard from her before, right? >> well that's absolutely right , david but of course there's irony with any one of these, the bernie sanders millions that he has, they are very good at spending as we've talked about in the past, other people's money when they consider it their money, those socialistic views tend to be forgotten. do you know how many rolls royce s lennon had? several. david: well shocking e-mails leaked from boeing shows employees were more aware of the 737 max jets issues than they let on. wait until you hear what they said about the faa, that's coming next, right here. as a struggling actor, i need all the breaks that i can get. at liberty butchumal- cut. liberty biberty- cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ (groans) hmph...

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david: brand new internal messages from boeing showing employees that the company had maiming or miss givings about the 737 max jets, while they were in production. the employees also ridiculed faa lack of oversight of the production, grady trimbull has the latest on this. boeing itself admits the e-mails and messages raised questions about the company's interaction with the faa and illustrate how employees felt behind the scenes when getting that 737 max plane to market and here is one of the quotes that i'm sure you've seen from a boeing pilot who said the airplane is designed by clowns who are in turn supervised by monkeys and one boeing employee asking a co-worker would you put

your family on a max simulate or -trained aircraft? i wouldn't and the other employee says no as well. these are particularly ominous because they were sent before the two crashes, and boeing's new ceo starts monday, when he does he will be taking over a struggling stock, boeing shares closing down about 2% today and the company has promised transparency going forward and this appears to be the first step in that direction. boeing apologizing to the faa, to congress, its customers and passengers, and it also calls the messages unacceptable and says they don't reflect the company it is and needs to be. boeing is insisting that its simulators which some of those internal messages called into question are working. for its part the faa says some of the messages are disappointing, but they don't raise new safety concerns, what they do seem to do is back up what critics of the company have been saying for months, that the company mislead regulators when getting the 737 max plane in the air and david i want to add one

note we just learned about boeing's ex-ceo was denied his severance and up to $44 million in stock. david: wow. >> that's breaking right now. david: very interesting news. grady thank you very much. senator rocker wicker telling reuters the latest documents " raise questions about the if cassie of faa's oversight of the certification process." now, clearly boeing is taking a hit from all of this as we just saw from the stock but did the documents raise even more questions about the faa's oversight of the company? >> this is a real tough story to get my head around. obviously i'm not anti a lot of the regulations as far as whether it's the fda, the sec does a really good job, the irs does a good job. i don't understand regulations for companies of this size and this includes for drugs, because obviously boeing wants a plane that isn't dangerous on the market and they would do more damage to themselves and their brand in lawsuits and they wouldn't need a regulator now a small restaurant might need the

food inspectors coming but mcdonald's doesn't they won't serve food that poisons people, their brand is too valuable, or disney, they don't need someone inspecting the rides but that said i think they made a mistake and the faa doesn't operate at a level that would catch these and they did a bad risk reward analysis and, you know, employee s say things about a company you take it with a grain of salt. people have a sense of humor and it doesn't mean the companies crooked from the inside either necessarily. >> just to sort of piggyback on that i think especially in the day and age of e-mail and text ing and all this digital communication, if you dug into any company you'd find messages like this. i think it's one of the reasons from a business perspective that dennis muillenberg had to go and david calhoun has his hands full but he has an opportunity to set the record straight and to clean the slate if you will and kind of start over and that's really what needs to happen is one

black eye after another for this company, but as we said before, on this show, it's one of the kinds of companies too big to fail so really it's about restoring confidence in the consumers, getting the faa back on their side, and moving past this whole debacle if possible. >> two things, jonas i think on the face of it, your analysis kind of falls down because just on the facts in that boeing it turns out needed a strong regulator, because they made certain decisions that we know weren't good decisions, but the other thing is that i agree employees say cookey things and get disgruntled or tired or angry, and when you take these comments in their entirety, it shows a company that began to fall down on its historic commitment to safety over everything else, and that goes, that went all the way to the top , and by the way, it went all the way to the board, that was the boards job to make sure

boeing had a safety culture, calhoun has been on the board for years. i think he's in a very tough spot. >> adam going back to jonas's point, what possible incentive could they have to skirt these issues? >> make more money. we know it. no, we know it. >> save money here and there? >> what about the customers? just answer it. it's really, gary sorry it's a really interesting situation because they said we're going to design a plane where they won't have to retrain their pilots on the simulate or and that was a mistake. david: hold on, go ahead, gary. >> in retrospect yes it was a mistake but they had no incentive to make that mistake. there as jackie pointed out, they are a part of a duopoly out there. they are going to survive regardless of what they do, regardless if they jacked up the

price, because of these extra safety issues by another half million. there's a long line to buy these planes and the other point that i want to get back and its already been made before i want to reiterate is i've worked in large companies. there's no large company out there where the employees don't feel that every manager they have is a nit whit. it's part of the water cooler talk. you always think you're smarter than what's going on up top and the final point is boeing released these e-mails. if they really had something to hide, they wouldn't have done that. they didn't have to release that david: they probably knew what was coming out but by the way people get cozy and to adam's point there was a coziness between the faa and boeing and that's being exposed right now and that did allow some things to get through the cracks meanwhile 2020 democrat pete buttigieg pledging a trillion dollars in infrastructure spending, if he's elected president, so how does he plan to pay for it, we've got details , coming up.

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david: 2020 democrat presidential hopeful pete buttigieg unveiling a trillion dollar infrastructure plan aiming to create 6 million "well -paying jobs" and building out high speed broadband, improving transportation in schools, getting the led out of our water supply, a whole list of government projects, so how does he pay for it all? well, by "reforming" the capital gains tax, repealing president trump's tax cuts, and raising the estate tax with a top rate of 65% for billionaires, just to name a few of his new taxes so gary what do you make of the former mayor's plans? >> well this is another one, david as we've talked about in the past, he's going to rob peter and pay paul only he's paul. he's going to decide how it's done, but you know how these infrastructure projects work out look no further than that speedy train in california that's

supposed to go from san francisco to la, started out at 33 billion, and now it's at 77 billion, but they're serving all the passengers who want to go from merced california to baker bakersfield, so they got that going but the way to do this infrastructure is go private. they are running a rail, from orlando to miami, all private, virgin, the same airline people, virgin is all private funding, that's the way to do it. david: gary is going for the florida solution, i imagine adam one going for the california solution, no? >> i find the whole train stuff too complicated and confusing for my brain. david, i just, i used to have a joke with neil cavuto but i called myself the only reagan optimist when everybody was criticizing on these politicians and he's at least got a plan of something that he wants to do. what was it that president trump said he was going to do about infrastructure and have some sort of private public

partnership that hasn't come to fruition after three years? i mean let's give pete buttigieg a patton the back for going for it. >> i can't give him the pat on the back because i look at those proposed changes and he's taxing money that's already been taxed and i kind of roll my eyes and say here we go again. let's go ahead and attack the rich and take their wealth and once you do there's nothing left to fund all of these projects. if you took all of the candidates on the stage and they are lefty goals and plans and not saying policy goals aren't great but somebody pays for them and the fact is the rich just can't do it. first of all i'm going to dodge the issue that we need to do infrastructure in a cost- effective way like china and europe beats us on the cost of all of these things which is an embarrassment in itself. that aside how you pay for it, it takes taxes, it would have brought these things actually need to be reformed. the estate tax is a mess. people have untaxed wealth with

a billion dollars don't pay anything, people pay double taxes on 10 and $20 million and capital gains is a mess too with two levels that creates this thing where people are in a lower bracket making $10 billion , and those need to be fixed anyway to pay for our deficit problems because of the bad tax code and a new spending plan that's infrastructure needs to be more sales tax-based, gas taxes et cetera because the consumer of that is everybody. david: then there is the question of the jobs. remember those shovel-ready jobs of the obama stimulus? it didn't turn out that well, when had the recovery summer of 2010 and we ended up with a deficit. we don't want to talk about trump's plan. david: the trump economy turned out pretty well. i mean the infrastructure. david: we've got to go listen up, wine lovers i'm sorry they are talking to me. i would love to debate this with you adam but we've got to move on. the price of your favorite french and other european

delights may soon double. why the wine industry is warning of major disruption, food and wine magazines executive wine editor is joining us, next. i'm your mother in law. and i like to question your every move. like this left turn. it's the next one. you always drive this slow? how did you make someone i love? that must be why you're always so late. i do not speed. and that's saving me cash with drivewise. my son, he did say that you were the safe option. and that's the nicest thing you ever said to me. so get allstate. stop bossing. where good drivers save 40% for avoiding mayhem, like me. this is my son's favorite color, you should try it. [mayhem] you always drive like an old lady? [tina] you're an old lady.

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david: the wine industry is bracing for the impact of 100% tariffs on all european wines, scotch and irish whiskey and fancy cheeses and other food products all this in retaliation for france's new digital service tax and european subsidies of airbus, now u.s. business owners will be hurt by the tariffs, and we're visiting capitol hill this week in a last ditch attempt to stop the trump adminitration from going through with the tariffs. the executive wine editor at food and wine says "the primary damage done by this tariff will be to jobs and businesses in the

united states." ray joins us now, so are these tariffs going to upend the entire liquor industry? >> they are going to up end a lot of the wine business for sure because the wine business is such that when when wine comes into the u.s. , the tariff is assessed at the point of entry and then most wholesalers and retailers in the u.s. deal both with european and with domestic wines, and with chilean and south american wines and everything else so when you put a $3.8 billion worth of value of wine that becomes about 11 billion as you take it down the chain, that's a lot of damage to retail, to restaurants , to the importers certainly. >> i will say this the 100% tariff is steeper than what we saw with the proposals with china so it is a little bit more scary but as we saw that back and forth negotiation between the president and the chinese delegation, you know, we did see that there was a little bit of a method to his madness. i know it threatens the industry

and it's scary and people worry about it and that make sense but at the same time he has a valid reason for sort of poking back at them trying to threaten in a real way, does anybody kind of think it'll all even out in the end? >> well that's the hope certainly, there's no question of that. there's a 25% tariff in place since october, which has already been a pain point for pretty much fourth quarter earnings for any importer. if 100% goes through, it's sustainable for a little while, but not for very long. how long? >> six months maybe tops and it is unquestionably it's a bargain ing point in a large negotiation. there's no question of that, but at the same time, if you're in the wine business you start to feel why am i, you know, being given this pain, when it's about boeing, or it's about digital taxes for amazon or for google. >> ray, i don't disagree with your analysis tariffs can hurt domestic business and we the

consumer pays for it, however this business it seems to me there's so much booze from so many different countries that unlike say walmart will have a hard time getting their stuff out of china where all of their manufacturing is it's going to move to south america, you could start a restaurant or liquor store will sell japanese whiskeys instead or chilean wine s, can you just make a product shift without losing jobs and having our super hit to your business or is that totally a bad analysis? >> well i think it's a variable question to some degree because at the very basic level, like bag and box wine, you know, whether it comes from chile or argentina who cares but when you look at really good wine and the wines and the people that love wine buy, it's not the same as a napa valley cabernet, and honestly it's a little like if you suddenly put a giant tariff on country music and told everybody they should listen to jazz. you know? >> that is a great point because i just wonder if you

have any sense generally speaking what kind of alcohol the core of president trump's voters consume. for example, if french wine versus domestic beer, just to pick an example. >> well i think for the core of trump's base it's probably not french wine. >> i would agree with you. wait a minute, are you suggesting that this is targeted to his political audience, adam? >> i am suggesting that this will not hurt him with his political value, would anyone disagree? >> california is the full wine and the beneficiary is the wine growing elites like the mayor of the governor of california. david: gary very true. very quick last question, go ahead please. >> yeah, i guess my question to you, ray is do people though you talked about they can't listen to country music they have to listen to jazz but then a certain fact rather large percentage either switched to the california chardonay or they

switched to spirits. is the loss going to be that much? david: ten seconds go ahead. >> i think it's the wine stores and importers that really worry and whether they can sustain this and stay in business. david: well good luck. i hope they do stay in business and actually i hope we don't have the tariffs. it's not a done deal yet. we'll wait and see what happens. new ban on something a lot of people swear they can't live without. i can't live without wine for one thing. the details of what one state lawmaker is proposing and the punishment that goes along with it. that's coming next. >> ♪ ♪ alexa tell me about neptune's sorrow. it's a master stroke of heartache and redemption. the lexus nx. modern utility for modern obstacles. lease the 2020 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer.

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of driving deaths. bullying and radicalization he says persons under 21 are not developed -- develop mentally mature enough to safely possess and violators could be hit with $1000 fine or abates a year behind bars. does he have a point? >> he does. we can talk about 18 instead of 21. we need to do something. we need to get these things out of the hands of our young people. >> i think my response to that, why do we need to do something? is is a government or parenting issue? >> i believe it's the state that made marijuana legal recently. i think there notion of what's dangerous to kids is a little screwed up.

i think there's a role for government and privacy and driving rules, it's just an outright ban seems preposterous. >> (upbeat music) the following is a paid presentation for norton 360 with lifelock, paid for by norton lifelock. - we're all on our phones and laptops texting and emailing, surfing the web, shopping, paying bills. and we believe that what we're doing is private and safe. sometimes it's not. technology has evolved and so have the criminals. (beeping) anyone can be a target for cybercrime or identity theft, even famous people like jay leno. - someone applied for my retirement benefits before i even applied for them myself. i didn't know who to call or where to go really, you know? "well, let me call the social security." well that doesn't, you ever call that number? and you get through and they put you to somebody else, and they put you to somebody else. and you get lost in this maze.