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tv   Bulls Bears  FOX Business  February 27, 2020 5:00pm-6:00pm EST

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other places we get stuff from, then see what hatches in u.s., big sell-off today, biggest point drop on the dow we've seen 1190. connell: "bulls and bears" starts right now. david: stocks rocked, dow ending down nearly 1200, all major averages suffering largest one-day point drop in history, they are in correction territory on track for worse week since 2008 financial crisis, this is "bulls and bears," thank you for watching, i am david asman. we go to trading floors with deirdre bolton at new york stock exchange. selling act separate -- accelerating into close what happened. reporter: we close down on the dow, it was 1191. the most in history biggest
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point drop for the dow, biggest point draw for s&p 500, they are in correct territoryy, off 10% from the most recent high. traders tell me, there is no good news to have made this market pivot, there is nothing about vaccines that is conclusive, if you look at the dow, biggest, microsoft, and intel and you had apple. apple and microsoft, saying they will be affected, their sales this quarter by the coronavirus. microsoft gets 10% of its revenue from china and apple 17%, one bright spot on the dow, only stock higher today, 3m, they make face masks, they are telling we hear -- selling we hear on a dre market, boxes
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going for dollars 500, a company saying it reported 14 million dollars in sales, normally a box of masks should cost between 3 to 5 dollars. and if you look at groups on s&p 500, all 11 closed lower, not one bright spot there. and a backdrop. 3 companies, canceledb biggest events ofs year, microsoft, facebook, epic games. they were supposed to have huge events in spring either in san francisco or san jose they are canceling out of caution, as we know knock on affect will hurt hotels and restaurants and other local businesses. i'll tell you clorox did close at a 52-week high, under category of people wants to disinfect whatever is around them, clorox wipes a frequent
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sight here at new york stock exchange. >> we have plenty here. thank you. >> now let's go to cme in chicago, jeff not just the stocks what is going on with oil. >> futures here, and oil down 47.09. and in after hours we lost 75 cents, crude down, demand for jet fuel down 8%. and tanker orders the ships that move the oil, those orders down 80%, a lot of people go to gold, today not so much, flat. where did they go? to u.s. treasuries, that forced yield 10 year stres -- treasury.
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fed fund futures predict a 50% chance that fed will cut at next meeting. terry duffy head of the cme, telling fox business he thinks that is a good idea, keep your powder dry and ammunition ready. david: encouraging that people care more about the dollar than gold at this time. jeff thank you. >> bringing in our panel, jonathan hoenig, kristina partsinevelos, liz peek. and andy puzder. looking at headlines out, former fed head janet yellen saying we
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could be thrown into a recession, when you read beyond headlines you, you go to stories most refer to worse case scenarios, apple ceo tim cook telling our susan lee, that things in china are improving. >> it feels too me that china is getting the coronavirus under control, you look at numbers they come down day-by-day, i want optimistic there. on i supplier side, we have suppliers, we have key components from u.s., and china and so on, you look at part done in china, we have reopened factories, so factories were able to work through the
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conditions to reopen, they are i think this is third phase of getting back to normal. and we're in phase 3 of the wrap mode. david: andy, is the fear of the virus moving markets more than actual impact, at least until this point. >> i think it is. i think the market is over reacting, there are other things factoring in, the market was over priced. and people in wall street in particular were hoping bloomberg or biden would temper the extremist end of democratic party, that is not happening, so coronavirus on top of that drove the market down. but like you know yellen did say there were risks, but she said, they look pretty good. >> you have to read the whole story. >> you have to read the whole story, united states we're in
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good shape. i agree and market did over react. >> i think this is a day you call a capitulation. you have one day where everyone throws everything overboard and panics that is what i think we saw this afternoon, that does not mean it is at an end, we know there will be further outbreak in u.s. and europe. but that tim cook interview was fantastic in china it is getting better, this was the origin of this. it will roll through the other economies, and will get better there too. >> we'll get better, but in the meantime, you can't discount the massive carnage in stocks, 18% of stocks above 50 day moving average, and you have yield and oil collapses, macro picture is ugly. >> it is, with how fast the correction has occurred. i think to your point, we're
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relatively complie complacent. with two different stories coming from the bond market. and so this almost like the needed correction we've been waiting for, because the bull market has been going on for so long, and to answer the first question about whether we're just fueling this fear, when you see headlines -- constantly, they sell-off. problem is that speculation that is what markets are, they are a reflection of market sentiment. >> and always moving back and forth. >> i would go back to what you said about economy of world slowing down, opposite was true we saw a hook up in pmi 's in europe, china and here it was getting steam in the global economy, but this came at the worse time.
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it has undermined that. find to say, terrible, but, what are investors supposed to do now? i would not chase the market down. i think everyone should have a wish list, you should say okay apple a great company ever. and yes, it got very expensive up 28% last year -- 58% last year, now i want to buy what is the price. david: i want to ask what people particularly in retail and andy, you are perfect guest, restaurants at heart of this, let's take restaurant industry, if people do hunker down, they don't go out as much as they used to because they are afraid of the virus. >> one thing, restaurants are particularly at risk, you might wait 6 months and buy a car, but if you don't go to a restaurant in february, you are not going twice in march to make up for it when restaurants lose business, they lose business. second aspect, i think that
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restaurants in so much better shape to deal with this than 4 years, only dominoes and pizza hut would have benefited from this people -- >> now everyone delivers. >> i get burgers, on uber eats, you have probably two delivery services to most restaurants, i think restaurants will lose business because of this, if it is more prevalent in u.s., but they will lose less because of the rise of delivery. >> they are at ground zero -- it of carnage at wall street. restaurants, cruise lines, airlines, hotels. reminds me of something not unlike after 9/11, a cocooning with people saying home, and a lot of meetings canceled by big corporation. david: i talked with a couple people in retail today, they
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said good thing is happened after christmas and post christmas season sthsm a slow this a slow period for them. >> this has been ex pass per rated -- you can add beyond meat as well. i have been promoting it all day, nap, those stocks that would do well should you stay home, netflix, amazon and pal peh.>> a lot of people made mise of buying zoom. you saw stock skyrocket over a mistake. david: you can catch susa susans full interview with tim cook,
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tomorrow 12:00, and 3 p.m. eastern time on fox business. david: trump administration trying on ease coronavirus fears, secretary azar testifying today, congressman, dr. glad wenstrup was there and he will be joining us next with what you needs, to know. and gain new perspectives. that's why we go beyond the numbers. t. rowe price. invest with confidence.
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in significant part because of president's decisive act so far. including for therapeutics and vaccines, and surveillance. >> he'll an health and human see secretary alex azar. in a house ways and means committee hearing yet, dr. brad wenstrup sits on that committee. a article came out in "new york times" and "washington post," they talk about a federal whistleblower. your reaction to this. from article federal health employees interaccounted with americans quarantined for possible exposure to coronavirus without proper medical training or protective gear and then scattered into the general population. can you tell us more. >> i hear it just as you are,
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that something to take seriously and look into. into. i will say with personal protective equipment, that is a concern going forward do we have enough supply to make sure we can be as cautious as we can, those that you suspect to be infected or are infected it is more imperative if you have just one mask, they wear the mask. and because the spread we understand or seem to believe it is through droplets, sneezing and coughing. we'll have to look into that. and we'll see what case may be, i will say secretary azar was very fair and forthright with what he had to say, they are challenging to the medical community, there is no doubt, this is a new virus, viruses can be strong. and very often it takes time to
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come up with a vaccine, but also antivirals, the numbers are going down in china, they just tested an antiviral. >> congressman, kristina partsinevelos here, you mentioned masks and how important they are and trending of people with beards and facial hair is appropriate, but what the point they are sold out, florida nothing, nothing in new york, amazon has to send a letter of warning to sellers to not increase prices, is there anything administration should doe to make sure everyone has access to basic mask? >> one thing that i think that administration should do, something this administration has been doing, bringing more production back into the united states of america, especially when it involves, i consider health you know part of our defense apparatus in america. if we're not producing masks in
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u.s., we lying o -- and relyingn foreign entity, we have debates in congress on who makes running shoes for our troops and they should be made in america, we have to look at all of these and make sure we can take care of ourselves. >> thank you congressman for joining us, there has been a politicalization of this entire episode and amount of money that administration is requesting do you have a view, are they on the right track? is schumer right? what is your view on what you have seen. >> i don't think that anyone can sit here say what is the exact amount needed, but that does not mean we can't go back to the well and try to get funding if we need it. as far as politicalization this
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because bother me, this is a american, human situation, this is all of us, that virus is not least bitten ti -- intimidated y political talk. it does no good. our military has done a good job in korea that is something to look at. when you talk about military, have you a captive caus audienc, your potential victims are people in uniform. we have one soldier in korea, but tough part is translating that to u.s. of america. david: congressman, politicalization of the virus, if you don't mind. let me play the press conference from nancy pelosi.
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>> united states government must address the spread of this deadly coronavirus in a smart, strategic and serious way. we must stand ready to work in a bipartisan fashion in congress with the administration. this not a time for name-calling. or playing politics. the trump administration has chaotic response. to the outbreak. president cannot transports for the newfounds to anything -- funds to anything other than use of coronavirus threat. david: she said it is not a time for name-calling then she says that donald trump is incompetent and chaotic. >> it took about two seconds for that transition, that is striking. and certainly self defeating of her own point. this is the same cdc we had under boj. obama administration, these agency hopefully we can
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trust, the cdc, the fda, hhs, they are all working to protect american lives and improve american lives, keep us safe and treat those who need care, and limit the spread of this problem. there should no way that anyone of people in this entities want to make politics out of this. they want to make sure that america is safe. and you know, you were talking too about stock market and this and that, i think that is normal, stock market always reacts, whether a earthquake or tornado, we're tough be we bounce back and i think -- >> we do. >> i we will, and we're seeing positive signs from china. david: all right. thank you congressman wenstrup come back. >> you bet. >> trump administration making changes that how some people access social security benefits, details on who this affects most, coming next. you wouldn't accept an incomplete job
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next. david: major market prove, coronavirus concerns spread on wall street. dow down more than 3200 just this week. and trump administration is trying to save tax payers money with a new rule that tightening rules for social security disability benefits, moves to reduce ram rampant fraud began n obama administration but has been accelerating under president trump. making it more difficult for those who don't speak english to get disability checks. democrat are slamming that decision, warning it would limit
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aid to estimated 10,000 people a year, with severe disabilities, this disability fund has been fraught with fraud and waste for decades. >> tom coburn's office did a huge revelation about disability program, 60 minutes picked it up, it is outrageous how many people on disability, but this has nothing to do with that, this taking 40-year-old rule, saying if you don't speak english, that a cause for disability. that is ridiculous that not a reason to get disability because they can go to work. that is the point. this proposal of made in 2015 under obama, democrats just resist everything that makes sense because it is from the trump white house. >> 9.9 million across u.s.
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8.4 actually disabled, the check they would receive 1200, this something substantial, i agree it needs to be updated, it will even pass right now, it is an election year. >> i think that rule can be changed. >> just remove the english speaking part. >> yeah. >> or total -- >> no the changes rule on english. >> if people have severe disability, wha difference doess make, there are places you can't get a job unless you can speak spanish, this is an old rule, never made sense, and comment that people with severe disability will lose their benefits is ridiculous. >> i am against auto called safety net -- all of the so-called safety nets, but this notion, you should get a benefit as an advantage if you don't speak english, that is a incentive to not speak english.
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so, look. if i said all these programs should be cut but they are doing right thing. david: it could save tax payers 3 billion som. >> i think they are focusing too small of an issue. david: president trump defending his campaign decision to sue "new york times" for libel, will the lawsuit have enough legs to stand on, media reporter from the hill, joining us next. ♪ don't just plan to retire. plan to live. an annuity helps cover your essential monthly expenses, so you're free to live the life you want. find out how an annuity can give you lifetime income at protectedincome.org
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>> is it your opinion that people have an opinion contrary to yours they should be sued. >> when they get their opinion wrong a number of times like "new york times" did, let's work that way -- if you read it, you will see it, it is beyond a opinion it is more than an opinion. david: trump defending his campaign new la lawsuit againstw york times for liable libel, cly knowingly published a fal false article. >> we bring in the hill's joe -- i was op-ed editor at "wall street journal" for a few years, we encouraged opinion but we double checked and triple
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checked. they would make sure there were no falsehoods in this, does not likelies times does that. >> they did not, i just caught on question, where report said do you think it right to shoe if someone has a opinion different from yours, that is not what happened here. this is about mueller report, he came to conclusion there was no collusion, are about this to come out, i understand why the trump campaign and president would be upset. but you know that line from jaws, they roy schneider said you will need a bigger boat, you will need a lot of lawsuits, a lot of people argued that president and his associate colluded with russia it was wrong per mueller report, it is very difficult to prove malice in this situation, precedent is
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overwhelming in terms of winning these cases. maybe in terms of attacks media, that i unpopular, "new york tim" maybe more of a prmove or send a shot across bow say you can't continue to 2. >> reading 1964, supreme court case regarding "new york times," a profound national commitment to -- debate on public issues should be uninhibited, robust, and wide open, it may include sharp attacks on government and officials. the covington case where cnn settled showed maybe there is some hope here. they could at least make this a little bit tougher. >> joe, the "new york times" versus so case makes it difficut
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to sue news paper in u.s. and media, u.k. does not have, that you can sue them, they have free press. and by the way "wall street journal," drives me nuts with that fact checking, they take apart every article you write. but, u.k. does not do that. >> i think if somehow this lawsuit was made in u.k. then u.s., but here, since it say opinion piece. >> it is a fact piece disguised as a opinion piece. >> people would say the same about president trump. that would be argument it is fair comment, you can't go after
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it, and president would have to prove he was hurt, this happened after he became president. he was not hurt, to joe's point, a pr move, a smart one from -- >> why is it smart to go after the press. >> as a journalist, i agree with you, but if you think from a conservative perspective and president's point, let's add more scrutiny to what "new york times" puts out to make sure it is not all against trump, which often it is in the opinion second. >> i don't see how that does not have a chillin chilling affect l journalists. >> it does. >> we have a free press. you can't sue "new york times" because you don't like opinion piece. i would say -- don't. >> on other hand, trump supporters are tired of "new york times," and even "wall street journal" on occasion and
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"washington post," printing things that are not true about the president. and they do it every day. david: there is one today or according to trump supporters, times op-ed page with an article, let's call it the trump virus if you feeling awful, you know who to blame. this is an opinion, op-ed page, you see opinions. what do you think of that? >> i think that -- it late february, but that wins 2020 stupidest headline of the year. look. to see trump virus trend on twitter as a result of this story, that is so sad. and disturbing, that there are people out there who are rooting for global recession and more people to die, so that it would mean president trump would be out of office, this nothing new, there was a cnn analysis last month, titled coronavirus task
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force, another example of trump administration a lack of by diversity. >> okay. and then. "washington post," blaming president trump, i am serious about this, for hurricanes, from aheaeditorial post, when extreme weather mr. trump is complicit. you see why the trump supporters get a little upset with the opinion, seems like free press on these editor calls in a one way direction. david: we do have first amendment. joe, thank you so much. >> bernie sanders is slamming administration's response to the coronavirus outbreak saying, it proves why the u.s. needs medicare for call. and here is another look at markets, all three averages on track to have their worse week since the think if crisis -- financial crisis after experiencing worse one-day point drop ever, that was today. discomfort back there?
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david: bernie sanders said that the coronavirus out break is why we need medicare for all. for comments azar made that a price control vaccine for coronavirus would discourage private companies from making one. bernie sanders responding: >> jonathan? >> what is -- who i does bernie sanders think he kidding, people die regularly. they die waiting for that care. not because of a virus but waiting for that every daycare,
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bernie again is out to lunch with socialist fantasies where everyone gets free care, courtesy of the government. and cdc in this case. has been curtailed because the testing is hindered by the bureaucracy. >> this is ridiculous, what bernie is saying it falls on its face, everyone knows that everyone will have that vaccine, congress is also giving president 2 to 6 billion more than these thinks he need, there will be plenty of money to buy vaccines, do you think that any rational person, will see that poor people don't get -- >> that makes no sense. by the way, another thing that makes no sense, sanders has said drug companies are terrible, they need to be reined in because they make so much profit, why are they out there developing a vaccine if it does not make a profit. you said it right, this is a
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fable, at the end of the day bernie sanders has not done his home work about how socialize medical programs work. that to me is offensive. >> this is -- pharmaceutical companies cost of a lot of drugs, i think on wednesday, if you watch, president speak he held up a map, saying united states number one country in world out of 195, most prepared with a pandemic that same -- healthcare united states comes 175 out of 195. clearly it still an issue, you can't assume that everyone will get this -- but wait. >> medicare for all, will -- could destroy the public private infrastructure that is in place to help companies, to build on these, i agree with that, what we're discussing is two extremes there needs to be a middle
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ground. >> you know there is never a vaccine against a disease that threatens this country not available every american. >> they will make it free for people -- >> you -- nobody will care what it costs to different that vaccine if it works. david: the biggest socialize healthcare system in the world is where this virus started and spread. in china. bernie forgets that. >> is anyone looking to china for a vaccine, or canada or u.k., no. david: canadians and europeans look to u.s. pharmaceutical companies for the ones who some of thmanufacture and come up wiw medicine. >> they do the r&d that come up with the miracles, if you want to get rid of these innovations and healthcare, follow bernie sanders, and get government insurance. david: you agree with bernie? >> oh, no. david: okay. >> ticktock getting banned by
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another government agency over growing security fears, we ask morgan wright if they are over flowoverblown or justifies, morn is next. there's a company that's talked to even more real people than me: jd power. 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome. we're gonna need a bigger room. i waited to get treated. thought surgery was my only option. but then i found out about nonsurgical treatments. it was a total game changer.
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this morning i woke up calm and unbreakable. tomorrow? who knows. age is just an illusion. how you show up for the world, that's what's real. what's your idea? i put it out there with a godaddy website. make the world you want. david: tsa latest in a growing list of u.s. government agency to ban its employees from using optic stock -- ticktock, lawmakers, sending a letter to department of homeland security expressing security fears about the chinese-owned app, cyber security expert morgan wright joining us, i heard this, i thought it is too late, the cat's out of the bag. tsa air traffic controllers may have had ticktock. >> once it is in there it is
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tough there is a great article from ceo of reddit talking about a parasitic application, and research, a software engineer showed how ticktock finger printed the devices with internal audio and other things to track them. but what is a grown adult doing on government time watching ticktock. >> have you a lot of politicians use it now to cater to younger jeniation, do you think that fix fingerprinting thing are they listening as well, should that be a concern. the parent company bite dance the ovethe origin. >> they are headquartered out of beijing, the parent company of ticktock, say we keep everything offshore nothing goes through china, which i don't believe.
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there has been nothing to show they listen to audio, but any time i can find a number of devices of and i can link them to a member of military and intelligence community i get an idea of movements of locations of where they are. this happened with the fitbit, a kid from australia found our secret basis through data leakage. anything that comes out of china, i don't trust, period. >> another knock against ticktock, i think is the promoter of something called skull breaker challenge, a stupid thing that teens have chemical up -- have come ul work they result in serious head injuries is that not reason enough to curtail this ridiculous operation or organization. >> they will ban and censor other things like ti tiananmen square, or even the corus you c.
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the platform is so viral, the coo said it is growing faster than fact 5 facebook. if you don't stop stuff like this it go viral and encourage others. >> that video is unbelievable, in old days just cram into a phone booth. why is it ticktock seems to be getting momentum where all others copies each others stories and stuff. >> closed market 1.5 billion people, any time you get bite dance, i can tell you there are companies that would kill to have a, be required or or inencouraged to put a billion eyeballs on the platform. that is their huge advantage
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right now. >> i went to china in business, we had to get rid of our telephones or computers, this is way far advance from what i'm familiar with. >> may -- you brought up -- is oh, uopen -- onus on you too, we share everyone, i use biometrics to get to my phone, and i scan my keys. >> you share your inlocation all of the time. >> i do not. >> on inst gram. >> and you are following me. >> a great thing out of silicon valley, says when it's free you are the product, they are selling your data, it is not just u.s. companies, but what china does they play long game, this is intelligence collection. i guarantee you, this information will make it to
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chinese military, and intelligence and government, it being used against us, we play the short game, they play the long game. >> morgan wright thank you so much. >> you bet. david: driver in one major u.s. city could see their parking finds dropped, but not everyone is happy, why a city counselor push for change is sparking a huge debate, details coming next. i wanted more from my copd medicine that's why i've got the power of 1, 2, 3 medicines with trelegy. the only fda-approved once-daily 3-in-1 copd treatment. ♪ trelegy ♪ the power of 1,2,3 ♪ trelegy ♪ 1,2,3 ♪ trelegy
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♪. david: progressive parking tickets. boston considering a bill to allow low income families to pay a smaller fine expired to wealthier. jonathan, i'm sure you think this is fair. >> no. this is unfair. it violates the basic principle of law which is equal treatment unthe law. we're all supposed to be treated equally. what is next?
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different fines based on your gender, on your race? this is unconstitutional on its face. >> don't give them any ideas. probably how far class warfare go to massive tickets, to david said the guillotine. >> by the way they did this in l.a., i think. we showed a segment of people being interviewed and amazing thing, was people, on street, yeah, i kind of get that. if you can't afford it you shouldn't have to pay as much. it wasn't any issue about no, don't park in the wrong place. >> income doesn't define the wealth. paying for a family. sending money back to the country you're from or you have student debt or mortgage. list goes on and on. >> put a quarter in the meter. put a couple bucks in the meter, don't get a ticket. >> i agree with that. follow the rules.
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david: money is part of how people gain the system. imagine corrupt meter maids. >> think of bureaucracy, how run down income and wealth for everyone? david: i think we ridiculous into thumb as down. liz: welcome to the show. i'm elizabeth macdonald. "the evening edit" starts right now. the president and first lady are celebrating african-american history month. the president is responding to pushback and criticisms from house speak, nancy pelosi and senator chuck assume, including senator bernie sanders. critics say they are trying to score political points against the trump administration response there. breaking news, federal whistleblower reportedly punished reporting federal health workers were not protected and potentially exposed working with folks quarantine ad two military bases in california. separately the state of california monitoring more than 8400

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