you just heard david stockman say recession is coming.o matter who is president come next january, he or she will have to deal with a world of financial hurt. now, we have a guy who run as big lending company banking concern who has quite a different view. fair and balanced you will hear that meantime whether you buy the fact we're heading for a slowdown or not, one thing undeniable is regulations, which can be the bane of existence for a lot of businesses, well, they keep running rampant. fox news's shannon bream is here to spell it all out. hi, shannon. >> hi, neil. once a year the white house is supposed to publish a list of regulations from the administration, the one shows a mountain of executive action as president prepares to wrap up his time in office. it shows more than 3300 federal rules and regulations at various stages in the process. since president obama took office the number amounts to 20,642. single most expensive regulation last year was the epa's clean power plant which came in with price tag of $7.2 billion a year. by

for being here, intersection of politics of business of economic, grateful thank you very much david stockman with me there. deirdre: a member of donald trump's national financial committee host of fox business . anthony -- spoke about talent dream from hedge fund. >> how much money hedge fund managers were making a dozen years ago that was like restaurants of the new millennial. everyone who left wall street started roas restaurant then a hedge fund. most did not know what they were doing. deirdre: that interview and much more tonight 8 p.m. eastern time. right here. >> new information has come to light about egyptair flight 804. egypt said that debris from missing jet has been found, the first solid evidence that the jetliner crashed, we'll bring you details. >> airports in world on alert. tsa processing passengers very slowly, chicago mayor rahm emanuel meeting with the organization. >> tsa is to protect flying public from threats of tur terrorism. but because of the way the system has run it is a safety and security issue at our airports. deirdre: there is still not a full explanation of

david stockman wrote a classic david stockman rambling note about reagan and trump and what trump getsut in the middle of it was a fabulous three paragraphs on the lack of quality of our american jobs. we are going to create 180, who knows, standard deviation, 220,000 jobs today? are they good, productive jobs for the nation and the individual who holds that job? michelle: this question always comes up and people look at the share or lower skills. it has been a case that in this environment, this recovery, hard time as a share of the total workforce -- part-time as a share of the total workforce has been falling. we have been seeing a shift toward more full-time hiring, it is just taking longer in this cycle. in terms of overall productivity of those jobs, clearly we can see from the productivity numbers we are receiving, productivity is pretty weak right now. too not know if that speaks the quality of labor as it does to the inefficiency gains of the capital, the next stage, where you have the technological advances acting up the amount of production you can have per labor. francine:

david stockman, ronald reagan's budget direct to told neil cavuto the site has no director in the market should not assume it does. >> for the markets to conclude that everything was all better, that we are moving upward ever higher i think it's a huge error. and when we actually get to where i think we are going, which is a recession, there will be massive panic selling on wall street. nicole: stockman says he asked asked a recession by the end of this year or next. lauren: this week as he is nasdaq one for ipos in looting of $1 billion offering. there were no ipos in the first quarter. six i scheduled this week, making for a total of 16 for the month of may. jonathan karp! on a senior manager says this week's market gained, the ipos are white and treadwell tied among that. >> we haven't had a lot of ipos this year. good to see that money on the sidelines, the companies have been waiting. lauren: may will be the busiest month since last october. nicole: coming up, you want to avoid the long lines at the airport, right? sign up for the tsa pre-check option. maybe not so fast, literally.

i'm thinking, david stockman has no idea what this guy's like?> i think ien not very happy with what he said about entitlements. you need to. >> well, what i like is that he's not schoolinged in all the rationalizations. all the theorys that washington has been running on. >> he -- we don't need anything there. >> i think maybe he'll discover the facts of life. and at least he recognizes that 19 trillion of debt is more than we can live with. that if we continue down this path it will be 30 billion within a decade. i think he at least has some sense that debt can be dangerous. he's had a lot of experience with it. >> i don't think we have that option. essentially that's what fed policy leads to. they're determined to have 2% inflation. what does that mean? after a 30 year government bond, it's worth 55 cents on the dollar fp if that's not a default, a huge haircut, i don't know what is one way or another. with out right default some day down the road if we keep going this way about we can't live with this you said it seems like donald trump is cl

. >> when i had david stockman here, ronald reagan's former budget director, brought to the woodshed famously warning at the time of the deficits and the tet to come. the argument back then was the economy would boom and it did, from not only dramatic cuts in interest rates under your predecessor, paul voelker, but the tax cuts that ronald reagan and his enthusiasts say sparked the economy. what happened as you pointed out, doctor, with all those extra revenues, republicans through just as skillful as spending the money and then some as republicans claim democrats are. i wonder whether you agree with mr. stockman that it could be too late, that we could be on the verge of a big old market economic collapse? that's what he said. >> i don't -- i would certainly not go that far. we needn't go that far. in fact, it strikes me that if we all were to get together and have a real debate, you are quite correct, this is a bipartisan issue. entitlements or the third rail of american politics. the politician who touches them loses. and so you -- we have a nine percent annual rate of increase in

. >> these are not especially happy days for budget director david stockman.e of the atlantic monthly has a long article about stockman in which he's quoted as saying things he undoubtedly wishes he had not said. >> i got an early copy. i couldn't believe it. the president gave a news conference that day. i kept waving my hand. he didn't call on me. so i chased him out. >> your budget director more or less says the economic program is wrong. it creates inflationary -- >> he had no idea what i was talking about, clearly. so i broke the story that night that the budget director blew the whistle on this plan. >> what he still contends were off the record conversations, stockman expressed disillusion with the reeg aganomics supply e theory. stockman refers to naive supply siders. the whole reagan plan is premised on faith. none of us understands what's going on with all these numbers. >> it was very, very damaging. a lot of people wanted him fired, but i thought we had to keep him because he knew more about the budget than anybody. so i prevailed upon the presiden

david stockman and i, i don't know how many years ago, i don't want to think about it, we used reconciliation time and time again, won most battles. all i'm saying is, trump's got, he wants to cut taxes he wants to cut spending, wants to lower regulations, he's right on target as far the economy's concerns. the congress, the gop, did not do what we elected them to do, and even if you lose to obama, even if he's going to veto stuff you still have to make a run at it, show the folks you're doing the best you can. >> let me let michael respond. i didn't plan on poor michael steel being the punching back here. respond to larry. >> mr. kudlow knows if you look at budgets written by house speaker ryan, passed by the house, senate, include a tax reform principle exactly like the ones that you're proposing. if you look at what dave camp talked about for years as chairman of ways and means, the draft he put forward, what we've done or what we did as house republicans -- >> it's this year -- >> scotty -- >> okay. >> you got to be aggressive. >> larry. >> look -- the whole point here is -- just close it

and how it impacts the crude trade as well, and we have two special guests, jeff paulson and david stockman you don't want to miss this one. >> we won't. thank you, jackie. see you soon. >> josh brown is in. >> and you had me at paulsen. >> sor stockman? >> hmm, i'm more of a paulsen than a stockman. >> he is a little pessimistic. >> you are a stockman. >> well, he is is slightly pessimistic. >> you get sfit. >> no, you are saying i'm stocky? i am 6'1". >> oh, you are a stockman. >> oh, i get it. you see the complex that you have given me over the years. >> we will go to commercial, and see you in a minute. >> are we going to the break. >> i think that you to say the magic words and not me. >> i was giving you a big break. >> thank you. >> and coming up the big sell call. and jim and josh have been bullish on the call of the derrick and in brazil, president rousseff is suspended from office, and headed for trial, and what that shake-up means for the markets, and retd hot at that. talking about the rally in brazil, and what it means now. ♪ how was i to know ♪ they found out who's been hackin

neil: i had david stockman here as you know, ronald reagan's former budget director, guy who broughto the woodshed for famously warning at time of the deficits and debt to come, the argument back then was the economy would boom, and it did, not only dramatic cuts in interest rates under your predecessor paul volcker but the tax cuts ronald reagan and really sparked economy. what happened as you point out, doctor, with all those extra revenues, republicans proved just as skillful spending that money and then some as republicans claim democrats are. so i wonder whether you agree with mr. stockman that it could be too late? that we could be on the verge big ol' market economic collapse? that is what he said? >> i certainly did not go that far. we need not go that far. in fact it strikes me that, if we all get together and have a real debate, and you are quite correct, this is bipartisan issue. entitlements are the third rail of american politics. the politician who touches them loses. so you have a 9% annual rate of increase in entitlements mandated by law. has nothing to do with the ec

what struck me today, i don't no david stockman, he's been saying that the sky's been falling for a while's got a point here we are, barely above speed, globally. you can't imagine central bankers doing more than they've already done. and this is what we get for. does that mean when finally there's none of that stimulus, eventually, there's a day of reckoning or not? >> no, i think that's right. when you look at the gdp report up 0.5% of 1%. the market is sort of ignoring that saying it's just the first quarter. second quarter week going to pop back to 4%, 5%. we're not in that camp. if you look at the first quarters of the last two years, you had brutal winters that allowed you to pop back in the second quarter where you got a more than one weather environment. we had a pretty easy winter here. our expectation is we're looking at 2% give or take, not 4%, 5%. i think the market is getting ahead of itself. we think we're looking at a full year the 1.7 from a gdp standpoint. consensus point to 2, 3, that's below the gdp rate coming out of the great recession at about the 2.2% level. right n