steve forbes is here, forbes media chairman but it brings up this larger point whether it is more harmverall? we understand it is helping companies like his, he explained that yesterday, but overall impact is being felt now. what do you see? >> it is being felt. a few billion dollars comes off the bottom line. profit margins are being squeezed. if tariffs go in they will be squeezed even more. also cap-ex, capital compensatetures of business. you don't know what the rules of the game are, you hoed back. we should have learned from the early 2,000s when the bush administration, bush 43 put in steel tariffs. connell: they backed out of them. >> they backed out of them, they cost 200,000 jobs in the overall economy. connell: interesting to see the government, as edward reported a few minutes ago, i don't know if bragging but talking about how much money tariffs brought in, overall $11 billion but that is money somebody is paying for? >> it's a tax. we're raising taxes raising more money that ends up hurting the economy f they want to look back in history, richard nixon, his treasury secre

chairman, sorry, steve forbes here. tomorrow you're going upon trust google reaching out to china with this standoff attitude towards the pentagon? >> yes, that's a very pertinent question. why is it that you and your employees do not want to help the united states department of defense keep americans safe and keep all of the issues of trade by supporting the needs of our military to have access to the best technology available. >> you may not love the answer, but as a free country in a capitalist society, that is their decision and we've actually had ceos and have come up for example, p.j. rogers at cypress semiconductor when he ran a piece that but for them, but for the defense contracts they got, this company would have been searching for other customers. even as a free marketeer, and let the dollar vote go. let the shareholder decide we don't want to go with google. they don't want to support our defense department and go with another company. >> if there were that simple a degree, but google has leading-edge techno

here to excuse, steve forbes, forbes media chairman.jealous i'm not there to be in on the negotiation. they're just back and forth. if the democrats let this go without getting, without agreeing and getting something ridiculous, that they really want, they are bigger idiots than anyone thought. isn't this a golden opportunity there, steve? >> there is to cut a deal. melissa: yeah. >> the deal should be, get the dreamers, fully legalized. there has been talked about. the president is for it. democrats advocating it for years. up the border a little amount of money for the waa, you have a deal. trump getting the wall. dreamers get their legality which they should have had years ago. everyone says merry christmas. everyone gets something. melissa: democrats turned that deal down before. i didn't understand the at the time but maybe the same rule applies now? >> the democrat realize now this is issue they're not going to win on. trump will get some of the blame for the shutdown but so will they. people are disgusted letting this go to chris

. >> kevin, steve forbes here. >> hey, steve. >> good to see you. the federal reserve has been signalling in the loudest way possible that this rate hike that may come in a couple of days, that's been out there in the markets for months. so what set the market down? it couldn't have been the fed, that news is almost old news. >> yeah, you know, i'd be as rich as you, steve, if i knew what was driving markets up and down. you know, i honestly think that you are right, that the futures markets have you look at the federal funds futures have had a pretty clear idea of what the fed was going to do, and, you know, so that can't be the thing that's moving markets. and i think that, you know, day-to-day movements are really hard to call, but if we look at the medium term, clearly the bad news for the global economy relative to last year is that growth is a lot lower in europe and asia than we thought last spring, and that naturally would cause global markets to, you know, take a pause at least. >> kevin, this is morgan ortegas, what do you say to the criti

steve forbes. jon peach. hop eulogized first lady barbara bush. he recalled george h.w. the campaign field shake hands accidentally shake hands with a department store mannequin. and when he realized his mistake. he said well, never know, got to ask. >> in that line in certain parts. america they would be voters. so the humor is still there in our great country even in a solemn moment like this. george thvment w. bush was our greatest baseball president. he loved the game, played the game well. when he was in college, yale, he went twice to the college world series. he had an amazing store of anecdotes and statistics about baseball. there was a great story in the boston globe about george w. bush's great love of baseball. the red sox from the 1930s and 40s. that part of them again we didn't fully appreciate. but baseball has been the national pastime. this president appreciated it more and understood it better than any president. he would always be anticipating what the players would do. and he understood the glories of baseball. that was just another feather in extra or

steve forbes is here with us. he worked with george h. w. n. what are your memories of the man, steve? >> just what everyone has been saying, gentleman, real values, extremely knowledgeable about the world, always wanted to hear your view of things, and the personal touches, whether it was calling me when my father died and talking about what his father meant to him, those gestures, the notes, the hand-written notes, so big things, small things, he did it right. i think that's one reason why we have the outpouring of emotion. this man was a treasure. david: are you a little surprised at how much of an outpouring there was? i mean, a lot of people wondered whether there would be enough people to come, and it was overflowing both in washington and in texas. >> i think there's a greater appreciation for the way he handled the cold war, not a shot being fired, the dissolution of the soviet union he made it look so easy which is part of the task of a professional, but you tend to underestimate the difficulty of making that happen. and i think too

steve forbes here the chairman of forbes media. interesting, steve, sometimes we get a presidential tweet the market roars back, and it didn't today. you read anything into that with a president that cries wolf or read anything into that? >> people comes to china people want a real deal. not just good at moss for rings. hear had good atmosphericses on a possible deal with the chinese. people now want to see the particulars. the thing you will see perhaps at beginning of year, innatural gas. china import as lot of natural gas from russia in the middle east. it would like a bigger number. and so that way trump could say that i got a real victory here. china could have another source to play off against the russians in the middle east. connell: that is the key. both sides being able to walk away with something, right? when you say the new year, for all intents and purposes when the negotiations will begin again. you get through the holidays, you have, time will be running down in 90 days. you have decent amount of time left. >> preside

steve forbes.urself and it was great. >> it was a good show but i kept my day job, thank god. >> i think you just predicted the outcome of the 202 election and it scares me. this could be a spring board to another run at the presidency. >> my kids are already tearing their hair out. it was bad enough to have their inheritance go for brochures and bumper stickers. david: that does it for bulls and bears *. we'll see you next time. take care. [♪] reporter: wild swings in the dow after yesterday's record-breaking gain. the dow plummeting 650 points. this on the 60 -- on the 6th dae partial government shut down. i'm jon taffer in for elizabeth mcdonald. reporter: a major turnaround for

fox business dagen mcdowell, forbes media chairman and former republican presidential candidate steve forbes and 32 adviser ceo former economic adviser to president obama robert wolf is here. >> good morning, great to be here. maria: good morning. >> those futures after a thousand point fall, yeah, we like the green but we like to see more green. maria: for sure, what is going on, steve, the month has been one of the worst months we've seen in terms of markets? >> everyone has suddenly become pessimistic, the concern about trade, very, very real, you know, it's nice vibrations coming out but people want to see a real deal. holding back capital expenditures, u.s. economy showing signs of slowing down. if we get trade thing out of the way you will see u.s. pick up and finally next year europe making structural changes in their economies just as it happened in 1980's, within a few years, 50 countries reduced sharply their taxes. maria: wow, you want to see deal with china? >> that's the big one. >> yeah, i think incredible headwinds geo politically, brexit highly unlikely as is. china is slowin

let's bring in steve forbes, forbes media chairman.ed a gut check and strap in for a wild wide you got this week. people are saying what do i do with my money, are my investments safe what do you say? >> i say don't give into your emotion. especially with retirement money. ride it through. don't make the mistake of taking everybody off the table. everyone says they're a long term investor until the market goes down. then they say is it too late to take the money out? what do i do next. don't open the mail. don't look at the quotes. watch you. leave it at that. susan: i like that. people ask me, will i make money in six months. that is hard to time the market. if i could i wouldn't be here. >> warren buffett hasn't done it right, he is a multibillionaire. you go with fundamental, ride it through. if you need cash on hand, have it anyway with the market good and bad. what you see in the market is uncertainty. economy is doing well. there is uncertainty about investing next year because of overhang of the trade war. who knows what battle

steve forbes, retail -- stephen gillfoil, what do you think of this? are you bearish?> i had to change the way i did business. i was on with you and stressed higher cash limits. i don't -- neil: is this overdoing it? >> know. there are so many negatives, chief among them a central bank intentionally slowing the economy while the economy was slowing itself and global growth like christina said in a synchronized state of slowdown. i want people to understand quantitative tightening is so much better than people know, $50 billion a month drained out of the economy, $600 billion a year. out of the economy. the wall is $5 billion, too much money, nobody can handle $5 billion. 10 times that every month is being trained from potential liquidity and everyone says this wasn't in the banking system or the real economy, yes it was. when the treasury borrows money, that many goes out to contracts and does end up in the real economy. neil: the trends took place over the last decade, buying out every treasury notes to keep interest rates near 0%. it is not being taken. >> the market

beckwith may be of jonas, gary smith, susan lee and steve forbes. steve, i'm sorry, what's that?we mentioned pete moore the test of the confetti. there it is for all it is worth! just a taste of what's to come. just a couple of handfuls really of confetti. imagine 1.5 million tons of the stuff. that's how much will come down on new year's eve. back to this, we can say this the celebration of democrats and all the money they're going to spend. it is our money chopped up in little pieces. celebrating a common sense. >> exactly! we haven't even mentioned medicare for all. that has been estimated to cost up to $3 trillion. that is the entire budget, it would mean you'd have to get rid of everything, defense, social security spending, you name it! how will they pay for all of this? >> the answers they will not pay for it. the way you attack at those not just the cost but also the fact that this will mean worse healthcare for the american people. less choice. how did the europeans do it with a one payer system? they do it by russians. england for example, if you need dialysis, 60, you'

liz: let's get to steve forbes on ways going on with the markets. you wrote an opinion piece entitled "when the white house fights the fed the white house usually win." what did you mean by that. >> if you have a real fight the fed loses to the wait hughes. the fed is not ebb shrined. richard nixon did the same thing behind the scenes, lyndon johnson, george h.w. bush did it. liz: the media is saying the president is attacking the fed. you are saying history shows otherwise. >> the fed is always getting attacked. it's a political institution. their forecasts have been wrong and the decisions they have made other years have been disastrous. liz: the dow lost the least $2 trillion, it might be $3 trillion since october 3. >> he has a string idea that if we get prosperous that's a bad thing. if you get a raise, you feel you are jeff heating. it's ridiculous. the economy is made up of individuals, not a machine. the fed shouldn't even be manipulating interest rates. let people do it on their own. liz: you say it feels manipulative glass you is no inflat

the largest consumer nation in the world, 75% of our economy, and i know you are going to have steve forbesy, and steve will tell you that tariffs are a tax. this is someone that believes in cutting taxes. liz: larry kudlow said it, too, but at a certain point, my dad being a doctor used to say if you are treating the patient with the same medications and it's not working, change the medication and maybe president trump needs to change the medication. >> but there are other ways to, you know, have a, you know, what i would say tough love with china. you could go back into tpp which is 11 countries around china. you could look at economic espionage. if they are stealing stuff, have the ftc go after them. liz: he is. in fact, they have arrested, they have lured people to amsterdam and arrested 12 chinese nationals. then you see the arrest of huawei. we have to run. thank you so much. >> congratulations. i love all the success. fantastic. liz: the show is, what, you said it. >> number one. number one. liz: number one show. market afternoon, most important hour of trade. we owe it all to you gu

today on the panel with steve forbes, tov horvitz, and liz claman. we'll take a look at this. a major comeback after plunging more than 500 points with chaos across the pond. british prime minister teresa maker in the future of the exit from the european union is a question at her delay that critical vote will happen today. ashley webster is in london following the very latest developments. actually, what is made doing now?

joining me is steve forbes, john layfield, rick unger and erin gibbs. of the george h. w. bush presidential library. this is in college station, texas. and it is the final destination for our 41st president. we are awaiting the arrival of the president's casket traveling along with the bush family and friends. the train, that train number 4141 has arrived. the casket has been transferred into the hearse. we will be bringing you the final ceremony before he is laid to rest. scheduled to begin

i was talking to steve forbes and he made an interesting point which is at the westin for the tariffsasn't happening this may be in general better tactic to go after the chinese to crack down on their companies and say if you're going to operate in this environment and cheat us out of our technology, we're going to crack down on your company's doing the wrong thing in other environments. because it's happening now but the backdrop trade were tariff after tariff and an added element to uncertainty versus a tactical strategy that might've been a good way to crack down. >> to also not let the chinese have a way out. huawei is one of their poster child of success. she is also the daughter of the founder and also somebody who is a well regarded engineer even in their military. neil: do you know she's known for making their cameras so good on those phones. i didn't know that. >> i did not know that. she's symbolic and the company's and ashes under arrest. neil: yeah, not good. it also gets in the way of getting the trade deal done. you have to wonder. >> you have to wonder the markets are w

steve forbes, who always puts out these kind of numbers, says what's just as important as the new billionairesf the list. it's not just the new entries, it's the one off. there's a lot of movement in the united states. russia and china, they have a lot of billionaires, too. but what interests me more is what's happening in india. india has a 19% increase in the number of billionaires. in china and russia, a lot of billionaires rely on their relationship with the government, they are buddies of putin, that's why they're billionaires. india has more of a free market. that's why it's interesting to note the countries that have more of a free market where the number of billionaires is really on the increase. it may be an outlying factor but an important one. again, the united states leading the pack, 585 billionaires right here. charles: great number. of course, we didn't talk about europe, which maybe it could be a whole new segment. another one, millenials now are showing, make up the largest part of america's work force. a lot of them choosing freelance work. what does that mean, just freedom o