grover cleveland and william mckinley. so which one do you like better? >> it depends on the day. and who is the audience and who you are talking to. so i think those are two of the greatest. >> grover cleveland married the youngest first lady ever, is that correct? >> in a's correct. 21 years old and beautiful. francis folsom cleveland. >> how old was he? >> 30 or 40 years older. a lot older. i think he was 48 when they married. >> he served two terms, not consecutive. >> that is correct. >> do you have any presidential memorabilia in your family? >> i do have a ton of letters. he's the grandson of grover cleveland there's a lot of letters that exist, a lot of letters that he wrote. he was a voracious reader and voracious writer and there are tons of letters that our family has accumulated over the years that he wrote in buzzards bay. >> have you ever heard this story where president reagan was inaugurated. after he was elected and during the transition, then he went up to see tip o'neill. president reagan said, well, i played him in a movie. he said, no, you played grover clevel

he is the great grand nephew of great william mckinley, our 25th president and the great great grandson of our 22nd and 24th president, grover cleveland. tweed well wrestle bit is the grandson of theodore roosevelt and the price president of the theodore roosevelt associate which he has been associated with over a quarter of a century. clifton truman daniels is the grandson of our 33rd president and honorary chairman of the truman library library. lynda bird johnson robb is the first child of our 36th president, lyndon johnson. she lived in the white house during the last years of her father's tenure in office from 1966 to 1969, and for over two decades has served as a trustee on the lbj foundation. and susan ford bales is the fourth child and only daughter of our 38th president, gerald ford. she was in the white house during the bulk of her father's presidency from 1974 to 1977 and since 1981 has served as a trustee of the gerald ford presidential foundation. moderating our panel is david rubenstein the cofounder and co- executive chairman of the carlyle group and our country's leading

william mckinley went to congress on this wave of outrage. we have to go to war to avenge the sinking of the main and other things. turns out the main was probably sunk by a boiler accident but you can't go to war against boilers so we want a war against spain. we went to war, an incident that did not happen the way the government said it did. this went from being retaliation against spain, punishing spain for a couple other things. we went on, this has to be a war subdue the philippines, fighting insurgents, change the government of cuba, we took guam and puerto rico but this went beyond the war that mckinley talked about. americans began to say maybe we cannot believe our presidents especially when they are asking us to do the most sacred and dangerous thing a president can ask which is to ask us to put our young people in harm's way. woodrow wilson. are there any wilson defendants here? just want to know. any members of the wilson anti-defamation league? all right. i guess i can go on. wilson is not high on my hit parade. he lied himself i

this is not william mckinley martin, is it, mr. greenspan? >> no.esident and all other political figures have a right to state their opinions. government i was in for almost 20 years and i don't remember a single instance when a political figure, president or otherwise, argued in favor of the fed raising rates. i had innumerable cases of the opposite. ♪ what is thee day, fed's outlook for growth? what is the consequence of that outlook for unemployment, what is the consequence of the decline on prices? what the fed is saying in their forecast is that they still think, despite the selloff in the stock market, the slowdown, that the economy will grow and above trend pace next year. people would you say to who may be don't understand what you just said? is there a point where a stock market selloff, that says we better pause? >> absolutely. if this went on much further for much longer, interchanged the fed's view about the outlook -- the fed is looking at the stock market and financial conditions broadly, but also at the economic news. they need to see

we heard and read his commentary for years, but based on his love for william mckinley, the tariff ofinley tariff. >> it is the mckinley tariff. the president trump admires the most. we're obviously in an activity of brinksmanship with china. they will really try to force them to the wall and the question who will blink first. i think the president has to be believed, if he doesn't get what he wants, i do think it will go past 90 days if the chinese showed movement on any of these issues, if they don't he is willing to impose these 25% tariffs. connell: another extension is the market's best hope now? >> i say so. connell: by the way the chinese may be hoping for that as well. are they trying to run out the clock? >> they may be trying to run out the clock, making a judgment president trump will be in the white house past 2020. as you said earlier they do have the long view. they will take that the market has to sort this out, what we saw them finally saying we've got a problem at least as far as we can see. connell: want to get your view on another issue while you're here and it's fr

tariff man, that's a william mckinley thing tariff man stand okay a tariff platform. ess what in when mckinley tariffs growth. realigned the republican party in a way which got strong support. i agree with what the senator from kansas said there in terms of longer term commitments from china. but it's not just about buying stuff. it's about these fundamental structure changes to protect our technology and innovation base. that's what we are about here at the white house. >> bret: quickly tonight, as you stand here, you are still optimistic having been in that room? >> yes, sir, absolutely. i think that all of this hand wringing that's going on in the media, i think maybe that's that's the fault of us not communicating more precisely about what exactly occurred maybe that's why i'm here. i was there. it went on for hours and had the president of china. let me reiterate that. going over 140 items about what they would do and promises made. at the end of 90 days if they don't do what they say they are going to do we put the tariffs up more and that's a good outcome becaus

his most favorite president was william mckinley, a member of the house of representatives in the 1890s imposing the mckinley tariff. the chinese are dealing with a 19th century economic model in donald trump but the threat is real. 25% tariffs, they have 90 days to work this out and i think the markets and the economy is worried that you could get into a chronic tariff situation going into 2019 which would suppress economic activity. >> the chinese need to understand, may be beginning to understand that there is a consensus that the chinese predatory mai maif your is beham and it's not going to go away. >> that's precisely the point. one of the things that will help is inside china xi has rod's roo nationalism is not popular. and there are reformers that refer the way china was going when it joined the wto. they'll also pressure him. >>> when we come back, the arrest of a chinese tech executive threatens to throw u.s.-china relations further into turmoil. gordagordan chang on the charges against the cfo next. place, the xfinity xfi gateway. and it's strengthened by xfi pods, which plug

he loves tariffs, his most favorite president was william mckinley, member of house of representatives imposed the mckinley tariff. chinese are dealing with 19th century economic model in donald trump, but the threat is real, 25% tariffs, they have 90 days to work this out and i think the markets and the economy is worried that you can get into a chronic tariff situation going into 2019 which would suppress economic activity. paul: but i think the chinese have to understand, beginning to understand that there's a consensus that these -- that chinese predatory behavior is a problem and it's not going to go away just if donald trump goes away in 2 years, briefly, mary? >> xi road to more aggressive nationalism is not popular across the board and there are reformers in china that prefer the way that china was going when it joined the wto, they'll also be pressuring him. paul: all right, when we come back, despite temporary trade truce with beijing, the rest of chinese executive threatens to turn turmoil, gordon chang on the arrest next. once i started looking for it was a no-brainer. i sw

background on that because that's an homage to one of the president trump's favorite presidents, william mckinleywhen mckinley was running in 1896 on last form of prosperity, protection, and patriotism, he said he is a tariff man standing on a tariff platform. what mckinley did when he got elected put in strong tariffs and a realigned currency. actually set off a tremendous cat littic growth but helped realign the republican party. there is a lot of history in the one phrase from the president. charles: it helped the economy but republicans took big losses because everyone thought the rich benefited. >> i don't know that they lost -- $7 billion. charles: covers to the u.s. government how does the money go, work out the mechanism that the money is going into the u.s. covers from these tariffs? how does that work? >> i think we collected $7 billion so far. i think that is real money at this point. i think what's important here, charles, the function of these tariffs, when the president says he is a tariff man, he also understands one of the most important functions of these tariffs is to make sure

charles that the whole tariff man tweet was an homage from president trump to the old president, william mckinley, and navarro told charles that the treasury has collected some $7 billion already because of those tariffs. >> i think we've collected $7 billion so far which is -- i think that's real money at this point, and i think what's important here is the function of these tariffs, when the president says he's a tariff man, he also understands one of the most important functions of these tariffs is to make sure that people invest within our borders. reporter: of course, the critics will note that tariff, the tariff money, gets passed on to consumers. liz? liz: thank you. please keep clarifying as you get every single new detail, blake. thank you. folks, i want you to guide your eye to the right hand part of the screen. dow is down 683 points. looks like we are heading back down. just a moment ago we were down 700 points. we will watch this every second for you and you know, considering the selloff that you see on the screen here, the french bank's timing pretty stunning on a certain call. the