they underwent serious wto negotiations.he other point i would make is that this is drawing a little bit from the recent experience in egypt. if the regime is confident and well entrenched, a can take on its special interests more easily. if the regime is feeling threatened, and secure, and you're the best judge of that, not me, then its capacity to confront cronies and special interests is more compensated. -- complicated. >> i sense there has been an evolution in the thinking in washington about the wisdom of iran's acceptance of the wto. because in the past, during the bush administration, that was received as a carrot and we should not offer that to them. now there is a sense there is an economic mafia joining wto and is not necessarily in your interest. a couple more questions were handed over to all of you simply set your questions ready. we talk a little bit there were -- the potential winners and losers as a result of the removal of sanctions. the winners are major oil importers, china, europe. the potential losers a

they underwent serious wto negotiations. the other point i would make is that this is drawing a little bit from the recent experience in egypt, if the regime is confident and well entrenched, a -- entrenched, it can take on its special interests more easily. if the regime is feeling threatened, and secure, and you're the best judge of that, not me, then its capacity to confront cronies and special interests is more compensated. >> i sense there is been an evolution in the thinking in washington about the wisdom of iran's acceptance of the wto. -- acceptance to the world trade organization. because in the past, during the bush administration, that was received as a carrot and we should not offer that to them. now there is a sense there is an economic mafia joining and it is necessarily in your interest. a couple more questions were handed over to all of you simply set your questions ready. we talk a little bit there were -- the potential winners and losers as a result of the removal of sanctions. the winners are major oil imp

accession to the wto is a multiyear purpose. it's a very frustrating process but also one which provides a unique opportunity to shape iran's economy for modern times. a tough wto negotiation result in an iranian economy with lower and more uniform tariffs, a more liberal investment regime affecting particularly trading service, a reduction in the role of state-owned enterprises, respect for international standards and norms including in intellectual property. crucially, if it is done well, the wto negotiation will greatly strengthen the hands of reformers in iran. for the world bank which has stayed pretty much out of iran for many years, iran would represent the singlemost important active program in the middle east region. there will be large lending opportunities, i suspect, and these are obviously important for the banks' effort to be commensurate and sustained. but in the end, the money will be secondary in iran. the bank, on the other hand, will bring enormous experience and analytical resource ares on iran's -- resources

and especially the succession of china to the wto in 1991.ed to an enormous surge in imports in the united states and decline in manufacturing and had spillovers to surrounding communities and work i've done with david dorn and hanson and mogul and price. we've all been surprised by how big of a factor that is. and fortunately we're closer to equilibrium. policy aside, things won't look anything like they do. but this disruptive power is underappreciated and is significant. and i'm in favor of the receding backtracking for trade negotiation and so forth. but often we look for an effect and we want to attribute it to the most obvious thing rather than something more subtle. we thought the noipt economy was -- the internet economy was an amazing thing from 1995 to 1999 and i don't see how it became disastrous around 2000. i don't think that is plausible. the other thing i would say is i do think that we're -- you know, that trade does circum jibe or the possibility of trade, some of the things we do. we could not restore unions to where they we

shery: what about the eu and the wto? haslinda: it is also bypassing wto.ng exactly that -- the wto is being sidestepped to open markets with countries. negotiations remain deadlocked with talks about that. the international trading system is slumping -- trying to provide new trade rules. deals has pursued trade on its own with countries like the u.s., japan, india. 's office to say, global 2 -- say, global deals have been met. we heard about tpp, also transpacific atlantic trade -- all of that is being negotiated. negotiations started five years ago and it is still ongoing. it is a different trade environment today. it is complicated. shery. shery: thanks a lot. haslinda, our southeast asia correspondent. staying in the region, one of indonesia's traditional industries is experiencing a revival thanks the surging demand for its price -- gem. we look at the booming trade. >> among the rice paddies of west java, an army of miners search day and night for gems. locals of known about the stones and thanks to their exquisite quality and exceptional prices, the

, our jobs leaving the united states went the united states became a full-fledged member of the wto.ess we get our industry back, we're not going to be able to make headway of way. i do not care who is running for office. host: thank you for the call. never is next for madison, wisconsin. good morning. is for madison, wisconsin. good morning. and listen tot in the gentleman before me talking about money, but many things that are being said about climate change and other al issues are increasing the cost of core services, that being water, energy, and sanitation. as we are fed this rhetoric that has not been proven yet about five different social issues all across the board, all of the costs of core services are skyrocketing and they are skyrocketing for these large utilities to charge customers more and funnel it into the coffers. there is nothing left in our coffers, it is all smoke and mirrors. this is the only place to get money if they scare us. to frighten us that the world is coming to an end, there is no more water, and then jack up prices through the roof. , whoe progressive

yvonne: what about the wto than? sidestepping eu is the wto, opening trade on it's own. negotiations still deadlocked, and the transatlantic trade and investment partnership despite initial optimism it has yet to thelude, so they say national trading system is struggling. so the eu is making trade deals on it s own. you have to get cracking and be creative. yvonne: get cracking, indeed. thank you so much. let's check in on some of the stories, shares at mgm resorts rose the most since march. the casino operator revealed second-quarter earnings of $.19 a share. games in los vegas helped a slump. busy lands in hong kong and paris may not be the happiest places on earth after shortfalls of the themepark contributed to a miss on third quarter shares estimates. the company posted earnings of $1.49 a share. shares fell in after hours trading. the operator singapore's resort quyarterly fell last -- quarter. has slumpedingapore as chinese highrollers cut spending. they will release their earnings next week. shares are treating -- trading near a five-year low. to becomearted a pu

i go back to the wto into the negotiations. i'm not sure fully i know enough to answer your question. i started from the assumption that sections are lifted. i am sure -- i'm not even familiar with all the details but i'm sure this will take time. there are a number of hoops to go through including in the next month. lifted, sanctions are which is the intention of the deal, and this may take a year or two or three for to come to arguetion, then i would that you are dealing with a different iranian economy. an iranian economy that can be part of the world system. honestly, i was very surprised and look at the numbers. how devastating the effect of sanctions has been. it is really enormous. stress that i remained of the opinion that this is an economic regime change potentially for iran. isjadpour: one point which the ayatollah maney says economics is for donkeys. his successor has not said that but he has never but the country's economic interests as a first or second tier priority. some of the things that economy -- economists

now it's true if they had not been in the wto, conceivably we could have passed a whole new variety ofeasures. but i think if you asked a question, if the united states had maintained its trade policies, vis-a-vis china, what fraction of the exports to the united states would we have observed? i think the vast majority is an increase in exports. and i think that is very important because i think there is a tendency to suppose that if trade developments impacted the wage distribution importantly in the united states, then presumptively trade agreements are a bad idea. one has to ask the question how much are barriers being changed in the united states, and how much are barrier's being changed in the affected country? and my reading of the evidence is that in many of the cases because rightly or wrongly the united states market is already substantially open, if you look at the proposed trade agreements, the reduction in barriers and the subsequent increase in exports to other countries looms quite large relative to any impact in the united states. so i just think that is an important qua

it's the first time japan has lodged such a complaint with the wto. let's take a look now at markets. investors saw tokyo stocks slump to their lowest level in more than a month. for the details we could have rommin mellegard at the tokyo stock exchange. >> thank you very much. well, following losses on other key global indexes as well as losses in the energy sector shares, the nikkei also took a hit today. it was down for a third day in a row, so let's have a look at closing levels for august 20th this thursday. now the nikkei closing at 20,033, down 0.94%, and the broader topix, 1623, down 1.5%. now with the price of crude oil falling to near six and a half year lows, it real wasn't surprising to see major oil and gas shares here tumbling. the sector really has been hardest hit so far this week on continuing concerns over slowing growth in china. let's have a look at some of the shares here. jx holdings and cosmo oil, oil and gas field developer inpex declining and even after the u.s. federal reserve released minutes of its july meeting, it remains

tell you once the early 2000 decisions were made by the bush administration to allow china into the wto in 2001 after 9/11 it was the final entry point. .. we are seeing jobs and our way of life shift being an china has got a big stick hanging over us and it's a big album and i think any candidate who will speak articulately about that thread is very important. and that's one of the things we have to do. >> host: that included chief of staff governor matt xuanzhou was on this program last week if our viewers want to check out that segment last thursday. he is executive director of the missouri club for growth and served as legal fellow at american united for life. mike is up next sun city california my key republican. mike, good morning. >> caller: good morning. i just want to make a quick it's the left that controls the media and in so doing they break down one taboo after another. as a result they are guilty of destroying wholesomeness in america literally by themselves. that's my one observation. the second one is the left talks about the -- liberal democrats talk about income middle

chinaang: i looked at joining the wto and that changing the whole structure of china in ways that i felt would make it very difficult for the government to control things. i am about four years out of time, because i said it would take about a decade for this to work, but now we are starting to see it. because china is having trouble controlling its stock market and now with its currency. these crises are coming one right after the other. they are much too close for beijing to control. that's why a think we are basically going to see the end of the chinese economy as we know it. matt: and they are all coming because the chinese government destroyed to conform to some sort of western capitalist organizational structure. mr. chang: maybe not. that chinasts saying wants to conform to the spr, special drawing rights rules, which is why they have allowed this band to be a real band. really kepthey their currency at a very high level, probably higher than its true market level. that has caused troubles with exports. at the real problem with the chinese economy is really with slowing growth. it

wto t >> that was impressive. thank you very much, i want want to thank davis for that nicn'e introduction, and a course for"e having me here tonight. i don't know how much you know about brf this story that makes up left tk die. i want to give you a briefn overview of that and then tell you two things about how i brought the story together.me in a nutshell, this the book is the story of a last american killed in combat in world war ii. his name was tony marchione, he was from pennsylvania, he was about a week passed his 20th birthday. he was a an obscure american bomber that was fine over tokyo on august 18, 1945, just over 70 years ago. the aircraft was attacked by japanese fighters and tony died, to other people on the plane were seriouslyrlop wounded. tony's death was a tragedy, obviously for his family and for the country as a whole, but it would've been a little more than a footnote ofrh would've been a little more than a footnote of history except for the fact that his death could very well have brought abo

any idea as hoe wto who is behi this? >> the authorities say this morning they have a suspect. a person of interest. they have identified a man, a young man from cctv footage. this person wearing yellow appears to be in possession of a backpack. he takes that backpack off and then he is picked up in later security camera video leaving the area of the shrine but without the backpack. clearly authorities are keen to track him down and keen to talk to him. a much smaller explosion here in bangkok today. this happened down through the river which goes through the senor of the city. somebody threw a device from the bridge toward the pier. this is one of the piers that services water taxis along the river. the device was small and exploded harm leslie in the water but it did all contribute to the tension in a jittery city here. the authorities are being very cautious. they're keeping an open mind about who might have been responsible for this because bangkok hasn't seen anything on this scale or nature causing so much carnage. yes there's been a lot of conflict here. there's a nasty

wto. oil prices start to skyrocket. is this abnormal?ve to get rid of this idea that china for now is not going to be the epicenter of demand. we have to look at economies differently now. tom: that goes too many of the notes saying china is following rather than leading. quincy crosby with us with prudential. we have a really special treat coming up. worldwide, you will want to be riveted to gary shilling. what anybody says, it is a call of a generation. gary shilling on lower rates, on lower inflation, and gary shilling on lower oil. this would be must watch. gary shilling next on oil. let's bring it over try twitter question of the day. gary is not on twitter. gary still writes with a quill. what is your signal that oil has hit bottom? ♪ tom: good morning. west texas intermediate 42. handle toe -- a 41 the morning or let's go to the single best chart. then on to gary shilling. a simple chart. it is the chart of your reading weekend. the china decade evaporates. we are back to 2008-2009. and we are back much farther than that. here is

, they'll add to the world's prosperity if they are breaking trade laws, we'll hold them off to the wto about it. china is not going to get the growth they had many years ago. you are going to settle in at a lower pace. something i do not like about the china economy, they haven't exactly asked my opinion, they are propping up the state-owned enterprises again. they are spending money on that. that is a bad idea. that goes back to a management, a central planning approach rather than a free market approach. i think it's hurting their economy. i think that is a bigger issue than liberalizing the yuan. >> i don't mind agreeing with larry, on some points we are in agreement. this is a projection of foreign policy prestige concerns into the economy. i dislike the way china is governed. on the other hand, to the extent china succeeds in building up its consumption portion of its economy, that is good news for us. an interesting story in the "new york times" about a plant in indiana building a shady's to send to china. if china has good economic relations in africa, it's almost like we are 10

seen in any my studies of china a blueprint for an alternative institutional system to replace the wtoo reap place others those could be quite constructive. you don't do still have to rewrite all the rules of international relation, what with those look like? why would we want to change them away have benefited from the current roles. i don't see a benefit of the total rewrite either. >> will get more questions, i have one of the front row here. >> thank you for a very and lightning explanation. my name is sally and i represent the u.s. federation. i just came back from china two weeks ago and we have now. [inaudible] so the person that is also represented us is here with the diplomatic corps from her government and she made several remarks to me, one of them is how proud of course they all are about china that go into any country but will never interfere with their politics like any other big powers. so she would always say that we go in, we do with whatever business we have to do and we, how, out and we never interfere. the other one is that women movements has been extremely success

again i go back to the wto and the negotiations. i'm not sure fully i know enough to answer your question. i started from the assumption that sanctions are lifted. i'm sure that, i'm not even me with all the details, but i'm sure that this will take time, et cetera. there's a number of groups to combed through including in the next month. and once the sanctions are lifted, which is the intention of this deal, and this may take a year or two or three for it to come to completion, then i would argue that you are dealing with a different iranian economy, and iranian economy that can be part of the world system. the sanctions, really honestly i was very surprised when i looked at the numbers, you know, how devastating the effect of sanctions has been. it's really enormous. so this is, i stress, i remain of the opinion that this is an economic regime change potentially for iran. >> jesse one point which is -- >> go ahead. >> ayatollah khamenei famously said economics is for donkeys, and his successor ayatollah harmony hasn't said that. i

him that way, he is gaffe prone, he's made missteps in office, those would be scrutinized more if he wtomonth seen a dip in her ratings. she's had gaffes of her own and mishandling of server-gate has her turn in a big way. connell: thanks to both of you, wrap it up. want to go back to the market, giving up the gains on wall street. the dow of course had been up and is still up, but it is off those highs. only up 122. dagen is here with the sector report, what are we focused on? >> risk, information technology, the tech stocks feeling the most love today connell. you can take a look. i'm going to go through the sectors, these are individual stocks higher. this is a sector report, spyder, we're going to talk about sectors, information technology as 21 past 12:00. 1.99%. that is the biggest winner today, and it's also down the least for this week so far. materials, telecom services, energy stocks are up today. maybe that schlumberger-cameron deal sending love to energy stocks, the energy stocks are up 1.35%, but again, utilities are feeling the least amount of love, but they are still green

we have the reaction to the job losses from wto, nafta. you can argue about whether that caused it, but there is certainly the perception in the u.s. that it did and the reaction against it. he comes as someone who is essentially engaging us as a global player. we are a global leader. but we are having difficulty even renewing the ex-im bank. i think that that is a challenge as we look at this political frame. how are we looking at all of these things? we have imf, world bank, trade deals, international treaties we are having difficulty even getting through our congress because we have this parochial versus global struggle. he is going to engage at this very broad level, because the catholic church puts all of the growth in the global basket and the u.s. is struggling with this as a country. you see her soul with a multicultural society. think those is that this fascinating -- that in and of itself will have a ripple effect that are very

we had reaction to the job losses from, you know, wto nafta, gaat, you can argue whether or not they caused them but there is certainly a perception in parts of the united states that it did and reaction against it. so he comes in as someone essentially engaging us as a global player. we are a global leader. but we're having difficulty even renewing the ex-im bank. so i think that is a fundamental undercurrent and challenge as we look at this through a political frame to say, you know how are we looking at all of these things? we have imf world bank trade deals, international treaties, that we are having difficulty even getting through our congress because we have this parochial versus global struggle and so he is going to engage at this very broad level because the catholic church right, all the growth is in the global south and u.s., we are struggling with that as a country, right? you see the backlash and strug bell that we're having with our changes of multicultural society. when whites become a minority in this country. so he comes in, that is fascinating crosscurrent in the mid

and also remember you have the wto to bear in mind, the g-20, you have apec, you have asean. them i happen to think are a bunch of waste of time, but what is he going to do besides bellicosity of saying -- >> he says i've made all these business deals with china, et cetera, about you that's so different, it's so different. i want cristina to jump in here on that. >> i think anyone that says we can turn our backs on china, which some of the other, you know, potential presidential candidates have said, is just dead wrong. i mean, they should start reading cnnmoney.com because we had a story today about car manufacturers, global car manufacturers, saying we're going to get hit by this. the chinese consumer pulls back, it is going to be bad news, bad news not for just us but for the entire world. >> donald trump has been a beneficiary of the existing policy of china. he has built his companies because china has had such pro-growth detrimental policies, and now he says it's been to their disadvantage. well, if you slow down china or put china in the box, trump plaza, trump this, t

there's no question about that, they're in the wto, but i think trump is right to be concerned.people are concerned. but, but, but, we can win that battle by being totally competitive, as i said, slash these corporate tax rates, by the way, have a strong, reliable, solid dollar, capital from all over the world will flock to the united states. no double tax of foreign profits, that's in here, so that means you can bring the money home and then reinvest it here. we'd be in terrific shape. we'd get 4. to 5% growth. donald trump whom i've known for 20 years and he's a smart guy, i may not agree with everything he does, he has a chance to have a really pro growth program. there's some rumors it's coming out friday, okay. i would hate to see him go in to a smooth protectionist mode. i want him to have flat tax, corporate tax reform, kudlowian growth policy. that's what i'm looking for. >> far be it the political observer you, but we want to go to john harwood in a minute, larry. seems the best thing mr. trump could do right now is come out substantively with a program like the one you

big business leaders, they will tell you that decisionsarly 2000 were made to allow china into the wtothat was the final .ntry point the business guys that we had to deal with china. we are seeing jobs and way of life changing. china has a big stick over us. it is a big problem. any candidate who speaks articulately about that threat is important. host: you mention your password before eagle forum. that also included chief of staff for former missouri governor who was on our program. that was last thursday. you also founded missourians among severale, other positions. now serving as the president of the eagle forum. next from sun city, california, line for republicans. caller: good morning. i just want to make a quick statement and a question. everyone knows the left controls the media. in so doing, they break down one taboo after another. are guilty of destroying wholesomeness in this country. , the liberal democrats, always talk about being for the middle class. can you would be, how be supportive of the middle-class when you hold political philosophy is predicated on bigger governme

you that once the early 2000 decisions were made by the bush administration to allow china into the wto, 2001, after 9/11, the big business guys said we had to deal with china. we are seeing jobs and our way of life shifting. china has a big stick hanging over us. it's a very big problem. any candidate will speak articulately about that threat is very important. that's one of the things we have to do. >> you mentioned your past work before taking over as president in the eagle forum. that included chief of staff for matt blunt, on this program last week if our viewers want to check out that segment last thursday. you also served as executive director for the missouri club for growth and founded missourians for life and served as a legal fellow at americans united. now serving as president of the eagle forum and with us for the next 25 minutes here on the washington journal. mike is up next. sun city, california. line for republicans. mike, good morning. >> caller: good morning. a quick statement and a question. everyone knows the left controls the media and breaks down one taboo after a

power comes the responsibility to wheeled that effectively and carefully les we challenge ourselves wto and so on and so forth. >> i think the concern that we have is that we -- the leverage point actually goes to iran or does it, if we find that they are engaged in nefarious activities that we want to impose sanctions on, and given the ultimately lateral nmulti-ls agreement and that we would have to submit to the body that we believe that iran has violated, you know, good behavior and we want to impose sanctions and given the interlocking nature of these financial sanctions and how it effects banks, private companies and government, that it might be even more difficult to get them to agree to although us to impose those sanctions if that's what we have to do. if we go it alone then that's a whole different can of worms. anyway, my time is done, but i appreciate the answers and i'm sure this will be touched on later. so thank you, mr. chairman. >> thank you. before going to senator menendez there was another question senator flake will asked in am a previous setting that i'm going to us

. >> the wto. let's get under the hood and fix it. that's ross perot's message from '92. we have senior editor for the daily caller, jamie weinstein. jamie writes his recent column why a market downturn would only boost donald trump's campaign. once again predicting we have reached peak trump, they need to re-evaluate the position. trump is the type of candidate who will only benefit in a period of economic uncertainly or calamity. only a man of his accomplishment and insider knowledge he preached can make america great. for ordinary americans who see the stock market crater and fear the world may soon fall in around them, there could very well be a desire to seek the safety of a strongman, especially one who promises he'll make all their promises go away if america just trusts him with the reins of power. jamie, yesterday, this question was being asked online, on who this would benefit. i think you're right. i think an economic downturn or a stock crash only helps one guy in the republican party. >> yeah, i mean, look. when americans see 1,000-point drop, and maybe it do