Transcripts For FBC Bulls Bears 20240714

Joining me is the panel today. Well, ahead of that critical meeting on trade between president s trump and xi at the g 20, the white house sent out their toughest voice on china to talk to fox business. Heres the president s trade advisor Peter Navarro. Listen. Weve had the tariffs on for over a year. What we have is record low unemployment for blacks, hispanics and women as well as veterans and the disabled. We have got rising productivity and wages which help people buy stuff at the big box retailers. We have got 6 billion jobs that we created. Weve got 6 Million People off food stumps knowing the pride of a paycheck. Weve got half a Million People who have manufacturing jobs when the Previous Administration lost 200,000 of those jobs. Were hitting on all cylinder. The dow, the s p are at record highs. We can get to 30,000. Those are the things that are going to move markets and help this country. Thats what we should be focusing on. David with our economy going strong, is the white house ready to make a deal next week or will the president hang tough on tariffs . I think he will hang tough on tariffs. We saw him doing this with mexico, dealing with the illegal Border Crossing issue he played tough with them and got them to cave. I think he will take the same stance on china. They had 150 page agreement. China threw it out. Hes going to say we need to bring some of those things back in and get that ball rolling. I think the stock market will want to see that the conversation went well. If thats the case, that will be positive for the market. It doesnt expect to have the details of this deal hammered out i dont think till the end of the summer. I agree. Next week seems a little optimistic. I wouldnt be surprised if there was something in place by years end. I think the president wants to have this behind him as he goes into more campaigning, but, you know, those crippling the economy. When you look on wall street, they are saying the effect here, its maybe a couple of percent of Earnings Growth and you can offset pretty much all of it with lets say a 1 increase in prices. So if its important enough, and this trade relationship with china is, we can stick with this and not really do damage to the economy or the stock market. Well, i agree with you, jack. And weve talked on this show earlier that, you know, with these two large almost 30 trillion dollars worth of gdp in the two countries, even if all the tariffs are implemented and all the money is collected, which it never is, theres always substitutions and shift through other countries, the effect on gdp growth is minimal. The real question as jackie said is trump going to cave. I dont think thats the right question. I think the right question is is china going to cave . China is being beaten down. I dont think its just the tariffs by the way. I think they are in kind of a secular downturn, if you will. They have made the move to industrial. I think they are showing that essentially planned economy has a lot of cracks in it despite this china 25year plan, which is i think a bunch of bs. So i think they are a lot more willing to cave at this point than trump is. I this u theres a very i think theres a very good chance there will be a deal within the next few weeks. David wow. I sort of think its not whether trump or china caves. Its whether the economy caves. All those positive things are true, those are why we can essentially have a tariff war, not risk causing a recession. The economy can handle it. We can keep having a trade war if our economy can support having the burden of tariffs and possibly make some headway and get some of these things fixed with china. If our economy starts to weaken, i think you would see our hand get weak and maybe not be so aggressive in raising them or continuing them. Were not going to cause a deeper recession with kaes lating trade war with an escalating trade war. I think everybody is trying to see what we can push with and get away with it. We are in a strong position right now. Whether it will be like that next year is another story. David jack, i just wonder, you said maybe before the end of the year, if we have to extend this into 2020, do you really think the economy could avoid a downturn of some kind . Maybe not a recession, but a real slowdown in the economy . Were already expected to have a slowdown in growth, right . 2. 4 this year goldman says, going to 2. 1 next year. And thats down from last year. So thats slowdown. But thats enough growth to get you, i dont know, 6 Earnings Growth this year in the s p 500, maybe somewhere in mid Single Digits next year. It is enough to keep the economy going, to keep the stock market going. It is not gangbusters growth, but it is a pretty strong hand. I will say this Peter Navarro also said he expects Second Quarter gdp to be around 3 . That would be very very strong and over expectations. If that were the case, that would mean that what were hearing is true, the tariffs havent had an impact, but theres a second round of tariffs that the president could impose on another, you know, 300 billion dollars of goods. Thats another 25 . And the ceos all wrote him a letter of Big Companies and they said please dont do it because thats when we will start to feel the pain. David gary, you dont think thats going to cause pain . Well, you know, i dont. I mean, weve been able to withstand the bulk of the tariffs so far. And i dont think these additional tariffs and again, it is all just numbers. We have a, what, 17, 18 trillion dollars economy, so just the tariffs alone, which as i point out, they are never all collected. Theres always some endruns around it. Its not going to cripple in fact, its going to be a rounding error. And the other thing you point out is that if this goes on, i think what happens, its kind of like terrorism, a little bit. You know, the first terrorist attacks that, you know, occurred here, the economy kind of sputtered. Now, we get inoculated to this. So we hear this drumbeat every day of china tariffs. Traders, a large hedge funds, pension funds, they almost start to ignore it. It is like oh, yeah, we heard that again. Its baked in the news now. I dont think it has much of an effect on the market. Not to mention, we went into the trade war, the tariff war with tax cuts, so like we have an off setting tax cut which was in excess of the tariff increase. Specific industries that are getting disproportionately hit, obviously farming metals autos but as far as the overall economy, theres no way that amount of billions raised is going to be a drag, again, until we go into a weak economy which the bond market is basically saying. Im worried about the position going forward. But right now with the Strong Economy and the tax cuts in effect, it is not going to cause david the one thing we havent talked about, though, is politics. Not only politics here in our election but whats happening in china. You look at what happened in hong kong. China made a big reversal and after all china really controls what the administrator in hong kong does. She pulled out that extradition law, at least suspended it temporarily. So they have their political troubles, but if we dont hit the numbers that navarro is talking about, the 3 growth rates because of a slowdown, because of trade worries, that could hurt the president in his reelection; right . David, i think people in the u. S. Are convinced about these tariffs, that theres a real problem here that needs to be solved. This is not the chatter we had a short while ago about mexico and the border and potential tariffs there. There was a lot of division on that subject. Here were talking about chinas policy for years of inviting in western companies, u. S. Companies, stealing their technology, and then using that technology to go out and dominate markets and price david we have some breaking news. I have got to go first to gary because hes been shaking his head no when jack has been talking. Quick, gary. The only thing that jack said, you know, the average american, to be honest with you, the average american is not even aware of whats going on with these tariffs. They are looking at their paycheck. Do they have a job . If thats impacted per what jonas says, then trump might have a problem. David we have some breaking news now on matters at hand. Reuters is reporting that u. S. Forces are preparing to evacuate hundreds of American Contractors from Lockheed Martin this from iraqs base. It comes over potential security threats in iraq. This less than 24 hours after President Trump called off a strike against iran. Remember, iran has a lot of influence on whats going on in iraq, whether it is irans influence in iraq thats causing this evacuation, were not sure right now, but we will keep you up to date on developments. Meanwhile, a shocking reversal. The administration now weighing all options after calling off an iran strike ten minutes before its launch. Why the president says he changed his mind. Thats next. All Money Managers might seem the same, but some give their clients cookie cutter portfolios. Fisher investments tailors portfolios to your goals and needs. Some only call when they have something to sell. Fisher calls regularly so you stay informed. And while some advisors are happy to earn commissions whether you do well or not. Fisher investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other Money Managers. Fisher investments. Clearly better money management. And i recently had hi, ia heart attack. It changed my life. 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They shot down an unmanned drone, plane, whatever you want to call it, and here we are sitting with 150 dead people that would have taken place probably within a half an hour after i said go ahead. And i didnt like it. I didnt think it was proportionate. David joining us now is American Islamic foreign for democracy president. What are the consequences of the decision to reverse the strike . I think ultimately it was a wide decision. We dont want to hurry into this. I think the world and especially iran needs to see that we mean business. So the brinksmanship we had i think ultimately told them we did mean business and said you know what . Were going to wait a second because it was an unmanned drone, but this wont happen again. I dont think the president can use this technique again in that ultimately we are bringing more troops into the region. Were telling them that hopefully were going to be escorting ships and not allowing them to attack our economic lines and also our troops in the region. All right. Its gary smith. Welcome back to the show. Thank you. Heres my question, do you think how trump what is in the view of the rest of the worlds leaders how trump is handling this situation so far . I think theyre comparing and contrasting it to the Previous Administration, where we handed them the deal of the century to basically change their Nuclear Capabilities within a few months. Now were seeing that were allowing the department of defense to defend our interests. Were not letting them continue to be acting with abandon and supporting the yemeni rebels, the terrorism in syria, and also the action against the tankers. So i think ultimately they are going to have to pay a price for wanton acts, but they are desperate. We cant allow their desperation bring us to war. I think they are seeing a prudent President Trump. On the one hand the journalists who are against the Trump Administration cant say we ignore the iranian attacks on the tankers, the assad arming and it is all bolton who wants to rush to war. That doesnt make sense. Im a little concerned on the economic front here. First of all, our economy is a little weak in the bond market. You dont want Oil Prices Rising not for good reasons which is a Strong Economy. If they were going up because everyone was consuming more oil, thats great. This kind of situation, it could accelerate an economic decline. Are we running out of economic levers to do with iran because of all the sanctions . In the old days we had their cash i guess we could have deducted the 130 Million Dollars for this drone they shot down. What do we do to punish them besides military action . Does that put us in a weak position where we have no choice because were not doing enough business with this country . Well, i think the department of treasury is doing everything we can as we saw with secretary mnuchin just last night he put in more sanctions and also laundering mechanisms that they have been using have been beginning to be plugged more and more. It is also important to note, they are desperate. They are on the vernal of economic collapse. They are on the verge of economic collapse. We have to shore up the others, the saudis and others that we rely on for oil and others to believe that their passage of oil will be safe. Ultimately iran over time wont continue in this path. They will ultimately fail and the revolution will grow or they will continue in acts of desperation. The way i see it, there are two options. The Iranian Regime can come to the president and say look we will stop developing Nuclear Weapons and make a deal that way. I think he would consider removing some sanctions and easing some economic pain they are having, or they can fight the fight the way they are and draw out some sort of a military conflict. Why is it and my sense is that because of the culture and the religious underpinnings here that its so difficult for them to negotiate. This is again they have a combination of the, you know, my parents are from syria and the assad regime and whether Saddam Hussein or any of these military dictators they believe they are the country. You combine that with iran, end of time scenario, they become National Suicidal regimes which is why they can never have a Nuclear Weapon because they see themselves ushering in the end of times or the 12th imam. Theres no reason for them to negotiate unless they absolutely have to and their survival depends on it which is why the Trump Administrations policy has been the only wise one and why the Previous Administration led to so much conflict and terrorism in the entire region. David you know, theres some breaking news we just reported that we are evacuating contractors from our bases in iraq, hundreds of contractors, Lockheed Martin and others. Short of a direct attack on the United States, iran has ways of influencing or trying to influence our behavior. This may be one, setting up attacks in iraq over which they have a lot of influence; right . Absolutely. This is what happened a month ago when we started this deployment of troops to protect our interests. They were threatening our troops, the few that remained in syria. They were threatening our troops in iraq, and now the contractors are being threatened. So ultimately the shia crescent of iran through iraq into syria and hezbollah and lebanon is where they will shore up their power and we need to give them a loud and unmistakable response that we are present there and we will not allow them to continue unabandoned acts of terror in the region. Everyone seems to feel like the president has been wise on this. I dont pretend this is an easy situation, and i agree that calling off the strike sounds wise to me, but im appalled by the community appalled by the communication and handling of this. The president said he thought about it a minute. He didnt think about the 150 lives more than ten minutes before. He nevers miss an opportunity to tell you he never misses an opportunity to tell you about them calling him sir. Im appalled by the communication of it. Listen, you know, you can debate how it was articulated, but at the end of the day on twitter, thats how it was articulated well, im sorry, the bottom line is he showed restraint, and the bottom line is iran and the entire world thought he was going to respond. So there was an impact felt there. And the fact that he said that he was going to, you know, not harm any lives, etc. , and thought about it more, bottom line is i want to believe that. Hes any commanderinchief. I dont think he can do the same technique again. In the end, this is something you can only say once because in the future it will appear hes simply as some have said a twitter tiger rather than a commanderinchief thats been taken seriously. I think he will in future be taken seriously. David i have to let you go, before i do, quick answer, whats more likely that the iranians will come to the negotiating table or we will end up in some kind of military conflict . I think neither. I think the Iranian Regime will fall over the next six months. Thats the only solution to this. David all right, well, we have to sit and watch and wait. Thank you very much. We appreciate you coming in. Thank you. David meanwhile, oil and gas futures are also climbing after a series of really extraordinary explosions at an oil refinery in philadelphia. This is the largest refinery on the east coast. The company now saying while they arent sure what caused the fire, they believe it was mostly a pro pane blast. The Philadelphia Fire Department saying moments ago the fire is contained, still not under control, though. This is the second blaze at the refinery this month. Jackie, is it more time for regulations here . It is possible that you could look at regulations to solve this kind of problem. David more regulations, i should say. They already have some. I have covered oil and gas. I think what really the Industry Needs is more investment in the infrastructure and also the technology. Ive been to these facilities where the technology can actually pinpoint these accidents when they happen and have better opportunities for stopping them. So i think thats something the Industry Needs to look at. I also think when it comes to oil and gas, generally, there was a piece of that in the president s infrastructure plans, and it is sad that both sides couldnt come together and work something out there. Two things stand out, is the company in terrible financial condition, and it hasnt really stuck with the regulations in place. They have a history of all kinds of violations. Im not sure if it is more regulations or better policing of the ones that are in effect. David two explosions in one month, that sounds too much. David, did i hear you correctly, you put together two words more and regulations . David i know, you are right. It is very unusual for me, but when you look at a blast like this, i mean, this is an extraordinary blast and again two in one month. It seems like something maybe what they are doing is violating the regulations that exist, gary. I get that, but who is damaged here . It is the company that owns the refinery. David true. It is up to them. They are the big losers in this. David yeah. More government regulation, what the heck is that going to do . David thats true. There are consequences. Thank god there werent any deaths. Thats all we can say. I agree of course. David yeah, all right. We have to move on. Ahead of the nations 243rd birthday, a new poll revealing that americans are not feeling very confident about our countrys future. The shocking new findings coming next. Fact is, every Insurance Company hopes you drive safely. But allstate actually helps you drive safely. With drivewise. It lets you know when you go too fast. And brake too hard. With feedback to help you drive safer. Giving you the power to actually lower your cost. Unfortunately, it cant do anything about that. Now that you know the truth. Are you in good hands . Csaid alice. D curiouser, the rabbithole went straight on like a tunnel for some way. Ive seen a cat without a gri, but a grin without a cat. Hey, mercedes, end audio. Change lighting to soft blue. The completely reimagined 2020 gle. With Intelligent Voice control and available third row. Your adventure awaits. Visit your local mercedesbenz dealer for exceptional lease and financing offers. Mercedesbenz. The best or nothing. The Doctors Office might mejust for a shot. O but why go back there when you can stay home with neulasta® onpro . Strong chemo can put you at risk of serious infection. In a key study neulasta® reduced the risk of infection from 17 to 1 a 94 decrease. Neulasta® onpro is designed to deliver neulasta® the day after chemo and is used by most patients today. Neulasta® is for certain Cancer Patients receiving strong chemotherapy. Do not take neulasta® if youre allergic to it or Neupogen Filgrastim . An incomplete dose could increase infection risk. Ruptured spleen, sometimes fatal as well as serious lung problems allergic reactions, kidney injuries and capillary leak syndrome have occurred. Report abdominal or shoulder tip pain, trouble breathing or allergic reactions to your doctor right away. In patients with sickle cell disorders, serious, sometimes fatal crises can occur. The most common side effect is bone and muscle ache. If youd rather be home ask your doctor about neulasta® onpro. Pay no more than 5 per dose with copay card. David americans now have little faith in our political system to address longterm challenges, according to a new wall street journal nbc news poll. Whats to blame . Clashes with President Trump . Congress in courts over the border wall, trade, budgeting, oversight, all suggesting confidence in government institutions has been shaken but perhaps the most startling finding in the surveys that both majorities of republicans and democrats say americas best years are behind us, rather than ahead. What do we make of this . Well, thats popular sentiment, so i cant argue with what the poll is saying, but i do think it is really sad because i think the president is trying to foster certain policies in this country, and he is trying to continue the greatness that america has had, and theres a reason that so many people want to immigrate here. Its still a land of opportunity. David people are dying to get in still. They are dieing to get in and it is a better country to live in than anywhere around the world. I try to look at the Glass Half Full and hope our best days are in front of us still, and that even through this healthy debate, if you will, policy changes can come that can improve our country im going to agree with about two thirds of that. Theres mythological belief in the good old days. These are the good old days right now, relative to 20, 30, 50 years ago, theres an absolute bear market around in the world in wars, famine, disease, things are getting better. 20 years from now they will be better from now. In america the most strike thingings about our problems striking things about our problems is how fixable they are. Im going to disagree with most of what jack said. The good old days unfortunately in terms of one thing are behind us, and that is this poll, just the fact that people are asked oh my gosh, you know, i have less faith in government to fix problems. Why does anyone have faith in government period . You know, when the Founding Fathers were put together, it was supposed to be limited government. In fact, states were supposed to have much of the power. It wasnt until fdr came along and this whole the federal government will solve most of your problems and be your nanny, thats my concern that were going down. Concern that we have these lifelong politicians leading this comfortable life, if you will. It bothers the heck of me. To jackies point i think the best days are ahead of us. If people still believe that government and more and more will solve our problems. Then i reverse the position and say the best days are behind us. Americans ye of little faith. I dont understand why anybody would think americas worst days its always ahead of you, the best days. I mean, maybe like in a recession you could say well last year was better, but like 20, 30, 40 years, america always gets better. Its rate of change might slow as it gets more mature. These people i think are confusing the government with the economy and america. Yes, our governments best days are behind it. It used to be more functional. It was less argumentative. They got things done. I dont think government, state, local and federal could do some of the things they used to pull off like building the golden gate bridge. I dont think they could do it anymore. Thats very sad. But dont confuse politics with america, which in spite of politicians gets better always and is always on an improvement train. David i kind of remember the same story back in the late 1970s, when people were saying we have to have limits to growth. Were not going to have anything in the future. They didnt it was right before the computer revolution of the 1980s it was right before the development of apple and microsoft and all the others. It was long before the development of smart phones and the internet. So very often sometimes people are depressed about the future just on the precipice, the darkest hours just before the dawn. I have a sense theres a little bit of that going on here as well. We will see what happens. Kiss my tax goodbye. Why more residents and businesses are fleeing new york, connecticut, new jersey, all the other high tax states. When will politicians, if ever, learn . Details next. In my line of work, i come facetoface with a lot of behinds. So i know theres a big need for new gasx maximum strength. It relieves pressure, bloating and discomfort fast. So no one needs to know youve got gas. Gasx. Intand ux f sport,rst of its kind lexus ux so no one needs to know youve got gas. Also available in hybrid allwheel drive. Lease the 2019 ux 200 for 329 month for 36 months. Experience amazing at your lexus dealer. So chantix can help you quit slow turkey. Rkey. Along with support, chantix is proven to help you quit. 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The 2017 cap on the state and local Tax Deduction causing even more americans to move from high tax states to states with no income tax, like florida, texas, and nevada. So will there ever be a wakeup call for these high tax states . I dont know. Was there ever a wakeup call . You have to worry about a debt spiral of the tax base leaving. The country has to worry about it too which is why we cant have high Corporate Tax rates. A state can only tax that much. If there are other states that dont tax that much. They tend to lose the tax base from the top down. Then it becomes we have to raise more taxes like you see in illinois to make up for the losses. It is a very destructive force. Some states can get away with it. California has enough reasons to live there, workforce, all the tech start ups, they can pull off extortionist taxes like businesses etc. A state like connecticut has gone into a debt spiral already because theres not enough reasons to be there except the relatively low taxes they used to have compared to new york and new jersey. First they added income taxs a couple decades ago, Corporate Taxes went up, businesses are leave, people are leaving, Property Values at 20 year decline. Its ruined. Other places arent like that because you either have to be low tax and business friendly or offer a lot to the workforce and people and attract them that way with high taxes. A couple comments just what jonas said. He said as an aside kind of will detroit ever learn . You can look at almost the top 20, 25 metropolitan areas, all run by democratic mayors, and they are probably the top 20 worst run cities in the country. Will they ever learn . Not if you look at the philadelphias and detroits and, you know, cities like that. But the other thing, the other big concern that jonas didnt really mention is its demographics. Look, i used to live in connecticut. I used to live in maryland. You get to a point, you get a certain age, people of my generation, they say one thing im sick of the darn cold weather. Im sick of the snow. I want to move south. You look at those states that people are moving to. Yes, florida has no state income tax. Texas doesnt have a state income tax. I dont know what nevada is. Who do they have in common . What do they have in common . The majority of the state is fairly warm. People want to get out of the connecticut forget the taxes. Thats not helping. They want to go where its warm. If you can go to a place where it is more pleasurable to live and pay less taxes, you are darn right people are going to migrate. I didnt get an email or phone alert is there a death spiral in new york city and nobody told me about it . It seems like things are going pretty well here. People leave new york and go to florida when they retire. Prices have shot up. Im not saying that taxes cant go lower in some of these cities and states that you are talking about, but lets not overstate the case. David i see a lot more homeless than i used to. It depends on the city, state, what you are offering people. I think new york city in comparing it to connecticut is very different. Look, at the bottom or at the end of the day, rather, you need wealthy people there to pay the taxes. If you dont have them, and they have left, you wont be able to collect and your state will crumble. Theres a balance to be struck. Some of these states are really pushing it too far. David not just people. You need corporations. Jonas, you mentioned connecticut. 7 income tax. It used to have 0 income tax. 9 Corporate Tax. In the past two years United Technologies has left. Bristolmyers has left. Ge has left. They are losing their corporate base. That means they are not only losing tax revenue, they are losing jobs. Go ahead. To garys point, there is another this age of America Thing is hard to comprehend. Theres the other piece besides the warm weather and the palm trees. You have kids in the school saying the Public Schools in connecticut are better than in florida. But then your kids are out, you are like what am paying this for . I dont need to use youre kind of ripping off the state in some way by sending your kids to the better Public Schools and then leaving the minute you dont need that benefit anymore. It is not just all income tax avoidance and all the states fault. Again, connecticut has made a lot of mistakes and they are in that tax debt spiral. David it is not just the warm weather. When giuliani in the 80s lowered the tax rates in new york, everybody who left i shouldnt say everybody but a lot of people moved back and people were moving into new york until again they started to reverse that trend and have these super taxes like they have now. Yeah, but different demographics than it was what was that 30, almost 40 years ago, david. You know, jack points out hes not seeing this migration. Wait till jack is my age. You are going to get david jack will never be your age. The population is aging if you will. I see people who have two homes here in new york, chicago, they are coming back here and saying im not going to go back. I dont need the hassle. David save a house for me before i leave. Thank you very much gang. You are looking at live shots from the White House South Lawn where the president will address members of congress and their families. This is an annual event. It is a picnic basically. We will monitor the president s comments and bring you any headlines. A lot of news breaking today. Meanwhile, sometimes you are told the best way to handle a fight is just to walk away from it. Some republican lawmakers in oregon are taking that lesson to heart. Why they have now fled the state in what the governor is doing about it to try to bring them back. When your psoriasis is bad, it can be hard to see whats possible. But the possibilities become clear with taltz. The first and only treatment of its kind offering a chance at 100 clear skin. With taltz, up to 90 of those with moderate to severe psoriasis saw a significant improvement of their psoriasis plaques. Some even saw 100 clear skin. Dont use if youre allergic to taltz. Before starting, get checked for tuberculosis. Increased risk of infections and lower ability to fight them may occur. Tell your doctor about infections, symptoms, or if inflammatory bowel disease symptoms develop, worsen or if youve had a vaccine or plan to. Serious allergic reactions can occur. See the possibilities. Ask your doctor about taltz. David republican lawmakers in oregon have fled the state and now the governors authorized state police to round them up and bring them back. Fox news dan springer is bringing us details from salem, oregon. What the heck is going on, dan . Hey, david. This is extraordinary. As we speak we have oregon state troopers out across the state pounding the pavement looking for republican senators to haul them back here to salem and the capital so they can vote on a sweeping cap and trade bill which they absolutely hate. The vote was actually scheduled for yesterday, but republicans were a noshow. The senate needs at least two republicans to have a quorum so the democratic leadership asked the democratic governor if she would order the state patrol to assist the sergeantatarms in finding enough republicans so a vote can be taken. In our country, we go by the rule of law, and in our legislative process, if you dont like a bill, you build up support and kill the bill. You dont walk out. The republican offices are all empty. Im told all 11 senators are in hiding outside of oregon. They plan on running out the clock on the legislative session, which ends june 30th. I spoke with one of them who is in idaho. We do our jobs best when we represent our constituents best, and that means doing everything in our power to keep them from being irreparably damaged, which this bill will do. Republicans say the cap and trade law will decimate rural and lower income oregon people by instantly raising gas price 2s 2 cents a gallon prices 22 cents a gallon and a lot more as time goes by. One g. O. P. Senator describes his caucus as quote freedom fighters, but their personal freedom is in the hands of the state patrol, which is currently with Law Enforcement working with Law Enforcement in other states. Officials wont comment on how many troopers involved but did respond when asked if they would arrest and handcuff a lawmakers. A Spokesman Says quote the osp will go to Great Lengths to avoid this scenario and no physical contact is permitted absent the permission of superintendent of osp. Republicans will be fined 500 a piece for each day they miss. Their plan is to stay out as long as they can and try to negotiate some sort of a truce. David . David they have to persuade them. Police persuading somebody without the authority to arrest. It is a strange situation. Dan, thank you very much. Yes. David is the republican walkout justified . It is hard to say either yes or no, but i will say this, it sounds like the republicans are very passionate about the cause, and it sounds like some of the things contained in the bill will effectively be a tax on consumers in that state, and that is a problem. It sounds also like theres a protocol here. There is a fine of 500 a day if you dont come to work. So it sounds like a precedent has been set, and theyre sort of, you know, exercising that option. I do think its better as the representative said, if you dont like the bill, get the support and kill it. I think thats the better way to approach it, but sometimes you may feel your hands are tied. It is not hard for me to say yes or no. No, this is not justified. Yes, it is ridiculous. There was a vote at some point. Oregon people elected their representatives. You have got lawmakers there who are saying if you come out for us, you better bring guns, it gets more ridiculous and more dangerous. They need to go out to get these people in lassos and put on squeaky shoes and march them to the capital. I dont know. I will say they are in a situation where they have no choice. Its a protest basically. They have already passed so many crazy tax rules in this state. For example, they just passed i think the only state Everybody Knows no economists thinks rent control is a good idea anymore and they are increasing it out of the blue because it is oregon because portland has kind of taken over whats actually a state thats not very liberal is being driven by a crowd in portlandia. Believe me, they are running businesses out of this state. It is not a big enough state like california thats powerful and pull off this. Cap and trade is a very complicated thing. If they want to deal with the environment, they can add a sales tax, which is simple. They dont have a sales tax by the way in that state. That would be lower consumption and help the environment. This is a complicated unfriendly way to deal with problem. I guess it comes down to if you believe like jack does that this is their job, they should be there, they should be voting, but i guess as kind of jackie alluded to, sometimes you need to look for alternate means. I mean, look what the obama and democrats did with obama care. Basically the bill was shoved down americas throat. And look, no one was happy with how the proceedings went, but it was all legal. I mean, they did what they had to do to get their way. Thats what i see the republicans doing here. Personally, yeah, i mean, they should be in there voting, representing their people, but if this is the way that it can be done and its legal, if you will, other than the fine, i say well sometimes it takes david jack, its been done before. Two months ago the fine, they are not going to jail for it. David two months ago they had a walkout. When ta came back from the walkout when they came back from the walkout, they waited out the governor. The governor made a deal with them. It may be better than sticking the oregon people with a Climate Change tax. Maybe they need to revisit we need two people for a quorum call. It seems to be a bit of a loophole. As you mentioned obama had ways of handling things, President Trump dealing with the border issue by threatening a tariff. That was not traditional either. But sometimes when you are in charge, you have to find alternate means. Exactly. David very untraditional time to be doing politics of any kind. Gang, thank you. He said he quit twitter but apparently not. Tesla and spacex ceo elon musk making a grim prediction about the future. What he just tweeted that has a lot of folks raising their eyebrows again. Oh, elon. The same, but some give their clients cookie cutter portfolios. Fisher investments tailors portfolios to your goals and needs. 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Esults, ancestry specifically showed the regions that my family was from. New features. Greater details. Richer stories. Get your dna kit today at ancestry. Com. David forget a population explosion. Tesla ceo elon musk is doubling down on a comment that the population would grow to 9 billion. He said it will decline. Randers estimate far more accurate than u. N. So why worry about Climate Change when there will be nobody around to worry . There is always something to worry about. I dont know if elon musk is brilliant or nutty or a combination of the two. The population could be a problem. I started jotting down things we worried about in the past that made headlines. We were worried about the coming ice age. We were worried that we would run out of oil. We thought japan was going to take over the worlds economy. There is always something to worry about. Humans adapt, thankfully, going back to our first segment, i think we have a lot to look forward to. He on uses twitter and the media better than the president , i think. Be only he on is good at constantly dominating. He had a lot of crazy theories and we have to keep him focused on making cars. He wants to offer a path to mars through his rockets. Its a business thing. But its wonderful that we have this crazy genius running this company. But he has to make it successful, get the cars sold, make it profitable. I thought he deleted his twitter account. We were worried about y2k, remember . Nothing ended up happening. My advice to he on would be focus on your company, focus on delivering the profit and affordability at a price where customers can afford the cars and you will be in a better place than worrying about under population. There is no declining population except in parts of europe. And we know thats because the men wear their pants too tight will temperature outside of europe thats it. David our population growth is diminishing. Its still growing, but slowing down. With fewer young people and a lot more older people like gary and myself, well run out of money. I would be more worried about paying for our medicare and Social Security than anything else. Right . Im hoping im in a 6box. I dont like to think about that. Its not the Auto Industry that will be a problem. The population barely can support slow growth because of the ponzi schemes. Do you know what property prices would do if there was a declining poll laying year over year . These people would be on a 30year slide. If we ever the whole economy is built on growth, growth and population. If you reverse it, its all over. It would be the most of scary future you could imagine. There its something to worry about. Thank you for that parting shot spch thank you, gang. That does it forward bulls and bears. Thank you, have a wonderful, wonderful weekend. Well see you back here next time. Liz reports coming in, the president saying hes open to talks with iran. The white house not backing off military as options on iran. This just in. The u. S. Forces preparing to evacuate hundreds of Lockheed Martin and other contractors from an Iraqi Military base over potential security threats. Also tonight, the outrage over officials in the dominican republic. They are defiantly downplaying the growing number of american tourists dying after vacationing there. Even trying to blame the media for quote exaggerating the