Transcripts For FBC Bulls Bears 20240713

500. Hi everybody this is bulls bears thank you for joining us im david asman joining me on the panel today Jackie Deangelis , adam lashinsky, jonas ferris and gary b. Smith good to see you all. Here is white house economic counsel director larry kudlow giving the good news to our own Stuart Varney earlier today. Listen. Usmca can i just pause on this . I mean, these kinds of trade deals are like tax cuts. They open market, they lower barriers, they provide strong domestic content on usmca just to here is the deal. You look at the midpoint of the Economic Growth estimates. It will add threequarters of a percentage point to gdp. It will add more or less 35037 5,000 new jobs per year, and probably at least 100 billion additional direct Foreign Investment into the united states. David so Jackie Kudlow is arguing what we have is a fiscal stimulus that this is going to make us grow a lot more than we have been. I dont think hes wrong in that regard and were watching those gdp numbers very closely to see how it actually impacts the economy but one thing ill say act the stock market is these were the major pieces of uncertainty hanging out there. The market is up because it feels confident the deals are donald the negotiations have taken place and the economy can move forward and get back to business as usual and thats whats important and its not just about trade right now. Its also about the fundamentals , weve got good data coming out and youve had a very strong start to earnings season. The big banks really reporting. David and jobs, you cant talk enough about jobs. So right now i dont want to say its the perfect storm but it is the perfect storm and i will say as i watched the dow its over 29,000, its a little scary because you do wanter how much watersidesser it can go. The economy is strong, and kudlow was talking about the trade deal so lets talk about that. Look, if we get half the spending that the chinese are supposed to do from this trade deal, its the best deal for america since the louisiana purchase. That said, is it a pure global boom . Is it, its not really in some ways the most freemarket thing in the world. For example, china right now buys oil gas where its cheap. They put a pipeline in with russia thats where their number one supplier comes from. If they have to buy it from us believe me they would have bought it from us believe it or not because they want to push up the value of our dollar and weaken their currency but it doesnt make sense to buy it from here and if we force them to do that, it will drive their currency weaker, and its going to hurt other countries, russia for one, among other emerging markets that supply oil and thats great for america, its a great deal as i just said for america, and as it is meddling with a global economy. David thats a net plus . For america its a net plus no question. David despite all this Economic News President Trump predicted his two massive trade deals would probably take a back seat to impeachment in the news cycle. Listen. President trump i did the biggest deal ever done in the history of our country yesterday , in terms of trade, and probably other things too if you think about it. The deal with china, and that was the second story to a total hoax. Today, we just had passed the usmca. Its going to take the place of nafta which was a terrible deal, and the usmca will probably be second to this witch hunt hoax. David actually the president was wrong. It wasnt covered second. It wasnt covered at all. At least not in the three Major Broadcast Networks last night. Lets bring in Media Research Center Vice President of business, and dan gainer. Great to see you happy friday. I think to ignore a story thats going to effect americans lives certainly i think on a daytoday basis more than impeachment will, its in competence and its negligence. Willful journalistic negligence, what do you think . Yeah, its journalistic malpractice because you know they did it deliberately and they didnt just have him in the back seat. They threw the American Public and the president under the bus. You know, they dont care about good Economic News. We did this great study where we looked at all the Media Coverage of network news, from the impeachment on through just recently. So 100 days and of that they did nine total minutes less than 1 on Economic News, because when they cover Economic News, they have to make trump look good and they almost entirely refuse. David gary . Well, no. I guess i kind of agree with you dan and i kind of dont. You know better than any of us how the media works, and to be honest with you, does the trade impact every one of us . Absolutely. Is it, to be honest, inside baseball . It is. If you asked 99 out of 100 people in the street what usmca is, theyre going to say thats the Aviation Branch of the marine corps, right . Or Something Like that. Theyre not going to know what that is. Impeachment right now is what is selling. I do agree with you on your other point though. The liberal press, the Mainstream Media, they dont want trump to look good in any regard, so even if it was of interest to people, theyre certainly not going to run the trade story but i just think the average person out there, honestly, isnt interested in trade. Let me amplify what gary is saying there, dan for a second. You talk about what normal people understand. They take a group like Media Research center, they would think oh, you research the media but in fact you exist to hammer the liberal media as you define it. Thats your job. Good for you, youre doing a great job at it. Gary makes a good point. We have two trade deals one thats incomplete, good for the administration but its not done , and then another thats a tweek of this horrible agreement that existed before, versus the third time in the history of the republic that an american president has been impeached. I kind of think thats a bigger story. David but adam do you really think that nine minutes of coverage of not just the trade deals, but the economy in general, compared to 849 minutes of impeachment coverage is that a fair comparison . I try to watch as little of it as possible but thats my prejudice david. The point is yes impeachment is a big story. Im not disputing that. They didnt just show impeachment last night, and nbc ran like a minute and a half about its own new streaming service. It ran another minute and 20 about a family with four kids doing drivers ed and they do a lot of these other stories that they seem to make time for, when they could do 30 seconds on this and say this is important because it needs a boost to the economy and it boosts jobs and look what it already did with the stock market. Did they do it the day before by the way . Did they do a trade story the day before because everyone knew the trade story was going to happen on wednesday, it wasnt news. Im just curious if you analyze that. I dont believe they did but im not 100 sure. David 849 minutes versus 9 minutes. You may say talking about trade is a total snooze fest but what about the rise of antisemitism in this country . The new york posts that cnn had the opportunity to interview Vice President pence in israel to talk about the issue but cnn said nope were not doing it because we need wolf here to do wall to wall impeachment. I would say that youre throwing away an opportunity there. Yeah, and thats ultimately the media spin everything when you look at antisemitism, so we could do hours on just how theyve ignored everything going on in new york there, and but it ultimately is theyre pushing a narrative and when you push a narrative so far that you ignore Major National news, that effect s everybody, then you are doing bad journalism. Dan are you being a little short sided in the sense that you see where the future is its obviously when you pickup your phone and google gives you the news you want to read not that you need and thats really the ultimate direction its going and even these media outlets, people want to read about certain things, doesnt mean what you need to know but in the futurities zero minutes for a trade deal because nobody cares and i talked to millennials would didnt know there was an impeachment going on because their news feed is the stories they want whether its sports or entertainment and its based on traffic and profits and clicks, its not a liberal or whitewing bias as much as i think you think it is. Its going to be all computer driven anyway in the future . Why are you concerned . If youre talking about algorithms, great thats not what theyre basing their evening news on. Not on ratings . Thats just what people want , what people need. Do you think the viewers want to see endless impeachment coverage no. Theyre giving them what they think they need, and so then, what youre saying dan theyre giving them what they want thats what im talking about. These people want to see these stories youre talking about. Thats why they exist. Is that like the impeachment theyre not Brain Washing people, theres a certain audience for every network and the future for david that audience is going down in a part of cnn and msnbc so maybe they are going in the wrong direction. This is a bad direction so if you look 20 or 30 years out people only know what they want to know and its a bubble in itself but i think youre mistaking it for a slant of Brain Washing. Jonas, i do agree with dan though, i think youre wrong on that. They definitely have a narrative i dont think, yes, people want impeachment coverage, but honestly if they, given what people want, they would do 30 straight minutes of whats up with the kardashians. Take your kids phone and look at the news feed and compare it to yours. They are pushing a narrative for sure. I agree with that but pickup your kids phone and your phone and look at the same news and youll be surprised how different it is. David im not sure my kids have much news on their iphones, thank you very much dan great to see you appreciate it. Groundbreaking news on housing, a major indicator just hitting a 13year high. Were going to take you, tell you what this means, for your house. The one you want to buy or the one you have, thats next. Man, im thinking tacos. Hey hey you guys look like foodies. Would you like to try our trashy back ribs . Oh, that sounds great. Everything is locally harvested, farm to dumpster to table. Uhhh, what do you. What else do you got . stammering wwe have a melon rind stew. Comes with a pork and bean reduction. Yeah, were going to just do a lap and well come back. Okay. Well, well be here. Man why isnt this working . My mouth is watering. 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Com wherever we want to go, autosave your way there with chase. Chase. Make more of whats yours. David spectacular numbers today on housing, starts jumped 16. 9 last month the biggest jump in 13 years and jackie youve been digging down into the numbers. Is the Housing Starts came in at 1. 6 million with the highest that weve seen since 2006 and the jump year on year was a little bit more than 40 , Single Family homes highest level since 2007 multifamily the strongest since 1986 so whats fueling this right now obviously is low Interest Rates i went on freddie macs website 30 year Mortgage Rate right now 3. 65 but its not just the fed its also the momentum what were seeing out there. People are more comfortable putting down their money to buy a home because they feel good about the economy. The other thing i would add is you have so many people saying you cant look at the stock market as the barometer. We know who those people are but some of the fundamentals are really strong here, so are corporate earnings. David adam . Obviously the low Interest Rates are whats driving this, but also, as i think there was a mention earlier, american banks by and large with a few exceptions are in very good shape beings and thats partly because their Balance Sheets are much better than they were in the great recession, they will stay that way thanks to some of the reforms that happened and this is good news for the economy and for the Housing Market well, its interesting that there are really two different Housing Markets. First of all theres the new home and then theres the existing home market and those are two different markets. Second of all the market that jackie is talking about is what i would say mostly entrylevel homes. They arent talking about new, you know, 4 million spec homes they are talking about 2 or 300,000 homes. That market is strong. I know its strong even here inv iro, but if you look across the country, at the high end homes call it 2 million and above high end obviously is different in new york city than it is in des moines, but call it 2 million and above. That market is really suffering. You can go on to zillow and pull up all of the 2 million homes youll see price reduction after price reduction so my thinking going one level deeper is people , millennials and whatnot, want to get into the new homes people of my age certainly are not moving up to the higher end and thats where a lot of the money is and im worried somewhere down the line, its going to collapse because people like me david youre a worry watter. The headline is its the best market of Housing Starts in 15 years. Im saying theres more to that headline. David david i think its pretty positive. Yeah it was good news in 2006 too, so if 2006 ended really well for housing we can say this is good news but you dont want too much supply to hit a weak market but the thing that concerns me about it actually and i think Housing Builders have been smarter than in the past and theyre not flooding the market with new homes going broke like in the old days, it always seems like were about a 1 Interest Rate increase away from a catastrophe and real estate. It almost happened last year, with rates at 1 more, so i would be weary about building a lot of inventory into a market that if rates and i dont think rates are going up but if they went back to where they were last summer theres no demand. David its unlikely well have a buildup of inventory because theres so little inventory available also because there arent that many construction workers and theres a worker deficit because of the fact we got such a good strong job market. I would rather there be fewer homes on the market and prices stay strong with higher Interest Rates personally, but im sure this is good for construction. David quick last word. If i can just make a point, Pete Buttigieg said a lot of the lower income people are not being able to take advantage of whats going on in the market right now so to garys point the strength in this market shows people are having an opportunity to attain that American Dream beings and i think on the higher end the reason youre seeing those Price Reductions in people trying to sell is because theyre scared of the election and what could potentially happen. David meanwhile, if thats not enough to worry about although i think its good news, gangs ayat ollah slamming President Trump, with tensions between the u. S. And iran, are we safer than we were before all of this, well be asking, coming up next. Im your 70lb st. Bernard puppy, and my lack of impulse control, is about to become your problem. Ahh no, come on. I saw you eating poop earlier. Hey my focus is on the road, and thats saving me cash with drivewise. Whos the dummy now . Whoof whoof so get allstate where good drivers save 40 for avoiding mayhem, like me. Sorry hes a baby beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. David irans spiritual leader, leading friday prayers striking a tone again against the west praising that general soleimani and the strike on u. S. Bases in iraq that followed his killing were now learning that 11 u. S. Troops were treated for concussions from those attacks, and here now is congressman guy rushenthall er, a former navy officer who served across from the u. S. Embassy and congressman , what started this was not the killing of soleimani but the attacks on the u. S. Embassy being directed by soleimani, right . Thats exactly right. So many people just think that the timeline started when we took out soleimani. They forget about the iranians stopping our embassy, a week before that they forget about the iranians shooting rockets into the u. S. And iraqi base that actually killed an american and they forget about the fact that iranians shot down a 100 million drone, and the fact that they see the british oil tanker, youre absolutely correct, but i can tell you were safer today than we were before because a red line has been drawn, the iranians know that they can no longer kill americans or no longer storm our embassy without there being repercussions from this president. Congressman i was able to sit down with the crown prince, the former crown prince of iran yesterday and we talked about this notion of deescalation and the president wanting them to come to the negotiating table and i asked him with this regime being in power for 40 years with the deep roots of Islamic Culture and beliefs, if you will , that are spread within the region, if its even possible to have a dialogue, or if this is just going to become titfortat escalation and i didnt know about the 1 injured of course that was new news coming out overnight. Well its a shame there were 11 injured but the key is that nobody was killed, and also, soleimani can no longer continue to plant attacks and no longer orchestrate she a malitia groups that rocket u. S. Bases, so weve isolated that threat but i am cautiously optimistic on iran moving forward. They had significant issues domestically ands gangs ayatollah speech was them trying to save faith and put down pressure he has from the prodemocracy movement within his own country. David i want to give jonas a chance but we just had a tweet coming in from the president saying the socalled Supreme Leader of iran whose not been so supreme lately had nasty things to say about the u. S. And europe their economy is crashing. Their people are suffering. He should be very careful with his words to which youd respond what, congressman . Well this is a nation thats on thebrink of chaos with iran. Theyve put down, they are trying to put down these congratulations and theyve ruthlessly killed up to 1,500 individuals. So this is a regime barely hanging on. Thats why we have got to work with our european allies to make sure we continue the maximum applied pressure, so we deprive this regime of money, and the resources necessary to spread terror through the region and hopefully, they will collapse from within through the Pro Democracy Movement emerging. David hold on a second go ahead jonas. Guy, i like the idea of taking out the best and brightest so to say of your enemy, but do you think the replacement gets into the risk reward of this whole thing is more or less hostile to u. S. Interests abroad . Well it certainly wont be the mastermind that soleimani was. Soleimani was the equivalent of the cia director that Commanding Officer and he had almost like a general patton type so he wont have that that soleimani did but its very important to know, there will be repercussions. Iranian generals cant come into baghdad to plan attacks on our embassy and our allies and our u. S. Service members. David congressman i want to switch to the impeachment trial. You were on the house judiciary committee, you still are so you watch it with great interest. The big question about whether or not well hear from witnesses and republicans of course claim the witnesses turn the trial into a bigger sham than what it already is. Democrats say not to have witnesses amounts to a coverup, but what if the democrats are the loudest about witnesses were singing a very different tune about 21 years ago when he participated in the bill clinton trial. This is what democratic senator Chuck Schumer said about the impeachment witnesses back then. Listen. This idea that they didnt have to call witnesses in the house and they should call them in the senate doesnt make sense you call witnesses before a grand jury and you call witnesses before a trial. David so congressman which schumer has it right . The schumer from the 1990s has it absolutely correct. This is a twostep process. The house investigates, they are the investigative body and the senate tries the case, so the fact that the democrats want witnesses now in the senate shows you how weak this case was in the house. Nancy pelosi, chairmanschi ff, nadler they should have called these in the house during the investigation. They didnt because they knew executive privilege would be invoked and it would bust their political timeline. They wanted this done before christmas and now Chuck Schumer has a mess in the senate. David gary . Oh, im sorry i didnt realize it was me. Congressman thanks for being on the show. Where do you see the timeline going right now . It sounds like weve had weeks of posturing from pelosi company, and now its in mcconnells shoes. Do you think this gets resolved quickly or do you think its spread out and what benefits President Trump the most, do you think, quick or spread out so hes fully exonerated . The longer this linger, the more President Trump improves in the polls with swing voters so i think the longer this goes on the better for President Trump and it also pulls the democrat nominees or the democrat candidates away from the campaign trail. You know, there were rumors around here in congress that nancy pelosi actually sat on the articles of impeachment because she wanted to give an unfair advantage to joe biden, basically to keep Bernie Sanders in session dealing with impeachment so it will be the second time the democrat establishment has sandbagged Bernie Sanders. Now i dont know if thats true but thats certainly the rumor mill in congress is thats why she did that was to give him, joe biden unfair advantage. So you dont know if its true, but youre happy to pass it along on national television, whether or not its true, correct . Well its speculation, but it does make sense. Again, there is a history for the Democrat Party trying to sandbag Bernie Sanders. It also hurts elizabeth warren. And do you think david quickly go ahead. Do you agree with the characterization that the proceedings your colleagues did in the house constitute a hoax and a sham . I do. This is a very weak case, as a former district judge i would dismiss both articles for lack of merit, the evidence isnt there to support this, this has been a political hit job from the start. David congressman great to see you again and again thank you for your verse to our country, thank you very much. Thank you. David from the left after republican senator Martha Mc Sally called out a cnn reporter and now one cnn correspondent is entering into the fray, whose really going too far here, more on that, coming next. As a struggling actor, i need all the breaks that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. The better question would be where do i not listen to it. While im eating my breakfast. On the edges of cliffs. On a ski lift. Everywhere. For a limited time, go to audible. Com to save 50 on your first year of membership. Should the senate consider new evidence as part of the impeachment trial . Youre a liberal hack, im not talking to you. Youre not going to comment . David cnn in a meltdown after Arizona Republican senator Martha Mcsally called a cnn reporter a liberal hackett as you just heard and now mcsally is refusing to apologize here she is on fox news last night. Listen. These cnn reporters, many of them, around the capitol, they are so bias, they are so much in with the democrats and they so cant stand the president and they run around trying to chase republicans and ask trapping questions. Im a Fighter Pilot, you know, i called it like it is. David now her campaign is going one step further selling liberal hack tshirts but on the other side cnn is telling folks in arizona not to cast their vote for mcsally and what liberal Media Publication calls a total abandonment of objectivity so whose going too far here, gary . Well, i think the Mainstream Media is. I think mcsally is or was appropriate. Look, i think its a calculation all these politicians, i think, are thinking one step ahead, and the fact that shes followed up with tshirts thinks hey this is a political abandonment, this is going to get me reelected. Was it coming from the heart originally . Yeah, i think so. Its no different than when trump calls the liberal media fake news, so i see it now, all around. I seen in fact ive seen websites saying that the last debate that cnn hosted wasnt, they didnt quite say it wasnt partisan enough. They didnt quite make the democratic talking points that they should have made, so i feel her anger. I think shes on the right on this one. Here is the part of garys commentary that i agree with. He said its a calculation, and i think that its a real shame that the calculus has changed, because david, i think that its a dead serious problem, when we americans cant disagree with each other without insulting each other and as an example, we like to have fun with this on this program. I disagree with my friend gary all the time, and i dont ever insult him and im just really sick of it. She says shes just a Fighter Pilot defending herself . Thats nonsense. Shes behaving badly, and the rest of you, frankly, are afraid to say so. David no, no, no, hold on you just ended by saying you dont insult us and then you insult us you liberal hack. David yeah [laughter] the point is, adam, that journalists and ive been one for longer than i care to remember, about 40 years now, journalists should get used to insults. That comes with a job, and very often, theres such a relationship. I get worried when theres tooch umm y of a relationship between journalists and politicians. Absolutely there has to be this line of respect when youre a journalist, you have to remember their position and their authority and youre not supposed to take sides. It must be very annoying for someone like mcsally or anybody else to be bombarded with questions, for example, that are trapping as she says. And to a certain point everybody is a human being and everybody snaps. Im not condoning using foul language, im not condoning calling people names but im saying everyone is a human and it does get on your nerves. Look theres a lot of bad journalism i dont know if id go so far to call it fake. This guy had a history, made a mistake, had sources on the antitrump story and if she wants to call him out thats fine but to discredit a legitimate question over hes a past liberal hacker so to say is a bridge too far thats heading down a bad direction. David last word on the subject meanwhile criminals released back in the street right after committing Violent Crimes new york state assemblywoman says Governor Andrew Cuomo will have blood on his hands, from his criminal reforms, as he calls them. Shes here to sound off, coming next. Stay restless with the icon that does the same. The new rx, crafted by lexus. Lease the 2020 rx 350 for 419 a month for 36 months. Experience amazing at your lexus dealer. Its predicated on wealth, so if you have access to wealth, you make bail and if you dont have access to wealth you dont make bail. Thats not justice. Theres no doubt this is still a work in progress, and there are other changes that have to be made, there are consequences that we have to adjust for. David ill say new york Governor Andrew Cuomo is kind of downplaying the consequences of new yorks new no bail release law, which are shocking indeed those consequences as violent criminals are being allowed to walk the streets without putting up bail almost immediately, and some examples. A serial bank robber was just released again, after his sixth holdup since december 30, 2019. A man arrested for sucker punch ing an nypd cop was released without bail, despite multiple charges a woman accused of slapping three jewish women yelling antisemetic slurs was released the same day without bail only to be arrested a day later for punching another woman in the face so what happens to a city when politicians put the rights of violent criminals above the safety of police and innocent civilians . Lets bring in new york state assemblywoman. Good to see you. Thanks for being here. Thank you. David i would think if you can get away with punching a cop in the mouth and then rolling down in the sidewalk with him as this crazy guy did, you can get away with anything right . And he had 24 prior arrests. David 24. It was one other example horrific on Christmas Eve a young mother of three was killed by someone who was driving and in this country illegally, and he was at the scene, apprehended and they released him back on the street. Its all tragic to me but what bothers me the most about what Governor Cuomo just said is that bail should be dependent on what class you fall into that because rich people can pay bail for example, and poor people cant they shouldnt have the same standard. The rules should be the same for everybody no matter who is breaking the law and it could be adjusted to be at a level that is, you know, more affordable or reasonable, but to have no bail and allow these people just to continue repeating the crime, theres no messaging to them that says dont do this any more youre absolutely right. Look people agree that the bail was needed to be tweaked and changed; however this was just eliminating bail, and talk about some of the serious crimes. Criminally negligent homicide, manslaughter, strangulation, stalking, assault, aggravated assault of a child. I have the list on my website, and this is just very extreme and not only that we are no longer protecting the witnesses so within 15 days of an arrest the witnesses information is turned over to the defense, which will lead to certainly to witness intimidation and other people not coming forward. Its really scary. Theres a separate issue apparent that were criminaliz ing psychiatric cases but i want to go down the path of a specific thing. Look criminals do crimes we lock them up for life there would be less crimes but there is a cost here too and what is the cost to taxpayers when someone is not out on bail. I heard rikers was 300,000 a year so what does it cost to keep someone around a couple months because they cant make a 10,000 bail what does it cost taxpayers . Well were seeing human life is the cost as someone very dangerous to Society Someone has a criminal history and we shouldnt be taking away judges discretion. Tweek the bail system. Dont throw it all out, and thats what were doing in the state of new york and one of the arguments is because they want to close Rikers Island thats not a good argument to say were going to release everyone. Or 300,000 a year in damage theres a cost benefitment but what about the two People Killed . David adam go ahead. Its interesting because this is becoming a National Trend in San Francisco they refer to it as cash bail and they are focusing on the money, but i take your comments that the system needs to be tweaked, as being very constructive, so briefly, how would you tweek it . Well look first of all we got a restored discretion for the judges we have to be able to consider dangerousness if someone poses the safety Public Safety threat, we have to look at someones criminal history and i think the judges need to be able to make a decision based on that and have full information. We can use or certainly look at bail for low level offenses for first time offenders but when somebody has a lengthy wrap sheet or its a very serious violent crime, we shouldnt be considering that. Look, Domestic Violence victims you could be stalked, strangled, assaulted, and the persons arrested and released in fact it happened in upstate new york, the person went right back to the womans house and thankfully caught and now being held without bail but that could have been a very different circumstance. David gary . Yeah, nicole, im curious, im going to go right in your wheel house here. It seems obvious what youre for here. There should be some kind of bail system especially for violent criminals thats like a nobrainer, for crying outloud so im curious, what is the political calculus, why was this even passed, who benefited from this . Thats what im trying, is it just a financial thing, as jonas alluded . Because beyond that, i cant figure out what politician, or group of people benefit from this right now. You want to hear whats really crazy . We had the advocates in albany this week, actually lobbying for more changes, saying it doesnt go far enough. Its the far left wing, far Left Organization that are pushing this, and the governor is afraid to make changes to upset them, meanwhile new yorkers are at risk and we could be reasonable about this and make tweeks and sign my petition because you just want the tweeks done to fix the system so were not jeopardizing. David nicole i have a final question the last one im afraid because weve been here before. We had a terrible crisis with crime all during the 80s led up to 2,200 murders every year. We now have less than 400, because we stopped turnstyle justice, because we put people away, and we did it while saving money, while cutting the new york budget. Not increasing the new york city budget, so i mean, there are answers, there are solutions, and these guys are going back to the things that dont work. And instead of keeping someone in jail and i think its a revolving criminal Justice System if we are not dealing with an individuals underlying issue sometimes if it is Mental Illness for example, were not dealing with that. They are just releasing people back on to the streets so they can assault someone else and be a danger to themselves so one of the things they need to do is expand kendras law to petition. David the most Important Role of government some people say the only role that should be for government is keeping innocent people safe, and the government here is not doing it we got to move on great to see see you thank you for being here. Appreciate ewell california residents sounding off over a new proposal to cut traffic fines for low income offenders is that fair . Well debate it, coming next. Whether youre rich or poor, its a money making scheme for the government. Im all for it. And support, you get a break, i say go for it. I dont agree with it. Under the law we all should be the same. Fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. Including your Interest Rate right by locking in a fixed low rate today. And you can get your money right with sofi. Check your rate in two minutes or less. Get a nofee personal loan up to 100k. Get a nofee personal loan hey. Hey. You must be stevens phone. Now you can take control of your home wifi and get a notification the instant someone new joins your network. Only with xfinity xfi. Download the xfi app today. David California Governor Gavin Newsom pitching a controversial new proposal to cut traffic fines in half, but only for low income drivers. Now the state which has driven out residents with high taxes, and unaffordable housing is still owed nearly 2 billion in unpaid fines right now. Now california seemed to be sort of split on this, listen. The problem is they probably arent paying anyway and just losing their licenses, or their cars, and then they lose their license, then they lose their insurance and then they lose their car. Isnt it better to keep people in their cars, going to work and making what little money they have . Why should they get a break . If they committed a crime really its a parking ticket or a speeding ticket or whatever, so pay the fine. David now the law would effect those making 27,000 or less. They would be paying the cheaper fines, but is a twoti er ed system of fines unamerican adam . Yeah, it is pretty unamerican. This isnt completely unrelated to the last topic. This is Public Policy trying to help a certain segment of the population, that is the least advantaged part of the population. By the way in San Francisco and lots of other places they are also no longer collecting Library Fines because they found the poorest people owed the most to the library but to your point they arent collecting Library Fines for anybody. David right. Gary . First of all, there is still Library Fines . Yes, yes, oh, god, yes, gary but i disagree with you in, well the main aspect i guess, and this is actually, i think a step forward. Look, if you think that if youre like me and you think the best way to tax our income is just a flat tax, everyone pays x percentage thats the fair, its not regressive or progressive whatever. Look these flat fines are regressive. They do effect the poor, more than the rich. It should be, there should be a tiered system actually. That would probably increase revenues, it would get people to pay, and i think that its the most fair way to go about it. Ill take garys point even further and tell you whats unamerican is these states including california have used a fine system as a tax, a lot of states close budget holes they have, and georgia, im not calling out the state, but david yes you are you just did they added a super speeder tax to close the budget hole without raising income taxes which is politically unfavorable and now you can get a 500 ticket for going 15 miles an hour over the speed limit and they didnt get rid of it when the budgets got better. California did the same thing, the ticket numbers are not deterrence any more, they are revenue enhancers and therefore, unfair to people in a higher bracket so they really should fix it and stop using penalties as a way to have a tax, just have a tax. Everyone made good points so my question is why wouldnt we just lower the fines for everybody, because that way it would be fair, right . David but again , theres so many points where they talk about fairness and unfairness and that you need a uniform system. Gary to your point i know we dont have it with our tax system but should we add another evil on top of that one . Well i dont know what youre talking about. David we have a progressive tax and not a flat tax where everybody pays the same percent. I think thats a mistake, shouldnt we have the same with fines, why do you want to add another injustice on top of one . I dont. I want a flat percentage tax. I want to fix this one, right now its a regressive tax that higher income people, by definition, are paying a bigger percentage of their income in traffic fines. David i think if you break the law you got to pay the fine. Youd pay the 500 tax. David you got to do it. All right we got a business alert here former republican congressman from new york, Chris Collins just been sentenced to 26 months in prison and fined 200,000, after he plead guilty to insider trading. 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