Biden, 4,000 dow points. Warren, 8,000 dow points. David hes got it all figured out. Sanders, a good 12,000 dow points. By the way, im serious when i say that. These people want to take a ton of equity out of the economy and put it in their hands. They want to tax the heck out of people and business and put it in their hands. Their hands, inefficient, ineffective, give them a dollar of tax, maybe 20 cents rolls down to what its used for, 80 cents goes to the bureaucracy. It is the worst thing that can happen. I got to tell you, some of these people running for president right now are making barack obama looking quite conservative these days. Gary, gary, they are going to say look at the economy and look at the market under barack obama. Look, i think this is a pretty ineffectual scare tactic. The president should be making the point about the free economy. Free economies are always the most process posperous. Government intervention is what causes the crashes. He should make that point, keeping a free economy. People point to sweden and nordic countries as great examples of biden, et cetera. If sweden was a state it would be poorer than all but about 12 american states. He should be emphasizing freedom, not intervening in the daytoday affairs. Part of what President Trump has done is in fact infuse more freedom into our markets with the exception of the trade war which i know you guys are going to talk about, but the truth is hes rolled back regulations and i think actually, the biggest argument he has is not just that the economy has done well, but that you have a huge spike in ceo optimism, Consumer Sentiment optimism, et cetera. We have an election where when a democrat wins, that all gets reversed. I know everybody is going to say its already reversing and i agree the trade war put a damper on that, but the truth is i think what happened in 2016 will indeed reverse itself if Elizabeth Warren or Bernie Sanders or any of these people gets elected. I think hes not far off the mark. Let me sound a dissonnant note to the amen chorus. If i could have a clear crystal ball that told me what would happen with the dow based on a president ial election i would not be sitting here talking about it, i would be sitting here trading it. Whatever happens in a year and a half, i think companies, ultimately markets can have a sharp shortterm reaction negative or positive, depending on who wins this election thats still a year and a half off, but companies are going to trade and markets i think are going to trade based on the david by the way, you said Government Intervention didnt affect the markets negatively in 2008 . I said didnt cause david i would argue it caused it but beyond that, we saw Government Intervention in a huge way after president obama was elected, even before that, with the bailout itself, but then he began to really turn the screws on the regulatory front and tax front and we had the slowest recovery in history. The market, separate from the economic recovery, the market after march 2009 did incredibly well, doubling in the next year. You do not have jfk running for the democratic nominee right now. You are talking some left of left of left. I think biden is more moderate, hes going left right now in the primary, so if i had if somebody had to lose to the democrat it would be biden. But sanders and warren, my goodness, the state taking over complete businesses and industries, that is what they are calling for and what industry has the government taken over that they have done well with . They have been over budget, over time, over everything. It would be an absolute unadulterated disaster. May i just remind everyone david i sense you dont like it. It is also the push by the government to make sure everyone bought a home, that got us into the financial crisis in 2000. That is not a fiction. That actually happened. The narrative has been rewritten now but thats really what happened. It was Government Intervention and it was a catastrophe. The worst in decades. As a general market rule, this is separate from whether or not these policies are terrible. Dont trade on campaign rhetoric. Markets i think will move based on what actually becomes policy. I disagree. The markets doomed the minute trump was elected. David it was more than a campaign promise. It was his election oh, exactly. Then you see what actually happens. We didnt need to wait. The minute he was elected president , the markets started to go up. They continued to go up because earnings have been unbelievably powerful. It was more than that. It was ceos and consumers saying yes, we agree with whats going to happen, we are unshackled, ready to invest, ready to spend, and we have seen the results of that. The most powerful thing that could have happened. Sorry, jonathan. No. Look, theres no question i believe this is a scare tactic and to zachs point, the market ultimately is free people and voluntary trade so yes, you have amazing Innovative Companies like uber, but theres just no denying that free economy, the more free economy, the more prosperous. The more socialist the economy, the less prosperous. Thats what the president in my opinion should advocate for. Liz, to your point, he has deregulated in a lot of areas and they soared as a result. We need that economy wide. David we have been talking a lot about Bernie Sanders, the 2020 candidate, of course. Hes now conceding that just one of his major proposals, medicare for all, will cost 32 trillion. Take a listen. First of all, you use the number 32 trillion which is roughly probably right. It sounds like a lot of money but you know what happens if we keep the Current System which is the most wasteful and expensive system in the world over a tenyear period . There are estimates the cost will be 50 trillion. Health care costs go up, every study shows that medicare for all will be less expensive than continuing the current dysfunctional health care system. David sanders is admitting that just one of his proposals would practically double the entire federal budget. Is this kind of socialist accounting the reason his poll numbers are dropping . Well, look, it is true, we spend 25 of our gdp on health care costs, and if you amortize that over the next ten years you will get to 50 trillion of gdp. David two different things. We collectively will spend this amount of money. David we are spending in the private sector, the other is asking the government to double it. Im not sure anyone on the panel would disagree we spend it radically ineffectively the way we currently spend it within the private sector because of this unbelievably messy lattice of free market on the one hand and public good guaranteed on the other. We dont have a good system. The system is broken. I dont disagree with that at all. I wish chris wallace, who i think was the interviewer in that interview that took place, had pressed him on where those savings would come from, because the real issue that people should be thinking about, how do you save money in health care. That was something obamacare was supposed to provide for us, never did, but the difference between these numbers are ridiculous, 35 trillion and 50 trillion, believe me, no one has a clue, is basically rationing. Its basically taking down the Services Available to people, its also eliminating all kinds of fees and reimbursements for doctors, doctor pay is going to be shrunk. I think people need to kind of begin to question where the savings come from, how does that affect a patient. The answer is not well. First of all go ahead, john. I got to say, i think we lose when you make this argument based on financial, because people like Bernie Sanders or aoc will say so what if its 30 trillion, we will find a way to pay for it. The rich will pay for it. We will make the spreadsheet where the numbers work. You have to advocate for this on a moral basis. In america you dont have a right to health care, a right to force other people to pay for your health care. Unfortunately, i think the gop has kind of given up on that. We talk to a lot of gop Congress People who say yes, we will make sure everyone is covered. What makes america exceptional is that you are an individual. This notion of a right to health care, right to education, this is just the basic premise of what makes this country great. First off, when you get a number from anybody in government, just think the big dig from boston. Thats number one. 32 trillion means 96 trillion. We know that just from experience. But the most important part of the equation, he will destroy health care if he takes over health care. In the united kingdom, with all their best efforts, the amazing part of it, sixmonth waits for surgery, to get in line for doctors, for anything. Why . Because you take away all competition when you take away competition, party over. So again, we started out with this thing about how much things are going to cost. The cost is going to be on our lives and how we go about health care. Thats going to be a huge, huge problem. David the other thing is he doesnt seem to see any difference between Government Spending 32 trillion and the private sector. I know its a mix, the health system, of private and public, but there is a difference. To double the budget of the federal government, he doesnt like allusions to venezuela but you have to do what venezuela did which is print phony money which means hyperinflation. This is part of the challenge of responding to rhetoric as policy. There is no chance in our lifetime that we are going to have a completely socialized david i hope youre right. There is certainly a mandate for a more effective and costeffective because if you are a middle class family paying 9,000 a year for a statesponsored obamacare exchange, thats just too much money. David got to leave it there. Thats a good place to leave it. We all agree with that. Tariffs are becoming one of President Trumps primary negotiating tools for trade deals but is this the best way to go . Curtis ellis, America First policy director, is back with us coming next. We had a deal with china. It was over 150 pages, on seven chapters. I think its always useful to remind the American People what we are trying to negotiate an end to. Its the cyberintrusions into our Business Networks that steal our trade secrets. Experience the style, craftsmanship and technology that have made the rx the leading luxury suv of all time. Lease the 2019 rx 350 for 399 month for 36 months. Experience amazing at your lexus dealer. Were on the move. Hey rick, all good . Oh yeah, were good. Were good. Terminix. Defenders of home. So chantix can help you quit slow turkey. Rkey. Along with support, chantix is proven to help you quit. With chantix you can keep smoking at first and ease into quitting. Chantix reduces the urge so when the day arrives, youll be more ready to kiss cigarettes goodbye. When you try to quit smoking, with or without chantix, you may have nicotine withdrawal symptoms. Stop chantix and get help right away if you have changes in behavior or thinking, aggression, hostility, depressed mood, suicidal thoughts or actions, seizures, new or worse heart or blood vessel problems, sleepwalking, or lifethreatening allergic and skin reactions. Decrease alcohol use. Use caution driving or operating machinery. Tell your doctor if youve had Mental Health problems. The most common side effect is nausea. Quit smoking slow turkey. Talk to your doctor about chantix. You can earn 100 off your deductiblee, for every year of safe driving . Sing that. Vanishing deductible, you can. Earn 100. Earn 100 off. Off your deductible. Deductible. For every year of safe driving. For every for every for every year of safe driving. What are you what key are you in . E. No, no, go to g. G will be too high. Not for me. Vanishing deductible. Oh, gosh. Sweet, sweet. The latest inisnt just a store. Ty its a save more with a new kind of Wireless Network store. Its a look what your wifi can do now store. A get your questions answered by awesome experts store. Its a now theres one store that connects your life like never before store. The xfinity store is here. And its simple, easy, awesome. David big retail names making their voices heard in washington this week. Companies like best buy, new balance, speaking out on the impact of tariffs to their own bottom line as the president considers slapping china with a new round of tariffs. Hillary vaughn is live outside the International Trade commission, where the forum is taking place. What are you hearing . Reporter hey, david. Hundreds of companies are warning the u. S. Trade office that these tariffs would be passed down to consumers. Companies from tech to toys to clothing warn that this cost of these potential extra tariffs has to be passed down to consumers or some Companies May be forced to close. Its an extinction level event. It helps, its very inflationary so it helps make sure that Companies Either arent going to be in business or they are going to be passing prices along. Reporter these tariffs would have a Significant Impact on the toy industry. 95 of the industry is made up of ma of Small Businesses and many cant absorbed these increases. Reporter many are encouraging the president to stay on track with these tariffs, saying that in forcing this latest round of tariffs would actually help level the Playing Field with china as they think they continue to take advantage. Im here today to support the administrations 301 tariffs against china because it starts on an unlevel Playing Field and hopefully can insert manufacturing back into the western hemisphere. Reporter this new possible round of tariffs would have a big impact on consumer goods. They would be hit the hardest. The National Retail federation estimates that the latest proposal would mean that consumers would pay 4. 4 billion more for clothing every year, and 2. 5 billion more for shoes every year. David . David hillary, thank you very much. Now joining us on the panel is curtis ellis, America First policy director. Good to see you. We got about 300 Companies Making their case, most of them against the tariffs, not all, but most of them are. How would you make the case to those who are against the tariffs that it is in our best interest to have tariffs against china . Well, support the country that supported them. I would make the case to them they should move their supply chains back to the United States, back to the western hemisphere. If you outsource these jobs, which they did, beginning 20, 30 years ago, they are also outsourcing their consumers. People are earning less, they cant afford to buy the products they are trying to sell. Incomes are dropping. So look, these are the same companies that moved to china 20, 30 years ago. They made a bad business decision. How hard was it to build a Global Supply chain in the maoist era in china . It was hard. They can build a supply chain again back in the United States, back in the western hemisphere. If they start employing people in the United States or perhaps even in honduras and el salva r salvador, that will solve a host of problems. I dont think you can really say it was a bad business decision except they all concentrated their outsourcing in one country that was unreliable and definitely not a friend to the United States. Instead of going to turkey and mexico, they did partly that and other countries like thailand and vietnam which they are doing now. It seems to me they kind of put all their eggs in one basket. Heres what i would like to say. The letter that all those companies wrote to President Trump, they all said we agree with trying to do this, we think youre on the right track, just dont use tariffs but they dont really come up with an alternative way of making china level the Playing Field. What is the thinking there . Thats exactly right. They are very quick to point out what you shouldnt do. Right. Unilateral disarmament. I hear the tapping of neville chamberlains umbrella on the cobblestones of munich. Everybody agrees china is a bad actor. Maybe they will even interfere in our election to help joe biden win, who knows. Seriously, they are a threat to our way of life, to free markets, free enterprise, and nobody is suggesting what to do. Tariffs are bad, we cant do this, we cant do that, but youre right. One answer would be to treat the theft of intellectual property the same way that they treat intellectual property when it comes to gucci handbags. When a shipment of counterfeit handbags come into the country, those who peddle it are arrested. You guys come up with every excuse, i know you dont like to admit it, these tariffs are taxes. Optional taxes. Well, listen to the hundreds literally of american manufacturers, you know, they employ a lot of people, too, who are saying this is going to cost our bottom line a lot of money. They are willing to pay that bottom line to save our way of life. I met some of these manufacturers in ohio last week. The same conservatives who said that you shouldnt be forced to buy obamacare are now saying oh, no, but you should be forced to buy american its a real insult to freedom and your choice as an american to buy what you want to better your life. You sound remarkably like someone in the 1950s talking about the red peril thats going to sweep across the nation. There was a challenge from the so soviet union. There was no domestic red peril. China does not represent a threat to our domestic way of life. Its called the fortune 50. The u. S. Chamber of commerce. They are the fifth column right now. Wow. You are totally entitled to your point of view but rhetoric of saying this is a threat to our way of