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The word recession. is that is that where this is headed? i think it is where this is headed. look, for the most part the imports and exports aren t that big a share of the u.s. economy, so at first glance you say how could it lead to recession if trade isn t that big of a share and china isn t that big of a share of our trade? but the answers are, number one, it keeps escalating. number two, these are the two biggest economies in the world now throwing haymakers at each other. and number three, we re applying tariffs all tariffs are terrible, but the worst tariffs of all are tariffs on things that are supplies to your own manufactured products. and now we re ramping up the tariffs on steel, on aluminum, on the stuff u.s. manufacturers need to produce their own products. so we re just doubly shooting ourselves in the foot. i really don t understand why he keeps pressing. ....
Just look at what the president is saying. he s varying back and forth between this is a great idea and easy to win and turning around and saying, and, actually, we re going to throw 10, 20, $40 billion of relief because in our hearts we know we re hurting you. the last word i quoted from the new york times before turning to your introduction was the word recession. is that is that where this is headed? i think it is where this is headed. look, for the most part the imports and exports aren t that big a share of the u.s. economy, so at first glance you say how could it lead to recession if trade isn t that big of a share and china isn t that big of a share of our trade? but the answers are, number one, it keeps escalating. number two, these are the two biggest economies in the world now throwing haymakers at each other. and number three, we re applying tariffs all tariffs are terrible, but the worst tariffs ....
Tumble. the u.s. market. by more than 200 points. this is, it could reach here. bret, the problem is in a sense the problem is greece but it isn t greece. it s greece and beyond. portugal and ireland and italy and spain. it s, you know, the word of the day is contagion. the possibility that this grows. greece by itself, especially if you are looking at the worldwide bond market is not that big a share. not that big a player. but when you start looking at europe and when you start looking at the situation with german banks, then i think you get to the point where, you know, as we heard this could be potentially catastrophic. the more it grows. bret: in this environment, president obama is introducing the debt commission that is going to come up with some recommendation by december. but says we re not going to talk about anything before december. right. i mean there are huge differences in the scale of our problems and the kind of debt we have. but this should be a warning. we sh ....
Tumble. the u.s. market. by more than 200 points. this is, it could reach here. bret, the problem is in a sense the problem is greece but it isn t greece. it s greece and beyond. portugal and ireland and italy and spain. it s, you know, the word of the day is contagion. the possibility that this grows. greece by itself, especially if you are looking at the worldwide bond market is not that big a share. not that big a player. but when you start looking at europe and when you start looking at the situation with german banks, then i think you get to the point where, you know, as we heard this could be potentially catastrophic. the more it grows. bret: in this environment, president obama is introducing the debt commission that is going to come up with some recommendation by december. but says we re not going to talk about anything before december. right. i mean there are huge differences in the scale of our problems and the kind of debt we have. but this should be a warning. we sh ....