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tv   Bulls Bears  FOX Business  February 20, 2019 5:00pm-6:00pm EST

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hosted by two all-time greats. cheryl and lauren. >> lauren: thank you, connell. connell: thank you for joining us, that is it for us, bulls and bears starts right now. david: senator bernie sanders setting a new record within hours of announcing he is running for president, this is bulls and bears, i am david asman. >> only way we will win this election and create a government and an economy that works for all is with a grassroots movement, the likes of which has never been in american history. david: bernie sanders message there inspiring people to donate to his 2020 presidential campaign right away, he raised record $5.9 million on-line in
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first 24 hours after he announced he is running. what does that say about his democratic field. >> there is a lot of money out there. what lennon said,. capitalists would sell the rope with which we will hang them. a lot of support, what sanders has from last election, is a huge mailing list. that is what he is milking now. the gab between him and the other candidates will narrow, as people see who is real, who is not. enjoy bernie, this is a nostalgic trip, i don't think he will be among finalists. >> i kind of agree, sometimes steve and i end up in the same place. in fairness, i'm not a big -- i'm not the bernie bro's
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favorite economist, they went after me in 2016, because i said socialism did not work. if anything, most surprised that it was a small as it was, in a way it was a record, but he growth hundreds of times more money last time, these are the same supporters, he got $200,000 of his die hard suppor supportem last time to give money now. if this stalls out, i think he could be in trouble that suggests that kind of his bernie base is not as big as what we thought. >> see -- >> voter still feel the bern, but i am impressed that bernie sanders 77 years old is favorite among the democratic possible voters. note t to -- is so impressive, 2
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primary wins, in 2016 he started this leftist socialist campaigning, why not give him the go ahead first off. >> he was fringe candidate if you think about it, last time with the ideas that were out there and different. what is amazing to me, she not the fringe candidate, he is the majority candidate, everyone is going to this left fringe side, i think it will be hard for him 1 the other candidates get going to differentiate himself. they are all now crazy. >> in last election his grade advantage was he was only semi credible candidate against hillary clinton. that is a key reason why donald trump won that elect, but sanders and trump in 2016 were not part of the debacle of 2008,
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that was their advantage, they were outsiders, that is what people wanted to deliver from wherever. they want to say to the establishment, thumbs down. david: as to the age, i should mention that ronald reagan had a very popular base with younger folks, you know whether it is conservative or liberal, age age does not factor in. >> are you comparing bernie sanders to ranald reagan. david: only in terms of age. but, what about the money that he -- you know as a general rule, if just one of your policies costs as much as entire federal budget that is not going to work so well. >> that is why the bernie people got mad at me, i said that i thought his health plan was unrealistic. by now it is upping the price tag.
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to get 5 million in one day is impressive. i think that someone has to explain what happened to all of his people? are they sleeping? are they tired? they are not paying attention yet? >> bernie in effect has cloned himself there are 20 of them out there they look younger but they are mouthing the same viewing. >> i have to say, also amazing about all of these candidates how hypocritical they are when it comes to wealth, whether it is bernie's own wealth or some of the other candidates in the race. amount they raised from wealthy and other corporations, while they are demonizing them, look at someone like senator booker for example, he has raised millions over past several years from folks in the law industry,
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lawyers, financial services, entertainment and the like. i think it will be really difficult for all of these candidate. bernie perhaps aside, to square up the fact they are demonizing the wealthy, at same time they have their hands out to the wealthy and corporations they keep talking about. >> i don't think that argument will work that well. if you think about it because we have a system in which there is literally billions of dollars poured in by the opponents. i think that everyone understands if you go up against an army that is coming at you with bazookas and missiles, you have to go with bazookas and missiles. the candidates are raising money from individual who work at corporations, you can't say, if you for example' corporate taxes to go up, then you took money from corp tratio operation thata
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misstatement. david: a good point, steve mentioned at beginning, sometimes big corporation will lobby in favor of things that might be bad for capitalism, you think about obamacare with the big pharma companies and insurers, evenly some learned to regret it. >> part is protection money, make sure you are covered on both sides, for what they call access. so you can say after the candidate win, remember me. >> progressives have one target in common, that is amazon, we know bernie sanders pressured them to raise wages to $15, then aoc, some say, progressives here in new york city chased them out. i would say they have similar targets, corporate target, i suspect they will note get money from am -- not get money from amazon. david: president has called out
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in his state of the union socialism, as an enemy of what the united states stands for. i am wondering how that plays out at election time. we have a poll out, showing that most americans still thought that socialism is a dirty word. how will it play out? >> it is a dirty word. it is the biggest threat we face in terms of the economy and the foundation of our nation. i think way that plays out if you have bernie sanders or any of these far left candidates who look like they will win the election, that is the catalyst that gets someone like howard schults to stay in be that spoiler. >> also, it opens you up to humorous attacks, the idea that cows are a threat to human civilization, and you can build a bridge across pacific ocean,
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and a tunnel from california to hawaii wit. aocis looks like she is trying to write scripp scripts for saty night live." >> i think you -- >> they endorse this. >> every single one -- every single democrat candidate has endorsed the green deal. every one of them. every one of them. >> almost all. >> brown has taken antic sensetion. >> she came in after they endorsed idea. she said here are specifics of my new green deal.
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people said, she said she wanted to get rid of all airplanes, i tell you, if you have convinced yourself that extending medicare, giving everyone an option to buy into medicare is socialism and the country wants to destroy that, you are diluting yourself, polls show 80% support for that, including 50% of republicans. >> until, until it is explained when the thing means, you have to give up private care, you cannot choose your doctor, you will not have a choice, you go to the crazy systems where you get less. only way that europeans and others control healthcare, americans will understand, is by rationing, in england, you need kidney dialysis above the age of 60, forget it they will let you guy. >> dyou die. >> do you think medicare is
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socialism. >> medicare is heavily subsidized. the reason why it still has great popularity, they do give you an option of private companies which is more and more popular. that i want to take that away from you. if it is not medicare they really want, they used word medicare they figure people like that word, they want government-socialism, government-control single payer system, they use medicare as a cover. >> that is the title. >> they use the word, and medicare should sue them for misuse of their title. >> caroll. >> whether you want to call it socialism or not, it is government-control. we know how things go when government gets involve and control things they don't do anything well, why would we think they could run healthcare
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well. >> they run medicare. >> okay, we have to wrap it. a privacy scandal rocking silicon valley, what google said it forgot to tells had customers, that is next. to be nobody but yourself in a world which is doing it's best to make you everybody else... ♪ ♪ means to fight the hardest battle, which any human being can fight and never stop. does this sound dismal? it isn't. ♪ ♪ it's the most wonderful life on earth. ♪ ♪
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david: google is now apol apolog after they forget to tell user that net home security system came with a built in microphone, they never intended for it to be a secret, and it is could vated -- activated only had users
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choose that option. so was this an honest mistake or was google actually trying to spy on us? >> somewhere in between, there are enough lawyers and enough engineers at going to ol googlet would get released without a decision what would be in tech spec disclosures, it was not an honest mistake. that activity from saying they are here to to actively spy on us, the phrase that i love so much about what this represents, we have entered a ea era of surveillance capitalism. >> everyone else has caught so much flack. with face time and eavesdropping, i got rid of my echo because i was afraid of conversations being recorded.
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news this week, ap 18 thousand d apps retain your ins, is there a thing of privacy. >> not if you are an active internet application user, if you think about it, we get remarkable and valuable services for no cash outlay. from google and facebook and all of those apps on our phones. we have to admit there is a huge benefit to it. the cost is we are giving up every time, with every app woo e give up tiny slices of our privacy. we're the product. it is a trade off. >> now, look, you said they are not trying to spy on us, news flash, is yes, they are. that is how they make money, that is how they turn it around. they give us products for free,
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but not really free. next will be google bathroom. but -- i think even steve forbes, you have to be concerned about the definition of property rights, that is we have sorted out what the property rights are, if someone building a tool shed in your backyard, have to get that out because i own this land. this definition of who owns this data, and who owns the information about your life and your family and your kids and what you are eating, what is in your toilet in your fridge. that will come to a head there will be regulation. >> no question, also that is the case, you know i was just talking to a friend about this, it reminded me of scene from animal house, where the guy they wreck the frat pledge's car, then they look up and say, you screwed up, you trusted us.
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and i do think that is sort of the dynamic that we're at. >> get rid of this toilet thing it is flushing with excess. >> oh, no. >> but in terms of data, i don't think most people mind if they know what you buy and want, this is a convenience to you, butness. of -- but in terms of a voice conversation is a different matter. yes, one thing to use a particular word to get a security system going, but another who is listening, you have to wonder, google give up to thto -- presents do the prest hoping to get something on the 25mm, who knows. what do you think will happen in terms of regulation? will fed do sta something do or.
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>> it was interesting, i was close to a u.s. senate candidate last fall that ran, all of the polling they did, it was in a rocky mountain state. they could not get the privacy thing to show up as a -- not making a blip. but my sense is that it is coming, it seems there is some plain language disclosure requirement, this one does not feel right, i think we can agree this thing of you put a microphone in there, you could activate it if you wanted to, it a software update, that does not feel right. when you hit those thresholds as someone like austin can tell you, sitting at right hand of the president that is where you go, hey, we should do something about this. >> there are few people you don't invite to your house, a stranger, you don't invite a
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vampire into your house, and you don't invite tech 1 enables technology into your house. is there another business model, spying on people, knowing everything about them is a huge business for companies like google, which i am invested in, what is the other business model? >> it very much this is the other kind of the other flew the looking glass -- through the looking glass problem media business has. you folks in newspaper business is there are other business model. there is but we could charge people, but they don't want to pay it any more. that is when we face here is there another business model? you could charge every $10 a month for your g mail account and more for subscriber to
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search service. i have a funny feeling that the average american will say, at i think i heard from the panel, i think, it is okay to say, i'll let you know some things, but there has to be some bright lines, as steve says, i don't want people listening to me event if is not people, even if it circuits listening to me, and ag gate it like your credit card straim, hostatement, how many td you say crew yo screw you this . >> that will be an income -- like apple products. they charge you. if you don't want to pay the money, then you are relying on
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free spuf, i stuff, then their business -- >> we have to leave it at that, dave thank you for beings here, great to se you. david: look at this critics of alexandria ocasio-cortez sending her a message with a huge billboard, right here in times square in new york. will the anti-business politicians may a price? that is -- pay a price? that is next. great news for an- uh uh - i'm the one who delivers the news around here. ♪ liberty mutual has just announced that they can customize your car insurance so that you only pay for what you need. this is phoebe buckley, on location. uh... thanks, phoebe. ♪ only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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david: a new billboard just up in times square, calling out congresswoman alexandria ocasio-cortez for her role in amazon canceling its plans for a second headquarters in long island city. paid for by job creators new york, accusing alexandria ocasio-cortez for costing new york thousands of new jobs and
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billions of dollars, she is arguing back to twitter. which point do you think will hit home. >> can we agree, this is not a serious person, and we should not taking any she says seriously, except for people of new york who are seriously disappointed they are losing all of this economic activity. she is economic illiterate. >> this a different fight to fight, if you look at return to investment, here it is very obvious, that was a bad thing for new york city to lose this opportunity. >> how chases away tens of thousands of excellent paying jobs helps the downtrodden is a mystery, in terms of caroll made that point in terms of tax credits, they were not giving
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money out, very little money was given out. they are not collecting taxes that otherwise collect. and being one who is second skeptical of government that is not a bad thing, in return you have tens of thousands of good paying jobs averaging $150 thousands each, what is not to like about it? >> that is what senator cory booker said, he wants amazon to bring their second headquarters to the city in newark across the way, although with higher income tax it may be hard to lure the workers, it goes against other progressives, cory booker older but she also being criticized for cozying up to big companies and corporations, and hollywood, so, maybe he is playing a different game, but long island city missed out, cory booker hopes newark will win out. >> we want hq 2, we sent that message out, and everyone from
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governor to mayor to local leaders have been reaching out. >> there you go, i don't know if amazon is taking another look at a second headquarters, they. long island city missed out on >> you know here every state and ever city is of two minds, we got to a race to bottom where we give away billions of dollars to company that have bil billions o get them to bring jobs, new york city has done well so far, i was in full disclosure, i was on panel they asked a bunch of civic leaders and professors and business people to try to seek amazon to put hq2 in chicago, i thought some place other than where they already have major operations would be a good idea for those places and amazon.
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but when you go here, in a way you live by the sword you die by the sword. i don't know that alexandria ocasio-cortez is the personal fault for this happening. i think it was sai set in motion before this they chose a state senator a vocal opponent to amazon getting any subsidies, they put him on a panel that would have veto power over amazon headquarters going there i think amazon in a way did a crafty thing to pull out before it gottie to, that and point a financial ira -- finger at most public of their critics that is now why they are -- >> she was pointed at because she put herself in the forefront. but these other politicians like that state senator, they are angry that amazon did not pay them off in advance. give insurance contract to brother-in-law and junk like that and promising amazon was
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resisting unionization, they thought they could roll them saying, unionize in new york. >> maybe but steve. >> and amazon said, no way. we want out. >> you have to be uncomfortable with the crony aspect of what the subsidy contests have become, amazon shows up, it a very rich company. they get billion dollar tax free, other companies that go there not as big azam john they have to pay the taxes. to create differentials like that leads to very kind of cronyism you usually don't like. >> which is why government and cities should give that statement tax break to everyone, you know it will lead to job creation, offer it not just to corporations, but on the small businesses, give it to everyone
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that is what creates growth. david: all -- every one of those 25,000 workers who will not be in new york would have been paying taxes income taxes to new york. , that is a huge -- >> and sales taxes. david: huge loss to the community, moving on, first of its kind, ipo coming, a new report on when and where lyft is going public, whether o what wew about that coming next. when it comes to so,type 2 diabetes,.. are you thinking about your heart? well, i'm managing my a1c, so i should be all set. right. actually, you're still at risk for a fatal heart attack or stroke. even if i'm taking heart medicine, like statins or blood thinners? yep! that's why i asked my doctor what else i could do... she told me about jardiance. that's right. jardiance significantly reduces the risk of dying from a cardiovascular event
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what comes next? ♪ so you're planning for retirement. ♪ retirement? after that. after retirement? after planning for retirement. oh... retirement. david: breaking news, "wall street journal" and others report the ride share company lyft will plan its shares on
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nasdaq. >> they have 29% of market compared to 70% for uber. they are at a smaller valuation, lyft valued 15 billion, latest round of uber 70 billion. they want to value uber at 120 billion, they want the richness and commissions. this is supposed to be year the tech ipo, let's hope it does not end like 2000. >> i think whole idea we're having ipos again is amazing, for years china had more ipos than the united states because of regulation and what happened. had is a sign of life. i don't know whether i would buy lyft shares but it will lift spirits of people, that when you invest in company you can take it to market now, that is good for pension funds and
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shareholders and everyone, back to normal after 15 years. >> one thing potential shareholders should note, it looks like lyft going way of other tech companie companies pn place super voter shares this a big corporate governance issue with a lot of tech company, facebook has it. it is disappointing to see that trend continue. >> i think that is a great point. i am happy they are not doing it in bitcoin. and have an initial coin offering. when they have ipo for all ride share company, one interesting hinge we'll see, once you go public, you have to get the accounts and release the numbers for investors to examine. what we'll see is how much of this business model has been premised on massive subsidies
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from investors' money to low prices or how much is sustainable at price they -- >> amazon has demonstrated you can have below profitability as long as people have faith you will increase the top line, that will come to the bottom line, just say in advance, this is our plan, make a percent -- persuasive case. >> uber came out with latest numbers, they are burning over a billion dollars a quarter. when you are a public company, have you shareholders to answer, to they want money back. if you spend more than you make for many years they get tired they want their money back. david: and still, city governments are working against ride share company, the taxi lobbies have very deep roots in medical culture of the city,
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they form regulations to prevent lyft and uber from doing their business. >> they will keep attacking them, what is remarkable this is why high-tech is so important, despite political power of local cartels, you can come in with a new technology, 85 billion dollar valuation because they blasted through it, they can try too restrict it like new york, but they will lose. tech will win. >> most cities are backing away. there is so much demand, the voters who go and say i'm getting really angry at any politician who will take away my ability to get picked up at airport. by uber or lyft, new york city is different, have you so many taxis. >> all right, thank you gang, democratic capitalism it works. democrats are reviving old policies that could raise the cost of banking, the latest on
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david: some democrat members of congress are trying to bring back policies that threaten big banks with higher taxes and reregulation, hillary is joining us more with that.
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>> finding ways to squeeze cash out of wall street and big banks starting with stock buyback, sanders and warren calling for changes to ban companies from buying their own shares, unless they make investment company wide first like bumping up pay company wide to $15 an hour, offering paid sick leave there is is bipartisan support for this rubio considering rolling out a plan that would take away tax advantage for stock buyback to encourage businesses to invest and pass perks to workers, some democrats floating a transaction tax on trading volume to rake in more money, hawaii senator pushing for tax to fund pricing progressive proposal like universal income, medicare for all and a flurry of change propose in green new deal, kirsten gillibrand and bernie sanders onboard with this idea. >> all right. thank you.
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>> so, what do you make of this? >> well, you know, i think if you look at these proposal, there are a few things that are specific to banks. i think the popular wi wisdom in u.s. is that there need to be tough rules of the road, if anything u.s. was too easy on the financial institutions after the financial crisis and through the financial crisis, second part. share buybacks, and was corporate tax cut a scam, was it sold as a way to increase corporate investment, increase jobs and get people to use their money in the united states and now they turn and find out actually, investment has not gone up hardly at all. have you not seen any increase in job creation rate and what they are mainly doing is paying out dividends, you can argue
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whether these bills do it the right way, i have been somewhat critical. but that fundamental issue we gave 2 trillion in tact cut to high income people and big corporation and we have very little to show for it, that the hang around the president's neck for a long time. >> i ahead the word scam, this is not what it was, it was done to make company in u.s. more competitive, we had the highest tax rate, we have to lower tax rate to make them more competitive in terms of buyback, they are a capital allocation decision, and wall street is smarter than the government. we don't want it to happen, we don't want businesses making decisions based on trying to get around stupid things that governments do, maybe the borese -- boards of director need to step up their governance, they need to cut spending.
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>> and politicians, where in the world did they think this money comes from? banks are not people, they get it from doe pos iters -- depositers and shareholders, and they get it these people they don't understand what creates prosperity, david, that is investment. if you tax investment you get less growing economy, again, hurting those with the least. >> agrees. >> you are back to it, sold tax cut that would increase investment, it did not, it increased share repurchases and dividend payment that does not add to go to -- >> we don't see companies of changes their headquarters to get around -- onerous ta laws, n
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we get trade deals out of the way, i would rather have money in hands of people. >> most unpopular tax cut in history of american polling. >> i don't think that american people -- >> it is terrible because we're doing so well. >> just for record, since the tax cut we have had a increase in gdp and a huge increase in number of jobs we never had that many jobs here, something -- not all being spend on stock buybacks. >> with financial engineering. maybe every man does get a little bit. david: turns out states with higher taxes have the worst public services. what does that tell you about government efficiency, debate on
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drive yours away this presidents day. david: governors from high-tax states keep pushing for higher taxes. but basic infrastructure often rank among the worst and most of expensive in the nation. so are higher taxes counter productive for improving state services? >> where does the money go? it goes for below thed pensions and union rules that make things grossly expensive. the "new york times" looked at new york subway costs, why does it cost five to six times more than it does in paris which is unionized. bloated costs, below thed
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pensions. you pay more and get less. > >> if you subsidize you a state. 9 out of the most of subsidized states are red states. if the government subsidize the states, they have good infrastructure. four of the five biggest net payers to the united states. you will find it's expensive to build infrastructure. >> florida has a budget of $80 billion less than new york. >> i'm in the same location as austin. i am in chicago.
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we have a horrible traffic problem, horrible schools, and a crime problem. we pay a ton of money in property taxes and income taxes. unfortunately the government does a horrible job with it. they have to give the money back to people. it shows the government cannot allocate that capitol in a way that makes sense. >> maybe a subsidy like red america gets from the federal government. >> i would agree. that's why i don't agree to this green new deal. >> we have that system now. that's what i'm saying. >> austin, when you see a public road project, it's more efficient than when you see a privates project going on? >> if you look at red america,
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they are getting their infrastructure subsidized by the federal government. they are paying in many cases less than $1 for the $2 per getting from the federal government. >> you are not answering the question. while talking about when you look at a road project or anything else done by the federal government, are you saying it's -- >> take the railroad industry. it's the best in the world. it deregulated in 1980. when it's privately owned you don't have infrastructure problems. >> we do. the average brake on the train is less than 9 miles an hour through the urban area. >> our official own malice the
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construction horse. they never make any progress. the government does not do a good job. david: you can catch more of steve forbes on "mornings with maria." that's tomorrow at 6:00 a.m. >> the organizations act criminally with drug trafficking and terrorism.

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