tv Bulls Bears FOX Business July 25, 2019 5:00pm-6:01pm EDT
involved with this beyond meat. crazy. lauren: it ipo'ed at $25. connell: watch alphabet and amazon tomorrow. those will be the big movers along with intel. thank you for joining us. "bulls & bears" starts right now. david: we got a tale of two tech giants here. look at shares of amazon and google's parent alphabet, moving in very different directions after hours. amazon down more than 2% with alphabet soaring. right now it's up over 8%. we will bring you the details of why the numbers are where they are and what you need to know ahead of tomorrow's open. that's coming up. but first, in a very busy hour of "bulls & bears" we have more breaking news. the house just passing a sweeping budget and debt limit deal, months in the making and backed by the president and leadership of both parties in the house and the senate. let's go straight to hillary vaughn on capitol hill with the details. hillary? reporter: david, republicans and
democrats, democrat votes 216, republicans 64 in favor of this, totalling 280. 150 people voting against. this is over the budget deal that speaker nancy pelosi worked out with the white house that earlier today, had a lost house republicans skeptical whether or not they could support it because of the price tag. it did reach a spending cap agreement for two years and suspended the debt ceiling until july 2021. it has passed the house now so that means they kick it to the senate and the senate has its own batch of skeptics but sources i talked to familiar with gop leadership on the senate side tell me they are confident they too have the votes, at least a broad consensus among republicans and democrats to get it through the senate and then put it on the president's desk, who was a wild card really until this morning, when he encouraged house republicans on twitter to vote in favor of this bill, saying he is totally in support of this budget deal. so we are expecting if everything goes as planned, the senate would approve it, then
the president would sign it. david: hillary, thank you very much. let's bring in our panel. jonathan hoenig, kristina partsinevelos, gary kaltbaum and gary b. smith, who is here in new york. this bill would boost government spending by $320 billion over an already huge amount of money. what do you think of it? >> well, i'm so happy today. you know, let me just say this in all serious. i think we need to have like a two million person march on capitol hill to let these people know what we think. basically, the future is being destroyed and i don't know whether it's 20 years, 10 years, 5 years, i don't know what number it's going to be but eventually the bond market's going to crash to account for all this debt which means the stock market will crash which means the economy's going to crash and each party will blame each other and guess who will do the bailing out? we will. it is a cesspool brought to us by the socialists and what i call the republic-cons that
continue to b.s. us on the size of government and what they will do going forward. >> wow. i don't know how to follow up with that. >> you can't. >> but $320 billion in spending and it's only going to be offset by $75 billion which would only come into effect over the next decade or so, so that's worrisome. i want to pivot just to a comment we got from the koch brothers conservative freedoms group that came out with this warning you are seeing on the screen. republicans who go along with this budget deal will lose all credibility on spending. this budget deal is ludicrous. the gop has been misleading the american public on spending for years now. yeah, they talk a great game on the campaign trail but when it's crunch time, they fold. >> well, here's the real question. where does gary k. stand on all this? david: real subtle. >> it's baffling to me. the guy always waffles on this. >> you don't disagree with me. >> i agree 100%. i will put some -- you said when are we going to start feeling
the effects of this. well, let's see. we'll have debt held by the public 100% of gdp within ten years. we'll have interest on the debt equal to defense spending in five years. we'll be paying as much on interest as we do for f-14s, carriers. as gary k. said, you can magnify his feelings on this. we are just passing this along to kristina's grandchildren. >> i have that in my notes. i'm the only one with no children here. >> i'm sorry. >> i'm not even married. >> we have a big announcement. no. david: jonathan, i know you are dying to get in but we have a congressman waiting to get in. we want republican congressman mack thornberry to come in. he just voted in favor of the bill and joins us now. i don't know if you just heard freedom works and a lot of fiscal conservatives are mad as
hell. they say you are violating a commitment to limited government by voting in favor of this bill. what's your response? >> i think the concerns about the debt are absolutely legitimate and absolutely true. david: so why did you vote for the bill? >> what has been misunderstood is what this bill does. it actually increases spending $49 billion from this year to next year, and 22 of that goes to defense. if you step back and look and compare defense spending in 2010 and defense spending this year, it is up .27%. if count inflation, it's actually down 17%. so one of the big misunderstandings is that somehow this increases spending by $300 billion. it's $300 billion over sequester, which would never have occurred.
the other big misunderstanding is this is the budget. no, this is less than 30% of the budget, 70% of the budget where all the increase has taken place is mandatory spending, and anybody who complains about us not dealing with mandatory spending is exactly right. that's what's going up, and that's what's driving the debt. >> congressman, spending simply has not been cut. you have been in congress for quite a long time. i mean, has the gop essentially abandoned their mantle as being fiscally conservative? you were a great opposition party under obama. the sequester, et cetera, opposing that spending. now that you are in power, everyone from rush limbaugh to the president himself who opposed raising the debt ceiling in 2013, to you it sounds like, sir, are happy with the spending and the debt and deficit just go up and up and up. where am i wrong? >> of course i'm not happy. the debt ceiling is a reflection
of the spending that has already occurred. y'all should know that if the federal government gets in a position to default on the debt it has already incurred, 70% plus of which is mandatory spending, we really do have an economic crisis. i would say number one, republicans in the house of course are not in power. we are in the minority. number two, the only entitlements, mandatory spending that have been reformed in the last 20 years have been because of republican initiatives. we reformed food stamps. the house last year, year before last, reformed health care including medicaid, which failed in the senate by one vote. so it is absolutely true that the big driver of the debt has not been reformed, that is mandatory spending programs like social security, medicare, medicaid, et cetera, that's what we've got to tackle if we are going to back away from the debt and spending. >> congressman, let me ask you a
question. i agree with all you said about, you know, reducing the entitlements. let's get into your camp, defense spending. the defense budget is one of the biggest components outside entitlement, if not the biggest but aren't we spending, aren't we really fighting old wars? world war ii wars? isn't most of the budget going to aircraft carriers, f-14s, things like that, when we should be putting most of the budget not into hardware which sounds good and every congressional district, i'm sure yours loves it, but into more cybersecurity, things like that? i guess my point is do we really need that big of a budget to fight the current kind of wars? >> the answer is yes. we don't buy f-14s anymore, by the way. >> you know what i meant. >> just to clarify. >> okay. >> here's the challenge. absolutely, we have got to focus on pure competitors like russia
and china and you're right, that includes cyber, artificial intelligence, hypersonics, directed energy weapons, all of those things. at the same time, terrorists have not gone away. we cannot neglect the fact that isis is still plotting and planning every day against us and that doesn't even include what iran and north korea are doing. we have to plan for all of those things. unlike other countries, we actually pay our people, and so about a third of the defense budget goes for people, for salaries and benefits to recruit and retain the top quality men and women and their families who serve the country currently. then a lot of what we have been doing lately is fixing our stuff, because the defense budget was cut by 20%, starting in 2010, when you count inflation, and we had too many planes that couldn't fly, too many ships that couldn't sail, repair is what we are focused on
now. >> you are focusing on defense which is great. you mentioned $22 billion. looking at the numbers, we see 65 republicans did vote yes for this budget passing, yet 132 that voted no. you weren't among those 132. can you just tell me a little more about the dynamics going on within your party in terms of voting for this? >> as i mentioned awhile ago, republicans are a minority in the house and so there is a temptation to vote no. look, there is good and there is bad in this bill. for me, i think defense is the first job of the federal government. i am not willing to say to some pilot or his family i'm not going to fix your plane because nancy pelosi wanted to spend too much on education or labor or some other domestic program. >> are those your only priorities? sorry to interrupt but it seems you are only focusing on
defense, that's it. >> defense is the first job of the federal government and it is literally life and death for the men and women who volunteer to serve. one other factoid. defense is 15, 1-5% of the federal budget. it was about 50% in john kennedy's day. i think if we are going to send people out on missions we ought to give them the best this country can have and that's our -- david: got to leave it at that. we thank you very much. please come back and talk to us again. appreciate it. well, big tech earnings season is heating up, with both alphabet and amazon reporting after the close. we break down what their results mean, next. fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost.
unfortunately, it can't do anything about that. now that you know the truth... are you in good hands? most people think a button is just a button. ♪ that a speaker is just a speaker. ♪ or - that the journey can't be the destination. most people haven't driven a lincoln. discover the lincoln approach to craftsmanship at the lincoln summer invitation. right now, get 0% apr on all 2019 lincoln vehicles plus no payments for up to 90 days. only at your lincoln dealer. plus no payments fojoin us for a walk? i'd love to, but my legs and feet are so tired and achy. walter, you need revitive ! it's the circulation booster! it really got me moving. i use my revitive every day! to relieve my aching legs and feet. it's so easy.... drug free....
and its electrical muscle stimulation really improves the circulation in my legs. i'm back walking this guy everywhere. check it out online. revitive ... fda cleared... clinically tested. only revitive relieves aches and pains, increases oxygen rich blood, and strengthens leg muscles. we've gotta do this. don't suffer any longer! order revitive medic with a 60 day money back guarantee. with free shipping and free returns. someone got revitive. order now and we'll send you our most popular treatment boosting accessories. a $50 value absolutely free! go to revitive.com or call... get moving today!
republican side voted against it but it did pass at the end of the day. now it's on to the senate. we will see what happens there, although they appear to have the votes. just some details here. i said 150. 132 republicans voted no. they can always change their vote at the last moment. justin amash voted nea as well. moving on if we can here. let's see what's happening with amazon and alphabet. it said unchanged but that's wrong. it's up 9% after hours. google, otherwise known to stock traders as alphabet, had a huge beat, they beat by $1 billion on revenue. these are tech giants and google real really, everybody else had been doing much better over the year but today is their day. it's up over 9%. amazon is up -- is down about 2.5% right now. deirdre bolton is standing by in the newsroom with more.
it's really all google's market today. deirdre: oh, it's going to be a fantastic day for owners of this stock tomorrow, as you alluded to. it is moving higher in this post market so knocking the cover off the ball as far as the top line, the bottom line. the company also announcing a repurchase program, $25 billion of class c capital shares. you alluded to this, of the fang stocks, google, alphabet google, was the least loved. year to date it was up around 8%, we know the s&p 500 is up around 20%, and it was really underperforming its peers in big tech so more than likely, you will see people who hold this stock pretty happy tomorrow. take a look at amazon. a little more of a complicated quarter. it was a mixed picture. the company missed on earnings, beat on revenue, but the earnings miss really came from a few key reasons. one is that the costs went higher. the company is just spending more to keep us addicted to prime. they spent more to get us our
stuff within 24 hours, that takes money, amazon spent it. the other thing is with amazon web services, what we often call cloud services, the company saw sales growth in that particular division of 37%. so that's still happy, solid by any metric. it just happened to be less than what wall street was looking for, and that took a little chunk out of the profitability and was part of that earnings miss. as a side note, contextual note, microsoft's azure is coming more and more into that cloud space as a comparison point. the sales from microsoft's azure product which competes directly with aws was up 64% in the last quarter. so you can see where wall street is comparing the 64% growth versus the 37% growth and saying okay, amazon is slowing down a little there. i will leave you with one other silver lining for people who hold amazon stock. if you look to third quarter, overall third quarter guidance for their sales, they are
guiding slightly higher. $66 billion to $70 billion. if you look at that midpoint, it's obviously $68 billion and wall street consensus for this current quarter in sales was $67.28. ever so slightly higher but i'm sure a lot of bulls will be citing that tomorrow. david: i hate to put a dark cloud on your silver lining, but amazon just warning investors in an after-hours call that its profit will disappoint again in the third quarter. deirdre: they will continue to go higher and higher, costs, and that's the price the company is willing to pay to have its thumbprint, footprint, however you want to think about it, be bigger and bigger and have it not really be able to leave its ecosystem. apple has doine it successfully. amazon wants the same. david: okay, reaction? >> 9% for a company like google is really going november the market. of course, it's delivering. think about what life used to be like before -- i remember
microfiche at the library. amazon changed everything. they changed it for the better and the reason, they stayed on top, because they have been able to continue to innovate. ironically, that's a risk for the stock moving forward because in order to maintain that valuation, they have to keep innovating. that's one of the reasons you are seeing, for example, amazon now enter the real estate business. this is the number one risk for these companies moving forward. lack of innovation and even more acutely, government. i got microsoft from 1999 to 2016 under the antitrust activations from the federal government, the stock was stagnant. only a government can hurt a company like that. >> you love government, don't you? >> investors certainly don't. >> to add on to your point, if you are looking at the numbers, when you talk about amazon's web services, you saw deceleration, she made the comparison to microsoft and how much growth they had but microsoft also had some deceleration, too. overall, that is what drives a lot of the profits. there was some weakness there.
a lot of weakness when you talk about operating expenses. it's up 36% when it comes to shipping expense growth. that did weigh on some margins. because we all want one-day shipping. we know amazon announced that, everybody is trying to copy it. those are some numbers that stood out at me. for google, the thing i noticed quite a bit is the $25 billion in share repurchases so that's helping a little bit and there was no mention about the ftc. i was wondering because facebook announced yet the federal trade commission would be looking into it. none of these companies said anything today. wonder if that's going to come out in the near future. >> here's the interesting, i want to get back to the point you made, david. the point deirdre made about their investment and comps going down. actually, the company that i would be buying right now, i love both of them, company i would be buying right now is amazon. here's the reason why. as jonathan pointed out, google stays ahead, one, by their sheer
size, how much they have, but they have to keep doing smart things. you can live without google. you can use another e-mail, you can use another map service, you can do all that. amazon, though, what they are investing in is a moat and that moat is their distribution centers. you cannot replicate getting one day delivery. walmart has tried over the years. people are now addicted to it. amazon is going into old retail malls, they already have the dcs on the oufdz cititside of citie. they cannot be stopped. david: they didn't show a profit for many years. they came booming ahead in the end. meanwhile, americans are more confident about the economy than they have been in almost 20 years. guess who's getting the credit? how this could play out in the elections in 2020. that's next. all money managers might seem the same,
but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly better money management.
hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane. unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass.
i hear it all the time. i hear it from other frankly presidents and prime ministers and kings and queens. they all say they want to come back to the united states and some of them, other country ares n -- countries are not exactly thrilled. david: president trump touting the economy as a new fox poll shows 51% of voters rate the economy positively. that's the highest number since 2001. the poll also showing a majority of voters approving of the job the president is doing with regard to the economy, so does this prove that it is the economy, not the mueller report and all the drama in washington voters are going to be voting on. what do you think? >> the good news for the president is the numbers are going up. they should. look, 3.7% unemployment is absolutely magnificent. you add in the stock market as all-time highs and where it's
come from the election. but the bad news, he should be in the 60s and 70s. if he's watching right now, gary says if you ever get some discipline, you will be in the 60s and 70s and re-election will be over yesterday. just a little bit of discipline, the great economy will go a very long way. >> i disagree with you, gary. look, the reason that half the country hates him is not because of his discipline. they hate him because he won. he cannot go back and turn the clock and say he lost and i love hillary, and hillary should have won. so that's going away. back to david's opening comment, people care about three things. they care about do they have a job, they care about are they making money, and the third, maybe just a slight third, is they care about their home price, if they have one. those are the three things. you're right, the mueller report, all that other stuff quite frankly is inside baseball. you keep those three things up, he's going to be re-elected. >> i got to say, i disagree with you. i do not think, look, if people
voted their pocketbook, they would all be for laissez-faire capitalism. if they voted based on economic self-interest they would be for a free market but of course, they're not. a lot of very wealthy people are for socialism. people don't vote their pocketbook. they vote for who they think is right, who they think is moral. >> half the country does. >> that's why you have people like omar, not to mention the more mainstream democrats who are essentially espousing socialism getting so much momentum even in the face of strong economic numbers from the president. >> since we are talking about numbers, i hate polls and i like numbers. this poll only consisted of about 1,000 people but it was very in line with a poll that came out from the economist where they found 51% approved of how the president handled the economy. there was also a cnn poll, 52%. >> who? >> wait, guys. there was a part of this poll we are not talking about. the survey, they were asked if there happened to be a democrat and the democrat became president, what would the economy do.
they said 33% saying it would get better. 36% said it would get worse. there wasn't that much difference if you were to change the political party or political affiliation of the president. there were some other sectors like race being a big factor that they didn't like as well as health care. 51% disapproved. david: but if the president makes the socialist moniker stick on the democrats, the democrats are doing a great job in helping him to do that, if that sticks, i don't think -- i think overwhelmingly, americans, it shows from our polls in the past, don't want socialism. if that sticks to the democrats, i don't think they will win. >> here's the thing. to jonathan's point, i will flip over a little, americans kind of do want socialism in a way. they want, they want the government to take care of things -- >> define socialism. >> well, in this case, they want -- they don't want to call it socialism. but they want big government. a vast majority of the country does want big government.
>> really? david: i have never seen that poll. >> i will give you one example. i get medicare in a few years. i want it. i want it so badly. i don't want to have to pay my own health care. you know why? and i want my social security, too. you know, that's big government. david: you think that's socialism? >> no, i don't think it's socialism. but it is under the umbrella of bigger government. david: got to leave it at that. 2020 hopeful kirsten gillibrand might be trying to stand out among the crowded 2020 field with her new climate change plan, but it is the whopping price tag that is raising a lot of eyebrows. she is supposed to be a moderate. wait until you hear how much this supposed moderate says it is going to cost. the figure will astound you. that's next. (vo) the hamsters, run hopelessly in their cage. content on their endless quest, to nowhere. but perhaps this year, a more exhilarating endeavor awaits.
defy the laws of human nature,at the summer of audi sales event. get exceptional offers now. has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪
♪ i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's gentle rounded brush head removes more plaque along the gum line. for cleaner teeth and healthier gums. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada for its effectiveness and safety. what an amazing clean! i'll only use an oral-b! oral-b. brush like a pro.
david: we have even more breaking news, the house just voting to block an effort from republican kentucky congressman thomas massi to change the name of the bill they just passed to kick the can down the road act. that would be wonderful. i'm sure our panel would approve of that. unfortunately, that is not the name of the new budget deal. meanwhile, 2020 presidential hopeful and new york democrat senator kirsten gillibrand unveiling her climate change plan today. we promise you the price tag, $10 trillion. she's admitting it, it's the most expensive climate plan among the 2020 democrats running
for president. actually, i don't think that's quite true because we had a $90 trillion plan put forth by aoc that some approved of. gilli brand defends the price tag and how she's going to pay for it with a warning that climate change is the most serious threat to humanity. listen. >> now we have this report and it says if we don't do something right now, you will see people suffer on a level you can't even imagine today. part of this presidential platform is a price on carbon and that's the same exact thing and what it is, it's $52 for every ton of carbon, metric ton of carbon. i also have an idea to do an additional excise tax on fossil fuel production. david: $10 trillion. will voters buy it? >> it is a contentious issue among this panel. i know we will debate it. the warming of the earth is something that a lot of people are paying attention to. there's a lot of research saying that yes, the earth is warming,
there has been vast fluctuations in the changes of temperature due to human activity. two examples. in the uk today, hottest temperature ever on record. there was an article, too, about pigs, u.s. pigs in america are getting skinnier because of the massive heat wave. that's increasing hog prices. jonathan, i know you want to jump in. you have massive global climate change, a study saying 95% result of human activity that you are seeing these fluctuations. so many other studies. go, jonathan. >> kirsten gillibrand wants to spend $10 trillion. we already solved the global warming problem. we have solved it. it's called air conditioning. >> oh, my god! that is horrible. horrible. david: i love it. >> what about electricity? what about the people that can't afford air conditioning? people are dying in this heat wave. >> or natural gas, of course,
but environmentalists are dead set against that as well. you know, at least the anti-war, the vietnam anti-war protesters, they were against something that was really evil, a scienceless w senseless war, lot of americans were dying. the environmentalist movement is sacrifice for sacrifice sake. the whole point is to hurt industry, not help the environment. >> i go on past performance. we were told 30, 40 years ago it was global cooling. al gore 13 years ago said we had ten years or we were doomed. now they are telling us it's another 12 years. have you noticed every time they talk it's all about they are coming after our wallets. the amazing part about this is you know what the part of the money they will use for? job retraining because millions of people are going to lose their jobs in oil companies and the like. these people are insane. they create the crisis and then come after our money. it's all about the redistribution of wealth and they go after the biggest parts of the economy. they go after health care,
insurance, energy, education, you name it. they want to run the world. i'm not letting them. >> you know, i promised an announcement before regarding kristina. here is that announcement. she is a fox news tree hugger. >> wow! first of all, i'm hired by fox business. i do hug trees. is there something wrong with that? >> here's the thing. let's stipulate there is global warming. hurricane activity is not really changed in the last 40 years. hurricane intensity has not changed in the last 40 years. you talk about the effects of heating, jonathan joked about the air conditioning but then the people up in michigan and maine need less heating. so you know, the global warming kind of balances out. but let's just stipulate -- hold on, let's just stipulate it's a problem we need to solve. >> okay. >> what's $10 trillion going to do? we don't even know because we don't know what's causing it. what are we going to do?
we think that humans have some impact on it but we don't know the root cause. unless we know the root cause, and unless every other country in the world chips in -- >> you are yelling at me right now. >> i know. i'm very excited. it's my normal mode. you got to get used to it. unless every country in the world chips in, the $10 trillion as gary points out is money down the drain. david: we are way over time for this segment but we had fun. senate committee passing a new bill to lower drug prices for americans on medicare. the move is expected to save billions. will senator bill cassidy, who is also a medical doctor, he voted no. we will ask him why, next. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. you need decision tech. don't miss your gto experience our most advanced safety technology
on a full line of vehicles. now, at the lexus golden opportunity sales event. lease the 2019 es 350 for $379 a month, for 36 months, and we'll make your first month's payment. experience amazing. a cockroach can survive heresubmerged ttle guy. underwater for 30 minutes. wow. yeah. not getting in today. terminix. defenders of home. gimme two minutes. and i'll tell you some important things to know about medicare. first, it doesn't pay for everything. say this pizza... is your part b medical expenses. this much - about 80 percent... medicare will pay for.
what's left... this slice here... well... you have to pay for that. and that's where an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company comes in. this type of plan helps pay some of what medicare doesn't. and these are the only plans to carry the aarp endorsement. that's because they meet their high standards of quality and service. review aarp medicare supplement plans and their rates in this free decision guide. call united healthcare insurance company or go online. visit aarpmedsuppfacts.com to request yours. even apply online... any time. oh. speaking of time... about a little over half way and there's more to tell. like, how... with this type of plan, you'll have the freedom to choose any doctor who accepts medicare patients. great for staying with the one you know... or finding... somebody new, like a specialist. there are no networks and no referrals needed.
none. and when you travel, your plan will go with you anywhere in the country. so, if you're in another state visiting the grandkids, stay awhile...enjoy... and know that you'll still be able to see any doctor who accepts medicare patients. learn more with this free decision guide. call or go online to request yours. tick, tick, tick, time for a wrap up. a medicare supplement plan helps pay some of what medicare doesn't. you know, the pizza slice. it allows you to choose any doctor, who accepts medicare patients... and these are the only plans of their kind endorsed by aarp. whew! call or go online and find out more. david: temperatures rising on capitol hill, not because of global warming. senators sparring over health care in a senate finance meeting earlier. listen to this. >> after being told if you like your policy, you can keep your
policy, if you like your doctor, you can keep your doctor and touting the great benefits of the affordable care act, most of the democratic presidential candidates want to eliminate private insurance. eliminate it for 180 million people. >> how the hell can you say you support protections when you had all the power and a bill did not pass that would replace the affordable care act? i'm still waiting for the replacement. >> you've had eight years of bellyaching about it and you haven't done a damn thing about it. >> here now is republican senator bill cassidy. senator, you were there. how would you respond to that? >> i would say that both right and left agree that the affordable care act is broken. when the presidential candidates are speaking of medicare for all, what they're saying is that the aca has failed. now, there is a different approach. republicans want to give the patients the power but democrats want the government to have power over the patients, to take away your insurance, double your
taxes, deny you the doctor you wish to see. now, i do think in that exchange, senator casey is more interested in an issue than he's interested in a solution. republicans are interested in solutions. >> congressman, i want to talk a little on the political side. you have a big re-election coming up next year and it seems to me the marketing of this, the last election, the republicans lost on the health care front. do you all realize that this is a big, big deal as we go into next year, and the loudest and soundest voices will win and you are up against people that are now calling for basically the destruction of health care and the insurance industry? >> gary, this republican knows it. i worked in louisiana's charity hospital system for 25 years. i understand that families are still sitting at the kitchen table wondering how to pay their medical bills and obamacare has made it worse, not made it better. i'm all about republicans having
a plan to bring forward to meet that family at the kitchen table to lower the cost of health care, to lower their premiums, and i'm actively working on just such a plan. >> senator, forgive me, i'm a little skeptical when i hear two phrases together. government and lowering prices. don't you agree that the best way to lower prices eventually in any market, health care or anything else, is a free market? and yet by arguing one form of government versus another, we are getting further and further away from that. do you ever see us getting to a free market in health care where you can lower prices, just like we've done in plastic surgery? >> so gary, you and i are on the same page, but i'm not sure you understand where i'm going. one thing i have been advocating is price transparency. the only way price transparency will be forced upon the people who are currently making money, because we don't know the price, is by government mandating that you publish the price.
president trump is doing just that. i have legislation which is, by the way, bipartisan so folks on the left recognize this, that you would also publish prices for drugs, for services, you name it. that can lower prices. that's giving power to the patient. >> senator, kristina partsinevelos here. you just talked about lowering prices. your committee actually passed a new bill today to do just that, but you are talking about it, yet you voted against it. tell us why. >> oh, no, i voted for that bill. >> oh, you did, okay. so to that point, how many people do you find that didn't vote for it and what was the argument against it given the fact that americans are spending $1200 on average per year on prescription drugs, the fact that just six months in 2019 alone, we saw the price of drugs increase 10.5%, much higher than inflation. what do you think of all this given that you are a doctor? >> six or seven people voted against the bill. there is a provision that caps the amount of subsidies drug manufacturers receive if they increase the price of the
medication faster than the rate of inflation. for those folks, they felt it was price setting. i don't think limiting how much the federal government gives as a subsidy is price setting. it is limiting how much we subsidize and that is a fair thing for we, the people, to do. >> senator, thank you for being with us. got kind of a cheeky question for you, sir. you mentioned you have a plan for health care. where in the constitution could you point to and where it says anything about the federal government having anything to do with health care, whether it be health insurance or drugs or anything else like that? where in the constitution do you find that authority, sir? >> obviously the constitution does not specifically speak of health care, but if we are going to fight that battle, go back to 1964 and say okay, medicaid and medicare and before that, back to 1919, the va or whenever the va started, let's go back there, and you will see that there is a discussion that took place in our history that said that de facto, we are going to have an
interest in people having access to health care, that's where we are now. david: senator, i'm just curious, do you think that the push for lower drug prices will go beyond what you say, that is, you're saying it will just mean less subsidies for medicare patients, that it might get into price controls, and if it does, and if it's initiated by the president, would you vote against that? >> i do not think there will be price controls. democrats want direct negotiation between the government and the drug manufacturers. i'm opposed to that. the government would have the power over many of the medications, would be able to dictate a price, it would be too tempting to dictate a price too low that innovation would be squashed. i don't want to squash innovation. i want innovation but nor do i want the taxpayer being hosed. david: senator, they are asking me to go. i have to ask a very quick question. you became a doctor years ago, decades ago, knowing what you know now about how messed up the system is, would you go to be a
doctor if you just got out of grad school? >> medicine is one of the greatest fields in the world. you have the honor of serving a fellow human being to restore them to life and to wholeness, and there can be no greater privilege than that. david: good for you. it's a real vocation. thank you, doctor. thank you, senator. good to see you both. bernie madoff, the convicted ponzi scheme fraudster that swindled thousands of clients out of billions and billions of dollars, he's back in the headlines. you're not going to believe why. that's next. can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad.
it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. but dad, you've got allstate. with accident forgiveness they guarantee your rates won't go up just because of an accident. smart kid. indeed. are you in good hands?
president trump has called him a sleazebag and total crook in the past but even if the president entertained the idea, would america ever be okay with it? >> absolutely not. this man is absolutely evil, david. he stole billions of dollars from charities. maybe only after every single non-violent drug offender has been released from prison and given an apology, then maybe only then should we even consider giving bernie mad jfof pardon. this is an evil guy who should rot where he belongs, in jail. >> pleaded guilty to 11 counts of financial crimes, he's 81 years old, he served ten years. to your point, i agree with you, jonathan. i don't think anybody is going to think that's very fair if we let him out. however, i wonder how much he's costing the system just for being in jail and to live out the rest of his life. so that's something we could consider but -- >> but that's the purpose of the system, to put criminals in jail. that's why we have a jail. if bernie madoff isn't in jail, who should be in jail? >> how about the president saying today maybe bringing back criminal punishment resulting in
death? how do you feel about that, then? david: capital punishment? >> there you go. that's the word i was looking for. capital punishment. >> for death, i believe in the death penalty. absolutely. bernie madoff didn't kill anyone. but he stole billions and billions of dollars. jail is where he belongs. david: all this, i feel compelled to take the opposite point of view -- >> no, don't. >> no, no, no, sadly, i cannot. he ruined charities, he ruined -- he was kind of like, to johnen thnathan's point he w of like a murderer in a way. he did ruin people's lives. they're still alive -- david: not all of them. >> not all of them. >> exactly. a lot of these people are living an entirely different life now than they would have been. i agree. we'll take -- the capital punishment issue, yeah, he should be in jail for as long as anyone. >> if memory serves me right, didn't his son kill himself? david: yes, one son committed suicide. the other i believe died of cancer. his own family suffered
tremendously as a result of this. >> i remember this very well. he destroyed lives. elderly that had $2 million of their $2.1 million with him down the drain, had to start working at mcdonald's. they gave him 150 years. let him off, give him 149 years, 11 months. give him a month off and everything's good. david: bernie madoff is not what pardons were made for. that's absolutely true. two major u.s. retail companies under fire after claims that they were quote, weight shaming their customers. is this p.c. run amok or do these companies have some 'splaining to do?
.. that a speaker is just a speaker. ♪ or - that the journey can't be the destination. most people haven't driven a lincoln. discover the lincoln approach to craftsmanship at the lincoln summer invitation. right now, get 0% apr on all 2019 lincoln vehicles plus no payments for up to 90 days. only at your lincoln dealer.
them from stores. forever 21 sent free atkins bars to its customers, including the plus size. >> forever 21 is a bad idea. we have become too pc in general. this is great marketing for them. they have a wedding collection and the glasses say i do, then as it gets bigger, i did. i like it. >> i agree about the last part of what you are saying. i think i echo the thoughts of 10 trillion people in the world. does everything have to be a thing? do we have to make everything an
issue? everything has to be pc now, everything has to be monitored. it's tiresome. >> it's almost like people wake up and are looking for something to be outraged about. if you don't like the plates, don't buy the plates. you should ease two cookies and most of people like myself eat six. >> i had a conversation with friends last week, what hoffys and tv shows can never be shown and what can't you talk about anymore. it's like everything. it seems everyone has a bone to pick with egg as innocent as can be with things like this. >> i think there is more
feedback against the pc shaming than there is in favor of it. you hear more at first about it. then you have the feedback from the people opposed to it. liz: democrats waking up to the fact that their plan of running out the clock, little mueller do their job of running in 2020 has failed. the clock is ticking fast and the democrats scrambling. the only way to stop trump is to not to him out of office, but beat him on policy. what trump has accomplished so far and what democrats have to show for themselves. the bitter enders of the democrat parting calling for an impeachment probe.