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Chinese retaliation. >> understood. that was the same rationale used for the previous bailouts. i want to do one last thing, gdp. the commerce department announced on friday gdp is 2.1% in the third quarter of 2019. here is what president trump promised it would be back in 2017. >> the economy now has hit 3%. nobody thought it would be anywhere close. i think we can go to 4, 5, maybe 6% ultimately. >> it has not hit 4, 5, or 6%. >> the 3 it did yeah. >> its at 2.1. >> in the third quarter. fourt...

The business cycle. we dont have a strict inversion of the yield curve. what we have is a flat curve, which is a much less of a sign of recession. and the problem is the federal reserve policy. were growing a little over 2% last quarter. we should have hit 3%. and the problem is the federal reserve raised rates too fast -- >> do you or the president take any responsibility whatsoever with the tariffs for the uncertainty is market has been feeling. >> so the first quarter gdp growth got us growth...

As the president often promises. >> if we achieve sustained 3% growth, that means 12 million new jobs and $10 trillion of new economic activity over the next decade. thats some numbers. i happen to be one that thinks we can go much higher than 3%. there is no reason why we shouldnt. the economy now has hit 3%. nobody thought it would be anywhere close. i think we can go to 4, 5, maybe even 6% ultimately. >> growth under president trump has continued at a very steady pace but with no acceleration...

And abroad. when those words or actions dont pan out or end poorly, he wants you to know one thing. it is not his fault. for instance, his big promise on the economy >> the economy has hit 3%. nobody thought it would be anywhere close. >> i think we can go to 4% or maybe even 6% of the middle east. >> we wfinished off 3.1. if we did not have somebody raising interest rates and do quantitative taking. we would have been over 4. >> or his campaign ad on obamacare. >> well repeal and replace obamac...

Points, thats five days in a row of declines. that mood spread around the world. right now, asia and europe are down. investors are ignoring strong company earnings. theyre focusing instead on what they perceive as threats to the nine-year-old bull market. caterpillar, the bellwether for industrial market, said profits have peaked because of rising costs like steel. and thats because steel prices are up since the trump administration slapped tariffs on imports last month. cat shares down 6%. 3m,...

Company earnings. instead theyre focusing on threats to the nine-year-old bull market like caterpillar, a bellwether from industrial america, what did cat say? profits wont do any better than they are doing now. shares tumbled 6%, 3m fell 7% after reporting it wont make as much money this year as thought. google parent alphabet racked up lots of expenses in the first quarter. that sent shares 5% lower, dragging down the entire tech successtor. another threat -- sector. another threat, the most w...

They eventually do head to the polls and about i guess looking back at the past year, do democrats have anything to be worried about? >> they have a lot to be worried about. particularly when you consider president trumps record of achievement in partnership with congressional republicans. for the first time, gdp in the last ten years is approaching -- has hit 3%, is approaching 4%. thousands of dollars back in the american peoples pockets in the form of tax cuts. i just saw a fox news report to...

Good, youre going to be board with winning. they havent won yet. outside of that he goes into election year where midterm elections where senate majority and house majority at risk. if they dont have something to say, look what we did last year, they are going to have an even tougher time. thats where mitch mcconnell needs that win. to keep senate majority he needs his members to say, look, we did something and we did something really, really big. >> jordan, i want to ask you -- let me play you ...

Well, we have a tremendous spirit for the tax reform. this is going to be one of the great christmas gifts to middle income people. the democrats have the standard sound bite before they even know what the bill is about. they talk about for the wealthy. this is going to be one of the great gifts to the middle income people of this country that theyve ever gotten for christmas. >> why are the middle tax cuts temporary? >> well what will happen is at the end, whichever the administration is, in ye...