Dot a big show joining the conversation pain Capitol Management is with us and Mitch Rochelle in editorial page ed tore James Freeman great to see everybody this morning. Thank you so much for joining souse so we have a market following bouncing ball of china President Trump, of course, addressed the Economic Club yesterday a event that i attended futures are down this morning but president was talking about china trade negotiations talking about Strong Economy heres a bit of that. Unploim is recently achieved lowest rate in 51 year. Africanamerican unemployment hispanic and Asian American unemployment have all reached lowest rates in history. Nearly 7 Million People have been lifted off very importantly food stamps, 7 Million People off food stamps. Since my election the s p 500 is up over 45 president obama the dow jones is up over 50 . And the nasdaq is up 60 . Their supply chains are cracking very badly. And they are dying to make the deal. Were ones that are deciding whether or not we want to make a deal. Were close. A significant phase one trade deal with china could happen. Could happen soon. If we dont make a deal were going to substantially raise those tariffs. Theyre beginning to be raised very substantially. So tariffs, obviously, the major Sticking Point chinese want tariffs off but this is going back and forth between washington and beijing. The journal this morning is reporting that disagreement center around whether United States will remove existing tariffs or schismly cancel ones to take effect december 15th and you know, the december 15th tariffs i think is what keeps going back and forth between china and u. S. How important is that for markets . I think its pretty important that we see something happen. Right because this point were hearing we have a deal. And then guess what, the rug gets pulled beneath us saying we dont have a deal now so ping some clarity on tariffs is important and drive the market a here for sure. I mean markets follow anything any develops on this. I cant imagine how a deal gets done james without thing big ticket items like intek intellectual property theft . At least training a commitment to that whether follow through in future years remain to be seen but president can always punish behavior that crops up in the future. Right if he gets that what that change he wants in terms of stop stealing American Intervention and dont have a local partner, i dont see why the tariffs shouldnt come down. But i cant see this president taking off all of the tariffs. Because thats what china wants and just feels like then china wins. But we all win if we get tariff and rule of law, and fair play and china. Then its good for everybody. I hope he doesnt look at that as as losing if he makes it cheaper for us to buy goods we want to buy their goods if theyre not stealing ours. If theyre not steal ours but so far unwilling mitch to agree to enforcement action within this deal. Yeah and rurals that theyre talking it be so may or may not be in phase one but in one of those chapters but what we with dont know is what enforcement mechanism is to james point so you can have all of the words you want in the agreement and what youre supposed tods and not but if theres no mechanism for enforcement forget about it and only thing we have for lempleg is tariffs themselveses so im assuming that one of the enforce m mechanisms will be just be reinstruction of tariff. Whats price of the market already . Ryan, do you think that markets are expecting staffs to stay in place or are they expecting that they wont go in place in december . I think were learning towards tariff wont be there in december because dow increase. It is going up and market is going up ail because we think we have clarity on ever tays thats what we need. Tariffs themselveses are not terrible but the fact they have no clarity thats where capitol expendture has been halted right now for company accident and need to have clarity around that and if they do that is huge for the market and economy. But remember last 100 billion or so of goods that hasnt been subject to tariffs that got kicked to december 15th is this stuff. Right so it is all of the saying thats what im say what is is priced in because there you have ten days before the Christmas Holiday you know, youve got shopping going on in december. Thats going to mean higher prices for like which is bothering you as maybe not for the Holiday Season but we buy this all year pronged so a big issue. No more tariffs as market expectation generally. But if you could get rids of what has been imposed this is, this is rocket fuel, even more than for the stock market for the economy. The the president reasonably noaght achievement so far but this quarter is looking pretty soft yes we have a very good october jobs report but the estimates for growth this quarter are not great. So if he wants that that boom heading into his reelection, it would be great to get a deal now that gets rid of all of the tamp. Thats a great point and president was confident yesterday he went on about the accomplishments that this administration has had but hes also basically said this impeachment is a scam. And he feels going into this public hearing today, and the rest of the week and next week he feels that theyre not going to do anything in term of changing people minds well see about that then theres the Federal Reserve jay powell testifying before the joint economic today. This is his first speech since signaling a pause in cutting Interest Rates about two weeks ago. The president waiting on fed yesterday as well. We are actively competing with nations who openly cut Interest Rates so that now many are actually getting fade when they pay off their loan. Known asking negative interest who ever harled of such a thing give me some of that. Give me some of that money i want some of that money. [laughter] Federal Reserve doesnt let us do to. We are competing against these other countries nonetheless, and the Federal Reserve doesnt let us play at that game but at a xattive disadvantage to other countries. Well, what do you think, mitch . Ive said before, with real estate person wantses to low Interest Rates as possible. So im not surprised by that. But just think about our economy so germany is in recession. Theyve had two consecutive quarters of negative gdp imroat so not a surprise that bank in european eye on is trying to stimulate that economy as much as they possibly can. We have james 1. 9 growth but thats maybe not the greatest number but a good sign so i dont think our economy can be compared to economy around the world. But what president is trying to say if their Interest Rates are low and were xettive then our Interest Rates should be low too. Isnt there an expectation, though, that europe cant generate any growth yet the u. S. Were bombing out here in terms of growth earningses supposed to have worth quarter this quarter but get better in 2020 is that where market is expected . Yap. Im not sure what the president was really saying there. Because he seem to understand negative Interest Rates are insantive and job creation that we were hoping for yet hes calling it competitive advantage over, why dont we punish savers and distorts Investment Decisions just like they do . Fortunately, there is lessing negative yielding debt around the world now than there was maybe six months ago. I hope were on this path i think people are starting to rule out in term of Investor Expectations that well end with negative rates in the United States. I hope not thats a fund menls sign of weakness i think people are getting more confident and were not going there. Economy is still in pretty good shape. But this is no competitive advantage for europe over us. And our Capital Markets depend upon capitol coming here in search of yield. Because this is the magnet. Yeah. Thats on the dollar too i think thats what hes focused on is the fact that dollar has been really, really strong here and starting to come down and i think thats because to your point maria that we are starting to see a trough in economy and u. S. Around world also. M Holding Public hearing acting ambassador and Senior State Department official testifying together before the house Intel Committee. James your piece today in journal best of the web and anonymity gains are those great really has so much been demandinged of so many by so few unidentified sources. It is kind of amazing here where we have a a anonymous federal employee tries to overturn the results of an election where 120 million americans who identify themselveses voted to elect this president. So im hoping we get some transparency but specific lis on george kent interview today he said that 2016 he saw a problem with hunter bide than Ukrainian National gas company i hope we get some questioning and adam schiff allow some questioning dig into that who else was concerned in the government. What else did they know . About hunter biden afnghts in that country. I also thought it was interesting that you brought up this comaint filed last week that theyre doing this that we now have a whistleblower on the whistleblower so the second whistleblower is blowing the whistle first whistleblower and both anonymous saying that his go if you fund me page may havea problem because doneors may be anonymous. [laughter] speaking of anonymous there also anonymous people telling Hillary Clinton putting enormous pressure on her apparently to run. So weve got to get into that today she said many, many, many people are telling her she should run in 2020. So were going get to that and talk a short break when we come back were Getting Started this morning on deck this morning former cia station chief and fox news contradict tore Danielle Huffman and andy biggs is join ugh us on impeachment inchoir rei former White House Press secretary Sarah Sanders here talking about impeachment plus founder of activate michael wolf is giving us his update on disney us plus streaming rollout and we want to see what his take is. Dont miss a moment and google is under pressure once again. The federal government now looking into Technology Giant after wall street journal broke a story that secretly gain access to private Health Records across the country. Tell you about that one. Disney plus down e e, new streaming service plagued with error message and long wait were going to talk about that rollout which happened yesterday. Be back. Heading into retirement you want to follow your passions rather than worry about how to pay for longterm care. Brighthouse smartcare℠ is a hybrid Life Insurance and it protects your family while providing longterm care coverage, should you need it. So you can explore all the Amazing Things ahead. Talk to your advisor about brighthouse smartcare. Brighthouse financial. Build for whats ahead℠ brighthouse financial. Is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. Welcome back we talk to you about this story yesterday google gathering of Health Record tata, that is catching eye of lawmaker if now. Cheryl casone with details here. Cheryl. Here you go maria concerns over google gathering Details Health information on americans has led to a federal inquiry. This court report in the journal google project is a deal with asession health meant to improve patient care but the data gatt egg and Cloud Storage is raising privacy and safety concern. Well, the World LargestContract Electronics posted for the foxconn and profit rose 23. 3 despite biggest customer apple saying that deny and base company rely on apple for half of it revenue. And then there was this apple crossexamination oh tim cook are expected to tour facilities in texas where apple products are made had. This visit could happen as soon as next week and reportedly Showcase Companies that well keep jobs in america. The trip coming as cook seek further relief from u. S. Tariffs on imports from china. Back to that iphone story apple stock and premarket down half a percent. And then there was this a rocky technical start anyway for Disney Streaming service debut. So many folks were looking for a whole newke on disney plus but y were hit with long wait and error message that was high demand and, in fact, man so high servers couldnt keep up so some would be customers sign up for the service yesterday people, of course, went on social media maria and they complain about it. But the criticism died down as disney addressed all of the issues disney, of course, is down almost half a percent in premarket maria lets hope, you know, not really bad news kind of good news. People or were all over this thing yesterday. Not unexpected new sfs youre going to see i dont know. Some new star wars shows apparently getting ready to tune into but i havent been able to sign up. Content is incredible for does disney and pay a billion a year or 15 billion next year after 13 billion this year. To keep up to build content. I would think execution issues are about only thing that can stop disney because you look at the library, it is phenomenal. It really is and take a break when we come back wicked weather it is freezing out. Icy conditions causing 50 carpoolup in ohio. The deep freeze is just beginning weve got your full forecast when we come right back folk on federal resh and testify today in washington, for the First Time Since putting his paws on Interest Rates cuts were taking a look at what to expect back in a minute. Do you recall, not long ago we would walk on the sidewalk all around the wind blows we would only hold on to let go blow a kiss into the sun we need someone to lean on blow a kiss into the sun we needed somebody to lean on all we need is someone to lean on only pay for what you need with Liberty Mutual. Any comments doug . Yeah. Only pay for what you need with Liberty Mutual. Con Liberty Mutual solo pagas lo que necesitas. Only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liber y the enchanted disney fine jewelry collection. 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As long as im president , america will never be a socialist country. [applause] meanwhile u. S. Chamber of congress is slamming 2020 candidate Elizabeth Warren plan to dramatically change rule thes for private equity firming calling catalyst for grave economic consequences joining us to talk about about about that is fund manager ted grant great to have you with us and in a second explain the rule but lets talk capitalism versus socialism for a second because it look like this is what is sort of gearing up for 2020 election. Smg i moved out of california because socialist influence there, and taking my tack from 10 to 13 everybody is like it is only 3 point it was a 30 increase, moved all of our companies to miami where i knew no one, and we grew the company 50 time. Because we saved 13 pc so missed idea or concept that when i get a savings, i actually as a business person want to reinvest. I dont to just keep the money. That enable you to create job. Exactly. Increase wages. And this is what the entrepreneur does they take money and time and they risk it and in order to get more time and money. Yeah. So theres editorial in wall street journal this morning that we want to highlight that is critical of a new tax a proposal as president suggest yesterday look the recently unveil millionaire sir tax. That would put an extra 10 tabs on any individual income above 1 million, 2 million for married couple but not just ordinary income but also