500. Hi everybody this is bulls bears thank you for joining us im david asman joining me on the panel today Jackie Deangelis , adam lashinsky, jonas ferris and gary b. Smith good to see you all. Here is white house economic counsel director larry kudlow giving the good news to our own Stuart Varney earlier today. Listen. Usmca can i just pause on this . I mean, these kinds of trade deals are like tax cuts. They open market, they lower barriers, they provide strong domestic content on usmca just to here is the deal. You look at the midpoint of the Economic Growth estimates. It will add threequarters of a percentage point to gdp. It will add more or less 35037 5,000 new jobs per year, and probably at least 100 billion additional direct Foreign Investment into the united states. David so Jackie Kudlow is arguing what we have is a fiscal stimulus that this is going to make us grow a lot more than we have been. I dont think hes wrong in that regard and were watching those gdp numbers very closely to see how it actually impacts the economy but one thing ill say act the stock market is these were the major pieces of uncertainty hanging out there. The market is up because it feels confident the deals are donald the negotiations have taken place and the economy can move forward and get back to business as usual and thats whats important and its not just about trade right now. Its also about the fundamentals , weve got good data coming out and youve had a very strong start to earnings season. The big banks really reporting. David and jobs, you cant talk enough about jobs. So right now i dont want to say its the perfect storm but it is the perfect storm and i will say as i watched the dow its over 29,000, its a little scary because you do wanter how much watersidesser it can go. The economy is strong, and kudlow was talking about the trade deal so lets talk about that. Look, if we get half the spending that the chinese are supposed to do from this trade deal, its the best deal for america since the louisiana purchase. That said, is it a pure global boom . Is it, its not really in some ways the most freemarket thing in the world. For example, china right now buys oil gas where its cheap. They put a pipeline in with russia thats where their number one supplier comes from. If they have to buy it from us believe me they would have bought it from us believe it or not because they want to push up the value of our dollar and weaken their currency but it doesnt make sense to buy it from here and if we force them to do that, it will drive their currency weaker, and its going to hurt other countries, russia for one, among other emerging markets that supply oil and thats great for america, its a great deal as i just said for america, and as it is meddling with a global economy. David thats a net plus . For america its a net plus no question. David despite all this Economic NewsPresident Trump predicted his two massive trade deals would probably take a back seat to impeachment in the news cycle. Listen. President trump i did the biggest deal ever done in the history of our country yesterday , in terms of trade, and probably other things too if you think about it. The deal with china, and that was the second story to a total hoax. Today, we just had passed the usmca. Its going to take the place of nafta which was a terrible deal, and the usmca will probably be second to this witch hunt hoax. David actually the president was wrong. It wasnt covered second. It wasnt covered at all. At least not in the three Major Broadcast Networks last night. Lets bring in Media ResearchCenter Vice President of business, and dan gainer. Great to see you happy friday. I think to ignore a story thats going to effect americans lives certainly i think on a daytoday basis more than impeachment will, its in competence and its negligence. Willful journalistic negligence, what do you think . Yeah, its journalistic malpractice because you know they did it deliberately and they didnt just have him in the back seat. They threw the American Public and the president under the bus. You know, they dont care about good Economic News. We did this great study where we looked at all the Media Coverage of network news, from the impeachment on through just recently. So 100 days and of that they did nine total minutes less than 1 on Economic News, because when they cover Economic News, they have to make trump look good and they almost entirely refuse. David gary . Well, no. I guess i kind of agree with you dan and i kind of dont. You know better than any of us how the media works, and to be honest with you, does the trade impact every one of us . Absolutely. Is it, to be honest, inside baseball . It is. If you asked 99 out of 100 people in the street what usmca is, theyre going to say thats the Aviation Branch of the marine corps, right . Or Something Like that. Theyre not going to know what that is. Impeachment right now is what is selling. I do agree with you on your other point though. The liberal press, the Mainstream Media, they dont want trump to look good in any regard, so even if it was of interest to people, theyre certainly not going to run the trade story but i just think the average person out there, honestly, isnt interested in trade. Let me amplify what gary is saying there, dan for a second. You talk about what normal people understand. They take a group like Media Research center, they would think oh, you research the media but in fact you exist to hammer the liberal media as you define it. Thats your job. Good for you, youre doing a great job at it. Gary makes a good point. We have two trade deals one thats incomplete, good for the administration but its not done , and then another thats a tweek of this horrible agreement that existed before, versus the third time in the history of the republic that an american president has been impeached. I kind of think thats a bigger story. David but adam do you really think that nine minutes of coverage of not just the trade deals, but the economy in general, compared to 849 minutes of impeachment coverage is that a fair comparison . I try to watch as little of it as possible but thats my prejudice david. The point is yes impeachment is a big story. Im not disputing that. They didnt just show impeachment last night, and nbc ran like a minute and a half about its own new streaming service. It ran another minute and 20 about a family with four kids doing drivers ed and they do a lot of these other stories that they seem to make time for, when they could do 30 seconds on this and say this is important because it needs a boost to the economy and it boosts jobs and look what it already did with the stock market. Did they do it the day before by the way . Did they do a trade story the day before because everyone knew the trade story was going to happen on wednesday, it wasnt news. Im just curious if you analyze that. I dont believe they did but im not 100 sure. David 849 minutes versus 9 minutes. You may say talking about trade is a total snooze fest but what about the rise of antisemitism in this country . The new york posts that cnn had the opportunity to interview Vice President pence in israel to talk about the issue but cnn said nope were not doing it because we need wolf here to do wall to wall impeachment. I would say that youre throwing away an opportunity there. Yeah, and thats ultimately the media spin everything when you look at antisemitism, so we could do hours on just how theyve ignored everything going on in new york there, and but it ultimately is theyre pushing a narrative and when you push a narrative so far that you ignore Major National news, that effect s everybody, then you are doing bad journalism. Dan are you being a little short sided in the sense that you see where the future is its obviously when you pickup your phone and google gives you the news you want to read not that you need and thats really the ultimate direction its going and even these media outlets, people want to read about certain things, doesnt mean what you need to know but in the futurities zero minutes for a trade deal because nobody cares and i talked to millennials would didnt know there was an impeachment going on because their news feed is the stories they want whether its sports or entertainment and its based on traffic and profits and clicks, its not a liberal or whitewing bias as much as i think you think it is. Its going to be all computer driven anyway in the future . Why are you concerned . If youre talking about algorithms, great thats not what theyre basing their evening news on. Not on ratings . Thats just what people want , what people need. Do you think the viewers want to see endless impeachment coverage no. Theyre giving them what they think they need, and so then, what youre saying dan theyre giving them what they want thats what im talking about. These people want to see these stories youre talking about. Thats why they exist. Is that like the impeachment theyre not Brain Washing people, theres a certain audience for every network and the future for david that audience is going down in a part of cnn and msnbc so maybe they are going in the wrong direction. This is a bad direction so if you look 20 or 30 years out people only know what they want to know and its a bubble in itself but i think youre mistaking it for a slant of Brain Washing. Jonas, i do agree with dan though, i think youre wrong on that. They definitely have a narrative i dont think, yes, people want impeachment coverage, but honestly if they, given what people want, they would do 30 straight minutes of whats up with the kardashians. Take your kids phone and look at the news feed and compare it to yours. They are pushing a narrative for sure. I agree with that but pickup your kids phone and your phone and look at the same news and youll be surprised how different it is. David im not sure my kids have much news on their iphones, thank you very much dan great to see you appreciate it. Groundbreaking news on housing, a major indicator just hitting a 13year high. Were going to take you, tell you what this means, for your house. The one you want to buy or the one you have, thats next. Man, im thinking tacos. Hey hey you guys look like foodies. Would you like to try our trashy back ribs . Oh, that sounds great. Everything is locally harvested, farm to dumpster to table. Uhhh, what do you. What else do you got . stammering wwe have a melon rind stew. Comes with a pork and bean reduction. Yeah, were going to just do a lap and well come back. Okay. Well, well be here. Man why isnt this working . My mouth is watering. 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Com wherever we want to go, autosave your way there with chase. Chase. Make more of whats yours. David spectacular numbers today on housing, starts jumped 16. 9 last month the biggest jump in 13 years and jackie youve been digging down into the numbers. Is the Housing Starts came in at 1. 6 million with the highest that weve seen since 2006 and the jump year on year was a little bit more than 40 , Single Family homes highest level since 2007 multifamily the strongest since 1986 so whats fueling this right now obviously is low Interest Rates i went on freddie macs website 30 year Mortgage Rate right now 3. 65 but its not just the fed its also the momentum what were seeing out there. People are more comfortable putting down their money to buy a home because they feel good about the economy. The other thing i would add is you have so many people saying you cant look at the stock market as the barometer. We know who those people are but some of the fundamentals are really strong here, so are corporate earnings. David adam . Obviously the low Interest Rates are whats driving this, but also, as i think there was a mention earlier, american banks by and large with a few exceptions are in very good shape beings and thats partly because their Balance Sheets are much better than they were in the great recession, they will stay that way thanks to some of the reforms that happened and this is good news for the economy and for the Housing Market well, its interesting that there are really two different Housing Markets. First of all theres the new home and then theres the existing home market and those are two different markets. Second of all the market that jackie is talking about is what i would say mostly entrylevel homes. They arent talking about new, you know, 4 million spec homes they are talking about 2 or 300,000 homes. That market is strong. I know its strong even here inv iro, but if you look across the country, at the high end homes call it 2 million and above high end obviously is different in new york city than it is in des moines, but call it 2 million and above. That market is really suffering. You can go on to zillow and pull up all of the 2 million homes youll see price reduction after price reduction so my thinking going one level deeper is people , millennials and whatnot, want to get into the new homes people of my age certainly are not moving up to the higher end and thats where a lot of the money is and im worried somewhere down the line, its going to collapse because people like me david youre a worry watter. The headline is its the best market of Housing Starts in 15 years. Im saying theres more to that headline. David david i think its pretty positive. Yeah it was good news in 2006 too, so if 2006 ended really well for housing we can say this is good news but you dont want too much supply to hit a weak market but the thing that concerns me about it actually and i think Housing Builders have been smarter than in the past and theyre not flooding the market with new homes going broke like in the old days, it always seems like were about a 1 Interest Rate increase away from a catastrophe and real estate. It almost happened last year, with rates at 1 more, so i would be weary about building a lot of inventory into a market that if rates and i dont think rates are going up but if they went back to where they were last summer theres no demand. David its unlikely well have a buildup of inventory because theres so little inventory available also because there arent that many construction workers and theres a worker deficit because of the fact we got such a good strong job market. I would rather there be fewer homes on the market and prices stay strong with higher Interest Rates personally, but im sure this is good for construction. David quick last word. If i can just make a point, Pete Buttigieg said a lot of the lower income people are not being able to take advantage of whats going on in the market right now so to garys point the strength in this market shows people are having an opportunity to attain that American Dream beings and i think on the higher end the reason youre seeing those Price Reductions in people trying to sell is because theyre scared of the election and what could potentially happen. David meanwhile, if thats not enough to worry about although i think its good news, gangs ayat ollah slamming President Trump, with tensions between the u. S. And iran, are we safer than we were before all of this, well be asking, coming up next. Im your 70lb st. Bernard puppy, and my lack of impulse control, is about to become your problem. Ahh no, come on. 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