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tv   Forbes on Fox  FOX Business  May 15, 2016 7:00am-7:31am EDT

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>> i share large cap value, relatively high dividends, relatively inexpensive stocks in there. >> great pick. good guys, all. ever want to take a picture, give them 50 bucks first. they can be argumentative. after the meeting the plan to start uniting. some say the way to do it, do what another republican outsider did back in 1980. run on united ticket of overhauling our massive tax code to get our economy rubbing again, and make our country great again, but would it work now? hi, everybody. i'm david aster. going in focus with mike ozanian, carrie sheffield, john tandy and bruce jackson. 1980. ronald reagan partnered with jack kemp in congress to get tax reform. could trump partner with ryan to do the same? >> the answer is, yes. trump is saying, make america great again. paul ryan saying, prosperity
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through economic growth. listen, under reagan the animal spirits were unleashed on the u.s. economy. major blue chip companies, cisco, dell, created under the reagan years. now an app economy with low-wage mixed jobs that pay hardly anything. >> mixed jobs? >> and a third watch. third of manufacturing workers on welfare, david. really bad>> it is awful. john, not to diminish reagan, but before reagan, a couple of years before reagan, jack kemp, a great tax cutter, had this kemp/roth plan and reagan kind of piggybacked on that and used jack kemp to get that through congress. could the same happen with trump/ryan? >> i think it certainly diminishes reagan to mention trump in the same breath and i think that's the problem. define paul ryan and the republicans, run as fast as i can from donald trump. here this top negotiator managed the past week to negotiate away his own tax cut in the media.
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the only pro-growth aspect of his economic program, look at the rest, very anti-prosperity, particularly ideas on trade. why would republicans want to associate the brand with this? >> i take that that as a no. just guessing. take that as a no. mike, already hillary clinton has come out with this sort of clash warfare rhetoric against the trump tax plan, which would cut rates down, highest rate would be 25% from about 40% where it is now. here's the joint statement from donald trump and paul ryan. it says, it's critical that republicans unite around our shared principles, advance a conservative agenda and do all we can to win this fall. but -- you look at what actually happened. if they use tax reform as away to do that, under reagan, both the poorest 20% and richest 20% increased their income by almost the same amount. it goes against that class warfare. >> more importantly, my opinion, david, the fact that if you were
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in the bottom quintile during the reagan years, eight out of ten of those people in that quintile in income rose to a higher quintile. upward moenment. take-home adjusted for inflation wend up an average $4,000 per family. >> would the same happen now? >> if you get a pro-growth tax plan through, absolutely. an economy that's overregulated and overtaxed. what hillary wants to do, re-issue wealth. it does not have a plan to increase the economy. she's obama 2.0. take home pay on obama has gone nowhere. >> bruce, you agree 100%? >> yeah, sure. well, yeah. i guess what concerns me most is, trump has no credibility to talk about taxes, because he hasn't released any of his tax returns and eastern romney said this week there's probably a bomb in there. now, putting that aside -- [ laughter ] -- he did. he said it. not me. >> go ahead.
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talk about tax reform. is his plan going to do the same that reagan's did? >> i don't think so because his plan changes from day to day. what he doesn't understand is he is going to need -- paul ryan is the most important lawmaker in congress and maybe could get some of trump's ideas to eliminate the carried interest so the hutch funders don't get their low rate, and things like that, but i just don't see how they're going to come together. it will have to be a ryan plan working with mrs. clinton. >> well, if they do get together, paul ryan could be the inside guy dealing with bells and whistles that congress demands, when you put together tax reform proposal? >> yeah. i agree with that half of your analogy. absolutely i think paul ryan could be the new jack kemp. i loved jack kemp, am friends with his son. he's fantastic, but i don't think the reagan analogy, i agree with john on this. reagan was consistent. the shot in the arm against jimmy carter's sluggishness. the problem, donald trump is not
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consistent. flip-flopping ought the time. >> true. >> on minimum wage, on trade plans, tax plans. that's concerns with a lot of conservatives. >> bill it is true. the tax plan first, came out with it. then said he may modify it. now he says he's going to stick with it. there is a lack of consistency there. >> i think trump is worse than inconsistent. he could poison the conservative movement and the supply side tax economics for which it stands. >> hold on a second. >> i think -- >> hold on one second. his tax plan as it is now, if he does stand by it, does reduce rates dramatically the way ronald reagan reduced rates. it has the essence of supply side tax cuts. >> the saysens of voodoo economics. there's no way he'd make those -- >> ah, you didn't believe in reagan, either? >> well, i believe in ronald reagan. i don't believe in this phony. >> the fact is, you look at ronald reagan's plan, which was actually jack kemp's plan, and ronald reagan together, and it did basically the same thing that trump's plan does.
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brought down all the major -- across the board tax cuts. >> and economic growth exploded. so what are we looking at now? seven years of flat no growth under president obama. the european union is growing faster than the u.s. crab grass is growing faster. my hair is growing faster than the u.s. is growing right now. what are we in? full throttle government spending. grey poupon spending in there, too. money printing. dampens spirit. if the government is stepping in full bore like it has been and we have 60% u.s. households getting more in u.s. benefits than they pay into the system in taxes. >> i understand, john, you're disagreement with trump on trade, and i think paul ryan is the same disagreements in trade and immigration, a lot of things, but on tax policy, don't you think they basically have the same understanding? >> trump's one good idea is his tax plan. but that concerns me. because he's already backtracked on that, but i don't think we can minimize the his trade ideas, which would be a
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huge tax on the american people. >> i'm not minimizing the problems there. what i'm saying is that at least on the tax cutting proposal, it looks like they may be able to come out with a joint agreement? >> yeah, but let's also add that he's also been fairly explicit he wants to pursue a devalued dollar presence. get the dollar they want. another huge tax on the american people. why would republicans associate with someone not certain on taxes and so anti-growth otherwise. >> i understand a lot of other issues involved in making an economy wroshg. on this one issue, ronald, reagan, he focused on tax reform as the basis for getting the economy moving again, for making america great again. go ahead and say it. wouldn't that be a tremendous boost to the economy? >> of course. easy question to answer, david. this election is predominantly about one thing, one thing only. take-home pay in this country is lower today than it was in january of 1999. i would think that a liberal like bruce would love the plan, would love reagan's plan,
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because tax receipts to the federal government under reagan adjusted for inflation increased by 28%. >> that's right. the tax revenues came in. put up that chart again, if we can, of the poorest and richest. bruce, you know, if you're concerned about the disparity between the poorest and richest, look what happened from 1983 to 1990, those seven fat years, both of poorest 20% and the richest 20% almost as well in terms of income. >> listen, trump has so many flaws i will set them aside for 60 second and say that there are things you could do with the middle-class tax cut and there are things you can do with some of the things that wealthy people get, like everybody knows that carried interest thing was for the hedge fund guys is outrageous. you could come to is some agreement there a i'd think paul ryan would be open to that, but he has to nail down trump, and he's also got to deal with the tea party as well. so i don't know how it's going to be done. >> put me down as a tea party
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crazy, by the way, bruce. we have to leave it there. that wasn't so easy. staples strapping its merger with office depot after a federal judge rules against it. how some are saying it's part of the government's attack on business that will shred jobs. we'll explain, coming up next. these guys represent blood cells. if you have afib not caused by a heart valve problem, pradaxa helps stop blood cells from pooling in the heart... forming a clot... which can travel to the brain and cause a stroke. pradaxa was better than warfarin at reducing stroke risk in a study. in the rare event of an emergency, pradaxa has a specific reversal treatment to help you clot normally again. pradaxa is not for people who have had a heart valve replacement. don't stop taking pradaxa without talking to your doctor. stopping increases your risk of stroke or blood clots. ask your doctor if you need to stop pradaxa before any planned medical or dental procedure. pradaxa can cause serious, and sometimes, fatal bleeding. don't take pradaxa if you have abnormal bleeding. and seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk
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delays are expected to continue this busy travel season. now back to the program. yet another big merger blocked by big government. staples and office depot abandoning their hookup after a federal judge sided with antitrust officials. both stocks diving on that news, and, john, you say this is all part of the administration's attack on big business, before the president leaves office? >> yes. it's a huge attack on business, big business, and by extensions, an attack on jobs, simply this is anti-shareholder. face it, shareholders wanted this merger, wanted the pfizer merger, and when the administration through its doj is getting in the way of investors it's by definition getting in the way of the very
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investments that creates companies and jobs. this is so chilling to see happening, particularly in the last year of the administration. >> bruce, talk about the logic of it, for the office depot thing, and staples. i mean, we now have the web, okay, at our fingertips. access to thousands of suppliers of office supplies. the government claims that, you know, they get together and monopoly. there's no monopoly, we have the web to choose anything we want. right? >> i think in it this case, these are specially focused business and office supplies and if they want to grow, i mean, they can do it organically and come up with better product for the web. >> but again, it's not a monopoly as the government claims. we have thousands of retailers to chao from on the internet. >> i think -- listen, there are so many mergers going on and by and large -- >> no, they're not. >> when these big mergers happen, a record number of health care. >> no, they're not. they're down last year. you're wrong. they're down by -- $400
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billion -- >> bottom line is, these mergers -- means job cuts. job cuts are very often what happens when these mergers stop, but look at the list. >> exactly. pro shareholder. >> we have a list of some of the companies that -- that have been defeated in their attempts to get together and so this is just a natural progression. it happens with businesses, sometimes it is much more efficient to consolidate. >> and save those jobs. by the way, breathtakingly lll idiotic. costco and walmart going up against people. down by a fifth versus last year. nearly $400 billion are deals not being done. when mike talks about this, were you better off than 20 years ago? that's where your household
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income is stuck at now. >> merge es not going through, announced layoffs include halliburton, oil company, 6,000 workers laid off after that. the list goes on, and also the costs to stockholders of these companies. halliburton had to pay out $3.5 billion as kind of a penalty, a termination fee for the merger not going through. >> halliburton would have had giant layoffs anyway because the price of oil went down. >> there was a price -- $3.5 billion, that's how much it doft pay off. >> don't worry about the stockholders. worry about the jobs. you could save jobs blocking an efficiency generating merger and save jops by feather bending. block efficiency, feather bedding jobs. no. >> mike, move back a little. the point is what the government is doing is micromanaging business. the government is saying, we know how to manage business better than businesses know how to manage business. do you buy that?
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>> no. and just to show how ed aidiotie government is, back to 1997 when they first proposed a merge and the government killed that. how have the companies done since then? terribly. the last several years declines in revenue an started to lay off people. should have let his happen in '97 and not doing it now compounds the problem. >> and carrie, businesses change. the economic environment changes. mergers are a way of dealing with international changes in the economic environment. the government wants to stop something that's very natural. >> you're absolutely right, and like you said, online retailers, like millennials, we don't do brick and mortar's we shop online pshgs where we buy our products. the stocks for both of these economies plummeted is chilling. frightening. because when you have that confidence drop, they'll start to see revenues drop and then you will see layoffs. >> can i say one thing? >> sure. >> as a government, that is not so state-of-the-art with $19 trillion in debt they've created
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and are they state-of-the-art with they're 83 different jobs programs that they don't merge? >> exactly. >> or different welfare programs that they don't merge. >> john, you have -- the way the economy's changed and the markets adjust to that change. halliburton, the other example, the oil business. a lot of consolidation, price of oil going down. companies have been gawk out oif business, some need to consolidate. a natural progression. the government is trying to stop something that's natural. >> and leaving companies as sitting ducks. reminds of blockbuster years ago wanting to merge with movie gallery. the justice department got in the way. they are both now bankrupt today. what got them -- said to be a monopoly. got them, netflix. the idea that doj can predict the future is offensive and untrue. >> yep, yes. >> the market basically knows what it's doing, gang. the "cashin' in" gang getting ready to roll bottom of the hour. what do you got? >> david, able and not contributing to society. one in six young american men are either jobless or in jail.
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which presidential candidate can change that? plus -- conservative actor scott baio telling liberal george clooney saying a president donald trump would be bad for america. see you, 11:30. >> thank you very much. talk about a slap in the face, a conservative facebook accused of suppressing conserve stiv fores from its trending news. that's a trend that's about to stop. ♪ in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world.
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getting many likes on this one. saying it suppresses conservative news pushing liberal stories in its trending section, and the guardian reported it has leaked facebook documents proving newman, not just objective algorithms decide what is actually trending. facebook do nighs that it's biased but carrie says more than a billion facebook users worldwide, serious. right? >> especially for millennials. the number one platform, socially for us. we're getting our news from there. if they're suppressing information, troubling for the rising generation. the guy who handles trending maxed out donations to hillary clinton. facebook is also donating a ton of money to hillary clinton as well. so we really need red flags here, and it's great the republicans on the senate are asking questions here. >> red flags raised. mark zuckerberg, for his point, mike, says we have found no evidence this report is true.
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if we find anything against our principles you have my commitment that we will take additional steps to address it. do you take him at his word? >> they've also kind of said reportedly, some subjectivity is involved in terms of what they put in the trending section. but i think republicans would be wise to leave this "loan, even if it turns out to be true, because tell you what, david, if it is true, it will do great harm to facebook, a competitor will come out and arise to offer a better product. that's what always happens in these types of situations. >> well, although sometimes the media gets so entrenched in one way it's hard for them to change. john, the number of people who rely on facebook for their news is extraordinary. 63% of facebook's 22 million monthly users, 222 million people, just in the united states, and canada, relying on facebook for their news. >> i'm with mike on this one. i think republicans should stay away with it. it is a private company.
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if facebook wants to offend potential half of its users, an economic decision taken care of in the marketplace. >> so much going on. yahoo! news, for example. not social media, but yahoo! often focuses on the liberal, huffington post ignoring the web? >> true. censorship, and facebook could be considered the biggest news outfit in the world with 1.6 billion users. i'm with john and mike on this. this, the government should stay out of it. they risk their reputation. considered a news outfit, they'll be as unpopular as a lot of people in the media. media is very unpopular because of how biased they are. >> talk to the managing editor. that is actually what a managing easy ter does. make sure there's no bias. apparently there s. i wouldn't worry what facebook is up to. they're in the business of giving customers what they want. coming soon, a new slant button.
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press this command key and get a right wing or left wing slant to your news. if that what you wants they give it to you. >> wrap it up. >> liberals aren't happy about this either. this shows the dangers of silicon valley controlling content. we could have disgruntled employees here, but people need to realize they're not public utilities. coming up, amazon jumping to a new all-time high. get in on the names at ally bank, no branches equals great rates. it's a fact. kind of like bill splitting equals nitpicking. but i only had a salad. it was a buffalo chicken salad. salad.
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>> great for retiring, too. i like it. >> yeah. okay. good. we like it all around. that's it for "forbes on fox." have a wonderful weekend. thank you for watchingkeep it right here. the number one business continues with eric bolling and "cashin' in." the young and the hopeless. the congressional budget office saying one in six young men in america are either jobless or in jail. to say this is is a burdensome epidemic on our country is an understatement. which presidential candidate can bring those numbers down? welcome to "cashin' in." our crew this week, jonathan hoenig, and hollywood actor scott baio joining us later saying if e want "happy days" in america again, bet e vote for donald trump. one in sex men in america are jopless or in jail, mercedes. who can get them out of jail, put them back to work? trump clinton or sanders?

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