nunez and acting director of intelligence. join us for that exclusive on sunday at 10:00 a.m. plus right here on foxbusiness start smart every weekday. six-nine eastern live mornings with maria on foxbusiness. we hope you will start your day with us. thank you for joining me. hope you have aesesesesesesesesf the weekend. i will see you next time. ♪♪ gerry: this week on the wall street journal at large, build back better becomes build back smaller. joe biden's massive spending bill is cut in half. a key democratic spender says no for the tax that was supposed to fund it. we look what is left for the plans. running for the exits. more democratic house members announcing they will not be

seeking reelection next year. are we on the brink of a red wave? plus, thomas jefferson is officially canceled. yes. founding father, principal author of the declaration of president hundred independence, third president finally takes his place next to the tyrants of history. new york city lawmakers decide to tear down his statutes and he embodies "some of the most shameful parts of our country's history. hello and welcome to the wall street journal at large. we will discuss with our panel. first, we have alarming side this week that we are in the early stages of a new cold war. more alarming still like the last one, we could be losing this one. on october 4, 1957, america woke to one of the biggest shocks in american history. the soviet union had launched the first satellite in space. it shattered the idea that the u.s. had passed technological superiority over its rival. rethink about u.s. capabilities

and strategic capabilities. we had another moment. in the financial times first reporting, the people's republic of china had successfully tested a nuclear capable hypersonic missile. it projected into space and landed within a couple miles of its target. significance of this news really cannot be overstated. they travel at slower speeds than intercontinental ballistic missiles. under those new ones, this variety are more maneuverable and travel unless rejectable pathways so they are much harder to intercept. the news was later followed by the report that beijing had conducted a second test. they really have no idea how to defend against the potential threats. this, however was a white house reaction. >> they have been consistent in our approach with china. we welcome stiff

but we do not want the competition to veer into conflicts. gerry: that is quite a remarkable statement. u.s. should not be welcoming competition in the race to build weapons that can kill millions of people. nly onl supernlpowehat tha acly salndnduman lirtli. s.suldhoe do tti ract r ande clar othar os fro osro f f ting itingtingngngng .s has h hneenpend binsbiarimaresea it ryll howplomt waonon i being b bn inn dlingea th cwithna'sise riseis. anr er elemp o flu of ince fm oro agen fo foing1,ing 0 y..erernt e for foror it refhe resultsesf a ider wompl attricat error i i ieali i thna.. suve u.s. military welcomed china's rise and sought to accommodate it. by allowing china the leeway to

gain economic engagement we would be helping the country to become a democracy. it turns out that precisely the opposite has been the case. a stronger china, the more off -- it becomes. enhance military capabilities. meanwhile, of course, the u.s. military has spent most of that time fighting and losing wars in the middle east. now it seems to be focused on winning the war against ranks. who can forget when general millie chairman of the joint chief of staff told a congressional committee this year how important it was to understand white rage. the cia has been spending time boasting about how inclusive a modern institution it is. our political military and intelligence establishment spending more time understanding china's true motives and capabilities we would not be at risk of sinking into second place in the political supremacy. the u.s. won the last cold war

thanks to firm leadership in determination to face down adversity and endearing confidence in the superiority of america system and america's way of life. who would bet that we are in that position now and that we can win this cold war. with me to discuss this is dean. things are joining me. >> thanks for having me. gerry: is this a sputnik moment? >> i think it is. but for different reasons and has been publicly talked about. as you noted, we have been working on hypersonic's, russians have been working on hypersonic's, the north koreans have tested what they call the hypersonic cruise missile. what was stunning is this chinese missile orbited the earth. what that means is we now have to start working on the assumption that any and every chinese satellite may be a nuclear weapon. may carry a hypersonic live vehicle. we end the russians worked very

hard to not develop these capabilities during the cold war we both saw this as incredibly destabilizing. neither side was prepared to go forward thinking every satellite may actually be a nuclear weapon. the chinese, evidently, do not care. gerry: we won the cold war against the soviet union. in large part, in the end, the economic system was vastly superior. we also developed great military capability. the soviet union turned out to be the ivory coast of missiles. china is a different proposition china is not the soviet union. technologically more advanced. what is the real danger to the united states now and this potential, long-term potential conflict? >> china poses a fundamentally comprehensive threat to the united states and to the west. it is part of every supply

chain. we saw this with covid. they make the little bottles that vaccines come in. you do not worry about little bottles, so what, until you are wondering how will i get millions and millions of doses of vaccine out to the public. they are the ones who make much of the starting material for microchips, as well as steel for rebar and et cetera. china poses a military threat, hypersonic weapons and newly discovered fields in western china. but, it also plays a key role in our account to be and european and japanese economy. european warfare. that is their term for it. miss information to try to influence decision-makers, business leaders, military leaders in order to try to intimidate and ultimately, coerce every other country.

>> for the last two decades at least, the u.s. has approached, successive administrations took the view that we need to engage with china, we need to help china grow and to become a respected and serious member of that international community. i am wondering, do we now look back on that and think that that was a serious mistake? >> i think the first decade of that behavior, in the 1990s, china seemed to be on the path towards political reform as well as economic reform. they certainly were reducing the role of the state in the economy by the early 2000's, when the chinese economy clearly was no longer reforming and especially with the rise and when the chinese became much more aggressive when they basically shut down human rights in places like hong kong and started rounding up by the millions, we have no excuse for thinking that

china is somehow not an exit henschel threat to the united states. >> great thanks. thanks a lot. >> thanks for having me. gerry: president biden's bill back better plan continues to shrink. will he be able to rally his party behind. we will take it up with our panel next. >> i think that we will get a >> i think that we will get a deal. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones tums vs. mozzarella stick i'm so glad we did this. when heartburn hits, fight back fast with tums chewy bites. fast heartburn relief in every bite. crunchy outside, chewy inside. ♪ tums, tums, tums, tums ♪ tums chewy bites

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goals of raising tax rates on high income earners and corporations. at a city hall thursday evening president biden was asked about this. >> i'm willing to make sure that we pay for everything without anyone making less than $400,000 paying a single set more in taxes. no actual rate hike. >> no, i don't think -- look -- [laughter] -- when you are in the united states senate and you are the president of the united states and europe 50 democrats, everyone is a presidents. [laughter] gerry: build back smaller and none of those increases in tax rates at that were hoping for. does that spell defeat for the democratic party or has it been rescued by two of the senators? joining me to discuss this as host of the richard fowler show. and fox news columnist charlie heard. charlie, let me start with you. is this a defeat ultimately for

the democrats? it looks like they will settle for roughly half of the plan. not getting the high income earner tax increases that they wanted. will this work out better for them because this plan was too expensive in the first place. >> i think it would work out better if you were dealing with an administration willing to listen to reality. the biden administration shows no inclination to actually listening to that reality. you know, let's remember that the window is closing pretty quickly on democrats ability to get anything done. obviously, you have an election coming up in two weeks in virginia where you have democrats who is running for his old seat back in the governor's mansion he looks to be within, you know, certainly within striking distance to win that race. what has now become a solidly

democratic state. if republicans have been upset when in virginia, i think it is fair to say that the biden agenda is over. after that, you wind up getting into and we all know that when you have a city full of political cowards, nothing ever gets done. i do think that it has a lot to do with the fact that you do have people like joe mansion and kiersten cinema who are, you know, they are answerable to the voters back home. this democratic party does not seem to be in tune with sain voters anywhere. >> you heard that description of not so sane voters. this division within the democratic party, bernie sanders and joe mansion going at it for the last couple of weeks, it does look like in the end that the progressive will not get everything that they wanted, but still an amount of what they originally planned for.

>> this is more than two weeks. we have another year left up democratic majority in both the house and senate. by halloween it seems that the new deadline that nancy pelosi imposed will naturally come to pass. not everything they wanted, but they will also get a bipartisan transportation bill which will mean not only will you see updated bridges and roads and airports, but beyond that, we will get some of the programs that democrats ran out. they talked about figuring out a way to help families deal with childcare. during this pandemic we sell 2.9 million jobs lost by women because they could not go to back to the workforce because it was cheaper to stay home and take care of their children. beyond that paid family leave. democrats will sell to the american people and that is exactly what they need to do. don't get me wrong, the democrats do have messaging problems here. in a world where the republican party does not have a message, hopefully the democrats will

find one. >> you are looking at biden's pummeling numbers, looking at his approval ratings. people are not very happy at the moment. is that all about the message or what they are trying to do? >> i think it is twofold. definitely some missteps by the biden administration. the american people and the people that voted for joe biden, specifically african-american women which is his backbone are looking and asking where the things that we voted for. some of those things are in there. now it is time for the democratic party to tell a better story to their base of voters. the reason you are having problems in virginia is because you have not done that. >> charlie, stay right there. we will talk more about this particular late looking at the problems that democrats face and rising numbers of democratic members of congress stepping down could spell trouble for the party and midterm elections. >> the 2022 midterms look very tougher democrats.

>> midterms are tough for the party in power. >> they already have the wind in their sales. >> they are heading for, in my

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♪♪ gerry: democrats facing an uphill calling to hang onto their thin majorities and next year's midterm elections. over one dozen members of the party in the house have announced their plans for retirement next year. is that the writing on the wall for democrats and next year's election? let's take it up with our panel. charlie, let me start with you. it's been a patent for the last four presidencies, the first midterms, the president party loses a lot of seats. any reason to think that this will not be a big red wave next

year? >> no. i think we will probably see that pattern continue. the messaging problem i think it's for democrats right now. you go to a gas station and you see $5 a gallon gasoline. you go to the grocery store and see evidence of inflation everywhere you turn. all democrats want to do was talk about race and gender. gas prices do not care what gender you are. inflation at the grocery store does not care what race you are. these things cut across all lines and all the blame for it can be laid at the feet of democrats and specifically joe biden and his policies. >> richard, it does look like democrats are running for the exit tear. that is never a good sign with sony want to step down. >> the democratic party has to begin to have a real conversations with those that turned out in the past election. beyond that, state capitals all across the country is state districting. new maps determining what the house will look like.

before we can make determinations about whether they will have control of the house, we have to look at what these new maps are. it does not mean that the democrats will lose power, i just think it is way too early to tell if it will be a red wave blue waiver of the powers will remain the same. while we are waiting, i do think it's important for the democrats to have a story for the american people what they have done the last for years and why they continue to be in power. gerry: real quick. you talk to democrats and they do talk about the donald trump card. he will be an important figure in politics, clearly, for the next few years. how does that impact the prospects of the republicans next year? >> well, i think if republicans are wise, what they will do as they will take the policies that president trump, for the first time in decades, brought to the public square and made important issues. if republicans embrace those trump issues the way we are

seeing glenn young can embrace those in virginia, i think that the future is wide open for republicans. >> you cannot accept that without accepting the rhetoric. >> that is how you lose voters in the suburbs. that is exactly what happened in the past election. >> the trump issues are winning issues. that is -- >> it is alluding rhetoric. >> talk about the 2020 election and the election being stolen. i guess maybe that is a challenge for republicans. they don't want to talk about the election. they want to talk about the future. >> that is a problem. the point is if you talk about the issue, let's not forget the 2016 election, the reason donald trump won the election is because of the issues. he talked about issues that politicians of both parties had

ignored for decades. gerry: we've got to go. we have one more section. we want to talk about what is going on in new york city. here in new york city, oak city lawmakers have decided they cannot possibly legislate with a thomas jefferson statue nearby. we will talk about that next. >> someone who understood so deeply the values of freedom and human dignity. the value of each life was still a slave owner. a slave owner. i understand why tha ♪ i see trees of green ♪

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>> a new york city commission voted unanimously to remove a statue of thomas jefferson by the end of the year. vanishing the third president from city hall after his presence was deemed offensive by legislatures for being a former slave owner. let's take that up with our guests now. thomas jefferson was a slave owner. a horrible stain on this country's history. are we really going to write out of history one of the most important people in creating this country, making this country what it was? >> i think that there has to be a balanced approach year. how are we actually talking about slavery and how are we talking about the legacy of thomas jefferson? that is probably a better use of our time.

>> very quickly. >> when democrats spent all their time talking about race and gender and tearing down statues, they have nothing else to offer. >> gentlemen, both of you, fascinating discussion. thank you very much for joining us. that is all for this week. i will be back next week. thank you very much for joining us. ♪♪ barron roundtable. ♪♪ jack: welcome to barron's roundtable where we get behind the headlines and prepare you for the week ahead. a one-time advisor to mark zuckerberg is now one of facebook's biggest critics. telling us why it is time to regulate the social media giant. later, how the new bitcoin futures work in whether it should be in the new york portfolio. we begin as always with what we