Did Wall Street create the China trade issues?

Did Wall Street create the China trade issues?


MORNING. OUR TOP STORY THIS HALF HOUR IS U.S.-CHINA TRADE. CHINESE AND AMERICAN OFFICIALS A AGREED TO HOLD HIGH LEVEL TALKS IN WASHINGTON EARLY NEXT MONTH. DEPUTY LEVEL DISCUSSIONS WILL TAKE PLACE THIS MONTH TO LAY THE GROUND WORK. THE PLANS COME AS EACH SIDE RAMPS UP TARIFFS. JOINING ME NOW IS THE CEO OF CAMBRIA, MARTY DAVIS. PRIVATELY OWNED COMPANY IN MINNESOTA THAT’S ACTUALLY DONE VERY WELL IN THE FACE OF THESE TARIFFS. TELL US ABOUT YOUR REACTION TO, FIRST, THAT WE’RE GOING TO SEE MORE TALKS IN OCTOBER.>>WELL, AS WE TALKED EARLIER ON YOUR SHOW SOME TIME AGO, OUR COMPANY FILED PETITIONS ON A PRIVATE DIRECT BASIS, SO WE WON OUR CASE AND NOW OUR ACTIVITY IS BEGINNING TO REBOUND FOR OUR COMPANY. BUT WHAT WE’RE REALLY ABOUT RIGHT NOW IS THE PEOPLE THAT HAVEN’T GOTTEN THEMSELVES IN THAT POSITION YET. MORE ON AN AMERICA FIRST BASIS, AMERICAN MANUFACTURING BASIS, AND HELPING SUPPORT THE PRESIDENT IN WHAT IS REALLY IN THE FACE OF A LOT OF CRITICISM AND CONDEMNATION ABOUT HIS POLICY FROM ALL SECTORS OF OUR COUNTRY. BUT MOST IMPORTANTLY, FROM WALL STREET AND FROM PUBLIC COMPANY CEOS. MARIA: WHY DO YOU THINK THAT IS?>>WELL, I THINK SHORT-TERM GAIN, LONG-TERM PAIN IS THE WAY WALL STREET OPERATES. IN SOME CASES. I MEAN, IF YOU LOOK AT THE HISTORY, REALLY IF SOMEBODY BODYING INTO THE HISTORY OF WHAT CREATED THIS MESS WITH CHINA THAT TRUMP IS FIXING, THE SMART GUY IN THE ROOM IS PRESIDENT TRUMP. BOB RUBIN, LARRY SUMMERS, HANK PAULSON, EVEN COHEN UNDER TRUMP, THESE GOLDMAN SACHS WALL STREET TITANS, NOT AMERICAN TITANS, THEY BAKED A LOT OF THIS. THEY CREATED THIS TRADE POLICY WITH CHINA. THEY ADVISED AND INFLUENCED HEAVILY PRESIDENT CLINTON AND PRESIDENT BUSH. NOW THEY’RE CRITICIZING PRESIDENT TRUMP AND ONE JUST NEEDS TO LOOK BACK AT THE TESTIMONY THAT THEY GAVE BEFORE THE CONGRESS AND ELSEWHERE IN THE LATE ’90s, EARLY 2000s. LOOK AT LARRY SUMMER’S TESTIMONY AND NOW HE’S CRITICIZING THE PRESIDENT? THE PRESIDENT IS THE ONLY ONE THAT GETS AND IS THE ONLY ONE THAT IS INTERESTED IN AMERICA, NOT INTERESTED IN FEATHERING HIS OWN NEST. MARIA: THE PRESIDENT CERTAINLY HAS CHANGED THE CONVERSATION ON CHINA. THERE IS NO DOUBT ABOUT IT. AND PEOPLE UNDERSTAND NOW THE INTELLECTUAL PROPERTY THEFT A THAT HAS BEEN GOING ON FOR SO LONG AND FOR TOO LONG CEOS WERE MORE INTERESTED IN GETTING THEIR PRODUCT IN FRONT OF 1.4 BILLION PERSON POPULATION IN CHINA THAN ACTUALLY PROTECTING THEIR OWN GOODS. HAVING SAID THAT, THE ECONOMY IS SLOWING. AND IT HAS TO OF DO WITH THE UNCERTAINTY AROUND THIS TRADE WAR, RIGHT? I MEAN, CAP EX IS DOWN. PEOPLE ARE WORRIED THIS IS GOING TO TAKE STEAM OUT OF THE ECONOMIC GROWTH THAT THE PRESIDENT ACTUALLY LED BECAUSE OF HIS TAX LEGISLATION. SO WHAT ABOUT THAT?>>WELL, I THINK THAT YOU HAVE TO PLAY THE LONG-TERM GAME HERE. THIS IS 25-YEAR PRACTICE ROUND THAT WALL STREET AND THE BUSH AND CLINTON ADMINISTRATIONS CREATED AND IT DIDN’T WORK AT AWFUL IT’S BEEN VERY, VERY CHALLENGES FOR U.S. MANUFACTURING AND ULTIMATELY THE UNDERPINNING OF THE U.S. ECONOMY. MARIA: TELL ME WHAT YOU FACED AT CAMBRIA. DUMPING OF PRODUCTS FROM CHINA, HOW DO YOU KNOW SO MUCH ABOUT HOW BUSINESS HAS BEEN IMPACTED? GIVE US THE BACKGROUND.>>WE LIVED IN IT WHERE WE SAW THE CHINESE GOVERNMENT FUND THE RAW MATERIALS AND THE MANUFACTURING AND THE ENTIRE INFRASTRUCTURE COST OF OUR INDUSTRY, OF OUR PRODUCT PRODUCTION INDUSTRY AROUND CORD SERVICING AND DUMPED THE PRODUCT INTO AMERICA. AND WHAT I GET A KICK OUT OF IS RUBIN AND PAULSON AND SUMMERS AND COHEN AND THESE SUPPOSED INTELLECTS OF WALL STREET USING THE TERM FREE TRADE SO LOOSELY. FOR THEM TO SUGGEST THAT WHAT WE HAVE GOING ON OVER THE LAST 20 YEARS UNDER THEIR AUTHORSHIP WAS FREE TRADE, THAT’S A GREAT TRAVESTY OF THIS STORY. WHAT A FAKE NARRATIVE THEY BROUGHT FORWARD. IT’S NOT FREE TRADE. YOU CANNOT HAVE FREE TRADE WITH A FOREIGN DICTATORSHIP, A COMMUNIST DICTATORSHIP WHO IS FRANKLY JUST HARVESTING THE PROSPERITY OF AN AMERICAN DEMOCRACY. SO THIS FREE TRADE LINE IS SUCH A FALSE NARRATIVE, WHEN YOU’RE DEALING WITH CHINA. MARIA: AND YOU’VE SEEN IT FIRSTHAND. YOUR COMPANY MAKES COURT SURFACES, TELL US ABOUT THAT. IT MAY VERY WELL — I THINK WE HAVE THAT QUARTS IN HAVE THAT QUARTZ IN HAVE THAT QUARTZ HN HAVE THAT QUARTZ HERE.>>WE MAKE IT FOR COUNTERS, FLOORING. MARIA: AND CHINA IS BRINGING Q ITIN.>>AFTER WE FOUNDED OUR COMPANY IN 2001, PRESIDENT BUSH’S ADMINISTRATION EBB ADMINISTRATION ENCOURAGED ENTREPRENEURSHIP. IF I KNEW WE WERE RISKING TO INVESTING IN THE BUSINESS, THAT AT THE SAME TIME THEY WERE MAKING DEALS WITH CHINA THAT WOULD END UP UNDERMINING OUR VERY BUSINESS PLATFORM AND THAT’S WHAT HAPPENED IN 2012 AND ’13. CHINA CAME POURING INTO A MARKET THAT WE AND OTHERS CREATED IN THE U.S. AND UNDER GREAT SUBSIDY FROM THEIR GOVERNMENT AND THEIR STATE-OWNED BANKS AND SO FORTH, THEY CAME IN AND BASICALLY HIJACKED OUR INDUSTRY. MARIA: THE SAME THING HAPPENED WITH STEEL.>>OH, YEAH. IT’S GOING TO HAPPEN WITH AIRLINES. IT’S GOING TO HAPPEN WITH MEDICAL DEVICES. IT HAPPENED WITH A ALUMINUM. IT’S HAPPENING IN ALL AREAS. MARIA: WHY DO YOU THINK IT’S GOING TO HAPPEN IN ALL THESE OTHER AREAS. CHINA WANTS TO BE NUMBER ONE.>>CHINA’S SMART. THEY KNOW WHAT THEY’RE DOING. THEY’RE ABLE TO PLAY WALL STREET. WHY IS GOLDMAN SACHS SUPPORTING — YOU LOOK AT THE ARTICLE WRITTEN IN THE NEW YORK TIMES A YEAR AGO, ABOUT ALL THE WALL STREET TITANS, INBLUEDING BLACKSTONE, THAT WERE HEADING OVER TO CHINA TO MEET WITH THE TOP THREE GUYS UNDER XI OVER THERE AND TO DEVELOP A STRATEGY HOW TO HELP CHINA NEGOTIATE WITH TRUMP. IN ESSENCE. AND WHY IS THE BLACKSTONE CEO, HE’S GOT A $500 MILLION SCHOLARSHIP IN CHINA. WHY? WHY DOES GOLDMAN REPORT THEY’RE GOING TO SUPPORT CHINA IN A $5 BILLION WORTH OF SUPPORT IN INVESTING IN AMERICAN COMPANIES, GETTING STAKE IN AMERICAN COMPANIES? THIS CHINA — TRUMP IS NOT BENEFITING FROM HIS EFFORTS ON CHINA. WALL STREET IS BENEFITING FROM THEIR EFFORTS ON CHINA. THESE GUYS HAVE MADE SEVERAL HUNDRED MILLION DOLLARS PERSONALLY AS THIS WHOLE THING PLAYED OUT OVER THE LAST 25 YEARS. MARIA: I THINK SOME OF THIS STUFF IS CULTURAL. THE THEFT OF INTELLECTUAL PROPERTY, I DON’T THINK YOU CAN CHANGE VERY MUCH. ESPECIALLY WHEN YOU HAVE A DICTATOR FOR LIFE IN PLACE. HOWEVER, THE U.S. TRADE GAP DID NARROW LAST MONTH, IN JULY, RATHER. MANUFACTURING WEAKNESS HELD DOWN IMPORTS ON BUSINESS EQUIPMENT AND SUPPLIES. WHAT DID YOU THINK OF THAT? AND IN TERMS OF A POTENTIAL TRADE DEAL, IS IT EVEN POSSIBLE THAT THE U.S. CAN DO A DEAL WITH CHINA TO AGREE ON THINGS LIKE INTELLECTUAL PROPERTY THEFT AND THE DUMPING OF THE PRODUCTS THAT YOU’RE TALKING ABOUT.>>IF PRESIDENT TRUMP WINS THE ELECTION, YES. I THINK HE WILL SUSTAIN IT AND CHINA WILL KNOW IT’S SEARS JUST. RIGHT NOW, — SERIOUS. RIGHT NOW, HE’S RUNNING IN AN ELECTION WHERE WALL STREET TITANS ARE CRITICIZING HIM. RUBIN’S OUT CRITICIZING HIM. SUMMERS IS OUT CRITICIZING HIM. HANK PAULSON BACKED OFF A LITTLE BIT. NOT ENOUGH. THAT’S WHAT’S HURTING THE PRESIDENT’S POSITION AND HIS TRADE TEAM IS WE CAN’T EVEN GET WALL STREET ON THE SAME PAGE WITH WHAT’S BEST FOR AMERICA. AND WHAT’S BEST FOR AMERICA IN MANY CASES HAS PROVEN NOT TO BE BEST FOR WALL STREET ON SHORT TERM. AND I THINK A THAT’S THE CHALLENGE. I THINK IT’S A CHALLENGE WITH AMERICAN COMPANIES PUBLIC CEOS WHO LOOK FOR SHORT-TERM, CHEAP RAW MATERIALS UNDERSTAND THAT’S GOING TO BENEFIT ON THE SHORT-TERM AND THEY HAVE SHORT LIFE CYCLES IN THEIR COMPANY. MARIA: YOU’RE NOT UNCOMFORTABLE WITH ALL THESE MASSIVE WILD SWINGS FOR THE STOCK MARKET WHEN PEOPLE GET NERVOUS ABOUT A DEAL NOT HAPPENING.>>IT WILL SETTLE OUT. IT’S GOING TO BE A LOT WORSE FOR THIS COUNTRY LONG TERM IF WE WOULD HAVE CONTINUED DOWN THE PATH OF THE CLINTON, BUSH AND WALL STREET PLATFORM THAT WAS BEING BUILT AND HAD BEEN EXECUTED UNTIL TRUMP CAME ALONG AND REALLY SAVED THE MIDDLE CLASS IN HIS EFFORTS HERE. HE’S THE ONLY ONE FIGHTING FOR THE MIDDLE CLASS. WALL STREET IS NOT. BUSH AND CLINTON ADMINISTRATION — UNDER THE BUSH ADMINISTRATION, THEY EVEN DEFLECTED THE SAFEGUARD ACTIONS THAT AMERICAN PRIVATE COMPANIES TOOK IN THOSE YEARS AND ACTUALLY SHOT THEM DOWN. THIS STUFF IS ALL FACTUALLY ILLUSTRATED IN A VARIETY OF TESTIMONY AND ARTICLES AND WRITINGS THAT HAVE BEEN PUT FORTH. THE AMERICAN PEOPLE NEED TO GET EDUCATED. WE’RE FORTUNATE TO HAVE TRUMP IN THIS POSITION. HE IS THE SMART GUY IN THE ROOM. I LIKE WHEN THE WALL STREETERS TALK ABOUT THEY’RE SMARTER THAN TRUMP. NO THEY’RE NOT. TRUMP IS A SMART GUY. MARIA: IT’S GREAT TO HAVE YOUR INSIGHTS ON THIS. YOU’VE SEEN IT FIRSTHAND.>>I DID. I THINK THEY OWE US AN APOLOGY,

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About the Author: Oren Garnes

90 Comments

  1. Once China starts to lose Businesses that will goto other Countries because if what President Trump is doing… China will come back to the table and make a FAIR DEAL… that is going to be the day out Stock Market gains 10k Points!!! Put your Seatbelts on and get your 401k's ready!!!!

  2. But still, stole his money and not American workers, still paying Americans do do a better jobb. And there is this thought, steal his cash, gives more jobs in America from China.

  3. I’ve been to that plant , great people and a great product. Who cares if apple and other companies lose money. They knew and had along time to move out of China. Time to put an end to the theft by China and the American companies that sold us out. It’s time for Americans to view China as not our friend but as an enemy. We also need to be aware of the students that are coming from mainland China not only to spy on chinese Americans but to steal from our universities and companies. Time to view them as thieves not as tourist.

  4. Why does Trump produce his goods outside US ? Because it is cheaper and he can earn more.
    Why does Trump hire foreigners (most Asian) on his properties ? Because it is cheaper and he can earn more.
    Why do US consumers buy Chinese products? Because they are cheaper.
    Dont blame politicians or foreigners. Blame your one greed for money and cheap products.

  5. I watch Fox to make sure that I am not imagining that they are Trump enablers. I am not. This is ridiculous.
    "Not feathering his own nest"?
    Really?

  6. I knew that these traitorous CEOS that critizice the president are the ones in bed with communist China. They are despicable.

  7. Two huge explosions, followed by decades of intellectual property theft, illegal labor, and undermining of industries, created the China trade issues.

  8. In the business world, Europe is playing checkers, Russia playing Uncle Wiggily, NOKO and Iran playing solitaire (without cards), China playing chess, and DJT is playing Jumanji …..this is hilarious…..!!

  9. Trump created this scam along with China. This scam has been going on for almost 3 years now.Trump says that China reached an agreement with the US and the markets goes up 500 points. Next week Trump says China pulled out of deal and then the market goes down 500 points. The rich buys on the dip and sell almost immediately after for profits. Maria and the media is in on the scam since Maria and the media pushes and sell the story to the public. Maria and Erin Burnette both are friends with Trump and they were put and selected to cover for Trump although both pretend to be unbiased toward Trump. All of them are friends and it showed while Maria and Erin worked for CNBC.

  10. China should stop using their taxpayers money to subsidize US consumers and US should stop buying China’s subsidized products. It takes two hands to clap. Fox cannot blame only one hand.

  11. China is not smart. China is thief and stealing propreitary information for decade's. How China is making what USA owns?

    Now China resources are ending and China goes dry for it's decades of immorality.

    Clinton-Bush and Obama is excluded who changed regulations and laws. Cambria works for China and not accuses Obama?

  12. China relies on corruption, propaganda, information hiding and extortion. They do that to Chinese people too. They do not have any concept of Chinese citizen, because they do not have any vote.

  13. China wants control over America through how we EAT when and where we eat our own food.
    You know they want to control the very air we breath.

  14. Not a big fan of Fox especially now that they are a sounding board for the Republitards in 2020 however at least they did not blatantly lie to their audience like CNN did when President Trump was elected. CNN ran story after story, replete with panels of bobble headed "financial experts" who said that the economic sky would fall in the US once Trump took office; sooo many CNN viewers lost big money on that "financial guidance", you can still hate the president but you don't need to go broke.

  15. These Fox News pundits don't know how fast to reposition their lips to kiss Trump's butt. First Trump is doing great because Wall Street is booming, now that Wall Street is struggling because of Trump's trade war, Wall Street is the villain, never is it 'hiding his college grades' Trumpski's fault 😂.

  16. Trump is fixing the problem. Let him fix it. We can’t continue to allow Wall Street selling America’s future for their short term gains. We need to back Trump for 2020 to continue the fight. We need to find other countries to trade with. Clinton, Bush, and Wall Street have done the most damage to America middle class.

  17. Someone should have taken on China 20 years ago, is the problem. And I don't know if it's Wall Street, but American Companies created this in a way because they were the ones who moved the manufacturing base to China over the years seeking lowcost cheap production.
    But it's too late now, China is too interwoven into the Global Economy!
    Can't change the past, what's done is done, we only have the present.
    They are our equals now in many ways and should be respectfully treated as such, and Trump can bully all he wants, but it won't faze them (maybe would have worked 20 years ago, but not in today's age).

  18. Let's bite the bullet now and stop China from destroying our country – and others around the world. Thank you for educating us, Marty. You're a smart guy too!

  19. Those whose nests were/are being feathered by China are creating bad press concerning this issue. The truth is that the old traid rules & the theft of intellectual property were/are a detriment to the US economy. Our businesses were being diverted to other countries (at times, with US taxpayer dollars), & stolen intellectual property was used to enrich thieves with winks & nods from US politicians & others who would laugh all the way to the bank.

  20. The stock market has nothing to do with my economy or profits as a small business owner. At the local level, business has never been better. My son is in the rental equipment business and his business is booming. Construction is booming. Not sorry if all you folks who sit on your butts all day to day trade are losing money. Learn how to build or fix something. The roads and grid need you.

  21. The middle class is what carry this country with paying their taxes, and Democrats want to taxes us more, government needs to quit wasting our money!

  22. 8:00 Re: these massive, wild swings of the stock market, when people get so nervous: "It would've been a lot worse for this country long term, if we had continued down the path of the Clinton, Bush, and Wallstreet platform that was being built and was executed until Trump came along."

  23. The last 5 president didn’t do crap to fix the problem/rip off and now when president trump wants to try to fix the problem the demorats want to cry like little bitches.

  24. I watched my Hometown of Jackson Michigan lose it's Industrial Base as the Carter Misery Years sold out the Auto, Oil and Steel industries of the Rust Belt with no Tariff support to protect our Union Jobs.
    Now, Billy Beer Carter got caught on one of his many trips to Libya with $75,000 in his luggage.
    These Corporations that took our jobs overseas, Bank off shore.
    Call Trump what you will, but he is the first President in my 67 years to stand up for the American Worker.
    I'm voting Trump.

  25. No CHUMP created the crisis because wall street doesn't like uncertainty. What would wall street have to gain by creating that crisis. The person solely response for this mess is the one and only CHUMP

  26. It’s hard for these greedy bankers not to sell out America when the CCP is literally giving out 9-figure bribes.

    They should at least be registered as foreign agents.

  27. why don’t any of the dumb dems realize any of this!? they rather focus on boys using girls bathrooms and having abortions at 9 months!

  28. You know how Rome and China neutered Powerful forces? Pampered their Elites. US Elites are Corporations and bought and paid for Politicians

  29. Duh!…They SOLD OUT America for Fun and for Profit with Clinton giving them the trade deals they wanted and then Obozo tried to Sell us Out to the Chinese ..until….Trump…wonder why they Hate him so?..Why?…,..Globalists by definition have No Loyalty and No Nation……If they dont like it ,let them immigrate to …China…

  30. Harvesting?..Go ahead say it….SAY IT!…The Chinese are STEALING everything they can get their grubby little fingers on..

  31. He's right on. China with the help of our public officials like Mitch McConnell, hijack and take over U.S. Industries. Republicans have a real problem on there hands. Ditch Mitch. Trump 2020!!

  32. My thing is this. Where was this same energy for the last three decades from these republicans today? I will say that I am glad they have finally come along, but it was the GOP of Reagan, Bush 1 and 2 who had the globalist that put us into this mess. The only sad thing now is that the liberals are becoming the new globalist.

  33. Good to know that Cambria Is manufacturing quarts countertops in US because we’re building our house next year & we want to use quarts for countertop.

  34. WHY ARE WE DOING ANY BUSINESS WITH A COMMUNIST COUNTRY LIKE CHINA IN THE FIRST PLACE???????WE HAVE THE POWER TO WIPE THEM OUT AND SEE THEM GO BACK TO THEIR OLD WAYS AND FADE AWAY!!!!!!

  35. wall street caused the financial crisis in 2008, yet no one ever was put in jail, instead, the government spent billions of taxpayers money to save them.

  36. Wall street makes a lot of money without making a product. These are the people who got us into the last recession. Same people who wants to keep this yearly trade deficit with China. Useless people.

  37. Wish she'd end interrupting guests!! Getting louder and louder and her mouth working overtime!! Stop screeching, too!! OMG!!

  38. Where were the stories when millions of jobs were leaving
    this country? Buy American and support local businesses! You've got to GIVE
    some to GET some! I just ordered “made in America” shirt tags from China! Bring
    on the tariffs! So the media is mad that America will get its economy back? I
    just order my fresh batch of made in China American flags, can’t make money
    from made in US flags. Why not buy American products?? Tariffs on
    Chinese milk!? Wtf? We don’t make our own here? Better not be serving me Chinese
    milk!! Dollar tree about to be! Three dollar tree 😂😂😂🙃👀😂😁.
    ha-ha! We won't die without china’s products! Stop trying to spread fear. We do
    not need China as much as they need US. Jobs will be lost because of
    tariffs??  Our jobs are already in
    China!!

  39. This is not a trade WAR, China is boycotting US farmers, President Trump is doing a lousy job on trade, he is loooosing to China!

  40. TRUMP and fox news trying to blame everybody but TRUMP and his minions for the lose in the stock market. What idiots call it as it is. He hasn't got a clue what he is doing. BAFOONS

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