THAT IS OUTRAGEOUS.
THANK YOU VERY MUCH, LAUREN
SIMONETTI.
>>> IT IS NOT OFTEN THE
PRESIDENT OF THE UNITED STATES
IS ON THE SAME PAGE WITH HIS
NEMESIS, JOHN KASICH, THE
OUTGOING GOVERNOR OF OHIO.
THEY'RE MUTUALLY TICKED OFF AT
GENERAL MOTORS AND JOB CUTS
DISPROPORTIONATELY COMING TO
STATES LIKE OHIO AND BY THE WAY,
MICHIGAN, 15,000 OVER THE NEXT
FEW WEEKS.
JONATHAN HOENIG SAYS TRADE IS
THE REASON, NOTHING MORE,
NOTHING LESS.
WHAT DO YOU MEAN?
>> NEIL THIS IS REALLY
FRUSTRATING.
THE EXPECTATION THAT BECAUSE THE
UNITED STATES BAILED OUT
GENERAL MOTORS, DONALD TRUMP FOR
BETTER OR FOR WORSE WAS FOR
THOSE BAILOUTS, THEY SOMEHOW OWE
THE AMERICAN WORKER.
REMINDS ME OF THE OLD SAYING WHO
WRITES THE CHECKS BEING MAKES
THE RULES.
GM LIKE ANY OTHER BUSINESS NEEDS
TO MAKE MONEY.
THAT IS THE DANGEROUS PRECEDENT
SET.
WHAT WORRIES ME, MOVING FORWARD,
YOU MENTIONED POTENTIALLY HARD
TIMES COMING AHEAD.
THE BAILOUTS ARE STILL HAUNTING
US.
GENERAL MOTORS IS THE BEST
EXAMPLE WHY.
NEIL: DID THEY PREMATURELY PUT
THE BLAME ON TRADE STUFF OR
SIMPLY MAKING LOUSY STUFF, THE
VOLT AND OTHER CARS OF
QUESTIONABLE APPEAL?
>> THIS IS SELF-INFLICTED WOUND
BY THE PRESIDENT AND OUR OWN
GOVERNMENT.
GM SAYS THE TARIFFS COST THEM A
BILLION DOLLARS, ONE BILLION
DOLLARS.
THAT IS JUST GM.
FORD TOLD THE PRESIDENT, THE
U.S. HAS HIGHEST COST STEEL IN
THE NATION.
BECAUSE OF TARIFFS.
THE MARKET IS MIXED TODAY.
BUT LOOK AT STOCKS AT 52-WEEK
LOWS.
LOOK WHERE THE TREND IS DOWN.
STEEL STOCKS, NEIL, ALCOA, AK
STEEL.
IF TARIFFS ARE HELPING THE
COMPANIES WHY ARE THEY ALL AT
52-WEEK LOWS?
NEIL: PRESIDENT SAID HE HAD A
PHONE CONVERSATION WITH MARY
BARRA, THE EXECUTIVE AT GM.
THAT HE WAS NOT HAPPY.
WHAT SHE WOULD DO TO OPEN A NEW
PLANT OR DO SOMETHING ABOUT
THIS.
WHAT DO YOU THINK SHE DOES?
>> WELL YOU KNOW, THAT IT IS
WORRISOME, NEIL.
YOU HAVE VERY OFTEN AS WE SAW
DURING THE OBAMA ADMINISTRATION,
BUSINESSES TRYING TO DO WHAT IS
BEST FOR THEIR SHAREHOLDERS,
TRYING TO MAKE MONEY BUT
INFLUENCE FROM GOVERNMENT.
THE CHEVY VOLT AND THE CHEVY
CRUZE THE BEST EXAMPLE.
OBAMA CALLED THE CHEVY CRUZE THE
CAR OF THE FUTURE SIX YEARS AGO.
THEY'RE LITERALLY PULLING THE
PLUG ON IT TODAY.
AN IDEAL SYSTEM, NEIL, IDEAL OF
SOCIETY, YOU WOULD HAVE
ANTICIPATE RACE BETWEEN THE
GOVERNMENT AND ECONOMY.
NOT PRESIDENT TRUMP OR ANY OTHER
PRESIDENT INFLUENCE COMPANIES TO
OPEN PLANTS HERE, MANUFACTURE
WIDGETS HERE.
EVEN TODAY, APPLE COMPUTER,
APPLE, DOWN ON THREATS NOT
BECAUSE THEY WILL SELL LESS
IPHONES, BECAUSE OF THREATS
FROM THE PRESIDENT ON MAYOR
TARIFFS FROM CHINA.
THIS IS HURTING THE BOTTOM LINE,
HURTING CONSUMERS AT THE SAME
TIME.
NEIL: I WONDER IF NEXT YEAR
CONSUMERS ARE PREPARED FOR THAT?
A LOT OF THIS, IF YOU WANT TO
BUY A APPLE LAPTOP, NOW MIGHT BE
THE TIME TO DO IT AHEAD OF THIS
SORT OF STUFF COULD BE INFLICTED
ON PEOPLE NEXT YEAR.
BUT ALREADY, THESE TARIFFS ARE
IN FULL EFFECT FOR SHOPPERS WHO
CAN'T FIND A WAY AROUND THEM?
>> YEAH.
I MEAN ALREADY, NEIL.
WE'VE SEEN IT THROUGHOUT THE
COURSE OF THE YEAR.
SOMETHING AS BENIGN OR INNOCUOUS
AS WASHING MACHINES.
THAT IS ONE OF THE PRESIDENT'S
FIRST TARIFFS, ON IMPORTED
WASHING MACHINES, THOSE PRICES
ARE UP ACROSS THE BOARD.
WE KNOW TARIFFS ARE DESTRUCTIVE.
THEY'RE DESTRUCTIVE FOR THE VERY
COMPANIES THEY WERE SUPPOSED TO
HELP.
FORD AND GM'S STOCK, NEIL, THE
STOCK AND THE STOCK MARKET DOWN
WELL OVER DOUBLE DIGITS OVER THE
LAST 52 WEEKS.
THESE TAXES, THAT IS WHAT
TARIFFS ARE, THEY ARE TAXES ON
AMERICANS, HELPS NO ONE.
IT ENDS UP BEING A POLITICAL
SHOWDOWN BETWEEN TWO
AUTHORITARIAN LEADERS RATHER
THAN ANYTHING TO DO WITH FREE
TRADE AND FREE ECONOMY.
NEIL: YOU ARE SO GOING TO GET
SOME TRUMP TWEETS.
>> YEAH.
NEIL: HAVING SAID THAT, ARE YOU
SURPRISED THAT THE CHRISTMAS,
HOLIDAY SALES, ARE STRONG AS
THEY ARE, EVEN IN AREAS WHERE
TARIFFS ARE FULL EFFECT?
>> I'M GLAD TO SEE, NEIL.
I'M NOT A HATER ON THE ECONOMY.
I'M GLAD TO SEE BLACK FRIDAY I
BELIEVE THE STRONGEST EVER.
SAME THING WITH BLACK FRIDAY AND
SAME THING WITH CYBER MONDAY.
PEOPLE ARE OUT THERE SHOPPING.
WHAT WORRIES ME, I HAVE TO SAY
IT, THE PRICE ACTION WE SAW IN
THE STOCK MARKET OVER THE WEEK
OF THANKSGIVING.
NEIL, THAT WAS THE WORST WEEK
FOR STOCKS IN 80 YEARS, WORST
THANKSGIVING FOR STOCKS IN 80
YEARS.
I'M LOOKING AT HIGH YIELD AND
CORPORATE BONDS TICKING DOWN
SHARPLY.
I FEEL THIS, DESPITE THE FACT
THE CONSUMER BULLISH, THE MARKET
IS FORECASTING I DON'T KNOW
WHETHER A RECESSION, CREDIT
CRISIS, WHATEVER, I FEAR THE
STOCK MARKET IS FORECASTING