cuts, but they will come after the crisis, not before. maria: so you're saying perhaps we go into a recession, perhaps the economy weakens further. that will be, that will be the trigger for the fed to actually cut rates. >> with if you look at what we've seen in terms of the move in the unemployment rate, we may be in recession already. that .5 increase may not sound like much, or but historically once you move .5, you go up a straight line to up 3 percentage points. so we may have started the recession more. we're just waiting for the nb everything r to announce it. maria: all right. we will leave it there. great conversation, everybody. congressman dan meuser, doug holtz-eakin, stephanie pomboy, mike lee, cheryl casone, thank you so much. 30 minutes away from the opening bell, the dow jones industrial average right now is up better than 30 points. the nasdaq and the s&p are flat. let's hand it over to stuart. "varney & company" picks it up. stu, take it away. stuart: good morning, everyone. this is inflation data week.

consumer prices tomorrow, producer prices out about half an hour ago. here's what we have. in april, prices paid by businesses went up a much bigger than expected 0.5%. that is the hottest read sense february. over the last year, producer prices went up 32.2% -- 2.2%, and that's the highest since april of 2023. a strongen inflation report today. here's the market reaction, subdued. when those numbers first came can out, the market went straight down. we've recovered a lot. the dow is actually up 20 points, the s&p is down a mere 2, and the nasdaq down 40 points, that's it. the 10-year treasury yield with, well, that's moved up above -- no, it just dropped back below, it was just above 4.5%, now it's 4.49. virtually unchanged. the 2-year treasury, that also came down a hot. actually, i'm sorry, it went with up a lot right before when those numbers came out, but now it's moderated. you're at 4.86. so not -- it's really a muted reaction to the inflation numbers.

bitcoin, $611,000 -- 611,000 and change. oil, right there at $78.49. gas, no change, $3.611 for regular. diesel down up one cent at $3.93. politics. the president makes a big speech on the economy today. we don't know exactly what he's going to say, but he will probably bring up the tariffs which have now formally rebeen imposed on chinese products like electric vehicleses. he should address inflation because that's the issue that's hurting him with two key constituencies, low income people and young people. he's scheduled to speak around 12 noon today. michael cohen takes the stand again in the trump trial. this is the day when trump's lawyers cross-examine him. watch out for some fireworks. on the show today, kamala harris just wants to be one of the guys, so she drops an f-bomb and giggles her or way through an interview. the sheriff of lee county in south florida's going to join us. he's telling new york liberals who head south, go home if they don't change their politics.

big show this tuesday, may 14th, 2024. "varney & company" is about to begin. ♪ ♪ don't stop me now, i'm having such a good time. ♪ i'm having a ball ♪ stuart: get up and go music, isn't it? we're off and running here. we're starting this tuesday with the latest read on inflation if. of we have the producer price report. there you have the numbers on the screen. take us through it, lauren. lauren: way hotter e than expected. inflation is sticky. so let's take out the food and energy prices, the volatile prices, and then you have core producer prices, and they rose .5% month over month and 2.4% year-over-year. that month over month if number is very hot. so the report gives two clues. one, what are the profit margins for retailers and service providers, right? how much are their own costs

going up. and then rate cuts. this is hard to justify a rate cut, after a report like this. stuart: say good-bye, surely. certainly in the near future. lauren are, thank you very much. david nicholas with us this morning. this inflation report doesn't look good for stocks, but the reaction has not been particularly sharp. [no audio] okay, we've got an audio problem. this happens occasionally. we want some comment on the inflation report and its impact on the stock market. what i can tell you so far is this inflation report was a bit hotter than expected, i don't normally play the expectations game, but we've got to play it this morning. hold on, we've restored audio with our guest, david nicholas. david, can you can hear me? we can't hear him. okay. we're moving on. white house press secretary

karine jean-pierre insisted that young voters are till on president biden's side -- still on president biden's side despite recent policy. watch this. >> and the president has stood on many, has stood with young americans on many of the issues that you care about. because you said beyond, beyond what's happening in the middle east. and so when it comes to climate change, right, that's something that he's been very clear about and has been the most progressive president on that particular issue. and he's going to continue to do that. stuart tour charles hurt joins me now. climate change reels in the young voters or? how about inflation, doesn't that turn off? >> no, exactly. and just like with inflation, you know, the only thing worse than a president who ushers in the kind of inflation that we've seen is a president who ushers in this kind of inflation and then pretends they're not doing it and pretends people aren't suffering under it. they are, they know it. and whether it's -- and, obviously, we're seeing with this polling young people recognize that whatever, you

know, joe -- joe biden might if care about the environment, but he's not doing anything to fix the environment. and whatever he's doing, he's not doing anything to reel in these young voters, and we're seeing polls after polls showing shocking swingings. we're talking, like, 30-point swing withs away from joe biden to donald trump among voters under 30. and this is something i never -- if you had predicted this to me two years ago or four years ago, i would have said you're crazy, there's no way this is possible. but we're seeing it again and again in polls. they're losing young people. and it doesn't help to have the white house press secretary sitting up this the saying, oh e, no, no, no, young people love joe biden because of the environment or whatever. whatever reason she wants to give. stuart: yeah. they don't love him as much as they used to love him, and that's a fact. >> they clearly don't. and what's more amazing about that too is they do, they are turning to trump. and the degree to which they loathe trump -- loathed trump

four years ago, that's a pretty aa son thishing change there -- astonishing change there. stuart: it is. another subject. vice president kamala harris used some, shall we with say is, interesting language when speaking to young people in washington yesterday. charlie, stop laughing. watch the tape. roll it. >> we have to know that sometimes people will open a door for you and lee it -- leave it open, sometimes they won't. and you need to kick that [bleep] door down. [laughter] [cheers and applause] excuse my language -- [laughter] stuart: well, yes. [laughter] slight cringe there there. i mean, is she just trying to be one of the guys? >> yeah. this is like the dad whose kids having a sleepover and comes down into the batesment with his baseball hat on sideways, his puffy temperature tennis shoes and tries rapping with the kids

doing karaoke. it's a sign of desperation, and it's like -- and if you listen to that whole speech, it's like, you know, fingernails on a chalkboard listening to her try to do this and fail, by the way. if you know, obviously, the people in that room, you know, that was great. but, you know, anybody watching it outside of that room it's -- and i don't know, maybe, you know, maybe it was as bad as it was on video inside that room. but it's a sign of desperation, and i think they realize it, but they're going to continue lying about their desperation. stuart: charlie hurt, you're just having far too much fun as a political pundit. [laughter] you're just -- >> if you're not having fun in politics these days, you don't belong in politics. stuart: i agree entirely. charlie hurt, you're all right. see you later. michael cohen returns to the stand today in the trump criminal trial here in new york city. lauren, what is donald trump saying about cohen's testimony -- lauren: that's a trick question.

that is a trick question because he's not allowed to comment on witnesses because of the gag order. but he sure slammed the trial. here is trump from the hallway of the courthouse yesterday. watch here. >> this day is truly going to go down as the day of infamy for the new york legal system which is -- the whole world is laughing now at new york's weaponized legal system. watching this unfold in that courtroom as the lawyers really -- as a lawyer is deeply disturbing. we have a corrupt judge, and we have a judge who's highly conflicted, and he's keeping me from campaigning. lauren: four weeks in court. not on the campaign trail or having to campaign on the off days. although i would make the argument that that has worked for him, in his favor. nonetheless, the prosecution's star witness is michael cohen, and guess what? he's back on the stand this morning, in 20 minutes. expect fireworks. today is the cross-examination. he's not going to appear so composed. he might become unhinged as he

gets questioned from trump's attorneys. stuart: pity it's not on tv. lauren: i know, right? stuart: guess what? we have now restored an audio connection with david nicholas. we're going to look at the market with him. this inflation report, it's not good -- i don't think it's good for stocks, and yet the market's not reacting terribly badly. >> stuart, you're spot on. the ppi report is showing us that wholesale inflation is still surging, but the market is pausing to see what happens with tomorrow's cpi report. and i tell you, a hot cpi report is the worst case scenario for this market. my gut tells me we gist have not won this -- just have not won this war against inflation. if you see gas prices and shelter prices, it is miserable for first-time home buyers or young family ares trying to start and buy a home. i think the market is not going to be able to push to all-time highs this year unless we get a significant reduction in inflation tomorrow, stuart. i just don't think we're going

to see it. stuart: i think you can say good to initiation a possibility of rate a cuts in the immediate future, right? the door to a possible rate hik- >> well, i -- the fed, they don't want to admit it, but the fed does not want to do what it takes to bring inflation under control. they just don't want to do it. stuart, they got it wrong. they stopped raising rates way too early, and now they're stuck. so what their hope is if they just do nothing, that the laws of economics will be suspended and inflation will just magically come down births. and we're not going -- by itself. employment is still strong, we're seeing wages continue to go up. this is not good for the fed, so i think inflation's more stub stubborn than what the fed wants. stuart: you got it. david nicholas, see you again real soon. >> thank you, stuart. stuart: a correspondent at cnn says swing state voters are getting tired of the trump trial. watch this. >> as i talk to voters across the country in these battleground states, ark a, many

of them aren't paying attention at all and are disgusted and sort of tired with this. as of now, it's actually helped donald trump. stuart: we will pose the question, is biden's lawfare really working? biden announced a 100% tariff on chinese electric vehicles even though back in to 19 he called trump's tariffs on china an abuse of policy and said hay don't work. senator john barrasso on that next. ♪ -- a ride that's ooler than a limousine. ♪ can you handle the turns, can you run on the lines -- ♪ if you can, baby, then we can go all night. ♪ 0-60 in 3.55. ♪ baby, you got the keys -- ♪ shut up and drive ♪ , tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading.

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stuart: president biden just announced new tariffs on $18 billion worth of imports from china. the tariffs on electric vehicles go from 25-100%. edward lawrence at the white house. this is quite a turn-around from if biden's stand in 2019, right? >> reporter: oh, it absolutely is. and now president biden is concerned about the amount of products that china's dumping on this market, possibly running u.s. companies out of business. he's slapping a 25% tariff on steel and aluminum. he's also adding a 50% tariff on semiconductors in this. you can see 25 tariffs on ev and non-ev batteries, tariffs on ship to shore cranes as well as p persian e for a total -- ppe for a total of $18 billion starting from this year to 2026. so i wanted to know this: so in july of 2019, then-candidate biden said the tariffs on china are abusive policy. has the president changed his mind and now believes tariffs work? >> so, look, i'm not -- i'm

going to be really mindful. we have always had concerns on china's unfair trade policies. we've been very clear about that. and the last administration, when they did a trade deal with china, what it did is it failed to increase american exports or boost manufacturing -- >> reporter: so he now believes tariffs work? >> i'm going to be really mindful and not get ahead of what we're about to announce soon and what we have been really, or really clear about is protecting workers, protecting businesses, ask and we have called out china's unfair trade policies. and so we're going to continue to do that. >> reporter: she did not answer the question. now, this is the exact same strategy that former president trump used against the chinese as they were dumping products on the u.s. market. he had more tariffs on more items though. i try and ask the president today in the rose garden exactly why it took three years to come back around to this strategy. back to you, stu. stuart: edward, thanks very much, indeed. i should point out that donald trump is now speaking right outside the courthouse here in

new york city, and he says he would favor more tariffs on china because china is eating our lunch. those are his e words. senator john barrasso, republican from wyoming, joins me now. mr. senator, do you support tariffs on china electric vehicles? >> well, stuart, look, this president, joe biden, is desperate ifly trying to look tough on china, and it's just not working. it's not going to work because joe biden has already made us so dependent on china for critical minerals, critical materials that are used in the electric vehicles. and his environment aleck treatmentists are blocking our ability to get those here in the united states. all of those things play right into china's hand. stuart: why -- >> this president has taken 200 toattacks on american energy. every one of those makes chai i that stronger, russia stronger, iran stronger, and they hurt america. that's what's hurting american jobs. and you just had the spokesperson if from the white house saying, oh, we want to

protect jobs. no, they don't. they -- they're attacking american jobs when they attack american energy. stuart: why do you want to end federal tax credits for evs in the united states? >> the hard working people of wyoming and across america should not be subsidizing fancy, expensive hectic vehicles for rich people. -- electric vehicles. these hard working people don't want to buy those vehicles, certainly don't work in my home state of wyoming. the distances are long, the commutes are great distances, they have short battery capacities. if people aren't buying these vehicles even with the big subsidies. stuart, there's a great book and it's called "the hidden america: from coal minors to cowboys, the people that --, d all the things that are going up in prices because of the inflation this president is causing. those people should not be subsidizing expensive vehicles for rich people. no american should do that. stuart: if reelected, would you support donald trump rolling

back biden's green new deal and all the climate legislation -- >> oh, absolutely. stuart: you'd just roll the whole thing out is? >> absolutely. this obsession with climate that we see from the democrats is hurting our economy. finish it's hurting our ability for affordable energy which, of course, affects affordable food. but joe biden is the president of high prices, and people feel it at the gas station, they feel it at the groce -- grocery store and soft of the regulation and the strapping thinghold that this administration is putting on american energy, american energy workers. we have it, we have it here in abundance. we do it better environmentally than any place else in the world. administration doesn't get the fact that you can protect the environment is without punishing the economy. they're always trying to punish the economy and hurting the hard working people of america. stuart: how would you fight climate change? >> well, the reality is that you can do it with innovation. i believe climate change is real

and man is contributing to it. we do it with innovation. in wyoming we have an integrated test center using carbon dioxide for products that then can be sold, used. that's the way to deal with it. and we do it better than any place else. if you take a look at what this administration's doing, punish eking our economy, china, india, they are the big ones contributing to climate change right now. the amount of carbon dioxide coming out of their communities, you could shut down america tomorrow and emissions would continue to grow, go up just based on china and india alone. stuart: got it. senator john barrasso, thank you very much for coming back on the show today. always appreciate it. hope to see you soon. >> thank you, stuart. stuart: yes, sir. democrats want president biden to investigate grocery stores. [laughter] all right, lauren, what are they looking for? lauren: potential antitrust violations. potential price manipulation. let me give you an example. how about investigate investigating the fees that some

of the bigger or companies pay to the food stores for more shelf space. how come certain companies give customers rebates and others don't, and why haven't they reduce prices since covid? i actually do want to know that. nonetheless, high grocery prices undercut the biden economic message. they are absolutely desperate to bring the cost of food down, and latest effort is being led by senator elizabeth warren -- stuart: oh, i should have known. >> lauren: she's calling for executive action and a task force to investigate. stuart: oh, that'll work. [laughter] lauren: maybe look into the problems why are food prices so high. weather conditions, labor? if. stuart: socialists will always blame business. always, always, always. lauren: yep. stuart: that's it. thank you, lauren are. check futures, please. the market opens in just a couple of minutes, and right now we've got a mixed picture. dow up, s&p up slightly, the nasdaq down slightly. the opening bell is next. ♪ ♪

♪

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and significantly drops the risk of having a heart attack. do not take repatha if you are allergic to it. repatha can cause serious allergic reactions. signs include trouble breathing or swallowing or swelling of the face. most common side effects include runny nose, sore throat, common cold symptoms, flu or flu-like symptoms, back pain, high blood sugar, and redness, pain, or bruising at the injection site. we won't let another heart attack set us back. and neither should you. listen to your heart. lower your ldl-c and your risk with repatha. talk to your doctor. stuart: all right. an inconclusive futures market. dow, is s&p up fractionally, nasdaq down 16, that's it. keith fitz with us morning. inflation, hotter than expected.

isn't this a negative for stocks, keith? >> well, it is ordinarily, but the markets are learning to live with it as long as there's not a big spike, stuart. traders think we can manage it. out stouter what about the consumer price index tomorrow? if that spike -- not spikes, but if it edges up, the response on the market be different from today? >> i think so. there'll be a little more measured downside because traders are going to assume that that means jay powell and his crew are not going to raise -- or not going to lower rates anytime soon. stuart: well, could they raise rates, do you think? >> you know, that's -- boy, we've seen this playbook so many times. every time they say they won't, they probably will. so i'm going to just take a deep breath, step back, watch from the peanut gallery e and see what they do. [laughter] stuart: i'm going to put the meme stocks on the screen. this is premarket. not the 10-year treasury. there you go. they're all up huge again. can you explain this, keith? >> this is the lottery ticket mentality that has gripped our

markets, and it could not have resurfaced at a more inconvenient or dangerous time, if my mind. stuart: why dangerous? >> because the average investor doesn't understand the difference between speculation and investment. this is why casinos exist in gambling capitals around the world, because the consumer thinks they can win even though the house knows they can't. stuart: you don't touch this stuff, do you? >> not with a 10-foot pole or all the tea e in china, no way. stuart: got it. microsoft making big strides in europe. what are they doing, and is it going to help the stock price? >> how cool is this? this is an order of magnitude above anybody else's playbook. they've established a $4 billion investment with a macron, it gets the french regulators off their back and in the next three years it builds in a consumer base that likes microsoft if products. it's a win-win-win. stuart: it's not a huge gain for the stock price though, is it? >> not yet, but a couple years from now when suddenly you've

got a couple million people who are using microsoft products every single day spreading across the e.i. in businesses from -- e.u. in businesses from top to bottom, that's going to be extremely beneficial particularly as a.i. rolls out. stuart: last one. walmart if reports thursday. what do you think the numbers will reveal? >> i think they're going to reveal a couple interesting things. we're going to see a huge shift in demographics coming into the store for the first time as customers readjust to inflation. second, big online numbers hard going to point you towards amazon's dominance. and finally, i think we're going to learn about the character9 of the company. i haven't yet owned walmart, but i'm reevaluating that. if the numbers are really solid, i might make a move. stuart: $60 a share, and might just jump in. keith, thanks for joining us. five seconds until the opening of the markets, and they press the button momentarily, and we'll see how things shape up. remember, a slightly hotter than expected producer price index

out this morning. i think we're waiting with some nervousness for tomorrow's consumer price index. the market is open, the dow is up just 7 points, virtually dead flat this morning. the s&p 500 also pretty much dead flat, look at that, up .02%. and the nasdaq composite, i'm pretty sure that's the same thing, it's up -- it's absolutely almost entirely unchanged. i'm trying to get this out. lauren: [inaudible] stuart: that's right. [laughter] i was expecting a different result after that producer price index report because that was strong. i thought the market would be down, but it's not. it's up. big tech, split picture. alphabet and apple up, the others down. home depot, that is a dow stock, and it reported this morning before the bell. what do with we have, lauren? if. lauren: stock's down more than 2%. comparable sales fell for the sixth consecutive quarter, down 2.8%. commentary from the ceo is not helping. they're seeing consumer softness especially for big ticket items, big projects, and they're

sticking to their full-year guidance which is for 11 revenue growth this year, but you want companies to boost their full-year guy dance, and they're not doing that. so with this decline, home depot is taking 50 points off the dow jones industrial average. stuart: this is not good because you've got slowing economy, slowing foot traffic in walmart and inflation is rising. lauren: yeah. will retail sales confirm the slowdown tomorrow, and and will. >> cpi confirm the inflation increase tomorrow. how is the consumer holding up. it's been years of this dynamic of high prices. stuart: a lot of anxiety. alibaba, they also a reported first e thing this morning, i think? lauren: down 5.5%. profits down 86%. it has six different units, many of them hurt by a cautious consumer in china, so they're boosting their international push. and in their cloud division, laze arer focused on a.i. not lifting the stock. stuart: we've got to get back to this, the meme stocks. huge gains yesterday. premarket, huge gains again today. is this just, this roaring

kitty, is this thing? the lauren the cat's back. they are partying like it's 2021 all over again. look at a game so many the. -- gamestop. it has doubled. $60.38, just 98% today the on top of the 70 plus percent gain yesterday. why now? huge differences between 2021 and now. three years ago we were stuck at home, we were bored. so this group of retail or mostly online traders decided they're going to stick it to the big guy which was the hedge funds who shorted names, essentially forcing them to buy back with shares at higher prices to coffer. they're -- to cover. they're doing it again right now. this all started yesterday, but why? if they have less time on their hands, right in back at work. arguably, less cash. can you connect it to the crypto rally that has fizzled? i do not know, but i can tell you the retail army is winning. if you just look at a gamestop, short sellers are set to lose over a billion dollars today

alone. stuart: wow. games they play on wall street. all right, let's move on. google's developers' conference kicks off today, i believe. do they have news on a. a.i.? lauren: well, exactly. they're expected to announce a new android operating system and tell us how they're integrating generative a.i. across all of their businesses, gmail, maps, chrome, you name it. the announcement is at 1:00 eastern time. but they have to top what we heard from openai yesterday, and that was really cool and really scary. at one point in this presentation openai had a phone, an a.i. on a phone, that a.i. talking to the other phone a.i. chat bot to chat bot. that's just, that's freaky, that's scary -- stuart: but it was an intelligent conversation? lauren it was an intelligent conversation. i mean, the a.i. has advanced so much that it is wowing us and scaring us. what's the need for a human being if the computer can do everything? stuart: and what about human contact? if they -- chat bots talk to

each other, we're kind of left out, reason aren't we? lauren: yeah, i know. and what about judgment, that's the other thing. can you train a chat bot to have human judgment? i mean, maybe. we're not there yet -- stuart: we're going to have to get used to this. another company backed by amazon, anthropic, they're launching their own a.i. chat bot. what will this one do? lauren: yeah, so it's claude. it's across europe. today a -- that's the news, i know that companies will pay $30 a month. this is a big deal because it's europe, and europe has privacy rules. they have a.i. rules, first in the world. so they're actually doing it. they also don't like big companies in europe, and since amazon -- huge company -- made a $4 billion investment in anthropic, i bet that sparks some sort of antitrust investigation. stuart: those europeans. now, i'm looking at heinz, kraft heinz, that would be. they're going to sell one of their iconic brands? lauren: oscar mayer -- stuart: really?

if. lauren: i know. "the wall street journal" is reporting they've tapped bank of america to gauge interest, and they think that business could fetch between $3-5 billion. i'm calling it a shift. they're pivoting towards health. but i -- what about jell-o, velveeta? those aren't necessarily healthy brands. stuart: that's your opinion. some of us live on that stuff. [laughter] now, we know that musk -- let's get to tesla. we know musk laid off his ev charging team. what's this, is he rehiring the charging team? lauren: i have whiplash are. so days after he fires a reported 500 workers on the charging team, other reports say he wants to rehire many of them. last week he committed very half a billion dollars this year to charging, but it seems like it's this revolving door at the tesla. there's a report today from electric that the head of the cyber truck, the new, cool vehicle they finally got on the roads, the head of the manufacturing on the cyber truck is out.

so is this a positioning by musk to be less of a manufacturing company and more of an autonomous driving company? no idea. stuart: i have no if idea. lauren: stock's up 3%. stuart: well,, that tells the story, $1177 on tesla right now. -- 177. walmart, they're telling executives and remote workers, hey, you've got to get back in the office. lauren: good luck with that. that's what i have to say. i read it as an ultimatum. a reported hundreds of job cuts and the company is saying, well, not only do we want remote workers to come back in on a hybrid schedule, we want you to come into a corporate hub, meaning you have to relocate to bentonville, northern california, hoboken. stuart: or wherever. [laughter] lauren: look, i get it's very important that you have that in-person interaction, but it's been four years of people working from home. they got used to that high style. stuart: and now they might have to move to keep their job. lauren: that's why it's an

ultimatum. hundreds of job cuts and we need you to move. stuart: that's quite an announcement, isn't it? all right, let's move on. here's what we have coming up on the show. van jones, he's at cnn, he says young people are miserable under president biden. roll it. >> with young people are upset, and it's not just the situation in gaza. the economic prospects for browning people are miserable. stuart: sean duffy will get into that one, young people miserable under biden. a very in florida has a message for democrats fleeing blue states and heading south. go back, he says. the sheriff is on the show in the 1 11:00 hour. michael cohen takes the stand again today in trump's new york criminal trial, but does cohen's testimony help or hurt the prosecution? former acting attorney general matthew whitaker on that next. ♪ ♪

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stuart: we are 12 minutes into the session. i see green, some green. dow's up7, and the nasdaq is up -- 77, and the nasdaq is up 29 points. michael cohen is back on the stand this morning. eric shawn outside the courthouse as usual. all right, what can we expect if him today, eric? >> reporter: hi, stu. well, we can expect a lot are. michael cohen right now back in the courtroom, hasn't taken the stand yet, judge has a sidebar talking about some issues with the lawyers. the former president not yet in the courtroom even though mr. trump is the criminal defendant here, mic michael cohen is going to be on trial later today. todd blanche in his cross-examination expected to have a withering cross on michael cohen, trying to por today him as a liar who in the past lied under oath, so why should the jury believe his claims now about his former boss? yesterday during his testimony

he said that it was mr. trump who was behind the whole scheme to falsify the business records and hide stormy daniels' story of having sex with him to protect his presidential bid in 2016. blanche expected to launch that assault later on today on his deception and duplicity, undermining the claims that cohen has given to this jury that have bolstered the prosecution case can. cohen told the jury when stormy came forward with the story in the final, closing days of the race trump reabouted by saying, quote -- reacted by saying, this is a disaster, this is a total disaster. women are going to hate me. this is going to be a disaster for the campaign. trump told him toly -- arrange the deal with former trump organization cfo alan weisel burg who happens on the in jail now for committing perjury in the last trump civil trial. cohen said trump ordered him to, quote, just pay it. there's no reason to keep this

out there, do it. today cohen is expected to bring the jury into his meeting in the oval office with the new president in february 2017. that's where trump allegedly agreed to reimburse cohen with these trump checks you see, some of the checks from the president's personal checking account. cohen is expected to detail the conversations he had with trump in the oval office where trump supposedly said, yes, that he would reimburse cohen, he had nothing to worry ab. cohen yesterday saying, quote, everything required mr. trump's sign-off. on top of that, i wanted my money back. before we get to that cross-examination, we'll also hear a lot more from some top republican officials. today house speaker mike johnson is expected to be here, sam vivek ramaswamy, former presidential candidate, and we just saw the north dakota governor, doug burgum, who's on the short list, we're told, for a possible vice presidential slot. he is in the courtroom. quite a high-powered day yet

again here at manhattan criminal touter. -- court. stu, back to you. stuart: got it. matthew whit kerr joins me now. is cohen a credible witness? >> well, he's not, and he's proven over the years to be very inconsistent with his recollection and his recalling of certain important facts. obviously, his testimony yesterday was crafted to try to support the prosecution's theory of this case. i think it's fallen flat especially e when cross-examination starts. but, you know, this case is really not only a travel the city of justice, it's bad for the american system of jus justice. it think -- i think it undermines a lot of americans' faith in the jus fit system and it's really anti-- justice system and it's anti-constitutional based on how they're pursuing this, based on one convicted perjurer and his word versus the truth, quite frankly. stu stuart jonathan turley, distinguished law professor and

a contributor to fox, he says there should be a directed verdict. i'm not quite sure what that means, but i'm pupilling turley think finish presuming turley thinks the judge should say yes or no, guilty or not guilty. what's this about in. >> yep. well, stuart, i've tried cases both as a prosecutor and defense lawyer, and this case certainly is one that a directed verdict is appropriate. it's where at the close of the government's case e in chief, the defense moves to say that no matter what the facts are that have been demonstrated, they do not prove a crime on. >> relief can be. branted. -- granted. there can be no conviction based on the set of facts. i think that's a great argument. i think jonathan turley is absolutely right. and i think if this judge was fair, unbiased, he would grant that directed verdict are. stuart: got it. one more for you. the hosts of "the view" have finally realized that trump's criminal trial could actually be helping trump. watch this. >> i would say when you say the biden campaign has to get more active, i actually blame the

media slightly. we talked a lot about how i don't think people are able to watch this trump trial 24/7, like all the time -- >> last week our incumbent president stepped in to do a speech on anti-semitism. they cut to the speech, came back and talked about donald trump. so what's happening here is donald trump is donald trumping us. it's déjà vu from 2016, and the coverage, the irony is the people covering that news thinks they're getting one up on donald trump while they're handing him a lot of votes because of the coverage. it's ridiculous. stuart: okay. do you agree with that, matt? does the trial help trump? >> well, the polls would suggest that donald trump is leading in almost all of the competitive swing states. you know, everywhere i go donald trump is very popular and people want to support him and however they can. i get, you know, requests all the time folks that want to go to the courthouse and go see the trial and see kind of how bad it is and how unfair it has been

for president trump. so, absolutely, this trial is helping president trump, and i think the american people have discounted it as we head into november if as important in their lives. and it may be the only trial we see between now and then. stuart: okay. matthew whitaker, thanks very much for being with us. i know we'll see you again a lot soon. >> thank you, stuart. stuart: sure thing. don't forget to check out the fox business rundown podcast. the first episodes will premiere next monday, may 20th. you get new episodes monday and friday, episodes available on foxbusinesspodcasts.com. apple, spotify or wherever you download your favorite podcasts. still ahead, the biden campaign worried about "the new york times." and the new york times is worried about the biden campaign. they're both worried about the same thing, biden might lose and trump might win. that's my take, top of the11:00 hour. nelly bowles, a voter for hillary clinton in 2016, she is a former new york times reporter, she lives in california. she began to question whether

progress i policies she knew and loved actually work. what she found out changed her outlook completely. bowles is here, and she's next. ♪ ♪ turn, turn, turn. ♪ there is a season, turn, turn, turn -- ♪ and a time to every purpose under heaven ♪ ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there.

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that's 1-800-217-3217. stuart: i want to bring you up to speed on one of the emerging stories of the day, the continuing gains for meme stocks. right now we've got gamestop halted, amc halted. all of the meme stocks are way up again today just as they were yesterday. we'll keep you posted throughout the show on the meme stocks. my next guest is a former reporter at "the new york times" and a hillary voter who currently lives in california. she came out with a new book called morning after the lev pollution -- revolution. she joins me now here in new york city. you asked if progressive policies actually worked. you asked people of california, hey, do these progressive policies actually work? [laughter] what was the response when you asked that question? >> the response, well, first of all, obviously, you call you a fascist.

that -- they call you a fascist. that's the most important first response. i kind of do it in satire and humor, so that gets you this extra trouble. stuart: extra trouble the. [laughter] how could it be worse? >> worse than fascist? it e gets worse. you get to further steps along in the insult game. yeah, i'm from california -- i love california. it's the most, it's such a rich state, right? it's got all the money, all the smarts, all the beauty. but you're a fool if you don't look around and see -- stuart: well, how many progressives do actually look around and answer your question -- >> i think increasingly more. i think increasingly more people are starting to look around and see some of the humor and absurdity of what's happening around us. stuart: what's the reaction to you? [laughter] >> the a action to me -- stuart: you live california. >> yeah. i mean, well, first of all, it's a -- i've carved out a nice little space for myself within the space, thankfully. i've grown up there, so i have

my childhood friends who haven't disavowed me -- [laughter] stuart: you have childhood friends who have not yet disavowed you. it's come to that? lauren: you're done. >> yeah, for showing up on fox. [laughter] in the book what i try to capture is some of the comedy of it. so you've got the homeless advocates who are somehow getting rich. you have the district attorney of san francisco who is arguing against prosecuting crime, against prosecuting drug dealers. i mean, saying that we should think of them as victims. we have a school board fighting to keep the schools closed. these are funny things -- stuart: and i'm going to read your book, if you give me a free copy. nelly bowles, thank you so much for joining me. >> thank you so much for having me on. stuart: okay, folks, there will be more "varney" after this.

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