dagen: thank you, stuart. a history of how well the irs has been used for political purposes. connell: good morning, everybody. i am connell mcshane. dagen: we learn more about the targeting of conservative groups. pressure mounting on the white house to act. connell: bernanke showing us the exit. new details on the feds plan to stop pumping money into the economy. dagen: president obama hosting britain's prime minister. we will take you there live. connell: k.t. mcfarland is just back from china where she retraced the steps of president nixon's visits. that is just ahead on markets now. ♪

connell: we will be all over this irs story. connell: we cannot forget that she is the tax reporter for years. nicole petallides at the new york stock exchange. nicole: we of gains. we have retail sales numbers that are better than expected. you are seeing a little bit of a pullback. the dow jones industrials down about 36 points right now. the tech heavy nasdaq is virtually flat right now. when you look at the dow jones industrial component, and intel and alcoa are the top. toyota motor, netflix, tesla are doing the best. some of these names are up over 100% this year.

back to you. dagen: thank you so much, local. connell: new details from this irs story. dagen: rich edson is in washington, d.c. with more. rich: this goes up much higher than officials first suggested on friday. a letter to the treasury secretary jack lew, marco rubio writes it is clear that the irs cannot operate with a shred of the americans confident under their leadership. i strongly urge that you and president obama demand the resignation effective immediately. no one that has behaved in such a matter can get the respect from the american public. this shows the irs began scrutinizing conservative groups

applying for tax exempt status all the way back in the spring of 2010. officials look out for tea party accusations. they attended a briefing. the briefing paper for that meeting said the irs targeted groups whose issues are spending in issues like that. they began broadening the search of groups. lawmakers are demanding changes at the irs. >> forgiveness comes with a cost. the irs has to show that there are measures to punish those that did it and prevent it from happening in the future. that is pretty important. rich: they will issue the full report on this issue this week. back to you. dagen: any sense of where or at

least what they are saying about where this originated? i read one report that it was in the cincinnati office. that is where the fingers are being pointed. rich: right. that is where it started. what this timeline that came to light this weekend, that we have obtained shows is it goes up much further. dagen: great reporting, rich. thank you very much. your capital will still lose tonight. rich: no way. dagen: thank you, rich. [ laughter ] let's bring in mr. phillips. founder of the tea party nation. he joins us now from richmond, virginia. based on your numbers in the people you have talked to, were you aware that this was going on to begin with? >> we certainly had a lot of england's about it.

their applications were taking a long time or when they were getting them, the irs was asking for voluminous information. this is not necessarily new news. this has been going on for quite a while. i am really pleased that the obama propaganda media have started picking up on this. dagen: what would you like the president to do? what would you like to see happen? >> for starters, there need to be firings and a lot of them at the irs. if anyone believes that these were just a few low-level clerks, i have oceanfront property in tennessee to sell you. i'm not talking about political appointees. you are talking about career executives. these folks do not need to

resign, they need to be fired. a message needs to be sent. if you're a member in the 90s, clinton's enemies were audited on a regular basis. the obama regime is kind of going light. they are not really auditing people. lyndon johnson used the irs to inflict terror on his political enemies. guess what, it is happening again. we need to do something to depoliticize the irs. dagen: fdr, eisenhower, kennedy, johnson, nixon, you name it. i want to back up really quick to something you said. you think that the root of all of this and the reason it went on for so long, based on what you know, you think it was career democrats within the internal revenue service. >> it was certainly executed by them. it was certainly, at least

tacitly approved by people higher up. regardless, the irs has to be fundamentally changed. dagen: you are asking the irs to change basically the way, its makeup, going back to at least the 1940s. >> absolutely. the bigger issue here maybe do we even want to continue with an income -based taxation system? just because of the possibilities of abuse that we have seen repeatedly from the irs. dagen: i think firings will probably come before that will. [ laughter ] dagen: just my guess. >> i think you are right. dagen: nice to see you, justin.

justin phillips. >> thank you. connell: helping out the stock market recently. if the economy improves, there will be a time that it needs to slow and just stop altogether. we have the chief economic correspondent for the "wall street journal" and head of fixed income at raymond james. we want to start with john's reporting. the fed mapping is exiting from stimulus. tell us about that. what is the plan inside the federal reserve? >> i think the thing to think about is when the fed turned off its qe programs before, it used in on off switch. they just stop doing it, a sickly. they are slowly dialing it down. that is the message that they have been trying to get out.

frankly, they have been struggling to do it for the last couple months. the market has a very hard time reading. what i try to do with the story this weekend was connect the dots and put it together. connell: do that here, if you can't, to the best of your ability. that is a good analogy. how does the timing works, to the best of your knowledge? >> the $85 billion question. the honest answer is we do not know and they do not know. i will tell you this, every data point that we get that is stronger increases the probability that it will come forward. we had good retail sales numbers today. the probability wind up. connell: okay. how aggressive? it depends on how strong the economy is?

>> they are a little reluctant to move aggressively. they ended up feeling like they turned it off too quickly. they want to be really tentative about this. what it means for people in the market is uncertainty. they may dial down a little bit and then we will not know what comes next. connell: let me think what kevin thinks about this. how do you think the market would react to this type of scenario? >> this article is a terrific one. i think the issue at this time is the market tends to think in very small, very current data points versus what the fed may do over a longer period of time.

right now, we are sitting on the fact that the fed will continue to provide stimulus in the marketplace. there are two kind of wider point there. in between is what they have already said. unemployment needs to reach 6.5% before they stop stimulus. how long does it take us to close the gap to that 1% gap in unemployment. in the meantime, we are talking about 2% growth. it is kind of premature. the fact that richard fisher is leading it is not surprising. >> i think that is a really important point. they may turn the dimmer down in the next few months. the fact of the matter is, we are talking about a flood of money that will continue to come into the financial system for a really long time. let's not forget interest rates are near zero.

before we even start talking about them selling these bonds, that is far out in the future. we're talking about very easy money for a long time. connell: isn't that easier for the markets to absorb, theoretically at least? >> it absolutely is. i do not think the fed wants to disrupt the market by hitting the brakes all at once. i think it is part of their strategy to let information get out and over time, as the economy improves, and that is the key here, we have to get above 2% growth. as that happens, it needs to adjust rather than capping off the yield curve. connell: thank you to both of you. >> thanks guys.

>> thank you. dagen: more on the unfolding scandal that involves the irs. former arkansas governor mike huckabee is here to weigh in. connell: cutting an important lifeline to north korea. k.t. mcfarland is just that from china. much more still to come. ♪ i want to make things more secure.

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♪ dagen: more news to bring you. breaking that is. on the irs targeting conservative groups. calling for a full investigation of the irs. the senators words, according to

a release, "these actions by the irs are an outrageous, abuse of power and a breach of the public's trust. it is not only inappropriate, but it is intolerable." connell: more on this to come. let's go back to nicole at the new york stock exchange. nicole: we are continuing to watch tesla. an all-time high. they have had a great year. this year it is up 75%. take a look. it is up ten and a quarter percent right now. this is a three year chart. their latest numbers, quarterly profit and i say profit because it was their first profit ever. consumer reports gave them a near-perfect score. a 99 out of 100.

we have not seen that in several years. we put it all together in the stock continues to run. connell: thank you, nicole. dagen: it is time to make some money with charles payne. he is following up on a slam dunk. connell: the stock is up again today. charles: thursday it was up 30:00 a.m. friday 40%. now, it is over 100%. 112% of the float is short. they are not going to give up on this bad boy. this is what they are upset about. this is the catalog i got. i am loving it. in the last quarter, they close for stores. the court or before that they closed 12.

catalogs, these catalogs, believe it or not is a big part of their business. i guess this is maybe too old-fashioned. you should be going online brick-and-mortar. this is amazing stuff. it will take you a whole lifetime to read it, but still. dagen: it is ridiculous. i get three of those in the mail because it's like they don't know i am the same person. connell: i don't even look a charles: there is some nice high end stuff. dagen: housing improves. connell: no need to throw things at us, though. dagen: i have slept on beds less comfortable than not. connell: a big step from beijing. chinese banks are ending financial ties with the north.

k.t. mcfarland will be here with that story. dagen: republicans and democrats want action on the irs. susan collins want the president to come out and condemn the irs. we will hear from governor mike huckabee coming up and maybe even the president. take a look at how the greenback is holding up today against world currencies. ♪

♪ >> 24 minutes past the hour. i have your fox news minute. in italy, a prosecutor seeking a six year jail sentence for the for miller prime minister accused of having sex with an under age dancer. he denies the charges. and benghazi, libya, at least three people are dead after a car bomb. no confirmation on the number of injured right now. the u.s. department of state warning people not to travel to libya. new orleans, police have

released a picture of a possible suspect in the mother's day parade shooting. officials looking for three suspects now. they are calling it street violence and not terrorism. those are your headlines. dagen: thank you so much. connell: top chinese banks have halted support. dagen: k.t. mcfarland is just back from china. kt, what do you make of this? tell me what you discovered there? >> i had dinner with the chinese

leadership. i said, what about north korea? he said this is something. the north koreans will not attack america. the conversation continues. the very next day, i pick up the chinese daily press and the bank of china has canceled the account of the north korean tanks. then, within a few hours, the north koreans took the two missiles, you know the ones we were worried about a month ago and they pulled them back. it shows the chinese have the ability to influence events in north korea, if they choose to. connell: what is your view of the situation now that you are back?

>> the chinese leadership, this new leadership, they just came in within the last month. they were either the jailers or they were jailed. they were discredited or dishonored. some of the leadership -- they know how terrible things can be in china. their whole goal is to go. they look at birds korea and say what happens if the north. country falls. maybe south korea unites with north korea. maybe south korea and japan go nuclear. they want to preserve some kind of a stable situation. they do not look at it like we do. dagen: do they see him that way? how do they perceive the leader?

>> i think they are puppets almost. don't take them seriously. dagen: how should our policy change then. >> i think it was a very successful move. china is the one that has to worry about north korea and deal with north career. we have very little ability to influence them. >> it was just fascinating. he said why are you turning your guns? i said it is much more about the american domestic political environment. we do not want to have another war in the middle east.

the ability or the concern about having a misunderstanding with china is maybe the biggest problem in our relationship with them. thank you. dagen: pressure on the white house to do something after this scandal involving the irs targeting conservative groups. connell: president obama is about to appear alongside the british prime minister. they will take a few questions each after their statements. we will take the question and answer session as we continue. first, the winners on the s&p 500. ♪ ♪

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♪ to wireless is mitless.s... connell: we have live pictures from the white house where we are standing by to hear from president obama and the british prime minister. the president may be questioned on the new irs scandal. plus, putting their nose where it does not belong. a news reporter caught snooping on off limits data at goldman sachs. we will have details on that coming up. dagen: it is bigger than that. decades. just stop last month.

how about them apples? nicole: let's talk about jcpenney. an aim that is doing well. what a story jcpenney is. they are working on a big turnaround stand. the most recent news is that the sales numbers were not that great. the reason we solve the stop doing better is because they burned through less cash than had been anticipated. they have had the management changes. take a look, though, over the last 52 weeks. macy's is up. they are up 24%. nordstrom today is that a new high. they are in the middle of this turnaround play.

obviously, underperforming some of the other department stores. dagen: the irs in the crosshairs. we are moments away from a live white house event where president obama may be asked about it. connell: mike huckabee joins us. governor huckabee, always great to see you. as we wait for the president's comments, i think he will be asked about it, what is an appropriate response given what we know about this targeting scandal? >> i think the appropriate response is a criminal investigation. this is not just a minor mistake. an apology will not just be satisfactory. for them to target them for political purposes is a criminal activity.

the irs cannot just say oh, gee, we are sorry it will not happen again. what do you think will be the reaction on the left? during the bush administration, it was found out that the irs was digging into donor information and continually denied status for what they planned parenthood, we would still be hearing about it and we should be. this is just fundamentally wrong. dagen: it seems that this was widespread enough. if it was, we would have found out about it by now. some of them would have made a bigger stink about it. >> some of them did, dagen. they were concerned as to why their accusations were being -- that is what caused people to

question. the answer was there is nothing going on here. no political repercussions. it turns out that is a great big lie. it turns out that there needs to be a full mri, a government version of an mri looking all the way through the irs and its processes. they say it was just a handful of people in cincinnati doing it. it turns out it was not. that is why i do not think we can trust the irs to investigate itself, come back with a little report and say we fixed it and everything is fine. it is not fine. people need to be fired. people need to be prosecuted.

connell: do you have any personal experience with this? >> well, i hide away in an underground bunker so you cannot find me. i have not been up until now. my concern is after this conversation with you guys, i will probably be audited. thing a lot. i really appreciate it. [ laughter ] dagen: i raise this issue earlier, governor, the irs has a history of political audits, if you want to go back to liz macdonald who has done extensive reporting on this, it was used

for political purposes. at this point, there is no connection to anyone outside of the irs in terms of this direct. will anything ever really change within the irs? spin out one thing to change if they got rid of the irs. it would eliminate the entire irs agency. we would not have them. i frankly think that is the real answer. the fair tax has about 40 house sponsors. it is a tax not on what we earn or produce or save, we would pay a tax away by something at the retail level. very similar to a sales tax. you eliminate all of these complexities that nobody understands and eliminate the

lobbying. of course, then, you also illuminate the irs snooping on people. connell: there you go. before there are a lot of people to do some snooping their. connell: the mike huckabee show begins in 20 minutes. thanks a lot, governor. >> it is great to be with you guys. have a great day. dagen: back to your bunker. connell: cheryl and dennis have an organization that says that @here are rest is being targeted in a major way. plus, this bloomberg story. elizabeth macdonald will do some reporting on that for us. the idea is you can get information on everybody on wall street. dagen: the federal reserve paying very close attention to this. connell: we will talk about that coming up.

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♪ >> hello, everyone. i have your fox business brief.

retail sales unexpectedly made a small gain in april. retail sales account for about 30% of consumer spending in the united states. for the first time in more than a decade for, general motors and chrysler have one in a quality motors survey. amazon is rolling out its virtual currency. the developers will learn under earn 70%. that is the latest from the fox business network. giving you the power to prosper. ♪

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doing. the company admits that the reporter snooped on clients. we are examining whether there could be leaked confidential information. connell: let's get more from elizabeth macdonald. >> let's get right to it. admitting that bloomberg reporters snooped on clients of bloomberg terminals. it happened at jpmorgan chase. recent complaints were late to rest. it is almost as old as bloomberg news. i am sorry they did. the answer is inexcusable. we also had susan garrity reach

out to the federal reserve. they have been in touch with bloomberg to learn more. bloomberg favored getting a news edge over competitors and did not think of the client confidentiality first. basically, reporters there were trained to get tips from the bloomberg terminal client to track down, for example, whether or not the london trail had quit the jpmorgan case. the thing is, guys, this story is coming up after people complained about it. bloomberg has to watch it here. 85% of the revenue comes from those terminals. i will send it back to you. connell: thank you. i worked out bloomberg for eight

years. i was never smart enough or unethical enough to spy on anybody. dagen: they use the word here, i think it is called policy. thirty years this was going on. elizabeth macdonald. thank you for that reporting. nicole petallides at the new york stock exchange. nicole: we are awaiting what he has to say. we are watching the markets. the dow jones industrials have really been down all day. the u.s. dollar, right now, gaining a little bit of strength. that is worth noting. oil and gold selling off.

that is something we are also watching very closely. we took a look at jcpenney versus nordstrom which is hitting a new high today. we continue to follow names like netflix and tesla motors. the big picture, though, is we are obviously waiting on our president to hear what he has to say. back to you. connell: let's just tell you about our technology story today. while few are waiting for 4g on your phone, five, 5g already on its way. a high-frequency band that is currently being used. the currency is still being used. they hope to commercialize 5g by the year 2020. dagen: exactly.

the president, again, we have prime minister cameron and president obama in the east room. they will get one question from each of the press corps, uk and the u.s. press corps. president obama potentially being asked about this irs scandal. we will have to wait and see. let's listen in. >> as we open up our economies to get business growing, we need to make sure that all companies pay their taxes properly and enable businesses. today we have agreed to tackle tax evasion. we need to know who really owns a company. we need a new mechanism to track where multinationals make their money and where they pay their taxes so we can stop those that are manipulating the system unfairly.

finally, we discuss the brutal conflict in syria. 5 million people forced from their homes. serious history is being written in the blood of their people. it is happening on our watch. the world urgently needs to come together to bring the killing to an end. we welcome president putin's efforts. the charges remain formal. we have a window of opportunity before the worst fears are realized. we need to get syrians to the table to agree a transitional government will be good for all the people. we will also increase our efforts to support and shape the moderate opposition.

we will double nonlegal support to the syrian opposition in the coming year. armored vehicles, power generators are to be shipped. helping them covered the local areas that they liberate. we will also do more for those in desperate humanitarian needs. helping torture victims to recover. getting syrian families drinking clean water. having access to food to there is now, i believe common ground. whatever our differences, we have the same pain. there is real political will behind this. we need to get on and do everything we can to make it happen. thank you once again for your warm welcome and our talks today. >> thank you. we have time for a couple

questions. >> thank you, mr. president. i wanted to ask about the irs and benghazi. when did you first learn that the irs was targeting conservative political groups? what do you think the repercussions for these actions should be? do you think the white house misled the white house about its role and you stand by your administration's assertions that the talking points were not purposely changed to downplay the prospect of terrorism. on syria, if the eu is amended or lapses, is that your intention to send opposition forces weapons and are you encouraging president obama to take the same step? thank you. >> let me take the irs situation first.

i first learned about it from the news reports that i think most people learned about this. i think it was on friday. this is pretty straightforward. if, in fact, irs personnel engaged in that kind of practices that had been reported on and were intentionally targeting conservative groups, that is outrageous. there is no place for it. they have to be held fully accountable because the irs requires absolute integrity and people have to have confidence with applying it in in a nonpartisan way. you should feel that way regardless of party. had some point, there will be

republican administrations. either way, if you do not want the irs ever being perceived to be biased in anything less than neutral in terms of how they operate. this is something that i think people are properly concerned about. the ig is conducting its investigation. i am not going to comment on their specific findings prematurely. i can tell you, if you have the irs operating in anything less than a neutral and nonpartisan way, then that is outrageous. it is contrary to our traditions. we will wait and see what exactly all the details and facts are. i have no patience for it. we will not tolerate it.

we will make sure we find out what happened on this. with respect to benghazi, we have now seen this argument that has been made by some folks, primarily up on capitol hill. for months now. i just got to say, here is what we know, americans died. they died and benghazi. what we also know is clearly, they were not in a position where they were protected. the day after it happened, i acknowledged that this was an act of terrorism. what i pledge to the american people is that we will find out what happened. we would make sure that it did not happengain. we would make sure that we held accountable those that

perpetrated this terrible crime. that is exactly what we have been trying to do. there was a review board headed by two distinguished americans who investigated every element of this. what they discovered was some pretty harsh judgments in terms of how we had worked to protect consulates and embassies around the world. those recommendations are being implemented as we speak. the whole issue of talking points, frankly, has been a sideshow. we have been very clear about immediately after this event happened, we were not clear who exactly carried it out and what had occurred.

it happened at the same time that we had seen. nobody understood exactly what was taking place during the course of those few days. the e-mails that you were lured to were provided by us, two congressional committees, they reviewed them several months ago, they concluded that, in fact, there was nothing of foul, in terms of the process that we had used, and suddenly three days ago, this gets spun up as if there was something new to the story. these so-called talking points that were prepared for susan

rice, five, six days after that event occurred, pretty much matched the assessment that i was receiving at that time. keep in mind, too-three days after susan rice appeared on the sunday shows, using these talking points which have been the source of all this controversy, i sent up the head of our national counterterrorism center to capitol hill and specifically said it was an act of terrorism and that extremist elements inside libya had been involved in it. if this was some effort on our part to try to downplay what had happened or two bit down, that would be a pretty odd thing,

three days later we end up putting out all the information that impact has served as the basis for everybody recognizing that this was a terrorist attack and that it may have included elements out of bolivia. the whole thing defies logic. the fact that this keeps getting turnout has a lot to do with political motivations. they have used it for fundraising and, frankly, you know, if anybody out there wants to actually focus on how we make

sure something like this does not happen again, i am happy to get their advice and information and counsel. the fact of the matter is, as i said right when it happened, before i send people into the field, i have been very clear about taking responsibility for the fact that we were not able to prevent their deaths, we are doing everything we can because there are still diplomats around the world who are in very dangerous and difficult situations. we do not have time to be playing these political games here in washington. it is not easy, by the way. it will require resources and cost judgments and tough calls.

it is not just us, by the way. the british have to deal with the same thing. there are a whole bunch of people in the state department who say they are willing to step up, they are willing to put themselves in harms way because i think that this mission is important in terms of serving the united states and advancing our interest in the united states and around the globe. we dishonor them when, you know, we turn things like this into a political service

>> if we don't help the syrian opposition, who signed up to a statement about the future for syria that is democratic, the respect of the rights of minorities, if we don't work with that part of the opposition, we shouldn't be surprised if the extremist elements don't grow. i think being engaged with the syrian opposition is the right approach and that's the approach that i share with the president and the other colleagues in the

european union. >> james with the bbc. prime minister, you're talking here today about a new e.u./u.s. trade deal and members of your party are talking about leaving the european union. what is your message to them and those pushing for an earlier ref referum and there was a referendum tomorrow, how would you vote? mr. president, you said you wanted a strong u.s. and a strong u.k. on syria, if i may a question to both of you, what gives you any confidence that the russians are going to help you on this? >> well, first of all, on the issue of the referendum, there's not going to be a referendum tomorrow and there's a very good reason, because it would give the british public, i think, an entirely false choice between the status quo which i don't think is acceptable, i want to see the european union change, i

want to see britain's relationship change and improve so it would be a false choice between the status quo and leaving and i don't think that's the choice the british president want or the british public deserve. everything i do in this area is guided by a very simple principle which is what is in the national interests of britain? is it in the national interests of britain to have a trans atlantic trade deal that will make our countries more prosperous, that will get people to work, that will help our businesses? yes, it is. we'll push for this trans atlantic trade deal. is it in our interest to reform the european union to make it more open, more competitive, more flexible? yes, it is in our national interest and not only in our national interest but achievable because europe has to change because the single currency is driving change for that part of the european union that is in the single currency. just as they want changes, so i want britain is quite entitled to ask for and get changes in

response. and then finally, is it in britain's national interest once we have achieved those changes but before the end of 2017 to consult the british public in a proper, full-on, referendum? i believe it is. that's the approach we take. everything driven by what is in the british national interest. that is what i'm going to deliver. it's absolutely right for our country t. has very strong support throughout the country and in the conservative party and that's exactly what i'm going to do. on the syrian issue, you asked a question, what are the signs of russian engagement? i had very good talks with president vladmir putin on friday and look. we had a very frank conversation in that we have approached this and some extent still do approach this in a different way. i have been very vocal in supporting the syrian opposition and saying that asad has to go, that he's not legitimate and i continue to say that and

president vladmir putin has taken a different point of view. but whether there's a common interest, it is in both of our interests that at the end of this, there is a stable, democratic syria, that there is a stable neighborhood and that we don't encourage the growth of violent extremism and i think both the russian president, the american president, myself, we can all see the current trajectory of how things are going is not in anybody's interest so it is worth this major diplomatic effort which we are all together leading this major diplomatic effort to bring the parties to the table to achieve a transition at the top in syria so that we can make the change that country needs. >> with respect to the relationship between the u.k. and the e.u., we have a special relationship with the united kingdom and we believe that our

capacity to partner with a united kingdom that is active, robust, outward looking and engaged with the world is hugely important to our own interests as well as the world. and i think the u.k.'s participation in the e.u. is an expression of its influence and its role in the world as well as obviously an economic partnership. ultimately the people of the u.k. have to make decisions for themselves. i will say this, that david's basic point that you probably want to see if you can fix what is broken in a very important relationship before you break it off, makes some sense to me. and i know that david has been

very active in seeking some reforms internal to the e.u., those are tough negotiations. you have a lot of countries involved. i recognize that. but so long as we have not yet evaluated how successful those reforms will be, i at least would be interested in seeing whether or not those are successful before rendering a final judgment. again, i want to emphasize, you know, those are issues for the people of the united kingdom to make a decision about, not ours. with respect to syria, i think david said it very well. if you look objectively, the entire world community has an interest in seeing a syria that is not engaged in sectarian war,

in which the syrian people are not being slaughtered, that is an island of peace opposed to potentially an outpost for extremists. that's not just true for the united states. that's not just true for great britain. that's not just true for countries like jordan and turkey that border syria but that's also true for russia. and i'm pleased to hear that david had a very constructive conversation with president vladmir putin shortly after the conversation had taken place between john kerry and president vladmir putin. i've spoken to president vladmir putin several times on this topic and our basic argument is that as a leader on the world stage, russia has an interest as well as an obligation to try to

resolve this issue in a way that can lead to the kind of outcome we would all like to see over the long term. and look. i don't think it's any secret that there remains lingering suspicions between russia and other members of the g 8 or the west. it's been several decades now since russia transformed itself and the eastern block transformed itself but, you know, some of those suspicions still exist. and part of what my goal has been, john kerry's goal has been and i know david's goal has been try to break down some suspicions and look objectively at the situation. if, in fact, we can broker a peaceful political transition that leads to asad's departure

but a state in syria that is still intact that accommodates the interest of all the ethnic groups, all the religious groups inside of syria and that ends the bloodshed, stabilizes the situation, that will just not be good for us but good for everybody and we'll be very persistent in trying to make that happen. i'm not promising that it's going to be successful. frankly, sometimes once the furies have been unleashed in a situation like we're seeing in syria, it's very hard to put things back together and there is -- there are going to to be enormous challenges in getting a credible process going, even if russia is involved. we have still other countries

like iran and hezbollah that have been actively involved and frankly, on the other side we have organizations that are essentially affiliated to al qaeda that have another agenda beyond just getting rid of asad. so all that makes a combustible mix and it's going to be challenging but it's worth the effort and what we can tell you is that we're always more successful in any global effort when we have a strong friend and partner like great britain by our side and strong leadership by prime minister david cameron. thank you very much, everybody. cheryl: that was a very short k & a press conference in the east room of the white house. david cameron and president obama, the topic at hand today for the two leaders was taxes, trade, the european union, should the u.k. break apart from the european union but obviously the question from the u.s. press

core became all about benghazi and of course, the i.r.s., dennis, and the president coming out and saying frankly, if anything was done wrong, republican or democrat, this needs to be investigated at the i.r.s. dennis: president sounding defensive on the benghazi. let's go to peter barnes outside the white house with more on the i.r.s. angle. rick: this is the first time the president has spoke been the i.r.s. -- emerging i.r.s. scandal on its audits of conservative and other groups. the president saying that he first learned about all of this himself the way that most americans did which was in the newspapers on friday but he was in serious damage control at this president conference with the british prime minister on this issue. take a listen. >> if, in fact, i.r.s. personnel engaged in the kind of practices

that have been reported on and were intentionally targeting conservative groups, then that's outrageous. and there's no place for it. and they have to be held fully accountable because the i.r.s. as an independent agency requires absolute integrity and people have to have confidence that they're applying in the non partisan way. >> the president said that he, like a lot of folks here in washington, are waiting for the inspector general of the i.r.s., the treasury inspector general who supervises the i.r.s. and audits it to conclude his report on all of this before he takes next steps. back to you. dennis: thanks very much, peter barnes at the white house. our next guest says her tea party group has been targeted by the i.r.s. joining us now, we have scotty from the tea party news network whose parent company has tried

to get tax exempt status and run into problems. how long has that struggle gone on? what's the status right now? thanks for joining us, scotty. >> thank you, dennis. this process has been going on since basically 2010 so we're looking at a little more than three years that we've been going through it and yes, the tea party.net has yet to be granted 501 c 4 status. i think it's interesting that the president said independent, that the i.r.s. is independent of the white house. kind of washing his hands of any trouble that this might be that might go to him. well, in reality we know the i.r.s. answers to the department of treasury and that is a department that he appointed. dennis: how many hoops has your group tried to jump through to get i.r.s. approval? you were asked to provide a list of all donors even though you're not supposed to do that. >> yes. the tea party.net has gone through three rounds of questions. first round we expect.

we went 501 c 4 to be legitimate but the second round where they ask for the donors and their contact information as well as a lot of the events they've done in the past and more importantly, the who, what, where, when and how details and guest list details of any future events was the first red flag. then just recently within the past year we were asked to provide every marketing email as well as a social facebook, twitter or youtube post we had done since the very beginning. 3 1/2 years of emails? you know that. you wouldn't want to -- that would take a couple of trees probably to print down themselves. >> 300 groups the i.r.s. has singled out. one quarter was because of the tea party. they're even going after glen beck's group as well. the i.r.s. official that clears the requests says nothing politically motivated here. how believable do you think that is? >> let me just point this out. this is not a right or leftish

up. this is about people's rights and state's rights and legal citizens' riihts. every american needs to stay informed and be very scared of issue. this is why the tea party was formed. we can't trust our government and this is why. why was it that just these words were targeted? where wasn't heterosexual or the words progressive targeted? three words they picked, tea party and patriot. three conservative sounding words for sure. >> then went on to still more. even people upset with big government, you don't have to be republican to be upset with big government. do you think this goes up higher? is it plausible that the white house had no idea and that people were just doing what they thought the white house would like without the white house knowing? >> i guess it's just totally possible that the white house didn't know about benghazi, fast and furious or sylendra, either. it's amazing how the white house stays completely clean of any

scandal that hits them. that being said, if this was just a bunch of minions in cincinnati that started this, i would say there's problems with the i.r.s. office. if they're letting people around the country make comments and decisions like this, it shows the inefficiency of you're tax dollars at use. dennis: thank you for being with us today. maybe you'll make some progress in getting that clearance for tax status. >> thank you very much. shape let's check on the markets right now for the floor of the new york stock exchange. we've got nicole standing by with a dow down 15 points today. >> we're sighing the markets improve a little bit off the earlier lows of the day. right now you see the dow is down just 16 points so getting a little closer to that unchange mark. the dow sitting above 15,100. we ended last year with an up week again, three straight weeks of gains in record territory.

we're watching the tech heavy nasdaq up about eight points now. we are seeing a mixed bag as far as the names on the dow jones industrials with some winners, some losers to speak of. we had some mixed economic news out of china and here at home. the retail sales numbers were slightly better than expected. >> thank you very much. we'll see you at the bottom of the hour. bloomberg is in the cross hairs. the financial media outlet, that is. now at the center of a probe regarding new staffers' use of terminals to gain access to confidential customer information including that the federal reserve and the treasury department. joining me is elizabeth mcdonald. upper management, manager and director jim and i want to start with you. everyone has a bloomberg terminal. 315,000 clients worldwide. you use the terminal. how much does this bother you that these reporters were snooping like that? >> this issue is not going to go

away quickly. you have your technology, install base, your content and your reputation. and right now, the reputation is at stake and what i would recommend, you can't just apologize. you can't just deny. i would say they ought to establish a panel with independent representation to go in, analyze what happened and what they're going to do to make sure it doesn't happen again. i think that would give the customer base some confidence. you can't just deny and apologize. >> we're talking log-in information, messaging, bloomberg users are always messaging a lot of this. a lot is about trade deals. >> that's the fear. >> right. >> the issue for bloomberg, did they put their news gathering edge over the confidentiality of their clients of the -- of the client information? bloomberg is saying, essentially, that matt winkler that they did not have access to the individual stock trades. they did not have access to the trading portfolio. they had aggregated information. but the fear was reportedly

that they could have access to what stocks, you know, possibly people at the bank were looking at. and they actually had to apologize to goldman sachs. why did bloomberg step up and make changes only after people complained and were upset about it? so they're putting in a new compliance officer. they've disabled the log-on utility for reporters to get access to the information. this is a dangerous position for bloomberg news to be in. 85% of the revenue comes from the terminals. they don't want to put the jeopardy -- put into jeopardy the integrity of the bloomberg terminal network. >> reporters may not be the most popular folks out in the world right now but if you have the media stooping on a financial services committee through their own company, what's to say that privacy issues aren't going to become more of an issue than they are now?

is this the media doing it? >> this is an issue that's going to get bigger and not go away and it permeates our entire society. bloomberg particularly, they have to establish a chronology and a time line of what happens, why did happen and why can it not happen again? that's how they reestablish their credibility and they have some runway here because of the install base and the technology. they have some long-term goodwill and competitive advantage here but they have to act decisively. >> matt at bloomberg is apologizing in a detailed statement he put out. he's saying it's inexcusable. it's calling it the error is inexcusable but former individuals who worked there are telling other news outlets that reporters were trained to access the information so whether or not they can change and dial back on the perception that bloomberg reporters have access to information that they shouldn't have is the upstill

battle that bloomberg now faces. >> they lose clients? >> not at this point. i think at this point they can get still get over it but there's work to be done. cheryl: the dream team back together again. thank you. >> pleasure. dennis: and building on restale sales, real estate investors are celebrating. how you can cash in just ahead. this is america.

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dennis: at 27 minutes past the hour, hello. i have your fox news minute n. detroit a new report from the state appointed manager finds that the city may run out of cash next month. emergency financial manager kevin orr says detroit has to cut retiree obligations and long term debt. detroit budget deficit will hit $386 million in two weeks. that's about $60 million more than the city's march estimate. in new orleans, police now releasing surveillance videotape showing a possible suspect in the mother's day shootings where 19 people were injured, three critically. officials are looking for three suspects now but they're calling the attack during a neighborhood parade street violence, not terrorism. in benghazi, libya, at least 10 people are dead after a car bomb

exploded by remote control in a crowded area outside the city's main hospital. no confirmation on the number of injured at this time. those are your headlines on fox business network. now back to cheryl. cheryl: thank you very much. markets are mixed despite better than expected retail sales numbers this morning, .1% for the month of april, gardening stores seeing an even bigger return. our next guest says there's definitely a correlation between retail sales and the real estate market. joining me is real estate advisory practice who looks incredibly brilliant this morning. i booked you last week to talk to you about this. you were raight. building material and garden supply dealers up more than 4% year over year. correlations there? >> it's all housing. job growth, people buying houses and consumer confidence is up so

they're shopping again. cheryl: if you look at the types of retailers doing well, you can also look to strip malls and also look to the fact that many investors now are pushing cash back into retail outlook groups, if you will. is that really heating up this year xr compared to last year? >> that's interesting is it's all about rooftops. when you have housing starts up 36%, permits up 17%, rooftops have to go supermarket shopping. people are going to be in the house soon and neighborhood grocery, anchor retailers are doing great. cheryl: what about apartment complexes? one thing during the recession was a big build in apartment complexes. people were losing their homes and had to rent an apartment. is that over? >> i don't think it's over. listen. while there's demand for single family homes, people still have to live someplace. we still have a lot of people in the baby boom, children of the baby boom, echo boomers as we like to call them, still living in their parents' houses.

as soon as they get a job, save some money, they'll rent and test waters and buy a house. cheryl: real estate can also be hotel properties. do you think that as well is going to be a boost, if more americans are owning their homes, feeling more confident? are they going to travel more? >> i think there's a lot of correlation on the consumer end between tourism, you know, discretionary tourism and the business travel but if you think about it, when consumers feel confident, they'll go on vacation. when they feel well employed, they'll go on vacation. job growth numbers are up, consumer confidence up. i think it's good for the real estate business. cheryl: gasoline prices, those sales are down more than 4%. so what do you make of that? i'm not saying that's going to continue. that would be wishful thinking as summer approaches but that factor into your analysis? >> i don't think so. the gasoline component really doesn't make that big of a deal. do you have look at that over time examine i think in the

short run, gasoline prices are tied to the oil commodity and it will probably be the most volatile of all statistics. cheryl: it would be nice if it wasn't volatile so we could drive somewhere over the summer. >> thanks for having me. dennis: oranges are getting squeezed. florida's agriculture commissioner is ahead on a new blight devastating the big cash crop. let's take a look at today's win he weres and losers on the s&p 500.

>> i'm live on the floor of the new york stock exchange. every 15 minutes here on the fox business network. we have you covered with the

markets. taking a look at hot stocks to watch. take a look what's going on with young brands. there's been continued concerns about chicken and poultry. there were so many issues there with p.r. and also concerns of there and we're seeing stock down about 2.25%. we've talked about the chicken sales and over in china, in particular, this is what we're noting. that's a big revenue generator for young brands. they have kentucky fried chicken over there. i also want to take a look at netflix. we've seen netflix jumping dramatically. top performer in the s&p 500 today for netflix, hitting a new high that we haven't seen since late 2011. netflix continues to surge year to date, up about 145%. we've also heard from the c.e.o. recently just talking about streaming on line video and how hot hastings thinks this is and just a regular television as we know it may be out. here on the fox business network

we don't hope for that but it's obviously gret for subscribers to have more and more content to choose from and that's something that netflix as a business has been working hard, to provide more content to their subscribeers. cheryl: thank you very much, nicole. see you at the top of the hour. florida's orange crop hit hard by a bacterial disease and there's no cure for it. orange juice futures up over 27% year to date. that's the largest increase of any commodity. forget oil, we're looking at orange juice. adam putnam, thank you for being here. one of the big jobs of your board, your group is safety and the orange crop is in danger. how bad is it down there? >> well, let's just make the distinction, there's no food state of the danger but the citrus industry that's a $9 billion industry in the state of florida is at great risk as a

result of citrus greening disease and so it's an all hands on deck approach to find a treatment and a cure. cheryl: one of the things we've seen from the business perspective is orange juice futures going up, again, more than 27%. the markets are betting against you. you know, obviously you follow what's going to happen to the consumer and the industry. is your phone ringing off the hook from groups in florida concerned about the issue? >> well, the issue here is -- you know, we've seen relatively flat prices for the consumer. we are in something of a stable pattern right now even though the disease continues to spread, there is adequate supply to meet the needs of north american demand and then just last week, we had an extraordinary announcement where the coca-cola company that markets orange juice under the simply orange label made a $2 billion commitment long term so clearly one of the world's largest

beverage companies is betting positively on the future of the florida industry. cheryl: we should also mention the fact that oranges from florida account for, i think, the vast majority of juice that is consumed in the country. is that correct? >> that's right. you know, california is a table fruit state. florida is a juice fruit state. 90% of our produce is squeezed for juice. it's a significant morale boost to see such a large company was betting on the future and a commitment to growers to plant 25,000 net new acres of florida land into citrus and continue to ensure it's on breakfast tables zvr throughout the world for the foreseeable future. cheryl: adam, translate that into jobs for me because there's been estimates, wall street journal, other financial news organizations saying, look. this is going to be a job killer

in florida. does the coat -- coke commitment negate the fact that thousands of jobs are the line in florida? >> hundreds of thousands of jobs are on the line if we can't get our arms around citrus greening. we need commitment from the federal government, state government, economic institutions to find a solution to this disease but the agriculture is the second largest industry in florida. citrus is 9 billion of that and just in citrus alone, hundreds of thousands of jobs at risk. cheryl: someone who served several terms as a u.s. congressman and you know d.c. well, i'm sure they'll pay attention sooner rather than later. thank you very much, adam. good to have you on the show. >> good to be with you. thank you. dennis: ever wish you were the boss at work? see why you shouldn't. we have the creator of fox's newest reality show.

it's a survivor versus the office. cheryl: sacramento kings owners set on selling. the latest on the kings saga coming up. we'll keep watching basketball. come on back.

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groups. came in a news conference earlier this hour with the british prime minister cameron. >> if, in fact, i.r.s. personnel engaged in the kind of practices that have been reported on, and were intentionally targeting conservative groups, then that's outrageous. and there's no place for it. >> federal advisory council warns growth in student loan debt parallels the housing crisis. the mortgage lending boom went upwards. student loan debt is now hovering nearly $1 trillion mark. that's the latest from the fox business network giving you the power to prosper. ers became the first in flight. [ goodall ] i think the most amazing thing is how like us these chimpanzees are. [ laughing ] [ woman ] can you hear me? and you hear your voice? oh, it's exciting!

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a new business reality show. frustrated bosses hand over control of their company to employees and difficult decisions must be made. take a listen. >> ultimately you'll have to face one of the toughest questions of all. in order to improve, does someone have to go? dennis: the show premiers may 23 at 9:00 p.m. eastern and joining us is the executive producer. thank you for being with us, chris. >> thank you for having he. dennis: you have a litany of success. now, all of those rely on a celebrity and we get to see behind the scenes how they live. now this show is on a bunch of unknowns. how are you going to build interest? sglooing the idea the interest is in the concept itself. it's a very kind of controversial space to be in. who would give control of their company over to all of the employees? it's a very relatable subject.

you think about everyone who says i know better than the boss. if i ran this company, if i was in charge, here's what i would do. this is what it's all about. we give control to the employees. dennis: but they don't appoint one person to make decisions. they have to do everything by committee. >> there comes the television. there comes the conflict. everything has to be done by company and everyone has a different opinion as to who should get a pay increase, who should be demoted and ultimately, who doesn't have to go. dennis: i'm thinking this pitch was this is survivor meets the office. >> it really was and it was completely different to the fact that we're not giving away a million dollars. there isn't a vote. there's no popularity contest. we film the entire series in their actual offices which makes it very authentic and different but in concept, yes. dennis: this is the apprentice letting everybody run the stuff. there are real businesses involved here. you could be destroying them by turning the cameras on, couldn't you? >> you know, i don't think we could be destroying them because the truth is, i think we found

obstacles that were very successful and they had some personnel issues but the people took on the task of a lot responsibility. they were very responsible in the role of the boss and took the vfgs into heart and made some sound decisions. dennis: thanks very much for staying with us. good luck with the new show on the sibling fox network. cheryl? cheryl: great interview. time now for stocks every 15 minutes. let's head to the floor of the new york stock exchange. doreen, the dow is red but certainly another big week last week, another record week for markets. how are you feel sng >> i like the market. i think all the positive activity is not as much to do with valuation as it is about return and i think every time you see the markets come in, people find this an opportunity to buy because they can't get a return anywhere else but here. cheryl: there's more and more now that the seller may go away. it's just going to go away itself.

is it going to play out in 2013? what do you say? >> i don't think so. i'm not an old addage person, anyway. just an old person, not an old addage person. i think we'll probably continue on through the summer. i can't imagine where people are going with their money and i think we've been long enough that people have been out of the market that they need a return on their money and they're going to come here. cheryl: do you think the money will come this summer? >> i think so. i think so. cheryl: you're not old. stop that talk. it's good to see you. >> thank you. cheryl: and time for your west coast minute. amtrak is unveiling today 70 new locomotives at the california plant as the passenger company struggles to return to glory. in 2012 amtrak remains the controversial topic for congress. the new engines are going to go into service this fall. espn is reporting that the

moulet family is dead set on selling the team in seattle. they are still not going to sell the team to a california group. instead they have a backup deal, according to espn, where it would sell 28% stake. oh, we'll keep you posted. and finally hawaii hotel rates are the highest in the country right now. even selling at rates above new york and miami. the average room went for $233. that's an increase of 13% over last year for hawaii. local business owners worry the higher prices plus taxes in the aloha state may come back to haunt the industry. either way the sun will still be shining. that's your west coast minute. gasoline futures in the red. we have the latest from the c.m.e. dennis: and barbara walters says

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cheryl: gasoline futures are falling. let's head to the trading pit to the c.m.e. and phil. we're mid-may here, phil, and gas prut -- futures are falling. >> it's historic. because of this historic drop in gasoline prices, only once in 10 years have we seen them fall this time of year. it's a big boost to the economy. take a look at the retail sales, for example, they're up 1.1%. that's because gas lone prices have fallen so much. gasoline prices weighed on the

retail sales numbers because we had the biggest drop in gasoline sales numbers since december of 2008 but at the same time, that low gasoline price allowed people to spend money on other things. without those gasoline prices, retail sales would have been up more so the falling gasoline prices are having a major impact on the economy and it's one of the untold stories of the strong rebound in the stock market, the low gasoline prices are playing their part in giving us a big boost. cheryl: i had a guest on from the agriculture department in florida at the bottom of the hour. orange juice, that contract is the biggest gainer year to date. more than 36%, 37%, more than silver, more than gold, more than metals. in general, what's going on with o.j.? he didn't seem worried about prices at the end of the day. i don't know. phat do you think? >> it's such a small market. not a lot of people pay attention to it but we've been

paying attention to it a lot. the main thing is the citrus greening disease that could really devastate the florida orange juice crop. it could wipe out a big part of that industry and nobody is quite sure how to stop it right now. orange juice, i think, is a good indicator, of course, for a lot of different parts of the agriculture but it shows you the challenges we're seeing every day. cheryl: so the traders are betting that prices are going to go up. that disease is going to damage the crop. that's what i'm seeing, right? >> not only this year but maybe for years to come. cheryl: okay. we'll follow up. thank you very much, phil. dennis: abc news anchor barbara walters will retire next summer after over 50 years in the industry. 83-year-old made the announcement official this will morning on "the view." >> it has been an absolutely joyful, rewarding, challenging, fascinating and occasionally bumpy ride and i wouldn't change a thing. i'm perfectly healthy.

this is my decision. i've been thinking about it for a lng time and this is what i want to do. dennis: i hope some day to be half as articulate as she is in her 80s. she helped create celebrity journalism and landed countless interviews with celebs and also world leaders. after summer 2014, she will maintain her role as co-executive producer of "the view." cheryl: she had a storied career and it was interesting to watch her deny, deny, deny that she was going to be retiring until -- maybe they were ready to figure out what her role was going to be but as executive producer, i think she would be wonderful on that. dennis: i met her many times at events and she was very gracious. a nice lady. cheryl: great media story to end the show. we'll take a break. coming up, i spy. the i.r.s. is in the cross hairs as we learn more about targeting of consumer groups.

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lori: back to work, everybody. i am lori rothman. melissa: happy monday. i am melissa francis. so, the irs is targeting right-wing groups, the irs scandal extending beyond the tea party now. lori: the president saying if true, he will not tolerate it. melissa: reporters from bloomberg snipping the terminals.

who was targeted and what is being done to stop it? lori: dowell 20,000? the ultimate owlish case for stocks. it is time for our first check of the new york stock exchange. stocks off of the lows of the day. nicole: that is right. after three straight weeks of gains today pulling back just a little bit as you can see on the dow jones industrials, but when you look at the whole big board, the tech heavy nasdaq, up about six points, and the s&p 500 is up right now just fractionally not even one point. sitting in the unchanged line basically says we are holding the gains we have seen over the last three weeks. into retail sales numbers, some news out of china, a mixed bag, economic news with a name