thank you for being with us today tom sullivan is in for stuart. >> i am tom sullivan and kicking off with the big headlines. first to weightier takeover is in iraq sice this season is the major city of ramadi even as we ramp up air strikes an admitting the terror group has the upper hand. it is revealed bill and hillary clinton made more than $25 million for speaking engagements since 2014. what happened to being dead broke? and cops and verses biker games nine and didn't wake of texas. 165 and thrown in jail as renegade bankers said on the city. fao schwarz closing the flagship location in new york city of sidon of the times are is the rent to

high? party and company stores right now. ♪ tom: the amtrak service resumes today traveling from philadelphia slowly rounded the corner where the dead the derailment took place spending the weekend installing a new speed controllers on that section of track. although the engineers says he still doesn't remember anything about the crash and investigators say he is cooperating meanwhile the investigators are saying the trade was struck by an object shirley before the crash. >> asking for with a $50,000 in damages there is only a to madrid million-dollar cap on the settlements is that enough? judge napolitano will be

here in 30 minutes. checks the big board at the all time lifetime high. just below that now. popping up added a new record. the dow component also hits a new high of 105. we will pull back on both of those. gas is up over night to dollars just under $60. $2.70. the cheapest gas in the nation in $1.90 in louisiana. dead broke? not so much. the clintons have pulled in more than $25 million in speeches since january 2014. let's bring in our former clinton advisor. doug, that is a lot of speaking. >> it is. the next president and neck

secretary of state had an average of to do 50,000 per speech my responses so what? tom: since we are a business network you do have to root for capitalism. it is. the only problem with it is that money comes from foreign sources while she was secretary of state. after words i don't have a problem. >> the bulk of this is after she was secretary of state january 2014 on. is fine for a quick thank you will agree it is capitalism now work. so be it. tom: that this is the kind of thing that people will look at to question her position of income inequality, rich verses' pour. all of these things that she tries to say. >> you say this doesn't make her authentic? >> exactly.

>> that is a problem. maybe she had too much to say. tom: this reminds me of the al gore campaign where they tried to make him one thing then another that didn't work so all they did was lead people to be confused too he really was. >> what you have seen so far is to make her effectively invisible to the media. if they don't want to answer questions why should she? why should she answered questions there are not good dancers? >> i don't think david axelrod is a disinterested observer he is an ardent opponent of the clinton's having managed the obamacare campaign and it is hard headed politics. you maximize your profits him politically do what is

in your interest if it is in your interest to talk to the media then you do if it isn't you don't. right now it is not in her interest. >> you tell me if it is the difficult question they should not answer it? >> they don't have to but what does that say to the person who says i am not sure? she doesn't answer the of pertinent questions that creates a lot of doubt. >> hillary is well-known about half like her and half a dislike her. there is no evidence in the polls that our fundamental levels dissipated given the emails scandal or the foundation in speaking fees. >> what is it about the clintons? >> you went through them with a microscope in and

talk about tough. is hillary? she is not bill clinton. >> no. and she is not good at answering those type of questions. so why should she? it is about winning an election. >> should she have to answer questions if she wants to run the country? >> not if you already have half the people in your party. >> she does. >> it is about winning and losing. >> she feels like she minimizes damage? began the committee said they will have six debates so will she debate her shadow? >> something like that. good to talk to you. [laughter] we will be on this story all week up next we have the issue how abc news george

stephanopoulos why he is getting a pass after failing to disclose his donations to the clinton foundation in coming up next hour. meanwhile of clinton cash was ruled by stephanopoulos before we knew about his donations that is tomorrow right here on the "varney & co.". after chris roberts said he could hack into the plane's flight system. remember what he said about packing into the entertainment system? the maddow was frustrated sitting on an airplane and know there was security risks flight communications media should not have been so blind and consequences went from there. >> i offered to sit down with them on numerous occasions. >> the fbi was there that

particular day. >> he was on the flight from denver to syracuse and he said there are boxes under every seat he could get into it to provide data that could be taken to the cockpit he could make one of the engines climb higher with this sudden and ramp up in the engine gore move sideways and he treated that out now they detained him for three hours. they checked the plane and sharing of the boxes under his seat were interfered with was the expression. is this real? >> no. as a pilot. the tech community goes oh my gosh. what is the safety? the pilot community says you

are kidding me. first of all he made all kinds of claims. he was on the 737 with the in gin indicator crew over to system but there isn't one on this plane. he made that up. second the cockpit and the controls are separate there is no digital anything. that is like me to say i went to buy your house and i got into your wife i system i could turn on the light switch due in your bathroom. they are not connected. >> he said he could provide false dated to the cockpit. >> they are not connected it is your bathroom light switch is the same thing. >> key is the security expert i think he is drumming up business trying

to be famous and get customers. >> so in your opinion there is no threat for hackers? >> it is not connected. >> no more than i could turn on your bathroom light switch. >> what about ground control and control towers could they get into those computers to create havoc? >> they are not wi-fi. they switchover to satellite but that is a lot. now getting back to the big corporate stories. centered around what you eat is the headlines. >> good morning. a new report says taco bell applied for a liquor license for a location is in chicago that means they also want to sell margaritas.

that will appeal to use of millenials over 20 years old. the shares are down 1% right now. the "wall street journal" says target's ceo met with executives for kraft foods' general mills and kellogg to say they will spend less money promoting their items on their shells. they prefer fresh food over processed food. target shares are down fractionally. now expecting to issue a final ruling this week to kill most use of trans fact that is to reduce from frozen pizza to candy. they're forcing us to be a healthy nation. tom: i am going back to the margaritas that the talk about window. >> but you go after you have

been drinking why would you go there to drink? >> is the nutritional food before or after? direct nutritional food at taco bell? [laughter] tom: more evidence the president's policies are not working the majority of americans still feel like we are in a recession and. are laugher is year after the break. starting june 1st there he is they got the moving truck out starting in 9:00 a.m. eastern all the way through noon. three hours. two weeks away.

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high. shares of apple carl icahn issuing the open letter to apple to say the stock is worth $240. you thought this was high? now time is money is 30 seconds of sharpton as daughter is suing the city of new york for $5 million because she's trip down the and even sidelocks spraining hurting called the issue have a case? also pitched a perfect into taking in more than 70 million eating out of the new bad max movie also the wells fargo championship 21 strokes under par a whole group of new golf stars coming up through the ages. now checking those oil prices it is down a little

bit. i'm sorry up $2.70. remember that was to dollars $0.30? that has moved quite a bit. let's bring reagan economic adviser art laffer. good to see you. >> get has been a while. tom: we are watching a the gas prices go up. although some think the gas prices will peter out. >> i don't know if that is right but gas prices and oil prices are awfully high based on historical context. it does not make sense to go higher. tom: is it the old theory that gas prices are the high gas prices?

>>. [laughter] when it gets too high day stop buying they produce more it is of free-market. we have seen that happen time and time again but my favorite was the early '80s. we decontrolled all the oil and gas and price controls and the price of oil went from $31 a barrel down at $10 then you have for real supply-side effect major they could for the economy. tom: yes. are also remember like now when played suzanne taxes were out of business. they could not drill at $10 a barrel. but you do not want to cure disease from the mortuary standpoint. yes it is true that all manufacturers are not as

profitable but we want the whole economy to look good. the better off the production the better off this economy will be. tom: well said. the latest fox news poll says 60% deal the country is still in a recession and. this is more evidence that the president's policies are now working. they keep trying the same thing. >> did amazing thing is the 40 percent that think things are better. relieve they are not. look at the share of population and dropped dramatically and it is and recovered. the only growth this population that is not a recovery. every time somebody goes off unemployment they leave the

labor force. they don't get a job. look at the gdp. my guess is 3.$5 trillion off trend. that is the enormous amount of money every single year. and we need changes of policies to bring us back. >> you bring us for the queens and is shed needed desperately of the show. [laughter] >> i am required to be here. [laughter] but i hear this a lot that companies have just guiding used to operating on their stock but are the jobs there for the about to people looking for them? that is what many people are talking about. there are not the jobs for the people that want them. >> of course, not.

because frankly businesses don't want to spend in this environment. the only reason is to make after-tax profits for shareholders. if the up prospects are not there then day robotics b and. the rebates to regulation or bad monetary policy or welfare spending. they have created an environment where it is very hard to make profits going forward. you have the regulatory spending but it is very difficult. >> but how do you get that demand? even the gas prices people were supposed to take that and spend it. are we still do leveraging? >> that was right over the

plate. what you really need is a government that gives a low rate broad base flat tax. sound money and free trade then regulations to get out of the way to let the private market solve the problem. government cannot create wealth and prosperity period. it distributes resources but does not create them it just puts the regulatory overlays to make it difficult. tom: tell washington. >> i am trying. you know, that i am. tom: me and my fake british accent. [laughter] next time you do the fake british accent the. [laughter]

"consumer reports" say tests love a new $127,000 model is not travel. we will tell you why after this. ♪

[baseball crowd noise] ♪ ♪ [x1 chime] ♪ ♪ [crowd cheers] oh! i can't believe it! [cheering] hi, grandma! ♪

>> let's check the shares of tesla right now. the stock is down almost 8%. consumer reports calling their new $127,000 model as sudan undrivable appeared consumer reports that its viewers were locked out of the car because of the rechargeable door handles wouldn't retract. so they couldn't get in the car. >> for $127,000 you can look at it and what a great car. but you can't get in it. but the door handles go in/. what happens if you come out with the key father activates the door handles that pop out. the problem was consumer reports gets the car appears it wasn't

working. it was undrivable appeared tesla had to send a technician out the next morning and fix it. but apparently the doors locks and latches are the biggest issues consumers have feared other than that they get 99 out of 100. >> i was looking up at tesla and 99% consumer satisfaction. ashley: they do. but not much good if it is sitting in your driveway. >> they need a great big reset button. ashley: that is all that thing is a computer with wheels on it. a lot of money to spend if you can't get and it, just to state the obvious. >> the daughter of al sharpton is suing the city of new york for $5 million after she

sprained her wrinkle walking down the sidewalk. judge napolitano is on the case after this. ♪

stuart: lets check this out. the s&p 500 just hit an all-time high. reminders the dow also had a lifetime high earlier this morning. we are often lofty territory with the s&p and the dow. nice, 2127 on the s&p. nbc news anchor al sharpton 28-year-old daughter is suing for $5 million because the trip up uneven pavement and sprained her ankle. judge napolitano is here. the sidewalk lawsuits have been going on in every city forever. people trip and fall. 5 million though. >> me give you both sides. in new york when you make a claim for personal injury you must inflate the claim because

if a jury comes back with more than you claim four it is reduced to what you claimed. if the injuries are worth $100,000 in the jury gave her $100,000, she just gets the 50. that is resulted and observed claims. it's hard to believe how an ankle can be 5 million. other problems beyond the numbers her lawyers claimed. or rather problem when she was according to "the new york post" mountain climbing over the weekend. >> the clouds were below her. >> the city attorney is our self insured. stuart: are you supposed to walk around and act like you injured. >> aren't you supposed to fake it so they don't catch you? there are many cases where insurance companies are confronted with catastrophic injury where they find the person riding a bike. one of the most famous is a new

york city firefighter on permanent disability who won the race to climb the empire state building. that becomes a criminal issue as well. i'm not suggesting she's involved in criminal act committee. there are problems at the case. sure into when i grew up in seattle in college i worked for a bunch of law firms doing basically investigative work. so they wrote a letter to all of the lawyers saying we are going to litigate every single one of the sidewalk claims. it stopped it. the lawyer didn't want to go to court. >> the city of new york does not do that. i don't want to encourage more litigation but it does settle sidewalk claims when they do is legitimately in serious injuries. sometimes the spring can be as painful as a broken bone. stuart: before you go amtrak is

a $200 million cap. you are a told us that as they appeared to >> that is the number congress came up with when they reorganize amtrak. >> no appeals come in no way around it. >> the only way would be for congress to make the change retroactively. is not going to happen with republicans controlling both parties. it sounds like a lot of money. a wrongful death lawsuits and people who's earning capacity is enormous and you talk about 160 people with serious injuries. stuart: but this all came out of the fact we heard stories about these absolutely crazy jury wars just out of the park. so they came up with a lot of companies saying we've got to go to arbitration. >> you are entitled to a jury. i predict no one will get a jury. all the cases will be

consolidated before one federal judge. the federal judge will appoint a special master, say here's your 200 million. you read the medical reports and you proposed to me how to divide up to 200 million. i'll be the fastest way to do it. he has the inevitable job of saying to somebody coming your cases worth 15 million. i can only give you three. stuart: this all came out of lawsuit abuse out of the universe jury award. maybe congress will say we'll put some limits. >> 1997 was the era of newt gingrich and the contract for america and they very aggressively targeted this lawsuit abuse and that is why they put the cap in the statue in the area. i don't think the accident will provoke that type of legislation further cases. in this case the accident has

evoked sympathy for the injured innocent plaintiffs and if anything the opposite effect from what clinton and newt gingrich did. stuart: there's a big effort in the medical community saying there's caps-onis a wars in places like california. stuart: you can go about that. you can't gu can go about that. you can't go above under any circumstances. ashley: could use to the driver separately to amtrak? >> amtrak would not cover the case. if you were sued he would come under the cap and the cap covers punitive damages which is the third of the government. the language is so broad. i've read a half-dozen times. other than congress expanding the number. good to see you, judge. in the meantime, the fiscal times is reporting a lifetime societal and public health costs of obesity is a narrative of $92,000 per person.

they wanted to ask ashley this question. why am i asking you. not an ounce of on him. sure into where his albert? that is what we need. ashley: they say because of obesity, not only does it impact type two dvds heart problems and so on that productivity absenteeism from the workplace. if you add that up over time it to come out to $95235 per person. it is all abstract of course. what is interesting and scary as one study says adult obesity could reach 50% in this country by the year 2030. that's only 15 years away steps are taken now. it is having an impact of the health system no doubt.

sure into iowa's go to the question is people will die sooner therefore they won't tap social security. they will save money by dying sooner. but the group is getting larger and larger. ashley: so to speak. in every way. stuart: that wasn't even meant. ashley thank you. g-golf still searching for his next start. a huge win for rory macaroon. the question is cuba g-golf nazar does the pga needs something else. maybe a partnership with fox. i will tell you all about it coming up next.

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>> i'm a call with your fox business brief. a record-setting day on wall street. the dow jones industrial, the s&p 500 hitting record all times high. take a look at the names on the dow including jpmorgan, goldman sachs and a key but the record all-time high. apple has moved higher. that is a winner this year and today as well sending a letter to tim cook to talk about new markets. also he values the company in $240 a share. a much larger by back then what is looking for. also under pressure gene munster

taking a position of yelp of being less likely than it was before. maybe 65%. much more trained for coming up on fox news.

[vet] two yearly physicals down. martha and mildred are good to go. here's your invoice, ladies. a few stops later, and it looks like big ollie is on the mend. it might not seem that glamorous having an old pickup truck for an office... or filling your days looking down the south end of a heifer but...i wouldn't have it any other way. lo ok at that, i had my best month ever. and earned a shiny new office upgrade. i run on quickbooks. that's how i own it. stuart: high school senior ronald nelson was accepted into all eight ivy league universities. in the end he decided on the university of alabama. the reason is he got a full ride

from alabama and he got into his select an honors program. bringing in charlie kirk about this young man. quite impressive. he got all age. not many people get into all eight and he says no thank you. what he think of that? >> it is incredible. more than anything else, high school seniors and the of college. it's not the quality of the school anymore. it is what will affect me personally and financially. 20 or 30 years ago this would've been unheard of. unfathomable that people would get into all eight ivy league schools. vanderbilt, stanford instead they choose university of alabama. nothing against university of alabama, just not in that tier. if he made a personal financial decision that he thinks is best for his future and i applaud him for that and he is making the decision best for him, not just

what people think the best places to be. stuart: i don't know the story about this young man but a lot of ivy league schools now have some assistance program for kids that come from families below a certain income. did he not qualify for any of that? >> not on the tuition side. they can help with housing and the other cost of textbooks. ivy league schools have endowments that are intense and billions of dollars for need-based aid. on the surface he didn't qualify. he had the kurdish in the national spotlight to pick the university of alabama and there is a narrative say you must go to the best place but not go what is necessary for you. he made a calculated decision and this is happening on the micro and macro level. you'll see high school seniors turned on better schools or maybe not as a hiring school,

but it's better to not go into debt because the rising debt of college is becoming such a burden on the next generation. this will happen in an individualized market-based way. >> it does make you look at that. at some point you price yourself out of the market and maybe this is the tip of the iceberg. a new poll shows that 82% of americans believe they cannot afford the cost of college. i saw that earlier this morning and i thought is not the way it's always been? >> yeah, and i think it is becoming more and more so. even that 80% or 90% of americans think they can afford college, young americans still go to college in record numbers and record percentages. we will see over the next five to 10 years. you will see young people say no to the four year university model and go more towards two-year community colleges are

you will continue to see washington d.c. for cheap money in the system and subsidized beds and see hundreds of thousands of people go further and further in debt recent college is more expensive is because of the federal government. if you are from an efficient, and more efficient. >> business cycle. stuart: if you keep giving me money, the college will keep saying fine, we will raise our tuition. it is endless. ashley: it is a spiral in the wrong direction. student defaults on the debt is continuing to rise of course. for that young man you've been talking about, good for him. stuart: charlie this whole thing about can you do with a lot of generations have done, which is made to take five years to go to college and have a job and pay your way through school so you don't have the data?

>> absolutely. or go to community college for a year or good a cap job and do some operating money so you don't have to take out so much money and student loans. what i think is interesting is there is a cultural pressure on young high school seniors that you got to go to college in four years. couple that with poorly designed macroeconomic policy which pushes hundreds of billions of dollars of cheap capital in the system. if you look at the trends in higher education is going right now, is getting more expensive yet worth less. in 2006 in 2007 housing basil. we are keeping interest rates artificially low. if you ask me come a student studying engineering for a student studying are sitting at the same interest rate. they are two totally different futures ahead of them and they will pay off their loads into

different circumstances. yet we have this one size fit all and is poorly designed and you see the result the last couple years. stuart: well fed. charlie kirk thank you. golf still needs a star. lacking the tiger woods effect if you will. maybe golf needs a partnership with fox. i will tell you all about it next. ♪ ♪ [ girl ] my mom, she makes underwater fans that are powered by the moon.

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stuart: another major win for her brewery mcilroy. wells charter championships going 21 under par. the kid is unstoppable and could be golf saving grace. president of the u.s. golf association joins us now. you've got a bunch of young new stars coming along. >> exciting, isn't it? besides mcilroy. a week ago rickie fowler won the pga tour's biggest prize. a lot of energy in this game in this country. >> there really is. i'm sure the golf association you have to be watching tiger get older and you are looking for that next crowd.

you have a competitive group coming along to fight each other for the star. >> that is right. i am not sure tiger is finished and is certainly giving great exposure to the game worldwide. as a lot of things in life you pass the torch to those who are younger and the players he mentioned that those who are taking it. and there are others. i don't think we've heard everything from tiger before his career is over. the mantle is being passed. stuart: of course he is still a draw. that is what your business is all about. you are in the business of getting eyeballs to watch the television show up at tournaments. >> of course. we want to make the u.s. open as big of a production that they can be and help our brand. having tiger woods they are the great players is what attracts that. we have to reach into the grass roots and try to bring more people to it, predominantly young people in these young

players will be great catalyst to do that. >> you are here to talk about the big deal that involves the fox brand. >> in 2015, we started a new broadcast partnership with fox sports. a 12 year arrangement between the united states golf association and fox. we will do our championships over the last two weeks, broadcast on fox sports and fox sports one and this year south of seattle in your home in chambers bay will rollout the united states open with a new broadcast partner in 20 years fox sports. we couldn't be any more excited. stuart: this is great. talking about these young 20 some year old guys. we will see them go through their entire professional championship series.

when did they start retiring in golf? fortysomething? the >> i expected is what money they advance and whether they think it is proven to go play senior golf. certainly we have young players we mentioned in mcilroy and others to take their relationship with fox forward. they will be the king and. they will be the ones we associate our brands with an oval fox sports. stuart: well, we are excited. good to have you on. tom o'toole thank you for coming by. next hour president obama doesn't want to keep giving police the military hardware. so what will protect our police and the rioters take to the streets? the man who stole $50 million hugh hefner's girlfriend. now he has a new book out. just two minutes away.

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tom: starting right now

seconder hour of "varney & company," and here's your headline. president obama calling the demilitarization of police no more free machine guns tank, armored vehicles. this as a motorcycle gang rides into waco, texas. a former cop on that just minutes away. and over the weekend the pentagon said stop showing video of isis strength. the argument? our airstrikes have changed the way that they operate. still, isis is now in control of a major city in iraq. then we have brent bozell on george stephanopoulos his undisclosed donation to the clinton foundation. is the liberal media getting a pass? you can bet brent is fired up about that. and later this hour the man who stole hugh hefner's girlfriend, and while he was at it, he swindled investors out of $50 million. you never know what you're going to get on "varney & company." hour two starts right now. ♪ ♪

tom: and let's check the big board. record-breaking day on wall street today, the dow hitting an all-time high of 18,289, we're only five points away from hitting that intraday high. s&p 500 also just hitting an all-time intraday high as well. right now up 4.5 points on the s&p. and another high for netflix touching $619 earlier. we're off a few bucks from that intraday high for netflix. and check shares of apple billionaire investor carl icahn says the stock should be higher much higher, sending an open letter to apple. he thinks that the stock is worth $240. so it's way above what price it's trading on right now. are the clintons dead broke as they suggested? far from it. since january of 2014 the

clintons have pulled in more than $25 million just from speeches. former clinton adviser doug schoen joined us last hour, and listen to what he had to say. >> you know what? this is an ex-president and an ex-secretary of state, and to get an average of what i think is $250,000 a speech, my response to that tom, is, so what? tom: yeah, so what and his argument was it's capitalism for heaven sakes. later this hour, brent bozell will weigh in. the issue, how abc's george stephanopoulos, why he's getting a pass after failing to disclose his donations to the clinton foundation. that's coming up. and tomorrow peter schweitzer, author of "clinton cash," he was grilled by stephanopoulos before we knew all about george's donations. you don't want to miss what he has to say about that tomorrow right here on varney and company. meantime u.s. commandos have killed a top isis leader in

syria over the weekend, but isis seizing the major city of ramadi, iraqi forces in retreat again. even as we ramp up airstrikes. and the pentagon even admitting the islamic terror group has the upper hand. pete hegseth joins us now from my yap lis, and what's your -- minneapolis and what's your take on this? isis saying we've got control of ramadi. how big of a deal is this? >> it's a big deal. ramadi is the capital of the anbar province a strategically significant town. after iraqi forces had taken tikrit, they decided to go west, to go to anbar province and attempt to make gains against isis. instead isis takes ramadi, and the u.s. air campaign was very focused on ramadi. over 165 strikes over the last weeks and months. so this was a piece of terrain that both the iraqis and the americans did not want to lose. unfortunately, isis is so emboldened and so robust and

using suicide bombers and others were able to penetrate that city and take it over, making the job of rolling back isis that much more difficult. this is an unfortunate blow. we may have killed one of their leaders in syria which is good news but they're still making gains in iraq where we say we were going to the take them out. tom: pete, you are one of many people who have said an airstrike campaign is just not going to do it. >> it's not going to do it. it's not making the case for the 101st airborne acquisition, that's -- division, that's just a military reality right now. the iraqi army is not capable alongside a pinprick airstrike campaign. it's not as if we're going all in on airstrikes here. we're being very selective about targets, and our advisers are not allowed to leave the base. that equation, thus far, is not working. it's so bad in anbar province that they're asking for shia militias from iran to come in to help. that's mind blowing that sunni tribes would request shia

militias. that's how bad it is underneath isis. but it's a reflection that america's power on the ground isn't what it could be because we're limiting ourselves very severely. and as a result, we're not making the gains anyone would hope. tom: yeah. but we're dealing with, again, an army that we keep saying we need to train them, we need to train them. by now, they're trained, i would think. and yet when facing the enemy they turn tail and run. >> well, unfortunately, they don't know -- [laughter] they don't have the same cause to be fighting for. isis is fighting for the caliphate, the iraqi army is fighting for a paycheck and a crumbling iraqi government. and it isn't that we have trained them enough it's that we had them trained, we were behind them, and then we abandoned the mission in iraq, and all that training and all that support they fell backwards, and they didn't keep up on, and the iraqi government slid in the wrong direction and eroded the moral cause for why these men would be fighting for a multiethnic iraq. and today they're looking around

and saying is it worth giving my life or ultimately succumbing to an isis fighter, or should i just flee. and they're leaving their equipment behind, and it's a bad news story and a reflection of incoherent policy in iraq. and the fact that the iraqi army, unfortunately -- even after all this training -- isn't where they should be. ultimately, you've got to hang it there as well. tom: you're not the only one saying incoherent policy. pete hegseth, thank you. good to see you. >> thank you. tom: well the white house announces it will no longer allow federal programs to supply local police forces with some military-style equipment. joining us from washington, fox news contributor rod wheeler who is former washington d.c. homicide detective. and, rod, what do you make of this? because a lot of people have been very concerned about the militarization of police, and then ferguson and then -- >> baltimore. tom: just keep going on to different place, baltimore. what's the answer here? do they need that heavy power?

>> you know good afternoon tom. i can tell you the answer is, yes, they do need that heavy power. and not necessarily for local patrols in their communities. i think we need that heavy power more today than we ever needed it before. why? because we see terrorists and terrorism now on the shores of the united states. we have groups like isis, tom that's trying to penetrate all of our major cities. and let me tell you, when isis arrives here, they're going to have military equipment. and that's why we, law enforcement and these local communities, need to have military equipment. now, the white house again, this is a knee jerk reaction, and i think it's a knee-jerk reaction to what happened in baltimore and what happened in ferguson. again, this has not been properly thought out and vetted and here's another example of the white house making critical decisions that's going to have a significant impact on our cities going farmed. tom: the question comes down to because in order to do good police tough to have the

community on your side. >> that's right. tom: so you don't want to look like the military coming in, but you need it for special occasions. >> you're exactly right. tom: is this something where your commanders your police chiefs are really in a pickle on how to call which way to play this? >> well, i don't think so. i think it all comes down, tom, to training. proper training for the law enforcement officers out there, they need this equipment though. this is not the time to take this equipment away from them. look, i was in baltimore, if you just want to talk about local events, i was in baltimore during the riots, tom and i can tell you firsthand that you needed military equipment the first couple of days that the riots broke out in baltimore. so we do need this equipment, but at the same time, our officers need to be better trained as to how and when to use this equipment and not so much worry about the politics involved. unfortunately just like everything else we see, politicians are having a say so now in this matter and that's going to have a demise, i think on a lot of our cities as we know them. tom: well said. always good to see you.

rod twheeler, thank you so much for your commentings. >> you too tom. tom: oh one more for you. don't go away. i'm sorry. we had the motorcycle gang can shootout in waco, texas, over the weekend. >> right. tom: i mean, these gangs were just going at each other in a fairly busy shopping plaza. nine bikers dead, 18 wounded 192 people have been arrested. is this -- what do you do now if you're in the police department in waco texas, because other motorcycle gangs are heading that way. >> you know what? that's an excellent question. not only are they heading that way, we just talked about the demilitarization of police. these motorcycle gang members have heavy equipment that they're using themselves. the kind of weaponry, tom that they're using. very heavy duty weaponry. we need that type of weaponry to go up against these gangs such as the one that we saw down in texas. look, this was a very organized event that took place down in texas. we had intelligence meaning the

law enforcement community that something like this was going to go down. we didn't expect it to go down to the extent that it did, but going forward we in law enforcement need to be ready to deal with these types of situations. tom: interesting. yeah, because that looks like it certainly isn't over down in waco. rod wheeler, now you can go have your lunch. thank you for joining us. >> appreciate it. tom: fao schwartz, new york landmark, it's closing because the rent is too high? cheryl casone. >> absolutely. if you look at this stretch of fifth avenue here in new york city, it has now been named the most expensive retail space in the world. above china, above paris. and toys r us, which is now the own or, has decided to close up shop, exiting july 15th. boston fronts is the land lord -- properties is the land lord. they're leafing that lease early, by the way. tom: but when you bring your

children to new york they love to go over there, they've got the toy soldier out front. >> well they're going to find another store it's just not going to be this one. they would love to stay along fifth avenue but the space all the way up to 57th street along fifth avenue, everyone's getting priced out. they're going to have to pay potentially $25 million and up for rent on that space, and this is ground level space. tiffany, cartier, the apple store, i'm going to be heading over there in just a few moments to do some more reporting work, but they basically that spot is so hot right now. boston properties can get at least $25 million in annual rent. $25 million tom. tom: just a block away remember the grand, great disney store on 55th is gone. >> toys r us is closing up in times square. that's going away as well. you do feel bad for the kids and the tourists because it's so much fun to get on that piano,

which i'm going to do later on just because i've got a camera crew. tom: you and tom hammings. [laughter] -- hanks. a hacker says he's found a way to take control of a commercial airplane. now the fbi wants to know how did he do it. we'll have the full story after the break. but first a reminder starting june 1st -- there's the moving truck -- "varney & company" moves to a brand new time, 9 a.m. to 12 noon eastern time. clear your schedule, set your dvrs, you don't want to miss it.

tom: well, the big match this weekend, mitt romney v. evander holyfield. [laughter] lauren has the story, in case you missed it. >> check out this video, everybody, you can see mitt romney and evander holyfield in the ring friday night. they were boxing for charity. the match lasted two short rounds before romney literally -- i'm waiting for the clip to come -- he literally

runs from holyfield and throws in the towel. it's hilarious. but it generated so much buzz and so much money. it was a black tie event, it raised more than a million dollars for an organization that restores sight in people around the world -- oh, look, he fake knocked him out, but holyfield gets back up, and now you're going to see mitt do a funny dance. hbo or showtime charged $900, and that was more -- $100 to see it, and that was more exciting than pacquiao and mayweather, don't you think? [laughter] tom: i missed both of them. evander took a pretty good fall there. >> i think it was a little fake. tom: you think it was? >> right after mitt did that he seemed to do this funny dance and just go away from holyfield, and then he threw in the towel. tom: i like the business expert i think he's a good guy, but when you're boxing, you don't have to keep smiling, you know? you're supposed to get serious.

he was smiling the whole time. >> you really wanted him to be serious? >> he was having fun tom. and he looked pretty good. tom: he did look pretty good. >> he's 68. >> he's older than stuart, that's all -- [laughter] >> and he's older than holyfield. tom: all i know is that -- look at that. see that? look at that. politicians always smile. they smile whenever there's a camera. [laughter] >> oh man. tom: hilarious. all right. >> there, see? tom: there he goes. >> yeah. >> we gotta go but that's fun to watch. it was more fun than the may 2nd fight. tom: i wouldn't fight e vander holyfield. now this, chris roberts made news last month when he tweeted out his ability to hack into an airline's in-flight system. listen to what he said on this program. >> you know, i was frustrated. i'm sitting on an airplane, i know there are still security risks and through the satellite

communications. i tweeted while on a plane. probably shouldn't have been quite so blunt as i was and obviously consequences went from there. i would argue they're downplaying the risks. we've offered to sit down with both boeing and airbus on numerous occasionings. tom: i think this is more about him trying to get more business for himself. he now reveals not only was he able to hack the entertainment system but he was able to take control of the plane and make it fly side wyomings. liz macdonald, this guy is full of it. >> yeah, you know, we have on set the fbi's search warrant for chris roberts, and the fbi interviewed him and, essentially, he claimed that between 2011 and 2014 he hacked into the in-flight entertainment system anywhere from 15-20 times and on one occasion commandeered to make the plane move sideways. boeing is saying the entertainment system is totally separate, and a lot of cyber

experts are saying it's bogus and made up. tom: the cockpit has zero digital anything, zero, so there's no way that you could -- it's not connected to the wi-fi system. >> and even more bizarre, you know, the reason why they pulled them in, what happened was there was an electronic box that sits under the seat. tom: for the entertainment system, sure. >> and he appeared to have tampered with it. but that flight had no in-flight entertainment system, so we'll watch the story. tom: wasn't zz top kind of an '80s thing anyway? >> looks that way. tom: all right, liz, thank you. passengers injured on the amtrak derailment have filed a federal lawsuit against the railroad including four passengerrings who sustained injuries -- passengerrings who sustained injuries in the crash. this is not a surprise, that they would be coming in. meantime, president obama's narrative on poverty defies the facts. steve moore wrote about it in the washington times and he joins us now. steve what's your story about

regarding the president's questions about poverty and the news talks poorly about people that are poor? >> well tom, there wasn't virtually a true statement in what president obama in terms of his analysis of what's happened with the welfare state and with poverty over the last 30 or 40 years. really the centerpiece of what he said in that speech was that the war on poverty has been a success, and all these programs have worked to reduce poverty. i looked at the numbers from the mid 1960s through today when we started the great society programs, and it is true that poverty has fallen but almost all of the poverty reduction is because of all the income that we're giving people and all the tax credits and is so on. if you take out those program poverty hasn't fallen at all. and by the way, the whole idea was to get people off of government assistance, but that's not happening. tom: and that's i guess one of the big issues that i have. we've got lots of poverty programs. the rich are always going to be rich. the poverty, there's always

going to be poverty. the problem with the economy that he's not addressing is the middle. >> self-sufficiency. yeah. well it's two things, how do you get people self-sufficient and rising up the income ladder? here's an amazing statistic, tom, you're not even going to believe it when i tell you this. do you know how much money we have spent on the war in poverty since lyndon johnson was president? tom: gotta be in the trillions. >> $20 trillion. does anyone think we've gotten our money's worth? the other case that i make, and president obama spoke about this in his speech. he said, look, we believe in the virtues of work we believe in the importance of fatherhood and family. but, no, these programs have had the exact opposite effect. they discourage work by paying people not to work. more importantly, i think the biggest tragedy, tom, of the welfare state is that the welfare programs and all this money has basically taken the financial part of the father out of the home. and so today in america you want a sad statistic, two out of

every three black kids is now being born into a family without a father. i mean that's an incredibly horrible statistic. tom: and that's the problem it's much more complex than just on a calculator running some economic scenarios. this is cultural societal -- >> exactly. tom: -- families, the breakdown of the nuclear family all of that sort of stuff. >> tom, you know what the single best anti-poverty program is? marriage. [laughter] marriage and having two parents. and the statistics bear this out. if you grow up in a family that has two parents and maybe two people working the likelihood of you being in poverty is very very low, and the likelihood of you as a child then growing up to being in the middle or upper class is high. the opposite is also true. if you grow up with only one parent, you know it's hard to succeed. now that's not saying people don't do that. barack obama did it himself. but it's a really tough thing, and we've got to put more emphasis on fatherhood and marriage and two-parent

households. tom: and that's not something they can pass necessarily with a piece of legislation in washington. >> yeah but we could stop paying people for having kids out of wedlock. tom: i know. stop encouraging -- >> exactly. and by the way, what would be wrong, tom w a program that said yes, we're going to help you if you fall on tough times, but you've got to work for welfare. that would actually reduce welfare dependency and would get people back on the ladder back to self-sufficiency. tom: steve moore you always bring great discussion. thank you, steve. >> okay tom. have a great day. tom: mean meantime the end of an era for one of tv's most popular shows. madmen, the series finale aired last night. madmen superfan deirdre bolton's here right after the break.

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and remember the obama administration just approved drilling off of the coast of alaska, so this giant floating oil rig is working its way up the west coast, and they're in seattle. and the people there are not happy about it, so there's protests about the fact that this is -- it's only going to be there for a while and then it goes on up to alaska, but anyway they had to stop i guess, for some reason. meantime, let's check the shares of amc. the cable network airing the final episode of their hit show, "mad men," last night. deirdre bolton, host of "risk and reward" is here. and i know you're a big fan. >> i am a big fan. i have to fill some free time now. tom: i thought it was a big anti-woman thing though. >> well, i think it was just a sign of the times. but you're right in that one of the main storylines was women in that era the '60s and '70s and the heartbreak and frustration of actually trying to be a career woman and also trying to still be a woman whether that's a wife or a mother or a friend and just how

difficult it was at that time. so, yes, a lot of women were big fans. but what's interesting are the overall numbers. so even though i'm a huge fan, i am only one of about 3.5 million viewers, which i think is interesting to note because it seems like zombies are hotter than madison avenue. that is to say "the walking dead" has seen 14 and 15 million viewers. tom: oh, yes. >> so it just puts in perspective "madmad men" was such a can cult hit, and a lot of people in media and advertising loved the storyline they tweet about it a lot. so you hear about it more even though, honestly, the it's a smaller number -- it's a smaller number of viewers, and we know, of course, they had "breaking bad" which most people say the best written show -- >> best show ever. tom: amc keeps coming up with hit after hit. >> yeah. and it does bring up this kind of what is the cost of content. i mean, you had amazon paying $90 million for ten episodes of marco polo, for the record "mad

men" cost about three million to produce -- >> it's on netflix and i'm going to be starting season one. >> good. i will say no more. tom: you and me both. i've got to binge watch the whole thing. don't miss "risk and reward" with deirdre bolton, today at 1:00 eastern right after this show. and starting june 1st, she's moving too, brand new time, 5:00 eastern time for deirdre. meantime, abc's george stephanopoulos did not disclose his clinton foundation donations. media research founder brent bozell after the break. ♪ ♪

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tom: checking the big board, record-breaking day on wall street. dow hitting an all-time high earlier of 18,289 so we're about nine points away something like that. s&p 500 also hitting all-time intraday high of 3127. -- 2127 we're right on the cusp of that. let's bring in larry levin in chicago because we're hitting all kinds of highs on the

markets today larry. what do you make of it? >> absolutely tom. intraday highs on the s&p and dow jones, and certainly looks like that's going to continue. and then consumers are looking good as far as oil prices and gas prices are concerned. even though we may be getting a short-term rally in gas prices, almost a full dollar where we were trading a year ago. so good news for stock traders and consumers of gas line and drivers out there -- das gasoline and drivers out there. tom: thanks, larry. meantime, abc's george stephanopoulos, the big crisis there, they are sticking by him, hoping this doesn't turn into another brian williams problem. but there are reports that the executives were blindsided by his donations, and the crisis is -- well it's much bigger than they are willing to admit. let's bring in brent bozell. brent, look i've been in this business for a long time. i know i can't give a political donation, and if i wanted to,

i've got to make sure and get everybody from here to the top to approve it. >> that's right. look, tom, it's -- there's no question this was a deliberate breach of journalistic ethics. he knew when he gave it that he was conflicted. as if he wasn't before, by the way, when he was a clinton flak during the campaign. but he was clearly conflicted. so when it came time to interview either bill or hillary clinton or bill clinton about the clinton global initiative, he had, he didn't have a right to do it. he was a member of it. he was a supporter of it. and yet he did, and he gave it a glowing report as you would expect. he knew when he was tasked with interviewing peter schweitzer who wrote the tell-all book on the clinton initiative he knew he had no right to do that, and yet he savaged him on national television. he knew that there was a conflict of interest. so i don't know, tom, i don't know what is more offensive, what george stephanopoulos did or the fact that abc news apparently is giving the middle

finger to america by now know what he did and not caring. tom: well is abc going to continue that? i know that was their first reaction, is we stand by george. are they going to? >> well, you know, somebody said the difference between brian williams and george stephanopoulos is that brian williams remembers what he didn't do, and george stephanopoulos doesn't remember what he did do. this is a brewing controversy with abc. look at the trust factor. we've looked at the polls, cnn is 22%, cbs is 9%, nbc is 8%, abc is at the bottom only 7% of the public trusts abcx this is why. -- abc, and this is why. tom: but the problem also comes down to george stephanopoulos is the host of their morning show "good morning america," which happens to be beating today show and cbs. so they've got a little winner on their hands. how are they going to handle this? >> that's the question. and brian williams was number

one on nbc as well with his nightly news show. what's more important, the ratings or the journalistic ethics? so far the ratings are beating journalism at abc news. this is the quandary, and this is the outrage. so, i mean, if they're not going to do anything about this then nobody should believe news. and more importantly, conservatives shouldn't be going on that network because you're not going to get a fair deal from people who are conflicted and are very much on the other side against them. tom: yeah. well, i don't think this story is over. i think it has legs, and they may be trying to hope it doesn't, but always good to get your take on it brent bozell. thank you very much for coming on. >> thank you, tom. tom: you bet. shares of alibaba, they're being sued over fit products -- counterfeit products. jo ling kent is here, down 1.5%. this has been something people have talked about from day one, do they handle counterfeit products. >> exactly. it's one of the number one risk factors for a lot of american

investors because they trade here on the new york stock exchange. the maker of gucci and puma and baa lens crag georgia, a company is suing alibaba for producing and transmitting these fake goods. now, they're being sued in a manhattan court right now, and there is a lot of scrutiny about this because they continue to get scrutiny at home. think about it, the chinese government has issued a white paper. they're investigating their own company saying what is going on here. and alibaba though, they're fighting back. they're responding to fox business, and this is what they have to say about that, they say, quote: >> and the new ceo told me last week he has zero tolerance, and yet this continues to persist. tom: i was going to say, they've got to figure out a way to get rid of this, because it's been a dark cloud over -- >> it has been. and they're trying to implement new technology to prevent this from continuing, but it is an uphill battle. tom: jo ling kent, thank you

very much. meantime, two big movies making a ton of money at the box office this past weekend, but they're both sequels. has hollywood just run out of original ideas? deadline.com's dominic patton's here after the break.

♪ ♪ >> i'm nicole petallides with your fox business brief. it's a record-setting day here on wall street. the dow jones industrial average and the s&p 500 just hit record highs however the moves here

not too dramatic. the dow's up about ten points, the s&p up four and the nasdaq up 18. some of the dow winners include sis sew systems, johnson & johnson, walmart and travelers. names on the s&p 500 that have hit all-time highs, including for example netflix right now as well as sj smucker and directv group. and taking a look also at the retail pairing of athena agreeing to buy ann taylor, ann inc., $2.2 billion. and athena actually owns dress barn as well as lane bryant, and this will be a $2.2 billion deal. more "varney & company" coming up.

tom: let's take a look at apple shares. according to the latest sec findings analysts are cutting their stakes in apple even as the shares are going higher and just last hour carl icahn says he thinks the stock could hit $240. it's at $130 he says 240. what do you think? joining us now from portland keith fitzgerald. keith, let's get you on, 240 or 130 which one do you like? >> well i'm not as aggressive as icahn, but i'm on record at $200 within 24 months. tom: carl icahn-like let's put it that way.

[laughter] why are the hedge funds saying bye-bye to apple? >> the hedge funds don't run their portfolios like individual investors do, tom, they can sell for generating cash, they can sell just because their management has a different prerogative. so as an investor, you've got to look for yourself at apple and figure out what you want it to do. i think it's looking at automobiles, entertainment, there's a $2.3 billion addressable market, and i think that's what apple's all about. tom: yeah, but isn't carl icahn, isn't that kind of a guessing game? we've seen this rodeo many many times before. he goes in, he says i'm interested, the stock goes up, he gets out. you make money -- well, if you get out soon enough. is that the story here with carl icahn and apple? >> well, you know, that's a lot of the story. been there, done that got the t-shirt, been to the rodeo. activist investors tend to talk up their own book. but i think long before icahn got into this that apple has a

huge addressable market that's not yet been recognized by the broader stock market, and that's what investors ought to be keying in on. tom: that's amazing. keith fitzgerald always great to get you in here from portland. thank you very much. meantime, a big weekend at the box office, pitch perfect 2 taking in more than $70 million. beating out the new mad max movie. that brought in 44 million. deadline's.com nick patton is with us from los angeles. are you surprised? are these numbers about what you were thinking? >> well, i think these numbers are pretty much what we were thinking, you know pitch perfect has really excelled. i mean, this is a movie where you look at it, the audience numbers seemed to show over 80% of the audience were female, so breaking a lot of those stereotypes in the testosterone summer that women don't go see movies. mad max still trying to find its audience, but if yo look at -- you look at the global numbers, they're almost even with about

$108 $109 million around the world this weekend. one workings at home, one works around the world. tom: but here's the problem, dominic, one of them's an old sequel, the other one's a fairly new sequel but they're sequels. so is that -- i've long contended that hollywood doesn't have all that much creative juice because they keep -- they just borrow from whatever worked before. >> you're not altogether wrong tom. but also let's look at some of the numbers. the avengers sequel over $1.1 billion globally. furious 7, over $1.4 billion globally. so if you're looking at things from a business point of view, from a bottom line point of view these sequels are where the money's at. and your going to see more of them, of course. it's a summer of sequels coming up. tom: is mel gibson still involved in mad max in any way? does he get a piece of that? because he's the guy who was the first star the first movie. >> i don't think, i don't think mr. gibson does. i mean, though he was very

gracious to show up on the red carpet for this movie. you know, but this is from the original director of the original mad max movies, the creator, and it's a magnificent film. you're seeing it reach across all sorts of demographics. but here's what's interesting, i will say, about this summer of sequels. there's a new mission impossible, new jurassic park there's going to be another terminator, magic mike another bond movie a "star wars" movie coming up as well. but we're also seeing coming from disney they're showing they want to put some new gas in the tank. they have two films, inside out from pixar which didn't have a movie last year and tomorrowland, george clooney movie could become a big franchise for them. so, yes, there's a lot of reboots, there's a lot of sequels, but you are seeing some originality out there, and if it connects, you're going to see more. tom: if it sells, it sells. you said terminator's coming back, is arnold going to be back? >> oh, he'll with -- he'll be

back. tom: you don't know. you do know? >> oh, no, he's back. he's in it. tom: oh, he is in the movie. >> you think i did his book because i love doing the worst impersonation ever? [laughter] tom: i got cut out at the time you answered. dominic patton, thank you so much. appreciate your take on all this from los angeles. meantime, a wall street scam artist steals millions of dollars and hugh hefner's girlfriend. he joins us after the break. ♪ ♪

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get green cards. they can get green cards for themselves, for their children if their children are 21 and under, and many of them are sending their children to new york city, to california to go to school, and this is a federal program. it's the eb-5, you know visa program and this is all legitimate. whether congress wants to get in and change this, we'll see. but here's the thing, there's an annual limit of 10,000 visas. that limit was hit may 1st of this year, may 1st for these 10,000 visas. 80 president of these -- 80% of these are going to chinese, minimum investment of $500,000, but in 2013 that 8500 number, that's the last full number until, again, this new report showed may 1st they're getting in. tom: there's so much money wants to get in out of russia and china, this is small potatoes. >> but give me money from a chinese investor or go to bank of america and beg for a loan i'll take the chinese movie, and

that's what they're doing. tom: high stakes investing. in a new book called "wall street joyride," joining us by skype from thailand is author mark ugala. and, mark, you swindled people out of $50 million? >> yes. unfortunately, that's true. tom: what did you do? how did you -- what were you telling them to get their money? >> well, i started when i was in high school trading, and i became very successful, you know, following the principles of warren buffett and peter lynch, made my first million by the time i was 19 and took off from there. dropped out of wharton business school, went to wall street and raised 50 million by the time i was 22. tom: and so the 50 million not into investments, went into your pocket. into your bank account. >> well i was doing a lot of

things. one of the things that led me down the path, i started doing pump and dumps after i got burned by a wolf of wall street type firm on long island. and i went to -- i lost $250,000 and i went to a lawyer, and the lawyer said no use suing you're better off getting into business these types of guys. and that's what i did. tom: and what's this -- it's kind of a wolf of wall street type story you've got. you stole hugh hefner's girlfriend. which one? i mean really? was, it was one of the twins. it was the bentley twin. it was the first -- as soon as he divorced kimberly he hefner the first crop of girls were two twins and playmate of the year brandy roberts, and i was dating sandy one of the twins. tom: well, it's a new book called "wall street joyride." mark, you -- obviously wolf of

wall street sold well so i guess you might get quite a few sales out of this. >> it's a cautionary tale. tom: thank you for joining us. appreciate you coming on. >> thank you so much for having me. tom: you bet. more varney after this.

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>> >> they will not arrive just with handguns but with military equipment that is my law-enforcement and the local communities need military equipment. >> former homicide detective says we need that style of the equipment now more than ever. he is worried about isis' coming to the shores now the president has made a political decision to police

departments you cannot have the military in equipment from the fed. w wwillcoo oro inupith refendu thepossilitof hakingairpne system one computer expert is a lot simpler than it seems an apple the stock is worth more than where it trades now. and madmen they answer in morning after the finale and how a computer expert claims he can happen to the airplane system changing the course of flight. experts are throwing cold water of the story we're to waned by mike baker former covert operations officer and elizabeth macdonald here is a new york.