the chart, thinking about the great recession in the 2008 years. that goes back to where it was. a multi-year high there. liz: here comes the bells on this friday, as we head into the memorial day holiday weekend, and we see how stocks finish up on a day where janet yellen, the head of the fed said we are on track to see a rate hike this year. we shall see, but the dow is down 50 points, closer to the lows of the session. the nasdaq down -- david: to .03. liz: not a record today. the russell, the small and mid caps down a third of a percent. david: peter schweizer is coming, "after the bell" starts right now. . breaking down this week's action. we have a full house. adam sirhan of sirhan capital telling us whether or not to worry about valuations, brian

from hen see funds and james camp of eagle asset management telling us the biggest driver of the fixed income market is not the fed, believe it or not. joe kusic. it didn't pull out another record. you're looking at oracle and google right now, why? >> yeah, you know what? they've been one of the top performers. come off the lose, basically and really held up well. tech's been that leader, and those are the names that both funds and traders are going to be looking at to keep us catalizing, in the tech space. liz: adam, right off the bat, you are not worried about a pullback as we hover around record highs here. why are you not concerned? >> let's clarify. in the short-term the markets extended to the upside and light volume pullback would restore the intermediate and longer term health of the stock

market. and if you look at prior historic tops, all tops in recent history have had a p/e ratio for the s&p 500 above 22, in the mid 20s to the high 20s. we have room to go on a valuation standpoint. and then the second point is the fed has rates of zero and every major central bank in the world still has easy money alive and well, that easy money trade is the fundamental driver for this entire six year bull market. david: but, there are consequences to easy money. james, liquidity concerns are one of the consequences. we had a big piece in the "wall street journal" about how if any bubble was getting ready to pop, might be the liquidity bubble. problems there, no? >> well, you'd certainly have had a march towards yield product and creative product generated the illusion of liquidity. at the same time, the market-making capacity of the wall street community has been reduced significantly. so we've tested the bond market on the entrance.

we have yet to test it through this cycle on the exit, and i'm afraid liquidity is going to be strained. bonds will clear, but levels will be much different than today and positioning ourselves for that eventuality. liz: james, i need to press you here. we had ben mendel of jpmorgan, and he and joe bilton have opho phemoy. report where y mia dpicydng t t bey? iulgr w t feiq gvaue. nice move, hiring yields since the end of the year, partly in coincidence with the yield recovery. as we had the inflation scare which took serious risks in 2014 in the form of falling commodity prices, we've seen rebounds. treasuries are fairly valued to inexpensive here. nontreasury product in the debt

markets are awfully expensive in our eyes. and that pullback that we mentioned, liquidity driven redeploy off the risk curve. david: brian, bring it back to the consumers, when are they going to spend more? >> god i wish i knew that answer. i've been waiting a little while. we've seen the oil prices add to the savings and the discretionary income of the lower and middle income consumer, and we've all been waiting for them to turn on that spigot and go back to spending. if you look at the american consumer, though, they have a tradition of going back and spending, and it comes q2. david: what's holding them up? is it concerns about their jobs or what do you think it is? >> well, you know, i think we came through the financial crisis, and i think a lot of people are cognizant of the fact that you never know what's going to happen in the future, so they're taking a cautious approach to it, and we've seen a shift that it's more people buying stuff they need as

opposed to buying what they want. so they're getting little discretionary but not a whole lot. liz: about what you need, not what you want. i'm glad consumers woke up. living on the edge, too much in debt. joe, on the floor of the cme, i'm sure you heard adam make a very interesting point. when we see market tops, the s&p price-to-earnings ratio is around 22. we're not there yet. is there anything you saw in the trades whether it was an extremely low volatility index which also sometimes indicates people are too complacent. we might be at a market to. anything that worries you into next week? >> acre the inability to make new highs with conviction. very little volume. there's choppy action, we are convincingly on going on unchanged every day. volume, until we see new money coming up at the new levels, you can talk about new highs

all you want until you're blue in the face. liz: can i interrupt you, the breaking news is out that the volume at the big board looks like the lowest volume of 2015. you are right on the money there. >> thank you, liz! [ laughter ]. liz: thank you, charlie brady from our assignment desk. david: adam, bring you to one stock that hit a 52-week high. not an all-time high but 52-week high. goldman sachs, and you know there's a rate hike coming. we don't know exactly when. but it is coming. how well positions are financials like goldman sachs and others for this rate hike? >> in general financials are a great place to invest your money whenever the market does well. when the economy does well, they stand to benefit from two approaches. first off they benefit when there's a lot of economic activity domestically and abroad, and the idea that all the easy money is going to lead to a strong rebounding global economy. the second is that rates are near zero. if the fed begins to raise rates, historically very low

monetary and that's bullish for financials. liz: bullish for financials. great to see you, thank you for joining us. adam, brian, james and joe, have a lovely holiday. david: good crew, thanks a million. liz: are you ready to hit the road? all of you? expect big crowds on the highways. even as gasoline ticks higher in price. aaa predicting memorial travel is the busiest in a decade. david: jeff flock joining us live from the road itself in chicago. jeff? >> reporter: we love the road, don't we, david? take a look, we're rolling down the road here. if you take a look out, it's already started and say it's going to be a big weekend. if you look at numbers, aaa saying 37 million people will travel for the memorial day holiday. by far, the majority by car. about 33 million by car. most of those numbers are increasing to the fact the busiest holiday travel in a decade.

why is that? predominantly by car? look at gas prices, yes ticking up in the last month. if you take a look at the two year chart and talked to people outside an oasis said this year we can afford to take a trip in the car. a lot cheaper this year than last year at memorial day, and even the year before at memorial day. we're moving pretty fast on 294. maybe bob is going to turn around and get stuck in the traffic jam going the other way. makes for better tv pictures. >> on the road again. who better to come up with a solution to the minimum wage debate than a billionaire? warren buffett says give those earning minimum wage more government money. is this the right answer? liz: new therapy hoping to put an end to cancer by turning cancers against themselves and

getting big financial backing. ceo of the company of the therapy that could be a lifesaver next. david: the "clinton cash" money trail develops another chapter. everyone from schools to wall street firms and the thailand energy ministry has forked over money. the question is what do they get in return? we're talking to the "clinton cash" writer peter schweizer himself coming right up. liz: take you thrive dallas. there's the traffic, courtesy of kflw. take a look, we're coming right back. part adventure.

it's part geek and part chic. it's part relaxation and part exhilaration. it's part sports car and part suv. and the best part? the 2015 gla. it's 100% mercedes-benz. multiple medications, does your mouth often feel dry? a dry mouth can be a side effect of many medications. but it can also lead to tooth decay and bad breath. that's why there's biotene, available as an oral rinse, toothpaste, spray or gel. biotene can provide soothing relief and it helps keep your mouth healthy too. remember, while your medication is doing you good, a dry mouth isn't biotene, for people who suffer from a dry mouth.

. david: this is an alert, the worst u.s. bird flu outbreak in history is taking a huge financial toll. i far eggs are g love soaring. up 85% after a drop in supply forces a lot of companies to suspend operations. at least 38.9 million birds have died or been exterminated. that is more than double the previous outbreak of the 1980s. the government has compensated farmers for cleanup and disease testing, liz. liz: interesting question, what if cancer killed itself? you heard us right. the cancer that turns against

itself. i'm saying him, against itself. that's what the next gue revolutionary therapy for cancer. the company received a major grant that could put the drug on the market in the next few years. joining me in a fox business exclusive is neostem's ceo. dr. mazzo, this is amazing to make cancer turn against itself? how does this work? what's it called? when will it be ready? >> our product is called mbs 20. too early to have a name. late stage clinical development. it works by actually identifying within a cancer those cancer stem cells that proliferate, and teaching the immune system to actually kill those selectively. so it's a way to prolong survival in a way that no other treatment does. liz: how is the this were delivered? is it a shot? how does it work? >> quite simple. people call it a cancer vaccine, a subcutaneous

injection under the skin once a week for three weeks and once a month for five months and that's it. liz: which particular cancers does it target? look, the application could have wide ranging implications for all of these on our screen, ovarian, lung, colon, rental and brain cancer, not brian, brian we love. brain cancer. >> the late stages of melanoma. liz: which is a killer. >> it is a killer. the five year survival rate is less than 20% for most people. liz: talk about what got you to the point where you got this grant and it's been fast tracked? what type of results did you get with it? >> we actually generated phenomenal results in two phase 2 trials, and the most reevent the 2 was a controlled randomized study, where the patients who received our treatment had a 72% survival rate in two years in comparison to the control group which only had a 31%, even in the study,

the control group was active control. the historical norm for those patients would have been a 25% survival rate. a remarkable prolongation of life. liz: what will this grant enable you and your team to do? >> it's twofold, liz, the grant first and foremost is a validation of the promise that the therapy holds by an independent scientific body, in a practical sense, the money that this brings will allow us to advance through phase 3 and to bring the therapy to market and make it available to patients sooner we hope, and prolong life in the patience. liz: sooner, three to five years, maybe? >> three to five years, we should apply for registration in maybe 2018. liz: these things take years and years, once they're out there, and once they are able to be on the market, could it -- i know it's early, could it

be a blockbuster? which is a billion or more in sales. >> you know, hard to project what the sales are going to be. clearly we believe not only can we have a major impact on treating people with metastatic melanoma. as you pointed out earlier, this could be applicable with anyone with a solid tumor. a million dollars puts it there. liz: it works for so many others. good luck to you and the team! >> thank you so much. liz: this is great and exciting, because we all know somebody with melanoma, and it is deadly. neostem ceo david mazzo. david? david: terrific news. meanwhile, what if you had to sign a contract that you weren't allowed to read or make changes to. that's what's happening with the pacific trade deal, passing a bill before you read it. sound familiar? liz gets to test a nearly

autonomous backup system. and major health insurers are proposing rate hikes for some plans. will you be paying more for insurance? we've got the details straight ahead.

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. liz: some of you need to get ready to dig a little deeper into your wallets. major health insurers in some states are looking to boost rates for plans sold under the federal health law. in new mexico, health care service corporation, look at this. they're asking for an average jump of 51.6% in premiums for 2016. blue cross blue shield of tennessee requesting average 33.6% increase. and moda health, the largest insurer seeks a boost of 25%. the federal government is due

to release rate filings next month. david: liz, remember this? >> we have to pass the bill so that you can find out what is in it, away from the fog of the controversy. david: as you probably remember, that was congresswoman nancy pelosi talking about obamacare in 2010. today congress is being asked again to pass a deal before we get all the details. this time on trade. is that right? we have noemi prince and kerry sheffield, noemi, what do you think? is this a redo of obamacare? >> well, it's absolutely lacking transparency in the process. it's going forward with this idea that we'll deal with the details later and whatever happens happens. as we've just noticed, the wake of obamacare has gone higher premiums for people through obamacare as well as other people who weren't using the process.

so we adapt that into the trade arena. there can be more of a multinational corporation play in there than we can see, that's just being hand waved through congress. david: and kerry, we remember with obamacare what happened is there were enough gaps in obamacare, we didn't read it before we passed it, or congress didn't. anyway, that the president came in with the executive actions to fill in the gaps. is the same going to happen here? >> that's true. i will give the president credit. he is bucking his own party. 95% of the consumers are outside of the united states. we are left behind whether it's asia or elsewhere. i think it's apples to oranges. david: free trade but we're worried of the executive action programs. >> these countries weren't going to come to the table if we didn't protect them from congress larding it up with the exemptions by the democrats. david: it is interesting that you have the alliance from

those on the right and the left who want more transparency, right? >> well, that's it. the right wants more transparency. the left noted because we don't have the tranparency, some of the former trade pax, even if they are soldas being positive have actually reduced trade and reduced jobs and been beneficial to multinational companies that don't repatriate taxes and other things that help us grow as a nation. you have to look at the details and both sides have indicated that for different reasons in order to work that out. david: moving on. investor warren buffett says the best way to resolve the minimum wage controversy is by letting taxpayers pick up the tab. writing in the "wall street journal" today, buffett suggested increasing tax credits for those on minimum wage, thus increasing the bill for taxpayers. carrie, what do you make of this idea? >> basically saying what republicans said ad nauseum that minimum wage kills jobs and the earned income tax credit was signed into law by

republican gerald ford. earned income tax credit is subsidizing work versus penalizing work. you are encouraging. david: you still put the onus on the taxpayer instead of the businesses, and it smacks to me a little of crony capitalism. capitalists want the taxpayer to pick up bill thats they should be paying? >> not only it doesn't necessarily help the people who are meeting that minimum wage. what buffett failed to recognize or kind of using as an argument is if we do raise minimum wage by corporations to their workers that somehow that's going to crumble the economy further. as opposed to it's going to put money in the pockets of people which can go into the economy and help with organic growth. it's not a negative whereas waiting for a tax break for people living paycheck and paycheck, a, it doesn't go into the economy, and b it doesn't come out until after the fact and doesn't have the same

effect. >> you're right, marco rubio wants to make it a yearlong thing. it's a supplement to the employer or employee and not a lump-sum at tax time. that could make more sense and at the end of the day, we don't want to penalize the people employeeing low income workers. david: winners and losers, let's start with the biggest loser of the week? >> okay, going with hillary clinton. i may or may not have used her in the past. but the continued outflow of information about the lack of transparency, this time of the clinton foundation continues to the gift that keeps giving, taking from us in terms of transparency, and i think she's a loser in that. yet again another 26 million dollars worth of donations that came into the clinton foundation marked as revenue that weren't. they were attached to very high speeches to the corporations in return. david: we're going to be talk to peter schweizer who wrote the book "clinton cash."

carrie, the loser of the week. >> i say the people in iraq, palmyra and syria and ramadi and iraq. it's heart breaking with isis, it's a failure of leadership since we pulled out the troops. david: my loser of the week, something president obama said about naval cadets. >> severe drought helped to it's now believed that drought and crop failures and high food prices helped fuel the unrest in syria, which descended into civil war in the heart of the middle east. david: suggesting that climate change is responsible for terrorism in africa and the middle east is losing analysis. that was the u.s. coast guard academy he was speaking to. let's move over to the winners. nomi, winner of the week? >> antiquated, the big five

banks that pled guilty to felony rigging. slapped with fines upon old fines of 4.3 billion dollars which are actually a fraction of a fraction of their assets, and they don't have to change their market share with respect to the fx world. they won on that. david: carrie? >> my winner is lyft. carl icahn you in the 100 million. david: l-y-f-t, everybody take no. interview at tech crunch with the founder of lyft and he created it because he worked in government for transportation, and he just saw the government was a behemoth and slow. i think he's got a great ethos and carl icahn says it is undervalued. david: could use competition. for me the winner is the troops defending us. this is memorial day weekend. pray for the troops, they are doing enormous good for our

country and the world. thank you nomi and carrie, you can catch us on forbes on fox every saturday morning 11:00 a.m. eastern time. have a cup of coffee before you watch us on the fox news channel. is uber moving towards initial public offering? what the company is talking with banks about that has a lot of tongues wagging on wall street. ford adding a brand-new hands free feature to the 2016 version of its best selling truck. the f-150. liz taking a spin in the exclusive first look coming up next. ♪

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. liz: guess what? i've moved outside to sixth avenue here in new york city. why? because so many of you are about to hit the road, you're going camping, hooking your boat up to truck, kicking up the trailer. a fox business exclusive. i'm leaning against a brand-new ford f-150. it's got a brand-new feature on it. first on fox business exclusive. meet eric peterson of ford. what are you going to show us that makes such a difference for people who need trailer hitches. >> smart innovation that takes one of the biggest things people worry about backing up a trailer. liz: show me what you got. come and follow eric. >> you take advantage of the cameras that are in the truck.

you got the camera, the hitch right here in the trailer hooked up and you add a sticker. camera senses the sticker, couple of measurements and allows you to do the backing up. the intelligence inside the truck that helps you back it up. liz: clark, show how big the trailer is, it could be a camper, trailer, boat. these are hard to back up when you're all the way, many, many feet ahead sitting in the cab of the actual truck. you're going to show me how easy it. is a push of a button and you sit back and relax. jeff is inside with the fox business camera. i'm going to get in. eric is going to show me exactly how this works. first to the button, eric, show us. >> the push button start, and the trailer backup button is right here. simple knob that allows to you do it. shut the door, activate the pro trailer backup assist right there. put it in reverse. liz: and then look at the steering wheel.

>> okay the trailer connected. signal the trailer, you get a chance to put multiple trailers in the back of the truck. i'm going to do that right there. locating the sticker so it uses the camera to locate the sticker. liz: i can't believe it's that tiny little sticker. >> see? it's already doing it. if i want to keep it straight, i want to go like that. if i wanted to turn it, go like, this if i want to aim it to the right, the wheel will turn on its own, not me. liz: all right, whoa! and i'm not going to back into anything or hit something. >> you aim it up, once you hit the trailer, it goes where you want it to. it's the smartest f-150. liz: this is the first time you are seeing this technology. i find it fascinating, it is an add-on, correct? i want to know how much this costs? >> not quite there with pricing for the 16. if you think about the fact we'll have this on every model. not just the top end, base xl

and top model the king ranch, you get this capable. everybody does work with the truck. liz: if i am correct in what i've seen which basically involved pressing that button and not doing very much. drivers don't need training on this? >> no, you need to know what measurements. dealerships help with that. simple measurements makes it intuitive. you're backing up the boat once a year to go to the lake, even a frequent tower would like to have multiple solutions to pick from. liz: i would be so nervous if a boat or something were hooked back here, but again in limited space it works well? >> fantastically. the longer trailers are sometimes the easy ones to back up. short once a little wheel play can make the trailer go all over the place. no problem at all with the pro assist. liz: look how gorgeous the front of this truck is?

how are sales coming along? >> launched a truck 20 days on average. the trucks are gone 20 days after they're on the lot. liz: there's a wait list, i checked with people at auto nation, at other dealers there is a wait list. >> high demand, we knew there was high demand every time you get a new truck. more hauling and best in class fuel economy plus all this, it greats demand for the truck. liz: following ford through the journey of overhauling and had to stop the assembly lines to retool. do you expect with the all-aluminum success and we talked to the former ceo. we'll start to make all aluminum vehicles in other models of ford, is that soon? >> sure, the new super duty will be aluminum version as well. we'll come out with that. and make sure the right materials there are for the right truck. you match the materials, you match the capability to the truck, it's perfect for truck,

the way you take weight out of the body in the truck, you can put into more trailers like the back. liz: here's the camera, jeff's camera, the backup camera attached to that. this will be available to the 2016 model. >> correct, correct. liz: eric peterson ford f-150 marketing. how fascinating is that? you sit back, press the button and don't have to worry about hitting things. intelligent cars, david. that artificial intelligence is coming to every angle of travel. david: coolest segment of the day. no question. coolest segment on fbn. from trucks to cars, is ride-sharing company uber finally on the road to ipo. might be, uber is in talks with a few large banks to see how much each would be willing to commit to a credit line. this is a move that helps cement financial relationships very often it signals preparation for an ipo. seeking a credit line worked

one billion. six or seven banks are expected to participate in the facility. we just found out that the clinton foundation accepted 26 million dollars more in fees for speeches from wall street to universities to publishing companies in nigeria. just how much more money is there, and was hillary clinton compromised in any way? peter schweizer, author of "clinton cash" joining us next. as we get set for memorial day weekend, are you going to be basking in the sun or holding up an umbrella? we head to the weather center for the holiday outlook straight ahead. but ended up nowhere. now i use this. the nicoderm cq patch, with unique extended release technology, helps prevent the urge to smoke all day. i want this time to be my last time. that's why i choose nicoderm cq.

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call now to request your free decision guide. and learn more about the kinds of plans that will be here for you now -- and down the road. i have a lifetime of experience. so i know how important that is. . david: more creative accounting from the clinton foundation, as it just revealed previously undisclosed payments of $26.4 million from foreign sources, universities and others. the money was tallied as revenue even though it came in, in the form of money for speeches by the clintons. so what to make of this and hillary clinton's e-mail problems? the latest on this as well with peter schweizer, author of the book "clinton cash." good to see you. what do you make of the most recent revelation? redefined where the 26 million came from? >> you know it's amazing. this is a nonprofit organization. they get a lot of revenue.

they have all these problems with basic things like disclosing donors they claim to have disclosed. donors they disclosed say i didn't give money. they had to redo five years of irs tax filings, and the have the issue of $26 million in revenue that really was never quantified or identified to disclosure. it's a huge problem, and i don't think it's something that can be wished away by the clintons, they have to give accounting. this is a major family venture involving a lot of money, and you can't just sort of brush it aside. david: the accounting is coming up in dribs and drabs, this is in the "washington post" today. here are some of the groups that gave money for the speeches. the nigerian this day newspaper group, they gave about $500,000 for a speech to bill clinton. a group in beijing gave another $500,000. a natural gas marketing fund, a

company gave $250,000 to hillary clinton. so these are organizations that clearly in some way are tied in with their governments? >> no, that's exactly right. you cited the example of this day nigeria. there is two speeches that bill clinton was paid that he pocketed of $700,000 apiece from the same company. this is a media company in nigeria whose owner is closely tied to who was then the president of nigeria, goodluck jonathan. and, of course, the state department, we send more than 600 million dollars of aid every year to nigeria and hillary clinton has to grant them a waiver every year as secretary of state to explain to the fact that they don't have transparency and funding. there's all kinds of conflicts of interest. and the fact these were not disclosed further mystifies. this was a very basic requirement that president obama laid out.

tell us where the money is coming from? and they haven't met the minimum bar. it's shocking. i think we're going to see more of this. david: here's what charlie gasparino would say about the collection of data that you put together and that have been coming out more recently. he would say there is still no evidence that she actually rewarded donors. now as people pore over your own book and pore over information comes out in the "washington post," "new york times" and others, is there any evidence, has there been one bit of evidence come out that she rewarded a donor for what she and bill receiveed? >> yeah, the question is can you prove the cause and effect? what i would say if that's the standard for the clintons, then there should be no prosecution of senator menendez in new jersey, mcdonald of virginia should be out of jail and the governor of oregon should not have resigned. in all of those cases there was absolutely no evidence of a direct cause and effect between

the payment of money and the policy decision. we know that all of those action took place because it is a ridiculous artificial standard to say that in the clintons, you have to prove completely that it's a quid pro quo. that is not standard in law, that's not standard in prosecution, and my view is called it old-fashioned, all political figures whether the clintons or bob mcdonald of virginia ought to be held to the same standard. far more evidence involving the clintons than any of those three cases. >> talking about being held to standards, when george stephanopoulos interviewed you, some said it was more like a prosecution, you were a hostile witness for a prosecutor. he tried to suggest that you were biased because you worked for republicans did. it ever occur to you or did you know that he was actually a contributor to the clintons? not only was he working for the clintons but was a contributor to the clinton foundation as he was talking about its revelations?

>> you know, david, if my researchers had come to me and said we're going to investigate whether george stephanopoulos is a contributor to the clinton foundation, i would have laughed at them. i really thought the relationship with the clintons for george stephanopoulos was a previous chapter in his life. the fact of the matter is, of course, we now know it's part of his present chapter of his life. it's shocking to me, i'm stunned by it. we know he gave $75,000. beyond that, we know over the last five or six years, he's made numerous appearances at the clinton foundation. he's been a contest judge with chelsea clinton at clinton foundation events, et cetera. massive conflict of interest. i was absolutely stunned by this, and i think this is a more serious breach of ethics than what brian williams did. this goes to the heart of george stephanopoulos' role as a journalist. david: peter schweizer, the book, of course, is "clinton cash." thank you very much. you can catch peter monday night 10:00 p.m. eastern on the fox news channel, special

report, the tangled clinton web. liz? liz: breaking news, the national football league rejected the nfl players' union request for commissioner goodell to be recused from the tom brady deflategate hearing. they wanted him recused and not part of this. nfl says too bad, commissioner goodell will be a part of it. david: interesting. liz: will you be outside grilling this memorial day or inside on a cloudy day? fox news's rick reichmuth has answers from the weather center. >> clouds for some and sunshine for others. starting off really cold, liz. tonight, we have hard-freeze warnings in effect across a lot of interior sections of the northeast as well as parts of michigan. get ready for a very, very cold night. temperatures in the cities like buffalo and sir crews into the -- syracuse and across the coastal areas a really chili

night and chilly tomorrow morning. get a little better tomorrow night and sunday morning and sunday night and monday morning things above average and look good. across the northeast a big warm-up coming. the central plains where we had all the of problems for three weeks with the heavy rain from south dakota and nebraska down through texas and a lot more coming unfortunately over the next few days. across the same areas. some spots that have seen 18-20" of rain, maybe another 5-6 by the time we get through the weekend. and we have flooding advisories and watches in effect. and i think we're going to see a bull's-eye from oklahoma city to dallas maybe back to wichita false. this is a drought monitor, improved greatly over the last four weeks and the next couple of weeks probably going to see most of the drought wiped out. good news for so many of the ranchers that have been suffering for years and years, the grass is growing, the cows have something to eat. that's good news.

flooding, bad news, but the ranchers seeing a bright side to this. liz: when they're done, bring it to california. rick, thank you so much. david: as streaming services disrupt the industry, artists are struggling for royalties. jay-z, beyonce and others are taking their battle into their own hands getting behind a streaming service called tidal. but can tidal compete with the established industry giants? >> hello, everybody. i'm gerri willis. coming up on my show at the top of the hour. the state department releases first round of hillary clinton's e-mails, the e-mails relate to the attack in benghazi where four americans including ambassador were killed. one of the big stories coming up on "the willis report" in just a few minutes. and multi-layered security. it's how you stay connected to each other and to your customers. with centurylink you get advanced technology solutions, including an industry leading broadband network,

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♪ >> well, jay-z, madonna, cane w, and a consore schum of people have jumped into tidal. what makes tidal stand out? does the streaming service have a shot to knock out the competition? >> lee hawkins has been getting down and dirty on this story. they launched certainly a few weeks ago. but, boy, the attackers have come out. and these are the competitors. right? >> yeah. well, and the media. there are a lot of people that thought they would hit the ground running and unseat spotify in two months after making that announcement. liz: come on.

>> it's not just a realistic fortunately. thing. they're building organically. my interview with the chief investment officer, she outlined that. it will still be a challenge for them. how they think they will unseat spotify is higher royalty payments and pushing out independent artists. >> we can't bury the lead. pandora and spotify is five bucks a month. this is 20 bucks a month. >> it is. >> the willing you should pay so much more is you get more than just streaming music. you get concerts. >> you get concerts. you get video. you get meet and greets. you actually get high fidelity. it's a 20-dollar fee to get high fidelity. or the 9.99 option -- >> but even 90.99 is double pandora. >> yeah, but you have access to the whole catalog as opposed to

pandora recommends you a song. it's more comparable to spotify than anything. >> what are the adoption rates? are people ponying up the money. >> they're 800,000. they started at 500,000 in january. (?) they've been able to increase exponentially. but that still compares to about 15 million paid subscribers for spotify. so the question is, does the marketplace really want to respond to the idea of getting a free jay-z concert? and, you know what, i mean, he did two shows last weekend. and it really did show the power of organic communication. and for -- that these celebrities really understand how social media works. they have that advantage. david: but the problem with celebrities. and you know celebrities more than anybody in the world. it's tough to get them to focus and commit. wantisn't it? >> i think the difference is they own the company together. sixteen of the top celebrities.

jay-z gave them a 16 million-dollar loan to own the company together. in my opinion they'll probably position themselves at some point to have this company bought out. (?) if they do that and get a 3 billion-dollar acquisition, then that's $200 million each for these artists. that could be substantial. >> sometimes they say first in wins. that was pandora. then spotify came in. you morph into something better than was out there. i use spotify. david uses pandora. maybe it's a matter of taste. to be third in is tough. >> it is. the -- the expectation that you're going to make the royalties if you're an artist that you used to make in the traditional model. that won't happen. david: just to give one example, pharrell williams song "happy," 43 million pandora streams. it only paid 200,000 bucks for 40 million

streams. >> this is the fight they'll have with the record companies if they want the royalties. >> lee hawkins. great to see you. from the wall street journal. have a wonderful memorial day weekend. thank you for spending this friday with us. >> thanks to our soldiers and veterans. "the willis report" is next. >> hello, everyone. i'm gerri willis. this is the willis report, the show where consumers are our business. tonight, the clinton foundation reveals millions of dollars in undisclosed payments. and hours later, the state department releases the first wave of hillary's emails. but the clinton drama far from over. also, americans hitting the road this holiday weekend in record numbers. but will a rise in gas prices ruin your summer plans? and are we creating a generation of moochers? why more and more millennials will hit up the bank of mom and dad. ♪ we begin tonight with new clinton cash coming to