>> i can't wait until robots take over. amazon told us that a key punch error caused much of the internet to crash, fortunately ibm works on human error stuff, up in a year. >> john help us. >> can we get imc blue to figure out jonas, please? >> as president donald trump sets up an aggressive agenda, his critics are stepping up attacks and now his attorney general is, well, just stepping back. welcome, everybody, i'm neil cavuto. from tax cuts to health care, charles payne says these distractions could be the real killer and also here, charlie gasperino, gerri willis, gary and adam. ben stein, i regret to tell you is off this week. charles payne, you're listening and seeing this and all you can sigh is whenever you think about the other matters, they're getting in the way of dealing with the matters that matter, right? >> absolutely. >> and tax cuts and the rest. >> absolutely. you start to get that wall

street rubber-necking. there can't be too many distractions because we've had such a positive response to president trump, all the things he promised in his agenda, we need them to come true. they don't need to happen in a hundred dass or artificial timeline, but we've got to be confident they will happen and this administration can't get too caught up in some of the other things. some of it's noise and some is not. but if they are distracted, then, particularly considering there are enough republicans against key parts of his agenda that he's got to deal with that. you don't want to get too distracted on other things. >> do you think this stuff is getting in the way and pushing it back? >> you know, he's a tenacious fella, as we know, president trump. he pushes forward and a little like patton, he wants to, you know, take over. he'll be in berlin in three days if he's not told to step back in a little bit. that said, there's a reality to legislation. if you talk to people on the hill, they will tell you that they don't even have a budget right now.

how are you going to do tax cuts, do meaningful tax reform without a budget. obamacare is a morras and listen, i don't think that the sessions thing is a particularly good development. he said one thing on the stand and something else came out and whether he's lying or not. i don't believe he is, but, you know, it's a distraction, but-- >> although when you say on the stand in a hearing just to be fair to him, by the way. >> well, it's almost the same. there's almost no difference, he took an oath when he went on both and you're right about that, but he did raise his right hand and say i will tell the truth. >> there's no one charging, hasn't been charged with lies. >> i'm not saying he's lied. the worse thing is not having a clear legislative agenda and i tell you, neil, you and i spoke about this a lot, getting stuck in health care during that morras and no tax cuts is an issue. >> and trying to push with that herculean task, proving that may be they should have gone

with the tax cuts, neither here nor there, are you worried and the people you talk to worried that this is going to be get stymied, delayed, you name it? >> i think the thing that happened this week, you guys were talking about, the first of many. the democrats will put road blocks in front of obamacare and tax reform even if they have nothing to do with the topics to slow down the white house, they don't have the house, they don't have the senate, they've got to find some way to get in between. >> adam, when you see this back and forth on this, the rub is that anything that delays the trump agenda, democrats are quite happy to see that happen. do you think that they're pouncing on this stuff though, simply to get his agenda stalled or stopped? >> i don't think they're pouncing on it simply to get his agenda stalled or stopped, but certainly, they want to stall and stop his agenda for some very obvious reasons, but i thought it was-- i agreed with something that charles said which is that some of this, not all of it, but some of this is quite serious.

it's quite important, it's not just democrats who are distracting the president. who is, by the way, neil, highly distractible. he's capable of distracting himself without any help from anybody. >> well, he's been on good distracting behavior this week. >> for a few days. >> gary, he wh-- he wh you look at this, and the markets, by and large, they're up appreciably since the president's election, donald trump's election and continue to be very strong. do you see this obsession about the timing and all justified? because if you step back and were to see back in november, where we'd be now, i think most people would be surprised. >> well, the problem is going forward is that we have an election next year and every day that goes by that something doesn't get done and there's a distraction, not just on the left, but on the right, they're going to start calculating where they're going with this. so, i think it's a problem

right now, if there's going to be more jeff sessions type things, it's going to take away from getting this done. the good news is, donald trump, i think, is very, very focused. he was here in orlando yesterday, doing the education thing, and i think they're really on schedule for this, but any more distractions will affect the markets and i think, i do believe and you've talked about this, too, about whether the markets are priced for perfection based on the promises that have come out of the white house. >> what happens, guys, if we don't see the tax cuts this year? extreme case, it's not an august, not this year thing. jamie dimon is the one of the first to raise it this week. what do you think? >> august comes and goes without it, then it could be a serious issue for the market, but i do think that steve mnuchin kind of bought some cover when he talked to maria ba

bar bar bartaroma, it will have a massive impact on the economy. >> wall street is pretty smart and they can add and subtract pretty well, and listen, he says the impact will be in 2018 if they get it passed in august. and now, what will the impact be if they get it passed in december? i mean, then it's out further, by going by his logic. i don't know if i'd buy his logic. >> or if they don't get a passed. >> and here, again, is where it becomes problematic. there is fairly decent republican support for tax cuts across the board. there's left factions in the republican party about cutting taxes and cutting regulations. >> well, those are strong factions and we're watching the deficit. you don't have a lot of wiggle room there. >> if you layoff the infrastructure stuff on purely on taxes, there's a lot of support. why he went for this obamacare thing right off the bat is beyond me. >> we're told that speaker ryan advised that.

>> we're told in the campaign-- >> speaker ryan said, look,s this the best way to do it. and i don't know what the truth is. ger gerri, on the health care thing, that, too, kind of stymied. but, again, maybe it works out. i guess what i'm asking is, if it is delayed and it's not denied on both of these fronts, would that be okay? in other words, would the market sort of rewrite themselves and say, all right, well, it's happening. it's not as if it's not. >> well, you know, i think the markets are way ahead of themselves here. he think there's problems ahead if we don't get some signs that we're getting clarity on what kind of bill we'll have. we don't know what's going to be in obamacare yet. we're not clear on that. there are different obamacare bills out there. tax reform, where is that? we don't know. it's somewhere behind obamacare, we need to get some kind of clear signal on these ends soon or see your 401(k) start going down. the beauty of what's happened so far year to date.

every year look at the 401(k) and it's up, up, up. that's awesome, if that stops, i think that changes sentiment a great deal. >> gary, do you entertain this into your own market strategy, what might or might know the happen in washington? >> absolutely. look, since the election, the banks have skyrocketed on the hope that dodd-frank's going bye-bye. corporations, there's infrastructure companies that have skyrocketed based on infrastructure and based on lower corporate taxes. it's very simple. if they don't happen. if the market one day wakes up and says, this ain't happening, certain things are going to take a serious hair cut and then the word confidence comes into play. it's a huge intangible when it comes to markets and if markets lose confidence on anything getting done, watch what happens with a market that's already trading and trades on a historical basis. >> we get paid to be glass half

full guys. let's say something good comes out of this, repeal and replace obamacare, lower taxes, there are taxes embedded. >> 20 of them. >> 20 of them. let's say we get daylight on tax cuts maybe not coming now, but coming in december where corporate tax rates are going down to 20 or 15% and-- >> delayed not denied. >> by the way, that's a pretty damn good policy. >> thank you very much. i think we have a lot of questions, eric bolling is going to try to get some answer from the budget director dick mull ve mullvaney on cashin' in. >> if you want to come in, help yourself out. in other words, don't count on the taxpayers here to do it for you. >> today on forbes on fox, critics blasting president trump's plan to boost military spending by 50 million bucks. and some say that boost is not

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we'll see if it works. i'm leland vittert. now back to cavuto on business. >> switching away from this current system of lower skilled immigration and instead adopting a merit-based system we will have so many more benefits, it will save countless dollars, raise workers wages and help struggling families, including immigrant families, enter the middle class. neil: all right, it's a pretty simple idea. in fact, this country was founded on it when it came to immigrants coming to our shores. you want to get here legally, you better be able to support yourself. it's merit-based immigration, either on your own or through family members or friends you have arriving here, that's not the government that's going to look after you, that they are, or you are or both.

gary, this will give taxpayers a break. that's clear, but what we forget is this used to be the norm when it came to those who came to our country. >> yeah, we need to go back to the norman we need to go to where canada is. in canada, it's 60% of the people are on the merit-based and only about 20% are based on the family. we're the exact opposite. the taxpayer's getting crushed every way until sunday. this is a way to improve our economy getting people who are educated versus putting them on the dole, which is costing the taxpayer tens if not hundreds of billions of dollars every year. you don't have to go all the way, but at least go towards it. neil: when i was looking up how we used to conduct those arrived, you know, ellis island in the early 1900's. that was kind of like the norm. when they checked, that you had somebody here. you're going to be hooking up with, and a job and all of that. that kind of was the way we did things, and i don't know when

exactly we veered away from that, but we have. so, what is so onerous about this? >> there's nothing objectionable about that system at all, so long as we also have a conversation about manitarian aid, in other words, refugees who we wt to help come here because their lives are horrible, but, so i say there's nothing wrong with it, neil, but we're not addressing 11 million or so undocumented illegal immigrants here now, which is what the president suggestived in an off the record meeting he might be interested in, but then didn't say anything about it in the address. that's a very serious issue that he needs to address as well. >> i don't think it's our job to take in people whose lives are horrible. i mean, i understand the notion of, you know, people escaping persecution, religious persecution, christians in the middle east. >> that's all i'm talking about. but-- >> i don't know what the christian part has to do with it. >> because those are the people, many, most of the people being persecuted in the middle east.

>> or persecuted around the world that-- >> christians are persecuted in the middle east to a very large number and what i'm saying, and there's other people persecuted in the world, but my bigger point is, we should not be the welfare state for the world. and i think-- >> because europe's tried that and it didn't work so well. >> it didn't work and causing tremendous social upheaval. bottom line, immigration policy was to benefit the host country. we let in poor people from italy, ireland, you name it in the past so they can work in factories and when we had those types of jobs. to flood us right now with cheap labor is absurdment you can't have open borders and we have a welfare state. >> there's no shame in being selective. canada does it. lots of countries do. it's not just support your family, can you support a business? do you have a million dollars in your pocket to put to work as an entrepreneur. that's a great idea. australia does the same thing. >> not everyone has a million dollars in their pockets. >> wouldn't that be a good thing to make sure those people came to this country. >> we have a program like that

in america, too. big money, if you bring big money. what canada is saying it's 100 point system, you get 28 points, max score for language. if you know how to speak the damn language, good, okay? 28 points. 25 points for education. 15 points for work experience, 12 points for your age, they like them a little younger. 10 points if you have a current job offer and 10 points for adaptability. are you able to assimilate. that to me is a perfect way of doing it. i think they have got it right. neil: but do we have any carve out for these fleeing persecution? >> that would be separate from what adam and charlie were talking about. we're just talking about regular immigrants coming into the country, but this is 100 point system and seems like it makes a lot of sense to me. >> jimmy carter stopped immigration from iran during the crisis. i mean, there was a carve out for humanitarian, for people escaping persecution, but the

notion that we have got to be a welfare state for the world has been probably post 1965 if you look at the immigration laws is insane. >> the western world has been that way. neil: we're going to take a quick break. in a snap, the co-founders of

>> so is it time for investors to simply snap out of it? snapchat clearly ready for its wall street close-up. surging 44% during the very

first day of trading. shares held by the co-founder evan segal and bobby worth 5 billion each. each. these guys are in authorize 20's. i have ties older than these guys. the company lost 515 million last year. hype or hope-- >> at this point it's hype, you're buying and trading the stock. stay close to your monitor. the ipo's over the last two decades. go up 38 trading days and a four month decline. be very nimble if you're in it. neil: how reliable is a debut like this to the long-term prospects for a company, adam? >> it's not reliable at all. there's a few that have good opens and done extremely well and far more that haven't. you know, twitter would be a great example, did very well out of the gate and look at it now. neil: and facebook sort of stumbled out of the gate,

right, gary, and then righted itself. absolutely. neil: what do you make of that, gary? do you feel compelled to sort of, you know, sniff around and look at this and look at other social media offerings? what? >> the best way i can put it, this company selling steel pipes, it would be a $5 a share stock right now. what you have-- and i'm serious, what you have is, it's a glamour type name, there's a lot of talk about it and it's a great market so they're able to come out with it, but it's very simple. you had a company that lost over $500 million last year and trading at 60 times sales, not earnings. if they cannot grow their numbers in a gargantuan matter, eventually there will be heck to pay and i can promise you in a bearish market, this baby is going to take a 50% haircut. and take it higher in the short run, but have to do very great things in the long run. neil: gerri. >> small investors who buy into this, they have no, zippo

voting rights. i'm happy for the founders to make money, but come on, if you want individual investors to play you have to give them a better deal. neil: if they're getting a good deal and the stock is going up, who cares if they're going to be players. >> i don't have a lot of confidence in this stock going forward. i think it got bid up in the first day, where it goes from here is anybody's guess. >> i don't care so much about the voting aspect and adam can back me up, he's in the belly of the beast. for every facebook, there are many, many more twitters. there's some weird connivence, some members of the financial media, you know, these are millennials who think anything with a dot-com next to it is a great thing, makes the world a better place. there's so much hype on these things. twitter should not have been priced at $26 a share in the beginning. it wasn't making any money. now, we all know that twitter can't sell itself. why? because it's priced at 26. the founders would have to accept something like 13 which

they don't want to do and the thing-- >> wasn't it weird that everyone twists and not able to leverage. >> everybody looks like-- >> you tweet. >> i tweet like crazy. everybody uses the internet, you can't sell news on the internet. neil: what are you going to say? >> well, you have to watch out for right now with silicon valley, a bunch of panting dogs and see a lot more deals come out because of the valuation and see a lot of bad deals come out in the next few months if this continues. neil: final word, in the meantime, i want to thank gary what super poligrip does for me is it keeps the food out. before those little pieces would get in between my dentures and my gum and it was uncomfortable. just a few dabs is clinically proven to seal out more food particles. super poligrip is part of my life now.

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> >> safe bets in any market. >> i like this to go higher from here. adam. >> vanguard small caps, there might be a snap, but relatively safe. neil: they've got a great run though. keeps going? >> sure, you're playing the index. neil: all right. gary. >> safer means big and slow, 3m

consistent growth throughout the decades and i expect to continue throughout the future. neil: big and slow, the sorry of my life. the cost of freedom continues with david asman on the place for business, fox. >> after years of endless budget cuts that have impaired our defense, i am calling for one of the largest defense spending increases in history. david: president trump calling to boost military spending by 54 billion dollars as an increase of about 10%. well, forget too much. some here say it's not enough. hi, everybody, i'm david asman, welcome to forbes on fox. let's go in focus with steve forbes, rich, elizabeth mack jond, bruce. and steve, too much or too little? >> barely beginning.