maria: final thoughts, pete hegseth. >> i'm still going to dunken doughnuts. [laughter] >> i'm going to watch that interview with john podesta again and again. thank you. maria: great show. >> republicans for single payer. think about it. maria: here's "varney & company." stu, over to you. stuart: stop it, dagen, stop it right now. [laughter] maria, thank you very much, indeed. we're close to another stock market high. here's the news on politics, the president says there's a big surprise on health care maybe coming tomorrow. oh, we live in hope. good morning, everyone. as of right now, the dow is just 74 points away from its record close. it will go up a little bit more a half hour from now. stand by for records. and there's plenty of good news for investors. look at this. the price of gas has gone down for 27 straight days. you are about to pay the lowest july 4th price in a decade.

that is money in your pocket. the biggest banks in the land, they took the test, they emerged with a clean bill of health. all the financial stocks are going up, and look at that, bigtime. politics is helping as well. republican leader mitch mcconnell wants a new health care bill tomorrow. the president said look for a big surprise. there is some new momentum for the growth agenda, and investors like that. well, that's got the democrats worried. they plan to ramp up the outrage over the july 4th holiday. the demonstrators will be out there claiming death is coming. overall, we have a positive start to the day, and we've got a big show for you. blue apron feels the amazon effect. martin shkreli channels lady baa georgia, and the president goes on an early fundraiser pulling in ten million in one night. big day. or "varney & company" about to begin. ♪ ♪

stuart: when it comes to health care reform, do something, get something. because anything -- >> obamacare -- [inaudible] it's a piece of crap bill. it's a piece of crap law. stuart: you're getting rid of all the taxes, all of the mandates. [inaudible conversations] stuart: that's nothing? are you kidding, eric? >> you're doing exactly what obama and the democrats did. you're dealing with health insurance costs. prices. not the underlying problem of health care costs. really reconsider your stand on health care. stuart: never. never. [laughter] no, no, no. [laughter] i thought it was a pretty good debate. eric bolling on the show yesterday, off to the a good start there. now, we are expecting a new health care proposal from the republicans, expecting it tomorrow. economist and former capitol hill staffer david shmick is with us. david, something is better than nothing. that's what i say. are you with me. >> actually, i agree with you 100%. stuart: yes!

>> i sympathize with bolling. he would like -- i mean, he says the bill's crap. if you ask the american people, they'd tell you washington is crap, but we've got to deal with it. you can't -- perfection is the enemy of the good. this is not going to be pretty. as you noted, it's sausage making. the fact is you can't have perfection. i would love to be a thin man, and let's say -- [laughter] male fashion model. [laughter] works two hours a day and makes $20 million a year, but it's not going to happen. [laughter] stuart: hold an on a second. we've got senator rand paul talking about splitting the bill in two. we have senator mike rounds on fbn this morning saying some obamacare taxes will stay. clearly, they're negotiating. so you've been in the room. you've been in situations like this before. i want you to handicap it for us. is it a 50/50 chance of yes? is it 60/40?

what says david smick? >> i think it's maybe 55/45 yes. here's the -- it's so perverse, what's going on. the cbo, the congressional budget office, basically the eggheads, the geeks are -- they're not partisan, but they're so out of it. i mean, give you an example, i mean, in 2015 the republicans passed a bill that just simply repealed obamacare. president obama, of course, vetoed it. but what did cbo said? 23 million americans would lose their health care. then in 2016 the republicans come back, and this time they pass not only repeal, but a replacement bill that had, like, 325 million in subsidies, and what did the cbo say? 23 million will lose their health care. in other words, the private sector doesn't matter. i think what you're going to see right now, it's going to be very ugly. there's going to be -- and you know what it is to get those cbo numbers down. they want to get the so-called

people thrown off the rolls down to eight or nine million, and that would probably leave it to just, you know, 20-year-olds who don't want to pay for maternity leave. stuart: just pacify everybody -- >> yep. stuart: -- do it, pass it, tinker later, adjust later. but for heaven sake, do it. otherwise the democrats will do it, and you'll have a british medical system on your hands in no time at all. >> yeah. i don't -- i like eric bolling and some of the others, but they don't seem to you understand thf mitch mcconnell fails to get a bill passed by the end of september, that that's the end of fiscal year, that basically the republicans have a devil's choice for next year. stuart: right. >> they have -- you can only put one thing on reconciliation, one thing. and it'll either be tax reform or health care reform. stuart: yeah. >> i can tell you, there's a poll out now that says the public, the republican voters,

15% of them say if they don't, if the republican party doesn't address obamacare, we're bolting the party. not we're going to be unhappy, we're bolt toking the party. -- bolting the party. stuart: david, thank you for being with us. thank you for joining us today. >> my pleasure. stuart: we're going to open the stock market ever so slightly higher, just pointing up just a bit. remember yesterday's close only 74 points away from its record. you might get into record territory today as of this morning. it's a possibility. all the big banks passed the government's so-called stress tests, so you are going to see some serious green arrows there. gas, now, the average national price is $2.24, we now have five states under $2 a gallon; south carolina, oklahoma, alabama, mississippi, missouri, tennessee right at $2 even. i think i'm going to be right. i said six states will be under $2 by tomorrow. i think i'm right.

speaking of cheap gas, one of our viewers sent in this, $1.75 for regular. i can see that, i don't have to squint. [laughter] in oklahoma. thank you, rick. >> you going to drive out there? stuart: the judge likes to get in early. >> yes, he does. stuart: the amazon/whole foods deal taking some steam out of the blue apron ipo. >> yeah. and kroger's is going to have their own at-home meal kit. blue apron hasn't been profitable, and plus we're looking at what it costs to get its customers, really pretty high. basically anywhere from 60-70% of its customers ditch the service. it's not a subscription-base model. customer use is episodic. so i'm telling you -- stuart: not good. >> looking at their financials, the way they report what it costs to get those customers like promotional rebates and

discounts, there's shenanigans -- stuart: they're going out at $10 a share, let's see what they actually get when the market opens. president trump's reinstated travel order goes into effect tonight at eight, i think that's eight eastern. certainly, 8:00. the list of who's allowed in has been released. step-siblings, half siblings, sons and daughters-in-law, parents, all of them are allowed to enter the country. not allowed in, nieces, nephew yees brothers and sisters-in-law and grandparents. judge napolitano is here. here come the lawsuits. >> exactly. what you have seen is the executive branch interpreting the words of the judicial branch which only used the following phrase: bona fide relationship with a person or an entity. but i suggest to how you that a what you just -- to you what you just told us is actually a lot

clearer than what is a bona fide relationship with an entity. is it a job offer? is it an actual job? is it an application to a university? is it admission at the university? is it employment at the university? is it just one lecture in the next six months in all of that is going to be resolved by administrative law judges -- stuart: the lawyers. >> and and the system jammed up until we can get some sort of a consensus as to what these words mean. my friends, justices thomas, alito and gorsuch, said a where did this phrase, bona fide relationships, come up with? the other six of you made this up. who is the court to carve a hole in the president's executive order and define what goes in that hole? that's what we're going to be seeing before our eyes. starting tonight at jfk airport. stuart: ah, you lawyers. [laughter] >> even when i'm on your side, you berate me. [laughter]

stuart: somewhere in the new testament the lawyers pile up burdens. >> some of them, they liberate. [laughter] stuart: that's not in the bible. new airline security measures for flight into america, more screening, better searches. okay, let me turn this around for a second. on the radar screen is the possibility, not a proposal, but the possibility that domestic flight inside america will at some point ban laptops. now, that's out this. it's floating around out there. what would judge napolitano say -- >> just a little bit of background. it is well known and well understood and universally agreed that an exploding laptop would be enough to take a phone down. an iphone wouldn't be because you can't get enough explosive in there. the government likes to act in a prophylactic way. in my world the people that have the most to lose when the terrorists strike are the airlines, and they should be responsible for their own on security ask. and if you want to fly on a

plane that has heavy security, fly on that. it's not my world. the government demands uniformity. stuart: it is definitely not your word. >> and you're happy about it. [laughter] stuart: stay there, i've got something else for you in the c block. yes, watch out. the dow futures suggest a gain at the opening bell, about eight, nine points maybe. we're only 74 points away from the record closing high. a 24-year-old former mormon missionary tossed in a venezuelan prison, accused of being a spy for america. the congresswoman who's trying to get him out. u.n. ambassador nikki haley says we need to keep the pressure on venezuela. she says the situation is so much worse than anyone expected, and she's right. national security adviser, general h.r. mcmaster, says with north korea all options -- including using the military -- are on the table. more "varney" after this. [vo] when it comes to investing,

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stuart: oh, watch out below. pier one imports, weak sales. this' going to be -- that's going to be down about 12% at the opening bell. walgreens will buy half of rite aid's stores and pay $5 billion. instead of buying it outright for more than $9 billion. down goes rite aid. whoever wrote that, it was good. [laughter] u.n. ambassador nikki haley speaking about what's happening in venezuela. roll tape. >> we need to keep the pressure on no door row. there are signs he's going to start using his military and weapons, and anything you've seen on tv, it is so much worse. stuart: ambassador -- joining us now is john bolton. he's with us. shouldn't we just flat out intervene in this catastrophe? and by that, i mean get the cia to do manager or our military to do something?

what do you say? >> well, the catastrophe's been at work for a long period of time. i think the maduro regime is in deep trouble. it has opposition from the military which was the basis for the chavez coup over the years. but, in fact, the opposition itself is badly disorganized, and their capability of governing even if they took over is open to question. now, all that said, yes, i would do a lot more. i think that the threat that maduro most poses is not just inside venezuela. i think he's being manipulated by the castro regime in cuba. i think venezuela, because of its uranium regime, second biggest in the world -- stuart: what would you do? >> i think the opposition would like to reestablish representative government, and i would find ways to help them out. my only concern is that the opposition itself has, is filled with problems. so nobody should be under any illusions this is going to

happen quickly. stuart: president trump's national security adviser, h.r. mcmaster, he laid out america's strategy on north korea. watch this, ambassador. >> so the president has directed us to not do that and to prepare a range of options including a military option which nobody wants to take, right? the threat is much more immediate now. and so, so it's clear that we can't repeat the same approach, failed approach of the past. stuart: so what would be a military approach? >> well, the argument is that north korea is very close to having the capability to drop nuclear warheads on the united states via a ballistic missile. is and one option would be to go in and troy the launch -- and destroy the launch area, the test facilities and some of the nuclear facilities. danger is that in retaliation north korea could easily attack the northern suburbs of seoul which are right across the demilitarized zone there north korea.

and i think everybody agrees it's not a happy option. but the fact is we've failed for 25 years because of diplomatic efforts to chitchat north korea out of nuclear weapons. and i think what mcmaster's saying is we didn't do that anymore, although we haven't launched a different strategy yet. stuart: if they can threaten los angeles with an icbm, with a nuclear tip, respect we justified in -- aren't we justified in shooting down any missile that they set out over the sea of japan? >> sure. and if we had an effective national missile defense program, i'd be confident we could do that. but after eight years of the obama administration funding of what the bush administration had started was gutted, basically. so, no, we don't have adequate missile defenses at the moment. stuart: okay. mr. ambassador, thanks for joining us, sir. >> glad to do it. newt. stuart: and now we have pope francis getting political again.

a group of italian leaders, quote, force people to work into old age. that is depriving young people of a good job. a couple of resident catholics for you, elizabeth macdonald and judge napolitano. let's go to you first, judge. oh, no, we're going to do that after the break. sorry.

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a private -- somebody brought it. a private firm bought staples for $7 billion. the stock is at $10.12, a gain of 2%. how about apple? did you know that today is the tenth anniversary of the introduction of the very first iphone? in the last ten years, more than a billion of them have been sold. >> all devices, yeah. stuart: all devices. is that right? >> yeah. stuart: i thought it was just iphones. >> we'll check it. [laughter] stuart: more on this later. pope francis says it is both foolish and myopic for companies to force people to work into their golden years while depriving young people of the dignity of a job. liz macdonald, judge napolitano both with us this morning. that is a political statement, isn't it? >> it is, but i look at it differently. i think it's a metaphor for himself. i think he's dropping hints. stuart: about retiring? >> yes.

stuart: like the last pope? >> yes. and i think if benedict lives for the another year, you'll have three popes on the planet at the same time, which will be a first in the history of the world. he has said things like the pope will be back in ireland, the pope's successor may view this differently than the pope views it. he's dropped all kinds of hints about wanting to return as a simple parish priest in the slums of buenos aires to which can his time on earth. to conclude his time on earth. as soon as i saw this, i know liz is going to talk about, you know, the economy and labor unions and young people, which is what everybody thought he was talking about, but i just saw it through a different frame when he said it. stuart you most certainly did. what else did he say, liz? >> listen, trade unions, you are the prophetic voice to capitalism. you should not start acting like the institutions you're supposed to criticize. so he's still hostile to

employers. and italy has a really high jobless rate for young people . [audio difficulty] >> this is well over average age 70. stuart: okay. you're visiting italy shortly. >> very soon. i'm going to immerse myself in the society. [laughter] stuart: napolitano, thank you

very much, indeed. we're going to be higher at the opening bell. look at the futures. we'll be up, not much, but we will be up. 21,400, maybe 31,5. here -- 21,5. here we come. back in a moment. today, we're out here with some big news about type 2 diabetes. you have type 2 diabetes, right? yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it?

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stuart: this is interesting this morning. yesterday dow industrial closed 74 points away from all time closing high. we're going to go up a little bit to the opening bell this morning. coming up at about five seconds. how high will today's markets rally carriers throughout the day? will we get a new high? weal we're off and running thursday morning an we've opened wait for it on the upside to the tune of 32 points. 29 points 21,482. the record high doing my math here 21,528. so you are 27, about odd point away from all time record closing high but i see a lot of red on right-hand side of your screen and thousand we have to get in 14 points let's move own before it goes negative. check the s&p 500 where is that mildly positive. .05% up. that is not a rally. how about the that is dak home of all of the technology companies. huge gain yesterday.

went straight up virtually. nasdaq this morning is -- down, 20 points off. [laughter] a little bit of selling there in some of these smaller -- technology companies. now all of the big bank past government stress test. that means they did well on tests of what would happen to them in dier circumstances. therefore, financial stocks all of them straight up this morning. and this is the apple tenth anniversary of the first iphone ten years ago first one came out more than a billion have been sold in the last ten years. the stock at 144 a lot more on that coming up. joining us elizabeth macdonald jack, and john layfield now, we've got the market as of right now, the dow industrial john as of right now, we're right up on the verge of another record high for the dow industrials. is this this the second or maybe the third leg the beginning thereof of the trump rally? >> if you believe that tax

reform is beginning to get done that depends on obamacare because of the way reconciliation works you have to get it done by september and then work on tax reform in next fiscal yore and definitely this is next leg. first leg was definitely that november, december run. after that you have corporate earnings taking off central bank were easing as well and i think now you're looking at the hope of possibly of a tax reform package getting done. so that's what it's all about . jakscht how is this the beginning of the second or o maybe the third leg of the trump rally? >> two conflicting item use look at. one, stocks are pricey relative to earn orings that tells you over next ten years your return might be a little bit below aj. but near term over the next year, markets don't die unless you get a recession. i don't see one of those come oing. earning news has turned strongly positive so i think market moves higher before we get, you know, some kind of down term. >> jeff very much indeed. look at the bank etf those are dow losing at the moment.

we've got quite a few of them and some of the technology companies lose. now this is xlf this is etf a basket of financial stocks up by the way, 30% since last june. it's up again this morning. 82% because with all of the big bangst have passed that vees test. so jack, from barrons does it like bank ?ok >> we do. all of the big bank chiefs that we talk to at barrons has transition from saying that they have plenty of capital to complaining they have way too much capital forced tholed. so these guys look financially strong right now. there's going to be more capital return to shareholders makes stocks more attractive and we have yet to seat benefits of banks of rising rates it has affected short end of the curve when you see longer rates move higher i think you get better legending spreads for these guys. stuart: i want to talk about blue apron they go public for first time today they have amazon whole foods deal so

seeing a lot of their thunder and i think elizabeth macdonald is going to say something dramatic about blue apron ip organization. >> customer churn, some estimates 60% to 70% of its customers ditch the service after six months. it is episodic use by customers, the cost to get those customers in the door, has nearly tripled over last couple of years and never had posted a profit and -- since it has ever been out there so it is not really subscription base and muddy, muddy disclosures in its financials about the true cost of those getting those customers in the door. there's a lot of financial world play and i don't see transparency in there about it. >> you said it is a flop going at $10 a share today let's see what the actual opening price is but you say throp. jack says that >> how big is subset of americans too lazy to shop but ambitious now have to cook and afford margin on this product, and they don't happen

to live near a whole foods which you have one next to all people who are well off i don't know. i think there's -- [inaudible conversations] >> doesn't look good to me. >> we've got two opposed to this saying it won't do that well. john what say you? >> i agree with the consensus look i grew up in a small town in texas, and i saw what happened with wal-mart came in, invest in people that compete with wal-mart that was saying back then now the same thing you don't invest in anymore that competing with amazon. >> you're a long way from home son, let me tell ya. >> wal-mart is here. [laughter] stuart: happy birthday that's -- what you're looking at now on your screen viewers, that that s place where apron will start out and arranging, they're matching buy and sell orders trying to get a price together. when it opens you will be the first to know. got it. now, happy birthday iphone. today more than a billion have been sold.

liz: i was wrong. iphone. amazing. stuart: next model is iphone 8 i believe coming out later this year. you have examinations for it. >> it will sell well and shaping up to a bumper year for phones and people due to upgrade. story with with apple really is this snow l baaing service rev are knew that time margin revenue. everybody thinks it is a image et company. everybody looks at the hardware but people paying monthly piece for storage, paying for app download -- a billion of them out there and paying something every month for the services that the iphone did do. that's a whopping great big service revenue. >> you know what i like to ask capital siri asked tim cook what is taking so long to get a home speaker like amazon echo alexa what's taking so long? >> john like the iphone 8 iphone and apple stock going

forward? >> i love it. absolutely. i just got the great big iphone. i thought i wouldn't like it. as bigs a mini ipad but i lot of the thing. i love the stocks here. own apple $60 billion paid out to ad developers since iphone came out 2.2 million apps right now are only iphone. i think it is created entirely business model an paradigm shift. we said software was important in the 80s with bill gates and microsoft and now you realize hardware xiened with that reare occurring revenue is way to make this reoccurring money. >> 134 on apple this morning down a buck. stuart: check that big board still holding on to a very is small gain. 8 points higher as we speak. but look at that level 21,463. look at pier one ouch down 11% weak sales. where they taken that to cleaners. $4.78 on p.o.1 walgreens will buy half of stores for $5

billion instead of right aid outright for more than $9 billion. walgreens also said it is ended its deal to sell 800 stores to threads that deal is off. so those shares threads way down, 24% down. now wait a second, we've got news on wall street, walgreens connected to amazon. >> ceo is talking about would jeff get into pharmacy into the drug description business? he's saying not -- he probably won't be interested in the short-term. it is two hyperregulated they're simple opportunities but not addressing is long-term. with amazon get into the drug business the pharmacy -- >> delivery thereof. that would be interesting wouldn't it. >> brought up idea of it. >> everybody shuttered at the idea that amazon might come into their industry and head-to-head. now, more on amazon there's a battle between a.m. disan and wal-mart getting ugly.

many from trucking industry are saying wal-mart has put some trucks companies on notice if they do business with amazon. it could affect their relationship wal-mart do you have anything more about this, john? >> look wal-mart has done this for years an able to pliers. you go bankrupt a lot of times with small company when you are deal with wal-mart because of the pressure they put on you. now dealing with new reare tail killer this is a heck of a battle between two giants. people that are getting at los, though, is restale stores worldwide. we're on pace to close 806 this this year at the height of the recession only 6800 were closed. this is not good for retail going forward but great for wal-mart and amazon. stuart: got it thanks very much. california may give electric vehicle buyers instant rebate is that going to help their sales, jack? >> yeah putting cash in people's pockets it works. i think -- the shift towards electronic

cars is inevitably. if they want to see the future of the car industry head this weekend to a home depot or lowe's look at power tools lithium-ion battery so used to be dinky 11 volt but now 40 volts, 80 volts they claim gas, power, and boxes yowpght it see what will happen with cars but chain saws -- >> chain saws wait a minute i'm a chain saw freak. [laughter] >> you're too but some point soon they have a battery power push mower and riding mower. i mean, at the point when battery power rider mower becomes priced on par with with gas riding mowers we're all driving electronic cars. [laughter] >> speaking of gas -- stuart: $2.24 a gallon that is the national average for regular.

it is down 27 strailgt straight days john you come from oil country if you come from texas. american energy dominate and president by the way is going to make a speech on that subject today. energy come dominance not just independence but good news for consumers if you ask me. >> it is terrific news for consumers. i own airlines american and delta for that specific reason because i thought they were price too high for hedges and then do quite a while well with lower oil o prices. yes, we have become the new swing producer we've taken scraib out of equation because of the shell oil and formation up in dakotas. you can bring them so fast that the saudis don't control prices because they don't have cushion that you rely on. great news for america and great news for the consumer. >> we're 11 minutes into trading session i have to say thank you very much to jack and to john. good stuff one and all. appreciate it now let's have a look at the big board now we're still up. not that much.

15, 16, 17 points up but look at the level 21,471. up next the story of a young man from utah. mormon ministry taken prisoner in venezuela find out why and what our government is doing to get him out. also, president trump says that the big surprise coming on health reform senate majority leader mcconnell wants new bill by tomorrow. we're going to go to capitol hill about that after this. ♪ earning your cash back shouldn't be this complicated.

yet some cards limit where you earn bonus cash back to a few places. and then, change those places every few months. enough with that! with quicksilver from capital one you've always earned unlimited 1.5% cash back on every purchase, everywhere. welcome to unlimited what's in your wallet? >> well big story of the new york exchange this morning is blue apron cook your own meal kit guys set to go public very soon. nicole is down on exchange nicole people around this table in new york would throw in cold water on this ipo. what's the move with with traders down there?

>> traders and people celebrating. people celebrating 500 guests here with color code and name tags they're all excited. they're bringing their company for an ipo traders on the other hand have a different perspective. this was a 15th, 17 dollar range lower to $10 to $11 and then twice at $10. so already right out of the gate lost over a billion in market. value -- that being said you see all of the traders standing around. they tell me this is not likely to open until after 10 a.m. also it already they have to balance what the orders are starting around 11 now looking ten and quarter to half. but those numbers are going to change over every minute that goes on. so i'll certainly keep you abreast of it. there's a lot of excitement at the podium but we'll see certainly a cautionary tone on the market and how many investors want to jump in. >> good word there. thanks nicole back to you very shortly. i want more on the collapse of socialism in venezuela. joining us now congresswoman mia love republican from utah.

one of your constituents congressman one of your constituents is in prison in venezuela. tell mel about him please and what you're trying to do to get him out. >> well joshua holtz have been there for a year now and lost over 50 pounds has health issues. he has absolutely in chaos because venezuela is just falling apart. stuart: hostage? >> yes, actually he was put there on charges. he has had had one with hearing after another where the judge has not showed up. no end many i thought sou and trying to plead with the government to release him but they're not doing anything they're not moving. >> as you know, venezuela is in crisis. i mean, there are riots, 80 people dead. there are -- all kinds of strange things going on. do you have any idea what our government what the american,

trump administration, what should we be doing? j well let me be very clear. this is -- this is an example just one example of many of our absence and our fact that we have drawn a line and crossed line and drawn the line and crossed the line and we have not been firm with our enemies. with the past eight years, our enemies have gotten a lot stronger and our allies have gotten a lot weaker and you know u always subscribe to ronldz reagan when he said you know there will be peace through strength. and united states has to be a beacon of strength and past eight years under obama administration we have not many a strong america, strong economy. or a strong relationship between our allies. so this to me, we donald trump has to do everything he can to make sure establishes strength so world can see the united states as a beacon of hope and strength. >> congresswoman we wish you

well in your efforts to get him would love to see him back on american soil real soon. before -- i know you are. but look before you go -- i want you to enter the health care debate. [laughter] it is a vigorous debate. i've been saying -- give me something, something have something because something is better than nothing. where do you stand on that? >> let me just say to everyone who was watching -- if you are currently unhappy with your health care remember you are under the aca. for those people who lost their private insurance it is because of the aca for those who seeing skyrocketing premium with no end in sight, that is because of the aca. but those who have seen their deductible go from 1,000 to 14,000, that is because of the aca. now, i'm not saying that our health care was effort. but we have got to put as much free market process and health care to bring down cost of

health care and make sure that we give as many people as many opportunities for health care at the lowest cost possible. so for us to currently do nothing, we will, i mean, people will end up not having any options at all. >> they will blame the republicans. if nothing is done they'll blame you. >> has to be done american people have been asking for something to be done for a long time. and something has to be done and to sit there and do absolutely nothing is irresponsible. j count that as support for my side of argument. from utah thanks for joining us ma'am. >> thank you. >> check the market scan we have now moved to the downside there's more red than green, and dow industrials are down just about 8 points. ten years ago, steve jobs announced first iphone -- not without playing a little joke on the audience first. remember this -- >> today apple is going to reinvent the phone. and here it is --

[applause] now here it is but we're going to leave it there for now.

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at ten years ago he produced it actually. it wasn't -- this was january ten years ago. he didn't actually introduce it until june of 2007. well apple shares well, what a run they've had since then. joining us tech watcher who joins us in new york. welcome to the program. >> thank you. stuart: number one, tell it e me the impact this iphone has had had and number two, tell me what they do with the iphone from here on out. >> impact of the iphone one tiny gadget had had on business and live an first and foremost it put the internet in everyone's pocket which take that one step further is changed way we media and if you want food you get it in an app in two seconds if you want somebody to take you someone in a cars is in two seconds i think it changed news. every singling day it is shifted for us. change haded photographers journalists using other feeds and other photos taking a trillion a year and doing a live news hit the other day on an

iphone typically it would have a massive crew with me. it is we can list goes on. we don't have enough time. to go through the impact. >> so iphone 8 is coming out another iphone. stuart: where to from here? >> a monumental milestone 10th anniversary the iphone so consumers have high expectations for a design at the same time scary for investors starting to hear if a fraction of the rumors are free with manufacturing hiccups and that it rehaul is actually making it more challenging to actually get this out by hol had day which they will totally hit it mark my words. you don't want to screw it up and have another -- that was a tiny problem while everybody freaked out so i think we do -- see it become a -- they're going to have to do something drastic this particular -- >> if original iphone ten years ago was a revolution and you're right it was. i felt it what's the next revolution? >>i think it moves ecosystem and we talked about this before.

i think yes the iphone is going to get better. orveg, it always gets -- faster or in this case you know, even larger than better these days but you have to move into iphone has to compare with apple tv and ipad and move into the home so all of this has to work seemlessly together that's the fight and that is for your house and step into your are car. everything needs to tie together beyond one tiny gadget it is the ecosystem. >>did you buy apple stock ten years ago? >> no. not -- that's your deal. [laughter] >> i don't do stock sorry. i like gadgets. i did buy the iphone. [laughter] stuart: ten years ago -- six your stock would have gone up 750%. see what we missed? [laughter] >> going to leave me feeling bad about myself? stuart: no. katy thanks for joining us see you again real soon. top of the hour 10:00 here we go. my take on identity politics and the left. i say doesn't work. but the left is still at it.

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stuart: sometimes stickings right out at you, identity politics, used as an excuse to get out of a whole, used as an excuse for outrage against president trump. ident hety politics to me, is the use of who you are to push a political point. your race, your gender, your sexuality, religion, ethnicity, bring that to the table, rather than your ideas. you're playing identity politics. i don't think it works anymore. the left is still at it. susan rice is doing this she insisted the benghazi attack was result of a video, know it wasn't accurate. she misled about so-called unmasking incident as well. she thinks she is picked on. she is hinting because she is an african-american woman.

that is trying to get out of a hole using your identity as. he says you have a nice smile. reaction from a cnn panel. >> i would describe this donald trump always acts when women are in the room. it was condescending. it was just crazy. why is the president of the united states picking out reporters who just happen to be aestheticly pleasing, calling them over and saying they have a nice smile. it is absolutely disgusting. stuart: disgusting, really? the president remarks on a woman's smile, and that is disgusting? that is identity politics to show outrage at president trump, isn't it? that is all the left has. where are the ideas? where are the democrat plan to fix their obamacare mess? where is their growth plan? the turning point in last year's lech for many people was hillary clinton's basket of deplorables speech.

where she labeled 10 of millions of decent americans, racist, sexist, et cetera, et cetera. that was identity politics writ large. it did not work. they're still doing it. it still doesn't work. the second hour of van any and company is a about to begin. ♪ stuart: sometime this hour we're expecting blue apron's first trade on new york stock exchange. it is priced at bottom of its range, right at $10 a share. it is expected to open between 10 and 12. you will see it when it opens, you will see the price it opens at. we'll be right there. first, mortgage rates, it is thursday morning. where are we? liz: 3.88%. that is the lowest since november. watch this, stuart. mortgage applications are plunging.

they're at 6-month lows as medium price, the u.s. median home price is at 253,000. so people, that is the least affordable in about nine years. so people, i don't think, they can afford that median home price as it continues to go up. it is rising, the home prices are rising faster than the rate of wage growth in majority of u.s. markets. stuart: thanks so much, liz. that is key indicator that is. mortgage applications six-month low, that is a big deal. look at level, 21,442. the big tech companies are all down again today. had rough time yesterday. same thing this morning. all of them down. financials, that is another story. all the big banks passed very successfully the stress tests. in other words they performed well in theoretically adverse circumstances. all of them up big time, two,

three percentage points higher. walgreen will buy half the rite aid stores for five approximately. they were going to buy all of them for nine billion. now they will buy half of them. walgreen ended deal to buy store of pharmacy chain, fred's. that is why fred's is way down. down 21%, taken to the cleaners. gridlock in d.c. the heritage foundation says, the delay in implementing president's growth agenda is costing the country two to five billion dollars a day. that translates to a thousand jobs per day not being created. joining us now, congressman jim ren nays, republican from ohio. i hope you will get into it. i say something is better than nothing. pass it and pass it now. and you say? >> look, stuart, i agree we have to move something. we have a system collapsing

around us. ohio, 18 counts losing coverage. 10,000 people don't have coverage. we have to do something. we have to shore things up. i was a big advocate even though the republican bill in the house was not perfect i wanted to move it over to the senate. i wanted the senate to get something done. hopefully we get to get something done. stuart: great to be on the process. if it fails, if there is a no vote, you know it will go to the democrats and they will fix their own mess and give you obamacare on steroids. am i reading it right? >> i don't know that we'll have that happen again. i'm a big believer the process has to work its way through. the senate has it. the senate has to come to an agreement like the house did. house and senate have to come to agreement. i'm a business guy. i'm not used to this long process. it's a process. we have to go through it. it is what the founders wanted. they didn't want anything to happen so fast.

in this case we got to move it along pretty quickly. stuart: you got a shoutout from vice president pence. take a look at this. roll tape, please. >> i was for jim renace before it was cool. i got to know him before he was elected to congress. he serves on powerful ways and means committee. i amount truly honored. stuart: it was longer speech, not just a shoutout to you. was he convincing pushing the president's growth agenda. did he bring some republican is in, who might have been out? >> i was there. there was big crowd. they were applauding. vice president pence, congressman pence before that and governor pence has been my friend. he wants to move this agenda forward. he will work hard with the president and administration to get this agenda moving forward.

i know in ohio he convinced some people yesterday. stuart: quickly, would you handicap it for us. a lot of people around this table, have a consensus, 60/40 handicap, yes vote. do you? >> i believe in the end we have to change things. a lot of us ran on repealing and replacing obamacare. i think we'll make something happen in the senate. although i'm not over there. i believe they will make something happen. i believe we'll get it done when they bring it back to the house. stuart: congressman, thanks for joining us. >> thank you, stuart. stuart: we have a new poll. shows majority of democrats want nancy pelosi to remain as house minority leader. hillary clinton's 2016 presidential campaign chair john podesta agrees. roll tape. >> nancy pelosi has been an effective leader. she will be the leader as long as she wants to be the leader. at some point the torch is going to pass. at this point she has been effective person who brought her

caucus together, first in the majority and now in the minority. stuart: he likes nancy pelosi as minority leader. does doug schoen? fox news contributor. he is with me now. what say you. >> i say she has got to go, stuart. how many special elections, four special elections. she is very good with liberal urban member, left-wing democrats. come on -- stuart: fund-raiser and a 1/2. she brings in millions of dollars. >> how much did jon ossoff spend and lose, stuart? stuart: 30 million. >> does that suggest money is enough? stuart: doug, i'm not saying nancy pelosi's is god's gift to the democrat party. >> she is god's gift to the republican party. that is what you're saying that is the problem. stuart: if it is not nancy pelosi, you want her out. >> clearly. stuart: who do you want in. >> let's have a competition. let's let democratic process run its course here.

steny hoyer would be much bet per. stuart: he is 78. >> he is less obviously in people's face. she is not just neutral. she is a negative. clear negative. and we're being honest here. she is the republican's best asset. steny hoyer if nothing else is a practical politician. for next election, if i were writing my wish-list. she would go, he take over. in year or two time we have open process. stuart: if the next election president trump stands again, if there is any way, nancy pelosi is leader of minority in the house, is there any way that you can vote republican. >> i disagree with donald trump. great respect for the man. disagree with him on issues like health care an budget, but disagree. that being said, i believe in bipartisanship, what i want,

start, democrats and republicans on health care to come together to fix what is in place, as you say we get something done, rather than leave a flawed system. stuart: don't turn that against me. i don't want obamacare on steroids. that is what you guys want. >> no, sir, that is not what i'm saying. if democrats and republicans bargain constructively, the kind of personality you are, i like to think i am, if that happens, it is not obamacare on steroids. i think it's a whittled down version of obamacare that brings in more choice, potentially gets rid of the individual mandate and offers consumers lower cost policies which we need. stuart: i'm laughing. you are getting testy. >> no, i'm not. telling you what you think. stuart: listen what president trump said when asked about senator schumer's proposal to meet all 100 senators. this is president trump. roll it. >> [inaudible]. would you be willing to negotiate with all of them?

>> have to find out if he is serious. he hasn't been serious. obamacare is such a disaster, such a wreck. he wants to save something that is hurting a lot of people. it is hurting a lot of people. he would have to be very, very serious. he has done a lot of talking, bad talking. he just doesn't seem like a serious person. stuart: he just doesn't seem, he doesn't seem like a serious person. your response. the idea of negotiating with within hundred senators make very little sense. the way you do this, democratic leader, republican leader, the president, potentially get together and privately, with their staffs come up with legislation for the 100. i don't think this is anything more than a public relations stunt that schumer is, so the president's characterization is not unreasonable one. we can bargain collectively without going far left or far right, stuart. that is what i've been trying to

say. to me the essence of democracy. stuart: your party left you behind. >> may left me behind. i'm an american first, so are you, and i hope we bargain constructively for a better health care system. stuart: you are trying to get me around. >> i would like you to work with me, if we work together we can solve health care quicker than they can, that is for sure. that i believe. stuart: doug, you're all right. >> thank you, sir. stuart: check this out. this is a house in san francisco looks very much like the flint tones house. it sold for $2.8 million. it was originally listed for 4.2 million. celebrities like george lucas, unnamed silicon valley investors bid on the house at one point. if it was o.j. simpson, it must have been a long, long time ago. we're waiting for the first trade of blue apron on the new york stock exchange. we'll bring you there live and bring you the price.

the competition of goesry business heating up after amazon announced they're buying whole foods. our next guest says the hype is overblown. future of retailers is combination of bricks and clicks. that is what he said. you're watching second hour of "varney & company." ♪ horseheadswivellychair.com

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stuart: selling picked up a little momentum. we're down 60 points. 21,003 where we are. nicole on the new york exchange. what is the latest on blue apron? >> standing in the crowd. all the traders are putting in their orders. right now, looking $10.15 a share. staying in the range. that is the good news for blue

apron. worst-case scenario pricing below $10. that is the lowest end of original range. we don't know if open, 10 or 15 minutes. wait to all the orders put in. the bids are around $10.15 a share. original prices were 15 to 17. it was lowered, priced last night at 10 bucks. we'll coop you abreast of it. a lot of fun to be in the crowd to see what happens with the meal kit biz. stuart: thank you, nicole. our next guest says amazon buying whole foods does not signal the end of bricks and mortar grocery stores. robert, you're saying that bricks and mortar, not dead. bricks and mortar makes alliance with online sellers and

everything turns out okay. really? >> absolutely. what you're seeing a cohesion between digital retailing and bricks and mortar retailing. convergence of omni channel presence retailers have. stuart: are you talking about walmart? online an pick up yourself? >> talking about the amazon acquisition of whole foods. it is as much about walmart and amazon. walmart and amazon are competing for years in the online food delivery business and walmart has a major competitor. stuart: we talk about the retail ice age. we talk about ghost malls. you're laughing about it but it is happening. we're talking about 8,000 bricks and mortar stores closing this year. you do you think we've gone too far? >> no, i think there has been definitely overexpansion of retail and bricks and mortar, but you don't see that companies in the retail internet business

making a profit. i think amazon's acquisition of whole foods just ratchets up the whole game and i'm going to call it the poster-child of bricks and mortar of e-commerce. amazon acquisition of whole foods. stuart: that is example coming together, bricks and mortar and the clicks business, coming together. this is the prime example. this is the way things go from here? >> definitely. parker, nantucket, anybody in the retail is now in the bricks and mortar business. retails have to step it up. they have to merge a digital platform and bricks and mortar platform to be more successful in the future. stuart: they have to jump on board with the clickers? >> they have to ramp it up, exactly right. their clickers have to figure out how to get more consumer awareness in bricks and mortar. stuart: still don't know what you do with all the mauls. lose anchor stores.

>> b and c malls around the country might end up other uses, residential, medical, other uses. i think core of retail in the best malls around the country is still very solid. stuart: in these b and c malls, lower down the food chain -- >> if they're well-located they're great real estate. i think real estate people will figure it out. they're great real estate for medical use or for residential use or repurposing, maybe universities or schools. these locations are usually along the highways and easy to get too. stuart: hold on a second, robert. want to go back to the new york exchange. blue apron, what have you got on it, nicole? >> it is dropping. it has gone from 10.25, now saying 10, to 10.10. $10.05 a share. still holding the 10-dollar mark. that is threshold everybody would like to see blue apron hold. don't forget, they will use the

ipo money to pay down debt. this company has had increased marketing costs to try to get their meal kits to your home, while grocery business is big. one in four people had a meal kit from a store, not necessarily blue apron. meal kits are a trend. we'll see whether they can hold the price. 10.05. we'll keep you updated. stuart: looking grim when the price keeps coming down on that. robert, do you have any comment? >> i think blue apron ramped up the ipo because of amazon whole foods acquisition. stuart: you mean ramped up. >> speeded up. the prepared food business whole foods pioneered 10 years ago will now be in amazon's family, an can get prepared foods delivered. that is why blue apron i think is nervous. stuart: look at the price. it was original supposed to

go -- liz: outlyer 1. stuart: 15 to 17. brought it down. >> came here thinking i would buy. now i'm going to wait. i'm going to watch. stuart: have we influenced your investment decision, robert? have we? >> i love internet and retail stocks. so i do play all of them. stuart: thanks for joining us, sir. thanks very much indeed. dow industrials are down 36 points. that is the overall state of the market. dow industrials still at 21,400. left-hand side of the screen, this is important. this is the blue apron post. that is where they trade the thing, when it first goes public, when they make a trade. we heard from nicole the price is falling, down to about 10.05. we checked 20 minutes ago, looked at 10.15, 10.25. now you're looking at 10.05.

they still haven't opened it. looking a little ominous. earlier this morning liz macdonald is with us, she was saying she thinks this would be a flop. you used that word. liz: yeah i did. stuart: you say it's a flop because it doesn't add up? >> i looked at their financials. they have never been profitable. costs a lot of money to get customers in the door. they have really muddy financial disclosures how much it costs to keep the customers and get them in the door. marketing expenses nearly tripled over last couple of years. number of people who ditched the service, 60% of their customers don't use blue apron after about six months. some say it is 70%. so they have to do a lot in the way of customer rebates and discounts. the way they show that in the financials really muddy. i don't think they're being really forthcoming how much it cost them to get customers to use their service and to keep them. those are called marketing costs. i think customers use of blue apron is episodic as some have said.

there is not subscription base, that you pay monthly or six month or 12 year contract or 12 month contract. i think there is lot of financial word play. i don't like their disclosures at all. stuart: i don't see a lost enthusiasm. you're looking at trading post. those are the traders. they are people trying to match up the buy orders for the stock and the sell orders for the stock. nicole, if you're with me still, they do not look excited. they don't look pumped up. not looking that we'll make a ton of money today? >> they're traders but they will not make a ton of money today. the idea how they make their money is they get the best bids. the truth of matter looking around 10.05, there is really cautionary tone on blue apron. just listening. 10.05 is still where it is at. likely five minutes to open, i just got that as well.

i will say there is cautionary tone. the price range was lowered. the company has debt. they have competition in the space. they have behemoth of amazon-whole foods deal. that coupled with the fact overall people are a little bit jittery. the within of the analysts report said, look, i would like to wait and see before i recommend that my real deal, regular folks jump in here, non-institutional clients, people like you and me. just saying basically i would like to wait a moment before i recommend they jump into this one. so a little bit of a breather. they're not looking too excited. i'm not sure how they would cheer or not. they just want to make money in there. looking 10.05. stuart: 10.05, as $10.05. >> it will happen shortly. stuart: i'm listening to the comings and goes, they're looking opening price, or opening of trading i should say, two or three minutes away.

that is what they're looking at. i still don't see much movement amongst the traders. they're shuffling in towards the board there. gene munster with us, managing partner at loop ventures. gene you can comment on just about anything technology. i want you to comment on blue apron please. >> i'm not a fan. not because i don't like the product but because i think it will be a lot of competition. you have touched on it. it is not just amazon. there are a lot of regional players. you talk about the ability for them to retain customers. there is a lot of cost, trying to recapture those customers, this is similar problem that group upon had self years ago. so, i think amazon headline was poorly-timed. i think it really speaks to the competitive nature of this business. so there is definitely a place for preprepared meals. i'm not a huge fan. stuart: that is interesting.

this man can turn his hand to anything. he is on the show talking about the iphone. 10 years since it was introduced. gene munster wants to talk about that. i don't blame him because it's a very good subject. i was reading your notes, gene. you were talking about apple glass, you think they will be a big success, even than google glass? i haven't heard of apple glass. >> it's a work in progress. they did a ar is some form of a wearable. apple came out with ar kit. they will have this sensing map in iphone. this is the next step for the iphone longer term. we think 2020 before the glasses come out. we think the glasses are bigger than iphone in 2026. stuart: whoa, whoa, bigger than the iphone, apple glasses? >> that's right. and so, think about this. there is something called innovators dilemma, because the

companies need to innovate or die. this is the same thing apple did with the iphone, they basically created a product to put the ipod out of business. at the time the iphone came out the ipod was 52% of apple's business. today it is 1%. if 10 areas ago we talked about the ipod being 10% that would be hard to grasp. when we think about the next 10 years, think about where the iphone is going next 10 years, it is important to understand, apple's commitment to this innovator's dilemma. ultimately it mines that consumers will have a better product, gene, stay there a second. we're getting indication we'll have first trade on blue apron next couple minutes. i don't see much act he activity about the trading post, that is a fact. i can tell you the price is under a great deal of pressure. the a lot of people cautious of blue apron. it is meal kit delivery service. literally comes in a blue box.

it is called blue apron. going out at $10 a share. it hasn't opened yet. that is the price. lizzie, what you got? liz: "wall street journal" is right, really rare for a company that is about to ipo to cut their trading range. only 10% of the ipos did last five years. stuart: we have first trade, $10.12. now it is 10.07. it has opened. blue apron is not a publicly-traded company. it was going out at $10 a share. the first trades are 10.05, 10.07. liz: it will break down below. stuart: that is prediction? liz: it could. stuart: she is down on on the company and down on the position going public. you think it could drop below 10 bucks? liz: as people look more at the s-1 and the financial disclosures they will not like what they see again. this is the first big

consumer-related ipo since snap. so, is welcome mat out for them? they were going to go out at 17. now they're coming down breaking down towards 10. stuart: i don't know how many shares are on offer. what proportion of the company is on offer to the public today? you israeli have an ipo where 100% of the shares are suddenly available for anybody who wants them. usually much smaller proportion than that. there are handcuffs on the people who own some of the untraded stock as to when they can actually get out there and sell it. that is always a problem down the road because you don't know when the owners of the stock will come in and sellers. you have to know the time frame of that. liz: we're seeing 30 million shares of class a common coming in. stuart: they're offering for sale 30 million shares of common? liz: in their ipo pitch. stuart: so far 7.6 million have been traded. the stock is at 10.01. nicole, what do you have please? >> i want to explain the offering and how many shares

were offered. turns out they really saw offering and demand for the company, about 3.9 million shares. that is just over 10% of the offering. and that ultimately is good. it's a little over, actually a little better than good. they saw some demand. usual would be 10%. they had a little over that for demand. so that is a good sign. all people are filth aring in as they all are leaving the post. see it at 10.02 for blue apron. it has some decent demand. stuart: gene nun sister, still with us, technology guy, you said right at the beginning you're not a big fan of blue apron. give me 20 seconds why you are not a big fan of blue apron? >> it's a hard business to make money in longer term. customer retention is difficult. based on that i think the margins aren't going to scale. investor will want to see that the concern is not about amazon. it is about business model longer term. stuart: gene, thanks very much for joining us this morning.

i want to he bring you back. i want to hear a lot more about google, no, apple glasses. >> would love to. stuart: i want to hear about that thanks very much. >> great. stuart: blue apron beginning to move up a little bit. that is not a huge rally, we're at 10.20 as opposed to $10 even. overall market shows loss of 40 points. look at that level, 21,413. bear in mind the all-time closing high was 21,528. you're about 100 points away from the all of-time record closing high. liz: not bad. stuart: not bad. liz: say it again. stuart: not bad. the federal reserve says all 34 banks passed the latest round of these so-called stress tests. come on in please, congressman jeb hensarling, the chair of the house financial services committee. congressman, the results of these stress tests suggest, don't they, that dodd-frank worked?

that the democrats got it right with dodd-frank. i know you're laughing but, if they all passed the stress test, that is a pretty good sign, isn't it? >> well it is encouraging that they passed the stress test but it's as test we really don't know much about. the failure of dodd-frank can be are sented by the fact we're still limping along at 1 1/2% gdp. the failure of dodd-frank is represented by the fact we codified bank bailouts into law. the failure of dodd-frank is in the fact that the big banks have gotten bigger and small banks have gotten fewer. we're losing a community bank a day. a bill that they said would help consumers, in many respects consumers are worse off. free check something cut in half. bank fees go up. credit worthy borrowers, mortgages are harder to come by, cost more to close, the litany goes on. of you all the regulatory burdens placed on our economy,

stuart, dodd-frank is the worst. you can combine all other obama regulations together, it wouldn't equal what dodd-frank has done to our economy. i'm proud the house passed the financial choice act to replace it. stuart: look, in our own production team for this program, we have three people who have had real trouble getting a mortgage, just getting through the paperwork of getting the mortgage. that is because of dodd-frank. >> thank you, dodd-frank. may have another? stuart: that is exactly how we're coming at it. i have to say, these stress tests they passed it does suggest the financial system is out of the mess it was in 2007 and 2008. our financial system are on pretty firm footing right now. >> it is certainly better, but it is certainly better, stuart, we have more capital. the question is, do we have enough capital? what we've done in the financial choice act, give financial institutions a choice, thus the name.

for any financial institution post 10% assets, you get a dodd-frank off-ramp. with replace regulatory micromanagement for market discipline. which i define having appearance and reality of your own money at risk. after the crisis we'll clearly have more capital come into the system but we also have a federal reserve that is paying above market interest rates on excess reserves, that in many respects may be taking capital out of the a system that could be used to fuel the economy. so, you know, in some he respects maybe the economy is a bit more secure but i still question why is it that the big banks are bigger? why is it that you are corporate bond markets are seeing historic levels of i will liquidity? we've got a long way to go. stuart: we have banks saying i have too much capital. i have too much. i want to make it work.

jeb hensarling, thanks for joining us. always a pleasure. thanks for getting rid of some of that paperwork. we love that. >> you're welcome. stuart: yes, sir, all right. blue apron is now up 4 cents. 10.46. not much of a gain but it's a gain. look at that, martin shkreli defense attorney, referencing the lady gaga song, "born this way" as the his trial got underway. lady gaga? >> lady gaga made her way into the opening statement of martin shkreli. he is on trial of eight counts of wire an security fraud related to two hedge fund and pharmaceutical company. the prosecution is saying he is the villain. he defrauded investors alike. defense attorney. so he wore fuzzy slippers to the work and a stethoscope. so he stares at jury and made

odd faces. he is victim born this way. he might be bisection wahl. he might be homosexual. he might be autistic. that is how he is born. don't judge him by that he is a victim because he was victimized by the boards he ran. stuart: he is victim because he is little odd in defense. >> that is brilliant by the defense attorney. they had such trouble getting a jury. makes strange faces. does weird things. liz: i don't think gay people would think they're victims or odds. this is ridiculous defense. stuart: will it work. liz: it won't work. >> just his behavior overall. liz: i get it. stuart: that line of defense is not a very good defense, is it? liz: pa this tick. >> i thought it was brilliant. stuart: you think. >> he is trying to change his image. they have to convince the jury he is odd. he is odd guy. you might think he is acting disrespectful or not like what

he did and brings in lady gaga. stuart: it was the first day yesterday. >> several days trying to pick the jury. saying four to six weeks. stuart: four to six weeks for the trial. >> right. stuart: it's a fraud charge. you defrauded investors in the hedge funds. you took the money, had no right to the money, that is the charge. the defense is i'm a little strange? >> the other part of the defense is this these investors, these were sophisticated people. these weren't -- liz: using stock to paper over the hedge funds losses. that is what he was doing. he was shoving retrophin stock to save the two hedge funds. it was like a ponzi scheme. >> he was using his hedge fund and pharmaceutical stock to cover up for each other. stuart: you don't like his defense? liz: no. stuart: you think it was smart. >> i thought it was really clever. that is what we're talking about today. stuart: who knows what we'll come up with in the next four to six weeks. can't wait. can't wait. lauren, thank you very much indeed.

as always. >> thank you. stuart: check out walgreens. they are going to buy half of rite aid's stores. they will pay 5 billion for that. they were going to buy them all for nine billion. that plan's gone. they're buying half for five billion. walgreen's up a buck 35. rite aid down a dollar. walgreens also said its deal to buy a whole bunch of fred pharmacy chain stores. that's gone. that is why fred's is down 12%. what is this. rite aid ceo saying about amazon. liz: there are rumors amazon will get into the pharmacy business. when the rumors surfaced in may, cvs and walgreen as started to tank a little bit in trading. ceo of walgreen's is saying he doesn't see bezos getting into pharmacy business short term. the health care business is hyper regulated. but he left the door open.

long term you could see amazon in the drug distribution business. stuart: you could. they're in everything else. fair point. up next i will pose a hypothetical question. what would kim jong-un's response be if the u.s. military shot down one of his missiles over the sea of japan? i'll ask the question to someone who knows the answer. it is down to the wire. majority leader mcconnell wants a new health reform bill on the senate floor tomorrow. i say something is better than nothing. more "varney" coming up. ♪

liz: electric cars are the future according to "barron's" editor jack how much. he taste look what is going on with power tools. >> see what is happening to cars, see what happens to chainsaws. stuart: wait a minute. i'm a chainsaw freak. i have six of them. >> you're too macho for a gas

powered. home depot has battery powered riding mower. at the point when battery power riding mower becomes priced on par with the gas riding mowers we'll all be driving them. liz: take it on the highway. ♪

stuart: it look a while but blue apron opened at 10.59. big banks passed stress tests very easily. the banks are up big time as of today. president trump's national security advisor says military options are being considered, they're on the table for north korea. roll tape. >> so the president has directed us to not do that, and to prepare a range of options including a military option which nobody wants to take, right? the threat is much more immediate now. and so it's clear that we can't repeat the same approach, failed approach of the past. stuart: well, it's a hot spot indeed, isn't it? michael malice is with us. author of the book, "dear reader, unauthorized

autobiography of kim jong-il." that is the grandfather of the current north korean leader kim jong-un. >> thank you, stuart. stuart: i have a question for you. >> yes, sir. stuart: what would kim jong-un, the current leader, what do you think he would do if we, america, shot down one of the missiles firing over the sea of japan? >> despite what a lot of people are saying they're desperate to avoid military conflict. stuart: they, north korea, desperate to avoid a military clash? >> correct. stuart: that is not what we've been hearing. >> they want to make the claim in the press, we're crazy, we welcome an attack, bring it on. if you go there and read their literature, they know full well they're not capable of surviving an attack. it would be devastating for north korea. part their creation myth, during the korean war was decimated largely between the chinese and russians in the north and u.s. and u.n. in the south. this is very much in their consciousness of all time. stuart: you think we should call their bluff?

>> i don't know what calling their bluff means. stuart: shoot down the rocket. >> if someone waving a gun in a bar and knock it out of their hand, is that escalation or de-escalation? you could like either way. if we're attacking withry after it has been shot, both sides can say with straight face we're de-escalating things. stuart: sounds like north korean, leadership, this generation, not craze by but rational. >> they are not crazy in the slightest. they are pure evil. as i describe in my book this is decades long process to maintain power. they out lasted everyone including cuba. they're logical. stuart: their policy is very simple. develop nuclear weapons, threaten everybody and everybody else will steer clear. >> they also dot sunshine thing. we welcome dennis rodman. we're letting a hostage go. they play both sides of the fence. stuart: i want to ask you about, that parents of another american college student, i think his name is david sneddon, if i'm not mistaken, missing from china since the year 2002. >> yes.

stuart: the parents believe he was kid -- kidnapped by the north koreans. >> for decades people were saying north koreans were kidnapping japanese citizens. their climb, this is nonsense, people believe anything about north korea. in 2002 prime minister coassume my to visit kim jong-il. we've been doing this, but underling of mine, basically he got out of hand. reaction in japan was so violent and apoplectic, the north koreans thought they would get reparations for admitting this they did not get reparations for colonial period. stuart: it's a possible. >> they are kidnapping people as purpose of educators, to train spies to speak foreign languages. stuart: that is utterly crazy. they did do that with the japanese. >> and it works. stuart: they had ad submarine south of japan, agents go ashore, literally grab ahold of japanese citizens, drag them

back to the submarine, take them back into north korea, make them educators, teaching japanese? >> not always clear. sometimes they bring them, because it was so random, wasn't clear why these people were targeted. sometimes just a boat. there were south korea today, famous director actress, kim jong-il decided to he remarry after they were divorced. they made films. they only escaped later west of iron curtain. one writer referred to them operating in moral outer space. that is true. their morality is insane. there is absolutely systemic approach to their goals. stuart: how is the book going? >> phenomenally. no one understands this issue. that is why i wrote the book, stu. oh, this makes sense. they're super villains. stuart: hot spot in the world. that is a fact. michael thanks for joining us. >> appreciate it. stuart: thank you. former yahoo! chief marissa mayer is defending, wait for it, former uber chief travis kalanick.

emac what is she saying? liz: she was saying travis kalanick was unaware of hot house, frat culture brewing at the company because of uber's rapid growth. here is direct growth, when a company scales that quickly it is hard. he is a personal friend of hers. he has been a phenomenal leader. he question will marissa mayer step in to run uber. she is no longer at yahoo! with tens of millions. stuart: what do you think? liz: i'm not sure. maybe. it wouldn't be out of the realm of possibility. stuart: get ride leadership at uber you restore their position, restore their valuation. if you're the person at the top who does it, you walk a way with a chunk of money. liz: that's right. keep cost down. uber prices are running high right now. stuart: great story. thanks, lizzie. health care reform, obamacare taxes gone, the individual mandate, gone. that is in the latest proposal t would reduce, lower the deficit, would lower premiums. wouldn't that be a pretty good start?

again i'm saying it, again and again, something is better than nothing. my take at the top of the hour. ♪

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stuart: joining us now,

congressman mia love, congresswoman from utah. one of your constituents is in prison in venezuela. tell me about him. tell me what you're doing to get him out? >> joshua holt has been in venezuela over a year. has lost over 50 pounds. he has health issues. he is absolutely in chaos because venezuela is just falling apart. stuart: is he a hostage, mia? >> i'm sorry, yes, he actually was put there on trumped up charges. he has had one hearing after another where the judge has not showed up. and there is no end in sight. and we're just trying to do everything we can to plead with the government to release him, but they're not doing anything. they're not moving. stuart: as you know, venezuela is in crisis, i mean there are riots, there are 80 people dead. there are all kinds of strange things going on. do you have any idea what our government, what the american, the trump administration, what

should we be doing? >> let me be very clear. this is, this is an example, just one example of many of our absence and our, the fact that we have drawn a line and crossed the line and drawn the line and crossed the line, we have not been firm with our enemies. in the past eight years our enemies gotten a lot stronger and our allies have gotten a lot weaker. i always subscribe to ronald reagan when he said, you know, there will be peace through strength, and the united states has to be a beacon of strength. in the past eight years under the obama administration, we have not had a strong america, strong economy or a strong relationship between our allies. so this, to me, donald trump has got to do everything he can to make sure he is establishes strength so that the world can see the united states as a beacon of hope and strength. is $728 a month.

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stuart: viewers of this program know i am an intense debate about health care reform. i say something is better than nothing. let's be clear, the senate's original plan wasn't just a little something, it was a major fixed. how about this? obama care tax is gone, obamacare mandates on individuals and employers gone, that guts obamacare because the government can no longer tell you what coverage you have to buy or what employees have to cover. it will reduce the deficit of all. it lowers premiums. i call that something was i call it a very good start. there wasn't enough republican support. the plan never made it to a vote so another plan is expected tomorrow. it will tweak on and build on the original. this is something that is better

than nothing. if it too is rejected disaster looms, the democrats will be brought in and that means another step towards socialized medicine, worse, we will all be living with a collapsing obamacare system and republicans will get the blame. so i repeat, don't keep this country languishing under obamacare. republicans, take the something that is on offer because that something is a whole lot better than nothing. the third hour of "varney and company" is about to begin. the heritage foundation, delaying reform is costing america $5 billion a day, translates to 1000 jobs not being created per day.

we are joined by heritage foundation president edwin folmer. a real pleasure to have you on the show. break it down for us, i think you are taking if we don't get the growth program every day we delay the program, health reform, tax cuts, every day is a real hit on the economy. spell it out. >> thank you for having me. it is a real hit on the economy. $500 million a day in lost gdp from not doing reforms on things like dodd-frank, another $500 million on health care. another $2 billion on not doing tax reform and congress will go out 37 days in late july through august, add that up, we are talking a couple billion dollars a day, $70 billion the economy is doing because congress isn't acting. that is not what donald trump is

expected to do or republicans were elected to do in terms of draining the swamp and getting back on target. stuart: are you with me when i say do something with healthcare reform and do it soon? because something is better than nothing. >> you are absolutely right, ronald reagan used to remind us if i can get 70% of what i want now i will take it come back for the other 35% later, let's grab a 70 when we can and not make the perfect be the enemy of the good, let's move on from there. stuart: how many people agree with you and i because all i have run into with opposition and people saying it is obamacare light, we can't control medicaid, got to control it. how many people are in our camp saying something is better than nothing? >> to mitch mcconnell's credit, he doesn't have what he needs but he has 45, or 46 people who are willing to go along with him and say this is better than not

doing anything and i think we can get the ted cruzes and mike lees coming along, they might be close, in another couple days hopefully it will happen after the fourth of july recess, then let's get onto real tax reform and get going on the big stuff. stuart: give me my tax cut, that is what i want. you are a powerful man and i hope you put the word out, do something that is better than nothing, what a great gift to have on the show, thank you. check the big board, 21,407, plenty of red on the left-hand side but 21-numfour. the s&p 500 is down a third of 1%, the nasdaq coming off of its biggest gain in seven months, the longest monthly streak of wins since 1995 but it is down today, a loss of 1%. financial stocks doing very well indeed, big banks past stress

tests, a test of how they would perform in very adverse circumstances, they are all up 3%. amazon, the whole foods merger sending shockwaves through the entire grocery section and some are questioning whether amazon should be broken up. we are joined by former walmart us ceo and president bill simon was what do you say? i hear a lot of talk about going after amazon, breaking them up or raining them in. what do you say? >> it is an interesting question. i think the real approach is the amount of scrutiny amazon is going to come under. as they were coming up, 5 billion, 10 billion, $20 billion it is easier to grow a little bit under the radar but at the stage they are at right now they are getting into the territory where walmart experienced around 2000 where they are so big they become a target for regulators and activist groups.

stuart: it is inevitable. when you get that big, that powerful you're going to get a political response coming right back at you. i noticed donald trump took issue with jeff bezos the other day suggesting paying internet taxes, online selling taxes. don't think the president got his facts right but he is coming after jeff bezos who owns the washington post and a big shareholder is amazon. the political response is coming to amazon's power. >> you are seeing that and also seeing it in stories about their employment practices and how difficult a place it is to work, so it is starting in the same trend follows walmart and walmart had to digest so many years ago and maybe they are on the backside of walmart. stuart: you are the man who used to run walmart usa so look at this, walmart is putting of trucking companies on notice, you do business with amazon and

you can really affect your relationship with us, walmart. they are playing hardball. >> they are going head to head, fighting it out, two heavyweights, amazon wants to be more like walmart, walmart wants to be like amazon. for both of them it is fascinating to watch but they both have issues, amazon, they get into this whole foods physical brick and mortar retailer in fresh which is the most difficult segment of retail to run, that is a big challenge, walmart on the other hand going after amazon with their e-commerce acquisitions. they got to watch out for the low end on the hard discount, moving forward, into the us and the southeast. they are going head to head, they will take care of their existing business. stuart: i think the consumer wins in the long run but they will go at each other like that. blue apron opened a half hour

ago, looking for about 10% up at the moment getting close to $11 a share. i'm trying to find someone who is bullish on blue apron and its future. are you? >> i'm bullish on blue apron the company, an interesting little player, it plays more like a restaurant where you have 2 or your meal two or three days ahead of time. i don't like it is a publicly traded stock. i don't see the growth in economic fundamentals that would make me want to invest my money but i think the company given additional funding and time, i like it. representative of their problem. a lapsed user, hard to be a subscriber. stuart: a lot of lapsed users of the apron. you don't own the stock, didn't buy some this morning. >> no. stuart: got a chunk of walmart. >> i am not in walmart or amazon right now. fascinating to watch but i don't

have my money in it. stuart: that is full disclosure indeed. i will check all the market, the price of oil, $45 per barrel, and around 42. now it is 45. gas continues to fall, we are 224 is the national average, we have five states under $2 a gallon, south carolina, oklahoma, alabama, mississippi, missouri, tennessee, $2 even. there will be six states under two dollars. liz: we haven't seen this and how many years, 12 years. stuart: individual stocks, what we are looking at, we are looking at walgreens, rite aid

stores paying $5 billion, walgreens is doing that buying and they are up a little bit, rite aid is down. walgreens is not going to buy a couple hundred stores from fred's, that is a related company, not going to buy them, down goes fred's, under $3 per share. we are down, walgreens, what have we got, i have the dow industrials right at 21,400 and chef boyardee. conagra owns them, cut back on promotions. the corona beer, maker of constellation brands, raised its outlook for the year. it is up $11, 6%. mccormick, spice, raised its guidance on improving foreign currency exchange rates and that

is down 1.8%. >> blue apron, you soldiered through. amazing. stuart: donald trump's reinstated traveler goes into effect tonight at 8:00 eastern. judge andrew napolitano on that later this hour to break down who is allowed in and who is not. we have the list and we will hear from paul ryan, his weekly news conference will be different this week, he is expected to have homeland security. john kelly with him. plus some other immigration heads. when it comes to the trump/russia probe it is time to investigate the investigators. we head to capitol hill where congressman jim jordan will join us. does he agree with me on healthcare or eric bowling? watch this. when it comes to healthcare reform, do something, get something. >> a piece of crap bill, piece of crap law, the mandates on individuals.

stuart: that is nothing? >> you are doing what obama and the democrats did, dealing with health insurance costs, prices, not the underlying problem of healthcare. reconsider your stand on healthcare. stuart: never. new parodontax. the toothpaste that helps prevent bleeding gums. if you spit blood when you brush or floss you may have gum problems and could be on the journey to much worse. help stop the journey of gum disease. try new parodontax toothpaste. ♪

>> i think the senate will get something passed and the reason is the situation in the real world continues to deteriorate. the challenge is we have to improve the market and for patients and doctors to make decisions, there are ways to do it, the senate is working on it and i think they will get it done. stuart: you heard it, health and human services secretary, it will be done but there are nine gop senators, they have problems with the bill in its current

form. republican ohio, and something is better than nothing, agree with me? >> something that improves the situation. stuart: anything is better than nothing. >> obamacare is so bad you can't envision anything passing or not being what we currently have. we should do it right. and amendment senator cruz and senator lee are pushing which says a plan that is compliance, they offer other plans people actually ones and have a marketplace, a huge win but we will wait and see what happens. we support it on the house i because we in the freedom caucus made the bill better but on the end we voted for it because your

point it is better than we currently have the to eric's point it is not a repeal of obamacare. let's be honest with the american people, it is a floor appeal but better than we have. stuart: we should call it a 6. we will have an effect later. by then it will be repealed. change the name. it is a fix, that is what it is. >> fair enough. we will see what comes back. stuart: senator mike rounds was on foxbusiness with maria earlier this morning, listen to what he said about wait for it, keeping some taxes in obamacare and in the health reform bill. watch this. >> what we have got right now is a bill that needs to be fixed. from day one, most of us leave it was a starting point, we were going to get a lot of things to score in it and part with a tax reduction being proposed, elimination of a lot of taxes. some of them will stay in. one may not. that would be the tax on investment returns for families that make over $250,000 a year.

that is $172 billion over a ten year period of time which when put back into the system would allow us to make some improvements in some coverage moving forward for those who need it most. stuart: what do you make of that? a republican in the senate saying keep that tax. >> we told the american people we would get rid of all the taxes. i think we should. i want to see the package that comes back. lower premiums, does it give more choice, that is positive. we will look at the whole bill when it comes back. 20 needs to stay in the bill is the language that defund planned parenthood. we have been clear on that. the republican party has been clear on that. there needs to stay in a bill. is ours everything off we will see what the final package is. stuart: the left is hammering the trump russia probe. you say it is time to investigate the investigators of james comey, eric holder, robert mueller, explain.

>> james comey misled the american people. a year ago at the direction of the attorney general, he is told to call it a matter, not an investigation when it was an investigation. at the direction of the attorney general, the justice department through what the fbi director said misled the american people, that shouldn't happen. this year he misled the american people when he furthered the perception the donald trump was under investigation when he wasn't and had been told three times by james comey himself. that he wasn't. >> all this good news, samsung

investing $380 million to make home appliances. they will create an estimated 950 jobs in three years, they are opening what they call a state-of-the-art facility in a former caterpillar plant in newbury, south carolina. check this out. r2-d2 unit used in several star wars movies has been sold at auction. how much would you pay? i am not going to answer the question, for one of these things? what it sold for in a moment. ♪ [ noises inside can ]

[ laughing ] it's driving me crazy come on. [ spitting from tongue ] time for my secret weapon. sports, movies, tv, ah, show me music to distract a minion. [ voice remote click ] oh! [ pharrell starts to play ] [ minion so happy to see screen ] ahh! i'm pretty smart. ahhh! [ lots of minions ] [ mooing sound ] show me unicorns. [ click noise for tv ] ahhh! that works too. find your awesome with the xfinity x1 voice remote. see despicable me 3. in theaters in june.

>> today apple is going to reinvent the phone and here it is. [cheers and applause] >> here it is but we are going to leave it there for now. stuart: mister jobs was joking. there was a rotary phone. that is not the iphone but today the iphone does indeed turn 10.

apple has sold more than 1 billion of them. the original way back when, ten years ago, sold for $599. if you put that $599 into apple stock after buying the phone, that $599 would be worth almost $35,000. here's a home in hillsboro, and extremely wealthy area, the flintstones house because of its odd shape. on the market for years, finding a buyer last month, $2.8 million, that was below the asking price first listed in $4.2 million. r2-d2 unit using several star wars films sold at auction. the price i will tell you $2.76 million. as much of the flintstones. higher than expected. what would you say if you saw this outside your car window?

reading emails, looks out the window, a black bear, 400 pounds, climbed on the roof, snip around the garage, and eventually it left. we will be back.

>> we are moments from paul ryan, it might be different this time. and the big board, down 88 points. we are down nearly 1/2%. the s&p is on the downside to the tune of two thirds of 1%, the nasdaq is down after a rally, now it is down 11/2%. giving back a lot of yesterday's gains. the big banks past the stress test. that is how you perform when things go bad in the economy blues they performed well. paul ryan just emerging with the

dow down 102 points. let's listen in. >> i want to thank the leaders of the committee and secretary kelly for being with us today. the house will take action on two initiatives to keep americans safe. the first is kate's law, kate steinle, by an illegal immigrant who had been deported several times. he should not have been here and she should not have died. this initiative will toughen penalties to reenter the country. and failed to cooperate with federal law enforcement. sanctuary cities are putting lives at risk and we cannot tolerate that. every day secretary kelly leads professionals, charged with

keeping the homeland safe. they make incredible sacrifices with our job is to make sure those professionals had the tools they need and the resources they need to carry out their work and protect our communities, that is what these measures are about and they look forward to their passage today. secretary kelly has a busy schedule today so we appreciate him taking a few minutes to -- to secretary kelly. >> the word sanctuary call to mind someplace safe. and illegal immigrant crime sanctuary cities or anything but safe. to allow some criminals go free, undermine federal law enforcement and make our communities less safe. sanctuary jurisdictions fails to honor ice detainer. releasing a criminal back to the streets doesn't mean i stopped looking for the bad guy, ice has

to take its targeted operations out of the safe, secure and private confines, and other public places. it is more dangerous for the law-abiding public, for ice officers and creates unnecessary and avoidable anxiety, for many in the illegal immigrant community. it is always the best option. failing to honor and ice detainee means these criminals are out on the street that much longer. days and months of criminals on the street and breaking laws again. it is beyond my comprehension, state and local officials sworn to enforce the laws of the nation as i am. and law enforcement agencies upholding laws of the united

states. and the legal representation of illegal aliens who are also lawbreakers. they prioritize criminals over public and law enforcement officer safety. two bills up, no saint way for criminals act to help immigration and customs enforcement, immigration laws and help make communities more safe. donald trump is clear that our borders are not open to illegal immigration this and nation of laws, no longer look the other way. we will no longer look the other way in the interior either. since the president's executive order on immigration was signed ice has arrested nearly 66,000 individuals who are known or suspected of being in the country illegally. 48%, 48,000 of those individuals

are convicted criminals. and multiple ones had gang affiliations. so far in fy 2017, ice homeland security investigations has over 32,700 criminal arrests, the crimes include illegal gang activity, childhood exploitation, human trafficking, financial crimes and many others. i appreciate congress's effort to address the dangers of sanctuary cities and illegal immigrant offenders. as i have said many times before, dhs does not make the laws, congress does. we will enforce the laws passed by congress and i am offended when members of this institution exert pressure and often threaten me in my office to ignore the laws they make and i am sworn to uphold. mister speaker, gentlemen, ladies, i appreciate your time working to protect the men and women of ice and the citizens of

these so-called sanctuary cities. from public officials who have chosen politics in my opinion over public safety, thank you. >> thank you for coming. >> mister speaker, i want to thank, start by thanking you and leader mccarthy as well as secretary kelly. stuart: what you heard is the beginning of this press conference from homeland security secretary saying i can't imagine why law enforcement can't enforce the law or why public money is spent to prevent law enforcement. strong opening statements. he went on to say we will enforce the laws and don't threaten me when i do it. pretty strong stuff from homeland security secretary kelly. i was hoping for something other travel order, didn't get that. hoping for something on

restrictions on air travel, laptops on planes, didn't get that, he restricted his comments to sanctuary cities. shortly speaker ryan will be back at the microphone. not sure what he is going to talk about this morning but he will be answering questions and that is where interesting stuff might start. clearly health reform, tax reform on the front burner for most people, let's see if those are the questions asked to speaker ryan. by the way, we have seen the stock market selloff big time. we are down over 100 points, 106 points. the main cause of all this seems to be a sudden sell up in the big technology companies. i am looking at microsoft down over a buck, amazon down 16, facebook down nearly $3, google

is sharp below $21 down, a big tech selloff affecting the overall market. facebook is down 7%. alphabet down 2.4. and the dow industrials no doubt to the nasdaq as well. it is thursday morning, and with us is dan henninger who writes a column weekly on the editorial page of the wall street journal. it is always good which is why he is always on the show thursday mornings at 11:38 eastern time. the headline today, should trump abandon the gop? i take it your answer is yes. >> we are getting close because the gop, trump got elected in 2016, the republicans took control of the house and senate, the conditions under which you would expect legislation to

occur, trump committed himself to reforming obamacare with the healthcare bill and he has suffered two significant setbacks, first they voted against it in the house, put something together, came over to the senate and now you have a group of senators that have decided they cannot support the bill, it will roll over through 4 july weekend. i have to tell you this bill is not getting better. senators saying they are afraid a laminating 3.8 surcharge on investment will be a tax cut for the rich, it would have been a next ordinary capital gains tax, that may be going, pulling back on the medicaid reforms, it has turned into the familiar sausage factory and if the republicans cannot get a piece of legislation done as they were elected to do i think donald trump is entitled to pull back and say wait a minute. i am having a hard time with these guys. if they can't do this, tax reform is a heavier lift and i

don't know if i can associate myself with a party that is sinking before people lies originally when the alternative is to go to the democrats, moderate democrats, they will keep party discipline to make sure no moderate democrat goes to the republican side. >> exactly. when barack obama was president he had no republican support building the affordable care act but democrats were united behind him. now you have the river situation, democrats opposed to donald trump but republicans divided over their own president. stuart: if he abandoned the republican party -- >> he will govern by executive order the same way barack obama did. he will do financial deregulation, energy deregulation and all the other things he can do through the executive branch. stuart: he can't do tax cuts by executive order. >> you get modest tax cut, if they don't do healthcare they will be desperate for something, they need a legislative craft, they need to run for reelection in 2018, in the house and senators, i think they will at

least have a tax-cut bill which as you know is not the same thing as historic tax reform we have been hoping for. stuart: you can't reform obamacare, can't repeal obamacare without legislation which means you have got to have the republicans on your side to do it. what does he do? what happens if we don't get anything on healthcare reform to give republicans are sunk. >> republicans are sunk. exchanges will continue to degrade. and has pulled out of nevada just today and you will end up with apartment of health and human services having to tinker to help these exchanges the way hillary clinton's to permit of health and human services would have done, tinker with the exchanges to keep them rolling and i think mister trump will simply dump the blame for the obamacare mess on the do-nothing congress. stuart: that might work. >> someone has to take the political blame. as far as he is concerned what he needs is strengthening economy. of the economy gets stronger the

president benefits. bill clinton was impeached and was so popular because the economy was strong when he was president. stuart: you -- have a question to paul ryan on healthcare, listen in. >> how long will it take the senate and house to reach a health care bill, what do they mean for the rest of the agenda? >> we are on track with our agenda. we have tax reform later in the year. we have the summer to work on healthcare so we are on time with our schedule with i can't answer how long it will take because i don't know when the senate will bring their bill to the floor so as soon as the senate get the bill passed and then i believe we can move fairly quickly, we think we are on track. i am familiar with this. this is what we did in the house. we brought it to the floor and pulled it back and brought it to pass it. that is the process the senate is going through. it is a sense of déjà vu. i told senator mcconnell i know

how he feels but we will persevere through this because we have a promise to keep and the promise we made his repeal and replace this health care law not to mention the fact the healthcare law is in the middle of the class. insurers are pulling out left and right around america, 41% of the counties in america are down to one health insurer left. blue cross blue shield pulled out of wisconsin, missouri, ohio. 94 out of 99 counties in iowa know health insurers left next year, double digit premium increases. this problem is getting much worse and because of that our friends in the senate will step up and get this done. >> the white house working hand in glove with you guys, the president tweeting and targeting of vulnerable -- >> you have been critical of the president -- are these comments

out of line? >> obviously i don't see that as an appropriate comments. what we are trying to do is improve the tone and the stability of the debate. this does not help do that. >> how do you get past that? you said strong things on the campaign trail. >> look at what we are doing today. we are keeping promises. we are doing sanctuary cities today. yesterday we did medical notary forms, we will walk and chew gum at the same time. that means what our constituents care about, are we solving their problems? are we doing what we said we would do when we campaigned and asked for the opportunity to serve? the answer is yes. we did medical liability reform yesterday, two important promises on immigration today. that is what we do, we go to bat and solve people's problems. >> the cbo score of the senate bill, a couple extra billions in and around to try to improve the bill chances.

there is talk about rolling back tax cuts that are in the bill. what would that do over here? what is your feeling on the idea of trying to use the extra money? >> tempting as it is the comment on what they should do with this bill i will resist doing that only because the senate leadership did not weigh in in our deliberations, i respect their process so i won't intervene in their deliberations. >> on the immigration bill you are talking about rule of law, making public safer, but actual law-enforcement chiefs have complained that forcing policies on them they feel it inhibits their ability to do their job and further, cutting money that would go to fighting crime and terrorism will only make our cities less safe. do you think they are saying that in bad faith? if not, how are you convincing them this is in their interest?

>> i will tell you with absolute certainty the overwhelming numbers of law enforcement officers in this country want to have good cooperation, good work between federal, state and local law enforcement so when you take criminals off the street and prevent things from happening like what happened to kate steinle in san francisco, when their policy caused them to release this individual on the street even though he had been deported from this country several times already, we are making the streets safer and law enforcement knows it and if you talk to individual law-enforcement officers you will find overwhelmingly they support having better cooperation between state, federal and local law enforcement. >> what about cutting their funds? >> a simple principle that if you're going to receive taxpayer dollars from the federal government to keep people safe, you have got to follow the law and keep them safe.

that is the reason why. >> an update on the russia sanctions bill, some democrats complaining watering down the bill -- >> they wrote the bill -- we told the senate you got to write it correctly to follow the constitution. i won't go through what a blue slip is but all revenue measures must originate in the house, there is a constitutional issue here. we have lent technical assistance to the senate that they need to write this bill correctly. >> passing it again before it comes that? >> they did not pass it correctly, they violated constitutional protocol. >> following up. >> we have seen you a couple times. >> didn't the city of san francisco uphold mister lopez sanchez for almost three weeks on a marijuana charge that ice didn't bother to pick up? >> the federal government and

the city of san francisco messed up in that case because the bureau of prisons where he had just been held for illegally entering the country did not turn him back over to ice but instead turned him to the city of san francisco, the city of san francisco then released him onto the streets whether ice was quick enough, in the last administration or whether they were quick enough contacting ice, clearly they failed when they put him back on the streets. >> of the respond to democrats that the bill could not have prevented that murder? >> what would have prevented that murder would have been for either the bureau of prisons or

increased discretion to enhance the amount of time someone can be incarcerated. i would argue with that law were in effect and the judge had given the individually longer since -- >> they opposed the policies, preventing kate's murder, they still oppose those policies as well and oppose them in our committee as well again and again. >> we heard about a constitutional problem with first house bill passed in the house. a constitutional problem, the constitutional lawyer himself is here. a claim please. judge napolitano: the bill was passed in the senate first and the constitution says all laws affecting money, federal dollars must originate in the house. they have got to go through the process all over again.

occasionally this slips through but quite frankly the constitutional monitors in the senate should have known this and sent it to the house first. it is a delay by a couple weeks. stuart: i thought we were trying to get the bill out tomorrow. and put it to a vote after july 4th. >> everybody thought that but doesn't appear that is going to happen because instead of sending it to the house to be passed first, the senate voted on it. i can't ascribe blame because i don't know who set the schedule but whoever it is ought to know about this provision in the constitution, 230 years. stuart: because of a technical error, that is what it is, the constitutionality of it, this will be delayed for a couple weeks. judge napolitano: that is the decision paul ryan has made. there have been other bills like this that originated in the senate and they became law. it is a clause of the constitution that is often not

honored but for some reason the republicans in the house have chosen to honor it which will mean a substantial delay because congress is not in session next week because of the fourth of july recess. stuart: that is news, that just broke. that just happened. judge napolitano: your dismay will be shared by everyone following this. stuart: the house passed a bill, it went to the senate. >> the senate passed it first and it went to the house and the house past it and it had to have been the other way around but much legislation has come about where the senate passed first because nobody challenges this. stuart: you lawyers. hold on a second. listening into paul ryan in the press conference, the senate will step up and get it done.

is this more positive talk for the sake of positive talk? >> and the moderates and conservatives and finding a health care bill, and use two senators, and hold more power than house members do because just now, only lose two and senator collins, and vastly different than a state like texas or senator ted cruz is representing, and a difficult needle to thread. senator mitch mcconnell is probably one of the best politicians there ever was so if there is anyone that can thread the needle it is him but it is

not an easy path by any means. stuart: you mentioned in maine, one in 5 people in maine are on medicaid. i think you said that. >> that is a point senator collins keeps reiterating and stated her objection in the current form. stuart: since the introduction of obamacare, 800,000 people have enrolled in medicaid, once the government gives something, creates a benefit it is virtually impossible to take it back. >> it is tough. the medicaid expansion is unsustainable so something needs to get done but the problem is a lot of these folks, a lot of these senators are looking at the elections and looking at what happened to democrats in the passage of obamacare, go back to 2010, the nrc see at the time, there are studies that show democrat incumbents lost

5.8% at the polls due to voting for obamacare. a lot of republicans are concerned about this vote. one thing that doesn't get discussed is republicans have to use the reconciliation process, a lot of things can't get done in this bill that would make a stronger bill like selling across state lines or tort reform. the bill that will end a passing by the senate is not going to be a perfect bill because there are parameters they are restricted to in the way this bill gets done. stuart: sound like you agree with me that something is better than nothing, yes? >> look at what is happening with obamacare, you will notice better than anyone else, 44 counties that are projected to have no options regarding healthcare plans that are unacceptable. and the ceo said obamacare is in a death spiral because the basic

premise of obamacare, young and healthy people supporting second old hasn't happened. it is in a death spiral and something needs to get done. they have to figure out how to fix it. stuart: i have judge andrew napolitano here. i have to ask, i say, you are free to disagree with me, something on obamacare is better than nothing. judge napolitano: i agree with what you said earlier, once the government gives people benefits and acclimate their lives to the receipt of their benefits it is nearly impossible to take them away politically. i am prepared to be the skunk at your garden party and i will stick to my original first principles. the federal government has no role whatsoever in providing health care or healthcare insurance. obamacare has obliterated that first principle. you can fit in a closet the members of congress who accept that today.

20 years ago nearly all of them did. stuart: you will stand on principle, it is a good principle, you will stand on principle, therefore we will not get any reform out of the republican party in congress, therefore do nothing, therefore obamacare which is collapsing will still be the law of the land and they will bring in the democrats to reorganize things and they will give a socialized medicine by standing on principle. stuart: a very dim picture you paint but enough people agree with my principal there would be no obamacare, no federal micromanagement of healthcare. the free market, free choices of consumers and producers and investors and patients and physicians would make these decisions and i suspect you agree with that. stuart: you are totally wrong. that is what we have got. that is what we have got. like it or not. judge napolitano: we have a constitution, we have a general legislature that consists of

redistributing wealth. stuart: so we do nothing? judge napolitano: soft the redistribution stuart: we don't have the votes. judge napolitano: we get the votes. stuart: we don't have them. judge napolitano: that is i would be one of 435 in the house or one of 100 and the senate. you wish 51 agreed with me. stuart: but they don't. judge napolitano: in her heart of hearts she agrees with my reading of the constitution. stuart: in your heart of hearts you agree with the judge? >> i wish we never had obamacare to begin with and this wasn't something republicans even had to deal with. i am a political person so my concern is i don't know how the electorate is going to respond to changes to healthcare so i am concerned about looking at the 28 election is 2020 election and what this vote will mean for republicans. they are not going to do something substantive, the best

bill because they are restricted to the reconciliation process and democrat won't be on board changing this, don't care what chuck schumer says, they do not want to help republicans and is, they don't want anything to do with it. i do worry about the political ramifications. stuart: have a great weekend, great july 4th, see you soon. changing the subject, listen to this. the reinstated travel order goes into effect tonight at 8:00 pm, a list of who is and is not allowed in. stepsiblings, half siblings, sons and daughters in law, parents, parents in law, all of them allowed to enter the country. not allowed in, nieces, nephews, brothers and sisters in law and wait for it, grandparents. judge napolitano: you will have all kinds of federal justices that will disagree and say why is brother-in-law in and not grandparents which is a blood relative and you are going to get inconsistent interpretations.

when interpretation jfk, another interpretation. stuart: what about bona fide relationships, that is what you have to have to get in. can't you have a bona fide relationship with a college? judge napolitano: as a potential business partner who you never even met. that will get you in but you can't get your grandparents in? stuart: i am astonished at that. judge napolitano: that is the problem with the supreme court using vague phrases, the supreme court wanted to make this clear and avoid the litigation they should have written the list. stuart: grandparents, if grandparents came in with a not be immediately open to social security payment? judge napolitano: yes. as a big other benefits. stuart: it would be very expensive. judge napolitano: don't know if we are talking permanent immigration or visiting but potential for expense, huge expenses, quite correct of which we have many because we have seen it from first principles.

stuart: you got it in. okay. session lows for the dow industrials, we are down 140 points, 21-3. what is the big problem, a huge selloff in the big-name technology stocks with our time is up but it is neil's turn and i still say something is better than nothing. neil: you hit on something profound, once you start a big government program, it is hard to dismantle it. think about when we started medicaid and medicare, we are looking at a $65 million program, it is hard to tinker around the edges to bring it down by a couple hundred billion dollars over its we 10 years, moving the needle and can't stop. stuart: a terrible thing, we are on the slow inevitable road to look more like europe and that is a terrible thing. neil: it was meant for medicaid to be 4% of the most needy