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tv   Cavuto Coast to Coast  FOX Business  August 2, 2017 12:00pm-2:00pm EDT

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a surplus of $261 billion, that is outrageous, pay back to the people. judge napolitano: i can avoid dealing with apple, i love their product that can't avoid dealing with that. stuart: the government can do nothing right and private enterprise can do anything wrong. stuart: -- judge napolitano: the government can do some things right, closing down. stuart: time is up for this show. it is yours. neil: i wish i could be part of the discussion especially the point when the judge pointed out i don't mind you holding cash because that cash would never go. it would stay. he could try to pry it from you. stuart: lou dobbs is a friend and i have known him 40 years. do you know what he said 40 years ago when stuart: varney, i know are you still have the first dime you ever earned, you cheap so-and-so. that is what he said 40 years ago. charles: you do.
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judge, saying. market is having fun. barely holding over 22,000. apple big contributor. president mentioned in immigration announcement. neil: he did crow about that. crowed about the market. crowed about another record high. but is he missing venue and opportunity when he goes to sort of add this on in sometimes unusual locales. this is the white house. if my next guest is write. he might want to make it a few yards and consider an oval office address. oval offices addresses carry a great deal of gravitas. ronald reagan did three dozen. former speechwriter, "wall street journal" editorial board member, listening to him this morning, bill mcgurn.
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good to have you. >> thank you. neil: i was hearing you, wasn't just early hour, if makes a lot of sense. >> right. neil: there is something instantly impactful about an address coming from the oval office regardless of president. >> it is begin, oval office address like gems have certain rarity. president presidents go to the american people. president's one chance for his party to present the narrative the wayç he wants to appeal to the american people. we miss that in the health care debate. one of the things in the blame game, a lot of people deserve blame, the bills republicans were proposing, i liked them but they were unpopular with people. people didn't really know what is in them. in the as sense of this, of overarching defense of it, what it was trying to do, i think democratic narrative that republicans were just stealing from the poor to give to the
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rich was allowed to take hold. neil: but you know, oval office addresses lend themselves to president being explainer in chief. ronald reagan would today that with tax cuts. along long with ross perot. there is something to be said for that. it could crystalize everything donald trump is saying why we need this to goose the economy. explain. >> look, i'm not opposed to twitter. answer on twitter, some tweets were bad. opposing twitter is like opposing the telephone or microphone or something. neil: i say be on topic but go ahead. >> right. but the oval is a tool of the president den sy. again if you think of state of the union similar, the stage for the president, whenever you cut to the opposition response, it always looks diminished because it is some guy trying to look as important as the president. just fact is he isn't. so this is a stage.
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the reason reagan recognized it. he was an actor and recognized it. by boss, george w. bush, he used oval office address around time of general petraeus, those ads, newly democratic congress wanted to cut off spending. wanted to get us out of iraq. 2007, september, president bush gave a speech. he got his war funding through. his popularity was down in the 30s. so it is still pretty powerful. if you go back to the reagan 80 one tax cut, not only did he lay out the case but i want you folks to call your senators and congressman, give us back some of our money. tip o'neill said, sent off a blizzard of phone calls. neil: do you think this president wants to do that? there are some who are very comfortable in that venue because it sometimes can be a very stiff venue. >> right. neil: some of our boldest, most historic sobering moments, john kennedy during the cuban missile crisis comes to mind. >> right. neil: there is a lot of weight
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and responsibility comes with that where, as this president tends to be very extemporaneous, he can add it as he did today to talk about it he might not want it. >> he might not want it, you saw what happened when it wasn't in the health care debate. reagan '81 came two days before a house vote be. reagan had a democratic house. president bush in 2007 on the war funding had democratic house and senate. so, again the president made, i thought a terrific speech in poland. he can do it. neil: yes. >> i don't know -- neil: it wasn't a state of the union address but to a -- >> went to oval after they lost made a few comment. i wouldn't be surprised to see them change their mind on taxes because in this coming fight, it will be the sail narrative. republicans favor the rich. it is a great way to push back. neil: he should own it, say yes, i favor the rich.
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see what happens. bill, if you stay on this. >> sure. neil: we'll touch on next thing we'll talk about, tax cut thing, that could be pushed back. we're getting word that theç deadline is so tight, it is not inconceivable this become as 2018 event. as folks like bill remind you that is problematic itself, midterm election year. what happens to that if this is slipping away. is it one of reasons, one of the fears, why the market might be slipping away? charlie gasparino, market watcher jared leavey along with bill. what do you make of that, charlie, bill said slipping away? >> bill made a great point of the oval office address. correct me if i'm wrong, reagan made three addresses about tax cuts. neil: explaining them. >> i do remember that i was a kid at pace university at the time. neil: i wasn't born. >> probably with a joint in my hand. just kidding. neil: wouldn't shock me. >> what is interesting about, i think about this whole thing of the bully pulpit, he hasn't
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really used it very effects tiffly. he is very good when he wants to be good at it and tax cuts should be in his wheelhouse. advisors are advising him to do oval office thing. larry kudlow advised him. neil: thinking to bill's point -- >> make the case to the american people about growth. i'll tell you -- neil: you don't want to make it on -- >> he has a lot of wind at his back. we talk about the markets. think today, they say that the tax cuts are put off until, whatever, right? next year. markets are not cratering. already sophisticated investors, you have a little leeway here. sophisticated investors, column in the "new york post" already believe net-net, no matter what he does, even if he does nothing he is better than the quasi-socialist alternative that would have been in there. at least this guy will put brakes on regulations. neil: to call her a quasi-socialist? >> yes i do. she ran as quasi-socialist.
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i don't believe she is. that is what she ran. neil: all kidding aside, your thinking that the market assesses no matter what we're not getting legislatively on any of this stuff we're not getting what she would have done? >> if he is worried about stock market imploding on this thing he doesn't have to worry about it. what he has to worry about is selling the point. i think oval office address would be -- neil: that is your point, bill? >> there is substantive point, a lot of people who elected donald trump are people who are struggling and they need to see opportunities increasing. we have some from the deregulatory effort and some of this other actions. neil: right. >> i agree with charlie. we're not also getting other actions many people hold their money but i think we really need to take steps to reform so that we get some really healthy growth. only thing that will lift the ordinary american worker is economic growth that we've settled for this, you know, 11.8, 1.9% new normal.
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that is -- >> average person isn't watching those numbers. the average person doesn't think 1.% growth. they're thinking confidence and the way they feel. i agree with charlie, i don't think a lack of a tax cut in will crater markets. neil: finality you don't get it at all, jared -- >> could be an issue. neil: could be an issue. >> that's true. he needs to stop being reactionary and being offensive. >> back in 1980 my dad was reagan democrat. my dad was a bartender and construction worker. we're not part, we weren't getting a big tax cut in our family yet he voted for reagan, reagan sold him on the notion that money you make is yours, it should be yours. neil: everyone got a cut. >> everyç you one got a cut. guess what, if the rich guy makes more money, chances are when you bar tend you will get a bigger tip. came down to that sort of granular thinking about it. he didn't -- neil: irony his son grew up to be one of the cheapest tippers
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ever. >> reality his son hangs out at a lot of bars. that sort of sales job, donald trump can relate on that level. neil: you know what i was thinking about. would networks allow him to speak? would they cover it? >> again another advantage for the oval. neil: a lot of times these, you think -- >> they could milk this two weeks anticipation. one of the things rallies and tweets they have their place but mostly it is people donald trump already has that are looking at that stuff. even people who hated donald trump would almost have to tune in to a prime time address. neil: yeah. >> and a lot of people that aren't paying that much attention want to see where we're going. neil: the prime time address, to bill's point could sharpen the fight here, right? and say, all right the president is engaged, he is using it to go over washington leaders heads and take the case to the people. you need a tax cut. you want a tax cut. and damn it, i will do everything i can to make sure
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you have one, right? jared? >> i think that is what he needs to do. every -- when i look at his tweets, i feel like everything is reaction and defense. even though he says he is on top of things he is in control, when you're playing the game of chess, i don't feel like he is making the proper moves to get ahead of it. i think that is probably what he will have to do. again the oval office would be a good platform for that. hopefully he can structure his words in a way that gets more people to believe in him than -- neil: i am surprised people are sort of shrugging their shoulders well, if it is delayed, it is delayed. we had a feeling -- >> talking to so many investors they say the tax cuts are not even in this market or imaginenally in it. >> carried by a couple stocks. neil: what if tax cuts don't materialize at all this year? >> we'll get ups and downs. it would be a downer and a selloff but i'm telling you that net-net, if you care what hillary clinton actually wanted to do, you could do a lot as
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executive. increases regulations and, was in a meeting with florida governor rick scott, who laid out, a is about man, he ran a health care business way back, one of the big firms. neil: columbia. >> he basically talked about how regulations, if you put the hold on regulations or cut it back through executive orders which you can to the second tiff can do this, not quite executive orders but imposed by various agencies, bottom-line growth for companies is pretty dramatic without even a tax cut. and i think that you know, businesses and markets -- neil: markets are forward looking indicator, bill, and that i buy. i know this is earnings driven to charlie's point. that is what is really drawing this. >> yeah. neil: but it would never materializes or if president doesn't make the case in oval office address or worse yet, mcs it and fails to make that case, then what? >> i think he is going to. i think the health care thing illuminates because it is not
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just making your case for it. if you look at reagan's '81 speech he began complain about democratic falsehoods about social security. he distinguished tax cuts, opposite argument, we have to balance the budget first. he pushed back on all those narratives. i think the president is going to realize this was a tool that wentç unused in this part. neil: pounding this is your money. it is not their money. relentless. >> big are thing, he has, you're leader of the party. it is very hard to get a big change like health care or tax reform through from congress. you know, hard for those guys to -- neil: from the president, does he support lower taxes for everyone? reason why i mentioned because steve bannon, we know about the surtax on millionaires. >> not going to happen apparently. neil: ronald reagan didn't distinguish. everyone get as tax cut. would this president persuade people that that is a good idea or no? >> here is the thing. i've had this argument with
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supply-siders like art laffer and larry kudlow and steve moore and various -- even mcmulvaney at a lunch we talked about this. neil: budget director. >> here is what the wild card, obviously president, does he actually care about this stuff? ronald reagan fundamentally, idealogically believed your money, you earned your money, you should keep most of it. the federal government shouldn't be taxing you. that was part of his framework, his dna. donald trump's dna is pretty undefined economically i think. i kind of don't know -- >> at heart of these are corporate cuts. if you read the president's interview with the "wall street journal" where he tacks about he would like to take the rate down to 15%, i mean that dovetails very nicely with american competitiveness. why should -- neil: the rate thing that will be -- >> he can make the argument, i think, to the ordinary people that we don't want companies overseas because there is more
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favorable tax regime. neil: people don't know where he is coming from. >> i don't think an individual in this case is the big push for growth and -- >> that's true. >> in this interview he seems to grasp that. neil: that is the problem? >> i don't know. >> they're clearly down playing individual cuts. talking about -- but my bigger point was this, fundamentally, idealogically, in his core does he carry about this issue? i doubt that. that doesn't mean he can't sell it. >> certainly cares about the corporate, again if you read the interview where he talks about it. that is really important. and again the challenge is to relate this to ordinary americans. rather than intervening with carrier or something, i think it would be a lot better to have a competitive tax rate. someone who lived overseas for 10 years our tax system is insane. no one else does that. so reform would bring a lot of money back. a lot of investment. and get into the growth we need. neil: jared, you get the
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corporate relief, markets are happy with that, right? >> they are but here's one thing we haven't even discussed is the fact that the small cap companies, mom-and-pop shops, those tax breaks, even if there was one, will have minimal impact on them. the other thing to think about, carrying this market, look at today, perfect exam approximately are the big sort of companies, right? apples, ibms, amazons. what about the little guy? tax cuts and regulation repeal doesn't address a problem in the smaller company. that is something he will need to address. neil: well-said, all of you. you too, charlie. >> about time. like a broken clock. neil: there you go. apple leading all-time high today. market in and out of all-time highs today. quest for 22,000. we had it for a while. not so right now. what is interesting in apple you how rarely tim cook in the call abt donald trump. was there a reason for that, after this. ♪
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imacs are on fire in a world where they thought they were dying fast. listening in and out of the conference call, tim cook was rightly doing bragging about stuff going right, rarely mentioned to respond to or talked much about donald trump. whether the environment is there providing this courtesy of the president, or the president taking a bow for foxconn mcas lot of iphones, maybe opening up a plant and more in the united states, wisconsin, to start things off. market watcher, tech analyst. rush, what did you make of that, that barely mentioned the president? >> i would say it is pretty clear their politics do not align at all. obviously from business standpoint -- neil: cook is pragmatic. >> that is true. a big part what he does. few times he brought this stuff it is pretty clear they do not necessarily see eye-to-eye on most things socially but from a business standpoint, there is a
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lot of benefits that the trump administration and government can give apple to assist these record high numbers going even higher. neil: wisconsin. >> wisconsin is perfect example. neil: the president could provide and help to provide the environment, right? so we got foxconn to do this. talk apple might do nor empty future. wouldn't that make these phones made in america more expensive? they're already telegraphed the next wave of them to be really expensive? >> definitely would be more expensive. talk about the fact that the foxconn deal, yes they announced it, but they have announced other deals in other states before that haven't manifested. for example in 2013 there was deal they would establish this new, amazing facility was going to be high-tech in pennsylvania. 500 jobs were going to be there. that never manifested. neil: pennsylvania still waiting, right? >> still waiting. for wisconsin, there is going to be 13,000 jobs. each job will cost something
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like $231,000 to create and the tax subsidies in order to happen is 50 times the regular amount. so the fact that they are saying this is going to happen, wisconsin says, i think they, the pipe-dreaming it a little bit. they really want it to happen but in terms of it actually, the state being able to afford it, i don't think it will happen. neil: might be a loss leader for them, right? it could pay off dividends from it. but i always wonder, we talked about this some say the next phone could be $1400. i don't know what you're getting but better make breakfast. but if it is made by americans where costs are significantly higher, say the price goes up there from future incarnations would americans happily pay that. >> i don't think enough would happily pay that to support install base they need. obviously apple from all sides getting competition. talking about samsung between
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the break. they can't afford to as their baseline, core model, sell something above $1000. again -- neil: there are people that gladly pay it. >> there are people but i don't he think there are enough people that could support that business. >> when you look at the numbers, apple has sold less iphones but their revenue has gone up. it doesn't matter -- neil: seller cheaper ones. >> they do sell cheaper ones however -- neil: however that little one looks like a tic-tac. >> i think one i have. the customer of the apple customer are price agnostic. i said this to you a couple days ago. neil: i remember when you did it, i didn't understand. it was a big word. >> basically customer no matter what will pay whatever it takes to get that technology. neil: i agree with that. >> maybe you and i wouldn't. but there is that customer out there. there are enough out there that will continue to have the revenues -- neil: people already hearing about all this stuff, face imaging and three d and alphas
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processor. >> virtual reality. neil: a lot of my phone calls are virtual reality, but they are sight unseen ready to pay up? >> again there is obviously a limit to what people are going to pay. i agree with you. i think a lot of people are baked into the ecosystem apple built. if i have iphone, i need iwatch and. >> homepod too. >> homepod. neil: that is a little big brother. >> every company is doing it and definitely big brother ish. no question. neil: company complaining about putting chips in the workers? >> that is optional. neil: that is a little weird. >> don't need a device listening on my conversations. that is where i draw the line. >> but i think it is smart -- neil: pretty soon comes back, you seem upset. >> smart to keep the iphone down because it is gateway drug for eco, you want them in the door.
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i need this, and this because we have phones. >> services too. apapproximately 12% of revenues coming from apple pay, itunes. people purchasing movies off, for apple tv. neil: yeah. >> so that i think apple is really starting to focus. neil: there is a services business itself is huge. >> that is a big deal. they want the money that spotify sees, monthly fee hitting netflix. constant easy money. you don't have to work for it. neil: guys, thank you very, very much. everyone is focused very. on the market, hitting records. president trump referred to it today. you know ronald reagan when he was president rarely, rarely mentioned markets when they were going up, when they were soaring. a lot of his aides said you know, we're in a bull market, sir. he would not brag about it. along came october 87 crash. a lot of people said, mr. president, probably a good thing. why the market can be your friend and can also turn on you fast and be your enemy.
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neil: all right. with very little fanfare the president signing off on the russian sanctions bill. it is now the law of the land. he did express reservations because it is seriously flawed because encroaches on the executive branch's authority to negotiate because overwhelming approval in the house and senate he is moving on. expressing reservations but it is the law of the land. arizona republican congressman calling trent franks calling for robert mueller to resign. he is on "your world" just to remind you of that. you've seen it is popular and hip to bash president trump. doesn't staff fenn colbert know it. >> last night we find out that president trump dictated his
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son's misleading statement. he dictated it is official. donald trump is a dictator. [cheers and applause] technically, technically, technically, technically correct. neil: all right. ratings gold to criticize the guy, be all over the guy. ed federal staff writer, bri peyton and "washington free beacon," daniel halper. colbert's ratings are on fire. rival news networks being trump bashing all the time. they're doing very, very well so there is ratings gold there. what do you think of that? >> you know a recent bloomberg poll found only 6% of americans actually think this is the russia interfering alleged story is the top story right? yet this, at the same time this got 75% of all the airtime on all a major news networks.
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you know what? i think to say that this is ratings gold or they're consistently pulling in awesome ratings by bashing the president is simply not true. just a couple weeks ago i wrote a piece how yogi bear was beating cnn late-"nightline" up, right? they have their ups and downs. right now they're having a little bit of an up swing. but at a the same time -- neil: bree, i raise this with dan, president is going through tough spot, new controversies swirl, these shows and programs that devote so much time to harping on that, i'm not saying, you can go ahead and discuss it, bring it up, but at expense of all else, is a little overkill to me, but that they then get a clear pop in ratings at that moment. what do you think of that? >> yeah. look, i mean, it is, it is a market question, right? there is a big market. a lot of people hate donald trump and they want to tune in to tv and want their
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beliefs affirmed. it is not crazy to think that. bree makes an interesting point. it is not universal. msnbc is doing great. steve colbert is doing great but cnn is not doing well. there is something a little more complex when you unpack everything. neil: that is a very good point. >> just being against trump is not ratings gold necessarily but it can be if you do it right. obviously some people are really cashing in. neil: you know, the question then becomes whether people just flock to where they're most comfortable, whether for entertainment or for news. where do you think this is all going, bree? >> wealthy a lot of this is self-selection bias. a lot of people turn on certain channel or open a certain web page that caters to their preconceived notions. i think we definitely have seen an uptick in that more and more often but at the same time, i don't think this is necessarily going to be the trend going on forever, right?
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aggregators have played a really important role pulling in, culling sources across the aisle in terms of a variety of sources. i think we can look forward and develop new innovating way to cultivate and gather news and deliver it to people. i mean at the end of the day this isn't exactly a new phenomenon right? even at start of our country we had loyalist newspapers and we had patriot newspapers yet the american people were still able to figure out they still wanted to be free, right? i don't think partisan press or you know, outlets with differing opinions i don't think that is necessarily a bad thing. neil: i think entertainment, dan, real quickly, johnny carson or jay leno making it so obvious, they kind of ripped everybody, i don't get that sense entertainmentwise today. >> it is going to a dark place. people are going crazy over this. their hatred is driving them blind. look at results, congress, nothing is getting done. it is creating gridlock. neil: you're right. >> really not going to affect
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president trump but future presidents. i think it is really dark. neil: on that happy note, thanks for providing toe-tapping ending, dan. very good having you both. i do appreciate it. if we get tough on china, a lot of people say we should, are you ready for the fallout for yourself? in other words when you go to the store, walmart, elsewhere, where a lot of goods from china come, are you willing to pay a lot more for them, i mean maybe quite a bit more? after this. ♪ it's time to rethink what's possible.
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plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ >> news alert on "cavuto: coast to coast." connell mcshane from the newsroom. we're hearing u.s. air force successfully test launched an intercontinental ballistic missile off the coast of california. it was very early from vandenberg air force base. it is the fourth test of this kind happened this year. what the administration is saying about it, it is not in any way directly related to north korea. that is what we're being told.
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it comes on the same day that the trump administration may be looking to get tough with china on trade, after a tweet earlier in the week earlier from the president saying he was very disappointed in china, that they were doing nothing for us in regard to north korea. it brings up the question, what does it mean to get tough? administration firms told me earlier in the day, there is talk about taking action over china's theft of intellectual property. there is talk about that. which shouldn't come as a surprise. because the president was all over that on the campaign trail. watch. >> china engages in illegal export, subsidies, prohibited currency manipulation, and rampant theft of intellectual property. it is rampant. it is out of control. they also have no real environmental, or labor protections. further undercutting american workers. if china does not stop its illegal activities including its
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theft of american trade secrets and intellectual properties i will apply countervailing duty until china ceases and desists. >> so that was back then of the man to watch now is robert lighthiser, the u.s. trade representative. his office could investigate china. i'm told there is nothing imminent on this but they're talking about taking some sort of action, neil, which would be a significant change for this president in terms of his relationship with the chinese president xi jinping. he is talking how they have such a strong relationship. we could see changes there and certainly if we do, the issue to watch is trade, which we will do. back down to you. neil: connell, thank you very, very much. that has a lot of people wonder about a trade war coming and how would the chinese respond to that if would they up the ante and respond in kind? price of goods coming into this country start going up, doubling, tripling, would you pay for that to the statement they're gouging us and worse,
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helping north korea? two experts in area, coming collapse of china, best-selling author, gordan chang, and someone specializing in north korea. first thing comes to mind that americans don't appreciate the impact this would have on them on buying everyday items if it escalates into a trade war. do you think they would be willing to deal with that? >> i think americans would be willing to deal with it if they understand the true nature of the north korean threat. north korea has two icbms. they're a year away from achieving capability to attack the united states homeland with a nuclear weapon. so i think if americans understand the security threat posed by north korea i think they will be able to make that -- neil: gordon, north korea using angle is better deal to get americans support than talking vaguely about manipulated trade, all of that, maybe ultimately the president's approach with this, they could do more to stop north korea and they're not. we have to stop them from
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helping a bad guy and we will and all this other stuff that they do will pile on? >> certainly. you know it is not only countervailing duties as the president talked about in the clip and not only section 301 tariffs, the other thing the president can do with regard to china and north korea generally, just start to enforce u.s. law. because we know chinese banks have been using the u.s. financial system to launder money for the north koreans. on june 29th, the president severedded a small institution from the global banking system from doing this. neil: they have other banks they can go to, right? >> yeah and bank of china was named in a 2016 u.n. report for money laundering for north korea and other big chinese institutions are doing this. once the president unplugs a big chinese bank, that is all he needs to do. then xi jinping the chinese ruler realizes he has to come to the party on trade, north korea,
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south china sea, you name it. putting chinese banks into the tank, that is the end of the chinese economy. neil: you would have to target all the chinese banks, right? >> not sure all a the chinese banks but it's a big start to start with some, biggest ones. neil: i think chinese always think we're not going to do it. >> yes. i think all previous u.s. administrations tried to get china to do more to ran in north korea. neil: they never did. >> they never do because they don't want to change the relationship between washington and beijing but i think the time is now. neil: do you think, giving benefit of the doubt here for argument sake the chinese can't control the north koreans? this guy is a nutcase and they can't rein him in? >> they can rain him in? first of all more than 92% of north korea trade is with china. china supplies more than 90% of north korea crude oil much on concessionary terms. you go through the list. most important thing china supplies to the north korean regime, is is confidence that
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they're safe from the enter national community. if china would signal withdrawing support, you would see people around kim jong-un scatter and they would no longer support weapons programs in all probability. largely because they know they would be at risk. that is what china supplies. they can control north korea. they have been supplying north korea with ballistic missile technology and all rest of it. this is very dirty relationship. neil: would it take toppling kim jong-un though? secretary of state tillerson that is not our goal but isn't private wish cooler heads in north korea realize this guy is sending us in a bad direction. >> somehow not taboo to talk about regime change. under kim leadership nothing will change. he will not give up nuclear weapons. we need regime change. it does not mean detation or military action but -- neil: how do we know we don't replace a nut with a bigger nut. >> i think it's a start to get
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rid of this particular family. >> there are no bigger nuts than kim jong-un. neil: really? >> what would happen, you would see more collective leadership form. that is what china has and what they want for north korea. you have a lot of generals. you can deal with generals. you may not be able to deal with kim jong un. neil: guys, thank you both very, very much. don't know if you heard new development here. we no longer call illegal immigrants undocumented workers. they're back to being called illegal. after this. ♪ ♪ ♪ ♪
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>> the raise act will reduce poverty, increase wages, and save taxpayers billions and billions of dollars. it will do this by changing the way the united states issues green cards to nationals from other countries. green cards provide permanent residency, work authorization, and fast track to citizenship. neil: all right. today the president unveiling a skills-based immigration bill that would more hone in on immigrants who come here and settle here and get citizenship here, green card affords pretty much all of that. if you bring a particular
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skillset that we very much need and can make for productive american economy. texas democratic congressman henry cuellar. what do you make of that congressman, good to have you? >> hey, good talking to you again, neil. certainly i want to see immigration reform but -- we need to -- no audio. neil: okay. we might have problem with your audio here, but one of the things we're working on, i thought it was mine, that i couldn't hear you. one of the things they're looking at in this america sure normally with those green cards we would take anyone with some certain skillset tended to be on the lower side and that would be detrimental to american workers. the argument was from those who were supporting changes in green card system that we should skew it more to those with upper end skills, that would be very helpful to our economy. let's say you have an engineering background or
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something that is high-tech, something instantly beneficial to the united states. that was a very big draw here. i believe we still don't have him. we might take a quick break here. meantime i apologize for that. more after this. the fallout from that measure because it seemed welcome by republicans, not so much by democrats. dow up 13 points. we'll have more after this. nah. not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help.
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neil: congressman, i hope i got things working. how are you? >> must be 190 ° weather that affects the technology. neil: i don't know how you deal with. one of the things we are getting into is the administration trying to change the green card system to go for higher skill sets. what do you make of it? >> i certainly want to be sure that we attract the talented people we have across the world. is going to take them -- we have seen what canada has done. neil: i cannot believe this. it is not deliberate but we have problems with him. we hope to have him back later.
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maybe it is the heat. i don't want to string you along anymore. hopefully we can fix that. maybe the wires have melted. the president talking about the stock market. the president says that is not getting much. they are trying to do something, the mainstream media commonly missed. the journal review, bush xliii special assistant. the president said this before many times, he does it himself, mentions the record of the dow, mentions over 22,000 and others largely ignore it. is he right? >> as we talk to party
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strategists they attribute a lot of stock market gains 2 reduction in regulations, the trump administration has significantly reduced regulations and that is not something getting much coverage in washington at all. it is getting local coverage because it does affect a number of local economies and the kinds of things you can do on a local level, those regulations are sparking business leaders, helping the stock market with these games but this reduction in regulations and some believe they will get something done on tax reform. i know you have been trying to suss this out a lot. moving from tax reform to tax cuts and the way donald trump presented it in a meeting they are looking for a bold package of tax cuts. he didn't use the word tax reform. this might be the week this has shifted from gold, robust tax
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reform to tax cuts. neil: finishing that thought, is it your sense that some of these report in the washington post and elsewhere that the tax thing could be delayed until next year? >> we are seeing too many conflicting reports, we heard from white house officials they want to get this done in october and november. there is a lot for congress to get done in september alone. will kick it back to later this fall, we have seen too many conflicting reports and heard from some people they are further along than they are letting on and that is some appetite for senate republicans to push something forward. neil: we were talking about the markets, and what is jumping them, but i have been seeing in the washington post, the
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president taking it out on something that has nothing to do with him, this was driven by earnings. aaron's insight notwithstanding, a forward-looking market that might be looking forward to the regulatory leak. the tax-cut relief, that is what is doing it, they are not crediting the president, what do you say? >> the president needs to remind people is because of this president the deregulation looking forward to tax reform, grover norquist was on fox earlier and laid it out in the fall, once we get past the debt ceiling in the budget there is going to be tax relief coming on the corporate side and the individual side but i would remind the white house there is much more to the economy than the stock market. the president has a lot to crow about, unemployment, the home mortgage interest, so i would say remind us how good the economy is across the board and
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not just how well the stock market is doing. neil: there is a flip side to constantly mentioning the markets, markets can turn on you. they turned on ronald reagan with the 87 crash, and cut both ways, be careful what you wish for. >> we are seeing a reduction in unemployment rate, 4.4%, bouncing around a little bit, but still a remarkably low unemployment rate compared to what we saw eight or nine years ago. a lot of that was done through president obama's tenure. that is a better outlook for the president to be talking about the unemployment rate and other indicators in the economy, the market could turn if they don't get anything done. neil: is at your take that if this is delayed the suspicions out there, outlining that, for whatever reason, it is not as big or as soon.
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been what? >> you will see the president's fortunes turn, waiting for things to happen and people are patient to a point. if we get past 2018 and we have a midterm election, republicans with a problem on the record, neil: we want to thank you very much. best-selling author, doug weed, on what he makes of what is going on. the president wants to find that all the time, executive orders signing, would it help him, do it in a more formal setting, to make a speech about it.
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to talk about the markets, to talk about the need for tax cuts for truly stimulative growth that will help the markets help them, a sense of bigger order here, what do you say? >> when we come back from this recess and he is able to get some legislation, it is time for a national address to the nation. look at a speech in poland, the speech he gave to the joint session, totally flabbergasted the media that was opposed to him, democrats didn't know what to do. neil: he is very good at it. you advised him, what you specifically hate. maybe he chose not to. the fear of owning something that could fail or what? >> it could be and the circumstances have changed. we had great speeches, the first from harry truman, eisenhower gave many speeches, interrupt
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all broadcasting, it was something, stay tuned for a word from the president of the united states. there were only three networks. now people can switch to apple tv so we saw the heart of the president. obama benefited from these national address is because his program was very radical but his spirit and his attitude was very benign and humble and slow and it was reassuring to the nation. nixon was reassuring to the nation because here came a very strategic, efficient personality. it helps keep them in power long after some of the watergate scandal should have thrown them out. neil: and oval office address can help the commander-in-chief become the explainer in chief, jfk used this to champion his tax cuts, hard as it is to imagine at the time. ronald reagan, 33 oval office addresses a good many devoted to
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economics, three prominent ones tax cuts, complete with charts long before ross perot so you could use that as an opportunity to explain the wisdom, as ronald reagan would say, in not giving running of the government, giving it to you to simplify. what do you think? >> the first rule would be do no harm because there was gerald ford's with inflation that backfired and jimmy carter's famous malaise speech. he didn't use the word but gave the impression to the american people that it is your fault and america wanted a leader which ronald reagan followed but this is an arrow in donald trump's quiver and he has got to use it. he has a talent for giving these speeches and if it is coordinated with legislative package telling the people call your senator, call your congressman it will work for
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him. neil: you know these dates and events, on the part of ronald reagan there was great suspicion he was going to dial his request back for market cuts in rates. is this the speech you find out what the president wants to do, is he going to wiggle on this, it was the same, across-the-board cuts and everything. the breadth of these tax cuts, including the rich, the chief strategist, steve bannon, high taxes, the superrich, and all of a sudden people don't know where he stands. it could be beneficial to find out where he is coming from. >> he needs that clarity, absolutely right. he needs to speak to the people over the head of everyone else, the problem reagan often had is after a speech the leftist media would totally decipher it.
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it was bracketed by their commentary before and after but trump might have a way to get right to the hearts and minds of the people and the stock market everybody is talking about why it took off, part of the reason trump is upset about it, the night he was elected the leftist media was saying the stock market is taking, trump is a bad president. neil: i remember when we were covering it here and the futures were saying what happened? no one bothered to stick around and say they are coming back. >> part of the reason is the competition, the free enterprise he injected, more than what has been discussed. there are four companies bidding for some of these bids boeing had to themselves. that is creating some competition and that is creating
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job opportunities and investment so there is a lot driving this market, more than just the deregulation. neil: more than earnings, so many news channels, 24 hour news networks, 24 hour business networks, you can get into this and it is not fair to the president, a lot of bad stuff by all means get that out there. not to the point where you ignore the good stuff, balance it out. we in journalism do it. historic. is always. one thing we found about apple with the earnings report, $261 billion in cash. almost as much as stuart varney and just like stuart varney, the company is in doing anything with it. locked up in a wallet. no one ever opens that. the difference with apple is it is held hostage abroad. varney is just cheap. a little more after this. is this a phone?
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>> fox con is going to spend $10 billion in wisconsin is other places and the $10 billion will end up being $30 billion. they make the iphones for apple and others and it is a truly incredible company. neil: a big play in wisconsin, the apple conference call, and more activity in this country with a direct part. you could imagine the interest in incentivizing that money back. political reporter, charlie gasparino -- >> i sweated a lot.
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neil: on that note, i would like to get your sense that companies that would bring that money back but a much lower rate would do it. >> there is a lot of disagreements what that would look like but this is an area where white house, republicans on the hill in the business community are in lockstep trying to bring trillions of dollars of corporate foreign earnings kept abroad right now because they don't want to bring the high us tax rate back into the country to invest in jobs and throw the economy. we 20 what if they don't invest it in jobs? >> we heard a bunch of democrats expressed concern about that happening. neil: they want a print protocol -- quid pro quo. >> they are talking about a repatriation holiday where if they bring their profits from offshore back to the united states for a low rate between 3%
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to 10% to some of the folks i've spoken to on the hill, some democrats are worried when they bring the money back they will give do dividends to shareholders, won't be investing in job so they see this as a corporate giveaway but this is offshore and not being acted all right now. neil: something beats nothing. maybe we are worried too much of democrats all of a sudden are attacking back and forth on this. it is increasingly likely that this is delayed along with the tax package itself. some are saying it is posting until next year. what are you hearing? >> i am confused why it is an awful thing if shareholders of apple, americans actually got more money when talking about lack of wage growth and all that having shareholders rewarded doesn't seem so bad.
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neil: you are saying don't tie any provisos to this money, the shareholders money. >> the us needs to look at its tax code in a different way. this needs to be a source of competitiveness, not a tool we use to penalize companies that have been really successful. of american committees want to compete abroad we need to have a tax code that doesn't make them so uncompetitive. you look at apple, one third of their revenue comes from within the united states, two thirds international but two thirds of employees are here so international revenue benefits the us. why are we penalizing that company for their international revenue. at the end of the day it helps the economy. of 20 i see where you are going but i'm worried about the tax package itself. you don't think it will happen. >> i give it a better than even chance, it is easier net net
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than healthier. neil: they are going to go nuts. >> a lot of reasons to buy stocks aside from this. and net net you get more -- he ran is acquired by socialist. neil: why do you hate it. >> you keep saying i hate trump is a them both equally. neil: everyone hates trump. >> i hate trump and i hate hillary, that means i am fair and balanced. >> let me make one point. they bring some of the money back there will be some stock buybacks and putting it into place, companies feel is most efficient. it would not be so bad for stock buybacks. bottom line is every american, teachers, cops, pensions. neil: that is where -- >> you get supply-side fiscal stimulus from that because people who have more money, rich
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people generally spend more. >> the oval office address, i don't know where he is coming for him. i knew what he wanted to do. i don't know, what do you say? >> a lot of detail hasn't come out in terms of what they are doing. when it comes to foreign corporations, what they talk about is moving from taxing corporations on their profits worldwide which most companies do not do by the way, only taxing profits that are made in the united states, that is the disincentive to bring money from different -- will not be there. neil: we might be arguing with stuff in the weeds, i am wondering as a market vantage
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point if we don't see it, the markets are pricing greater earnings. i said that. if it never materializes it is not the end of the world. >> it is not going to be a good thing and the likelihood of it happening. warner: the repeat that for charlie. >> of a trump bump was predicated on -- >> that is not what i'm hearing. explain what you are saying. >> it was going to accelerate. when trump was elected everything would accelerate, we will see increasing inflation, it will be in effect fiscal stimulus. >> we had better growth. >> you are thinking 2% is good.
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>> not going down. >> let's see what happened this, what happens this quarter that bump in gdp, the effect of falling inflation rate, low the nominal versus the real. >> i'm for these tax cuts to get this going. to suggest we get armageddon in the markets -- >> i didn't say armageddon. neil: april back. >> and low inflation, you buy. >> want to get back, do you think rachel, they will get taxes done this year? what are people telling you? >> i would say 50/50. look at healthcare. everyone's that would be easy and there is nothing.
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the clock is ticking. neil: what is the senate doing? >> nominations. >> they are not doing healthcare. they are waiting until the fall to do anything, they have 12 workdays and raised the debt ceiling. and avert a government shutdown. >> if donald trump puts his mind to it he can pull it off. that is a big if. >> he needs to politically. >> maybe kelly -- >> apple did hit the all-time high, the tech sector, certainly a lot which is weird because this crowd is not big fans of the president but everyone a big fan of jeff flock, keeping track of where amazon is hosting a
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jobs fair. >> reporter: we are sweating to death outside chicago, these lines are down. in suburban chicago, job fair, amazon does things up big, this is a job festival, let's go inside and it is dark. i have been to a lot of job fairs, few jobs, we will call you, here they are playing music, raffling off amazon echos. it was a festive atmosphere. tours of where they might work if they get hired, 50,000 people
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nationwide. look at the numbers where people are hiring, retail in the stores down 35,000 jobs in the past year. overall retail up 1000 jobs but today alone, 50,000 jobs from amazon, we talked to a number of people, they don't care whether tax reform gets done or health reform gets done, they just want a job. >> it is a major brand, hopefully be around in this economy. >> crossing my fingers and hoping i am one of those 50,000 in this company. >> talk about amazon and how big it is and how many people they need. amazon prime customers, espn
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subscribers, 88 million espn subscribers and these are good jobs, talking $16 an hour. paid family leave, stock in the company, and a 50% match. if this tv news thing doesn't work out maybe not a bad idea. >> certainly got the morale up. >> they need people and are willing to pay for it. fideli, trades are now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. poallergies?reather. stuffy nose? can't sleep? take that. a breathe right nasal strip instantly opens your nose up to 38% more than allergy medicine alone.
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neil: remember the country said they .3 million voters, 43% of the vote, the polls were empty everywhere, how could that be? voting technology company,
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venezuela's election appears to have been tampered. numbers don't justify the final vote count of 3 million, we do know more voted by not voting, they stayed home and the non-vote was at least 90% according to some. that is a low participation and a lot of people spoke against it by not participating in it. been roads as part of the unmasking probe. adam shapiro live at the white house on all of that. >> let's give you the perspective, let's start with pictures of dan coats, director of national intelligence and admiral mike rogers at the national security agency. because there were a series of letters from chairman nunez, the house intelligence committee in which first to mister coates, he said in a letter last week the
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committee has learned that one official whose position had no apparent intelligence related function made hundreds of unmasking requests in the final year of the obama administration, that was followed up with a letter yesterday that became public to admiral rogers and in that letter nunez says specifically, please provide the total number of unmasking requests and here is where rhodes was made, made by man to man been roads from january 1, 2016, to january 20, 2017. this is important because there have been issues about the unmasking of members of the trump transition team, officials associated with donald trump and accusations that the obama administration and officials in the administration did that inappropriately. james clapper who used to be the
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director of national intelligence back in 2013 made it easier to unmask people. this is from an article in the hill and i will read exactly, allowed for a lawmaker or staffer's name to be unmasked. executive branch recipient of intelligence believed learning the, quote, identity of the member of congress or congressional staff is necessary to understand and assess the associated intelligence and further a lawful activity of the recipient agency. it appears to have been james clapper who made it easier to unmask people so this is all coming to a head, was there inappropriate unmasking and see those letters to dan coats and admiral rogers. >> that is a great question, the investigations into leaks, i would be up to chairman nunez.
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and he recused himself from the investigation with russia. what he does with this information is a good question. can katie bar the door, there would be a great outcry. >> great reporting, adam shapiro. what strikes me, the reaction of north koreans when they call this sort of thing we do, this flu from the air force base in california, that is a provocation ignoring the times they have been launching missiles, kim.dubbadash air bnb 0 launching more than his father or grandfather and we had a provocative ones. good to have you back again. what did you make of that reaction? >> we have known for a long time north korea was trying to get
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the capability, they were basically allowed to garner the capability unfettered during the obama administration. i wrote years ago that when they did a missile test that was a rocket launched into space, that was the sounding of the alarm because it could reach los angeles, seattle, san francisco, the west coast. the east coast didn't react but now that it is getting closer to the east coast all you elites on the washington dc new york city core door are alarmed by this. we have known for years that this is happening. we have to get very serious about sanctions, there is still time for diplomacy, sanctions are not going to be easy because the only sanctions i believe will work now are banking sanctions on the country of china. that is not without pain. neil: i am glad you said on the country of china, not one
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chinese financial entity and why is that important? this lesser player, you are smarter than i am, why is that significant? >> chinese companies are very good at changing the name. if we sanction company a, company b is going to arrive as a subsidiary, they are not under the sanctions to continue the work. to clampdown, and if you look at this year, 12 missile tests have been conducted by north korea and compare that to the increased trade between china and north korea this year alone it is shocking. neil: there is more of it. >> the trade increased this quarter, chinese are ignoring
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us. neil: we always wait to see what the chinese are going to do if we do everything and we are afraid to get rough with china because they own all a lot of our debt, interest rates would rise. i don't think that would happen, they have nowhere else to go. what do you make of the idea that a trade war would jar a lot of americans because all of a sudden they are facing much higher prices for good that they buy at walmart or what have you and unless the president makes it compelling, and sacrifice here to send the chinese a message, how would that go down? >> it is not without pain. it is extremely painful by putting sanctions on china. if it came to that, we need to be prepared to put sanctions on but if we announced to china that you will either do business with the united states or north
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korea, a change of behavior pretty quickly, if we didn't see it, we will implement those sanctions, the first question is is this a threat to national security, if we are concerned about having members, americans, members of the us military taken out, killed by a missile launch from north korea, we have to calculate higher prices at walmart will be inevitable. neil: you know china very well, you know germany very well. the president is looking at you, ambassadorship or anything. >> one i will say, a delegate
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for trump, early supporter of his, change in washington requires a lot of hands on deck and i will do what i can to change washington. warner: the are you comfortable with the german language? >> that is all i am going to say. neil: i had a weak moment. whatever chance -- gridlock in washington continues. the obamacare thing, do you think companies will hike the premiums, not 10%, 15%, try 30% and that is has things stand right now. after this. she's nationally recognized for her compassion and care. he spent decades fighting to give families a second chance.
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upeace of mind.s we had a power outage for five days total. we lost a lot of food. we actually filed a claim with usaa to replace that spoiled food. and we really appreciated that we're the webber family and we are usaa members for life. >> welcome back, more than 2 dozen state cities and counties are suing the makers of prescription painkillers claiming industry led physicians about the public about the risks
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of addiction. additional to the strategy used by big tobacco companies in the 1990s. they allegedly knew to be highly addictive, downplay those risks to the public, the new study shows a third of americans, 38%, 92 million people use prescription opioids in 2015 as addiction and death rates and addiction to the drug skyrocketed. another 1% or 1.9 million americans had opioid use disorder, the trump administration is working hard to combat the growing crisis, jeff sessions up to the justice department efforts by announcing an opioid fraud and abuse detection unit and the program will fund attorneys for 3-year period to focus on the academic. new jersey governor chris christie, head of the opioid
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commission is calling to elevate the opioid epidemic to another health emergency which would free up more federal dollars for fighting the crisis. donald trump is leaning on donald trump in this case despite the recent and related controversies. >> still on health issues health insurers say the affordable care act is not affordable to them, at least a 30% premium increase next year to doctor jeanette on possible insurer bailouts in the making. that tends to happen if anyone is between a rock and a hard place, throw more money at it to make it not so bad. that is going to happen. don't know what form. i don't know if that is the answer. >> 30% increase. they call it a disaster because it is fundamentally flawed from
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its inception and things are just getting worse. patients cannot afford an extra 30%, that is outrageous and what is going to happen is they want to be able to pay their premiums, they can't pay their co-pay and deductibles so they will lose their coverage, they will lose their coverage or insurance companies will pull out of the exchange, when patients lose their coverage they will end on the emergency room and put a huge burden on emergency room's and patients that are there for a true emergency there will be delays and could be bad outcomes with that so it is a disaster and the solution is not stopping the insurance bailout, but that doesn't seem to be helping anyway. insurance premiums are going up. last year went up 12% to 13% by 2018, 30% absolutely not. patients are already suffering. there is no compassion, that is
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just cruel. insurance companies's priority is to stay in business. neil: some of them might be using this financial crisis, the affordable care act, not denying that, to gouge people are demand help and this is their way of getting it right away, either they will get the higher premiums or the government to back them up like a bailout of auto companies. >> who is it punishing if donald trump decides to pull out, punishing patients? punishing the republicans? it is going to affect our patients so we need to do what is best for them. there is no clear-cut answer. neil: you are hearing the immediate concern is to prevent that from happening, people leave the health system or stranded so they would do something to support the insurance companies which would be a bailout by any other name.
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>> as it is right now the biggest problem i am seeing, can't afford deductibles, they will go higher whether they get bailed out or not. deductibles, one of the biggest complaints, they can't afford the deductibles and even now they are delaying seeking care, a huge problem. it would be a simple bladder infection, delayed seeking medical care. all she needed was a few days of antibiotics for the infection went from her bladder to her kidney to her bloodstream, she ended up in the hospital spending thousands of dollars a day on iv antibiotics when all she needed was a prescription for several days but because they can't afford the deductibles, they can't see their doctors in a timely manner and that is where the problem is on the ground level. it is disheartening to see the costs going up.
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i don't think paying insurance companies is helping and that is why rand paul was so against the bill initially because he is against -- doesn't seem to make much of an effort. neil: thank you very much. a little more after this. look at what is happening this town after this. the middle of . hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix his flat so he could get home safely. my dad says our insurance doesn't have that. don't worry - i know what a lug wrench is, dad. is this a lug wrench? maybe? you can leave worry behind when liberty stands with you™. liberty stands with you™. liberty mutual insurance.
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neil: dow 22,000 back and forth we go. apple, you look at it here. until tech dominating this a lot today. kentucky general dominating the market theme. if you are not into apple or amazon or alphabet or facebook or some of these other high flyers including microsoft, you wouldn't see a fraction of the return, but the big catalyst for all of this, aaron gibbs, nicole pedallides, if this tech centered rally is a worry, what do you make of that? >> tech has been a somewhat worrisome early july, june, july, june, whatever. the point i am making is ultimately it has been tepid.
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apple is doing great on the earnings report but the rest of tech is not participating. some pension funds were jumping out of tech holdings at the end of last month, the end of july, taking those profits they had seen. whether it can continue to soar i couldn't tell you but people are somewhat tepid on some of the names and it is not participating today, only apple. >> when you look at what is going on, these big names driving a lot of this not exclusively but certainly among the reasons if you had in your portfolio you are doing better than if you didn't. >> we are looking for a change in leadership, not much longer. we have really seen a big difference in the earnings growth we have seen and tech is a perfect example. the tech sector was expecting 20% growth for the first half of
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the year and they are expecting 10% in the second half of the year. cut the growth in half and you have high valuations and we are expecting people to start looking at there is not going to be such a push from the white house, the capital and might want to look at what we are paying for especially when looking at half the rate of growth. neil: what about financial issues rotating to another problem, or general market concern. >> the s&p 500 is looking at stable earnings. what you see is a switch in leadership mainly from growth to value where you see it most pronounced so then you look at the fundamentals but if you want to talk top level sectors shifting from technology where we saw a little bit in june and financials or industrials. neil: these thousand point
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rallies seem to take it shorter, what is the move? what was it like today? >> they love it. i have a long chat, the hats came out, down 22,000 celebrating 401(k)s. it is not the 22,000 itself, just a milestone to represent what i had with these traders, confidence is feeling great. people ultimately have made money if it was invested for the stock market. people are feeling better. neil: a little more from the white house press briefing for this very issue coming up.
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lauren: all right. arizona congressman trent franks is calling for robert mueller to resign. that he has too many conflicts. would not conduct a fair investigation. he is conducting his first interview with us 4:00 p.m. "your world," fox news channel to spell out why he thinks time to do that. neil: created a bit after a firestorm recommending something like, including democrats saying another case of a republican playing with the law. back and forth they go. we'll try to clarify things in two hours. meantime we have the dow well into record territory yet again.
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holding over 22,000. cheryl casone in for trish regan. man, oh, man, everything hitting your hour. >> thanks for keeping 22,000 up on the screen. neil: that is what i do. >> thank you so much. we'll take you live when sarah huckabee sanders steps live to the podium. all of this as the dow is hitting another milestone, 22,000 today. exactly two hours left in what looks like to be another record close. hello, everybody, i'm cheryl casone, i'm in for trish regan today. we would like to welcome you to "the intelligence report." president trump promising bold tax cuts and a new era of american prosperity.

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