tv Varney Company FOX Business March 21, 2018 9:00am-12:00pm EDT
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tariffs on china. i think that could be the market mover today, more than the fed. >> love transparency. if he doesn't raise rates, markets will sell off. >> good point. dagen. >> mark zuckerberg's new year's resolution was to fix facebook. walk the talk. >> good point. walk the talk. we'll see you in the morning. here's "varney & company" and stuart, take it away. stuart: thank you, maria. the austin bomber is dead. he blew himself up in his car. the authorities got him by tracking his surveillance and by using surveillance cameras at the fedex office from where he sent two packages. texas breathing a sigh of relief this morning. the facebook story is now a full blown crisis. these developments. the stock is down some more in premarket action today. it has lost way more than 10% this week. shaving about $60 billion off the value of the company. there are has been silence from founder mark zuckerberg.
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although, there are reports that he will make a statement of some kind some time in the next 24 hours. now, facebook is set up so he, zuckerberg, can run the company any way he chooses. so this is a crisis for his leadership. the brits want to talk to him. congress wants to talk to him. some stockholders are suing. some users are deleting the facebook app. let's get right to the heart of this. digital companies have an enormous amount of information on you. what should they be allowed to do with it and what say do you have in what they do with it? if there are new regulations restricting facebook's ability to make money on all the personal info they have, it would no longer the fast-growing juggernaut that has dominated the social media scene. he, the digital industry, would've its wings clipped. this all started when a political dirty tricks company used 50 million personal profiles from facebook to predict how you would vote.
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30 minutes from now, the market opens flat to probably slightly lower. it's a fed day. that's factoring into the market today. "varney & company" is about to begin. ♪ ♪ >> as members of the austin police department s.w.a.t. team approached the vehicle, the suspect detonated a bomb inside the vehicle, knocking one of our s.w.a.t. officers back and one of our s.w.a.t. officers fired at the suspect as well. . stuart: there you have it. that was the chief of police in austin, texas, telling us what happened. tell us the latest, ashley. ashley: yeah, 24-year-old white man. we do not have a name on this individual. but they actually developed a person of interest over the last 24 to 36 hours based on cell phone information,
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surveillance footage at a fedex office where this person is believed to have mailed two bombs and also store reseats. all of this led them to a hotel about 18 miles north of austin. they moved in, spotted the suspect's ventricle he, waited for a s.w.a.t. team to show up. waited a long time. the suspects started to move. then the chase began. they got them a short distance from the hotel, they surrounded the vehicle, and the s.w.a.t. members were moving in. he detonated a device and killed himself. but the big question is motive. we should point out five explosions. two people killed. five can injured during this reign of terror. what we don't know is he may have sent more bombs in the mail before he died. so they're saying to evan be vigilant, be aware, and just, you know, if you see anything suspicious, contact authorities. but we should see more throughout the day isn't that stuart: we shall indeed. where are we going to open that market? about 27 minutes time. there's a fed announcement on interest rates this afternoon. that's factoring into the market. we'll be down 20, 30 points at
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the opening bell. facebook full blown crisis. at issue their ability to make money off your personal information. could be regulation going forward on that. peter morici is with us. professor of economics at the university of maryland. now, peter, let's get right to it here. you say don't regulate them. make your case. >> well, essentially we have two problems. one is the fake news problem. the russians and so forth. we don't want to interfere with free speech. and who's going to determine what's fake news? i mean, they should be required to cooperate with federal officials in, say, false russian accounts and things of that nature. but they shouldn't be filtering what people post. it's too important to free speech. with regard to account information, the second issue, basically what facebook has been down is mining our personal information and been very negligent about letting other people access it and what they do with it. not following through.
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what you have here is a perhaps criminal negligent problem. basically emerging from the fact that facebook and perhaps twitter are being run by children, not adults. it's very remindful of microsoft versus intel a couple of decades ago. intel didn't get snagged by the antitrust officials but bill gates did because just like zuckerberg, he makes these deflecting markets. we just want to keep innovating, create these public space communities. thinking if they say the right things in the deans office, they'll get a slap on the wrist and go home and play with their toys some more. stuart: hold on a second, peter. what about the structure of facebook? the way it is structured. it gives extraordinary power to mark zuckerberg. would you want any change there? >> well, lots of corporations have extraordinary power investigated in their ceo. but they don't have a child running the company. that company is run as if they're still sitting in a
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dorm room, you know, cooking up some neat social platform. you know, that might make them a few thousand dollars. they've never really come to terms with what it means to be a responsible corporate citizen in the 21st century. he doesn't need to be spanked. he needs to be ejected. stuart: well, look, what you're saying is don't let the politicians regulate the companies, let the lawyers do it based on how these digital companies handle your personal information. that's your bottom line case. >> basically turn it into a tort or perhaps a criminal investigation. there's such a thing as criminal negligence. stuart: that may well happen. peter, hold on for a second. i've got more for you in just a moment. let's get to straight politics, shall we? president trump congratulates vladimir putin on his victory. the left jumps all over it. monica crowley is with us from the london center of policy research. john mccain says no american president should congratulate a foreign dictator on a
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trumped up election, so to speak. what say you. >> well, i wonder -- stuart: why do it? >> were that adamant when barack obama congratulated the turkish authoritarian erdogan on his election. the authoritarian irany on his election and, yes, vladimir putin on his last election. stuart: hold on, monica. let's get straight at it. people are saying that president trump goes easy on putin. doesn't take any serious action against putin and congratulates him in the election because the russians have something on him. they've got the goods on our president. address that. >> the entire premise of that assumption is incorrect. while the president may not issue a lot of vibrant rhetoric, his actions of the administration have been extremely strong and as opposed to the russian president and his regime. we have had new rounds of sanctions levied against
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vladimir putin and. we've had this president authorize the transfer of lethal force from the united states to the ukrainian fighting russian forces in the east. we have this president about to decertify the iran nuclear deal when the russians really helped to build the iranian nuclear program from the bottom up. we've got this president leaning on china, leaning on russia with regard to north korea. this president has taken extremely aggressive steps, far more than the previous metamorphosing has ever taken with regard to vladimir putin and russia. so i would suggest more at donald trump's words and more on his actions. stuart: we appreciate that. straight to the economy now. president trump talking more about tax cuts. roll that tape. >> it's not reasonably calculated to lead to the @ tell anybody. although, you have a lot of cameras back there. let's not tell anybody about
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phase two that we've already started on; right? phase two tax cuts. we're going to start monday with kevin and myself and everybody on doing it again. stuart: peter morici, economics professor guy still with us. do we need a second round of tax cuts? and if we do, what kind of cuts do you want to see? >> well, now is the time to applaud larry kudlow's rival at the white house because he has ideas. , for example, indexing capital gains is a great idea. actually, it promotes economic efficiency to tax real capital gains as opposed to having the arbitrary exclusion we have after two years or whatever it is. my feeling is that that needs to be done. however, how do you get 60 votes in the senate at a time like this at something that's going to cost revenue? we certainly could cut the budget to find the money. i could think of some neat places to do that. perhaps going to universities to promote political correctness. stuart: not going to happen. >> and some of the entitlements. but i don't know if he's going to get that out of the
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democrats. stuart: not going to happen. it's just not going to happen. >> no. it's not. stuart: so give me one tax cut that you will get 60 votes for in the senate. can you name one. >> i can't name one except maybe the capital gains logic because they might be able to find ten democratic senators that actually understand something other than -- that actually understand economics and not the dog scent to the vote. my feeling is that that is one of the most constructive things they could do is index capital gains. stuart: we will see. peter morici, thank you very much. not a big opening on the stock market this morning. we will open flat to slightly lower. no huge move. i have to tell you again there is a fed meeting this afternoon, an interest rate announcement, and jay powell will hold his first ever press conference. maybe the market a little strained for that. another storm bearing down on the east coast. this is the four nor'easter. could bring a foot of snow or
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more to new york and dc. please remember. this is the first full day of spring. ashley: don't believe it. stuart: killing us. president trump cracks down on his crack down on sanctuary cities. saying he's putting innocent americans at risk, and going to take care of that problem. coming up on that next. and, yeah, we have an american icon on the show today. musician, legend mr. american pie. he's got a new album, and he's on this show. 11:00 this morning. more varney after this. liz: i love that song
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. stuart: the yield on the ten-year treasury as of right now is 2.90%. it has barely budged over the last couple of months. over the last month, i should say. by the way, there was a fed announcement on interest rates about 2:00 this afternoon. i want to get back to the situation in austin, texas. the bombing suspect is dead. congressman louie, republican
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from texas is with us this morning. got to be a big sigh of relief for your constituents this morning. >> well, yeah, all texans are just, you know, so relieved that the bomber has apparently been killed. but even more relieved than the people in texas over the bomber being killed are the organizers of the gun sophistication march on saturday because nothing ruins a good march to confiscate guns like a country talking about a bomb. so they're more relieved than the texans are that he's been stopped so they can go back to talking about guns while some of us talk about we have to get back to a moral country where we teach right and wrong because bad guys are going to find ways to hurt people, and we just got to get back to having a moral right and a moral wrong and like john adams said, our constitution was intended for a moral and religious people. it's not -- it's inadequate
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for governing others. stuart: on that subject of knowing right from wrong and teaching right from wrong. now, the president, he is doubling down on sanctuary cities. roll that tape, please. trump: sanctuary cities in states like california put innocent americans at the mercy of hardened criminals, hardened murders. sanctuary cities are dangerous, and we're going to take care of the problem. stuart: yeah, well, look. following up from that, three illegal immigrants who escaped capture after an ice raid warning from the oakland mayor. they've since been rearrested for new crimes, including robbery and spousal abuse. louie, if you want to vent, go for your life. >> well, it is absolutely insane what the sanctuary cities are doing. they basically have said we want the federal money. in fact, we demand the federal money keep flowing. but otherwise we're succeeding
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from the union. we don't care what the say about the immigration laws. we don't care what congress or the president has said. and my days as a property and a judge, felony judge, we call this being an accomplice. but under laws of california, texas, and federal laws, if you even encourage somebody in their crimes, then you are just as guilty as the person that did the crimes. so i keep looking for ways that people can be held accountable because they are assisting in the crimes when they keep, you know, whether you're an psalter a robber, a murderer. when you keep them out there that they can keep doing damage, you're using the color of local and state law in order to inflict damage on people. stuart: i just want to get this in. obviously there's a new spending bill being prepared.
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i think it's being discussed as we speak. >> yeah. and people should find out what's in it after we pass it. and i'm saying that very sarcastically. stuart: what will you do? what will louie do if there's no defunding in the bill? and i'm told that's the case. >> that's one of the many problems i have with what we know about the spending bill. so we've got to see. but we have got to take action to hold people accountable that are helping the criminals in the country to the detriment of law-abiding people. that is not what government is for. it is turned upside down, and it is time to right those who are wronging their constituents. stuart: always good to have you on the show. >> good day? stuart: yes, sir. thank you. president trump making good on one of his biggest campaign promises he's going to slap
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our country is the biggest theft and the greatest theft in the history of the world. this is the one i didn't want to hear. give me china. give me china. china, you ever see china's tone. china. china. china. china. we don't win anymore. when was the last time we won? we lose to china. . stuart: okay. we're having a little fun there with the word china and the president's delivery of that world. clearly, the president doesn't think china plays fair. by the way, the wall street journal just reporting that china plans countermeasures against the president's latest tariff against china's suggestion. monica crowley is with us. look, if we impose tariffs on china, and they turn around and impose tariffs on us, that is a trade war. >> and i think the president's attitude is bring on the trade war. none of this should come as a tries surprise to anybody. donald trump has been talking about china and the fact that the chinese has been dumping in the u.s. way below marketplace, undercutting our economy, undercutting american
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workers, undercutting our industries like steel and aluminum. he's been talking about this for decades. he ran on this. so, again, not a giant surprise here donald trump is actually following through what he complained on. the issue is trump is calling the chinese bluff. the chinese could then turn around and call the president's bluff and as you say lend me some countermeasures here. and then questionable -- stuart: the market's not going to like that. the economics community and the business community. they don't want that. >> i understand. but also understand. do not underestimate this president. he's playing three-dimensional chess as well. it may be possible that he can lean on american steel and aluminum producers u.s. steel to increase output, try to make up a little bit of the differential in terms of what we're importing. maybe that's not enough. i don't know. because i'm not a steel export. expert. but what i do know is that this president has thought and gained this out at least ten steps ahead. stuart: so it's the same story that we have very frequently with this president. he opens with a very strong
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position. >> yes. stuart: and negotiates from that strong position. >> that's right. stuart: and, look, we have been encountering this kind of game play between currency manipulation and dumping for decades and no president has wanted to take on a trade war. i understand why not. but none of that has worked, and it has undermined this economy, undercut the american worker, and wages in this country. and manufacturing and this president is vowed to bring it back. let's see. couldn't get worse than what it was. or maybe it can, and we'll see how the president handles tha t. stuart: another example of the president said he was going to do it in the election campaign and now he's doing it. >> and that's what people are shocked by. you actually have a american president doing what he said he was going to do. stuart: the shock value in that, that's for sure. monica, thank you very much indeed indeed. >> pleasure. stuart: where are we going to open that market? flat to slightly lower. people are waiting for jay powell, his first ever press conference as chair of the fed comes up at about 2:30 this afternoon. we'll be down the opening
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be on facebook because facebook is facing a crisis of leadership , a crisis of regulation going forward. everybody wants to talk to mark zuckerberg. he hasn't said anything yet. we are told he's going to say something in the next 24 hours. facebook will be closed as today. we are up running wednesday morning and we are on the move to the downside but not by much. i will call this a dead flat opening market. look at the s&p, please. pretty much the same story there appeared yesterday spirit dead flat, down two points in the 2700 index bid nasdaq is down about a quarter%. bigger losses then along vidal and s&p. facebook, where has it opened yesterday? i'll tell you now. 164. down another 2%. it is down 9% this week and another 2% as of right now.
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164 on facebook, down $3.78. big day. ashley webster, years back. i am staying on facebook right friendly geico. shah, 163. facebook, are you buying it? >> i want to buy it, but there's more to go. all the bad news is out. a lot more to come. politically charged conversation in every which way and the advice in this political environment. democrats will go after facebook. i think the stock may be going down to 150. i really think it's not that far to go and it hopefully will go there appeared a day to buy up there, hopefully hold there. i don't think we are nearly done there. sure you do. liz peek, and this is a leadership crisis for mark zuckerberg. it's his company, run the way he wanted to run in a sole
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leadership is in question right now. >> and he has a controlling interest the way he has orchestrated. where is he? that's what everybody wants to know. he has made numerous attempts in the past to damp down problems such as this, involving intrusions in the 2016th election, and the selling of data comment letter, et cetera, that they haven't fallen through. i would argue the company has been running so fast to get in the position it is now in, which is indomitable, that he basically hasn't paid attention to small things like implying with privacy, et cetera appeared this is coming back to quantum. i would point out in the last quarter from a north american users as she spoke were down ever. i think there's really a bunch of problems here and it's not over. liz: butch nsa facebook on the ua coming in. the problem with facebook is it
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has allowed so many acts on the website to get your information without your permission. so when you click on quizzes or attacks or do you look like a famous celebrity come and they are data mining can getting your information. pivotal research same systematic mismanagement. liz peek is right. zuckerberg 75% of the voting stock and facebook. we are going to fix everything. the problem is the more you use facebook, the more it uses you. ashley: this year back in january he said we are currently making too many errors and for us and our policies in preventing misuse of our polls. how about that. a prediction made in january and now been proven. stuart: shah gilani come in my opinion the biggest threat to facebook is regulation in the future with monetizing the way they do now the information that they possess. that is the financial threat,
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right? >> this has been a fear for some time and it hasn't come to pass and now it's on the front burner. front and center for everybody. all the investors in these data stocks like facebook will be a big problem. as far as the stock goes come in the investors will be looking to the next quarter's earnings, user growth, engagement and ad spending. this talk will get hit hard. liz: millennial salsas pending. the hockey stick to the downside. they lost more than the value of general motors in today's time. stuart: if it becomes fun from a class-action lawsuit because they are not complied with what the ftc wanted them to do. they promise to comply with it. the lawsuit is all about that. ashley: there is a huge to do in europe. stuart: facebook is the stock of
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yesterday and certainly today we will be following it throughout the session. quick look at the market overall ahead of the fed session aired pretty much dead flat to slightly lower. 2:30, jerome powell makes his first press conference coverage. that is what he will do for the first time this afternoon. shah gilani, he's expected to raise interest rates a quarter point. that is it. do you agree with that? >> that is a foregone conclusion. baked into the cars, baked into the market. what is interesting is the q&a and what the press will ask him about the future prospects for the economy through the fed's eyes. if he thinks the economy will be strong, which he has been singing, the chances are we will have obviously more rate hikes. the market is obviously kind of expecting that. i don't think it's going to be a big deal. anything negative might shake the market down. a fed hike in the coming year would be a problem. the market is going to digest it
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all. stuart: lizzie. >> the market is moving towards for hikes in center three. a month ago that would've been a problem, but people are getting used to it. in a funny way, if they don't hike rates, that would be a bad thing. they would signal they were worried about growth. ashley: the big issue is how aggressive it is sky? that is what we will find out this afternoon and the markets will react. stuart: he speaks at 2:30. fedex teaming up with wal-mart. ashley: 500 locations fedex could not even at wal-mart. this is an interesting play for wal-mart to take on amazon. amazon putting pressure on line building out its own delivery system. wal-mart saying we are going to do it on the cheap. we will bring fedex into our stores. watch the stock price action. stuart: a very good earnings report. that is probably one of the reasons they are up this
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morning. another amazon effect for you. airbus, and the european maker's are considering doing a cargo version of the 833. ashley: amazon and ups are now looking for big things that can transport air cargo. that's the sector down for the last 10 years. amazon plans to have 4767 at a hub at the hub outside of in cincinnati. ups and amazon have gone to airbus to say what can you give us? they're having trouble selling passenger plane so they are going to refit them as cargo planes. stuart: boeing can't build all the plays they want. they are overwhelmed on the commercial side and military side. >> why not build a little competition amongst your suppliers and that is what they are doing. stuart: dead flat market this wednesday morning, open for seven minutes now and we don't have that much movement. up six points. that's it. individual stocks moving. jimmy i've been, leaving apple
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music. that will be in august. apple at 174. the maker of cheerios, general mills cut its profits forecast getting hit by a freight and commodity cost is down. general mills to a .5%. show me winnebago, please. i am not buying one. sales are a good stocks down 7%. winnebago stock is down 7%. defense stocks, serious stuff. resonant trump asked the saudi crown prince to buy more american weapons, though the defense stocks are down all across the board today. talk about the netflix effect. a new study says households with a streaming service search 450% in the last decade. liz: it started in 2007.
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more than half of you -- stuart: yes, that's the point. an enormous surge in the number of households. i hear your point of the bigger data point i thought was interesting is one out of five millennial or cutting the cord. they don't even have any. >> people are watching streaming now. stuart: let the other elizabeth speed. >> how many people are challenging the orthodoxy of having a cable box, et cetera, et cetera. the interesting thing is it is young people creeping up her older people are doing that, too. guess what is better content and they don't want to watch commercials. pretty easy reason. stuart: shah gilani, i would almost think of buying disney because they will introduce their own streaming service at some point in the future and it's got a ton of content to put in it. what do you say?
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>> i agree. it's all about content. i'm shaky on the market and have gone back, kind of risen out of this malaise for the last couple of weeks. i'm a little nervous in here. i'm going to wait for to do what it's going to do. we have a little ways to go on the downside is i love disney. i also like viacom. i think there's going to be consolidation in the space. it has to be to compete with the likes of netflix and amazon. there's going to be a lot of that, money to be made on the stocks. stuart: shah gilani has changed his tune a little bit. tow yard of putting self driving test on hold or this follows the fatal goober accident in arizona. is this going to slow down the self driving business? >> a lot of us have been shocked about how fast it went ahead. the government has never had a technology. i don't know how this has happened so quickly. there are hundreds of cars on
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the road that i don't think it has sufficient testing. who knows, but with adequate shared a terrible tragedy result from now. are basically people going to ignore it? i don't think so. stuart: you are right. there were a hundred on the road. >> hundreds of thousands in arizona, california. ultimately i think they are here to stay. stuart: it got such great topics to talk about. shah, the last word to enact the other side of this technology as many as these hundreds of thousands of miles right now, i think that bodes well for the future of business. >> you only need one. stuart: you got the last word. close quote information and great stories to follow. we are out of time. shah gilani, thank you indeed. liz p., thank you indeed. breaking news from austin,
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texas. law enforcement officials have named the suspect in the bombing. his name is mark antony condit, 24 years old. police say he blew himself up as they approached him early this morning. mark anthony conditt. arnold schwarzenegger and john k. sick teaming up to revive the republican party in california holding a big event in l.a. today. more on that coming up. facebook sued by shareholders are some of them. the lawsuit claims facebook made materially false and misleading statements about its business. the judge on that. he is next. you know what they say about the early bird...
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stuart: very little movement for the overall market thus far today. right now we are down three points. look at united airlines. that stock has suspended its pet shipping program. boren, tommy why they are doing this. >> okay, they are suspending it between now and may 1st that you cannot put your pet and cargo. you can bring your pet on the plane, put it in the cabin with you. if you have an existing existing reservation you find to put it and cargo. they are doing it because the past have your say that by far the worst rate of animal deaths in their care. there were 18 pet incidents last year, 18 deaths, 13 entries for united. that is more than delta, alaska and american combined. this is a big, big problem for the airlines. we saw that the little puppy
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died when it was put in the cabin, but after that, three pets rerouted in about a weeks time. united handles more animals than other carriers, but this is a major problem. stuart: that dog was actually shipped to japan instead of kansas city. >> imagine the expense united has to then spend to get the pet united -- reunited with the right owner. stuart: i can imagine any -- >> well, they did drag the doctor. stuart: let's not rehash everything. thank you indeed. facebook story of the day. investors are suing after the data mining scandal. the lawsuit they've launched that facebook made materially false and misleading statements about the policies. all rise, judge napolitano is here. the plaintiffs have a case. >> they don't have the case because they can't show any
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loss. the course will not accept a lawsuit based upon the reduction of stock at a given time. they sold their stock and endured a loss and can demonstrate the loss was because they didn't know that facebook and adequately protects its users data appeared users data. while that may have a case. stuart: on this, you are legally wrong. facebook entered into an agreement with the ftc that they would fully control and take control of user personal information. and they violated it. and because they violated it come in the stock went down big time. $60 billion worth of losses. that is a loss. would you call it in the legal business? >> it is nearly impossible for a jury to ascertain what caused stock to go down.
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the violation, mr. graduate of the london school of economics, the violation of an ftc agreement gives the ftc course of action. not the shareholders. having said that, there was no question that case book doesn't give a about the private information of its users. stuart: you can't build a case around that. >> yes, you can and that is the class action. that is nothing to do with the stock value. that has to do with the harm of exposing private information. as we talked about yesterday, depends on where it's exposed as the british and europeans are far more sensitive about this exposure and a far better cause of action on the other side than you do here. so, facebook allowed cambridge analytics to allow another company to use an app, which got personal information voluntarily from 270,000 people.
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it then went into all the likes of the 270,000 people used and that gave them personal information about 50 million. that is 49,700,000 who never consented to getting the information. what did they do with it? did they give it to the trump campaign? stuart: on that basis. >> that is not on the basis of a misrepresentation. that is on the basis of you fail to protect assets in which we invested. >> have you ever heard shakespeare's line? >> how about the first thing we do. thank you, judge. you've got to stay there. >> cannot sue for the death of a
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dog. stuart: would get to that and a second. let me take a commercial break. it is a flat arcade slightly lower of 28 on the dow. the dow 38 proponents of red that means they are selling. twitter took a big hit yesterday after the israeli government threatened to take legal action against them for failing to remove terrorist content from its sites. it is at 32 today, the way down yesterday. details on this story coming up for you. - this is bad,
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stuart: israel is considering a lawsuit against twitter. emac, tell me why. liz: justice minister, hezbollah, hamas, moved from facebook to twitter to issue military commands, to incite violence and terrorist acts against israel. twitter, taking hits, stuart. lost $2 billion in market value off this story. we'll stay on the story for i. israel is saying we may sue twitter for terrorist activity on its site. stuart: fascinating. that is a one-week chart.
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it had a big drop yesterday, way below 31. it bounced back a bit today. i do want to get back to the austin bombing case, the judge still with us. judge, they found him initially by following cell phone activity in the area where he mailed two fedex packages. don't they need a warrant for that? into under the current state of the law they do. i doubt they got one because of the emergency nature of this. i doubt there will be any litigation against this. the litigation would come about, not because they killed him. he killed himself. the litigation would come about in following all the pings of all the people in that area, they discovered some other criminality. when they prosecute that other person, who just happens to be there, having nothing to do with the bomber, a bank robber was in the same area, that person would move to suppress the evidence. you didn't have a warrant to catch the pink comes from my
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phone. stuart: because they caught him, i don't think they had ha warrant, will you litigate? >> no, they caught him in hot pursuit. they had been following. stuart: they found out who it was, they got the lead -- >> you're asking me if i were the judge would i suppress finding him because of the pings? stuart: yes. >> i think they eyeballed him. i think they saw him with their eyes. stuart: you're hedging judge. fox news confirmed, mark anti-- >> hopefully by the end we'll know that. so many things happen on fox business between nine and noon, have you noticed? [laughter] stuart: story of the day. story of the week. facebook, calling it a crisis of confidence because of leadership. mark zuckerberg clearly under a lot of fire. my take on that next.
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stuart: it is no exaggeration to say facebook is in crisis of the that is a big statement because facebook, i think is the most important communication company in the world, bar none. facebook is reeling. as of this moment it is silent. as it faces the crisis its top management appears to be badly split. this is all about the personal information which facebook has on its two billion users. who gets it, how is it used, and do you have any say in how all that personal stuff about you is used? facebook is a money machine because it sells your information. restrict that and it loses its juggernaut status. so where is the leadership? founder mark zuckerberg, chief operating officer cheryl samburg, they run the company. at this moment they're silent although we hear zuckerberg will speak within the next 24 hours.
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the europeans want to talk to him. congress wants to unplug him. some users are unplugging. shareholders want to sue them. the company's value is down about $60 billion in a week. first and foremost this is a test of mark zuckerberg. lookings the man only 33. he is the founder and the company set up to be run any way zuckerberg wants. he has got to make a clear statement and soon. surely, it is time for him to drop this pie-in-the-sky, fix the whole world dreaming and fix his company. the crisis actually is bigger than zuckerberg. it is bigger than facebook. the crisis extends to the digital age, who gets your information and what can they do with it? there is an explosion what digital companies know about us. this facebook story started when profiles of 50 million were used to predict how they would vote. when we lose trust in the facebooks of this world, we all start to feel manipulated, used.
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we're at that point now. zuckerberg had better get out front of this and soon because the politicians are very eager to take over. the second hour of "varney & company" is about to begin. ♪ stuart: real estate industry, very important numbers on new numbers on existing home sales. liz: 5.44 million annualized, up 3% month to month. but this, stuart, you're seeing flat-lining existing sales. still at like 2016, 2015 levels across the board. why? the inventory has shrunk. three months supply of houses and median price has now gone up about 5.9%. the median home price is now a little over $241,000. it is icing out buyers from the market, causing that existing
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home price growth to flat line. stuart: existing home prices up. liz: existing home sales, rather. stuart: homebuilders stocks, universally they're up, prices are rising. got it. want to get back to the market. we're down 31 points. look at big tech names. top of your screen, facebook is down another two bucks, 280. that is 165 on facebook. amazon is down. microsoft up a fraction. alphabet up a little. mixed among the tex but facebook is a loser. general electric is one the biggest gainers of tow stocks today. it hit a seven 1/2-year low. it can't be one of the biggest gainers, $13 a share on, but my producer says, yes it is, one of the biggest gainers on the dow. i will take it casey. you got me.
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she says thank you. fedex, a stellar report yesterday. that stock is nearly up 1%. general mills at a stock at five-year low i can confidentially say that. hurt by food and shipping costs. it is down 9%. how about that! back to my editorial at the top of the hour that facebook is in crisis, and founder mark zuckerberg is where to be found. jack hough will take me on. >> can we stop blaming facebook for all the world's woes. democrats say facebook swung the election for trump. that is preposterous. i never seen a candidate tell him more about himself up to the election than donald trump. they're in the tank for democrats, lefty strong hold from silicon valley. protect the children. they're on facebook too much. you know, let's take a breath
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here, all right? this stock is now priced like a company that sells tobacco and ar-15s, all right? they're in the business of advertising. we've seen this before. advertising is the business of talking you buying something that you probably don't want or need. that is the business model. been with us for decades. facebook is better than anyone has been at it before. stuart: do you agree with me the primary challenge to facebook and other digital companies any restriction on the future placed on ability to monetize all the information they have about all of us? that is the threat to this? >> i agree up to a point. they need to clean house in facebook, that is true. it will hit them one or two-ways t could crimp their growth rate, crimp their margins and take money out of that are pockets. when europe searches their soul about tech companies it comes up with fines out of their pocket. facebook is growing revenues five times the rate at s&p. it is margins are more than double the s&p. the stock is that.
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of a premium to the market. getting so much more than you're paying more. even if you hear cut the stock by changes facebook has to make it's a pretty good value proposition. stuart: do you think zuckerberg should go? >> zuckerberg is a genus. he is not a great talker. not a wonderful communicator. stuart: hold on a second. we have the european union, this is news that we talked about earlier, late last week actually. they are still looking as of now to hit the big tech companies with a 3% gross revenue tax. >> there we go. stuart: that is the europeans. can't tell me that is a plus for the big techs? into europe hasn't innovated since the cappuccino was invented all right? software is eating the world. europe missed out on software. they will try to eat u.s. software companies at least around the margins. this is politically popular at home. if you tax silicon valley, you will not lose jobs at berlin.
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we saw monsterous fine last year. stuart: overall a lid is being placed on the big tech stocks at the rapid growth of last two years, shall we say? there is a lid on it whether taxation from europe or crimping digital business back home. that is not helping big tech. are you with me on this. >> i'm with you. the companies are growing so fast. show me a mid-cap growing top line 30% out there? that is how facebook is growing is fast. i think investors are struggling with the math right now. stuart: jack hough that was good. >> thank you, sir. stuart: even though you didn't take me on. former california governor arnold schwarzenegger and governor john kasich are trying to revive the republican party in california. with me california congressman dana rohrabacher. i can't imagine that you would approve of a new gop looking like the kind of gop that arnold schwarzenegger and john kasich
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actually want, right? >> well it doesn't have to do with what i want. it has to do with what the american people want and whether or not the republican party will be responsible to those issues. for example, the most important issue as we're finding throughout the world, people are voting to make sure they have secure borders. they're kicking out governments that don't. in california we know what the flood of illegal immigrants has done to our counties and to our states. the quality of life completely gone down. case i can and schwarzenegger, are one thing in common. they are very loose on illegal immigration. stuart: you are about the revamp of party in california. i knew that when i started talking to you. oakland's mayor, libby schaaf, as you know she blew the whistle on a federal immigration sweep
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last month. three illegal immigrants escaped capture, when she tipped them off i.c.e. was coming, were arrested for horrible crimes, two beating up their spouses. you have to be. >> this is where arnold schwarzenegger and cast sick are wrong. they don't know what you just said. we have other republicans, michelle steele, in orange county yesterday, proposed i think they will pass this through the orange county board of supervisors, she is the head of board of supervisors, an immigrant herself, i might add, she is saying orange county is going to oppose and will not cooperate with the state in a sanctuary city, and sank wear state type of operation. stuart: oh. >> we have local people, los alamitos in orange county done the same thing. kasich and schwarzenegger don't get this at all. the fact, michelle steeles are
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immigrants, legal immigrants, they will be the ones to lead the way. stuart: dana, from a distance, i work in new york, obviously, from a distance we thought that california was kind of monolithic on this issue. we're a sanctuary state. we're a sanctuary city. no one will budge us from that. you're telling us orange county of all places thinking of withdrawing, thinking about, just thinking about withdrawing from the sanctuary city movement. that is very interesting. >> actually we're not thinking about it. we're in the process of opting out. the american people understand, and this is why the democratic party doesn't work and, it isn't -- they're blaming donald trump stole the election. he didn't steal the election. they gave the election away when they sided against the american people on immigration. and you know, the democrats have to understand when it comes to, trump talks about making america first, well, yes, we want the
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american people to know they're the first consideration of our policies. as long as the democratic party is that way, it is not going to succeed. kasich and arnold will not get us more like the democratic party and sanctuary city issue crystallizes the whole thing. stuart: well-said. dana rohrabacher, republican from california. president trump giving a glimpse what the gop will run on in the midterms. return to prosperity, second round of tax cuts. democrats they're attacking the president's style and character. former bernie sanders supporter turned trump operative harlan hill is with us on that. we're on every angle of the facebook story for you. regulation could be coming. greg walled en, energy and commerce committee chair with us later this hour on that one too. lest we forget, this is the first full day of spring, everyone, here we are in new york, with a nor'easter
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bearing, it is on us. we could get 15 inches. liz: 15-inches in. stuart: parts of new york, new jersey, new england. 3,000 flights, mostly in the northeast canceled. oh the first day of spring. ashley: i want my money back. [laughter] ♪ hi, i'm mindy kearns. it's great to finally meet you. nice to meet you too. your parents have been talking about you for years. sorry about that. they're all about me saving for a house, or starting a college fund for my son. actually, i want to know what you're thinking. have a seat. yeah. knowing that the most important goals are yours. with 15,000 financial advisors, it's a big deal. and it's how edward jones makes sense of investing.
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stuart: trading narrow range today, down 20 points as we speak. as for the dow 30, you have even split between red and green, losers and winners. check bitcoin. the headline is, they're back above $9,000. not much, 9035 bucks per coin. where is gold. $1319 per ounce. police are releasing new details about the austin bombing
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in texas. ashley, how did they get him? ashley: what we're finding out one thing they knew about the explosive device, there was common thread. all the devices were put together with household ingredients. authorities fanned out, big box retail stores, small mom-and-pop hardware stores. you can imagine how big of a deal in austin, which is not a small city. they looked for a pattern. they found critical evidence. they found a suspect. got a federal warrant for i.p. address. they lad a look, found suspicious searches on google in his computer. big break came caught up on video in fedex office bringing in two packages. good old fashion gumshoe work going through all the receipts was critical. stuart: absolutely brilliant. ashley: we did know he was homeschool. attended austin community college. did get a degree. worked as a tech computer repair person or worked at some point,
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a tech agency, semiconductor company in austin. that is all we know. i have seen one picture of him. i don't know what you think a bomber looks like. looks like a choir boy in this picture. the big unknown is the motivation. stuart: his name is marc anthony conditt. what a find please of police work. stuart: the president now. >> she is disavowing statements before. she is wrong. people were her biggest supporters, what is she doing? why doesn't she go home. stuart: the full story is, that the battle lines are drawn for the election in november. it seems to me that president trump is running on the economy and prosperity on his record. seems to me that the democrats are running against trump the man. that the way i read it.
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does trump for president advisory board member harlan hill see it the same way. i will repeat it. president runs on prosperity, policies, agenda. the democrats run against him, personality, persona of donald trump. what say you? >> first let me say the reason they have to do this because the democrats can not run against his performance. by any measure president trump's first year was a resounding success. unemployment went down to 4.1%. unemployment collections were at 44-year low. the economy kept setting all team highs. the stock market hit 70 all-time highs. unleashed american economy and energy prosperity through building pipelines like the dakota pipeline. these are things that president obama and any democratic administration could not do. president trump is unique in that respect. they can't run against his performance. when you poll it, i poll this question for a variety of campaigns around the country.
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people are overwhelmingly satisfied with his performance. when you ask about the economy. stuart: got it. >> so, they have to do this. they have to run against him as a personality. the problem for democrats, stu, they did this before. they thought that this would be enough in 2016. they kept talking about, you know, these different salacious rumors about president trump and different women for a long time. they kept talking about how divisive they thought his rhetoric was. it wasn't enough. because ultimately the american voter is results-oriented. they're seeing results. they want to continue this. i think for the next six years. stuart: so the president's policies you think are more popular, that is a bigger plus going into november. >> yes. stuart: than the negative which some democrats see as the president's persona? he ruffled a lot of feathers. he upset as lot of people. people do not like him, uncomfortable with him as
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president, uncomfortable by his style, embarrassed about his style, a lot of people will vote against the man himself. you're polling this. >> that is what they thought in 2016. the problem is even if many americans don't like the president it is not enough to get them out to the polls. i've seen in different elections we run, it is not enough to excite voters enough to get out to the polls to vote against somebody. they have to want to vote for someone, for something. and so running this strategy of politics of slander is not going to be enough for the democrats to win in 2020. it may be enough to take advantage of a lull in the republicans enthusiasm to win some seats in 2018. i can see that, but 2020 i feel very confident that the president's prospects are phenomenal. he is going to win. stuart: harlan hill. famous last line. last word. >> he is going to win. stuart: harlan hill, you're all right. thank you, sir. amazon searching for the second
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headquarters. you know that. jeff flock will show us where they might build, might build in chicago. i believe that. we'll be back. ♪ [fbi agent] you're a brave man, mr. stevens. your testimony will save lives. mr. stevens? this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. [hero] i'll take my chances.
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retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. stuart: i'm sorry. distracted for a second there looking out, sixth avenue, new york city. you should see the snow coming down here. ashley: it is. stuart: there you go. look at that. liz: i see the bumble from rudolph coming up the street. stuart: whatever you see there i see snow. i see the first full day of spring. [laughter]. all right. let's laugh about it, move on. amazon could be closer to making a decision on where to place its second headquarters.
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20 cities have made the cut and they include chicago? jeff flock is there with the locations that they have been scouting. you mean to tell me that they're going to go to chicago? do you believe that, flock? reporter: no. it is ridiculous. the first day of spring here it is freezing. if these guys are visiting here today, they will turn right around and go back where they came from, i'll tell you. this is the full ton market district. this is where they're surveying today. this is hotbed of activity. this is the coolest place to be. they're building stuff. google, that is the new google headquarters in chicago here. chicago has pretty good odds. if you look at odds, we looked at sports betting time.com. i'm not a betting person. put a nickel in a slot machine, didn't win anything. boston five to one, topping the odds. atlanta is in there according to these guys.
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austin, chicago, denver, new york, d.c., 14 to one. who is unlikely they say? montgomery county in maryland, northern virginia, are 40 to one. worth odds, minneapolis, columbus, toronto, canada. also long odds. i leave you with a soccer stadium they're building in chicago. if amazon comes, they will make it the amazon stadium for the jeff bezos stadium. whatever they want. whatever name they want on it we'll do it. if they're here today, they're freezing. that is all i can say. stuart: we're freezing in new york as well. flock, you're all right. thank you very much, indeed, sir. next the house considering 25 different bills to tackle the opioid crisis. oregon's congressman greg walden has been at the forefront of this fight. what does he want to see passed? we will ask him. facebook, oh, under fire. where is mark zuckerberg? where has he been? we'll deal with that next.
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call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ ♪ stuart: i used to know a young lady called rita. liz: really? >> she is not a meter maid. but it stuck. liz: did you sing this to her? , i did not know her that well. check the big board. get me out of this. moving down a little bit more. now we're off 44 points. 24,682. i believe we have got the numbers how much oil we have in storage. the current price at 64. ashley: we're waiting for it. we're expecting 5.4 million, down 2.6. stuart: actual number. ashley: actual number. that was much lower. surprise drawdown in oil.
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stuart: that's why the price is up? ashley: correct. stuart: we're using it more. ashley: it hit a march high because of the perceived upping of tension between iran and awed saud and the u.s. and hard-line that saudi arabia is taking. now you throw this into the equation, oil prices going up. stuart: oil is going up, $64 a barrel. that is important. >> into big tech names, we love to check them. that is where the money has been going. where are they going now? facebook, amazon, microsoft, apple, down. alphabet up a near 89 cents. big tech taking it on the chin again. maybe it that's 3% tax. retailers, nordstrom board of directors ending talks to take the company private. down it goes. 3% for nordstrom. get back to facebook. the structure of the company's stock could play a key role why we have not seen or heard from for mark zuckerberg. explain that. >> there are two classes of
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shares. class b shares, of which the founder, mark zuckerberg own 75% have 10 times the voting power of class a. so basically long store short, he is in control of this company. stuart: total control. >> total control. he is in total control of the board. it means any board members that come on, he is, has all the voting power, right? if you have an idea he doesn't like, he will not put you on the board. he can vote down shareholder proposals. he can veto merger proposes. he is singularly in charge of this company. for better or worse. at the moment maybe worse. >> that doesn't explain why he hasn't said anything. >> that does not explain that. stuart: coming regulation. this is -- >> i did call one or two people i happen to know who work there. internally the wheels are churning. they are trying to figure out what happened. i just have to underline this, facebook sees itself as somewhat after victim in this situation believe it or not. maybe investors don't see that. why we've seen the stock fall.
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to zuckerberg's bottom line, he has gone from fourth richest man in the world to sixth or seventh. we'll not cry for him. with the stock down obviously he lost a lot of personal wealth. internally he is trying to figure out what happened, why this happened. get the language right. come out and make a statement. but a lot of people are criticizing the fact that neither he nor cheryl samburg have been public in any kind of statement. stuart: we should say axios, the news website is saying zuckerberg will speak. he will make a statement within the next 24 hours. >> they want it to be accurate whatever that statement is. stuart: he will find out what happened, he will say what happened and they will be okay. deirdre, thank you very much indeed. appreciate it. facebook officials, they are expected to speak with aids from the house judiciary committee today. that is a big deal, when you pull in the guys say what are you up to here, pulling them before congress. that is a big deal. greg walden, head of energy and
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commerce committee. greg, welcome back to the program. can you tell me if you have any particular kind of regulation that you would like to see applied to facebook? >> well we're going to get an answer to that. we're also having our staff meet with the facebook folks today. they're briefing our staff. we asked him to come in and do that. that leads to the next set of questions, what happened, how long did it going on, violating existing rules under the federal trade commission on their disclosures? when you sign up, when you go on any of these sites there is a disclosure what they will do with your data and what they won't. that is under the federal trade commission which we have jurisdiction on the energy and commerce committee. we take it very seriously. the american people should take it seriously, it is their data or is it, stuart. that is the question. stuart: if it is your data what are they allowed to do with it? that is the big question going forward. >> it is their business model. how they monetize your data to their advantage. that is part of the deal, but
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did they exceed the deal. that is the question. stuart: thank you very much, greg, for coming out of the house, you wanted to spend time with us here because you got a specific opioid bill in front of the house. i want you to tell us exactly what. tell us what is the big deal about your bill? >> one is years long investigation that went wrong in the opioid market that dumped hundreds of millions of pills into west virginia. we're trying to get to the bottom of that we have one of them called the info act, that congressman late at -- latta our subcommittee chair. so you can access resources we made available from the federal government and we track the money is getting to the ground being spent to help victims of this epidemic and to help our communities cope but it is
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everything how we take pills after you pass away to how you take them back if they're just surplus in your medicine cabinet, to how we get at the whole thing from one end to the other. deal with addiction, better medical treatment, better prescribing practices, deal with entire set of issues. more people are dying from opioid overdoses that die in automobile accidents in america, stuart. so this is a big, big thing in every community. stuart: yes it is, sir. as you know president trump is proposing the death penalty for the kingpins of the dealing business of opioids. what do you say to that? >> well that is not unique. it is in law today in some cases. perhaps for kingpins that is something that they will take up in the judiciary committee. suffice it to say there is a long list of things in the president's initiatives that overlap with what our committee is working on in two days of hearings we started a few minutes ago in the energy and commerce committee. you can go to energy and commerce.com or dot-gov.
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look at the website. all bills are listed there, energycommerce.gov. there are all the business. it makes since. we're in partnership with the administration. it is bipartisan. it is something we have to do as a country. stuart: greg walden, you have to get back in the house. there are all kind of votes and discussions you take part in. thanks for being with us, greg. >> stuart, appreciate it. stuart: now this, the european union proposing a 3% tax on gross revenues of some of our big tech companies, like google, like facebook. our next guest wrote a book why europe is dying. the title is, i love this title, the end of europe. the author, james kirchik returns with us right now. james, i say europe is dying. one of the reasons, there are lots of reasons why europe is in such trouble is, they don't innovate. they tax us on our innovation, our wonderful technology companies but they don't innovate themselves. do you agree with me? >> i largely agree with you.
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entrepeneurship is really lacking in many european countries. look at tech companies, bright people who start tech companies, they come to the united states. there is a reason for that, we have more permissive open environment for starting businesses. there is less regulation. in europe that is not the case. they tried to bring uber to paris, the taxi drivers were rioting on the streets. that is small example. european economies need to be more concerned with economic growth. if you get the growth then you can tax that. to be putting burdensome taxes on absence of growth is a real problem. stuart: you and i disagree politically. i'm a refugee -- yeah, we do. i'm a refugee from europe. i don't like european, europe's socialist model. i don't like it. i don't like big government which is firmly entrenched in europe. i don't like cradle to grave security which you can't afford and is not sustainable.
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where am i going wrong? >> hard to speak of one europe. there are difficult types of models. what they have in germany is not necessarily the same what they have in france. what they have in the united kingdom, which is closer to what we have in the united states isn't the same as what they have in norway. there are different models and i think what prime minister macron is trying to do in france is actually something very positive. he is trying to lib alize the labor markets. you have the instructional unemployment as you know of 10% in france. that has been like that for decades. it is hard to hire new people into your companies when it is impossible it fire them. you had me on last week to talk about migration. one of the reasons why european countries have much tougher time a simulating their immigrants they have really inflexible labor markets. compare to the united states, immigrants in the u.s., have higher labor force participation rate than native americans. they work very hard in the u.s. because it is relatively easy
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for them to find jobs. that is not the case in europe. it is much harder for them to find jobs. that is one of the reasons why you have these problems of a simulation across the european union. stuart: can we end it like this? you and i agree on one thing. europe is a vast museum, agreed? >> there are nice museums in europe. stuart: very good, james, very good, okay. come on back soon. we like you. >> anytime. thanks a lot. stuart: coming up a coal company executive said tariffs helped boost coal production. tariffs on steel and aluminum boosting coal production. he thinks it will get stronger still. he is joining us in our next hour. first hillary clinton doubling down on her comments that many women are swayed by men when it comes to voting. fox news's martha maccallum will give us her take on that. ♪ you know what they say about the early bird...
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but i'm not standing still... and with godaddy, i've made my ideas real. ♪ ♪ i made my own way, now it's time to make yours. ♪ ♪ everything is working, working, just like it should ♪ ashley: three illegal immigrants escaped capture after oakland's mayor gave warning about upcoming i.c.e. raid, have been rearrested for new crimes. louie gohmert says sanctuary cities are accessories to those
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crimes. roll tape. >> they basically said we want the federal money, we demand federal money to keep flowing, we're seceding from the union. we don't care about what the supreme court said about immigration laws. we don't care what the president or congress has said. we're doing our own thing, actually my days as prosecutor as judge, felony judge, we called this being and a accomplice but under laws in california, texas, federal laws, if you even encourage somebody in their crimes, then you are just as guilty. ♪ every day we hear from families who partnered with a senior living advisor from a place for mom to help find the perfect place for their mom or dad
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stuart: well, well, will you look at this? fist book turned positive. -- facebook turned positive. maybe investors thought at 164, 165, buy that dip. because they have bought it and facebook is at 168. 15 cents higher than yesterday's close. but it is up. that is facebook for you. now this. the women's vote in the news, very much so. hillary clinton recently said women were more swayed by men than men were swayed by women. the president reacted to that last night. roll some tape. >> you notice how fast the democrats have run from these statements now? they are disavowing those statements like i have never heard before. she's wrong! people that were her biggest supporters are saying, what is is she doing?
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why doesn't she just go home? stuart: okay. there he goes again. martha maccallum is with us, the star of the fox news channel, 7:00 at night show "the story." welcome. >> hi, stuart. stuart: he will not leave that alone. >> he likes that and deplorables, favorite two comments of hillary clinton. >> what about women in the news at the moment, stormy daniels, for example, what will he do about that? >> you know what? i think nature of this is that these kind of stories are going to be hanging around this president for some time. and i think he is going to have to, sort of figure out if they're going to be a legal problem for him. i think ultimately they probably are not. but you know, continues to add to the cloud of issues that people can focus on. i think you know, if he didn't want to focus on these sorts of things in his tweets he could pull the message back to those
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things he feels stronger on. stuart: he goes after hillary clinton. he goes after nancy pelosi. shows no sign backing away whatsoever, despite elements issues in the knaus surrounding women. he is not going to quit, is he? >> to me this is not a women's issue what hillary clinton is talking about. women don't want to be told they have vote for a woman. neither does hillary clinton. in trying to fix this, she steps in it again. when i think about possibility, i hate saying, when you think about the ongoing struggle to reach gender balance within the household. they say this issue exists in people's homes. the backlash stuart, when she said it and continue today. the problem was that they didn't want to vote for hillary because she was a woman. they wanted to vote for the person. if nikki haley was running would
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she vote for the democrat male? probably. what hillary clinton has to come to terms with, perhaps it was her. that is revelation perhaps she will have to entertain at some point in this grieving process. stuart: tell me, do americans vote for something, for a person, for a policy, vote postively for things as opposed to voting negatively against something any suspect it is the former. >> i think in most casings it is the former and i think some people voted for donald trump in spite of the fact he was donald trump because they wanted to, you know, shake it up. stuart: see the point. >> they wanted somebody who though thought was going to be bring change about. they want somebody who wasn't afraid to break some of the sacred cows. clearly he is not afraid to do that. when you look at women in particular, they voted on the economy, voted on national security, they voted on the jobs outlook, obviously, 52% of white women voted for donald trump. 43% voted for hillary clinton. i think that women are much more
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issues oriented when it comes to voting than some women want to give them credit for. stuart: i asked this of all fox news anchors, who come on the program. do you think we'll ever fet used to this president and his persona, his personality, his approach, his presidency? >> you know, stuart, i think a lot of americans are already quite used to the president. i think some in the media want to keep measuring him by the standards they measured presidents by before. they like more relative calm of previous presidencies. this is clearly a different presidency. it will be cacofhous at every single term and ugly and nasty and continue it shake things up. you do this too. you are so focusing on the policy, take the apology to putin for example. stuart: yes. >> we have the text what president obama was saying and doing and talking about when he
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congratulated putin. he was looking for things he had in common. that is exactly what this president is doing. now maybe there is something more nefarious in this relationship. that is what this investigation is trying to find out but i think the president is mostly focused on trying to improve the relationship in areas where it is strategically advantageous for americans. stuart: cacophon u.s. new word of the day. >> thanks, stuart. stuart: president trump says they're working on a second leg of tax cuts. who would benefit and how would small business benefit? what would they want? a ceo who has been in the room with trump on taxes is next. ♪ mom you called?
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stuart: our next guest testified before congress on making health care more affordable. she has been in the room when the president was talking about more affordable health care. come on in fast signs ceo catherine munson. let's get straight at it, catherine. thanks for being with us. by the way. >> my pleasure to be back. stuart: what is the single most
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important thing america could do to make health care more affordable. what is it? >> this opportunity to have association health plans and so groups of business owners gather together to be part of a bigger pool. there is difference between cost of insurance for small business, 10 or fewer employees, 49 or fewer companies to a large company. if we could bring the exciting buyer power to small business by allowing association health plans, it will unleash the strength of group buying power, and bring quality, affordable health care to small businesses. stuart: look, you're a small business operator, pretty good business. are you not allowed to go with other small businesses and do a group policy? you're not allowed to do that right now? >> well, as of today we're not. and that is why president trump signed the executive order in october of last year and why the department of labor has put together this proposed rule and with any luck, that will get
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implemented, we'll bring strong buyer power to tens of thousands if not more small businesses f you look at franchising, there are 733,000 franchise locations in the united states with 7.6 million employees. majority of those franchises are individual small businesses with 10 or fewer employees. international franchises -- stuart: if this goes through, this plan goes through, would you be allowed to cover what you want to cover and not go with the baumann date you have to cover this, this and this? >> i tell you large companies and unions today are exempted from some of those mandates but i want to be very clear, fast signs is not interested or nor international franchise association interested in putting together a skimpy plan. we want to attract best employees, smart, best employees, compare opportunities from health insurance from large companies and small companies. stuart: okay. >> we want to ban together, with
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>> every dead democrat in congress opposed our middle-class tax cuts. if democrats were to gain control of the house the first thing they would do is raise your taxes. they would raise your taxes, they would take away what you have done and raise your taxes, they will never vote for what is right. these days there is no such thing as a blue dog democrat. a red state democrat, or a
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conservative democrat because they are all pelosi democrats. week on crime, week on terrorism and weak on national defense. >> that was the start of the president beginning to lay out a game plan for the november elections. he and the gop from what he said last night will run on the economy's performance, work on a second round of tax cuts too. he will run in november on the return of prosperity. he has a good track record, you will know the news on growth, jobs, wages has all been solid since the president took office so if he is running on his economic performance, what are the democrats running on? the -- trump the man, his character, his demeanor, his language. they will run against the trump show and they have a lot to go at. donald trump is a larger-than-life resident who
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has no problem going after his opponent in insulting terms. not everybody likes that. is the equation. republicans will run on prosperity and won't be shy about going after nancy pelosi and hillary clinton. the democrats will run against trump the man. it is going to be policy versus personality, performance versus persona. there's a lot of news to be made between now and november. the president will continue his caustic tweets. is not going to change in the economy will likely continue to expand, new jobs and higher wages and mueller might come up with some kind of collusion. the battle lines are drawn but it is the economy, stupid, as bill clinton's campaign had it a generation ago. democrats might want to scale back their hopes. the third hour of "varney and company" is about to begin.
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>> the republicans appear to me to be running on the economy. ben phillips is with us, event chair cio. what do you think? the president runs on the economy, on his performance and democrats run against him, the persona. >> that is what we have seen republicans tout, the economy doing well, the stock market doing well, great 2017. the market is saying we like policies that are market friendly, encouraging growth in the us. stuart: you put together two etfs, one of them, gop republican etf, that is where you put republican leaning companies with policies that lean towards republicans, the other one is for the democrats and democrat companies. the republican etf is doing better. >> it is a testament, up 11%
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versus launch since 5 months since our october lawns, republican policies up 11%, democrats fund is up 5%. underperforming our benchmark which is up 6%. policies are driving market performance and that is what we built this company on, policy drives stock prices and if you look at the misleading indicators for changes in the business model and industry operating structures you can outperform the market if you identify the right candidate. stuart: if we get a second round of tax cuts i presume you believe that is good for your gop etf, good for the president, good for the election prospect in november? >> i think so and we have a us tax form fund, a third fund oriented toward tax policy. stuart: do you think your gop etf will continue to do well outperforming the market if
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democrats take that -- take back the house? >> be careful with those forward-looking statements. if republican policies continue to make way. that will drive the republican stocks in the portfolio. >> you are not allowed, are you, to take that forward-looking statement. and the fund is constructed, and democratic policies fund built to benefit from democrat policies. check the big board, we are down 30 points. we have this fed statement, how will it raise interest rates? and the new fed chair holds his first-ever press conference at
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2:30, how he responds to media questions. i don't want to watch it particularly but it will be interesting. it is not during my show. i tell you that. i shouldn't do that. facebook, stock turned positive. it is up 71, 168 per share, heavy volume, that has been beaten down the last few days, but today bounced back. christian magoon, amplify etf's ceo, buying on the dip, 164, 165 is too loafer facebook. >> an old saying on wall street don't catch a falling knife. don't catch a falling knife, we
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are seeing on facebook, mark tucker berg is supposed to sleep in the next 24 hours and that will be the next market moving event and see if this bounces for real. >> the market would move significantly if there was some regulation proposed in the future which stopped the facebooks of this world monetizing personal information on all of us which they hold. if that happened it would be a severe market reaction. what say you? >> i agree. when you use a platform, what is the product? when the platform is free, that is where social media companies are growing business and stock price, monetizing personal data, there will be more regulations coming down the pike because of what happened with political scandals,
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sharing of information. >> it is up $.83, 35 million shares. >> i'm intrigued with twitter. stock was bumbling around $20 a share and went straight up to 35, came down yesterday because israel is considering a lawsuit against twitter because they carry terrorist propaganda on twitter. there is a bounce back up 5% but you like twitter. why do you like it? >> over the last week or quarters they had increased business growth and increased revenue. they have done a lot to limit bots on their platform and kicked out hundreds of thousands of accounts which is bad for business for them but a good thing for shareholders.
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this double-barreled shotgun they faced yesterday, one is the facebook meltdown and israel pursuit against legal action, forced stock to correct more than it should, down 11% at one point. this is a great platform that benefits from the trump effect, people get their news here. i follow "varney and company" on twitter. this is a great platform. stuart: that was a very good shout out. you will be back. one more and i know you like jpmorgan. i don't know where jpmorgan is. what is the stock quote? is 114. if you like it where do you think it is going? give me a stock price. >> it could get to 130.
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interest rates are going to rise, that is good for banks, good for jpmorgan, they are demonstrating from one of the largest competitors, wells fargo struggling in a major way. the other thing is they are leaning into growth initiatives like block chain technology, a disruptor for payments, one of the top holdings, and to go higher on those reasons. stuart: you have eight months, between 9 months to go. we will return to the subject and see how you did. individual stocks. and that is not accounting for apple stock, down 133. the maker of cheerios and a lot of other cereals, general mills, watch out, cut its
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profit forecast for the future and getting hit by higher freight and commodity costs, that is down 9%. american airlines accidentally offering a free flight that reads you never have to pay for a seat, you arrive at the airport without. the wheat was up for an hour before it was taken out. and it was only supposed to apply to one customer. andy biggs, robert mueller to resign saying his conflict of interest are too great to ignore. he will join us later this hour. one pole company executive says business is up big time since donald trump took office. we will be back in.
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stuart: authorities in texas have named the suspect, mark anthony conditt. he. himself off, two of his bombs located inside a fedex facility. fedex just gave us this statement, quote, fedex was able to provide law enforcement with key evidence leading to identification of the suspect responsible for the bombing because of advanced security capabilities and the vigilance of our team members. more on this in a moment. steel and aluminum, and next guest is the head of the company which is benefiting from those steel and aluminum tariffs. his name is grant and he is the
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ceo of kalinga resources. you are an executive of a coal mining company. and you are benefiting, your company is benefiting because of steel and aluminum tariffs. how does that work? >> we need to focus on bifurcation of the coal industry. we produce thermal coal which is used in power production. one of the benefits of the tariffs are restarts of steel and aluminum plants in the midwest which have been shuttered. by my estimates the restart of these plants which require low-cost, reliable, coal-fired power increased power demand, 7/10 of 1%, that is huge, 0 growth for the past two in years. stuart: your producing more
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thermal coal. >> we have an interesting story, it is really company that developed a brand-new thermal - >> i have no idea what thermal coal is. >> two types of call for steelmaking which is metallurgical. the second type is thermal coal, the larger part of the market used primarily in power plants to create electrical power. stuart: a difference in the actual coal itself. >> it is much higher quality and much more expensive to mine and sells for generally a lot more. stuart: you are the cheaper end of the market. >> we like to think we are the stable and larger end of the market. which is benefiting from strong growth in asia. a false narrative the call is
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dead or dying. rumors of its death have been greatly exaggerated. it will grow globally through 2030. globally a lot of growth. stuart: are you exporting your stuff? >> we plan to have the ability to export. we are in the illinois basin and that call is good for exports because it is mind inexpensively, has high heating content and we have access to the river network where we can ship on barge or rail down through the us gulf and out to the international market. stuart: kalinga resources, you must be huge trump supporters. >> the trump administration has been helpful for the industry, they rolled back a lot of unnecessary regulations. when you don't have to be a diplomat, if you like trump you don't have to hide your light under a bushel. >> i'm a big supporter of the trump administration and specially scott pruitt who is doing an excellent job at the epa. stuart: there is a future for you in this program, come right
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out and say it, don't hold back. you are about to open the first thermal coal mine. that seems strange to me. if it is a big part of the industry where are the thermal coal mines of the past? >> they still exist but there was a big downturn in the last we 5 years with we saw pricing dropped to levels we haven't seen in ages. production in the united states today of thermal coal is at its lowest level since 1979. i remember that because that is when i was born. what we had is a real issue with coal in the us because cheap natural gas has been eroding call market share and on top of that the previous administration's efforts to unnecessarily hamper coal has hurt the industry but now with the trump administration we are getting ready to open the new mine which we would not have
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been able to do if trump had not been elected. stuart: you are a font of information flowing out. thanks for joining us, we appreciate it. san francisco and oakland taking the world's biggest oil companies to course over their role in climate change. the trial starts today. the judge will come back and i want to know do they have a case? can you guess the top travel destinations in this country and around the world? which city? number one, we will tell you after this.
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stuart: we asked before the break what is the top travel destination in america? the answer is new york city. trip advisor says it is the big apple because the big apple offers every incentive to go for broadway shows, heavy snow, blizzards. on the first day of spring. rounding up the top 5 what are they.
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maui number 2, las vegas, oahu and orlando. what is the top world destination, it is paris. the sites, the history and the food. other - london, rome, bali and crete. who knew? a new feature in japan is called pup view. google putting a 3-d camera, and among the places you can go with the dog cam, snow-covered rice field and the busy street. a new video on speedboats. made of old fighter jet parts,
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called see preachers, they look like sharks, color whales or dolphins going at 50 miles an hour that dive below the surface and carry two passengers underwater, each costs $100,000. quick programming note, don mclean would be joining us this hour, because of the news, facebook, austin and the weather, no longer on the show. we do apologize for that. what we do have, two california cities taking on big oil. they say oil companies are responsible at least partly for global warming. judge and volatile tells us if this is a legal case with legs to stand on. we wait to hear how many rate hikes this year. facebook has turned around, more varney after this. ♪
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himself or redesign. do you think donald trump should fire him. >> not sure he should fire him. it would be a wrong move but mr. mueller has gone clear outside his range of scope of what he is supposed to do. this investigation shouldn't have started and everybody says there is no collusion. that was the point. the point is long gone. and the one you can't make him do this. no way you can do this. he is there, he is staying. the best you can hope for is he gets the report out quickly so it is not hanging over the country for the rest of the year. >> we are too late. we are long past that but i'm hoping and appealing to his sense of honor if he has any. i don't know the man. i would suggest it is time to be honorable about this and say
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we didn't find anything, we are dillydallying and it is time to stop. stuart: no special counsel will ever do that. they have to justify all the money they spend and their own appointment to the job. last night we had donald trump saying we are going to work on a second leg of tax cuts. do you think we might actually get some cut of some kind in some tax before november? >> i think so. i talked with chairman brady who is forming a task force. i think i will be on that task force. some things need to be done. you need to codify and make permanent the individual cuts and make those adjustments down a little more. the pass-throughs need to be fixed. they are at a competitive disadvantage with the large corporations. capital gains needs to be looked at.
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this is been successful to the economy. my constituents feel it and are enthusiastic about it. we feel we will get something done. stuart: am i right in saying to make any change in tax rates you have to have 60 votes in the senate. you don't have 60 votes for cutting taxes. >> if we do our job and do a budget and we will do the reconciliation and only need a simple majority of 51. there is a path there. stuart: you want to be on this committee, this group that is looking at the cuts and you have a good shot at being on the committee. >> so i hear but i have heard things before that haven't worked out. stuart: we do appreciate you coming on the show. you came at short notice because we have weather problems, thank you very much. a judge in san francisco is going to preside over the
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country's first ever court hearing on climate change. i think it starts today. san francisco and oakland filed suit against the world's biggest oil companies because of greenhouse gas emissions. judge andrew napolitano is here. do they have a legal leg to stand on? judge napolitano: here is their argument. greenhouse gas emissions caused by the oil companies worldwide have resulted in an increase in the height of the sea level at the ports in san francisco and oakland. that has forced the city which owns the ports to spend a lot of money on infrastructure around the ports and the city wants to be compensated for past expenditure of money and its future. anyone my answer is depends on cause and effect. can you prove these emissions worldwide have led to rising sea levels in oakland and san francisco? judge napolitano: is a federal court the appropriate place to prove it or is this a matter for congress to resolve? there isn't a federal judge in the country, but for this one who would have denied the
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motion, would have from it in the case to go through with any other judge would say you are in the wrong place you want these laws to exist, get people elected to congress. i don't want to give his name. a bill clinton appointee who is known for being an outlier in his use of the federal court room. his courtroom, to express his views on social issues. for example he has demanded that each side present him with a eight our tutorial telling him whether or not what we learned as schoolchildren, we breathe oxygen, we breathe out carbon dioxide, is still true because schoolchildren were told trees breathe in carbon dioxide and breathe out oxygen and why doesn't that work anymore? you cannot make this up. these are the questions he put to the biggest law firms with the most expensive experts from
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the finest universities and demanded each side present him with a eight our towards oriole. that is how the trial is beginning and it will go downhill from there. we are 100% on the same page. who is paying for this? taxpayers. stuart: a federal taxpayer? judge napolitano: the city is paying for it side. oil companies are paying for their side. the judge and the people who work for him are federal employees. stuart: i lived in san francisco when i first came to america. judge napolitano: a very different place 40 years ago. the one i believe it was very different. even back in those days there was a columnist very famous in the chronicle who called it baghdad by the bay. and always out there with rather strange opinions. nothing has changed. if you have a federal judge asking those questions in his
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courtroom about global warming we have gone nowhere. judge napolitano: do you remember in what federal circuit san francisco sits? the ninth meaning he knows he can get away with this, the appeals courts will never interfere with him. stuart: he will pass his judgment at some point. who knows when that will happen? judge napolitano: a huge amount of money from oil companies to oakland and san francisco, and 5 years of legal fees. >> the legal system. >> in almost any other federal court in the country, dismissed on motion a few years ago. before the legal fees -- stuart: there is a snowstorm ring outside that you and i sitting cozy in the studio an agreement. it won't last. thank you very much. judge napolitano: it will get worse or we will start
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disagreeing. stuart: the audience likes that. serious stuff back to the bombing case in austin. i want to know how the police got the guy and ashley will tell us. ashley: detective work. authorities knew early on that these bombs had one similar aspect. they were all made from regular household items. they went to all the stores, big-box retailers, hardware stores in and around austin and started going through store receipts, doing that actually gave the lead. they went on to get a federal warrant for an individual to get his ip address, internet provider, able to look at what he was searching for on google which raised more red flags and the final final clue to all this, he was picked up on the surveillance video inside a fedex office walking in mailing two boxes and they had the person's name, vehicle number and tracked him down through
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cell phone use, and where the final - he. himself up. stuart: superb police work. >> - can you imagine going to all the stores. >> >> what they presented, was probable cause of crime, the judge signed a search warrant, that let them get into his xylophone which gave more information. stuart: everything done aboveboard. judge napolitano: we didn't know the existence of the search warrant when we discussed this. i'm happy to know, they did it properly in a timely manner and
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it worked. stuart: now we want to know the motivation. that will take sometime. did he act alone? ashley: he was not known to police, he was one of four kids described as quiet, studious, homeschooled, went to community college, had a degree with the computer repair technician, there was no sign we know of as they look at the background of this individual to suggest he would go on this bombing spree. stuart: fox confirmed his name, mark anthony conditt. stuart: the stock price of facebook all morning, it opened all down at 164, complete turnaround coming out is up to dollars, it has reached $170 per share. may be investors piled in at that lower price buying on the dip and facebook is 170. ge is one of the biggest gainers of the dow 30 stocks
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hitting a 7-year low yesterday, bounced $.16 today, one of the biggest gainers, still at $13 per share. ahead of the midterms democrats ramping up attacks on donald trump the man. is this a winning strategy for november? we will ask that question. you can soon ship a package from your local walmart teaming up with fedex, detail on that, 90 seconds away. ♪ copd makes it hard to breathe. so to breathe better, i go with anoro. ♪go your own way copd tries to say, "go this way." i say, "i'll go my own way" with anoro. ♪go your own way once-daily anoro contains two medicines called bronchodilators,
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♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪ nicole: i am nickel penalties, news on fedex pertaining to walmart moving in 2500 new locations in walmart stores nationwide and they touted the move saying it will bring printing and stores to make it easier for customers overall to do their copying and shipping, strategic initiative between the two, and you will be able to send packages to that walmart and hold them for you and up to 5 days.
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hollywood. the book deal was announced last august and hollywood was interested for a tv or film deal. comey is not sure he will sell it. the book will be published for you and i to read if we wish on april 17th. liz: when he and general reported that -- stuart: it could. back to my editorial top of the hour, democrats, this is my opinion, going after donald trump the man as they gear up for november, the persona, the personality, going after that. the national center for public policy research. do you think i am right democrats are going after donald trump's personality, his character. if they do that is that a winning strategy? >> that looks exactly like what is energizing democrats and it is a novel strategy. in 1994 i worked on capitol
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hill and when republicans wanted to take over control of congress, what they did is recognize you have to have something to beat someone and they came together with an agenda and it was that agenda that was sufficient was 50 house seats. i don't like the president, i hate them, i think he is an awful guy isn't going to go anywhere. stuart: i think there's a strong body of opinion, we don't like this president, we are embarrassed by him, don't like his language, his tweets and a lot of people will vote on that basis. >> in 1998 the american people knew that bill clinton had lied to them, had mistreated an intern in his office and was clearly a serial womanizer. when republicans said we don't
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like him, you don't like him, don't agree with what he has done, let's get more support for republicans. guess what happened? democrats gained seats rather than lost seats breaking a historic trend. you must absolutely have an agenda in this country that is attractive to people. we don't like the president too, that is going nowhere. stuart: you make a lot of sense. welcome back to the program. one more for you. donald trump reaffirming his commitment to fighting sanctuary cities. for our viewers benefit roll tape. >> sanctuary cities in states like california put innocent americans at the mercy of hardened criminals, hardened murderers. sanctuary cities are dangerous.
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we will take care of the problem. stuart: added to that, we have three criminals who got away from ice because they were more dice was coming by the mayor of oakland, three have been arrested, two for beating up their spouse. what do you say about that? >> i am very troubled by this trend. mania -- many senior democrats in the mayor's office or the governor's office or holding elected office across the country seem to think it is legitimate to engage in some kind of resistance against lawful, federal authority. this harkens back to what we saw democrats do in the 1950s and 60s, lawful activity and action on the part of the federal government was resisted. it was wrong then and it is wrong now.
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history shows the error of that behavior. i would encourage them to take a new look at this plan and figure out how state and local governments can carry out their responsibilities. in outright defiance of federal authority. stuart: you make far too much centered if you are not careful you will be back as a regular on this show. can you handle that? >> all i can do is tell the truth. stuart: thank you, we appreciate you being here. we have news on the facebook official meeting on capitol hill. we bring you that news after this and facebook is up. look at that. mercedes-benz glc... ...with its high-tech cameras and radar...
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so call now. remember, medicare supplement plans help cover some of what medicare doesn't pay. you'll be able to choose any doctor or hospital that accepts medicare patients. whether you're on medicare now or turning 65 soon, it's a good time to get your ducks in a row. duck: quack! call to request your free decision guide now. because the time to think about tomorrow is today. stuart: representatives from facebook were supposed to meet with aids from the house judiciary committee but they are not doing that. on the left-hand side of your screen, capitol hill, it snowed big-time. is that the reason? whether cancellation?
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>> a lot of meetings have been canceled, between the house judiciary committee, will take place, they rescheduled that from 9:30 tomorrow. what is forging ahead is this effort to fund the federal government and we should get the formal text of what the bill looks like. they plans to put this out last night. and they gave members part of 3 days, and we get democratic support on this, there were 167 republicans who voted for the budget framework in february, and set the table for the spending bill here. nancy pelosi indicates to get this into a form that members
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can comfortably support. stuart: one item is in this spending bill, there is no defunding of sanctuary cities. democrats will vote for that. because you need that vote of just enough republicans and democrats, it was not defunding of planned parenthood in this bill. the one issue that still seems to be outstanding is expanded -- house speaker paul ryan and senate minority leader mitch mcconnell and a shooting in maryland at the high school yesterday. >> we are 100 points.
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stuart: two stories dominated our show today. number one, facebook. when we opened the show at 9:00 this morning it was down about $164 a share. look at that. a full flown bounce back. it is up nearly three bucks at 171. the other story, the austin bombing suspect, he is dead, blew himself up in his car but ashley gave us the story how police got ahold of him. brilliant. ashley: tracked down store receipts from common household items we use to make the bombs. as you can imagine a lot of store receipts. that gave them critical evidence who was the suspect. stuart: brilliant. old gumshoe work. ashley: that is what it was and
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it worked. stuart: they got him. there is another big story. it will break this afternoon around 2:30. that is the federal reserve. jay powell gives the first-ever press conference this afternoon. that could move the market. we shall see. neil. it is yours. neil: thank you very much. we're on top of that. a little more than two hours away, a complete d.c. shutdown. they don't need much snow to shut down, don't need many excuses some, not all, government workers not to show up for work, giving upwards foot 1/2, two feet of snow today, they could be forgiven being anywhere near a desk today. we're on top of that. on top of a big storm brew having nothing to do with mother nature but having to do with the political world, these tariffs on china. they're going to be big. the chinese are upset. the markets are not. we're getting to the bottom of that. adam shapiro with latest from
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