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tv   Cavuto Coast to Coast  FOX Business  April 12, 2018 12:00pm-2:00pm EDT

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you. >> this is pure dram in. ashley: neil cavuto is a huge fan. stuart: neal, it is yours. neil: thanks for giving me update on that. this is football? i didn't get where they were going with that. i get where we're going with the corner of wall and broad. a relief rally at least the president is immediately planning to go to war here. kinder words when it comes to trade. reports that he will be flexible on rework of nafta. first senator cornyn of texas first hinted that president later confirmed that we're on top of all of that. let me introduce my esteemed panel. charlie gasparino, kat timpf and
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charles payne. relief rally that president had to clarify he never said when he would attack. it is a foregone conclusion he would attack, right? >> may not be a foregone conclusion. he got a lot of pushback, he tweeted in the past he never broadcast. he clarified. i didn't say specifically, yada, yada. germany is on board terms of it moral support. we may get great britain on board. feels like they're putting together a coalition. a lot of folks in conservative circles and libertarian pushing back on president, going against his own instincts on this getting drawn deeper into this quagmire. neil: it was cat kat timpf barack obama drew the line and not crossing line there has been consternation since. how far does a u.s. president go. if you get involved once you get
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involved every time? >> i don't think we should get involved especially without congressional approval. president trump tweeted big mistake to attack syria without congressional approval. now 2018 he seems to change his mind. he used it and did it again. and i don't know what is risk of escalation with russia. using resources. putting people at risk for something like that when he we know it will not do any good. neil: you ignore everything going on there? >> i would like congress to decide. neil: understood, understood. the rap seems to be, by the way, wonderful haircut. >> black & decker. neil: you save a ton on that. is it your sense whatever the president could be cooking up, and charles is right, we don't know if he is cooking up military response but if there is it one it will be decidedly different than a year ago, a pinprick treich -- strike at
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airbase which all were used to launch chemical attacks? >> he signals something, pulls back. it is hard to -- neil: maybe is the idea. people like you are guessing. >> no one believes me. he is doing that with trade. ratcheting back all the rhetoric. so he doesn't really get that much out of the chinese. maybe he get as fig leaf. neil: we don't know that. >> we don't know he is getting anything. neil: we have xi xinping announcing to the word, my hats off to you, early on said watch this speech. it would impact -- >> said the same stuff 10 times already. neil: you're not tipping your hat. >> i don't have a hat today. >> you need a new one. >> but he basically has said the same thing about three or four times. >> although he has put a time stamp on the auto tariffs. he said this year it will happen. before it was always open-ended. neil: auto tariffs. explain, 25% now on foreign cars. more on very expensive cars.
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>> is a pretty lame, pretty small -- neil: would not reduce it to our 2 1/2%. >> it would certainly be lower. this reveals something in china by the way, guys. if a car costs $30,000 in america, or 50,000-dollars car in america costs 150,000 in china points to serious income inequality gap in his own country. he has domestic issues. >> my bigger point trump talk as mean game and ratchets back every time. did it with trade. that is where it looks like we're going. let me make my point. >> he is getting results. >> no he is not. >> he is is. >> he is not. he gave a speech he gave three years ago. >> he altered -- >> altered a couple words in the speech. >> yesterday didn't get a lot of press. they will allow more financial invests in china as well. >> great. >> let the dust settle before you, i'm telling you already i see change. >> i want to see results. here is what i would say.
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he talks all this stuff and ratchets back every time. you will lose credibility when you do that. >> that is called negotiating. >> who is he negotiating? against himself? neil: one more time. pat, i want to address this with you. paul ryans awe know he is not running for re-election. a lot of people in the republican party say i wish you go sooner to get the whole leadership thing straightened out. you read headlines you would think it is political armageddon for republicans. 40 members, seasoned members are out of there. it must be preview to sayonara. i don't know if i buy that. >> everyone and their mother is saying blue wave, blue wave. if i were a democrat i would be very concerned all talk of a certain blue wave make democrats complacent. neil: exactly. >> we saw what happened in 2016 when democrats to the complacent, donald trump is the president.
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democrats if they fet too sure, might be less worried focusing on a message i think they need a message. voters might become apathetic and likely less to go out in the polls. >> there is very little complacency in the democratic party. >> not now. i'm saying if this continues blue wave, blue wave for sure, it could get that way. neil: we're minutes away. president will outline later on in this show's hour, wanted to time on my show, that's fine. a burden i carry. >> loves you. neil: in all seriousness, one of the things he will outline an update on the whole tax thing and good news out of tax cuts, all that. maybe making the individual one permanent that is the pony he will be riding. that was no accident, no fewer than four times did paul ryan come back to the tax thing. is it your sense that republicans feel that that has been underrepresented in polls or underappreciated in the general media, that there is a lot more enthusiasm for that
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than is being counted on? >> the republicans i speak to, are a lot of dyed-in-the-wool conservatives are worried about the trump temperment casting a pall over the fact we have a pretty good economy. we have tax cuts that will kick in. it could get a lot better. they're worried about the trade stuff he actually might do a trade war with them which i don't believe is going to happen. that is their main worry. getting back to what kat just said, the democrats have a lot of enthusiasm right now. they despise this guy. and they're out in force. if he fired mueller, if he fired mueller tomorrow, there would be -- neil: almost like if they're wanting to tempt that. they would love that. >> i agree with kat in a sense also there is no message, right? yesterday the "qunnipiac poll," we only hear about it when it excuse against trump, in terms who you want to see control the house of representatives, republican 43%, dem 46%.
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on february 20th. it was 38-53. neil: is that right. >> what is trying this independents would rather see republican party, 39% democrat. neil: who is more jazzed in that group, charles to go to the polls? as you and i know -- >> turnout is always important. neil: that is the piggy. >> we don't hear a lot. this is stealthy you don't hear about because the economy. >> you don't need a pure national message in midterms. i saw the -- >> you need a message. >> republican had no message in 2010 except hate obama. neil: if republicans opt out, they don't want to run that opens up a contest. >> i can't tell you who is going to control. i can tell you the enthusiasm is on democratic side. you don't necessarily need a message. republicans proved that against obama. they hated obama. neil: i think they kind of might get a little lazy. >> maybe. >> democrats, might start with the blue wave that it is inevitable they don't need to
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work as hard. >> vote something boring. it is not fun to stand there. >> if you hate a guy, if you hate a guy -- >> it is important. >> if you hate someone like donald trump and these democrats and a lot of independents despise him, that, he stokes that a lot, you know -- >> i agree with you. >> i don't know if the enthusiasm is going to go. i'm not saying that they will win. i'm saying enthusiasm -- >> you are on the couch, you already herd on the blue wave. got it in the bag, maybe you won't get up. neil: does the market play into that? if we get a quarter that looks like especially with most of the big name financials tomorrow after blackrock today, that is going to refuel the market bring it back to the highs, does that affect voters? >> i think it does. not necessarily big banks, but today it's a small retailer, but a company called zumiez. same-store sales up 12%. this is brick-and-mortar. delta had highest traffic in
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four years. this is stuff that is core core reshuns of the american consumer. people ultimately vote with their wallets. neil: would they take that extrapolate to go with republican. >> earlier we brought up the idea of democrats, republicans not sell ising this tax message. this morning i went to look at video that the white house put up under barack obama that touted that $40 a week from extending payroll tax cut, called $40 from 50 states. they had a great story how 40 bucks a week postively impacted people's lives. a video from every single state. they played it up. this is what republicans run on this year. the economy. >> markets took off under obama for obvious reasons. >> the markets rebounded under obama. they rebounded. >> went from six -- >> they were oversold. down 50%. >> down 50% because of what happened with george bush. >> it was oversold. >> but it went up bigley to use a term our president likes to use. it went up bigley.
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the economy mildly improves. he, republicans still in that environment were able to take confess. now the difference i think here is economy is improving a lot more. we'll see in the numbers. i think they have that on their side but you know, just remember economic improvement, markets up, did not work for the democrats in 2010. >> economic improvement does work. neil: kat and her generation could be the key because we're told that your generation is cynical of everyone. >> that is not true, right, kat? >> absolutely. neil: not convinced anyone should take a bow on anything going on here. if you had a tip for your generation where their head is at? >> people in my generation don't trust politicians of either party. we're more and more independent. neil: we don't flip over you either. >> right. that's fine. we don't care. neil: oh, no, you didn't. there we go. >> that is why i think the economy is so important. that is something that affects our lives directly. neil: you're not overwhelmingly
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running to democrats either? >> absolutely not. absolutely not. neil: you're so mixed up. >> not mixed up, just jaded. >> why are you jaded? everything was handed to you guys. >> not to me. >> not you, millenials got so much social welfare. they grew up in decent times. i mean i don't know. i don't understand why they're jaded. >> what is social welfare? >> i grew up when there was bellbottoms. neil: demo update. >> bellbottoms. neil: every viewer now, go to oxygen after this. >> remember that? from gerald ford. neil: alan greenspan. all right. that solved that problem. we've got a lot more, dow in and out of session highs up 306 points. we're also keeping an eye on mike pompeo confirmation hearings, the cia director who wants to replace rex tillerson. so far understanding he is comporting himself very well. toughest line of questioning from the get-go senator menendez
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from new jersey whether he would be able to tell the president to his face you're wrong on this decision and tweeting about it is dangerous? he comported himself enough to say i'm my own man. we'll see whether that means he will be the next secretary of state. more after this. i am an independent financial advisor. for our firm, it's all about trust and transparency. trust that we do what's right for our clients, without the constraints imposed by the traditional brokerage houses. transparency in the way we're compensated. our philosophy is one of service, not sales... that's why i'm independent. charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com
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♪ >> we're having a meeting today on syria. we're having a number of meetings today. we'll see what happens. we're obviously looking at that very closely. it is too bad that the world puts us in a position like that but, you know, as i said this morning, we've done a great job with isis. we have absolutely decimated isis but now we have to make some further decisions. they will be made fairly soon. neil: the president kind of clarifying again in person, talking to some reporters what he tried to retweet and clarify yesterday when a lot of people said he violated his own practice in the past presidents telegraphing what they will do. he tried to clarify, followed that the attack could be very soon or not soon at all. he was not telegraphing anything on timing. take a chill pill. he didn't say take a chill pill.
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buts that with the impression. how woe say that? take a chill pill. bottom line, he says a decision will be made very soon. some think that decision will involve an attack, whether it was like last year when it was targeted at one airbase and one presumably used to launch a lot of chemical attacks is anyone's guess. it would have to be wider, more involved, to have foreign help. french already offered to do that, germans as charles payne talked about offering moral support. i don't know what that could mean. they might be a little more involved and hence why it is take tad more time. to american islammic forum head zuhdi jasser. what do you make of that? >> neil, we have to look back when actions like this work with a broad-based coalition. as much as the president may have violated his own
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telegraphing putting his own tweet out i think it makes sense. join us, we'll do something that puts tyrants on notice today and in the future. genocidal tyrants are looking to see what the west is going to do and will do. we come from an era of eight years of the obama administration at altar of the iran deal let evil and despotism, genocide thrive in syria. you had videos of an iranian general in syria basically laughing and smiling about an upcoming chemical attack. so they know they can get away with this it needs to be more than a symbol. neil: i know it is easy, i want to avoid playing politics, one could be just as cynical of president trump indicating he wanted out of syria that might have have set the stage on this but i don't want to go into the left and right thing. what is your take what he would have to do? would it have to be more than a one-off as it was last year and hope by bombing an airbase from which a lot of these attacks were launched in the first
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place, would stop assad and russians would problem is earlier they would shut down the chemical war-making capability and obviously not. that they would be, be diligent, in both cases that that attack wasn't enough the and russians didn't do enough. so this is got to be a little more substantive, right? >> neil that is a very pertinent question because last year symbolic attack actually may have stimulated more because they said, you know what? did nothing. it was an empty field that they bombed. we have to have a crippling attack. why coalitions that include not only britain and france but saudi arabia, egypt and other countries that would want to put a firewall against any threats that the assad regime would have or hezbollah or iran as they build missiles and use chemical weapons 40 miles from the israeli border, this needs to be a crippling attack. by the way, kneel, it is not rocket science. use the balkan template from the '90s, u.n. protection forces
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supported by no-fly zone on the ground. ultimately bombing operations that decimated serbian air force and military and ultimately ended that conflict. we can do the same thing today. we did it in '90s with president clinton, they were against it russia, and to begin to see the light at the end of the tunnel that tyranny destroying syria. neil: saudi, thank you very much. always dude seeing you. >> thank you, neil. neil, zuhdi jasser. when france confirmed it now has evidence to prove that syria did indeed use chemical weapons. there has been a wide debate here, so-called avoid another weapons of mass destruction fiasco, prove it, that there were indeed these type of weapons being used. that the syrians were behind it. assad was doing it. russia was blessing it. and that they succeeded in doing so. france says it has irrefutable
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evidence to say that indeed was the case. so what are we going to do? indications now something and soon. more after this. you know what they say about the early bird...
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>> welcome back to "cavuto: coast to coast." i'm nicole petallides live on floor of new york stock exchange. dow jones industrial average up 309 points. the financials all with up arrows across the board moves of which are up between 1 1/2 and 2 1/2%. ahead of earnings that kick off on friday, as we were looking at the group which is doing well today. everyone is expecting earnings to be somewhat mixed. looking at note from bank of america merrill lynch, talking about brokers, asset managers, exchanges are breaking it down, seeing mixed results going forward they think there is progress in pro-growth policies.
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deregulation is helpful. rising interest rates are supposedly favorable for interest rates. on other hand there are risks involved with volatility and trade wars, geopolitical risks could be factored in and higher valuations also being a little bit late in the cycle. what are they like? well they actually picked goldman sachs -- 10-year bond yield is 2.84% as we expect obviously. federal open market committee based on the latest meeting in the minutes we will continue in the rising rate environment. neil. neil: thank you very much. nicole petallides. as she pointed out we're smack dab in the middle of earnings season or start of it. this is the quarter fourth quarter where president's tax cuts went from effect. all the sectors in the s&p 500 are expected to benefit appreciably. earnings estimates they will be 16, to 18% ahead of last year.
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they will be that improved over last year when taxes were much higher. financials are expected to sort of lead the way, telegraph where the rest of the crop could go here. blackrock, big financial juggernaut out with better than expected numbers that tips the hand for likes of wells fargo, bank of america, city group. all of them of course due out, those latter earnings tomorrow. earnings like 3m, caterpillar, on to the technology sector later on next week. bottom line it will be closely scrutinized because this is the backdrop analysts like to point out is quite nice, thank you. fears of a war, fears of a trade war and all the other issues bedeviling washington right now including republicans bolting town and investigations mounting in that town. to market watchers, larry glazer and richard leonie?
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what do you think wins out in this environment. >> neil, thanks for having me on. i think we'll see a very strong earnings season. this will shift the conversation away from headlines and back to fundamentals, exactly where we should be. as we said earnings are expected to grow 16 to 18% year-over-year. we don't see valuation extremes right now. we're seeing stocks trade 16 times forward earnings. that is without backing cash out of balance sheets. overall, this will be a very positive season and very positive for equities. neil: on that point to follow up, before i go to your colleague there, is it your sense the earnings news, which hasn't changed, it has been for a while, but it will be on steroids now with these tax cuts, that will have any different market reaction this go-round? the worries persist, these stocks trade up or down based on likelihood or not of trade war with china or outright war with syria, what do you see winning out? >> neil, we don't think there is going to be a trade war and i think the possibility, a lot of
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companies beat their earnings reports which will move stocks higher. look the costs of a trade war are just too high for either side. we do think cooler heads are going to prevail on that point. we just can't afford it. look, 2/3 of the u.s. economy is the consumer. tariffs function as a tax on the consumer. anything that limits a consumer's purchasing power is not good for growth. so overall think equities will move higher. there will be volatility as both sides try to posture for leverage with respect to a trade war but i'm optimistic going forward. neil: larry, i don't want to hit you with news, our you, richard with breaking news but it kind of touches just what you were talking about, richard, indications out of this meeting the president is having with some lawmakers he is open to revisiting tpp, the trans-pacific partnership, the one that would be a counter to china, that we opted out of, largely, most of the asian nations versus china and we
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would be part of that, as a counter weight to china's influence in the region. we are told right now the president looked at larry kudlow at this meeting, said, larry, go get it done. obviously if that happens, i think the markets are always open to looking at trade pacts because they like trade pacts, on top of the news right now, larry, that the president might be looking at revisiting a rework of nafta that could be acceptable and doable. what do you make of this? >> you know, neil, going back to the earnings conversation i am so excited to see the impact of the legislative tax benefits on this quarter's earnings which will be the strongest since 2011. with that said you have so many geopolitical considerations, syria, china, none of which had economic impact to date. that is why earnings growth expectations have been accelerating up 50% in
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meaningful way since jan 1. with that said, this latest breaking news, everyone is focused on negatives, negative catalyst in the market. you have kudlow effect, pro-growth, pro-business environment, on top of regulatory environment. some of the trade packages could open up markets to boost the free market policy. get to the other side of the rainbow as they call it. that is the real excitement down the line. once they get past the first quarter, which we know will be great, we look forward to some of these policies kicking in. it could take a year for tax policy really to benefit this economy. that is why i think for investors you need to think holistically about this whole package. some of the benefits of 2017 are going to carry over into 2018. stock leadership may also change but there is a lot of economic growth. repatriation is great, tax reform is great, but what if we open up foreign markets and exports which is what the president is trying to do. positives are not priced in here.
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neil: i beg you, beg you to stop. only because you're so smart you left me empty dust minutes ago. richard i'm hearing that, wondering if the president's bark is worse than his bite? maybe this is calculated move on his part, i'm not anti-trade or getting dumped on in trade or how you want to carize it. if he he is open to revisiting trans-pacific partnership, or reworking of deal with nafta he abhorred, he is showing flexibility that is surprising many in the markets might be a signal to china hey, we can make a deal here and everyone can walk away happy? >> neil that is exactly right. if you look at this holistically the united states has led the movement toward free trade for the last 75 years. this is resulted in global supply chain dynamics which are very difficult to unwind and reverse at this point. so as we've seen in the last couple days, we've seen rhetoric
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tone down with respect to trade war and tariffs and i think this is just a continuation of that. neil: real quickly, gentlemen, richard, i want a quick book, facebook, would you buy it after two days of hearings and everything else? it looks like zuckerberg came away unscathed but would you buy facebook now? first, richard. >> i think facebook is attractively priced. neil: wow, larry. >> i think there are 495 stocks out there didn't get fair share. a handful of companies got investors attention. it is broad economy. taxes and regulations will affect you will other businesses that is the opportunity and value is outside of bank stocks. neil: you don't like facebook? >> you know, i haven't been on facebook since the scandal broke. let me just say. neil: all right. >> full disclose sure, full disclose sure, i might take my picture down. >> neil, facebook doesn't have any competitors and doesn't look like it is going anywhere anytime soon. neil: this internet will be big,
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guys. >> a great place to share photos of your grandmother, i'll tell you. neil: thank you very much. i believe with the comeback in the stocks since his appearances everywhere else, mark zuckerberg recouped about $7 billion of the net worth he was melting away with last week at this time. we'll have more after this.
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neil: i don't know as under fire, facebook and fancy graphics are adjusting to this, at least tone of the music here. off the worst levels certainly of the day. there is a sense it will be monitored or regulated and the question is, how much so, despite mark zuckerberg largely getting through this, i would say say, my opinion, i have no electronic horse in this race, unscathed. i don't think he really suffered too much for it? fox business's deirdre bolton and connell mcshane, what happens now? >> what happens now.
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mark zuckerberg says some form of regulation is inevitable. that may even solidify, one of the lawmakers did make the argument, that could solidify his monopolistic position, though mr. zuckerberg doesn't feel like he has monopoly. point out between facebook and google together, they have 2/3 of the u.s. ad digital market which is $90 billion. that is $90 billion -- neil: two of them together. >> the two of them together have 2/3. that may not be a pure monopoly, they are walking around. neil: there is not a rumor. don't hold me to it. that zuckerberg could be forced out? i don't know how that could happen. >> they were talking about splitting ceo and chairman because he has them both. some people say for corporate governance sake -- neil: that the stock is not really suffering, for tuesday or wednesday, that is definitely.
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>> three days in a row it was up. maybe it sells off a little bit today. it is fine. there is still regulatory pressure in europe that facebook has to deal with, coming already down the pike and will be probably more serious than here in the united states. you know, although to your point, i would agree he largely came out of this unscathed, day two was little tougher than day one. neil: younger, not all, but some younger people were interviewing him? >> a little bit. >> better prepped. senate was preinterview. >> they knew what he was going to do. like a sporting event, you know what your opponent is up to, they knew he would run out the clock and cutting him off. at some point we'll get to the definition of what face being really is. mark zuckerberg tried to say it is really a technology company but a lot of regulation says it is media company where you get the fcc involved rather than the ftc. >> if you become a publisher
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that you acknowledge you're a publisher you have a lot more responsibility than just kind of -- neil: everything really depends on midterms. if democrats come in, certainly from line of questioning. >> right. neil: predisposed to regulating the guy and others in the technology arena. if republicans hold on, maybe less so, but that could. >> one thing i do not own facebook or nor do i own google. google has 10 times more data than facebook does. actually i looked at this. >> it is 2000 hours worth the music. facebook data, has 160 megabytes which is -- neil: average user. >> average user. google has roughly eight to 10 times more data. >> that is not that shocking. if you think about how they use the computer, desktop computer or phone, if you're a google
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user, logged into google, everything single thing you do is going into -- neil: wait a minute. if they go after facebook -- >> that is what i'm saying. i'm just saying that maybe -- neil: then you said pops. >> it was clearly, pay attention. neil: pay attention! >> trying to get through to you. neil: wait a minute, if i'm google and i'm wishing facebook ill, i might want to be careful here because the next target is moi? >> i think so. that is why the google spend like facebook does, but awful lot of time in d.c., inviting lawmakers out for steaks. neil: sure. >> trying to keep a low but friendly profile. >> see what both companies do to self-help, self-fix this in however many months. facebook already talking, there was questioning to zuckerberg about whether they go to some sort of a pay model that takes ads away, presumably would then increase your privacy by doing it. same thing with google under pressure, that is their business model, that is the is funny part
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with senator orrin hatch, day one of the testimony, how do you make money if you don't charge? senator, we run ads. that is the entire business model. a pay stricture you essentially pay for privacy. >> if facebook offered you this kind of membership, would you take it. 77% nah. that is funny. we want to complain but we don't want to pay. >> generally people care -- so facebook -- neil: when you buy an apple product, paragraphs, i agree. >> we have no idea. could you have signed a confession whatever it is. neil: i don't know that will change at all. who was it. >> user agreement, go back, to california, write this out in english and non-swahili and offended people by saying
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anything about the swahili language. he did. >> again, neil, pay attention. [laughter] neil: that's our story! they're brilliant, both of them. but you steps ad little -- >> troublemakers. neil: sensed a little dismissiveness. have you in here -- >> that's what i said, neil. neil: fine, fine. kids today. paul ryan, what happens after he's gone. forget who takes his place. remember the guy vilified by the left pushing granny off of a cliff. remember what the gist of that was, this is what deirdre had. whole point of that is slow the growth in medicare. just the growth. so that is how he was vilified. these kids don't remember. but i do. after this. here you go little guy.
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a cockroach can survive submerged underwater for 30 minutes. wow. yeah. not getting in today. terminix. defenders of home.
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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. neil: all right, interesting tweet from the president regarding his relationship with bob mueller. i had agreed with historically cooperative discipline approach we engaged with robert mueller unlike the clintons. i have full confidence in ty cobb my special counsel and have been fully advised throughout each stage of this process. doesn't sound like a president who would be poised to fire mull per as some have held out as
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possibility after revelations his personal lawyer offices and home were raided. that is doesn't sound like something president is entertaining. things could change. regardless, we're keeping up on that. dow soaring 353 points. that doesn't mean there are not problems out there like pensions hitting cities like harvey, illinois. firefighters, cops, lay offs are the issue and so too the pensions. jeff flock with the details. hey, jeff. reporter: boring story, neil, nobody case. pensions are underfunded, nobody cares. here is what happens when the rubber meets the road. in a town desperate for fire protection as you can see, harvey, illinois, south suburb of chicago, because of underfunded pensions they are forced to lay off half of entire firefighting staff and half of the police department. forced because they don't have other fund.
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when we got to harvey, the folks at fire station, we got some pictures, folks at the fire station were thrilled with our presence because somebody is finally bringing a voice to them and this problem. we also talked to a local alderman who says the city for 10 years failed to fund these pensions and it is because of mismanagement. listen to him. >> there has been a variety of things. mismanagement on every level from nepotism, cronyism, patronage, mismanagement of funds, i believe to certain degree of theft of government funds. it's a corrupt sy as of best. reporter: he made available to us evidence. look at water fund in harvey. you look at the bills that the water funds have paid for, $1500 at the jewelry store and multiple trips to kohl's department store. not sure what they're getting at the water department, but there you go. the attorney for the pension
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funds toll us, i quote him, the mayor did not lay off any of his administrative staff or single supervisor. they didn't lay off the dog catcher but laid off half of the police and firefighters. we asked the mayor for comment. no response. tell you neil, this may be a gross case of mismanagement, but other cities across illinois that have not funded their pensions. at some point the bill comes due and you're forced to do things likely off guys that fight the fires and that keep everybody safe as well as maybe even raise taxes. that is the story. neil: lost in the sauce is, it is people who provide benefits who let them down and these promises and assurances, whatever people think of pub pensions and these guys get. >> long gone. neil: they were blown a long time ago. but not by guys involved but people supposed to look after them. incredible. >> exactly. neil: great reporting as always, my friend, jeff flock. that is not a political story. that is a money in, money out
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story, it is officials screwed up. it would not be the first time sort of thing that happened. how many times, social security recipients, medicare recipients, do not call these entitlements. i paid into them. i expect something out of them. it is what it is. a lot are in arrears. growth is exploding fast because something has to be done. politicians on both sides failed to do it. douglas holtz-eakin, losing paul ryan does that complicate things. say what you will he was involved in the fight to contain entitlements growth. >> he had a deep interest this went past the budget. he recognized you could reform them to get more efficient of delivery of health care. better work effort and anti-poverty efforts. so he was a voice for identifying the problem of, a voice for reform. he will be missed from that perspective. there is no question. neil: is there the appetite to addressing this. i wonder certainly not before
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the midterms, i'm wondering even after, regardless what party stays or moves or goes. always is the third rail, isn't it? >> i think there is no substitute for white house leadership on this. you know -- neil: president doesn't want it. the president doesn't want it. >> think about 2017. the house of representatives passed the american health care act. it was the major reform of two entitlements, medicaid, affordable care act and trillion dollar tax cut by normal standards, a an enormous victory for republicans. the president called it mean and it fell apart in the senate. you snead a different dynamic. you need a president saying this is important to the american people. we need to fix that's programs. not just because of red ink, there is a lot of that. social security in 13 years running out of money. that is not acceptable. we need to fix it. until you get that leadership, i'm not optimistic, regardless who is the in congress. neil: you know what i notice, doug, every party plays their own games.
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fixation of late has been on the deficits that are quickly approaching and republicans are awful for the debt they're building up, this coming from democrats built up a lot of debt under their watch or blaming in this case on tax cuts that were actually a small part of the overall budget package for the next 10 years. but no one cites all the spending and tax cuts. i know the game is played, but reminds me how difficult it is in this environment for either party to make inroads on addressing these serious issues. i think they should both hold hands and jump off the cliff together but they won't, they can't. >> i think you have described it exactly right. i think the most likely scenario if something is going to happen would be for congress to say, okay, we're going to create a commission, go think about social security, go think about medicare. when you come up with a proposal send it back we promise, honest to have up-or-down vote in the senate on that proposal. that doesn't mean they will
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actually pass the proposal, but it will at least put in play some chance of addressing the short falls that are, really not that far out in the future. neil: you're right about all of the above. douglas holtz-eakin, very, very much. >> thank you. neil: worries notwithstanding the fact of the matter is the president is confident this will be backdrop for economy and for republicans. he will talk up tax cuts in the next hour. in fact pushing to make them permanent for individuals. they were and are for companies. fair is fair. he is going to push that after this. metastatic breast cancer is relentless, but i'm relentless too. mbc doesn't take a day off, and neither will i.
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trained to all right, we've been watching what looks like a little bit of a heated exchange between rand paul and director pompeo for the secretariat date confirmation hearing. rand paul of course will be a special guest of mine on your world today on fox news has been critical of the idea that we have to rush into war or rush into supporting any country in saying i don't know how he's targeting mr. pompeo on that or that there might be a deal for work could pompeo did take the time to say given my background, the last thing i want is to drag us into war. we will watch that very closely. blake burman at the white house with all of these developments happening concurrently appeared
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>> tither, neil appeared my pompeo testifying on capitol hill. the defense secretary jim mattis as we await that the president may or may not do as it relates to syria and the defense secretary saying that the president at this point has not yet made a decision. we can tell you according to mattis' testimony in an hour and half from now, the president will meet here at the white house with his top national security advisers to discuss that issue. the president did a little bit of cleanup today on the street yesterday in which he said get ready, russia as it relates to syria this morning. the president followed up saying never said when an attack on syria would take place. could be very soon or not so soon at all. here was the president at the white house earlier this morning. >> we are looking very, very seriously, very closely at that whole situation. we will see what happens, folks.
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it is too bad that the world puts us in a position like that. reporter: of the president made those comments in a meeting with republican lawmakers, governors, senators, members of the house who are from states that have a vested interest in the agriculture industry. the back-and-forth going on between the u.s. and china said the meeting was held to talk about concerns these lawmakers have been afterwards the lawmakers came out and talked to us and reported to us that in that meeting, president trump had said he had deputized a top trade advisor, bob white peyser and his top economic adviser larry kudlow to look into reentry negotiation as it relates to tpp. >> the big headline coming out of this meeting is the president said he was deputizing larry kudlow and a master like kaiser to renegotiating the tpp
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meeting. he looked right up there he looked right up there he can't go inside larry get it done. >> i asked ben sasse if he thought this was an idea the president floated in the course of the meeting or is there something that they feel is serious. you know the president likes to blue sky a lot of things. they took a mattis were the two of his top advisers will at least look into reentry negotiations. the big question is how realistic for many which say i'm realistic at this point. tree into play, that's amazing. if there is one deal, it was the transpacific partnership that we were getting close to the deal. the burden was unfairly on us. many questioned the subject of whether he even knew china was not a part of that deal. be that as it may, he was dead set against it. what happened? >> there was a lot of talk on a whole lot of things in the president gets into office and now it time to do stuff.
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what is the first thing he does? day three or day for us as we are out of tpp. this is at the very come every top of his list of things he could do right at the get go. the criticism from some is if you want to get tough on china, one of the ways you could have done it was getting called with tpp. now that they are trying really start negotiating with china, some could look at this and say you should've maybe not gotten off of that ship. neil: is certainly sounds like a leather to go after. together with the united states and many will look at this and say better late than never. it is to your point remarkable. thank you, my friend very much. meanwhile, talking about the possibility of a strike in syria and one is due.
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but it better be the right kind of strike. what would be more in order this go around? >> i think using chemical weapons again and in my opinion again and again, assad has shown he didn't get the message. for it to be affected this time, both in the interest of the people of syria on a humanitarian basis for president trump has gone to, but also to make clear to russians and iranians, we will not sit back and let them dominate the region. the strike by the united states and hopefully allies has to be stronger than it was last year and probably be more sustained. for instance, we have the capacity to knock out most of this theory in air force. neil: send a message double rock them. it will be a lot different than last year. that is what is taking the time here. the former trump and bush 43
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state department senior adviser. what do you think? >> well, here's the point that we should do more than last time. if we deter the use of chemical weapons globally, assad didn't get the message. we have escalatory dominance in his ability to use chemical weapons. what is really getting out and what mccain and graham would love to do is to get us into this serious civil war to go after assad regime change in think trump is going to avoid that. neil: courson, do you get a sense the administration is looking to coordinate with others? they volunteered that they would be part of any effort. i think president macron has arctic confirmed from their intelligence that kerry did in fact a weapons on his people, you know, last week.
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beyond the french, who asked to be involved? saudi's have germans, italians, but what does that mean? >> the germans i don't think we use kinetic means, but the french and rates are close to that explains why there wasn't an immediate response. but if you wanted a more comprehensive response, theresa may, the british prime minister is running it by her cabinet birdie has today. we'll get support from her cabinet. do not need to renovate parliament because the predecessor did that unprecedented. you will see sort of a coalition do this. the dictators around the world not to use chemical weapons. neil: is it your sense the real problem here is assad? >> no come is a terrible guy, dictator, thug, animal, but so are some of his opponent and our mission is to kill i says. there are bad guys around the world and we are not a 9-1-1
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service for the world. there's also an argument that if we weekend assad, that would actually prolonged the war that dirty gone on for seven years and killed 400,000 people. maybe we could get something more, but assad will survive and you want to sugar daddy. there's not a whole lot we can do unless we have a d-day style invasion to change the fact her. >> the russians have apparently cleared a lot of armament out of the way of a potential strike. it seems to signal to some that they would stand back. last year i believe we gave them a heads-up on this. would we do the same this go around? i don't know about the heads up, but they don't want their presence in their s. 400 aerial defense system targeted first by the united states, which it would if they threaten our planes. i think to get out of the way and let us do what we need to do. neil: sorry for mispronouncing
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your last name. i was good for having you. you can call me neil cason asked him we get together. in the meantime, oil is dipping a little bit today after running off of multiyear highs. phil flynn has a couple of guesses. what are you seeing here? >> right now we are trading tweaked to tweet. yesterday when donald trump came to suggest that the missiles would be flying in syria within the next 24 to 48 hours, the oil prices went crazy. they calm down a little bit when donald trump was a little different with his tweet today saying wait a second, we are coming. or maybe we are not coming. that kept the market off balance. behind all the rhetoric and what's been going on here, we are looking at long demand for oil here in the united states and around the world. that's really keeping this mark is supported the real concern with any type of conflict in the world right now, the reason why
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oil prices are more sensitive now than they would have been even a year ago is because supplies in the u.s. are the tightest they've been maybe in 10 years. yeah, we're producing a record amount of oil, butter supplies and inventory are well below the five-year average and that means of course that there is a disruption, we have to rely more on a u.s. shell producers and they might not be able to raise production fast enough to make up for any supply somewhere else. >> i'm smelling higher gas prices this summer. >> i would get a tanker in your yard in philadelphia to hang onto it. i sense that's a pretty good that any station coming near you pretty quickly. neil: thank you, my friend very much. you know history and i like to remind folks here is one of the older users that history is defined by things we didn't see
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coming. how the consensus is always wrong. in 1948, the republicans were going and harry truman was going to go down to defeat. didn't happen. the consensus was that a young massachusetts senator was too young to be a republican sitting vice president. the consensus was in the last presidential election that no way in heck donald trump would ever be elected president of the united states. this consensus, a blue wave coming. i'm just saying. look at history. you know, i used to be good at this.
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then you turn 40 and everything goes. tell me about it. you know, it's made me think, i'm closer to my retirement days than i am my college days. hm. i'm thinking... will i have enough? should i change something? well, you're asking the right questions. i just want to know, am i gonna be okay? i know people who specialize in "am i going to be okay." i like that. you may need glasses though. yeah. schedule a complimentary goal planning session today with td ameritrade.
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neil: you know, people forget paul ryan 48 years old, 42 when he was picked to be mitt romney's running mate for the 2012 presidential election. so he has a world of a lot of stuff that could have been ahead of him. charlie gasparino on what he is hearing. charlie: listen, he's a smart guy with budgets as you know. he has an amazing source network out there. as you know companies raising tons of money right now. i think he was something like $45 million. so what does that mean he's going to do next?
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i get this from gop sources in congress seen ryan is indicating is likely to follow the first tips of his fellow republican, eric cantor. and get a high-paying job in the financial industry after he leaves at the end of his term. he's going to finish out the term this year and that is when it's free to do what he wants. but people are saying is he's going into the financial industry. when you talk to wall street executives, they are salivating to get their hands on the sky for those reasons i mentioned before. the fact that he understands finance and budgets better than anybody around. from a congressional staffer level and as you know a speaker of the house and his other positions. also, don't discount this fundraising stuff. this is where he could be probably become a very high earning rainmaker for a hedge fund, for a private equity fund, wall street bank.
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when you raise as much money as he does in his prolific at it, you in corporate america. that's essentially investment banking and this is what this guy can do. combine this with his financial skills and it's a home run. he's indicating he is going to wall street. we'll see what he does. zero i know he will go to a monastery somewhere. but i doubt it because he's leaving tens of millions of dollars on the table. that's what is indicating he will do again. doesn't mean he'll do it. he hasn't made up his mind yet. one other thing that's interesting is gop sources i'm talking to saying forget what he has said publicly, which is he doesn't want to run for president. he doesn't believe he's going to do it. but the one office that still animates him as the presidency. don't discount palmer and coming back him even though he threw some cold water on that yesterday. if the chance arises that this guy, and he's young, after he makes his fortune and he will make a fortune if he wants to go
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that route, paul ryan irsay and could come back and run for president much the same way that romney did after he earned his fortune at being capital. thank you, my friend very much. charlie gasparino. in the meantime, the consensus is the blue wave that some of the cynics said it was all because he wanted to get out of the way before the storm came. remember, and not happening the way they are prescriptive to happen. or the way the consensus is they will have been. the emergence of donald trump put in the presidential wasn't supposed to happen. like the 1948 election easily defeating truman. i can go back again and again. the people who got the appetite for tax reform and big tax cuts under ronald reagan. even the election that prompted ronald reagan. wrong, wrong, wrong. there was a time when i didn't
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even look remotely possible. is this consensus a dangerous one to make this early in the game? the midterms are in november. let's ask lawrence jones, editor in chief. we've got liz harrington with us and the vice president business and culture. dan, begin with you. i think it is very, very dangerous to walk onto a consensus. that's not to say some consensus can't be right. but a lot of times they are very, very wrong. >> what the media are trying to do is talk about this like they did about hillary. they hope they can make it happen. i remember staying up election night for bragg said and for tromping scene their faces as they ended up being wrong and in "the new york times" go from 84% hillary all the way to 95% plus for trump has he won. so they have to remember, if
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people really thought this is happening, maybe they would be watching some of these networks that are hyping the blue wave, looking for cnn ratings in a dumpster fire right now. >> what you make of that? >> i agree. talking about a blue wave here, the sign for how big i would be for democrats are not particularly good right now. they are only up by three points in the generic ballot. their lead has been dwindling since tax cuts passed. you also had a new poll that the majority of americans give donald trump credit for the booming economy and not obama and democrats agree with that as well. so all the signs of the media trying to portray this wave is coming in the numbers are showing and of course a lot can change. but if there's going to be a wave, there has to be a central issue that motivates voters, whether it was in 2006 the iraq war, 2010 with obamacare. what's the central issue this year? it's not russia. it's not stormy daniels.
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democrats need to rally around something else and i just don't see it yet. >> there is a flip to all of this for you underestimate the size of the wave. in 94 there was a general consensus feeling republicans would do well. not the nearly 50 seat advantage that they ultimately god. you can underplay it and maybe the blue wave is a new spin on me. >> yeah, i would caution republicans as well. what we've seen is that the president has been able to maintain his base. especially as it relates after he got tax reform done and when it comes to administration and other issues that epa, regulations, the republicans are going to have a hard time, especially talking about the house and senate, selling to the american people what else did you guys do. you all were going to repeal and replace and you didn't do it. people in the right like me are
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not going to be as energized to go out and vote for them. that's what they run into when you have democratic parties. i totally agree, that they are energized. their base is energized. i'm not sure if they need a message at this point because right now it is all anti-donald trump. neil: i don't know how far that carries you, but so the point that lauren has mentioned as well, the president does have a very vocal, powerful walk on glass to get to the polls base, but is that going to be enough? when the other side is just as well, what do you think? >> well, i think ultimately it too early to tell. i still remember when george h.w. bush had 90% approval rate in iraq and it's the economy. if the economy keeps going well, if the disaster the media
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predicted for trump. they will have a hard time almost two years to tell people trumps a disaster. >> that there is a problem republicans have to understand. you cannot link the success of the republican congress of donald trump. what we've seen is even as the president goes -- neil: in a midterm comment that is what happens. >> well, it could hear this is an unconventional time. this is a different time in politics. what we've seen is donald trump success is donald trump success. it doesn't apply to the congress. i think congress has to get their own message. they have to do their own campaigning. they can depend on the president to campaign and think somehow it's going to make them win. neil: you want to introduce the roseanne effect on this until -- you seem to nod your head each time i do that. the surprising ratings success
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of that show could show an undercurrent of, you know, we are ticked off at this view that we are neanderthals or the hollywood elite have it. you know the drill and you've heard at a time and again. maybe there is this undercurrent of people who say you know, we see all the president's problems. we see the extremes and the volatility in all the obligation. but we still think he's doing an okay job. and that might materialize in a way that we are not appreciating. i know it's a little crazy. what do you think? >> no, there could be suddenly some truth to that. but this success, it's the reason why trump line. people are tired of being told what to think. tired of being told that they are racist or homophobes are sexist. all this that in the other. normal people are tuning out the mainstream media coverage of an obsession with russia and not
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stormy daniels in the special counsel investigation. the same poll that shows they give trump credit for the economy, which is an important poll that shows his success picking out. the same polls show that people didn't care about stormy daniels, russia, even if they believe it happened. they just don't care about these issues. a lot can change before november. neil: no doubt. you mentioned in the beginning these polls that show you have an unnamed democrat going after an unnamed republican and talking generically about how things go. i would think in this environment, at least here much of the consensus that it is going to be a blue wave, when in fact you look under the hood and look at numbers that are fairly narrow. >> yeah, like i said, when the media hype something constantly in the most they can muster are slightly narrowed democrats plus, that to me all the bad
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things for them. trump is a master communicator. talked about the roseanne effect. i suspect he'll be on roseanne at some point in time before the election as a celebrity guest. i think he would get his message out whether the media wants it or not and hit the scales as well. >> i don't know if that's a master communicator thing but he does go against the consensus. does work. do you get a sense here that there is an undercurrent of rage here about the way the president is being treated? he calls a fake news. but there is a cabal against him in the latest report on his erstwhile lawyer's office getting raided. everything is a justification to that. i talked to a number of prominent liberals who said, whoa. in the end it might be very justified in the reason why the
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sort of things are approved. a lot of people thought this is open season on this guy and they feel for him. >> you know, that's the one mistake at the democratic birdie. this whole russia stuff as well as the constant attacks on this president. i call and strikes as it relates. but even i., when i see what is happening from moeller to going after the president, it just seems -- i'm not saying that it is corruption. it just seems corrupt. if anyone is connected with the president, they are trying to squeeze to get some type of information or to put pressure on the president as it relates to the russia investigation. that may not be the case. but in the eyes of the american people, it seems like this is the only clout that's hanging above his administration. what he's been focusing on, jobs did when he's been able to give kim jong un to the table.
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when he is now going after russia. so what is this? >> thank you is very, very much. i do have a quote i want to pass on. in 1976 from a former governor at the time. this is the swan song to an imaginary campaign many thought would light a fire in the conservative movement. it has not and will never hear ronald reagan again. four years later was the republican nominee and went on to rant and historic landslide. more after this. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do. at crowne plaza, we know business travel isn't just business. there's this. a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do.
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>> we are getting crumbs. by the way, all of us have gotten those people have gotten $1000 as a bonus spirit member, that is not free money. it's coming with the cost of driving up our dad. neil: corey booker, nancy pelosi
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they're talking about a thousand dollars bonuses a lot of people are getting from their corporate bosses. and it will add to the debt. either party by the way with the debt and deficits and most certainly democrats who built it up a lot over the last eight years and neither party has really been braver vigilant in that regard. i do know about arguing. particularly the crimes remark here because for a lot of people, 1000 bucks is a lot of money. how's freedom caucus member warren davis. very good to have you. what did you think of that? >> well, it's going to be one of the memorable phrases. neil: corey booker, too. >> corey booker as well. people following nancy pelosi still. it's amazing to me how many leaders of the republican party has and how few the democratic
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party has to nancy pelosi keeps her eye on the agenda there. couldn't keep straight in the agenda there. the republicans, in a way they are the gifts that keep giving and they keep stepping on it. i don't see how they will make democrats popular ever again in ohio or across the midwest or other states with that kind of rhetoric. people know who's telling the truth. you can see the evidence the economy is growing. just like the president said it would. the reforms the president pushed for in the house and senate passed. it's not like tim cook apple forgot to make the big investment because obama was president and somehow he's some right wing guy. they are doing it because these policies are rational. they're good for economy. neil: the tax cuts spending in general, their party, your party seems to be even worse. i'm not blaming those on the tax cut and people forget the spending that went with it as well.
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how do you answer back and say you guys are supposed to be the fiscal disciplinarian and you're not disciplining. >> well, the good point. while the growth is to pass out of a deficit in 2.6% growth made the tax cuts positive and were getting better than that. the addiction to spending is bipartisan. we've got 21 trillion in debt not because of one party. we get a bipartisan consensus. neil: the president doesn't like the $1.3 trillion wants to rescind a lot of the spending in that. i knew you and your colleagues in the freedom caucus have been urging much of the same. where are we on this? >> i'm very excited about that in between the president of mick mulvaney we will have a lot of good ideas. other talk with people throughout the district over these past two weeks, no one supported the spending plan. it was bipartisan feedback to say you did the right thing in voting no against the bill.
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145 republicans voted for it. 90 voted against it. i don't know the count on the democrat side. neil: you can understand why americans and suspicion of the blow away, which will always be concern since we were raising the last segment. you can understand why americans are saying this is their big selling part for republicans and they are spending more than democrats ever did. so why should we put them in charge of the house or senate again? >> well, this gives us an opportunity to say we are going to go in a different way. i hope you guys will call attention to the house passing a much more responsible lending plan back in september. we couldn't get the senate to vote on it. they extended it until december 8, december 22nd to figure 16th when we have the schumer shut down and find my pass something on march 23rd. to the extent of the gap between how spending plan what we ended up passing in the senate really should answer for that. i was very disappointed that the
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house put that on the table without making the senate vote on our plan and i thought that was the commander was the commitment we received from our leadership. neil: you mention leadership had with paul raines stepping down from anyone you want more than another kevin mccarthy mentioned along with steve scalise says the two likely are one of the two likely replacements first week or ryan. your thoughts. >> i think it would be premature. we're looking at least 40 republicans come in 40 republicans coming in based offered admission. i think the idea that speaker ryan is leaving, having gotten a lot having gotten a lot of things passed in the house, but failing to get them to the senate hopefully we'll see some accountability in the senate. going into the election to say we decided who's going to lead is potentially the wrong direction. neil: d. like either of those guys? kevin mccarthy were shot down by your caucus at the time. his steve scalise and a more? >> they are both personally likable. the idea that we would settle on
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either them or does a lot of other people. neil: would you like more? >> what i like more is the idea we look at a different way to lead the party in a different way to lead the agenda. neil: do you want to run? you're pretty nonsense about spending. >> i succeeded john boehner. boehner was the speaker before ryan was the speaker. we both have our jobs because john boehner resigned. i've had a little bit of an insight into the challenges of the job. it's pretty thankless. unfortunately -- that's a given. it won't be the freedom caucus. >> well, doesn't seem likely because at the other end of the party, some people would say no. if a freedom caucus member is not the speaker, think certainly the other leadership roles could benefit from conservative leadership and direction.
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neil: congressman, thank you for taking the time. i do appreciate it. in the meantime of 290 points. waiting to hear from the president who we are told might be talking about tax cuts already out there. he says the job for the economy. there's one little detail in order to get them through, the individual ones they could make permanent. he's going to push addressing just not after this. copd makes it hard to breathe.
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neil: all right, this is done the president talking up tax cuts today. i wonder if a lot of the ceos there earlier in the day from jared kushner and you can see there who are urging the president, be careful on this trade battle back and forth. they might've gotten a confession out of him to change his mind on the transpacific partnership deal that isolated china, all these asian countries who would be part of it.
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and he opted out of it. the mechanisms they're going to use to get some concessions on trade and maybe avoid a trade war with the chinese, nafta. separately, there is this going on where the president is going to talk up some of the navy seals and direct beneficiaries of the tax cut to say make them permanent. right now, the big concern is democrats take over the house or senate in the midterm elections that they want to revisit that. nancy pelosi is already on record saying she will rip them up is turned over for something she said is fair to average americans. the president is going to argue the way these were passed had to do with just the way the system works in washington. the corporate ones could be made permanent. the individual ones could not. i am boring myself that cleaning it. bottom line, the president is going to detail the plan to make some permanent the democrats don't touch.
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by the way, either priority has opted to do something permanent like sequestration cuts are all about. they are like one of my diets. ahead of the president speaking, and market watcher joe durand. the devil is in the commitment. forget the details. let say you get it. you don't necessarily have at this point and the assurances that it will last. even if the president says they want to make them permanent for individuals. it's not worth the paper it's printed on. >> no, you really don't right now have those assurances that will last. the most important part is in order for it to last we really have to make some drastic cuts on the entitlement died. neil: they never do. never, ever. >> they wanted such welfare and other entitlements in the past, but it may be time to do so
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especially our federal debt and $20 trillion right now. so it is time to address it from a special if we want to make these individual cuts permanent and get bipartisan support. neil: where do you think this is going? the blue way we keep hearing about. people don't understand the green wave americans are benefiting from in their paycheck here and that is something that's underappreciated, but he's going to keep pounding it. >> i think politically speaking by november, people will have spent whatever that god as a tax gift and will be fleeting and candidly crumbs is the wrong word to use, but it's not substantial or lasting enough to fundamentally change come and make people feel like the tax changes really impactful. again, it is good for the economy. but ultimately, what happens to interest rates whether we end up in a trade war, those are all
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things that have far more impact months from now than the tax cut people received some benefit now and april. it's going to be long gone and long spent by the time november rolls around. i think it will be a discussion around which party is actually going to mean more. interesting enough both parties kind of do the same thing. they spend more than they have. one gets tax cuts, the others spend more. both have the same effect on the economy. >> i know you're right about that. they drive up our debt. the roll call congressional reporter. if they were to get this and make the individual tax cuts permanent, couldn't democratic majority in the house at the were to come to pass, just undo that? >> right. if the democrats decide that it's not -- they can take over the house and decide they want to get rid of it, they can start the process. neil: they better be careful
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because there's some who like those tax cuts and others who don't want to be targeted at what you see happening? >> they are toeing the line of how much they want to campaign on that because their constituents like you said that like the tax-cut vendors doing this middle ground of people are quite sure if the tax-cut are going to affect them long-term. and if so, how. >> the republicans particularly are very bad at marketing. maybe they overthink it, but no one came up with the idea that ronald reagan did get bottom line, do you want the money or do you think you should go to the government? i know it's a simplistic argument, but he was very effective in just saying these economic arguments notwithstanding. we gave you back money that washington was taking in a washington ironically is getting more money than it ever has. if that argument work in?
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we can oppose it isn't. what do you think? >> is giving more money than it ever has, yet we are still seeing our debt and deficits. spending more money than ever. it comes down at the end of the day the argument, which i believe the simplistic message reagan high would definitely help convey in getting bipartisan support and that he was better in terms of -- he was more effective allocating my money or your money. big brother, the government or uni in terms of giving back to charities at the local level we think are working and doing well versus the federal government picking and choosing winners and losers. i think that's what it comes down to in the end. do you think you are better -- do it better with -- job with your money than allocating it than the government does. neil: the pragmatic side that people don't see or appreciate or maybe this is an alarmist reaction on his part to reconsider joining transpacific
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partnership agreements. that was a trade deal he said was horrible, but is open to fixing it, a monday night and have a larry kudlow get to it. the same with nafta indications affecting senator cornyn. the president is close to looking at it reworked deal that could be satisfactory. all of this time is trained to dial down the heat with china and trade. what do you think is going on here? >> kudlow is a very free trade%. we know that free trade helps us. while it drives down the deficit, on the other side of the coin it brings in both capital. capital account surplus is driven by the deficit. that means we end up with low interest rate. neil: hang on to that point, joe. the president of the united states will outline some of the stuff you just mentioned and pushed tax cuts which he said is
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the single biggest performance and achievement of republicans and himself in his 15 months in office. [applause] >> thank you. thank you very much, everybody. you must've been looking at today's stock markets. pretty good numbers. thank you all very much. it is wonderful to be here in the beautiful rose garden. special place, special building right behind us the white house. we are going to discuss our massive tax-cut that are growing paychecks all over country, creating jobs and expanding the american dream, just like we said would have been. that's the way it happened. [applause] i want to thank all of the members of congress here today who helped us pass these incredible tax cuts and reforms
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into law. for years, they haven't been able to do it. they were unable to do it. not since ronald reagan and we talked bout one. they called a tax reform. we discussed that, right? i said we have to call it tax reform. nobody knows what that means. that could mean a tax increase. we have to call a tax cut. so we called the tax cuts and jobs. guess what, we got it passed. [applause] i also want to recognize a great friend of mine in demand is doing a fantastic job, vice president pence. mike, stand up. [applause] and members of my cabinet, they are working tirelessly. we have secretary mnuchin, secretary acosta, administrator mc mahon. thank you. please stand up.
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[applause] and all of the members of congress and senators and congressmen and women, thank you very much. most of britain may, we have a lot of them who have traveled here from all over the country. they wanted to be with us. this event is dedicated to you, the hard-working americans who make our nation run. you love your country. you provide for your family. you are proud of everything you've done. you've got that great extra strength that other people don't have and you cherish a wonderful thing called our great american flag. [applause] and now because of our tax-cut, you can keep more of your hard-earned money. larry kudlow is very happy about not sitting in the front row.
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right, larry? good. he says yes. married couples won't pay a dime of income taxed on their first $24,000 of income. a typical family of four earning $75,000 a year will see their tax bill slashed in half. nobody thought they'd ever see that. a lot more money to spend and we didn't get one democratic vote. that's tough. in fact, i have to say they want to increase your taxes. if they ever got into power, they stated they want to increase your taxes and spend money on things that you don't even want to know about. so we've doubled very importantly the child tax credit they want so many other things in people is wanted other things and frankly we thought very
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hard. we've taken care of our military for the first time in many, many years. $700 billion. [applause] we are going to have the strongest military that we've ever had. and can you think of a better time to have it? this is when we need it. 700 billion in next year's 700 billion dollars. also in the bill, $6 billion for opioid and helping us out with that horrible, horrible problem. [applause] the fact is we don't care about the donors and the special interests. we only care about you and your family and really making america great again. that's what we care about. that's why we are here. [applause] from the day i took the oath of office, i've been fighting to drain the swamp.
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and sometimes it may not look like it, but believe that we are draining the swamp and there are a lot of unhappy people. everyday, all you have to do is turn on the news. every time you see me, you know that i'm draining the swamp. people don't like it. [applause] but we are also defending the american worker. we are making incredible trade deals could we are taking nafta, one of the worst trade deals made in the history of trade and we are redoing it and it will be a fair deal for the americans. we lost thousands of factories and millions of jobs because of nafta. thousands. think of the thousands of factories. millions of jobs. already chrysler is coming back with auto plants. many companies are now in michigan, ohio. building beautiful brand-new auto plants. no one thought they would ever see that happen. we created 3 million new jobs
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since the election. unemployment claims are at their lowest level in nearly 50 years. think about. 50 years. [applause] something i'm very proud about. unemployment rates for hispanics and african-americans have reached the lowest levels ever recorded. ever recorded. think of that. very proud. remember i used to say at rallies, what you have to lose? you have the lowest levels ever recorded for african-americans, hispanics. and very, very happy about that. by the way, for women the lowest levels in 18 years. so we have really good numbers. [applause] and something a lot of people didn't think was going to
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happen. wages are rising at the fastest pace in over a decade. we are cutting record numbers of regulations. we've cut more regulations in the year and a quarter than any administration, whether it's for years, eight years or in one case, 16 years. should we go back to 16 years? should we have been extended? you know, the last time i jokingly said that, the papers started studying he's got despotic tendencies. i'm not looking to do it. unless you want to do it that's okay. we are also unleashing american energy in american energy independence. we are now an exporter of energy. we are doing 10 -- think of this, 10 million barrels a day. nobody thought they would be at.
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in fact, it is going to now be 10 points 6 million. we are taking strong action to secure our border, stop illegal immigration and restore the rule of law and we have passed biggest tax cut and reform in american history. more than five million workers have already received a tax cut bonus, a pay raise, or a new job, thanks to these really massive tax cuts. millions more -- [applause] millions more are getting higher take-home pay. no one has been more energized by our tax cuts than american manufacturers. with us today is the president of the national association of manufacturers, jay timmons. where is jay? [applause] stand up, jay. thank you, jay.
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for 20 years their organization has surveyed american manufacturers all over the country they survey and it's a great organization. and they have never before seen of levels of optimism for our tax cuts have delivered. is that a correct statement, jay? dangerous to ask you that, if you say no, then i have a problem. thank you, jay. it's true, so true. [applause] in fact today there is even more good news and i wanted all of you to be the first to hear it. according to the latest survey by the national association of manufacturers projected job growth for american manufacturing has just reached a new all-time high. [applause]

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