tv Varney Company FOX Business May 1, 2018 9:00am-12:00pm EDT
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dagen: stuart varney, yours, my dear. stuart: okay, that was sudden. thank you very much, dagen. good morning, dagen, and good morning, everyone. here is the news. president trump delays steel and aluminum tariffs on the europeans, canada and méxico but china is ready to reject america's trade demands. that's the news on trade. bb netanyahu says iran lied and they have been lying for years, they do have nuclear program and are ready to fire it up again. in 12 days, president trump has to decide if we are in or out of the iran nuke deal. that's the news on iran. the dmz, dividing line, that's the most likely meeting point for the trump-kim jong un summit reportedly it could take place at the end of this month.
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that's north korea. and then there's this, republican senator marco rubio bashing the new tax law, quote, there's no evidence whatsoever that the money is being being poured to the american worker, that's a slam and so is this from republican senator john mccain. in his memoir he says mr. trump's presidency is a reality show of toughness, he says trump's toughness is just an act and that's another slam. an interesting day i'd say, the president's approval rating is rising but his own party is sniping from the sidelines, we cover it all and it's may day, varney & company is about to begin. ♪ >> and i want to thank you for fighting for the american worker, this tax reform is about them. stuart: well, that's interesting because that was senator marco
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rubio praising president trump on tax reform. that was then. my, how times change, look at the quote from senator rubio from the economist last week. again, i will say it, there's no evidence whatsoever that the money is being massively being poured back to the american worker. peter marucie, professor of the university of maryland, what do you make of mr. rubio's statements? >> i think that's absolutely silly. the economy is growing at 2.8% a year. wages are rising for the first time in a decade, the purpose of the tax cut is not to dull out welfare although democrats, although mr. rubio is a republican but rather create an environment where people can work, succeed and prosper. if you think american workers by working getting higher wages an consequently prospering is a bad thing, then are with mr. rubio. i really think -- he'll on silly sauce of some kind. stuart: why do you think he did
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it? a personal dislike of the president? >> you're overwhelming mr. trump's approval rating. if democrats lose the house in november, it'll be very happy for mr. trump to do anything beyond that other than things he can do unilaterally and as a con chemical weapons i wouldn't be surprise if rubio is angling for a primary challenge. stuart: okay, understood. i want to talk to you about the market. look at the futures, for example, futures today. we are going to be down again roughly 60 points on the downside. seems like lately we continue to move sideways, we have wonderful profits, the yield on treasury 2.9%. why are we going sideways, why no pop? >> look at the warnings in profit reports, goldman sachs says it's going to be difficult duplicating results. caterpillar is saying the same
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thing. goldman sachs is becoming a general motors. my feeling is there's a lack of confidence in the permanence of all this and coupled that with political realities we just discussed. i think investors don't believe that this is going to continue. they are leaving the economist narrative that this is a one-year high, we will have a very good 2018 and we are seeing investment houses and the economist magazine, for example, predict a recession in 2019, 2020. if you're in the rubio camp of basically bush-type republicans or cuomo-type democrats, you believe that this is a very temporary thing and let's face it, new york is not populated by good-hard-working state graduates. there are a lot of basically harvard types and harvard
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look-alike types who don't believe that trump is real and i think that's what's going on here. stuart: that was an nice slam, you're all right. thank you very much, peter. we appreciate your insight, thank you. higher profits, individual stocks are moving, aetna, aetna has agreed to be purchased by cvs, no change in the stock premarket. merck, it did get some help from sales of cancer drug but, again, dead flat stock right there. pfizer, lower sales of breast cancer drug and arthritis drug. down at 35. apple reports after the closing bell this afternoon, premarket it's up about, what, 68 cents. liz, i want to know because there's going to be a call after the report comes out, i want to know what apple will do with all of that money? >> that's exactly right, on
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average $50 billion it's been spending on those items, will it increase to 60 billion, what will it say declining market share in both china and india, we are watching for tim cook what he's going to say. lowest expectations on apple right house -- now because they are losing. stuart: $60 billion here. liz: they could buy ireland or finland. ashley: together. liz: it's 300 billion in the capital reallocation program. they boost to 350. stuart: people asked me what does that mean, they have the equivalent of money in their checking account that could write a check for $30 billion and it won't bounce. liz: buying back that amount in stock. stuart: that's the question, what will they do with all of
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the money? the market stuff will react tomorrow morning on the basis with what are you doing with the money, iphone sales, india and china, et cetera, et cetera. ashley: one-trick pony people have been critical about that, keep adding features and charging a lot more. stuart: we have about 7 hours to go before we find out what apple is actually doing but we will be there for you. israel prime minister benjamin netanyahu calling iran on "fox & friends" this morning, roll tape. >> they're supposedly doing civilian things but they are geared for the ability to have nuclear weapon's capability and that's what they kept, if this thing is so unnecessary, you have to tell me this, why do they keep this archive, they lied in order to get the deal and they're still lying, they're trying to basically have their yellow cake as i say and eat it too. [laughter] stuart: here is who you iran respond today mr. netanyahu's original statement about iran
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lying on the nuke deal. here it is, what we saw from benjamin netanyahu was nothing but a childish and ridiculous show. netanyahu is trying to affect trump's upcoming decision about iranian 2015 nuclear deal or jcpo8 but tehran is prepared by any scenario by trump. joining us right now kristin, let me extrapolate for a second. looks to me like the war has almost started, iran here, saudi arabia, israel, the united states, the shooting has started, what do you say? >> well, in a proverbial sense, yes. iran at war with the united states since it came to power, some of the harvard experts like to pretend they are moderates and the government wants to come in from the cult but what netanyahu proved yesterday that it hasn't, it never did, it won't, at the time where they were only pursuing peaceful
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energy project, it turns out they had weapon's designs, diagram of how you put a physics package and testing sites ready to go, so very dangerous situation. stuart: if we cannot inspect iran's military sites and at the moment we cannot under the terms of the deal, if we cannot inspect them, there's no way president trump can stay in the deal, am i right? >> that's right. we have no ability to understand and they have two parallel programs, they are farthest along in the uranium program and multiple centrifuge sites and threatening to increase the amount that is they were fined, process uranium up to weapon's potentially if we pull out of the deal and they can do that and less advance have plutonium project that stems from reactor for sure. stuart: do you think iranians could open up sites to inspection because their response to netanyahu wasn't the flame-throwing great satan
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response that we are used to in the past? >> they have slown shade our way in general and they are fighting a proxy war against saudi arabia and yemen, fighting a proxy war in israel, syria, they are definitely at it. they recognize what donald trump is much more serious than barack obama and john kerry and trump a week or two ago threatened to use overwhelming force if iran threatens us or allies and something they should take to heart. stuart: okay, what's your bet, 20 seconds, may 12th, are we in or out? >> completely out. it's dead, i think we may get out earlier, the 12th is only the deadline, we may do it sooner because the president may go to jerusalem and want to get that out of the way for then. stuart: you save the real news to the end. you to put ilgt -- it right up front, christian. come back and see us again. you're all right. thank you, sir. appreciate it. now the market has been falling
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over the last few minutes, we are now going to open down about 80 points, a loss on the s&p and a loss on the nasdaq as well. that will be 20 minutes from now. kanye west targeted by rapper daz, he's telling members to attack kanye over support for president trump. university of texas austin treating masculinity, help male students take control of masculinity, we have the perfect guest to respond to that, baseball legend cal ripken, jr., the latest on caravan, the feds have arrested 11 for illegally crossing across the country, here is the question, what happens to them, judge napolitano
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stuart: how about this get or maker gibson filing for bankruptcy. liz: creditors want it to survive, the american get or maker, they make get or that is the beatles loved, john lennon, they struggled under a big debt load, they bought home entertainment system maker and consumer electronics so they are trying to get out from the debt load, chapter 11. the creditors love this company so much they want it to be saved gibson get or section saved. a big business in 80 countries. stuart: okay, got it, thank you very much, liz. now the migrant caravan, here we go. 11 arrested, 8 applied for asylum, judge napolitano is here. let's start with you, 11 of them try today cross over into america, they were arrested. >> they succeeded. they arrested for not knocking on the door but going around the door, so to speak.
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stuart: what happens to them? >> 8 of them got advice from lawyer, apply for asylum, application takes precedent over the basically trespassing. stuart: hold on for a second, 8 crossed legally applied for asylum, 11 crossed illegally and they were arrested. i want to know about the 11 that were arrested. >> they are in the old days they would be set free with bail and asked to come back, i don't know if they got bail, the policy of the government to afford bail for misdemeanors but if they did get bail that deferred them for jail where defendants are held to ice detention centers, detention nevertheless but it's a better facility and to be kept. stuart: not been september back immediately. >> no, they have been sent back. stuart: if you're coming across, you're migrant in the caravan,
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you're in the mexican side of the border, i'm border patrol, i'm on the american border right here, you try to step forward and i sea, get out of here, you can't come in, where is your authority to come in, you can't come in and you come in anyway, you put foot on american territory, i could grab you and surely i can say, get out of here. >> no, you can't. that's the frustration the president has with the statutes the way they are written and if they're smart enough they will say i'm a political refugee, i'm not from méxico, i'm honduras, relatives have been tortured because of our political views, i don't know if this is true or not, i'm giving hypothetical, that's enough to trigger the asylum mechanism which is part of american law and international law to protect refugees to encourage refugees to flee from countries where they are being persecuted. stuart: do we need to change the law? you are arrested and you, sir, are out. >> that you'd have to change the constitution, but the president wants to change the law about this right to knock on the door
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and ask for political asylum, that's the law that he's complaining about, that's the law that he wants to change, that's the law that he wanted to change in the spending bill that he signed but they didn't put it in there. stuart: so the wall if and when it's built will be use today stop people actually getting to the border, first line of defense. >> see the pictures of them climbing over the wall. stuart: they entered america illegally. >> one of the walls go out into the ocean and some of them swam through the ocean around the wall and walked up in the beach, once the feet hit the sand, they have rights. stuart: they have rights. >> that the president can't change that, only an amendment to the constitution could change that. stuart: i arrived at jfk, january of '73 when i first arrived. nigh perfectly well -- [laughter] stuart: i knew perfectly well if i hadn't got my papers right
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they would put me next plane back to england. i knew it. >> except with you intellect and education the type of person that somebody wanted, i can't see you planning a -- stuart: you get the point. you get the point. >> do i get the point. get me your tired, your hungry, uneducated, your unclothed, that is not aimed to you. stuart: we live to fight another day. [laughter] stuart: that's good, very good. biblical reference, excellent. >> lazarus wrote the poem. stuart: futures -- down 80 points in dow industrials when we get going here. let's be precise. now this, michelle wolf not backing down, not apologizing for her wildly offensive performance in the white house correspondent's dinner, she says she's stick to go her guns, you will hear all about it. you will hear all about it.
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going after attack for kanye west's support for president trump, at least saying give president trump a chance and goes out and calls gang in west coast and says he has had home in calabassas, you better stay there. the crip revolution is on. it's freedom of speech for kanye west as well. apparently it works one way, he's calling for violence against kanye west. stuart: that's the bottom line. then we have comedian, so-called comedian michelle wolf defends performance at the white house correspondent's dinner, just roll that tape. >> i wouldn't change a single word that i said. i'm very happy with what i said and i'm glad i stuck to my guns. stuart: he's obviously not apologizing, news this morning, liz, did she delete 20,000
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tweets offensive tweets? liz: in the months leading to routine at the dinner. in the tweets she joke that is serena williams is a man, she called eric trump an abortion, she makes fun of death of an on- antonin scalia and talks about having sex with bill clinton. i think she's being wrongfully misled, she's talented and going down a bad road, netflix is having a show with michelle wolf and it's unclear whether she -- weather net félix knows about the deleted tweets. she does have talent there, she can make funny lines, she made jokes on both sides saturday which i attended but then she was vicious, that's wrong to personally attack people. stuart: i think you're being very generous. liz: i'm not saying kumbaya, i think she needs to correct her path. stuart: she will make five times
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i love it. [laughter] >> early word. >> under the bus. [inaudible conversations] all right five second to go we're going to open this market. it is tuesday i can't believe only tuesday -- opening up bang, now, up we go. we're going to be down. i suspect down about -- 40, 50, 60 points yet. there you go 67 down as we speak i see a lot of red among the dow 30. at least three quarters of the 30 and down and we're off 72 points as we speak. barely above 24,000. that's a drop of about a quarter of one percent. s&p also down about with a quarter of one percent and nasdaq now where's that this morningsome it is down less than that. that implies not a bad performance for the technology companies. the tenure yield very important recently and look at it now. all the way back to 2.9, 5% nowhere near the crisis level of 3%. [laughter] after the bell today, apple
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reports its numbers. we're going to find out just how much money they are sitting on could be 300 billion we might a little find out what they're going to do with it. higher profit, weak or sales at some help that stock is dead flat. pfizer another drug company, lower sales of its breast cancer drug and it is down nearly 3%. 35 on pfizer ashley webster elizabeth macdonald afore mentioned barton and murphy himself. good -- irish accent. i don't know why i did that. but -- [laughter] >> good vibration from the economy, strong profit and no pop murphy, not? >> to suggest what is going on. you hear about uncertainty in the market but tell me when there was certainty in the market. there's always uncertainty so what i can e tell you for certain is we have strong
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earnings so that's what i want to focus on and so i think there are a lot of opportunities. >> so you're a buyered a right time right now. got it. dr why no pop? >> i'm with mike about a buyer at the right time. i think what happened we have a last two years of the market just going up. and now we've gotten a two-way market we're getting some up and some down and it has got people who are used to that easy market. sitting on the sideline and i think the pullbacks are still to be bought. >> it is true. we did get used to straight understand. we loved it. >> market and the midterm on average they dropped nearly 17% but popped 32% on average since 1950 that's the s&p 500. >> for myself -- didn't get the buzzer. >> wait -- [laughter] there you go. i have to talk trade, i'm not so sure it is that important at this market at this moment and time but listen to this the president on a lieu tariffs a
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enon china, we understand china is ready to push back on our demands. what's the end game here? >> i think the end game is some sort of a give and take on both sides so there's going to be some kriez but whaing president is saying we've been trading with you and we've had a bad trade deal for years. and now we want to level the playing field and if that results in a trade war which nobody wants, so be it because you're not happy that i'm taking away the advantage you had too bad i'm taking away advantage level playing field for everybody. a win for the u.s. economy. >> hard core murphy. >> hard core murphy there you go tben. here's the story i'm really interested in that's apple yes they report their profits this afternoon. now we're going to get to find out how much money they've got. it could be 300 billion. enormous stash. so dr -- what do they do with? >> i think they have a bunch of different plannings could they do stock buybacks raise are the
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dividend hope they'll do some investing especially here in the u.s. in improving products and developing products. but here's the big thing i think we need to concentrate on. we're going to be talking about iphone sales that's over 65% of their business. but their service business stuart did 8.4 billion last quarter. do you know the netflix last quarter revenue? 3.7 billion. they just service -- 3.3 times bigger than the 2.3 bigger than netflix so that's a huge business and that's their growth engine for the pledgets while while they get to develop another product. >> they do need to innovate you can't be just an iphone company. >> with the itunes technology. >> wait, irritating. murphy here -- lay did it again. >> to say apple is -- a one trick pony it's the largest one trick pony in the history of public markets. right -- but so you look at apple right
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now they have so many other level it is that levels to pull so iphone sales are a big part of it but they can set against apple for the last 15 years has been a bad move i wouldn't bet against them right now. >> down 120 odd point five minutes into trading session down it 120 that's down about a half percentage point. i'm not sure what the big negative is this morning. i really can't the my finger on it maybe it is trade, iran, i don't know. >> marco rubio. [inaudible conversations]
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>> ladies and gentlemen, higher sales at underarmour benefiting from strong demand outside america. so what? the they think is down 6%. i have to my writing stock on e companies i have to say. vista outtore -- and ammunition company got it, they lost more money. and they are down 12%. some really serious moves and some big name stocks there. let's talk facebook, it is developed conference thoughts today. could be a contentious one for zuckerberg facebook app developers not happy because they don't know what's coming down the pike and don't know what's come at them supposed to be had conference has been a celebration or everything that facebook and they interact with the developments, the app developers. it's a big event and not this year. they've been on the road for months now facebook apologizing. the pecktive apologizing. they've put a moratorium and shut down their platform for develops to have access to it
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who needs that to generate business, you know, to get the data from you and i and everyone else for their businesses so question is what is facebook going to do and how is that going to impact the developers because right now, the developers are getting very angry. >> okay more thing on facebook what's app cofounder or bought i think 19 billion something like that. well cofounder is leaving he's gone. been captioned about advertising with facebook itself. what do you make of this here? >> facebook with 2.2 million, billion active monthly users what's app 1.5 million and they have not been able to monotoys that space. properly that's what this clash is about for facebook to continue to grow at the rate they've got to monetize that app. this is a good thing. >> that guy is about privacy. he's -- does that major encryption move at what's up, where facebook bosses and what's up can't read people's message this is in places like venezuela with
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political oppression cofounder of what's up ryan says unplug facebook. so these guys are really mad at facebook over the privacy issues. >> holds on everyone. murphy is with but us and you're the man who says i do declare that facebook would eventually get to a trillion dollar evaluation what do you say this morning? >> they definitely will. it is good to get the what's up guys out of here. they built a platform to not charge consumers for it or sell data and weren't going to monetize it and sold it for $19 million. >> so they did all right for themselves but i think we've saw so much about people deleting facebook over last few months and nobody did. thank you. >> and facebook is start read what's up up messages? that's their -- sell. >> so you still buy facebook? >> on weakness you buy it right here i think it is a good price i think facebook will be over 200 by the end of the year. >> chiccos women's clothing apparel seller they start selling on amazon sounds to me like a pretty good plan if you
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can't beat them you join them. >> well, you know, 51% of amazon sales come from third party stuart. that's why this is such a big deal. the more they bring this, the third party to use that great distribution, the more that they make. >> why is chiccos down veiled thought to get on platform like amazon so sell a lot more. what makes the chicco experience you need to walk into the store now. what do they do with with all of their retail outlets? >> women love it they sell white house black market. chicco owns that. you just pay the bills. >> i don't know what you're talking about. a big major resail stock that women love. [laughter] >> okay. i'll believe you all. i believe you -- [laughter] big thing with amazon taking over is that chicco no long or controls supply chain so give back power up to amazon that shows weakness and that would tell me not to be buying the stock here. >> thank you -- for making that, right.
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tesla reports after the bell tomorrow. it is burning cash that's alarming rate -- that burning through 6,500 a minute. >> bloomberg people crunch numbers here's a case of -- a exceptional product as an engineer we go in and break down and see what model three looks like. it is awesome. how they're building. they tried to take a leap beyond what they were capable of doing. they are going to need money. predictions. i will say my prediction is they will absolutely have to raise money in 2018. >> they could sell themselves to google. they almost did that in 2013 when they hit a wall and nearly bankrupt in 2013. they had a handshake deal with larry page to sell itself. watch tesla elon muck make a move leak that or sell like they democrat past. >> losing control of this program. ladies and gentlemen, last word to you, murphy. >> i've been on this program several times do it not bet
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against elon musk right now i would bet against elon musk. and stock to do levels at all. i think they needs money. >> very interesting. i have to say thank you very much indeed murphy and to you dr as well. gentlemen thank you, lower day as i speak down 143 points barely above 24,000. but latest numbers on the great tax. 800,000 people are expected to leave new york and california each and -- each year for next three years. they try to escape to low tax states. congressman feater king from high tax new york is on the show after this. and next, baseball legend joins me live on the set discussing mafng linnty. we'll be back.
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>> lower the day down 147 now. but still right there at 24,000. we've got a billion dollar deal and it is for boeing, nicole tell me all about it, with please. >> so we boeing down 2.50 been the behemoth but this is all about expanding their services. so you have boeing buying kale for 3.3 billion deal. does boeing want to because it puts them in the area the unit of hard equipment, services this is an area an save money over the next several years to annual cost savings of 70 million by 2021 so another deal for boeing and right now it is down but it is up 80% in last 52 weeks and
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intel is up 40%. you see what that is. >> we'll take both of them nicole thank you very much indeed i can hardly believe this university of texas calling masculinity a mental health issue. it wants to teach male students to take control of their gender identity. and develop a healthy sense of masculinity. who better to ask you about this than the ironman? i owe this this guy, baseball legend he plays what 2,600 games in a row without missing single game. how many was it? >> 2,632 to be exact. >> that is masculinity. do you have a mental health problem? [laughter] >> i hope not. what do you make it have. look masculinity to me is about more than sexual drive but power. it's taken -- i don't know how to define it but you define it for me. >> so, i mean, i don't know what to make of it we live in a world where everything is naldzed baseball now has its team of an a littics and i'm very
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analytical myself. but -- >> you're proud of your masculinity surely. but you are proud of it surely. are you going to tell me that you're retrieving from your record? >> no. but i was just thinking that men are not supposed to cry either and then i'm on tv bawling my eyes out there. roll that back a little -- [laughter] now toipght i want to talk to you about roy, restaurant chain and teamed up with them. >> with a new team. >> you want to bring roy back? >> i was impressed with their streak 50 years they're celebrating 50 year, and it was a brand that spoke to me when i was a kid and it was on the rise, and you know we're teaming up together and i discovered they have a very philanthropic so they're helping us raise money for the senior foundation is a perfect partnership. >> when i first came to america we're talking 40 odd years ago now roy rogers was everywhere. i was in california, i was in the new york area. i was in florida all over the place. roy rodgers was everywhere.
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chtion what was your favorite meal? >> it was chicken wasn't it? fried chicken. but to me it was the roast beef and all of them ares close to being that but it was comfort food but i don't know if she liked that food but it was good but it was fast. >> but then it really -- the number of outlet where is you could have a chicken meal roy rodgers. >> by hardee's some sort of play and now it's a resure vens they're growing in this region. don't have exact numbers but -- they grew. >> they came to me and it's like when you make a decision on endorsement. my first one was underwear that didn't make much sense for me. i couldn't fathom posting in my underwear to have my mom sew that. >> you said no to that one but this one makes sense to me. it spoke to me.
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i love the brangd and love to be helpful. it is a private company i think. okay and you are -- it well i have to ask the the question and you will not answer it -- [laughter] but i take it you've got a piece of the action. >> i can't disclose materials of my deal that wouldn't be right. >> started -- >> yes. by doing commercials? >> we're -- we're doing lots of stuff on presidents interkt. i had a couple of stops we created social yeetd excitement last night. i was in brick, and at a place and a i was in the kitchen. so i have another stop over on the way back from maryland so i'll test my cooking skills today. [laughter] >> bring it back okay. i missed roy rodgers and all of those years ago. kyle ultra man -- [laughter] that's right check that dow -- still holding with with a loss of about 150 points. there you have it lots of red, though, on the left-hand side of jr. screen.
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fox and friends out with a new book all about her relationship with god and how it helped shape her into the woman she is today. ainsly will tell us her story right after this. and a little n. but not so much about what market volatility may do to their retirement savings. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they can focus on new things like exotic snacks. talk with your advisor about shield annuities from brighthouse financial- established by metlife.
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>> now, this is the low of the day a minus 157 right at 24,004 let's get to politics. this is interesting. the president has offered bill gates a job. what? noble [inaudible conversations] just kidding. apparently he met with the president for 40 minutes, and bill gates said to the president, you know what you still have not appointed a science advisor someone who advising administration on all things scientific and so apparently according to mr. gates the president said hey are you interested in which he can imagine mr. trump saying he said no, sorry, i don't think that will be a good use of my time. because we know that bill gates and the bill and hell da gates foundation do a lot of warning on global health issues but kind of interesting and -- >> in the style of mr. trump are and as they say you want to have yours. maybe you should go walking by there. i wonder if mr. gates.
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here's sol good stuff i mean good stuff. one of our own at fox south with an inspirational memoir called the light within me. joining us fox and friends co-host earhart welcome. well done. well done. >> thank you. now the title of the book is the light within me. i take it that that light within you is your christian faith. >> it is. it is so there's a scripture matthew 5:16 that says let your light shine before others othery may see your good deeds and glorify your father in heaven i want god to see and see god in me so that's what the light is. >> lets the world see the light in me. you are being a christian and overt christian to fulfill that scripture. we don't see that very often. >> i think a lot of people at least for i grew up in the south, that's how we try to live our lives may not talk about it a lot i grew up in a formal christian family where we went
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to the church in lutheran church but didn't really talk about it. we said our prayers and blessings at the able but then i went to college and i started meeting different -- other i toos of christians other christians that have grown up in different denomination more vocal about that you are faith and i wanted to be like them so i started doing some bible studies and then god completely changed my life. and now i have a relationship with god and so -- i started god just started blessing my life in mighty way. i was a journalism l major, and got to the local level in my hometown then moved to texas then got call to come to fox and have been here almost 12 years and worked my way up. it talks hard work but it also takes a lot of faith and prayer and just giving your life to god. >> what you say you have a relationship with god -- >> yes. >> i don't to be say does god speak to you. do you hear him in your head? but do you? >> never heard his voice like a loud god voice come down --
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>> what to you -- pledgets little thing this happn my life that make me know that god is there even just my children -- i wrote this children's book i was like god i don't know low to write a book and i felt like i was in church god was telling me that i need to write a book. and then there would be confirmation about people saying you should write a book or you should -- and my mother was a school teacher so she is started helping me and then that book turned into -- a book about these notes that my dad leaves next to our cereal bowl and then i'm at a table with all of these people from the publishing company and they said, with what are we going to call the book and do you get to share your faith on fox well i wases filling in for dana and i shared a scripture about take heart i have overcome the world because we were talking about war and politics. and they said, that's it. that's the name of your book take heart. take heart my child that book was number one on "new york times" best seller list that's how god speaks to me so i listen to god and god bless it is. it's amazing. >> i wish we had another hour or two -- [laughter] you know how it is.
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. . you knew very well what you were getting. another development and passed judgment. he writes. she did her job. and did it brutally well. the jokes were personal, yes. because character is personal. what? personal insult is okay? in the "times" world apparently okay to insult a conservative woman's appearance. i bet it is not okay to do same thing to a liberal woman. you have to wonder what is going on with the left. "the new york times" can't understand miss wolf's so-called humor is totally out of bounds.
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that is how far their contempt has taken them. you have to wonder about the future of the white house correspondents' association. surely they won't do another dinner like that. what about hargrett talev who runs the association. she says she asked miss wolf for unifying message. really? you didn't want unity. you wanted a speaker to trash the president. in hiring miss wolf you destroyed the credibility of the white house press corps. resign. the second hour of "varney & company" is about to begin. ♪ yes, i will calm down, we have economic data. what is this about manufacturing? ashley: take a breath for you. manufacturing anything above 50, means we expand. anything below, that said, number for april came in at 57.3. good news we're expanding. not so good news it wasn't as
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strong as we thought. we're moving lower with each passing month. we're at a level of 60 in february. now we're down to 57 in april. we're still on the plus side, we are slowing down a little bit. stuart: no impact on the market. we do have numbers on construction spending if. liz: down 1.7%. watch what is going on, the backstory, less government spending on construction projects. that is why it is trending down. federal government pulling back on spending. stuart: we're down 156 as we speak. we're holding at 24,000. check big tech names. apple is a dow stock. it is the best gainer of all the dow 30. it reports numbers after the bell today. have more coming up. amazon adding 2000 tech jobs in boston. speech sciences and robotics.
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only alphabet is raising forecast for the year. investors kind of like that. strong growth of sales of cancer drug keytruda. stock is down a fraction. pfizer, another dow stock, drag the dow down. revenue falling short. the stock is down over 2%. tapestry, formerly known as coach, sales fell short at the kate spade division. it must have other problems because it is down 10%. back to my editorial, you want to call it a rant, call it a rant on michelle wolf. she says she is not going to change a word. katie pavlich, town hall fox news editor. you sat through the rant sitting next to me, was i going too far? >> i don't think you were going too far given context what you said. the correspondents' association knew exactly who they were getting. they had a list of people they could have hired. they will never i'm sure, hire a
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center-right comedian. all the past three years the comedians have been from the show, "the daily show," which is very far to the left. look, she got what she wanted here, michelle wolf did. she was able to give her punches to people directly sitting next to her, sarah sanders, kellyanne, said horrible things about ivanka. day two, twitter followers doubled. she will not apologize. getting exactly out. stuart: she has netflix show. liz: why is she deleting tweets? stuart: 20,000 tweets deleted in the months leading up to her white house -- >> deleting tweets, number of tweets deleted would be offensive to her own cause. comparing serena williams to a man. that would be transphobeic. be careful about what she does
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defending the left. doesn't mind offending the right. when she wants to promote her career. liz: real credibility issue deleting tweets. stuart: however, shall we move on? >> move on, not give her anymore attention. how about that? stuart: she is irrespiesable. senator marco rubio says this about the fax cuts, quote. there is no evidence whatsoever that the money is being massively poured back into the american worker. without going into whether the tax cuts are good for workers or not, i don't care about that i want to know why you think marco rubio is saying that now. >> i am very confused about this statement because the evidence is, there is overwhelming evidence to the contrary. companies, hundreds of companies giving bonuses to workers, raising the minimum wage of course which is workers issue especially for people that rely on hourly wage to make a living to feed their families. we seen number of companies increase salaries as well.
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this idea we're not seeing money go back to the american worker, the world we could grapple over is the word pouring into. is there tsunami? i would argue there has been considering hundreds of companies have been able to give back to the people that work for them as a result of tax cuts. stuart: i don't know why a republican senator would go after the tax cuts and call them a bad deal for the worker six months before the election. ashley: setting himself up for the primary down the road. >> doesn't make any sense in election year for republicans. they are trying to sell the bill on tax bill and economy going into the election. we've done good things for you as family. i also don't understand it, we had people with the public forums with the president fon around the country to sell the tax bill, in tears, bonus we got helped us put our kid through college. it helped us start our business, save our business. put braces on our children. real people told real stories how it affected them. i'm very confused. stuart: i would ask the good senator come on the show to
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explain. katie pavlich. you're all right. >> still okay. have a good day. stuart: apple, as we all say, we know that they report profits after the bell today. joining us now, for her, first-ever appearance on "varney & company" is susan lee. welcome to the show. >> thank you so much, stuart. good to see you. stuart: after my rant, will you be okay? >> hoping to survive. fingers crossed. stuart: tell us about the sales of the iphone 10. that will be a big point this afternoon. >> a little expensive at $1000 apiece apparently. iphone x when you're competing with the iphone $8200 cheaper. analysts are ratcheting down earnings. i think there are pretty low. there might be a lot of up side opportunity for apple to beat. wild cards, we're expecting 51 to 54 million iphone sales. get to the wild cards, how much
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money will they give back to shareholders? they have $285 billion in cash. it's a lot of money. a lot of people are expecting repurchases, buybacks, giving back to shareholders. what about a new phone coming at the end of this year. there is another one coming, the se-2. services, we buy apple music. we use the icloud. we pay to use the icloud. so, yeah, these are things -- stuart: a few wild cards there. >> wild cards, yes. stuart: that was a fine first performance. >> thank you. stuart: if you're not careful you will be back. >> i don't know. what do you think? stuart: i think you're in. you're in. ms. lee. thank you very much indeed. let's go straight to scott shellady in london. that is the cow jacket, skiing glasses and the bow tie. would you buy apple. would you buy apple in advance of the profit report this afternoon? >> you know, here is what i think, stuart.
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i think their expectation expectations of money returned to shareholders are so high, i guess tim cook would run weak hands out and pick up stocks cheaper. i think the atm apple may have become to some shareholders are so high i think i would wait a little bit. stuart: what do you think they will do with all the cash? miss lee told us it was $280 billion. checking account. absolute cash. with do you do with that kind of money. >> their services part, which mentioned a little bit earlier, size of fortune 100 company. i think that will have to be a bigger part. it will have to help cyclical sales of phones they keep coming out with. i think they go towards the other side of the balance sheet. services will slowly start to be their bread and butter, help other things they're doing which may be more creative. stuart: what they really need. this is my opinion here, i'm not
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particularly an apple follower, what they need is a new and very innovative product, a ground-breaking product. i think they're behind the, they're behind the times with voice activated home computing things, amazon alexa, i think they're behind on that. what they need is cutting-edge innovative product and i don't see it? >> i don't think anybody does it would be out by now, number one. number two, if you want to put the tinfoil hat on, stuart, start worrying about things invading our lives, folks don't want to have computers on, they think somebody can see what they're looking through the camera on their screens. they want to have alexa in the office. there are too many things bombarding us there. you're exactly right. nobody knows what it is. until that white knight in shining armor comes around the corner you don't know. stuart: you have that right, scott. see you soon. before we --
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ashley: did you see the ugly scaffolding behind scott. big ben covered up for four years. won't hear the chimes noll -- until 2021. stuart: the dow is down over 200 points. we'll try to explain it in a moment. benjamin netanyahu explaining how iran is violating the new deal. sounds like guns are loaded in the middle east. we're on that one. a stock that we follow every week, general electric, down 20% in this calendar year. its value cut in half over the past 12 months. one of our favorite market watchers just bought the stock. dennis gartman. he will make the case buying more later this hour. the tax exodus, it is happening. leaving high-taxed blue states, going to the low-taxed red ones. congressman peter king, later this hour. can anything be done about that?
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stuart: this tuesday morning we're down 200 points. we have a slight slowing of the economy reported at 10 eastern time. maybe that sent the market down a little bit. we're only down 196. intel chipmaker, one of only two dow stocks? the green. up 1%. israel's government is paying into $300 million to expand manufacturing operations over there. israel's prime minister benjamin netanyahu says iran violated the nuclear deal. iran's foreign minister
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responded saying the deal was no longer sustainable for iran. joining us walid phares, foreign policy and national security expert. welcome back. it sure looks like we, america are getting out of the iran nuke deal. what say you? >> we are probably considering this. obviously the presented a administration are in consultation with congress, without allies in europe. without allies and partners in the middle east. but at the end of the day, this deal did not actually work. because number one, it did not stop iran from visiting most important component of nuclear force to come, the missiles. as long as they are building missiles. we don't deliver pizza, as he said other day with missiles. that is a indication that the deal is no longer working. stuart: as i hook at two sides here, looks like iran versus saudi arabia, israel, the united states, a few other arab allies. it seems like hostilities already started.
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we've already seen israel attack a base in syria and kill, i believe 26 iranians. it seems like, the guns are loaded, some of them started to fire. >> look, if you ask me, is war on, or going to be, are we going to see conflict, my answer will be that iran has been waging wars in syria. maybe where hundreds of thousands of people are killed, iraq, yemen. they are protecting hezbollah in yemen which is spreading throughout the region. iranian regime is spreading these wars. every time we consider in washington or elsewhere to do action to stop the wars, what was action had in international communities, partners the iran deal, this would destablize by the iran deal. they are protected from the iran deal. if we withdraw from the iranian deal, the iranians would have a totally different calculation.
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stuart: what would be the difference? if we pull out of the iran deal, doesn't that open the door to real hostilities, a war? >> it would. when you consider a war, then you look at classical balance of power. iran is able to do what it is doing right now, meaning advancing and expanding because we're not telling the arab coalition to mobilize. we're not taking enough action. we're not mobilizing nato. all of that because of what? the iran deal. once this is off, then we'll tell the iranians you need to leave syria. then we'll tell the iranians you need to stop sending missiles to syria or else. that or else is the price we get from withdrawing the deal. stuart: that is strong stuff, walid. we're on the brink, seems like we're on the brink. walid phares, tell it how it is. we appreciate that. >> thank you. stuart: i really like this story. i want this to succeed, the right to try legislation that would let terminally ill
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those developers not happy with mark zuckerberg. they are kind of in limbo. ashley: they are. this is supposed to be a on aannual conference where facebook rolls out flue products and interact with the app developers that use the platform facebook offers. for the last several months we know facebook is embroiled in the controversy with cambridge analytica. that in turn forced facebook among other things, they have been on the apology tour for some time, they shut down the platform, essentially locked down, paused all new app and chat bot as they call them approvals. to your point, stu, these developers are very much in limbo. where do you go from here? how are people's -- what is the privacy law that facebook is going to impose? what part of our information can any of these app developers get access to. that is the business model. you cut that off, they have to seriously negotiate how they operate. stuart: zuckerberg will be there.
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i wonder what he will tell them. ashley: a new age boys, that is what he is going to say. stuart: i want to talk about tesla, the company is burning through cash at an alarming rate. how much? liz: one estimate, $6500 a minute. they have been free cash flow negative for last five quarters. earnings are coming out tomorrow. moody's says they need $2 billion more in cash to survive the rest of this year. that is a question of elon musk. that balance sheet is underwater. you factor off-balance-sheet debt it is swamping shareholder equity. five years ago, tesla hit a wall. they were bankrupt five years ago, ramped up model s, saved themselves. they are trying to ramp up model x. they had had a handshake deal to sell tesla to google. he elon musk dealing with the. unionizing the plant in
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california. you think google will want to deal with the uaw? stuart: i simply can not imagine such a thing. liz: elon musk, he should go to spacex. stuart: somebody has to take over tesla. who would that be? liz: he likes the balance sheet to finance his dreams. stuart: he is a dreamer. next, market selling off, down 190. dennis garth men -- garth men will tell us if he is buying into the big dip. this will get your blood pressure going. university of texas austin classifying, masculinity as a mental illness. ♪
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♪ stuart: okay. okay. liz: such a great song. stuart: you think it's a great song? [inaudible] stuart: not bad. not bad. that is the beatles. we play it every day. it is 10:30. check the big board. i think this is a new low. we're down 220 points, 23,900. where are the big techs? in a down market like this, they are all up. facebook, amazon, apple, alphabet, microsoft, every single one is up as the dow goes down 200. >> look at merck. better profit. weaker sales. pfizer lower sales of breast cancer drug and arthritis drug. it is down a buck 37. i want to talk about general electric. the reason i want to talk about
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ge because dennis gartman is with us. he says buy it. gartman, welcome back. >> you guys will apply anybody on this show. stuart: it is incredible. you're sitting next to me. we don't like you down there in florida, okay? >> actually i live in virginia. that is okay. florida, virginia, they're low-taxed states. stuart: why are you buying ge? >> nobody wants to own it. i think it stops going down. i like to own things if i drop them on my foot they will hurt my foot. the fact thaw dropped the stock from $38 a share to 2 1/2 dollars a share at its worst, now it is 14.25. it is starting to do things in the charts to have me interested. the fact they pay a 4.4% dividend, that is a nice carrying charge. stuart: to you it is a trading vehicle. you bought ge, held it, pass it on to the heirs. you're not suggesting the same thing are you? >> i'm almost suggesting the same thing. i think ge will be around
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another 40, 50 years. i won't be but probably it shall be. i think this investment the not just a trade. stuart: do you think it has parts in overall framework that could come through with serious profit? if so, which parts? >> i think when they do with the aircraft is worthwhile. metal working is worthwhile. there are things that have to be pushed aside, no question about it. did the previous administrations make terrible mistakes and purchases, no question. i think we're getting rid of those. i think $14 a share is discounted. stuart: did they spend tens of billions of dollars buying back their own stock at $30 a share. >> that is happening with a one of the companies. us air paid over hundred dollars a share for it is stock before it went bankrupt. ge as management is the not alone having purchased shares and watch the shares decline in value. they're not first. will not be the last. stuart: you're standing by ge.
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you're a brave man. >> i owned it for three or four days. it is no big deal. in this business, three or four days can feel like a lifetime at times. stuart: that's true. did you buy it at 14? it is 13.88? >> i bought it at 14.12. stuart: your followers will let you off the hook. >> no they won't. no they won't. stuart: look at this tweet. we just got this from president trump. i will quote directly. delegation heading to china to begin talks on massive trade deficit been created with our country. very much like north korea this should have been fixed years ago, not now. same with other countries and nafta. but it will all get done. great potential for usa. by the way those tariffs, steel tariffs, delayed on the impact on canada, mexico and the europeans. do you think that this trade embreault yo right now is having impact on the market? >> anytime with confusion that reins is having an impact the past 48 hours, no question about
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that. i think the president's position on trade is ill-advised and badly, badly pieced together. i run a trade deficit with my butcher. i run a trade deficit with my grocery store. i run a trade deficit with my lawyer. you run a trade deficit with my doctor. do i worry about the fact i run trade deficits with them, no. because i run. the fact chinese sell us cheap good should be considered to be a benefit, not a detriment so what the united states economy is doing. are we ever going to run trade surpluses again? probably to the in my lifetime. does that matter? as long as we run capital surpluses which is the opposite effect of the trade deficit. i'm happy with it. i'm not terribly disconcerted about the trade imbalance of china. stuart: what is the market waiting for? it has been going sideways since january. it doesn't get a pop. you get fabulous profits. you get interest rates backing away from 3%. we have got 3% growth in the
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economy. what is the market waiting for? >> 3% on 10-year yield will look low a year from now when we're at four, 4 1/2%. that is what market is worried about. should it be terribly concerned about it if not terribly but it is concerned about it. stuart: we're leaving with ge, you're staying in it. >> that is my story. stuart: dennis gartman, every one. he is all right. >> always a pleasure. stuart: i will shake the hand. we're now by the way this is a new low, down 233. 23,929. okay. i'm told i've got to tap dance for 45 seconds. ashley: i will give you information. some. price index, don't want to get too technical on the ism numbers showed the highest levels in seven years. which means inflation is definitely starting to rear its ugly head which in turn could prompt the fed to maybe raise rates a little more aggressively
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than the two hikes. stuart: well-done, ashley. you grabbed a nugget out of that. liz: he saved you from tap dancing. stuart: we're down 240 points. what you point out is probably a significant reason for that. okay. ashley: yeah. stuart: five seconds to go. [laughter]. i have to wait until exactly 10:36. it is 10:36 now. rook who is here. brian kilmeade. host of the brian kilmeade sew. right at it, brian. the university of texas says it treats masculinity as a mental illness. do you think you and are i are sick. >> yes, i'm running a fever right now. i'm overridden with masculinity, so is everybody in texas. have you walked around if these people are born with wind burn and jeans. they are the toughest people. austin is liberal enclave, i give you that. texas people by nature, by genetics are toughest people around. they were their own country for a while. this is unbelievable. i would expect this at amherst
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or umass. not here. stuart: where is it taking us? masculinity itself under attack? is one under attack for being a man and all that being a man entails? >> right. stuart: is that what's at stake here? >> i have always told you that it is to the easy being me but i never thought it would be a hard being you. and that is what we're seeing. every male on earth, it is the world against us, especially if you're on this campus. people are always making sure, because maybe the men had it too good for too long. if you watch father knows best or during 1950 black and white sitcoms, make it seem like men are in control. that is not always the case. this was organized by counseling staff which created this series, encouraging students to develop a healthy model of masculinity. what would that be? stuart: yes. >> turn the marlboro man on his head? stuart: what would it be? what is a healthy male
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masculinity? what is that role model? i don't know. i would love to see it, frankly. maybe we should follow up on this. i have limited time, brian, i have to get to but the white house correspondents' dinner. >> yeah. stuart: you were there. michelle wolf saying she is not backing down at all. wouldn't change a single word what she said. what say you? >> well, it doesn't surprise me because i look back at what she did. i just can not believe she made the cut and solicited for this event. has no name recognition. she is not bringing in ticket sales. will not bring in c-span tv ratings. they hit a zenith. with michelle wolf you wanted someone with a left-wing principle. with jon stewart could call the aaa team. should the white house dinner organizers not be blindsided they should say what is the problem because they solicited
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this? do something without the anger there. is comedy without anger. there is so much going on now that actually is so intense it is wide open for comedy. the only way to save this dinner's format which is awkward to begin with. you're doing it from a podium at a dais, get jay leno. he has got it down. this guy is doing what carson used to do. he insults both sides. does it in a creative way. there are no victims. there are victims in this. stuart: the bottom line is a comedienne must make you laugh. if they don't make you laugh they're not doing their job. it is no good at all. i don't think they will have dinner like this again. i think that is done. they're cooked, finished. >> if they come in with the right comic. how about this? give stuart varney an award on journalism, with about video. we're television, radio industry, tell me their story instead. i see a person go behind the podium they can barely see. get a plaque, walk out the other way. what just happened and why are
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we out of wine. that is pretty much the refrain at the white house correspondents' dinner. stuart: you know full and well we would never make a video tv clip of journalism, ever, ever, with that lot in control. i'm out of time, brian. that was good today. good rant. >> go get them. stuart: the caravan, it is here. so far eight women and children formally filed for asylum. 200 expected to do the same. brandon judd, the president of the border patrol union gives us an update what is going on with the zare van that is the at the top of the hour. the exodus is happening. people leaving high-taxed blue states to go to low-taxed red ones. congressman peter king on what we can do about it. he is from new york and he is next. ♪
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the purpose of the tax cut is not dole out welfare to democrats, although mr. rubio is republican. but to create a environment where people can work, succeed and prosper. if you think american workers by working, getting higher wages, consequently prospering, is a bad thing, you're with mr. rubio. i think he is on silly sauce of some kind. ♪ nah. not gonna happen.
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stuart: intel is doing well. it is one of only three stocks in the dow 30 that is in the green. israel's government is going to give the the company to expand its manufacturing operations over there. the stock is up 1.3%. i want to get to the tax exodus. it is happening. people are leaving high-taxed blue states. they're going to low-taxed red ones. art laffer and steve poor crunched numbers. they say each of the next three years 800,000 people will leave california and new york. another half million leave connecticut, new jersey and minnesota. congressman peter king joins us now. congressman, i think you are in new york facing that kind of tax exodus, but i'm not sure what you can do about it? >> well, there is two things. one because of the high taxed swaying in new york, but also one of the reasons why new york is highly-taxed because so much
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our money goes to the southern states which these people are going. they can afford to have lower taxes because they get so much states from new york. we get 79 cents back on the dollar, other states get 1.20, $1.30 back on the dollar. that is a big disparity. taking away the state and property tax deduction, that was unfair in the tax bill. overall the bill was good. but unfair to states like ours where people are working hard, gets sent to other states. they get double-whammy taking the salt deduct away. stuart: you're entirely right, congressman, no question about it, but what can you do about it? you're facing a serious problem here. i just don't see what you can do? >> it will be very difficult. no matter how much you cut back on programs, no matter what type of adjustments you want to make, the fact we have a lot of built-in costs. where you're in the states historically, new york,
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including my relatives came here as immigrants, there is usually extra costs involved with the start-up. you have mass transit. we have a subway system that takes care of more than five million people a day. we have commute every lines. we -- commuter lines. we're older. i'm in nassau county. we're the oldest suburb in the country. it costs more as government goes along. in addition to patronage or, even if we're totally efficiently run we'll have more costs than many states that didn't start to industrialize and develop until the past 20 or 30 years. stuart: the crisis on the border, 11 people were arrested. eight people properly applied for asylum. but 11 people were arrested. these are migrants in central america where gang violence is rampant. i understand that the gang,
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ms-13 is a very big problem in your distribute. so do you approve of slowing down the inflow of people coming into america? >> absolutely. ms-13, my district unfortunately is the epicenter of ms-13 activity. we found, for instance, stuart, two or three years ago, when we had unaccompanied minors across the border, everyone's heart went out to them, those kids were placed with families. we learned that many of those kids, a good number of those kids were sent by ms-13 from el salavador. they had families volunteered to take them in. those kids are going to schools to recruit. the last indictments for murder, of 11 indicted, six were unaccompanied minors came across the border. these are murder indictments from ms-13. these are brutal type murders. people hacked to death. people slaughtered, videos taken and sent to families of those
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murdered. immigrant community is living in terror because of ms-13. other than because they came across the border what was considered a humanitarian effort by the united states. to, we have to definitely slow down, and obviously when you have all these people coming at once to game the system, their systems may be full of persecution, et cetera, but the fact is we can't be taking everybody in the world who is unpersecution. you can go to hundreds and millions of people around the world. we can't take them all. we're a humanitarian country. we're a compassionate country. we can't allow the avalanche to come across the border this way. it has to be orderly way. under the laws, once the person gets to the u.s., we have to listen to the amnesty requests, but again, we don't have to allow them in large numbers, because they come in large numbers. they find out they're not entitled to asylum, we can't find them. they stay here. we're really out of luck.
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i totally support what the administration is doing right now. stuart: okay, got it. congressman peter king, a pleasure sir. appreciate you joining us. >> thank thank you, stu. stuart: yes, sir. legislation that would allow terminally ill patients the right to try unproven experimental drugs stalled in the senate. the koch brothers are putting in money to get it off the ground again. we'll tell you all about it. a good thing actually. night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ you're not gonna say it are you?
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go long. stuart: the koch backed group, americans for prosperity, a push for right to try legislation. would let terminally ill patients to try experimental drugs, it staled in the senate thanks to chuck schumer and other democrats. we have americans for prosperity tim phillips. what have you fixed in the latest round of legislation to make sure it gets through the senate this time? >> the senate passed a voice version of senator ron johnson's legislation last fall. there is a benchmark. what we're saying to them this, is common sense measure that can save americans lives. it is not political. let's get this done.
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show the american people you can do it. we have add-on to shine the light. pressure them to do the right thing here. stuart: did you fix the liability problem, the lawyer problem? because if you take a drug and it doesn't work and you die, the lawyers are on you like a ton of bricks and they will sue everybody, and anything, have you fixed that? >> we actually have, at the state level there has been legislation that we've been on the issue for many years, stuart. at the state level, multiple states passed right to try legislation that has withstood legal scrutiny from trial lawyers that want to take advantage of it. we are confident in that based on the track record at the state level. this is ready for the federal level. the senate passed a version by voice vote. the house passed a different version. folks in both parties, let's get together to get this done. this is what the ad is meant to do. this is the common sense things americans expect our congress to do. the president came out at state
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of the union that he will support it. he will sign it when it gets to his had desk. stuart: make sure i get this right, someone on their deathbed, they're terminally ill, they run out of all options except a experimental drug, a total outlyer they think offers some hope, they would be allowed to take that, if that is their choice? they have the right to try an unproven treatment? that's it, right? >> that is right. it would loosen up some of the regulations from the fda, the food and drug administration to allow them to have the chance at that last moment, to try to save their lives. stuart: now the koch brothers are involved. i guess they're putting in some money. is that going to do the trick? >> we're hoping to. we're spending hundreds of thousands of dollars on ad buys that we'll try to get the opinion leaders, leader in both parties, the leadership, both schumer and republicans to come together to get this thing done. again, stuart, this is not a pie-in-the-sky thing. the senate passed one version last fall. the house has a different version they passed this year.
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let's bring those two together and get this done. this should be something to happen and in the president's desk in a few weeks. stuart: ken phillips, thank you. come back tell us how you're doing. >> thank you. stuart: the dow down 261. there will be more "varney" after this. today, we're out here with some surprising facts about type 2 diabetes. so you have type 2 diabetes, right? yeah. yes i do. okay so you diet, you exercise, you manage your a1c? that's the plan. what about your heart? what do you mean my heart? the truth is, type 2 diabetes can make you twice as likely to
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stuart: it is the firm belief this program that the trump growth agenda is working well into the advantage of all americans. marco rubio does not see it that way. he has publicly trashed the tax plan, he says it doesn't work. speaking about the many the tax cuts released into the economy he says, quote, there is no evidence whatsoever that the money has been massively poured back to the american worker. he believes business got the money and didn't share much of
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it with their employees. is he right? it is true business got the lions share of the tax cut but he is missing a few things. he is ignoring the effects of economic growth at 3%, we are now creating millions of jobs and that is largely the result of tax cuts for business. indirectly, workers are winning too. they got more money in their paychecks, 90% got a bigger paycheck from lower individual tax rates. 5 million got a bonus. the administration since the average family got $4000 from tax cuts lose the experience of the last few months contradicts marco rubio. why is he doing this? he voted for the tax package and is not up for reelection. perhaps he feels donald trump is not popular enough to keep the house majority, he thinks mr. trump is leading the gop to political disaster and once out and is probably not happy with the presidential style. he has been on the receiving end of the pres.'s sharp tongue. hopefully he is doing this together tax package fix the
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gives more to workers. maybe he is thinking that way. it is not something most republicans want to hear. the tax cuts are the core of the pres.'s domestic agenda. 6 months to the election, not a good time to split the party. the third hour of "varney and company" is about to begin. ♪ stuart: that wasn't a rant, it was a solid editorial. i will get some reaction from charles payne. what is your reaction to marco rubio's comments. charles: i don't know if he is looking at any data. sound like something maxine waters said off-the-cuff. last week, we had the economic data, the employment cost index and first-quarter compensation,
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i went through the numbers and salaries are up 2.9%, that makes people -- it is too high but i am not sure what data he's looking at and if the republicans articulate this in a certain way it should be magic pixie dust, you want to hang a big check. take bank of america, 200 branches, that takes time and tires construction workers. once built a refurbished you have to hire 10% to 15%, a long shelf life goes beyond the bonuses. stuart: that is an indirect benefit to the average worker. on the screens are the direct benefit with bonuses. 5 million people got bonuses. i got to move on.
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the dow is now down 304 points, that is the low, 305, the low of the morning. i have got to believe that is because we are getting some idea that inflation is picking up. those numbers -- charles: the highest price increase since 2011, the same data yesterday with steel input going into data and other things of concern, strong dollar, higher commodity, an array of things, too hot and weak, but also the notion that it doesn't get better. caterpillar set the tone monday, michigan sentiments, this is as good as it gets. if it doesn't get better the market goes down. a lot of ancillary questions and speculation. stuart: you are a fan of
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tariffs. the pres. has debate the imposition of this deal on europe, canada, and mexico. stuart: i am a fan of thinking outside the box. i pushed back against climate change or the nation that endorsed for 100 years on a different circumstance. tariffs and the weapons of trade wars, we are losing. china has one of the highest tariffs in the world and tariffs higher than china, the economy is the fastest growing, why hasn't it killed there's? we need to fight fire with fire because 5 years from now we won't have a leg to stand on. stuart: you are so logical, that is your problem. charles: any kind of, quote, warmings casualties. stuart: another dose of
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charles's logic by marking making money with charles payne at 6:00 pm eastern on the foxbusiness network. charles: another spinoff. stuart: a spinoff of five. watch out, ashley. this -- restaurant in new york city want to add a surcharge. business owners say they are getting killed by an increase in the minimum wage, they are out of business without a surcharge. the ceo of apple metro runs i don't know how many applebee's. do you need a surcharge? >> not sure a surcharge works because the consumer is already hitting their head on the ceiling with regard to the food industry, all the other new entrants, prepared foods at supermarkets etc. food companies that send you food
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you need to prepare quickly and already separating ourselves from grocery stores and other prepared food entries into the food industry and if that separation gets greater and greater we incentive people not to go into restaurants. having said that, it is a desperation move because of the administration here and in new york and the state. stuart: is the higher minimum wage and other restrictions imposed, is it that bad that it could drive some restaurants flat out of business? >> i thought about coming on, i knew the subject, don't want to selleck a businessman that is harping and wrapping about labor etc. etc.. it is worse than that bad. it is worse than that bad and he was white is worse than that bad. minimum wage was, went up to $11 an hour.
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two years later, labor will have hit minimum wage in the food industry at $15 an hour. it is approximately 40%, 38%. i am off a little bit, 38%. we are in the world can anyone withstand a 30% increase in labor in a two year. go of time and survive. stuart: if it is common to all restaurants in the city why don't they all raise prices by whatever percentage they have to raise them? >> the consumer is already banging his or her head on the ceiling with regard to what is going out, whatever the experience is. the casual business, a tradition in our space, the casual dining space, that was the reflex. you have an increase in
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commodities, increasing labor, you raise the prices. at this level, at this stage, we are in a space that is very delicate in terms of balance. we spend in order know it meant amount of time deciding on 1% or 2% increase, a very thin margin business and people don't recognize that. when people say in apple stores we will pay $15, they are selling a high ticket item with a huge margin. they are selling those animal wage people selling an iphone for $1000, we sell a meal for $15. our margins are paperthin. for us to raise labor in terms of these kinds of increases we don't have that. for an apple store to raise $1000 phones, $15 or $20 they should pay them $30 an hour.
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stuart: we understand the problem and thanks for telling us about it. i want to tell our viewers that on friday we will talk to the two gentlemen who are restaurant owners in new york who support surcharges, they say they are ready had to close two of their locations because of the higher minimum wage already imposed and more coming. >> there are restaurants closing left and right. i'm not saying i'm against the surcharge, i'm saying something needs to be done, surcharge may be an answer. what new york state and new york city are doing is beyond reproach. stuart: thank you. check the price of oil, $2.81 on the dow, oil is at $67, look at gas prices holding steady at a national average of $2.81 per gallon. california is still $.80 higher.
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the migrant caravan, the feds have arrested 11 for illegally crossing. brendan jed brings us up to date on what is happening. new report shows 65 confirmed incidents where people were rescued by a commercial drone. drone warrior, author of that book has exclusive details just for us. benjamin netanyahu says they have been lying, he claims they do have a nuclear program and are ready to fire it up again. in 12 days donald trump has to decide if we are in or out of the iran nuclear deal. the experts of american regulations, more varney ahead for you. it's great to finally meet you. your parents have been talking about you for years. they're all about me saving for a house, or starting a college fund for my son.
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stuart: some railroads are offering incentives to attract more workers. union pacific will offer signing bonuses of 25,000. bnsf will offer bonuses of 15,000. to get one, you have to stay with the company for three years. that is how short of workers they are. benjamin netanyahu says the iran nuclear deal is based on lies. listen to this. >> they are really geared for the ability to have nuclear weapons capability. if this thing is so unnecessary tell me this. why did they keep this archive? they lied to get the deal and are still lying. they are trying to have their yellow cake and eat it too. stuart: and they are still
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lying. you are right in the middle of it. the city of new york will come out of that nuclear deal. how does that look to you? >> i will be extremely surprised if donald trump continues the deal in any shape or form. it is so obvious now. i have been saying this for a long time. we spoke about this last week. the deal was a nonstarter to begin with, based on lies. as we know, back, we know very clearly, back in december 2015, the iaea, the inspection regime spoke to the iranians, did their inspections in iran, came out of it with 1000 files and
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said everything looks fine. the israeli spy agency went in, came out of it with 100,000 files, indicating very clearly and proven very clearly the iranians have been lying and their intention is to create a nuclear bomb and the weapons with which to deliver them. stuart: earlier on this program, wally ferris --walid p phares suggested war is a distinct possibility. how do you see it? >> war is a distinct certainty. there is -- let's put it this way. war when we talk about war we usually mean there is violence, fighting and it goes both ways.
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i'm not sure the iranians can strike back so heavily but there's going to be a conflict. the conflict has already started if you look at syria. israel has attacked iran he and facilities quite a few times already. the iranians are working to establish military installations, military bases from which to attack the syrian border from israel. the israeli government, the israeli defense forces are already fighting back. the conflict is already begun. stuart: sorry to cut this short, but what you told us is important and we appreciate you being with us today. thank you very much.
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the price of gold is down $14 an ounce. the value of that coin has dropped below $9000, 8900 to be precise. in the midwest, having such a hard time attracting workers they are paying people to move. we will tell you three cities that are paying and how much they are paying. skilled workers, there is a gap. we are joined by a guy in the construction business pushing for apprenticeships and skilled jobs instead of college. you can make a ton of money and construction without going to college. ♪ alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts
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stuart: hundreds of ancient maps go up for auction this month including the first printed map of the world showing three continent, africa, asia, europe, the circle surrounding 3 sections are present the oceans and indicates the belief that the earth was in fact around. it is expected to sell for $80,000.
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the first printed map ever, can't believe it. the smithsonian's earliest tour guide is not human but a robot, is called pepper, a program to tell stories, answer questions, gesture, interactive screens, dance, the japanese company designed it, donating 40 of them to the smithsonian. higher profits, the health insurance at the -- at the has agreed to be bought by cvs. no change for the stock. weaker sales of merck down 2%. look at pfizer, breast cancer drug, investors don't like that. it is down 4.7%. a new report shows 65 confirmed incidents of people recognized by a commercial drone. the author of the book drone warrior has the exclusive details on these rescues just
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day, down 260 points and down 300 just a few minutes ago. our next guest says dozens have been rescued by commercial drones in the past year. you are looking at video of one of those rescues. drone found a woman in north carolina who had been missing for several days. what is it, over 60 in the past year? >> i always love coming on your show because you let me talk about my favorite subject here. what happened recently is researchers found a number of cases in the last year where 65 people's lives were saved as a result of drones. when we talk about the subject, military doom and gloom.
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this is a good news story and examples where people lives were saved. in australia a drone where people deliver a life best to stranded swimmers off the coast and situations where drones spotted unconscious victims at night, situations with subzero freezing temperatures where the infrared camera picked up their body heat, and we had stranded hikers and situations where without the drone in the air we wouldn't have had somebody's life-saving, associated with death and destruction being used for what is meant to be, to save lives. stuart: the fire department is in alabama. what else is going on? >> a lot of fire departments are able to utilize this technology because it is more affordable, a situation where we had a missing person, a fire department that was able to use
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a drone but this technology is getting cheaper and more accessible, drones now typically would be preserved for the government, top-secret world that is commercial stuff off the street that you can buy. we have seen this rapid adoption from first responders using this technology in ways that can help the civilian population and doesn't get much better than that. >> more video for rescue in colorado. i'm seeing a forest. telling about the rescue. >> a bunch of stranded hikers had gotten lost during their hiking excursions, another situation where this is a force multiplier, coming this area, get a drone in the air and cover more terrain quickly.
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there are multiple occasions of this being used around the world and it will only get better as technology becomes more prolific. stuart: who is paying for this, local authorities beginning to have a drone rescue operation or drone operation. >> we are seeing search and rescue teams popping up. a lot of the time a guy off the street happened to have a drone in the area where the emergency occurred, to put one up and help out but we will see more search and rescue teams and when there's a missing person or incident they are looking for something, they use this technology in ways that help. the technology was used in a safe manner and they come up, millions of drones in the sky.
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stuart: give me an understanding of cost and price. how much a big drone equipped with infrared cameras and heatseeking stuff. the big deal, the luxury drone. the rolls-royce of drones. >> we are looking at a drone around the cost of $15,000. this is typically stuff the government is being charged $200,000 for big contractors to use and something around $10,000 you have a fully capable system that can see things the naked i can't. it will get cheaper, we have the technology that can go further, avoid obstacles, able to add more delivery mechanisms. and that is more inexpensive and in the hands of people who
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can afford it before and that is the benefit of this rapidly emerging technology. stuart: and we need people like us consultants. come back soon. the full list of questions robert mueller would like to ask donald trump, leaked in the new york times. judge andrew napolitano is here. if there is one question which is asked of donald trump would be a great danger to donald trump? judge napolitano: i want to get it precisely. what knowledge do you have any outreach by your campaign, including paul manafor it to russia about assistance to the campaign. and got the answer to that question from one of his numerous cooperating witnesses, he would not ask a question like that of the pres. which would not know the answer but the reason i think this is very dangerous, it is a crime to
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agree to accept something of value, and the crime is the agreement. did you agree to seek something, dispatch paul manafort, the question now is new and the first time i have seen this in the commentary ice-t every day about the mueller investigation and it is white-hot. stuart: why are these questions made known? to whose advantage is that? judge napolitano: i got to tell you what i am thinking and i'm not blaming anybody, these questions were revealed by the pres.'s lawyers to dissuade the president from sitting down with mueller because mueller
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and crew know the answers to these questions, these are not just 40 questions, these are finally starting points each of which would have dozens of follow-up questions depending on how the president answered. stuart: is the president leaning towards answering questions, meeting mueller face-to-face? judge napolitano: yes because of the pres.'s personality, self-confidence and the times he said i want to meet with mueller and tell him my version. stuart: using it would be a mistake? judge napolitano: yes i do. his new team of lawyers headed by the mayor of the city thinks the same. stuart: if you know the questions, with a skillful team of lawyers can't you come up with viable answers that don't get you in trouble? judge napolitano: you don't know what the follow-up questions are going to be. and does not want to take time to be coached how to answer
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each of these questions. imagine being a fly on the wall during the coaching process. stuart: is it possible donald trump could do hillary clinton and say i'm sorry, i don't recall? she said it 40 times. judge napolitano: that is in her personality, it is not in his. stuart: great danger to the president but this was leaked deliberately to the new york times because it is damaging to the present. judge napolitano: if he knows the answer to those questions, he knows so much more about this than we thought. and so much more about this than the president could know and if he is as smart as i think he is he knows the answers to these questions before he put pen to paper. i know you want one of those drones for your phone. maybe valid coverage will give
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you one. some small cities in the midwest are having a hard time attracting workers. and and every student loan. grant county, indiana, and a bigger check to chamber of commerce, there will be a ceremony in your honor. bring them in, we will pay. san francisco hiring 10 people to clean up needles left in the streets, the cleanup team will focus on a -- moving needles and surrenders from hotspots daily. discarded syringes are among the top complaints in the city. san francisco has estimated 130,000, a quarter of the
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nationwide total. the latest on the migrant caravan, the feds have arrested 11 people for illegally crossing the border, brandon judd, border patrol union president is with us next, patrolling our northern border later today. more than half of all californians supports the state's sanctuary state law. i don't believe it, it is a berkeley paul. to the people in her county approved. ♪ ♪ mgx minerals' disruptive technology can extract lithium -
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used for batteries from expired oil wells. mgx's new pilot plant aims to produce lithium-carbonate one hundred times faster than from conventional lithium brine. mgx minerals a trip back to the dthe doctor's office, mean just for a shot. but why go back there, when you can stay home, with neulasta onpro? strong chemo can put you at risk of serious infection, which could lead to hospitalizations. in a key study, neulasta reduced the risk of infection from 17% to 1%, a 94% decrease. applied the day of chemo, neulasta onpro is designed to deliver neulasta the next day, so you can stay home. neulasta is for certain cancer patients receiving strong chemotherapy. do not take neulasta if you're allergic to neulasta or neupogen (filgrastim). ruptured spleen, sometimes fatal as well as serious lung problems, allergic reactions, kidney injuries, and capillary leak syndrome have occurred. report abdominal or shoulder tip pain, trouble breathing
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or allergic reactions to your doctor right away. in patients with sickle cell disorders, serious, sometimes fatal crises can occur. the most common side effect is bone and muscle ache. so why go back there? if you'd rather be home, ask your doctor about neulasta onpro. ashley: timothy sloan, head of wells fargo, extremely satisfied with the integrity of his company and his critics can be overly harsh. >> an easy finger to point. get new blood in their. >> most of that criticism doesn't know anything about the company and what they are talking about. it would be the appropriate criticism if after being in this role we hadn't made any
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merit-based. you come into canada it has to be based on merit. with us it is a lottery system. stuart: that was donald trump in favor of canada's immigration policies which our next guest is patrolling our border with canada. brandon judd is the president of national border patrol council joining us by skype. what are you doing on the northern border. we don't have a problem there. >> not nearly the problem we have on the southwest border. i spent last week on the southwest border in texas. i will be on the northern border. stuart: is there a problem? i would like to know. >> not as much as the southwest border, one of my colleagues, we had an event with ted cruz over the weekends and colleagues that you have to be done if you get caught on the northern border. we don't have enough resources on the northern border to fully patrol but we do the best we
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can. stuart: you don't want a patrol the way you have on the southern border. it is not necessary on the north. >> not right now but we are seeing a current trend because the cost-effectiveness, smuggling is a big business and they are always looking forward for the most cost-effective way to get product into the united states and as smuggling costs rise on the southwest border they will utilize the northern border more. anybody can fly to canada and received a 3-day visitor visa allowing them to come down. of the cost is right they will use the northern border. stuart: bringing us up to speed on what is happening on the southern border, the number of attempts to cross the border and come here illegally a significant higher just recently. is that accurate? >> it is. what we saw, we got a glimpse,
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the pres. did all he could do when he caused a drop to a 45 year low in illegal immigration, congress did not have the support he needed. are agencies didn't give him the support he needed so since april 2017, every month since then we have seen an increase in the number of illegal immigration taking place. when you look at this caravan the headline is 11 people have been charged with a crime for crossing the border illegally from this caravan. that is not the total number of people who cross the border illegally but the number of people charged so far. this whole myth that people are coming to go through the port of entry and seek asylum to the port of entry is not true, they are crossing the border illegally which is a crime. stuart: thanks for joining us, we appreciate it. staying on the southern border
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and the migrant caravan. i want to bring in orange county's supervisor. they keep coming across the corner, and i tend to think this, the democrats want to allow them across, almost putting out the welcome mat and i think that is because they want to increase the size of the hispanic vote. >> they never check that you are a citizen, they want to bring people, these people actually want to go through the legal process, people want to cross the strip. if it is a national security matter we really have to screen, thorough screening is important because safety comes first. >> there is a new poll from uc berkeley that finds 56% of
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those responding california support the state's sanctuary laws, sanctuary state of california, 41% approved it but 66% approve of it. your response to those numbers? >> maybe people didn't read the bill itself because counseling and values act, values of what? criminals you people are not looking at it, immigration bashing when we are having the anti-sanctuary state but that is not true. this is totally partisan, 88% of republicans are anti-sanctuary state, 80% of democrats are pro-sanctuary state. this is totally partisan and i don't think the polling is right because i have so many emails, my friends are cindy and people who support, 80%,
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10%, this is immigration bashing. and i don't think the polling is really true. stuart: i don't think either you or i would want to bash immigration. i suspect both of us were born some place else. is that correct? >> i was born in korea, raised in japan, went through the legal process. i stayed at the student visa for 6 years and it took 3 years to get citizenship. everybody has to go through the screening process. everybody has to go through the process, i am very proud, one of 43 million immigrants living in the united states. stuart: you choked me up.
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i'm in that club too. i hope you can come again. a couple stocks moving. this is lumber liquidators. they are losing money. it is down 15%. and the ammunition basis, they lose money at 13%. a running theme on this program, skilled workers, the gap, skilled worker gap. a guy in the construction business is pushing for apprenticeships and skilled jobs. you can make a fortune in construction and tell us how much. we will be back in. ♪ ♪ as a control enthusiast, i'm all-business when i travel...
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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. stuart: college is not for everyone, he is pushing apprenticeships. don't go to college, get apprenticeship and learn a skill in the construction business, supposing i become a welder. how much can i make? >> you can make anywhere
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between base, $50,000.05 to $80,000. you have the desire to be mobile and put the hours in you can be over 6 figures. stuart: that is if you go to a program, not college but apprenticeship program where you learn the skill. >> correct. starting this july we have boot camp's for people finishing up their high school the don't want to go to college, 30% don't go to college, they look at a career in construction, get that boot camp and we expose them to the industry, choose a trade, four years ago when they are 22 to 23 that is what they are making the. stuart: what do they do in the years they are training? where do they work and how much do they make? >> there and while they earn. 30 days over the summer his scholarship by employers, graduate, guaranteed a job, choose afraid, earn a base
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wage, anywhere from 35 to $40,000 as you progress through the apprenticeship program, build your competency, come out the other side, a master craftsperson in that trade and off to the races. stuart: i would have thought you would be inundated with people who want to get into the program. are you? >> it depends. we are from a number of perspectives, a lot of high school graduates, transfers from the military coming, other disrupted industries. it is coming but we need more. stuart: is it just your company but the industry offering this kind of program? >> the industry. all kind of industry recognized apprenticeship programs representing value proposition of a particular company and a particular market depending on the projects, wide variety of opportunity. stuart: how many places do you have? >> 600,000 ready to go.
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stuart: 600,000? you should have told me that in the beginning. that is a huge program, really significant. >> we are at $1.25 trillion, last time we were at a spend was in 2007, 1.5, we employed 800,000 people, more than we currently are. stuart: fine information, glad you brought it to us. next time you put the news right up front. michael bellman, that is a fine program, thanks for joining us. more varney after this. ♪ your company is constantly evolving. and the decisions you make have far reaching implications. the right relationship with a corporate bank
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who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the . . . . we have got a problem. a few problems actually. we've got aging roadways, aging power grids, ...aging everything. we also have the age-old problem of bias in the workplace. really... never heard of it. the question is... who's going to fix all of this? an actor? probably not. but you know who can solve it? business. because solving big problems is what business does best. so let's take on the wage gap, the opportunity gap, the achievement gap. whatever the problem, business can help. and i know who can help them do it.
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$83,000. can you believe that. ashley: that is so cheap. i would love it. stuart: first printed map of the round world, not the flat world but round world. 80,000, that's it. astonishing. neil. i knew that map very well. neil: i remember you were the first reporter to break the story. it's round! it's round, guys. thank you very much. stuart. that is not true. the second reporter. look at corner of wall and prod. we're back down to session lows, down about 307 points. growing concerns the chinese will play tough on trade. even though there is interesting ruling just come out from the u.s. international trade commission says it determined the u.s. industry is in fact very much being harmed by steel, wire rod imports from the likes of italy, south korea, turkey, spain and britain. it did not cite china. that
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