a lot of clues and tariffs. good myc data. have a great day everybody. >> great show. thanks for joining us see you everybody early in the morning. >> bright and early. maria are got this -- go-sees the day. >> good morning, everyone, master's degree summer it is hot yet i could make the case that we're in a summer rally despite over the top outrage about trump and putin your money is doing well this morning yet again it is the big name all american tech stocks holding strong at record levels start with amazon. closing in 1,850 a share. that 33 hour prime day is over. i bet they sold a ton of alexas to lock you into the amazon ecosystem please note in previous years stock went straight up in the 12 months following trial day others heading towards record territory and facebook is very, very close a microsoft this morning is

around 106. now look at google fined 5 billion by europeans for dominance with android. once again, europe streets successful american companies as a kind of pig gee bank don't innovate well and tie us down. a little reaction not stock still be down a half of one percent. one more tech company in the news, brian that gentleman out at texas instruments. he only had been in the job two weeks what did he do? failed to tell hr about a consensual relationship, not telling him he is out. 25 minutes from now, the market opens it will be flat to slightly lower but tech stocks are again as usual. the ones to watch. and as usual, a jam-packed show -- former president obama supports chicago's proposed basic income scheme. free money don't you love it. wednesday july 18th mid-summer i

love it. varn areny and company is about to begin. ♪ >> we're not going to win if we don't stand for anything. we need to occupy every airport, we need to occupy every border. need to occupy every ice office until those kids are back with their parents. >> occupy everything. that was new democratic socialists alexandria cortez calling on aboll i.c.e. protesters to make their presence felt. they're the new darling but joe lieberman is having none of it. here's his quote cortez is a proud member of the democratic socialist of america. whose platform like hers is more socialist than democratic. her dreams of new federal spending would bankrupt the country or require very large including on the working class.

well look who is here. the elegant charles himself, is with the washington times. you do look good, charles. >>thank you. you do look marvelous. that's a split party. democrats are split. but the movement is always further and further to the left. >> yeah, and we should have known this for a long time that the storm that hit the republican party with the -- with the tea party would had the the democrat and that's what's happening now. and -- and of course who can blame this woman for her lunacy when you have the standard bearer of the party, barack obama. just yesterday or whatever it was this week -- promoting socialism in a speech in south africa my goodness, of course, somebody like this is going to come along to catch a qeaf. and they be, of course, let's not forget many many 2016 bernie sanders, self-described socialist should have won the

nomination but many event, gathered an enormous following. >> it's free money. vote for me i'll give you money. >> that amounts to that. >> this woman cortez, you know, obviously, she went to school apparently went to college but didn't learn anything or five seconds of history about anything. they have no concept of -- the dangers of socialism and what -- bad people can do request socialism. 100 million have been killed under communism and it's because the lure of free money -- or not having to work or something -- blinds these people. >> i wonder how it plays how socialism play in november four months away. >> i think we saw in 2016 election, how it plays. people prefer even outrageous real estate mogul they prefer that over -- the social -- bernie sanders would have lost. >> i think you're right. i think he would have lost handily so. another question about will it play in november.

more fallout from the trump putin look at the headlines. opinion from "the new york times" trump shows the world he's putin's lackey. from "the washington post," is trying to excise that trump cancer now here's a strong word for you another one from the post the sad embarrassing wreck of a man now again that's i think that's over the top trump derangement syndrome but the same question does it play well in november? >> it's totally over the top, and, of course, i don't think that president trump handles his meeting with putin as well as he should he should not have between putin and intelligence services. he should have simply said yes sure they meddled in our election said something about knocking off and then moved on. but my goodness -- talk about talk about taking it too far. these people talk about crystal knock and pearl harbor and 9-1-1 that's -- >> that's true i did see a democrat on tv and the soundbite was this -- the putin summit was worse than 9-1-1 pearl harbor and crystal

knock -- >> and there's just again it goes back to this, you know, apparently learning history is just completely dead in this country. because it's so insulting imagine the people -- who have survived those things or lost people in those events. to have -- compared to, you know, trash like this for political means is so appalling. >> i've said this to many of our guests i've never seen anything like this before. the media and a left stacked up in outrangous opposition to president trump. >> to answer your question no i don't think it place well in november but all of this goes back and turns and bites them in the rear. >> what a great way to saturday is a wednesday morning show. the charles it shall thank you charles we do appreciate it. >> i should have brought ice cream for you. then guys is that a suit? >> well it's a jacket. [laughter] >> i couldn't fit into the

pants. you're on it. charles thank you very much, sir. great to see you look at stock futures that's we got a tiny bit of a turn they're up for maybe three points i'm calling dead flat to slightly higher now look at morgan stanley driven the stock that is driven by gains in its trading businesses. it's up 3.5% big gain for big bank. united airlines okay back to airline it is again. looks at them go they raise profit forecast but help traffic both up. stock is 4% united continue tengt 75 look at the big tech names across board. a lot of them are near record territory facebook -- a very close to 210 dollars share amazon powering towards 1850, et cetera, et cetera rate it on your screen come in brian first trust advisory chief economist. brian you've been bull on economy and market for a long

time would you please explain to our viewers why these big techs keep doing so well. >> well, they're growing rapidly, and they're throwing off massive profits and they have huge cash which means they can buy other companies and they're protected in a downturn and a lot of people think that if we -- were and i don't think we will get into a trade war that there's kind of a mote around these technology companies. i'm not certain of that. what i will say is that in general and i can't talk about specific stocks because we run funds, but in general, this thing, this big tech group looks pretty expensive not every stock in it -- but it looks pretty expensive not wildly overvalued. but there are other sectors in the u.s. economy financials you just mentioned morgan stanley financials are really cheap.

so what i would encourage investors to do is, you know, we've made great gains in these high-tech companies. don't drop them completely. but make sure and diversify because that's the key to protecting yourself and any kind of big downside. >> let me raise this one brian white house economist say there's a road block for my and that is a lack of well train ared workers. now, i see that so much as a road block as an invitation to raise wages what say you? >> yeah. i totally agree. you know, every for some reason, you know productivity and new technology is such a great new thing right -- and yet what everybody focuses on is ho it is going to steal jobs and then at the same time, we have this massively full, labor market, i mean, unemployment is at rock bottom lows. people are coming off of food stamps. they're coming out of social security disability pams bag into the work force. this is great news. it's going to push wages up.

and so quit looking for the downside to everything. one thing we're going to hear stuart and i know it is not you looking ahead. >> i say you're right so often every news item is looked at through a negative lens. always, always, always. >> it's -- unbelievable, and it's political. and we have to remember that. question of to separate our politics from our investing and today the economy is booming. you know, we just got a housing starch number it was much weaker than expected and hear all day long that buildings can't find workers that's why they're not building houses but -- here's the point i want it make to investors is -- as an economist who saw this data for 35 years these housing start numbers are extremely volatile, and by the way, they can be revised massively in the

months ahead. so yes, the number fell today but don't read too much into it. interest rates are not -- >> that's a promise. i'm sorry i'm out of time brian interrupting you we want more. thank you so much. >> all the market opens in few minutes open flat to slightly higher and that's story there. talking tax reform 2.the 0 thebt to make individual cuts perm than the, and kevin braidly top tax writing guy he says he wants to vote by september. now that's a tax trap for the democrats. can they vote against the middle class? look at this -- gee wiz from rolls roiz going cockroach size are the bos to crawl into jet engine to fix tiny parts humans can't go get to we will tell you how that little robot works. the pentagon stepping up its work on quantum computing they say could be key to fighting war

in space. i have no clue what quantum computing is about so we have our favorite physics professor with us -- he will bring enlightenment more varney after this. - hi folks, i'm matt mccoy.

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media news sinclair will withdraw applications to divest three stations that means it is going to get rid of them, it is not going to get rid of them i think. is this a tabid to win government approval for the tribune deal both stocks up. got it. rolls royce -- you know, the the car people developing tiny robot cockroaches, why are they doing this and what will roaches do? >> they're going to go into jet engines and fix and see -- look at the problems so they can fix it without having to remove jet engine. so this is a maker of fine automobile fine -- jet engine fine tiny robot cockroaches look what else they're thinking of doing. snake robots. that can get into -- like flexible enough to travel

through engine like indo scope so this robot will have tiny cameras. [laughter] i know. have to go there -- >> we have to go there. that's what they're thinking of doing so i'm sorry. endoscope so they're thinking of these 3d cameras to diagnose problem and then five hour time to fix to six minutes. get a buzzer if you use qe3 but not endoscope. what a show. statement -- american tax rule it is the world. yes it does but not in the gee wiz field of quantum computing which i don't understand it period. so who better to spell it out for me to explain than mitch, physics professor extraordinary and author of that book, the future of humanity. professor qk to the program. >> glad to be on the show treat me the idiot please to explain what is quantum computing. >> well remember when we were

kids this were vacuum to television and vacuum tube radio remember those dates then we went to silicon and everything changed silicon valley up the ground and trillion dollar corporation got it started could be witnessing the next transition from -- based on silicon to transition based oned a dolls so pentagon is raise aring alarm belling saying there's a gap like missile gap of the 1960s. >> it is quantum computing it just a manipulation of individual atoms that's it. for example in your chip has a lacer about 20 across. that's how small they are getting. however, in the next decade or so morris law will slow down computer power will level off. and we're going to go to the next transition which would be molecular computer, or quantum computers, we're going to enter the post silicon era --

like today we are in most vacuum tube era and post silicon era and it could become a rust belt oh, wow. so you're implying i think the premise of your are appearance today is -- that china is ahead of us in quantum computing shouldn't hypervengt late because actual creation of a successful computer which could crack any code on the planet earth any nations code can be cracked like that -- we're still decades away from that from that goal. so question shouldn't think that all of a sudden everything is going to collapse because of this. but american companies are involved it in quantum computing. >> everybody is involved. microsoft, google, on all of them are rushing in to learn the quantum mechanics of atoms computing on individual have atoms and in a magnetic field up or down or side waist and in between so instead of zeros and ones you have anything in

between zeros and one. now think about that. anything in between zero and one you can compute with. why that would make an ordinary silicon computer look obsolete like a model t. >> can you find the password for my gmail account -- [laughter] because i'm having trouble. >> computer will break any password any code. this is why ci airings and nsa have had study groups because thesement documents have been leaked and they have looked into it and they say that it's still decades away. however, question got to get into it now. before other nations get there first. professor thank you so much for joining us. stuart: i think i understand it's my phone. thank you professor good stuff stop where do question move with this market? now we're up about 20 points for the dow when we open things up

which will be in ten minutes time. i have a good news story for you. a recent college grad's car breaks down. the night before its first day on the new job. so we walked 20 miles through the night to get to work on time. wait until you hear how his boss rewarded him for that kind of dedication great story after this. ♪

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all right moving up just a little bit more not bad up 19 points for the dow industrials when we open up. all right now i got that feel good wednesday story for you. and a alabama college student walks about 20 miles overnight to his first day of on a new job. that's because his car had broken down. ashley then what happened? >> this is a lump in the throat story it is amazing 20-year-old water car he sets off and gets his gps off and says it is 20 miles my car isn't working and working for moving company if i leave at midnight i can be there by 8 a.m. he takes off the police stop him around 4:00 in the morning. walking with along the shoulder of the road they say what are you doing he explains, they take him off to get him breakfast and buy his lunch and drop him off at a church and rest at church and carries off. two hours later he says what are you doing? cup is so overtaken by this story he says i'm going to drive you the rest of the way.

drop them off at the house that was being moved next thing you know this goes viral because story is explained on pork and owner of the moving company was so touched that this young man 20 years old by the way family lost their home in katrina moved by his stoif he gave him his ford escape says look you are the kind of person that -- that you know i'm so impressed by this young man. please take the car i love it. >> i absolutely love it. this is tissues are right here. beautiful story. it is a good one. well told young man. very nice. thank you very much indeed. all right let's move on get serious let's talk about your money. we're going to be up a little bit. 20 points and dow stay there please. we'll take you to wall street for open of the market after this.

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her we go mid-summer it is hot out there and i think we're in a summer rally we've gone up i think for four days in a row. dow was up yesterday 50 odd point claimed a a 25,100. if you look at the futures, that's an indicator of how things open pup this morning. look like we're going to be up of so slightly. not a huge gain. maybe --

20 points up for dow industrials and pretty flat for the nasdaq but all eyes on big tech names because they are yet again on a tear. some of them yet again at all time record highs. wait until you see amazon back 9:30 eastern time on wednesday morning we're off, running and we're up not much but we're up. 16 point, 16 points -- 12 point. i'll take it. 10 points. all right. all right let's move on before we really blow this thing up .02% on the dow up .06% on the s&p, and on nasdaq where are we please? we are -- i'm holding my breath here. we're up .05%. so i would call it flat to ever so slightly higher. big tech names facebook is at 210 dollars share. amazon has made it to 1,850 a share. apple down slightly alpha bet down a tiny fraction microsoft

below 106. well we need real talent to discuss all of this and we've got -- >> in the the meantime -- [laughter] >> you were thinking it. you were thinking it. [laughter] brilliant. happy wednesday everybody. >> christina -- right here elizabeth macdonald ashley webster and we have christine -- i'm going it start request big tech christian is there any toking these big tech name what is stopping them do you think? >> i think potential their evaluation with some of big tech names close to a trillion dollar market cap around 10% away. prays some people take risk off here because of the profits, stuart and wrote at a time into another area maybe financials or energy. but right now it seems like nothing can stop big tech. >> by the way if you look on your screen there amazon new all time high 1,852 dollars per share up 10 this morning. now this -- european regulators have slapped

google with a $5 billion fine. seems to e me that the europeans treat our big tech companies like a pig piggy bank what to innovate themselves take the money from ourselves. you have that look on your face which say i'm wrong. >> maybe that's why i'm not on the show anymore -- but if you look at your search engine google products come up first or google is installed you're most likely going to use it the fact that google is purposely paying smart phone makers to install google and android system as well as google search. >> is there something wrong with that business practice. and inflate the prices an they knew -- and don't realize that they're scaling money from you and taking advantage of you. >> what do they come up with a competitive of google and create their own system. >> here's the thing, a big vc guy in silicon valley wrote

op-ed saying the bureaucratic way and they're worth if 10% of a facebook orb 10% of a google. so you're right. the regulatory structure is barring and pushing away innovation and intreep neuroship to create the european google -- >> but if it wasn't for the beg tech companies they would go bankrupt in the e.u. it is apple and not apple it is microsoft. >> it is a budget line item. there are 5 billion fine they're going to take google for $5 billion isn't that equivalent of the budget -- >> they brought that up but it is 40% of the net profit last year so stock is getting hit. google at 1215 up a quarter of one percent despite the $5 billion. >> you're okay with them like -- facebook stealing data sharing with others with all of these companies taking advantage of us because we have no other options now there's only one main platform or two main platforms. >> moving on.

amazon -- [laughter] good point expe take it. >> and you ignore it. amazon please, estimated to have sold 3.4 billion worth of merchandise since the start about 33 hour prime day. they have the outages okay. 3.4 billion. let's go aired the block. elizabeth -- what did you buy -- cinnamon toaster strudel i did shop but they're shopping for sheets because there's a line for them they have a waited lig to last for a year. christian and you're a financial kind of guy this is an odd question but did you buy anything on amazon prime day? >> yeah. i did stuart. i've been traveling and ended up finding myself many whole foods buying food i got a $10 xret to spend on prime day so i bought a few things and i thought it was a great experience. so i did take advantage of the the sale and, of course, we're

owner of amazon stock and online retail etf also doing home cooking as well. >> i don't blame you christian. the stock right now is up 9 at 1,853 per share. check the big board we're five minutes in. we're up 12 points that's it. flat to slightly higher for most stocks. of better profit at morgan stanley. and that was driven by gains in its trading business. it's a big bank and it's up a big 3.third percent. price of oil not really affecting any stocks other than may be energy sector. 67 dollars a barrel. and price of gasoline the average thereof is still at $2.86 per gallon a little change. ge -- has been a long time since we talked about him they report their earnings before the start of trading on friday. of course it is no longer a dow stock. it is stuck around $13 a share. look at ford motor company you know that $10 a share they've got a dividend yield 5.5% that's

double what you get if you invest in a treasury. christian i think the 5.5% is a reasonable dividend interest rate -- is it safe? >> i think management has shown a priority to keep that dividend safe they believe the dividend safe and another is pe of ford is 5.6% so single digit pe stock looks cheap. management value paying that dividend but it might be an option. uh-oh it shall you ringing that buzzer on me? >> that's what we do on this program. next question you get free-range to answer and that's a promise. on the tenure treasury 285 yield on ford stock 4.4%. netflix what a comeback yesterday -- they opened down about 14%. and end of the day down about 5%. so in other words had you bought the the deyou would made a lot

of money by the end of the day so christian. did you buy the dip? >> no. i stayed away from the dip. i still think that we could see a larger dip coming up, you know i think oil price is going down here in a little bit of a ka that are rei in coal mine for more volatile if i china down there and geopolitical conversations, so i'm waiting for a larger dip to buy the dip. >> qow if you were an investor would you have bought the dip. a discussion about netflix specifically. i do -- i'm concerned a content bubble given so many players entering the field. but with netflix look at microsoft there's a lot more room to go i believe that. i truly believe that and a first mover -- >> you're back on the show. but netflix this morning is down $3.77 on netflix right now. maybe netflix and amazon should be careful wal-mart is building or reportedly building a video streaming service. wait a second -- >> that may be -- may be exaggerating it just a

little bit. there's a hint out there that they could be heading in that direction perhaps some sort of subscription based video streaming service that would be $8 a month or less so that would undercut netflix and amazon prime. question is, where do they get the content? do they, you know, create it themselves which is enormously expenseive do they go in and, you know, try to asquare a studio or some sort of entertainment entity bottom line is, they're looking to compete with amazon and other guy and every -- every direction. such an interesting story. >> they bought company called vudu streaming service to provide pipes if you like streaming service to put out this monthly subscription. >> do i need wal-mart streaming service hulu -- pick whatever yowpght. ashley is making great points is hooking up with microsoft cloud technology that's removing -- amazon cloud client away from amazon.

so we're talking also about wal-mart go to potentially come peat with amazon go's cashierless tours. they're saying that might happen. there's no confirmation or anything. >> can you help me with the password or -- one, two, three, four, five, no it's not. password.com. texas instruments krucher been on job for six weeks on the job six weeks. he had reportedly violated the chip makers code of personal behavior but what he had not done was to tell hr that he had a consensual l relationship with a subordinate all done after six weeks of the chief as he done to fail to tell hr with a consensual relationship with underling. >> i know that employee they work together and so there's a

policy. but it's the the beginning months you don't know what will work out and don't tell anybody it be. >> what -- i don't get it if you start dating it shall you're not going to -- >> how does it come to light does someone report to hr an, obviously, didn't -- >> but coming forward granted you lose your job to violate code of ethics but only violation here is he didn't tell hr -- or consent relationship, so the guy's career is ruin ared he's and there's some -- reportedly removed his bio from the website. >> i'm sorry -- ting that that's an extreme. thank you very much we do appreciate it one and all. check the the big board ten minutes in. down two points. i would stay flat to slightly lower what's going on in d.c. you have the fallout from are trump's summit with putin. another round of tax cuts proposed -- the fight to get on the supreme

court -- and what is the senate doing today? holding hearing on sharks. senator john leading this one -- he joins us top of the next hour, i'm going to ask him why -- sharks? more varney after this.

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>> 13 and a half minutes and down dead flat to slightly lower now target they had a promotional event and it overlapped with amazon. target's event was a success it was a hit. tell me more nirk coal. target stuart is out saying exactly this. biggest online sales day of 2018. rah, rah target.

down this is all to battle amazon prime day we heard it from best buy and ebay, in fact, when we talk about amazon, take a look, you know that moments ago across 900 billion market caps, if it's up again today for the 10th day in a row we have not seen that in five year and amazon has been breaking news just momentings ago more than 100 million products sold. also fire, tv stick with alexa voice remote and echodot best sellers and don't release them and surpass the previous prime day, of course. back to you. >> amazon is worth $894 billion as we speak. thanks nicole facebook may be developing its own ship now what's that all somebody >> makes sense cut out the middle person and possibility that it could be supply issues you're making it in house you can control the cost and supply. wait, wait, wait -- who stood out can you make concern can facebook make it as

good as intel or anybody else? >> they say they get assemble big wigs in semiconductor to be able just this. apple does it its own chip and ipad and the -- iphone line and devices and also the developing it for imax so it's been done. and analysts say probably a smart move. >> oaks. well facebook stock was very close actually across $210 a share. not bad. tax cuts, 2n't 0 round lawmakers topght make the child tax credit and that standard deduction they want to make it that permanent and they want to open up patient plans leak 401(k)s to more investment. congressman mike bishop republican from michigan is with us now. sir, you're on the the tax committee, you want to have a vote on these measures in september. i think you've set a tax trap for the democrats. haven't you? >> well if it's a trap, it's something that they can negotiate very easy hi this is something that is going to be good for all of our constituents

republicans and democrats from families across the board. so this doesn't have to be a trap for the democrats this is a great tngt for us to lock in these tax cuts for families to ensure our families are in a better position. they live paycheck to pay he can for the most part in this country and it just can't be that way. >> it got to the senate you need 60 votes in the senate to get this through. that means you need democrats to vote for it. it is a tax trap if they vote against it then they're voting against middle class but you don't see it that way? >> well, of course, i see it that way if they don't vote for it, to their detriment but also vote against their own constituents. this is something is that we all have to -- to recognize this can't be a partisan issue. we've got too many pressures financial pressures on people of this country we have a great thing going right now with this economy. as a result of tax reform, and we're seeing a booming economy, with as chairman says we've gone from economy where we're the jobs to we're the workers. and that's a great problem to

have. >> i want to ask you about pension plans 401(k) ira yowpght to make it at the moment, if i join a big corporation, and they've got a 401(k) i have to opt in, i have to say i want in to that pension plan. as i understand it, you're making plans to have everybody in automatically and if you want out you've got to opt out. i think it's a great thing that what you're discussing? >> you're giving opportunity to participate in 401(k) and retirement plans it's i think a great way to incentivize savings for the future. too many of our families don't have that kind of savings to rely on in later years and we want to make sure that their able to put away their own money for their own future. >> are you opening up 401(k)s to much small or companies? >> yes, in fact, we like to see especially those companies ones that create jobs those 100 employees or less --

to be involved in this and that's why we're creating incentive to address those specific companies those small business it is that are creating jobs. >> sir would you have a quiet word with my daughter who worked for couple of years and hasn't joined 401(k)? >> i would like to have that conversation with her. it's very important for all of our younger folks to make sure that they prepare for their own retirement. >> congressman thank you we do appreciate it. >> thank you very having me. all right we are thousand -- 18 minutes in -- here we are that's where we are, and we're up 7 up 9 on the dow. it's a pretty even split between the winners and lose rs, the greens and reds and dow 30, pretty even split. flat to slightly higher. now this -- producers concerned about me -- [laughter] really -- [laughter] you see i fake the cholesterol lowering drug lipitor and every day i eat a grapefruit for

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>> here's a shot to the cable companies, a survey suggest millions will cut cable this year.

liz -- >> 5 million more than 5 million they're going to ditch it and stick with intert streaming although same company are giving them internet streaming people are frustrate ared with comr service department who keep you on parking lot lean and bully you into keeping your cable -- subscription, so look it is 5.5 billion in potential losses for cable industry this year. the companies are talking about taking hits comcast lose 7% of its subscribers at&t about 5%. isn't it true that most of the cable companies not only supply you with cable tv. but supply you with an internet access? >> yeah that's correct. we're talking about trengdz half of gen-x are ditching, ditching cable. a 35% of boomers and one out of five -- people are not even buying into cable anymore. that's according to the recent survey. >> that is outrageous. we are a cable tv program. [laughter] i'm shocked liz give me some better news. >> i will next time i promise.

here's the story -- my concerned me during a xecial commercial break they told me about taking anticholesterol drug and eat grapefruit not supposeed to do two things together. before we say anything is it okay to take lipitor and eat a grapefruit every day? >> yes. it's okay. by the way we're not talking about stuart varney it here but 25 million people in the united states that take cholesterol lowering drugs i'm talking to them not you -- not on here just for you but talking to 25 million people and saying to the people out there that the chemical that grapefruit makes that interferes with the metabolism lipitor is in small amounts. so that you have to eat -- drink a quart before it would be a problem. what it does is this chemical will make you have more lipper to in your blood so that you can have more side effects so it is

harder for us to regulate but not with a grapefruit a day. and grapefruit is down from 25% per person for year in the 1970s to 2.5 per year. because medical profession said don't mix grapefruit with medication. that's why it's your fault. >> i'm saying tas great fruit with a lot of water in it. it helps with weight loss and it is very, very healthy and i'm all for it. i brought a banana from ecuador. this baa baa that is great too but more sugar so fruit consumption in the united states is up 40%. a lot of people are eating bananas i think they could go back to grapefruit to lose weight and all for this stuart i'm on your side. >> okay but you do suggest that some people should quit the grapefruit and take up the banana. >> well --

not many because they have a lot of fiber they have tryptophan and sleep at night so they're good for you with electrolight but sugar so grapefruit in the morning your diet is correct. i'll tell people out there that are on lipitor, though, that you don't want to drink a quart a day. one grapefruit in the morning completely fine. >> i've had one grape fruit a whole grapefruit every single day of my life of 60 years. and you have this look at me now. [laughter] >> i'm just i know you don't believe in citrus screening with problem with insects in grapefruit production, it is down 60% in fact united states we have to work on that. we need more grapefruits produced. i'm here campaigning for it. come back on the show again tomorrow. doc siegel appreciate it. elon musk, yes he's the visionary founder of tesla yes he's a genius but maybe -- he's not the right guy to run the company. the second hour of "varney &

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stuart: elon musk tweeted that one of the divers in the thai cave rescue was a pedo. most people took that to mean a pedophile. that was outrageous. musk apologized. it raises a question who is fit to lead a public company. musk is the founder of tesla. if you're a shareholder is the man you want to run that company? not the first time he made headlines. he has ranted at analysts, at short sellers and saboteurs. and now he is ranting at a rescue diver. remember he is the visionary founder. he is the one with drive and genius to get an enterprise moving. that kind of person not always the right person for the job of running things once the company has been established.

travis kalanick, came up with radical idea of ride-sharing. he founded uber but his frat house management style was not suitable for a maturing company. he is out. john schnatter, founded papa john's pizza. he is erratic. off-the-cuff statements got him and his company in a lot of trouble. he is a out. writing is on the wall for elon musk. if you want to run tesla effectively, calm down, maybe close your twitter account or retire to a nice corner office and let an adult run things. the second hour of "varney & company" is about to begin. ♪ ♪ [music from "jaws" ♪ ]

stuart: ominous for you? we're playing the theme of "jaws" for you. happening at this hour on capitol hill a hearing about sharks. i'm serious. we have fallout from president trump's putin summit. tax cuts 2.0 in the works and over supreme court nominee and senate is hearing about a shark research and technology. senator john thune from south dakota is leading it. he will join us in a moment. not sure they have a shark problem in south dakota but he is on the show. check your money. we're up little bit more. 34 points higher for the dow industrials. 25,154. look at big techs, amazon earlier broke into new high ground. it reached 1852. it is now at 1844. facebook moved up $210 a share. while i'm on it, amazon sold 100 million products during its prime day. that is why the stock is up. google fined $5 billion by the

europeans, that is alphabet. that is down just three bucks. no big impact from that big fine. walmart, one of the top gainers all the dow stocks. it is up this morning. reportedly building a video streaming service that might take on amazon. walmart as we said it's up. netflix down again. big drop yesterday. came back substantially towards the close t was down about 5%. this morning it is off another half percentage point. 377 on netflix. i have more on the market coming up and much more on elon musk but i want to talk sharks. senator john thune joins us now. senator, welcome to the show. i never thought i would introduce the senator from the great state of south dakota talking about sharks. i know it is not funny so why are you holding a hearing on sharks? >> our committee has very broad jurisdiction, stuart, which includes the oceans and national marine fishery service is the entity that manages or i should

say shark populations within u.s. waters and they're under our committee's jurisdiction. occasionally we delve into subjects that are not only i think timely but interesting. of course this one has a lot of relevance today. there are a lot of things going on in shark world making and improving americans lives. stuart: mr. senator, you have achieve entertainment status with the united states senate and with "varney & company." we thank you deeply, sir. thank you for that hearing. let's get serious. kevin brady, want as vote on a second round of tax cuts, he wants the vote in september before the midterms. are you deliberately setting a trap for the democrats? >> we'll take a look whatever the house sends us. tax reform 2.0 which kevin bid day talked about, i chatted with him about it. there is a lot of interest making the individual tax rates permanent that should have been done in the last tax bill but something the democrats have been opposed to. my hope would be we could get to

a point where we make the cuts permanent, do technical corrections necessary to last year's bill. do some retirement policy changes that would be good for retirees in this country and for workers and those are the types of things that a tax reform 2.0 would include. things i hope we get a vote on. we have to have 60 votes in the senate to pass anything, stuart. i don't think senator mcconnell will bring a bill up we don't think we can pass. stuart: this might not make it to the senate? >> well it depend entirely on, if the house comes out, they have a good vote on it, there is momentum, there is interest among democrats passing something over here, we're certainly willing to entertain it. i think the thing we don't want to do is give senate democrats in competitive states an opportunity to sort of get well on the tax issue right before the election, but not give us enough votes to pass it f we can't get enough democrats to get to 60 to get something passes the senate, we can put on the president's desk, we can sign into law, i doubt it would

get taken up in the senate but we'll see. time will tell. stuart: it is such a shame that politics should interfere like this because measures that you outlined, measures you support are really very much i would say in favor of middle america. it's a shame if you can't get at least a vote in. >> well, absolutely. it is in the interests of middle america. the individual tax rates need to be made permanent. we need that certainty. there are a lot of folks who as they plan their futures would like to know what the rules are going to be. we need to make sure we take steps necessary to codify and make permanent all the individual tax changes that were passed in december of last year. so, yes, you're absolutely right, it shouldn't be, politics should not enter into it. unfortunately often times, particularly as we found in the current environment here, democrats are very unwilling to help or work with us to do anything that might help republicans, particularly with regard to last year's tax bill. stuart: senator john thune, republican, south dakota, the

hearing on sharks today, thanks for being with us. we appreciate it. >> thanks, stuart. stuart: yes, sir. want to get back to the editorial i let loose with at the top of the hour about elon musk. is the right guy to be running a car company when he has had some outrageous tweets in the very recent past? gary gastelu, foxnews.com automotive editor. gary, the question stands is the right guy to run a car company when he has outrage just tweets as ceo of the company? >> he is absolutely the right guy to run this car company and this spaceship as well. his customers or investors, have spoken or not spoken. there was not major outrage. they could have said this is crazy, we'll cancel my my or have a -- outrage pretty bad comment, he admitted due to personal anger and personal attack on this guy.

he did not go out of his way to say it, he was asked a question by interviewer. musk had plenty of time to hit pause not send the tweet where he accused the guy of being a pedophile. stuart: he is the right guy to run this car company at this point in time, point taken. seems to be a teflon stock, teflon company. nothing seems to affect it. the stock keeps going up and he is getting his production on line. you like this car company, don't you? >> it has a lot of issues but as far as how it's being put together he is only one at this point to put together. you talk about the car production issues. they built an assembly line that didn't work. they had to take it down, rebuild, engineer it to make it more traditional. it was that radical. highly robotized line he described it. had to take a lot out to get production levels they are at now. they eventually want to get back into it to make it work. we'll see what happens

august 1st if the current production line is building cars profitably, making money for the company. going back to the outrage over the comments, it is not just customers and ceo. of his customers are city governments, federal government through spacex, they have not bought up issue with it either. this is not the first personal attack he made. it is just the worse. stuart: you have test driven a lot of cars on the roads. have you driven teslas? >> i have not driven model 3. stuart: the top of the line. do you like them. >> there are good cars to drive. there issues with the build quality. the model x the other day the door was a little crooked, falcon wing doors. even a company tore down one of the cars recently no better than an old kia, very profitable the way they built it. that is the way they are at. maybe cars are not well made as should be, they're fast, fun to drive. making money for the company. at least that's what it seems

like at this point. stuart: you know what really attracted me, model s i think, is the acceleration. you put your foot down, not driven one, but i'm told by i think, you put your foot down, that thing takes off like a rocket. >> absolutely. remember that car doesn't need to exist. that is advertising, that car. tesla doesn't advertise. it builds ridiculously fast cars that get headlines. people drive a couple of them do, not the car to take to the racetrack all day. stuart: that is not the point. >> exactly. stuart: rapid acceleration getting on a freeway that is very comfortable thing. you can pound your way on easily. i like that. >> that is getting this car, this company, driving it forward. not all companies do that. chevrolet bolt, economy car. a little bit of fun. not ridiculously car. they could have made a electric corvette, quickest car in the world but made a simpler -- stuart: you say musk is the right guy to run this car

company a at this time. we'll leave it at that. gary, appreciate it. thank you very much. coming up, it has been a month since you can place a bet on sporting events in new jersey. we now know how much they brought in. we're asking, once more states get on board, will that hurt las vegas? three red state democrats facing re-election in november, heidi heitkamp, joe manchin, joe donnelly, voted to confirm neil gorsuch to the supreme court. they face a tough call on brett kavanaugh. we'll talk to heidi heitkamp's opponent later this hour. op-ed headlines in "the new york times," all over the place, "the washington post." just wait until you see what they're saying. martha maccallum will join us on that. you're watching the second hour of "varney & company." ♪

stuart: boris johnson, former foreign minister, often considered the trump of britain, now talking about "brexit." what is he saying. ashley: going after uk prime minister theresa may saying basically this current "brexit" plan unveiled by theresa may makes it much more difficult for britain to pursue trade deals with other countries. he said it is not to late to save "brexit." he said the fog of self-doubt descend over the prime minister. in other words, is "brexit" the new name for remain? there is a lot of hand-wringing right now saying that the "brexit" plan does not properly divorce the uk from the eu which is what the voters wanted. stuart: what boris johnson is offering, let's get out of europe. let's do it now. ashley: cut our ties. stuart: then that means we can do a trade deal with mr. trump.

ashley: exactly. stuart: that's what mr. trump said. ashley: of course. stuart: we have nigel farage in our next hour by the way. good timing there. check that big board, it is a tiny gain, 11, 10 points higher, .04% up. do look at morgan stanley, huge bank. the stock is up 3%, nice gain there. same with united airlines. they looked ahead, said they will make even more money in the future. their average fare and their passenger traffic both on the rise. that airline stock, how about that, up 6.8%. now this. fantasy sports giant draftkings getting into bricks and mortar gambling. it will operate a sports book at a bricks and mortar casino in waterloo, new york. that will allow them to start a state online betting app. we have sports betting director

from a book in las vegas. jimmy, looks like you have real competition here -- >> first of all charles, thank you for asking me to be on your show. tell that doctor earlier i wouldn't eat that banana on a bet the one showed on television. other than that, here we go, my friend. like everything else in business you do. you keep reinventing yourself to attract more people, new people. in the last year-and-a-half at south point we have studio inside the sports book hosted by brent musberger. it is going off like a skyrocket. we'll keep doing it. you're right. competition is good. competition is always been good. it makes you do better, quicker. we think we can. our casino, michael vaughn the owner, we've been presenting ourselves to a lot of places around the country. pretty soon someone will make a deal. it is not as easy as it sound. it has to be right. it has to be right for a lot of different reasons. for our side of the coin we have to obviously keep our people where we have them right now.

we have to attract new people and we have to make money. the competition is there but you know what? i welcome it. i've been around 42 years. i think in the long run it is good for everybody if sports betting in the entire nation. stuart: it is going to the entire nation. certainly those states that need it. new jersey tarted this thing off. in the first month, they brought in 3 1/2 million dollars in legalized sports betting. now, that doesn't seem to be doing a great deal of money, but in one month it's a fair chunk. if that were extended to the whole country, you're telling me, you're not worried. vegas is not worried at all about the competition from around the country? >> oh actually, charles, you're always worried about anything that can hurt your business. like i said earlier, we keep doing things here. also i think we're stretching our arms across the nation. we'll land a few states only because of what we've done and what we can do for you. remember also, you just can't jump into these things. it has to work. it has to be right. the right amount of money you

pay. different ways doing this. you can take half the sports book. split it with people who own the casino. you can pay them a fee every month. find out what the tax break is, see if it is going to work. a lot of work to be done, this i'm very confident. i can tell you, my friend, all stilts you see and hear to my standard don't know exactly what will happen, this thing goes like we think it will, the money they're talking about is microscopic compared to what i think we're going to handle for the year. we are not afraid of anything or anybody. we're for a good product. you know what? i think we'll -- stuart: your casino, what will you bring in this year in sports betting? >> throughout the state of nevada last year just under $5 billion. that is for the entire state. remember that, we're just a small state. that figure obviously can be five or 10 times more with states with population such as new york, new jersey, pennsylvania. we did $5 billion for the state of nevada.

we held about 5 1/2%, what you handle for the entire year. so with that, a lot of bills to be paid but we still ended up relatively well for the year. stuart: jimmy have car row, we hear you, thanks for being on the show. >> okay, buddy. stuart: now this. cristiano renaldo soccer star, going to. juventus. after that was announced, 520,000 renaldo jerseys were sold, $120 a piece. $62 million brought in just 24 hours. that is half of his transfer fee. that is your soccer news of the day. more "varney" after this. ♪

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stuart: earlier this morning the stock price of amazon hit all-time high. reached 1852. it has dropped back now. amazon brought in more new prime members on monday than any other day in its history. not bad, down six bucks at the moment. the price of oil holding at 67-dollars per barrel. the price of gold just above $1200 an ounce. down 12 bucks. 1223 is the gold price. former president obama was in south africa. what he had to say about chicago's proposed basic income scheme. roll tape. >> we'll have to consider new ways of thinking about these

problems, like universal income, review of work week. how we retrain our young people. how we make everybody an entrepreneur at some level. but we're going to have to worry about economics if we want to get democracy back on track. stuart: well-said, mr. president. the chicago proposed deal is 500 bucks a month, no strings attached to adults, 1000 adults. just a proposed scheme but the president backs it. liz? liz: trump's economic agenda and growth happening now makes all of these schemes irrelevant. finland stopped this program. they tried this. it didn't work. u.s. tried this with negative income tax credits in the early '70s. didn't work. when people don't work, they are prone to all sorts of problems in their lives, including higher rates of divorce, opioid addictions and the like. i think these are failed policies that have been tried, tested and failed. this is all you got?

this is all you got? this is it? ashley: disgusting. 20-year-old waterer carl, in alabama, walking 20 mules, leaves home midnight to make sure he doesn't get to work late. what do you say to people who have that kind of character. there are more jobs open than there are people to fill them. like there is nothing for people to do. jobs to be had. stuart: vote buying, vote for me, get 500 bucks a month. san francisco homeless crisis driving away tourists and businesses too. the question, could new york city be headed down the same road. one writer with the "new york post" says yes, we could be next. she will make her case. how do you win at business?

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♪ [inaudible]. ashley: you say good-bye. i say hello. liz: what kind of beatles fan are you? stuart: not a good one, that's a fact. i like that song. upbeat and lively like this show we hope. check the big board first. up 19 odd points, well above 25,000. now this, oil, we found out how much oil we have in storage. see if the price reacts, ash. ashley: it might. we have up in storage 5.84 million barrels. we were expecting a drawdown of 3 1/2, 4 million. that is a huge gap. we know oil prices are under pressure last couple weeks. opec pumping more. saudi arabia is. russia is. you would expect this to put more downward pressure on price of oil. stuart: we have weekly inventory figures. we never really do that much now, do they? ashley: not really. at one point they were heading

towards the 80s. now they're down nicely. stuart: whoop at this de. ashley: this is good for 1988 dodge caravan, manuel windows. stuart: i pay 2.85, baby. that is all i care about. 67 bucks per oil per barrel, that's all you got. 67.19. the action in big tech, has been for some time, big tech all of them down today. facebook, amazon, apple, alphabet, microsoft down. look at csx. that of course is a huge railroad operator doing very well. good profits and sees good profit in the future. up 3.7%. a big deal. an investment bank downgraded twitter to neutral from outperform. product improvements are positive says this bank but they don't do much to attract new users. twitter is down 4%. big tech names back there again. we keep checking them. brian nick with us.

nuveen's chief investment strategist. that is a lofty title for a young man like you. welcome to the show. >> hopefully i look younger than i actually am. stuart: you knew that beatles song. that is pretty good. that is very good. big technology companies, there doesn't seem to be anything that stops them. they're down a little bit today. their track record is fantastic. what stops them? >> happens through number of different types environments, not just good investing environment we've been in lately. our expectation in the second half of the year, mid-year outlook we're overweight technology in most of our strategies. stuart: that jargon, you're overweight technology in most of your strategies. in other words, you're telling your people, buy big tech? >> most of our portfolio managers are overweight technology in the portfolios that they run. stuart: jargon overweight technology. you're telling customers they like this stuff. >> they like technology. stuart: you can't tell me which individual big techs you like, i got it but they have had a fantastic performance for at

least two years. why do you think it continues? >> the first half of the year might be anomaly for technology. if you look environment we expected, cyclical, big tax cuts. technology was not necessarily biggest recipient or improvement because of tax cuts, didn't pay high tax rate. coming second half of the year, leading indicators still look strong, consumer confidence peaked. if growth becomes more scarce heading this year into next year, we see deceleration, we expect because stimulus will wear off, that will be better environment. tech did well in that environment. stuart: downside risk that is little jargon, risk of losing money if i invest in a big tech stock now is very limited? >> we think it is not the new defensives but if we're looking at tech versus classic defensive sectors like consumer staples, utilities, growth isn't there in those areas. while you can't expect to do as

well in severe downturn, we think next several years, tech will be relatively low volatility, not particularly cyclical play, one that will continue to deliver good returns. stuart: i know you can not address individual companies, individual stocks. i got it. you can't do that. that is not what you do but i do want to ask you about companies, publicly-traded companies which have a leader who may be the founder of the company and who is a little erratic with tweets. i'm referring obviously to elon musk and tesla. don't refer to that company in particular but how do you advise this? you have to advise people where to put money. that is ceo risk, isn't it? >> absolutely. we obsess with equity portfolio managers, small companies, large companies, international. what is the management team like will there be turnover in management team or unlock innovation that exist in the current regime. this would lead to outcomes like enron or lehman brothers where you had a problem with upper

management. it doesn't seem like rises anywhere to that level but you have to be concerned who is running these companies. stuart: yes you do. brian, thanks for joining us. he appreciate it. good stuff. now this. the supreme court, three red state democrats you see on your screen, they voted to confirm justice neil gorsuch but brett kavanaugh's confirmation will be a big test for these moderate senate democrats. joining us north dakota congressman kevin cramer. congressman, you're running against heidi heitkamp for the senate. that's what you're doing. which way is she going to vote on mr. kavanaugh. >> consider it breaking news she will vote for judge kavanaugh for the supreme court. whether she is prepared to announce it or not, let me announce it. she will vote for bret carve gnaw. stuart: how do you know that? >> recent poll bitter recognize group, 6% of north dakota tan

want her to that is judge kavanaugh has been right on some issues. certainly finalist, maybe any judge in the appellate circuit anywhere, especially washington, d.c., judge kavanaugh writing about both majority and environmental law which is critical to north dakotata. pretty much in every case he has represented the political policy and legal view of mainstream north dakota on clean air act issues, particularly clean air act issues, endangerment findings and multitude of issues. stuart: if your opponent votes for judge kavanaugh, that puts you, that takes away an advantage which you would have had had she voted no? >> well i think that is always important to do the right thing. if politics is the reason you do the right thing, god bless america because it is the way the founders designed politics is to be accountable to the people. i will tell you that it will infuriate her base.

right now there are millions of dollars being spent around the country, lots of it in north dakota by both sides of the kavanaugh issue urging her to do what they want her to do. her base, the very far liberal left, environmental groups and others want her to do what chuck schumer wants to do, vote no. it puts a lot of pressure. stuart: sir, south dakota senator john thune was on the program about a half hour ago, he is leading hearings into sharks, shark research and technology in the senate today. you're from north dakota. you don't have a shark problem in north dakota, do you? >> we are rectangular blank spot in the middle of the north american continent far from the coast but we have lot of northern pike and walleyes. they taste better, more fun to catch. stuart: well-said, sir, mr. cramer, thanks for joining us. >> my pleasure. thanks for the opportunity, stuart. stuart: yesterday we reported on highest paid celebrities. listen to what our own susan li

said. roll tape. >> and number five, the rock. dwayne johnson. $124 million. am i the only one thinks his movies are getting repetitive? ashley: you think? yeah. >> sort of storylines, jumping out of buildings. ashley: action movies,. >> earthquakes,. ashley: comedies. stuart: well, susan li is with us now. the rock is not happy with you. ashley: uh-oh. >> no. i have to say feeling full force of the rock in his 12.7 million fans. stuart: yes. >> some expletives thrown my way, some threats of bodily harm. stuart: don't like that. >> no. but here is his response. here is what duane johnson responded to me today saying, hi, susan. >> maungy -- jumanji is similar to rampages mutated monsters, with crisper technology which is similar to skyscraper's plot of amputee with survivorrer's guilt

trying to basically save his kidnapped family. stuart: quite a response. >> i responded look, i am a rock fan. i adore him. i admire him for his work ethic. the man worked so hard to get to where he is. he has a huge fan base, but for me, i feel like the plot lines are always similar. he is action hero. what about being a villain or try like tom cruise. stuart: you know what shocked me about your report yesterday? "judge judy" made $140 million last year. ashley: don't upset the judge. don't upset her. >> she is not tweeting at you. not feeling 12.7 million people and their hate on twitter. can i say one thing. stuart: go. >> talk to the camera here and say, hey, duane johnson, the rock, you want to come talk to us, come talk to me about it. stuart: that is very good. i want hill on the show. thanks very much, susan. see you again soon. i have got a few of the

headlines, reacting to trump's meeting with putin. trump shows the world he is putin's lackey. there is one headline for you. another one, this sad, embarrassing wreck of a man. that is what the media is saying about our president this morning. martha maccallum is joining us shortly with more on that kind of headline. in our next hour we go to washington. white house director of strategic communications, mercedes schlapp, her take on taxes 2.0, controversy over i.c.e., and yes, trump and putin. that is at the top of the next hour. ♪ to most people, i look like... most people. but on the inside, i feel chronic, widespread pain. fibromyalgia may be invisible to others, but my pain is real. fibromyalgia is thought to be caused by overactive nerves. lyrica is believed to calm these nerves. i'm glad my doctor prescribed lyrica. for some, lyrica delivers effective relief from moderate, to even severe fibromyalgia pain and improves function.

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stuart: the price of oil $67 a barrel. the average for a gallon of gas $2.86. it has been there the past week. next case, the outrage over the trump-putin summit

continues. i have a few headlines for to you look at. first of all opinion from "the new york times," trump shows the world he is putin's lackey. there is a strong word. this is from "the washington post." it is tied to ex-eyes the trump cancer. there is another strong word. also from the post, this sad, embarrassing wreck of a man, referring to president trump. ashley: wow. stuart: really. martha maccallum is here. she hosts the story with martha maccallum. that is really extreme stuff. >> it is typical what we see lately. i think everybody who watched that news conference came away from it thinking it was less than successful. stuart: i agree. >> okay. but you have to peel away whether or not he is putin's lackey, right? you have to look at policies that are in place. you know i remember john mccain complaining about meals ready to eat that president obama sent to ukraine, right? now you have lethal weapons sent by the united states to ukraine

this makes russia very unhappy. the meeting with nato, increasing defense spending 35, $40 billion. this is also something that president putin hates, does not want to see on the border. sees it encircling ability to expand. clearly what he wants to do. those are a couple of them. there are several more examples shows the president, including sanctions, been tougher on russia than people in the past. he goes there with these in place, he is apparently quite conciliatory, quite friendly, perhaps too warm in that news conference to be sure. and now he is trying to fix that but what happens on the ground. what happens materially, that's really important question that these journalists who are making up these headlines need to really focus on. stuart: what shocks me this, extreme language. this is from "the new york times," one of the premier newspapers in the world, using language like that, on a consistent basis. it shocks me that we should have that kind of political climate in our media today. >> i think it is the world we live in now. i think it is really a shame but

i do think that all social norms have been broken down. some people would say that the president is partly to blame for that. perhaps he has been a contributor in some regard, but when you look across the board in terms of the language that people use with each other, and the distance that is provided with things like social media, i think we live in very different time. it is not a gentle time unfortunately. stuart: i don't think people like it. >> i don't think they do either. stuart: republicans or run-of-the-mill democrats, i'm talking about the country at large does not like to see our president labeled in this way. and i think it will work against the media, and against the democrats come november. am i way off base with this? >> no. i agree. but i think you should look to these midterms to be as ugly as ever. and i think that, i don't see the language changing anytime soon. i really don't. there is so much hatred and disregard for this president in some corners of the media there

is no way that they're going to back down. in fact they become angrier over time, especially if they see successes. you know, just so interesting to me. i was listening to president obama in the speech he gave in south africa, talking about resurgence of strong men. i think it is very interesting because most of the strong men you can point to around the world, look at north korea, look at russia, look at iran, most of them really grew dramatically over the course of the time that president obama was there. so, i think that because there is such hyperbolic hysteria, you do have to constantly peel back, look at policy, look what is happening on the ground, looking at true america sure of the situation. stuart: i admire you, martha. i watch your show, every night, 7:00 on the fox news channel. i watch it religiously. you play down the middle. you don't buy into the emotionalism of either side. you play it down the middle. >> thanks a lot. good to see you, stuart. stuart: we'll see you soon,

martha, thank you. san francisco's homeless crisis is driving away tourists and it is driving away businesses. next we're talking to someone who says new york city is headed down the same road. we have the european union fining google a record $5 billion. in my opinion europe is treating our successful american companies as a piggybank. nigel farage will join me on that. let's see if he disagrees. ♪ ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.

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stuart: now this, san francisco dealing with a homeless crisis. our next guest says new york could be heading down the same road. a "new york post" columnist is with us. spell it out please. what is new york doing that will make us in new york look like san francisco? >> the thing is we're not doing much. we're following san francisco down there, what i call the poop-filled road -- stuart: yeah, really. >> we're not building more housing. we're not allowing more housing to be built. we're saying it is compassionate not to do anything about the homeless problem. we're solving it with band aid

solutions. spending a half a million dollars a day putting homeless in temporary hotel rooms all around the city. stuart: half a million dollars? >> half a million. that is the low end. we sometimes spend as much as a million a day because new york has policy where everybody get as bed if they want one. so when we don't have them, we inevitably put them in hotel rooms. stuart: we can't in new york city, very difficult to build low income or homeless housing. >> right. stuart: that would be extremely difficult thing to do. >> you know the thing is, we shouldn't focus on building low-income housing. we should focus building housing. smaller the supply, the more expensive it is. that is basic economics, right? the more housing we permit to build, the more, price will be reduced, more supply we have, the less it will cost. stuart: but what about the nature of homeless people themselves? i walk around the streets of new york city. it seems that a lot of the homeless people on the streets are suffering from mental problems. >> right. stuart: and or addiction of some type, what do you do with that?

>> the thing is, the homeless that you see is not necessarily what the homeless population looks like. a lot are families, they're in temporary housing. so if we built regular, normal housing for regular, normal families that need it, population you see on the streets would have more temporary housing to go into. yeah, absolutely there is mental health issues, there is drug problems. all of that is tied into the homeless problem. stuart: are we being compassionate? >> that is the question, right? is doing nothing compassionate? letting them use the streets as toilet being compassionate? i say not at all. stuart: do we the same as in san francisco, be compassionate, don't do anything? >> not quite as foregone as san francisco. i'm a lifelong new yorker. i don't want us to see us follow them down the crazy path. we're no longer prosecuting quality of life crimes at all. which is exactly what

san francisco did. that is where they ended up having this issue. stuart: what a story. carol, we appreciate you being with us this morning. >> thank you very much. stuart: to us new yorkers, it is important. >> thank you. stuart: remember this i think we're going to show it. shrimp on a treadmill. there you go. funded by your taxpayer dollars. in our next hour the latest examples of egregious government waste using your money. ashley: great. stuart: hour three of varney is about to begin. ♪ oicehotels.com you always get the lowest price on our rooms, guaranteed? let's say it in a really low voice. carl? lowest price, guaranteed. just stick with badda book. badda boom. book now at choicehotels.com

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development that is training workers for jobs in technology. but we are looking for headlines on russia and the second round of tax cuts. if any of those headlines appear you will get them first. it would be the second day in the route that he is a. on camera from the white house. you could say he's making a concerted effort to move on from the negative headlines following the vladimir putin summit. it took place exactly two days ago this hour. she is with us right there from the white house. the live action presidency joins us. it's the third hour of learning and company. -- varney and company. >> at the white house they had been discussing tax reform 2.0

the gop wants to open up 401k plans for more investment plans. they also want the child tax credit to be permanent and the standard deduction made permanent. here is steve forbes. they want to get this done i september. the vote in september. is that doable do you think? >> i think it's doable on the house side. bring that up anyway so they have the issue for the voters. if they reelect us. we have more goodies coming to you. one thing they should do is stop about making these things permanent. focus on giving something people more now. reelect us here's what's coming. i'm staying on tax cuts.

they are back in the program. on the tax reform 2.0. that's what you're doing is in it. that's for the house of representatives to resign. obviously with congressman brady and congresswoman diane slack. they did have this very important discussion to see the impact of the tax cut law. and making these. and moving forward to the next steps. it would be a big win for the middle class.

i think it does make it very difficult when you have the fact that these democrats didn't vote for this tax cut. that is what we are seeing with the immense fruits coming out. a low unemployment and the fact that you are seen capital spending increase. companies coming back and spending and investing monies in america. i think you are going to put this to a vote about knowing that some democrats will say no and then you will use it against them. the president as we know it has made it very clear. he mentioned it today and one of his tweets. the democrats wish they would've voted for tax cuts. we are seeing a prediction of 4% growth in the second quarter.

the fact that they have demo credit that. and not support the tax cut law. they're already in a bad position. and just in the essence of saying that we want to go and take this back -- next step. it's something that of course is a message for the republicans. he is still catching slack for that news conference. he walked back his comments a little bit yesterday. they're still trying to get back on the positive side of the ledger. i think there was a huge hysteria coming from the mainstream press when it comes to this press conference. when you're talking about the fact that president trump met for hours with the president putin talking about a full range of issues from north korea to gouda deal with that.

some incredibly serious issues. we have to remember that between these two nations of the u.s. and russia. they basically contain 90% of nuclear arms and we have that stockpile. it's critical to have a good relationship with russia. it's critical to lower the tensions. and so when you have the history happening on the left they really need to look into that. the fact that we know that diplomacy and constructive engagement is the right step forward in dealing with russia. the left continues to handle that. house gop leaders can call a vote on the democrat bill. to abolish ice. why would the gop counsel that vote when you could have exposed the real deep division in the democrat body.

the democrats they have lost that narrative. they have a loss lost that. when they talk about abolishing that. when they're not going to support one of the most important law enforcement the deal with that. especially those who have committed crimes. arresting gang members. and seizing drugs. i really think they support open borders which and supporting crime when they don't support ice. as we know present trump is saving them from the democrats. he believes in a great work that the men and women do every single day to keep our homelands say. i can hear demonstrators in the background. are they trying to get their voice heard on foxbusiness.

is the fact that you can have a different opinion. mercedes, think you very much for joining us this morning. nice going here. now are up 54 to 55 points. 25,173. in particular amazon that was it. facebook reached 210. i head in calling this over all the market a summer rally. it's obvious. and in terms of the economy as a whole. if it wasn't for the overhang of trade. you would see the market two to 3,000 points higher.

if the trade was not in the headlines. no trade at all. will be 28,000 on the dow. earnings are going up to 20% this year. with the u.s. succeeding eventually other countries will follow suit. as a dent in the 80s after that the reagan reform. they want to be reelected. they will start to see the same thing on taxes and regulations. check a couple of other markets. the price of oil is at 67. the price of gas in the national average $2.86. the price of gold 1226.

i think it went back to 7,000. as we speak. here is what is next. the house oversight committee. i want to know is he any closer to proving that a deep state conspiracy exists. i will ask him. they score a political win. the plan survived a series of key votes in parliament. the man who led the brexit movement later this hour. even suggesting protesters occupy the officers. with the former director. they would agree to respond to all of those protest. we are watching the headlines. it is a jampacked hour just ahead. this is the third hour of bernie and company.

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it is not my understanding because he kicked me off because of any bias. i do appreciate what was originally said being changed. i don't appreciate having a fbi agent with an unprecedented level of him and us. in a house hearing last week. since then lawmakers had also questioned lesa page behind closed doors. they join us now. i am losing track of who said

what to who simon ask you. are you any closer to proving that and deep state conspiracy existed which supported hillary and undermines at present trump. >> that never was my objective. someone to investigate what did russia do in 2016. he was exactly the wrong person to do it. a task that they would all had benefited from. it's not just peter struck. listen to what he has been sane. they said impeachment is too good of them remedy. now he's giving us electoral advice. fear people objectively investigating facts.

that is not what we are finding. do we get now why the probe was started. jeff sessions have to recuse himself. remember he linked those memos for the specific purpose of spurring special counsel. he decided he needed special counsel. did the fbi investigation. was that kicked off because of some tip that came in about the dossier. what was the origin right from the get-go. i will say this without the closing classified information. if you come into contact with information that any foreign entity is trying to interfere with our election simply

investigating something. it happens all day every day in america. the difference is we don't know about it. i am convinced the information was worth investigating. i am convinced that he was exactly the wrong person to be doing it and unfortunately it's impossible to separate the two. i would ask my fellow americans. i wanted investigated and i wanted to know it. at the end of the day we got indictments against russia for their social media conspiracy. no americans have been

indicted with respective conspiracy. i want them to do their job in a way 60 democrats had already voted to impeach him. not as first one. separating the politics. that's what's proving to be a challenge in this case. thank you for joining us. let's go to some stocks here. look at netflix. the big selloff yesterday. came back a little towards the close this morning is down another dollar. 378 on netflix. a video streaming service to take on the likes of amazon. and try this one.

mcdonald's in starbucks yes they are rivals. liz says, why not it's a great idea. you are just about throwing up. how about focusing on a tasty hamburger. focus on the product. you can discuss it during the break. the pentagon warned the 4 billion-dollar contract. two planes actually. the new ones will be painted.

they selected those once. he's going to get it. and we have received the 2018 pig book. my rant on wasteful spending. with the man that started it all. we will get those headlines it to you fast. that is seattle. it's not wayne -- raining. this isn't just any moving day.

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>> throughout my 40 years in tv news i have heard politicians rant endlessly about cutting waste in government. throughout those 40 years i've never come across a major success. we have rarely ended a government program. we've even made a joke. what is the closest thing to eternal life. the politicians rant but crazy stuff always seems to get

funded. $2.7billion the largest amount ever for 20 additional f35 fighter aircraft. the problem is the aircraft has been in development for nearly 17 years. seven years behind schedule. the point as government doesn't do things on time and efficiently. $65million. i don't think much needs to be set additionally about that one. those are just two examples. they cost taxpayers $14.7 billion. some call that flat out outrageous. that is my take in a moment we will talk to the man who started the pork book.

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they show a mix of ups and green. about half of the dow 30 are up. half of them are down. happening now at the white house. any headlines or video you will get them pronto. they find a congressional pig book. look who's here. the man who started the book. they have a 47 job training programs in government. $14.3billion per year. they can hire anybody to give them a life skill. that was in 2014.

the reform was as we now had 45. it still doesn't accomplish anything. job training when we are wasting $12 billion a year right now. sometimes wastefully. that will never ever change. all of the people that run these are big contributors to the people that want to keep on going. even though they don't accomplish anything i'm good statistical looks. it's about getting campaign money. and now more.

it always will be that way. when they changed in 1995. where the chairman of the committee had to raise x amount of money they have to raise to keep their positions. that's when it all changed. that was just republicans. the democrats were already doing it. they have no term limits. what we have done as bastardized our own democracy through money. that's right term limits are there. 84 percent of americans do. if in fact you had term limits you'd stop all of this foolishness and then people would be concentrated on what's good for the country not what's good for their political career.

until the supreme court said the state can't limit their terms. you have to have a constitutional amendment. to get this. if we wanted to limit our senators or members term. but if you have a constitutional amendment absolutely. but some people call wasteful spending. on your screen now. $663,000. that is the qualm. that's the island in the pacific. it's overrun with brown snakes. i don't call that wasteful spending. who is responsible for snake elimination the states or the territories or the federal government.

they are responsible for getting rid of brown snakes. all we have done is say you do have to make hard choices. and we will give you $653,000. the question goes back. what does our constitution actually say. it says everything that is listed here explicitly to the people in the states. now why do we had 1.2 trade dollar deficits because were doing things that federal governments never intended to do. they are intended to help preserve that. some would call that wasteful. who decides what's america's treasure. it's an unelected bureaucrats somewhere telling the state you have to do this.

how well have they worked. politically it's more dysfunctional than ever before. it determine depends on what the term limits are. what the term limits are surrounding it. i think the best term limits are self-imposed term limits. they gave me a very limited term. it also gave me a vision here is how much time you have to do this. i think it will work. the question is who decides. who gets to decide these major questions. or is it a state legislator. the people that are going to be impacted. we have wandered far and

away. we hope you're well. good to see you all. thersea may scored something about political win. he says made brexit plan. you want him to be the prime minister. he has resigned as foreign secretary. he's given has resignation speech. it should be called brexit in name only. and he said the kerchief scene up and say what many of us have said. and i have to say the criticism boris is he often

looks a bit shambolic. and today we saw a much more disciplined boris johnson. he looks today like a prime minister should. they take britain very quickly and completely out of the european union and then does a bilateral trade deal with the united states. the problem is it's not implemented. mrs. mayo needs to go. and right at the minute it's probably the best chance. google has bend find $5 billion by the european union. it seems to us over here in america that you europeans i'm

a reformed european. you are using our very successful american companies like a piggy bank. i live in a mid atlantic island called the united kingdom. there's no one more english than me. no one votes for the european commission. once the brexit plan happens and other countries like italy and others follow. it will not had this power. they have to get their money from somewhere.

i think this is a really big deal. japan and the european union signed a trade deal and leaves america out of the cold. what you say. one of the big criticisms. it takes to do long to do these things. they are kinda playing catch-up. they will be in washington dc next week. apparently to talk to america about a trade deal. but i don't think the current relations make that very likely. here is what is coming up on this program. they want to abolish ice.

the former acting director response directly to that. on the way. he will get him here first. and now you take a look at sacramento california.

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i'm nicole petal paolini. the foxbusiness brief. amazon will they say it got more new pride members. than any other day in the history. they bring in those new members. how do they do overall. thirty-six hours to be precise. over a hundred million products were sold. the bestsellers include the eco products. they all did very well. the rain, sold out on the very first day in the meantime if you see it at an all-time high. the richest person in the world.

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in the old days when they would hold their ages. glad to be here. just a tad older than me. and the addition to being here

you can eat cake and ice cream guilt free. that's interesting story. millions of people are going to cut that cord unpaid tv service and they're going to do it this year. millenials and gen xers at looks like a $5.5 billion hit to the cable industry. they're sick of the bad customer service and the fees. see mac that is the point. they get rid of cable tv service but you need the cable guys to hook you into the internet. they have to do things differently. people want to stay connected but they don't want to pay for

it. if you want an internet connection enough to pay for it. and that's the amazing thing. i remember five years ago nobody will pay that anymore. they're paying pain more than ever before. people on the left our jill -- still trying to abolish it. they occupy ice officers and shut them down. >> that is a serious proposal to abolish ice. when it comes to senators and congressmen members of the legislature to abolish that federal law. that they enacted. they made a comment.

i think it's incompetent to abolish an agency. they certainly build the perdition. but continue to vilify that. it is ridiculous. i was told just the other day. the border patrol guy he's on the show. the vast majority of those who arrive at that border have been led there by smugglers. and those people have paid those smugglers to get them to the border and help get them across. >> there will be no internal enforcement. if you get caught by the border patrol and you would get released pending a court hearing. they had been ordered to move in. it becomes the united states in the visa. president trump is exactly right. abolishing ice equals open

borders. these people are refugees. their migrants. they're poor. they're destitute they need help. now we find they paid to get there. immigration judge agree with that. they lose their cases. most of them aren't fleeing violence. as far as a criminal organization. i investigated criminal organization many years. by furthering this. and say working abolish that. let's not separate families. all of this messaging going to central america. it means they're gonna pay these organizations children drowned in the river.

they were left abandoned. in a 5-year-old little boy. that suffocated. if people sought what i saw. i tie something. the politicians on the left. they are acting like the public relations group. in the organizations are the same ones that snuggle guns. and had killed border patrol agents. >> do you want the wall to be built. and you want a new immigration system. he said okay. i have all these executive actions. the first year under his presidency a 45 year low. that's not a coincidence.

if there is a consequence. it would decline. some months ago i think it was last year. the national guard troops were deployed in some states to the border we were told they arrested an extra 10,000 illegals. is that accurate. they can take some of the other duties away. whether than doing some of these other issues. or watching radar or whatever. that was a smart move. our pleasure to have you on the show. we had been promising you headlines for the cabinet meeting. all this hour. we've got some. we will bring them to you next. in the meantime.

take a look at this.

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or hospital that takes medicare patients. and there's a range of plans to choose from, depending on you needs and your budget. so if you're turning 65 soon, call now and get started. because the time to think about tomorrow...is today. go long. as promised headlines coming to us from the president's cabinet meeting. at home in the economy is

booming like i would say never before. that's of the president just said. the meetings with nato were a tremendous success. we made incredible progress again direct from the president. he will be making a big announcement about workforce trading initiatives. if they don't like their job they can find another one. they will love it getting up in the morning and going to work. made to america separate traded deals with mexico and canada later. july 25. the european union on trade talks. let's discuss this. two points that i want to bring a peer. the president says the economy is booming. what a steep form say. make other reforms.

he can get it to five. but by these standards do you think he could be better than that. he is moving in the right direction. then you would see this 4% permanent. another major tax cut. no reason why we can't do it again. a lot of pent-up entrepreneurship out there. on the issue of trade. a factual statement that the europeans are coming here i don't know what the end of the result of that would be. the president says he would do a separate trade deal. with mexico and canada. a second -- a separate deal. they just did a whopping big deal with the eu.

the headlines coming out right now. more positive around trade talks. he wants to be positive about trade because us the of the overwhelming and negative for the stock market. they begin a sweeping free-trade agreement. that would be huge. i have to say it's rather unlikely that america can do a sweeping trade deal with the european union which is just done a sweeping trade deal with japan. we are kind of out in the cold on that one. let's go with japan. make a few minor adjustments. they are not willing to negotiate with us alone. in terms of the eu at the same time.

there is no harm in saying were also going to negotiate with the uk. and that gives the uk leverage to negotiate to get a really good trade agreement. in that market would go. since we have these headlines. not much movement on the market. seventy-five points as the headline comes in. more bernie and company after this. -- varney and company. . .

stuart: well, look at the stock market because we're just beginning to move up nicely. 80 points higher now. this follows a couple of headlines we gleaned from the president's cabinet meeting. two points the president made probably would help the market. number one the president confirmed that the economy is indeed booming. he didn't use the expression 4% growth but that is a boom and

that's where we're headed. he gave out some positive views on trade. there could be a separate trade deal with mexico, separate trade deal with canada. here come the europeans on july the 25th. that's positive. the markets responding. charles, sitting in for neil. charles it is yours. >> welcome to "cavuto: coast to coast." i'm charles payne in for neil cavuto. president trump meeting with his cabinet. trump on twitter earlier accusing critics wanting war with russia overseeing him get along with putin. to former cia moscow station chief, daniel hoffman on fallout from all of this. you were in helsinki for the summit. the postmortem continues. outrage continues and president trump making this point yesterday that you know, when he came into office, one of the big push backs, criticism he was a war hawk, woe take us int