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tv   After the Bell  FOX Business  May 12, 2016 4:00pm-5:01pm EDT

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swings have been pretty interesting today. the bears win this one at moment. s&p and nasdaq lower. here is the closing bell. [closing bell rings] david and melissa, we have earnings on tap. david: stocks trying to make it above the flat line. melissa: maybe. david: looks down about 13, 14 points. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we'll take you back to the markets. here what is happening at this hour. donald trump on way back to the big apple after day of meeting with top republican leaders on capitol hill. the goal? to begin to bridge the gap on key issues like trade and immigration and subsidies. while the gop tries to come together, the risk continues to grow on the democratic side. hillary clinton speaking now in brooklyn while bernie sanders set to take the stage in south dakota. his campaign manager now saying nominating rival hillary clinton
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could be a disaster for the party and the nation. those are fighting words. david: we'll get back to us. stocks, dow turning positive but began to slip into the close. look where the dow 30 ended. for more on some of today's biggest movers, that is where the story really was, let's go straight to lori roths man at new york stock exchange. very interesting moves for individual stocks. reporter: wide swings, that's for sure, david. the dow lowest off6 points. -- 86 points. s&p is flat. considering we had selloff and day of rally, like the markets as a whole are pretty much starting the day, right, starting the day right where they started i should say. gearing up for earnings after the bell. nordstrom will be key. nordstrom shares touching four-year lows after earnings reports. after string of disappointing
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retailers. macy's fossil yesterday. book to you. david: lori, thank you very much. melissa. melissa: pledging to work together, donald trump and paul ryan meeting in the nation's company toll but the house speaker is not ready to endorse "the donald." peter barnes in is washington, d.c. with the latest. how did it go, peter? >> other officials said today's meetings were a good step toward rebuilding the party and rebuilding its unity after the bruising primary process that started out with 17 major candidates as you recall. this meeting was precipitated by paul ryan's announcement last week after trump's competitors had dropped out that he was not ready to endorse the presumptive republican nominee. and he did not do that again at his press conference after his meeting with trump. ryan telling reporters, it is a process. it takes time.
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that it doesn't happen right after 45 minute meeting. ryan said he doesn't want a fake reunification process. >> we had very encouraging meeting. it is no secret donald trump and i had our differences. we talked about the difference today. that is common knowledge. the question is what do we need to do to unify the republican party and all strains of conservative wings in the party? reporter: trump later met with republican leaders in the senate and then after all of it, trump tweeted quote, great day in d.c. with speaker ryan and republican leadership. things working out really well. one source provided fox news with unvarnished assessment of trump's meeting with ryan. quote, no bs, very helpful. melissa. melissa: i like that. peter, thank you so much. david: stephen dinan with the "washington times" joins me. with that tweet, stephen, there
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was collective sigh of relief, you could almost hear it from washington with no republicans who were glad it was no disaster. this was the best-case scenario, was it not? >> the best case scenario was endorsements all around. this is as good as they could have hoped for. you're starting to see, all sides say you're starting to see beginning of this coming together. they say it's a long process. that is understandable. as good as they could have hoped for. david: this is most extraordinary tweet. i don't know if it came in form of a tweet. lindsey gram had a talk with "the donald." he called lindsey yesterday. the fact we reached out, we had a good discussion is positive thing. did you ever think a week after all name-calling lindsey graham and donald trump would be speaking? >> no. you know, but you know, donald trump proved to be quite an interesting and adept politician. david: he is a deal maker, above
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and beyond everything, he is a deal maker, whether it comes to business or politics. >> that is exactly right. business, politics and specifically policy. look, one thing these guys up on capitol hill are waiting to see, and they haven't seen a lot of what specific policies donald trump is going to pursue and how flexible he is on broader goals, like muslim ban the wall. i how flexible he will let members of the congress put their own stamp on that. bring it in or write specifics on policies. they're starting to see hints. he said all of this is negotiable. for them that is important words. david: it appears they will focus at least until the convention what they can agree on. not spend a lot of time what they disagree on. am i right? >> the most important words, paul ryan mentioned this two or
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three times in his press conference they agree on pro-life issues. the pro-lifers are heart and soul of volunteer army republicans rely on to do door knocking. for ryan to say we at least agree on life, that is a huge signal to those troops that republicans need to win in november. stick with us. we'll be okay. that is important signal. now they have to work on everything else. david: we have to go, steve, but who would have guessed a month ago the gop would be in agreement and democrats are ones arguing with each other. >> hillary clinton has been running this race for 10 years essentially. she has yet to unify the democratic party. donald trump has run for 11 months and ahead of her. david: keeps getting more and more amazing every day. stephen, good to see you. melissa: quite a meeting, that's for sure. trump's fund-raising is push is underway of the presumptive gop nominee will need billion doll in support as financial officials are seeking donations in the salt conference in los angeles. here from the grounds of the
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conference is anthony scaramucci, one of trump's top fund raidsers. also host of the fabulous, popular, "wall street week" here on fox business. mooch, what do you think of that billion dollars figure? that is what a lot of people say. i thought i heard you say he may not need that much? >> billion dollars is obviously the goal that the steve, the campaign finance director set i think that is a goal we could hit but in my meeting with donald trump last week, i sort of felts 500 million would be enough because of his popularity, the reach of his social media skills and his media personality. having said that, of course we're going for the big kahuna, melissa. we're already beginning that process of raising that money. melissa: how are people, are they eager to open their wallets? do they want people to know they're giving money to donald? there is this whole thing of people support donald trump but
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don't want to tell other people they're doing it because it may not be a popular notion in their economic circle? >> the glacier of republican disunit right now is melting here in the las vegas sun. so i predict that over the next two to three weeks, you're going to see a lot more people in addition to lindsey graham come out to support the candidate. donald trump in my meetings with him one-on-one, and senator scott brown and i went to see him last week, i find him to have analytical depth, moderation, judgment to be president. some people haven't liked the rhetoric. you want to know something? they will support this candidate and, melissa, out here we're getting a lot of people that want to join on to act as bundlers for us. melissa: annecdotely i was at an event for wall street, they thought hillary clinton would be better for wall street and bankers and fat cats than donald trump. are you hearing that as well?
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>> that may be true and that's probably one of the many reasons why she is not going to win in november because people will think she is in the pocket of those types of people. what candidate trump established he is disruptive entrepreneurial force. what the american people want right now is that private enterprise thought applied to washington to break up the circuit wall street people you have lunch or dinner with want to continue. melissa: i was surprised to hear him say that because i feel someone in business intellectually they want that hillary clinton is their friend and want to support her, is that true? hillary clinton says plenty of people are reaching out to her, gop donors and fat cats, they want to support her because they are afraid of donald trump. do you think that report is true? >> listen, i can tell you it may possibly be true, i have nothing
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against her personally. i dislike the policies myself. melissa: yeah. >> so but i think it is going to be a much smaller group of people than they originally thought but i will give their campaign credit they have had an outreach going on over the last 14 days. i don't think it will be as successful they want it to be. melissa: i know you talked to larry summers on your show. he was talking about how a trump presidency scares him. he thinks it is bad for economy. you will get into that. real quick, what was that about? >> listen, larry has some great democratic talking points. i think it is clear after that discussion, melissa he will not be the economic advisor in the trump administration. melissa: right. >> but having said that, at the end of the day even larry himself will come around to what i think are policies that are not going to be left or right but will be more focused on right or wrong. that is really what the country needs right now. melissa: yeah. >> that is why donald trump is
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getting so much passionate support. melissa: look forward to seeing your show for sure. thank you so much. larry summers will join anthony scaramucci on "wall street week." tomorrow night 8:00 p.m. here on fox business. should be interesting. david. david: switching over to democrats, where they're dealing with their own unity issues. bernie sanders campaign manager jeff weaver speaking out against hillary clinton, warning a clinton nomination, quote, would be a disaster in november. fox news's mike emanuel has been following it all for us. mike? reporter: pretty stunning stuff. sanders campaign said voters want to roll the dice and court disaster to protect the status quo. as for the campaign hillary clinton is back in new york. this hour she is doing an event with hiv aids activists in brooklyn. while clinton campaign and allies are attacking donald trump she is talking a fair amount on the campaign trail about health care. >> we do have to be careful to
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have more choice and competition in the health care system if we're going to have an effective, affordable care act that gets up to 100% and deals with some of the costs. reporter: ben bernanke has full schedule of events in south dakota. the primary is june the 7th. which happens to be same day as california and new jersey. sanders is getting a jump-start. sanders and his wife jane visited mount rushmore earlier today to see the presidents sculptured faces. sanders was asked if he would like his face up there and he joked, a spot to the right of lincoln. he is critical of his party's system in terms of selecting a nominee. >> i think it is a little bit strange and a little bit anti-democratic that secretary clinton receives the support of some 450 superdelegates before anybody else got into the race.
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reporter: that is the sanders version of the system is rigged. he is out battling for every last delegate but he has a math problem in terms of earning enough to secure the nomination which explains his frustration. david? david: the frustration of all his supporters. mike emanuel, thank you very much. >> thank you. melissa: bad news for brick-and-mortar stores. a slew of lousy earnings reports for retail giants have many wondering how long they will last. nordstrom just reporting a big miss. we'll have more on the numbers coming up. david: we knew that was coming up. newspaper are having army of reporters looking into donald trump's past to write a book and are they going too far? melissa: why hillary clinton's latest criticism has some economists scratching their heads. >> donald trump's tax plan was written by a billionaire for billionaires. ♪
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melissa: shake shack out with first-quarter earnings. the stock beating the street. total revenue increased more than 43% all thanks to me and my family. restaurant sales up 10% from last quarter also thanks to us. the stock is up more than 6% in after-hours trading. david: i remember when i could drink those shakes like it was nothing. hillary clinton took aim at donald trump's tax plan saying this about it in new jersey yesterday. listen. >> donald trump's tax plan was written by a billionaire for billionaires. [booing] he wants to spend $3 trillion, that is with a t, $3 trillion on tax cuts for people like him who make over a million dollars. david: notice the word spend there.
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calling trump's proposed tax cut spending is an interesting attack plan but is a tax cut the same as government spending? here is steve moore, heritage foundation, distinguishing visiting fellow. scott martin, united advisors, both fox news contributors and james freeman of "wall street journal." steve, saying tax cut same as spending, isn't she saying spending in the private sector basically the same as spending in the government sector? >> liberals believe spending by government is better -- david: better? that than spending in the private sector. we have republican infrastructure it is offensive way to put things f you cut taxes you're giving them money. take that to its logical conclusion, david, what does that mean? the government is entitled to everything. you're keeping what they're nice enough to give you. david: exactly. scott, we're reporting on waste and fraud in government spending. the kind of waste and fraud that if it happened in a private
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sector, they would be shut down, either competitors would shut them down or some government regulator would shut them down. you don't have as much of that in the private sector as you do in the government sector. >> no, you don't, david. that government or that company so to speak as you put it would be bankrupt. the stock would be at zero. nobody would lend them money. unfortunately, us taxpayers, government keeps hitting us up and our money keeps going there. that is the thing going forward what hillary is talking about. do you want government that will create prosperity for you? do you want a government responsible for economic growth? as steve put it well, giving you money back that you earned. that seems incredibly disingenuous. it belongs in the hands of private sector where it grows the most. david: james, we've had experimentation past few years with government spending. we had stimulus government spending. didn't turn out too well. didn't turn out stimulus in the economy way joe biden said it would. >> it has been seven years.
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start with the' 09 stimulus. 800 billion didn't deliver. you know it is not going to because the idea of a dollar government spending adds to gdp means the government can spend unlimited amount to grow our economy, buy a bridge to know where, repave a road that doesn't need it we will benefit. anyone in business realizes that is fault. you want investment directed where it gets return. what you don't have in government and what you do have in business. david: steve, doesn't this come to the most, i think the most definitive difference between the two sides in this debate. one side says, you got to focus on private sector, the other folks say you have to focus on government spending and that's where we see growth come from? >> that's right, david. i was at a forum yesterday where the top clinton economic advisor squared off against the top obama advisor and that is exactly where the conflict was. clinton advisor basically said
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we want to grow the government. we need more infrastructure spending. double down on obamacare to get the economy moving. one other thing about millionaires and billionaires, she doesn't like so much except raising money from them, people in top one or 2%, it is very interesting, tax foundation ran number, two out of every three of people, i know what they do for a living? they run businesses. they own and operate businesses. that is where jobs come from, hillary. david: scott, that's like where they forget tax revenue comes from. it doesn't fall out of the sky. it doesn't appear. it comes from the private sector. that is where you draw the income from. >> it is amazing how many businesses that pay the their fair share in taxes deal with all the regulations that governments create, politicians like hillary and others on the left keep going after them for more and more and more, just further destroying their own prosperity. david: basic economic common sense. not even economics.
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it is just common sense. guys, we'll see you a little later in the hour. thank you very much. >> the brazilian president dilma rousseff suspended from office. senators voted to begin her impeachment trial. she has been charged with borrowing from state banks to hide a budget shortfall. if 2/3 of senate vote to convict her she will be permanently removed from office. this coming months before brazil hosts, the summer olympics, what timing. we wish them the best. the meltdown of the american middle class. we'll talk about household incomes which have been plummeting in a majority of u.s. cities. rise of machines, fall of workers, next casualty in the fight to increase the minimum wage.
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melissa: shares of nordstrom dropping more than 13% in after-hours. reaction to a big miss on earnings. lori rothman on floor of new york stock exchange with more on the numbers and retail sector getting slammed today. reporter: this is sign of the times, melissa. retail stores, department stores are getting hammered. kohl's eviscerated the marketplace yesterday. first quarter for nordstrom expected at 45 cents. we got 36 cents per share. revenue soft at 3.25 billion. 3.2-- 3.28 billion was forecast.
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worse than that nordstrom lowered 2016 forecast. same-store sales down 2%. sales trends were below our own expectations, no surprise. they're blaming all of this on higher markdowns which helped them to better align inventory. people aren't buying things from these department stores, right? nordstrom, by the way, let me point out here, that is, at one point shares of nordstrom in the extended session down nearly 15%. macy's, kohl's, gap, amazon interestingly hit lifetime high. that speaks volumes about shopping trend, doesn't it? melissa: really does and how people acquire that. lori, thank you very much. david: nordstrom down, amazon up and effects of $15 wages are happening at wendy's. self-service kiosks are available. will be up to the franchises whether or not use the technology. wendy's president revealing that some locations already have increased prices to offset wage
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hikes. a lot of effect the. everything has an effect. melissa: it is predictable what is going to happen there. amazing. david: said it would. melissa: the divide in the democratic party that could have significant consequences in november. david: the truth about donald trump's taxes. do voters care about what could be hidden in the donald's tax returns? >> i think i agree with him. should definitely let taxpayers know. >> i don't care about donald trump's taxes. >> what if there is bombshell in there like mitt romney says? >> what does mitt romney know anyway? he is so irrelevant. he is so 2000 whatever. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck. this just got interesting. why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph,
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melissa: to release, or not to release, that is the question facing donald trump and his taxes. mitt romney slamming the presidential candidate on facebook writing, quote, it is disqualifying for a modern-day presidential nominee to refuse to release his tax returns to voters but should trump do it? james freeman of "wall street journal" back with us. i think mitt romney that sort of torpedoed his campaign so he wants trump to suffer the same consequences. what do you think about this issue? >> i don't think it matters as much this year as the year romney ran. basically the obama campaign successfully spent a year or more teaching everyone to hate him as rich, successful guy. then the tax returns come out and he had cayman islands investments. melissa: he played into it.
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>> he was always apologetic about his business career, which he shouldn't have been. he had a great business career. trump is opposite. mitt romney's problem he couldn't talk to average people. he couldn't connect with blue-collar workers. trump does. i don't think they are going to care. i think returns will eventually come out, it will cut both ways. we'll find out how much money clintons made off politics. huge pile of money. not an honest buck in it. think contrast will be bad. if trump turns out he doesn't have that big of income -- melissa: that would be hysterical. >> it will be funny, but for people that cover him, i don't think his fans that care that much. melissa: part of it, so mitt romney made all kinds of aspersions what could be in there. you know saying, where is it, potential for hidden inappropriate associations with foreign entity criminal organizations and other unsavory groups. that sound like the clintons. >> right. look at donor list of the
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clinton foundation, dictators that they cooked up deals with overseas. melissa: talking about trump. >> definitely an issue where trump has done business with a lot of unsavory characters, bought a lot of concrete in new york in 1980s from mob-controlled companies. he really didn't have a choice. that is who you had to go to buy concrete. there will be other weird associations too as he gets covered. his answer is look, i do a lot of projects. they have different partners. i don't necessarily know a lot of them all that well. melissa: i almost think that a tax return would be disappointing. doesn't show total wealth. won't show any old stuff. only for last year. will be really complicated because it is real estate. all you will glean out of it maybe a tax rate. real estate so he probably gets carried interest break. i don't see any upside to him doing it. is there any upside? >> it become as convention you sort of do this in terms of transparency.
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it matters this year less than other years. i would assume he ends up putting them out. i would assume clinton puts hers out and she reveals what we already know -- melissa: aren't hers already available on line. >> she may have already put them out this year. i don't think it's a huge issue. the contrast will not necessarily be bad but might reveal a lot of his income comes from assets built by his father, who knows. that could be an issue. melissa: make a bet. i bet he doesn't do it. you bet he does? >> i think he probably does but i don't think it matters. melissa: james, thank you so much. david? david: we were speaking of hillary, the never hillary crowd among democrats is growing louder. some die-hard bernie sanders supporters are vowing never to vote for hillary clinton. they will face a difficult decision if it turns out to be clinton versus donald trump in november. we saw the west virginia exit poll. a lot of those bernie supporters said they would vote for trump. reporter: many have. many bernie sanders supporters say they won't vote for hillary
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clinton even in general election against donald trump. clinton has to secure fewer than 150 delegates to secure the nomination. so the bernie or bust voters will have to decide if they can opposed democratic nominee. one sanders supporter tells us, she will. >> if we vote in someone like hillary clinton, that is saying, oh, it is okay for voters suppression. oh, it is okay to have big corporations fund you and not have a biased opinion on whatever they're trying to push through. it is not okay anymore. reporter: there is online pledge, won't vote hillary.com claims her policies are center right. she carries too batchingage and has too many enemies to win the general election. it has more than 63,000 signatures. the questions for democrats, how many bernie or bust supporters are there and will they change their minds? how many will never support clinton? a mcclatchy marist poll said a
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quarter refused to support clinton. less than 70% say they will. after the party settles on nominee they say more bernie voters will come around to clinton especially in general election with donald trump. right now she has a democratic challenger promising to stay in the race and capture nomination in contested convention. david: wow, exciting times. rich, thank you very much. melissa: legal challenge to the health care law. federal judge ruling that the obama administration has been improperly funding an obamacare subsidy program. the program will be allowed to continue pending an appeal. white house press secretary josh earnest saying this isn't republicans first legal fight over obamacare but warned, quote, they will lose it again. david: we shall see. look at apple, once again the biggest drag on the dow. the stock falling below $90 a share, hitting near a two-year low.
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it popped above $90 at the close. apple is now the worst performing stock on the dow this year, down 14%. melissa: digging up dirt on donald trump. why an army of reporters are investigating every facet of the billionaire's life. that's next. >> he is exercise political influence. he is exercising influence and trump says that is not. these little guys? they represent blood cells. and if you have afib - an irregular heartbeat that may put you at five times greater risk of stroke - they can pool together in the heart,
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david: again we saw this come but details are awful. rotten retail story. nordstrom's shares tumbling after hours 17%. reporting a quarterly drop in same-store sales about 2%. that is how big the drop was. it's slashing the fiscal year earnings outlook. doesn't look good for the retail sector. melissa? melissa: it takes an army. "washington post" as signing a group of reporters to dig up information on donald trump.
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associate editor bob woodward says we have 20 people working on trump. we'll do a book, articles about every phase of his life. according to "washington examiner" here to break all that down, "washington examiner"'s david drucker. what is your impression of this? what is your opinion. >> this is what we do. we're in the media. somebody runs four president. we look into every facet of their life, fair or unfair. voters ultimately decide whether any of this matters to them. whether it votes. he doesn't have a vote are record. he is nationally known celebrity. people know of him. nobody really knows that much about his business dealings. there is no microscope like a presidential campaign. melissa: i totally agree with you. a lot of people were outraged by this. i thought okay, somebody is running for president needs to be thoroughly vetted especially somebody in the public eye but you're right, hasn't necessarily been under that type of microscope.
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woodward went on to say, we're trying to get to essence much hillary clinton, we don't believe that she intended to release classified information in any way that is illegal or jeopardized security. monica crowley saying documents came into their server, by the way, which was bill clinton's server at time, for example, documents about north korea at a time he was taking money from north korea to do paid speaking engagements there. i don't know that we know for sure that there was nothing nefarious going on there. for somebody like bob woodward to say nobody thinks that, seems outrage just. melissa: look, i'm not endorsing or giving a value judgment to anybody's opinion of whether somebody deserves to have their life looked into. what i can tell you as journalist, i don't actually do investigative journalism like this per se. i'm more, game time political reporter trying to figure out where this is going and why it is going there but this is what happens when you run for president and i think everybody's fair game.
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i think everybody should be fair game. i think we as the media should treat all candidates the same as long as they are major candidates. when you're the nominee for the two major parties, you should have your -- this is what happens. whether or not it should happen -- by the way, look, melissa, a lot of times we do this, voters don't care what we find. they vote for somebody anyway. melissa: true. >> it may not matter but just -- look for hillary clinton has been in the public eye for 30 years. we've periodically looked into her life. we should do it again. this is the way it is. melissa: i would say, the place where it gets dicey when you have paper's owner, jeff bezos, obviously you know, not a journalist, he has leaned left in the past for sure and i'm sure still does, making a comment, they're dedicating a lot of resources to this because they want, you know, people who vote for donald trump not to be able to say that they didn't know everything about him. and that, i mean that is makes it feel a little strange to
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people, an owner getting involve in comments like this and urging voters go out and do it. does that change anything for you? >> not really. i understand why voters interpret this, on twitter i get complaints i'm a left-winger or right-winger. >> right. >> here is what i tell you. going back to the founder of the republic, owners of media outlets, newspapers or political journals always had a political agenda. there is no such thing in the united states really ever of just completely objective media. ownership and media reporting. there is always a public service and political and policy agenda. this is life. if you don't like it, don't run for president. >> the yeah. no it is very true. david, thank you. appreciate that. >> thanks, melissa. david: some say the effects of overreaching regulation is really having effect on business deals and now we have proof. so far this year we've already set records for deals falling apart. according to data site,
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dealogic, deals worth nearly $400 billion have died so far in 2016. most recently with staples and office depot yesterday. haliburton deal falling apart. also big loser is banks. they stood to make millions on m&a fees and financial advisors only get a lot of their money when it goes through. it is not all bust. today charter communications won final regulatory approval to buy time warner cable. buckeye state embracing for chaos. republicans to hit cleveland for the gop convention but are they ready? coming up.
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david: with fewer than 90 days until the republican national convention, cleveland is expecting, well, might be chaos and nowhere near prepared for it. mike tobin there with the details. i guess there will be a lot of protesters there, mike? reporter: there will be, david. according to the head of policeman's association the town is not on schedule for the convention. the riot gear was ordered late, with 6days to go, riot suits and bikes for mounted patrol, and training is minimal and not enough time to train with the gear. >> you have to be proficient and being able to use this stuff and right now we're not. we have not been there. we don't even have gas masks at this point. reporter: councilman matt zone, chairman of public safety and he has got a different take. he says there is plenty of planning, strategizing, training taking place. however not all of that is
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filtered down or communicated to rank-and-file cops. >> we have been coordinating with the secret service since fall of last year. there have been multiple layers of government that have been involved. all the assurance we're receiving from the host committee, we'll do fine andcle. reporter: organization called dump trump, already applied for permits to march during the republican convention. a spokesman for the organization says if the permits are denied they will take to the streets anyway. one example of kind of challenges mounting against police here. david? david: there will be a lot to report on. mr. tobin, thank you very much. appreciate it. america's shrinking middle class. a new study from the pew research is center finding cities are becoming too expensive for middle class residents causing them to move farther away. steve moore and scott are back with us. north example of the middle class being crunched. why is that happening? >> especially in cities.
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it is a conundrum. david, right now i'm in denver. denver is booming like many big cities. new york is doing well in terms of financial sector of these cities, miami, nashville, san francisco is doing real well. problem middle class can't afford to live there. i claim it on rst of cities. regulation, schools and taxes. regulations are too hefty, the schools stink in most inner cities and can't raise family there and taxes make it unaffordable. david: scott, one of the great things about this country or has been in the past has been mobility. people have options to move around, not only income mobility but physical mobility. that's, you don't have as much of that now as you used to, right? >> no, you don't and i think unfortunately, david, let's put it this way. you don't have the choice to use that mobility. the reason you're mobile, because your job, to steve's point is moving out of that city. i will stick with his premise
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about the rst you know i would throw in the fact a lot of these cities are just mismanaged, david. true and near and dear to my heart, chicago, illinois, taxes on the rise, crime out of control. all these disenfranchised businesses so the city says we're broke. who wants to live here? not a lot of people. david: crime is a huge issue, we shouldn't forget that but, steve, again seems like there is economic vitality that is missing as secret sauce in this economy. >> it is. just one thing that is interesting about cities, it is true that the middle class is tending to move out of cities you know there is a big distinction now between cities in blue states and cities in red states. so if you go to a lot of red state cities like austin, texas, or dallas or houston or miami, those cities are doing well and middle class can afford to live in those cities. it is amazing. compare san francisco with dallas. david: right. >> the cost of living in dallas is less than one-half of what it is in san francisco.
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david: well, scott, you live in one of the most crunched places of all in chicago or in the chicago area. how is that area affected? are people, are businesses beginning to die out there? are there fewer startups, what? >> people are leaving, david and they're going to neighbors. indiana is one of those states or areas that steve mentioned is actually getting new population because you just jump across the border and all of sudden you have a different tax, different regulatory environment. different situation that businesses are looking for. so it is not hard these days if you have the means to do so, to leave some of these tough states to go somewhere you will be treated better as businessman and taxpayer. david: steve, i'm thinking that something governor perry used to say, former governor of texas who of course ran briefly for president this time, he said it is not rocket science talking about the success of texas. you do what you said. lower regulations, lower the taxes and get businesses moving in. it is as simple as that. >> we've seen business after
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business leaving california. it is interesting, because california, which is liberal paradise, right, but it has become the state that has more income inequality than any other state. it's a great state to live in if you're really rich or if you're poor because they have pretty good welfare benefits. the middle class is getting crunched here. one statistic to think about, every single day, david, 1000 people on net leaving blue states and moving to red states like texas. david: interesting. has effect in the election. we have breaking news. former merrill ceo dan tulley has died at age 84. tulley was chief executive of merrill lynch for five years from 1992 to the 1997. he died tuesday. bank of america just making the announcement. the cause of the death, we don't know that immediately. i'm sure that will come. dan tulley, rest in peace. a great part of using the usaa car buying service
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david: getting a in school isn't what it used to be. largest school system in maryland will round upgrades for high schoolers next year. for example, if student gets a for first quarter and b for second quarter, the student semester grade would be an a. scott martin is back. scott, you have two kids, two years old and five-year-old. the five-year-old beginning letter grades coming in. blah do you think? >> i think it will cost me a lot of money, if i pay them for as and bs, i'm in trouble. no wonder the united states is falling worldwide in things like math and science. if you get an a in the first semester, you have to go in as student, all i have to do get a b for a for the year? that totally destroys motivation. david: how does it prepare you for life after school? there are some professional schoolers but basically most of us have to go and work eventually. this is bad preparation for that, isn't it? >> i think if anything, some of the grading, some of the
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education system needs to get harder, not easier to get these kids committed to learning, committed to trying to do better. rounding up on grades, just, in effect sounds terrible. david: boggles t mind. >> you're giving them free pass. david: boggles the mind. scott, thank you very much. that does it for us. "risk & reward" starts right now. deirdre: donald trump on capitol hill earlier. he met with house speaker paul ryan, rnc chairman, reince priebus. the goal, unity. this is "risk & reward." i'm deirdre bolton. republican leaders are backing donald trump, senator orrin hatch of utah, former house speaker john boehner and former national republican committee chairman greg walden. even senator lindsey graham is changing his tune. >> i just can't go where donald trump would take us. i don't think he is qualified to be commander-in-chief. i will support every other country in the country but i can't go where trump takes us.

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