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tv   After the Bell  FOX Business  May 17, 2016 4:00pm-5:01pm EDT

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during the last hour. [closing bell rings] dow still up 180 points. dave and melissa taking it from here. melissa: wild day for stocks tumbling triple digits, reversing all of yesterday's gains. i'm melissa francis. neil: i'm david asman. this is "after the bell." here what else we have. bernie sanders looking to take both states from hillary clinton to keep his winning strike alive while frustration and anger grows over sanders supporters what they call rigged system. there are warnings, frustrations will turn violent all the way to the national convention in july. it can't get more frustrating than this. chicago's o'hare airport, now telling flyers to arrive three hours before a domestic flight! can you imagine? melissa: no.
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that is insane. back to the selloff. stocks tumbling into the close. all but two of the dow 30 into the read. worst performers, home depot, microsoft, coca-cola. not the same story for energy. we have you covered on both fronts. with phil flynn price futures group. >> we will tell you close off worst levels of session, but we're still down 182 points on the dow. dow and s&p are down four out of last five trading sessions. nasdaq composite index for its part was down as well. looks like a five-week, biggest drop in five weeks for the nasdaq. i believe for s&p as well. there are the stats. volume was 12% below average one month. yesterday's rally, volume even weaker. can't look for call on
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conviction. tone was set first thing this morning with the consumer price index. coming out showing fastest monthly increase in three years. inflation perhaps. that is supportive of case of fed interest rate hike. that followed by a parade of fed speak today, with most fed officials voting and non-voting essentially leaving door open for another interest rate hike come the june meeting. so with that inflation report we did see food and beverage stocks weighing on the s&p 500 average. you've pot hormel foods down something like 4 1/2, 4 1/3%. can become's soup, mon -- campbell's soup. it was a broad-based selloff today. i will leave it there, send it back to you. david: a lot more to cover on the markets. lori, thank you. phil, oil settling at new high for the year.
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what is driving energy right now? >> let me tell you, dave, there are threats to supply all over the globe. all of sudden market that looked to be perilously oversupplied now looks like it could be undersupplied very quickly. go around the map and pick your spot. whether wildfires in canada knocking off a million barrels of production a day from market. you look to venezuela where they're in state of emergency and their production is starting to fall because they don't have money to keep the lights on. look at iraq where we're seeing attacks every day. it is hurting their output. nigeria, i could go on and on, dave but these barrels are starting to add up. they're adding up where global demand is higher. china, record high. india, record high. u.s. gasoline record high. price of rbob futures are soaring as well. it's a perfect storm dave, a
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perfect bullish storm and that is why prices are feigning momentum. david: phil flynn in the pits. thank you very much. melissa. melissa: summer of pain for stocks. wall street banks urging investors rotating out of equity thanks to higher interest rates and u.s. election. we have gary kaltbaum, kaltbaum capital management, fox news contributor and. jason rotman, lido isle investors. goldman sachs, jpmorgan, all urging investors to rotate out of equities because they think there is a painful summer ahead. very rare all three of these guys are on the same page. what do you make of it? >> well normally when everyone of these people say sell usually i want to buy the living daylights out of the market. melissa: right. >> but let me say this, the markets internals are not very good. earnings breath stink. revenue growth stinks. the only thing i think markets have going for them are central banks who continue to ease,
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ease, and ease more. when you think they eased enough they do even more than they did. i think if they ever raise rate here. i think party would really be over. i think we end up with a market that just biased to downside. i'm not so sure they are going to kill it. melissa: jason, gary mentioned central bank easing is one of the reasons that these banks list, that they think the summer is going to be rough. they think there is a risk they will raise rates. one of the things lori rothman was talking about a little while ago. with consumer prices we saw today going up, we feel like central bank or fed at least will go ahead and raise at the june meeting. i have a really hard time believing that in a political year like this. what do you think that the federal reserve is going to do? >> so i have a hard time believing that as well. melissa: yeah. >> i think, you know, to your point of the election coming up later this year. i think the fed, as they have been since the crash of '08, is clearly going to be more cautious than aggressive.
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they don't want to rock the market 15% lower obviously, melissa. i don't think they will raise in june especially if this market continues to trickle lower and try to force the fed's hand. i don't think the fed will make it to down further. they will stay put with the current rate. melissa: gary, i know you think central banks will keep easing like crazy but that is one of the reasons all the other investment banks are telling people to get out for the summer, that they think fed will raise rates. are you with me or are you with jpmorgan, goldman sachs and everyone else? >> i will be on "dancing with the stars" before the fed raises rates in the summer, simple as that no way they're raising rates. i can promise you is on the phone with central banks saying do not do it. let me be clear, if they raise rates, dollar big trouble, head north. market will head south and make things worse. this is the box the central bank put themselves in.
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they can't win at this point in time. i'm worried heading into the election and afterwards, i think they have scratched valuations as far as they can go. i think the game is close tock up if not up already. melissa: yeah. david: dollar index down second day in a row. that is another reason why oil and commodity prices are higher right now. meanwhile home depot topping expectations for first quarter. it ended the day as biggest drag for the dow. that is very bad for home depot. home depot shares touching 7-week low after reaching all-time high last week. expectations they beat but they are down. that is not good sign of overall market, is it? >> that is sign of massive uncertainty. i wish i could give you clear answer why home depot had such a massive flip today, my best guest people don't know what to do. people are selling strength. they're buying weakness. that is actually literally what's going on. markets are range-bound. i do believe housing is still
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kind of, talk about the best became in town, i actually think it housing from relative value standpoint. i've been preaching this two years. many stocks and stock market in general are near all-time highs. many of the cities of america, the home prices are far from all-time highs. i think you see a lot of foreign investors piling into u.s. housing because of leverage they can use. they're owning an actual asset. david: gotcha. gary, what all this is telling me, there is so much confusion, when there is this much confusion in the market about what to do with the price of oil and value of the dollar, what is happening in home prices that is usually a point where people say i will take my losses and get the heck out of here. >> david, you had a central bank fed head come out today and said we need to raise rates three times this year. that same person next week will change his stance and go the other way. david: exactly. >> that is where confusion is many could from. they don't stop and don't shut up and keep confusing markets
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day in, day out. as far as home depot the numbers were terrific. you have a market with anything sticking its neck up gets pounded down because profits are taken. new highs, hardly. home depot is right there. they took out the mallet and whacked it. good company. melissa: bright spot amid weakness in the sector. tjx, which is the parent of t.j. maxx and home goods posting better-than-expected results this quarter with 9.9% rise in quarterly sales. unlike its department store competitors following the retail ice age trend. jason, i mean this doesn't surprise me because it is a real tell in the economy. it is saying people out there are trying to shop cheap. they're trying to to to a place where they are going to get a good deal. rather than shopping at department store they want to go to t-j max and get a great deal -- tj maxx. tells you a lot how people are
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feeling about their wallet, right? >> personally i think the picture regarding tj maxx is this gosh, how is tj maxx and marshall's in exist tense speak of thriving with the e tailers, amazon, et cetera, et cetera. look at radioshack. radioshack to the pummeled by the online world how is tj maxx still here? the bottom line people obviously like lower prices. melissa: right. >> from a very specific lifestyle standpoint it is hard to buy clothes on line when you every never tried them on. makes sense a clothing store with a good model and good brand and niche doing well. melissa: jason, you are talking to a world champion online shopper. i dress everyone in my whole entire house. david: wow. melissa: from the internet. such a man-guy type thing for you to say you can not buy clothes online. do you acquire all the clothes for people in your house? are you married, jason? let me get personal to you. >> i am to a beautiful named pia if she is watching.
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>> i love way you did that. does she buy your clothes? do you go into stores all the time? i have a hard time believing that. >> oh, yeah. i go like this. what do you think of this? she says are you crazy, boom, i throw it away. in other words, she has a big influence because i have tend to have crazy taste. i don't go to buy stores online. i try them on. i don't buy electronics at radioshack. i buy them at amazon. clothes, i go to places. >> i have to wrap, gary do you go to the store to buy clothes? >> absolutely. melissa: okay. >> i love tj maxx. i get my "scooby-doo" socks there. are you kidding? these are great places. let me give you the big story that really has not been played up. retail stocks haven't dropped, they have crashed. to look what gap stores and limited brands, now l brands and nordstrom and kohl's it is amazing to watch the stocks down 50, 60, 70%. tells you everything you need to know about the consumer when
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dollar tree, ross stores and dollar general are holding up at the highs. sometimes all you need to know what is working in the market versus what isn't and tells you everything about the consumer right now. melissa: i learned a lot about jason today which i think is fantastic. guys, thank you so much. david. david: you forced it out of him. you squeezed the poor guy. melissa: that's what i do for a living. david: kentucky and oregon voters have their say at the polls today. we'll look how much another sanders sweep would cause the hillary clinton campaign. melissa: never trump group is not giving up. erick erickson tells us what he is doing to help a third party candidate succeed against donald trump at the republican national convention. david: then there is bill clinton, in charge of the economy? more on hillary clinton and his role if she is elected ou can bet former arkansas governor and presidential candidate mike huckabee has a lot to say about this. >> i want to help bring back the kind of economy that worked for everybody in the 19 '90s.
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>> close primary. it is a situation where you you have got no republican presidential primary. so, kind of low on that side as well. so 20% is what they think it is going to be. bernie sanders in his latest comment about whose campaign pretty extensively in the state, along with hillary clinton, if turnout is high we will win. if not, we won't. things are not looking too good.
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even some sanders supporters we talked to lear today, said, i don't care. maybe he will not get the nomination but we're still in his camp. listen. >> i had those thoughts and, i going to go, going to go with my heart. >> if nothing else he is having a wonderful effect on where the platform will be. reporter: folks are still here though. i say it's bad, but you know, every once in a while we get lines and everything else. hillary clinton taking it very seriously though, melissa. she campaigned here extensively. four stops yesterday alone. everything favors here here. her husband won big here. she won in 2008 here. it's a closed primary. hurt sanders. helps her. if she somehow loses here, boy that won't look good. melissa: jeff flock, thank you very much. david: bill clinton's presidency
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was marched by impeachment but blessed by a great economy. that is why hillary clinton says he i will be put in charge of the economy because he knows how to do it. we have mike huckabee, former governor of arkansas, presidential candidate, fox news contributor and knows clintons well. even some of trump's supporters respect the job bill clinton did economically. larry kudlow. art laffer, voted for bill clinton twice. >> right. david: could her assurance bill clinton have to do with economic policy if she is elected bring some of those people on board? >> no, i don't think so. even if she puts bubba in charge of the economy, you still have her. all the foreign policy and basic domestic policy will be in charge or she will be in charge of that. bill clinton was a competent president because he understood the art of governing which meant that when he had republican congress, who actually was, i think equally if not more responsible for some of the
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economic engine of the '90s, he knew how to work with them. david: understood, governor, but let's face it, for good or for bad a president is basically associated with the economy during his presidency. >> always. david: it was a good economy when bill clinton was president, and a lot had to do with what larry kudlow, art laffer, kept value of dollar going well. lowered capital-gains tax and reformed welfare. there were very food measures done under his presidency. >> a pragmatic kind of president who understood how to get things done. david: for example, if she appointed him treasury secretary, might that be, first of all, i don't know if it would be constitutionally allowable because he was president once, would it? >> i don't know if it would be constitutional. i'm not a constitutional scholar to answer that he question but i think it would be problematic for her to give him official role. anything unofficial is just that, unofficial. he will not have imprint on it.
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other than he can make a speech. as we've seen in the campaign he is not making kind of speeches he made 25 years ago when he was first running for president. i think she is grasping at straws, i truly do. david: president obama the other day in rutgers university at the commencement address said that the good days, the good ol' days are over. you have to get used to the new age of limited growth, et cetera. hillary seems to be talking the opposite message. >> i would hope so. i totally disagree we're in the new normal. that we have to live with this, almost, stagnant economic growth. we should be growing at no less than four, really more like 7 or 8% with economic growth and we would, if there was a clear direction on tax policy, so that people knew, over the next several years, they're not going to have increase in taxes, if they knew the regulatory environment was going to calm down. they weren't going to constantly be putting on people just to manage the regulations they face. david: so last point, if hillary
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changes her economic proposals a bit, makes it more business heavy friendly than it is right now. says she will appoint bill clinton as her economic czar, don't you think that would bring some votes over to her side leaning toward trump? >> it might bring a few, david but not enough for her to win. still a lot more americans suffered under the obama economy. they will understand deep down it is not the second coming of bill clinton. it is third term of barack obama. and that's not something that a lot of american working people, including a lot of union members who realize how tough it's been for them, they will not want to go through another four or eight years of that. david: former governor mike huckabee, good to see you. >> thank you, david. david: appreciate it. melissa. melissa: yes. i was waiting for script to pop up there. spinning truth to settle iran nuclear deal with the key witness lawmakers wanted to hear from, just being kept under wraps by the white house. plus anger at the airport over long lines and the wait is about to get worse.
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says rhodes was misleading when it came to the administration's crucial foreign policy achievements. rhodes spoke earlier this afternoon at separate event here in d.c. he said he would not monday morning quarterback all of his interviews. >> when things like this happen, that is a part of what happens in washington, the people who know me, know what i care about.
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reporter: that profile in the "new york times" sparked house oversight committee chair jason chaffetz to immediately set up a hearing but the white house sent the committee a letter yesterday afternoon, just about this time, saying that because of rhodes closeness to the president, he would not be attending the hearing. which as you might imagine disturbed many republicans. >> you have plenty of time, mr. rhodes to go out and talk to all the media friends and talk to the echo chamber that you brag about in the "new york times" but when it comes time to actually answer hard questions under oath you decide not to do it. reporter: however the white house this afternoon is pushing back on the notion that the infrequent shield of executive privilege was used. they say that is not the case in this instance. melissa, david, back to you. melissa: blake, when they kept saying the deal included 24/7 instant access inspections of the nuclear facilities we all knew that wasn't true and pushed back on that. like one of those lies, if you like your doctor, keep your doctor or plan. that is one of the things that
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come forward. go ahead. reporter: there was video of that in the hearing today, taking clips from that very moment over playing it over and over again. rhodes not there to answer to it though. melissa: it was a lie. blake, thank you so much. david? david: some financial news. red robin, yuck, shares of the burger chain getting grilled down 19% today, hitting 1 1/2-year low, lower than expected first quarter sales and decrease in foot traffic and strong dollar all weighing on that stock. melissa: donald trump may have won over the chairman of the republican party but the never trump movement is not giving up. coming up we ask erick erickson how they plan to stop trump at the convention. david: one state's convention chaos could be a warning for democratic national convention in philadelphia. ♪ here's the plan. you're a financial company that cares, but your logo is old and a little pointy. so you evolve. you simplify. you haven't changed. you still help people live their best lives. and finally your new logo is ready,
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heard from fed speakers. more bets on the table we could in fact see a june rate hike. that was unbrem la theme. if you -- umbrella theme. if you break it down saw serious reaction on fears of inflation. i know you guys have a job cleaning up after the closing bell. let's look at home depot. home depot down 2 1/2% in the session. despite reporting better-than-expected earnings and financial forecast for 2016 as well. that shows you how concerned folks are. such a broad-based selloff. retailers, many of them fell to multiyear lows. significant drags on s&p 500 today. there is office depot off more than 3%. nordstrom down 2 1/3%. stein mart, also having a tough day, off 1 1/2%. short-term interest rates up. i want to throw it in too, david. that is significant sign with the yield curve flatting that fed is raising rates sooner rather than later. david: retail stocks getting
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hammered. melissa. melissa: donald trump 94 delegates shy of winning republican nomination outright, that is not discouraging the never trump movement. members are taking their fight to deny trump the nomination all the way to convention. joining me is eric ericksen, the reyour gent editor, resurgent editor. what is the plan? >> delegates don't have to bind themselves. they can vote to unbind themselves according to lawyers familiar with the rules. best-case scenario for the never trump movement, trump continues to show next couple months he doesn't have temperment and judgment for the general election and convince delegates it would be suicide mission for them to keep trump as nominee. melissa: but the biggest problem is, who do you throw out there instead? seems like -- >> that is the big problem. melissa: that is the big problem. what are your ideas on that front? >> you know i think that would be up to the delegates when they
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get to the convention. it used to be that way up until 30 years ago. the delegates had more free rein in doing that give them -- melissa: don't get me wrong. as somebody watching on sidelines that would be incredible to watch. but you could figure out who would possibly be there to stand up raise their hand. paul ryan said he won't do it. ion when you look at people, that have tried to be recruited lately, whether kasich or anyone else, you know they're saying they're not going to do it. >> right. melissa: you have to be able to hold up viable alternative, don't you? use your imagination. who could stand up at convention that would excite people? >> well, about 60% of the delegates who will be at the convention were originally committed to ted cruz. he is an option. ted cruz came in second place. 60% of the delegates. still winning on ground game. now that we passed primaries and they're uncontested, we stopped paying attention to the ground battles of actual state conventions and cruz's he delegates are still winning races.
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melissa: anybody else jump out at you, a secret candidate we're not thinking about? >> no. continue on separate front issue should there be a third party candidate. i'm not among that group discussing it. tom coburn comes up, ben sasse comes up. perhaps they come forward at convention. melissa: eric, i respect you're keeping hope alive. thanks for coming on. good to see you. >> take care. david: i like that guy. on other side of the aisle, states sounding alarm at potential violence at democratic convention in july. the democratic party formally complaining to dnc, that sanders supporters have penchant for actual violence quote. ashley pratte, julie roginsky fox news contributor. julie, a lot of democratic folks, pretty high up have been talking about the penchant for violence in their words. there was one democratic state senator in nevada said, she saw an older woman hit by a bottle
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by one of these bernie protesters. she said it was beyond the pale. there was no reason to do that. there are many other examples. does this go all the way to the convention? >> well listen, from what i've been hearing, threats against the nevada state chairwoman grandchildren from bernie sanders supporters. this is unconscionable behavior. i don't care what party you belong to or who you are this is unacceptable. bernie sanders i understand is not responsible for behavior of his supporters. if i were in his shoes come out condemn it forcefully. let his supporters know that there is no room for this. david: we have breaking news. in past hour we have news from bernie sanders. i will read a part of it to you, ashley. in fact he is not necessarily contrite, doing what the democrats want him to do. he says within the last few days there have been a number of criticisms made against my campaign organization. democrat party leaders in nevada, for example, claim that the sanders campaign has a penchant for violence. this is nonsense. so ashley, no sense from him
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that he is concerned about this. >> i think he is though in a sense though. i think we have to look at fact -- david: but he called these charges nonsense. that is pretty clear. >> i think the charges there were accusing his campaign of being the ones behind it. that all of his supporters are violent when in fact it's a select few. if we think back to what happened when we saw this occurring at republican state conventions over donald trump becoming the nominee over him losing delegates to ted cruz, the same thing was going on. donald trump condemned the violence as did bernie sanders. but in the end, said i'm not responsible for this. this is the corrupt system that they're all upset b and i think that is the angle that sanders is taking here saying it is not my campaign. david: julie, sanders himself, charges by democratic leader that his campaign quote, has penchant for violence, which you here time and again from democratic leaders is nonsense. that is direct attack.
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>> it is nonsense to say -- he is parsing the words very carefully. he is actually right. my campaign. he is only responsible for people on his payroll in fact inciting violence when in fact he is right, they are not. but a lot of his supporters are. i would frankly say if hillary clinton supporters were doing the same she should condemn them. we should all condemn them. whether trump supporter, bernie supporter, who you support, there is no room for violence and threats and death threats against politicians or party officials. what country do we live in. >> or their family. david: ashley, we all would agree with that. ashley quickly could it happen in philadelphia on the streets the way it did in '68 in chicago? >> i certainly think it could. donald trump said about the republican national convention, there could be riots. both convinces should prepare if they're as contested as we think they might be. david: we have to leave it at that. ladies. melissa. melissa: to a big development on capitol hill. the senate approved a bipartisan
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bill allowing families of september 11th victim to sue the government of saudi arabia for their potential role in the terror attack. this defying the threat of white house veto and threats of retaliation from the saudis. the bill is on the way to the house. we'll see what happens. david: we shall indeed. the president will veto it. we'll see if they override that. socialist nation on brink of collapse. we're breaking down what perhaps bernie sanders's policies would mean for our economy. that is next. this might look like a zero-gravity drop... but it's actually a triumph of predictive analytics. because of optum. through population health data, they provide insights so doctors and hospitals can identify high-risk patients. like me... asthma... potential hospital visit. so now thanks to optum, this asthma thing's under control. gravity not so much. this is healthier, powered by optum. from health plans to providers to employers. we connect all parts of health care. healthier is here.
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melissa: venezuela is in a state of emergency as huge protests in the nation's capital of caracas and across the country rage. this as venezuelans deal with foot shortages, power outages and breakdown in health care. adam shapiro is in the newsroom with the latest on this one. adam? reporter: melissa, you have to
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remember bernie sanders and his supporters call themselves democratic socials. they may want to look at what hugo chavez, the socialist president of venezuela. they can trace their origins to chavez. he died in 2013 but successor and fellow socialist maduro expanded the socialist policies. they call it 21st century socialism. venezuela's socialist government enacted price caps on basic food like meat, chicken, rice, beans, sugar and milk more than 10 years ago. that was supposed to help for people buy food but prices for those bases were nine times more expensive in 2011 than when price caps were first instituted. so, the venezuelan government expropriated, took over private supermarkets and created a national supermarket chain to deal with food shortages and high prices. that too has failed. the government nationalized
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venezuela's private oil industry in 2003. venezuela has the world's largest oil reserves. oil accounts for 96% of the it is exports and 50% of the government's annual revenue. oil production has fallen in the past years along with the price of oil. economists say that's led to the economic disaster now plaguing venezuela. some people have benefit however from 21st century socialism in venezuela. miami-based news outlet reports that hugo chavez's daughter, maria gabriellela, is worth $4.2 billion. money deposited in banks outside of venezuela. melissa: you're kidding? i didn't know that. that is insane. great report. david. david: insane but doesn't surprise us. how the crisis in venezuela started and what needs to be done to fix it, let's bring in "wall street journal" dan heninger and foreign policy institute vanessa newman. we've been hearing a couple days talking about possible coup d'etat in venezuela?
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do you know anything about it. >> do i know about it? they love to talk, american-backed but really just the people. they're just hungry. there is looting and rioting and picking up pace and yeah, i think that we're trying to get a recall referendum. 10 times the amount of votes they needed. there may not be time. this may be over in just a few weeks. david: but, dan, the problem is, right now this administration in the united states, the obama administration, has been very supportive of social it regimes in latin america. i'm thinking that if there is sort of a popular coup d'etat against the regime, even though they were democratically elected in, i don't know where we would stand, do you? >> well, that is a good question and where do we stand right now, david? that is what i wanted to know. you're right, if barack obama can go to havana and baseball games with raul castro and intervene in colombia, to negotiate quote, peace between colombia and farc terrorist
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groups why isn't the obama administration doing something about this horrible situation that adam shapiro just described so accurately? david: by the way, is there a lesson for young bernie supporters what is happening in venezuela? people say no, that is latin america. >> don't do it. david: what do you say? >> don't do it. redistributionist interventionist, government, big government policies, don't work. my family escaped nazis and communists and any central planning kids individual will, kills human dignity and kills the economy. and end up in authoritarianism, they can't even feed their people. people are oppressed. talking about a coup. it will not be a coup. we're facing a arab spring situation. that is a real possibility. not only that with criminal gangs on opposite sides, there will be utter chaos. that is what the u.s. is worried about. david: by the way chavez linked up with a lot of other leftists in latin america, danny ortega
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in nicaragua. what happens do those links if the regime false down? do the links fall apart? maybe this is positive thing? >> hard on people, with falling commodity prices and oil revenue one of the things hurting venezuela, but to get political about this, bernie sanders should be asked about this, when he was mayor of burlington, vermont he was praising the sandinistas. set upster rip with them and one of the cities in nicaragua. if he thought san disniece at thats were great, what does he think about hugo chavez and venz today? david: thank you very much. melissa: fox is confirming u.s. department of justice open ad criminal investigation into the state-sponsored doping by dozens of russia's top athletes. this as ahead of summer's olympic games in august.
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watch this unfold. meanwhile, prepare for a three-hour wait. get ready for long lines at the airport this summer. introducing a sim class on your bus, as if your commute isn't tough enough. at least you get a seat? i don't know. ♪ e. ♪ ♪ (singing) you wouldn't haul a load without checking your clearance.
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melissa: travel nightmares at the airport. chicago's o'hare international airport telling passengers to arrive three hours early to help with the enormous security lines that have led to hundreds missing their flights. here now is tom blank, former tsa deputy administrator. you know i'm struggling with this story because, why all of a sudden are we seeing these very long lines? it seems to me that -- in a
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couple of different places i read union leaders saying that whatever they're doing isn't going to do it. they need to hire 6,000 more workers. is this a slowdown? what is going on, tom? >> well, melissa, it is not a slowdown. what it is, is kind of a perfect storm. in historical context of tsa not being able to right-size its workforce. for many years the agency operated pretty efficiently with 45,000 people. with the advent of precheck, fast lines, congress gave them less money because the efficiencies that was supposed to bring. now they're down to about 42,000 people. at the same time, airline traffic has increased, going into a rush season. and as it turns out, 42,000 not enough to get the job done properly. melissa: i hear what you're saying but the problem i have is, this is kind of cropped up all of a sudden. yes, lines have been terrible for a while, two weeks ago there wasn't, they weren't telling you
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to get there three hours early. there wasn't a tremendous line going you will the way back to the subway in chicago, whatever it is. it is going on here at laguardia. seems suspicious to me out of the blue we've seen the lines double. are you sure -- this is from "the chicago tribune." they're saying union that represents the security officers says that what they're doing now isn't going to solve the problem. that tsa needs 6,000 additional full-time officers to address the short fall in order to deal with what we're experiencing right now. >> well, that's a little bit of union logrolling right there. that would be 6,000 new dues-paying members. so while we want to examine that option, what we're really seeing is that tsa has become an inflexible, lumbering bureaucracy. so when airlines come in, say, guess what, my passenger loads are up 15% in the next three months, tsa does not have the budget or capacity to make fast hires, do training and deploy
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enough people to deal with emerging travel reality. melissa: so, tom, the other problem is, anytime i go to an airport there isn't any extra pace to even walk. if you hired a whole bunch more people, there are only some lanes to get you through security. would more people really solve the problem? >> well, it would help but it would not solve the problem. i think you need to become innovative about the way you begin doing some of these things. i think precheck is part of the answer. i think better technology that can process people more quickly. and over the weekend i was traveling. melissa: yeah. >> i saw the ts a-bomb dogs examining people while they were in line. so they kind of got to the check point and they were presorted so to speak. so they could go through more quickly. there has to be some innovation and you know, one of the things i put to the union is, are you willing to go along with this innovation? split shifts, other kinds of things that might work better
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than 6,000 new tsa. os out there -- tsos. melissa: i have tsa precheck. a lot of times that line is very long too so i don't know. tom, thank you so much. tough problem. appreciate it. david? >> thank you. david: combining the morning commute with a spin class. a british company announced plans for mobile fitness studio on buses for london commuters. look at this, 45 minute last classes cost around $20. i'm not sure if the bikes are tied into generating bus's power. that would be a great idea if it happens. project currently pending approval. could launch sometime after the summer. >> not ready did for the real world. wake-up call for college graduates across the country. ♪ this just got interesting. why pause to take a pill? or stop to find a bathroom?
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david: update now on the doj evacuation. alarms were sounding after smoke was detected. they have been given all-clear. everyone is allowed back into the building. that is good news. melissa: millenials need reality
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check. 90% of college graduates think themselves ready for the work place according to pay scale. david: but, while 90% say they're ready, but 60% of the hiring managers that they don't have necessary critical thinking skills for the job, according to the same survey. melissa: unbelievable. tuition well-spent. david: "risk & reward" starts right now. >> you have plenty of time, mr. rhodes to talk to all the media friends and talk to echo chamber you brag about to the "new york times" but when it comes to answer our hard questions under oath you decide not to do it. >> these experts here are all repeating same talking points, for the same republican political narrative. this is basically created his own republican echo chamber. >> i have an inquiry. >> yes? >> is mr. man gnaw here? -- hanna? >> yes. >> why did mr. cummings ask him the questions? he will have a chance to ask mr. hannah whatever he wants to ask him. we don h

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