tv After the Bell FOX Business May 18, 2016 4:00pm-5:01pm EDT
will be key. liz: 15 seconds to make me right. i said we would end flat. we're down five points. [closing bell rings] david and melissa big earnings docket, intel, take two interactive. here is the the closing belle. david: stocks struggling to show any kind of a gain. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have you covered on the markets. here is what else is happening at this hour. donald trump getting serious on foreign policy, meeting with none other than henry kissinger today. we will speak with trump's foreign policy advisor walid phares about what is being discussed behind closed doors. hillary clinton continues to tout the benefits of her husband as economic czar. will bill clinton running the economy, will that be enough to sway people like art laffer to vote for her. we'll ask him.
relief may be coming to long lines at chicago air ports. david? david: first back to the markets, the dow seeing intraday swing more than 200 points. what a day. hitting a triple digit high, before plummeting when the fed notes came out. phil flynn, price futures group and fox news contributor, watching oil and gold from the cme an lori rothman on the floor of the new york stock exchange. lori, it started when the fed minutes hit at 2:00. >> they basically did indeed, david. more officials than ever in favor after june rate hike. fed funds futures factor in chances of the rate hike. 41%. message of the market is pointing toward a rate hike. we saw the swing as you pointed out in the market. basically as people are making their decision and their adjustments to plan for a higher interest rate environment. now we will close pretty close to the unchanged mark, don't forget. we had a sharp selloff
yesterday. you have the s&p 500 crossing its 50 and 200-day moving averages, in the past signaled a bearish trend for the markets but treasury yields spiked today. the two year yield closed at two two-month high. short term rates very sensitive to interest rate moves. banks one of the best performers on the s&p 500. utilities, classic dividend players, were one of the worst industry sectors today, interesting, because you get more yield with higher interest rates off other financial tools. back to you. melissa: lori, thank you so much. phil, talk to me how oil and gold reacted to all of this today. >> tell you what, melissa, oil prices were willing to fight increase in supplies and higher before the minutes came out but they can't fight the fed. that interest rate increase changed complexion of a market really on fire earlier in the day when we looked at crude oil because of record demand for
gasoline and heating oil, the highest of this year. but of course the gold market was already under pressure early in the day because of fed statements talking about possibility of a june rate hike. when they actually saw that in the fed minutes it was major selloff for gold. we saw the dollar rally on those fed minutes. we saw the price of gold really get hit hard and oil went down reluctantly but it did start to follow late in the day. renewed selling as the day went on and stock market saw weakness into the close. melissa: phil, thank you so much for that. david. david: markets turned around immediately after the fed notes hinted after rate hike in june. would janet yellen risk a market downturn before the election? here is kevin kelly, recon cap pal partners. jonathan hoenig of capitalist pig hedge fund. he is fox news contributor. jonathan, if rates go up, markets go down, we've seen it
happen before, trumps chances are the abouting better and janet's chances of getting fired are better. janet will not do something that might lead to her getting fired, is she? >> david, when you talk about the federal reserve you talk about intervention in the economy. it is always subjective. always anyone's guess. what thing for sure chances of interest rate hike as you pointed out are much higher now than they were this morning and reasons for it are -- david: jonathan, not get into the weeds. bottom line here, we know janet yellen does not want donald trump to get elected because donald trump has said, if he is elected he would fire her. therefore, she is not going to do anything to jeopardize the chance of hillary clinton getting elected, is she? >> i don't know that to be true, david, that janet yellen doesn't want donald trump to be elected. david: you don't think janet yellen operates out of self-interest like everybody else in the world? >> well i think as a regulator,
david, she is completely arbitrary but you can't make investment decisions based on what janet yellen thinks about donald trump. david: hold on a second. kevin, people make investment decisions based on all kinds of things including what might vote the federal reserve chairman, correct? >> you're hitting the nail on the head. that dictated all market action. fed raised interest rates in december, they gave guidance raising it four times throughout the year. what did that do? gave us most volatile start to a year on record. we had the worst record start to the year basically because of the fed. so it goes back to the guidance because fiscal policy isn't happening. market returns have been based off monetary policy and the fed. with janet yellen, i don't think she is giving much into trump whether he will fire her or not. what she has done, she is on the committee that determines rate policy. so she doesn't want to raise rates in june but governors that aren't on the board that determine rates want to raise it
two or three more types. we're seeing that in the minutes. david: jonathan, may not be nice to say everything i'm saying about janet yellen but you and i know very well, we know history of the fed. there have been fed chairman in the past in history who have made decisions based on political judgments. that would affect their own self-interest. you don't think there is any chance of that happening now? >> david, given up trying to understand exactly why the fed does what the fed does. that's why i think it is important investors discuss what is happening with the markets. not so much what is happening coming out of the fed speak which is always indecipherable. when you see commodity prices going up across the boards, that is indication interest rates going up. inflation going up. david: you bring up an interesting point. kevin, let me go to you. look what happened to bold today. unlike the markets it stayed down. what does that tell you? >> it tells you people need to focus on things like gold, the dollar as well as price of
copper because the fed actually once again mentioned in the minutes today they're worried about china. david: by the way the drop you see in the chart is exactly when the fed minutes came out. but unlike the markets, it stayed down. >> fed is dictating market moves. we know the u.s. is stable and it is a great economy right now but only accounts for a quarter of worldwide gdp when it used account for over half. that is why the fed is very concerned about certain commodities as well as dollar. that is why oil come back up. that is why you're seeing dollar go back up. you're seeing gold go down. so the market is being dictated by the fed comments. david: got to leave it there. kevin, thank you very much. jonathan, great to see you. tech bellwether cisco out with the third quarter report. let's go back to lori with the numbers. what do you have? >> up 5% in the extended session. let me run through the numbers. a beat on top and bottom line. 57 cents versus 55 cents
expectation. $12 billion revenue versus 11.97 billion revenue expectations. revenue just about in line of the market likes it largely basis colooks like they moved north the fourth quarter earnings forecast to from 59 cents to 61 cents a share. cisco, as you said, tech spending bellwether. interesting brocade missed and there were not such high expectations for cisco before the release but cisco is benefiting as customers buildout to cloud computing. i will leave it there. back to you. melissa: thank you so much. jonathan, i want to bring you back on this one. cisco is important story. it makes switches and routers but it is really a bellwether whether companies are spending on technology and hardware. this has everything to do with the economy and politics for that matter because how people feel about the economy dictates what is coming up. fact that they beat, how do you feel about that, jonathan? >> it's a strong stock, not just
politics, melissa but emerging markets. a lot of cisco's business is not just done here at home but around the world. keep in mind, cisco is not back where it was in 2000. it is not back at the 2,000 highs. it has a long way to go to reach earlier highs, 10, 12 years ago. i think there is a strong stock and after-hours reaction in the after market is indication this still has room to run. melissa: kevin what does it say about i.t. and enterprise spending? >> its expectations on top line was in line with what wall street was expecting. really where they beat was cost-cutting measures on the bottom line. when it talks about we've had peak earnings back in 2014. that is really telling. that is why cisco trading in a tight range here. it is really a utility company because it sells networking and routers to big tech companies. melissa: okay. >> basically it is not really anything. the market was expecting 6% move
up or down so it is performing -- melissa: speaking of tech and politics, silicon valley rolling their ice, in an interview he watched a for a bubble because of companies overvalued. i never heard of that story. they're making fun of him having said this but there is some truth to it of course. >> donald trump's record, keep in mind he started his mortgage business just at the height of the mortgage market. i don't know if he is such a good practitioner when it comes to market timing. melissa, i remember, 1999-2,000 stock market bubble. everybody was talking about tech stocks. they were trading thousands and thousands times earnings. this isn't bubble. there are overvalue stocks but when it comes to the market this isn't a bubble. sorry, donald. melissa: kevin only thing definitely in trump's favor on this call we have had the fed juicing the stock market for all this time. talk about a tech bubble, the
fed has been putting money that has to to to work somewhere, reaching for yield to people -- >> i don't understand how it is tech bubble when the companies went public and market appropriately priced their valuations. take twitter, off 75% since the ripe poe, trading below $15 a share. take fitbit, for example, taking fireeye, internet cloud computing company where it is down. the bubble in anywhere is the in vc market, private markets, not impacting shareholders of public companies because the market is appropriately pricing these securities. melissa: okay. donald trump's wrong. david, over to you. david: breaking news. melissa: we solved it. david: we heard about this. viacom reportedly voted to stop paying chairman emeritus sumner redstone. redstone was recently embroiled in a legal battle over his competence. the case was ultimately thrown out by a judge. kevin kelly and jonathan hoenig are still with us. what is this decision from the
boardroom say about redstone's position with viacom and the future of the company, jonathan? >> i think probably bodes well for the company, david. look at difference in viacom stock price versus what i believe to be better managed company like disney? viacom is major laggard. unfortunately a lot of drama surrounding sumner redstone has a lot to do with that. the fact he is being distanced, this is not a young man say that. being distanced more and more from day-to-day operations bodes well. there is a lot of catching up to do. >> this is great move. viacom has a lot of assets because they're unable to unlock true value and don't have management. board is taking control and unlocking value those assets. much necessary need. it definitely lagged a lot of other media companies. david: quick, one word answer, first to you, jonathan, viacom tomorrow, up or down. >> up. i will go up. david: kevin? >> way up. david: good stuff the thanks, guys. appreciate it.
melissa: concern of leaders meeting with facebook ceo mark zuckerberg in less than an hour. we'll take you live to menlo park for an update. david: while donald trump is meeting with a foreign policy icon, henry kissinger, one of trump's advisors walid phares, joining us what is being discussed behind closed doors. melissa: with bill clinton overseeing the economy -- why are you pickering? -- snickerin. david: because art laffer. i think he voted for clinton twice. >> i think my husband did a heck the '90s. ♪ or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex do not take cialis if you take nitrates for chest pain,
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my whole belieber fan group. it's not a competition, but if it was i won. xfinity x1 lets you access the greatest library of billboard music awards moments, simply by using your voice. the billboard music awards, live sunday may 22nd, 8/5 pacific, only on abc. melissa: breaking news right now, democratic presidential candidate bernie sanders
officially accepted an invitation from fox news to take part in a presidential debate. still no word though from sanders' rival, hillary clinton the we're waiting for the response. david: we're tapping our feet. donald trump meeting with legendary former secretary of state henry kissinger. the two meeting on park avenue earlier as trump prepares to receive classified intelligence briefings from government officials. now that he has become the presumptive gop nominee. connell mcshane on streets of manhattan with the details of that meeting between trump and kissinger. hi, connell. reporter: hey there, david looks like it lasted little over an hour donald trump and henry kissinger. at secretary of state's residence east side of manhattan. trump motorcade pulled up over an hour ago and pulled away a few minutes ago. mr. trump came out of mr. kissinger's residence. what did they talk about on the inside? you would love to be a fly on the wall this is what you do
when you become the presumptive nominee of the republican party. what people are doing for years, visiting henry kissinger tapping into the vest of knowledge on things he picked up over the years. certainly no shortage of topics. trump's much talked about plan to build a wall. neil cavuto had dr. kissinger back as a guest on fox business network he said at the time, kegs inker did, was not supportive of that trump plan to ban muslims. did they talk about that? a has he either changed his mind or able to change trump's mind. certainly something to think about. you will talk more about this. this is part of the process david for example donald trump. it is not just on foreign policy as we watch the campaign develop. he has been going through the motion of putting together a general election campaign. we're told he is putting together his economic team as an example. we know earlier this afternoon the campaign put out a list of 11 names he might consider nominating to the supreme court.
and now you have this meeting with henry kissinger, trying, you would think to appeal to the establishment gop especially, when it comes to foreign policy. but it took about an hour. the meeting has now all wrapped up. we'll see if we hear from mr. trump later on tonight. we'll see how it went. david: more talking about foreign affairs than dr. henry kissinger. he keeps going on and on. melissa: joining me walid phares, donald trump's foreign policy advisor and fox news middle east and terrorism analyst. thanks for joining us. >> sure. melissa: i know you didn't advise him on this particular meeting but what would you have advised him to talk about, knowing him, what do you think he will hear and ask? >> he made the statement what he discussed and spokesperson will do so in very accurate way. what we can say this is an important meeting. what is noticed right now, he is now receiving briefings from the government, national security briefings.
we are entirely different stage at this point in time. obviously with dr. kissinger, he is architect of so many years and decades of foreign policy, including, let me name a few important files that the candidate would be interested in. one is the engagement with china. that was mr. kissinger. the other one was cold war arrangements, balance of power. but also, remember, he was the godfather of the early stage of the arab-israeli peace process. all these fathers are extremely important to learn from. melissa: of course this is the area where donald trump has gotten the most criticism. this might be one of the matchups. his issue with women. this idea that hillary clinton, whether you like her record or not, you may think the experience has, you know, amounted to something good or not but she has a lot of experience in the foreign space. donald trump less so. he continues to make comments that get a lot of attention for better or for worse. for example, i want to play for you he said talking to kim
jong-un of north korea. we'll talk about that on the other side. >> i would have no problems speaking to him. at the same time i would put a lot of pressure on china because economically we have tremendous power over china. people don't realize that they are extracting vast billions of dollars out of our country, billions. melissa: no sitting president has met with kim jong-un. this is why this gets a lot of attention. is that a good idea? >> we are in a stage have no president before faced off with what is happening right now. in north korea that is more aggressive, allegedly has nukes and now developing missiles. what mr. trump said two things at the same time. that he is going to consider this threat as most serious. he said that he is against the nuclear proliferation. he will also sit down with the chinese, cut deals on other issues, have them pressure north korea. one thing you mentioned about the north korea issue.
melissa: sure? >> when senator barack obama faced off with senator mccain. who had decades and decades of experience in foreign policy. yet public realized they would like mr. obama. in this case, yes, secretary clinton has decades of experience but not experience. it is what did you do with the experience? the mistakes and issues on the ground. melissa: i would love to talk to you more about pressuring china. unfortunately we're out of time. we'll have to do that next time. david: great point about mccain. it is. melissa: interesting. david: raising minimum wage rate hikes and what good is a pay hike if it costs you your job? >> no forced to sleep in the airport. hope for travelers stuck in long security lines. >> i got up at 4:00 in the morning. i got here three hours early and i'm not actually sure i will make my flight.
as a leading airline trade group estimates that 231 million passengers are expected to fly this summer. that is an increase of about 4% from last year. fox news's matt finn has details from chicago's o'hare. hi, matt. reporter: good afternoon, david. we've been covering the meltdown here at o'hare airport. the lines are coming and going in waves. this is by far the worst we've seen it. we'll try to walk you guys up along this thing. people waiting through security will wait for about two hours right now. two hours just to get through security, even after you have checked in, made it through traffic to get through the airports. you know, the feds have rushed in some resources here to chicago o'hare. dozens of extra workers both full-time and part-time. five additional k-9 units. earlier today we saw that allowed people to get people through security faster. but right now as you can see, it is not necessarily working in this moment.
the tsa has acknowledged its problem. it has taken responsibility for this but, you know, we've talked to some frustrated passengers who say tsa should have seen this coming. take as listen. >> i think it is absolutely ridiculous that this happened in the first place. i mean they should have foreseen people weren't signing up for precheck. they should have waited until they knew how many people were signing up for precheck before they fired all of the staff and then this problem would have been easily avoided. reporter: so we are still walking this line and we have not even made it to the entry where you give the worker your ticket and your i.d. so you can just see how huge this thing is. you know this all boils down to the tsa being understaffed. the airlines say they can't help it. tsa is understaffed by thousands of workers. this is what it has come down to. this is not just a chicago issue because as flights are delayed in chicago, we know that has domino effect on flight schedules nationwide.
the real test on whether or not the tsa's resources are going to work comes down to memorial day in a few days, memorial day weekend because that kicks off the official summer travel season, david. back to you. david: understaffed but i would also say inefficient. there is lot of inefficiency going on as well. matt, thank you very much. melissa? melissa: pay raise for 4.2 million americans. white house extending overtime pay to anyone earning over $47,000 a year. >> it goes to the heart of what the president and i my two colleagues believe is defining issue of our time. and that is, restoring and expanding the middle class. it is not just about fairness. it is about stability, social and political stability. melissa: hmmm. business groups fought hard against the change saying companies will be forced to cut wages and warn that the new rule may slow down hiring. that is how that works. david: we're getting back to donald trump when we come back. giving voters another preview of
a trump presidency with his supreme court picks. >> chaos on the other side of the aisle is here to stay. sanders is vowing to stay in the race as the party's leadership braces for more violent protest protests --s. >> let me be clear as i can be. i agree with you, we're in until the last ballot is cast. [cheering]
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secret and bath & body works out with first quarter retail numbers. retail chains american eagle and urban outfitters reporting as well. lori has the round up for us. lori. >> urban brands, missing top and bottom line. excuse me, melissa. there is the closing value and bid and ask. number is 52 cents on 55 cents was expectation. so just missed. terms of revenue, it is interesting, we're watching retailers as the amazon impact on some of the department stores has really been a negative impact. so it is interesting then to see companies like urban outfitters and american eagle both beat the street on both earnings and revenue. let me run through those. urban outfitters up 10%. this stock getting a nice increase in extended trading. 25 cents a share eps. $762.6 million in revenue. the company says that number,
i'm sorry, 762.6 million is record sales amount for urban outfitters. american eagle quickly. 22 cents a share. 749.4 million in revenue which is ahead of the 731 million revenue for american eagle. melissa? melissa: lori, thank you for that. david? david: donald trump making a major announcement for his presidential run of the presumptive nominee naming 11 judges woe vet to consider for nomination to the vacant supreme court seat should he be elected in november. now this doesn't rule out others who may come in. blake burman joining us now with the very latest. blake? reporter: that's right, david. everything with trump seems is negotiation. we'll see where it goes from here potentially. timing of this release from donald trump caused most people by surprise including apparently one of the justices on the list who told fox he was not given a head's up by the trump campaign or even roached by them. these are as you mentioned
potential nominees should trump win presidency. we won't go through all 11. i will give you three names that stand out. first one, thomas lee of utah. brother of senator mike lee. of course mike lee endorsed ted cruz during the primary. then there is judge diane psychs. she is ex-wife of charlie sykes. if that name sounds familiar from the wisconsin primary, one influential conservative voices in that state who endorsed ted cruz during the primary. then don will let of texas. dnc is jumped over an willet, said several unflatter things about trump. dnc sending that out. i'm quoting from donald trump, the following list of potential supreme court justices is representative of the kind of constitutional principles i value and as president i plan to use this list as a guide to nominate our next united states supreme court justices.
white house press secretary josh earnest was asked about this earlier today. and he somewhat laughed it off. >> i would be surprised if there are any democrats who would describe any of those 11 individuals as a consensus nominee. but the individual that president obama has put forward is somebody that republicans have described as a consensus nominee. reporter: trump has said he would solicit the help of the heritage foundation for his list. he said that on the campaign trail a couple months ago. david, i spoke with a legal expert from heritage earlier this afternoon who told me conservatives who might have had any reservation beforehand ought to be allayed from this list. david: interesting. a couple of judges here at fox i would like to see on the list. that is whole another issue. blake, thank you very much. melissa. melissa: jessica ehrlich, democratic strategist and jamie weinstein, daily caller senior editor. thanks to both of you for joining us. jamie, start with you.
don willet, texas jurist tweeting in about trump. in a way this person has been taking shots to me but i respect him as jurist. what do you i this of list? >> i think you're giving them too much credit. my guess they got the list from the heritage foundation. they didn't do much vetting. they wint know that don willet was making potshots at donald trump. this was to allay concerns of skeptics of donald trump, if they elect or support donald trump at least they get a good supreme court justice. skeptics how sure can you be that he will follow the list? on several other proposes, minimum wage, tax plan, he maded away from that, saying that is suggestion or starting point. he may do this with the list of 11 supreme court justices. melissa: jessica, josh earnest said none of these people are consensus choices. why would he go for consensus choice? i don't think that is what he was trying to prove by this. >> no, if anything, i agree with
jamie. obviously going towards a move to bring conservatives over to him, particularly ted cruz supporters. he strategically put this list together. no presidential nominee, he is not the president yet, ever purity forth a list we know of -- melissa: you're saying he is not doing thing the traditional way? is that what you just said? he is breaking some rules? >> shocking. >> of all things we would like to get specifics on, this is one that is a little out there except he is trying to win over gop establishment. and i think as jamie said, most of this list, eight of them came directly from a list from the heritage foundation. you have don willet, i'm an attorney. the idea that you have got a federal, state supreme court judge who is tweeting, much less tweeting about donald trump is shocking. i think even judge napolitano said today it is like, something that is jurists it is unbelievable. melissa: shocking. >> not only that we know how
trump feels about people that go after him. the fact one of these people would be on the list, it is definitely a move, he picked these people strategically by state. melissa: having a judge out there who is tweeting at all at this level is shocking. anyway, but moving on a little bit, chaos in the democratic party. democratic leaders concerned about possible violence at the upcoming national convention. this following disturbances from fervent bernie sanders supporters at the nevada state democratic convention. you know, i sort of expected this to start sooner because on the left, everybody has said from the beginning the race is over. bernie sanders doesn't have a chance, yet he has all these people coming out for him. at some point they were going to get frustrated. jessica, how does the party respond appropriately to this? i mean does bernie sanders need to be the vp or something? >> i don't see really him being vp. a, that he would want to be vp. and b, that would really bring
everyone together. what will happen more, we'll see at convention, probably a lot of heated debates on the floor regarding what the platform is going to be. that is actually what happened. we haven't really seen that in a while. platforms have kind of just moved through. melissa: yeah. >> if anything, i think people will really be engaged. certainly i can't see any of these bernie supporters if hillary is the nominee, i will now go vote for donald trump. melissa: that is a different discussion because people have evidence on all sides. hard maybe to believe. jamie, sanders campaign manager jeff weaver getting mad at debbie wasserman-schultz kind of taking the brunt of this anger. let's listen what he had to say. >> we can have a long conversation just about debbie wasserman-schultz and how she has been throwing shade on the sanders campaign since the very beginning. whether it was debate schedule, that were very few and far between and scheduled on weekends when nobody is watching. whether they shut off sanders access to the own data and we
had to sue them in federal court to get it back. joint fund-raising agreements with hillary clinton campaign, taking money away from state parties to send it to the dnc. melissa: he has a fair point. others in the media called for debbie wasserman-schultz to resign because she is supposed to represent the party, not one candidate of the party but fair play to get the party's nomination. jamie has she done that? >> i mean there is no question that he is right that debbie wasserman-schultz has been tilting the scales towards hillary clinton. she was obviously pro-hillary clinton. the debate schedules are perfect example. they scheduled debate schedules like on christmas day when no one would be watching in order to help hillary clinton. i don't know anyone who would disagree with him but what is his point at the end of the day? bernie sanders, only way he wins this at this point if hillary is indicted and decides she can't move on with the campaign. yes, debbie wasserman-schultz is pro-hillary clinton, but at this point she is on her way to the nomination. melissa: if that happens or massive coup at the convention. starting to feel like anything
could happen here. we've got to go. fun though. thanks, guys. appreciate your time. david? david: hackers on the campaign trail. why the fbi is ramping up cybersecurity to protect the presidential campaigns and why do big corporate groups favor hillary clinton over businessman donald trump? we'll talk to art laffer about that and whether he would vote for hillary if she appoints bill as her economic czar. melissa: come on! david: he voted for bill twice. you don't want to miss this coming up. you wouldn't order szechuan without checking the spice level. it really opens the passages. waiter. water. so why would you invest without checking brokercheck? check your broker with brokercheck. burning, pins-and-needles of beforediabetic nerve pain, these feet played shortstop in high school, learned the horn from my dad and played gigs from new york to miami. but i couldn't bear my diabetic nerve pain any longer. so i talked to my doctor and he prescribed lyrica. nerve damage from diabetes
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just start as early as you can. it's going to pay off in the future. if we all start saving a little more today, we'll all be better prepared tomorrow. prudential. bring your challenges. ) i'm definitely able to see savings through using the car buying on usaa. i mean, amazing savings. i was like, wow. if i can save this much, then i could actually maybe upgrade a little bit. (announcer) save on your next car with usaa car buying service, powered by truecar. david: this is kind of interesting. corporations and labor unions are swapping roles in the presidential race. survey by financial times finds that corporate groups are more willing to back hillary clinton while many labor unions are supporting trump. here to weigh in art laffer, former member of president reagan's economic advisory board and laugher associates founder
and chairman and i should mention one of those free market economists donald trump listens to. what do you make of these findings? >> i don't really know which corporations they are but when you look at this it doesn't surprising. hillary is buyable. donald trump is not buyable. these people want to incur favors and get privileges later on. obviously you put your money where you get returns. david: we went to the financial times. these are trade associations that represent big corporations. great economist milton friedman a buddy of yours, he used to say the biggest enemy of free market is socialist, they want a free market for everybody except them. >> that's right. modern-day term, they are like oligarchs versus socialists. it is amazing. both are enemies of free markets. you want free market democratic capitalism. that means no monopolies and no big governments controlling stuff. david: art laffer, hillary clinton as you know says she is going to get her husband
bill clinton to act kind of an economic czar if she is elected. art, you voted for bill clinton twice! >> i did. david: if bill clinton is in charge. economy under president hillary clinton's administration, isn't that a reason for you to vote for hillary? >> well, that would be a reason if it were literally bill clinton that did all the economics however the time we had newt gingrich, we had a lot of other stuff going on there. frankly hillary is not bill clinton and bill clinton today is not bill clinton of the 1990s, he really isn't. david: he certainly has slowed down a little bit but very often you see a little spark. for example when he faced off with the "black lives matter" folks, you saw the old bill clinton, right? >> you did. it wasn't economics with "black lives matter" but yes, you're right. you saw a little bit of that. every time he does that hillary turns around and smacks him down. that is not what i want to see happen. david: you think even if hillary was being honest when she said she was going to have him as economic czar, there is question
about whether that is true -- >> yes there is. david: he still wouldn't have what he had in the the 0's? one he wouldn't have newt gingrich in congress? two he wouldn't have the commitment to the free market that he seemed to have back then? >> that is very true. i think both of those are very true. the last point i would like to make that is really important here as well, in the race of 1992 and 1996, we had problem republicans. george bush, sr., raised taxes, remember read my lips. we needed him out of there. in 1996 we had bob dole who never saw a tax increase he didn't love. so we had too fairly poor republicans running against a pretty good democrat. you know frankly today, donald trump seen. he is just spectacular. and i think he is very much like reagan. he is not at all like bob dole or like george herbert walker
bush. bill clinton what he was back then, i don't think he is the same guy. we don't have newt gingrich anymore. david: we should mention, by the way, he lowered capital-gains taxes. that led to huge pop in the market. art laffer, thank you very much. >> thank you, david. we'll have coffee some day in new york. david: we will, as long as we spike it. melissa: my goodness. u.s. intelligence officials are seeing indications that hackers are trying to gain access to leading presidential campaigns. hmmm. the department of homeland security and the fbi are working closely with each campaign to ramp up cybersecurity. this is all according to the director of national intelligence. david: wow. very interesting. tech and politics, prominent conservative leaders are about to pay mark zuckerberg a house call. ♪ >> this baseball bat cracking down on conservative conversation. and i believe they are. i know mark zuckerberg says that is not the case but far too many times i have received messages
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david: here's one retailer bucking a trend. shares of urban outfitters is up 11% after hours. the retailer reporting record first-quarter earnings thanks to surprise rise in quarterly same-store sales. as demand recovered for its anthropology and urban outfitter line of clothing. one retailer doing okay. melissa? melissa: conflict between conservatives and facebook coming to a head. mark zuckerberg is meeting with 15 conservatives after reports surfaced suggesting that facebook censors its trending news to favor liberal topics over conservative stories. robert gray joins us from facebook headquarters in menlo park.
what is going on there, robert? reporter: hey, melissa. we're about half an hour away from that sit-down where mark zuckerberg will indeed host the conservative commentators just across the street from us here on facebook's campus. the hot topic of debate, you mentioned it there, gizmodo report a week ago, citing unnamed former facebook employees, that humans, not algorithms determine what was trending. the accusation they were suppressing conservative stories and viewpoints as well as some commentate in lieu of, instead favoring more liberal ones or just suppressing those stories. mark zuckerberg, denying it as i mentioned, posting on facebook. in that post he says, quote, trending topics are designed to surface the most newsworthy and popular conversations on facebook. he goes on to say, they don't want to permit the prioritization of one viewpoint over another. saying there is unbiased platform. that is the topic of debate.
in talking to some of the folks that attend dan including fox news anchor dana perino who i spoke to a few minutes ago. she is going in. wants to know more about the algorithm. how they decide what's trending and how it differs from social media like twitter. and why their social policies where posts are shut down, others are not. those are concerns for folks posting on her facebook wall and other concerns posted as well. among those attending will be glenn beck, barry bennett, trump advisor. arthur brooks from the american enterprise institute. i spoke with the editor-in-chief of the daily signal. he wants to find out were why traffic patterns are erratic. there was a big change from a year ago he used to see on facebook and he is interested in finding out about the algorithm. melissa: robert, thank you very much. we'll keep an eye on it. david: they're conservative, but almost everyone is anti-trump. that is interesting. kick in the can.
david: more breaking business news. due to overwhelming demand for tesla's model 3, the middle class car the automaker needs to raise a lot of money to accelerate the production. elon musk
increasing his stake in the company and tesla offering about $2 billion in common stock. they need that capital. melissa: wow. in case you couldn't decide sugary drinks are bad for your health, they failed to stop a warning about health on the. david: what would we do without the warnings? melissa: i don't know. david: another line of new regulations on business. according to "forbes" magazine,
president obama's recent budget includes $70 billion of regulatory activities and staff of more than a quarter of a million full-time regulars. melissa: they will tell you french fries will make you fat. david: no? melissa: i know. david: that does it for us. "risk & reward" starts right now. >> i hear fearful voices calling for building walls and distancing people they label as others. instead of building walls, we help people build bridges. deirdre: a faceoff at facebook. you're looking at company's headquarters where there is a big meeting going on right now. this is "risk & reward." i'm deirdre bolton. tech blog gizmodo alleges that facebook has an anti-conservative bias on its news feed. founder, ceo, mark zuckerberg of facebook denying the claim, inviting conservatives to california for a discussion. so attendees include, tv radio show host, glenn beck, fox news dana perino, president of the american enterpre