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tv   Varney Company  FOX Business  June 28, 2016 9:00am-12:01pm EDT

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stocks having couple bad days. they're up from a few months ago. this is muddling through economy. we're muddle didding, we're not crashing. maria: calmer heads prevail. john, sandra, thanks for joining us. see you tomorrow same time same place. here is charles payne in for stuart. >> stuart by the way will be back for tomorrow. today your money may be making a comeback. good morning again, everyone. session starts in 30 minutes. we had two giant down days, the biggest money loss in the history of the stock market but the arrows are green. across the board by the way. the all-important question, will it last? a lot of headlines from the trump campaign. he is revising his muslim ban and getting ready for a big speech later on today that will blast china as a currency manipulator. on the same day the benghazi select committee released a scathing report on the attack in our consulate in libya. hillary clinton admitting people don't trust her. you can trust us.
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"varney & company," we're about to begin. >> a lot of people tell pollsters don't trust me. i don't like hearing. >> what difference does it make? >> the obama administration just three hours after the attack on our consulate in benghazi focused on anti-muslim video as the reason. hillary of course at the time was secretary of state. judge napolitano will have much more in a moment. first we have to start with your money. we'll have higher open unless something crazy happens in the next 30 minutes. dow jones industrial average could be up more than 200 points
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s&p up he over 1%. price of oil came down. that is getting a nice rebound. up more than 3%. check on gold. gold gave up almost all of the gains yesterday. to me that was a sign money shifting out of the safety things and going into some stocks, down almost 1%. joining us for the hour jeff sica and liz macdonald. jeff, is this real, or too early to tell? >> way to early to tell. first of all we were bound to get central bankers coming out making certain promises they could come in to rescue this global decline. so that is what we have. second is that the market, if you look at the selloff, the selloff has been severe but it hasn't been as severe as a lot of people predicted. it is way too soon to start to
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think this is over. charles: you're saying ultimate, worst-case scenario has to come through. there are a lot of intricate factors involved in the exit. liz: sorry. go ahead, jeff. >> also the whole idea of what is happening in the italian banks and european banks in general, with the onerous debt time bomb embedded in europe right now. that has got to come to the surface. as more referendums become more likely, we're going to see more selloffs. don't take the bait. this is temporary thing. liz: here is the thing, s&p capital iq i think did research, what happened when shocks like this occurred since world war ii. they say it ranks of 7th, riley. >> they looked at greece, boston terror attacks. other attacks. nixon, shooting of president ronald reagan. it is average about 3.6%.
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3 to 5% downturn. they say watch this, when things like this happen, markets go down overall about 11%, start to rebound about three months later. you could see a fall rally or september rally. charles: or could see wild gyrations. liz: that is the point. >> you have to look at fact not only europe, we're still in a -- anemic economy. we're still in midst of earnings recession. we still have a lot to be concerned about. any temporary, quick-fix solution is not enough. charles: i don't think there is anyone thinks there is quick fix at least to the economic woes of the world. meantime the bank stocks central the entire debate, bank of america. barclays, one of key british banks, up 4%. after huge down days british banks had will not nearly make up lost ground. 20%.
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barclays, royal bank of scotland, all downtown 40%. hsbc down 13%. emac, the british bank stocks will rebound this morning. you talk about not taking the bait. i wouldn't. liz: bar class has lost half of its value last 12 months. it has been cut in half. here's the thing. britain will have to negotiate still with brussels for financial service, right, because that is a big uk export. that is why, in britain voted to leave. they thought they were getting away from brussels. they will still have to negotiate with brussels exporting uk financial services into the eu. the big question which banks are heavily exposed to eu. you're showing them. royal bank of scotland is still owned by the government. these are the stocks we're watching getting taken out. when is the floor put under them? that the issue for banks. who is in charge over there in the uk? will it be as late as september when we get a new person in
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there, replacing cameron? that is a big worry, who is in charge? charles: i'm worried what kind of disaster lurks beneath those banks. that is a good point. jeff, i want to get your thoughts in a moment. we need to head out to london because ashley webster is doing amazing job. there are reports leave campaign already breaking promises? what is this all about? apparently people aren't happy. reporter: well, you know there were a lot of promises made from the leave campaign, charles. one of those being immigration, which was a big part of the referendum to get back control of the borders. don't let brussels dictate exactly who comes, who goes. well, perhaps not as strong as sovereignty over those borders as promise, may not be radically changed. what it comes down to, if you want access to single market, what are you prepared to give back? access to the single market but would like to stop the free movement of eu citizens back and
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forth. i don't think that is going to play at all with brussels at all in the eu leaders who do not want to, let's face it, the uk a sweet deal because that could lead to just contagion with other eu members look, if they do it, they leave but still get a good deal be, why don't we? i think uk will be made example of if you like. i don't think they will get the border control they like if they want access to single market, that is one. another number bandied about before the vote was 350 million u.s. dollars a week that thetic pays to brussels to be a member of the european union. some of that money comes back in grants of course. however, they said that money could now be spent on nhs, the national health service. but now that has been walked back as well, well, maybe we can't put all of that money to the health care system which under very much pressure. so, some discussion here, wait a minute, where are the promises.
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nigel farage, the leader of the uk independence party saying you can not back slide on "brexit" promises. we have more battles going on. charles: a lot easier to promise these things than put them to work. reporter: sure. charles: in politics here at home there, is word that donald trump is refining his proposed muslim band, he wants to restrict immigration from countries with links to terrorism including non-muslims. eboni williams is here. not clear, a lot came from the sound bite in scotland. a question about muslim coming from scotland being banned. he said no. there were rumblings this policy would change. what degree would it change? a lot of foreign policy experts say it is easier to focus on countries where there is outright disaster as opposed to 1.6 billion people. >> it came out after this, donald trump came out after
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san bernardino killings, blanket ban on all muslims, i do mean all. he talked away from that as we've gotten. exception for world leaders. exception for athletes. now we have you're saying targeted, location-specific. i said that all along. temporary ban on process of vetting makes sense. when you target blanket group, this is legal component, right? you have to survive constitutional scrutiny. when you discriminate against religious group like muslims it has -- charles: how does this constitution apply to non-american citizens. people argue about first amendment and freedom of religion, why would that apply to someone who isn't american citizen in the first place? >> not about there, the way we apply our constitution. talking about the way we enact our laws. our laws have to survive constitutional scrutiny. charles: would it be unconstitutional to say i want to ban everyone of certain faith?
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>> yes it would. discriminatory effect against certain people that may be a taken r taking away constitutional rights. almost like you preempting or ursurping this. charles: eboni, i want to ask you about another part. if refocuses this would that face any kind of legal scrutiny. >> certainly. charles: saw jimmy carter did something like this. >> there is way to do it. there is way to restrict territories, certain religious groups of people. you have to do it in least restrictive way and way that makes us most safe. charles: would it be easier to do any of these things or all of these things if we declared war against isis and al qaeda? if we were at war, would it make it simpler to implement any of these things? >> helps from the political narrative, but from the courts standpoint they don't care about declaration of war. charles: really? >> they will apply strict
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scrutiny regarding bounds of letter of the law regardless. charles: if i'm a christian in syria there is loophole for me already? i should be able to come in. >> according to trump's plan. this is where it is interesting. i don't know what trump is saying now, right? he is targeting particular areas. is that exclusion you sieve of the religious component or inclusive? see what i'm saying? because he is from syria, doesn't matter is he christian or just muslims from syria? this where we have to be clear. liz: interesting saudi arabia a u.s. ally, a lot of terrorists -- >> come from that area, absolutely. liz: it will be key to see how mr. trump -- >> i think mr. trump knows what he wants to do, right? which is to keep out terrorists. he is certainly evolving and talking about the best of and most efficient and most legal way to do that. charles: not only that. when you start to say we'll ban an entire religion, you're constitutional expert here but i do know it goes against some of the ethos what america was built upon. >> sure.
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charles: i think he getting hit on that among young voters and women and non-white in the polls. there is political component. >> 100%. he is trying to come to a more stark and more sensible way to do that. charles: guys. keep it right there. of course, remember yesterday at this time we were crying? we've got a small smile. we'll not take a victory lap because jeff sica is there. he is like, don't laugh yet. anyway we won't make up all of yesterday's losses at least not out of the gate. we'll give it one heck of a try. a two-day route for the record books. meantime check on the price of oil. that is up also. it is moving in lockstep with the stock market for a long time. earlier by the way, there is your price of oil, almost 3% higher. earlier we showed you bank much america. now here is citigroup. u.s. bank stocks starting to come back. citi up 3%. jpmorgan also you can see up two points. banks are looking better in america. looking better over in london
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but we got a long way to go. in the meantime this new gop report on the benghazi attack says hillary clinton was instrumental in telling us the attack was the result of a video, not terror. the judge fired up. and he is coming in on that. but first, some sad news from the world of sports. pat summitt, legendary coach of tthe university of tennessee women's basketball team died this morning after a battle with alzheimer's. she led the team to eight national titles. pat summitt was only 64 years old. if you're taking multiple medications, does your mouth often feel dry? a dry mouth can be a side effect of many medications. but it can also lead to tooth decay and bad breath.
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that's why there's biotene, available as an oral rinse, toothpaste, spray or gel. biotene can provide soothing relief and it helps keep your mouth healthy too. remember, while your medication is doing you good, a dry mouth isn't. biotene, for people who suffer from a dry mouth.
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charles: guys, after two really tough days we're looking much higher for the open this morning. dow jones industrial average could be up more than 200 points. meanwhile hillary clinton says it bothers her so many people don't trust her. listen to this. >> a lot of people tell pollsters they don't trust me. , don't like hearing that. charles: but in a fox business
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exclusive, despite eyewitness accounts, clinton and the white house crafted and pushed the story blaming a video for the attack on benghazi. judge andrew napolitano is here. maybe this is one of the main reasons, not only don't like her, but a lot of people despise her over benghazi. >> benghazi was a major blow to her credibility. like the other blows to her credibility, they're essentially self-inflicted. you know there is the email thing which keeps unfolding we're talking about yesterday. 165 new emails came out showing that communications between her and her staff which she had failed to turn over after signing a statement, quote, under penalty of perjury, that she signed all of them, that she turned over all of them. but the point of the benghazi report is a strong one and missed one. the strong one is, that she and the obama administration continued the fantasy land idea
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that it was because of this crazy 15 minute video, even after they knew and had acknowledged internally that this was an assault on the consulate. what has been missed in, there are two things, one is, one of the emails on her server which was likely hacked in the three or four days preceding this assault, was ambassador stevens 'itinerary as he was traveling around that part of libya. this is benghazi. this is not tripoli. he was at a consulate, even a facility, one step below a consulate. he was not at an embassy. one thing missed by report, critical of the republican majority, there are republican dissenters on the report i agree with. their dissent is not yet public. that is, where did the arms come from? these are very sophisticated weapons that were used to kill ambassador stevens. here is where they came from. this was hillary clinton's
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secret war. president obama signed off on it. members of congress from both houses and both parties agreed to it. the war was to be dairied out to get rid of muammar qaddafi and replace him with more democratic leaning people. we know it is disaster. libya is a mess. it is run by gangs and thugs and it was not the result but the result what they produced what was the means? mrs. clinton authorize distribution of weapons to militias. she was warned by intelligence assets -- charles: they ended up in hands of people that killed our people in benghazi? >> correct. very same weapons ended up in hands of terrorist organizations. what do you call providing material assistance to a terrorist organization whether you're secretary of state or not? answer, a felony. charles: judge, thanks a lot. i know you will be back. more on is later. guys in the meantime let's take a look at the dow futures. the market is set to open higher after a massive two-day route.
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even british -- rout. british banks are back. royal bank of scotland will open higher. also opening higher this morning will be barclays, two banks that really, really took it on the chin. hsbc was down not as much as they were but that stock also ready to make a nice little rebound at the open. jason day, you know him, the number one golfer in the world and the latest athlete to drop out of the olympics. he says he is not willing to take the risk of getting zika virus. next we'll tell but the governor of rio about the olympics and not good news. more sad news from the world of sports. buddy ryan, legendary architect of the 1985 chicago bears defense. he was defensive coordinator. they won the super bowl. he became coach of philadelphia eagles. his sons rex is coach of buffalo
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bills. buddy ryan dead at2. you guy's be good. i'll see you later
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[ bark ] [ bark ] bye. see ya pal. ever wonder what your pets do when you leave home? [ laughing ] aw you cutie pie. aw. aw. aw. aw. [ barking ] [ washing machine running ]
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party's on! know what your pets are up to with xfinity home. xfinity. the future of awesome. see the secret life of pets, in theaters july 8th. by switching to xfinity x1. rio olympic games show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. charles: university of north carolina issuing a guide avoiding microaggression. suggests including not saying christmas vacation, avoiding the word boyfriend, not commenting on student's outfit. eboni williams --
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>> you can't contain yourself. charles: you couldn't go to my high school. >> my beautiful, beautiful alma mater, charles. charles: what happened? >> i have good news. yes, this is not officially university policy. this is actually some professor, she did her data on microaggressions came out with this, very, suggestive guide. but you know, it is a sad day. my personal worst offense was, i can no longer tell someone, nice shoes. in her study, that indicates you value the person's appearance more than intellect. i take huge issue with. charles: what are you talking about? wow. that is nits. >> this is what they're paying thousands of dollars. >> it wasn't like that. i spent four years on the beautiful campus. we had lots of lively debate. i was exposed to a lot. you can't say play a round of golf. charles: maybe it is insanity will reach a point where -- >> we keep saying maybe. charles: by the way, that was microaggression. looks like we'll have a real
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nice rally, guys. look at this. all major indices set to open much higher. we need it because we've been down a lot. we'll start when we come back. i'm mary ellen, and i quit smoking with chantix. i have smoked for 30 years and by taking chantix, i was able to quit in 3 months and that was amazing. along with support, chantix (varenicline) is proven to help people quit smoking. it absolutely reduced my urge to smoke. some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. some had seizures while taking chantix. if you have any of these, stop chantix and call your doctor right away. tell your doctor about any history of mental health problems, which could get worse or of seizures. don't take chantix if you've had a serious allergic or skin reaction to it. if you have these, stop chantix and call your doctor right away
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>> all right. guys, seven seconds to the opening bell. we've been higher all morning long and everyone is wondering just how much this bounce will last, you know, is it a knee jerk, what they use today call a dead cat bounce or the beginning of something. we closed off the lows yesterday and maybe the inflection point was there. dow up 117 points, was as high as the 225 in the premarket. we'll see if we can do that. i want to take a look at the s&p 500, a broader indices, and become 6/10 of 1%. 13 points, back up 2000 and critical. the nasdaq the most volatile of all the indices and. a lot of people like the idea,
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held above 45, but gold started coming back yesterday and now today not as much as indicated. of course, there's alwaysri treasuries, diageo, british petroleum, british american tobacco slightly higher, even the banks are slightly higher, golly they've got a long way to go. royal bank of scotland and hsbc. nice moves, 3%, j.p. morgan, goldman, wells, bank of america looking much better. europe outside of the u.k., talking deutsche bank, banco santander and credit suisse. not lot, but up a little bit, but they have been hammered.
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apple, google, facebook, netflix up out the gate. carnival cruise line. revenue rise, yesterday the stock was down on a downgrade, but i don't know who the analyst is, he's feeling sheepish this morning. and volkswagen, the emissions scandal and the stock getting some relief. dow chemical cutting jobs and up on the news just slightly. >> joining us in the company, liz macdonald. jeff sica, nicole petallides at the new york stock exchange. ed, i want to start with you, first. do you feel like this is the beginning of a sustainable rebound? >> no, i really don't, charles t the general trend and not day by day.
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the general trend in this market is going to be lower from here. there's not a lot of reason to go out and buy this, there's a lot of reasons not to be in the overall stock market. we've seen the bounce, maybe go up a couple of days, but i would take this as an opportunity to sell down to the levels you're comfortable with exposed to the equity market. charles: if someone's going to sell, they probably sold already. >> good morning, charles, i think that even a train stops at station, this little rally and a market is going to start to work much lower. i think we've seen there's a lot more underneath the surface. the brexit was just a sign there's a lot of discontent in the world and the stock market is well overvalued. i think we'll work lower. and a seller, i think we're going much lower. charles: ed and todd are bears and i'll bring in someone who is going to rebuke all of that,
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jeff. [laughter] what do these guys have wrong about the market? >> the bottom line is way, way too soon to crack the champagne. we had to expect coming out of mario draghi some form of consolation to the market, some form of false expectation. he likes to jawbone the market. charles: but the jawbone hasn't been working as much. i want to come back, but breaking news from speaker of the house paul ryan liz: he says free trade with the u.k., and that's what the washington should do, a deal. and they have a deal with the eu. once the u.k. breaks away, paul ryan says step in and do it, they could do it with the u.k. joining nafta. a lot of of goods and services are sold over the internet and the president will be speaking june 29th in ottawa with the three amigos, meaning the three
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amigos are meeting, mexico, u.s. and canada, and says that's the time to do that e all the guys are talking about the discontent, sort of the economy up 1.1%, but maybe this is paul ryan's way of saying, hey, president obama, we're going to put them at the front of the queue. although i'm not sure that the american public wants to hear about nafta right now. >> the big thing that britain has is the trade agreement. if they're at the front of the line, if we're supporting the initiative, it's going to make a statement that we're moving in the right direction liz: back in the back drop is russia, sabre rattling, and it behooves europe to say we need to get oil and gas trades up and running, watch out for
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putin on the back doorstep. charles: todd, it puts us in an interesting position. if we do this, it certainly would help to encourage other nations in the eu to break off, hey, as soon as we break this off, america will come and perhaps cut quick and special deals with us. it's an interesting dynamic there. >> listen, i think there's a lot more of that coming anyway, charles. i can the overall view, again, the manipulation, the financial engineering that's been done by draghi by yellen, by the nations around the world, they're tired of it and 4 trillion dollars and 1% growth. how can we get out of this until we see a financial revolt. i think a lot more will come out. britain was an easier once because they kept their currency. charles: they may be mad at the
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ecb, but they want their own. you think it's difficult dealing with one, how about all 20 of them. and ed, you talked about the economic underpinnings of the market and what do you make of this? >> it's horrendous, we need our economy growing. make no mistake about it. in order to get enough tax revenue into the country, we need our country growing 4 to 5%, quarter over quarter and we're nowhere close to that. the margin of error and the 1.1%, charles, it could be zero or 2%, that's not good enough. we need this number to be a lot higher. charles: go ahead, nicole. nicole: people are throwing around the world -- word recession. and bill came out over the last 24 hours, on with liz claman yesterday as well, noting that we have a 30 to 50% chance of a recession, a trickle down from
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the british exit story and that beyond yields for the 10-year bond at 1 1/4% and we're already at near record lows. so, this is something that's worrying wall street as well and they're playing the market and the like. that's lingering. >> as an addenda to what nicole is saying, improved. 1.1. europe and the united states are in a scorching horse race to see who is going to grow more slowly. >> charles. charles: hold on a second, ed. i don't know that we do so much trading with the u.k. that it would push us into recession. i don't think that's going to happen, but of course when you're growing 1% you're-- >> that was similar to what i was going to say, we're now dumping everything on to brexit for our own problems and issues. it's amazing how much people are going to use that as a
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crutch for basically our own horrible economy. you know, i look at brexit similar, charles, to what happened with bear stearns and a month later, lehmann brothers and morgan and goldman went. i tell you we'll see a lot of other countries, that are going to start to fall in line and break away. it's similar to 2007 when bear stearns went out of business. we're going to see the same thing happen a month from now with other countries. >> okay, now, we've talked about the economy and talked about the fed and let's talk about the implications of the eu. we're talking about countries breaking off, not talking about countries declaring war on each other. we're talking more sovereignty. >> i'll tell you why, what the eu created was an interdependence with financial institutions. if you look at italy and how many bad loans there are out
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there. charles: couldn't we argue they made these bad loans because of the eu and someone else is going to-- >> the real crisis is how we govern ourselves. the only thing standing in way of growth is the bureaucrats and the eurocrats themselves. they were trying to negotiate a bank bailout plan. right now they currently don't have it. the countries that step up for referendum. they're going to leverage the fact they're walking away from debt. i agree this is a victory, the mo more sovereignty we have the better off. charles: eu made a smart decision, i think john majors, with the optout close, it's harder for countries tied to the euro.
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we talk about these because a lot of you guys own them. google may face another anti-trust complaint this time from the eu. and for the last couple of days, there are rumblings about selling a cyber security section. et cetera interesting barnes & noble, the stock is up 1% and of course, solar city and this is almost comical. they're putting together a committee to decide whether to sell-- it's like a family picnic, they're all related. of course they are going to sell to tesla. >> and on shelves, let me grab the they think i want to buy, interesting. a look at parent company of calvin klein and tom hilfiger. on the cusp of luxury. tiffany has a three and a half
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year low yesterday. and got to say, revamp that midtown store, it feels old and musky, if you're a tiffany executive, come see me, i can jump start your company. nicole. nicole: look the a the stop, up arrows, this is a stock about 12% in the last two trading sessions, concerns about their exposure to europe. and the stock is up 4% at the moment. they came out with revenue on the rise and ticket prices that were higher. so the foot foot passenger revenue went up. it did well for them even though they had the fluctuation in oil and currency. the analysts are all about the company going forward, the near term, we're using the crutch, saying it a lot, the british exit. over 30% of revenue comes from there. charles: chipotle, there's a reward program.
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how is this going to work liz: basically you get credit. the minimum dollar amount of your meal is six bucks to earn one credit. if you get four credits in a month, you get a free meal. chipotle basically, of course, is coming off the food-borne illnesses issue and lost a lot of foot traffic and now reaching for another play beyond the free burrito game. get people in the stores to buy and win credits toward a free meal. charles: they might be better off giving out tums with this-- i don't really mean-- essentially the organic market and would you consider buying something like this? >> i'm all for free food. the fact they're giving away free food is fantastic, to me it's a bribe for people to come into the store. i think the whole organic market has a lot of maturing to do and chipotle is a perfect example of the maturing that
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needs to be done. brand is important, but there needs to be some changes. ed, some of people are are kicking the tires. >> chipotle, when there's a loyalty program and one meal away, you're going to chipotle. charles: one more check of the big board, ed might be right, the stock is higher. and this might be the high of the session, but we're aeg higher. in the meantime, volkswagen, a settlement over that emissions scandal. nicole, give the details. some of the details are coming in, too. but $15 billion is what they're paying out how to nearly 500,000 u.s. customers, government regulators, this is over the pollution of diesel, they had-- they pulled everybody with the emissions test and they put a
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little more than anticipated and a separate settlement that would be announced for 44 states and the district of columbia and that will probably be another 600 million. right now the stock has an up arrow, but it's been a loser year to date after the entire scandal. volkswagen has about 38 billion in cash and equivalent. >> and how would they withstand this? >> ken feinburg who did the gm and volkswagen settlement. >> we had the two worst back to back sessions in history. remember the first hour of trading is extraordinarily critical, especially the first half hour. i want to check the price of oil as well and that was down in sympathy for with stocks. we're up almost 3% there. that means gas right now the national average 2.30. and now to this.
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the new jersey assembly votes to raise the gas tax and cut sales tax. e-mack interesting combination liz: 23 cents a gallon goes this friday, the start of the fiscal year, so what they're trying to do in new jersey is do a sales tax cut and other tax cuts. for example, the estate tax they're trying to cut as well. this is in a bid to keep new jersey solvent and see more states in the united states raise gas taxes. nothing drives people more to distraction than seeing gas prices and gas taxes going up. the other thing they were watching was delaware, new hampshire, tests to charge motorists fees for the number of miles that they travel. >> that hurt a lot of lower income people. thanks a lot. by the way, i live in jersey. now to this, moody's recently published a scathing attack on the economic plan. mark zandi, it should be noted
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he's a registered democrat. here is what he had to say, quote, what he is asking for is fiscally unsound. his tax and spending proposals will result in large deficits and higher debt load. the upshoot under any scenario the u.s. economy will be more isolated and diminished. jing us now, a business professor at university of california irvine and author of crouching tiger, what china's militarized means for the world. >> mark zandi is well respected in the corporate world and saying that donald trump's plans would be an unmitigated disaster. >> understood, charles, but he's a major contributor to hillary clinton. he's been pushing the keynesian, fiscal and monetary
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policy stimulus agenda for eight years. all it's gotted us is a bloated budget sheet and it want working. that report as i described in my analysis, garbage in, garbage out. zandi and his co-authors made wrong assumptions about donald trump's tax policies and trade policies and immigration policies. that's the garbage in. the garbage out was the silly prediction of recession and gloom and doom down the way. donald trump is the key to getting this going again. he made a major speech on trade and it's the fulcrum of this issue, we're losing half of our growth rate to a huge trade deficit every year. donald trump is going to fix that. that was not reflected in that zandi report. charles: now, when all economists have to make certain sort of assumptions when they do this sort of modelling.
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where exactly is zandi getting it wrong? because i know this goes back to the supply side argument with lower taxes generating more income and people spending more and of course, that also could mean more revenue for the government, but greater economic freedom for everybody else. >> sure, sure. let's run it down. let's start with the trade issue. zandi typically assumption a trade war based on a tariff slapped on china and mexico. the whole point of donald trump basically talking about tariffs against china in take, is to get china to clean up its unfair trade practices. they manipulate the currency, illegal subsidies, they steal our intellectual property. trump says no mas, no more. china has a chance, do they want to play or not.
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charles: they play hardball. >> we need somebody to play hardball back. charles: donald trump is going to speak go and talk about china. the markets are of,corks bouncing back. but the last performer in the last couple of sessions slightly in the red right now. the big loss and question for the entire session. can it hold and happening this hour, david cameron meets with the european union officials. cameron wants it constructive exit and will the rest play ball? ♪
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approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent
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of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years experience and the commitment to roll along with you, keeping you on course.
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so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ >> the british decision to leave the eu appears to also be a major rejection of socialist tendencies that permeate throughout the capitol ne--
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continent. and i want to bring in maria conchita alonzo. did the u.k. make the right choice here? >> you know, it's a very tough decision what they decided to do, but they have to go for whatever they think is right, the outcome, whatever it is. i think that each has the right to do what is best for them and i can't say anything else, you know, i'm a fighter against-- yeah? >> no, no, on that note though, a lot of people are saying that's exactly what this was, people determining their own futures and taking care of their own sovereignty and independence. venezuela has been under a situation for a long time and we're watching chaos there. do the people there have a
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chance to do what the people of england did? >> no, the problem with venezuela is that those politicians are supposed to be from the opposition, are really in bed with the regime. not all of this em-- them, i wouldn't say that all of them are, but they're not allowing the people that want to go out and stay out on the streets, they're not allowing that to happen because if they know, you know, we have to vote this and you can't treat a regime that is communist and socialist, extreme left, as if it's a democratic country because you can't get out of it like that. so, people should go out on the street, stay on the street, don't go back home. charles: you're calling for a revolt. maria, i do want to ask you about your new video because it just came out, it's called shake it out.
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what's that all about? >> shake it out and you can see the video and download the song on my website maria conchita rocks, r-o-c-k-s. it's fun and forget about the political mess we're in, the whole world is in, a shot of tequila, get undressed and kick off your shoes and have fun. charles: maria conchita alonso, i'll watch it with some rum, in the spirit, and appreciate it. >> thank you. charles: the market is gaining a little traction, up 200 points after the worst two day money loss in history. we have a lot to recover after the british exit vote, but people are feeling better and this morning, hillary clinton's assistant huma abedin is going
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to be questioned about hillary clinton's e-mail. wait until you hear about another batch of e-mails off the server.
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>> 10 a.m. on the east coast and 7 a.m. in california. a relief for the markets, half hour into trading and the dow is up triple digits, trying to get even more traction. also happening this hour, the european union holding a meeting on the british exit vote. angela merkel and david cameron will be there, they want them out quickly. and the house committee of benghazi will hold a news conference.
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the obama administration and specifically hillary clinton pushed the narrative that the attack in benghazi was due to a video. and a rocket test in utah, it isn't a launch, but should be cool. it's going to be great video. first i want to go back to the market. we've got a rally on our hands after two tough days despite rough economic growth. that 1% we got was better than expected. the final number, it won't get better than that. new confidence numbers. >> 9 -- we know what the spending is in the u.s. economy and makes up the lion's share of the economy. it came in positively and brexit doesn't seem to be a toll on the economy--
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confidence when that was taken. and keeper to buy here because the dollar strengthened. charles: our stronger dollar hurts the multinationals. >> confidence will continue to go up. charles: it's got to be up, it's the virtual cycle. and the royal bank of scotland and hsbc. these are minor moves compared to the carnage. the other banks are deutsche bank santander and fractional moves. our banks got hit not to the same magnitude, but the rebound, i like the rebounds better. jp morning, goldman sachs, wells fargo, marina stanley and the big tech names that we share every single day. apple, facebook, netflix, google, all in the green this morning. travel stocks, it's interesting, they took a huge hit and carnival out with
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earnings, expedia and priceline and don't forget mcdonald's. there's a downgrade from a credit suisse and cut their price target by $130 a share. >> let's get back to politics, hillary clinton, she wants to bring in more syrian refugees and president obama, we're talking 620,000, and senator jeff sessions put the price tag on that, he says it's going to cost at least 403 billion dollars, that's with a "b". kt mcfarland joins us. you can't speak for her, but the cost for this alone, $400 billion in this economic atmosphere and we got good news, and gdp growing 1%. >> this is a problem that she created and we have to foot the bill to fix it. the libyan war is hillary's war. the problem is three things, one, the idea that we're now going to spend an awful lot of
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money on fixing her problem. number two, it's a security risk because we know that a lot of refugees coming in can't be veed because whatever records there are about them don't exist or in isis' hands and the third issue is humanitarian. if you want to help them. don't bring them here, they don't speak the language, don't have job, keep them in safe zones in the region and keep them where they could set up a life and potentially go back to syria and iraq, but the europeans could contribute. the wealthy arabs should can't. we should have safe zones, not refugee camps, but where they could live and thrive. they have the same bag-- >> a lot of these country to
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step up-- : problem they're paying a huge amount of money to do-- the average reports, for example, out of sweden and germany, the average migrant refugee is going to be ten years that he's going to be a ward of the state, if you will, before he's a productive member of society. charles: of course, that's the reason they go there, they're beacons for massive welfare programs, you get there and sign up and you're on easy street from there on out. you know, they don't-- they can't -- could they actually because they don't spend the amount that most of them said they would on defense, could that actually be considered defense spending b putting the money instead of maybe, okay, you don't want to buy an m-15, help at least set up a safe zone. >> it would be much better to spend the money in the middle east and cheaper and better for the refugees than in europe. the refugee spending in europe is crowding out education, it's definitely crowding out their defending spending and european
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countries are spending more on the refugees than education and defense. >> the european birth rate dropped so much that they had to import people and that dynamic hasn't changed so they're in an interesting quandary. you want to import people with skills not people that are going to be on welfare. >> to me that was a false logic. charles: hold on a second, tray gowdy is talking about benghazi now. >> more than 100 witness interviews, including more than 80 with witnesses no other committee in congress nobody talked to. and tens of thousands of pages are documents, that's the single greatest impression that we are left with, that there are men and women who love this country enough and what it stands for and how it can inspire others to serve in dangerous places under dangero dangerous circumstances. i will simply ask my citizens to simply do this, read the report. read the report and if you do
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read the report i think what will become manifest to you is what has become manifest to us, which are two different images. the image on the one hand of what was happening in benghazi during the relevant time period and the image on the other hand of the decisions made and not made in washington during that same time period, you will see the urgency shown by the grs agents at the annex, as they went to the mission compound to try to save american diplomatic security agent's lives. you'll see the franticness as they entered and reentered burning buildings to locate and save sean smith and ambassador. and in tripoli, who got their own aircraft and deployed themselves from tripoli to benghazi because fellow
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americans needed their help. you will see the fire fights at the compound. you will learn about the ambush from the compound to the annex. and you will learn about the fi fights before the final lethal border attacks. there are only three assets that ever made it to benghazi. two unarmed drones and the team from tripoli who deployed themselves. they weren't ordered to go, they deployed themselves. glenn doherty was on that plane from tripoli to benghazi and glenn doherty-- >> that's trey gowdy, the chairman of the benghazi committee. the report released this morning, a huge, blistering attack on the obama administration, particularly with respect to how they said this thing was, let's face it, potentially covered up with the insistence it was due to a
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video and kt mcfarland is still with us. when he says two unarmed drones showed up an and team that heroically made it there from tripoli. no response interest this administration while a u.s. ambassador anders were killed. >>, during the attack itself. our military men and women wanted to rescue and were prevent from doing that. and when it's over, hillary clinton avoids blame and denies what the cause was. a real leader steps up, and a cowa coward-- and to me she failed that. charles: later on in the hour with this on hillary clinton who by the way admits it bothers her that so many people
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don't trust her. we're going to talk about that as well. jonah, two things, first, let's talk about this trey gowdy thing for a moment. the report, a blistering attack on the obama administration a the only thing i'd say, i was a little concerned when trey gowdy started this and asked americans to read this. i like he's hammering home the points, i'm not sure most americans are going to take out the time. >> that's true of most reports and investigations, the number of people who read the star report, you can go through the list. and at the same time, he's also the victim of what has been an unbelievably ridiculous and cynical partisan campaign to delegitimize this report, to delegitimize the new facts in the report, previous reports were basically whitewashes and coverups that didn't do the critical interviews of actual participants in this, you know, fiasco. and so, i do think that people should read it or at least read the summaries of it, because
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there are new facts here, the clinton campaign loved to say about every scandal, it's all old news, we knew all of this before. they're usually lying when they say that. you know, lying here, there's a lot of new information in here, including the fact that marines had to change clothes, change out of their uniforms four times because the state department run by hillary clinton couldn't decide whether or not they l liked the idea of uniformed marines going to the rescue because they didn't like the optics of it. it's an incredibly embarrassing report for hillary clinton and people should pay attention. charles: on that topic, hillary clinton complaining now that people don't like her. this in light of what you just said. what do you make of that that somehow, woe is me and i'm really likeable? >> well, basically she complained that she-- people don't trust her and she needs to work on this. you know, to me, to my ear, that sounds like the pope saying, you know, people seem to think i'm catholic. you know, hillary clinton has
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been the most practiced and dishonest major political figure that we've had at least since richard nixon. you know, her husband was like a jazz impresario when it came to lying and added it off the cuff. hillary clinton studies her lies and practices, and all you need to do is it look at the secret server and the e-mail. and the assertions there are half truths and some of blatant lies and people pick up on that after a while. charles: you're right and certainly reflected in the high negatives for her. thanks, appreciate it. >> great to be here. charles: let's get back to the big board. we're out of the gate and been spinning our wheels since. >> it's not going to stay like this, i think period of time a big leg up before it's over or one down. there's a big explosion 30 miles from biloxi, mississippi at a bp plant. reports say a fire broke out
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last night. take a look at this, an amazing scene. people heard a huge bang and violation from the explosion were felt ten miles away and so far, no one was hurt. in west virginia,while they're cleaning up after that flooding. in which 23 people were killed, thousands are now homeless. it's actually the third deadliest flood to happen there. >> and donald trump with the muslim ban, could we say a milder approach. >> it's concerned about people coming from the places and want to do america harm. most of all, he wants to keep america safe.
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>> happening right now, this video just moments ago. david cameron arriving in brussels and meeting with the eu on the british exit vote. let's check on the big board again. and we've bolted out of the gate strong, a triple digit rally, but sort of been in
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neutral since then, trying to lure buyers off the sidelines. they've been selling gold since mid yesterday, down $9 today. i want to shift back to politics, donald trump revising the muslim ban, wants to restrict immigration with all links to terrorism. and pastor, welcome back to the show. >> thank you. this evolution of donald trump's immigration plan, it's sketchy and we don't know that anyone knows the details per se, but do you think it will evolve more from a ban on the overall religion and more specifically the people from the war torn countries where isis and other terrorists have gained the high ground? >> i think donald trump is in a place where he has to clarify a lot of broad statements he's made throughout his campaign, especially a broad religious ban and he has to be more
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specific in that. i think we all understand the threat that islamic terrorism poses to the united states. and he's going to have to clarify his position on it and how he's going to handle it. >> you were at the meeting with the evangelicals, you're a donald trump supporter, was this one of the topics brought up, something that bothered participants at the meeting. >> lets me clarify, when saying a donald trump supporter, have to be careful with that. i'm advising him, i'm part of that committee, you know, i don't support some of the things he has said and hopefully he will evolve in what he says, but he does need to change and become-- >> was this a major topic of discussion with your fellow-- >> no, no, you've got to remember that my contact is different, my reality is different from many in the room. the white evangelicals, we were
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minority, israel and religious liberty, those were the headlines in the room. charles: the main street media has been able to take donald trump's temporary ban on muslims and building a wall as evidence of him not liking non-whites. and i think they've done a job with women and other people. do you believe from a spiritual and religious point of view the right thing to do. >> i don't make a distinction between the two, there's no dichotomy, i think that spiritually and politically and socially, he has to now embrace a segment of the population that the media successfully caused him or to have a perception that he's alienated. we had the millennials, which is the largest generation since baby boomers, they represent 85 to 90 million american people. charles: right.
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>> that's a large voting block and most of them are fed up with the status quo. now, donald trump is representing anti-establishment, then that's a segment of the population he better go after. charles: i tell you, bernie sanders did pretty good getting them. the governor of rio de janeiro that the olympics starting in august, could be a quote, big failure. liz, more and more marquee athletes are dropping out liz: not just the sika virus, they're experiencing the worst since the oil prices plunged. officials are saying, security, organizations and hospitals are having a problem. the hospitals could be shutting down, could be an issue of that and oil makes up a chunk of rio's coffers.
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charles: if they-- if it is, the poor neighborhoods are going to be. queen elizabeth is speaking the first time since britain voted to leave. >> and what about this, in a brand new buzz feed video, you have to see it, stay right there. ♪ approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five,
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but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free decision guide. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unitedhealthcare insurance company has over thirty years
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experience and the commitment to roll along with you, keeping you on course. so call now and discover how an aarp medicare supplement plan could go long™ for you. these are the only medicare supplement insurance plans endorsed by aarp, an organization serving the needs of people 50 and over for generations. plus, nine out of ten plan members surveyed say they would recommend their plan to a friend. remember, medicare doesn't cover everything. the rest is up to you. call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪
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you guy's be good[ bark ] i'll [ bark ]later bye. see ya pal. ever wonder what your pets do when you leave home? [ laughing ] aw you cutie pie. aw. aw. aw. aw. [ barking ] [ washing machine running ] party's on! know what your pets are up to with xfinity home. xfinity. the future of awesome. see the secret life of pets, in theaters july 8th. >> well, after praising the orlando attacks, isis is urging
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terrorists to target white americans and gay people labeled as a hate crime. what do you make of gaming our media and senseabilities and everything else? >> they've been gaming us from the beginning. they've been an adaptable enemy and for 15 years we haven't been able to get in front of them. september 11th happened in the united states and new york and washington because they couldn't attack the people they wanted to attack in the middle east. that when we went into afghanistan and ran them out into pakistan. went to iraq and syria. we have he been playing catch up. when we realized the military and couldn't challenge them on the media. we invented social media and they're outsmarting us on social media. now they're targeted and adapted to the next step and targeting white people, and the most important story to me came out that the fbi was not letting 30,000 americans on the hit list, whose names have been
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published, and addresses published, the fbi let them know on the list and-- >> people in their back yards on family. >> they don't know. >> what's the point of them not letting them know? >> the fbi keep missing everything. charles: well, you know, they really have been, you know, you a it to admit it masterful with respect to that, we have' been more so disastrous in stopping them. >> we're supposed to be the innovators, how are we losing this. charles: and ikea recalling dressers after they toppled over and killed three children. they say that maln dressers need to come back and the company putting out this tweet on the dresser falling over and help prevent furniture deaths. >> that's scary. charles: donald trump attacking china and about to come out and
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blast them on currency manipulation. we'll discuss it. more varney after this. >> what china has done to our country is the biggest theft and the greatest theft in the history of the world. >> this is what i didn't want to hear, give me china, give me china. china, did you ever see china's tone. >> china. >> china. >> we don't win anymore, when was the last time we won? we lose to china.
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.. [vet] two yearly physicals down.
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martha and mildred are good to go. here's your invoice, ladies. a few stops later, and it looks like big ollie is on the mend. it might not seem that glamorous having an old pickup truck for an office... or filling your days looking down the south end of a heifer, but...i wouldn't have it any other way. look at that, i had my best month ever. and earned a shiny new office upgrade. i run on quickbooks. that's how i own it. trend to check the price of oil or natural gas. green arrows on both of the day. no surprise that it's now late in the s&p 500 oil bouncing up more than 5%. let's take a look at pandora.
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morgan stanley raising its rating on its overweight rating. stocks up 5%. pandora started to come back a little bit. back to brussels where the european union is holding a meet and the british aikido. you are about to see them take a group photo. want to go to ashley webster in london. actually, this doesn't mean it's a big deal, though. reporter: i would not say that not say that the stars david cameron is concerned. he is probably the guy in the right cut in half. i would not to be david cameron and brussels meeting face-to-face with e.u. leaders after the u.k. vote to get out of the european union. i would have a feeling you're supposed to be talking at the dinner tonight. i would probably guess most e.u. leaders are sane, wireless name toyou? what are you talking to us? we don't care. we want time to the person that's going to take your job. david cameron will tell them you better be worn what happens in the u.k. could happen in the
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continent. if you know what contagion come you better listen to the people out there, not just the elite and brussels making the rules. such a shakeup for e.u. leaders. i don't think david cameron will be particularly welcome. the u.k. has never been particularly popular in the e.u. the u.k. has always been seen as the country wanting to hit the brake back in 2014. put on the emergency brake with this migration crisis. merkel ignored him and look what happened. george osborne saint taxes are going to go out. spending is going to go down. no doubt about that. angela merkel say the british negotiators can not carry what they want out of the e.u. a lot tougher deal to get started. i wouldn't want to be david cameron right now facing the people in that room and brussels. charles: it might be a relief to get away from england for a while. i want to ask you also, ashley,
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with the queen has been saying about the exit. reporter: well, she was in northern ireland the last couple days. one of the northern irish deputy ministers say how are you doing, you're not a period she said i is to live anyway. kind of referring to what has been going on in the political upheaval in london then. by the way, i party had to break it. a little bit of levity talking about what's going on and she is indeed still alive. charles: thank you very much. appreciate it, man. the markets a in rally mode right now. economics professor from the university of ireland is with us. peter, you think the panic is over. as the market oversold here? >> it depends how orderly the british go about putting in place the plants were exited. i'll be looking at the price of the pound against the euro and the dollar because that is over
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adjusted downward to 5% depreciation. all that's needed to compensate for britain's exit without a free-trade agreement. that will affect corporate profits and low the recovery i have forecasted for the third quarter. i still think things pretty untrammeled or. profits up over the previous quarter likely to go up in the second quarter. i think things look ready to. >> peter, you just talked about the pound beam down 5% in sort of offsetting some of the negatives from this though. what about the notion that the pound and the dollar could actually be even, be equal to each other and have parity. >> i don't want to say can happen. i think it's highly unlikely. european tariffs or 1.5%. some are very high. 10% on auto parts. the 3% british depreciation gives it a trade advantage even if you take away tariffs on the good side. a lot has been made of financial
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services and american banks manage to get around europe and they do manage to do business. what is more, british banks are much better regulated, much better capitalize than the continental banks because the bank of england is confident and the gang and brussels and european central bank are not. it is that simple. >> here's the thing. the u.k. has a trade deficit with all its european trading partners with the pound getting hammered like this, and make life tougher for people in england if they want to buy this product they were so accustomed to buying whether germany and other countries. >> english initially are going to pay a price for independence. the price of european goods is going take a while. they have a trade deficit on goods in a trade surplus on services and that will be somewhat curtailed. the exchange rate adjustment should eliminate that. they will pay a somewhat higher price. longer term free from the
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european bureaucracy and all those fools arriving on a daily basis are just about everything down to the size of voters on the deck behind your house from brussels. free of all the nonsense and not having the regulatory compulsion that seems to care to write the democratic party in the united states. britain will be the great incubator for innovation, technology and growth of the century. even with the cost of not having a free-trade agreement, britain will emerge much healthier and stronger and the scots are to think long and hard about one in now. >> they will think long and hard about it for sure. i want to ask you about this. donald trump will deliver a speech to pennsylvania. is expected to go after china and say these guys are currency manipulators. we know china is a much bigger part of our economic pictures in the u.k. is. but the currency manipulation part, is that an old argument concerning last year china spent
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$500 billion to keep their currency higher? >> the reason they spend money if they block direct investment which curtailed demand. the world bank right across the street from the imf which says everything is fine. occurrences are essential parity. at the world bank they compute the purchasing power parity exchange rate. that exchange rate would permit goods in china to be priced approximately the way they are in the rest of the world. they have it at double its present value. that is how heavily manipulated a days. absolute fantasy. to say it is not and if you laid it on top of that, what is going on in europe the chinese move on their currency yesterday. opportunism. this goes to show you it's a renegade operation on breaking the rules and they simply can't do business the way hillary would like us to in the way mr. obama has been. trump is right about this. charles: peter marie c., thank you. appreciate it.
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president obama and the speed has teamed up again for another video, this time reaching out to millennium voters to watch this. ♪ charles: all right. well it's not all about? >> cheerios. i figure we can stack them cheerios now. charles: did that bring us closer together russian or >> this is what is great about politics. people on the right think politics should be completely negative though they lost, throwing out muslims, tearing
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out mexicans, things like that. whatever it is, all the negativity. it's nice to have a cute little video. a lot of people on the right don't like people to register to vote and have a voice. maybe we can get together and talk about this over cheerios or your charles: that was the underlying message there. i didn't get it without moss nip it. it looked like she was having a hard time doing simple tasks. >> let to use facts and cheerios. >> i was in the video. do you think this is the fact that? >> anything to get people to talk about it is effective. whether it's negative advertising, because that's what it is. it's just advertising. i don't know. i think: males registering to vote is not a bad thing. if they need things like cheerios to get the message. >> what about the idea i did get president obama has a cozy relationship of silicon valley
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and is always on the shows and yet he criticizes donald trump is a reality tv is die. his presidency has been something of a running reality tv show. >> i don't think his relationship is so great. bernie sanders supporters were really am. >> last election and made up with what wall street didn't get them. i'm just saying hollywood loves them. he left hollywood and we see them a lot. we see them a lot on tv and videos like this. >> let commies a lame duck president. he's on his way out. he can do whatever he wants to help the democratic party. and he is a cool dude. how many presidents sell bracket and he went on a tour of the national parks with his children. he's a great american, even though he was born in another country. i think he's a great american. charles: i can beat him in operation. the video from a skyscraper in
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los angeles. a glass slide about to be off the ground outside the 70th floor to the 69th floor. it is a slide. how much confidence do you have -- try it out. 25 bucks. not bad. back to the markets. the big word losing ground. we bolted out strong. we meandered a little bit. so people starting to get worried. giving up some of those gains. also, happening right now, david cameron meeting with the temporary colleagues in the e.u. right now. the big issue of course how the e.u. can quit early move away from europe and control their own destiny. more "varney" after this.
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>> remember "varney & company" starts at 9:00 a.m. eastern time. here's what you missed last hour. >> they are not allowing the people who want to stay out on the streets. they are not allowing that to happen because they know we have a vote. you can't treat a regime that is a communist, socially, extreme
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leftist as if he was a democratic country. you can't get out of there like that. people should go out on the streets, stay on the streets. don't go back home.
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charles: the dow 30 folks. we bolted out of the gate. blue chip names are down. so far the nature balance has not done enough to seduce would-be buyers out the sidelines. we've got a long way to go. take a look at apple. two leads now on the iphone. it is not good manners. lynx here is the thing. nowadays the iphone of them. we are tracking now is not really exciting stuff. basically to speaker grills at the back. maybe to cameras at the back. once at the bigger camera is basically the look of it. now when you have ththe markets and analysts talking about iphone eight, you've got to worry what will the iphone of them, what is the exciting new stayed. one port for the headphone and to charge it. people not really like enough. we know the iphone is a big
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chunk of apple's sales. >> the most critical part. the britishaccent though. let's bring in commerce and ron, republican from texas. congressman, you say ordinary people want a fair from the u.k. leaving the e.u. just a big enough lead. boosting bank stocks down. have we ever seen a separation of inking delay paying her main street pain? >> yeah, but this is a big deal and i think they are going to suffer. this is sort of a long-term assessment. on a short run everybody is going to be disruptive. i think on the long-term, those who benefited, the politicians, those people who get to manipulate the banking system, this is all being challenged. i think there is a limit to the bailout. the elite were able to get the bailouts in that country and they did quite well, even though some had trouble.
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eventually the elite really suffered, too. if the british does that they are supposed to do, restore max liberty to the individuals, lower taxes and do all these things, you know, break in cancun. that is when the people would benefit. my point is when you return flibbertigibbet people come you don't sacrifice anything although there will be a transition period. the people who suffer are the ones who have taken an image of government largess that are on the inside track. if we can break the system up, the wealthy might get what they really do, not quite so much wealth dependent on manipulating the government. charles: although it's one thing to say we don't want bureaucrat in brussels telling us what we will do. some of their own socialist tendencies, whether the national health systems and other things.
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george osborne sang the taxes will go up. and it is going to go down. is that the right first step with the newfound independence? >> well, it is horrible. that would contradict the goodness or the common person. if they ask me, which i doubt they will, why don't you look to hong kong for some model that way. that is right. i think there is a lot of opportunity. i would like to see somebody test liberty one time in the true sense of the word was found money ensign monetary policy and lower taxes, not raise taxes. right now we have this tremendous comparison to venezuela under station all the time and i think it's great. socialism kills and liberty works. nobody quite understands or argues the case for liberty because of a personal thing and people think you can't have
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freedom without a powerful government to protect you in this sort of thing. i have a lot more confidence of individuals and i believe in individual liberty and that is where price rarity comes from. true to congressman paul, thank you for it much. appreciate it. last time which had three of the names in the red was still the case. the dow gavels 69. we were up about 220 points. not a big recovery. we got slaughtered in the last two trading sessions. we've got a long way to go to get back to where we were last thursday before the vote. also on politics, hillary clinton is donald trump presidency is more of a threat to the country than terrorism. we will play the crazy sound bite for you when we come back. no waiting to apply. that means now may be a great time to shop for an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company.
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charles: dillard clinton said it bothers her so many people don't trust her. listen to this. >> a lot of people topples as they don't trust me. i don't like hearing not. >> in a fox news exclusive, a house gop report found despite eyewitness accounts, clinton and the white house crafted to push the story blaming a video for the attack of mentality. judge in her napolitano is here. one of the main reasons people not only don't like her, but a lot of people despise her.
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>> benghazi was a major load to her creativity and like the other bus to her creativity they are essentially self-inflicted. the enough they keeps unfolding us are talking about yesterday. 165 e-mails came out showing the communications between her and the staff which is about to turn over after signing a statement under penalty of perjury that she signed all of them, turned over all of them. the point that the benghazi report is a strong one and a missed one. the strong one is that she and the obama admin duration continued the fantasyland idea that it was because this crazy 15 minute video, even after they knew and had acknowledged internally this was an assault on the consulate. what has been missed in there is two things. one is one of the e-mails that was on her server, which was
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likely hacked and it's rare for days preceding this is old was ambassador steven's itinerary as he was traveling around and not part. this is fantastic. this is not aaa. he was at a con like, even a facility one step below a consulate was not at the embassy. charles: judge, thanks a lot. more on this later. liz: powerful stuff. stocks traded in the grain of about 167. looking to recover losses after written the pricing vote last week to leave the e.u. hillary clinton says she does not like to hear the voters do not trust her.
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charles: 11:00 a.m. in new york and abn california. let's get right to your money. check on barclays, the u.k. then stick it on the chin. a 2% rebound. our banks also down in the last couple sessions.
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bank of america up to almost 3%. the big names that we all love, facebook is the name i'd love down here. the most undervalued stock in the market. up almost 4% )-right-paren making a pretty good does pay the price of oil but also came down pretty good in the last 48 hours, making us late rebound. take a look at this. just moments ago the leaders of the european union posing for the class photo. david cameron and angela merkel. you've got the whole crew for the last time. some of them won't be the next photo. merkel wants the u.k. to leave the e.u. as soon as possible. the talk started today. here with me now, outnumbered cohost sandra smith and elizabeth harman and former goldman sachs. >> i'm not on the campaign trail right now.
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charles: and our very own her. peter, i'll go to you first. a lot of turmoil. the biggest two-day loss in terms of market in history. >> i would suggest people take a tranquilizer. the dow or the s&p move very smartly from 2000. that was a hard back up nicely. just to put it in context, in february it was 1880. we've had to retrace the gains we've had free brexit. not the end of the world as we know it. i don't think it is something we should be concerned about, particularly the united states. charles: it's not the end of the world. people don't know what's next. there's a lot of unknowns. volatility and extinct in the market over the next year. this game today has everybody seen the market is stabilizing. one day doesn't make a trend.
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i agree there's been some panic in overreaction. friday's selloff, monday's selloff you can make the case that was an orderly selloff. charles: the guys over at s&p basically handicapped sellout vis-à-vis the 20 big selloff since world war ii right in line with the other selloff. talking the kennedy assassination, opec oil and argot, shooting of president reagan terrorist attack. essentially you could see a downturn over the next two that comes back within three time. the one keeping the watches what does vladimir putin do given the chaos of the e.u. he's sitting on the doorstep watching. you need oil deals going into the e.u. and into england to stabilize. who's going to take david camas place? september may be too long of a time. charles: considering the depth of the selloff, we've given up 70 points of this morning's rally.
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>> mohammed al arian told fox business.com he believes he did not last until october. it will happen a lot in there that night. maybe the markets could get more sooner than we think. charles: let's go out to ashley webster his done an amazing job out there. what do you make of this? you are at the epicenter of it all. is this a giant overreaction on the broad markets? reporter: i think it was probably what was expected. if anything more orderly because it was such a shock. life was supposed to go on, but we all survived. a bit of a relief rally today, but it's very headline dependent. we find out there's another poll in denmark that they will get out, the markets could take another leg lower. overall certainly a lot of work in hunting. people buying insurance companies and banks at bargain prices. it's going to be pretty choppy until sanders as we get that
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m really impressed elizabeth moran was on the panel. charles: thanks very much, ashley. we are going to talk about donald trump. in fact, donald trump is expected to assess china and the trade speech this afternoon accusing them of being a manipulator. what are your thoughts on this? >> is a temptation to focus exclusively on currency. there's a lot of ways china has been cheating the system camera particularly the trade deals. if you work over there, you're likely to get a big deal but very i'd engages rates and repayment. there's a lot of structural things you can do. if you want to come and manufacture and technology transfer. he's got to reach beyond currency into the really dark area. >> i would agree with you. he's obviously trying to stand up for the last we've seen in the u.s. manufacturing actor in the loss of jobs are seen in this country. that's a good focus.
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focusing on china's currency manipulation, who doesn't -- charles: everyone does -- liz: we do, too. charles: and the last year, china spent $500 billion keeping their currency higher. sandra: here is my easy explanation. china has their view on every morning. they determine the rate every single morning. only a couple countries in the world actually do. however, we just fund giants of dollars into her system. >> a lot of people out of this race to the bottom. liz: japan dead and also the ecb. charles: >> ever does let's not manipulator currency. you have to jump in and help the country. the big is an aversion to transparency. the deals they cut him a behind closed doors. if you want access, if you're a
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technology company, you only get it if you call locator plant right there. charles: a long known fact for any american company trying to get any sort of foothold. the imf has jurisdiction over currency manipulation, but they can to worse rules for the world trade organization can afford subsidies but doesn't cover manipulation. it's an interesting contrary with kinder something. how do you tell right now. not that testing a new rocket booster. that could help the economy. we could put that on the back of the gdp. look at that thing. liz: it is supposed to be for the space system launch. possible to put human beings in space. the power this is equal to 14 boeing 747 is burning through 5.5 tons per second. this is really powerful stuff going on right now. 17 stories tall.
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charles: absolutely amazing. real hot enough going on in washington. a senate subcommittee adding up just how much hillary clinton's plan to allow 620,000 refugees into the u.s. is going to cost. drumroll please. an estimated 403 billion. sandra, she and donald trump could not be further apart on this issue. >> this is a difficult one. the easy way to explain this is the refugees would qualify for social services to medicaid, temporary assistance for needy families in other programs. hundreds of billions of dollars that they care beyond the risks that donald trump makes when he goes after hillary clinton on the son of refugees. >> is super frustrating watching this but it's easy to say let's let in the refugees. they are in need. it is the infrastructure
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required in order to make this happen. the head of the fbi saying we can't process 10,000 syrian refugees. how are we going to manage this group with no increase to this eis. >> jeff sessions but the foreign-policy adviser to mr. trump. here's the thing. the proponents of this, obviously hillary clinton wouldn't vote us out there if she didn't think the majority of people would embrace it. this is a nation of immigrants. why not keep the tradition going. although the idea of bringing an unskilled laborer that may have had a better terrorists among them is natural that would unnerve people. >> just talking about the actual dollar amount, the heritage foundation looks at the daunting numbers say even if she were to implement this program and her first year, it would be to an
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estimated lifetime cost of $100 billion. no matter how you fight it. liz: the other thing is we are a nation of immigrants good many people would disagree with that. individuals were there's no civil rights, no property rights. if your refugee, pledge allegiance to the bill of rights and the can't petition. charles: a lot of people don't realize that new york city, one of the reasons we had kids of the pledge of allegiance is the anarchist in southerner predicting the delay. staying on hillary clinton, she says she's frustrated people don't trust her. believe it or not she said. roll tape. [inaudible] charles: nobody likes you or not. >> listen, i have listened to a very passionate trade gaudi talk about this then pass the investigation. the things that have been
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revealed were going on behind the scenes is called for people to at least question her trustworthiness, especially when we now know she put out one name bebehind tthis attack and gave r daughter a different reasoning behind it. they're obviously trust issues. whether or not it will affect there is one thing. people do obviously have an issue with your trust. >> at 10:08 on a public statement about the attack with a video go to her daughter at 11:23 same two completely different things. charles: want to take a quick look at the market and start with the big board. or downsides in the red. nothing solid apart, but the idea is bolted out of the gate. we couldn't seduce money at the sidelines. consequently people getting nervous. take a look at this. amazing video is an explosion at a btu natural gas plant along mississippi's gulf coast late last night who said there were
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no injuries but the vibrations from the explosion were felt reportedly as far away as 10 miles per the plant located 30 miles east just absolutely amazing pictures. back to politics. hillary clinton continues her attacks on donald trump. this time she's calling him worse than terrorists. try proposing a temporary muslim ban said he wants to restrict all immigration countries linked to terror. someone from the trump campaign response next. >> we are going to build a wall. believe me, we're going to build a wall. we have a trade deficit with mexico. who's going to pay for the wall? >> mexico. >> who's going to pay for the wall? mexico. >> everybody likes the idea of the wall.
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charles: check in the price of oil and natural gas. greener is there. still pretty healthy so far.
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no surprise right now leading the s&p up 4%. almost diapers then. donald trump revising his proposed muslim ban. he wants to restrict immigration from countries to terror including immigration non-muslims. national chairman promised end quote as the national campaign cochair for trump explains the revisions. walk us through exactly where we are now with respect to donald trump's temporary must obey them. >> i don't think we really have changed a lot. we've really refine our position is that way to say this. the whole issue is we want to make sure that if we get the proper vetting and would put those mechanisms in place, use technology, get allies and friends engage in this aspect as well to make sure we get the proper vetting out here. this again is one of the issues that has been long put on the
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table and nobody's ever talk about it. i think mr. trump has done a tremendous job of bringing this issue to the front. it is a refinement more than it is a change. i think this is really -- we don't want to make too much of this because we really haven't changed our position at all. charles: there is a sound bite from scotland were on the bike focus would shift instead of almost runs around the world. just those who are coming from countries who are war-torn countries, isis and al qaeda is not the case. it still going to be a blanket temporary ban. are we also adding encryption and, if i'm a christian. because you're not going to properly vet either. will that also include christians in band? >> you are using the word ban. what we are really talking about is a temporary hold until they
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create the mechanisms of the systems in place to do this. we're not too bet everyone. not identify themselves as not observe christians or whomever. it is the issue that people come from particular countries. grandpa have legislation that testing the united states senate to do it varies the mueller issue with san bernardino. we see there is probably bipartisan support for increasing the scrutiny we are going to apply to people and a temporary ban is not anything really out of the ordinary. this is done in our history before by the way. you know the history of all of this. these are mechanisms available and we have to be taken in and adjust the technology advanced as we have in get our allies involved. our friends involved in the gulf region of the middle east and other nations and not part of the world to help us with this process. it is in their interest the same as ours.
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charles: hillary clinton attacking donald trump. she used to call him worse than terrorists. take a listen. >> imagine him trying to figure out what to do in case of an e. it is no wonder, is there, that risk analyst listed donald trump, a donald trump presidency as one of the top threats facing the global economy ahead of terrorism. charles: i think i know the report she is referring to. maybe i read it and then the economist or something that bad. what is your response to that? >> first of all i can enter the source. this is we won't get into the personal name-calling which she seems to be very good at what people do it to her. i won't do that. it's just not my nature. i do think what we are faced with is an issue without hot of
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beyond the pale. the other part of it is to compare donald trump to a terrorist is simply outrageous because of all the people run for president in this cycle. all 17 on the republicans died and not the muslims on a democrat side, he's the one individual who has created tens of thousands of jobs and brought forward and given out to people. and tens of billions of capital to people. this is the person who's not going to crash and the economy. charles: let me chime in because hillary sat in his beach several republicans have said donald trump would be dangerous to the economy. some old-school republicans have actually endorsed her. people in previous administrations. they are giving her some credence to her arguments that donald trump on the economy is dangerous. >> i couldn't disagree more,
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charles goodyear giving them credence for what it is. we are going to change their economy. their economy is one of crony capitalism. they are the ones who have benefited from being the winners and the government picking winners and losers. they're the ones who benefited from the raising barriers to entry and defeating competition in this country. they're the ones who have benefited. who are they going to side with? they will side with the person is going to get any of that. look at her coziness with "the wall street journal" and frank lee i am shocked that the underreporting of this by all media out there on how cozy she is with wall street were donald trump was creating millions of jobs to his lifetime have gone out and done these things and yet we are going to say it get credence to her argument. these people have benefited from crony capitalism. i'm not buying it and you shouldn't either.
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charles: just to be clear, you take offense with hillary clinton's relationship with wall street and/or "the wall street journal" are one of the other. >> i didn't say anything about "the wall street journal." i said wall street. that goes right to the heart of this. take a look at all of these things. charles: a good campaign movement slogan would be move over greer retained. here comes the trump campaign. still cleaning up after the devastating flood. 23 people were killed. thousands are homeless. the third deadliest flood of not its history. back to the market now near the lows of the session. we've given back 100 points of the rally. can't get enough people the sidelines. it is still early and we could have a wild finish. following up on oil, natural gas, all going pretty well. it's taken an enormous hit under
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president obama. the latest from the ditty of oakland voting to ban coal ship is through the city, killing a lot of new potentially high-paying jobs here we will tell you about this crazinessex.
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charles: raking in senate amarillo, texas. two trains collided. transfer massive fireball admitted two trains. a head-on collision. about two dozen boxcars have been derailed if this is happening 25 miles northeast of amarillo just outside of that time i panhandle. it is in the texas panhandle. no injuries, but a big fireball. fire department officials on the scene in the area. charles: back to the big board because we are at near lows of the session to a triple digit. outside of the early strength and resolve. the nature around by there. not able to seduce other buyers off the fence right now. the markets got it figured out. we've got to go higher or lower because -- and nowhere. u.s. banks talks have been down in sympathy with the european
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counterparts. they've rebounded somewhat today as well, but again a doubt that continues to pick lower and lower after opening up in being a 225-point. the new gop report in the benghazi attack says the white house crafted and pushed the story, blaming a video for the attack of benghazi. the judges next. >> i opted for convenience use my personal e-mail account, which was allowed by the state department. charles: what difference at this point does it make?
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charles: breaking news from that e.u. meeting today for appointment of a new british prime minister has been pushed back to september 9th. that's a week later than originally planned. that's according to the bbc. again, david cameron will be out by september 9th. big names we check every day in the stock market, let's start with google. they may face another antitrust complaint again from the e. u., and then there's intel, the company had been talking about perhaps selling its cybersecurity division. barnes & noble division, they run college bookstore, that stock is higher, and then there's solar city. home depot, according to an article in "the wall street journal," it wants fewer items
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on its shelves, and it wants people -- well, wants them to be within the reach of a customer. imagine that. novel idea. [laughter] look at this. "the new york times" headline following this morning's benghazi report, quote: house benghazi panel finds no new evidence of wrongdoing by hillary clinton. despite the controversy, clinton says she doesn't like hearing that she's untrustworthy. roll tape. >> a lot of people tell pollsters they don't trust me. now, i don't like hearing that. charles: judge andrew napolitano back with us. listen, the benghazi thing is one of the reasons why people don't trust her. >> all these reasons the people don't trust mrs. clinton, including a lot of democrats and she and her campaign recognize it, are self-inflicted. so she sends an e-mail to her daughter within hours of benghazi attack. actually, while it's still going on, saying we were just attacked by al-qaeda, and they're using some heavy grade military
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equipment. then she perpetuates the lie by sending an e-mail to everybody in the state department that it was inspired by this crazy internet video. then she sends another e-mail to the egyptian ambassador telling the truth, essentially, the same as what she told her daughter. then she receives the bodies of the four dead americans, and in the presence of their bodies, their flag-draped coffins and their loved ones at andrews air force base, she tells the lie again. then they dispatch susan rice to tell the lie five times on the sunday morning talk shows, and they wonder why she has a problem with trust? and we haven't even talked about the e-mails. charles: right. it goes all the way back to when they were in arkansas. she's got a long track record of perceived dishonesty, to be polite about it. >>er in case it goes back -- in her case it goes back to a sense of entitlement, a belief that the laws that apply to the rest of us don't apply to her. put aside bill clinton for the
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moment. while she was enforcing the proper protocol for the care and handling of e-mails and state secrets on employees of the state department, she was violating herself the very same rules that she was enforcing on the others. why? because of a belief in entitlement, because of a belief that her political goals are so noble and worthy that she shouldn't have to come buy with the same -- charles: right. judge, but no one gets to this level of a sense of entitlement without being enabled. doesn't that headline embolden hillary clinton to break the rules and to have the sort of arrogance -- >> no other media outlet is covering the benghazi report the way we are because to them it's a ho-hum. to us, those of us willing to look critically at her -- that's what i mean by "us," and we happen to work here -- it is the reporting with great detail and
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unassailable corroboration of the reasons for her unlawful behavior. charles: right. >> when all this began and she began as secretary of state to authorize the shipment of military hardware to the terrorist groups, the cia begged her to stop. the cia said these are bad and evil people no matter what your goal is. she was indifferent to their complaints. do you think they want to work for her? do you think they want to be in the cia while she's commander in chief? charles: i'm sure they don't. judge, thanks. really appreciate it. i want to get back to that british vote to leave the e.u. david cameron will be out officially by september 9th. georgette join us now. you say this was, indeed, a battle between the establishment and the elite and the haves and the have nots. >> there's no question that this is a revolt by the working people against the establishment. look, simply it was stunning to me the day after the vote, being
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there, that the establishment still didn't get it. they still do not understand that globalism has worked for some of them, and it hasn't worked for others. and that coupled with the immigration situation and a strike in france where they're striking for a 32-hour week, people feel -- they're angry, they feel disenfranchised. they don't believe that their politicians are listening to them. and this is a genuine uprising. and it's not unique to the u.k., by the way. if you take a walk around europe, this is an insur general city of the far right -- insurgency of the far right and far left. in many countries, you're seeing this. charles: it actually has been going on for a very long time. maybe fife, six years ago we called them euro-skeptics. whatever the title is, i saw a poll taken a year ago that said 73% of the people in england felt that the government didn't reflect the will of the people.
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so this is a way of people just taking back at least some sovereignty or control of their own lives, right? >> i think it wasn't really thought through. this was an emotional thing. if you were there, it was almost like watching a reality show. it was very emotional. i don't think they really thought about what came next -- charles: the consequences. did you sense buyer's remorse? >> oh, definitely, i sensed that. however, at the same time, they were, you know, this idea that they're free and that they can control their own destiny, but they really didn't understand to what degree the e.u. played in their role, in the role of the u.k. i just think that this is something we're seeing a lot of, and we're going to continue until we wake up; that is, the establishment. and understand what it is, what this angst is about. and it's very real. charles: it's very, very real, very palatable. and now going from here then
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what do you think's going to happen? we heard that george os to borne said taxes -- osborne said taxes have to go up, they say the e.u. may play hardball on immigration. could we be a year from now, two years from now and they find themselves almost in an identical situation? >> i think that's wishful thinking. i think this is going to be a much more disruptive than that. i don't think this is going to be so easy when you start to renegotiate these deals. and as you see other countries like france or spain wanting to leave the e.u -- charles: right. >> -- this could get really messy. charles: right. so merkel and everybody else has got to play hardball with the e.u. on their way out. i also want to ask you, you're on the board of business executives for national security, and so from that point of view, from a security point of view, your peen security, world security, didn't hear a
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lot about that, but there are some people that are concerned. >> i'm one of those that are concerned. i think what you could see is this solidarity around russias' being provocative -- russia's being provocative after ukraine, you might see that start to break down. also, you know, sharing intelligence that's never been something that anybody wants to do. i think that gets more difficult. and, certainly, coordinating any kind of -- coordination against these attacks by isis is going to be even more difficult. they haven't been very good at it anyway. charles: right. >> i think this plays right into putin's hands, by the way. there's speculation that, after all, he's the one that after all the bombing in syria, one could argue that he pushed a lot of those refugees across the border. >> in fact, the top general says
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he's purposefully barrel bombing to destabilize europe. >> i believe that. so with the destabilization of europe, and now he can actually say -- which has always been his big part -- is what is the strength of nato now? has nato somehow, is that going to be undermined? charles: right. >> this plays right into putin's hands. >> we've seen this movie, he's witnessing the breakup of the european union. in a meeting not too long ago with henry kissinger, expect russia to do things you least want them to do -- >> which includes cutting off natural gas or oil supplies into europe. charles: which might be the least of the things. we've got to finish this one. we'll come back. we're monitoring that fiery train derailment in the texas panhandle. we're going to have live pictures coming to you, right now, in fact. the freight trains, 25 miles outside of amarillo, we're going to keep you updated on that. and also hillary clinton's personal assistant, huma ab dip, she's going to be questioned today over the e-mail scandal. we've got new details on a brand
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new batch, another new batch of e-mails discovered off of clinton's private server. and the new jersey assembly voting to raise the gas tax and cut sales tax. get this, the tax goes into effect this week. the tax cut, three years from now. details on that next. and some sports for you, by the way. the first alert here, jason day, you're looking at him. that's the number one golfer in the world and the latest athlete to drop out of the olympics. he's not willing to risk the zika virus, and some real sad news from the world of sports today. two piece of it. first, buddy ryan, you remember him, he was the architect of that legendary defense of the 1985 chicago bears that won the super bowl, well, he's passed away. he was the defensive coordinator for that team. they won super bowl xx. later he became head coach of the philadelphia eagles and the arizona cardinals. buddy ryan is dead at 82. and in the world of basketball,
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pat summit, legendary coach of the university of tennessee's women's basketball team, well, she died this morning after a battle with alzheimer's. she led that team to eight national titles. pat summit was just 64 years old. >> yeah, that's right. if you have medicare parts a and b and want more coverage, guess what? you could apply for a medicare supplement insurance plan whenever you want. no enrollment window. no waiting to apply. that means now may be a great time to shop for an aarp medicare supplement insurance plan,
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around, we have up arrows today. the dow up about 130 points at 17,269. the s&p 500 up 1%, and the nasdaq also gaining, up 61 points. taking a look at dow winners and losers, mostly winners today. 27 of 30 have up arrows. dupont has been a laggard as well as walmart and american express. the lending club a mover after it confirmed his acting chief scott san born as the ceo. that's up about 4%. and solar city saying on monday it's formed a special committee just two directors to evaluate tesla's takeover. of course, both these stocks are higher today. nce with usaa is awesome. homeowners insurance life insurance automobile insurance i spent 20 years active duty they still refer to me as "gunnery sergeant" when i call being a usaa member because of my service in the military
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charles: check on the price of oil, up almost two percentage points, down the last two sessions along with the broader stock market. but gas prices, they were down overnight. now $2.30. new jersey, of course, known for their cheap gas voting to approve a 23-centing gas tax increase to help increase that state's transportation fund which apparently, liz, was going to run out of money this summer? >> yeah. so this takes effect on friday. nothing drives, you know, motorists to distraction than gas taxes. they don't like it. and, basically, new jersey is saying we're going to raise gas taxes to offset an estate tax cut, a cut in the sales tack.
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the problem here is there can be no ceiling on it, it's very easy to jimmy this one up higher. the eastern corridor states are talking about taxing the number of miles traveled -- charles: yeah. i think that's a horrible idea particularly for lower income people. >> that's right, it's regressive. charles: thanks a lot. huma abedin testifying today amid a release of new e-mails showing clinton repeatedly ask huma to explain how operations at the state department were handled. liz, you've got details. >> yeah. so 165 more pages of clinton e-mails, and what we're talking about here is judicial watch, right? so the state department basically releasing these e-mails. quote, the most telling one was sent in march 2009 from hillary clinton to huma huma abedin. quote: i have just realized i have no idea how my papers are treated at state department. who manages both my personal and official files? this comes about a month after the state department ig audited,
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basically, the hillary clinton e-mails, finding she ignored i routinely federal recordkeeping standards and laws. and also security protocols. it has to be noted that at this point in time hillary clinton was traveling as secretary of state to places like china and egypt. so the fear has been, too, that her home server, the e-mail server was hacked. charles: apparently, people think everyone's got -- >> well, one footnote too. the clinton campaign routinely says we have not been hacked. her home server was not hacked. no fortune 500 ceo has ever said that. they cannot say definitively that their company has never been, has not been hacked. you know, saying it's so means you may not even know it's been hacked. >> whistling through a graveyard. charles: i want to bring in ed klein, author of the new book, "guilty as sin." ed, you know the clintons as well as anyone else. you know, this brings up a lot of things. the judge was on earlier and
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talked about her arrogance and entitlement, but this also brings up judgment or lack thereof. >> well, it certainly does. and, you know, the fbi has been trying now for weeks and weeks with hillary's attorney, kendall, david kendall -- who she went to law school with, by the way and who was involved in bill clinton's impeachment trial all the way back then -- still her attorney. the fbi and kendall have been in touch with each other despite what hillary says, nobody's been in touch with her people, and hillary has been delaying and delaying and delaying the interview that the fbi wants to do before it winds up its investigation of her e-mails. charles: could they wind it up without ever having conducted that interview? >> i don't think so. you know, james comey recently, according to my reporting, assembled eight of his top deputies, and he said i'm you should a lot of -- i'm under a lot of pressure to wind up this
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investigation. i don't really want to rush it. what do you think i ought to do? 8-0 they told him you've got to wind this up quickly because people are getting very impatient with it. charles: well, if that's the case, there's no way they can drag it on beyond the november elections, at least it doesn't seem like it. what would the excuses be? >> well, you know, the clinton campaign has been thinking this through very carefully, and their strategy is if we delay this until after she's officially nominated, it's going to be politically very difficult for the fbi to indict her because then she's going to be the not-presumed candidate, but the actual candidate of the democratic party. so it's delay, delay, delay. charles: this puts a lot more pressure going back on comey, right? from what i understand, and i think you've actually reported on some of this, that if coemy does not -- comey because not come out with the information that the public needs to know
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about this, that there would be agents within, people within the agency that will go public with it. >> yeah. james comey is really a unique figure in washington. he's probably the most honest guy there. he's kind of the elliott ness of our time. he's untouchable. he's not politically manipulatable, and i don't believe for a second that he's going to let this go. he is determined to get to the bottom of this. i think he will get to the bottom of this no matter when, but he'll get there. >> but, ed, if he hasn't gotten to it by now, i mean, there's not a lot of time left, ed. either they have something or they don't have something. at this point wouldn't they know that? charles: well, we've got to wait from the interview, and hopefully we'll get something from there. thanks a lot, ed, appreciate it. we're watching oil, natural gas, and the latest hit to the coal industry coming from the city of oakland. they're voting to ban all coal shipments throughout the city. that kills so many jobs, and we're talking high paying jobs.
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charles: breaking news from the u.k., the labour party casting a vote of no confidence for its leader, jeremy corbin. corbin, obviously, at the center of this campaign to stay in the e.u. he has previously said that he will not resign. all right, peter and georgette, there was already a major exodus
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of his party, his shadow party, but he was pretty -- he was resolved to stay there. i'm not getting out of here. >> he's been in meltdown for several days. he's the only person having a worst day than cameron, and, honestly, there are a couple of things that will stick here. no way that the labour category is going to take over parliament now. so the tories are going to maintain control. but the whole party is falling apart. most of his shadow cabinet has resigned, and he can try and hold up the wall and say i'm the one to bring back the remain. he blew it on the remain campaign, and everybody knows it. he's going to leave, it's going to be a long, slow, ugly fight, but he'll be out. charles: georgette, david cameron resigned. a lot of people thought it was a dignified way to go. >> it was. charles: he lost, he accepted it. he doesn't accept the principles, he thinks he was fighting for the right side, but he did the right thing and stepped aside. >> well, i think corbin is -- i suspect they all say they're going to say, and i would guess
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that he's going to leave sooner than later. charles: well, when you get a no confidence vote -- >> it's over for corbyn. he can say and play it any way he wants, but they're in a meltdown. and he's finished. he's finished politically, and he may have the cameras on him for a few more days, but at the end of the day, he's gone. charles: this was a referendum though, right, guys? does this referendum go to speak to a new political reality? in other words, in the u.k. has it gone further to the right? you know? is there, can a center-right party rule? i mean, where are we right now? >> well, someone once described as washington as 68 square miles surrounded by reality. i think london just got a huge dose of reality. what's going on here is, yes, people from the far right and far left are complaining. they're not happy. the e.u. has not delivered, nor has their government. and there's a tone deafness that i think is an important lesson for us as americans as we enter our own vote. listen to what the populists are
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saying, people who get to vote. >> almost science fiction tone deafness. charles: hey, we do, of course, have our man, ashley webster, doing an amazing job out in london. ashley, another bolt from where you are. >> reporter: yeah, but i don't think that unexpected. he'd had so many resignations, jeremy corbyn, from his administration it was like a game of political whack-a-mole. as soon as one disappeared, another would pop up. it was clear that the writing was on the wall. the vote of 172-40 with four abstentions, i mean, that's pretty clear that he has the go. he was widely criticized for what they called his lackluster effort in getting p vote and to stay in the european union. it was a strange situation. we have jeremy corbyn and david cameron side by side plugging the remain side for the e.u., although politically they're very much opposed. jeremy corbyn just did not exude
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any sort of confidence, had no dynamism, did not really get out and about as much as he probably should have, and he did not get the labour votes out there who traditionally probably would have voted remain. a lot of the people in the labour side actually voted to leave the u.k. so they need someone to replace him who's got some dynamism. tom watson is one of people that has been put forward. he's a well known politician, but who knows? bottom line, charles, the labour party, we've known it all along, is in complete disarray. it's in meltdown. who takes over now? we'll find out to. we thought it was going to be the conservative party, but such as this story, it just goes on and on, back to you. charles: wilder and wilder. thanks a lot, ashley. want to say thanks to peter and georgette as well and, of course, elizabeth macdonald. [laughter] by the way, we couldn't get to that whole story because of the breaking news on corbyn, so check our facebook page. oakland denying so many great
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paying jobs. once again, or political correctness and crazy ideology stopping average people from making good money. all right, connell, we've got 154-point rally. i hand it off to you. connell: thank you very much, charles. signs of stability, if nothing else, in the market. it is a market rally, a little different graphic than we've seen the last couple days. 156 points to the upside. some say, well, maybe we should have a little more. we'll see whether we are in store for a real bounceback rally or another turn to the downside. this is cavuto coast to coast for the next two hours, i'm connell mcshane filling in for neil cavuto. and for the first time in three days, we are at least seeing some green on the screen, as we say. but there's still some issues, to put it mildly, that we'll try to work out. i don't know if we'll personally try to work them out, but the markets will. banks is one, especially the european banks, and this idea about moody's weakening their sentiments for the british financials. we'll get into that and some ideas that that could send

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