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tv   Varney Company  FOX Business  January 31, 2017 9:00am-12:01pm EST

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regulations from obama as well. maria: and that was the big executive order yesterday that got lost within the frey of everything else that happened yesterday. >> businesses are worried about the travel ban, focus on this, this is the path forward. maria: dagen mcdowell, tony, very quickly. >> yes, 51st ranks in the world starting a new business. maria: stuart, over to you. stuart: i will take it. rapping right now at the white house, the president meets big drug makers and says they've been giving away with murder. this could be a confrontation. good morning, everyone. controversy is breaking out all over. president trump fired the attorney general that refused to enforce the ban.
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and democrats should be ashamed for holding up his cabinet picks. he's in attack mode again. the democrats laid out a policy of stall, delay, pose everything. they threaten a filibuster on the supreme court pick before they know who it is. and piling on. the apparatus calls president trump is tyrant. welcome to day 11 of the all action presidency and a ston everything opposition. "varney & company" is about to begin. ♪ >> that is the white house and president trump right there, meeting with the drug makers as of now. vice-president pence also attending that meeting. quickly, take a look at the drug makers and their stocks since president trump's comment that they're getting away with murder. he said that january 11th.
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as you can see, the stock of pfizer, lilly, johnson & johnson, down, merck up a little. now, ashley. ashley: yes. stuart: when the president says, hey. ashley: yes. stuart: you're getting away with murder. ashley: that's a pretty strong statement, isn't it? >> that's a confrontation. that's a very different meeting with the drug makers than it was with say, small business yesterday. >> absolutely. it was all about nurturing small businesses in this country by cutting back on regulation, tax benefits. now he's going to get the ugly stick out because he put out his thoughts on the pharmaceutical industry, drug prices saying you're getting away with murder. drug companies are very wary of what's going it be said here. how, what kind of business model can we use to appease donald trump, president trump's anger at the -- by the way, we don't know how many drug reps will be there, they'll talk
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about replacement for obamacare and all that. stuart: don't we know, liz, some of the drug makers have opposed the president on the travel ban. liz: is the ugly stick the british version of the bully stick. and remember allergan came out against the halt, and now vertex pharmaceuticals. the others are silent. we've never seen companies in the cross-hairs for political views. stuart: let' see what happens when they address the cameras, if they do talk about strong action. he's fired acting attorney general sally yates hours after she refused to enforce his travel ban order. judge andrew napolitano is here. he's been called a tyrant for
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this, is he? >> no, if she had a moral legal or constitutional qualm about what he asked her to do, i can't do this for the following reasons, would you like my reasons? would you like me to pass this on to someone else over the justice department. instead she send out an e-mail that says we're not going to support the president. the president is entitled to a justice department. he's unhappy with the democrats and others for delaying the confirmation of jeff sessions as attorney general. and he wants an attorney general to enforce the way he wants to enforce. stuart: she was putting out her political view not following an opinion. >> as soon as i saw it, he has to fire her. half hour later she was fired. he did the right thing in a short order and in a timely manner.
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she did know the do it the right way. stuart: he was laying down a marker, he was pushing back instantly and strongly because he could have let this gone on for another day or two. >> that would have-- >> and jeff sessions-- >> over the week, we talked about this, there were four hearings before federal judges, saturday night in brooklyn, sunday morning in boston, sunday afternoon in alexandria, sunday night in seattle, washington. i don't know if a justice department lawyer was at any of those hearings representing the president, but i know all four hearings went against the president. stuart: i've got to run, but ask this question we get the supreme court nominee tonight it's down to two people, we hear. i'm not so much interested in that, the two people on the screen, i'm not so much interested in that. i'm interested in the threat of a filibuster coming from senator merkley. is the nomination in danger? >> well, if they filibuster, it
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would difficult for the republicans, without a change in the rules, reluctant to do. and when chris wallace asked, they said, the nominee will be confirmed. >> mitch mcconnell could say, we're playing the nuclear option, it's 50 votes. >> or give the democrats something else they want to back off the filibuster on this. stuart: it's bed rock base, and that's one of the reasons president trump was elected to fill. >> if it's neither, is acceptable to schumer. i don't think anyone on the list of 21 would be acceptable to schumer and company. stuart: come back at 11:00. thank you, sir. and you can watch, of course,
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president trump announce his nominee for the supreme court live with lou dobbs at 8 p.m., our judge napolitano will be there. >> yes, sir. stuart: all right. now, democrats decided on allout opposition to president trump. listen to senator minority leader chuck schumer on the senate floor last night. >> if this continues, this country has big trouble. we cannot have a twitter presidency. we cannot have a presidency that thinks, oh, this sounds good, let's just go do it. >> sally yates was a profile in courage. maybe some of her courage, her insight, her wisdom would rub off on the people in the white house. stuart: president trump fired back and called the democrat leadership a mess. here is the tweet. nancy pelosi and fake tears chuck schumer held a rally on the steps of the supreme court. [laughter] the mic did not work, a mess just like the democrat party. shortly after that tweet there was another one, saying democrats should be ashamed for delaying cabinet picks.
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come on in, please, mercedes schlapp a right of center conservative. it seems that senator schumer has now taken over leadership of the democrats and leading the opposition to president trump, have i got it right? >> it's like the democratic party is becoming the community organizer party. they're focusing so much on figuring out a way to create this resistance, every time donald trump comes out with an executive order or with a new nominee, it's out to the streets to protest, whether it's in the airports, whether in it's front of the supreme court and they're yelling and screaming, and all donald trump has to do is send a tweet. so, i would like to remind chuck schumer what donald trump has is a bully pulpit and he has a mandate from the american people to make change in washington. and that's exactly what donald trump is pushing for. stuart: is he getting his way? is president trump winning? i think you could say that the democrats have successfully
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delayed some of the cabinet picks, but almost everything else, mr. trump, president trump is getting what he wants and what he said he was going to do. >> well, i think donald trump through the use of executive order is pushing forward parts of his agenda, for example, loosening regulations and environmental regulations and also on obamacare and hoping to weakening that from an executive order standpoint. moving forward on the hiring freeze, the dakota access pipeline. that's moving along. the question becomes, obviously, when he hits the wall against congress, congress is slow-moving. democrats although in a minority, i spoke with a republican senator yesterday, they're not showing up to some of the hearings so there's no quorum so they can't vote on moving forward in the cabinet nominee hearings and that becomes a very big problem and as we know, that's something that even when president obama was president, we didn't see that coming from the
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republicans. we know that you need to have these cabinet members in place in order to serve the administration. that should be a top priority. that should be a little less political, but obviously, the democrats are not, right now they're in the position of wanting to be the resistance and believe that's their effective voice. i think at the end donald trump will be the louder voice of the two. stuart: resistance is not an attractive word in a democracy. that would be my opinion. mercedes, thanks for joining us, always a pleasure. >> thank you. stuart: the stock market is coming off the worst day since the election. uncertainty creeping in the two sides working together. the republican congress and president trump. there's a disagreement about executive orders, more to the point, the implementtation of the travel ban and upset wall street yesterday as well. of course, the speculation that tax cuts would be delayed, maybe until next year, we'll
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try to get some clarity on that one for you, but the market did go down on that speculation. >> here is a big name you'll know, it's way down at the opening bell. under amour, growth slowing down and the chief financial guy leaving the company, down, i believe i'm doing the math, that's 20, 21%, that's prem that's a big drop. harley davidson, shipments down and the company gave a weak forecast. that stock is going to be down about 5%. we have ups down, this is premarket, it will open about 4% down. pension charge hits the bottom line at ups and the company gave a not so rosie profit forecast, it's going to be down about 4%. wal-mart has scrapped its rival to amazon prime. it's launching free two-day shipping on more than 2 million items. no membership required. shares pretty much flat at the opening bell this morning. what's this, let me get to
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grips it with this, ashley. can you give me more details on wal-mart? >> they ditched a program shipping pass, offering free two day shipping on more than 2 million items. it was originally $50 a year, kind of challenge to amazon's prime membership. never really caught on. they'd lowered it to $35 a year, they pretty much have given up on it and what they're going to do now, offer free two-day shipping on more than 2 million items. however, critics say, two day free shipping is kind of like standard these days. stuart: look how far we've come, oh, man. >> i know, but never caught on and people didn't want to pay the fee because they can wait for two days. liz: amazon is already shipping booze. stuart: well, that's another story. liz: i'm sorry, it's only quarter after 9:00 in the morning and booze already. stuart: happening this morning, senate committees holding closed door votes on six of president trump's cabinet picks.
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we're watching this one as soon as the results come in. president trump promising big investments in infrastructure. we'll tell you about two, literally, shovel ready, major projects. a high speed rail line in texas, for heaven's sake, happen power, two big projects. jeff bezos filing a lawsuit challenging the president's ban and that bezos's against the president are hurting his relationship with friends in silicon valley. 3 minutes, killing 99.99% of odor causing bacteria. for a cleaner, fresher, brighter denture every day.
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which may make existing kidney problems worse. with trulicity, i click to activate what's within me. if you want help improving your a1c and blood sugar numbers with a non-insulin option, click to activate your within. ask your doctor about once-weekly trulicity. >> politics and money, that's what we do. let's deal with both. amazon, based in seattle, will support washington state's suit to stop president trump's temporary travel ban from going into effect. liz: amazon's ceo jeff bezos
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sent a letter to employees, we. and expedia and microsoft as well says it will provide info and it's happen to testify if needed. stuart: now, amazon's chief, jeff bezos is clearly going after taking on president trump's executive order on this temporary travel ban and using "the washington post" to do it because he owns "the washington post." the headlines, i won't read through them, but that's pretty much par for the cost. and the political editor at the daily mail u.s. welcome to the program. >> thank you for having me. >> there's danger there for mr., for jeff bezos going after mr. trump on two counts? >> the dangers happens in the long-term. remember, that during the campaign donald trump said, i was there at a rally in fort worth and he says, boy, does amazon have an anti-trust
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problem and boy, if i win, they have problems. stuart: he said that. >> right at a rally in fort worth. stuart: bezos wind to use "the washington post" and opposing president trump publicly and harshly. >> where it will hurt in the long run when he tackles the hsb visa, where amazon and others have exposure. they have the problem of possibly losing a pool. and mr. trump said we're going to hire american and buy american. and he's against bringing in high-tech work force. stuart: that's the stick he holds over silicon valley. does he hold the same stick over amazon. >> they don't use the same high-tech worker the way that amazon does or other technology.
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>> actually they do, not just in software development and-- >> you're right i'm thinking of an on-line seller with warehouses. i'm totally wrong on that. >> the other thing in the long run, amazon has the risk of annoying them on another front, sales taxes. there's a bunch of states where amazon is not required to collect sales taxes and they have a huge advantage over mom and pop stores. if trump would say the way we used to do with 55 mile per hour speed limit. change the speed limit or lose your funding. he could tell states, force amazon to pay sales taxes or you lose x, y, z and then amazon loses something it counts on for the bottom line. stuart: confrontation is our topic today. >> conflicts and character. stuart: thank you. president trump meeting with executives with country --
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companies with the biggest drug makers and president trump says they're getting away with murder. there's a confrontation coming up. your insurance company
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have to do is create new bidding procedures for the drug industry because they're getting away with murder. pharma has a lot of lobbies, a lot of lobbyists and a lot of power. stuart: whoa, that was donald trump, what, about almost three weeks ago talking about the drug makers. he is meeting with those drug makers right now at the white house. left-hand side of the screen. come in, steve cortez. the comment about them getting away with murder is strong stuff. i suspect that donald trump takes out the club and a huge confrontation. >> it could be. if you read the art of the deal this is often his tactic. he states an extreme position and negotiates in from there to something perhaps more moderately. i'll admit i'm kind of conflicted i love american pharma the envy of the world and literally saves lives. on the other hand president
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trump is correct, pharma for decades, via k street lobby basically what it wants often on the back of the taxpayers. it's under the bush administration they got prescription covered for seniors, regardless of means. the millionaire on his yacht gets his cholesterol pills covered. stuart: i'm interested in two things, number one, what will the drug makers say when they emerge from the meeting, that's critical. if they say anything. and number two, what happens to stock prices there. steve, stay there, we'll bring you back for the opening of the market and check futures for a second. stocks coming off, of course, the worst day since the election. the question, did the market go down yesterday because tax cut could be delayed until maybe next year?
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>> we're just getting some headlines coming out of the drug maker meeting with president trump in the white house now. headlines, please? >> okay. president trump vowing to get drug prices lower.
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also, vowing to streamline the process for drug approvals. he also says, that's president trump, that foreign countries, he says, must now pay fair share for drug developments costs. stuart: there's a dramatic headline going right at the drug makers, three seconds and we're going to open that market. we'll be looking at the drug makers, of course. bang! we're off and running, tuesday morning straight down. 59, 60 points down in the very, very early going. left-hand side of the screen, mostly in the red. most of the dow 30 stocks are losing ground. we're down 70 points now, remember, we're down 120-odd points yesterday. concern over whether we delay on the tax cut. so, we're off and running on the down side again. the dow is at 19,900, that's where we are. a couple of individual stocks, they are moving big time. look at this, that is under amour, weaker profit, weaker sales, growth is slowing down
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and that stock is getting killed. down 26% for a major company just like that. now, apple reports its holiday sales and profits after the bell today, not much movement in the stock as it walks up to the earnings report. now, here is the drug makers, they've met with president trump this morning and he wants to get prices under control, he wants them to make drugs in america, and he will offer, maybe, hopefully streamlining the approval process. all those three drug makers are down as we speak. we'll bring you more drug stocks, a little later in the program as things settle down. wal-mart has scrapped or is scrapping its rival to amazon prime. wal-mart launching free two-day shipping on more than two million items and by the way, no membership is required. but wal-mart stock is at 66. it's tuesday morning, who do we have to cover the action? i'll tell you, elizabeth mcdonald, michael murphy, steve
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cortez and ashley webster. i want to discuss the delay in the tax cuts. i say it's a factor in the decline. what say you, michael murphy? >> absolutely. of course it is. i don't know if we're going to see that as of yet, but the market is pricing in perfection for trump and his new plans, cutting back regular laces and taxes. if there's a hiccup that's not going to happen, but i think there's nervousness because we've had a big rally. stuart: there's talk that we won't get the tax cuts for a while. put it like that. steve cortez, i think it's a negative for the market, what say you? >> i concur, no doubt about it. i don't think that's going to happen, but i guess, i would caution people to keep the decline yesterday and the decline early today in context. if you remember back in the '80s, the virginia slims commercials, we've come a long way, baby. even now with the givebacks on the last two days, versus the
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night of the election, s&p futures, we're 12% higher, a long way to go in weeks. the up trend is intact and we need the tax cuts, and need it this year. i'm okay with them prioritizing health care, but we need the tax cuts and make them retroactive. stuart: a lot of the drug meetings are down this morning. they've held a meeting with president trump and president trump says get prices down, cut prices, that's not going down well with the drug maker stocks, they are down, mostly, this morning. i see novartis up a fraction, but most are down. we're up and running and three and a half minutes into the session and dow industrials are down 71 points. just dropped below the 19,900 level. there you have it. harley davidson, shipments down, i should say they fell
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short of what the company is expecting. a weak forecast for the future and the stock is down 4 1/2%. a look at ups. they got hit with a pension charge. that hit their bottom line, and ups gave a not so rosie sort of half-hearted look to the future for profits. down over 5%. we've got a down grenade on macy's. they've been taking it on the chin recently. the down grenade pushed them down another 2%. look at dry ships. way, way up. that's a 52% gain. they've announced a successful completion of a $200 million stock offering. they wanted $200 million and the offered stock, people bought it. up it goes. 47%, there was a big gain yesterday as well. tell you more about dryships later. and i want to get back to under amour, weaker sales growth and the stock is way down. give me the story, nicole. >> way down, they are losing market share and they used to
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have double digit, more than 20% revenue growth for 26 quarters. well, guess what? that didn't happen in this holiday quarter. they had revenue growth of 12%. while they're growing at a lower pace, they had a revenue miss, earnings, their outlook for 2017 is lower than expected and as i noted, they continue to obviously have the battle of nike and adidias. and in the meantime, adidias has doubled in the u.s. for their market share and nike tried to cut prices to battle under amour. you have the footware makers battling it out. i'll say they've done well and had apparel and shoes and they've seen the growth and accessories and seen the growth. just not fast enough. as a result you see the big selloff this morning for under amour and the last thing i'll note under amour, and s&p 500 company is heavily shorted. people will bet it's going to the down side and now the
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shares outstanding are more than 20% to the down side. so, the short sellers are rewarded this morning, stuart. >> thanks very much. i still see the market down. >> and cfo is resigning. >> let's not forget that. >> chip malloy is out. stuart: got it. the dow is down 66 points. that follows from yesterday's 100 plus point loss. again, i think this has something to do with the speculation that there will be delay in delivering a tax cut. it's a very, very crowded legislative schedule. liz: wells fargo says the same. the pro growth agenda including tax cuts according to wells fargo could be undercut by a trade war and other issues coming up that could undo trump's pro growth agenda. and an opportunity to buy if the market goes down. stuart: what say you, mike murphy? >> we talked about two things on president trump, pulling back and regulations and reducing taxes. he's signed into legislation
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where he wants, he's going to reduce regulations so i think betting against him getting it done, getting tax cuts done is a bad bet. what we're seeing is decent earnings coming out. we need better earnings to support the market up at these levels, but i, for one, wouldn't be betting against him trying to get the tax cuts or at least on the table, pushing it and advancing it to some degree. stuart: we're going to keep bringing you an update on the price of drug stocks. the pharmaceuticals companies met with president trump earlier this morning. we had some headlines for it, i'll repeat them. president trump vows to cut prices and streamline the approval process for new drugs and he wants drugs made in america and he's fed up with foreigners getting our drugs cheaper than us. we do the research and development, they get the low prices. liz: and canada. ashley: consumers get passed on to costs, why we pay more for them than those around the
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world. liz: and lawyer fees, and that's what they spend on and you may see less television advertising. the people overseas benefit for america footing the big for higher drug costs. stuart: do we have with us, scott flanders. scott is the ceo of e-health, knows a thing or two about what's going on in the pharmaceutical industry. would you address, please, not your own company, and not obamacare, will you address what the president has just said about the-- to the drug makers, cut prices, streamline approval, make them in america, and quit subsidizing foreigners who get drugs cheaper than us. your comment, please, scott? >> i can't say it any better than you did, stuart. you're absolutely right and so is the president. i don't think that the president should be underestimated on this one. foreigners are getting the benefit of the r & d budgets that are completely absorbed by
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american consumers. it's just not fair. stuart: so in your estimation, lessening to those headlines as we reported them the drug makers are getting beaten up, are they? >> well, the drug makers, they occupy 10% of the total health care in this country, $300 billion and we're absorbing the r & d budgets for the rest of the world. it's not fair to middle class consumers. stuart: i wish the president would get the lawyers out of the pharmaceutical industry. i think that that would lower costs. what say you, scott? >> definitely the fda needs to be streamlined. this is part of the overall agenda of the president. he's just signed an executive order to remove two executive-- to remove two regulations for every single one passed. i think that's a very good start. stuart: let me break away from the drug makers for a second. i want to take a look at big name technology companies, i'm looking at them all coming down this morning.
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i've got microsoft down $64 a share, still near the all-time high. they're on your screens right now. facebook down, amazon, microsoft, alphabet, netflix, all down this morning in an overall down market. any comment at all. liz: they're also in a fight over the temporary travel halt. stuart: that's right. liz: with the white house, pretty much all of them are. stuart: let's not forget that jeff bezos, founder of amazon, owner of washington post and microsoft, they've, both of them have joined in this lawsuit against the president's temporary travel ban in washington. liz: amazon, microsoft and expedia. ashley: the travel ban, temporary i should point out, is to make america safe again. have anyone said all of these companies are upset. are he this putting profits ahead of the safety of the country? that's an angle. stuart: that's an angle. >> stuart. stuart: hold on a second, steve. silicon valley is going up against the president on the issue of visas. that silicon valley wants visas. sure.
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stuart: president trump hold that club over his head and they're taking him on. >> they've taking him on and they've been looking for a fight since the election and this now is their-- they've come together and all want to fight him on this. but i think that president trump is going to be able to handle this. and i think deal with it just like he's dealt with the drug companies, energy companies and deal with them head on and we'll get resolution. stuart: because the opposition is so intense and so loud and noisy, we assume that the opposition is winning. i suspect that the president still has a lot of clubs that he can wield. come into this, steve cortez. >> i think you're right. don't take my word for it. a rasmussen poll. 57% of americans approve of the restrictions. the ceo's should be careful here. the things that are popular in the board rooms of seattle on
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davos, aren't popular, the american in the midwest isn't concerned necessarily about the travel ban and probably supports it. they're concerned about economic growth and i think these companies, amazon, starbucks, stocks i like, by the way, but the ceo's should be wary of too much hubris and assuming the customers will ignore. stuart: i've got the president coming momentarily scott flanders ceo of e-health. thank you for joining us. now, watch the president. >> thank you very much, everybody, for being here. i appreciate it. there seems to be quite a bit of interest from the press, there always is, and i think you know most of my team. and you folks have done a terrific job over the years, but we have to get prices down for a lot of reasons. we have no choice. from medicare, medicaid, we have to get the prices way down so that's what we're going to be talking about, we're also
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going to be streamlining the process so that from your point, when you have a drug, you can get it approved if it works instead of waiting for many, many years. the u.s. drug companies have produced extraordinary results for our country, but the pricing has been astronomical for our country. new drugs led to longer, healthier lives, we all know that, but we have to do better accelerating cures, we're forced and focuseded on accelerating fda approvals we'll get the approval process much faster. one thing that disturbed me, they come up with a new drug for a patient who is terminal and the fda says we can't have this drug used on the patient, but they say, but the patient within four weeks will be dead, they say, well, we still can't approve the drug, we don't know
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if it works or doesn't work, but we can't approve the drug because we don't want to hurt the patient. but the patient is not going to live more than four weeks so we're going to be changing a lot of the rules. we're going to be ending global freeloading, price controls the resources for drugs and r & d, and you know that well. it's unfair to the country. we will prioritize that foreign countries pay their fair share for u.s. manufactured drugs so our drug companies have greater financial resources to accelerate the development of new cures. and i think it's so important, but right now, it's very unfair what other countries are doing to us. one thing i really want you to do, a lot of-- i've seen this over the years, but a lot of companies moved out and don't make drugs in our country anymore, a lot of that has to do with regulation and a
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lot has to do with other countries take advantage of us with their money and money supply and devaluation. our country has been run badly, we know nothing about devaluation. other countries live on devaluation. you look at what china is doing, look at what japan has done over the years, they play the money market, they play the devaluation market and we sit there like a bunch of dummies, so, you have to get your companies back here. we have to make products back, we're going to get rid of a tremendous number of regulations, i know you have some problems where you cannot even think about opening up new plants, you can't get approval for the plants and then you can't get approval to make the drug. other than that, you're doing fantastic. [laughter] >> so we're going to get that taken care of. we're going to be cutting regulation at a level nobody's ever seen before. and we're going to have tremendous protection for the people, maybe more protection for the people, but instead of
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being 9,000 majors, it can be 100 pages. and you don't have to double up and quadruple up and hire-- we have companies more people working on regulations than they have working for the company so it's very unfair. we have to lower the drug prices. the competition to keep the lower drug prices, we have competition, but a lot of times the competition dissipates. i'll oppose anything that makes a harder for smaller younger companies to take the risk to bring the company to a vibrantly competitive market, that includes price fixing by the biggest dog in the market, medicare, which is what's happening. we can increase competition, and bidding wars, big time, if we have to under that program. the numbers we pay, i know we have cases where if i go to a drug store and by aspirin, the aspirin costs me less than what the united states pays for it. and the united states is the biggest purchaser of drugs
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anywhere in the world by far. so i can buy at a drug store the aspirin for less money, right? we'll talk about that after these wonderful people that i like so much, but we have to do so much about that. we're going to have national security priorities, very important and we're going to basically work on innovation and we're going to work on price. we can save at the points of millions of dollars and you people are going to do great. you're going to do great. so what i want is, we have to get lower prices, we have to get even better innovation, and i want you to move your companies back to the united states. and i want you to manufacture in the united states. we're going to be lowering taxes bigly and get rid of regulations are that unnecessary bigly. somebody said what's the percentage of regulation and i said maybe 75%, it could be up to 80%, which is what you need because you can't even function. other countries have no
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regulation and you go there for that reason, and you produce good product. you want to be-- you want to produce good product, also, so we're going to produce great product, streamline the fda, you have a fantastic person i think i'll be naming fairly soon, who is going to streamline the fda and you're going to get your product either approved or not approved it's going to be a quick process not going to take 15 years, and we're going to do, i think, a tremendous-- i think we are going to make a tremendous difference to you. i read where it costs sometimes 2 1/2 billion dollars on average, actually to come up with a new project. that a correct statement? >> 15 years, 2 1/2 billion to come up with a product, where there's not even a safety problem, so it's crazy. you can't get them to move fasters, not even you, i'm disappointed. that's why we're here today. why we're here today. for that, i'd love to go around
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the table and introduce ourselves and let's see and we'll start a meeting and ask the press to leave, so, just two seconds, you can stay for a couple of minutes longer. >> mr. president, bob hugen from celgene corporation, in sumpter, jersey and operate in 60 countries around the world, one of the-- joined the company two years ago, ranked one of top ten in the country to go bankrupt and today through a lot of risk we've got cancer cures for patients and looking forward to engage in the discussion. >> thank you, bob. >> and mr. president, thank you for having us, glad to be here, we share with you a desire to advance innovation to eradicate some of the serious diseases you talked into your inaugural speech and confident in outlook for innovation in the country and proud to be say we're
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adding 1600 jobs this year and confidence in the outlook and innovation for the company and the industry and looking forward to continuing to advance medicines for those who are ill. >> i just heard you're adding a substantial number of jobs, thank you. >> sure. i'm greg walden, i chair the energy and commerce administration and look forward with working with the administration in the work that we can get done. >> thanks, you've worked on it long and hard and now we'll get your labors, they will have paid off. thank you very much. >> i'm the new ceo of eli lilly. 140 years in indiana and indianapolis and that's where we make a lot of our products still, in fact, hiring manufacturing jobs as i speak. and which is good news for people in indiana, but also, some of the policies you've come out and suggested, i think, will help us do more so i'm looking forward to the meeting ahead. and tax, deregulation, things that will really help us.
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>> very good, thank you. >> our good vice-president. >> and current chair of the pharma association, representing the company that employs 50,000 people and most in manufacturing, and one of the largest investments. >> thank you. >> johnson & johnson. >> and novartis, ceo, spent about $3 billion in research and development our global headquarters is up near boston. we have about 13 manufacturing sites here in the u.s. and employ about 20,000 people. >> are you going to expand? >> within the united states? >> one of the things-- one of the things that can help us is lower tax rate. when we look globally, that's a massive help. >> yep, we'll get it. >> mr. president, steve with pharma, pressure to be here, on behalf of the whole industry, we employ 4 1/2 million americans directly or indirectly. the industry invests about $70
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billion in r & d in the united states and more than any other industry. and we're just delighted to be here this morning to talk about reducing regulation and lowering taxes and we think stronger trade deals will lead to lower costs for american patients and the taxpayers. >> thank you, steven. >> i'm ken frazier, pharmacy and ceo of merck. we have been in this country for 125 years and employ about 23,000 americans employees, we invest about 7 1/2 billion a year in r & d. almost all of united states of america, and we have tremendous numbers of high paying, high skilled jobs, including manufacturing jobs in the united states. and in fact, we're bringing manufacturing back for our cancer drug, you may have heard that we have an immuno oncology drug that stimulates the immune system to kill different cancers and we're bringing jobs here, mr. president. >> thank you, thank you very much. thank you very much. okay. press, thank you.
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>> the democrats about the supreme court and the-- >> come on, let's go. >> you have to wait until 8:00 tonight for your announcement. stuart: the cameras all over the place as you can see. the president was hit with a whole bunch of questions, i don't think he replied to any of them. ashley: no. stuart: by the way i can see off camera, the camera all over the place. we don't want to get sea sick and bring you back to us. now, that was a remarkable event. the president just beat up the pharmaceutical industry. he described their prices as astronomical, and he said you'll get your production back here to the united states. ashley: he did it with a smile. and appeared like i'm on your side, come on, guys, you can do it together. bring prices down. liz: he stole a line from the democrats saying basically they're unfair trade policies for foreign countries do not pay, quote, their fair share.
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you know, the european union takes advantage and he used the term global freeloading. in other words, the u.s. consumer foots the bill for the bloated welfare states overseas in europe where they have price controls on drugs coming from the u.s. so those price controls mean u.s. consumers pay for higher drug prices. stuart: the president is articulating what his base wants to hear and what his base believes. prices are astronomical, produce in america, expand in america, and quit these foreigners getting a better deal than we get. liz: it's a trade fight. stuart: i am saying, mike, that he beat up the pharmaceutical business. >> he did it, a few things, he didn't do it through the media. he sat down with them face-to-face, told him what he wants and what he expects and said i want prices lower, but i'm going to speed up and get rid of red tape to speed up drug approval. he said it takes 15 years and 2 1/2 billion to approve a drug. if he can do that, he's giving while taking away. stuart: wait a second, overall
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if you look at wall street, you look at investors, look at the stock market and the world of money, do you think that world approves of hour president going after an industry, bringing them in, lambasting them and telling them all kinds of things and beating them up? do you think that investors will approve of that, murphy? >> i do not. stuart: no? >> i don't. it's something we've never seen before. it certainly unsettles wall street, put it that way. stuart: unique. never seen it before. liz: never seen it before and watch how the ceo's and executives there are so willing to basically say, here is what we're doing for the u.s. it's a odd time it's happening in the u.s. it's more uncertainty and volatility. stuart: maybe that's something to do with the decline in the stock market, now down about 100 points. the tape from president trump was about 12 minutes long. when we went into that tape, the dow was down 60 points, as i recall. when we come out of the tape,
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12 minutes later and we found out what the president said to pharmaceutical companies, we're down 100 points. i think you're right, murphy, i don't think that people, investors don't like what the president is doing. >> on the stocks, where is the line drawn. stuart: we're down 97 points. let's recap, the big news of the day is confrontation in the white house between the leaders of the big pharmaceutical companies and president trump. it was a confrontation. the president lambasted big pharma saying their prices are astronomical and demanding they get production back in the united states. stock market down, pharmaceuticals down. and that's in the air. we'll go to commercial break. we'll be back. heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension,
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been met with i am plaquable opposition. democrats and media allies are so opposed to this president they have decided to block everything. in addition they are piling on with harsh, sometimes personal criticism. the objective is to destablize and yes, stall this presidency. we're just 11 days in and some cabinet picks have still not had a confirmmation hearing. that is an intentional delay. president trump's policies can not implemented quickly. tonight we hear the president's supreme court pick, before we know who it is, democrat decided on all-out opposition. senator america hely threaten as filibuster. here comes almost insulting language to designed to undermined and delegitimatize. that temporary travel ban, religious intolerance, un-american. hillary clinton says this is not who we are. mr. obama weighs in to defend as he says, our core values.
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which mr. trump threatens. when president trump fired the acting attorney general, leader of the dnc, democrat national committee called him a tyrant. don't expect the president to take this lying down. that is not his style. he already tweeted his mockery of senator schummer's tears and leader pelosi's difficulties with microphone. you see that in a moment. he fired the acting attorney general who would not defend his travel ban. a warning has gone out to state department employees who will not toe the line. underlying this contentious political environment is opposition which which is going all out to halt everything. here is something that might make some democrats think twice. 10 democrat senators are up for re-election next year. if they continue to stall this president, defying some of their own voters, they may be in trouble. the second hour of "varney & company" is about to begin. ♪
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stuart: action-filled day. moments ago president trump meeting with the ceo's of the top drug companies. roll that tape. >> we're going to be ending global freeloading, foreign price controls, reduce the resources of american drug companies to finance drug and r&d, innovation. i think you people know that very well. he have unfair to this country. stuart: he said a great deal in that brief tape. amongst other things he described drug prices as astronomical. went at them with that one. make your drugs here. bring back production here to the united states. what am i missing here? liz: he is tired of global freeloading. foreign countries are exploiting cheap u.s. drug prices that u.s. consumers have to pay for. they should pay their fair share. we're waiting to hear what he says about the reimportation of cheap drugs from overseas.
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bernie sanders would applaud that. nasdaq biotech index reock coshea around in activity. stuart: drugmakers are you now going up. that is intriguing to me because the president -- ashley: they like clarity. at least now we know what is talking about. it is not good for the bottom line because they will make less money. stuart: you would think. ashley: tax cuts and other things can offset. liz: maybe they bought on the dip. stuart: what drugmakers would like from the president hess pledge to speed up approval process. get somebody along with speeding approval process up and cutting a lot of rules and regulations inside america. you build in america. you make in america. and easier for to you do that. liz: he is expected to name a new fda chief soon. stuart: nonetheless the dow industrials are down 13 points. drugmakers turned around from a loss to a plus. it is all happening. there is more. wait for it. this is an exciting day.
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breaking news on the president's cabinet picks. ashley: finally getting members approved. the senate panel approving former texas governor rick perry as energy secretary in the trump administration. so rick perry getting approved there. the gentleman on this show not that long ago, montana congressman ryan send key, approved -- sin zinke approved he by senate panel. stuart: consumer confidence came in weaker than expected? liz: slowdown. deterioration rightly. not a fraction in consumer confidence. university of michigan number came out already hit a 12-year high. home prices going up 5% from case shill ir. that is a sign of confidence. consumer spending is strong. so that means inflation. stuart: with all of this happening, check the dow 30. we have a lot more red than
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green. in fact the dow continues to move lower. now we're down 131. it is falling. ashley: look who is leading the dow, merck. stuart: merck, pfizer, the leaders, best gainers of all the dow stocks. drug companies. what a turnaround. that is extraordinary what is going on here. we were down 122 yesterday. 132 now. 252 points down in the last 24 hours. away we go. i believe this possible delay in the tax cut is a factor in this market. i'll stick to that one, believe me. couple of individual stocks that really are moving. how about under armour. growth slowing. the company's chief financial guy leaving. shares on pace for their biggest drop in one day ever, 25% down. better profit at coach. remember i always call them a democratic luxury. upey're cutting back on
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40 cents. that is over 1%. pfizer the profit fell short. hit by lower demand for products set to go off patent. nonetheless pfizer is involved in the drug company confrontation with the president and it now turned higher. look at ups, it gave a weaker profit forecast and its pension made a charge on its bottom line. they have a pension problem at ups, hit the bottom line, down 6%. big drop for ups. meanwhile the spat between senator schummer and senator trump continues. watch this. >> i would say, mr. president, if this continues, this country has big trouble. we can not have a twitter presidency. we had a monday night massacre. stuart: now, down town hal editor katie pavlich.
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stall everything, oppose everything policy and it is senator schummer who is leading the democrats right now. what say you? >> i'm hoping this democrat temper tantrum doesn't continue for the next four years. you would think that after president obama's tenure in the white house and democrats losing 1000 plus seats across the country at the state level, at the federal level, the governorships are run by republicans at this point, 33 to 50, they would be focusing on rebuilding their own parties to come up with different party to feign back those seats. instead they're opposing the guy who beat them in the 2016 presidential election which, i'm sorry, they should have seen coming based on the precedent set by a loss of all those seat. stuart: i think 10 senate democrats up for re-election next year had better be very careful how much they oppose mr. trump, president trump i should you say. katie, did you see nancy pelosi,
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leader pelosi, she had issues on the supreme court steps yesterday. watch this. >> thank you very much for coming out. is it not working? okay. the sound working? it is not on? is somebody going to deal with this? look at that moon. it's a new moon. can you hear now? can't hear? >> not working. >> bring it closer. >> can you hear now no that doesn't do any good. can we sing "this land is your land" again until we get the sound working? ♪ stuart: leader pelosi i've had trouble with my mic on occasion. look the president responded on twitter this morning, here it is. nancy pelosi and fake tears chuck schumer held a rally on the steps of supreme court. mic didn't work. a mess like the democratic party. followed by when will the democrats give us our attorney
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general and rest of the cabinet? they should be ashame of themselves. no wonder d.c. never works. have you seen anything like this before, katie? >> get nancy pelosi a bullhorn. learn things from the union. you don't have to worry about the microphone. funny part she was saying, look at the moon, it's a new moon. come on! what is happening. stuart: have you ever had to tap dance? that is what we call it. mic doesn't work something goes wrong, dead air you have to do something. looking at the moon ain't that bad. >> i think she probably could have taken the mic away from her mouth, other things, not talk about the moon. that seems a little bit silly. nancy pelosi going back to my original point should focus on rebuilding her party, by the way majority of the people out in the country think she is part of the problem, that democrats re-established their establishment so to speak. not bringing them into proper direction to regain the country. stuart: you love it, katie.
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you love this stuff. all action presidency. >> yes. we're on the run. we have running shoes on. it will not stop anytime soon. i would hope democrats focus on right things rather than only opposing for sake of opposing. opposing a supreme court nominee who hasn't been named yet is really pathetic. stuart: never supposed to say in journalism, only time will tell. it is true, only time will tell. katie, thanks for joining us. see you soon. >> see you soon. stuart: president trump will announce his supreme court pick this evening. "wall street journal" says it is down to two people on your screens right now, neil gorsuch and thomas hardiman. latest column for the wall street examiner, will potus supreme court pick lead to total war? byron york, that is total war. you know that is going to happen. >> i think democrat are a little
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bit divided on this, on just question of total war or just war. you were talking about democrats came from, who are up for re-election that come from states trump won. five democrats up for re-election in states trump won in 2016 by double digits. what will they do? there is another issue. you have a democratic base urging absolute complete warfare, do everything they can to stop trump's nominee. on the other hand it is pretty clear that senate majority leader mitch mcconnell has not come out and said it, he will not say it, if democrats filibuster the nominee i think mcconnell will use "the nuclear option" to kill the filibuster for supreme court nominations. the question for democrats is, this seat is exchanging a conservative jurist, scalia, for another conservative jurist.
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no net change in the court. do we die on this hill or maybe the next one? stuart: i suspect the next one, if there a next one within the next four years because that, that seat would probably swing the balance more in favor of the conservatives than the current vacant seat. i think the bottom line, byron, this nominee, whom suffer it is does get through. >> oh, absolutely. i think there is no doubt that they will. one of the smart things that trump did as far as partisan politics is concerned during the campaign he released that list of 21 nominees that he said he would choose his supreme court nominee from that list. these are distinguished conservative jurists. and the list was very, very well-received among republicans, among the conservative legal establishment, the conservative press.
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i mean trump could basically close his eyes and put his finger on the page and pick that one, and it would be well-received by the conservative press because it had been prevetted in conservative world. so he is going to have unanimous republican support for this nomination. stuart: you guys who study politics and follow politics, it has been a wonderful time for you, hasn't it? yes, it has. >> you guys. yes, it has been. stuart: you guys. byron, thanks a lot for being with us. see you soon. >> thank you, stuart. stuart: news from one of the drug companies. it is a biotech company actually, which where the ceo was in the meeting with president trump this morning. this is amgen? liz: amgen's ceo said, yes we will add 1600 jobs in the united states this year. the question is he dusting off old plans and fluffing them off because they were going to do that anyway. trump is saying you should bring drug manufacturing back to the u.s. we will help you.
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we will streamline regulations. so we're waiting for other ceo's to make similar announcements. stuart: amgen is a biotech company, somewhat different from big pharma but who's counting. hold on a second. the news flows very thick and fast. i have got more news for you breaking now. the next executive order, what is this? ashley: deals with cybersecurity which will be signed any minute now. each agency head, according to this executive order must manage cybersecurity in their agency. what this does, basically makes the agency leaders, his cabinet members, be more responsible for cybersecurity, recommending how to modernize information technology, their i.t. and to play a greater role in cybersecurity than rather delegating it to lower level officials. greater accountability. stuart: you know, we just step back a second. look what's happening to us. we're in the business, this "varney & company," is in the business of reporting the news
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as it happens offering context as it happens. ashley: yes. stuart: that is what people are watching these days. liz: that's correct. stuart: the news is breaking constantly. ashley: real time news. stuart: this president keeps on coming out with newsworthy item, bang, bang, bang. it is our job, cover them, analyze them, pass it on immediately. ashley: yep. stuart: that is the entertainment of the day. liz: rocking and rolling. stuart: politics is fascinating when happening like this. absolutely fascinating. i notice that the speaker ryan is holding a news conference, regularly-ask ruled news conference, holding it as we speak. i wonder if he is saying about the skimming of the tax cut. he is talking with the president about the timing of a tax cut and when we get it. if there is any news from speaker ryan on that issue, that will affect the market. liz: you're absolutely right. stuart: so far he has only talked about obamacare. he has not mentioned tax reform.
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obamacare comes first. tax reform is second. obliquely, ryan -- liz: can why can't they do it at the same time. obamacare has a lot of tax hikes in it? that is tax reform as well if he picks obamacare. stuart: the question, the schedule how much time do you need on the legislative schedule to you need to get big things done. ashley: key question. stuart: moving on to even more extraordinary news. president trump has fired the acting attorney general, her name is sally yates. she defied the temporary travel ban imposed by president trump by executive order. mr. trump's senior policy advisor, steve miller told tucker carlson last night that yates's refusal is a betrayal of her office. watch this. >> what is unprecedented here, that the justice department would refuse to defend a lawful federal order for political reasons.
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that is dangerous to our constitutional system. >> right. >> when somebody sues the government of the united states for doing its duty, the justice department is defending the taxpayers of the united states and defending the constitution of the united states. refusing to do that is again a betrayal of the office and it is unconscionable to do so. stuart: come on in please, former attorney general of the united states, john ashcroft with us now live. mr. attorney general, thank you so much for being with us on a very important day. following the firing of sally yates, the democrat national committee called president trump a tyrant. would you care to comment, sir? >> well, first of all the president is acting to defend the american people with these orders regarding immigration and refugees and he is well within the law. the office of legal counsel has established in this particular case signed off on what the president has done. so that it is not only constitutional, you but it
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conforms with the legislation that has been acted on by a variety of presidents, sponsored by democrats over the years, amended recently in the congress but not altered as to the president's authority. the president is on the soundest footing possible in this setting and he deserves the support of his justice department. when the acting attorney general of the united states decides to subordinate her sworn constitutional duty for her personal preference, it is not that the president fires her because she has a different opinion, it, it is because the president fires her because the people of this country are entitled to have their laws defended in court and if she chooses not to defend the law, which is her sworn constitution small duty and substitute her personal preference instead she has subverted the system. she really said i will be the judicial branch of government. i will decide what is appropriate and not appropriate
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and we'll deprive the american people of recourse in the courts, judicial system which is one of the three branches of government will be moved out of the equation because i'm going to throw the case. we won't defend against those attacking this law which has been relied on by president after president. stuart: president trump could have just sat still and done nothing because as soon as mr. sessions is confirmed as attorney general, he would then obey the law as written down by president trump. sally yates was not prepared, he was not prepared to wait a couple of days. what does that tell you about president trump and the way he organizes our government and the way he commands? >> well, we've already had judicial activity that relates to these orders and there are variety of settings where the law could be challenged or the orders could be challenged and the american people deserve the
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right for those to be defended and defended promptly and not to be disadvantaged for the defense of their freedom and the defense of this country and its borders as a result of the preference of the attorney general. yes, this indicate that president trump is not going to be diverted by dereliction of duty. you know if a private lawyer abandons his client and doesn't resign the private lawyer is subject to discipline by the bar, and here is a public lawyer whose client is the united states of america, who has the best judgment of the justice department, the office of legal counsel, saying this is perfectly good stuff, it is legal, it is constitutional, she decides she will abandon the side of the united states in the courts, and not to resign? i think the president of the united states did the right thing in resigning for her. stuart: mr. attorney general, thank you very much for joining us. as always sir, a pleasure and an honor. thank you. >> my pleasure.
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stuart: it really is. dow industrials, down 125 points. president trump has gone after the pharmaceutical business. some pharmaceutical stocks are up. the overall market is down. we will be back. your insurance company
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stuart: back to politics please. let's bring in our infrastructure guy, norman anderson. he represents businesses working in the private sector to get the infrastructure program going. now, you've got two big projects you say are big and definitely ready to go. number one, renewable energy transmission line. tell me. >> it's a huge project. it is a project from the texas panhandle all the way to alabama and georgia. it's a $9 billion total in terms of the transmission lines cost
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and all the wind energy anchors that project. stuart: is it ready to go right now? >> it is ready to go right now, as soon as president trump gives the order, that project hires people and starts moving dirt. stuart: privately financed? >> privately financed. 100% privately financed. stuart: no taxpayer money. >> zero taxpayer money. zero requirements except for washington to release the permits. stuart: $9 billion. >> $9 billion. stuart: wait a minute, i don't believe this. dallas to houston high speed rapid rail line? >> isn't that great? that is the sweet spot. stuart: i associate high-speed rail with california. >> right. california is a disaster. the dallas to houston, two fantastic cities, number four and number five in the u.s. the sweet spot in terms of distance between each other. the projects are paid for by the real estate developments in houston and in dallas. so it is what we call land value capture. financing $15 billion project.
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stuart: i mean, no taxpayer money involved here? >> zero taxpayer money again. stuart: how many projects are, $9 billion project with wind energy or renewable energy. a 14, $15 billion deal on high-speed rail. how many more-sizeable projects, private sector financed? >> we have a list of about 75 projects, almost $300 billion in terms of investment, all private sector money. all they require is finishing the government permitting process and engineering, completed. ready to go. it is about 600,000 jobs in terms of direct and indirect jobs. stuart: there is a big numbers, sir. >> unbelievable, isn't it? stuart: extraordinary. you never hear about this. >> once you change attitude you change everything. that is what we're hearing in washington and the country now. stuart: norman anderson, come back soon okay. >> thank thank you very much. stuart: okay. i want you to listen for a
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moment to speaker ryan at his news conference. let's see what he talking about now. >> you have a lot of military experts and warning this serves as recruiting tool for isis. are you -- >> i think the rhetoric, the rhetoric surrounding this could be used as recruiting tool. remember these countries were named by the obama administration. these countries were named in legislation that we talked about last year. these countries were named by the obama administration and there is an issue with respect to terrorists trying to infiltrate refugee population. so there is nothing. we're not here to debate. we're here to answer your questions. there is nothing wrong with taking a pause to make sure we have proper vetting standards in place so we do not have a problem like france had with paris. >> [inaudible] >> congressional staffers help the administration all the time.
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i refer you to the judicial committee on specific aspects. we weren't involved in this. chairman goodlatte walked our members through how this worked. i would refer you to him. [inaudible] >> [inaudible]. >> pretty much at the time it was being issued. i don't know exactly specifically. we were briefed on it, contents of it as it was being rolled out. and then, i had very good conversation with secretary kelly to make sure that we separate fact from myth. that we make sure that the confusion gets cleared up very quickly. clearly none of us want to see people with green cards emly indicated in this. that is not the goal. here. we want to make sure that is
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cleared up on a going forward basis. what the president asked us to focus on and agree on, we completely agree on to secure our border. we have a border security problem. that is what the physical barrier on the border is all about. question have security concerns on age of terrorism. given drugs across the border. we have opioid problem. the focus first and foremost is on border security. thank you. stuart: now that was speaker ryan. he holds a regular news conference, once a week. usually around tuesday mornings around this time. he was really addressing there the temporary travel ban which president trump signed as an executive order the day before yesterday. that would be over the weekend. one of the things that he said would be, there will be clarity on this temporary travel ban at noon today. he is holding a meeting with the powers that be and there will be clarity. anymore context to add? >> liz: i think, what he is
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talking about clarity, i think he is talking about the rollout and excuse of it, because what happened, the pentagon chief and incoming head of department of homeland security and rex tillerson were left in the dark about this they were not made aware this was going to happen. they were baffled by that apparently. stuart: implementation of the temporary travel ban was terrible. ashley: botched. stuart: it was much bod, thank you very much indeed. i think that affected the market a little bit. certainly affected the competence level of the trump administration going forward. liz: added to chaos. stuart: we'll get clarity. speaker ryan said clarity at noon today. this is a fast action news day. the president had a meeting with the pharmaceutical companies. the u.n. security council is holding a emergency meeting over iran's latest ballistic missile test. allen west is with us. allen, this seems like yet another provocation to america just as mr. trump gets rolling. what say you?
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>> well good morning, stuart and crew, good to be with you and you're absolutely right. going back to the joint comprehensive plan of action, iranian nuclear agreement iran was not supposed to do any ballistic missile tests for eight years. that agreement was supposedly accepted back in 2015. we've seen constant ballistic missile tests start in 2016. this is also a violation of u.n. resolution 2231. so iran is acting as we knew they would obtuse and belligerent test to the trump administration what they're going to do. you can guarranty russia will veto anything coming out of the u.n. resolution against iran because they are major allies on. stuart: yes, that is the united nations. we don't know what they're going to do, but mr. trump may well turn around and say, that is a provocation, deal is off. he could say that, could he not? >> you're absolutely right because of the filibuster of the
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senate democrats the iranian nuclear agreement is brought to the senate floor. it is nothing more than a executive agreement that president barack obama signed. iranians never signed on to it. stuart: allen, i have the ceo of merck speaking after his meeting at the white house. we'll listen please. >> that people will live longer and healthier lives. thank you very much. >> when the president talks about driving down costs, how are you guys going to achieve that. >> we talked about making the marketplace better for competition and patient choice. that will help patients and our companies. when you help our companies that helps create jobs in this country. >> regulatory reform. >> we also talked about regulatory reform also can stimulate innovation. >> does one go with the next in order to drive down costs do you need tax reform or regulatory reform or can they be separate? >> all these things come together to create a system good for innovation and good for jobs.
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most importantly it is good for patients in the long run. thank you. >> are you more hopeful now than you were when the lasted a administration maybe prices come down as the president talks about, tax cuts and regulatory reform and the like? >> i think there are real opportunity if we actually work on all those things, insure that we have a more efficient system that allows greater innovation for drugs we need tomorrow. conditions like alzheimer's and cancer. it allows us to lower cost in the system for everybody, most importantly for patients. so, thank you. >> share one thing also about how positive the president is and how constructive we are about reforming health care and changes he is he proposing i think are ones great for the country and have coverage. we're excited to work with him on continued reform of health care. very positive. >> how important given researchers and scientists how important to your industry is
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the immigration issue. >> we have employees from the around the world. we have to get the best scientists and best employees around the world. having access to employees and environment in our companies that stimulate diversity inclusion, very important to us, so thank you. >> thanks, guys. thanks, guys. stuart: that was i believe the third time that ken frazier, ceo of merck had tried to get away from the gaggle of the press there because they were pressing him hard. remember at 9:00 eastern time this morning the ceos of the big pharmaceutical companies walked into a meeting with president trump. the early headlines were that mr. trump, president trump had beaten them up. he described their prices as astronomical. demanded that they start to produce those drugs in america. the ceo's emerged from the meeting, addressed the microphones and of course they were, they had a go at them. how are you going to get prices down? poor ken frazier there was doing his best to get away from the gaggle. ashley: tap dancing.
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stuart: here is the story. president trump went right after big pharma. you don't see president of the night going after an industry. he got ahold of them -- i don't know where that came from. you have to bring prices down. we got that. liz: bring manufacturing back to the u.s. stuart: and bring manufacturing back to the united states. so they kind of beat them up. at first, big drug stocks went down. then they reversed. you now they have gone back up again. that's where that story is. i want to bring you up to speed on big corporations taking a political position, namely starbucks. promising 10,000 jobs to refugees. supporters of president trump threaten a boycott. cheryl casone is fog the story. what have you got? >> maybe not a good idea for ceos to go against donald trump right now. we saw nice polite faces happening at the white house. they may want to rethink this. howard schultz, basically
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supported hillary clinton, ceo of starbucks, went after president trump on twitter in the statement, but said i will hire 10,000 refugees. now on social media, those that support president trump have a new hashtag, boycott starbucks. i will protect my country, not howard schultz. stuart: hold on a second, cheryl. i have to bring brian kilmeade in from his radio show. brian, what do you make of big corporations taking a political position, broadcasting it, clear in opposition to president trump. starbucks. what do you make of this. >> number one, i'm a fan of howard schultz. he was nice enough to cooperate on my book and football player and became a tremendous ceo. i wonder when he will learn the lesson. how many times do you run the ball up the middle and not gaining any yards and keep running up the middle? why are you taking this company and hiring refugees. number one, as a customer i
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don't need anything to slow my day down at starbucks. i need a calendar to get latte. i have to deal with refugees getting acclimateed to get in the country, knowing the rides to get there and writing my name that looks like brian on the cup. why not hire americans? why pole rise the country anymore? why not go to dunkin' donuts because i agree or disagree with donald trump. clearly he disagrees with donald trump. he makes us think when we want a refreshment. stuart: brian, we do a lot of politics on this show. >> yes. stuart: one of the themes that we run, democrat are opposing everything trump, cabinet picks, supreme court picks, executive orders, no matter what it is, they're trying to stall president trump in the very early days of his presidency. did you see schumer and pelosi's rally? watch the two of them. watch this.
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>> i did. >> can you hear now? that doesn't do any good. can we sing "this land is your land" again until we get the sound working again? ♪ >> the lady in the harbor, city which i live holds a wonderful torch. we will not let this evil order extinguish that great torch. [cheering] >> real people now. >> are they here? where are they? stuart: brian, what do you think? that kind of i am plaquable opposition, will it work? >> number of one, i have real bad for me personally. i have to pick out a song in case my mic goes down, i have to pick a song. police's roxanne should my mic go out. number two, rally at hour of that night, be transparent about their planning for it. that indicates one thing.
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they want to stand in the way of donald trump. i thought schumer would be practical. see as party in tatters, i have to show a little bit of cooperation because harry reid and barack obama, no matter their intent destroyed the place. but he has been worse. stuart: senator schumer has to worry about 10 senate democrats up for re-election next year. five of whom come from state which donald trump won in the election by double digits. there is a limit how much opposition to president trump that they can come up with. stuart: here's why, stuart. goes back to you are expertise the economy, if donald trump gains power, not approval rating, never will be that high. if shows momentum and show this economy surging, the market going up and make we could start seeing two, three, maybe 4%, schumer will be afraid to get in those democrats way because he knows he will end up losing those seats and then end up more in the minority than ever before. those 10 will do what they think is the right thing to do, especially comes to the supreme court justices.
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it would be so embarrassing as a country, see a man or woman approved with 51 votes. just a terrible sign. i hope he understands it will destroy the senate if he does something like that. >> brian, look an honor to appear on your radio show. it is great having you on the tv show. we'll get together again soon. that is a promise. >> don't walk by me, stuart. just say hi. that is all i ask. stuart: you got it. we're talking about democrats doing everything they can to stall president trump's cabinet picks and we've got news on that. debbie stabenow and -- ashley: democrat from michigan will not show up for the committee vote for steve mnuchin. not calling a boycott. she will not show up. stuart: they're trying to get people away if they don't have a quorum. so if democrats stay away, that is another way of delaying it. ashley: only one so far.
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liz: she went after mnuchin for his hedge fund using cayman islands. pointedly asked questions. >> this backfires on democrats in my opinion, yes absolutely. because if they confirmed rex tillerson days ago we wouldn't have the disaster over the weekend at airports across the country. stuart: i think the democrats want. they want that. >> i think it backfires on them. stuart: grist for the mill. >> they can be blamed for it. stuart: talk of no tax cuts until 2018. just talk, just speculation. i got that. question, can the economy afford to wait until next year for tax cut? i will ask congressman, the congressman who helped write america's tax policy. i will ask him next. and this. tonight's the night president trump reveals his speak for the supreme court. special coverage starts 7:00 eastern time with our good friend and colleague lou dobbs. we'll be back. why pause a spontaneous moment?
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ashley: president trump meeting with pharma executives this morning. he says their companies have to come back to america. roll tape. >> you look what china is doing.
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you look at what japan has done over the years. they, they play the money market. they play the devaluation market and we sit there like a bunch of dummies. so you have to get your companies back here. we have to make products back. we're getting rid of a tremendous number of regulations. i know you have some problems where you can not even think about opening up new plants. you can't get approval for the plant. then you can't get approval to make the drugs. other than that, you're doing fantastic it. [laughter] liberty mutual stood with me when i was too busy with the kids to get a repair estimate. i just snapped a photo and got an estimate in 24 hours. my insurance company definitely doesn't have that... you can leave worry behind when liberty stands with you™ liberty mutual insurance
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stuart: markets down. a couple of big names we're watching, way down. under armour, growth is slowing. if this keeps up that will be the worst one-day loss for under armour ever for that stock. ups, the company gave a weak profit forecast. it is way down, 6.25% at ups. now, president trump's tax cut. lots of talk it will be delayed until the year 2018, next year. house ways and means committee member, republican from ohio, congressman jim renase. congressman, this really roiled the market when this talk emerged yesterday that we might have to wait until next year for a tax cut bill signed by the president.
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what can you add to our knowledge on this? >> well i can tell you we need to work really hard to bring tax reform into play, bring lower rates. i have said that for the last four years. i'm a business guy. i was in business for 30 years. what is strangling the economy today is regulations. stuart: look, congressman, i know you are going to have to work really hard for this but are you going to tell us that, yes, maybe we have to wait until 2018? >> well, i hope not. again, i personally have my own tax plan. i know the ways and means has a tax plan. we need to get hearings. we need to get it moving and get it rolled out. stuart: what is holding things up. >> well, at this point in time, look, the president has an agenda. we first have to repeal and reform obamacare. there is a number of things in this first 100 days but i think we should be working side by side with him and making sure tax reform occurs. stuart: well, why are we not? >> well, i know that i am. i know the ways and means
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committee continues to work toward that. we have to work together to get democrats involved and have to put a tax plan together that we can get passed reduces tax rates to stop companies from leaving. if i was in business today, could understand, we have 35% -- stuart: wait a second, surely both sides agree on that get tax rates down. i don't know anybody who dizzy agrees with that, so where is the disagreement? >> well the frustration always is people say corporations don't pay any taxes. quite frankly stuart, corporations pass taxes on to consumers. so they don't pay taxes even if they are paying them. that is what i have said all along. have to get politics out of the way. the frustration for me as business guy, politics gets in the way. republicans if they have a good idea republicans have a problem with it. if democrats have a good idea, republicans have a problem with it. we have to come up with a solution together. stuart: congressman, the base, the republican base wants a tax cut for corporations and individuals. investors want a tax cut because
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that is the way they see the economy as growing at 4 or or better percent. do you understand the frustration from the base? republicans investors, this is what they want. >> stuart, there is nobody more frustrater straighted than me. i'm a business guy and in a legislative body very frustrating. i used to get things done like donald trump is getting them done. i'm appreciative of what he is doing. we need to be able to move forward. you're right, people want tax cuts. i like that donald trump want to get the corporate rate down to 15%. i like that he wants to reduce the individual tax rates. i agree with that. i have my own personal tax plan that does exact same thing. it reduces corporate rate to zero. we have to be able to move the economy forward. stuart: what is the opposition? who opposes cutting tax rates? who amongst the republicans opposes this? >> well i don't think anybody among republicans. i do think there have some democrats.
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we have to get this out on floor and have hearings. we have to find out who is agreeing or disagreeing. my biggest frustration we don't have enough hearings. don't have enough hearings to let people engage. if you're disagreeing, hear it publicly. but if we just sit back and don't come together with these hearings, then you're right we'll have stalemates. that is the frustration that i have. stuart: i'm reading between the lines, congressman. doesn't look to me we'll get a tax cutting package at least until the summer or maybe even the fall. would you agree with that? >> well i do think because of timing we first have to repeal and reform the obamacare. that is going to be the starting point. we have to reduce regulations. so there is a lot has to be done in the first 100 days. i think tax reform will follow right after that, very quickly after that. >> dow down, do dow industrials down 160. thanks for joining us, thank you. i will stay on the tax cuts. varney viewers not pleased with
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coverage of story, accusing "varney & company" spreading rumors? we'll deal with it. ♪ ♪
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stuart: there is talk that president trump's tax cut will be delayed, maybe until 2018. okay. some of our viewers were not happy with our coverage of this. they said we were spreading rumors. look at what people like you had to say. first off from cathy. mr. varney, seriously? reporting on anonymous source, rumor and chatter from social media, unverified conjecture regarding tax easement? please, honorable sir, you are better than that. okay. linda says, why are you perpetuating rumors about the tax cut? stick to the news. low level employee facebook posts are not news. last one from ken, varney, how about easing up on the rumormongering. if the tax relief is delayed, better than what you would have gotten from the other candidate. okay. fair points all around. ash, liz, we did use the word rumor. probably shouldn't have done that i agree with that.
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however, we sourced the story to the meeting of republicans, an aide had spoken anonymously. that is what we picked up on. that is my defense, what say you. liz: that's true. and ashley agrees we don't report rumors. it is wrong to report rumors. it is not journalism to report rumors. we were going off of a report about the philly meeting that says the deliver tax cuts, republicans saying maybe later this year or next. ashley: we were trying to give context. why was the market diving like that. there was that belief, concern over delayed tax cut were having impact on the market. of course it was political turmoil around the travel ban and president trump but we were giving it some context. stuart: we were. that is indeed why one of the reasons market sold off yesterday, that was sourced to meeting with republicans. i think we did okay. i regret using the word rumor,
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stuart: the president is successfully pushing the policies that got him elected. during the campaign he demanded a change in immigration policy. he's got part of it already. the temporary travel ban was a start, and despite intense opposition, it is in place. success. he demanded red tape reform, he's got it. his executive order to eliminate two rules for every new one is a very good start. repeal and replace obamacare, he new congress. in progress. nominate a supreme court justice to replace antonin scalia, we get that pick tonight. renegotiate trade deals. we've already dropped out of the tpp. tax cuts, not this place yet, no deal with congress yet. not good, but we live in hope,
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do we not? bottom line, a lot of action, a lot of progress. president trump is pushing for and getting many of his campaign pledges. yes, the opposition is intense, it is very noisy. anti-trump messages fill the airwaves, the newspapers and social media. but so far the successes are being chalked up by the trump camp. third hour of "varney & company" about to begin. ♪ ♪ stuart: well, you just heard what i had to say about the success of hur new president, donald trump -- of our new president, donald trump. peter kiernan joins us. peter, a, am i right that he is, indeed, chalking up a lot of success? is and, b, do we need to judge him slightly differently because he's the first and only businessman president ever? >> i think we have to judge him differently. and, frankly, i know the markets
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had a bad day yesterday, but don't confuse media volatility with market volatility. basically, what's going on is people are looking for the underside of every decision. and so it doesn't matter what he says, you can count on schumer to have a very stirring, striking response. stuart: wait a minute. the market is down 150 points, 122 yesterday. i think that was in large part due to the likelihood of big delay for the tax cuts. now, that's not a success for president trump. be that's, that's a genuine concern for the market. >> well, i have to say it's ironic, isn't it, that he made the exact same mistake that president obama did which is he started with obamacare. obamacare and all health care is quicksand. it takes years to work it out. what he should have done, in my opinion, started with the stuff everybody agrees. everybody agrees on infrastructure, everybody agrees on tax cuts, everybody agrees on jobs. build momentum there and then take the tough stuff.
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he got snookered into taking obamacare first, and i think that's a mistake. stuart: and we're down 157 as we speak. peter, stay there, please. i've got a lot more for you in just a moment. we're going to bring this to the attention of our viewers, president trump, he wrapped up his meeting with the big pharmaceutical companies, their executives today. he promised to cut drug prices. watch this. >> we have to get prices down for a lot of reasons. we have no choice. for medicare, for medicaid, we have to get the prices way down, so that's what we're going to be talking about. we're also going to be streamlining the process so that from your standpoint, when you have a drug, you can actually get it approved if it works instead of waiting for many, many years. stuart: get drug prices down and streamline the approval process. what else did he say, liz? >> that was key, the streamlining, because he wants them to bring their manufacturing plants back to the u.s. if you cut that regulation, you can build factories here. he also brought up, hey, what's
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going on now is you're building overseas, doing the currency devaluation play. he's also saying that, listen, there's global freeloading going on because we've got foreign consumers taking advantage of cheap drug prices there because they've got price controls, they have bloated welfare states whereas u.s. consumers get dinged by it. he's saying, he took a line from president obama and the democrats, you, foreign governments, you have to pay, quote, your fair share. you, foreign consumer, you've got to pay your fair share for high u.s. drug prices. stuart: peter kiernan, big picture. here we have the president of the united states taking to task, frankly, beating up an entire industry. i don't think the market likes that. >> you know, they don't, but he's right to do it. actually, he kind of divided it into two parts, which i like. if you have a drug that was someplaceically invented in -- basically invented in 1990 and you're increasing the price, all you doing is price gouging. he wants the cancer-curing drugs, the real breakthrough opportunities, and he wants to
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clear out that underbrush and stop price be gouging. the if he does those two things simultaneously, it'll be great for the economy. stuart: by the way, amgen came out of the meeting, biotech company finish. >> that's right. stuart: -- and said we're going to raise -- >> they're going to create 1600 jobs in the u.s. so far they're the only drug exec who said they are going to expand and create new jobs in the u.s. stuart: all right. that from amgen, don't forget that. >> that's right. stuart: more on the breaking news that we brought you last hour. i'm going to call this obstructionism from the democrats. this time from senator debbie stabenow -- >> actually, it's much better than that, all democrats on the senate finance committee are boycotting the confirmation votes for health and human services nominee tom price as well as treasury secretary candidate or nominee steve mnuchin. stuart: all of them. >> saying they want more information. in particular, they talked about they want more information, they say tom price wasn't truthful with them, continuing on the issue of his financial holdings
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and his dealings with certain stocks in the health care industry. stuart: but regardless of the merits of their argument -- >> the votes are postponed indefinitely until they get this sorted out. the republicans were waiting down the hallway to begin thes process of the confirmation votes, and the democrats were down the other end giving a rest conference saying we're not going to show up. stuart: it's a parliamentary maneuver because you can't have a vote unless you have a quorum. if they're not there, you can't vote, indefinite delay. >> right. stuart: stall and oppose. [laughter] president trump firing the acting attorney general, sally yates, just hours after she refused to enforce his immigration order. the dnc called president trump a tyrant because of this. here's the quote. he cannot silence the growing voices of an american people now wide awake to his tyrannical presidency. joining us now, david rivkin, associate white house counsel under george w. bush.
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tyrannical? tyrant? what say you, david? >> it's absurd, stuart. irrespective of what one thinks about the policy merits of this executive order -- and i happen to think it has policy merits finish the job of a lawyer in government or private sector is to zealously represent one's client. even if you do not like the policy merits of a given course of action. the fact that she has not done so is an abdication of her obligations as a lawyer. and let me point out for the benefit of the viewers, president obama with just the department blessing had a six month moratorium on all refugee admissions from iraq justifying it, essentially, on the same grounds, inability to properly vet. now, you could say to me there was one country, iraq, for six months, and here we've got seven countries. but as a legal matter, there's absolutely no difference, stuart, between the legal merits of obama's policies and trump's policies. so we're talking about a disloyal attorney general
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knowing full well that the department defended identically, legally significant policy by the previous president engaged in grandstanding. i find it reprehensible. this is a conduct that no lawyer should engage in. stuart well, it's another act of opposition and stalling, and we've just heard news that the democrats are not going to show up for the confirmation votes for secretary to the treasury mnuchin and tom price at health and human services. >> but, stuart, if i may -- stuart: go ahead. >> the important distinction is if you're a politician, you can behave -- stuart: right. >> -- in a way you just described. lawyers are not supposed to engage in that kind of grandstanding. they're supposed to represent their client zealously, and i just find it appalling. she should have quit, but refusing to do it so she'll be fired is a conduct unbecoming a lawyer. stuart: now, let's look forward, david. president trump announces his nominee for the supreme court tonight, and senator jeff merkley has already threatened a
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filibuster. i see this as more of the stall, oppose, stop, halt, reverse of everything trump. is it going to be successful with the supreme court nominee? >> two things. i think whichever nominee he chooses from the three top candidates would be a superb nominee very much in the mold of justice scalia. i believe that that person would be confirmed, and if democrats try to filibuster, the filly buster -- filibuster for supreme court nominees would be abolished just as democrats abolished by simple majority under harry reid. so in effect, we are almost there as judicial nominees are concerned. i frankly don't think they're going to filibuster for that reason. they understand that. stuart: david rivkin, thank you very much, indeed, sir. i have to segway very quickly to the jeff sessions confirmation
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hearing where we've just had -- that's senator durbin. what was the comment from the democrats there, mike? tell me again? okay. they're questioning jeff sessions on the holocaust and the relationship between the travel ban executive order and what happened with jewish immigrants coming to america in the 930s and early '40s. >> yeah. stuart: watch this. >> senator sessions and i have disagreed on a lot of issues. there was one, though, that we tried to work together on, and we achieved something. i've cast thousands of votes as a member of the house and the senate. i am proud of almost all of them. but i'm embarrassed by one. and i'll tell you what it was, because it should be a matter of record here as we debate this nomination of senator sessions. turning to a book here called "white rage" by carol anderson who teaches at emory.
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i gave a copy of this book to senator sessions when he came by my office, because i was hoping he might get a chance to read it. dr. anderson talks about 1986 when congress passed the anti-drug abuse act which stipulated mandatory sentencing and emphasized punishment over treatment. it created a 100-1 dispair disparity in sentencing between crack and cocaine based on the myth that the cheap rock was more addictive than its powder form. i remember those days. i was in the house. it was also the time when a spectacular basketball player -- stuart: we dropped into the, jeff sessions' confirmation hearing there momentarily to listen to senator durbin who likens the trump executive order travel ban to the exclusion of jewish people coming to america in the '30s and 40s. he was trying to link jeff sessions to the travel ban and
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in turn link it to what happened many, many years ago. we thought we'd let you into that because this is intense opposition to every single cabinet nominee that donald trump has put forward. that's what's happening there. on the markets we're still on the downside. we're losing 140 points as we speak, 19,8 is where we are. we have got a lot more for you after this. stay with us, please, big day. it's just... we were going to ask about it but we weren't sure when. so thanks. being upfront is how edward jones makes sense of investing. and her new mobile wedding business.tte at first, getting paid was tough... until she got quickbooks. now she sends invoices, sees when they've been viewed and ta-da, paid twice as fast! see how at quickbooks-dot-com.
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stuart: now this, reports that president trump's team kept in the dark about his travel ban order. who was kept out of it? >> the pentagon chief, james mattis, homeland security incoming, john kelly -- who also, by the way, lost a son in the war overseas, in afghanistan. also the secretary of state, rex tillerson. they all are seemingly baffled according to this report that they were kept in the dark when this is the team that's supposed to implement it. and also this coming this, the
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senior staffers on house judiciary committee helped draft and write the executive order curbing immigration from these seven terror hot spots, but they didn't tell bob goodlatte who's the house judiciary chair about it. so he was kept in the dark even though he's supposed to help oversee imamendmentation of the order. stuart: can we all agree implementation was not good? >> yes, we can. it was a rookie move. if you don't include the people you brought in to guide you, then you're probably going to misstep, and that's exactly what the president did. stuart: hurt the market a little bit at least. come on in, the president of the alliance for american manufacturing. scott, welcome to the program. i know that you want to bring those jobs back to america and that president trump will do that for you. howhowever, i've got a question about the tax cut plan. we've had all kinds of speculation it's going to be delayed at least until the summer, maybe the fall. there's even talk of next year.
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this is not good for you guys, is it? >> well, clearly the more that we can do to have a resurgence in manufacturing, the earlier the better. infrastructure, tax code, i think those things are pressing needs. i mean, the challenge is pretty obvious that you're operating under a procedure because of the budget resolution where they have to clear the decks on health care before they can move on to the tax code conversation. i think the other challenge is that something like reforming the corporate tax code or doing a big infrastructure investment -- which i think is also important -- will require a bipartisan working group and cooperation to get done, and it certainly doesn't seem like that's the vibe at least today. stuart: in your opinion -- and i know you're a trump supporter, i know you support his program -- but in your opinion, did we make a mistake by not having the first priority as the tax cut package? >> sure. i think that we are.
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we're nonpartisan, and i, you know, we agree with the president on some issues, we strongly disagree on some others, but we're united in terms of manufacturing. but i think that's right. i think that, you know, one of the lessons that i've seen from various presidencies is the extent to which you can both drive an agenda and bring people together. of it's critically important. and on these once in a generation issues like reforming the tax code, it is going to take a serious amount of cooperation among democrats and republicans. and it will produce tangible results for the country, that's the other thing as well. you will see economic growth pick up, you will see some of those hard hat jobs come back. and if there's any lesson that we should have learned from this election, it's that the working class voters -- those folks who are in factories and construction -- very much feel left behind, and the extent to which you can address their concerns, i think that's going to make us all better off. stuart: from the point of view of american manufacturing, which
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would you rather have first? a tax cut package or massive deregulation? >> it's a good question, stuart, and i think on balance the tax piece matters a lot more because that is a permanent, structural change that is long overdue. there are massive incentives -- stuart: did you say that to him, scott? did you say that to the president? because i know you were in the meeting with him. did you -- i though you don't lay down the law to donald trump, but did you press the point, we want a tax cut? >> we've made that point both through written and direct communications that we think that the corporate tax reform -- stuart: and what did he say? what did he say? >> i -- look, i think there's a, you know, the administration understands that there's a need to do trade policy, tax reform, infrastructure investment, all of that. i mean, how these priorities lined up, you know, you have to talk to congressman ryan, speaker ryan, and you have to
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talk to senator mcconnell about how you're going to proceed with that. and, you know, the die has already been cast on the health care piece. i don't think that was a smart tactic. again -- stuart: yeah. >> -- deliver something where we're going to have broadly-shared benefits. i think that's an important thing for the american people. stuart: scott paul, look, thanks very much for joining us. i didn't mean to take you to task on taxes which you have no control over, but thanks for joining us anyway. >> quite all right, stuart, thank you. stuart: check the big board, we're down 134 points as we speak. a couple of big names that are moving, first off, harley davidson. shipments down or, rather, they fell short of what the company hoped for. they have a weak forecast, down 3%. macy's stock, already clobbered from this retail ice age story that we've been following, somebody downgraded macy's, and they're off another 2%.
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how about try ships? -- dry ships? don't hear much about them. announcing the successful completion of a $200 million stock offering. in other words, they wanted to bring in some money, they offered some more stock, we bought it, and up goes the stock. what's that? 85% up as we speak. that's what's called a rally, ladies and gentlemen. amazon's jeff bezos, he's the co-founder of amazon, he's also the owner of "the washington post," he's the third richest man in the world. now, he's joining forces with washington state, he's joining in a lawsuit over president trump's immigration orderses. we're following that story for you. more on that in a moment. also, another executive order, this time on cybersecurity. we'll tell you what's all in that and what it's all about up next. ♪ ♪ your insurance company
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for a free quote today. liberty stands with you™. liberty mutual insurance. stuart: right there in the white house the president's expected to sign an executive order on cybersecurity. give me a headline. >> yeah, okay. what he wants is a more resistant computer system against the hackers. i don't know whether that's possible, but he's having each agency head report back what do you need to modernize your
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systems so that we can keep the mackers out. however -- hackers out. however, he's also been a big proponent of keeping the internet free, how do we stop crossing the line into government intervention. stuart: this is all about privacy, whose cell phone can the government get into, is that it, peter? >> i think it's awful close to that privacy issue that people care so much about. i want to have my ability to conduct my life, but i do think this notion of exploring how well prepared we are against a cyber attack is going to uncover a lot of naked elements of our government which we have to cover up. stuart: by the way, ladies and gentlemen, at the sessions hearing, senator durbin has just said that the recent election was the result of the worst foreign espionage act ever. that's why hillary clinton lost. we'll be back.
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stuart: i think it's true to say, and i have been saying it, that democrats have decided on an all-out opposition to everything that president trump's doing. they're delaying confirmation hearings for cabinet picks, and they're already threatening to filibuster donald trump's supreme court pick. doug schoen is with us now, he is a former clinton pollster. is this a good tactic? and i mean that in the sense of is it a winning tactic for the democrats?
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>> short term, perhaps, yes. long term, definitely not. clearly, the executive order on immigration was not fully thought out when it was done -- stuart: true. >> but the underlying support for the premise remains strong. and to just attack the president, particularly one who won many of the swing states that are up for grabs in the senate elections two years hence, is, i think, shortsighted at best, a losing strategy at worst. stuart: are you -- a losing strategy in the longer term. >> yeah. stuart: are you referring to the ten senate democrats who are up for re-election next year, five of whom come from states where mr. trump won by double digits? that's the problem, isn't it? >> yes. that's exactly right. and in the five states trump won by double digits or more, to take him on this front this quickly over an issue like immigration is bad politics, perhaps bad policy and certainly
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not what i would recommend as a centrist. stuart: how about the supreme court? i can't see senator manchin, west virginia democrat, i can't see him voting against president trump's supreme court pick on the grounds that many, many people in west virginia want that supreme court pick on supreme court. >> well, let's get a nominee, let's figure out what's going to happen and then go from there. but i would not -- stuart: i think that's irrelevant, doug. it doesn't matter who president trump puts up -- >> i think it matters to joe manchin. i would certainly tell him wait for the hearings to be done, make a decision based on the evidence collected rather than saying whoever it is i'm voting yes or no. that's not how we operate here, nor should we. stuart: what about the senator from north dakota? north dakota was won by president trump way, i mean, way more than 20 points, i think, more like 30 points he won by there. and the senator from north dakota is a democrat. >> she is. and be i would give the same
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advice to heidi heitkamp that i would give to joe manchin. let's go through the process. there's too much in our politics, democrat and republican, of rushing to judgment before all the evidence is in. stuart: i'll say it again, the left has run away with your party. >> i agree with that, but i would like there to be a centrist consensus to make policy for all americans rather than top right at the extremes. stuart: i'm looking, i don't see it. >> i understand, but you know what? it's right, reasonable and responsible. stuart: yeah, but i don't see it. >> right. we have to aspirational seek things rather than simply decry what we don't like. stuart: are you using my program to rally centrist democrats behind your cause? >> centrist americans. not democrats, americans. because you, stuart, are a person of goodwill who believes in people coming together for the common good, not ideological polarization to demonize and divide. [laughter] stuart: are you putting words in my mouth? >> it's my perception over six
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or seven years of watching you with great pride and respect. stuart: i'll take it. >> you should. stuart: still a democrat. >> absolutely. stuart: appreciate it. we are down now over 150 points, testing 19,800. let's take a look at a drug stock, pfizer. now, they were in the meeting this morning with president trump. president trump kind of beat them up, but he did say he'd speed up the approval process. maybe that's why pfizer on the upside. check out ups, they've got hit with a charge to their bottom line because they've got pension problems there, and that's taken that company down nearly 6% as we speak. now this, in the last hour on this program, congressman jim -- [inaudible] said that they are going ahead with repealing obamacare, but they're doing that first instead of going ahead with the tax reform bill first. watch this. >> well, at this point in time, look, the president has an agenda. we first have to repeal and reform obamacare.
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there's a number of things in this first hundred days. stuart: peter kiernan, i think that's a mistake. that's my opinion, and i think the fact that there might be a delay in the tax package is hurting the stock market, and you say what? >> i agree with you, and i have to say that it's extraordinary to me that president trump would make the exact same mistake that president obama did which is to lean into health care as your first order of business. you'll remember obamacare got passed with great pain, and then they never passed another significant bill. what is coming up here is a long debate on how to solve a very complicated problem in health care, and there are other things upon which everybody agrees, including the tax consistent, and that's where he should have started. stuart: okay. i want to check out the big name technology stocks. earnings are out this week for apple, facebook and amazon. now, of those technology companies, peter, you say that the leaders are amazon and facebook. in what sense are they leaders? >> i think amazon particularly has taken the lead position.
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if you look at it, 20 years ago that stock is up from its ipo in 1997 42,000%. that has been, if you put a thousand bucks in, it'd be $420 grand today. and that company has gone way beyond the e-tailing it started as. and they sell more apparel now than macy's. stuart: did you buy way back when when you were a partner at goldman sachs? [laughter] >> the question that's even more pertinent is did i sell along the way, and, yes, i did. [laughter] that was my mistake. that is an all-star company, and if you're a company that doesn't compete with amazon, you're doing better than anybody who is. [laughter] stuart: well said, peter. all right. now, i'm staying with the tech companies for a moment because amazon, microsoft and expedia have joined the state of washington in a lawsuit against president trump's panel -- travel ban. judge napolitano is back with us in this 11:00 hour. >> i haven't seen think papers
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filed, but at first blush i would say they don't have standing. stuart: okay. >> standing means they haven'tne president did and, therefore, they don't have the basis to bring him into court. the people who brought him into court on saturday night and throughout sunday were people actually detowned at airports -- detained at airports who had papers or in their hands indicating lawful admission. they were injured by what he did, and so they had the right to drag him into court. stuart: so the judge should throw this out on the grounds that you've got no standing to make your case in this court. >> precisely. stuart: that will happen. however, there's another side to this coin, it's not necessarily legal. when a major corporation takes sides in a political issue, that corporation runs significant risk of retaliation from the people that they're really going to annoy. >> yes, correct. who are their potential customers. stuart: precisely. >> of course, in the case of amazon as you were talking about with peter, do they have any competition? [laughter] stuart: wait a second. could a shareholder of amazon
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sue jeff bezos? >> yes. stuart: and the company on the grounds -- >> not personally, but in his capacity -- stuart: urged sue amazon? -- you could sue amazon? >> yes, absolutely. stuart: because you brought my stock price down. >> that would be a classic shareholder litigation. these things happen all the time, but they usually don't happen over politics. they usually happen over some economic decision that lowers the share value. stuart: the ceo says a statement, and down goes the stock. >> exactly. stuart: i've got to get to this real fast. the may mayor of new york city, bill de blasio, he indicates he will shield illegal immigrants charged with drunk driving from deportation because he says it isn't necessarily a violent crime. what do you make of this? >> it's a close one because some drunk driving is harmless, meaning no one was harmed by the driver. the police stop the person, they took the breathalyzer, they found there was too much alcohol in the blood, arrested them, the next day they let them go, they
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pleaded guilty a few months later. there was no accident, there was no violence. the federal statute is written such that a person present from another country who has committed a felony is subject to deportation. stuart: right. >> drunk driving is ordinarily -- it's different in each state -- not considered a felony because, for the most part, without injury and without a repetitive history of this a single act of drunk driving does not qualify for a felony because the maximum penalty is less than a year in jail. so i think that -- it's hard for me to agree with the mayor on an issue like this, but i think on this he's on solid ground. stuart: legally, you can agree with him fair enough. >> he may be doing this for political reasons, he's running for re-election, but legally he can do it. stuart: do you think he's going to get much support from he shields drunk drivers from the feds or anybody else? >> shielding immigrant drunk drivers from the fed.
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stuart: i still don't think that's going to be popular. >> oh, there's a class of voters in new york, there's a class of voters in new york city who have such a soft spot in their hearts for immigrants, they support when this type of thing happens. that's my political observation from living here. stuart: driving drunk, regardless of the outcome, poses a risk to everybody. >> yes. stuart: and the mayor is going to defend them in. >> remember, you're talking about a city where most people, even wealthy people, don't drive. this is not on their radar screen. i think de blasio is doing something he thinks is politically popular, and i suggest to you whether it's politically popular or not i don't know, but it's on sound legal ground. stuart: i don't like that tie either. [laughter] >> i rather like yours. stuart: you can buy it, son. [laughter] >> for more than you paid for it, no doubt. stuart: the script says thank you, judge. [laughter] thank you, judge. president trump will continue to enforce an executive order protecting gay rights in the workplace. liz? >> yes. he's staying with the executive
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order president obama signed in 2014 protecting gay people with federal contractors and in his statement about it, he said i do support gay or transgender rights. i will continue to protect, you know, the gay and transgender community against violence and oppression. he's proud that he's the first-ever gop candidate to mention gay and -- the community in his acceptance speech. now the issue is his supreme court pick and how that individual stands on gay marriage. stuart: i wonder if that statement will be headline news in "the new york times." probably not. >> no. >> no, they are covering it, the times is covering it. stuart: not a headline, though, on the front page? i doubt it. >> have to check it. stuart: i doubt it. [laughter] what if i told you democrats push for the same policies as donald trump on immigration? we checked the facts. find out what we found out. and then there's austria. they want a ban on burkas. women can't cover their faces in public. that's austria, we're back.
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but first, maria bartiromo's contentious interview with debbie wasserman schultz. maria challenged her on regulation. here's the highlight. >> i'm serious, i'm pushing become -- >> let's not argue. >> i'm pushing back with real issues here. >> no, you're pushing back with republican talking points. [laughter] >> they say these -- >> do you think we should have -- maria, do you think we should have just left things the way they were, and we should just let the banks do whatever they want -- >> i'm not talking about, i'm not talking about the -- >> we shouldn't protect the consumer? >> i'm not talking about the days and the months after the financial crisis, debbie. >> neither am i. i'm talking about permanent -- >> i'm talking about the thousands of epa regulations -- >> -- taking advantage of consumers. we need regulation of a system that was taking advantage of consumers where tens of thousands of people -- more than that -- lost their homes. people who were economically devastated. you have wastelands of neighborhoods that were dotted
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with foreclosures and short sales -- >> why are you taking us back to the financial crisis? it's been a decade.
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♪ ♪ >> another day of losses, yesterday the dow dropped 122 points, right now down 158. 19,812, we're also seeing the s&p 500 and the nasdaq selling off as well to the tune of about a half of 1%.
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a slew of the sectors are lower including goldman sachs, intel, jpmorgan. weighing on the dow, exxon, writing down the value of about $2 billion in assets after they've had a tough time with the oil drilling business. cybersecurity stocks, on the other hand, you could turn those arrows around to up arrows. president trump expected to be focusing on cybersecurity today, also some positive comments from the sector overall in demand, and that's looking great. all of those higher by 2%. ups came out with quarterly numbers, down 5%. start your day on fox business, 5 a.m. with me and lauren simonetti.
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stuart: there is news on austria today. the government there is planning, wait for it, a ban on burkas, ashley? >> well, it's the part, the veil that covers the face. it's the burka. the central leftist government of austria doing this really to appease more far-right voters out there who are now siding with far-right parties, and these centrist parties are losing ground. they're doing this as a move, basically, they say we live in an open society, so based on open communication, full-body veils this public spaces stand against that and will, therefore, be prohibited. the question is, will all types of costumes that cover the face be banned? that's a question that hasn't been -- stuart: no, no, my question, i'm sorry, my question is to peter, will it work politically? will it drag support back to the centrist parties of austria as
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oppose toed the right-wing parties? >> i don't think it'll work any better than it did in france. >> yes. >> this is a failed policy, it never works, and how many times do you have to see it before you figure out the answer? >> you know what? it's imprisoning women via clothes, and it's also a security issue -- stuart: i'm with you, liz. i'm not with you, kiernan. >> all right. well, there we go. shall i leave? [laughter] tooth stuart no -- >> you're not through with me yet. stuart: hold on a second. president trump facing backlash from democrats over his travel ban. it is a temporary travel restriction, i think we should call it that. larry elder, salem radio, nationally syndicated talk show host, is with us. i believe, i've been listening to you and watching you, you're calling the the left a bunch of hypocrites. explain yourself, larry. [laughter] >> you know, stuart, if i had a dime for every time donald trump during the campaign said he was going to do this, i could afford an apartment in trump towers. what are they freaking out for?
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this is exactly what he promised he would do. obama restricted some travel for iraqis for several months. jimmy carter did the same thing for iranians, and there was a piece in the washington examiner that came out in june of last year that said obama restricted travel from several countries six times. nobody said anything. where were all these protesters then? stuart: well, what's this all about then? the democrats looking for votes from immigrants? i mean, what's it all about? what's at the heart of this? >> tds, trump derangement syndrome. these people lining up to get after donald trump no matter what. already -- that's why they're talking about the fact that he lost the popular vote. they're trying to undermine his legitimacy to go after his agenda. it's all about taking down donald trump by any means necessary. stuart: larry, hold on one second, i just want to tell everybody that the full senate has just approved betsy devos to be the next education secretary. approved, that was just voted on
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to. the committee, i'm sorry, it was the committee that voted. then it goes to the full senate, and it is pretty much assured that she will be the next education secretary. she is very much in favor of school choice, very much opposed to the teachers union, but it looks like she is going to be the next education secretary of the united states. back to larry elder. i want to talk about california, your home state. [laughter] larry, your home state is considering statewide sanctuary status. in other words, not a -- >> right. stuart: -- sanctuary city, but a sanctuary state. i'm sure you're to opposed. [laughter] >> of course i'm opposed to it. and california already hired erin holder to defend them -- eric holder to defend them against the federal government when they try to cut off federal funds in order to end sanctuary cities. this is california. this is the place where at lax, as we speak, protesters recently were waving mexican flags to protest a muslim ban.
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you figure that one out. [laughter] stuart: no, actually, larry, i cannot figure that one out, but i'm trying hard. [laughter] larry, thanks very much for joining us. it's always a pleasure. we'll see you again soon, thank you very much. >> my pleasure. stuart: a downside market today, this is not the low of the day, but it's close, down 156 at 19,800. we'll be back. my business was built with passion... but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... which adds fuel to my bottom line. what's in your wallet?
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stuart: now, this was big news moments ago. betsy devos has been approved by the committee to become the next education secretary. peter, everybody else, this really surprised me. harder time because she's going right up against the teachers union which exerts enormous power in congress, peter. >> there's no doubt about it, and her passion for school choice goes right as an existential threat to the teachers union. frankly, what this means is that the full senate is going to get a chance to opine. i'm very surprised as well. i thought they'd put up a bigger fight. stuart: i thought the fight of them all would be against betsy devos because of the teachers union. >> yeah. stuart: and she is very much for school choice. now, the other story here is president obama -- not quite sure the correct form of address when you're referring to a former president, barack obama,
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if you like -- criticizing president trump just ten days into his presidency. the criticism concerns president trump's executive travel ban order. my question to you, peter, is, is barack obama -- president obama -- is he still now trying to lead the democratic party? >> i think he almost has no choice. who is going to step into that role? hillary clinton has kind of disappeared, and you have schumer who's sort of the argumentative type, so there really isn't a voice to the party. he's chosen to do something highly unusual. even george bush has said when you're out, keep your mouth shut. [laughter] you should basically keep your mouth shut about -- stuart: well, he is popular. >> so cynical. i mean, it's so cynical what obama said. by the way, this travel visa ban or, if you can call it that, was started under obama, and the democrats supported it including schumer in 2015. >> but he says i never discriminated against individuals because of their faith or --
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>> that's not what the ban is. >> it's a ban against immigrants coming out of these seven terror hot spots. stuart so you're saying barack obama has brought in a spurious issue with which to criticize president trump. >> yes. >> right. stuart: and president trump never mentioned religion -- >> he says the engagement taking place, in other words, he's happy with the protests. stuart: and you still think he's emerging as one of the only leaders around. >> i don't think they have much of a choice. stuart all right. what a show. jam packed from beginning to end. we're not quite at the end yet, more "varney" after this.
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stuart: tuesday, confrontation tuesday. at white house confrontation between president trump and ceos of big pharmaceutical companies. on capitol hill, confrontation, democrats not showing up for confirmation hearings for newspaper mnuchin for treasury and price for health and human services. confrontation. >> markets don't do votes of no
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confidence very long. don't be fooled bit trade. stuart: you would buy stocks. >> this is opportunity here. stuart: last 10 seconds of the show, gives us the information, by that market. you're all right, keirnen, no matter what they say. ash, liz, peter, thank you very much indeed. neil, it is yours, sir. neil: thank you very, very much. before we get issue at hand in security briefing what we have to look at what is selling off and everything has to do with everybody acting like babies! can you believe this. prominent democrats, saying whipping about obstruction they did that to us. don't they remember how they treated merrick garland, barack obama's choice for the supreme court. tit-for-tat. get over with it. deal with it. republicans saying this is very different. my point whether you're on the right or left. whether you're republican or

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