tv Cavuto Coast to Coast FOX Business April 21, 2017 12:00pm-2:01pm EDT
neil, you would say we're crazy. it is is what it is. not everything is hunky-dory. i don't want to get half empty glass. through all of this hope springs eternal at corner of wall and broad we'll get through this. we got through a lot of worse times with the markets here. they seem to hold up just fine. we'll pick that part in a second. the latest we're getting on defense secretary mattis accusing sylia still having chemical weapons. we have north korea readying a big celebration and south korea on very, very high alert. this is getting to be a pattern. for the fourth time in as many days russian bombersscaping near alaska. provoke -- provocative acts very
little time. tony shaffer, former army officer. tony markets seem too affected but are they whistling past the graveyard. >> we sort through what our new foreign policy will look like. it is very clear by president trump, the idea of strategic patience is done. i would, believe he means by iranians as well. so i think there is some real changes going on. but at the same time, i think markets are calmly observing the fact that this is a, a correction, if you will, from the lasted a administration's as a necessary step. neil: one thing of all those trifecta trying foreign policy news. the one with syria concerned me most. i only posit this way, we have unequivocal proof that syria has a lot of chemical weapons. u.n. with russian oversight was
supposed to make sure that wasn't the case. obviously it isn't the case. if syria uses chemical weapons again, that is a red line. we'll do what we did before with the tomahawk missile attack. we know they still have them. russia either lied or ignorant of its job, then what? >> two things they have to validate the intelligence. i came from meetings on this very topic, neil. there is question what exactly categorizes as chemical weapons, is chlorine a pool additive, a chemical weapon? we know assad had that. that wasn't covered by the chemical regime. we have to be careful what we mean here. i met with congressional staff that worked this issue. neil: what if they did, tony? >> if they did, that goes to the next question, what do we do about it? how do we enforce the u.n. resolution to remove the
chemicals? this will be a question we have to walk up to. why i'm meeting with members of the congress and congressional staff. do we go to war over this? what level of military action. the president got away with what strike. got that but members of both sides and democrats and republicans say you have to come to us to identify what next, what are you going to do next. that's where we're at. we need to define what we wish to achieve. do we wish to use military force or something else? secretary mattis says this is diplomatic issue unless they do so otherwise. neil: thank you. something that could have been a heck of a lot worse. connell mcshane with that. reporter: timing is everything, this attack which killed the police officer came before the presidential election they're holding there on sunday which we'll talk about in a moment. what we'll talk about the missed warning signs with this
attacker, who it was turned out detained recently, just in february, for at that time, threatening the police but the associated press breaking that story said he was soon let go. 39-year-old kareem shofri, the attacker is now dead. he was convicted two years ago in 3:00 of attempted murder in shootings of two police officers at that time. did he act alone this time? that is another question french police looking at. they detained three members of the dead gunman's family. just in to us, courtesy of reuters, another report says investigators found a written note defending isis right next to this guy's body when they found him. talk about the timing. we don't know if this man acted within the le scheck in france in mind. president trump seems to think so. tweeting earlier that another
paris attack in paris, the people of france will not take much more this. will have a big effect on presidential election. that is what our president said. first round of voting in france. there will be a runoff on 7th of may if nobody get as majority. hard-liner, marine le pen, running against a centrist, a socialist group. some say the terrorist attack might help le pen but that is far from certain. in 2012 there was a attack on jewish school in the final weeks, analysts figured that the incumbent on serve tiff sarkozy would benefit but socialist, francois hollande became president. we'll see what happens. candidates canceled campaign events for today and they released statements that are tough on terror. something to watch certainly and investors will do it all week long. neil: is there any sentiment out there that come one gets more
than 50% of the vote, it's a crowded field, 11 candidate it is unlikely? reporter: it seems unlikely. but a lot of things happened politically all over the world have seemed unlikely. a lot of it depends how much of a wild card this attack really is, and how much if the conventional wisdom is right really helps marine le pen, puts her into the top two. a lot of people betting on runoff with her and one of the candidates. neil: 38-year-old investment banker, macron stood out from the field. he got a call from president of the united states, not this one, the prior one, barack obama. not endorses him. he is only one he had called. people read into that that was as chose to official, hey vote for this guy as you can get, barack obama's office was saying that is not the case, macron was seizing on that, putting out campaign ads repeating that
conversation, the gist of which coming from the former president is that he likes his message, a young youthful, hopeful, europe inclusive message, one not advocating breaking from the european union. if it sounds familiar to you it should. president obama took the same posture to warn against brits moving away from the european union, so-called "brexit" vote. it went the other way. so he had very little influence there. what about now? to "the weekly standard"'s daniel halper, on what to make of all this. what do you think, dan? >> all politics is local but now all politics is international. a lot of people in america and europe are not just seeing the french election through the context what would be best for france but seeing it through the populist wave that affected various countries throughout europe and even in the united states with the election of donald trump. it is not just, you can't just look at this isolated i think, a lot of people are saying. you have to look in this great are context.
i think that is really affecting this election. you know, as far as, terror and as far as you know, a lot of people see president trump as more or less a le pen supporter even though he hasn't at all said that. barack obama then supporting macron. it is like a very complicated scene with all these things that is interwoven across international boundaries. neil: still i know you said that president trump has not outright said marine le pen is his candidate, far-right candidate advocating france getting out of the european union, she has been fairly unequivocal about that. there seems to be part of a populist sentiment in europe, given what happened in britain. "brexit" is building, ironically in in italy. rowdy, restless move is in there. got into the same thing got donald trump elected here. or is it petering out?
>> that is, curiosity how far does this go. if le pen wins, it is an international wave that it is beyond getting what is expected. if it slows or stops, a lot of people say it will be the end of this wave. so this is why we're so curious about this election. , why president trump and president obama curious about the election. with the terrorist acts, terror act is far more important than a political event in france yesterday than this obama phone call but one thing we could continually see in terror attacks hitting europe suspects and perpetrators are spotted by police authorities beforehand f you're a citizen there, you got to think, if they are in, if they are under watch an carrying
out activities it is not a problem with laws or intelligence but the rules surrounding police. is political problem not a intelligence problem. that changes the game, affects the election far deeper one-off or a lone wolf. it is not. these people are under watch, yet they're getting away they're able to do these heinous acts continuously. i think, you know, you can reasonably say why aren't the politicians doing something to prevent it. you got to think le pen is the one harshest and most severe crackdown of this stuff. you could argue it helps her a lot. neil: establishment government and politicians this happened under their watch. french voters would say what have we got to lose going extreme rout if that is how it is deemed. the initial reactor shun to "brexit" was a big market selloff. things stablized, talking over there and here. what do you think?
what did people tell you the potential fallout here? we know there is skittishness here. volume is very light here today. normally case ahead of some big votes? neil: what if le pen wins. >> market boomed after president trump won. i'm not sure everybody is watching market boom after the results in france but i don't think people are too worried. here, for instance, a lot of people would say well the market boomed because they're anticipating tax reform. maybe, probably perhaps slightly but i think market boomed because it was anticipating bad things not happening, right? you will not see increased regulation. not that you would see necessarily decreased regulation. ease of entry. things wouldn't get worse. i think that has affected markets a lot. if le pen were to win, i don't think she will right away, i'm
not sure she has the mainstream ability to win 50% further runoff elections, but if she he were to win i don't think people are too worried this populist rhetoric affects policy as much as they once feared. neil: could be the communist candidate when all is said and done, right? >> that might, in fact be more detrimental, right? neil: thank you very much, my friend. daniel hall present, "weekly standard" contributing editor. if things were dicey for republicans and you how things are going with clumsy fits and starts performance, the way the mainstream media deemed it, you would think they would have trouble raising nickles for candidates, record fund-raising for first quarter, a record, likes of which we have not seen, like ever. so what does that mean for next year? after this.
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legislative victories to date. talk that they might be close to a couple of them. but none today. and the clumsy start getting things going here, that they would have trouble raising 41 bucks, let alone 41.5 million in the first quarter. what to make of that, one of my favorite guests here in the flesh. only bad thing he is here to see a mets game. you can't be perfect. "the hill" editor-in-chief bob cusack. >> hey, neil. neil: so. neil: let me ask a little bit that, that number when i saw it surprised me. should it? >> i think it is surprising especially hear about resurgent left. you mentioned trump and republicans had trouble moving health care and tax reform is not easy. so i think it is surprising. give credit to the new chair, ron that mcdaniel. with nancy pelosi predictions,
she made predictions before recently with october of 2016, coattails of hillary, and problems trump was having at that time, and of course they fell short. neil: she is reading tea leaves that aren't consistent but they are for republicans, that the republican candidate winning in kansas in a special election. >> yeah. neil: only by six points. georgia still unresolved but the democratic candidate there darn near getting 50% he would have needed to win. >> yeah. neil: comes down to runoff in june. >> yeah. neil: she has reason to feel a little confident. what do you make of that? >> without a doubt, neil. republicans in washington are nervous. if this become as do-nothing congress, the house certainly will be in play. those special elections, those are conservative-leaning districts. democrats didn't win and underdog in rainoff in georgia but you never know with runoffs. the other aspect i think is fund-raising. last year all about the white house and senate. not so much the house. she wants to make this election cycle about the house and raise
a lot of money herself. neil: we've seen this type of phenomenon, barack obama witnessed in 2010 in midterm year. what is your sense? all things being equal now, republicans were to get something going on health care rework and we're hearing they're closer. >> yeah. neil: that paves way for tax reform but not night even be dramatic reform but will be something in the tax cut area, will that be enough to stave off the disaster for them next year? >> it could be. former speaker john boehner had asag, just put points on the board. republicans have not been putting point on the board. they have to shut something. neil: even not as big as you were originally championing? >> they have to do something. they to get at least one of these go things done. i think tax reform would be less politically risky if they get it done. health care you never know how that will play taking away benefits. they have to get one of those things done, at least tax cuts. neil: what i worry, you know the methodology why they had to
pursue the health care thing to get to the tax cut thing, but i'm sure many republicans think, gosh darn it, if we didn't do it this way, we would have a victory now under our belt with tax cuts because there seemed to be broader agreement there. yeah we could talk about import tax and everything else. >> sure. neil: there were steep divisions there, but unites them on that front than even another shot at the health care front. >> i think some democrats, conservative democrats were willing to work with this white house. now, i don't think there is much inis not tiff to work with trump. so if they had started with something as you mentioned that unites them, that is the problem, unity. it is eluded the republican party. tax cuts unites the party. period. neil: one other quick thing, before we go, i know you want to get to that mets game, why i have no idea, but, that democrats want to run out the clock here because the bang you get for the buck on tax cuts or even reforming, making it more efficient with health care, the
more you push that back, the more you push back the impact, positive economic impact you get from that. so, lo and behold by time midterm elections, people looking around, hey, i'm not seeing credible or really definable change in things. >> that's right. trump was a candidate of change. he was the outsider. going to get things done. and so far, legislatively they haven't done it. ryan and mcconnell and other republicans said don't judge us on 100 days, they said that a long-time ago, judge us on 200 days. right now they don't have much moving. health care is close we'll see if they get it in through the house. neil: someone told me the president with the worst 100 day record was abraham lincoln. we could point out -- >> it got better. neil: thank you, my friend. >> let's go mets. neil: mets and yankees are doing well. still are. nationals a are doing well.
we have a lot going on here. minor, minor selloff here. i want to stress that the numbers you're looking at mask what is very, very light volume running a quarter what it normally would, a lot has to do with anxiety ahead of french election this weekend. fears if an extreme candidate does very, very well or out right wins, le pen, for example, then it is anyone's guess how far european market tumbles. keep in mind they said that with the european union and "brexit" and that didn't pan out. that is the fear. so many investors are kind of holding on to their dough. more after this. on your big day the only tears you shed should come from joy... ...not allergies.
there is difference. they described what they said but i don't remember it. he will address all the dodd-frank rules and regulations that went into effect after the housing melt down. he said they went too far. part of the pitch will removing those and gets added scrutiny after the first 100 day mark i believe next saturday. charlie gasparino on all that means when they track this number down. what does it mean? >> interesting stuff. i don't think you can get rid of dodd-frank through executive orders. i'm pretty sure you have to go to congress to whack out major portions of it. i think, one thing i will tell you, you know this, and markets know this, that's why they're skittish, you can't replace executive orders, legislation with executive orders. he needs -- neil: someone it can buy you a lot of time. you can keep it gummed up in courts and back and forth for years. >> for years.
in order to get this economy going, you need sweeping gestures of the we need to get tax reform done. we need to get overhaul of regulation done legislatively to make dodd-frank more conducive to banks can lend again. neil: right. >> there are so many, so many like rules and regulations on these banks, on stuff that doesn't need, doesn't need to be regulated. let's be real clear what caused financial crisis. banks did lend out money. they did lend out money to people that didn't deserve to be lent out to. one of the reasons that happened, interest rates were super low levels. number two, let's be real clear, banks wanted to mcmoney in that interest rate environment. neil: also, congress, you know the community investment act was all but ordering that. >> not only congress but the secretary of hud -- you know, they wanted to expand homeownership to everybody. created rules to do that. neil: kept from being a goal to a birthright.
>> so there is a lot of stuff that caused the financial crisis. the only way to get rid of that is do legislation, remember the banks aren't eninherrently bad. i think one of the big problems with the obama years. neil: they're mostly bad. >> no they're not. neil: you're in their pocket. >> they hate me. neil: really? that is a lot of people. >> i know, well, you know, 50% of all americans, that is not a majority, is it? neil: not yet. not yet. >> 50% of 300 million, 150 million can't stand you. >> but they're not bad. necessary element of economy. if you treat them as criminals, guess what, they won't lend, they keep -- neil: a little disquieting to you i'm sounding like some flag-burning communist, the ones that will decide banks fate are bankers and goldman sachs guys within the administration? >> i agree with you on that. it is scary that donald trump, who campaigned -- neil: you remember that, yeah.
>> campaigned against goldman, beating them up every day is now surrounding himself -- he calls gary cohn head of national economic council who voted for president obama in 2008. didn't vote for him the second time because obama screwed them on dodd-frank. he is still a liberal. he calls hill his genius. neil: really? >> he was known, gary cohn was known as the al haig of the 14th floor doing transition before president trump became president trump. he was a -- trump loves this guy. neil: this guy love big tax cuts? the talk is that republicans are envisioning something big but gary cohn is not. >> he told people he wants to do a big corporate tax cut. i don't think he believes -- he is not a big friend, never been a big friend of small business at goldman sachs. they're about big companies. neil: is that right. >> and crony capitalism. that is the scary part.
think about what donald trump did, candidate trump ran a very supply side oriented campaign, aside from some of the trade rhetoric, he was extremely supply side. supply-siders created his economic plan on lower taxes on individuals and corporations, people like larry kudlow and steve moore. neil: they're now, saying don't worry about making this revenue neutral. >> get this going. guess who is in charge of implementing that? liberal democrats like steve cohn, gary cohn. here is one other thing, they keep saying they need to get health care passed before they can do anything else. there is all this stuff in the papers how there may be a deal next week. i can tell you our reporting, my producer brian schwartz has done great work on this, they still don't have the votes. they may get them the, there may be arm-twisting. there is lot of disagreement. freedom caucus which blocked it first time is very hesitant. neil: even if they get 20 plus members of them, no guarranty
the tuesday group, moderate republicans. >> i hate the name tuesday group. it is so -- neil: when they got together on tuesday. had a couple of drinks. you do that every day. your group would be the everyday group. >> pumpkin spiced lattes. neil: you need new ones? >> no. neil: change color in your stomach. >> i told you when i drank that frappuccino, which by the way looked like, i will say it again, looked like the president's skin with varicose vain running through it. neil: we booing there? >> when i put it in my mouth it glowed for three hours. neil: you glow, you glow, as far as we know. there we go. i want you to picture that, save that image. my next guest certainly will be. i don't know if she will be happy. we touched on this with all seriousness there is battle of among republicans how to make the tax cuts. citizens for responsible budget, maya maginnis says, be careful,
they should be paid for. a lot of republicans say if you want a tax cut to make a difference, it has to be big, big, forget paying up front it will pay for it down the road. what do you think? >> two different things. tax form should be big, as structurally as large we can put together in a macage that is paid for. the absolutely reality tax cuts do not pay for themselves. they do promote wrote and grow the economy, but not enough to pay for themselves. the key is, what astounded me with the op-ed, trump advisors said don't pay for any of this, take the easy way out, it is not just irresponsible, it undermines the very purpose of tax reform. first and foremost if you don't pay for a tax cut it balloons the debt. they have found that tax cut that aren't paid for are much less pro-growth than ones that are paid for. broadening the base, which is a great way to pay for tax reform helps promote growth even more.
and if what we want, which we should want stability to increase our competitiveness in the private sectors you can't have tax cuts that balloon the deficit that might run out. neil: the rap against republicans at time they got the big tax cuts, they got a big boom, jobs boom and that, they spent all the money coming into washington and then some, is that what you fear? or even then say it didn't bring revenue that left? >> well, so what i would say the reagan era, one growth was already higher than it was now because we didn't face major demographic challenges we have. our fiscal situation wasn't nearly as bad as the one we're facing right now. let's not forget, after president reagan passed a very big tax cut he had to put tax increases in place because they had gone too far. neil: that's right. >> so we just can't cook the books on this. if we want to grow the economy, tax reform is a really, really important part of that. paying for tax reform is one of the things that makes it work. neil: then what do you think -- i think i know where you're going to come from on this, part
of this omnibus package of stimulus, whatever you want to call it, also takes into account a lot more infrastructure spending, maybe up to two trillion dollars worth, a lot paid by lower rate tax forgiveness. i don't know what they're going to come up with, but something like that. couple that with tax cuts and corporate tax reform, you're throwing a lot of stimulus that will be unprecedented boom to the economy. what do you think of that? >> so again there is a good way to do this and a bad way to do that and people focused on politics usually end up in a bad place but infrastructure spending is a better use of resources than a lot of other ways we currently spend our dollars. investing in the economy can be useful, but just like with tax reform it has been shown over and over again infrastructure spending paid for grows the economy. we want package reforms tax code and redirects priorities to spending on things more productive we pay for it, not only am i all for it would be great for the economy. if we're unwilling to pay for it
-- neil: you're a genius here, by that argument we would wouldn't have tax cuts or more spending because we don't have the money to pay for it? >> there are some ways we can pay for these things. but just on the tax side, we lose $1.6 trillion a year in tax breaks. you just have to take a share of those. that would pay for a very large tax reform. on the spending side, spending -- neil: but you if you take a lot of tax breaks, say from upper income, but flip around lowering rate, net-net wash, why bother? >> bringing those marginal rates that can help promote growth and getting rid of tax breaks actually undoes some of the existing distortions in the tax code. it would allow more allocation, better allocation of capital that would help growth. what the trump administration said it wants to use dynamic gains from tax reform to help deal with the debt and deficit. that is a great idea, if you use them to offset the cost of your tax cuts, then you're not going to do anything on debt and
deficit. you can't spend money twice. paying for things is unpleasant part, but the part makes the economy work. what tradeoffs in budgeting is about. neil: you annoy me, you talk about doctors that eat right, do the right thing. i find that so annoying. maya, seriously, thank you very much. good catching up with you. >> thank you. neil: markets right now are just dealing with all of this, okay. even with minor selloff right now, what is amazing to me, i keep repeating it how remarkably they have hung on and continue to hold on. faith is an amazing thing. and markets continue to rise and fall... predictable is one thing you need in retirement to help protect what you've earned and ensure it lasts. introducing brighthouse financial. a new company established by metlife to specialize in annuities & life insurance. talk to your advisor about a brighter financial future.
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still up, the dow in this case up a little more than 100 points. think about what is happening in the first quarter. think about all the fears in north korea and syria and he is can lating tensions with russia. they're flying planes over alaska. you would think with all of that, and this near miss of a disaster that i warned you about, we would be sort of like, worried? hello? no. markets are doing just fine. what do they see maybe the mainstream media, maybe you at home are not? or maybe you are and mainstream media is missing it? talk to "forbes" publisher rich skarsgard, and fox business's very own nicole petallides at the new york stock exchange. something is driving this. you have a chance, nicole, to always talk to the traders. what is it? what are they telling you? >> you have optimism on earnings overall. this week for example, you have american express as a stellar performer, best performer on the
dow jones industrial average, up 5 1/2%. visa winner on its earnings. some fundamentals doing better overall. people are spending more. there are more transactions. that is just one example. we just got in existing home sales today. we saw the surge there. bit by bit, things are looking better overall. coupled with the trump administration. this week of course you had some comment from steve mnuchin, our treasury secretary. tax cuts are on. whether health care is on or off, tax cuts are on. that really brought some optimism to this market as well. so big picture, after a couple of weeks of selling, we are clocking in some gains here and record highs for names such as facebook, ma mcdonald's, disney, a lot hit highs this week. neil: optimism, rich, first-quarter earnings, will be maybe best in upwards of a decade. i don't know how true that is but that is fueling a lot about this not so much concern about
the french elections. we learned from "brexit" it is not the end of the world if it doesn't go the markets way. what do you make of that? >> we're largest economy in the world. we literally trump a lot of other activities around the world. my opinion on this we had not one 3% gdp growth year during the obama administration. in fact we afterring over that time less than 2%. it hasn't been like we eaten up the seed corn of demand. this copy is just waiting, it is waiting. it wants to boom. and it is excited that maybe trump and maybe tax cut will give it a catalyst to do so. already, it has gotten a catalyst of some regulatory executive order rollbacks. now it needs tax cuts and tax reform. neil: jeff, paul tudor jones, the big hedge fund manager says this is unrealistic what is going on, telling bloomberg valuations are through the roof.
we haven't seen this rich of a market since the 2000 dot-com hay -- heydays. and there will be comeuppance. what do you think about that? >> i think valuations are not expensive. if you throw out extraordinarily low valuations in the '70s, and '80s, where you have high inflation and high interest rates which were neutrally-valued, i would add there are more high growth companies with wide margins that will stay wide. valuations should be higher. there has been a complete transformation from tangible assets, were 85% of the balance sheet in '85 to intangible assets which are 83% and valuations should be higher. i know nicole 20 years and she is wicked mart. she is exactly right. the markets do not care about the absolutes of good or bad. all the markets care about are things getting better or things
getting worse and things are getting better. neil: to nicole, i want to go to you, we have 109 days without a 1% decline in the dow and s&p. transports lately are breaking down. for some that harbinger of thinks to come. i only mention this that could be a fly in the ointment. what do you think of that? jeff, i'm sorry. >> you know, i'm a big dow theorist person and i see no, non-confirmation by the dow theory metrics. my models are looking for a low this week. we're committing capital we raised at the end of january when our models went negative. we think you're at a trading low here. neil: nicole, we also have the federal reserve, president fisher on the wires still sees in addition what we've already gotten three more rate hikes this year but the markets okay with that too, i guess? >> the markets are okay with it
because they have already factored in the fact that the fed has the idea on the plate. they made it somewhat transparent, they were looking at few rate hikes this year. whether three or four, look if it is less. they will take it in stride. picture here they're still watching washington. we have so many great guests on "fbn:am," we asked them straight up, what is the number one thing you're watching right now? and they are watching washington for the cues. as far as washington goes, as far as washington -- neil: that is interesting. washington will set the tune and pace. rich, do you agree with that? >> yeah, yeah. i think the market is going up another 10% if we get meaningful tax reform and tax simplification. it may go down 10% if we don't. look on this point of overvaluation and a bubble, i think there is a tech bubble for sure but largely in venture capital-backed companies still private. uber is worth $70 billion on last round ever financing.
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because the time to think about tomorrow is today. shouting] neil: you know that whole country, venezuela, it is just falling into oblivion here. this is a country not too long ago was rich in oil, oil revenues. but when you have cradle to grave assurances for your population, and you say everything will be paid for by the government, eventually as maggie thatcher says, you run out of money, run out of other people as money, you run out of your own money and you run out of options and right now you run out of a country. we have venezuelan immigrants that join us right now. they have lived through this. they have seen this. they have witnessed it. joanna, i imagine there is just uncontrollable anger over this? >> absolutely. well, first off, thank you so much for having me on.
what i've seen recently and in the past couple of years with venezuela people are increasingly getting more and more frustrated the way the government is running the country. neil: do they blame nicholas ma during he row the president? many said he is making hugo chavez look like the pope in retrospect but what do you make of it? >> yeah, absolutely. i think it has taken a little bit of time for some of the venezuelans to get ahold of what is happening. i've seen about 70% of venezuelans oppose nicolas maduro and i think the opposition is growing. and especially like we've seen in the past couple of days with the protests, it will continue to grow until venezuelans get their freedom. neil: and their food, right, eric? that is the big issue here. unlike prior up ridings, people are there because they can't get food. >> absolutely so -- neil: eric first. >> sorry, neil. first of all, thanks for having me and covering the story. it has gotten to the point where
indeed basic necessity, food and medical supplies are nowhere to be found. it is no longer an issue of price. there is scarcity all over the place. neil: who has the stuff, eric? someone must have some of the food. is it fear the rich have it and everyone else is just searching? >> well, it would be great if somebody had it but because what happened because of the socialist policies the government implemented, they have literally destroyed the fabric of the country to be able to produce basic goods. through price controls and other redribtive policies, they have taken over productivity capacity and there when i speak the leaders in the society, government is not allowing humanitarian distribution of food and medicine, foreign private governments and interests are willing to send. they're not even allowing for inflow of goods. neil: joanna, what about your
family and friends still there, what are they doing? >> my parents, we end up sending a pair package to them through a freight company. here in the states, we save up so then basic necessities. we'll send them to our family and friends there, but they really just barter and trade what they have, and what they can get their hands on, for medicine or what they need. neil: eric, what about yours? >> similarly. you know, a lot of families end up resorting to accessing some of these goods through what are considered black markets where the price of these basic necessities are outrageous, which means that those people who need it the most, unfortunately don't have access. which of course is a great tragedy of these socialist policies. neil: guys, thank you both very much. reminder what can happen after this.
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i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement™, we'll replace the full value of your car. liberty stands with you™. liberty mutual insurance. . neil: all right. they say markets are all the worry here and there's been multiple worries thrown it at them this week. foreign hot spots, and then growing concerns about france bulking down in the face of what appears to be a terrorist attack. and saber rattling by the russians, same thing the alaskan skies something that we, like, never see. and then the president meeting with the secretary of state rex tillerson at this very hour, which always has some sort of scary ominous tones to it. maybe needlessly worried here, but it's clear the markets are not. connell mcshane on all of that. connell: it has been
interesting to watch, neil. the president and the secretary of state get together in washington. it's the secretary of defense actually making headlines overseas, james mattis in seal, he says that he knows that we know that syria still has chemical weapons. syria still has chemical weapons. he also said the syrian air force has spread out its combat aircraft the last few days, possibly concerned about another u.s. air strike. now, as you said there are plenty of other concerns all around the world. another big anniversary coming up in north korea. so any time you get that, the worry is another nuclear test could be on the way. next tuesday is the 85th anniversary of the founding of the korean people's army wraps up a winter of military drills and, you know, the way it is, these anniversary sometimes they're a trigger for kim jong-un to do something, possibly conduct a missile test. we did see a tweet from president trump today, and he brings up the role china could play in all of this.
china is very much the economic lifeline to north korea. so while nothing is easy, if they want to solve the north korean problem, they will. "they" being china. now, in russia, the kremlin not commenting on the reports that russia may be moving military hardware troops toward the border of north korea. and we have another story that fox news learned more bombers and spy planes flew near alaska the past couple of nights, this on top of incidents reporting earlier this week, they spotted the bombers, which, by the way, are nuclear capable flaying last night. u.s. air force did not scatter, remaining in international airspace. so you add it all up, you throw it in the top for the president and the secretary of state to talk about, i think. neil: indeed, all right. connell, thank you very, very much. now to fbi director who in a recent media appearance was talking about the need to respond to iran for what's going on in syria. and saying that maybe we
strike iran nukes so that we can get a better handle on what's going on in syria. i'm vastly simplifying that. but the ambassador right now, your premise is that the iranians are the ones controlling all of this; right? >> well, if all of this we mean syria and hezbollah. neil: yeah, i wasn't talking north korea. >> i think that the problem is that the president is saying that the iranians were violating the spirit of the agreement of two years ago, nuclear agreement that we had with them. is really too weak. they're violating a letter of it as well because the agreement requires that all parts of it be submitted to the international community, and the iranians have not done that. they have not submitted the
that is part of the package, and that has very important material in it that the rumors go. that agreement is not in affect under international law. . neil: so if we were to written it up then, we're not ripping up an agreement, because they never honored it, signed it? >> well, they signed it, but they have not submitted all of the agreement to international scrutiny. and i think it's really a -- also, a serious problem looking at down the road and trying to keep track of exactly what the iranians think they are limited to and whatnot. they have a word that essentially means lying to infidels, and it's not permitted, it's recommended.
and they're ways to show dominance, essentially. neil: then why did we agree to something like that that would give them wide wiggle room. i think the obama administration explained it at the time, they are adhering to the strictly nuclear part of it, no matter their prospective behavior with rebels to agitate the saudis or what they're doing in syria. that that wasn't part of it. it's pretty clear it probably should have been. but what else are we -- >> well, iran is the leading terrorist state in the world by all the international assessments. and so even setting that aside and just looking at the nuclear part of it, they are violating the agreement, and we don't need to tear it up. we can just resubmit it to the senate. but instead of submitting it for one third of the senate to approve it, the way the
congress un- -- incomprehensivably did two years ago, we ought to do it in a constitutional way and submit it saying let's see what two-thirds of the senate think so. and based on the currentization, it's unlikely that two-thirds are going to approve the now sleepy agreement lying there and doing nothing, except helping channel money, huge amounts of money, hundreds of millions of dollars into the iranian revolutionary guard to plan terrorist attacks. neil: ambassador, good seeing you again, i think. >> the world is the way it is. neil: you are quite right about that. thank you, james. >> good to be with you. neil: all right. so many warning signs we are hearing now after the fact, including for the umpteenth time indicating what the suspects involve was on law enforcement's radar. and indeed in some cases military radar. fox news terrorism analyst.
knock me over with a feather, here we go again. how does this keep happening? >> here we go again? french among other europeans is also westerners in general have a very specific problem of being able to monitor what i call the jihadi democracy. they have three levels. number one, those whom the french agencies have been monitoring, meaning going to syria, to iraq, and back. and there's a whole group of them probably up to 1,000 that are monitoring. the second group is the one that has been depicted as extremist and could become jihadist. much larger, probably in the thousands. and then a third group of people who could at any time slip. so the french have a problem of how do you monitor that jihadist and how can do you act? at what time do you act? in this case, he surprised them. he wasn't involved in several acts a few weeks ago, he
surprised them and the results were terrible. neil: i'm just wondering, you know, since this plays out again and again, there are laws to this sort of thing you can't arrest on chatter and suspicion. why can't you? i know everyone looks to what's going on in cuba and with detainees there, the few that are left, you can't hold people indefinitely. but why can't you if you get a sense that someone might threaten the population to take them out of that population? >> there's one way to do it, and i think some legislation in germany and some in britain have opened a window onto this, which is if you cannot prove that this one individual is actually preparing for an operation because if they do, even under french laws under our laws, the fbi can make an arrest if they have that information. but if it's intellectual or mental or psychological, the only way to do it so to
designate an ideology like anti-semitism or fascism or all the other ideologies. if you can prove that these individuals are becoming active with these ideologies, then you have some room, legal room to at least start pointing them and following them and take an action against them without really taking action just because of the military activities or security activities but because they are militants and extremists and cause a threat to society. neil: thank you. willie ferris. in the meantime, growing indications that donald trump wants to take over these health care costs just as he wants to shepherd them as fast as he can to get through to his tax cut talk and what could be sweeping tax cuts. newt gingrich on the strategy that involves the president leading this and no one else.
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but we've gone now 109 days without a 1% decline or more in the dow or the s&p, something that does worry those that say we're due for that kind of thing. also transports, which could be an aharbinger. if the rails and other concerns are shipping fewer goods, that maybe that's a sign that there's less activity in the economy, and it could press a slowdown in the markets as well. the dow theory has not been a reliable theory out there, and i share that with you as we take a look at the dow down about 60 points. now i am honored to have with me one of our favorite guests here made history, and i was reminded again this week his old district from which he launched a career that changed as they say in georgia, the sixth congressional district. former speaker of the house from that very district with me now on all of these developments, newt gingrich. good to see you, my friend. >> good to be here. neil: i do want to touch on the meaning of what happened in your old haunt. and whether democrats should
be salivating of whether a runoff that could be competitive. what do you think? >> i think it will be competitive. they put $8.2 million into the first round. and they did a great job of turnout, and they came very close to winning outright. in a field of a lot of candidates. the republicans have to take this very seriously. i think the democrat is a very serious opponent, and i think that karen can beat him. she's the republican. . neil: right. >> but she's going to have to beat him. this is not an automatic. if he had been down 41, 42%, i would have said to you that this is automatic. but he really came close to winning. so i think the democrats know they've already poured money in, already running adds now for a june primary and june is a month when atlanta a lot of folks go to the mountains or the ocean. neil: what is that district like? you know very, very well, bad place for conservative to not put in a good show. but it's not really a --
>> well, it's a classical changing suburb district. of the ten districts, it is the only one held by republican. tom price has done a great job. he won by 23 points last time. but i think it's not an automatic republican district. neil: and mitt romney won by a couple of dozen points; right? >> but i think you have for all the money he spent got 1.5 points more than hillary, and you have to give them technically a lot of credit. but it's a district governor deals very popular, you have two republican u.s. senators, the president's going to actively be involved, and i think in the end, we probably will win, but nobody should say for sure. neil: do you think that was a concern for president trump that this was an indictment on him? >> sure. no president -- it's very common for presidents to pick people out of the congress to be in the cabinet and then lose their seat in the special election. that's not uncommon. but no president likes to lose
seats. and the democrats almost thought they were going to win kansas, and then they lost. neil: they did come within six points. >> they c points. neil: which was very unusual. >> so i think they are -- and i don't blame them. they're very hungry to win someone. neil: nancy pelosi was saying last night we're going to win. >> well, they have a chance. neil: what do republicans have to do to avoid that? >> avoid the house next year or avoid georgia? . neil: well, to avoid the house tipping democrat. >> just do a good job of representing the american people. solve problems. create jobs, have tax cuts, have regulatory reform, have a great infrastructure bill. neil: john boehner said they need to start putting up points, putting up wins. presumably a health care rework, tax cut, what do you think? >> yeah. i would actually lead with infrastructure because you're going to get a huge number of democrats, and it's easier to do. i would go to tax cuts. tax reform is less important than tax cuts because what i
want to do is get this economy growing. right now you have a rally, which is a trump rally, but you don't have an economy that's a trump reality. and if this is not a bubble, it's going to be because trump's going to grow the economy to catch up with the stock market. and that's very important. neil: i'm sorry, sir. do you worry, we talk about the markets, and we talk about how they're almost priced to perfection. but they're only a couple of points from their all-time highs back in march. but they want to see those tax cuts. they want to see all of this stuff that the president promised and that if that's delayed significantly, it's just as good as denied. >> well, that's probably true. but on the other hand, they're watching tremendous regulatory reform, which is going to free up a lot of money. they're looking at the president take steps that fit what they want to see. i mean, i think we'll do -- numbers that came out for all-time highs, for co confidence, for investor confidence, for small business confidence. so there's a sense that trump's moving us in the right general direction. look, i
try to remind people because i used to be speaker of the house and people always are sort of patient with congress. when i was a very junior member, it took us until august to past the reagan tax cuts, and we were just giving money away, and it took until august. when i became speaker, it took us 18 months to pass welfare reform, and that was 92% approval. i mean, these things are hard to do, they're complicated, the constitution's designed this. neil: and what do you think of this 100-day fixation? >> fdr did it and frankly, if they would forget the congressman, and you look at all of the different things trump has done, starting with a supreme court justice, doing all the regulatory stuff, all the executive orders, all the meetings he has had with ceos who committed to do things, he has had a very impressive first 100 days. the fact that's got the chinese to abstain on a vote in the un when normally they would be with the russians, he isolated russia totally, trump has had a great couple months.
but, first of all, the regular news media is never going to cover that. neil: no. >> and second, i think they let themselves at the white house get sucked into the daily news coverage when they should take a step back, and they should communicate what they want to communicate. they're having a great year so far, he's meeting with foreign leaders all over. this is a guy who's in isolationist. this is a guy who doesn't know anything about foreign policy. well, now he's calling his friend the king of saudi arabia or his friend the king of egypt to chat with him. he has a lot of stuff done, he has a good friend now in chin c. neil: but do you know his mind-set, which is on tax cuts, we just had a woman on who said they have to be paid for. we have a number of supply overwriting. no, they don't. they don't have to be revenue neutral because they're going to bring you revenue down the road. how do you feel about that? >> i think it ought to be deficit neutral. not revenue neutral. neil: what's the difference? >> i am a supply-sider. neil: right. >> so i think they get some advantage, and you can get some feedback loop.
but in addition if you cut spending, that ought to count -- that ought to create a space for us to be able to cut taxes deeper. for example, there's about $110 billion a year in fraud in medicare and medicaid. if you apply an american express visa, mastercard model of antifraud, you probably bring that down by 70, 80, $90 billion. neil: the republicans and democrats have always -- >> but had never pass the right legislation. i'm just saying there are 100 things you can do. i think the government -- neil: but he's going to be increasing spending. if he gets his infrastructure plan, even though that -- >> right. so you find ways -- but they're offset -- neil: but does that worry, someone who's hacking the deficits of leading -- >> no, i'm not worried because we balanced the budget for four years when i was speaker. i think by the end of his second term, going to be balancing the budget. . neil: but you're okay. >> i'm okay without being crazy about it. i'm okay with an
investment-oriented and jobs-oriented tax cut that i do think will grow the economy. and i think reagan created 19 million jobs. now, you do that in his farewell address, he tabes what it felt like to create 19 million new jobs. you do that, trump gets reelected, and probably his successor as a republican gets reelected. i'm not worrying about the deficit. i'm worried about job creation on -- neil: to get will it seems to be that he has to get significant tax relief and ronald reagan has significant tax relief. >> absolutely. neil: now we're hearing that it might not be that big in terms of tax cuts and that it might be offset for some, the upper income, for example, limiting their deductions. if you hear and see that, would newt gingrich worry? >> yes. i worry because everybody whose taxes you raise feels it. everybody whose taxes you lower doesn't notice it. . neil: so that doesn't do it? >> politics is a business where you have to have nine people winning for every loser. because the loser noises it
and the nine winners don't. neil: and the nine winners don't necessarily go out and vote. >> right. neil: stepping back for a bit, how closely do presidents watch stock markets? how closely did you as speaker watch the stock market as a -- >> only if it's big. remember '87 when there was really -- neil: right. >> almost catastrophic collapse. that, you notice. but the truth is. okay. i'm going to be old-fashioned here because i listen to your very opening. this market sooner or later has to have a correction of some kind. i mean, even minor. and this idea that, oh, my god, what if we actually went down 1%. we're come off 20,000 point dow. neil: no doubt. do you think the run-up since the president's election has -- that the president will that because it's hard to live up to that perfect standard. >> what the president has to do is make a commitment that he's going to grow the jobs under the stock market so that it's no longer a bubble
because the economy grows. if the economy grows, you could be a 30,000 dow at the end of the first term. if the economy doesn't grow, you could be at 12,000. it all depends on the real economy. when i became speaker, i think it was 3400, so i look from 3400 to 20,000, pretty hard for me to be too worried because it will be 16,000. neil: you're right about that. the word is you just didn't want a job in the trump administration and that you still don't. >> what i want to do, which i am doing every day, is i want to be a strategic planner. i want to figure out what are the things we have to get solved, and i want to work at knitting together solving them. and i have a book coming out in june called understanding trump, which is deliberately designed to set -- neil: you're like steven king. >> well, we try to work at it. . neil: but my goal, i mean, i just worked on a project, for example, on the verge of
having the science down for a nonaddictive pain medicine that will eliminate the opioid crisis. we're killing 30,000 americans a year with opioids right now. so i help work with a number of people to put together that project. i'm working on a number of projects that scale. i want to make a strong argument that want to be deficit neutral not revenue neutral. and they want to be tax cuts first, tax reform second. neil: but you are on record saying that if tax cuts end up not generating the revenue we thought in the near term, that they will in the longer term, you're okay with that. >> i'm a supply side. that's john f kennedy. that's general economics for the last 200 years. if you could get the right break -- and capital gains is a great example. when we can you tell capital gains, that's part of how we balanced the budget. neil: you live with only corporate rates going down if that's all they could do this year?
>> oh, i doubt if they'll only do corporate rates. why would you go after the american people and say -- and i am in favorite of dramatically reducing -- neil: i agree with you. but i'm saying there is a fear here that that's all they'll be able to muster. >> i think that would be irrational. because the average american he looks up and says let me get this straight. you're going to take care of all of these big names up here on your board and not me? and then in the end, politics is about me. am i better off, is my health care better off, is my child education better off? and the party that's majority is the party that figures out how to answer me. neil: that's very, very good. i'm going to steal that at my own insight. all right. newt gingrich, multiple best-selling author, speaker of the house at a time. history of itself changed and whether you like it or not, that, my friends, is historical. all right. we have a lot more coming up, including growing concerns about what to do with the border. we are doing something that is
so unusual here and no one is notifying it. but i want you to think of what's going on in venezuela as well. those two are married more than you know. after this ♪ predictable. the comfort in knowing where things are headed. because as we live longer... and markets continue to rise and fall... predictable is one thing you need in retirement to help protect what you've earned and ensure it lasts. introducing brighthouse financial. a new company established by metlife to specialize in annuities & life insurance. talk to your advisor about a brighter financial future.
>> contracting is pretty complicated business for the federal government. too complicated, late spring, early summer we'll have prototypes and we'll be able to move forward into the summer. neil: all right. the wall is going up. we're getting indications it will be part of the administration's budget, allocated to doing just that. working out details down the road. mexicans pay for that but we are up front first. washington examine are's sara westwood. i guess this thing is on.
what do you make of it? >> trump's budget director is saying you want to include early appropriations for the border wall in the spending legislation that needs to be passed. to avoid a government shut down, put as lot of pressure on democrats. neil: and republican. >> and republicans. neil: they barry can come up with existing spending commitments, right? >> exactly t would be difficult in this political climate to get eight democrats in the senate to cross aisle to put whatever spending priorities for republicans even if they were pretty basic. to include a money for the wall as mick mulvaney said, that will make negotiations said. they might be willing to budge on democratic priorities like preserving subsidy payments to insurance providers to keep obamacare unraveling in the
short term. that is something they would exchanges for border wall funding. we're up against a hard deadline. we're only one week left. congress on a two-week vacation. this is opposition to the wall, on both sides of the aisle. neil: will we run out of money, run out of time here. one things both sides we don't envision this go-round. the more i hear people say nothing to worry about it. more i worry about it. >> exactly, president trump and white house press secretary sean spicer said they're confident we won't see a government shutdown. incidentally the shutdown would take place on trump's 100th day in office, the last thing the administration wants would be to have a government shutdown. neil: i think this is sometimes unfair, gotten rap for other government shutdowns. you can be, the indication from chuck schumer you can't ever
support the wall. he told democrats to feel the same way. you know where that goes. you know where this goes, would it be democrats this time, pushing a government shut down. >> that is the risk republicans take if they put appropriations for the wall on table, democrats, take it or leave it, this is funding mechanism we'll move forward, democrats would vote on it. not clear democrats would share the blame, no matter who pugged plug, republicans typically taken the blame for the shutdown. that could very well be the case this time because funding for the border wall was not on the table in spending negotiations for several weeks leading up to now. all of sudden this is a administration priority. this particular go round, that might make democrats think that republicans acted in bad faith and walked away. neil: you do your homework. sara westwood, "washington examiner" correspondent. next week everything presumably hits the fan.
for today, the president is working on a number of executive orders, executive memoranda, you name it, reducing regulatory burdens, dodd-frank, adam shapiro on that, what we can expect to today. adam. reporter: 45 minutes, neil, the president heads to the treasury department where we will meet with treasury secretary steve mnuchin and he will sign the two presidential memorandum and the executive order. let's break it down, breaking news on health care. i will save the best for last. let's talk about the executive actions take place. the executive order is review for all significant 2016 tax regulations that were essentially put in place towards the end of the obama administration. they're growing to he try to determine over the next 180 days if those regulations caused an undue burden on american taxpayers. if they add undue complexity as well as exceed, even the law, one thing contained in the
review, people got upset with process of tax inversion. fansly way companies relocated headquarters overseas to avoid paying taxes in the united states. that is a reyou view of regulations supposed to stop that. we won't get answer what will happen until that review is complete. there are memorandum. one will go after dodd-frank. this has to do with the guidelines for an orderly wind down of a mega bank that might be unstable. they will look whether rules cause excess risk-taking essentially put you and me as taxpayers on the hook when banks make bad decisions. they will look at all. that actually, larry fink, you know him from block rack, he was on with maria bartiromo this morning. talking about this hindering economic growth. >> this picture, could we put it back up. there they are. it's a white trash mount rushmore. reporter: i don't think that was larry fink.
i'm not sure what that was. but let's get to the best news of the day. that is the fact that fox news has confirmed that there could be a vote on health care, an amendment to the continuing resolution, funding bill. next week because possibly tomorrow we will see language emerge from the senate budget committee that could stand up in the house that would allow for the health care bill to go forward. so we're keeping an eye on all that. neil: they're confident doing that, it clears the way to get tax cuts still done. in other words, that timetable remains, right? >> yeah. the timetable remains. there was a he have bring today with officials from the administration. bottom line for you and me. what we need to pay attention to, tax reform, they expect it by the end of the year. it is coming. neil: buddy, great reporting. adam shapiro at the white house. meanwhile real estate doing just fine as we go into the spring. the latest sign of existing home
sales, the highest in over a decade. what that could mean, the wind at this president's back? after this. no matter how dusty the room or how high the pollen count, flonase allergy relief keeps your eyes and nose clear. flonase helps block 6 key inflammatory substances that cause nasal congestion and itchy, watery eyes. for relief beyond the nose. flonase.
neil: did you sell your home last month or month before? i'm curious. a lot of people did, existing home sales rising 4.5%, the highest level we've seen since february 2007. the argument is you have to sell existing homes before people buy new ones. that could be a good precursor to things. former fannie may executive tim rude and host of "the property man," bob massi. what do you make of this. >> prospect of developers and growth and change of rates it will continue to boom again. i can tell you, neil, las vegas, which i think is a good parameter because of what happened years ago, looks like 2005 and 6. it is just happening. but, i will tell you, as relates to old homes, if you will, there
is no eninventory. and, as a result of that, the prices are going up and there is bidding wars on old homes. it is sort of all over the place, but rates are fantastic for builders. neil: are you surprised, tim on the rates, they are relatively constant. with all the talk about economic stimulus and tax cuts although they haven't materialized yet, hope springs eternal they will, stocks are running up, the argument rates would be backing up and they haven't. what is going on? >> i think you saw, nice to see you, neil. you saw in the latest fed conference all the economic indicators and forecasts haven't changed since last year. looks like the fed is inclinedded to continue to raise rates, fundamentals are not there and wouldn't lead you to believe ultimately that rates shouldn't be growing up compared to economic fundamentals. when you look about the recent number, existing home sales number, i go so far to say it was a good number but not really great number. these things don't consider the
fact they're not adjusted population increase. while it's a darn good thing home prices or home sales gone up a little bit, we've seen that actually number of people in the country, 50 million people from the same pace we're at today, on existing home sales from 20 years ago. this is not a good thing. neil: not a good thing, bob. normally, if yousell the home you're in you're ready to buy something else, does that always follow through, particularly in your neck of the woods? >> not really, neil. i will give you a statistic say you saw from the greatest las vegas association. 5200 homes on the market in las vegas in month of march, not one offer made on homes. what does that tell us? a lot of different things. people don't have money. people concerned about the economy. there are still job issues. interest rates moving will make a difference obviously. you i will tell you it is very fickle right now. we're sort of dealing with a lot of issues, you know raiders
announced. hotel condos are going up in prices. there is a lot of ambiguity in different areas. i agree with gentlemen that is very interesting perspective he just made. neil: tim, how does housing look for the foreseeable future. >> i'm concerned. while you see a number going up in terms of existing homes sales, you're seeing a peoplic new home construction. the inventory is like a falling knife. at some point you run out of inventory to buy in the existing home market will stall. this gets to bigger issue in d.c., more than other parts the of the world, we continue to look at these symptoms or manifestations of the real problem. the real problem is not how many homes we sold. the real problem is not homeownership rate or how many millenials are in the parents basement. that is not the real problem. the real problem what donald trump and administration is addressing the fact that real problem is the fact builders, lenders have been just stifled by these thousands of regulations that they have had
to deal with, costs all issues associated with it. zero tolerance environment on top of the fact that the economy has been flat-lined, right? so it is hard to really deal with, again looking at managing these real numbers when you're not getting to the real problem. the economy is far more important than you know, lending policies or even building policies. neil: in the end, washington makes life difficult for you, you will not have easy time for it, right, bob? >> yeah. i think, when i look at overall peck ture, and again good points being made, i'm not really sure neil what will be happening in another 12 months. if we get tax difference, change capital gains, tax things help grow but again, when i look around and i see development going on in florida, in vegas, in arizona, in california, there is a boom but is it real?
i do have a concern, but if i may real quick, there are loan modifications that will mature this year around next year. i have a concern, because interest only payments going to principle and interest. i'm concerned there could be a little bit of a bubble. there we could see foreclose sure. neil: up tick in those payments. thank you both. catch all new property man with the aforementioned bob massi at 8:30 p.m. knows his stuff. catch it on fox business, where we mean business. meanwhile we're getting word from the treasury department if energy companies were looking, companies like exxon for, drilling waivers that were heretofore prohibited by latest move on a russian sanctions, they're not getting them. so there. more after this. [phone ring]
hello. hi, it's anne from edward jones. i'm glad i caught you. well i'm just leaving the office so for once i've got plenty of time. what's going on? so those financial regulations being talked about? they could affect your accounts, so let's get together and talk, and make sure everything's clear. thanks. yeah. that would be great.
neil: all right. you heard from number of guests that everyone take a chill pill on these big tax cuts. they need them to be big, big. we don't need to worry about deficits because we already have them now. if you're just patient, these tax cuts, the trump administration is envisioning you will get plenty of revenues from them later. the thing is ben stein doesn't buy that. but of course, you know, think about him. he is mr. mba. a lawyer. >> no, no i'm not mba.
neil: so you're a loser, you're a loser like me. >> no, i'm an economist. not a business administration person. neil: boy you take great offense. >> i do have a law degree from yale. neil: does that count? no. >> yes. neil: it is good to have you, my friend. you have been saying -- >> good to be here. neil: always a charlie gasparino man. but he is not here now. >> i know. neil: you can't, you can't give the rich a tax cut. you say it is just not a wise thing to do. why? >> because they're already rich. why should we put burden of adding the deficit on our children and grandchildren when the rich are already rich? if they're rich, they can afford to pay more taxes. neil: how much more? >> well, how much do you feel like you should pay? i think, look, when i grew up the tax -- tax rate on very rich people was above 90%. i don't think it should be that
high now but i don't see why we would want to cut taxes on rich people. they have plenty of money. we have capital surplus, not a capital shortage. why would we even consider cutting taxes on rich. they don't pay any taxes anyway. neil: intrinsic in your brilliant rashes, my friend, you're throwing up hands getting spending out of control. >> you bet. you bet. neil: i know. i'm just telling you when you give up the fight and throw more money at washington they will just piss it away. ou'redid you say? allowed to say that on the air. i imagine you're going to be arrested soon by the thought police. neil: believe me, there are far bigger issues here but go ahead. >> i think we, i think, government spending is not, as you say pissing it away. i think most of government spending is done on quite worthy goals. neil: you doesn't believe that. we've been talking about, you talk about -- >> i absolutely do.
>> they lose more money in a day than a lot of countries run on in a year. what are you talking about? >> they are a big gigantic enterprise. neil: then you just add to the injury. >> no, i don't agree. look, there are a lot of things they could spend more money on. i would like to see very large increase in military pay. very large increase in military procurement. very large increase in va spending. these are things need to be done. i would like a federal program to eliminate homelessness. a lot better things than let billionaires flit around beverly hills. neil: we spend 600 billion a year on defense. >> that is not enough. that is not enough. we -- neil: you should have had an mba you're not curious to find out where we're spending the money. >> i'm very curious. i keep next to my bed the statistical abstract of the united states, which i doubt if you do. neil: yes, i do, the cliff note version of the same abstract, and i'm telling you we are near
highs of the afghan and iraq war spending right now. if you don't think that -- >> we're not spending enough. neil: we're not spending enough. you're just incredible. you have become -- >> on defense. on defense. we have to defeat iran and north korea simultaneously, without having to go nuclear. neil: upper income like you, like you are spending with the medicare surplus, 42, 43%. you should say it shouldn't be 90%, what should it be? 50, 60, what? >> i would like to see, not having a target for tax rate but target for an adequate defense. i would like to see that the military come up with a target where they say, with this much money we can stop north korea cold before it reaches seoul. stop iranians before they reach bashar saudi arabia. neil: you take them at their word. spend money wisely and don't
think you give them a green light to keep wasting money. >> in terms of the military neil, if they waste half the money, give them twice as much. i don't hate the military. neil: don't hate you but very disappointed by you. talk to you later. i will go to break now. because i'm going to cry. we'll have more after this.
week. and that it's going to include a massive tax cut for individuals and businesses. maybe that's why the dow has dramatically took away the losses. the president saying next week that plan will be announced. trish week, that will be interesting, huh? . trish: i hope it happens. the market hopes it happens. but you're right. thanks, neil. >> you got it. trish: president trump will be signing three executive actions minutes from now all aimed at bringing you, the taxpayer to roll back unnecessary regulations that were put in place by the obama administration that have hurt the baking industry and their ability to lend to you. i'm trish regan. welcome, everyone, to the intelligence report as we wait here on the president to sign these documents, there is renewed hope for tax reform. as treasury secretary steve mnuchin says corporate and individual tax reform will happen by the end of this year. former arkansas governor mike huckabee is going to bay in. here's here to tell you how it's going to work.