tv Countdown to the Closing Bell With Liz Claman FOX Business May 2, 2017 3:00pm-4:01pm EDT
always love hearing from you. follow me on twitter, tell me what you thought of today's show. you can also follow me on facebook. i'm there and we post some clips, and we all talk about them and it's good stuff. market's up 12. i'm sending it over to liz. liz: yeah. because of this breaking news just out, the white house confirming moments ago president trump and president putin are ready to work together on syria and north korea, and they've made thibold promise: together they wl end terrorism in the middle east. we'll get you details as they come in. we also have a worrisome question arising right now. are we just four months away from a government shutdown? as a trillion dollar budge deal burns a hole in the table, the president threatens a bigger battle to come in september, keeping the door open to letting the government go down and dark. you're looking live inside the house rules committee as the committee is about to begin
discussions on the steps that could bring a $1.1 trillion omnibus spending deal to a vote. you can see people starting to trickle in. but this is the committee where they look at policy, and they decide whether it should move forward. budget director mick mulvaney just finishing up an emphatic defense of the 2017 deal, saying it was the democrats who wanted a government shutdown. but it's the commander in chief who took to twitter hours ago warning the government needs, quote, good shutdown to fix the mess. it all comes as investors and ceos wait on tax reform and a fresh reveal of an obamacare replacement, both still simmering on the front burner. it was right here on "countdown" that that man, congressman andy harris, predicted that the gop health plan would come back to life. he's a member of the freedom caucus, he's a surgeon and, yes, we are ask the -- we will ask the burning question, will people with pre-existing conditions be covered or be left out in the cold?
the president and ceo of the cleveland clinic on which part of the american health care system desperately needs to be fixed first and which part needs to remain. and grover norquist of americans for tax reform on the tax bomb the president dropped about hiking the gasoline tax. grover's loaded for bear on that one. on wall street, look at the markets holding onto some green at least for the dow jones industrialat this ho. the nasdaq's no longer in record territory. could make it this hour ahead of apple's earnings after the bell and, yes, charlie's living it up at beverly kills at the milliken conference. i know. he is filled with scoop from the smart money there, and we're going to get that to you. we're less than an hour to the closing bell, let's start with the "countdown." ♪ ♪ liz: and we have this breaking news. members of the federal reserve are meeting right now debating whether to send signals in tomorrow's statement that a
slowing economy could delay any additional rate hikes. or they could do the complete opposite and say, yeah, the gdp number was slightly a blip, it was weak for the first quarter, but their decision tomorrow will be announced, and it could move the markets. right now investors seem to be in a bit of a holding pattern. stocks are straddling the flatline ahead of that announcement. the s&p down just one point, the dow is up 12, the das knack lower by about -- nasdaq lower by about 7. shares of iac surging, up 14% after chairman barry diller managed to harpoon one of his great white whales, snapping up angie's list for just over $500 million. iac had made an unsuccessful hostile bid for the online review site back in 2015, but since then angie's stock has lost nearly half its value, so barry diller shows he knows how to get some bargains in this
market. angie's list is up 62%, it's now a $9 stock. going into the market today it was $5. and we should look at advance micro devices, it's having its worst trading day in more than 12 years. the stock is down 23% making it the biggest loser on the s&p 500. amd's a chipmaker, it reported earnings in line with expectations, but analysts are expressing concern about lukewarm projected margins for the company has been on fire lately. the stock has nearly tpled during the past year. let us start at the white house where just moments ago we got details about the president's phone call with vladimir putin. that followed budget director mick mulvaney's appearance at the daily press briefing. he laid out the details of the $1.1 trillion temporary spending bill, passionately defending the bipartisan bill and claiming funding to build parts of the border wall are, indeed, contained in this bill. he chastised democrats for
claiming victory, threatening a government shutdown in the fall while saying the spending bill is not a win for democrats or republicans, it's the american people that are the winners in the deal. let me get to blake burman. you were inside the briefing. he was quite, i used the word emphatic about saying, no, no, we didn't give up too much here. >> reporter: that's exactly right, liz. you have republicans saying, hey, look, even though this was a bipartisan compromise, we won too. they clearly, the republicans on capitol hill, the white house, not happy with headlines that might suggest otherwise, and mick mulvaney was trying to make that point. the president spoke about this earlier on this day, and he also sent out a tweet that looks past the short-term spending bill through september and on to october. quote: the reason for the plan negotiated between the republicans and democrats is that we need 60 votes in the senate which are not there. we, he goes on to say, either elect more republican senators in 2018 or change the rules now
to 51%, meaning ending the filibuster. our country needs a good shutdown in september to fix the mess. now, at the press briefing mick mulvaney held the microphone there for the majority of it, and he did not back down from this potential october shutdown talk. so that led me to ask him this question, listen. the president today talked about a potential shutdown. you say democrats wanted to do what they did so that they could force a hutdown. we've heard finish shutdown. we've heard the term a lot here. i think there's probably some folks at home who are sayingmy gosh, we're barely 100 days into this, what does that mean for x reform, for an infrastructure bill, for a government spending bill in september? and this is just year one. what does it say to the tone that we're already talking about -- >> i think the tone is that they have a president who can run the place, which is not a narrative that you hear coming out of many different sources right now. there were a lot of people who were absolutely convinced, including when he hired me to be
the omb director, that we were going to have a government shutdown. and i think the message we're sending is we are competent, we know what we're doing, and the country is safe in our hands, and we think this goes to prove that. >> reporter: president trump spoke with vladimir putin, the russian president, on the telephone. the white house saying moments ago they spoke about the situation in syria and how to deescalate north korea. liz: yeah. and the dow is climbing just slightly in the wake of that news. blake, thank you very much. we do have the dow up about 13, 14 points at the moment. yes, while the budget is the most immediate concern, talk of tax reform we know our investorrer audience really cares about that. it is still heating up. president trump even going so far as to suggest this, which may not love, raising the u.s. gasoline tax to pay for dilapidated roads, bridges and tunnels. the gasoline tax hasn't been touched since 1993, it's at about 18 cents a gallon.
could this be a crucial piece in pushing tax reform over the finish line? we bring in americans for tax reform president grover norquist. let me take a stab at one, grover, you don't like the idea of hiking the gasoline tax. >> correct. this is not only not part of tax reform, it's opposed to tax reform. liz: okay. but go out on a limb here. why are you against this? especially considering that for those of us who use the roads and last i checked that's just about everybody even if you don't have a car, you're traveling somewhere unless you're home bound, isn't it better to hike the gasoline tax when oil prices and gas lean price -- gasoline prices are as low as they are? we're not as low as a year ago, but at $2.37 a gallon for the national average, it would be less painful now. [laughter] >> but more painful if prices go up. look, there's no reason to raise the gasoline tax. politicians don't spend money on
roads because they raise money promising to put it on roads. they spend it somewhere else. liz: okay. what if there was a designation or it was forcefully earmarked that any revenue that came from that tax has to be used for shovel-ready roads and bridge projects? >> two things. one, they already have that. it's the gas tax that's supposed to go to transportation. but that's so loose that it goes into big city subways which has nothing to do with your roads working. so they take maybe 18, 20% of your tax dollars that are promised to highways, and it goes somewhere else. you don't need to raise taxes, just say no more looting the gas tax -- liz: well, why did president trump float it as saying this was be a good way to offset some of the cost of a trillion dollar infrastructure project? >> the white house made an immediate clarification that he was being polite to a bunch of people who tossed the idea. then he says we're looking at that, okay? i'm looking at it. i think it stinks. [laughter]
but i'm looking at it too, okay? get rid of the diversion out of roads. two, the davis-bacon act raises the cost of every road and bridge by 20-30 %. it's a law put in in the 1930s specifically to keep african-americans out of white finish. liz: right. it requires a minimum for workers' wages. >> it's to keep non-union people out of work. it was originally designed to be racist, it still is. liz: gotcha. >> get rid of it. now you've got 20-30% more money for roads and bridges. we can build lot more bridges, lots more roads. the white house and capitol hill have more money than they need for roads. they take about 20% of it and take it somewhere else, and about 20-30% of it into davis-bay p con. plus -- bacon. plus, when you pay for roa, what are you paying for? all those epa studies to find out whether you add an extra lane to a four-lane highway,
whether it's going to irritate the caribou or the rhinoceros' in the neighborhood. liz: there's a pothole near me that i would love to see filled, we'll take it in new jersey. grover, we've had a bit of time to digest the tax reform plan floated by steven mnuchin and gary cohn. what's your butt reaction? it seemed to be a lot of -- gut reaction? it seemed to be a lot of promises but with hefty price tags. >> taking the corporate rate from 35 down to 15 and the business tax in subchapter s corporations also down to 15 is, quote, very expensive. to the government. it's very good for citizens. it's dynamic for growth. that alone will take you from 2% anemic barack obama-french growth to 4% ronald reagan growth -- liz: can i just quickly, you used the word dynamic, and i think that's a play on dynamic scoring as they call it which
anticipates or thinks, you build something on what you think the policy will inspire as far as behavior is concerned. and steven mnuchin says we don't need to pay for it, growth from this tax cut will pay for it. that really something that we can fend -- depend on? >> well, we can depend on it a lot better than the cbo scores which have historically been wrong about how much growth you get from lower taxes. we had a tax cut in 2003, remember, the second bush tax cut. liz: yeah. it sunsetted after ten years. >> at the end of four years, revenue was higher than was anticipated if you'd never cut taxes at all. so it actually created more growth and more than paid for itself. i know our friends on the left say tax cuts never pay for themselves. the last tax cut we had in america paid for itself. liz: well, some conservatives believe that it will balloon the deficit, but more to discuss. grover, will you come back? >> absolutely. liz: thank you very mu.
grover norquist, americans for tax reform president, doesot like any hiking of the gasoline tax. >> nope. liz: even though i'm sure he drives on the roads, but he makes his case. closing bell, we're 48 minutes away. intel and visa up in the far-left green corner, that's good because that's our leader. that's our leader corner. the dow 30 heat map here, we do have visa getting a boost from mastercard which reported higher earnings on a rise in credit card spending. the original house of leather on fire today, coach beating quarterly estimates. the handbag maker is back. it's announced, though, that it has closed more than 140 locations during the quarter and expects to close more in the next one. it's cutting back on discounting, too, on its products in the u.s. coach has been on a tear, it's up more than 10% this year. today it's the biggest gaper in the s&p 500 -- gainer in the s&p 500, up 11 points. they've also gotten some much better style.
up next, have american auto sales peaked in the numbers are in. our floor show experts on how they're driving or dragging down the markets. more "countdown" is on the way. stay tuned. ♪ ♪ look closely. hidden in every swing, every chip, and every putt, is data that can make the difference between winning and losing. the microsoft cloud helps the pga tour turn countless points of data into insights that trsform theibusiness and will enhance the game for players and fans.
but these days it's phones before forks. they want wifi out here. but behind that door, i need a private connection for my business. wifi pro from comcast business. public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. ways wins. especially in my business. with slow internet from the phone company, you can't keep up. you're stuck, watching spinning wheels and progress bars until someone else scoops your story. switch to comcast business. with high-speed internet up to 10 gigabits per second. you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed. built for business. ♪ ♪ liz: u.s. auto sales have hit
some major traffic as april marks the fourth straight month of declines. how do the big auto manufacturers fare? reporting the worst sales declines in april, ford. due to customers switching to crossovers and suvs. we need to point out that sales of the f series pickup truck remain very, very strong. even the all-aluminum one, it's doing very well. fiat chrysler slumping 7%. gm dropping a 3.8% -- dropping 5.8% as chef i -- chevy endureda decline in april. how does that affect the stock market even if you don't own auto stocks? to the floor show, traders at the new york stock exchange and the cme group. john corpina, can that type of thing affect stocks that are outside of the auto manufacturing world? >> i don't thi just yet.
yes, we have seen consecutive months of satter numbers, but -- softer numbers, but they're not really hard numbers that have spooked investors just yet. clearly, we see the correlation between gas priceses and how that affects some of the sales that are there. we see the crossovers, and as we're getting closer into the summer months, sometimes we do see some pick-up in buying in that sector. so right now i wouldn't be too scared off of that area. liz: the reason i question that, larry, is because when people stop buying cars, it means they might not have the money to buy cars or they're worried about the economy, and they don't want to spend discretionary income. am i wrong there? >> i don't know if you're wrong. last week we saw in the gdp number, we see consumer numbers were bad. government spending was bad, offshed by really good -- offset by really good business spending and the home building sector. we do have to remember the auto sector is really crunchy. the numbers are very volatile,
and mid to late summer last year the numbers basically defied expectations, especially in europe. and people were caught by surprise. right now i think they're justph level. it's just going to take some time to digest, and i think it'll be okay going forward. liz: mercedes down 7.9% year-over-year. and we're coming off an anemic march, but, phil, looking at gasoline and oil prices, oil today -- i don't know if you know this, folks. phil does, but oil posted its lowest level since late november. and in the after market, phil, it's really tanking and selling off. what's going on there? >> what we've heard is some late-breaking news coming out of libya that there may be some type of power-sharing agreement from rival factions in libya to get rid of the problems and really disrupt supplies. the prime minister and his chief rival have agreed, basically, to, you know, dismantle the
militias, work tether, call for elections in six months and share power. this is a major breakthrough in peace relations in libya, and oil traders are saying this is the chance for libya to live up to their production potential. liz: well, add to that the fact that there is lower compliance on behalf of opec and non-opec members when it came to those cuts. quickly, john, tell me what you think about the dow. it's just added another 10 or 15 points since the top of the hour. what do you think is going on there? >> i just think investors are waiting for two things; apple earnings after the bell today, clearly something everyone focuses on, and tomorrow afternoon fomc comments like you said earlier. we pretty much know what's going to be said, it's just whether they're going to tip their hands as to what the next step is and if june is still on the table. liz: apple is actually higher, and it hit a record yesterday. great to see all of you, john,
larry, phil be, next time. always a pleasure to have you. and you know john just mentioned this, but we are going to thinking down and take big bite into the apple report. quarterly results after the bell. david, melissa will get right into it. the second they hit. but they'll be leading you up to it, so you got to stay tuned, to because they'll tell you exactly what to watch for. closing bell, 38 minutes away. a mea culpa from the ceo of one of the world's biggest airlines, but is it too late? what united ceo oscar munoz now had to say before congress that could bring major changes to the sometimes-unfriendly skies. "countdown" coming right back.
my name is pam. i'm 51 years old. when i was diagnosed with pneumococcal pneumonia, it was huge for everybody. she just started to decline rapidly. i was rushed to the hospital... my symptoms were devastating. the doctor said, "pam! if you'd have waited two more days, you would've died." if i'd have known that a vaccine could have helped prevent this, i would have asked my doctor or pharmacist about it.
understand that. liz: understand that now. that was the united continental airlines ceo oscar munoz bringing the new meaning to the phrase, finally falling on the sword. the ceo testifying before a house panel early this morning not only apologizing but fully taking the blame, saying it is on me with regard to the events that led to the shocking treatment of passenger david dao. he was removed from the flight. he had smashed teeth and concussion after everything was said and done. united over booking sparked the incident, he said would never happen again. they reached a settlement, terms of which were undisclosed. multiple videos captured the violent event but today's share are taking flight up 4.6%.
$3.23 to the upside. executives from american, alaska airlines, southwest participating in today's hearing on the hill. shares of all of them are really doing well. up anywhere from 1% to up nearly 3.25%. no doubt one billionaire who doesn't even fly united was you watching that hearing. he may fly his own company netjets, jets. but he is a large shareholder. some estimated buffett lost $20 million since the dr. dao incident but the oracle of on you haw is not losing his midas touch according to "forbes." the magazine named berkshire hathaway as top publicly rated company that took profit, sales, market cap into account. buffet beating out well-known holdings of apple, wells fargo and bank of america. in fact coca-cola thinks so much
of the "oracle of omaha," they put his face on the bottle of cherry coke in china. check this out. you see that little picture of warren? they're doing it to help launch the cherry coke brand there. cherry coke is warren buffett's signature drink. he is of course the largest investor in coca-cola. he has 400 million shares worth 1.3 billion. on i want to say this too. in china, they tend, the people there tend to like clear liquid. sprite you outperforms any colored soda. so coke thought what can we do, who should we put on bottle. china is so enam mored with warren buffett they put him on there. the berkshire hathaway annual shareholder meeting will be selling lots of coca-cola with the bottles. we got it here first. the meeting kicks off friday in omaha. you i will head straight there after the show thursday. it will take over the entire city three straight days. i have live updates about
anything said about united, coca-cola, wells fargo and more throughout my entire "weekend with warren." you can follow me on twitter. live tweeting @lizclaman. we're 84,000 followers right now. austin, you were with me back when we had 30,000. >> yes. 5000 i think. liz: he is not impressed at moment. he wants to see 100,000. >> more claim. liz: help impress austin, my floor director, get to the 100,000 mark. follow lee @lizclaman. tell your friends and family. exclusive material is on lizclaman.com. friday live from omaha, my one-on-one interview with nebraska governor pete ricketts. oh, look at that stamp. a little custom liz stamp. charlie monger, you warren buffett and bill gates sit down with my, richest minds on the president trump, economy, health
care, investments. all the ideas on the table. don't miss the "countdown to the closing bell." comedian jimmy kimmel not laughing last night, filled with tears instead of laster on the show as he shared a very personal story of health probms fachis brand newborn son but uld something that happens on late-night tv actually change the course of the health care redate in america? congressman andy harris, he predict ad revival of the gop plan on this very show. he is an anesthesiologist, a member of the freedom caucus. we'll ask. the ceo of the cleveland clinic tells us if he thinks the changes to obamacare will help heal america. "countdown" coming right back. ♪ 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.
when this guy got a flat tire in the middlof the night. hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix his flat so he could get home safely. my dad says our insurance doesn't have that. don't worry - i know what a lug wrench is, dad. is this a lug wrench? maybe? you can leave worry behind when liberty stands with you™. liberty stands with you™. liberty mutual insurance.
♪ >> i saw a lot of families there and no parent should ever have to decide if they can afford to save their child's life. it just shouldn't happen. not here. liz: could a late-night monologue gone viral in the last 15 hours change the course of the health care debate? abc host jimmy kimmel tearful account of his own son's emergency surgery nine days ago to fix a hole in the baby's heart comes just as we have argument repealing obamacare existing coverage requirement. it is getting a lot of attention from former president barack obama who tweeted, quote, well-said, jimmy, why exactly we fought so hard for the aca. why we need to protect it for kids like little billy. congratulations. my next guest is part of the
high-stakes negotiations going on right now as gop leaders try to get party members on the same page for a vote on revised health care plan as early as tomorrow. we bring in republican congressman andy harris from maryland. congressman, you are a member of the freedom caucus and gop doctor's caucus. i am glad you are here. right off the bat, what did you make of jimmy kimmel's plea? he said he happens to have money. he could cover the child even if he was denied preexisting coverage but, he was speaking for all americans. >> look, the fact of the matter is, this is made up. the former president doesn't understand health care insurance and it is obvious. the preexisting coverage will be strengthened under mccart sure amendment because it adds several layer of amendments of high-risk pools. little billy would be covered under regular insurance, and high-risk pool which will be very affordable coverage taking care of his problems.
this is much ado about nothing honestly because the preexisting coverage is actually strengthened by the macarthur amendment, not weakened. liz: could i push you here a little bit? >> sure. liz: the deal brokered to get folks from the freedom caucus including you on board, would allow states to waive the obamacare rule that protects preexisting conditions, just allow states to make that choice. decide they won't cover that? >> that is not true, it doesn't allow that. it allows them to make the choice if, only if they have procedures in place like a high-risk pool, specifically high-risk pool or reinsurance coverages that would allow coverage. it will not leave anyone out. we leave guaranteed issue in place. we have coverage for preexisting conditions. we have high-risk pools. we have multiple mechanisms. people trying to make the argument somehow this will cut off again, little billy needed his operation, he would get his operation. to suggest otherwise is not not, someone who hasn't read the
amendment, hasn't read the bill. that is not something new in washington. people say things about things without reading legislation. i had a hand in crafting part of that legislation, especially the high-risk pooling mechanism. i think honestly little billy would have a better shot getting covered and good coverage under a high-risk pooling mechanism than under the affordable care act. liz: i am going to you trust you here on that. i haven't seen the plan, would like to believe that. you as anesthesiologist i woul think you would be for something like that. >> absolutely you said passing the health care plan, first, let me back up, would we see a vote possibly early as tomorrow? >> probably not tomorrow. probably thursday. we're very close to having a number of votes. as people get educated to reveal this myth about the drop of preexisting conditions which is just a myth, as members get educated about, again, i
participated in health care my entire professional life. i understand how complicated this is and how difficult it is to explain to some people but i have made a promise to my constituents i would never support a plan that didn't cover preexisting conditions. i'm convinced it not only covers it but actually strengthens the coverage. liz: glad to hear that from you. to a is being part of the question, you said in march passing the health care plan is the best way to move on to tax reform. >> absolutely. we repeal all the taxes $900 billion over 10 years in obamacare taxes which are a burden on the economy. we can recycle those tax cuts into what the president wants is to stimulate the economy through lowering the corporate tax rate and the pass through tax rate. liz: freedom caucus members are known for being extremely conservative and i'm wondering what you think of the tax reform plan that was unveiled last wednesday by steven mnuchin, treasury secretary and gary cohn, economic advisor to the
president which does not give any sense how it would get us to a revenue neutral position. how do you look at something like that? >> the fact of the matter is, all depends on how you define revenue neutral. if you believe when you you provide a substantial tax cut and stimulate economy, revenues go down, it will be hard to get to revenue neutrality. but if you believe as i believe bringing corporate tax rate down to 15% brings us so competitive in the global economy, that our gdp growth kicks back into 3, 4% range. we'll have plenty of revenue and better tn revee neutra we'll have jump-started the economy. >> president suggested today, the senate rules, i know you serve in the house, the senate rules should change to require simple majority for passing legislation in order to pass more of the republican agenda. you have friends across the aisle, do you not? would that just shut their voices down completely? >> well you know, my concern is not that. my concern is that the
republican majority, no majority in congress never lasts forever. the democrats before 1994 their majority would last forever. it didn't. the house majority will not last. senate majorities change. there should be some protections to maintain, to maintain the ability to filibuster. i think there should be real filibusters. a talking filibuster. make people work. if the minority really wants to be heard on a subject, make them talk, make them be heard. i'm still not there yet supporting idea of eliminating the filibuster for all legislation. i do support it for judges though and supreme court. liz: filibuster, no reading dr. suess books in the middle of the night? >> you can read them you but you can't read them at home. you have to stand own the floor and read it. liz: stand there. do like the old school people did. >> that's right. liz: thank you so much, congressman andy harris. >> my pleasure. liz: we planned to talk to cleveland clinic president and ceo, toby cosgrove. we'll try to get him after the break.
won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. switch and you could save $509 on auto insurance. call for a free quote today. liberty stands with you™. liberty mutual insurance.
♪ liz: you just heard congressman andy harris say the new plan for health care covers preexisting conditions. as democrats and republicans battle it out in a particular committee to see if it makes it to the next stage, my next guest was a cardiac physician for 30 years, performing 22,000 operations before building one of the nation's most prominent hospital chains.
from a doctor's perspective, cleveland clinic dr. toby cosgrove on fox business, and a doctor and businessman. to my first question, what are you hearing about the revised and i think the solution is really something quite different. the big problem that we're having a rising cost of health care. there is plenty of money with a efficient health care delivery themselves what i would like to see is come together in bipartisan bill that we improve the efficiency of health care delivery systems. why don't we have inneroperability of electronic medical records? why do we have to be licensed in 50 states of the union in order to use telemedicine?
we need to have a efficient delivery system. need hospitals to come togethers country of smoking, obesity, drug use and all those things that come together over time will begin to drive the cost of health care down so that we can cover people an cover them well across the entire society. liz: i agree with you. people have to take control of their own health and not leave it as a burden on hospitals, doctors and taxpayers, but, for that preexisting condition, i don't know, you heard about jimmy kimmel and his speech last night born with a hole in his heart, you're a heart surgeon. you know very rare thing where pulmonary valve is entirely blocked. he didn't do anything, this ild, not to ta care of himself so what about people like t one way or another by their
insurance, particularly about medicaid which increased number of people being covered across the united states. children certainly get their coverage in that respect and children's hospitals are well-supported. i amde lighted with that. and it is important that we have those sorts of capabilities but the thing that is really driving up our health care costs are two things. first of all, there are more older people and more things we can do for them. they're coming to us with chronic diseases. the chronic diseases are causede way or the other would object to having a more efficient delivery
system. liz: toby cosgrove, you i hope you speak to the president and to the congress. you have been there before. congratulations on transitioning away from this position of running the day-to-day process, a job well-done thank you. >> thank you very much. liz: thank you for all you've done dr. cosgrove. toby cosgrove first on fox business. health care not the only pressing issue confronting the trump administration. there is a push to overhaul the tax code which might be to the end of a loophole used by money managers to lower their tax rates. the idea of losing that so-called carried interest rate has private equity firms racing the clock before it begins ticking. with the insight scoop charlie gasparino, live from beverly hills. man, i can't believe you're still wearing a tie. they're so casual out there, charlie. >> i know. i usually wear my wife-beater when i go to the conferences. >> they don't like that. >> this is l.a. they don't like it out there.
this is a conference that is filled with private equity executives. so president trump's tax plan is front and center and basically all the meetings, both publicly and there is a lot of business meetings privately going on right now. , and one of the issues they're talking about private equity carried interest loophole that president trump wants to, at least for you now the private equity executives are taking it seriously. from what we understand, major private equity firms, blackstone, kkr, carlisle, all representatives are here. david rubenstein from carlyle is here. they're planning to got their deals done, the deals that are in the pipeline done in the next couple of months before this private, before tax reform, if it does hit. so what they're doing right now, they're rushing to get these deals done, the deals in the pipeline because they want to get them done before this
private equity loophole is -- liz: are they hiring lobbyists or just accepting the fact it is probably going to come? >> that's a great question. first they're pushing you out deals from what i understand. how many deems we're talking about? we're talking about hundreds. we don't know the exact numbers because they are private equity deals. they don't announce it. you can imagine these are hundreds of deals they want to get done quickly before they lose this loophole. the second plan of attack, it is kind of interesting, doing it two-prong, exactly what you say. sources telling fox business network is that private equity is about to unleash the sort of mother of all lobbying efforts in washington to prevent the trump administration from killing this private equity loophole, the carried interest. that is the second part of this thing. i will tell you that is coming very soon. just so you no, liz, they're taking no chances. that is why they're pushing out deals from what i understand, but they believe they have a
very good chance killing any attempt to remove that loophole. they will hit the airwaves. they will put out columns, oped, saying here is why private equity needs to keep the loophole. we create jobs. this loophole is a tax cut that gives us favorable treatment to keep jobs. 10% of all workers work for companies that are a part of the private equity industry. they have an effort to keep that whole. liz: charlie, thank you very much. somebody stepping on private equity's air hose, they will fight like heck to restore the oxygen. up 22 points for the dow jones industrials. we're coming right back. could we see a record again for the nasdaq? it's up.
earnings of the quarter. lori is down on the floor are. >> this is seasonally soft quarter for iphone sales. it leads to big unveiling of next iphone model, iphone 10 or x, whatever they're calling it. look for iphone sales flat to slightly higher that will be key. apple is coming off a record yesterday, hit intraday record of $149 a share. look for volatility on shares of apple, in wake of report we're expecting in after-hours. back to you. liz: lori, cool. we're seeing the dow show life. we're up 31 points. you could possibly witness another record for nasdaq. joining us now, craig hodges you like this move in the final hour of trading. >> people looking for a pullback, it is not cooperating, shows we have a good stock market. liz: real resilience.
what is driving that? >> a look of real opportunities out there. in 1996, there were 7500 stocks equitying or listed stocks. that is about half of that. now. there is a lot less places to put money. a lot of people missed this move having to find a home and forecasts are looking good. liz: with the belief that there will be fewer regulations to hold them back, what do you like here? >> two names i like in particular. both are negatively viewed by the street. both have big short positions. i think they could make, both of them have good news coming. jcpenney which everyone hates. 30, 35% sold short. i believe there is a real turnaround going there. the other one is go go wireless.
it is about over 40% sold short. [closing bell rings] i believe they report earnings thursday. i believe they have much better things coming. i think both of those could be big movers going forward. liz: craig, thank you so much. craig hodges. i can't live without gogo wireless if i'm up in the air. david, melissa, get ready for apple earnings. david: absolutely. they're coming any moment. stocks fight for gains in the final moments. nasdaq turning green as well, making another brand new record close for nasdaq. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have you covered on all the big market movers but first here is what else we have at this hour. america's most valuable company you out with results this hour. what will apple do with a expected quarter of a trillion dollars in cash, a quarter of a trillion, wow. are people still shelling out their money for new iphones?