tv Varney Company FOX Business May 19, 2017 9:00am-12:01pm EDT
and don't miss my sunday morning program, sunday morning futures with former cia director james woolsy. have a great weekend, everybody. thanks for being with us live from las vegas. "varney & company" begins now. stuart, take it away, my friend. stuart: i shall, my friend. thanks, very much, indeed, maria. the president leaves the swamp and he's playing on the world stage right now. good friday morning, everyone. goodbye d.c., the president of the united states leaves downtown for the green pastures of diplomacy and big time deal make and i mean big time. president trump takes off to a nine day, five city trip in europe. he left a parting shot, all investigations are into a hunt. and now he's off to the saudis, they like this president.
and then to israel, again, mending fences the obama team broke, and maybe leaning up dependence iran just as that country holds elections. then on to europe, paying for nato on the agenda there. and the president wraps it up with a visit to pope francis. now, that's pure retail politics. this time it's the president trying to mend fences that he broke. there you have it. goodbye, swamp. air force one takes off at 2:30 eastern and the friday edition of "varney & company" is about to begin. ♪ >> well, will you look at that? jean michelle painted this is the sixth most expensive work of art ever sold bought by a japanese billionaire after a
ten minute bidding more. repeat. 110.5 million dollars. who needs that? when you can buy a heisman trophy from 1956 for a mere fraction of the price. this is one of the very few heisman trophies to ever go on sale. we'll have more later. you can tell that it's friday, can you not? when open up with stuff like that, there you go. let's get to your money, looks like another higher open right now, we had a selloff on wednesday of course, coming back 20, 25 points for the opening bell. look who is here on a friday morning. got him out of bed early, charles payne. the president is leaving the swamp and changing the subject. i think the market likes it, but you've got to tell me is the worst of the selling over? >> i think it is, i really do. beyond the political hijinx and all of that stuff what we've been seeing is an amazing
economic run. it's not getting the press, but a lot of it is because it's looking under the headlines. wh you talk massive capacity for iron and steal, oil and gas rigs, those things. or the earnings we've seen this earning season, deere blowing it away and construction is strong enough to raise their guides the rest of the year. those things are what happened. if politics drives it down from time to time. you can buy it cheap. stuart: i've been close to 20,700, points away from the record high. maria: 374 point plunge gets people's attention to don't normally watch the market and the mainstream media wants it to. and they hype it up. how many people talked about
the 21,000? chirp, chirp, chirp. and then very few have given donald trump for this. the other business networks have only occasionally called it a trump bump. stuart: well said. thanks to you and ashley. >> it was an honor. told me if i said something, they would give me a red bull. liz: hello, hello. stuart: liz. let's get to politics. during the congressional hearing on tax reform, several democrats claimed that the five person witness panel was not diverse enough, roll tape. >> i don't see any african-americans, latinos, asian-americans, native americans. i don't see any women speaking up. >> i think the information that
we've heard sounds great, but it also comes from not enough diversity. >> i hope that we won't ten to have hearings where we only have panelists who represent a narrow set of interests. stuart: i found that interesting. joining us now is congressman adrian smith on the tax writing committee. sir, is it legit to criticize the idea of tarefos if the witnesses are not diverse? >> we know that the democrats have some on the committee. we have diverse viewpoints on the committee and that's why we have the committee members to interact. it's important that we get this done. stuart: sir, they're not asking for a diversity of opinion. they wanted diversity of identity. that's what they were doing
here. >> well, they're entitled to request that. actually, the democrats certainly with enput on the composure of the panel. they have the opportunity to invite folks in with various identities and so, they have the opportunity to do that and we will have further opportunity for more hearings. we're having another hearing next week. so, i think we have great opportunities moving forward. >> okay, now, you've obviously talked to the other side of the aisle shall the democrat side. can you tell us which item of tax reform they would agree to? >> well, i think that they would probably appreciate revenue neutrality in part. it's hard to read their mind on everything. we've had many interactions. we've had working dpruns a while back that were bipartisan in nature and we've been working on tax reform.
it's a heavy lift and this is a very important topic, but it's an excellent topic, and to get us to grow our economy and provide more for the future. >> we've had a lot of people on the program handicap whether we'll get tax reform or not. most of the people on the program is saying it's maybe a 20%. maybe a 30% chance of being done this year. you're smiling, sir. what's your handicapping? >> it's our goal to get it done this year. stuart: i know, i know. everybody says that. it's our goal, we've got to do, we hope to do it, et cetera, et cetera. are we going to do it? what are the odds? >> i think we are. i think they're better than 50/50 and that's because it is an important topic, and once in a generation and it's all about the future. adrian smith. thanks for joining us, sir, on a friday morning. >> thank you, have a good day. stuart: this is interesting, starting today, facebook will live stream major league
baseball games on fridays. it does start today. ashley: yes. stuart: and the stock is up. what's going on? >> 20 games every friday available to everyone in the united states. just another effort to get into live stroming and sports. we know that twitter has deemed up with the wnba. we have amazon airing nfl games, another attempt to engage people more with a have a might of content. you don't necessary had i watch baseball. you can watch it on the go. stuart: and on the phone. 20 games every friday? >> one a week every friday. stuart: for 20 weeks, on a friday. >> yes. stuart: the stock is up, a buck right there. and president's budget is set to be released next week. elizabeth had a look at it. liz: he's not going to cut social security, medicaid,
sto foreign aid and overs. and eight of the past years they never passed a budget. and now the democrats are calling for a shut down because of his skinny budget. stuart: i'm told they're going after federal and government working pensions. five years for the salary instead of three and boy, draining the woman p is going to be difficult, that's going to be pushback. stuart: and that's something you can do. change the rules for the the future as opposed to now. >> and that logic has never been able to be applied to social security which is probably one of the things that need most reforming. you tell people, listen, it doesn't kick in for 2 years jo that's a good point. same with pensions, go says give them a 401(k).
the gao said that. >> they'll push back fence that they want a guarantee from the government. they don't care how the government gets it unless they get theirs. >>. stuart: the guarantee, if you've got to you want to keep it, everyone is for that. breaking news, and thefully wethefully-- anthony weiner is going to plead guilty to sending lewd texts it a minor. ashley: this goes back to a sexting incident vfg a 15-year-old girl in north carolina. we understand that he will plead guilty in a courtroom in manhattan today and we'll find out. stuart: what are the implications of that and i don't know at this point. moving on. i've got some gee-whiz tech on a friday morning for you. listen to this, qualcomm developed a special road that can charge electric cars while driving. no more stopping to juice up.
we'll toll you how it works. trouble at tesla with workers of the california plant complaining about long hours and grueling work condition and they're there at the plant. we've got that story fou. the president trump on launching air strikes. and that's the day before his trip to the mideast. varney continues after this. can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock.
>> remember the gap? they're still around. that's a little facetious comment. the old navy brand is doing well and the stock is up nearly 5% this morning. the business software company, salesforce.com, raised its outlook. it's looking good today and it will open $3 higher around $90 per share. a couple of stocks in the news are going up at the opening bell.
saudi arabia, oil firm aranco will sign deals with ten american companies during president trump's visit. ashley: saudi arabia is trying to ramp up local production, aren't they doing it already? apparently not. they're going to seen with schlumberger, hal burrton, baker hughes, and general lek trin and other drilling companies, maybe ten to a dozen or so companies that will get the big contracts and mr. trump will be there to oversee the signing of those. it's interesting, saudi arabia is going to try and boost by 70% local energy-- loc local energy produced services and energy because they say that they are too reliant on oil and they're going to try and spread it out a little more. as a result of that. u.s. companies will pick it up. stuart: at 9:30 this morning, we've got details of what could be a huge arm mament deal.
we'll have that. president trump has launched another strike on syria. this is one day ahead of his trip to the middle east. he pushed that strike against pro assad forces. joining us now zuhdi jasser. it took to me like a really big shift in policy compared to the obama administration. sort it out for us, what's going on here? >> i think, stuart, this was bound to happen because of the list of factions and held onto your seat it's know the that significant. there were syrian army troops approaching the jordan. they were given warnings and even the russians warned them and they didn't respond. there were attacks against what
included u.s. advisors. as secretary mattis said we have not changed our policy, but we will protect our troops if necessary. this should be the signal to the world at that red lines do mean something today. stuart: is there something going on underneath the surface, the president goes from saudi arabia and israel and meet with the palestine liberation organization, i believe, mahmoud abbas. is there something going on that we don't know about this one? >> i think you're seeing an appeasement and we're creating a coalition against isis, that's the number one reason. president trump campaigned about national security he's starting in saudi arabia because he wants to reestablish a broken relationship with the saudis and i hope he reminds them of women's rights and human rights and talks to the
people of the middle east and not just the tyrannical regime as president trump has been a disrupter. israel needs to be reminded we are their friends and their allies and that sort of has been broken so i think there's recalibration with the trump administration making up for eight years of lost time. stuart: i said he was there mending fences with our ally saudi arabia and with israel, another obvious ally. do you agree with that? >> absolutely. and reestablishing sort of a balanced paradigm, which had become imbalanced and destabilized the region and now i hope we can begin to hear a trump doctrine not only about balancing stability, but looking in the long-term, to not only destroy isis, but destroy the ideology that the saudis while being our allies are the promissory cancer of radical islam globally. >> thank y for joining us, thank you. >> anytime, thanks.
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>> house republicans working onways to ease the rules to make it easier for you to borrow mortgage. our next guest is on the committee that's working on just that. mia love joins us, republican utah. ma'am, welcome back to the program, it's great to see you again. >> hi, stuart, how are you? >> i'm well. i've got to tell you three workers here have had trouble getting mortgages. >> we've been working on replacing dodd-frank and most people don't know what it is and it's a shame because it's hurt their life style, their ability to get jobs, ability to get a mortgage. it's increased their banking fees, so, dodd-frank promised it would lift the economy and yet we've had the slowest and
weakest recovery in 70 years. that it would end taxpayer bailouts. promised to make the system safer yet we have big banks getting bigger and small banks, they're closing at a rate of one per day. stuart: you should see what we get from community bankers objecting to dodd-franks. the question would be the same as taxes or obamacare. can you get it done and get red of dodd-frank? >> we've been working on it for two years. there's support in the house and we've got a conservative bill. it will probably be watered down in the state. the president says we need to look at dodd-frank because what's happening in communities, especially to the middle income to lower income families, they don't have credit anymore. you're talking the farmer who can't get credit when he wants
to purchase a tractor to plow her fields or a mom that can't get a mortgage to expand her home. so-- >> there are so many good things to get done. >> right. stuart: we wish you well in getting nem done real fast. i'm sorry to cut it short mia, i appreciate you being with us. >> thank you. stuart: please come again, it's an important subject. >> we need to talk about it so we're excited. stuart: the trump administration has imposed sanctions on members of venezuela's supreme court. liz: this is the supreme court that tried to strip and did strip congress of remaining powers in venezuela. 43 dead, hundreds, 2,000 detained and hundreds injured in the unrest and the president calls what's going on there a disgrace. this is the collapse of socialism. stuart: that's what the banner read, it's the collapse of socialism. if you read the times and the
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♪ >> 15 seconds to the opening of trading this friday morning. i predict we will reach 20,700 within the first couple of minutes of business. that means we're only 400 points away from the record all-time high. not a bad recovery from wednesday's selloff. here we go, we're off and running, a lot of green on the left-hand side. a 30-point gain at now at 20,727. up 44 points, more than half of the dow 30 are in the green. it's an up market this friday in the very, very early going. don't know how it's going to close, but we're off in the first minute and a half. the first 30 seconds. how about the nasdaq? on a roll, way up above the market, a 16 point gain for the tech heavy nasdaq. and broader based six points higher 2,371.
and news today for you cord cutters, facebook will treem one game every friday night and the market likes it, facebook is back to 148. farm equipment maker deere, 62% jump in profit. it raised forcast. full disclosure, i just bought myself another piece. >> did you get the flip-flops to go with it? >>. [laughter] >> two days in a row. stuart: aren't we having fun, ladies and gentlemen? >> yes, we are. stuart: the only person not laughing is scott shellady because he's back in london. warm beer, it's useless, let me tell you and no air conditioning on a hot day. bad. let's get the full list, ashley webster top right. and elizabeth macdonald. and charles payne. we have jeff sica and aforementioned shellady there.
scott, i'll start with you, i think the market slapped the president on the wrist and said let's get on with things and get moving here. my question is, scott, is the worst over? >> well, obviously the market is getting used to buy the dips, but i've t a news flash for evybodthere. from the 2100 high to thlow on wednesday, it was around a 500 point swing, okay? which is roughly 2 1/2%. if you can't handle a 2 1/2% move in the stock market, you should probably take your money out and put it in a rusty coffee can and bury it in the back yard and watch it agree that way. stuart: you're feeling cool on the market. jeff sica is a contrarian. is the worst of the selling over? >> investors are salivating over the tax cuts. as long as trump is in office this story is going to continue
to go on and on and on, and continue to be a headline risk to the market. stuart: wait a minute, you think that the hope for tax cuts is still with us and still keeping this market where it is? >> i absolutely believe that. i believe wholeheartedly that's what investors want now. the market needs another catalyst. yes, i don't think the destruction of comey is going to be what undermines the markets. what's going to undermine the market is trump being too distracted by what's going on and not being able to get to the tax cut we have coming. stuart: charles. . >> i don't think any major that has factored tax cuts in their modeling. i haven't. the federal reserve has not factored it into any of their modeling. stuart: and still got a market at 20,000. >> what the earnings are doing, by the way, after this week, almost everybody would have reported earnings. these numbers are phenomenal.
i believe this will be the number one quarter in the history of america for u.s. corporate profits. i think we're going to take all-time high if we keep on where we are. >> good lord. charles: those could look at the market and you could argue they're high, but-- >> look at ralph lauren, and the gap, wal-marand target as well. stuart: we're at 20,600 and sorry, sicca, we're moving on. facebook live streaming major league baseball games, they start today. so, should the cable operators, should they be worried? >> if i was a cable operator, i would not be sleeping at night. this is the-- this is the next frontier for facebook, netflix, and amazon, streaming live sports. they started doing it. they're perfecting it. the cable operators, sooner or
later, people are not going to be willing to pay for cable because they can watch their live sports on the internet and that's the future. so, i would not be owning any cable stocks and i would be very worried if i was running these companies. stuart: scott shellady, is facebook the new great disrupter? >> yeah, it could be. i just got out of a meeting just talking about the exact thing because from the other point of view, you can have new talent start using facebook live to maybe get themselves out there like people did with youtube. so from the other point of view, you're going to start seeing talent get themselves out there and that's going to be a new place to discover new people. so, yeah, in could be something that's very big and i think it's got some legs. stuart: charles, would you buy facebook at 148? >> i would, but i own it a lot cheaper. but i like what jeff sica said. i don't know why the cable companies haven't been more aggressive with acquisition. and take them out while you've
got the cash, by the way. stuart: 149 on facebook. i believe before the selloff it was well above 150, but it's very close to the all-time high, that's facebook for you this friday morning. the president's going to the mideast and takes off on air force one at 2:30 this afternoon, by the way. when he's there in saudi arabia, their oil firm, state-run oil firm will reportedly sign deals with maybe ten u.s. oil companies. scott, you're the oil guy. what do you make of this? >> well, i mean, it will be okay. i'm not overwelcomed with -- i'm not overwhelmed with it. and it's still a supply situation. we've seen one manufactured rally with opec with production cuts and at the end of the day, there's so much oil out there. back to your question is maybe holding the market back a little bit. we need to see the oil run up higher and it's hard with what
we've got on our hands in the states. stuart: let me summarize for you after six minutes of business we're up 40, dow 20,700. a little more for you on the trip to saudi arabia. the ceo's of three american defense contractors, contracting companies, i should say, that will be lockheed, boeing and raytheon, lockheed martin, raytheon and boeing. their three ceo's are in riyadh. and that they're working on a whooping deal which may go to $350 billion in a ten year period. charles payne. charles: that adds 3 to 4% in their earnings and last year we went to a billion dollar surplus with saudi arabia and 2012 a deficit. what are they buying? top exports, aircraft,
vehicles, boiler machines, chemicals, why do you think that the ceo of dow chemical is there. it not just arms fire, it's another americans-- >> look at deal making going on. stuart: i predict that tomorrow morning you'll have announce from riyadh of this major armaments deal, bringing money back to america, jobs back to america. i think it's going to happen. liz: and saudi aramco. >> to charles' point, the deals that we struck with china, now saudi arabia, we've got a business man in office. that could be a reason why the market is here without the idea of tax cuts because if you ask the market only 60% of the market thinks we'll get tax cuts in the first two quarters of next year and a lot have written it off already and these could be the reason why. stuart: the president has walked away from the swamp,
politics behind him and what he's good at deal making. we're at 20,708 as we speak. footlocker, their profit and sales fell short. they had weak sales in february and taking it on the chin. footlocker is down 15%. profit down at campbell's soup, not sure which section did not perform terribly well. the stock it down 1 1/2%. $55 a share at campbell's soup. what have we got next. chip maker nvidia moving higher. bernstein likes it, and the role in artificial intelligence and self-driving cars. nvidia had a huge pop earlier this week and another one today. salesforce.com raised its outlook. it's up. all right, charles, not many people know what salesforce.com does, but you're going to tell us in 20 seconds. >> one of the hints is the symbol, crm.
customers relationship management. they allow them to do better with customers. a legend in this business runs the company and benefit of the doubt and always goes up. stuart: and that stock has done remarkably well. ibm is telling thousands of workers who do not work in the office, maybe at home or remote site you've got to come back, got to take an office job or look for a new job. what do you say to that, sica? >> well, obviously, this is a failed experiment for ibm. i'm a bit of a benevolent dictator, i have allowed people to work home occasionally, but i find that there is a lot of value to people being together. >> amen, brother. >> in the same place, sharing ideas. stuart: working from home, some people think that that's just another way of saying goofing off. >> i don't know about anybody here. >> the productivity for most
people, you have to be a hell of a self-starter. i allow people to work home from time to time. shoot them to e-mail to see when i get a response back, it's an unmitigated disaster. liz: just a point of order, president obama, who was the first president to sign a work order to say, yes, you can tell a u.s. worker from home. stuart: i keep hearing scott chiming in just from big ben over there, what have you got now? >> let's bring this-- let's bring it back to investing, stuart. i think you should go short the stocks of companies that make pajamas and go long the stocks of companies that make coats and ties. stuart: do you remember that guy advertising for obamacare in his pajamas? >> pajama boy. stuart: we're having too much fun on a friday. thanks very much indeed. jeff, charles, scott, great performance today. thank you, gentlemen. president trump is leaving this
afternoon, going on his first foreign trip as president, getting out of the swamp. getting his agenda back on track, well, maybe. yes, the president is already making big money deals. we'll tell you all about that and how about this? a heisman trophy on our set. and it's going up for auction. one of the very w ever to go on sale. how much? i'm inclined to tell you, but the producer says i can't. don't want to tell you yet, but you'll find out. stay there, everyone. ♪
which is what we do. crowne plaza. we're all business, mostly. >> well, look at this, yes, we had a big selloff on wednesday, down 372 points, we're bouncing back and the dow is at 20,717. that means you're only 400 points away from the record all-time high. how about the ford motor company? here is news.
they're going to invest big in michigan. give me the story, nicole. nicole: jobs, jobs, jobs and get your great american hat out. ford, investing $350 million in a michigan plant in livonia and there, they're going to create 800 jobs that will begin by the end of this year through 2019 and this is all about fuel transmission and this is fuel efficiency, better performance for future ford vehicles. this goes in addition to what they spent last year where they saved 500 jobs where they're continuing this move and making america great again with further jobs, 800 jobs and leave you with this, i just checked out the new ford f-150 shelby super snake pickup. it's $97,000. 750 horsepower for those shelby fans out there. you're going to love it, but it's expensive. stuart: yes, it is. f-150 shelby, a new one for me.
nicole, thank you very much indeed. thank you. i've got to get back to politics, yes, i do. president trump leaving the swamp. he's headed overseas, the first overseas trip as president. a republican strategist, matt schlafly joins us now. i say he's leaving the swamp, changing the subject and turn it towards his advantage, he's going to make deals. is he free from the political turmoil that he's leaving behind? >> i don't know if you've ever free of it, stuart, but i think you've got it right, changing the subject is an awfully positive thing for donald trump. donald trump was elected because people thought he'd take on washington, take on the media as well, and get the economy rolling. wh hts off that message, it's not as bright r him and i think this trip gives him a chance to talk about the things he needs to talk about. stuart: you want him to stay on track. you want him to stop making errant tweets. >> that's right. stuart: that's what you really want. i mean, i think you reflect
what a lot of republicans feel. please, stay on target, stay on the agenda. that's what you want, isn't it? >> you know, yeah, by the way, i think a lot of the tweeting is helpful, too. but he think there are times he's aggressive and a fighter and he wants to push back. but the democrats sometimes goading him and he goes to places he shouldn't go. and when we're talking about this ridiculous madeup story about russian collusion we're not talking about creating jobs, signing deals, putting people back to work, keeping us safe. securing our borders. he's just got to stay on that and i hope the last 120 days has him, as a relatively new politician realizing, i am just going to stay on offense, on my message and i'm going to get the american people in a face where they feel better about things. stuart: is the russian story just as you say, i think he said ridiculous. >> there's nothing there. there isn't, stuart. the thing about jim comey and we've seen him operate for a very long period of time.
i first met him when i worked for president george w. bush. he's a guy that plays the leaking game very adroitly. if there was anything to this investigation i guarantee we would have read about the collusion between the campaign and russia on the new york times and washington post. the only thing we read about are other things around that, but nothing about that central question and for that reason alone, i think there's nothing here. i think the president is right to call it a witch hunt and now he needs to fully participate and eat his vegetables and get through the process and get this behind him. stuart: you've said that before and it didn't work. >> i have said that before, stuart. i'm going to keep trying and i'm going to stay on message. stuart: you are, matt, i believe that mercedes is on the program and we'll see if she says what her husband does. >> better not send out a tweet
against me. stuart: always appreciated, thank you. how about this? at a house committee hearing on tax reform, democrats could not resist the urge to play, yeah, identity politics all over again. my take on that coming up top of the hour, and in our 11:00 hour, a look inside president reagan's white house. his personal assistant will be with us on the program 11:30 eastern time. more from inside the reagan white house. break through your allergies. try new flonase sensimist allergy relief instead of allergy pills. it delivers a gentle mist experience to help block six key inflammatory substances. most allergy pills only block one. new flonase sensimist changes everything.
>> one thing that's always fascinated me is the value of sports memorabilia. we've got three items for you today which are really sensational. ken golden is here with golden auctions and he's the man in charge of auctioning these off. ken, w back to the program. >> glad to be with you, stuart. stuart: i'm going to hold up it and hold it delicately. this is the marriage certificate of joe dimaggio and marilyn monroe. and norman jean doherty
marrying joe dimaggio, and that's the original marriage certificate and joe dimaggio died owning that. stuart: he loved her. >> yes, sent roses to her grave 20 years after her death. we're figuring 75,000 plus for the certificate. stuart: 75,000 plus. dimaggio was a sensational player and marilyn monroe was a sensational person. the marriage certificate 75 k. i can go for that. what is this, a jersey in front of us. yes, this is extremely special, yogi berra game-used jersey from the 1961 world series which was viewed as one of the two greatest baseball teams of all time. what's important about this? it's photo matched to game two, which is when he hit his final world series career home run. stuart: really? >> yes. stuart: so he was wearing that when he hit the final home run in the world series? >> correct.
stuart: of his career. >> correct. stuart: stuart varney question, how much. >> about $125,000. stuart: worth every penny, i might add. >> absolutely. stuart: now i've never actually seen a heisman trophy and i'm not going to ask to hold it up. that's extraordinarily heavy. >> yes. stuart: whose is it? >> paul hornung when he wan it for this. stuart: why have i not seen this more? >> they're the most sought after, more than the world series, and they rarely go for sale and recently the athletic club, heisman award, stop and made the athletes sign a contract like the oscars do, if
you win this you're not allowed to sell it. paul hornung was an exception and sold it. >> how much. >> the estimate and comes with a signed letter from paul hornung i am self. go to golden auctions.com and place a bid. it's a live event 7 p.m. in midtown manhattan. stuart: i want to squeeze this in. do people buy them to put it into the museum? is it for museums or wealthy individuals? >> it's wealthy individuals who have their own museums. build man caves ap and display the items. stuart: ken golden, everyone, i thank you. we will be back, everyone. i promise you that. looking from a fresh perspective can make all the difference.
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stuart: same-ole, same-ole, democrats cannot escape identity politics. democrats couldn't get away from group think. to the left, tax reform is not about moving a whole country forward, no, it's about groups of people and how they will vote. the witnesses were all lined up. they were ready to answer questions on tax rates and how they affect growth. it's a very important subject, of course, we need growth. representative john lewis said, i don't see any african-american, latino, asian american or native american, i don't see any women speaking up. you can't discus growth without hearing from every single democrat constituency. representative sánchez said this, i hope we don't continue to have meetings where we only have panelists that represent a narrow set of interests. what, america is a narrow interest? representative davis said this,
i think the information we received sounds great but also comes from not enough diversity. really in the american point of view is not valid, it's only valid if it is voiced by and gets the support of every single interest group, talk about driving to the past. let's do clear. tax reform is design today get the whole economy going, we are all part of it, we will all benefit from growth, all of us but the democrats cannot accept that. their priority is not growth, they know they will lose their grip on women, hispanics and african americans if tax cuts create more jobs and better pay for women, hispanics and african americans so they appeal constituents and say, you're being left out, you don't want this. welcome to the clinton-obama democrat party. divisive, cynical, same-ole, same-ole. by the way, there's one form of diversity that democrats do not care for and that is diversity
of opinion. the second hour of varney&company is about to begin . >> i don't see any african american, latinos, asian americans, native american. i don't see any women speaking up. >> i think the information that we've heard sounds great, but it comes fm t enough diversity. >> i hope that we won't continue to have hearings where we only have panelists who represent a narrow set of interests. stuart: you heard it from their own lips. democrats yesterday in ways and means committee on tax reform, not enough diversity, they say. we will have that in just a moment.
it's friday morning, not a little, pretty solid rally in progress, up 86,000 at 20,748. where is the price of oil? president trump is about to go to saudi arabia, it's up this morning regaining $50 a barrel. a couple of individual stocks that really are moving, how about deere company. very strong demand for its equipment and at $120 per share. foot locker going the other way. they are down a whopping 16%, very weak sales and weak outlook, not good. business software maker sales force raised its forecast. it hit a record high earlier, it's up $88 a share right now. shares of alibaba hit all-time high, up 55% just in the past 12 months, 124 on alibaba right now. i want to get back to that tax reform hearing.
you heard a lot about it just a few moments ago. democrats complain that had the five-person witness panel was not diverse enough. look who is here, lawrence jones. >> here in studio. stuart: am i being unfair to african americans because the people we quoted were african-american heritage? i was critical, am i being unfair? >> no, i won't discount john lewis record as it relates to civil rights. stuart: great, great man. >> we thank him for his service but afr we movpa civil rights, we need jobs, f broken education system and another host of issues. i would encourage with congress to work with the president to get that done. seems like he's focused on identity polls ticks. stuart: the core of hillary clinton's campaign.
i think i can be accurate in saying that and they lost, that's right. >> you would think they would improve and actually reach out to the community. i think the congressmen should look at the numbers, mitt romney didn't get the numbers that donald trump got when it comes to black voters, john mccain didn't get the numbers that donald trump got when it came to black voters. why is it? because he's a businessman, when going to my barbershop in garland, texas, members of the barbershop support donald trump because, guess what, they are businessmen, even though they are barbers, they are businessmen and they know the president can do something different for the community. stuart: a barber in garland, texas that did that to you? [laughter] stuart: the point is surely tax reform is for all of us. >> right. stuart: if you start saying it affects this group like that and that group like that, you can't get anywhere. >> that's how they divide us. at the end of the day, people in
america are broke. they're feeling pain and all this emotional stuff, it doesn't affect them. they're broke. people care about their balance -- when they look at checkbook at tend of the month and they realize, oh, we are in the negative. that's what get their emotions rowled up and when you have politicians going back and forth and saying the president don't care about black folks and latinos and he wants to deport everybody, and they're broke, that doesn't come across to them. stuart: you come across with that opinion, you're a black man who has a conservative point of view, what's the reaction to you when you say this kind of stuff? >> well, i get the most pushback from white progressives but people in my community -- stuart: really? >> they know me. i have enough street cred. they know i fight for them every day. i just want them to see the light. i just want them to see the better way.
i'm not advocating for black votes every year. give it a shot. what do you have to lose, i knew exactly what he was saying. stuart: despite the haircut, we know that you're all right. [laughter] >> i like the haircut. stuart: good luck, see you later. senate majority leader, that would be mitch mcconnell. he says east not optimistic that he can get enough democrats on board to support easing the financial regulations that will make it easier for you to get a loan. our next guest says, he has a solution and we've heard this before from the good senator john kennedy, no relation who joins us, he's a republican from louisiana. senator, you're on. look this way. there you go. here i am. last time you were on the show you were presented a bill which would exempt all or any banks and financial institutions with
less than $10 billion net worth or capitalize, less than 10 billion that would exempt them completely from dodd-frank, making any progress? >> yes. secretary mnuchin came before our senate banking committee yesterday. i asked him the same question i asked the chairwoman of federal reserve, what is our small banks and credit unions do wrong in 2008 and he said, nothing, shame thing chairwoman yellen said, you support a bill that would eliminate or take out, if you will, from under the regulatory umbrella any small bank or credit union with less than $10 billion of assets from dodd frank, would you just remove them from dodd-frank regulation, he said absolutely. and he said it will be part of our legislation to revise dodd-frank. so i thought that was a great deal of progress. stuart: a very simple move that
would help the very hard-pressed community and local banks in the united states. that would really help. you should have seen the response we've got when we first put you on the air with that particular bill that you're talking about now. there was a very strong positive response to what you had to say. >> that's because your viewers have common sense. i mean, it's just a matter of common sense. stuart: how to win yourself some more air time. you're golden, sir. >> i have a good haircut too, better haircut. [laughter] stuart: senator, you want a work requirement for medicaid recipients, that's another outstanding feature of what you stand for in the senate, explain that, please. >> i introduced a bill this week, it's real simple, if you want to get free medical care from taxpayer or medicaid and you're getting it and anales between 18 and 55 and not disabled and don't have any
children, you have to go to work, you to look for a job, if you don't want to do that, you have to go for school for 20 hours of that and if yon't want to do that you have to do community service, but you have to do something. i don't want to take medicaid away from people who need it but i do want fewer people who need medicaid and if we can get folks back into the workforce, they can support themselves to the family, it'll be good for them and healthier and happier and freier and the american taxpayer will be much better off. stuart: senator kennedy, thank you very much indeed for injecting common sense on the varney&company. you can be sure to be a valued guest in the future. >> thank you. stuart: that was great. straight to the point. how many people can do that? how many people can do that? i loved it. okay. we have here. what do we have here. details of the present -- president's budget will be
released next tuesday. a budget balance in ten years. liz: that's right. we talked about how he will preserve social security and medicare. cut jobs department of education and food stamps. here is what he wants, 54 billion in cuts to spare as we put that. 20billion infrastructure plan, 1.6 billion to build the wall. so 54 billion in cuts will come to agency in order to go toward defense. so can he do it, will he pull it off, congress hasn't even passed a budget and they rarely take down the white house's budget. stuart: if you get 3% growth, you can, indeed, get to a balance budget in ten years. liz: that's part too. stuart: medicaid and food stamps. >> the dems want to threaten a shutdown. [laughter] stuart: republicans will get the blame. >> yeah, i'm fine with it this time. [laughter]
stuart: possible shake-up of the white house communication team. the koch brothers putting money into making tax reform a reality. here is the question, can they light a fire and get that job done? that's a good question. and a 15-year-old entrepreneur moe bridges, he was on the show two years ago, he's back after he struck a major deal with nba. there's a success story for you. >> that's right. stuart: he will join us in a moment es, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis.
and get medical help right away. so how old do you want uhh, i was thinking around 70. alright, and before that? you mean after that? no, i'm talking before that. do you have things you want to do before you retire? oh yeah sure... ok, like what? but i thought we were supposed to be talking about investing for retirement? we're absolutely doing that. but there's no law you can't make the most of today. what do you want to do? i'd really like to run with the bulls. wow. yea. hope you're fast. i am. get a portfolio that works for you now and as your needs change. investment management services from td ameritrade. (vo) when you wake up with miracle-ear... ...your mornings can come to life with sound. our exclusive speech isolation technology transforms a bustling café into a clear connection that helps you hear the laugh that made you fall in love with her in the first place.
stuart: this is, ladies and gentlemen, is a rally. the dow is up very close to 100 points. if you look at the dow indicater you will see a lot of green. the vast majority of dow are on the upside this morning. news on mcdonalds. news is they hit an all-time high. a few months ago that thing was down below 120 and now approaching 150. how about this one for you?
three american ceo's, the ceo's of big defense contractors lockheed martin, boeing, raytheon, they're in capital of saudi arabia. look at the stocks go up. why? they are working on a 100 billion-dollar defense deal that could be worth a whole lot more than that but the time it's done. $100billion. look at that. the koch brothers, they're putting up very big money to get president trump's tax cuts through congress. fox news contributor mercedes schlapp joins us now. mercedes, when i heard this yesterday i thought it was a big story. the koch brothers have a terrific network, 3, maybe $400 million into this. i think this is a big deal. >> i do, specially considering that you had the ceo charles koch -- when they asked him the question for voting for trump or hillary clinton, if i had to vote -- if i had to pick cancer or a heart attack, i would pick neither of them.
so, you know, this is a long -- this is an important step from the koch network because we do know that they did not support president trump. they did not provide any funds. they were involved in the policy contributions and congressional races over $50 million, i think it was during last year, but this is a big change. stuart: i think it's the koch brothers who are trying to make the point that the republicans, the baseline republican policy is tax cuts, to get the economy going. >> right. stuart: they are trying to bring the republican party together behind the single idea, you cut tax rates and you get yourself some growth. >> i think that's something that the koch brothers and the koch network agree. they're opposing the border adjustment tax propose bid academy-by
>> we have to sell this thing by the american voters and they need to understand what the benefits are going to be. the smart move by america for prosperity and the koch brothers in general. it is quite a change considering what we saw during the election season where they did not support president trump. stuart: i remember that. president trump meets pope francis. i say he's trying to mend the fences which he broke himself. now, i believe that you're a catholic. i see this politics, a lot of catholics in wisconsin. where am i going wrong? >> reconciliation, forgiveness, maybe this is a moment where you will see forgiveness come from both sides but what's going to be interesting is when you look -- break it down by the issues, remember, pope francis spoke a
lot on open borders, talks about global warming, those are two things that make conservatives, even conservative catholics concerned. so it is going to be an interesting dynamic where they can find common ground and i think it was president trump who said it effectively during one of the rallies, if the vatican gets hit by isis, it thereby united states who will come to their rescue and he's absolutely right about that. i think they can find common ground on radical islamic terrorism and how we have to ensure that there's safety in -- to our religion and the western civilization. stuart: all right, i think you've got it right. mercedes schlapp. >> he looks adoshable. stuart: a gold t, isn't it? >> , no santa claus. he looks like george clooney. i approved.
caused great twitter debate whether he keeps the beard or not. stuart: thanks for joining us. thank you. here is what's coming up for you, bad pr from tesla. employees there speaking out. they describe grueling work conditions at tesla factories. some people apparently are passing out like a pancake on the factory floor. we are all over that story for you
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give me the full story. ashley: yeah, this was a story done by guardian newspaper speaking to 15 current and former factory workers about a factory actually in california that tesla bought under elon musk. look, they said, but since 2014 the ambulance has been call today this facility more than a 100 times, reports of fainting, dizziness, seizure, breathing problems and chest pns. they put this to elon musk and he said, you know what, i will record at the beginning wasn't good. blamed him for putting elon musk to putting tough production goals, mandatory overtime and what have you. since 2016, conditions have improved. not great pr. by the way, also i guess he's very honest. i do not believe the market cap that we have been giving make us bigger than gm and ford, we don't have a right to deserve that. stuart: that's too high for him.
ashley: yeah. stuart: lawrence. >> greatness requires tough measures sometimes. ashley: tough guy. stuart: get on the floor and back to work. >> when you want a successful company you go through a period where there's tough situations and figure it out. i love tesla and product, i plan on purchasing one and y'all can send it to dallas and i drive it. they get paid $22 an hour in many cases. that was their concern. they said after they get hurt, they drop down to 10 hour. i think there could be some improvement there. i think they get paid very well and overtime, mandatory overtime. that's a lot of money. stuart: is lawrence jones saying quit wining to tesla workers? >> maybe, for the good of the country. stuart: i've got to get this in. uber entering the trucker business. fascinating. liz: amazon wants to get in here
too. it's an app that truckers can call up on their phone and it will match the trucker with stuff that needs shipping, so if it's chickens, if it's tv's, whatever it is, it's a pretty decent app. uber wants to be the middle guy. stuart: makes sense. coming up a possible shake-up within president trump's communication team, sean spicer could take a much more behind the scenes role so to speak. that's one way of putting it. we have details for you. stay right there, please there's nothing traditional about my small business so when it comes to technology, i need someone that understands my unique needs. my dell small business advisor has gotten to know our business so well that is feels like he's a part of our team.
stuart: i do like a little jay. [laughter] stuart: upbeat and lively. look at this. the dow industrial is up over 105 it is now. that's a solid rally. 20,768, ford motor company, $350 million into a plant in michigan creating 800 jobs but the stock still languishes below. howard kurtz joins us now. what say you here? howie: i will be skeptical here because this is the fifth wave of stories that i read about sean spicer is going to be fire and walk the plank, that compares to the stories of reince priebus is getting the boot.
it's clear that the president is not happy with communications team and could well be that he decides to keep spicer as secretary and have one else do briefings. i don't think this is spicer's fault, sean spicer had one hour notice, not a lot of time to roll a big communication's plan. stuart: very difficult to be the spokesperson for president trump who tweets with no bounds. however, i would like to move to the likelihood that there's not going to be a press briefing every day. what do you -- what does the media guy make of that? >> well, i suppose you could say that would be a relief since the president had been saying he will get rid of the briefings altogether. but i think if they don't -- i think they should do it several times a week, not just because
journalists feel like we need to ask tough questions of any administration, well, because it serves the white house's purpose to get message out there on what's become a show. spewser show getting 4 million people, better than a lot of daytime cable shows so i cope -- hope i doesn't go into reruns. [laughter] stuart: i will take it. the president has a sharp edge when he's dealing with the media. the way he shut down a reporter when the reporter was asking about james comey. just watch this. >> did you at any time urge former director james comey in way, shape or form to back down in investigation -- >> no. no. next question. [laughter] stuart: what do you think of that, howard. howie: that has got to be the shortest answer that donald trump has ever given in his life to anything. i think he was prepared for the question.
i think he didn't want to say a whole lot and just that important was important, a collusion course between james comey who said this happen and president trump saying it doesn't happen, now we have a special counsel investigation. we may find out who is right and who is wrong on that. stuart: i have a harvard study, 98%, the tone of the media's has a negative tone.t trump, 98% we are not learning this forhe first timeare we, howard? i think we talk about this every single week. howie: yeah but that harvard center is very respected, they have done the studies before and even i will consume all the stuff and way negative, that's a stunning figure. they looked at several big newspapers, fox news it was closest to be fair and balance, 48-52, something like that where cnn, i think, i saw in the study 93% negative. i mean, it i'm sorry like the media aren't even train to -- to
give the president an each break. stuart: you know, i used to work at cnn. howie: i recall that. stuart: we worked together occasionally. i used to call it the clinton news network. i have to run another clip, paul ryan holding press conference on tax reform, the reporters only we wanted to ask him about comey. watch this. >> our job is to make sure that we still make progress for the american people and we are doing that. >> but look what you're being asked about. >> you want to ask about tax reform? [laughter] stuart: ask the media, please ask me about tax reform. now that tells you where the media is really coming from. they have the story about the russians and they're going to run with it forever. howie: well, in fairness, the russians and comey, all that stuff is exploding here in washington and tax reform much more important to the american people over the long run doesn't seem to be proceeding at a lighting pace right now but
still the guy is going to hold a press conference on tax reform, he probably should get questions on tax reform. stuart: it's the media -- howie: sure. stuart: i don't think they are interested. howie: there's a discellt between the obsession of the media and the country as a whole. it was the president who fired the fbi director, talked about whether they were tapes in other words he does feed. stuart: that's true. we both agreed on this. we have seen seen anything like this before, ever. [laughter] stuart: thank you very much joining us. the president is about to in a couple of hours he will take for a nine-day, five-city trip a chance to get away from dc, that is the swamp. joining us now the author of smashing the dc min oply, former senator of oklahoma, welcome back. great to see you again, sir.
>> stuart, great to see you. stuart: i think the president is trying to change the subject, get away and stride across the world stage, do you think that's going to be successful? >> i don't know. you can't drain that swamp, what you have to do is put mussels on the alligators. stuart: that was a short answer that i wasn't expecting. >> sure, tax reform bill. washington is focused, not just in congress but also in the media about what is -- make somebody look bad or got-you politics rather than the best interest of our pane. until we get back to having leadership that's focused on what's in the best interest of the country and not playing the game that washington news media wants to play, we are not going
to continue to restore freedoms that we need that have been sacrificed through the growth of the federal government. stuart: do you fault president trump for any of this, a lot of people say that comey and taping of conversations and leaking intelligence? those are self-inflicted wounds, what's your response to that? >> sure. i agree, you know, if you're going to say something, come out and actually explain exactly what you mean, why you mean it. don't create a void there, by creating something that's extravagant and let the liberal media fill in all of the results. stuart: do you think he'll learn. >> he's his worst enemy. stuart: do youhink he' learn. so many pundits, please, lock down on the tweets. do you think he'll learn? >> , no i don't. but, again, we are in unchartered territory. you have somebody that's in politics leading the free world.
washington is in a hissy fit because they didn't win the election and number two he's not the traditional president so anything he does is going to come undo to criticism and some of it legitimate, most of it not and if you go look at the people who voted for him, most of them are sticking with him because they don't like the status quo in washington which is represented by this. so the way to solve this is an amendment's convention that restores the constitution of what its intended purpose was and limit it is power of washington and brings it back to the states. stuart: senator tom, as always, thanks for joining us again. >> you bet, stuart, god bless you. stuart: lawrence jones with us listening to the conversation. response. >> when he said the amendments process, there's a lot of states calling for a convention of states and i support that. it's time to limit government. i would like to see this budget have a constitutional amendment saying, hey, you have to have a
balance budget every single time. i don't think we are going to get it. stuart: are you going to waste political energy on something which you admit you're not likely to see? >> you know, i think it sends a strong message, though. i think we need positivity and that's something his base is going to eat up. right now he can't depend on the press. if you have a president saying i want a balance budget every single year, how can you disagree with that? americans we have to live in our means, why can't the government do the same. stuart: a fair point to make. i'm just worried about going down that rabbit hole. >> it's going to be very political. i think it's a necessary thing to do. stuart: all right, lawrence jones, your time is up. [laughter] stuart: thank you. you can come back next week. thank you, sir. check this out. sea world is going to buil ne sesame street theme park. what's that's all about? >> they are trying to replace shamu with elmo.
thank you for that. instead of orca whales which have been under criticism for alleged animal abuse, live-action cartoon figures to get more family friendly. stuart: what are you laughing at? >> i see routines splashing the people, i can't see the conntion betwe the two. liz: family-friendly sea world. stuart: they had a problem with the animals. liz: that's right. stuart: quite a gamble. that's a real switch. liz: real switch. ashley: i know. stuart: i can't quite wrap my arnls around that. look a 15-year-old entrepreneur, he makes a deal with the nba, making bow ties with team logos, he founded the company when he was 9 year's old. moe bridges. there he is. he's back. this man is making money. we like him. we will be back too.
and think now that the politics will be much tougher than it looks and the fiscal policy changes, tax cuts and the like are probably going to be slower, more delayed, smaller than was initially thought and markets are adjusting to that. ♪ ♪ ♪ [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country.
discover how we can help find your unlock. whoa,i just had to push one button to join. it's like i'm in the office with you, even though i'm here. it's almost like the virtual reality of business communications. no, it's reality. intuitive one touch video conferencing is a reality. and now it's included at no additional cost with vonage business. call now and see why 3,000 companies
a month are switching to vonage. business grade. people friendly. stuart: you did well. you now you're going to make retro ties. >> yes. i want to bring back that feeling, i want to bring back that cool and classic look. i have one question for you, when are you going to start wearing my product? [laughter] stuart: remember him? now he's 15 year's old. he's a teenage star and signed lucrative deal with the nba and they love bow ties. he's back. 15 year's old. his name is moe bridges, he's moe bows' founder. are you making money? >> yes, yes. [laughter]
stuart: how much? >> stuart, you know i can't discloses that on national television. stuart: well done, that's a very good what i was saying. you have a deal with the nba, how did you get it and what does it mean to you? >> i got the deal by going by espn when they hired me to be a fashion correspondent when i was about 14 and they hired me to be a fashion correspondent and after that, i guess, the nba said that, oh, moe is a cool guy that makes cooties. after that this meanthat i can sell more arenas and also give the ties to team players that can wear them. stuart: the bow ties in conjunction with the nba, will they have the team logos on them? is that how you're selling them? >> the bow ties will have team logo on them but also they will have two-way size and one side
is the tome logo and the other side is a classic print. so we have the grizzlies, of course. stuart: how much for one of the nba bow ties? >> it would be $50 for the necktie and it will be 45 for the bow tie. stuart: wait a minute. you branched out into neckties. >> yes, i branched out. [laughter] >> we are going to different companies and making more logo ties and things like that. stuart: could you give me a rough idea how much your business has expanded because you're a serious entrepreneur, you're in base. how much -- >> yes. well, i've expanded just by getting new product and getting a new team. my mom is hiring more people for social media and stuff like that but also like i said, for the ties we are coming up with more designs and more logos and innovative ways to make the bow
tie new and reinvent the bow tie. stuart: you're very good at advertising and marketing. >> thank you. uart: w many people work for you? >> well,ic -- i think about five to six people work for me because my circle is like really small because we have to have people that we can trust, right? stuart: yes, indeed, sir. >> so, you know, as a 15-year-old having my mom by my side all of the time i think it's very crucial to have that support team. stuart: well said. you're right. last question. i don't know whether you want to answer it or not, are you now in the top 1%? >> the top 1% of what? stuart: very good. income earners. >> ly talk to you five minutes after the show. stuart: good deal. how do i get a bow tie?
>> you go on mos bows. stuart: like i said, you're very good at marketing and advertising. don't be such a stranger, it's been three years since you've been on the show. >> i know, i have to come back soon. stuart: yes, you will. come back when you just come back, i want to see it. >> okay. i will come back and i will be this tall. [laughter] stuart: thanks for joining us, mo, you're all right. ashley: wow. stuart: fine young man. ibm telling its employees, hey, quit working from home and get back to the office and if you don't get back to the office, you're fired. that's hard. ashley: they found out it doesn't always work. are you productive at home in pj's and bunny slippers or are
you more productive at the workplace? they found out that the pace of work accelerating when you're in the office plus collaboration moves the projects along faster. so either you move to your nearest ibm office, this is the offer being given to those at home or you have to have another job. liz: 20 straight quarters of declining sales. 40% of the workforce estimated work from home. stuart: 40% work from home? >> they can work together and come up with better ideas. ashley: yahoo, bank of america and aetna have said the same thing and said those working at home, come on into the office. stuart: mark stein, i will ask about the president's oversea trip and proposed budget. stay with us, varney&company will be right back.
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stuart: that's what i call answer from bret baier. many of you wrote in about this. first of all, let's get this from jack, get with it. we are tired of the republican congress doing nothing. this came in from david, all talk, no action. they should have repealed obamacare, repealed dodd-frank and passed tax cutand rolled back regulations by now. no more talk, start passing bills. i think we've been saying that all along. ashley: amen to that, blah, blah, get on with it. the problem that's so frustrating that the gop itself is on the same page, you have this amazing opportunity and you're throwing it away. stuart: we had the market go straight up since election and paused waiting for something to happen. liz: right. stuart: it hasn't happened yet. six months in or four months, whatever it is, all we have a house passed bill on obamacare. liz: it shows they have no more
sense than a flock of geese in terms of doing what the voters wants. the problem with dc, i've been thinking about it, it's not gridlock is incumbency, have a lock on the leadership roles, they are entitled to perks there and they don't really care about changing the status quo. ashley: geese now thousand fly in formation. the gop doesn't. the geese have it together. liz: brilliant turned. stuart: liz practiced all manager. liz: i did not practice. stuart: i did like bret baier honest truthful direct answer, no. you get more on that on this program and we will be back think your large cap equity fund has exposure to energy infrastructure mlps? think again. it's time to shake up your lineup. the alerian mlp etf can diversify your equity portfolio
mideast and europe, the first overseas tour for mr. trump as president. it's a big deal not just because of where he's going, but because of what he is leaving behind. quite simply, he's leaving the swamp saying good-bye to political turmoil, good-bye to a rotten two weeks in politics. now you're going to be seeing him dealmaking. american oil companies and defense contractors will do well in saudi arabia. now you're going to be see him being very well received by benjamin netanyahu. you'll see him at the wailing wall k and you'll see with him pope francis. in short, the president is changing the sum, and he's doing -- the subject, and he's doing it at just the right moment. america's suffering a bout of scandal and turmoil fatigue. the markets have issued a warning: enough already! so he's moving to the world stage, and he will bring jobs to
america. just check the headlines tomorrow morning. odds are there will be a big announcement, $100 billion arms deal going perhaps to over $300 billion in ten years. that's one way of putting those swamp headlines in the rearview mirror. the third hour of "varney & company" is about to begin. ♪ ♪ ♪ 'cuz i'm leaving on a jet plane, don't know when i'll be back again -- ♪ oh, babe, i hate to go stuart: lizzie is laughing, because she would have preferred a younger person singing i'm leaving on a jet plane. >> no, i wouldn't -- stuart: yes, you would. frank sinatra --
>> guess who wrote it? john denver. stuart you're kidding he? >> yeah. stuart: i take it all back. look at this, check that big board. the market rebounding very nicely after wednesday's selloff. perhaps signaling that wall street is done slapping washington over the wrist. our next guest has been a bear of late, lenore i hawkins. here she is back again. what do you have to say for yourself, lenore? you were the one who were pouring cold water over the fabulous five technology companies -- [laughter] pouring cold water all over the market. if we'd have listened to you, we'd have missed out on this lovely gain of 120 points. >> now, stuart, you know successful investing's not something you do from one week to the next. and i'm not a bear, i'm just looking at the economic reality. and the economics and the market, those aren't necessarily the same thing. the economic reality is we've seen credit card delinquencies
up for two quarters, auto loan delinquencies rising for two years and last quarter was the first time in four years that we saw total loan demand decline. rt: so if you're not saying sell everythin if you're not ying that and if you're not investing week the week, what's your advice to our viewers who may have some cash on the side and they want to invest it? should they put it in stocks or bonds? what should they do with that money? >> well, one of the companies we really like is applied materials. it's ticker amat, and the reason we like it is they manufacture the equipment that manufactures semiconductors. so they headache the stuff that makes the chips. because we kind of like to buy the bullets, not the gun. and in our investing schematic, the connected society, we don't think it's cotton that's the fabric of our lives anymore, it's chips. they're everywhere. they're in your watch, your smartphone, your tv, your appliances and your car. they're completely ubiquitous as we become more and more of a connected society.
and that also puts us to the company we talked about last week, universal display. those oled displays are appearing everywhere and it's on the leading edge of that. we have their price target at 125. we'll probably bump that up when we see applied materials' results. stuart: okay. >> and also while we've been seeing all this horrible pain in retail, there's one company that's benefiting from the pape in retail. we looked at wal-mart sales, and they actually did really well online. of course, there's the amazon monster. companies like nordstrom moving more and more into online -- stuart: okay -- >> and don't forget, ups wins with all this. stuart: okay, but you're picking mainly technology companies, but you don't pick the big, fabulous five. you know, we've featured these for a long, long time on the program k and they've gone straight up. last time you were with us you said, oh, no, not going to touch
them with a 10-foot poll pole. you don't like any of them, do you? >> i didn't say i didn't like them, i said they're a little pricey. when something goes straight up, i don't like buying it at the top of its rocket. [laughter] stuart: okay. facebook has just signed a big deal with major league baseball. they're going to sm one game every friday night for the rest of season. i guesthat not enough to make you buy facebook. >> well, i wouldn't call -- baseball's been struggling as it is to try and get a lot of viewership, it's one of the reasons they're moving into this. we love to see facebook doing these things, and i think it's an incredible company. it's just at these levels i think it's a little rich. stuart: give me one stock that lenore hawkins would jump into and eagerly buy up every share that she possibly could. [laughter] >> well, that is not -- in today's market, there's not something that is that cheaply priced. but we do really like applied
materials. stuart: that's it? that's all you've got for me? >> i gave you ea plied materials, ups ask universal display. stuart: and you don't like facebook, microsoft, alphabet, amazon or -- can't remember the other one with. [laughter] >> i like them, i just think today they're a little pricey. stuart: okay. we hear you, we hear you. okay. i'll accept that on a friday morning. i'm this a very good mood. [laughter] are you in san diego? >> i am -- stuart: what are you leaving, when are you going to italy? i know you do business both in italy and san diego. >> back to italy the end of the month. stuart: okay. how long do you spend, six months there, six months here? >> i'm there 6-8 weeks and back here 3-5, so i'm constant jet lag. [laughter] stuart: it's a tough life, isn't it? it's wicked being a financial adviser. >> i feel very sorry for her. stuart: enjoy your trip, lee her to hawkins. thank you very much.
all right, roett move on to -- let's move on to president trump's first overseas trip. let's get reaction there congressman louie gohmert who has still not forto given me for my opposition to him about obamacare. that's water under the bridge, louie. totally water under the privilegebridge. i hope i'm forgiving. >> hey, we ended up with a better bill. stuart: you got that one. i think the president is making a a shrewd move here going overseas, striding across the globe diplomatically leaving the wamp behind. do you think he can leave it behind? >> well, i think it'll give things a chance to calm down here because it has gotten so vitriolic. people have become so frantic around here that there hasn't been a lot of good decisions made when it comes to the administration and how to approach the administration, report about it. so maybe things will calm down a little bit.
i don't think there was a need for a special counsel. wasn't thrilled with bob mueller and the damage he did, more damage to the ranks of the fbi than any director we've had. but anyway, it should give it a chance to calm down, ask be he is -- and he is not going on an apology tour. i told donald trump when he was candidate trump back last september i thought he had a chance to be one of our greatest prime presidents with regard to foreign relations because people are not real sure about him. and those presidents that were portrayed as being our smartest, whether they were or not, never did wellen on foreign relations. but those that were considered to be a little unhinged whether teddy roosevelt or ronald reagan and i said remember "saturday night live" would have a guy walking around looking, where's the red button, i want to launch
an attack, you know? [laughter] i said that really is a help to a president. he said, well, they say i'm crazy. and i said, that's right. it's going to do you a lot of good this negotiating in foreign relations. i think you're going to see him do quite well. stuart: i've got 90 seconds left, and i want to get to tax reform. >> ah, yes. i do too. stuart: are you going to -- i don't know how to word this, but are you going to stand up and stand out from the rest of the republican party and insist on a pure conservative cut the rates and nothing else position? >> that's what we've got to get. and th business about trying to placate cbo and joint tax nish i agree with arthur laffer, we need to forget about the score because those people can't find their rear with both hands. don't worry what cbo or jtc says, just do it and know that with a cut like this, the economy will explode upward.
and then we will be shown right. we did good for the economy, more federal revenue came in, and then we'll leave the naysayers behind. but we've got to quit being so fidgety and worried about what cbo says as a -- says about a score. they come back and dutifully say, well, you'll bring in twice as much revenue as you have people making next year because that's the screwy rules they're under. so it doesn't work. we need to just have the big tax cut. and i told him don't let anybody here in capitol hill talk you off the 15%, mr. president -- stuart: louie, full agreement. >> subchapter s as well. stuart: i'mer terribly sorry to cut this off, but you've got to get that cut right there. >> no, no, you're doing good. stuart: i'm forgiven, and we're singing "kumbaya." >> i love ya. stuart: how about this one?
be italy giving away castles. you don't have to pay for it, but there is a catch. and since this is a tease, we'll tell you what the catch is later. and later this hour we're joined by two people who used to work directly with president reagan; david stockman, his former budget director, and we'll get his take on the president's budget plan. that's stockman be, coming up. also peggy grand, his longtime assistant. she will share some stories from her time with him. and we'll be back. ♪ ♪ break through your allergies.
i've got to clarify this though. these are not arrests at the border, these are arrests of people who are already living here illegally. joining us now, the national border patrol council spokesman. art, bearing this mind this rise of arrests of those here illegally ask a lot more interdiction at the border -- fewer people coming across -- it would seem to me that president trump's threats to, you know, stop this illegal immigration, they're working. >> no, they really, truly are. and with the arrests that are up within the country, we really need to thank president trump for that and the people that work over at i.c.e. because they're the ones that are doing all those operations. but at the same time, that's not to say that we are not having people come into the country illegally through the borders and, obviously, drugs. in the area that i patrol down in the dehanna nation, you're looking at approximately around 60-plus linear miles where there
really is minimum barriers there, and it's still responsible for over 50% of the drugs that are coming in the country. and those drugs are not staying in those areas, they're moving into middlamica. stuart: do you think that building a wall would stop the movement of drugs across the border? >> you know, we get that question all the time. it's not just the wall, but there's a lot of other things that are needed. people concentrate on just the wall and just the wall and just the wall, but there's other things. you know, i usually tell people you have a home, your home has walls, windows, doors, roofs be can a floor. if you take away everything and you just leave the walls, you're not going to have a home. it's not just the walls, there's other things we need along with it. stuart: like what? what else do you want? >> we want more agents, definitely more agents, better equipment, more equipment in some areas and, you know, true sanctions on a lot -- true consequences on a lot of these individuals we arrest.
what's happened is you look at the cities that are near the border like mcallen, like nogales and anywhere this those areas, they've, in essence, become sanctuary cities because they're not enforcing the individuals that are living there. you're getting more in the interior, but those individuals, their hands are still tied, you would say. stuart: when your border prl agents go on patrol, are they armed? >> no, definitely. they're definitely armed. but, you know, you look at some of the cartels and you see the news media and something that's going on in the southern areas, you know, mexico and all that, those cartel members are armed, you know? a lot of those individuals are armed -- stuart: do you want to escalate the firepower that's available to you guys, american border patrol agents? >> we want to escalate the ability to be able to properly defend ourselves. i just got back from police week. there's way too many law
enforcement as a whole, not just border patrol agents, that have paid the ultimate price x now their families continue to pay that price without having their family member there. stuart: we hear you. >> we want to make sure that all agents are properly equipped and prepared. it's not just the wall, it's other issues that agents need to be properly prepared with. stuart: got it. thanks for joining us, sir. we'll see you again soon. >> thank you. stuart: i've got a little nugget. this is from the bureau of labor statistics. foreign-born workers now account for 7% of america -- 17% of america's labor force. that's 27 million people in 2016. it's up 700,000 from the year before. that number is the highest on record which go back to 1996. that's when immigrants accounted for just 10% of the work force. almost double. now, i'm foreign-born, okay, so i'm in that number. i'm right there. up next, we're going to tell you how you can score one of those italian castles. >> yes. [laughter]
stuart: don't get too excited -- >> as always. stuart: and coming up later this hour, varney favorite mark steyn. he's with us. back in a moment. ♪ ♪ [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country.
>> i have to give candidate trump credit that he did identify some real dissatisfaction in the country, and it relates to some very long-term trends, a lot of inequality, slow wage growth, lots of things, you know, particularly in the middle part of the country and among people with less education that have held them back and made them pretty dissatisfied. stuart: ben bernanke was a very powerful guy, chairman of the federal reserve. the full interview tonight, 8:00 eastern on the fox business network. all right, they're giving away 100 italian castles, historic towers, abandoned farm homes, literally for free. here's the catch: you must promise to restore the thing, turn it into a tourist destination. you get a nine-year, zero-dollar
lease that will be offered to successful applicants. the deadline, june the 26th. got it. how about this? be one of the most expensive mansions has just gone through a price cut. gemini, that's what it's called, a 33-bedroom compound on a remote barrier island, private island off florida -- [laughter] i'll get it. >> you say tomato. stuart: 16-acre estate, private beaches, your own pier, a golf course, pool, it was $195 million. don't read the prompter, how much do you think it is now? >> $150. stuart: $165. >> i'll beat 'em down. stuart: the property used to be owned by the publisher william ziff jr. price cut on that private island. [laughter] stuart: and how's this for a price tag?
an a artist painted this in 1982, it just sold for a record $110.5 million at sotheby's last night. it is the sixth most expensive work of art ever sold. it was bought by a japanese billionaire after a 10-minute bidding war. $110.5 million. here is the shelby american custom f-150 super snake. it's returning as of this year. they're only going to make 150 of these trucks. the starting price, $96,000. i presume if it's a shelby, it goes like a rocket. >> yeah, but come on. that much? stuart: okay, you're not buying. >> he's not buying. stuart: ashley's not in the market. ford's stock is putting $50 million -- 350 million into a michigan plant, still below $11. here's what's next for you, president reagan's former personal assistant after he left the white house. wait until you hear her story about how she had to pick pup a
>> in this present crisis, government is not the solution to our problem, government is the problem. >> nothing changes, he was right then, he would be right now if he said it now. former president reagan, you heard him there. donald trump is taking up the torch trying to scale back the government especially in the new budget proposal that comes out next tuesday and look who is here, none other than president reagan's former budget director david stockman. tuesday we get details of this budget which is planned to balance the budget. cutting back on medicaid food stamps, discussion spending, not touching social security, medicare and relying on 3% growth per year.
pour cold water all over it. >> if dogs could whistle the world would be a chorus. it would be a wonderful thing. they don't have the elements to get there. a nice quote from ronald reagan and the difference is in 1981, $20 trillion, if you look a few years ahead, we had a surplus and cut taxes and raise the fence a little bit and think we could get to a balanced budget. $10 trillion of new debt built-in from current policy before one time of tax cuts or any -- >> they are not talking about getting rid of the $20 trillion accumulated in debt, simply talking on a year-to-year basis we don't increase the debt or the deficit. >> that is the myth here, $10 trillion more built in, an average of $1 trillion a year of deficit for the next we 10 years based on current taxes and
spending and trump wants to do nothing, defense is coming up, the fbi is going up, infrastructure spending and the cuts that he has talked about, on national tv, they are dead in the water, we do our own thing and we won't do those cuts. i propose the same ones in 1981, got 30% cut in the epa, never happened, nih out of control, congress raises, what i am saying is if you are increasing defense and basically reinvesting the huge entitlement, social security, medicare and related which is to trillion dollars a year of spending you are not going to come close to balancing the budget. stuart: are you saying you can never reduce the scale of government significantly? you can never do it until we
have an awful crash which makes us do it, that is your position. >> that might be the catalyst but it is easy to do on paper. we don't need hysteria about russia, the chinese, paris, middle east and so forth to increase defense by $50 billion a year. cut it. we can reform social security for the affluent guys like you and me. we should lose our social security, we don't need it. cut it back. those would be the kind of things that could put the budget on a path toward sustainability. we are heading towards national bankruptcy. stuart: you cannot balance the budget year-to-year unless you go after medicare and/or social security. both of them essentially. they cannot be ring fenced, you got to go at it, otherwise you are greece. >> if you look at epa's budget as they did, medicare and social security, $1.8 trillion a year
and growing rapidly. stuart: you could never reform social security drastically because there are too many political groups who will oppose any and all change. >> there are 60 million beneficiaries in social security. by the end of the decade this tenure rise they are talking about there will be $80 million and the longer you wait, the more beneficiaries there are, the baby boom is retiring at 10,000 a day and within 5 years we will be in an impossible vice. >> social security and medicare do that. >> and follow from a trust fund basis by 2026, it will cause an automatic 30% reduction in benefits. there will be insurrection in the country. this is what we are heading for. more power to him, he doesn't have a clue as to what a viable framework --
stuart: back to social security the only way to fix it would be, tax cuts, tax increases, plus an increase in the retirement age, cost-of-living allowances for example. you do all of those three and reform social security and can't do either. >> the better one would be to means test, if you are $50,000 a year and have private savings, you have not earned your full social security check and medicare either. the average retiree with a wife living on trump's golf course in florida is taking down $40,000 a year in medicare and social security benefits. nobody earned that much. take that buffer, you are not getting it. that is what we need to do but no one is telling us that and frankly -- stuart: going to hell in a hand basket. >> you would hate to say that.
stuart: i have seen you on tv. come back. you are all right. thank you. stay right there. peggy grandy, president reagan's assistant when he left the white house, she wrote a book about her experience called the president will see you now, very good title. welcome to the program, good to see you. >> thanks for having me on. stuart: you started as an intern. tell me about the phone call you took on your first day. >> a miracle i had a second day because the first day i was sitting on my desk, the phone rang and i picked it up and it said office of ronald reagan and the voice on the other line asked for one of the staff members and i knowingly said tell him who is calling and he said it is ronald reagan. as embarrassed as i was i put the call through and he gave me another chance but that iconic
voice i never imagined would be such a familiar day in my life. stuart: looking at my teleprompter and there is a sentence written, reagan refused to walk in front of women. i don't know if that is a typo or what but what is that all about? >> very old-school, gentlemanly with his manners. he was uncomfortable walking in front of women. if there was a secret service woman posted behind him we had to remind him it was her job and he needed to actually walk in front of her but even to the point of taking the stage. if i happened to be standing there and he was announced, ronald reagan, 40th president of the united states and transported if i was standing there he would motion as if to go after me and i say they are not here to see me, mister president. they will have to wait. i learned quickly i had to
disappear. stuart: david stockman was in the white house in the 1980s. is it true that ronald reagan refused to remove his suit jacket on the ground in the oval office and respected the office. >> absolutely. i never saw him in a condition where he wasn't respectful of everyone from the highest ranking to the lowesnking person i saw come through the oval office. he had an amazing temperament. stuart: a gentleman. i believe you have to find in the middle of the night a gift for mikhail gorbachev of russia. tell us. >> a worldwide quest to find the perfect stetson cowboy hat for ronald reagan to give to gorbachev when he came to the ranch, it turned into this big quest because how do you know gorbachev's had size, when you
couldn't google that it became quite a project. when we got the hat and gorbachev put it on it fit perfectly although i have to say we got a call from stetson later saying gorbachev had put the hat on backwards. stuart: i like the sound of your book, the president will see you now. congratulations on a great book, hope to see you soon. >> thanks for having me on. stuart: a total change of subject, to the big board first, the dow industrials nice solid rally up 115 points for the dow. 20,00779, we are 300 and change away from the all-time record high. it is about anthony weiner. >> he pleaded guilty to exchanging sexually explicit sex - texts with a 15-year-old girl, telling the victim in this case i have a sickness but i do not have an excuse. he agreed not to appeal the sentence, he faces 21 to 27 months in prison it has to register as a sex offender.
>> nicole pedallides, dow jones industrial average of 114 points but for the week, stocks down half of 1%, back to back weekly losses for the dow in the s&p is what we are likely looking at and here is look at winners and losers, a look at walmart, johnson & johnson but to the downside, nike and cisco systems anotr round of layoffs, 1100 employees, campbell soup came out to attack shoppers, v-8 juice down 3%, retailers came out, footlocker a big lag are down 15%. the dow is up 113 points. keep it here on foxbusiness, we wants to start at 5:00 am every day. ♪
good. >> it is a bitterly in the presidency to be looking for overseas trips to make you look good but i can't blame the guy for preferring to spend time with the belgian prime minister to congressional republicans. that is entirely understandable. stuart: it is understandable. you don't sound like you are a trump guy. >> i am. if it is a choice between trump and the congressional gop, they are sending a dangerous message, telling voters elections don't matter, no matter what you vote for nothing changes. to be serious about this, we have a dysfunctional system. we have a judicial branch that legislates and a i just laid of branch the spend more time on pseudo-court hearings, district court judges presume to make innovation policy and congress
can't legislate anything, the assistant director of the fbi, trump once changed planes in vladivostok, congress turns on a dime and schedule three days of hearings. they are not doing what they are meant to be doing. stuart: do you not think there is anything there there with the russian probe? >> no i don't and i think i am interested to know particularly what the senate, whatever it is, five months into the trump presidency and to date, house republicans have passed not a law but a bill in one of the two chambers of the legislature. that is one act more than the united states senate has done. i am interested to know what these guys do all day. when they get into the office at
9:00, 10:00, 11:00, what are they actually doing all day because they are not doing the people's business. stuart: your criticism is not so much of donald trump, the criticism of congress and in particular a dysfunctional grand old party gop which hasn't done anything. stuart: that, they have everything now. i am basically -- not as opposed to trump when it comes to nationbuilding. we could have actually built a nation in iraq or afghanistan but i understand people who think we ought to start closer to home. and the feel of self-government, the republican party got control of all three -- and can't do a thing. stuart: he is not a politician, he will do some dealmaking, he
is going to a deal in saudi arabia with ten us oil companies, major defense contractors lunch what looks like the biggest contract of all time, $350 billion, on her where he is comfortable. >> doesn't understand, it has taken a while to understand when you are dealing with businessmen and to some extent when dealing with foreign leaders, sitting across the table from the king of saudi arabia or the israeli prime minister you can reach an agreement fairly easily, when you're dealing with congress which is a dysfunctional institution you actually have -- you are being told it is a 4000 page bill and nobody knows what is in it but they will pass it in the dead of night even though
none of the so-called legislators led the thing they are supposed to be legislating on if you come from the relatively sane world of reality tv and glamorous resorts this must strike you as a completely bonkers and insane environment and it is disgraceful that its dysfunction is allowed to continue. the swamp needs blowing up, not draining. stuart: stay there please. i want to show the audience someone who is here in the studio and i want everyone to guess who is this person. obviously not mark stein on the right-hand side. we are sending you the picture, able ttake a look at it, want you to tell us who you think that person is. take a good hard look, get your guess after the break. ♪ what is going on ♪ what is going on ♪ what is going on ♪
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clashes over the past few weeks and the administration has imposed new sanctions on members of the supreme court who the administration say are in league with a socialist dictator. do you think we should be going further with this collapse of socialism in venezuela? >> i think it is going to collapse very violently. imposing sanctions on eight ju for overruling the people's representatives, that is exactly what american judges are doing with things like us immigration policy. what is happening in venezuela is serious, it is murderous and they should be excluded from the league of respectable nations and quarantined, it is like bad old days. stuart: should we have a quiet word with cia generals and say you can come to america but
don't shoot your own people, something like that would work. >> it has to be made clear there will be consequences. most of these dictatorial hugs enjoy going shopping in paris, new york and switzerland and to confine them to the miserable spots they created actually does punish a lot of these guys, they care a lot about this. stuart: total change of subject, before the break we showed you this man, he bears a striking resemblance to mark stein. the beard is a little different but the shape of the face is right. any guess who that person is? >> he does look like me after i passed out in the rogaine after one mighty bender. i am impressed. last segment we were talking about things are so bad the trump proposed the company of
the belgian prime minister to paul ryan and i had no idea your show is so on the money you would have the belgian prime minister sitting there in the studio with you. it is the belgian prime minister or my local imam. hard to tell. stuart: careful. do you know who this man is? i do, you don't. that is my son. that is my son. the young max varney from new zealand. he is a farmer, very proud of that beard. if you could grow a beard as good as that you would. >> no. that is what you want when you are prowling the hills of new zealand, the new zealand. we will be fleeing their if this keeps up. stuart: mark stein, we think you are all right and went to see you again soon on this show.
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stuart: making money? >> yes. stuart: how much? >> i don't know. stuart: i you in the top 1%? >> 25 after the show. stuart: you come back. >> i will be this tall. stuart: last time we saw low bridges was when he was 12 years old and had started his bowtie business. now he is 15 and has a contract with the nba. >> 20 years he will be running the country. this is a smart young man who answer your questions which were quite pointed do. how much money do you make.
stuart: we will not go in there. i like. my time is almost up that i will render an extra 10 seconds to my colleague neil cavuto who could use the time better than i. neil: we have been focusing on the president's big trip abroad. the fixation not so much on the agenda that he still wants to go with for tax cuts and all that but did you see the latest cover of time magazine? i caught this one. look how they are portraying the white house. moscow influence painted in red that we don't even know whether there is any there to this story but how can he move on and address issues like taxes, like getting regulations off business's back and revamp the tax code