tv Cavuto Coast to Coast FOX Business June 29, 2017 12:00pm-2:01pm EDT
okay. session lows for the dow industrials, we are down 140 points, 21-3. what is the big problem, a huge selloff in the big-name technology stocks with our time is up but it is neil's turn and i still say something is better than nothing. neil: you hit on something profound, once you start a big government program, it is hard to dismantle it. think about when we started medicaid and medicare, we are looking at a $65 million program, it is hard to tinker around the edges to bring it down by a couple hundred billion dollars over its we 10 years, moving the needle and can't stop. stuart: a terrible thing, we are on the slow inevitable road to look more like europe and that is a terrible thing. neil: it was meant for medicaid to be 4% of the most needy people in the country and has
grown to include 40%. that is unsustainable regardless of your politics, that math is not sustainable and that is the reality crunching these senators who don't want to dial it back even though there is no cutting going on is trying to slow this incredible growth rate that you can't stop. stuart: it is not sustainable, not sustainable. neil: i am worried about your grandkids who won't be able to get access to see you when they are visiting from abroad. stuart: that is the judge. neil: i love the judge's laugh. tell me you are not a little worried about this or maybe welcome it, i have no idea. those are some screwed up rules, i heard part of what the judge is an, i don't understand why they cut it off with grandparents. i hope the kids can still find a way to sneak in.
stuart:'s they will. neil: thank you, my friend was a lot going on, the dismantling of medicaid, we will throw it out, lock stock and barrel with the republican plan, nothing is being done of the sort. the fact of the matter is medicaid is still going to grow at a pretty good clip. called a cut. we'll get into that, because it says volumes where this debate is boeing. we're essentially lying about facts and figures. you might be a big fan of medicaid, 4% of the population it was originally aimed. not 40% of population benefits today. might welcome that, great program. many governors, republican, democrat agree. the idea of scaling it back. scaling its growth back is enough to get these guys saying, all right, be no mas we'll keep it. we'll not let it grow, even to
the levels that we were planning. so they want to grow it more, so medicaid will get bigger. this will replace one big government health program with a slightly less big government health program. at rate we're going it will be just as big. they didn't repeal anything. there is a lot going on here. we do know mitch mcconnell, the senate leader he is very confident a deal can be had, a deal can be done. you heard what speaker paul ryan said they expect this to be wrapped up this summer even though they're not meeting that many days this summer and get tax reform in the fall. tax reform contingent getting -- who to assess it, "washington examiner," sarah westwood. where does this stand realistically? a lot of republicans, moderate members of senate, group of nine, not keen on this they're leery looking like they're heartless. that is what it comes down to, right? >> right. in the president's own words the bill is described as mean.
republicans particularly from states where the governor took medicaid expansions of obamacare, worried about effects specifically to their constituents. talking about senators like rob portman in ohio, dean heller in nevada, where medicaid expansion would make effects of cuts, growth of medicaid feel more acute than states where expansion did not take place under the affordable care act. so those particular republicans are going to be difficult to get back on board without using some of the money the cbo identified as savings to pad the budget a little bit, maybe soften the cuts. that is the problem the republican senators are facing. neil: sarah, will that be enough? i think you're referring to the $200 billion the cbo reduces benefits from the house plan.ç i'm a little appalled to use that as bribe money to get reluctant on board, whether for
opioid funding or something like that. seems like a twisted way to get something done. i know how washington works but seems weird. the objections on the other side, conservatives like mike lee, rand paul, they opposed bill because it doesn't do enough to stop the obamacare. they think cuts are superficial to medicaid. they don't think the bill does enough to fully keep the promise on repealing obamacare. you obamacare light, obama 2.0, the same criticisms we saw in the house. the difficulty from president trump, hard to reconcile those objections. one from moderate republicans like susan collins from maine, who think the bill is mean and other conservatives saying it
doesn't go far enough. the middle ground is small there. neil: what is your gut, what is your sources tell you right now as far as getting this resolved this summer? obviously this last, latest effort to get something introduced tomorrow, that can be scored bit-- by the cbo. >> sense getting bill done back to the cbo, second revised version ever the senate health care bill by friday is a little bit of a pipe-dream. that is a quick turnaround for a bill that needs some significant adjustments. there is optimism among republicans this can get done before august recess when law makers leave washington for five weeks at beginning of august. that is the deadline the white house said they would like to see this on the president's desk by. if they don't have it done by then, by the time they come back to washington, they are consumed by the budget fight, trying to avoid a government shut down. it is important to get things
done. that is what all sides say is the drop dead point of health care. neil: "washington examiner" correspondent at white house where everything is going down. negotiations are going full throttle. the question whether democrats get on board. take a look. >> it would be great to find a way to work together not make this a political football. it is unfortunate that democrats no interest in solving a problem that they created but republicans are committed to it. we recognize the your again he system we recognize people are looking to us to find relief. neil: do you think the president should be ring leading this effort? does he want to? what are people saying? >> yeah, by having senators over at the white house yesterday, that was amazing. neil: what is the follow through. let's ask george -- georgia republican congressman ted
collins. good to see you. the irony as you and i discussed in terms of the senate measure they didn't really quite prepeel obamacare. they changed it, some funding for it, some of the requirements behind it, but you still have the government actively involved in health care. so they could have gone ahead and told democrats, all right we'll not repeal this we'll change it, but we're not going to repeal it. this whole battle for votes would be a moot point, right? >> i think it would at a certain point but you have to understand this is a fundamental question, i talked about this before, when you have states like west virginia, joe manchin, i have a question, if the bill is something you don't want to deal with, explain 160% increase in premiums. for miss missouri, miss mccaskill, explain 140% increase in premiums. look at iowa. the system is failing. we've got to look at it. you mentioned even before in
this segment, we look ahead at medicaid. this is medicaid issue to start with. this is driver for future debt, future deficit. these are things that have to be dealt with. at bottom line we have to bring in the person forgotten here, the mom, dad, person who needs insurance. we deal a lot with health insurance. what republicans, me myself included are saying health care, not just"h1q! insurance. neil: congressman, i think what happens when a program gets relied on, they keep raising the income ceiling which you can benefit from it, medicaid comes to mind, it is hard to reverse that. so as more and more people become eligible for medicaid. and then get used to that funding for medicaid, even though now living in nursing homes, what have you you, assisted living centers and like, for republicans to talk about changing qualifications or reducing income levels which you
get medicaid, good luck for that. >> what is our other choice, neil? neil: i absolutely hear you. the math doesn't support this continuing but that will be tough because some moderate senators are the first to say, no, no, leave it alone. >> i guess they shouldn't also ran on repealing and replacing obamacare too. be honest about promises we made in the last seven years. it takes leadership. telling american people, not assuming they will not understand, telling them the room issue we're trying to deal with. expansion put able-bodied adults on medicaid system was supposed to be for the poor, needdy, blind. i have a daughter who is disabled, we're putting in certain states, adding medicaid to able-bodied adults. these are things that we have to be honest with. neil: you're very good on this issue. comfortable explaining the big picture stuff. we touched on beginning this was meant for roughly 4% of the
poorest population, not 4%. there is no one with ross perot type charts these days doing that. i understand the conundrum you face explaining that in media environment where your view is not the view that the media will want to hear, who is going to do that? >> well, i don't know. neil i start here with myself. i will encourage all our other members we need to go out and fight upon. i believe this is battle worth fighting for. this is what we talked about. granted in october 2013 landscape changed. when obamacare exchanges were put on with the disasterous role youout, people had something they were promised would solve their problems. look where we're at right now. people lost insurance. they couldn't keep doctor they wanted. we're having people having insurance through exchanges the deductible so high they can't pay them. better yet having insurance no doctor is willing to take them. you talk about cruel reality democrats won't address. here are realities in district
messed over by obamacare failure, what are you willing to do now? are you standing behind talking point or are you saying yes, this is problem. we need to look at overall health of the country, not our specific viewpoints. neil: you're right about that. republican or democrat, some within has to explain whether you like what we're working on or hate what we're working on, the math doesn't sustain what either of us are talking about. you have to get on board and come up with ways to fix that or we're all in a big fix. >> exactly right this is honest discussion. coming on, talking with you, encouraging others to be part of this. this is something that matters -- neil: my view is you're already geniuses. they're just, they're all mensa material, you know what i mean? >> we help any way we can, neil. neil: thank you very much, congressman. very good having you. to the congressman's point, whether you agree or disagree with him. this is battle of math, my friend. way existing affordable care act is working.
it is not affordable, increasing numbers behind it look like an act. you have to do something. you might love medicaid. a lot of republican governors do. it's a source of great funding for a lot of good things. a lot of people depend on it. grown to depend on it. income levels risen to many more initially intended to be case rely on that. yanking that away from them. coming up with new means you slow down coverage for them is not well-received. that is is human nature. to get back to what stuart is saying. taking something away is a whole lot more difficult than getting something period but it is that math, that reality, that it is haunting democrats and republicans right now. someone has to show a chart. north fatly we have several -- fortunately, we have several. more after this.
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♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. >> i appreciate congress's effort to address the dangers of sanctuary cities and illegal immigrant offenders. as i have said many times before dhs does not make the laws, congress does and we will enforce laws that are passed by congress and i am offended from this institution exert pressure and threaten me and my officers to ignore the laws they make and i am sworn to uphold. neil: all right.
the director there is referring obviously to a bill that was named after 32-year-old kate steinle, shot and killed in california couple years ago while a man was in the country illegally. this would represent a crackdown on illegal sanctuary citiesç. it is on the very same day the president's new travel ban goes into effect. it would be a slightly limited travel ban but starts later today, 8:00 p.m. eastern time, iran, libya, somalia, syria, yemen, anyone coming in from those countries don't have immediate connection, a relative, mother, father, child, or, or, clear business here, or acceptance at a u.s. accredited college or university, unless you have any of that with you, you have got to turn around. we'll see how that goes. trace he see carrasco latest on all of that an new restrictions.
tracee. reporter: neil, 8:00 p.m. tonight, we'll see if this goes a little further than the last time. the state department sent new guidelines of this fiercely- debated travel bans for six majority muslim nations, iran, libya, sew maul you yaw sudden dan, syria, yemen. they have to have a relationship with child, mother, daughter-in-law. fiance, grandparent, grandchildren, uncles, nieces, nephews, brothers and officers in law and any other extended family members will not be considered close phamly under the executive order. visa applicants from the six countries who can not prove this bonafide relationship will be banned for 90 days. 120 days if you are a refugee from any country. president trump set a 50,000 cap
on number of refugees who could resettle in the u.s. through the end of fiscal year which is september 30th. state department advised the cap could be hit as early as this week. exceptions to the new restrictions include individuals already secured visas prior to the new guidelines as well as business student, journalist applicants with proper documentation. or the exceptions could be granted to people with previously established u.s. contacts n january we saw protests and chaos at airports around the country when the president enacted the travel order the first time around. once again advocacy groups like amnesty international plan to send representatives to u.s. airports to monitor developments and observe implementation of a ban in case any disputes arise. the trump administration has not yet laid out a plan for implementing the order but the department of homeland security has said it will provide details very soon. neil? neil: tracee, thank you, very, very much.
one quick look at the market before we head to a break. gerri willis is coming around on the whole battle for health care packages. republicans getting the blame for one already law that was obviously put together by democrats. it is really weird. this is really weird. we had a big up morning. now a big down morning. technology big selloff. remember we had mark faber on, he said in that james bond villain way, technology stinks! he didn't say it like that. he said it. now they're selling on it. more after this. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. buttrust angie's list to help., [ barks ] visit angieslist.com today.
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neil: welcome back, everybody. i knew this would be a matter of time. not only polling americans the fact they don't like the republican plan, but they would in fact get blamed how lousy the democratic one is doing now, at least financially and some of the problems associated with it but sure enough gerri willis found startling developments, i guess gerri, politically aren't
that startling. what is going on? >> the problems with obamacare, the aca, goes back to the aca, 2010, when the bill was passed. it is all right there. that is coming to fruition. we see a product created by the government people don't want. look at numbers of people enrolled every year versus what the government expected it is always lower and why is that? prices have crept higher and higher and higher. remember narrow networks we used to talk about the lack of doctors, the lack of hospitals that are signed on to these policies? you don't get what you want. people don't want these policies, increasingly they're opting out. neil: republicans, i know a couple democrats said this, they're arguing they're the reason these insurers are pulling out of our states. >> so i mean ultimately the bad stuff hit the fan, right? neil: right. >> republicans -- neil: you were going to say another word. >> mom would be mad. neil: we have standards. >> she sets them every single day. neil: absolutely. >> we're seeing all these
problems coming to the fore. this is getting mature. this is year seven. prices are going through the roof. democrats say, oh, my goodness, premiums are going up 20% this year. premiums went up 20% last year, okay? this has been baked into the cake for a long time. you know what happened as well as i do. increasingly older, sicker americans are signing up for these policies, not younger guess what? that is not the way insurance works. the way insurance has to work, that you have a broad spectrum of people who enroll, sign up. you lay off cost of older, sicker population on to younger people. those people footing the bill. neil: aren't they saying in case of democratic senator from nevada, why anthem is looking to pull out is because republicans choked off these exchanges so it was not in their interests to stick around. but if that plays out, people actually believe that, i mean, you're blaming republicans for destroying a program for which not a single one of them voted?
>> their hands are clean on this i believe, i don't think you can see it any other way. this was creation of the obama white house. with the help of the democrats. republicans were not on board for this. this is not their genius idea. what astonishes me over and over again as i cover this, and you know i covered it for a long time, seems to me nobody really understood how the industry worked. neil: right. >> you know what i mean? neil: exactly right. >> they were clueless about it. they made up this airy notion how it might work somewhere, some time. over and over they are surprised by how people use policies. for example, gaming the system, coming in the first months of the year. getting some work done, having obamacare pick up the tab and getting out. neil: you and i can appreciate this you look great. i hope you continue to feel great. >> very kind. neil: i'm all for coverage of preexisting conditions, depending on the day i'm all for my kids staying on my policy a little longer. even when we all but had a condo
in washington cooking this up, i told viewers then, if i stress now, if you don't think you will pay a lot more for that privilege. >> right. neil: some of those are well worth the price, you're naive. sell it under the guise this was not going to raise your costs, or was going it cheapen them, was at best disingenuous, bottom line. >> absolutely right. if you cover everybody, all-comers, keep kids 26 and lower on policies that is just like, you know, a chicken in every pot. we'll give you everything you ever dreamed. it will cost less. neil: have same guarranties for everyone and not limited plate for some who want limited options, that will cost a lot. >> no surprise that -- neil: you and i are hardly apologist for insurance companies that can be horrific. >> you and i both know too, people survived things. if somebody will promise you something and you're sick, it better be real. neil: you depend on that. you depend on that.
you feeling well? everything going all right? >> i am feeling good. neil: i think cancer was afraid of you. >> i pray that is the case. neil: i know that is the case. thank you very, very much, gerri willis. remarkable spirit. meantime this gop donor may hear the argument, holding back funds until the agenda that republicans want to see get done, gets done. he is very big donor. of course a lot of people suck up to him. doug bieson. very good to have you. what was reaction from republicans counting on your money, counting on your support? >> i think they understand. i think it has been fairly positive. you know, they intend to get the president's agenda advanced, get health care passed, obamacare repealed and replaced obviously. then tax reform passed, and everyone has the intentions. we'll open it up. there are a lot of donors in dallas frustrated with this dallas is truly the piggybank of
the republican party at this point. so, you know, we're just telling them don't bother coming. we'll not open the checkbooks until you get it done. actually fairly positive. neil: like father with allowance. you have to do those jobs before you get an allowance. we know the vice president on the capitol as we speak right now. he has a lot of planned one-on-one meetings with gop senators, reluctant ones on the health care thing, but are you in camp that says get it done because something beats nothing, and anything you come up with is going to be better than the affordable care act the way it is now? others say, no, no, if you're going to do it, do it right, this effort isn't right? where are you on this? >> you know, i want them to get it done. i think they need to get it done. this is so easy. they control the senate. presidency. they need to set some general rules like, for example, if you're going to cover the children up to 26-year-olds,
that's fine, but how will you pay for it? on, preexisting conditions, let's put a rule where you had to have insurance the last six together some general rules. let's send block grants back to the states, let the states decide how they want to spend it. do they want to increase medicare, medicaid, i'm sorry, or not. in texas we use it responsibly. neil: has gotten to be a very thorny one. a lot of people, stuart varney talks about on his show, i agree with it, once you put a program in place, very hard to take that away or even change requirements to continue getting it. the dirty little secret you know better than anyone, medicare funding will continue to increase. it just won't increase at rate it would have under the affordable care act. yet the way it is being portrayed republicans are heartless and evil, throwing granny off a cliff. >> sure.
neil: cuts mean very different in washington then they do to you and i as successful businessman. a cut would presumably be a cut in something from this level to a smaller level, but in washington, a cut is reducing the rate of growth. having said that, how do you advise republicans and people who expect to get money from you, how to, you know, stiffen their spine on this one? >> well i mean they're not going to do it just for the money from us, and from dallas donors. obviously at end of the day, my father and i each have a vote. they use money they get here to win more votes in their respective districts. they will have to do what they have promised to do. if they don't do it, they will not get, get the votes and they have already promised it. they have to fulfill the promise they made to the american people. neil: do it with something, with anything? then you move on to tax cuts and that's something presumably we're hearing from the white house and speaker ryan will be done in the fall?
if that timetable slips, what do you do? >> right. i think they are going to get it done. i think they get, i think we'll see somements this week. may not have it done and ready to go by friday. talking to ted cruz this week, mark meadows, congressman mark meadows, there is some, mike lee, we talked to different people at the koch seminar -- neil: one in colorado springs last weekend, correct? >> exactly. exactly. so they have got great plans. some good amendments to make to it. they will either make it more conservative and lose heller and votes or make it more like obamacare and they will lose ted cruz and mike lee and rand paul. they have to make a decision which way they go. a lot easier to make it more conservative to step up and do it. they can always amend later and make changes as needed. but this is what we have now is a disaster. what we had before was better than, before obamacare.
neil: you mentioned briefly dean heller, the republican nevada senator. there was an earlier threat by a trump surrogate group to primary him, challenge him in a primary as a warning, sort of a threat. they rescinded that. but what do you make of that? is it too early to do that kind of stuff? >> oh, i think it is way too early to do that. that may be an option at some point. you don't rewarded bad behavior. if these guys are going to not do what they said they're going to do, not going to have the spine to stand up and support the president, this is what this is all about. the president needs their support. i think he can rally them and get it done. i'm pretty optimistic. neil: the markets are falling off. technology is a big player today. i understand that. i think they markets trade tick for tick on likelihood this
agenda getting done. the more real youty hit that is possible event that won't happen i think more problematic it could be. what do you think? >> i don't think the markets have anything to do with what congress does. i don't think they pay that much attention or worry that much about it at this point. neil: i don't know. if they don't get the tax cuts, don't get the health care, you don't think that will have an impact? >> iç think it is already been priced in. i think if they don't get tax cuts they will, it could hurt, but they will get tax cuts done. i'm very confident. neil: all right. we'll see what happens. thank you, very, very much. >> absolutely. thanks, neil. neil: look at the dow, down about 150 points. technology leading the day. blue apron made its public debut today. let's see how that puppy is faring right now. up nominally. blue apron, they send you a box of food. i thought it was already made for you. apparently you have to cook it. little detail that i didn't factor in. a lot kale.okin
>> today apple will reinvent the phone. here it is. we'll leave it there for now. neil: apple one launched 10 years ago today. why does it say january 2007? we don't know. that was the announcement of it? then it came, it was actually sold 10 years ago today? is that, what it is? because i will not talk to people unless you answer me. that is exactly what happened. america i'm here for you. i see the date. wait a minute, that is january. look, you're welcome. bottom line, a lot has changed.
you know they sold over 1.2 million iphones, since that day, 10 years ago? change we do everything. apple under pressure. parked money 10 years ago, say nothing earlier, ipod moving away from fans you sy computers that had very limited, albeit pricey audience, just an amazing story. steve jobs, had pleasure should have interviewing him a number of times. man, there are geniuses. people say irascible, had a temper and all, telling you smart guy, very, very smart guy. products were revolutionary, not evolutionary. i can remember people say, crazy idea the ipod was. what a goof any idea iphone was. plenty others are doing it. you won't survive doing it. okay.
meanwhile blue apron, ipo, kind of underwhelming today. maybe this has to do with amazon that it is moving into hook up with whole foods? who knows. nicole petallides with all things healthy and right, all things called food pyramids and the like. nicole, what is going on here? >> good news, blue apron open and held bottom end of already lowered range. it was 15 to 1bucks. it was lowered to $10. it opened exactly at 10 bucks. it went as high as $11, a 10% gain. this on a day where we're seeing a selloff in the market. dow down 160 points. nasdaq turned negative for the month. but blue apron holding its own. looking at valuation. it was really exciting outside. there were a slew of people. they brought hundreds of guests,
the ceo spoke with me. he was excited about the ceo and pros special for the company. he was happy to bring everybody along. also ipo price, valuation of about 1.9 billion. that is certainly well below the road show in march, 3.2 billion and couple years ago where he did a fund-raising event. it was valued at 2 billion. so lower than prior estimates. however it is gaining some traction. that being said there is competition in the pool kit business. they deliver -- you're supposed to enjoy your cooking this is not delivery. this is not grubhub. hey, here are your elements, have fun with your family or by yourself. make a great meal. here are competitors, sun basket, green chef, hello fresh and purple carrot. it is $800 billion grocery market. this puts pressure across the board in the sector. back to you. neil: nicole, let me understand, blue apron they give you
ingredients in a box to make a meal, right? is a box for one person, two people or i guess depends what you order? >> i don't really think they're hot on one person thing. i think they're doing more for two people. there are talk of ideas for them. whether they dot birthday meals. dinner for six meal, ways to market themselves. they spent a slew of cash on marketing and that is why the company had a net loss last year because they had marketing costs up over 180%. they are certainly with marketing but i will leave you with this thought. while this seems testimony per mental and cautious trade, which it is, the traders are saying that, unilever and nestle buying some food delivery type companies. neil: interesting. >> it is not out of favor. neil: thank you, nicole, very, very much. nicole petallides. as nicole touched on, puritying this or holding back blue apron is this amazon-whole foods purchase. the idea of delivering same
stuff online to you. that could raise some hackles. not the blue apron thing but what amazon wants to do with whole foods. to a professor who says that amazon could be looking at some legal hassles here. professor, very good to have you. what would be the problem, they're encroaching in a business they shouldn't be or getting too big for their britches? >> first of all, antitrust challenge to the specific merger is really unlikely. i think everyone agrees on that. that is true not just because the trump administration is in control of antitrust enforcement. the obama administration very unlikely would have challenged this as well. i think hillary clinton administration very likely would not have challenged it. conceivably there could be a theory of antitrust liability but this is not what we call a horizontal merger. now adays it is essentially only
horizontal mergers challenged, mergers with firms actually competing in the same markets. this would be at best, what we call a conglomerate merger, a merger of two firms that aren't really competing but might some day. that is sort of theory doesn't really fly with the courts anymore. neil: so you would think that a merger like this would go through. now amazon has been busy doing a lot of things and a lot of takeovers it heretofore had not done. >> yes. neil: does that catch the attention of regulatory types? >> yeah. so that's the thing. i will stand by that i think it is unlikely they will challenge but they will take a look. i mean among other things amazon is no ordinary antitrust defendant, right? as you say amazon in particular and silicon valley generally has seen quite a lot of mergers like this. they're not direct horizontal competition mergers. but they're acquisitions by a big firm of a little, littler, up start that looks like it
could be potential competitor, and, many people have complained that antitrust agencies ought to take a harder look at that it is conceivable. it is not impossible this will be looked at seriously in those terms. the problem, you know, with antitrust challenge to this merger is that, it is just so implausible that amazon on its own would ever enter into brick-and-mortar grocery. it will not be a real competitor to whole foods. seems like the competitive risks are real but they're really hard to predict. neil: it is a fast-changing environment as well. professor, thank you very much. >> thank you for having me. neil: to the professor's point, they will look at it, whether they will stop it, that does not seem necessarily likely. by the way whole foods has been sort of giving back a lot of earlier gains on the notion no one else will come up to try to outbid amazon.
we'll see. we're learning right now sarah huckabee sanders will conduct the white house briefing at 2:00 p.m. a couple former press secretaries, one democrat, one republican, maybe they should end live briefings, they become more show than substance. we'll talk to one, that is the whole thing that is betting annoying here, whether you like president trump or not. neil: these briefings are for the birds, after this.
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neil: all right. we've got an on camera briefing coming up at 2:00 p.m. former white house press secretaries calling for end of live briefings. ari fisher on exactly why today on "your world." we have a francesca chambers, takes no prisoners. she is fun to watch. rips apart republicans, democrats. very good to have you seriously. thanks for coming. >> thanks for having me, neil. neil: what do you think they're getting at here? you have a republican, and a democrat saying this is getting too histrionic, a little too entertaining, a little too much for words, so stop them? >> it is not particularly surprising two former white house press secretaries, people in the position this white house is in now wouldn't necessarily want these on camera.
often times they're used as opportunity to ask about things that the president has done that are controversial. in this white house they are often used to talk about the president's tweeting. that is is not something they find particularly helpful to have to take questions on. also the russia investigation in this white house as well. so this is something that they have tried to scale back on. we've seen fewer on-camera briefings. this week we will have two, as far as we know. the one today, and previously had one. last week we only had one. the week before that we only had one as well. neil: i'm sure they caught some of your questions, said we don't need this. this is enough already. do you think a lot of this is just, bowing to the reality, a lot of questioners are premiced when they're there. there is sense of agitation? almost to me like professional wrestling, not you of course, but this gets to be more theater
than substance. how do you dial that down get to the substantive questions like yours and not the he theatrics. >> even press briefings off camera, some of the concerns white house had haven't been exactly abbreviated. some they allow audio to be played afterwards. cnn taken the audio, played the entire briefing out with the audio afterwards. a lot of networks are using pictures of sean spicer and sarah huckabee sanders, playing best of clips from the white house press briefing. on monday when there was off-camera briefing, a reporter repeatedly interrupted sean spicer asked, why is this off-camara? why is this off-camara? this is is happening whether the press briefings are off-camara. neil: what would be fallout if we didn't have them. >> the american people wouldn't have the opportunity to hear the government officials in the white house. sometimes those, things that they're saying would be helpful
to the administration. take yesterday for example. they had the immigration and customs enforcement director up there, but you didn't see that because it was at an off-camera briefing. they were pushing for two bills discussed in the house today, have to do with sanctuary cities and immigration law. the administration was supporting them and pushing a strong message for the president on why they thought that these needed to be passed. but again you wouldn't have seen that because that briefing was off-camara yesterday. which was a point made. sarah huckabee sanders said, neil, if it had been on camera, that the networks probably wouldn't have taken it. but we just don't know that. neil: good stuff always, francesca. thank you very much. good seeing you again. >> thank you, neil. neil: tech sector, major selloff here. why is that. what could it mean?
neil: you are right about fighting all these problems with the affordable care act, that it's not affordable, just mathematically. but republicans and their plan have been even lower approval rate. only 17%. how did that happen? how do you counter that? >> the plan is not fully out there yet. voters need to know republicans are working to make sure the patient doctor relationship is restored. neil: shootout at the rnc in hopes that if the case. republicans are working to make sure they deliver on that. he is meeting one-on-one with lawmakers, particularly those
among the nine who weren't too keen on this come is that they really ought to get back down to build no more than two. adam shapiro with the latest on capitol hill. >> a common meal. for people keeping score, in the last 15 minutes i had it discussion with the member of the finance committee and asked are you going to have an updated piece of legislation with cbo for the new score and that person told me we are hopeful we can do that. moments ago, lindsey graham said he's not sure this will be ready to send a cbo and part of the problem has to do with things like rob portman of ohio. they are talking about giving the senators who want more spending for opioid addiction treatment $45 billion. that might placate the fiscal conservatives upset because we will continue what we don't have. how does this all play out? this morning on "mornings with
maria," talked about all the tax cuts that would be part of the better care reconciliation act. one of them would not be a cut. it's a 3.8% tax that pays for some of obamacare. it would stay in any future bill. here's what he said. >> what we've got right now is the bill that needs to be fixed. day one, most of us believed it was a starting point. part of the tax reductions were being proposed. some of them will stay in. there is one that may not and that would be the tax on investment return for families that make over 250,000 year. that's about $172 billion over a 10 year period of time, which when put back into the system would allow us to make some improvements in coverage moving forward for those who need it most. >> senate around talks about the need for that money to talk
about the obamacare hangover. i just want to read to you what mitch mcconnell said within the last hour. the republican caucus continues her solutions to help those who have been hurt by the failing system, obamacare. as we all can agree, obamacare status quo is unsustainable and unacceptable. we have to act and we are. i'm not running now, but friday seems to be one of those deadlines here in washington where they don't at least have the cbo, people will be shaking their heads. back to you. neil: as if they're not already. thank you very much. they try to get this revives brats out there and get the cbo to score this thing. right after july 4th if not before if they can. connell mcshane trying to win over moderates as they do so. >> right, try not to lose conservatives in the process. it's very complicated.
adam was talking about some of this. the president with the health care surprise and if you look at the numbers, one of the ways to win over the moderates might be to bring down the congressional budget office talked about when they said the republican plan would lead to 22 million more uninsured by the year 2026 compared to obamacare. hypothetically if this is a lower number, maybe it comes down to 15 or 10 million or whatever the case may be. will that be enough? again, you have the moderates so if you do go to suzanne collins, maybe she's encouraged by something like that, just reading between the lines from the other day, i want to work to fix the flaws in aca. cbo analysis she went on shows the senate bill won't do it. i will vote no and she says the cbo, this is where we get the number 22 million people will
lose insurance. medicaid cuts and rural areas is threatened and finally the senate bill does not fix pc problems. already struggling point out the one of five on medicaid. he worked to get someone like her and maybe a saddam was getting into this fix, including more funding for opioid addiction or maybe the 22 million number comes down. if you get someone like susan collins, what happens to a senator like rand paul? >> those like myself who don't want new federal programs, want to repeal obamacare in the moderates who want to keep some of obamacare and they are not too opposed in programs, that is just friend this morning, talking about split in the caucus and proposal that the bill will be split into pairs one for repeal, another for a place which doesn't seem to be getting much traction, but it
does seem to be the competing factions, conservatives and moderates before tomorrow. >> connell coming thank you very, very much. the president is singing that you've been misled. this is an interesting choice and we've illustrated this a number of times. nothing is being cut. talking about slowing the rate of growth in medicaid. one of the most runaway government programs of any government program. when this was started in the 1960s, it was met for 4% in this country. it now has grown to include 40% and the number keeps going. whether you support or reject this, there's no gutting of the program. it will still have a very good click here, but what does that mean that the debate itself is raised on perceptions that are being presented wrong in the media to "the wall street journal" and so david, is that
something we keep forgetting? cutting is very different the way washington explains it. >> you got to the heart of it. medicaid used to be a welfare, not cradle-to-grave for people who are able-bodied. what is happening during the obama administration as they turned it into something that was a safety net for the poor, for people who couldn't afford desperate health care measures they needed to something. cradle to grave welfare is. >> politically it is very tough. not just a risk between moderates and conservatives, but between senators that expand medicaid and state that did not. once you have medicated is very hard to take it away from people. a poll just came out from kaiser. three quarters of americans have a favorable view of medicaid.
you want to play the long game. >> i keep hearing this word moderate. the liberal position, not a moderate position to increase but obamacare has done which is create this new kind of cradle-to-grave welfare system that medicaid has become. >> that's a political reality. this is not usable this year. i think that given the exchanges, certain states in certain counties do not have a single health care plan and then. but sherrod brown and joe manchin campaign in their state and say you don't have health care, but republicans hold. >> two points i would make to your comments about moderate. all the moderates want to say about medicaid expansion do it over a longer period of time. they just don't want -- >> for years to your point. it's not like this bill is calling for cuts immediately.
they are going to wait for years and then begin the cusp of the so-called moderates who i would call liberals want to wait even longer. >> you guys think the markets are just over 200 points down in the dow, technology is a very big factor. do you think the markets are getting worried about this timetable that google is getting tax cuts done. >> absolutely. i've said it over and over again. they won the electoral vote, not the popular vote. he needs to improve his approval number. he needed something like infrastructure for maternity leave. >> is anything better than nothing? >> no. >> we have to solve -- they have to figure out what taxes they are going to cut. >> one senator who's against rescinding the 3.8% surtax and people like david.
[laughter] >> good savers over there. that is an important number because you can't get tax reform if they don't know what's happening with taxes and the health care bill. we've got to push the timeline down the road. >> rand paul has an interesting idea of splitting the bill. that is taking some parts on which there is consensus, passing that so there is something another more contentious issues for later. >> parts of the bill were literally borrowed from the clintons in the 90s about medicaid. that is the clinton idea. neil: republicans have dropped to give up or not getting anywhere on this. we're going to proceed to tax cuts. i told that's easier said than done. >> republican strategist says that this bill would fail, mcconnell would not be wasting time trying to get revived impasse. he would just say let it go, let it fail. >> but republicans on the spot. >> he doesn't like paul ryan. he's much smarter.
>> mcconnell cares like a senate majority 2018. he's much, much tighter. neil: a rejected vote would give him to say i tried. >> i don't think he wants to hang a senators to dry. skim! can i pullback to say just how desperate we are. there will be a serious debt crisis right now and rob portman, one of the so-called moderates wrote in 2014 in "the wall street journal," the longer we wait to enact reforms, the more abrupt and painful they will be. he's the guy who now claims we can wait. neil: and pay for tax cuts, too. >> we are pointing out how much control republicans have lost on the narrative. they are getting hammered. >> a lot of them are acting like liberals. if they stuck to their guns and passed what would mean they are no longer using obamacare, which
we can afford. >> this is not 2011 anymore. obamacare is much more favorable than it used to be. neil: does the market compel them to do something? i keep stressing the things throughout the show that this isn't the health care technology, but the market and what it did for the passage of t.a.r.p., remember that comment has a huge tantrum here. would that compel? >> the market authority decided. we see organizations like anthem and others have pulled out. neil: the market is also reflect the mutability, for the time being and not exclusively to say the republicans are looking less and less likely. >> 4000 points in a day? neil: that would be a little different. at that time, ironically a government rescue program. >> i think would incentivize
trump. drums does say this is the measure. neil: since elected appreciably since the beginning of the year and inauguration. absolutely. how much are they going to risk unless they backed away, what with the markets do? >> sit and wait. >> i don't think they would sit and wait. this is now becoming, we waited and waited for legislation that trump could put a stamp on. we haven't got it. if they don't get it now, trump is going to let obamacare fail and people will see how miserable they are as a result of that. then we'll get something through. i don't think the market wants that to happen. >> look at it two ways. fail on health care, move on to taxes that could be a good thing for investors. if you can't get anything done no matter what it is. >> what happens to the insurance markets in the meantime. >> i think this is getting
beyond the reflection of the cynicism of some, not all that their whole agenda could be a problem. >> a lot of pharmaceutical companies put a lot of money and effort into getting this bill pushed forward. that is why we are doing so well in the market. neil: going into a freefall. you could use their drugs. it's not a negative. >> i'm not sure. the political realities should say republicans can't govern and republicans say look how bad obamacare is. >> ironically republicans are getting blamed. that's really what we're going to 2018. who owns the health care situation. republicans going to change obamacare. neil: real quickly, do you think they get a real till done? >> based on what we saw in the house, i wouldn't count it out. >> i think you're going to have to go to rand paul situation is split this bill.
medicaid, by the way is now insuring more people than medicare. it had become a monster. >> one in five americans. >> i hope so. it is huge. it can be sustained much longer. neil: thank you all very, very much. we are done in such a low down about 210 points. ironically, a lot of this is focused right now on a lot of the technology issues that sort of led the way here. we have mark barber who is telling a get started with technology stocks showing that here the selloff is going to be complete selling off. but he had that james bond voice going. he said get out of the market now, neil. why do i sound more like arnold shorts make her? it would be a 40% selloff. it'll be right twice a day. that's his prediction.
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neil: why are you so bearish? >> things are high, -- [inaudible] in the year 2000. technology is the vulnerable innovation in the new competitor. >> already. that was wall street legend mark popper was warning about what was going on in technology cometh in the market leaders, technology dissector have been the strongest performing of about 15% before this reason to point i've selloff for those bubbles. apple is leading the charge today. apple is the biggest reason why
the dow was down to the degree it is in percentage terms. technology leading the way right now. we should point out the universal thing among the technology landscape when i talked about the ones that got us here would be the ones they would start retreating here, that it simply evaluation matter. he was talking about facebook, amazon, netflix, google current alphabet, all for today in excess of 1%. also, ancillary shares like some other chip related stocks and video comes to mind all down as well today, 4% or more in some cases. ironically, bank stocks are having a better day. a good report card so a lot of them can buy back stock issue dividends. they are doing okay were relatively okay, but if you want to know where money is going, i
point out they're not running the bond and they are not necessarily running the gold. things are staying kind of flat here. you are noticing this collective, we don't know where to put our money in this environment. a lot of this of course i'm fear that this just might be brought in a lot of it recognizing the fact that this too shall pass. similar situations although not to this magnitude that this could be the start of something big, but just some people say that, the big symbolic index gets back to a more manageable range. i would not call it anything approaching alarming. having said all that, market watcher jonathan hoenig. you know, we are due in that famous camps in the market will correct 40% or more. we are you on that? >> we are due.
keep in mind the tech sector is leading the selloff. it has been up eight months. we are certainly due for some profit-taking especially since the election. to be honest as you said, this is not yet panicked. this is reason for concern. but it's barely 1%, not a lot of reason for panic here the question is then i think you are right on the money here, what is next? if technology got us here, if that's not the leader, what will step up to the market higher? neil: you are very good at this history dynasty wire. normally what happens, you see it moving to another area. but not all the time. if the markets running out of steam, they don't know where to put their money so it's a collective selloff. we are not seeing that. what you make of that as some have said -- what do you think? >> would certainly seem that. historically after the fed
releases the results of those stress test out of company stock yesterday makes kind to move higher. but there could be as you alluded to, kind of a collect of malaise, and extraction of assets that have risen quite dramatically especially through the election. thousands and thousands of a percent. the end of the move rather than the beginning of the move. also, there is a political risk here. whether they are concerned about antitrust against amazon or just a failure to pass meaningful tax reform, health health care refod a lot of investors saying this for now, take the money and run. >> do you think that a lot of the run we did have on donald trump selection in the new year and the amount duration, was a lot of it built time optimism that taxes were going to come down, particularly regulations would go way, way down and we
see the health care replacement. all of that looks problematic now. what do you think? >> just take one of those examples. the corporate income tax or durst promises of massive cutting in the corporate income tax 10 to 15%, 10%, looks like it's much more, if we are lucky, three, four, 5%. they powered the rally since the election were predicated on as you said the expectation that is promised to get the tax reform. if that doesn't happen, it's another reason investors might they chips on the table given the run we've had. the drug trade, we heard about that for a long time. it might pick up. this could be at least for now no longer working. >> were also very good technician. so when you hear the volatility and jumps last time.
do you pay attention because it's very volatile because it could be down 20%. i do like to get too much currency. would you make of that and how good of a barometer is that? >> listen, when the stocks fall 200 points, you should get a little nervous. pain and fear exists because it works. to say what's going on here. it's always a good time to take a look at your portfolio. from a personal investment is, 200 points in the market bothers you terribly, you may be too heavily invested. at least at this point is still a bull market. there are still more two-week highs and 52 week lows that tells me it is still on despite a little bit of respite, especially in tech. neil: let's say the republicans can't get their act together in
the health care thing. a great deal we are told already cobbling together an alternative to the manager they already were looking on to get it done by tomorrow. that could be difficult getting the cbo to score it more friendly to their needs, to sell it could be problematic as well. so tax cuts pushed back good that they both are pushed into next year. then what? >> all the uncertainty that was cleared up when we thought that was going to happen comes back. there's a lot of audacity from congress people who say that the free market, free people can't handle something like health care, but they will go home over week, read a couple papers and decide themselves what is best. unless the republicans oppose better vision to a barometer. the obamacare delivery shame. we are talking about a fifth or more of the u.s. economy. until we know what's happening
there, how can companies expand if they get the big problem and the republicans can't deliver all the promises they've made. >> real quick, you touched on the idea of a threat of lawsuits over these recent purchases, particularly whole foods and what it wants to do, baseball being investigated abroad. europeans cracking down on them. this pattern, are you worried about it? >> i am coming meal, especially here at home. amazon is a miracle maker. we open our browsers and see new innovation. >> i was referring to alphabet google. >> amazon, google, facebook, they changed the world. so we want, we hope certainly an american president would he allowed in these companies that their biggest supporters and they would threaten them through a tweet.
neil: well done, my friend. good reading you again. we are at session lows. keep in mind this is dominated by technology. we've got apple and microsoft, some of the career tech names under intense selling pressure right now. if you want to lump arising in this technically not right there. a little more after this. conne. at&t network security helps protect business, from the largest financial markets to the smallest transactions, by sensing cyber-attacks in near real time and automatically deploying countermeasures. keeping the world of business connected and protected. that's the power of and.
neil: if you've never got an anniversary gift, for a significant other and they just hated coming up really embarrassed yourself, let's say you get them a knockoff gucci purse, let's say hypothetically you've ever done that. if you have a major selloff in the stock on the ten-year anniversary of one of your premier products like the iphone today, 10 years young
today and apple, steve jobs is the pioneer who brought back. to my skepticism 10 years ago today, you would think people would be remembered that i had a big offering later on this fall to celebrate the anniversary. apparently we are not. apple is living abroad a software technology stocks particularly in the dow but the apple store in chicago. hopefully not a single tv screen is turned. >> remind me of once proposed to someone but turned out -- neil: been there, done that. >> same girl. i hope not. the apple store here is in celebration mode despite the stock. 10 years, you know what else happened 10 years ago this year? i think a business network went on the air.
nobody says he was going to be successful either. just like they said about the iphone. a lot of people said it was going to be a disappointment. the screen thing was not going to fly. sure enough it started slow. look at these numbers. in our first quarter sales of the original iphone, they sold about a million. in the last quarter, i think the number is 50.8 million sold. they've actually done pretty well. what is done to revenue to revenue from about $5.5 billion in the fourth quarter of 2007 to the most recent quarter here come the $52.9 billion in revenue. we want to look with talk inside the apple store behind me. not the next seven. gosh
neil: all right. feeling the heat at least today. this month down. very nice run and investors looking not 50% here. it is bleeding and technology. i've been warning about the lead up to 40% in stocks in general and his opinion. i think the doom and gloom report is a tall tale sign. the tech analyst -- we've got robert berger here as well. it's good to have both of you on this and what's going on.
one day does not a trend make. the feeling that a lot of these technology stocks have run up too far, too fast. >> yeah, honestly, that is what we are seeing. it might be a little bit different, but there's been so much optimism in so much confidence in all the stuff that theoretically it is good for financial companies, stuff like that. the government has real struggles getting some of these bills passed in priorities. neil: it would be a big beneficiary. a lot of them hold abroad. >> we are now saying maybe it's not really going to happen and people are going to get skittish. neil: from apple itself, great expert patients. it's going to be hard to top what they've done. they started with something revolutionary and now evolutionary. do they need something evolutionary this fall? >> i think with the apple again and again making products better each time.
you can't just be a little bit better. >> people are hoping things for wireless charging for the whole screen with the fingerprint reader built into it. expectations are high and could be hurting short-term sales and see what happens in september. neil: the couple will be available in the fall, but not all of them. explain that. >> this is all rumors. you know, -- the expect tatian s the big new model, whether it's the iphone hacks are the iphone made will come out this fall and you'll see potentially a promo coming out later. the bulk of them will come out the individual models to kind of a lower end and that they been doing that the ipaq where they've had different
iterations. neil: what do they mean -- is it reality? i have no idea. what does that mean on the phone? >> it means basically you can hunt your phone up to the studio and project something on the screen that makes it look like in the studio with us. a pokémon monster. i held my camera up to you. i can see you are from here and so forth. theoretically. think about what a jet pilot sees. you can see kind of the matcher. neil: the pizza guy. do i need that? will apple still lead the way good or bad? >> these days i think they will just in terms of actual hardware. they've got so much competition at google and samsung that they really need to put themselves out there is something really unique. neil: good, thank you very, very much. again, technology is leading the solitaire, which is across the
board it isn't technology and ancillary technology service feeding to these big stocks. they are doing just fine. the fed giving them off the speed. if anything happens you're ready for it. little did we know they might be tested today. they are increasing dividends, most of them. good for them, not so good for pretty much anyone else.
neil: all right. oil a little bit, we should stress here that oil is going nowhere fast on fears that there's simply too much of it. opec can't get its act together. so many countries like iran are finding opportunities in shale and tracking that every time they tried to make progress with the former energy secretary on the same day, it's very good to have you here. the president will meet a speech on energy right now.
energy independence. it looks like we are already there. you argue that we can get even more fair. >> there is no question in the right environment in terms of regulatory environment in terms of trade policy that we can not only produce enough to meet domestic demand, but we can start being an exporter of the world. that is good for our economy, but also great news in terms of national security challenges because we can help supply natural gas and oil to the world limited in terms of who they could buy from. >> you get a sense the president allows it even clearer to go beyond this. obviously revive the coal industry. where do you stand on this? >> i think he's trying to put truth behind the comments about all of the above is an energy
strategy. a lot of people use that phrase. this admin is duration is putting its money where its mouth is, which means to try to support an energy array that includes nuclear poll, but also includes renewables, doesn't just focus on renewable energy or natural gas or one specific area that tries to promote all of the above and they are trying to do that. i see that as his principal strategy right now. it's good for american jobs. >> we have this going on in the administration's where they take a dramatic turn south. maybe would be interesting to get your give on how white house is, how departments reacted that. you get nervous about it? an agenda is going to be compromised. neil: you know, inevitably
presidency is rise and fall on the economy and the stock market is one of the main gauges that people use to figure out how the stock market and the economy are going. one of the things they also address is that it's kept prices low like things for gasoline at the pump with electricity bills and that's another thing people use to gauge the economy by. if i were sitting at the department of energy i'd be pretty happy because i would be looking forward to a fairly lengthy period in which domestic consumer prices were on the low end but that's generally good news. neil: record low gas prices this summer. secretary, thank you very much. to the secretary's point, translates into the low prices at the pump. something that will no doubt come up today for the white house press briefings. the treasury secretary steve mnuchin will be there, things
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meet with vladimir putin at the g20 summit. is that next week? it is next week? confirming the briefing at the national economic council gary collins and others that wouldn't say what would be on the agenda for the order of events, but the president will also meet angela merkel, president of china and a host of others at this event. vladimir putin -- here we are under 200 points. a lot of it led by technology. talking about the idea that those who lead the parade will reverse talking about technology and sure enough as you said, 40% -- why do i make it sound like arnold schwarzenegger. let's go to my buddy, charlie gasparino, best in the business. cut it in half.
it is reported that. >> let's just talk numbers. take health care out. if you believe how there to momentum to the tax cuts and they do tax cuts, it won't grow 40%. then there's going to be a corrections. i'm going to -- that the dude on the other side. here is what i think. i don't think it's going to go down that much for technical reasons. there were 8000 stocks in 1998. their 4000 listed stocks and supplies. neil: doesn't mean were still approved. i think that some of the countervailing evidence. one thing people give short trip to an i'm not saying by the market.
i'm generally has a tank i to begin with. trump's executive orders on regulation and his administration rollback would just stop regulations. that has an impact on stocks in the market geared businesses, whether it's the coal industry, banks, other major businesses that make up the major components of the market, not going to be under the merge. they can both merge if they want almost to the ftc and the justice department doj antitrust division's. and because of the fcc now run by pro-market guys come in net neutrality -- neil: process supersedes. >> it doesn't supersede it. it's countervailing to armageddon. i don't know what's going to happen. i just know --
>> people paid good deal of money to tell us. >> you move the market 200 points yesterday. neil: let me ask you then, do you think this market run-up that we have was in large part, i could be very wrong, i'm tax-cut, and all the relief? i think it could have the opposite effect. >> a good. but here's one thing i talked to a lot of people. they are priced into the market right now is a more conservative regulatory agenda and maybe not tax cuts so soon. you might see the hovering go down a little bit. neil: at least he won't see taxes go into. >> you want deregulation skillet. you have less stocks. decent earnings. trent the earnings are fantastic. earnings and economic --