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tv   After the Bell  FOX Business  April 1, 2019 4:00pm-5:00pm EDT

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i bet you can't rap like elon musk. >> no. i will not pull that joke. [closing bell rings] susan: great start to the second quarter? will the momentum continue tomorrow? that ills it for countdown. "after the bell" starts right now. melissa: kicking off the first trading day of the second quarter in the green on u.s.-china trade optimism and surprise growth in u.s. and china manufacturing industries. the dow ending up 300, pardon me, 327 points, near session highs. marking its highest close of the year. i'm melissa francis. good way to start monday, right? connell: great way to start the month and the quarter too. connell mcshane, welcome to "after the bell." we came off the best first quarter in 21 years. tech-heavy nasdaq is up. we'll have more on the big
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market movers. this is what is new at this hour. ♪ connell: cutting on border security, president trump considering closing the u.s.-mexico border and cutting off aid to number of central american countries. the latest coming up from the white house when the president could shut down the southern border and what it means for you and also the state of the economy. plus trying to break the brexit deadlock in parliament. they're still at it. we're awaiting new results of yet another round of voting in the uk as lawmakers are debating, again, alternative plans to leave the european union. there is michael avenatti. he is due back in court in about an hour. we're live at the courthouse breaking down charges against him. melissa: back to the markets, the dow surging today coming off the best quarter since 2013. fox team coverage.
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blake burman at white house. deirdre bolton on floor of new york stock exchange and edward lawrence is in washington. you know what? i will go to deirdre first. go ahead. reporter: if you look at this rally, no other way to call it, the dow closing up in triple digits. here are movers, united technologies, jpmorgan chase, caterpillar. you notice a pattern. it is financials and a bet on the global economy at the very least. not being as bad as some investors appeared. manufacturing data out of china. strongest read in eight months time that gave market as boost at the open, they have not looked back since. overall markets financials, tears, industrials, these are the ones that carried the day even on the s&p 500. want to highlight one stock having a very opposite day. lyft, day two of trade. the stock is down more than 10% t started trading on friday.
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more and more people from the analyst community, this company has lot of sales but has not yet turned a profit. last year it lost $911 million. this does not exactly bode well for larger competitor uber which is slated to go public later this year. pinterest is another one a lot of people following tech are looking for, slated to go public within the next few months. on that note slack has as of today, announced 20 minutes ago announced it will list at the new york stock exchange. for those who don't know this, this is interest messaging app. a lot of people use it at work to do collaborative projects. slack is doing a direct listing. you saw spotify do that a couple months ago. essentially reduces the role of investment bankers. doesn't line up investors ahead of time. it does not go through the process setting exact price to lift's app. this is sign of things to come. back to you in the studio.
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melissa: deeder, thank you. connell: take you to the market panel. terrific day deirdre talked about. adam johnson and jason rotman join us. china trade optimism is in the news. we had overall economic optimism today, instead of worrying a about a slowdown, reporting on it, people say manufacture something pretty good, not bad in china. what did you take of it all? >> we talk about pendulums that swing from one side to the other. back in the fall it got so negative. everyone was talking recession as though it was fait accompli. we were getting better again in january and february. you know what? we may not have recession this year and maybe not next year. the con white house will not let the economy slip into recession ahead an election. that the economy is doing okay and we'll get a deal with china.
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you need to go buy stocks. connell: wow, you certainly agree with that, jason, the theme of today is the theme of tomorrow? what do you think about that? >> i agree with adam's sweet spot thesis, that is what i'm calling it. we are more or less in a sweet spot. rates are not going high, they are not going lower. they settled into a sweet spot. oil prices are not in the 30s or 40s, but not 80s or 90s. they're in a sweet spot. china factory numbers, u.s., china, canada even, all those are actually above a sweet spot at neutral levels. we're doing okay. i don't think there is that much to be concerned about even on the horizon. melissa: all right. apple dethroned. saudi aramco topping the tech giant as the world's most profitable company. the saudi arabian oil company made $111 billion last year. apple? a paltry 60 billion.
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jason, let me start with you. i covered oil forever. i went to the kingdom a bunch of times. they guarded all information about the company which is owned and operated by the government so tightly. they want to go public, cash out, diversify a bit into petrochemicals, other things in the economy. what do you think of this first look at the financials? does it signal a top that they're cashing out of oil to a certain extent? >> you know, let me answer your first question. i think it is actually underwhelming. melissa: really? >> their financials are underwhelming. the thing is, if you look at valuation that they were apparently trying to command when they were considering going public way back when, was $2 trillion. if you actually measured their stated dividend payments based off their revenues, their actual valuation if their dividend were to be in line with shell, exxonmobil, et cetera, would be almost half of 2 trillion, 1.2 trillion, which absolute level i would take 1.2 trillion
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in my pocket. when you value company saying they're worth two trillion it is unwell ming. melissa: i don't know, adam, does it make it a deal then? >> this company aramco has break even of $5 a barrel. if oil is 60 bucks, they're making 550 million, half a billion dollars in revenues per day. that gives you a lot of leeway. admittedly i'm a lot more excited what is happening in this country with the shale with pioneer or eog, i think the two best operators here at home. melissa: with the argument you both made, you have to ask why are they cashing out this part of the business? i understand only a portion of it but still interesting. thank you. connell: moving on, drawing a line in the sand. president trump cutting aid to three so-called northern triangle countries, south of mexico and threatening to close the southern border earlier in the week with mexico. blake burman live at the white house with late-breaking details. reporter: connell, the
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president's top advisors over here say this is not empty threat. in fact kellyanne conway said over the weekend that the president is not bluffing. that is the words that she used. source very close to the president they wouldn't be surprised if the president makes a decision to shut doesn't border at some point this week. it is still a very big if at this point but if the president goes down the road here is a look at the numbers. according to the ustr in 2017, the u.s. exported $223 billion worth of goods to mexico. that is the second largest market for the u.s. only behind china. accounts for roughly 15% of all u.s. exports. includes $19 billion in ag products. the just as big for imports. the u.s. i am pouredded $15 billion in goods from mexico. second largest player. that is 13% of all u.s. imports. there were $84 billion of vehicles imported along with 25 billion in ag products.
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but the white house top economist kevin hassett when we spoke with him earlier today, wasn't exactly sure or at least couldn't give an answer what this potentially might mean for the economy. watch here. >> absolutely, there is a lot of stuff at that moves and exactly how customs and border patrol would deal with that, will be something we'll have to confirm with them. reporter: is it a net negative or net positive? >> should we get to that we'll have to see. it would increase, potentially more stuff sourced in the u.s. for a while but, you know, it is something we would have to talk to customs and border patrol about. reporter: the chamber of commerce in washington is urging the president not to follow through with the threat. saying in a statement, even a threat to close the border due to commerce and travel, comb premizing very growth and productivity that the positives of trump administration helped to achieve. bottom line, we have to see what the president decides to do one way or another, potentially at
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some point here this week. connell: big story to watch throughout the week. blake burman on the north line. thank you, blake. melissa: setting the state for 2020, set offing the stage i think what we meant, at a summit in washington, d.c., sounding the alarm on president trump's policies. so how will team trump respond? haley mcdonald, trump's 2020 national campaign press secretary next. connell: plus paying to sit in gridlock? one gig city is charging drivers to enter the most congested areas. dan henninger from "the wall street journal." melissa: mark zuckerberg continues to face scrutiny for the tech giant's role in failing to police content. they're calling on regulators to play a more active role. could that backfire? gee, i don't know. details coming up. ♪ termites.
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connell: breaking news from the faa which just said boeing will submit its software upgrade for the 737 max planes over the next few weeks, in the coming weeks for agency approval. reuters with this report. the faa says the times needed to insure boeing identified and also appropriately addressed all of the pertinent issues. >> no doubt. taking center stage, several
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democratic hopefuls are laying out vision for voters in annual we the people summit in d.c. edward lawrence is live at the warner theater in washington with more. edward? reporter: melissa, what is notable who isn't here. who isn't here is vice president joe biden. he is responding to reports that he made several women feel uncomfortable, specifically a report that he smelled a woman's hair, plant adlonger kiss than normal on that woman. now a spokesperson for biden saying he never meant to make anyone feel uncomfortable. saying all women should be heard and he will listen. right now at this event senator bernie sanders, you heard the chant, saying bernie, bernie's came on stage. earlier beto o'rourke says he would take all of his cabinet secretary is and hold town halls every month. he said that is the best way he believes to get new ideas into the government. he also said that he wants to re, back down on the president's
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deregulations, specifically with environment. listen. >> clean power plant rules, to make sure that we take into account pollution right now and those who are polluting. higher standards for vehicle emissions implemented under obama administration, withdrawn by the trump administration, absolutely right away. reporter: climate change is a big issue here. in fact amy klobuchar, senator from minnesota, said she would on day one reenter the paris climb at accord. >> we have to talk about the tornadoes and what we're seeing. the wildfires. that is not happening 100 years from now. that is happening right now. climate change is no longer something that is esoteric scientific fact. reporter: also, health care for all something that all of the candidates here are supporting, in fact, former secretary julian castro saying that he would like to expand "medicare for all." he says that, senator cory
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booker right after him said, wouldn't go that far to say "medicare for all." he believes all americans should have health care. he says he has an interesting penalty for drug companies that raise prices. listen. >> pharmaceutical company raises their prices in our country higher than that in other countries, then we don't not allow it, but if they do it we take away their patent. reporter: all the candidates here supporting the 15-dollar minimum wage. melissa. melissa: health care for all, what does that mean? it is like, you know, easter candy for everybody. edwards lawrence, thank you. connell: that is still true, right? melissa: i think so, reaction from kayleigh mcenany joins us from washington. she is the trump 2020 campaign national press secretary. edward teed us up on issues of the other side. want to get the trump campaign opinion from the accusations that surfaced against former vice president joe biden.
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does trump campaign have any thoughts, reaction to any of that the last few days? >> i would echo several of the democratic 2020 contenders it is up to joe biden whether he enters the race. would echo kellyanne conway saying he has a real problem on his hands. he calls it hugging but his party calls it inappropriate. our reaction mirrors of the white house. connell: we don't even know whether the former vice president will enter the race, many candidates spoke at this event are already in the race. let me talk to you about some of those issues. health care is interesting, right as a political issue? as edward said, all of these candidates, most of them are hinting at something akin to "medicare for all," just a lot of government involvement, socialized medicine. a lot of moving, more and more to the left. now the president has brought up health care. and many questioned him, boy, why are you going to this issue, mr. president, when the democrats did well with it in the midterms last time around? that has been their issue.
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he apparently thinks no, i can make it my issue. explain. >> right, even the 2020 democrat contenders seem to be distancing themselves from obamacare. which is out there saying obamacare solved the problem? no. they're saying obamacare was a lot of the issue. president knows when we drill down into this, obamacare raised prices. what the democrats want to do, eliminate choice and private insurance, that would affect 136 million americans. president trump has opened choice, expanded the market, allowed short term plans. first time in 11 years, just over nine years, we're seeing obamacare premiums level out or prices at least not rise? that is because of trump and free market policies. connell: political risk, kayleigh, the republicans not talking about health care, not having a plan of their own once the time comes? isn't that still a risk? >> i don't think it's a risk. president trump said last week, republican party would be a party of health care. we did have a plan.
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it was one vote shy, that was graham-cassidy which empowered states. we'll see where the white house goes next. the answer is free market solutions, driving down costs, provide more costs for consumers not less. the white house will have a plan of the president trump says we'll become the party of health care. connell: one more immigration. obviously a big issue for the president. played very well politically for his base. continues to do so, threatening to close down the border between the united states and mexico, is that going too far? the economic estimates out there say, boy, that could be u.s. chamber of commerce could be a disaster economically if it came to that? >> no, it is not too much. here is why. when obama's department of homeland security secretary jeh johnson says we have a crisis on the border, this is area of bipartisan agreement. we must do something. the president is the only one working on this, the only one saying i will have a emergency declaration to build the wall. i will do what needs to be done because it is unacceptable that
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4,000 illegal immigrants, crossed our border, attempted to one day last week, one million will do so according to estimates. this is national crisis and humanitarian one. we have to do whatever to solve it. connell: good to see you, kayleigh. melissa: taking on obamacare, president trump slamming the affordable care act and it is enormous price tag for americans but is a republican plan on the horizon? we'll talk to one gop congressman about his new health care bill getting traction. the future in limbo. the british parliament, where we currently stand on voting. another round of alternatives to prime minister theresa may's brexit plan. the results are out any minute. we'll have breaking brexit news, next. can you say that, breaking brexit? ar insurance,
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they will probably roll the dice a million more times the way things. british lawmakers voting on four alternative brexit proposals to leave the eu by the 12th of ape. they have rejected theresa may's plan three times already. they will keep it going until ashley webster can't stand it. he joins from us the newsroom. >> i got to that point. melissa said, break being brexit. you could argue that the government is breaking brexit last couple years. what a mess. by right now, the mps voted on four motions. they're getting all tallies together as we wait. we'll get a 10 minute warning. this is latest round of what they call indicative votes. to see if majority is found in parliament. if you wanted it to get more confusing, there it is. motion c calls for customs union, basically a softer brexit. uk, sticking in the customs union with the eu. that would take care of the irish backstop. common market 2.0, norway style
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relationship will keep the uk in single market but would allow for freedom of movement. that could be a big nonstarter. that is big reason the brexit was approved in first place. people didn't like the freedom of moment of immigration. confirmatory public vote, any deal approved, big if, will have to be approved by a people's vote, second referendum. parliamentary supremacy, sounds rather grand, takes whole issue if we can't find anything, one final point in brexit, one would be "no-deal" brexit. revoking article 50, no brexit at all. keep in mind, guys, these are non-binding, but if some sort of these one of these motions gets strong support, theresa may, right there the british prime minister will be under pressure to incorporate some of that perhaps in her own withdrawal agreement. as you say connell that has been dumped three times now or there could be a runoff.
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if something wins tonight, could you see on wednesday a competition between that motion and the prime minister's motion. let's not forget, time is running out. april 12th to come up with something or they go back to the eu. that is the uk, say please give us more time or they fall out with no deal. on and on and on and on. connell: we, you're the man for the job. >> thank you very much. how did i get that? connell: not sure. short straw. thank you, ashley. melissa: classic government. they came up with 6,000 plans. they're barely different. all non-binding. everyone hates all of them. none will pass. perfect, great government. connell: supremacy? that is great name. melissa: "game of thrones," watch it all night, flip a coin decide what to do. that was the plan. amazing. michael after naughty is back in court. this time facing fraud charges in california. we're live at the courthouse with all of the legal fallout. connell: plus, after driving in traffic is not bad enough, now you could be charged extra for
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it. the idea is to get rid of the traffic. melissa: no it is not. get more money that they are going to waste. connell: oh, i don't know. melissa: yeah, come on. connell: get rid of all the cabs? i don't want to take a position on this actually have people throwing things at me. we're breaking down the plan from the first american city to bill you for entering the most congested streets, which cities could be next. dan henninger on congestion pricing. from "the wall street journal." melissa: i can't believe you fell for it. it is not about congestion. it is about revenue. there is only one blockbuster left in the entire world. we're live at the video store last location where business is booming and providing a service netflix cannot. connell: what? ♪
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wat t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence. melissa: not a bad way to start the second quarter and the month of april. the dow closing up 329 points. marking the highest close for the year. stocks getting a boost from
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better-than-expected economic reports in the u.s. and in china. connell: not bad at all. new tax ask coming. >> of course it is. connell: this is not april fool's joke. today is april fool's, i believe. new york will be the first u.s. city to charge you for driving on its most congested streets. congestion pricing. melissa: oh. connell: that is not all, lawmakers approving a statewide ban on, plastic bags. melissa: perfect. connell: we have it all covered. laura engle joins us with details. hey, laura. reporter: we're hanging out here by the queens borrow bridge. new york is the first-in-the-nation to propose congestion pricing this is leaving all new yorkers wrapping around how much money will this cost us. we have a little bit of time. it goes into effect in 2021. we'll see what happens. a lot of people doing the math.
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about 200 for most people. an effort to ease the city's growing gridlock, encourage drivers to find other modes of transportation. raising revenue to fix the troubled mass transit system. the dollar amount is being worked out. experts say likely $10 per standard vehicle. could be up to $25 for trucks. some other unknowns here, who will be exempt from these tolls and how the cashless toll system will be implemented. one traffic task force member who worked on the plan says manhattan is just the beginning. >> i think a lot of cities around the united states are looking to new york city. many of the cities on the west coast are looking at congestion pricing. reporter: los angeles, san francisco, seattle, boston, eyeing new york for a new plan to see if they make it work. connell: thank you, laura engle. melissa.
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melissa: where do i even start with this one. here is dan henninger from "the wall street journal." fox news contributor. the plastic bag thing, i use them until they evaporate. until they're gone. you still get the bags your newspaper comes in and dry cleaning comes in. those are ones i reuse. no change there, basically. >> right. melissa: on congestion pricing this, is amazing. they said it is trucks coming in below 60th, charge them 25 bucks a piece. people said, i don't care. i don't drive a truck. oh, do you buy bread or food or anything? they went to interview the truck drivers. the truck drivers i can't afford this. i will raise all my prices. do you think people before he hear the man on the street interview know you're paying for congestion pricing because the price of everything in new york comes in on a truck and is going up? >> i think by now new yorkers fully understand, that is the way life is with politicians in
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new york city. here in, los angeles they don't have a subway system in los angeles. the idea here is that all of this congestion pricing revenue will go towards fixing the subway system. melissa: right. >> why is fixing the subways, rebuilding, repairing mass transit in the new york so expensive? is because we have here in new york the highest construction costs in the world. construction costs are high because union work rules simply cannot be changed. rather than make the construction and fixing of the subways more efficient by rationalizing the way unions go about, construction unions go in new york, they simply pass cost on to people driving cars, indeed the rest of the city of new york. it is abject failure by political leadership here. melissa: dan, i will do you one better. so when you ask what are you doing with the money, when tolls
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up always to fix the roles and all about public transit. you raised prices so many times. where is the money going? you do research, you realize legacy pension costs in the city. they are using money we're taxed for the roads to pay all the other things, so they don't have anything left to fix the roads. they call it congestion pricing munching on more fiber, getting rid of plastic, helping environment, stopping drivers they're spending more and more money on themselves and own salaries and pensions. they have to find a brand new tax. like a vat tax. they invent a new tax to pay for it. how will we stop them besides electing you mayor? >> no way to stop them in city of new york, it is controlled by the democratic party. republicans always put up candidates. they always lose. it will only be fixed if people vote literally with their feets or cars, they will not come into manhattan and the city to pay
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these high prices. they argue for instance it will drive people into public transit, are you kidding me? like new jersey transit trains? who live in new jersey don't know whether they get into the city in the morning anymore. one thing if they said they take money, show any evidence of fixing public infrastructure but there is no evidence. we have streets here would be embarassment to a third world country. go down in the subways like they want you to do. some cars you have say grants sprawled on the cars during the day sleeping. people won't go into the cars. the promise, in other words, melissa, they are not holding up their end of the bargain. we pay more money with all the new taxes we never see anything to show for it. it is not going to change now. melissa: because, humbug. what a depressing segment. thank you so much. connell: yelling at me. don't worry. we have good transition. melissa: i hate taxes. connell: good news. melissa: okay, good. connell: michael michael avenatk
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after his arrest which was here in new york city, that is coming up at top of the next hour. he is out west in california facing a whole set of charges there. jeff paul outside of the courthouse in santa ana. he has the latest for us. jeff? not sure -- melissa: i could do the story if jeff can't hear us? connell: how long is this delay in california? anyway, as you get top of the hour, michael avenatti will be in court. those are the other charges, new york charges on friday. melissa: appears to be in big trouble that is the story. there you go. we'll see. connell: breaking news. melissa: breaking news infamous pharma bro, martin shkreli has been placed in solitary confinement, according to "forbes" after a recent report claims he was using contraband cell phone to run his business from behind bars. connell: aye yi yi. melissa: still in charge, calling people, you know what?
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putting him in solitary. connell: putting him in solitary. meantime we were talking about shkreli, jeff paul in california on michael avenatti case. he is in court at the top of the hour, jeff? reporter: yeah he is. scheduled to be in court at 2:00. he walked up to the court here in santa ana where he faces fraud charges. in the one case authorities saying he filed bogus paperwork with a bank in mississippi to get up to four million dollars in loans. they say that he submitted tax returns to a bank for years that he never actually filed any tax returns with the irs. in the other case, authorities believe avenatti withheld $1.6 million of settlement money with a client. they say he used that money to pay off his own debt. >> based on evidence uncovered by the tax investigation, irs special agents expanded the original payroll tax allegations to encompass additional financial frauds which we
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believe have been used to fuel an unrestrained and lavish lifestyle by mr. avenatti. reporter: avenatti is also facing extortion charges in new york. that case centers around the shoe company nike. authorities saying avenatti tried to get nike to pay him millions of dollars so he wouldn't reveal allegations that nike allegedly paid off high school basketball players. back out here in california, federal prosecutors tell us if he is convicted on the fraud charges he faces up to 50 years in federal prison. connell: wow, what a turn for this guy in the last week or so jeff paul, thank you, sir. >> calling for more regulation. facebook ceo mark zuckerberg says the government needs to pay a greater role policing the internet. perfect. what it could mean for you and your privacy. that is coming up. the party of health care, republicans taking on health care. we'll talk to a gop congressman, bruce wester man, who vows he
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>> can you guarranty if you succeed in court all of those tens of millions of people who have health coverage guaranteed because of obamacare will not lose their coverage? >> yes. and here's why. talk about preexisting conditions because it gets a lot of attention and rightly so. everything single plan this white house ever put forward since donald trump was elected covered preexisting. the debate about preexisting conditions is over. melissa: acting white house chief of staff mick mulvaney say insisting the debate over preexisting conditions is over, you heard that but the debate over health care reform is far from over. we're joined by arkansas republican congressman bruce westerman. he recently introduced a piece of legislation called the fair care act.
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gaining a lot of traction in light of president's recent comments. it doesn't do away entirely with obamacare. >> good to be with you, he will in lissa. you're exactly right, we're looking at solutions to health care problems facing our country. we didn't necessarily look at republican idea or democratic idea but what is a good idea. ns.had to cover preexisting it had to lower costs and it had to give consumers more choices and options. i think we have that in the fair care act. melissa: how did you do that? how do you achieve that? >> we looked at individual components. we've been working on this for over a year-and-a-half, we worked with cbo on individual ideas, to see if would cover more or less or cost more or less. i think we have a really good plan. if you look what happened in the health care the past 10 years, the cost of medicaid has gone up 75%. the cost of prescription drugs has gone up 42%. consumers are paying a lot more. melissa: how do you do that? do you control what it is the government is going to pay for
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medicare or pay for drugs for people who are on medicare? >> no. you introduce more generics into the mix. you make it easier for generics drug to get in. we used a bill senator leahy had. we improved on that. that is bipartisan issue for drug costs. we looked at bills passed in the house passed with bigby partisan support. the affordable care act allowed hospitals to create monopolies. we put those antitrust laws back in place. we've got that. health care plans -- melissa: big hurdle in terms of cost you will lower price for people. do you send more control back to the states? did you focus federal money on the risk pools, people with high costs and preexisting conditions? how did you move the money around in order to pay for this without costs going through the roof for consumers? >> yeah. one of the big things that the affordable care act did that increased costs was the way we dealt with making sure everybody could have access to insurance.
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with the high-risk pools, we allow insurance companies to capture the 10% of their population, put them in the risk pool. the consumer knows no difference. they go buy the insurance. they're not discriminated against based on preexisting conditions but 10% or so of the insured population accounts for about 80 do 90% of the costs. so we capture those costs. capture the risk and it allows others to buy much lower cost insurance policies. so this is good idea that was there before the affordable care act came along. melissa: how much support does it have and has the cbo looked at the math to see if it works or anyone? >> it hasn't been scored yet. like i said, we worked with cbo on individual components. and i think it can gain widespread support. everyone i talked to about it so far, seems to think it is good idea, wants to look at it more. we put this out before the president came out with the latest ideas on what is going to
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happen in health care. so i'm glad we had it out there. melissa: did he respond to this? i'm sorry don't mean to rush you. we're running out of time. i'm very interested in what you have. have you shown this to the president? >> i talked to people on his staff. i hope to sit down with the president to go over it. but again, it's a lot of good ideas. we're open to feedback and suggestions how to make it even better. melissa: congressman, thank you. >> yeah, thank you. connell: get to facebook. mark zuckerberg is calling for new rules. the ceo of facebook urging lawmakers to make new regulations for the internet. we have david mccabe on this, axe sy rose reporter and spoke with facebook's top policy expert on this subject for "axios." what did they tell you? >> i spoke on sunday night to kevin martin, the top u.s. executive policy executive. he runs the washington, d.c., office, he pushed back on criticism they have gotten for the idea you can regulate what they call harmful content. a lot of conservatives in the
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u.s., a constituency facebook going to great lengths on their side, this sounds potentially first amendment issue. he said the government won't be involved here. the government might be involved in other areas, privacy, data portability. we don't see a role for the government on content. connell: can you explain -- i talked to a conservative about this very subject on the air earlier today. that is the argument, you're passing the buck, how are they saying this would work? what are they actually suggesting then? >> so there are still pretty vague around this idea how you regulate content. they point specifically to a couple of examples, mpaa, motion picture association of america, rates movies, sometimes industry self-regulation regime for content. finra, as your viewers know. securities watchdog is self-regulatory regime. i said have you talked to other platforms about this? not really in depth. high level, platforms cooperate on other issues but they haven't
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really talked about this. connell: the other thing is competition. if you're coming up with the regulations, hey, we want to be regulated are almost become as competitive issue, facebook is there and dominant. it makes it difficult some argue for others to in after regulation is put in place. have you heard the same thing? >> we'll that argument for some quarters. this is something long term people look at in europe, with the gdpr. did it have the effect. a little early to say whether or not how things will play out. there are some signs that people point to. i think, more broadly, right, facebook clearly sees the opportunity to define the debate or pass things off to lawmakers to say, we asked congress to do something, they didn't do something, that is on them. connell: interesting to see how facebook and zuckerberg played all of this. thank you for coming on. >> thank you, connell. melissa: the last one standing. how a city in oregon became the
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now that you know the truth, are you in good hands? melissa: last but not least, the small town of bend, oregon now boasts the title of home to the very last blockbuster on the whole planet. fox business' kristina partsinevelos is on location with the details. kristina? reporter: i don't know if it looks familiar to you, but it's exactly how i remember it. even down to the smell. 15 years ago there was 9,000 locations. now we are down to the last one in bend, oregon and it's not closing any time soon. you can see the same old ibm computer, the same old yellow counters, the same -- well, i don't know if it's the same but they need floppy disks in order to reboot the system. should you be a customer, you got to use your blockbuster membership card. i don't know if any of our viewers still happen to have this in their pockets. this store remains profitable and going because they have dvds that aren't even available online anymore. very difficult to find on online
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streaming sites. as you can see, categories very, very similar but they also have all the latest releases. a lot of our viewers throughout the day and on twitter and social media have been asking how does this store survive, given it's the last one in the world. we got to go to the movie guru, the general manager of the store. sandy has been so gracious all day. you got to tell me, how are you still surviving given the online streaming platforms out there? >> i think the biggest thing is we are a small business. our owners live right here in bend and people know that, and i think we operate like a small business, not like a corporation. we had to knuckle down, cut costs and do everything we possibly could to stay relevant and stay open. reporter: there you go. they are still staying open. should you come to bend, you should come here and get cheap candy while you're at it. i will throw it back to you. melissa: i want candy. she said it still had the same smell. you could kind of smell that. connell: that was a great shot.
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yeah, i caught the same smell at blockbuster. we should do a show from there one day. melissa: i had a blockbuster card forever. connell: how did it smell? thank you so much for joining us today and every day. melissa: that does it for us. "bulls & bears" starts right now. david: three big events happening this hour at the white house. the president is set to deliver remarks at a summit on prison reform. we will bring you any news from there, especially if he says anything about closing our southern border. over in california, attorney michael avenatti is back in court facing another round of federal charges, this time in california over bank fraud and stealing from clients. more on that straight ahead. and the british parliament holding another round of crucial votes on how and when to leave the eu. the results are expected at any moment. we will bring them to you in a very busy hour. welcome to "bulls & bears." thanks for joining us. i'm david asman. joining me


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