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tv   Varney Company  FOX Business  April 5, 2019 9:00am-12:00pm EDT

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maria: have a great day, everybody. "varney & company" begins right now. good jobs numbers, stu? stuart: not bad. actually pretty good. good morning, maria. good morning, everybody, this friday morning. the jobs report, okay. 196,000 new jobs. wages up 3.2% over the past year. i'm going to call it a strong jobs report with nice upward revisions for the month before. what's the market reaction? straight up. not that much, but we're up. right now we're showing a gain of about 80 points for the dow industrials, 25 for the nasdaq. a positive response to a strong jobs report. china trade. well, this helps as well.
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the president says a deal will be the granddaddy of them all. we'll see what happens, he said, but a deal may be reached in the next four weeks. to the border. the president flies to colexico, california today. he appears to have backed away from his closh youre threat but tells mexico you have one year to stop the flow of drugs. if you can't get it done, you will be hit with tariffs on the cars you are trying to sell here. it is another big friday show coming your way. larry kudlow joins us from the white house. he's on the jobs report, of course. also, we have later conservative star, rising conservative star tommy laren. when the president believes fle his california trip, he may speak to reporters. you will see it. "varney & company" is about to begin. stuart: oh, yes, it is a big show and we are starting with
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the richest man in the world settling his divorce. jeff bezos. susan, he keeps control of all of -- of amazon and the other companies. susan: 75% of the stock, all of the voting rights so you're right, pretty much he retains control of amazon so we have mackenzie bezos saying she's grateful to finish this process of dissolving my marriage with jeff with support from each other and everyone who reached out to us in kindness and my favorite line is that she's excited about my own plans going forward. she gets 4% of amazon stock which makes her the fourth richest woman in the world. she's worth around $35 billion. not bad. no voting rights and she relinquishes control also of blue origin, the space venture, and "the washington post" as well. people noted how quickly this was dissolved. i mean, record speed. some would say this was done to protect their own privacy and their children's privacy.
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they do have four children that they share. in washington state, she was eligible for 50/50. 50% of the voting rights, 50% of the shares and the money and also, she could have asked for a seat on the board. she didn't ask for any of that. seems like a very amicable divorce. stuart: the fact that jeff bezos keeps control of the voting stock for amazon, that's why the stock is positive this morning, up another ten bucks. well above $1800 a share. the jobs report, 196,000 jobs added in the month of march. greg baliere watches washington for wall street. i characterize this as a strong report. how about you? >> fear of a recession gone, dead. as we have agreed over the last few months, there's not going to be a recession any time soon. number two, rate cut, i don't see it. larry kudlow has even talked about a 50 basis point rate cut. not going to happen. maybe even talk of a rate hike by the fall. number three, this greatly helps
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trump's re-election prospects. if it's really the economy, stupid, trump has a good chance of winning re-election. stuart: do you see anything negative? >> not really, no. i don't see us overheating. i'm reluctant to use the word goldilocks but so much of the economy, great labor market, good gdp coming back, low inflation, accommodative fed, pretty darned good set of fundamentals. stuart: it's hard to pick holes in it, really, isn't it, after just 20,000 new jobs in the previous month. that was revised upward. we've got a bounce back for economic growth. we don't have any inflation. we've got interest rates not at historic lows but certainly at lows. i think you could say a goldilocks economy. first time in a generation. >> yes. someone asked me the other day what do you worry about. i guess you would have to worry about a messy brexit that could affect all of western europe eventually, but you've got to really work hard to come up with
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something that is exceptionally negative with all of these good stories right now. stuart: do you think the china trade news, i mean, maybe we will get a deal in four weeks, is that helping the market, too? >> it has, although as you and i discussed before, i believe it comes later rather than sooner. i think there are still big details like a compliance mechanism to be ironed out. it could be late spring, early summer but we'll get it. stuart: okay. thank you very much indeed. good to see you again. >> you bet. stuart: let's get to the crisis, and it is a crisis, on the border. president trump heads to california this hour. we might hear from him before he leaves. joining us now is senator bill cassidy, republican from louisiana. mr. senator, let me list this. it sounds like the president is backing away from closing the border. we're not going to get a wall in the immediate future. we're not going to get any change in the asylum laws which might help. i don't see a solution out there for -- an immediate solution to
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the crisis. do you? >> yeah, there are some solutions. one, we are deploying more non-barrier, non-wall type resources to the border so that will hopefully interrupt but we have to look at the fundamental problem. the fundamental problem is however terrible somebody's life is here in the united states as an illegal immigrant, it's better than it is in central america. so we have to secure that southern border but we have to look at the fundamentals of what provides stickiness for somebody to stay in their own country. we can see the example of mexico. used to have incredible immigration from mexico. then they improved the economy in mexico and despite the violence, people stay in mexico. it's a two-pronged effort. let's secure that southern border. let's also make sure we are doing something in central america so folks have a reason to stay. stuart: do you expect any help from the democrats? >> i sure hope so. my gosh, we got 60,000 americans dying from overdoses, much of those drugs coming across the southern border. this is not a partisan issue. this is an american issue.
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if we can stop those drugs, stop the human trafficking, keep people in central america with a better lifestyle, that is the humanitarian response. stuart: sir, you probably can't see this but on the other side of the screen, we have been running video of illegals camping out and sleeping on the streets of cities in arizona and texas. who is paying for that? >> yeah. ultimately, our society is paying for it. the social services are paying most directly, the city and the state. they have a vested interest in making this better. i'm told the social safety net in california is stretched to breaking so this is not just about the concept of protecting your border. it's the reality of what happens when you don't. stuart: before you leave us, i understand that you are working on a bill with a democrat. would it mandate family leave? would companies under your legislation have to give family leave? >> no, they would not. this is something which acknowledges that typically above $70,000 a year, an
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employee has access to family leave even if by another name. it is those smaller businesses and lower wage base that are having a difficult time. we're attempting to thread that needle. fiscally responsible, helping those small businesses retain trained employees so that they don't have to leave to take care of their child and cannot come back, but also give her a chance or him a chance to bond with their child, both for the health of the mother, the health of the child. you spoke of goldilocks just right in your previous segment. that's what we're looking for from paid family leave. stuart: glad you were watching. it's a good expression. the goldilocks economy. good stuff. mr. senator, always a pleasure. thanks for joining us. appreciate it. >> thank you, stuart. stuart: yes, sir. let's get to the elon musk situation. look at that. he had his day in court. tesla's stock, by the way, flat this morning after a big drop yesterday. ash, it was a circus outside. ashley: it was a scrum, if you want a rugby analogy. either way, you look at it, crowded going in and crowded by
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reporters going out but he actually had a pretty good day. he dodged a bullet. the judge in this case, the federal judge seemed a little irked at the fact they were in there, took some shots at the securities and exchange commission would wants to hold elon musk in contempt, saying she was a little surprised they wanted to go to court and should put on their reasonableness pan pants, and she wants them to go away, sort it all out and take two weeks to do it. she also said she believed the language may be a little vague on the s.e.c.'s enforcement of elon musk, what he's supposed to adhere to. she says i will admit surprise, this screams of working it out, can't you work it out, why are you bringing it in to court. outside, elon musk says he believes it's pretty likely that he and the s.e.c. can figure this out and not have to go back to court. stuart: end of circus. ashley: end of circus for now. susan: friday. stuart: it is friday.
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yes, it's friday and we are going to go up about 80 points on the dow industrials. there's a positive reaction on the markets to the jobs numbers and the trade news. then we have herman cain, picked for a spot at the federal reserve. here's the question. is the president politicizing the federal reserve? good question. we will ask larry kudlow that question because he joins us later this hour. we will also talk about the jobs report and trade. it is a very big day for your money. we also have this one. maxine waters once again calling for impeachment. she says the president is dangerous. tomi lahren on that in our 11:00 hour. the president might speak to reporters before he heads to california. there's lousy weather in d.c. that might throw a wrench into these plans but if he does speak, we will bring it to you. yeah, this is a live action jam-packed edition of "varney & company" and we are just getting started. they feel like they have to drink a lot of water. medications seem to be the number one cause for dry mouth.
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stuart: we're waiting for president trump to depart the white house to go on his way to california. bad weather may interrupt the schedule in the sense that he might not be taking marine one, the helicopter, to the airport. he might take a motorcade instead. if that's the case, he may not perhaps appear in front of the cameras. but if he does, you'll see him. president trump said he wants to appoint former republican presidential candidate and "varney" regular herman cain to the federal reserve board. watch this. >> i've recommended herman cain.
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he's a very terrific man, terrific person. he's a friend of mine. i have recommended him highly for the fed. i've told my folks that that's the man and he's doing some prechecking now and i would imagine he would be in great shape. he's a highly respected man. he's a friend of mine. he's somebody that gets it and i hope everything goes well but herman cain is a very good guy. stuart: ash, liz, we've got the suggestion that herman cain join the federal reserve board and stephen moore, who is another trump supporter. i think the president is trying to reshape the fed and in doing so, i think he might have politicized it. what do you say? ashley: he certainly has. he's trying to put his allies on what traditionally has been an independent board, trying to reshape, as you say, the policy. the question is can two people do that, probably not. but it certainly shows the intent. critics will say it undermines the credibility of fed monetary policy. susan: it's an understanding jerome powell has been a bit of a disappointment for him. he hasn't been easy on monetary
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policy as he had expected so stephen moore, who was criticized powell on the current fed at this point, saying cut interest rates, i think he will pretty much get through the easy money policy. stuart: we should mention herman was supposed to appear on this program today but the white house asked him not to appear with us until he is confirmed. we are going to ask larry kudlow about mr. cain and about stephen moore later, just in a few minutes, in fact. okay. china trade. let's get on with that. here's the president sounding i think upbeat. watch this. >> this is the granddaddy of them all and we'll see if it happens. it's got a very, very good chance of happening. i think that it will be great for both countries. but it will be -- it will be a much fairer deal for us. stuart: gordon chang is our china guy and he's with us now. is there anything -- is there any doubt in your mind that some kind of deal is coming within four weeks?
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>> yeah, there should be a doubt in everybody's mind. i'm not saying it won't happen but i think the markets are not listening to a lot of stuff on both the u.s. side and the china side that suggests this deal's in trouble. remember, up until noon of yesterday, everybody, "new york times," "wall street journal," every administration official was saying during the afternoon session, trump was going to announce a meeting with xi jinping. well, it didn't happen. also, trump actually yesterday talked about trade not occurring between the united states and china. he was asked by a chinese reporter what are the benefits of a trade deal and then he said a benefit would be great for china, a deal would be great for china because china would continue to trade with the u.s. that was a threat. then he said otherwise, it would be very tough for us to allow that to happen, referring to china trade. now, trump did walk that back a little bit later in the session, but that's trump being trump, and that's actually i think what he feels about this, that he wants to disengage the u.s. and the chinese economies.
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markets just have not listened to that at all. stuart: so the american media is taking a positive view, the optimistic view. what's the chinese media saying, the state-run chinese media? >> they are going back to the mid-1850s opium war century of humiliation unequal treaty, referring to a trade deal with the u.s. it's a very nationalistic sentiment and it's getting very emotional. so what should be a commercial, a dry commercial matter is now turning into an issue of national dignity. that's not a good sign, stuart. stuart: has the stock market gone away too far on the positive view? >> yeah, i think so. as i said, there's probably going to be some deal but it's going to be well down the road and it's going to be something that the market might not like. and indeed, it might not actually occur because we have had this president say many times look, i'm happy not to have a deal, i'm happy to collect tariffs, it's great for the u.s. and people may
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criticize that for a number of different viewpoints but the point is, that's the way our president feels and that's the way he might, he might drive policy. stuart: okay. gordon, we always appreciate your point of view. thanks for joining us. appreciate it. >> thanks, stuart. stuart: check futures. we are still on the upside, about 80 points higher for the dow, 30 points higher for the nasdaq. we have this for you as well. howard schultz warning about the democrats nominating a socialist like bernie sanders. do it, he said, and president trump gets re-elected. we'll deal with that, next. 2,000 fence posts.
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stuart: going to keep telling you this. president trump is about to leave for california. if he speaks to reporters, you will hear it pronto. president trump literally just tweeting this. if for any reason mexico stops apprehending and bringing the illegals back to where they came from, the u.s. will be forced to tariff at 25% all cars made in mexico and shipped over the border to us. if that doesn't work, which it will, i will close the border. clarification from the president. ashley: presidential threat. stuart: there you have it. during a fox news town hall last night, starbucks founder howard schultz says that president trump will win if the democrats nominate a self-described socialist like bernie sanders.
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watch this. >> if a democrat runs who resembles bernie sanders, who says he's a democratic socialist, donald trump is going to get re-elected. stuart: okay. but if mr. schultz runs, does he split the vote? ashley: yes, he probably does. a, i think he's right a bernie sanders style approach, then president trump wins. he's also staking out a nice spot for himself to run by having that position, a more moderate person incorporates more wide-ranging views, not the extreme left. susan: toeing the middle line through everything. he says he should be paying more in taxes, 39% he says is just about right, we should be cutting corporate taxes even though someone like starbucks and him have benefited from it. he doesn't believe in medicare for all. we should reform the health care system at some point, though, somehow, some way. stuart: he says the green new deal is a fantasy. that puts him, in my mind,
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firmly in the middle of the aisle, the middle lane of american politics. that's what his role is going to be if he runs for the presidency. ashley: he's going to run. susan: that's a lot of ifs. stuart: we have the opening bell, larry kudlow and maybe president trump all in the next half hour or so. this is going to be a big day here on "varney." i hope you can share it with us. i'm working to keep the fire going for another 150 years.
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stuart: billionaire investor ray dalio wants capitalism to mend its ways. you have read this. susan: i have. it's trending right now. ray operates the largest hedge fund in the world and he arguably capitalized on capitalism, worth over $16 billion. he says the system is broken. it's not that rich people, it's evil rich people doing bad things, the poor people are lazy poor people not doing anything to basically earn their way out of their predicament at this point, but just that the system is broken, there is a huge wealth gap, obviously, and he points to that. he says basically the upper group has an on average ten times more wealth as the rest which is up six times from the 1980s and if we don't do anything about it we are going to lead to a revolution. revolution is the word. stuart: so income inequality, wealth inequality, that's what
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he sees -- susan: that also means there's a barricade to education and health benefits which he says is child abuse in his view. stuart: left-hand side of the screen, you can hear it now, the opening bell is ringing. they are all applauding. that means trading is about to begin this friday morning. we are expecting a modest gain at the opening bell. let's see what happens. we are off and running. here we go. we are up 37, 48 in the early going. 50 points up now. 54. i see a lot of green amongst the dow 30. right now we are at 26,442. not bad. how about the s&p? that is up a little less in percentage terms, .17%, but it is up. the nasdaq composite, that's up a third of 1%. that means technology doing okay this morning. going to take a quick look at tesla. just opened with a gain of a couple of bucks. that's after elon musk's appearance in court yesterday and after a big drop yesterday. boeing, they've got a second software problem but the stock
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is up very close to $400 per share. there you have it. right now the dow is up 82. with us today, friday morning, jeff sica, susan li, ashley webster. the jobs report, 196,000 new jobs, 3.8% unemployment rate. i call this a strong report. >> it was an excellent report. what people are looking at is whether or not it was too strong of a report to keep powell on hold. i think it was a good report all around. there's nothing negative i could find. ashley: i think it's very good. it's solid. it shows that february was an outlier. i know february got revised up by just a little bit. shows we are back on track, the economy is still going along nice and strong. the fundamentals are still there. it shows the economy is resilient as well. stuart: it's hard to see the federal reserve cutting interest rates. susan: actually, expectations have reduced now because it was over 50% yesterday. now it's 40%. started the year 70%. i still call it goldilocks report card because pretty much you are holding steady, right?
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we aren't going up too quickly and not adding too many jobs. >> if i were to find one negative thing -- stuart: and you look for it. you look. >> that's my personality. if i were to find one negative, the manufacturing needs to be a little bit better in order for us to have some optimism. susan: you had a stellar year last year, the best for manufacturing jobs in over 20 years. you can't continue that pace of growth, especially when you are comparing it to such a big base last year. >> i'm trying to be positive. yes, i agree. stuart: try harder. >> i was real happy the construction numbers were great. that shows a real sign of -- susan: health care, food and beverage up. stuart: sort him out. that's good. look at tesla, please. this is tesla now, just up 60 cents. that's it. yesterday, elon musk was in court for an s.e.c. hearing.
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the judge said you've got two weeks to sort this thing out. you are not a big fan of tesla. you expect it to break further down, do you? >> no, first of all elon musk has misled investors on these production numbers consistently. this prior -- this past report shows that he is not being up front with investors. i expect tesla to decline precipitously from here. i think there's going to be much greater revelation. keep in mind, here's a company that can't hold on to its cfo for more than a few months. so this is not a company that can be trusted. stuart: got it. let's go to amazon. got two very interesting items on that company. advertisers are starting to shift money away from google and to amazon search ads and i think this is a big story, amazon will launch thousands of satellites to provide internet around the world. all right, jeff, you are an
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amazon supporter. you love it. you think they will get back to $2,000 a share? >> yes, and i love what's happening with amazon now. people at one point used to google, find what they wanted, then went to amazon. now they are going directly to amazon which shows that amazon has been able to shift consumer behavior, and that's been the goal of amazon from day one. consumer behavior now makes investors more likely to avoid google and stick with amazon. stuart: watch out. here comes susan. susan: let's not get ahead of ourselves. i think amazon, yes, it's gone up 100% when it comes to advertising revenue, or that special interest revenue as they call it, on their balance sheet. but it's only single digits of the entire advertising market at 7%, 8%. google still has 78% of the u.s. ad market last year. so there's a long way to go. i know there's potential. stuart: point taken. amazon's stock this morning has reached well above $1800 a share. it's up about 11 bucks as we
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speak, $1830. overall, the market settled down after four minutes' worth of business. we have a gain of just 60 points. a strong jobs report and some optimism about china trade helping us today. we're at 26,440. apple cutting the price of its home pod. apparently they are feeling the heat from google home and the amazon echo. nonetheless, apple stock is at $196 as of this morning. snap getting into the gaming business to compete with fortnite. the stock is up 1.5%. let's look at bitcoin. we don't usually cover that when the stock market opens but we are doing it today, back above $5,000 a share and sica is a big supporter of bitcoin. >> on your show, december 2017, when bitcoin was over 19,000, i said be prepared to lose a lot of money, and people did lose a lot of money. this is a volatile trade. stuart: are you buying it now? >> i would buy it now.
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i think bitcoin -- but with the notion that this is going to be volatile. i think what's going to happen, seriously, i think what's happening now is the mechanisms to buy bitcoin is being contemplated by financial institutions when they improve the mechanism to buy bitcoin, there's enough of a demand for this crypto currency which is the mother of all crypto currencies to move up. do i think it's got a future? it's got a run. susan: you just drove it below 5,000. stuart: you dropped it below five grand. >> let's see how it closes. stuart: hold it. let's get to this serious stuff. another software problem, the second software problem, apparently, at boeing with the 737 max jetliners. it's still around $400 per share. looks like it's on the comeback trail. ashley: this is amazing when you think about it. after the second crash, they still maintained the faa and
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boeing, that everything was perfectly fine. those planes weren't grounded in the u.s. until the very last go-round. rest of the world had grounded them. now we find out yeah, there was a problem and now there's another problem. but remarkably, it hasn't hit the stock. boeing and airbus are the two major plane makers in the world. although this is a terrible thing, there's no doubt when the crisis hit it was at $369. stuart: now it's almost $400. ashley: they are saying yes, there was a problem with the software. stuart: i find this story really interesting. and kind of what's going on in the labor market. target, they are raising their minimum wage to $13 an hour as of june, with a goal of putting it at $15 an hour by the end of next year. okay. the stock is down a little bit. >> right now they are paying 12 bucks. why? it's among the tightest labor markets in almost 50 years. they are having a hard time attracting workers. costco, amazon, they already pay $15 an hour.
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amazon is $11 an hour but say other benefits make up for that. bottom line is -- sorry, lost my train of thought. yes, $12 to $13 starting in june. but yes, a tough market when it comes to labor. you've got to attract them and pay them more which will hurt the bottom line. stuart: go. >> in line with this story, what you have here is you have a tight labor market which is making target raise wages instead of the government coming in, as it is in the state of california and other states, raising -- mandating minimum wages. it's much different when target raises the minimum wage than when mom and pop has to raise the minimum wage. that puts them out of business. this shows how the free market works. stuart: the market works, legislating wages, in my opinion, does not. counterproductive. >> exactly. stuart: we have a story on
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sears. susan, are they starting to open stores again? what's this? susan: yeah, they are. they closed hundreds of stores on the brink of bankruptcy but now they are going to open three smaller stores starting in may. they are selling tools, appliances, other hard goods as well. it's going to be branded sears home and life. it will sell mattresses, lawn and garden equipment. these are smaller stores. on average the typical sears store is around 150,000 square feet. this will be 10,000 to 15,000, smaller but still opening in anchorage, alaska, lafayette, louisiana and overland park, kansas. stuart: okay. it's that time. jeff, you know, 9:40 eastern time. you know what that means. >> i got to go. stuart: thanks for being here. appreciate it. quick check of the big board again. lost much of the rally. futures were indicating would be up about 100 points, that was an hour ago. now we have opened the market and are up, what, 27 points and we seem to be losing that gain. but look at the level. the dow is at 26,400.
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not bad. any minute, we should be hearing from the president before he boards air force one on his way to california. what he says, you will hear. first, larry kudlow, he's talking jobs, talking trade, and jamie dimon saying the american dream is fraying. what's that all about? he will join us shortly, larry kudlow. next hour, lara trump. is she and the trump family ready for another 18 months of nonstop campaigning? that's what we're looking at. all of the big names on "varney & company" today. ♪ limu emu & doug what do all these people have in common, limu? [ paper rustling ] exactly, nothing. they're completely different people, that's why they need customized car insurance from liberty mutual.
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stuart: 12 minutes into the trading session this friday morning and we're up just 40 points for the dow industrials. take another look at boeing. there's a second software problem on the 737 max jetliner.
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no impact on the stock at this point. you're still pretty close to $400 a share. look at tesla. no recovery this morning after its big drop yesterday. it's down another buck. tesla is now at $266. how about the big tech names? they have been on a tear recently. we've got microsoft very close to $120 a share. bottom of your screen there. apple is at $196. amazon's at $1828 but facebook and alphabet, both of them down, not much, but down a fraction. now, the price of oil sitting very close to a five-month high. right now it's at $62.43. john hoffmeister is with us, former president of shell oil. i would have thought we had gone to $62 a barrel because china's economy is reviving and there's a possibility of a china trade deal which makes it even better. is that why oil's at $62? >> well, there's an anticipation of increased demand, yes, but supply is starting to be affected by the opec cutbacks
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and in addition, there's not enough money to be made at the current price in the permian basin of texas so there has been a decline in drilling rigs of 50 to 60 over the past couple of months. stuart: i didn't know that. i thought we were producing -- going gangbusters. >> we are, we are producing as much as we have ever produced in this country but it's still, you have to make money. if you don't make money, you can't pay your banks. so there's been a problem with paying the banks in the shale industry for quite some time. stuart: i thought the permian basin was a vast underground lake of oil that was very easy to tap into, didn't cost much to produce a barrel of oil. >> you still have to drill it. now, we have about 4,000 drilled wells not yet completed so there's plenty of oil in that lake, but we have to complete the wells which means it hasn't happened yet. stuart: what about north dakota? >> same in north dakota. we have more wells drilled than
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fracked. stuart: if the price of oil goes to $63 a barrel, doesn't that make drilling more profitable all over again? >> people are waiting for it to go a little higher. there's an anticipation it will creep higher as the year progresses. rather than spend the money now, we need to make money now, we will spend the money a little bit later. stuart: this has killed me at the gas pump. $2.71 is the average for regular now. no, $2.72, i'm sorry. it's gone straight up. >> enjoy it while it lasts. it could go higher. i think it will creep up. stuart: we going to $3 a gallon? >> saudi arabia said last fall they need $80 a barrel for the state budget. so they didn't say that lightly. they are determined to see $80 a barrel come through the market, and they will hold back production, russia is holding back production. there's a discipline within opec because they think the global economy can stand $80 oil, so let's move in that direction. stuart: tell me what you think. do we get to $80 a barrel this year? do we get to $3 a gallon gas
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this year? >> i think we get to $3 gas but not sure we will get to $80 oil. stuart: okay. i would rather have $80 oil than $3 gas but that's another story. thank you for joining us, sir. always appreciate it. let's check those markets. now we are up 56 points for the dow industrials. plenty of green on the left-hand side of your screen. more "varney" still to come. and larry kudlow, online. he's up next. some things are out of your control. like bedhead. hmmmm. ♪ rub-a-dub ducky... and then...there's national car rental. at national, i'm in total control. i can just skip the counter and choose any car in the aisle i like. so i can rent fast without getting a hair out of place. heeeeey. hey! ah, control. (vo) go national. go like a pro.
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stuart: all right. we have come back a bit but it's not a huge gain by any means this morning. we have a strong jobs report, and there's some optimism on china trade, and that's given us just, what, a 50-point gain for the dow industrials. 26,432. we are waiting for president trump. as you know, he's going to visit california, the border in california today. you were there. ashley: just about 50 miles to the east of yuma. stuart: he's going to see part of the wall which has been built. ashley: yes. stuart: he's going to see the crisis first-hand but for our purposes, we want him to speak to the media right before he gets on air force one. ashley: he generally likes to. the weather's not great today, but normally he likes to talk. stuart: how do you explain that? the president walks out of the white house, makes his way across to marine one, but today
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the weather is real bad in d.c. and he might not be able to take marine one, might have to take a motorcade, in which case he might not speak to reporters. susan: he always talks about jobs, though, on jobs friday when he heads out to take marine one. strong economy. stuart: he's on camera, he's got his microphone on. here he is. larry kudlow, national economic council director. good morning, larry. great to have you again. >> morning, stu. appreciate it. stuart: now, what's this about the federal reserve? i'm not referring to herman cain. i'm referring to the state of the economy and what the fed's going to do with rates. we've got a strong jobs report so surely you can say good-bye to any chance of a rate cut. in fact, you might be looking at a rate increase. what do you say? >> i don't think so, stuart, with all the greatest respect of our long relationship. i don't think so. look, we have a point of view, the president has a point of view with which i concur, and
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that point of view is that the fed went too far and we're concerned not about -- the immediate economy looks good. today's jobs look good. wages were good. hours worked, all good. in fact, interestingly, you know the first quarter is always the softest quarter because they don't -- it's a lot like last year. looks like repeating the pattern of last year. 2% plus in q1, then we will get to 3% f thole year. okay, great, terrific. absolutely right. tax cuts and deregulation and trade reform are all working. now, here's the point. i don't want threats. i don't want obstacles. there's a global slowdown, there is no inflation to speak of in the system. in fact, the inflation rate is coming down, not going up, and consequently, we are concerned between the target rate and the
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balance sheet activity, that the central bank which is independent, these are our points of view, i'm not storming the ramparts or anything like that, i'm just saying we think they went too far. a lot of market participants and investors agree with us. futures markets -- stuart: larry -- >> this is precaution, stu. let me just get it out. this is a precautionary view on our part. we have not had a strong economy like this in several decades. i don't want any threats to it if possible. stuart: okay. but is the president politicizing the federal reserve, making it overtly political, by suggesting herman cain and stephen moore to be board members? >> well, look, you know, presidents have been appointing fed board members for years and years and years and years and years. when i was first here under reagan, he made some outstanding appointments. that's the way of expressing his philosophy.
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he's absolutely entitled to that. i remember we put manley johnson and wayne angel on the federal reserve board and they had a different philosophy than perhaps what the fed had. nowadays, you know, what's in my head here, more people working, you know, like today's jobs report, more people working and prospering and improving their wages and their job training, you know, you're worried that the fed, that will cause the fed to raise rates. you know, stu, i love you but that's the old way of thinking. growth is good. more people working does not cause inflation. stuart: i know. >> what we want is a nice steady, a nice steady dollar. stuart: so you -- [ speaking simultaneously ] stuart: put your guys on to the federal reserve, you politicize the fed and the president gets his way with the federal reserve. it loses its independence. >> i don't buy it. we're not trying to damage the
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fed's independence. the fed will act on its own timetable. these are our views, our policy opinions. the president is entitled to it. look, lots of presidents appoint members. i don't know why you think this is political. here, let me -- stuart: well, because -- >> just for a second, just for a second, stu, just for a second, you're one of my favorite broadcasters. just for a second, i heard a phillips curve, i heard you say well, too much growth, they have to raise rates. now, that is an attitude that i don't share, okay? i believe more people working with productivity on the heels of supply side tax cuts and deregulation is actually going to increase growth and reduce the inflation rate, and i think some of the old-school thinking and some of the old econometric
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model is in the central bank cod use a little fresh air, a little different opinion about that. that is not politics. that's a policy view. that's a philosophical view and a very important one. and let me say quickly, i don't think necessarily that the names that are being discussed are really going to be out of sorts with the fed leadership. i've heard the chairman say these things. i've heard the vice chairman, rich clarita. this is a new era and you have new policies to rebuild the economy. stuart: i've got to go. yesterday afternoon, went into that meeting, the chinese vice premier held the meeting with president trump, we went into it thinking the president's going to announce a summit meeting. he did not. does that detract from the optimistic point of view that we are definitely going to get some kind of deal? is that optimism misplaced?
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>> no, i don't think it's misplaced. i mean, it has to be a realistic optimism. i tried my best, you know, on deep background to say to reporters that there was no summit. there's always been a wonderful -- one. i keep hearing about deadlines that don't exist and meetings were never scheduled. here is the key point and the president made the point at least twice in the oval yesterday. i was there. first we have to have a great deal on trade with china a deal with american farmers and workers an technology and so forth and hopefully a deal will help china. that deal has to be enforceable. it has to cover all areas under discussion. at that point when we get a great deal if we get a great deal, then in all likelihood, there will be a summit between the leaders which i reckon might
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be something like a signing ceremony but the key point first we need a great deal and when we get that we will move obviously swiftly but there are questions. look, the talks were productive. we made good headway. that's what the president said. that's what ambassador lighthizer said. there are some things we've gone further. this is very optimistic. we've gone further than we ever have had before negotiating some difficult issues. in general, by the way, the scope of these talks is nothing like anything else in the history of u.s.-china relations. so these are very good things. having said that, there are still unresolved issues. as we talk here deciding the fate of the world they're over in bob lighthizer's office in ustr deciding the fate of the trade agreement. they will discuss it and discuss it most of today and probably next week at senior principles level there will be more
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discussions by teleconference, whatever. the key point i'm trying to communicate, stu, is not a deadline. it is a good trade deal, what the president calls a great deal for america and at that point, at that point, people will begin to figure out how to schedule a meeting between the two leaders. stuart: larry, are you going to tell us categorically there will be a china trade deal of some kind at some point? >> you know, stu, that is an unanswerable question like any negotiation. you know baseball, free agents, who knows. they're talking. stuart: do you think it is likely? >> they're talking. i will say this personally, i will play this from cautiously optimistic side. i think the president was cautiously optimistic yesterday. i think vice premier liu he was cautiously optimistic. there was a lot of good feeling, a lot of good will in the oval office and negotiations. we had a lovely dinner at the
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hay adams hotel with beautiful views. that put everybody in a very good mood but i can't make out a flat-out prediction, is varney. that is why you're asking me. that is why i love coming on your show. i can't make that prediction. stuart: okay. can i ask you this one, what about jamie dimon? i want to talk about the american dream. he used to talk about the american dream. i lived it frankly, i'm a beneficiary of american dream. he say the american dream is fraying? >> i think the american dream is recovering. i'm a friend of jamie dimon's and i'm a fan of jamie dimon's, i think he is good person, great banker, smart guy but i think, you know the change in administration -- the trump administration is a break, stu, frankly of many past administrations both democrat and republicans. i come back to the phrase i use, president trump is rebuilding the economy.
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he has ended the war on business. he has ended the war on success. he believes you should be rewarded for successful work effort and investment and risk-taking. he strongly wants people to go out there, take a whack at the ball, start up new businesses which is the most powerful part. we want to expand our technology. we created incentive driven economy. we don't believe with the socialists and the opposition party who want gigantic takeover of health care, destroy our energy systems, so forth, bankrupt the country and take our freedoms away into poverty, that's not us. not us. nothing close to that. so in terms of the american dream the results are showing. people are pretty happy with the economy. most of the polls are in the mid 50s on the economy. that is pretty darn good. i think we are in a rebuilding and rebounding situation. and i think, stu, last point, you know, i think morale is
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improving. i think to go back to some of my pal arthur brooks and some work he has done down through the years, i think the happiness quotient is rising, i hope it continues. by the way, we don't want any policy interference with that. we are going to stay the course. there was a guy once upon a time with old tv show, free-market capitalism is the best path to prosperity. we are free enterprisers, we are free enterprisers, not socialists and i think that will revive the american dream. stuart: i just need to get this in because the president tweeted this morning about, if mexico does not bring the illegals back and put them where they came from, america will force to impose 25% tariffs on all cars made in mexico coming over to us. now, can you do that under the
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usmca rules? >> well i don't know, i don't know every legal technicality, but let me just tell you, i was in with the president yesterday a lot, talked to him, i spoke to him last night before i came on the air this morning, he is quite serious. now he does see in recent days improvement on the mexican side and so the asylum-seekers and unfortunately the drug smugglers, drug traffickers is a gigantic problem with fentanyl and whatnot coming in. he is dead serious. right now he will not invoke the closing of the border. stuart: okay. >> right now. he says, and he says but, but, he will give mexico a chance in good faith and see if they can do it f they do it, fine. if they don't do it, then the point you just made or quoted, is right. he will not hesitate to take stiff, stern actions, whether tariff or border closing.
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this is humongous problem. what are we up to 100,000 people now per month coming over the border? you know it is interesting too, the president is so keen on stopping the tragedy of the drug smuggling, fentanyl, for example, being one but not the only one, and this is a key part of this, but the disarray, the breakup of border security cannot last. we have to have a wall. we have to have security. we have to have immigration reform. what he is saying is, we'll give you a respite here. he is not going to take immediate action to close the border or ports of entry and so forth, but, but, but, if that doesn't improve on the mexican side, then he will take action. as somebody who has been around with him now for over a year, i can tell you he says it he means it. stuart: got it. larry kudlow. thank you very much for joining
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us, sir. >> thank you, stu. stuart: thank you, larry. by the way when mr. kudlow started to speak the dow was up 40, 50 points. at the end of the interview we were still up 50, 60 points. i will tell you president trump made the comment moments ago if i'm not mistaken he did say that the federal reserve should cut rates. ashley: said it a couple times. said the fed really slowed the u.s. economy down as you say. should lower rates, according to him. mexico tariff issue, threatening 25% tariffs on cars, if mexico doesn't help to get this migrant crisis, take care of it, he said, he was asked by our own blake burman, what about the usmca? he said this would supersede that deal, if he was to go ahead with the tariffs. susan: he is not attending the white house correspondents' dinner. he will hold a rally instead. that has been confirmed. there is speculation this year
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without a comedian there as in the past past dinners. stuart: that is really interesting news. that really is. let me summarize, what did you say, eric? susan: two minutes to play out the tape. stuart: thank you. voices coming at me all over the place. in a couple minutes you will see the tape of what president trump had to say as he went out of the white house on his way to california. ashley: couple other things. he says very well along with those china trade talks, he says he doesn't want to predict a deal with china will be reached but he says things are going along as he says, well. but it is not overly effusive by predicting -- stuart: here is what we got. we got the president speaking and talking about china trade, going well along. we have the president urging rate cuts by the federal reserve. susan: correct. stuart: larry kudlow says he agrees with that. he doesn't want to interfere with the growing economy, strong economy, no need to.
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not to raise rates now because we have no inflation. this morning we received a strong jobs report. that is my characterization. 196,000 new jobs. i call that pretty strong. revision upward for the previous month. susan: pick ups from your kudlow interview especially comes to the fed's independence. larry kudlow reiterating that the white house is not trying to damage the federal reserve's independence. stuart: i do believe however, the white house wants to reshape the federal reserve. susan: different thinking. is line side -- supply-side econmics and how larry kudlow wants to reshape their view of economy. stuart: none of this has reshaped the market. we don't have a rapidly shifting market. we're still up 54 points for the dow jones industrial average. nasdaq is up 20 points? ashley: correct. stuart: so the market is on hold.
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here we have the president. let's do it now. >> hello, everybody. the economic numbers just came out. they're very, very good. our country is doing unbelievably well. economically, most of you don't report that because it doesn't sound good from your perspective but the country is doing really, really well. we have a lot of very exciting things going on. a lot of companies will be announcing shortly they're moving back into the united states. they're all coming back. they want to be where the action is. i'm heading to the border. we're building a lot of wall. we'll show you a section and a lot of things are happening, a lot of very positive things are happening. reporter: what should the fed do with interest rates? >> well i personally think the fed should drop rates. i think they really slowed us down. there is no inflation. i would say in terms of quantitative tightening it should actually now be
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quantitative easing. very little, if any inflation. and i think they should drop rates and they should get rid of quantitative tightening. you would see a rocket ship, despite that we're doing very well. reporter: [inaudible]. >> going in a little different direction. ron is a good man. we're going in a tougher direction. we want to go in a tougher direction. reporter: what is offensive about joe biden's behavior, are you right messenger for that? >> i think i'm a very good messenger. people got a kick out of it. he is going through a situation, see what happens. people got a kick. we to sort of smile a little bit, right? reporter: do you see joe biden as a threat? >> no, i don't see joe biden as a threat. i don't see him as a threat. i think he is only a threat to himself. i just don't see him as a
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threat. he has been there a long time. his record is not good. he would have to run on the obama failed record. you look at what happened with some different things. north korea, the middle east, the economy, never got going. no, i don't think joe is a threat. i would like him to be. i would be happy with any of them to be honest. reporter: [inaudible]. >> i never changed my mind at all. i may shut it down at some point but i would rather do tariffs. so mexico, i have to say has been very, very good, you know that, over the last four days. i talked about shutting down the border. if they continue that, everything will be fine. if they don't we're going to tariff their cars at 25%, coming into the united states. so every time they make a car, it is 25% tariff. that means we make money as opposed to lose money. we probably bring those car companies back into the united
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states. but, if on the other hand it doesn't work, which it will, 100%, the tariffs will work. just like they have worked with steel. our steel industry is so hot right now because of what i did with tariffs. same thing with aluminum. they will work. but if it didn't work i will close the border. i also am looking at an economic penalty for all of the drugs that are coming in through the southern border and killing our people. reporter: [inaudible]. >> the china meeting was a big success. i think we're going to have a, look, we have a very good relationship. we're going to see. i don't want to predict a deal or not a deal. we're very well along, we negotiated two hardest points very successfully for our country. and china understands, you know, china has taken advantage of our country for 30 years. we can't do that anymore.
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not with me. [reporters shouting questions] reporter: [inaudible] >> because mexico has been absolutely terrific for the last four days. they're apprehending everybody. yesterday they apprehended 1400 people. the day before it was 1000. and if they apprehend people at their southern border where they don't have to walk through, that's a big home run. we can handle it from there. it is really good. now congress has to act. they have to get rid of catch-and-release, chain migration, visa lottery. they have to get rid of the whole asylum system because it doesn't work. and frankly, we should get rid of judges. you can't have a court case every time somebody steps their foot on our ground. very important that congress acts but mexico for the last four days it has never happened like that in 35 years.
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reporter: [inaudible] >> this will supersede usmca. usmca is a great deal and it is very good for mexico but this will supersede usmca. reporter: mr. president are you going to correspondents' dinner or will you hold a rally? >> i will hold a rally. because the dinner is so boring and so negative that we're going to hold a very positive rally. we haven't determined, we have three sites. everybody wants it. it will be a big one but, the correspondents' dinner is too negative. i like positive things, okay? reporter: [inaudible] >> no, they have already got it. he is old news. he lies numerous times during his last testimony. they have had that for many months. reporter: [inaudible].
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>> oh, i don't know that is up to whoever handles it. hey, i'm under orders but that is up to whoever it is. from what i understand the law is 100% on my side. reporter: [inaudible]. >> venezuela is a mess. this is what socialism brings. he elect socialism here you will have the same exact country you have in venezuela. thank you. stuart: there you have it the president speaking to reporters. he always does. he see as camera. he speaks. here is what he had to say. a very strong jobs report. the president would like to see the federal reserve cut rates to keep prosperity going. he talked about mexico and said they would be, mexico had been absolutely terrific. i believe in stopping flow of people. ashley: for last four days. stuart: four last four days. important qualifier.
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for last four days they have been absolutely terrific stopping people coming to the border. keep it up he says, if you don't, there will be trouble. he also said by the way he is not going to the white house correspondents dinner this year. he didn't go last year. he is not going this year. instead he will hold a rally. i want to bring in tammy bruce. because that was important news about the president's approach to the country, his approach to the media. what do you make of it? >> this morning, what we just saw, the news today in general shows we know he is an active man. we know he is active president but there is level of comfort now on every single issue. he owns these issues. personally knew what he was talking about, clearly directly involved in all of these aspects. i think that gives the american people, even if they disagree with some o his approach, or wondering what in this. i clearly saw a man enjoying himself that is important as well. stuart: look, he did this last year. he went, i forget where the
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rally was. i think it was michigan? >> it was michigan. that is correct. there was some word he might go this year. i thought, i'm glad he mentioned this because it is a negative situation. his presence there would, look, there is the trump derangement syndrome. it is an industry clearly still has an issue. and his business is in fact with the american people. and so i think this is a very, very good idea, last year it worked well. on the same night, he had a rally. it was gigantic. whatever he does this year will be the same. stuart: sets himself up here you have this gigantic rally. it is boisterous, noisy, the president doing what he does best. there the white house correspondents in d.c., bereft of their own presence. >> with celebrities from hollywood. stuart: whoop-dee-do. >> it is disconnection american people end up seeing with the legacy media, hugging these celebrities, having their special guests and it is a
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reminder about the two different worlds and which one is going to prevail. it will not be hollywood. stuart: he wins the night, he wins the night big time. >> very much indeed, thank you, tammy. wan to bring in paul conway former chief of staff at the labor department i do declare. i think that is what you're doing. i characterize this as very strong jobs report, 196,000 new jobs. the president is jawboning the federal reserve to lower interest rates. do you think it is a good idea? >> i think he is free to give his opinion. it reflects what a lot of folks in industry and commerce are thinking. here is the top line on the report, stuart, opportunity triumphs and fear and pessimism take as walk because running up to this jobs report a lot of people coming off the february report and march numbers, all this type of stuff, they're all doom and gloom about softening of the economy and recession fears. you saw president of the united states coming out, giving his opinion, talking about optimism,
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more importantly triangulating himself with the congress, with potential nominees of the democratic party, laying out framework for what will be re-election battleground on the economy. very interesting comments by the president on great day, with the numbers and workers. stuart: twice on the program thus far, analysts, experts called this a foldly -- goldilocks economy. what do you say. >> i think it is more than that. if you look at the underlying lines it is good wage growth and. if you look where the top line numbers are in rural states, among hard to employ populations traditionally, minority workers, disabled workers, older workers, seeing strong numbers consistently. you have a 49-year low in unemployment. i think it is more than goldilocks. i think it's a strong trend of
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direction for the u.s. absolutely. stuart: paul conway, always joins us on jobs friday. we're pleased to have you with us today. thank you, paul. see you soon. it has been nearly four years since president trump rode down the golden escalator to announce he is a candidate. i want to know is the trump team ready for round two of non-stop campaigning? we'll ask the president's daughter-in-law, lara trumpp, next. we're just getting started on hour two of our program. ♪ see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you
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[applause] >> does that mean you're running? >> he is making a declaration. >> we have 18 months to decide that. stuart: 18 months, i don't know about that, sir. that was starbucks guy howard schultz talking about a possible run in 2020. look who is here with us now, lara trump, trump 2020 campaign advisor. welcome back to the show. >> thank you. great to be here. stuart: mr. schultz emerged as the moderate last night. >> yeah. stuart: doesn't that worry you? you don't really want to run against him, do you? >> i'm not worried about him taking away from our base. i think the democrats are very worried about him taking away from their base. you look how far left some have gone. people running on socialism in the democrat party. if i were them i would be very worried because i think a lot of people are not going to be able to get behind what they're proposing for this country. maybe they will shift their vote over to him. stuart: you want him to run because he would split the vote? are you cheering him on? >> i don't know why anyone is
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running against donald trump. stuart: are you cheering him on. >> if he gets in it won't upset us. stuart: i figured that was the case. 2016, the campaign, it was really nasty. it has been nasty ever since. >> yeah. stuart: are you ready for another 18 months of nasty campaigning? >> gosh we better be, it's here, it is starting. stuart: you don't enjoy it, surely? >> you know what? it is such an incredible thing to do. first of all to travel around the country, meet so many people like we did in 2016, hear their stories. how this president sim packing their lives. we heard why they want to elect him in 2016. now i hear all the great things he is doing, how it is making people's lives better. it is an honor to be able to do that honestly. stuart: they are coming at you. >> yeah. stuart: your husband eric, president trump's son, they're coming after him. you're his wife. they are coming after you. nasty things, they criticize, this, that the other. >> they do. stuart: have you gotten used to
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it? >> you don't get use to it. i sleep well at night. we all do. we know we're on the right side of history. they can come after us all they want. i'm standing behind the president taking the country in the right direction and what this country needed desperately in 2016 i can't think of anything else better to do. stuart: is there a key issue that you're on, it is you, lara trump. >> oh, me? everybody asks me about women. they did that in 2016. i'll tell you number of women that turned out to vote for donald trump ended up being way more than anybody guessed. everywhere i go, new hampshire on tuesday, over half the room was women. our last rally the president had in grand rapids, 56% women. we're not worried about the women so. stuart: do you gravitate towards so-called women's issues or something you push all the time? >> for all of us in the campaign, we can't ignore the economy, the fact that this country is doing so much better when you look at things like
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that. i think immigration issue will be a big deal in 2020. so many people are focused on that, as they should be. we have to fix this problem. so i'm in it for all different issues. stuart: quick question, are you scheduled to go with the president to britain for the state visit in may? >> i don't know. should i go? then i would love to go. stuart: you're okay. lara, what a pleasure. thank you so much for being with us. >> thank you. stuart: here is a real change of theme. trump hater paul krugman is at it again. the headline from his latest piece in "the new york times" reads as follows, donald trump is trying to kill you. we will deal with that. that's a promise. wait, can't believe this. wait until you hear what prince harry is saying about the megahit videogame "fortnite." would you believe he wants to ban it? them royals. more after this. ♪
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♪ ashley: sergeant pepper? stuart: i asked for this. ashley: well -- stuart: i asked for this. ashley: that is how much power you have. stuart: i control the beatles. that is a great start. that is so upbeat, has a great rythym to it. you don't remember this susan. susan: okay. stuart: what do i know about rhythm? a lot. on your screens. that is prince harry, he wants to ban the very popular video gam "fortnite." ashley: this is battle royale. this is a battle royal. harry says, specifically about
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the game "fortnite," that the game shouldn't be allowed he said. it is created to addict, ad diction keep you in front of a computer as long as possible. it is so irresponsible says prince harry. he was in a event where mental health issues are discussed, videogaming as well as social media. these games are designed to keep you in front of screens. he is speaking out about social media. there is no human connection. if we have a problem these days, we go to the internet. when you go to the internet and social media, you often get lulllied. there is real problem. he had no solutions. gaming disorder is likely to be labeled as an official disease at next month's world health assembly. susan: it is hypocritical. meghan and harry started a instagram page. social media is bad but they are on it anyway. stuart: i wonder what he says
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about his dad on a state visit to cuba while cuban agents are shooting people on the streets of venezuela? get me out of this. this is a go nowhere day despite enormous amount of news on the fed, on rates, on the economy, on jobs. mexico trade, china trade. you got it all. we're going nowhere. check lyft. a well-known short seller increasing a position in the country. a short seller bets that the stock will go down. unusual for a short seller expecting the stock to go up. that is what happened. lyft went public at 72. now 75. former starbucks chief howard schultz talked about running in 2020 as a moderate. this as ohio congressman tim ryan announced his presidential bid. he also is a moderate. doug schoen is with us. you're a moderate, doug. would you support -- >> i am. stuart: mr. schultz, now he is not running as a democrat.
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you are a democrat but would you still support him nonetheless? >> well i think it its too early to say what people like me will do. i'd like to support a moderate centrist democrat but as we've discussed, the chance that is going to emerge is getting less and less. i thought howard schultz sounded very good last night, better than he sounded before but we have a long way to go, stuart. stuart: if he gets in the race, if he does declare, he will simply split the vote opposing president trump and mr. trump will win. would you disagree with that scenario? >> i wouldn't disagree. i thought his positioning so far has been much too far towards the democrats. if he could do more what he did last night, which is try to split the difference, borrow from both parties and do what's right, rather than what's partisan, i think he has a better chance of having a broader appeal.
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stuart: i want you to look at this headline from peggy noonan writing in the "wall street journal" i will read it for your audience. if biden runs they will tear him up. do you think she is right? >> i'm certain she is right. given what we've seen so far where one former nevada assembly woman who supports bernie sanders said he didn't want her smelling his hair. another woman didn't like he touched noses with her. this is getting to be the theater of the absurd, stuart. given everything we have, klobuchar shouldn't eat with a comb and shouldn't criticize the staff. this is the silly season. stuart: yeah but it is real real time politics, isn't it? >> it is and it all helps donald trump. one thing we're not hearing a positive pro-growth capitalist critique of the president and
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his performance. that is what will win, not this stuff. stuart: in about 45 minutes joe biden is scheduled to make a speech in front of a union audience. that is precisely the kind of people, blue-collar guys and ladys who are in the democrat camp. he will try, i presume, to turn around his position. it's a very big speech that he is making, very important, right? >> oh, it is very big. one, he needs to lay out a justification for why he will be running if in fact that is what he is going to do, seems likely. he needs to outline an agenda for working people, a pro-jobs agenda. training retraining, reducing income inequality. those are the things that the american people swing voters, care about, not the stuff that we've been focusing on for the last couple of weeks. stuart: doug, i'm looking at the background. looks to me like you're in florida i do believe.
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is this a permanent move or what? >> i hope it's permanent. it is 80 degrees and sunny. i've had lovely day on beach and in the pool. i wonder why i don't given lower taxes just up and move, stuart, as long as i can come on from here, that will hasten my decision to move south. stuart: did you actually go to the beach in a suit and tie? i don't believe it, doug schoen. >> i will never tell, stuart. i will never tell. stuart: doug, thanks for joining us. see you later. >> thank you for having me. stuart: president trump is now on his way to california. before he left he said he will not shut down the border just yet because mexico is helping with the crisis there. roll tape. >> mexico has been absolutely terrific for the last four days. they're apprehending everybody. yesterday they apprehended 1400 people. the day before it was 1000.
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and if they apprehend people, at their southern border, where they don't have to walk through, that's a big home run. stuart: all right, joining us now former state department official joel rubin. joel, i'm trying to figure out how we can get something done on the border. i can't see a change in the wall. i can't see a wall being built. i can't see money being allocated to the wall. i can't see a solution here. have you got one? >> stuart, you laid out a lot of the problems and this is why congress has not been able to come up with a solution. the president has not been able to put one forward congress would accept. when it comes to central america, i lived in central america a couple years as a peace volunteer. it is a beautiful part of the world, very humble people, predominantly catholic, evangelical. these are not people who want to leave their countries but what they're facing right now, crises, basically failed states
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within several key countries, guatemala, honduras, less so el salvador but el salvador is in deep trouble. so they're leaving. we need to make sure that we're supporting these countries in a way effective not having the people want to leave. that is the long-term solution. stuart: i do understand that you don't think we should cud aid to central america. >> right. stuart: we have to have leverage of some sort. we have leverage on mexico, they appear in the last four-days to be responding. we have to have leverage on central america, the president is trying to apply that. we have nothing else. there is nothing else there. you can't have the law. you can't change the law. you have got to do something. you have to have leverage. >> no, you're absolutely right. there has to be leverage. part of that leverage is the positive leverage we used ins la two years. the aid program that we currently have in central america -- stuart: it hasn't worked. no, it hasn't. they're flooding out of the
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country. >> they're flooding out of the country because it rolled back. is surge of of unaccompanied minors, lindsey graham and put together a aid package. they pulled back the package and closed asylum applications in the country. the countries are falling backward from where they were two years ago. the result is an exodus of people. that is what we, we need leverage we need to use what we had been doing in the last couple years that republicans in congress supported. stuart: no, i hear you, i hear you. there are lots of different points of view on this in a very complex situation. joel, thank you very much for joining us. thank you, sir. i have a trivia question for you? residents of which state spend the most time watching tv? i promise you we'll have an answer for but you got to wait for the next hour of the show.
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ashley: oh. stuart: it has been a week since lyft went public. a bit of a rocky road. we're talking to a top silicon valley venture capitalist. he says uber has a lot more to offer than lyft. lyft is doing okay right now. how about that, our guest will make his case in next. ♪ tthis is where i trades. and manage my portfolio. since i added futures, i have access to the oil markets. and gold markets. ok. i'm plugged into equities. trade confirmed. and i have global access 24/7. meaning, i can do what i need to do. then i can focus on what i want to do. visit your online broker today, to learn more.
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stuart: this is strange. it is a go nowhere stock market even though you have an enormous amount of news on trade, mexico, china, interest rates, job report. we're up just 23 points. ashley: maybe it all offsets each other. the net result is zero. stuart: balances out. up just 20 points of the got it. how about lyft? it has been trading for a week.
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our next guest says if you like lyft, you will love uber even more. mitchell green with us, lead edge managing capital partner. mitchell, let's be clear, you're an original investor in uber. so you have a piece of action, so you're talking up your own book here. lay out -- >> hi, varney, how are you? stuart: i'm fine. tell me why you like uber so much, why is it so much better than lyft? >> we invested to give a little context we invested in uber about three or four years ago, and look, my belief is that if you, you know, lyft is a about 25 billion-dollar market cap company. if you like lyft, which a bunch of people do obviously, it's a 25 billion-dollar company it's a pure play way to play u.s. ride-sharing. but, if you want a way to a much broader theme uber does it. you get not only u.s.
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ride-sharing, you get uber eats, which is a gi-normous business which is large -- stuart: mitchell, hold on a second. uber eats is a gigantic business? it's a -- really? >> uber eats is the largest food ordering business outside of china in the world. uber eats alone is actually bigger than lyft. stuart: you got to be kidding me. i honestly did not know that. now i interrupted you. i'm sorry you're making your points about why uber, it is global, it has uber eats, what smells. >> you get not only u.s. business of uber which is two times size of lyft if you look at market share numbers. you get uber eats. you get uber international business. you get investments uber has in china and in russia and southeast asia and as well as you get uber freight as well. it's a much broader platform. i don't think one is better than
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the other but uber is much, much larger business. stuart: there are three, probably more, but there are three big upcoming ipos in technology, you have pinterest, slack, palantier. which is your favorite of those three? >> probably slack. you actually missed another really big one that's coming, there is company called zoom communications that filed their s is-1 publicly are a few weeks ago. it is going to be a very large ipo and rival of those companies, at least pinterest and slack. stuart: what does zoom do? >> zoom like zoom conferencing or zoom video rooms. you remember webx? impossible to set webxs up, polycom, these are like 100,000-dollar systems and video quality sucks. this is like next, this we're not investors in zoom.
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this is next -- this is next generation videoconferencing and conferencing solutions. it is one of the fastest growing software companies and also imagine this, profitable. stuart: wow. what a concept. >> they filed their their s-1 a few weeks ago. stuart: airbnb is not a tech ipo, but they are coming up later this year. do you have an opinion on that? >> we're not investors in airbnb. i think it is, i'm not deeply informed on it. i would say it's a tech company. people say expedia and priceline, they're internet companies but i think they are, i think they are big markets. i think airbnb is going after a really big market. i think one challenge that airbnb has had is like, local constituents, like don't, doesn't benefit a lot of local constituents. think about uber, people that use uber in new york city,
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they're tourists but they're mainly locals. millions of new yorkers love, love uber. they will fight their governments to have uber or lyft, whatever. if you think about airbnb, most people that use airbnb in new york city are tourists. it only benefits a very small amount of constituents, the people that have apartments to rent out. so i think there is move regulatory issues around airbnb than lyft or uber but i think it's a very good business. stuart: i've got one last question before i run out of time. typical stuart varney and "varney & company" question, will you make a 100 million-dollar profit on your uber investment when it goes public, or 10 million, tell us? >> i will tell you after uber's public and we'll update how much we made. we own a good chunk of the company. stuart: you will make a lot of money. >> god bless, god bless the stock market. stuart: i'm with all the way, mr. green. mitchell, you're a good sport.
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thanks for being with us. >> thanks, have a good day. see ya. stuart: you hear it all the time, automation, robots, taking jobs away from human beings. up next we have a robotics guy who says if robots are destroying jobs, they're doing a bad job of it. he will make his case next.
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stuart: we have 50 point gain for the dow industrials. i will repeat myself. not much, a big news day but not a big market day at least not thus far. now this. you know, conventional wisdom as it that robots take jobs away from humans. we have bill studebaker, robo global cio. bill, you are a robotics guy. you have tell me why conventional wisdom is wrong and that robots do not take jobs away from humans? >> well, thanks, stuart. listen, robots are again stealing a jobs doing a pretty bad job of it. look at unemployment levels. the claims and productivity does not point in that direction. historically, technology is has
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brought about more jobs than it has effectively destroyed. right now we're on the cusp of one of the greatest technological changes ever, driven largely by technologies in robotics a.i. in fact pricewaterhousecoopers suggesting that by 2030 a.i. will contribute over $13 trillion to economic activity this is a industry that is on the cusp of becoming in my opinion, a multitrillion dollar industry. we created the first index five years ago -- stuart: i see the point. i got it i really do see the point. you tell me what you will do with the low-skilled people who used to work on assembly lines doing one thing all the time what do they now do? >> listen, stuart, the nature of work has been changing for hundreds of years. it is going to continue to change. we're going from structured work to automated, semistructured and unstructured work. this is pendulum shift goes on
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for a long time. think back to 1900 where 60% of the workforce was in ag. now we have 2% or producing more with less. when you think about robotics what is going to happen here, we're moving more to a knowledge-based economy. there will be a transition. there will be some dislocations but generally speaking this is going to enable significant productivity and growth the likes of which i think very few people really appreciate. stuart: you build robots. how far along are we going with artificial intelligence? how much of it is incorporated right now? give me a quick answer. i have got 20 second. >> we're just starting. where the changes are going to happen are going to be everywhere, stuart. every part of our economy is going through a fundamental change. think about health care as we know it. kids that are born now will not live until they are 60, 70. try 100 plus. why? because we'll have prediction prevention. this is the key. i mean it is improving our lives.
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i think investors would be wise to begin to invest in what we think is the future. stuart: okay. come back and see us sometime when i have longer time to discuss this because that is one of the big issues. bill, thanks for joining us, sir. appreciate it as always. >> thank you. stuart: big hour ahead for you. we'll be talking to a young author and entrepreneur, very young. she started her first company at the age of four. she is already published two books. she says she wants to have three million, three million in the bank by the age of nine. right now she is 7. what a guest. my take coming up on maxine waters. she is calling president trump dangerous. she wants to move ahead with impeachment. i think speaker pelosi is losing control of her party. more "varney" coming up. i'm working to keep the fire going
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stuart: speaker pelosi has lost control of the house democrats that she leads. it's not just the radical newcomers who are bucking her leadership, it's the old guard, too. some just can't contain their trump derangement syndrome. it's almost embarrassing. the most glaring example of representative maxine waters. she's powerful. she chairs the financial services committee which oversees the whole financial industry. at the womans national democratic club dinner this week, she said the american people know that this man is dangerous. with respect, we do not know anything of the sort. miss waters expressed an extreme opinion about our president.
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she didn't express a fact. and here's where she really went off the rails, saying certainly he conspired with the kremlin and with the oligarchs of russia. mueller found that certainly he did not. elected officials in powerful positions should not be doing this. the chair of a powerful committee should not say or imply that our president is an agent of russia, when an exhaustive investigation said he's no such thing. miss waters is no stranger to extreme language. in june last year, she told a crowd to confront trump officials when they appear in public. if you see anybody in a restaurant or a department store, at a gas station, you get out and create a crowd and you tell them they are not welcome anymore, anywhere. that's mob rule. and sure enough, the mob harassed trump people in public. you might think that the mueller no-collusion report would make the trump haters back off, but no. trump derangement syndrome is as bad as ever and speaker pelosi
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can't control it. she had told her caucus to soft pedal the impeachment drive but maxine waters is ignoring her. the democratic party has been taken over by the haters. speaker pelosi has lost control. in a moment, conservative tomi lahren. she was attacked right around the time when miss waters was calling for mob rule. the third hour of "varney & company" is about to begin. some people said how dare her come out and say impeach him. she says we know enough about him to talk about impeaching him. now the american people, they say this man is dangerous. that certainly he conspired with
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the kremlin and with the oligarchs of russia. stuart: conspired with the kremlin. you heard it right there. maxine waters, that's what she said. more impeachment calls, too. here is tomi lahren, host of both first and final thoughts on fox nation. she's also author of the upcoming book "never play dead." how the truth makes you unstoppable. love that title. >> thank you. it's a motto i live by. except for people like maxine waters. you can't play dead with these kind of people. stuart: my premise is it is speaker pelosi who has lost control of her caucus. what do you say to that? >> she absolutely has. i think we will move into election season, i think nancy is very good at one thing and that is the money, the fund-raising dollars. she's got that san francisco machine ready to go. i think people are going to have to rely more on her than they think. whereas it looks like she lost control with perception and public perception, i think she still has the dollars and democrats love money. stuart: she's lost control of the newcomers and the old guard
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like maxine waters. they are calling the shots at the moment. not so much the policy shots, but the public image shots of the democrat party. >> and i think that that couldn't be better for us, as trump supporters, as republicans, as conservatives. i think every time we let people like alexandria ocasio-cortez, maxine waters, every time we shine a light on them, they look worse and worse. we are reminded why we voted for donald trump. the more they call him crazy, the more that they call him dangerous, the more we see how dangerous they are. they are projecting and the american people see it, too. stuart: right around the time when maxine waters was organizing that mob rule crowd, i think you were attacked in public, were you not? >> i was. in minnesota, of all places. yes. it was actually right before she said that, but then after that, you know, the attacks always kind of continue on conservatives and we don't like to talk about it as much because we don't like to draw attention to it because sadly, after what happened to me happened, there was water thrown at me, after that it actually got worse because people wanted to replicate and imitate it and i
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think people like maxine waters had a lot to do with it because people saw there was a moral responsibility to confront and attack conservatives. they thought they were in the right by doing it. stuart: that was appalling. that's a terrible thing in american politics when public figures, kirstjen nielsen was forced out of a restaurant. sanders, the press secretary, she was forced out of a restaurant and confronted in public. i think that's a terrible development for us. >> it is. i think it's only going to get worse as we head into 2020. stuart: really? >> i think it's going to get worse. i think the more the democrats lose on policy issues, the more they lose on things like russia, which why they as americans wanted that to be true is actually appalling in and of itself. they wanted our president to have conspired and colluded with russia. that's problematic on its own. but the more that they have fewer and fewer policy wins and they don't have really an agenda beyond coddling illegals and raising your taxes, the more they will resort to mob rule and
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mob mentality. stuart: i'm sure you saw the video, alexandria ocasio-cortez went on instagram live once again, she was talking politics, she was drinking wine, assembling some furniture. i know you are a vigorous opponent of her socialism. i got that. but will you admit that she uses social media, she uses it very, very well. she looks and sounds good and draws attention like that. >> well, she's been able to be successful on social media and gain a following on social media and that's something that i also understand very well so i applaud her for that. the problem is the policy's not there. the logic isn't there. the common sense isn't there. the education really isn't there when it comes to alexandria ocasio-cortez but she is good on instagram. i will give her that. i would rather she become an instagram personality than represent anyone in congress. i think that she would be better suited for that. maybe the bachelorette. maybe you know, the real housewives of somewhere. that might be a better avenue for her. stuart: you know, i really hope
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that i never cross you, because a putdown from you would be catastrophic. i don't think i would ever work again. thank you very much for being with us today. we really do appreciate it. >> great to be here. stuart: let me remind our audience, do not forget to watch tomi on fox nation. she has several shows, first thoughts, final thoughts, no interruption, she's all over it. she was made for fox nation. she's really good at it. thanks for being with us. >> thank you so much. stuart: see you soon. check that big board. dare i say it again, go nowhere day. we've got a strong jobs report, et cetera. suffice it to say, we are going nowhere, up 20 points for the dow. another factor that might be offering a bit of a rally for the market. china trade talks resuming this morning in washington, d.c. they are starting around 9:00 eastern. president trump met with china's vice premier yesterday. he said all signs are pointing to a deal. here's what the president had to say about those talks. roll it.
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>> this is the granddaddy of them all and we'll see if it happens. it's got a very, very good chance of happening. i think that it will be great for both countries but it will be -- it will be a much fairer deal for us. stuart: he's put a time frame on it, wants a deal within the next four weeks. okay. homeland security chief kirstjen nielsen touring the border in arizona yesterday, calls the influx of migrants an emergency and we need to treat it as such. president trump on his way to colexico, california, the border there. he's going there as we speak. he appears to have backed away from his threat to close the border and says mexico is doing terrific in apprehending illegals before they get here. he says if mexico stops the flow of drugs and migrants, they'd better or he will hit them with tariffs on their cars. liberal economist paul krugman, new piece in the "new york times," here's the headline, donald trump is trying to kill you.
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he lists all the reasons why he thinks the president is trying to kill you, and get this, he says quote, the biggest death toll is likely to come from trump's agenda of deregulation. we have the perfect guy to deal with it. stay with us. it's the third hour of "varney." we're getting rolling.
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stuart: to the bored wdeborder, crisis clearly continues. a record number of migrants crossing already this year. homeland security chief nielsen in arizona calling it an unprecedented emergency. as we speak, the president's on his way to california, the border there, where the first portion of his border wall is under construction. here's what he had to say this morning. roll tape. >> mexico has been doing a very good job the last three or four days since we talked about closing the border, which is very real, but what's more real initially is tariffs on the cars coming in, a 25% tariff on the cars being made in mexico coming in. stuart: sorry. he said that yesterday in the oval office. joining us is kristen fisher. take me through the agenda. what's he going to see when he
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gets there? reporter: well, president trump should be landing here in about four hours and when he does, he's going to be meeting with a group of border patrol and immigration officials, then he's going to come out here and actually tour this section of the new border wall. the administration is touting this as the first finished section of his border wall. the back story here is -- there has been a wall here actually for quite some time, but during the obama administration, they decided to replace this old crumbling wall but it wasn't funded until president trump took office, so that's why just a little ways down here, there is actually a plaque on the wall with president trump's name on it. so today, he's going to be coming here very close by to here to actually tour this border wall and see what it looks like, see how effective it is. it runs for about two miles long, it's about 30 feet high and this sector of the border patrol, the el centro sector, has really been hit hard by this
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surge in migrants. from fiscal year 2017 to fiscal year 2018, they have seen a 97% surge in apprehensions of family units so just a tremendous increase. they are hoping this wall will help. they are also hoping it will stop some people from throwing rocks and concrete bricks at border patrol agents just across the border. that's been a big problem here as well. stuart: well, i'm looking over your shoulder and that looks to me like an impenetrable wall that really will work and that's a fact. thank you for being there for us. see you for the rest of the day. thank you very much. i want to bring in our california voice of reason now, larry elder, nationally syndicated talk show host for salem radio. i you want to tell me what california democrats are saying about this, like governor newsom and other high ranking democrats. what are they saying about this border crisis? >> not too surprisingly, they think that donald trump has made an artificial border crisis. they hate the idea of a wall, they hate the idea of donald trump going after them for
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sanctuary city policies. they despise this guy. donald trump has a popularity rating in the country, actually it's ticked up since the mueller report came out, about 40%, 45%. in california, his popularity is 29%. he's still popular among republicans at about 75% but there are far fewer republicans here in california. i think in the whole state it's about 23% of registered republicans, which means that non-registered republicans outnumber republicans almost three to one. so donald trump is extremely unpopular in this state. the wall is extremely unpopular. his immigration policies are extremely unpopular. but there are pockets in the state that are more conservative. he's having a couple of fund-raisers here so he will raise a little bit of money but the bottom line is very, very unpopular guy in california. stuart: tell me about this one. i just saw it. there's apparently an economic boom in los angeles. wages up and i believe homelessness is down. a, is that accurate and what led to this? >> i saw the same thing that you
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saw, and i'm not sure what led to it. i know this, that if the state did not regulate as much, did not tax as much, whatever economic boom we're having would be even bigger. it is still a state where people are coming. it is still a state where the economy is diverse, it's not just one thing, so there are opportunities here but again, because of the policies of the taxing, of the spending and of the regulating, the state is underfunded substantially in its pensions and sooner or later, checks are going to start bouncing. i don't know when but sooner or later it's going to happen. tax, spend and regulate indefinitely, you rouun out of people's money. stuart: i should really no longer say the formerly golden state because if you've got a boom in los angeles at a time like this when taxes are high, regulations are appalling, you know, you got to turn around and say something's working well. you got to say that. >> well, this is still america. it's still the greatest economic engine that god ever created. it is still america, it is still
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california, there's still lots of reasons why people want to come here but things could be a whole lot better if you didn't treat the rich people as if they were piggy banks and didn't put so many regulations on the backs of people who were trying to create jobs. stuart: there's room in my house in new jersey should you wish to occupy it at a minimal rent. >> when i show up, don't say who are you. stuart: promise. larry, thank you very much, sir. see you again soon. now, staying in california for this one. 24 cities in california are suing the state government over home deliveries of marijuana. those 24 cities have banned the sale of recreational pot and they say the delivery system violates their right to regulate locally the sale of the drug. that's an interesting situation there. ashley: a twist. stuart: now this. the median price, median list price for a home just hit a new record high. this is all about the number of high-priced homes that are now
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on the market. then this one. there is one state that watches more tv than any other and of course, we are going to tell you where it is. why don't you just take a guess. come on. take a guess. ashley: california. stuart: wrong. 2,000 fence posts. 900 acres. 48 bales. all before lunch, which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ )
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stuart: want to buy a home? listen up, please, because the median asking price for a home has broken through and above the $300,000 mark. not seen that before. why? more people are selling their higher priced homes and that is driving up the median price of listed homes. want to give a special shout-out to all our viewers in west virginia, because they watch the most tv in the country. 4.5 hours per day, according to verizon. i can only imagine that three of those hours are clearly spent watching "varney & company." thank you very much, all of you people there. where do they watch the least tv? ashley: good question. stuart: utah. only two hours and 13 minutes per day, about half the west virginia average. ashley: they get out more. stuart: i guess they do.
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according the a new poll from the "journal" americans have a love/hate relationship with social media. 82% say it's a waste of time. 57% say it divides the nation. get this. 70% still use at least one service on a daily basis. they just can't turn it off, can't turn away. larry kudlow taking on jpmorgan's chief jamie dimon, who said the american dream is fraying. we'll have that for you. meanwhile, the markets still in a go nowhere position, up 30 points. that's it on the dow. our incomes guenext guest says w the herd. he will explain what that means in a moment. i'm working to keep the fire going
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for another 150 years. ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪
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stuart: almost 11:30 eastern time and we're watching this for you. any moment now, joe biden is going to speak to the international brotherhood of electrical workers in d.c. it's a key speech for him. this is a blue collar audience, precisely the kind of audience that he's got to win over if he wants to regain his position in the democrat party. anything comes out of that speech, you will know it real
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fast, promise you. job numbers out earlier. strong month, added 196,000 jobs in march. not much of a response on wall street. the dow is up just 30 points. been that way for some time. pretty much the same story on the nasdaq, with all those technology stocks. that is up, however, a half percentage point. as for the s&p 500, a very broad-based indicator of the market, that's up about one third of 1%. big news in the world of music streaming. apple music has surpassed spotify in the number of u.s. subscribers. spotify still much bigger worldwide. show me apple. thanks very much. apple is at $196, spotify up $2.80 at $142. it's a big day on "varney & company." here's what larry kudlow told us about the economy earlier. roll tape. >> we have not had a strong economy like this in several decades. i don't want any threats to it if possible.
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the president has a point of view with which i concur and that point of view is that the fed went too far and we're concerned not about -- the immediate economy looks good. today's jobs were good, wages were good, hours worked, all good. stuart: all right. that's larry kudlow. ashley: the president reiterating exactly what mr. kudlow told us. the president saying he was very upset the fed took the action they did last year, blaming jerome powell for what he says slowing down the economy. he says if we cut rates, the economy will take off like a rocket ship. stuart: he did say that. ashley: he did. he said it more than once today on his way to marine one to head to california to the border. stuart: we have that on tape. let's look at this right now, what the president said on rate cuts. roll it. >> well, i personally think the fed should drop rates. i think they really slowed us down. there's no inflation. i would say in terms of
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quantitative tightening, it should actually now be quantitative easing. stuart: you heard it. the president wants rate cuts. this man is ryan payne, president of payne capital management. would you want rate cuts now? >> no. i think the economy's growing modestly so you have to keep that in lockstep. there's no reason to go overboard with rate cuts at this point. you need ammunition later when the economy does heat up to actually cut. right now you got slow and steady. i think the fed is smart to hold. stuart: wait a minute. you got that the wrong way around. if the economy starts to slow down in the future you want to be able to cut rates. >> that's exactly right. stuart: you cut them now you don't have much ammunition left. that's what you're saying. >> bingo. stuart: a lot of people, especially at my age, are getting out of stocks and into bonds. >> yes. stuart: should i follow that herd mentality, go with the herd and get into bonds? >> okay. here's the problem right now. you have what i call a bear market bond trap. stuart: you better explain that one. >> you have to look at what investors have been doing this year. first off, the market's up
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almost 14%, 15%. great year for stocks. that's stocks. investors have been pulling money out of the stock market in droves. $80 billion has come out of the stock market this year as the market's going up. stuart: $80 billion out of the u.s. stock market? >> internationally. globally. the entire market as a whole. stuart: so what? >> so market's going up and you're selling which seems counterintuitive to start. stuart: you don't know that it's americans who are selling. if the american stock market has gone up, you don't know that it's american investors who are selling stocks as it goes up. it's probably international people, isn't it? >> it's across the board. foreign markets are going up this year, too. you are selling out of the foreign markets going up close to 13%, 14% as well. emerging markets are actually leading right now. so you have money globally coming out of the markets. furthermore, now you have interest rates going down and bond prices going up. it's like a see-saw. when interest rates go down, bond prices go up and vice
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versa. when interest rates go up, bond prices go down. right now, with interest rates going down, you have $70 billion going to bond funds, then when prices are higher and yields are lower. so you are locking into long-term yields right now it will take you 30 years to double your money. not a great deal where i come from. stuart: okay. are you telling your people, you are a wealth management kind of guy, you say stay in stocks? >> what i'm saying is if you go in bonds, go in bond funds. here's what's going to happen. okay. stuart: wait a second. someone of my age doesn't want much risk. there is risk in stocks. there's not that much risk in bonds. i know pretty much what i'm going to get, don't you? >> depending how you own them. if you own your bonds outright they will come due in the future. if you are in a bond fund, if global -- if the global economy picks up later this year which i think it will, especially if we get a deal with china, interest rates will probably start to go up globally which means u.s. rates will start to go up. when that happens, bond prices start to depreciate.
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if you are in a mutual bonds fund with other investors, they are going to say i'm losing money and start selling, everyone starts to sell at the same time, so it's like you're going down an elevator with people you don't like. stuart: that's a good point, actually. should i sell my microsoft? >> you love microsoft. stuart: i own it. not the whole company, i might add. just a little tiny bit. should i sell it? >> i wouldn't sell here because again, we talk about dividends and about being in equities long term. cash flow is very good on microsoft. stuart: what's long term for a guy who's 70 years old? >> what's long term? well, young healthy guy like you, i give you at least another 20 years. ashley: next thursday. stuart: okay. tell me an absolute risk-free -- no, no, no. very low risk investment for someone in my position at my age. >> okay. your age, you want to guarantee cash flow. that's number one. you want to own a bond portfolio that comes due, that's critical. i know the interest rate i'm
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getting, i know the money's coming due, a bond fund does not provide that. on the equity side, you want to have some equity exposure because of the dividends. it's about cash flow and that increases over time which keeps up with inflation, because cost of living's going to go up for you, my friend. stuart: my friend. all right. ryan, thank you very much, sir. >> thanks. stuart: good stuff. democrats' 2020 presidential hopefuls are in new york city this week attending reverend al sharpton's national action network conference. racism in america was on the table. the democrats on your screen right now all made an appearance. did they all win sharpton's approval? ashley: al sharpton has become somewhat of a king maker in the democrat party. this is a guy who was around on the fringes of politics saying controversial things. my, how times have changed. now the democrats feel like they have to get al sharpton's approval, get his backing. he didn't back any of the
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candidates in 2016 but they are seeing him as a middleman for the democratic party to african-american community in america. if he thinks you're of the right stuff, he really helps your campaign, apparently. if he doesn't, it hurts. that's why they all have to get on board with mr. sharpton, attend his event. it's strange, isn't it? stuart: reverend al sharpton, king maker. who would have thought. thank you very much. individual stocks, adidas, fans of beyonce can rejoice. adidas is teaming up with beyonce for a new line of footwear clothing and will bring back her brand ivy park. the stock doing nothing, up 50 cents. tesla's chief elon musk appeared in a new york city courtroom yesterday, trying to settle claims with the s.e.c. about his tweets. and the judge sided with musk. she said the s.e.c. was too quick to hold musk in contempt. she's giving him two more weeks to figure the case out. that was the scrum outside the building.
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let's get to fortnite, popular epic games title. they are partially owned by ten cent holdings. their first fortnite world cup happening soon. qualifying round set to start this month with the finals happening july 26th to 28th. here in new york city. one champion could go home with $3 million. ashley: wow. stuart: yeah. there is one state that surpasses all the rest when it comes to finding a job. of course, we are going to tell you which one it is. we are also going to talk to pete hegseth about paul krugman's latest piece called "donald trump is trying to kill you." okay. krugman blames president trump's deregulation as the number one threat. of course we're on that. great news, liberty mutual customizes... uh uh, i deliver the news around here.
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sources say liberty mutual customizes your car insurance, so you only pay for what you need. over to you, logo. liberty. liberty. liberty. liberty. ♪
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stuart: want to move out of that high tax city you live in? you should start anew in colorado. the number one state in the country for new job seekers based on unemployment rates and job openings. employment grew almost 16% in that state over the last five years. number two, new hampshire. three, utah. four, minnesota. five, idaho. there you have the top five for job seekers. and yes, there you go, we dusted off the graphic because of this. paul krugman's latest in the "new york times." a fairly innocuous title, i'm being sarcastic, "donald trump is trying to kill you." that's it. i can think of only one person who could respond to that and that is pete hegseth. i think he was in the 101st airborne. or was it the 82nd? >> don't get it wrong.
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stuart: krugman said the number one reason for the deaths trump will impose is deregulation. what's that all about? >> the argument that if you deregulate things in certain industries it's the working man or someone else who ultimately is hit by the more open environment where the burden falls on the lower class. that's effectively the argument he's making. i read it, it's white nationalism will kill you, global climate change will kill you, scrapping obamacare will kill you and deregulation will kill you. the only people that have been killed en masse under president trump is isis, okay? those are the only people that deserve to die. stuart: that's very good. >> the caliphate was strong and going and now it's gone. the american people have jobs and opportunity which you talk about. our military is bigger and stronger than it's been in a long time. our vets are getting ability to choose eventually which is saving lives. his focus on that is saving lives. this is yet another attack from the left. stuart: it is outrageous
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headline from a guy who is a monumental trump hater. it astonishes me that he can write that in a paper that is supposed to be the great newspaper of america, the "new york times." >> he's always been wrong. you followed that. these columns that predicted economic doom and disaster. ashley: armageddon. >> the stock market would crash. stuart: when he was elected, when donald trump took the oval office, krugman said this market will crash. it didn't. ashley: he's been so wrong. he makes these bold statements. stuart: he gives "times" readers what they want. ashley: that's true. preaching to the choir. >> they all get paid for getting it wrong. it's not just the "new york times." it's the entire left wing media. there is no mainstream media. they are all left wing. they all agree with each other. when they make a mistake they cover up for each other by -- no one is going to write a column about how wrong paul krugman got it. never, ever on this. to impugn the motives of trump, he wants to kill you, think about that. might kill you, might hurt you, wants to kill you.
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stuart: i didn't realize that. you are quite right. the wording there is really hateful. wants to kill you. >> wants to kill you. stuart: what an outrageous thing to say. dreadful. however, i believe you've got a new documentary called "battle in the holy city." is that correct? >> that's right. stuart: it will be airing next thursday on fox nation. real fast. >> it's about the underground fight for jerusalem, jews, christians, muslims. it's ongoing right now. it's unfolding before our eyes. we sit down with bibi netanyahu. the mufti of the mosque there. stuart: not a violent battle, though. >> this is a quiet battle. looks quiet on the surface. underneath people are digging, maneuvering for access. the story of jerusalem is far from being written. we will tell the real story behind this. stuart: that drops on fox nation on thursday this week, i believe, right? >> never been on camera before. stuart: i do want you to listen to this next item. >> happily.
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stuart: bitcoin on a tear. [ applause ] stuart: come on. i don't know why it's gone up but it has gone up to over $5,000 per coin. you own it, don't you? >> i can tell you why. institutional investors are about to get in the mix. there are groups working with the s.e.c. and others, once they get that tipping point, big money comes in. stuart: what it is, is they are going to make it easier to buy and sell bitcoin. ashley: they need to give it more credibility which is what jeff sica said earlier. that's why he was bullish on bitcoin. >> it's coming back. stuart: you stole my line. >> i did. i did. stuart: are you in the money at this point? >> i am. never left. in fact, i bought more on the dip. stuart: you did? >> i did. i'm committed. this is institutional change to currency. stuart: at what point did you first buy it? what price? >> i first bought it at eight. i bought as high as 17 but as
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low as like two and a half, too. stuart: you come on this program -- >> where is the camera? do not take financial advice from me ever. i give away money for a living. stuart: the 101st airborne can have every camera. you on "fox & friends" tomorrow? >> join us, please. stuart: i promise to be there, bright and early. let's check lyft, why don't we. one full week of trading as of today. it's up above the $72 ipo price that it was at last friday. it's now $75.23. have i got a great story for you. listen to this one. ariana jolia, a fourth grader from manhattan, has already written two books, she's got her own company, and she plans to have $3 million in the bank by the age of 9. she is currently 7. she's on this program, next. do not miss her. here she comes.
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you'll have a choice there, too. your coverage goes with you, too, anywhere you travel in the country. we have grandkids out of state. they love our long visits. not sure about their parents, though. call unitedhealthcare now to learn more and ask for your free decision guide. want to apply? go ahead, apply. anytime's a good time. remember, the #1 important thing, medicare doesn't pay for everything. a med supp plan could help pay some of what's left. and this is the only plan of its kind endorsed by aarp. that's the icing on the cake... i love cake. finding the right aarp medicare supplement plan for you could be just a quick call away. so...call. stuart: uplifting news, item one. in minnesota, a 2-year-old, his
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name is cillian jackson, was born with a disorder that limited his mobility. he needed a $20,000 wheelchair to get around. his family couldn't afford it, so his father talked with his old high school robotics team, rogue robotics, and the team built this all electric customized wheelchair for free. that is uplifting. next one. yeah, we have heard billionaires on this program, we have had actors, successful tech entrepreneurs, you name it. yes, we have had all on. our next guest created the company my sunshine magic. it's on your screen right now. selling charm necklaces. she's also written and published two books, one of them called "mommy bee and me" the other called "aj's birthday surprise." she sold more than 20,000 copies in total. not impressed? did i mention she accomplished all of that before she turned 6? ariana is with us, a fourth
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grader at k12i academy in new york city. welcome to the program. good to see you. >> thank you. i'm so excited. it's nice to be here. stuart: nice to see you. >> nice to meet you. stuart: you started reading at 2? >> yes, i did. stuart: when did you write your first book? >> i wrote my first book at 3 years old. i wrote my second book at 4. you see, then i realized to sell my book, i started my business called sunshine magic and i was successful. stuart: did you have a lot of help from mom and dad? or mom? she's in the studio with us. did she help a lot? >> she did help me. stuart: in what way. >> by inspiring me to fall in love with the love of business. well, i grew up watching her. stuart: you are now 7 years old? >> yep. stuart: i'm told that you want to have $3 million in the bank by the age of 9, two years from now. >> correct. stuart: how you going to do this? >> well, how am i going to get
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$9 million in the bank? well, i figured out if i wanted to be able to sell my book, my novel, which i have currently been writing, it's over 70,000 words and it's all about the journey of putting a shattered bell back together. if i was going to sell it i needed a team. so i put one together. i signed with a new york city literary agency and am currently working with an editor that has many "new york times" bestsellers under her belt. all together, hopefully, we will be able to get $9 million in the bank -- stuart: $3 million. >> $3 million. stuart: you will take nine, but go for three. okay. and the novel will help you get there. >> the novel will help me get there because hopefully, me and my team are going to be able to have at least, the cherry on top, we'll have at least a business deal, a tv series or a hollywood deal. stuart: a hollywood deal? >> um-hum.
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stuart: why not. >> why not. stuart: what do you want to do, silly question, what do you want to do when you grow up? you seem very grown up to me right now, but what do you want to do when you are a teenager or 20 something? >> well, i want to continue writing my books and i want to continue inspiring children to read, write and create their own magical stories. stuart: why did you get into business? what intrigued you? is it just making money? is that it? >> okay, i'll be honest. i love money, too. stuart: what else? >> i just fell in love with the love of business, firing people. i mean, i love that. plus i grew up watching my mom being a businesswoman and i fell in love with that. stuart: your mom is in the studio, by the way. she's taping this, as i'm sure you know. she helped you get into the business. no, she inspired you. that's more important. okay. >> she was a complete inspiration to me. stuart: how do you learn to read
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at the age of 2? >> well, i just love reading, writing. i fell in love with my passion. stuart: i suppose it's a little early to ask you about this, but if you do get $3 million, if you make all of that money, how do you feel about the taxes you're going to have to pay? they will take half of it off you, you know. >> i don't really know. stuart: you'll find out. ariana, it was a real pleasure having you on the show. it really was. >> thank you. it was a pleasure being here with you. stuart: charming, too. come back and see us. i want to see you get to that goal of $3 million in the bank within the next two years. it was a real pleasure. thank you for being here. >> thank you. ashley: there you go. stuart: good to see you. >> thank you. stuart: more "varney" after this.
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. . i'm working to keep the fire going
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for another 150 years. ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ 2,000 fence posts. 900 acres. 48 bales. all before lunch,
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which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) stuart: i really do hope that you saw the interview with that young lady just moments ago, arianna jalia. we to the greater response to interview than we did with the 20 minute interview with
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larry kudlow, top economics guy. ashley: he would agree that is a amazing interview. what an amazing young lady. she will go far. she already has gone far. written two books, 3 million in the bank next couple years. wow. stuart: her company, sell necklaces, she gave me two for my granddaughters, 4-year-old granddaughters. ashley: oh. stuart: isn't that nice. ashley: i like the fact you got the tax issue in there? stuart: was i wrong to do that. ashley: she kind of laugh. i don't think she really understood. she will find out soon enough. let. stuart: let's wrap it up with this. there is not much going on in the market. we had a lot of news today. strong jobs report. news on the border. news on mexico trade. news on china trade. what else have we got? news on interest rates. federal reserve.
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ashley: slew of issues. apparently cancel each out out because of the market. we've been in the sail ring. stuart: thank you, ash. ashley: my pleasure. stuart: connell mcshane is in for neil. connell: i was disappointed with you. i thought you let that 7-year-old off the hook. you need to go at her a little bit more. have a good weekend. welcome to "cavuto: coast to coast." a lot going on this friday. almost all of it is in our wheelhouse, jobs and economy. i'm connell mcshane filling in for neil. president trump on his way out the door heading to the border on the south lawn of the white house just as he was heading to the helicopter there, he took a shot at the federal reserve again. he did it with reporters turning to our own blake burman. the here is the exchange. reporter: what

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