tv Cavuto Coast to Coast FOX Business April 15, 2019 12:00pm-2:00pm EDT
is all black ink. we know that the mueller report will be released on april the 18th this thursday. should be interesting. quick check on the board. the dow is stuck in this range all this morning. down about 70 points on the dow, 26,342. neil cavuto. it's yours. neil: thank you very much, my friend. of course how much of that report will get a lot of attention on the corner of wall and broad as well. we're following it very closely but as you just heard from ashley that mueller report with some redactions will be released thursday morning. how many pages will be wiped out, blacked out, anyone's guess but thursday is the day. the market sort of non-responsive to this. they have been expecting any day. thursday is the day it will all happen. we want to focus this being tax day and president out in minnesota to remind americans that the tax law has been very good for them. all of this were anomalies where most americans don't feel they got any bang from the buck from
it. irony, pointed out no less than "the new york times," most americans did indeed benefit from it. some are looking at psychology of it, and it isn't paying off for republicans thus far. the president hopes to change that in minnesota. we'll get to that in a second. first blake burman at white house with more. hi, blake. reporter: we're seeing a essentially a pr push from president trump on tax day. president trump is on air force one heading out to minnesota. will host an event had minneapolis. a roundtable discussion. meanwhile members of the president's top economic team have been in front of the tv throughout the morning today. the bottom line, which you just laid out, the polls show that people don't like the new tax code even though independent analysis shows that this is good for most people. the white house is trying to make the argument, don't watch the polls, don't look at those numbers. the only metric that matters is the economy. listen here.
>> i would say americans approve of a prosperous economy which frankly has been rebuilt by president trump's policies. >> people have been surprised by the extreme strength of the u.s. economy and folks who think that it is not because of our policies should look for an alternative story. reporter: when you look at the new tax code generally speaking rates came down. however there were caps in many places placed on deductions or eliminations of deductions outright. the most high-profile instance being the salt caps, state and local taxes which had a cap to it. today treasury secretary steve mnuchin when he spoke with maria bartiromo acknowledged that many people in these so-called high-taxed states will be paying more in income taxes this year but mnuchin said it is the politicians within those states that who need to look inward. >> there is no question for wealthy people in salt stakes,
salt states they have seen their taxes go up. and i would just say new york, california, these other states, they need to look at how to cut their taxes to spur growth, not put additional taxes like they are on the real estate industry and other areas. reporter: neil we all have to file our taxes by today. i guess you did. a whole lot of people out there did it as well. what is still uncertain whether or not president trump and first lady donald trump have filed their taxes. many folks within the administration have been asked. we haven't gotten a clear answer yet from the white house. neil: blake, thank you very much. blake burman. we should let you know on blake's point, who pays what, most americans do not believe they got much bang from the buck for this, or saw any tax cut when in fact two out of three americans did. we'll get into that can hundred drum. the oddie of some democrats running for president would
espousing higher taxes on rich. bernie sanders on paper is millionaire. he will be in bethlehem, pennsylvania, where fox is holding a special town hall with bernie sanders. connell mcshane is there now. connell, the oddity for this someone anti-capitalist, socialist, starting out as mayor of burlington, vermont, capitalism has is as far as what he could get but he has done okay by it. reporter: he has done very well by it. we'll find out how well he has done in recent years, neil, one of those good problems to have. many of us wish our tax returns that when they came out we made heck of a lot of money. democratic socialist on number of years bashing millionaires and billionaires as bernie sanders has been doing that might be a political problem.
to your point the 10 years of returns we're expected to get today we'll find out senator sanders is indeed a millionaire because ever success he had writing books. he was asked about it writing books. he said it does not conflict with the message he has out on the campaign trail, saying something to the effect it is not a crime to write a successful book. that is only part of the story here in bethlehem, pennsylvania where i am here today. what sanders is doing politically, neil, is very, very interesting. he is taking his message, free college, "medicare for all," directly to trump voters not only in the foxtown hall here in bethlehem with bret baier and martha maccallum he went to states that put trump over the top. he was in wisconsin on friday. michigan on saturday. came to pennsylvania for a rally in pittsburgh and town hall this evening. those are the big three. democrats look if they can take those states back from the president, they feel they can win it next time around. so sanders, as is his fashion
unpoll gettic is going with his message, democratic socialism directly to those voters. we'll have him here at the town hall. we have a special edition of "after the bell" at 4:00 from bethlehem. we'll take a close look at pennsylvania economy and how this area, lehigh valley being remade, getting remade from stool roots into other businesses. that is coming up today. neil: most democrats recently became millionaires, there is nothing wrong with that but you can argue in the case of bernie sanders he will leave his own tax footing. he will take the hit that he thinks the rich should take but he has to thread the needle carefully, doesn't he? >> he does, but threading any kind of a needle carefully is not necessarily in the style of a bernie sanders. he almost doesn't make any apologies for something other candidates would. you're bashing millionaires. tough luck. i wrote a great book, no crime to be a millionaire. that seems in conflict with the
same message he may have had the day before but he doesn't make any apologies for it. asked about it a number of times, that particular issue. to the earlier point i was making he sees these trump voters, people who supported the president last time around, really put him over the top, put him into the white house he has gone to the states, michigan, wisconsin, here in pennsylvania he attacked the president in personal terms, called him a pathological liar over and over this weekend. you would think he is threading a needle. i don't know if that his specialty or not. certainly not his style. neil: subtlety is not there. connell, 4:00 p.m. eastern time the fine gentleman as he gets into some of the specifics here. again bernie sanders in case you're keeping track how much of a millionaire he is, would land him in the 1% of the top of the country. in the united states senate if numbers we're hearing, he is still the 77th richest senator. that is still august, wealthy body of individuals, men and women. who by and large are in the top
1% themselves. whether republican or democrat. now again, back to the tax cut notion that we were telling you about here, fewer than one out of five americans think they got a tax cut. the reality is better than two out of three got a tax cut. so says "new york times" in exhaustive report looking at the entire tax cut from its introduction to adjusting for rules in states and localities across the country. but again that perception has fallen on deaf ears. if americans don't think they gut much bang for the buck what does it mean for republicans next november? to fairfax global markets ceo paul dietrich. we have "axios" market editor and we have deirdre bolton. deirdre, what is interesting about it, perception becomes reality, what you think, is what you think is. >> that's right. neil: maybe the fact spread out over the course of a year, it wasn't a big deal. >> because we remember 2001, president george w. bush sent out tax rebates.
so you actually got a check. neil: one big lump sum. >> you held it in your hands, tangible. you knew what it was, this is what i got back. now you remember at the time people were complaining, where is my check. how come they can't process this? there were other complaints but at the end of the day you knew what you had got. the withholding taken a little bit, by little bit less, is adding up to the fact people don't perceive it. statistic, middle 20% of taxpayers got about $780, which is relatively small. $65 a month. i'm not saying that is not important. but that is amount you could spend at grocery, not really realize it. so i think that is part of it. it was easier to miss. when you go to file, you will get a smaller refund. that reinforces ah, this is junk kind of -- neil: i know the president will be in minnesota. he will tell business leaders, look if not for this we wouldn't be enjoying a robust recovery we
had. do you agree with that? >> you know the data bears that up. we saw a sustained pickup in the economy. growth of 3% which president trump promised. not the 4% he originally said. neil: we would have had that if that crazy fed -- >> crazy powell and fed. neil: he said something to that effect t would be 5000 or 10,000 more points on dow. >> 10,000 points on dow, and growth, who powell if i picked and did -- hadn't done the things they said they were going to do before i picked them, right? the other thing, as you said, it is all about psychology this was a bit of own-goal or unforced error by republicans who wanted to get stimulus going into americans checkbooks before this year, when tax re funds were ahead of midterm elections. neil: do you think they should have frontloaded it so shouldn't be parsed out paycheck by paycheck? >> you got it. they could have learned from president obama making work pay tax cut he passed as part of
2009 stimulus. that was a lot of things americans didn't notice, wait a second i thought i was getting a tax cut. it was more $20 tracks in a check. when people get a little money they spend it. people are not parsing how much they get through the check and know how much the refund is and how much they are to get in april. neil: generally president will go back say, say what you call about the kvetching how much i got, look at economy, look at markets, look what happened, what you do i this? >> the point is i think that everybody i have talked to, i know "wall street journal" said 2/3 of the people got a tax cut. well a lot of people don't work. let me put it this way. every working american actually got a tax cut. if you look at the studies, even the people in these states with salt taxes -- neil: irony if you live in high-taxed state and you are wealthy?
>> even in those they got a net tax cut. it was just smaller. 2/3 of people in new york, new jersey, california, they don't file the deductions. neil: right. >> people over $250,000, the defanged amt kicked in. really every single person who worked -- neil: what happened where people don't feel it? >> it was a pr war and we lost. the trump administration and the republicans are the worst communicators in the world. >> i think democrats have that locked up. >> no, no. >> i don't think you can take that from the democrats. >> on this liberal anti-tax cut people they said it like a mantra over and over and over again that the middle class were getting screwed by this. that it was all for the rich billionaires. and -- neil: they really focused as much on corporations, wasn't that a big part of it? >> i think the fact that the individual parts, the parts that
affect people like us every day will eventually expire, the corporate tax rate, personally a good thing will not expire. i think that fed into the pr war. brookings published a piece of research saying that people, most americans don't mind paying taxes. the problem psychologically is that they perceive that corporations and rich people pay fewer tax. >> exactly. >> it is not that people -- neil: not that they can't see it but they fear companies and rich people got more? >> yeah. >> part of it if you look at irs statistics there is only 1% difference between amount of refunds people got this year and last year. neil: you're right. >> if you look in february, it was 8% difference. the early filers expect to get a tax cut, the more you wait, more likely you're one of those people who will have to pay or not get much. people who filed early, they didn't get as much as they usually got. they were a vocal minority, wait a second i didn't get what i'm used to. so i can't fix my car.
neil: the president pushed this, because it didn't register in the midterms, how will it register in 2020? >> in the end i don't think it matters. i would respectfully disagree that people, everyone i know, saw new income in their taxes. they're also seeing wage growth in their wages and the people at the lower end of the scale are getting a much bigger percentage movement than the average wage growth. and i think people are going to remember that they are better off today than they were before. neil: ronald reagan line. i want to thank you all very, very much. sorry to jump on you there with the time constraints. we have the dow down 86 points. we know as well we're going to get that mueller report, redacted though it might be, it will be, thursday, sometime thursday morning. how much is redacted and political hay following that will make this tax cut thing pale in comparison. you're watching fox business.
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appearance for arraignment on this college admissions scandal. they're still sticking to their guns that they have done nothing wrong. meanwhile the trump campaign when it gets ready for 2020 appears to be doing everything right. 30 million in the first quarter. 100 plus million dollars in its covers already for the 2020 battle. "wall street journal" reports that the trump campaign has a very, very big head start. with a divided field i would imagine all the more, right? >> well, that's right and what's really interesting about this, that president trump broke the mold right from the get-go. no sitting president in modern history had ever started re-election campaign literally the day they took office where trump registered his committee the very first day. so because he has been building for a solid two years with an eye towards re-election it has been relatively easy for them to keep making lots of money, keep raising lots of money into the campaign and the republican party. so that does give him a
tremendous head start, not only over the democratic competitors but when compared to previous presidents. neil: what is interesting about it, julie, the fact among republicans, start the out as sort of a feisty relationship when he was bringing down all the big names and players within the grand ol' party. there is universal support for him within the republican party, that further, you know, provides the wind at his back, huh? >> i don't know about universal support but there is broad support and there is really important thing that he has done for the republican party which i think they have got to appreciate. he is a tremendous small dollar fund-raiser. and that is a little bit to find on the republican side. you don't often see republicans sort of posting those huge 200-dollar and less donations that have become common on the democratic side. so that is really benefited not only his campaign but also the republican party which has his list. neil: how does this ride with whatever is happening within the
news? whether it will be thursday we get redacted or somewhat redacted mueller report out or his political fortunes that look good or not so good depending on the day, steadily he has been raising this money? >> that is a good question and the best way so sort of assess that, look at some of the things that he has merchandised. he is branding and marketing person. so he has been able to, you know, turn things in the news into fund-raising opportunities for the campaign. you know you can have differing opinions whether that is right to do or not but you can see in his emails to supporters when he is trying to raise money off some big news event like the mueller report coming out, turning it into merchandise, recently there was a t-shirt that the campaign was selling that highlighted the spying comments that attorney general barr just made. there is lot of ways that they pivot off the news to try to raise even more money. neil: we'll watch it closely.
it is amazing though this early on. good seeing you. very good reporting. >> thank you. neil: in the meantime presidential candidate pete buttigieg is soaring when it comes to raising money. for a guy who is nationally unknown for a few weeks ago, raising a million dollars since making it official on sunday he is indeed a presidential candidate. to new hampshire political reporter paul steinhaeuser is back with us. what is remarkable about this, he is now placing third in iowa and new hampshire and he was nowhere to be found a little more than a few weeks ago. what's going on here? >> he is having his moment, no doubt about that and, you know, it started in early march with a ton of media attention. then we saw the fund-raising figures. he raised $7 million from his launch back in january when he set up a exploratory committee until the end of the fund-raising quarter in march. as you said, neil, a million dollars yesterday when he did the formal declaration of candidacy in couple hours.
contrast that to january, he launched the exploratory committee, he raised $125,000 that's it in 24 hours in january. he is soaring in the polls and campaign cash numbers. he doubled the staff of headquarters in south bend. he will start putting peel on the ground in iowa, the first state to vote. here in new hampshire the first primary state, elsewhere, south carolina and nevada. things are looking for pete buttigieg, neil. the question can he keep the momentum going? neil: always as you remind me too early to tell one way or the other. new hampshire residents have been known to change their minds as time goes on. i can remember john mccain was considered going nowhere, was faltering rebounding in new hampshire, ultimately becoming the republican nominee himself back in 2018 but i'm wondering what happened to beto o'rourke? he was very popular flavor for a time, might still be but he's
dropped a little bit here. what's going on there? >> buttigieg has become the flavor of the month i guess you could say, kind of grabbing the spotlight from beto o'rourke although o'rourke had a good campaign cash number for the first quarter. all the numbers can be incredibly scrutinized and analyzed. he raised $9.4 million in 18 days after he launched campaign early march brought to the end of first quarter fund-raising that is a eye-popping number. he continues to travel the country. he is still doing okay but buttigieg grabbed a lot of spotlight away. you will see both of these guys continue to make the rounds. the key can both keep their momentum up. buttigieg steams like he has stolen the spotlight from beto o'rourke. neil: you like at momentum from small donations. that tells you a lot what attracts big money down the road, right? >> it was interesting to see the trump campaign touting their small donor donations. that is something your previous
guest says republicans don't do. that is staple of democrats. the days of big dollar donations, they don't emphasize those. they want the small dollar donations. the reason why it shows your grassroots appeal, means the people donating to you can contribute over and over during the primary cycle. it allows them to go to the well once again. all the campaigns, beto o'rourke's, pete buttigieg's, bernie sanders all the other senators running touting small donations average of 20 to $40 for each candidate. neil: paul, good stuff. thank you very, very much. >> thanks, neil. neil: tiger woods, it was a consistent headline i read in all the papers today, comeback for the ages. this guy must be noah, right? he is 43. for an athlete that is considered on the older side, i have ties older than this guy, after this. [cheering]
>> here it is. [cheering] the return to glory. neil: he is that. tiger woods winning the master at age 43. dla agency founder doug eldridge says the sport is better off with tiger at top of his age. last time we chatted, you had a baby, all of sudden he had a heap of trouble on his hands. that was then. very different world now and i'm wondering what's in store for him? a lot of people say this gives hope for older guys and gals everywhere. i'm thinking he is only 43. i will i'm thinking this is tom brady thing. >> this is context. 43 is old in terms of athletes but if you look at it in linear sense. brady won super bowl at 41, oldest quarterback in history. federer at 35. nicholas won masters at 46 back
in '86 but tiger's 43 should be measured in dog years. i don't say that sarcastically. when you look at last decade of life, november 09, thanksgiving when all this broke, april of 2019, his marriage imploded. his sponsors fled like it was fire drill. he lost estimated 22 million between 09 and 10, he became a joke on late night shows and he four back surgeries. he couldn't walk a golf course, let alone swing a club. he had vertebra fused. yesterday he did unthinkable, won a fifth master. not just linear age but depth and context you'll elements of 43 years, especially the last 10 this, is special, special win any way you cut it. neil: what is interesting as well, doug, i talked a little bit about 43, in terms of that is old, not really in the bigger scheme of things but comes at a time when we have so many older
people running 70 plus for the presidency of the united states. again you alluded to tom brady and his defeating father time, this has gotten a whole new following. what do you make of that? >> i do. i think in so many ways that goes to science and technology of the sport and goes to lifestyle, outside of weight training and sleep. how they living, it become as 360. when you look at guys like brady, when you start playing not for money and dollars, maximizing new contracts rather for legacy and rings, settle argument of best of all time, you look to things off the field and outside of meeting room. look at diet, sleep, oxygen, recovery everything. it is a industry within the larger industry and golf within itself multibillion-dollar global industry and i think tiger will set a new benchmark. neil: his marketability improved including for brands that cater not necessarily to young people. that has changed for him. >> i'm so glad you said that
neil, let me tell you something, when you're a child you want to succeed in front of your parents because you want them to be proud of you. when you become a parent you want to succeed in front of your child for the very same reason of the best part of the masters was arguably, when he stepped off 18, rounded the corner and scooped up his young son charlie. it was emblematic of 97 when he won his first masters and his late father earl hugged him. that was above and beyond marketing above the win. when we talk about personality and brands, there are two categories, aspirational and generational. for much of tiger's career it was aspirational. he was methodic on the golf course he was buttoned up on people couldn't relate to him. in the fallout, ten years followed, remarkable comeback yesterday, everybody saw a little bit of themesselves in tiger woods. there was not not a dry across
the country when he picked his son. when we talk about marketability, whole new side of tiger, human side, vulnerable side, even relatable side. there will be vast a ray of marketing opportunities open up to him in the days and weeks ahead. neil: you and i chatted about this before, doug, lives are defined not how you handle things that go well but things that do not. he had this idyllic charmed life winning every tournament, almost a couple decades ago. he was mightily humbled and he mightily changed. it is remarkable. >> that alludes to the great quote from the reverend dr. martin luther king, a man is judged by where he stands in time of difficulty and trial. that is measure of a man's character. when you look at tiger, one of only five athletes in history to earn a billion dollars in lifetime. jordan is top. tiger is around $1.58 billion. i would make argument for all his commercial success, business of golf and sport, tiger biggest
contribution was cultural contribution. kids, i worked in some of the most indigent underserved neighborhoods in the country, big cities, deep down south in mississippi in small towns as they used to say don't have a pot to pee in. they see somebody like tiger woods, they see opportunity. somebody of mixed ethnic origin, they look, like the iconic nike commercial, each child looked into the camera said i'm tiger woods, i'm tiger woods. i think cultural example, apart from dalliances, and opportunity in beginning of his career and fortitude on back half of the career. never giving up, plowing forward in the face of adversity. some ways his greatest contribution to your point will be the cultural contribution to the next generation, not just of voters but next generation of voters an citizens. neil: i think next step will never look at older tv anchors
80 years old will be the hot thing. doug, thank you very, very much. >> thank you very much. neil: very nice read on all of this. we have travel delays pretty much across the country particularly in chicago. the fallout from waiting for a plane to be undergrounded, if ever, after this. my insurance rates are probably gonna double.
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neil: all right. they knew this would happen. they didn't know the degree to which the effect cost far-reaching acrossair ports all over the country. max tensions for flyers trying to get from here to there. fbn's jeff flock with the very latest from chicago. reporter: you don't want to be at the airport today, neil, all i want to say. this is o'hare in chicago. look at this line. this is the customer assistance line here. go ahead, larry, see not run anybody over, but it goes on and
on. just to be clear, we had a freak snowstorm in chicago yesterday. i say freak snowstorm actually. never a freak when there is snow in chicago. a lot of this is result of the snowstorm and people needing to be rebooked. in addition american is announcing following suit with southwest and put the numbers up, 115 flights a day to be canceled as a result of the grounding of the 737 max 8 airliners. that is only 1.5% of american's fleet but, canceled through august the 19th. that is all the way through the summer. american saying they wanted to cancel these prohibitively so they wouldn't do it at last minute which they have been doing, canceling 2500 flights so far. american has by the way, neil, 24, 737 max aircraft all grounded. they ordered an additional 16. i show you the board. it is not so bad on the cancels.
if you look up there, maybe you see, you know, not full of cancellations. a lot of people needing to rebook because of cancellations yesterday. the president getting involved today, through the medium of twitter. let's put it up there. what do i know about branding? maybe nothing, but i did become president but if i were boeing i would fix the 737 max, add some additional great features and rebrand the plane with new name. no product suffered like this one but again, what the hell do i know in reality the president knows something about airlines, he had trump air, the trump shuttle, was the old eastern shuttle that he bought when eastern fell on hard times. he also fell on hard times with that one too. they defaulted on their loans. you never know. maybe they will brand the 737 as the trump. maybe i leave you with a picture of the lines at o'hare which as i said, neil, is a place if possible you ought to avoid today.
neil: i can see why. jeff, thank you, very, very much. jeff flock. i forgot about trump air and other things he alluded to there. president thinks he can work with congress to act on the migrant crisis. that is what he continues to call it. but his plan to take a lot of those migrants, bring them to the safe haven cities and the rest, sanctuary cities, well that is not exactly being met by open arms among democrats. former homeland security assistant secretary for public after first under president barack obama joins us now. his name is sean smith. >> thank you, neil. i'm glad i'm not traveling today. neil: my goodness. get your take what the president is saying, look, both sides have to get together, find a happy medium to deal with the crisis that even jeh johnson of course the homeland security secretary under your old boss, barack obama, agrees is indeed a crisis. what do you think? >> i agree with him. i hope that is what he does. the news that he made over the weekend and a little bit this
morning about the sanctuary cities, hard to know what this president what's a gimmick what's real policy even florida senator, ally rick scott over the weekend said he probably said that to drive everyone crazy. if it is policy, it is not a good one, it represents waving the white flag, surrender, when he should do exactly what he said, bring both parties together, keeping the country together, keeping faith with the people who elected him, keeping faith with the people the whole country so solve what is very important, but complex problem. neil: but the two sides have gotten stuck in their ways. there doesn't seem to be any reciprocation. some funding is grudgingly allowed on democrats to build a wall. fraction what the president wanted. the detention centers are filled to capacity. democrats don't appear to be increasing capacity. can't be too shocked, sean, the president says people have to be let out.
so what is it? >> yeah. you know i wish the democrats could show a little bit more flexibility on this issue. i think it has become symbolic, and become part of the political dynamic we face right now. the truth is though, the last three presidents have tried for a big, comprehensive immigration reform. it hasn't been able to get through congress. the common thread to that whole time unfortunately has been conservative republicans who have been truly intractable on this issue. they prevented president bush, prevented john boehner, paul ryan making a deal with my old boss. prevented president trump doing it in his first two years. so i wish -- neil: didn't democrats also do their part to stop this president including funding a wall they were allowed and open to under barack obama but all of sudden because they hate this guy they're not doing it? i'm not trying to cast aspersions at one party or the other, sounds like no one is
budging on it? >> you're right, the wall was something -- well you know, physical infrastructure was part of the obama strategy at the border. we really put some dollars and some effort behind that. we were able to reduce crossings, reduce arrests at the border but it was through a real comprehensive effort that included more boots on the ground as well, included more cooperation with mexico and the central american countries that is driving a lot of the migrant population. so i think that, this problem requires a real deal. this president was uniquely suited, i think especially by the people who put their trust in him, voted for him to bring "the art of the deal" to this issue. and i hope, i hope that he is still fine as way to do that. neil: takes two to tango to your point. sean, we'll watch it, thank you very much. >> thank you. neil: this is tax day after all this is a government that still
spends all the tax money after the all and all this as we get indication, deficits, trillion dollar plus, they're not going away anytime soon after this. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase relieves your worst symptoms including nasal congestion, which most pills don't. flonase helps block 6 key inflammatory substances. most pills only block one. flonase.
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i'm kristina partsinevelos on the new york stock exchange floor. we're getting a mixed bag when it comes to bank earnings, starting with goldman sachs. we're seeing their profit come in at $2.25 billion. that was an earnings per share beat but when you look at it on the screen that is 21% lower when compared to last year. revenue for goldman sachs coming in a little softer than expected. switching gears, citigroup released earnings. seeing a beat for them on first quarter estimates. this is for earnings per share as well as revenue. the areas of concern for this bank seems to be the bond revenue not coming in as strong as expected as well as a drop in its equities business. you have m&t bank. that is a new york bank. they cited growth in areas like commercial loans and mortgage banking but offered a mixed bag. you can see the shares down 2 1/2%. charles schwab released
earnings. they discussed investor sentiment. despite brexit, despite the trade negotiations with china, they still came out strong with an earnings beat. we have a big unwith for tomorrow. bank of america, their earnings are expected to be 66 cents per share on revenue of $23.3 billion, neil. back to you. neil: kristina, thank you very, very much the financial sector closely watched in this low rate environment that will probably going to stay there for a little while to see how they fare going forward. charlie gasparino with us because the banks have a lot to deal with not the least of which is alexandria ocasio-cortez. she has been a big critic of the banks but not quick to want to meet with them. >> that is the case and we should point out this is kind of an interesting operating environment for the banks as she went through some of those numbers. goldman sachs, particularly that is the a problem. the first quarter was not entirely bad quarter for trading. so they lost money and they lost
this on trading that shows you the firm's business model needs to be changed fast and i think david salomon, the ceo is doing it. they're so wedded to trading they can't make money. on top of that they're worried about regulation that democrats are controlling congress. on top of that is one democrat sucking all the steam out of everything, she takes the oxygen, alexandria ocasio-cortez. we should point out that why do they care about a freshman congressman from a district that represents queens and the bronx? well, because she has such stature and she is pushing a lot of socialist economic issues. from what i understand she is, that some of the banks are trying to meet with her. they're doing both individually and also, they're talking to the new york city partnership which is their prime lobbying group. they're trying to get some dialogue with her. she is stiff-arming them at every point, every move. i heard some of the banks wanted
to meet with her before the hearing when the bank ceos were down in washington, financial crisis 10 years later. neil: merciless questioner. >> and she said no. now the question is this good politics or good policy? i will say this as someone who covered wall street for a long time. they're the largest, even though they move out of new york every now and then, they're the largest private sector employer here. jpmorgan, citigroup, combined, going by memory, employ about 500,000 people. it is not all bankers. these are tellers, these are retail banks, you know. they're in her neighborhood. by dissing her, she doesn't have a voice at the table for some of the biggest employers of people she represents. neil: they are the ones who want to suck up to her though? >> yes. you would think she would want some dialogue. they are flummoxed. everybody meets with these guys. that doesn't mean you have to hold their water. they're the big kahuna here in new york city. and she represents -- neil: she was critical of
campaigning going against crowley. they got a way with the financial met down. no one went to jail or not punished. that wasn't right. >> that saved jobs in her district. people forget the bailout of wall street was bailout of new york city and the welfare state. these firms pay a lot of taxes. even with the tax cut from the federal government they pay a lot of taxes. neil: what if they never meet her or sit down with her, what is the relationship going to devolve into? >> she will keep attacking them. a long term consultant that is good friend of mine, what is the long term calculus? even comrade bill de blasio, come -- commie mayor of new york city, she didn't wear about the district about making world better place. does she care? she cares more about the green new deal, than she cares which is 30,000 feet economic
government, i guess, involvement in the environment, she cares more about that, than what people in queens need to do every day. that he's where we are. they want to meet with her. she is saying no. neil: i see what you did there. thank you, for those listening on radio, i will leave it at that. the president by the way set to arrive in minnesota in the next hour. he is talking to community and business leaders how the tax cuts work and did their job. despite polls say a lot of people didn't feel that, even those statistically a good many benefited from that. after this. as something fast. then one day you decide it just needs to be safe enough to get her to college and back. principal. we can help you plan for that. when it comes to type 2 diabetes,
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this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence. neil: all right. thursday is the day justice department officials planning to release the mueller report, as much of it as they can, some of it likely redacted. the president has already been tweeting about this, quoting here, the mueller report which was written by 18 angry democrats who also happen to be trump haters and clinton supporters should have focused on the people who spied on my 2016 campaign and others who fabricated the whole russia hoax. this is never forget the crime, he goes on to say here that since there was no collusion, why was there an investigation in the first place. answer, dirty cops, dems and crooked hillary. the president's take on something he thinks in retrospect was a waste of time.
we shall see. the president will be commenting right now, not so much on that, but to some minnesota business and other leaders of the boom the economy has experienced because of his tax cuts. that depends on who you talk to. no one doubts that they gave the economy a good pickup. the question and the debate is over how much of one. house financial services committee ranking member patrick mchenry on why that has been such a tough sell. congressman, it is interesting, i was reading a number of surveys that are out that show only about a fifth of taxpayers believe they got any tax benefit when, in fact, closer to four out of five did. what do you -- how do you explain the disparity there? >> well, in one survey, i saw 75% of democrats said they did not get a tax cut from president trump, so i think it's their partisan lens that overlays their economic benefit. but what we're seeing in the
greater economy is record low unemployment, real wage growth as the federal reserve has announced, and the effects of tax reform and tax cuts, and i think it's that effect that we can actually speak to. you can look around and see the results of regulatory reform and tax reform, and it's benefiting the american economy regardless of the party, and regardless of where you fall in the economic system, how much money you earn. you have all benefited from tax cuts. neil: that's obviously something the president will champion as well but the fact of the matter is the deficit grew 17% and the same democrats point to the tax cuts as the reason. you say? >> well, over the next ten years, income to government will look similar to the 1950s, '60s, '70s and to the '90s. all we have done is normalize
revenue to government and at the same time giving job creators and working families the benefits of tax cuts. i think it's a fantastic thing and actually right-sizes our income stream to government, now we've got to get down to the hard work of reducing our expenditures over the next decades. neil: but you don't, right? i'm not blaming you, sir. democrats do have a problem with this. no one ever gets serious about it. i'm wondering whether tax cuts or no, if you don't get that growth in spending under control, you are both in big doo-doo, right? >> exactly. you have to grow the economy, grow wages, and that helps grow the income stream to government but at the same time, we have to reform the entitlement state, pare down expenditures over the next decade. instead, what we are seeing from these liberals running for president is the green new deal which would cost the american economy $93 trillion and you see medicare for all -- neil: i don't mean to disparage you, sir, but yeah, you could talk about the green new deal
and how much green that's going to cost, i get it, but you guys had the run of the house, in fact, you know, the run of the table, you didn't do anything to get spending under control. so it's kind of rich blasting the other guys, right? >> actually, we did. for a republican control of the house, we pared down discretionary spending over the last eight years. we have had real results with reducing expenditures. the real work of -- neil: we are looking at a record deficit right now, sir. it's going to be a trillion plus for years to come unless something changes. >> that's why we have to reform health care, we have to reform the entitlement state, as you said, and as i have voted for repeatedly during my service in congress. i'm proud of the votes that i have cast to reduce spending and i wish that we had more folks that would vote with me so we could actually balance our budget. i think it's highly necessary. but in the meantime, we got to make sure people have jobs and we have a growing economy. that's the first equation for us to get this thing right.
not just more government spending, more government programs such as all we are hearing from the left. neil: very good seeing you again. >> great to be with you. neil: meantime, speaking of taxes, a lot of people wondering not only whether the president has already filed his but whether we will see this year's return but any year's return from this president. so far, democrats have been leading an effort to try to get them out there and the sooner, the better. the house ways and means chief saying by next week, he wants them out there, wants to see them line by line. hillary vaughn has the latest on that. hey, hillary. reporter: cbs is reporting a letter released from president trump's lawyer detailing that house ways and means committee chairman richard neal's request for president trump's confidential tax information is not only illegal but he believes this request was made not in good faith. cbs getting their hands on this letter. i want to read one part to you where he says chairman neal repeatedly weekly repeats his original explanation that the
request is an effort to determine the extent to which the irs audits enforces the federal tax laws against a president but no one actually believes this. now, there is also another committee in the house that is also requesting the president's tax information, the chairman of the house oversight committee, democratic congressman elijah cummings, saying he plans to subpoena president trump's accountant today. cummings wants audit reports, annual statements and other financial documents ranging from 2011 to 2018. this comes after the treasury department missed a deadline last week to hand over the president's tax returns to the house ways and means committee. treasury secretary steven mnuchin says he still hasn't decided whether or not to cooperate with this request. >> i am involved here because it's my responsibility as secretary to oversee the irs and that's a job that i take very seriously. this isn't an issue just about the president's tax returns and congressional oversight. this is an issue about
protecting americans. reporter: in that letter, president trump's lawyer also backed up steven mnuchin's decision to not move forward and release his confidential information, saying he is grateful that mnuchin has been taking his time and also cooperating with the justice department to determine whether or not this information needs to be handed over. neil: thank you very, very much. forget whether the president will ever release his taxes, though a lot of people say that's not going to happen, but can a democratic house force the issue? politico white house correspondent gabbi orr, what do you think? what are you hearing? >> i think the democrats in the house will continue to push this and push this as we enter 2020. they want the president to be forced by -- through some means, whether it's the house oversight committee, a subpoena of some kind coming from one of those house committees to make his tax returns public. they say this is just unprecedented for a president to not publicly release his tax returns, as every modern
predecessor has, and they are going to continue to push this issue, but if you look at the polling on this, yes, there are many americans who think that the president should release his tax returns and make them public, but at the same time, their own taxes are far more important than seeing the president's. in poll after poll, you can see that immigration, the economy, health care and taxes rank higher than a lot of the issues including getting the president's tax returns, that democrats are going to be pushing as they enter 2020. they are talking about wealth distribution. they are talking about climate change. they are talking about russian election interference and when it comes to the actual issues that are important to voters, it's their own taxes that they care about. not the president's. neil: you are probably right about that in terms of it didn't affect the president making it to the white house. he did. so leaving that aside, i'm wondering to a man or woman out there who are seeing all properly innoce prominent democratic presidential candidates releasing their returns, bernie sanders, ten years' worth, kamala harris releasing taxes
going back many, many years, both when she was a single woman and afterwards, married, and i'm wondering if that exerts any pressure on the president or what. reporter: i don't think so. if you go back to 2016, this wasn't an issue that disqualified him in the eyes of many voters who still thought that he should release his tax returns. it's very hard to find people out on the campaign trail who support the president but think he should, you know, somehow keep these tax returns hidden from the public. they definitely want to see what's in them. but it doesn't mean that keeping them from the public view is disqualifying him in any way, and to think that some of his base supporters, that 35% of republican voters who backed him in 2016 might, you know, somehow support a democratic candidate this time around because he still hasn't released these tax returns just doesn't make sense when you look at what's happening behind the president and his movement and this base that supports him no matter essentially what he does. neil: obviously to your point, most people care about their own
taxes and whether they are getting relief and obviously a good many are, statistically it's been proven, but also psychologically, it's been disproven. a lot of people don't believe it. they don't see it or at least not as much as they thought they would see. they're not giving the president and republicans credit. what do you make of that? >> yeah, we have seen a pretty significant discrepancy in what house republicans and senate republicans promised americans would see when it came time to file their taxes this year and what americans are actually getting back. you can also see just in public opinion polling on the gop tax cuts that people aren't as enthusiastic about these as republicans would presumably like them to be heading into another election cycle. they say these are going to put significant money back into americans' pockets, that they are going to free up money that can be put back into the economy and so far, we're not really seeing that happen on a large scale. there is definitely people who are filing their taxes today seeing a significant increase in what they are getting back than
maybe what they did last year but for the most part it's just not translating as much as republicans would like it to, and they are blaming that on their congressional democratic colleagues who said this is just the tax cut for the rich, you know, timegain as this is making its way through congress last year. i'm sorry, in 2017. neil: i hear you. thank you very, very much. the white house of course correspondent. keep in mind with all these cross-currents, the major averages are within a percent or two of all-time highs. we lose sight of that but obviously they see the good on financial issues despite some bumpy numbers we have gotten from some of them, including goldman sachs. by and large, they are weathering this interest rate storm. i say storm for them when rates are fairly low, it's hard for them to make as much money but they're doing okay. more after this.
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neil: all right. thursday, mark it down, that is the day we are told that the redacted, the question is how much of it is redacted, mueller report is due out so the world can see or a good chunk of the world can see exactly what is in it. democrats have bemoaned the attorney general's characterization of that report.
welcome our panel. patrice, i think this will always be gleaned through the prism of the beholder. if you don't like the president or are suspicious of the findings, you will find something you don't like. if you do, you will find something you like. but on the key issue of collusion, if the attorney general is proven accurate in his characterization that there was no collusion, does that put it to bed? >> i would hope it would. unfortunately, you know, i think we have already seen some left-leaning outlets like slate already saying this report, whenever it happens, will be incomplete and will undermine in people's minds and not put to rest in americans' minds whether there really was collusion. i think it's important story line or narrative for the left to keep up because it undermines the good work the trump administration has accomplished in terms of the economy and going into 2020, with not much else to run on, i think progressive lawmakers are going to have to find a way to keep
this narrative going. neil: rashad, i'm sure you have other views on democratic candidates who have other things to run on but leaving that aside, if you suspect there is much redacted maybe for perfectly valid legal reasons, people who were never endiindic or charged with a crime, is that going to be good enough? >> it is going to be politicized. it will not be good enough no matter how the report comes out because you will see tremendous redaction in the report. now, barr is making a move in the right direction. release the report. constitutionally, he has protections because of the safety nets you just described. but against congress, he does not have the same protection. so if the appropriate committee in congress says hey, barr, the attorney general, we need the report, if he decides to basically say no or ignore an appropriate request from the oversight of congress, you will have a major problem and i suspect more subpoenas will come after that.
neil: marc lotter, they are going to argue for the entire report, everything that's been directed as well. could an agreement be made where they have to swear on their honor not to release those redacted parts if let's say committee members themselves could get a chance to see what was redacted for their own? because that could get out, too. >> one of the things we have to look at is what kind of precedent could it be setting, and it could come back in a negative way in some future non-related way. those are the things the executive branch has to look at. you have to look at beyond just the specifics of an individual case in front of you, but what kind of precedent that is going to set in the future. to your earlier point, nothing is going to satisfy the democrats. they keep coming witch hunt after witch hunt after witch hunt and they will invent some new ones now they are actually going after accounting firms. nothing this president can show will ever be enough information for them. they just need to keep their angry base motivated and that's what they are trying to do. neil: i did want to go right back to you on that issue, and i
will go to you, patrice, but one thing that stuck in my mind is rod rosenstein, the deputy and outgoing number two at the justice department. he supported barr in his initial findings and i'm wondering whether that was good enough for democrats. in other words, if there was anything wrong with the characterizations and bullet points that the attorney general raised from the mueller report. certainly mueller himself, certainly rod rosenstein would have flashed the world on it, right? >> yeah, you would think so but remember, there are valid reports that came from investigators that worked with mueller saying hey, the characterization that the attorney general is giving is not accurate to the actual findings of this 400 page report. neil: what if it is? what if it is? that's what i'm asking. if it confirms what rod rosenstein said and what mueller's intent was that it was just not enough proof. >> neil, i wrote an article, an
opinion piece for foxnews.com titled "mueller was never the answer for democrats" and i stand by that piece, because at the end of the day, regardless if you find some levels of collusion or not, this is not what democrats should hang their hat on. they should hang their hat on actual policy items that american people have to deal with every day. neil: patrice, is it your belief here that once this redacted report, i guess depends how much of it is redacted comes out, that this thing is put to bed or does it continue? of course we do know a lot of, you know, other investigations that are going on in courts around the country so that won't change. i have the feeling that once this is out, the debate over this won't change. >> it won't. what's interesting is once you step outside of this beltway bubble, maybe even a new york bubble, most americans really don't care about the mueller report. if they do hear a head line, it comes out there was no collusion
between president trump and his campaign and the russian government, then yeah, it's a big to-do about nothing. millions of tax dollars spent. but we do understand russia was trying to interfere in our elections and so i think the bigger question is what is congress going to do next, how are they going to continue to ensure the integrity of our electoral system. fo unfortunately, the discussion has not centered around that at all. neil: when this is all put to bed one way or the other, marc, do you think in 2020, that's assuming it's put to bed, it's an issue? >> i don't think it will be an issue for most voters. i think many democrats will continue to make it an issue and to be quite frank, it doesn't matter what is contained in those 400 pages. none of it amounted to collusion. none of it amounted to obstruction. and you had the special counsel, the deputy attorney general and the attorney general all say no obstruction, no collusion but the democrats are going to try to keep it going because they don't want to talk about things like the american people getting a tax cut today or the jobs, the
unemployment rate. that's just not -- they're not going to win on an economic message so they have to go with these fake witch hunts and investigations. neil: i want to thank you all guys very, very much. i did want to alert you to something going on in paris right now. there's a fire at the notre dame cathedral. we don't know how bad it is. we do know it is a lot of billowing smoke from this famed tourist spot, one of the most recognized churches in the world. don't know how bad it is, but in paris, they've got all fronts to try to stop it. what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice. so get allstate... and be better protected from mayhem...
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pay no more than $5 per month with the repatha® copay card. neil: well, if you have ever been to paris and seen the notre dame cathedral, it is probably one of the more beautiful structures on earth. it's been around for better than 800 years. they have been trying to renovate it over the last couple of years. we are told that is something went wrong in this process, something caught fire, and it is engulfed in flames right now.
we are told they are trying to get it under control. they have cleared it out, but they are really battling this with all they can. you might recall it sits on a little mini island on the river seine and again, one of the most popular tourist attractions, forget about in paris, in the world. right now, it's engulfed in flames. i hope everything and everyone will be all right. we will keep you posted if there are any further developments. in the meantime, keeping you posted with what's happening with the markets. the dow is down, apple and qualcomm heading to court. we don't know if the two are linked. we do know they have been going after each other with lawsuits and the like for the better part of a year and a half. susan li has the latest on this topic. susan: that's right, jury selection has started in the qualcomm/apple trial in san diego, expected to last for weeks. it will feature ceo tim cook on the stand at some point, a rare moment and surprising, given how secretive apple it with its business practices. it shows you how much this case means to apple and some would
say how strained the relationship is between the two ceos. what's at stake, a lot of dollars, $9 billion in total if you add in the claims by foxconn and they are claiming qualcomm is charging way too much, that they have a monopoly over the industry and this goes back to technology qualcomm developed in the 1990s because every smartphone has to still pay for their patents in order to connect to cellular networks so roughly 5% of a smartphone's price, that's how much qualcomm charges, for an iphone that's around $12 to $20 a phone. tim cook has said that's pretty high, it should be around $7.50 or so. meanwhile, what qualcomm is contending, they want around $15 billion in royalties that apple and others have stopped paying a few years ago. they are saying apple has misled regulators around the world and stolen qualcomm's technology to give to rivals like intel and lawsuits have been launched between the two in many jurisdictions around the world
including germany and also china. now, insiders say this court battle is really an extension of a frosty relationship between tim cook and also qualcomm's ceo, which might make settlement difficult, not impossible, they say, but there is also by the way a separate antitrust case against qualcomm by the ftc in a san jose courtroom. this will soon issue a verdict. both courtroom showdowns will have a big impact on the smartphone market. i want to bring up the stocks. this might be telling in terms of which way the courts might be siding. if you take a look at apple shares, back up to $200 apiece, close to multi-month highs. qualcomm has shed around 25% of their market value just in the past two years with these lawsuits launching around the world. neil: susan li, thank you very, very much. not being rude to susan. just getting more details on this notre dame cathedral fire still ensuing in paris right now. this better than 800-year-old
structure, one of the most classic cathedrals in the world, tourist spots, period, in the world and certainly popular as the eiffel tower when you go to paris, is now engulfed in flames. they have been renovating this. this is better than 800 years old. they started building this around 1160, took a century to complete it. the detail and ornateness of the thing is beyond the pale. right now, it's beyond firefighters' ability to control. we will keep you posted on how they are dealing with this, what exactly started this. but this has been a multi-year renovation project going on and right now, everyone has been cleared of the area as they try to keep this building sound and those around it safe. meantime, we are looking at trade talks. talking not about what's going on between ourselves and china. try japan and europe. yeah, there are ballottles goinn there. edward lawrence has more. reporter: a lot of balls up in the air.
an hour and 15 minutes, a japanese delegation will meet with the u.s. trade representative office here in washington, d.c. trying to come to a bilateral agreement but this week, they are actually going to work on an agriculture agreement, a temporary agreement over agriculture, and that's because the japanese have lowered tariffs on the 11 members of the tpp, trans-pacific partnership. the u.s. is not a part of that. the japanese also have an agreement with the european union, a similar agreement, and on february 1st, tariffs went down on imports related to the european union. so that leaves the u.s. as sort of the lone standout, isolated in dealing with these tariffs full force. that has been squeezing out the beef and pork industry in this country. still today, the administration touting the deals that have already been done, usmca and progress. >> you see the trade agreement we have with south korea which is very beneficial for us. you see trade negotiations going on with europe and as you know, the china negotiations have been going on for close to the past
two years since the first trip we had at mar-a-lago. i think the good news is we have made a lot of progress. i think we have made more progress than ever before. reporter: agriculture is the sticking point with the european union. today, the eu agreed to directives to negotiate with the united states. in the directives they dealt with two things, industrial goods and conformity assessment. the second one is dealing with whether products meet technical standards to be able to be sold in the european union. agriculture, though, is not on the table according to the european union and the u.s. trade representative robert lighthizer says the u.s. will not make a deal without it. in fact, today senator chuck grassley, chairman of the senate finance committee, said quote, agriculture is a significant piece of the global economy and it simply doesn't make sense to leave it out. now, in the announcement, the european union actually came back and said this is enough to honor the agreement that the president made with the european commission president not to impose auto tariffs. the european union saying they are going far enough and still
negotiating that auto tafriffs should not be imposed. back to you. neil: thank you very, very much. edward. we have been so focused if you think about it on china, china, china, that we forget about these other trade rifts that are far from settled. >> we have, but the eu is a very important trading partner, about 30% of global trade between us. so it's important that we get this done. president trump came out early on in his administration and realized these trade deals were bad for the u.s. and the eu, you know, i don't understand why the eu has a 10% auto tariff and we have zero tariffs. that's obviously -- neil: again, that's interesting and we are obviously going to respond in kind if they don't change things here, but i'm wondering how much of a problem is this going to be? again, to your point, we have been so riveted by what's happening with china that this one could have big implications, right? >> oh, really big implications. it's going to be a different trade negotiation than with
china, right, because seven people basically make the decision in china for the whole country. this, you have all these different countries, you have this commission in brussels, they have only been authorized to negotiate on just industrial products, so we are talking about agricultural products, well, they don't have the authority to do that. you already have france saying we shouldn't even be in talks with the u.s. because they want to talk about climate change. so it's going to be a totally different type of negotiation with the eu than it is with china. i don't know if it's going to be any easier. i think it's going to be different and maybe it could be harder. neil: do you get a sense, though, that it isn't as onerous as we think, maybe the europeans are talking tough but they realize what's going on with china, they realize this president and what he was able to muscle together, i say muscle, i meant muster, together with canada and mexico, and maybe their bark is worse than their bite? >> could be. president trump knows the weak point and that weak point is those auto tariffs. so that's where germany doesn't want to have a problem.
so he knows that that's the key to get them to come to the table which is what he's been talking about is auto tariffs. they are now at the table but they want to pull things off the table, mainly the agriculture. look, we ought to be able to sell our agricultural products and they are saying there's a food safety concern. come on. look, they are trying to protect industry. that's what's going on. look, it's going to be a long slog here, i think. i don't think it's going to happen. i think they are talking six months. i think it's going to be longer than that because there's again, lot of constituencies, a long history there of being able to kind of get away with this stuff, and they're not going to like the change but i think we understand the lever points that we have against them. look, the united states is the biggest trading partner in the world. you know, they need us. i think they will come to the table. neil: thank you, my friend. i want to take you to paris right now, where notre dame cathedral is on fire. better than 850 years old. it's been dinged by wars and
whathave you. napoleon bonaparte, after a good deal of it was banged up, of course he commissioned more funding to repair it to its original luster. but right now, a fire, we don't know the origin of that fire, how it started, who started it, whether it was accidental. we do know a renovation program was going on. wind we do know multi-century old statues were removed as workers were sprucing this thing up. it seems to have always been a multi-year project to try to make this, one of the most popular tourist meccas in all of europe, certainly all of paris, certainly in all the world, it is among the top ten most visited establishments anywhere. right now, that renovation is in dire straits, as is the cathedral itself. more after this. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity
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an iconic symbol in paris is engulfed in flames right now. note ere dame cathedral. this started little more than an hour ago. they are deciding how to deal with it because that's a better than 850-year-old structure. it took a century to build and make, artisans from all over the western world at the time which was really the world at that time that had poured heart and soul and energy into this. one of the most frequented establishments you go to, tourists certainly go to when they visit paris, more popular than the eiffel tower itself. one of the top ten destinations for tourists worldwide engulfed in flames. a renovation, we are told, that had been a couple years in the making but picked up steam in the last about month or so when they were removing a lot of statutes and the rest, themselves centuries old. think about it, the last time so much of the church had been destroyed, napoleon bonaparte have said i think we have to renovate this, we have to fix
this, we have to help it. that was then. this is now. we will keep you posted. one of the more iconic symbols in the world, nowhere close to getting this under control. in the meantime, we are focusing on a couple other developments here. i do want to focus on what's happening in this college scam right now that seems to grow as we speak. just as judge napolitano had told us it would. lori loughlin and her husband entering not guilty pleas in this scandal. that was pretty bold, to plead not guilty, so they are going to fight this. what happens? >> here's what the fed did. the feds offered a comparable deal to everybody, plead guilty to a single act of wire fraud or mail fraud, depending upon how you got the money to the person you were bribing, and we won't throw the book at you.
13 human beings, couples and in one case, an individual, pleaded guilty. what did the feds do? they doubled up and added more charges to those who didn't. so the folks we are talking about today, the two actresses, the only decent thing the fed did was not force them to fly to boston for their own arraignment. they were able to waive their presence at their arraignment but they are now facing 40 years in jail each because of these two couples, each person is facing 40 years in jail because they refused the government's initial offer. i have seen hardball but i haven't seen it this aggressive and this obvious and this quick. they filed the extra charges the day after they rejected the government's initial deal. neil: all right. now, obviously they feel that, you know, they could win this. but if there are checks or phone conversations, tapes, you know the whole drill, it could get problematic. >> when the government originally charged them, it
filed about a 400 page, i'm motioning the thickness of the pages, affidavit, which included a lot of transcripts of telephone conversations. now, the government typically takes excerpts of those conversations that strengthen its case. if there's other things in there that weaken the government's case, we haven't seen it yet. but if you look at just the excerpts, they have a very, very strong case. the only issue is, is this really a federal case, is this really something for the feds to be concerned with. but it's taken on a life of its own, there are so many people involved. and this morning, the feds announced that they may begin to look at some of the students, some of whom have already graduated from these institutions, as to whether or not they themselves should be indicted in another round. neil: by the way, if they were found to have gotten special treatment, could their degrees be revoked? >> yes. neil: they could? >> yes. neil: this might seem confusing to you, the judge is talking about something that has nothing to do with what's going on in paris but we did want to relay
this to you. the notre dame cathedral is engulfed in flames right now. they hope to get it under control. they haven't yet. again, that institution that dates back more than eight centuries, it has had problems getting dinged and inflamed in wars, world war i, world war ii, uprisings and the like, but nothing like this. parisians are wondering what if anything can be done to save it. we will focus on that. but to the judge, back on sanctuary cities, if you will indulge me, and get a sense of where the president is coming from on this. he is not giving up the fight. he thinks it's a worthy fight. is it a legal one? can he legally do it? >> can the president legally put people who have sought asylum in the united states on a bus and say the bus is going to san francisco or seattle or chicago or new york, yes. do they have to stay in those cities, no. the president will actually be doing what he harshly, and i think effectively, criticized president obama for. you will know this phrase. i think the president originated
it, claims to have originated it. catch and release. catch somebody at the border, then release them into the united states. the president said if we catch them at the border, meaning stop them from coming in, we don't know if they're legal, they made a prima facie case for asylum, there has to be a hearing, we will hold them in a detention center. now he says we won't hold them on a detention center, we will put them on a bus and once on the bus they can go wherever they want. mr. president, if you send 100,000 migrants to san francisco, that increases the population base just in time for the census. wherever you send these people, they will be counted in heavily democratic areas, thereby producing more democratic members in the house of representatives. neil: those are sanctuary cities right now who aren't legal u.s. citizens, can they vote? >> no, but they are counted in the census which in those areas, highly democratic areas that he's railed against, could you imagine two nancy pelosis representing san francisco because the population has
increased because the president sent migrants up there? neil: but isn't he calling the democrats' bluff on sanctuary cities, but it could bite him? >> yes, it could bite him. he's also doing something the democrats tried to do for years, take local control over immigration. the federal government has fought fiercely against local control of immigration. quite frankly, the supreme court every time it looks at it says it's a federal issue. you send them to boston, new york, seattle, you will get different treatment of migrants, undocumented migrants in those areas. neil: be careful what you wish for. you just might get it. judge, thank you very, very much. by the way, back to the fire going on in paris right now, notre dame cathedral, the president has already tweeted on it saying it's so horrible to watch the massive fire at noter da notre dame cathedral in paris. former fdny commissioner joins us on the phone.
commissioner, we don't know really what started this. we do know that it seems still to be out of control. do you know anything? >> no, i don't. but looking at the pictures, it seems, an would gued i would gu probably has something to do with the renovations that are going on on the roof. it looks like the roof is fully involved. they will have to get some water up there to get this thing knocked down but you know, hopefully they will be able to confine it to the roof and upper floor. neil: you know this far better than i, but i was wondering, this is a better than 850-year-old institution, right, and obviously in putting out a fire, they worry maybe that they will do more damage by walls deteriorating, other structures, fine pieces of art, statues getting destroyed in the process. it's a tough position to be in but i would think getting rid of the flames is paramount. >> yeah. number one is knocking down this
fire, not only to knock down the fire but of course, to save lives and make sure that anybody that may be in that building is taken out. that's the first thing. i know they have a fire boat on the scene from the river, i know they have a bunch of pumpers. it's very high up and they will have to get some ladders up there that are going to be hopefully able to reach where they can get some water on this thing. neil: to your point, what a big deal this is in france, the french president macron has canceled a planned address to the nation due to what he called the terrible fire at the cathedral. we don't know exactly the degree of the damage at this point. it looks pretty severe. what's the first thing you look for, commissioner? >> we look for the fire darkening down, getting water on it. as i said, the most important thing is life preservation. it looks like, i have heard
reports that people are taking artifacts out, people who are involved with the cathedral are taking artifacts out from the lower floors that's not involved in the fires. from what i can see from looking at it, it's pretty much confined at least at the moment to the upper part of the building. neil: all right. commissioner, thank you very, very much. again, we are keeping you posted on this renovation project to which the commissioner has referring, was a $6 million renovation project that was actually commissioned two years ago, but they didn't really begin working in earnest until the last couple months as part of that preparation process, a number of statutes and antui antuiqities had to be taken out of the building, some in excess of 700 years old themselves. statues made it out but a good
856-year-old institution. started in 1260. took about a century to complete. what a structure. right now a structure engulfed in flames. this all developed within the last couple hours. there were renovation projects going on here of better than 6 million euro. $6.8 million restoration effort. dr. marc siegel for those that don't know across river seine. there are hundreds of people. >> snoke is number one problem. number one cause of death 50 to 80% of the time would be smoke inhalation. if you're getting smoke you're not getting oxygen. if you're not getting oxygen you could have heart disease a stroke, a lot of medical problems caused by that. even to your point watching across the way, you need oxygen, emphysema, you suddenly get smoke you're to the gettings
oxygen. the treatment, oxygen. the other problem, panic, people fall, their heart rate goes up. two things i worry about,. neil: english media concern said there looked like number of, hundreds of parisians and tourists gaping at all of this, they are pushed back, doctor, maybe to those worries. obviously to get in or near the structure is difficult. but abundance of caution to have clear as wide a beth as possible? >> absolutely. anyone trying to get control over the fire. anyone trying to get people in the area out to safety, you need that, you need people not witnessing, gaping bystanders. that makes the problem two or three times greater absolutely. neil: touch on something, more
immediate interest to this country, measles epidemic, outbreak they're calling it, communities are getting very, very concerned trying to quarantine those who have not had respective vaccines this is getting crazy. >> this is very simple issue. this all started people not taking the vaccine, neil, not only not taking the vaccine, they're not helping the public health authorities trace the spread of measles. that's key. if you knew where the measles is going, 90% infection rate of people unvaccinated, that's right, 90%, if you knew where the people were going you could isolate which decreases the spread. if you're not compliant with that, public health officials saying you can't go to school, mandatory vaccine. those are in extreme measures but i'm not in favor of them long term but i am in favor of getting control of the situation. when you considered we wiped out native measles since 2000. we haven't had a death since 2015, we see thousands around
the world, measles is burgeoning again, which means travelers are bringing it here, we have to 90, 95% vaccination compliance rate to slow it down to wipe it out. neil: i knows these are riveting scenes. i don't want to confuse people we're talking about measles and notre dame cathedral. can we get off of that guys, go back to the doctor here. >> sure. neil: the fact that things like this can get way out of control to go what do we do? >> i want to point out people pregnant or have autoimmune diseases or chronically ill cant it. we have to look at a public health responsibility. we have to vaccinate everyone, commune immunity that can't get vaccine. we have to get -- neil: a lot of people are scared of vaccine. rare cases where bad stuff happens, what do you tell them? >> i don't like this idea sitting on high, i will inform
them. i'm much more afraid of the virus than the vaccine. that is the message. be afraid of measles virus can kill in one in 1000 kids. that measles virus can cause brain swelling in one in 1000 kids. that is what we ought to be afraid of. neil: is the vaccine out of control? >> it is not getting there. 555 cases. the most we've seen earlier in the year in decades. we have to get control. only way is vaccine compliance, track them and get them away from everybody else. there is still time. neil: dr. mark siegel. we're obviously following a lot of developments. the president by the way arrived in minnesota. he will address a group of local business and political leaders. he will be crowing a lot about the tax cuts. he said they have had a real benefit to the economy. and that is something that is proving itself even in "the new york times" today, indicating that most americans
did in fact get a tax cut but "the times" also pointing out that good majority of them don't believe it was anything substantial. that's the conundrum, the battle for this president, to make sure they know if not for that cut things would be a lot worse. charles payne to take you through the next hour. hey, charles. charles: thank you, neil. i'm charles payne, this is "making money." coming up we have breaking news in paris, notre dame cathedral is on fire. president trump about to speak any minute to a crowd in minnesota on the booming economy and the success of his 2017 tax cuts. this as the justice department says it will make the mueller report public this thursday. and taking a look at the major indices. market paring losses from earlier. you've got two big stocks, boeing, goldman holding everything back in markets. nancy pelosi downplaying the divide in the democratic party, playing up the need for president trump's tax returns.