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tv   Varney Company  FOX Business  April 24, 2019 9:00am-12:00pm EDT

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they get ready to declare his candidacy and it's about hope and coming together as a nation and not so incendiary. maria: i thought rudy giuliani and they make great points and we will do it again to margaret have a great day. stuart, take away. >> morning. another day and another rally for the market. what a year. what a presidency. donald j trump won the election and the value of all stocks have gone up by $9.4 trillion. look at this. already at record highs for the s&p and nasdaq close to a record for the dow going up a little bit on the dow, little bit on the nasdaq when the opening bell rings this wednesday morning but this latest run-up that has been strong has been fired by profits that are coming in strong. boeing reported this morning it is up as we speak - 1.3% and
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even though profits and sales were not that strong it is up nonetheless. second stock down the list, att. they lost 544,000 directv customers and the stock is down 3.4%. caterpillar made a lot of money, $2.94 for a profit per share outstanding and the stock is the dow stock and it is down. look at that and you're looking at points taken off the dow industrials by caterpillar now look at microsoft and facebook. these are the giants who report at 4:00 o'clock this afternoon and that may be two of the most important earnings reports of them all in their stock prices pointed towards a blowout profit this afternoon and we will see. i got to tell you the analysts are in any way disappointed there will be hell to pay. both of them up pre- their reports. making money in stocks will be our focus today.
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you're not forgetting president trump. he will lead the white house shortly for a trip to atlanta where he will discuss the opioid crisis and what to do about it. he may speak to reporters and if he does, you will see it. in june the president goes to britain on a state visit, watch out for that. the visit commemorates the 75th anniversary of the d-day landings but it's also about the uk, us trade deal. the brits had better put out the welcome mat. they need us far more than we need them. that is a fact. "varney & company" is about to begin. ♪ >> on may one, 1869 these two men met at the white house for years and three weeks after a more historic meeting between them. you have 30 seconds. good luck.
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>> did he give up with grant and lee? he did. 118,816 and now 14 day total of 1 million. 1,000,550 - [applause] this guy is amazing. stuart: so is alex trebek. that is in jeopardy and more than $1 million in winning for that gentleman on the screen right now. is there any chance that you can break the budget? >> 34 -year-old professional sports gamble which is funnier part of the story. i have a feeling the accountants of jeopardy are going this guy will bankrupt us. some people take out insurance policies and not believe the jeopardy is because the winnings are fairly modest but this guy is rewriting the history books and it's unbelievable. stuart: the other story is alex trebek. pancreatic cancer and is still on the air in several weeks after announcing.
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>> and no signs of slowing down. reportedly, he gets - it's been going for 35 years and owns earns 10 million a year. stuart: that is it? i know that's a lot of money but 10 million for a show that popularity with the reruns. >> he makes a fortune. fairly modest considering what jeopardy is. stuart: good luck to have a good man. look at the futures. here's how we will open this wednesday morning s&p, nasdaq racked up new closing lies in yesterday's session and were going up a bit more in the nasdaq and out this morning. come on in, market watcher rebecca take a victory lap because you have consistently said the market is going up so tell us now, going up again today and in the near future? >> i think we will be good, stupid facebook software both expected to probably have an earnings surprise and facebook given us the last three quarters and microsoft of the last four
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are both looking really good and we talk about facebook specifically, i think, investors have confidence in the sense that they know the advertising revenue is still there post the data mining scandal and the privacy protections that went into effect. what you see now is confidence that facebook can keep their business model going and we will get a surprise and microsoft - microsoft, stuart, is phenomenal because you have people moving to microsoft away from aws and amazon. stuart: i know all about microsoft and i own a little tiny sliver and amazing but i've got to raise eight negative and that is stock buybacks. i think buybacks played a very big role in this most recent rally and i'm worried that what happens when the buybacks dry up. that could be a cell signal. >> i agree with you.
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it's a self fulfilling prophecy we have a fiduciary obligation as a board of directors to maximize shareholder price but don't want it so high we can't take leverage on buyback so you are right but we take heart with report that the analysts that goldman sachs saw corporate buybacks were not as big of a thing with a trump tax plan that everybody wanted to say they were. it was getting money back and making leverage investments in strategic investments for the corporations but we don't want the market to be so overheated we don't have that option but i don't think we will be there just quite yet. stuart: message is we not see the end of this rally just yet from rebecca. thank you for joining us but we will see you again soon. >> thank you, stuart. stuart: speaker pelosi getting ready to talk in the structure with the president. roll tape. >> infrastructure will be meeting with the president as we
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talk about next week what the prospect is for the size in terms of resources and scope of what that might be. stuart: listing meeting, liz p, glad you are with us this morning. i think that speaker pelosi wants a tax increase may be on gas to pay for infrastructure. >> that traditionally has been one way democrats have wanted to pay for them for sector spending and it would work well for speaker pelosi. one reason, she wants to look like she's governing and moving the country forward in trying to save her party from the chaos of socialist inviting which is going on in extreme political ideas that are out there so if a structure is something every but he agrees on but in this case if she forces a gas tax president trump would probably say no because states that back him would not like that so best of
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all worlds but she gets credit for coming to the white house, proposing something popular but on the other hand democrats do not want to give president trump a single victory between now and the election. that is tragic for the country but a political reality. stuart: in other words, they may have this meeting but won't get >> or expect something to come of it. that's about right. stuart: reportedly joe biden will announce his candidacy tomorrow with the release of an audiotape or videotape, i should say, but that does not sound like a real strong sendoff for his campaign. remember, trump came down the golden escalator and that's an entrance. >> quite a contrast but at this point, it's not too surprising but disappointing biden backers because his whole tethering in the hamlet on the potomac routine has left people thinking he's indecisive and not strong and, by the way, pulling shows has really been definitely deflating. not in every poll. bernie is ahead in polls because
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he's out there and came on fox and out there constantly speaking to people in what is biden doing? which is interesting? stuart: he's going to texas. belly of the beast. >> the theory there is the people who voted for trump a long time democrats were disaffected workers who felt like the democrats of the behind and bernie was talking to those people in 2016 and something democrats don't want to talk about because democrats were in charge and this will be a soft thud as opposed to a really exciting moment for joe biden but we will see. stuart: no greater condemnation that a soft thud. [laughter] liz, thank you. earlier this morning quite a buzz about brookshire halfway fine the utility in the calpurnia utility pg&e. however, warm buffet is now come out and said he's not going to buy it in pg and he says will
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not comment on the speculation. more on that after the opening bell. check features. we are up - look, a call this a dead flat open this morning. remember we reached record highs on the s&p, nasdaq and pretty much flat this morning. you will see the white house momentarily. there it is on your screen. present him goes to atlanta later on and speak at a scription drug abuse summit and of course, he may speak to reporters before he gets on air force one and usually does and if he does you will see it. bernie sanders as we said goes to texas holding rallies in houston and fort worth but he's heading right into the middle of trump company. my take on why he is going or coming up at 11:00 a.m. here's a stock to watch this morning. boeing up in the early going but
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having a tough go after those two max jet credit crashes with a big drop in profits today and causing share buybacks join their financial forecast for the year and i call it a company in crisis however, we got an analyst coming up who says it is a five and will make his case after this. 2,000 fence posts. 900 acres.
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stuart: let me straighten this out. pg&e there was buzz this morning that burks had weight might buy it in warm buffet comes out and says no, i'm not find it. the stock is still up 3%. pg&e. boeing reported this morning postponed their guidance suspended stock buybacks and the cash flow, the hit the cash but not as bad as wall street thought. look to is here. fan of the show, he watches consistently this program and is prepared to admit it. i've been, hell of a guy. glad to have you there. he gets an extra two minutes, is that clear? [laughter] why do you say by boeing at 377.
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>> by good companies with her having a bad time. the whole airline industry is capacity constrained and desperately need planes and boeing has a twenty-year backlog of orders. there is a demand - you have to order your planes many years in advance to keep targeting your increase in passengers. in so, this has been a tragic situation for boeing however problem with the software is not systemic. fortunately, we've had more issues and more pilots complaining so they are planning on having a software upgrade sometime in the next week or so that should address the problem and go into faa certification and start to upgrade the planes and getting the 737 maxis which is their main plane and the dominant plane for many airlines it is a short-haul, long-haul plane and in huge demand and i
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think this problem will be fixed and boeing will be covered. >> most of our viewers are not traders in the sense that they buy today and sell it to the prophet next week. most reviewers want to buy a stock and hold it for some time but our classic investors. are you talking to those people buy it and hold it for a long time? >> i think if you buy today within the next 12 months you will see a new all-time high. stuart: put the best off right up front so you think it's going to $4.50 within the next months? 377 now those 2450 and trying to do the math. 50%. that is what you're calling it? going up from there. ivan, thank you for appearing on the show today. you are on videotape so you will be back to justify your call here. >> i welcome the opportunity to be one thank you, sir. they are calling it the mother of all caravans and reportedly
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moving north from central america coming here, we believe it with us about 10,000 - >> at one point was estimated it could reach 20,000 but still considerable size, 10,000 expected to arrive in mexico city this week and what is different about this is a very diverse group. in addition to central americans there are people reportedly from yuma, haiti and africa within this caravan. mexico has been deporting as many people as i can and as this process unfolds but this is a group that has gone through and nothing will stop them but they will care about mexico city at an old lubeck stadium for a couple days to rest up and heading for the us border. stuart: thought mexican authorities were doing the best to stop the caravans before they got - >> they are clearly overrun and pushing some back but can't stop this caravan and as you can see from the video continues its marginal - 10,000 strong. stuart: that's a lot of people.
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>> cuba, haiti, africa in addition to many central america. stuart: i think tom is on the show later today and i'm sure he'll have a common. let's look at features. opens in 12 minutes time and we will be up, not much, but up certainly for the dow, ten-13-point with a marginal loss for the s&p and nasdaq which, remember, closed at record highs yesterday. then we have hillary clinton sounding off about the mueller report and says if it was anyone other than trump they would have been indicted. looks like the democrats can't let this one go. we are on it. ♪
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stuart: breaking news. former president obama does not plan on endorsing a candidate in the primary process. they say and this is his wife michelle as well will say it's too early to make a recommendation hillary clinton gave her take on the mueller report. roll that tape. >> i think there's enough there that any other person who has engaged in those acts would certainly have been indicted but because of the rule in the justice department that you
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can't indict a sitting president the whole matter of obstruction was very directly sent to the congress and if you read that part of the report it could not be clearer and as i read it basically what i thought it was saying was look, we think he instructed justice here. stuart: i'm not sure what she is saying there but no doubt, live, show light on it but they won't let it go. >> they can't let it go but what else have they got? completely at odds with healthcare and almost environment of policy but really couldn't have got to be the least self-aware person on planet earth. almost everyone in the public party thinks her team and she conspired to destroy evidence about her e-mail scandals and other things, leach her computer smashing cell phones and good grief, she's the one talking
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about instructed of justice but i don't think there's any evidence the president trump destroyed evidence or yes, attempted to get people to cooperate but at the end everyone did cooperate and that is not the case with hillary clinton and honestly it's astonishing to me she puts yourself out there. it does sound like she was setting up on a sitting president whether you can be indicted and that's accidental. stuart: i'm not heard a word from former president, bill clinton. not in some time but i wonder why not? did he say he asked his donors to support beto? >> no, that was obama. yeah, yeah, some of his come in on beto o'rourke's campaign and looking fragile so maybe obama is reconsidering that was private and not in public outreach at all but it may well be that they are thinking it's simply too early and didn't want
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to back the wrong horse. stuart: the focus of our show this morning will probably be the stock market. of all these record highs will have hillary in the background so we won't go up 20 points at the opening bell for the dow. that is one of the three major averages which did not hit an all-time record high and only a couple hundred points away from that record and will be up about 2020. small loss for the s&p, left for the nasdaq but let's see how it pans out. personally, i'm waiting for microsoft and facebook at 4:00 o'clock this afternoon. i hope i'm not disappointed. [laughter] we will be back. i'm working to make each day a little sweeter.
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stuart: big meeting white house between president trump and the chief via twitter, jack dorsey. president that is being treated unfairly because he is a republican but went on to say he looks forward to keeping an open dialogue on twitter and with twitter. the stock, twitter stock, did very well yesterday. record number of users, was that it? >> up to 134 million tripling in first-quarter profits and also addressed the complaints about harassment on the platforms so
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they are doing very well. stuart: isn't that extraordinary? 134 million daily users. >> up from 126 million in the fourth quarter so yes, doing well. they can say president trump by the way. stuart: we have a hard time getting used to global market of 134 million dealer users. we are off and running and when the morning and open with the dow industrials. up 32-point as a speak down ready to and that's the big board, fractional loss and weren't expecting it but that's what we got. given time. s&p 500 is down a tiny fraction, .07% and the nasdaq is up a tiny fraction of .03%. couple companies ready reported boeing and the market likes what it saw and up to dollars, $3.76 and caterpillar is the most to present the news on that.
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coming up. at&t is down 2% and all those reported this morning, only boeing is up. we have people here and in my opinion profits are driving this stock market rally so here is my question. the man who is venturing the market on all these years and you have - take a bow, are we in the melt up the situation? by that i mean a sudden spike to the upside. >> it looks that way. even saying the market looks like he wants to and now that were at new highs the sideline money that is mrs. rally since being on the selloff from october to december is this where we will come back and. >> i think we will see a melt up. >> under invested and not much enthusiasm but there's a lot of money sitting on the sidelines and so far it has been proven right. such low expectations and a low bar in the first quarter intensive earnings and profits to be down over the present and we have seen gains and revenue
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and sales from the companies that have reported. stuart: what do you think, keith? built up? >> i think that is what we have because psychology has shifted, stuart. it's gone from i want to prove this, show me this two oh, boy, fear of missing out and i better get in the. >> all we talked about is the global slowdown and ongoing treatment china and earning and this will all be gloom and doom. stuart: apparently not. dow that - 200 points for a record high. >> i like it. stuart: i like the stupid facebook and microsoft report after the bell today that they've been - it's an all-time high look at that. already. this is in advance of the official numbers in seven hours time. ♪ >> take a bow. stuart: look at that.
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184. new high. extraordinary. keith, you got to say if there's the slightest degree of disappointment for either reports, facebook and microsoft this afternoon investors will punish those stocks, aren't they? >> respectfully, stuart, i will say they will punish facebook but not necessarily microsoft but people recognize how fast the card is going and how it's a competitor amazon web services but with facebook you have pivot to privacy concern and legal concern and i think it's a shell game, smoke and mirrors and doctor berg need to come up with fast clinicians. stuart: were not by faith but but would you bite microsoft connect. >> correct. stuart: you would? >> yeah, no without question. i recommended microsoft and i think the stock should be 175 or one 80 in 12 months from now. [laughter] stuart: we will deftly take 175. would you go higher than $200 a share a mix up?
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>> i don't know how long it will take together for this has nowhere to go but up. best management team i think in the tech industry so that's been a huge fan of microsoft for many years. stuart: i am writing my own acts and will move on. boeing stock reported this morning that we had an analyst on this program moments ago that said it's going back to 450 boeing. soon, in the next 12 months. what you say? >> i think eventually it will go up and but it has a bumpy road. they announced two years ago in $18 billion buyback program and sent $9 billion of that last year that up to 20 billion this past december and then had the two accidents that is off the table. they said they will not pursue those buybacks are now but i'm a dollars last year helped move the stock higher and higher but without that extra push i'm not
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sure and this month on the 29th of april there's a big meeting of nine regulars coming up and if they can, they will have real problems. >> industrials have contributed to this first-quarter industrials and that is excluding the boeing declined the scene in the first four months of this year so industrials do well and believe there is continuing growth in the us economy so that's really encouraging. stuart: i would not mind buying boeing on the grounds that it's a bounce back stock but look at the backlog. stuart: twenty-year backlog is enormous. check the big board we do not open with a small gain but opened with a small loss and that's where we are now down 30 points for that dow. rosie forecast the future from ebay. stock is up 3.5%, $37 a share, snapshot added users for the first time in three quarters but is down this morning down to present this morning. higher profit, solid progress from texas instruments and look at it go.
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forty cents higher and that is .3%. price of oil, $66 a barrel just about the same as yesterday for the price of gas keeps on going up. look at it. 286 international average as of right now and again i got to say looks like $3 gas is coming. walt disney's grandniece - [inaudible] netflix chief reed hastings, his pay jumped 50% to $36 million last year. i think eiger is worth 65 million. >> and then some when he took over the soul rains and 2006 about pixar and lucas films and 20th century last year and going into this year so they hit it out of the park. they bought marvel in 2009 and he's done everything right. the stock is up to 50% for when he took over and that annual 26%
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gain in the stock. the nieces problem is you don't own enough of the stock. >> she's arguing that 1400 times that is how much bob eiger makes the median price of a disney employee and is up from 19. wait, wait she's arguing that's up from 278 the average ceo makes 30 times that video sala salary. >> sheet he's worth it. >> she is missing the point th that. stuart: she's grinding the socialism ax. socialism and equality. >> i'm not saying i agree but the fact that she stating her op-ed piece. [inaudible conversations] stuart: want to bring in keith. would you buy a stock like disney or netflix where the chief executive has paid an enormous amount of money? does that salary put you off? >> no, it does not.
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to your point and to everyone else's point, he's creating valley so what if he's executive if he or her does her thing and makes millions and they make billions for the shell folders but the argument is misguided. if you want to bring this and you have to change the system that rewards that conversation, not to put in a cap. stuart: by the way, disney's streaming service will have 20% less content than netflix. i don't think this is quantity over quality but where's the quality? >> hastings valerie is [inaudible] and he gave us deere came from the stock appreciation. give him credit for that. stuart: absolutely i do. score one for google when he the first faa approval for regular drug delivery. what will i see drone deliver a package? >> they have been testing in australia - they got faa approval for now but it's very limited in scope in terms of
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where they can fly but this is something amazon has touted saying to get packages to buy a drone so google has beaten them to the punch in terms of faa approval is pretty significant especially when it's google first amazon. >> they been practicing this in the uk for number of years to get it down because they cannot do it here or faa approval. >> starbucks. stuart: starbucks his arrival in china planning to go public stateside in beijing -based - i think that's pronounced related [inaudible] >> you probably can't repeat it anyways but the point is it's worth 2.9 billion in the last private round of fundraising and still losing money. we talked about the tech unicorns again seem to make profit in the last $240 million last year and its growth your betting on. stuart: they're going for the biggest expansion.
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>> starbucks was looking to build one starbucks in every 15 hours. 3,000 stores in what they expect to be the largest market in the future ahead of the us. they stepped in and put in a ton of money in terms of expansion in their key is that they delivery but you don't walk up to the kiosk. you come and deliver it to you but you have to work the app. stuart: keith, i know you want to get in. what do you want to say? >> it has a smaller footprint and corner out of the way shop was much more convenient to chinese way of thinking with mobile access and delivery and ability to pop in quickly, get your coffee and go where starbucks is an experience. tremendous escalation on starbucks part in terms of what the chinese market wants. >> and they make a public later this year. >> and are choosing the us because they've only been around for two months. you need three years of track record to live in china. stuart: they will do it here. ;-) very much indeed to keith and congratulations to both of you but you got the market
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right. very good. check the market rate down 11 points and mcdonald's and microsoft both hit all-time highs earlier today and mcdonald's is still at it closing in on nearly $200 a share market pulled back a little bit still 125. president trump not going to the white house correspondents dinner and telling his staffers to boycott it as well but trump will be holding a rally in wisconsin instead. interesting story. more trouble for samsung is a port that they rushed that folding phone to market to try to one up apple. details on that one coming up. latest from chris woman alexanderia ocasio-cortez who says there's nothing wrong with the veterans administration. quote, if it ain't broke, don't fix it. she says that. you will hear it after this. ♪ cooper!
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♪ help! you know i need someone stuart: w are getting going this wednesday morning, down nine on the dow industrials. president trump meet about the border. quote, - the report says them song rushed that folding phone to market and there trying to be apple mac they were and it's embarrassing because april 261 state where the technology photo phone cost you $2,000 so they put that off until they can fix some of the problems according to reviewers and that includes the screen that does not light up and
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broken hinges and a lot more. not the first time samsung has had a false start in terms of technology. galaxy full seven, galaxy note seven that they had to recall because the batteries were overheating and burning so this is another black mark for them not a good time with her shipments are down a percent. that's even more than the 5% drop in smartphone shipments for everyone else be one that is samsung for you. alexandria ocasio-cortez wants people to stop criticizing the veterans in ministration. royalty. >> [inaudible] [inaudible].
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stuart: you probably cannot hear that but basically she said aoc said the veterans administration delivers the highest quality care to our veterans and if it is not broke, don't fix it. brad blakeman is here, formerly the deputy assistant to george bush. she's taking hit for that. >> va does a great job but as long as there's not a bad getting timely care or quality care and we have a problem. every agency can do better. to say to leave it alone, is wrong. stuart: i think she likes it because the present administration is government care and that's what she wants, medicare for all. government care, that's why she likes it. >> but the va is what it is and is government care right now for our veterans and president trump has allowed veterans to go outside that system to get care when they needed and in places
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that are close to them and don't have to travel. we've got to make government healthcare provided the best healthcare it can be comparable, if not better than you can get in the private sector. stuart: i think she objects to veterans going outside the va. >> no doubt. control. democrats won control of her life from cradle-to-grave and the more control the better because they have the answers but they are wrong. stuart: i want to talk about the citizens question that might has been proposed for the census in 2020. president trump in the imagination once the question on there, are you a citizen? the left does not want it on there but where do you stand? >> it has to be on the but we have to know who is in our country. question . stuart: argument is if you asked him are you citizen illegals will say while they won't answer is we won't find out who's in country. >> but that is the point. we have to know who is here, why they are here and what their intentions are. the fact is they make life of
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course, they may lie. that they are here illegally for the object of the question is to get a hold on the senses and that is the whole point of the census to find out who is here and who are we responsible for. if they take out of the mouths of a citizen of benefit, food, care that is one less service be delivered to a citizen and that is the reason it has to be on the. stuart: brad, thank you for big news date that's right were so short. good stuff here. check out the dow 30 left-hand side of your screen. i'm afraid the majority of dow 30 stocks are in the red and are down this morning but industrial average is down 37 points as we speak. measles outbreak is growing more than extra cases now in 22 states and i want to know. what can we do about this? how do you stop it now. doctor siegel coming up on that next. ♪
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stuart: the measles outbreak, cases are surging and officials are scrambling. come in and doctor mark siegel. we can't stop the thing, can we?
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>> do know why? when it comes to something like this you are not against vaccines the very pro- affecting but the problem is it starts the fact that there are three times for measles in the world at this point this year than last year. three times. were talking asia, africa, utah breaks, israel, middle east and here is the problem. travelers bring it back here and inside factors here promote noncompliance with an extreme effective and safe acting and measles takes hold in those neighborhoods with people other need to know one out of four measles cases leads to hospitalization. you can get that from measles and ammonia from measles and even really getting brain swelling or death from measles. measles is the real different vaccine is a. stuart: the solution is long-term everyone has to get vaccinated so that these travelers and anyone else cannot spread it because we've got vaccination. >> and whole society is protected.
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people born around when we were or a little after the 60s they may have gotten affecting the do not work that well and up until 1989 no one gave to vaccines. mmr, rubella, mumps affecting which gives you a 97% humidity started in 1989's of you are born after 1957 and before 1989, get checked by your doctor to make sure your immunity is still there. i can give you a booster and give you immunity. >> the booster is reliable and works. >> one 100%. stuart: were not talking flu vaccine with 40, 30% but you're talking you'll vaccinated and not get measles. >> i like the flu vaccine and i love this vaccine. this is a hugely effective live by respecting extremely safe and you can detect your old grandmother next to you who can't get the vaccine because she has chronic disease or pregnant woman or someone immunocompromised or someone getting chemotherapy can i get
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the sexy but to really want measles to spread to the person so the public health responsibility to take this vexing. stuart: i should tell everyone that i publicly agree to a flu vaccine next to sylvan even by you. >> can we do it on the show? maria: probably not but i will do it. i want to just settle something here. earlier this morning speculation that warren buffett would buy pg&e and the california utility and jerry willis, come in. i believe warren buffett said no, he's not buying pg&e. >> absolutely right. let me give you the anatomy of a rumor proven not to be true. 7:51 story crosses wires that berkshire hathaway would buy pg&e with stocks and 60% but the source of this rumor is a high-priced newsletter and i mean high-priced newsletter. they are citing to industry insiders for the story and this deal has been speculated in the
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past on the wire to people but maybe it was true but warren buffett value investor and shares are down 50% over the last 52 weeks and 16 minutes after this thing first crossed warren buffett himself came out and said no, not you. not happening but as you can see the shares are still hybrid 6.6% so people out there still asking the question will warren buffett by but he says no. stuart: jerry willis, thank you indeed. north korea's kim jung-un is now in russia a summit meeting with vladimir putin and were told that it will be at the top of the list. other things i'm sure, too. president trump a state visit to britain in the first week of june. the brits are not expected to roll out the welcome map for this president but i say they need us more than we need them. so shape up, brits. we will be back.
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stuart: the president and first lady will make a state visit to britain in the first week of june. it is the 75th anniversary of d-day when allied forces began the invasion of nazi occupied europe. the festivities will center on that but there is more at stake. the brits desperately need america. they have messed up brexit. they need a big, strong trading partner of the that's us. here is my point. do not bite the hand that feeds you. america could come to the rescue. america could do a grand trade deal. mr. trump has said yeah, would do it. but this president will not react kindly to insult and the left in britain is determined to insult our president at every turn. the mayor of london, sadiq kahn will allow another baby blimp to mock the president although this time the blimp will be much bigger. we have 10,000 police officers from all over the country. they will in london to control
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the expect the riots. speaker john berkow, he is the you hear shouting order, order. he doesn't want president trump to address parliament. obama did. to refuse trump would be a serious insult. there is the carriage ride down the red brick road look leading to buckingham palace. it is pronounced mao. take to the streets so trump is not welcome here who runs the stop trump coalition. the brittest he left is copying the american counterparts. they hate trump. they will show it. britain is a free speech country. i'm not suggesting that demonstrations should be banned, oh, no, i would suggest the brits be careful. don't let your hatred get out of hand. you need us. i will end on a personal note. my late father was in the royal navy. he was on a mind sweeper clearing the english channel early on the morning of
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june 6th, 1944. after clearing the path, my dad's ship sailed back to england. he sailed through the on-coming invasion armada. thousands of ships. tens of thousands of british, american troops heading to the beaches of normandy. that was america helping britain in it is hour of need. america is ready to help again. but they better ask nicely. the second hour of "varney & company" is about to begin. ♪ stuart: i will calm down. ashley: well-said, sir,. stuart: thank you very much indeed. the dow down 21 points. a fractional loss. the two dow components have already reported. boeing will take a billion dollar hit on the grounding of the max 737 jets. once you know the that is plus for the stock. that is why boeing is up.
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caterpillar is down. they reported higher profits but they say they might lose market share in china. that is why they're down 4%. no, about 3% but they're down, okay? at&t, oh, dear, they lost 544,000 directv customers. when you do that your stock goes down. 3% down for at&t. reminder, please, big action this afternoon at 4:00. facebook and microsoft report their profits or otherwise. as you walk up to it a fractional loss for both stocks. check those markets. we're down 27 now from the, for the dow industrials but we're still very close to a record high. we're coming off record highs, the s&p and the nasdaq. michael o'keefe is back with us. he is the stiffle guy if i pronounce it right. >> that's right. stuart: this is because of record profits? >> profits are good. this is positive view. people anticipating the
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u.s.-china trade deal. resolution. the fed has been very supportive. there is a lot of positive. stuart: in the absence of serious negatives on the horizon you think we go up from here? >> modestly higher from here. some volatility but we have to watch for potential negatives, right? stuart: sure. >> earnings are looking strong so far. we have to look for disappointment. we expect gdp, sort of anticipating for the first quarter has been down but now up a little bit. we probably see a positive print on friday but if it disappoints that could shake people. stuart: here is what i think could be a negative, stock buybacks. i think some of this recent rally has been fueled by companies using their profits to buy back their own stock. i think that is a parking lot for money. you know, you use it when you want it, somewhere down the road. but when those buybacks come to an end, that could be a problem for the market, couldn't it? >> there is two-ways to look at that. anytime a buyer steps away supporting a stock that may have
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some downside pressure. the other side of that coin show, if they're not buying back stock, they're looking putting money to work in new businesses then they have a more positive view. when they're making a decision to buy back stock or not, it is about how to use the capital. if they have an optimistic view how to use the capital, that's a good thing. stuart: you're one of the analysts who have been on this program frequently, saying market wants to go up, the market will go up and you've been right. you're still saying that the market still wants to go up? >> we're happy about sort of the strength we've seen. we're always asked, what do we think looking forward? a modestly positive view from here. some volatility. the volatility has been lighter than we expected. i think it will kick in a little bit. there will be reaction to some of these activities like trade and that kind of thing but -- stuart: you're still positive? >> we're still positive. yet, you asked me last time i was on, what about a recession? we still think it is far out. part of what we try to do, look,
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we know eventually recession will happen. in advance of that likely a correction. we're trying to anticipate the timing of that a little bit. more importantly we're guiding clients start to get defensive. not get frantic about it, but it's a good time as markets are strong to build defensiveness in. stuart: michael, thanks for joining us. now this, joe biden expected to announce a presidential run tomorrow. it is expected to come in the form of an online video our next guest says that will be a mistake. joe concha with us, "the hill" media reporter. what is the mistake, the video announcement or just that he is running? >> let me ask you a question, stuart. do you think it is better to announce in front of a crowd, where you have cheers, not packaged like a video. last time a major democratic presidential candidate announced her candidacy in 2016, hillary
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clinton, she did it by video. it didn't seem authentic, so packaged. almost to have biden they're worried he will make a gaff in the announcement and that it is edited neat and homogenized. stuart: i think to answer your question, there is no entrance like the donald trump down the golden escalator, to a crowd of roaring, cheering people. that is announcement. >> we've never seen that before. think about it, how many other announcements can you remember over the year any presidential candidate, obama, bush, clinton, people that have won, trump going down the escalator is etched in people's mind. it was a live event. that kicked off the whole thing in june of 2015. basically two months after what we're talking about now. so he actually got in late by all standards. obviously that didn't hurt him one bit. stuart: the white house is telling administration officials don't address, don't go to the
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correspondents' dinner, the white house correspondents' dinner. what do you make of that? >> i think look, after what happened with sarah sanders last year, you had a comedian named michelle wolf, from comedy central, the last four have come from comedy central, i think there another place to get the comediennes from but fine. when she had her looks with sanders sitting there, it was poor taste, criticized everybody to the point the white house correspondents' association decided they will not have comedians anymore. they will have an historian this year. i can understand why the administration, particularly the president would say you know what? boycott this thing. they treated us who are whether i in the past. this will be another roasting of you, at same time be above it, don't ban people going. if members of the administration want to go, fine, think about it politically, among republicans 93% of republicans are trump supporters. don't trust the media. some out right loathe them. from a political perspective for
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the president to do a rally that night, you know how cable news works, there will be a splits screen, one sideshowing the president with the people on a saturday night, talking about policy, other night elitists like me at white house correspondents' dinner eating probably overcooked chicken. stuart: we'll keep you off-camara, joe. we'll concentrate on wisconsin where the rally is going to be, key state, wisconsin. joe concha, great to have you back on the show. see you soon. thank you very much. >> all right. stuart: president trump will make a state visit to the united kingdom in june. you heard from my rant at top of the hour. ashley, my fellow former brit. ashley: hopefully not former. we both had the operation. we're now americans. stuart: i'm saying to the brits, hey, don't bite the hand that feeds you. rein in the hatred. we need us more than we need you. ashley: they can't see past the hatred, you're absolutely right. ironic the president will be there to commemorate d-day,
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75th anniversary, a time when the united states as you mentioned put their own lives on the line to help great britain and europe and, to deny president trump the ability to speak at parliament i think is an absolute disgrace on that alone. their hatred, bottom line, there is financial situation. the u.s. could do some very, they already do big deals. they could be tremendous deals. if you have protesters shouting, screaming, creating mayhem, donald trump is kind of guy, say forget it and walk away. he won't have any problem doing it. you can't blame him. stuart: he is the kind of guy -- ashley: fine if you want to treat us like that we'll take your money elsewhere. stuart: you're right, mr. president, stick it. excuse my language. ashley: no, you're right. stuart: talking of pomp and circumstance, there will be a lot of that in britain. there was a lot as kim jong-un arrived in russia. look at that. he will meet with vladmir putin. i want to know what did we get out of our meeting with
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kim jong-un? doesn't look like we got a whole lot. we'll talk about that. president trump tweeting about the border. here it is. a very big caravan, here is what the president is saying over 20,000 people started up through mexico. it has been reduced in size by mexico but it is still coming. mexico must apprehend the remainder or we women be forced close that section of the border and call up the military. the coyotes and cart test have weapons. this comes as new video, you're looking at it, heavily armed smugglers escorting migrants across the border. not a good situation. former i.c.e. director tom homan will have his opinion on that. president trump heads to atlanta later this hour. there is on a event on the opioid epidemic. if he makes comments, he probably will, you will see it here on "varney & company." ♪
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stuart: we've been like this all morning. the dow at 26,600. a couple hundred points from all-time high. ebay, gave a rosie forecast. up nearly 5%. texas instruments, better profits, nice strong outlook, up 1.2%. now this, north korea's kim jong-un has arrived in russia. he meets vladmir putin tomorrow. gordon chang is with us, author of the new book, "losing south korea." ford done, welcome back to the program. >> thanks, stuart. stuart: doesn't look like we, america got much out of diplomacy with kim jong-un and now the guy is in russia. what is going on? >> we certainly lost ground when last may president trump tried not to vigorously enforce sanctions to create favorable environment for kim. kim has taken advantage of it. he has not resip prepare
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indicated the goodwill of president of the united states. kim going to russia. you have two troublemakers together. kim will try to get some relief from sanctions. i don't think putin is in a position to give it to him. nonetheless this is not going the right direction for us. stuart: president trump eased a little bit on sanctions last may? >> last may he decided not to sanction three dozen, chinese, russian companies. stuart: that was taken as sign of weakness? >> what is to kim he decided he can get away with it, he thinks he can play the president of the united states. stuart: can he? >> he has almost a year. that is mistake on his part. if he doesn't reciprocate the judgment president trump will lower the hammer on him. stuart: when you say lower the hammer, what does he do to lower the hammer? >> starts enforcing sanctions against russians chinese and south creasians who are openly violated u.s. rules on money laundering. this situation is very good for
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the north koreans but it will not last. we saw this with president trump and the chinese. in 2017 the chinese got a free ride from the u.s. they didn't reciprocate president trump's overtures. what happens? you get the to third week in 2018 then trump goes after the chinese on the 301 tariffs. now we have a whole of government approach against china. i'm sure the chinese are rebretting that. kim will face the same situation. stuart: interesting. world leaders are convening right about now in beijing. the chinese authorities wants to bring them what is it called the belt and road summit. >> right. stuart: where beijing puts a lot of money into the countries and gets diplomatic support and economic support i guess. should our president be there? should america be at the belt and road thing? >> no. belt and road is for advantage of the chinese. what they're trying to do is tie the world to beijing t sounds good, but the point they're building infrastructure that the private sector wouldn't touch.
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a lot of these projects are going to be uneconomic. yes, china will get some benefit out of it but in beijing they're talking about how this is not in china's interest. i actually think that assessment is correct. stuart: but it is in the interests of countries receiving money and having roads and bridges built for them by china, it is is in their interest, isn't it. >> it is for some companies. chinese extended high interest loans for sri lanka. they have taken over one of the ports for sri lanka because they couldn't pay it back. eventually that port will end up being a chinese military base. china get as benefit out of that. but you have to remember, china, this debt trap diplomacy everyone talks about yes it traps the debtors and also traps the creditors. china has a lot of money out on the street it can't get back. we learned from "the wall street journal" chinese banks have more debt liabilities than they do assets. that means there will be in the
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problem in the chinese banking system in the not-too-distant future this is sharp reversal of the situation a couple years ago. stuart: folks in china are not keen with all the money flowing out to the two countries? >> first of all beijing is not getting as much as it should get in return. china has all the needs at home not being serviced bus xi xinping the chinese ruler is much more concerned about venezuela and sri lanka other places around the world than the real need at home. stuart: i smell trouble. gordon chapping, thank you very much. >> thanks, stuart. stuart: not just san francisco with a chronic homeless problem. people in seattle say it is getting worse by the day up there. now businesses are giving up some of them fleeing to the suburbs. we've got that story for you. another check of the big board shows a marginal fraction of loss for the dow. down a mere 15, 16 points. we'll be right back. ♪
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so you can come out swinging, maintain your inner focus, and wake up rested and ready for anything. and now, save $400 on select sleep number 360 smart beds. plus, free premium delivery when you add a base. ends saturday. stuart: we narrowed the loss. down just six points on the dow, 26,600 is where we are. can we quote domino's pizza, please? yes we can. 10% higher. they made more money. they sold more pizza. that stock is off to the races up $27. sirius xm radio, beatles channel 18, made less money than expected. down five bucks a share on sirius. we were supposed to hear from our west coast reporter robert gray, talking about the
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seattle homeless problem. they were confronted by a group of homeless people. they had to move to a new location. we're following up to have the story for you momentarily. now this, the u.s. is accusing two people from stealing secrets from general electric, passing them on to china. details. susan: corporate espionage part of u.s.-china trade talks. in the story, the justice department says they arrested a u.s. citizen of chinese descent who works at ge. the employee accused of passing on turbine technology, secretive ge turbine technology on to a chinese businessman. this is very interesting, because the justice department alleges that ge's technology will possibly ultimately benefit chinese companies and part of their espionage case might have been sanctioned and also financed by chinese research institutes, or ones affiliated with the government. so there is a lot that is still playing out. of course these are the same accusations we hear over and
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over again, whether tesla, self-driving cars, apple technology, et cetera, et cetera. stuart: all about industrial spying on behalf of china's government? >> susan: right. >> that is the bottom line story. it is happening frequently. susan: something negotiated with the trade talks. stuart: exactly, part of the trade talks. disney poised to dominate the box office this whole summer. is this about the avengers movie. ashley: that will be avengers endgame. that will be biggest draw. they have releases of "toy story" 4, "the lion king," "aladdin." they say they could eat up 45 to 50% of the total box office which they think will beat last year's $4.8 billion in ticket sales. very impressive indeed. you're right the a avengers move will be a big draw.
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stuart: dealing with a week of protest, george mason university says, justice brett kavanaugh will teach a course this summer a college showing some backbone. that is my opinion. i like it. we expect to see president trump later this hour. he is getting ready to head to georgia for an opioid event. if he makes any comments, of course we'll cover them for you. ♪ i'm working to keep the fire going
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ashley: get back ussr. stuart: not bad. ashley: that was rather lukewarm
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stuart: it is in a -- played in a minor key. sounds like it. i also think minor key music slightly downer. ashley: a higher key, more dramatic? susan: high rhythm. stuart: that's what i want. susan: "help." stuart: show me the big board. we are up nine points. we have a turnaround. we're in business one hour this wednesday morning. look at us go. we were down. now we're up about 10. 26,666 right there. weekly oil inventories coming to us as we speak. this is where we find out how much oil we used and how much we taken out of storage. have we got a number. susan: a lot. 5.48 million barrels. up five times estimates. ashley: a build. susan: that is a build. as i said there is a lot of inventory at play. this comes after the american petroleum institute yesterday reported inventories up five
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times more than expected. there is a lot of storage, a lot of supply. oil prices reacting more to what is happening on markets. global supply and iran oil waivers were canceled this week by the state department. so there is more demand. less supply, coming from iran. stuart: but we're using it. used five million barrels of the stuff. i see the price coming down. you're barely at $66 a barrel. ashley: less demand i guess. susan: no. probably a lot of supply because of the fracking revolution. stuart: i hope. maybe there is a hope we won't get to $3 gas. we have $66 a barrel oil as we speak. you're shaking your head. let's go with this one. new york city's green new deal, they're going after skyscrapers. listen to mayor de blasio. roll it. >> building owners, you have got to clean up your act, you have to retrofit, you have to save energy. if you don't do it by 2030, there will be serious fines, as high as million dollars or more for the biggest buildings.
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this mandate guaranties we'll reduce emissions. we'll ban the classic glass and steel skyscrapers which are incredibly inefficient. >> it is not just skyscrapers, all buildings. new boiler, air-conditioning, et cetera, efforts. who would want to build in new york city? the mayor seems proud of it. joe borelli, a new york city council member. joe, welcome back. >> thank you. stuart: the vote was 45-2. i take it you were one of the two? >> i was, i was. what is growing concern for people, we have a city diverse and beautiful, the only class of people never represented at the negotiating table are the taxpayers and middle class will have to bury the burden of all these cockamamie things bill de blasio and company propose. stuart: this is ridiculous. to get rid of glass and steel skyscrapers. what is going on here? >> there was a time in our history not too long ago, a construction of big, beautiful
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glass skyscrapers that would penetrate the cloud was seen as progress. if i was running for president in 2020, i was mayor of a city, i would tout those things as great and wonderful. not to mention by the way these skyscrapers are some of the most efficient in the country. new york has the lowest carbon emissions per capita in the entire united states of america. this is junk science, basically a solution in search after problem. stuart: they think the sea level, water level will rise because of climate change. that new york is it vulnerable. therefore, we've got to take measures to prevent it. not going to make any difference. >> no one is saying don't take measures. no one wants a dirtier, less healthy city, when you require 50,000 of the city's buildings to retrofit in the next five years, you're not making this city the second highest cost of live in the country, it will be the highest.
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stuart: 39,000 people walked away from new york city, they left the city last year, first time there has been a population drop in 10 years. i think that is just the beginning of the exodus. >> there is no doubt. the new york city and other urban areas suffered from a white flight in the '60s and '70s. now we're entering the new area of green flight. people, middle class folks myself, my family, are browsing zillow, look around the country for more affordable place to live. when the government is out there, people are fleeing, going back to the pockets of taxpayers to make up the difference, this will only compound itself next couple years. stuart: you live in the city. >> i sure do. stuart: you are a staten island guy. >> i am. stuart: one of two people who voted against this stuff. a lot of people that you know, middle class folks who live in new york city are they thinking the same way as you are, looking at zillow for pennsylvania houses? >> as telecommuting becomes more popular. people leave the city with fatter pensions and good benefits down the road they
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don't need to live here. when you're doing everything you can to make the cost of living higher, make value of living in new york city less, it shouldn't be surprising. to politicians should be honest why folks are leaving. stuart: nothing will change in new york city until more people vote. >> get rid of de blasio of course. stuart: it is tiny fraction of people that vote in mayoral elections. >> sure. this is one-party government. this is probably the biggest one-party state outside of china if you sympathy about it with 92 billion-dollar budget. people need to vote for different parties and people that keep check. stuart: joe bore borelli, appreciate it. this is from "the washington post," from the editorial board too. elizabeth warren has the wrong answer to america's student debt. the article goes on saying debt relief is unfair to those that didn't go to college. campus reform. org contributor is with us. i was really surprised to see
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that in the "washington post" going against student loan relief. you were shocked too, i take it? >> great to see sense coming from "the washington post." that is always a good thing and this is a business show, stuart. you and i, all of the good people watching right now understand that college is not free. nothing in this world is free. to pose it as free is political move. she is looking for votes from young people. it is pretty clear that is what she is doing here. she is lagging in the polls. this send as dangerous message to young people, education is something we have a right to, the right to do it for free. if you get yourself into a bad financial situation, if you sign your name on dotted line to something not advisable to financially, that the government is supposed to bail you out. that is so dangerous. not only for now, but for the future of our country as well. stuart: you could see how it is popular, emma. if you're in your 20s, you have student loan debt around your neck. along comes a political candidate, up to $50,000 will
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wipe out the debt, you're home free. you know, that is an attractive vote-buying manuever, is it not? >> yes. a lot of people in my generation feel disenfranchised because they were told by people who are elizabeth warren's age, if you go to college, if you take out a four year degree and you get that bachelor's, doesn't matter how much debt you take out, you will get a great job and able to pay that off. they're starting to feel a little bit cheated because that is not necessarily true. they're seeing people from the forbes 500 list to their local electrician making much better money than college graduates. they're able to do it on their own terms. that does not feel good. i think now is the time for people my age, millenials, gen-z, to learn a lesson about responsible responsibility. the fact when they get down the road, they take out too much credit card debt or buy an expensive car, the government won't be able to bail them out. we can't teach that is okay, when it comes to school loans. stuart: i have to get to this one, real fast. george mason university will
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allow supreme court justice brett kavanaugh to teach a class. the students protested but the college looks like it has a backbone. i think that is great. >> it is. leadership institute of campus reform we're constantly reporting on schools that bow down when it comes to students demanding things. it is so refreshing a school taking a stand here you know what? there is merit to having a supreme court justice teach a law course. no, you are not in danger because the class is being taught in england. no one is forcing any students to take this class. it is a good thing a university is deciding to weigh people on their merits, rather than what the mob on the left says. stuart: the voice of reason. good stuff. thank you very much, emma. >> great to be here. stuart: seattle facing a homeless crisis. local businesses are leaving riddled with violence and vandalism. robert gray joins me in seattle. you were confronted by homeless
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people. tell me about it. reporter: that's right, stuart. you know we were here to look into the homeless situation. obviously has been a surge. we were at and a homeless encampment. a police cruiser went by before setting up on the sidewalk. we were accosted there by elements in that encampment there. this underscores from business owners. the homeless population in general, they feel compassion for them, they are not causing trouble but there are certain lawless elements within this population, if you will, who are living outside the law and business owners say they're blaming lax enforcement of the law. you see repeat offenders, one study found 100 offenders were responsible for some 3,000 incidents but they're being released back out into the population here. they are very frustrated by it. they're wading through needles on the sidewalks, human waste. vandalism to their property as they get to their office buildings in the morning. behind me there is encampment
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across the street as charles zooms over there. we're in a different location at this point. they say city hall has ignored their plight. city officials by the way declining our requests for interviews, stuart. business owners are banding together. they're create groups to clean, monitor the neighborhoods. one long time resident, business proprietor the lack of accountability is attracting more troublemakers to the city streets. >> we are enabling the minority that do do not add any value to our society, our city, our community, none. they take everything away from us. they take our safety. they take our resources. they take food. they take supplies. they, it is unbelievable. and they do nothing. reporter: stuart, again we should say shelton is talking about this element, not the general homeless population, but folks coming to seattle to access some of the services and who are not expecting
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repercussions for their actions. back to you. stuart: robert gray, you hang in there, son. we'll see you again later. thanks very much. president trump once again threatening to close the border with mexico. this, as quote, the mother of all caravans, another one, heads towards the u.s. is mexico doing enough to stop the migrants? we'll ask former acting director of i.c.e., tom homan. he is on the show. waiting for the president to head to georgia for the event on the opioid crisis. if he speaks to reporters on the way coming out of the white house you will know it pronto. ♪
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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: we're back down a bit. not down much. down five on dow jones industrials. new video shows
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heavily-armed smugglers at the u.s.-mexico border escorting migrants into america. tom homan is back with us. former i.c.e. acting director. tom, what on earth is going on? >> look i've been talking about this for a year-and-a-half, stuart. the criminal cartels, the drug cartels, are controlling everything that goes on in the northern border of mexico. these family units and other smuggled aliens do not cross this border without coordination from the drug cart tells because the drug cartels push family units into one area of the border to move drugs through other areas of border. we find out they're using drones. now they're using armed guards. the cartels are managing this. this is one of the arguments i've been giving. this is not just about saving lives. this is about bankrolling drug cartels that smuggle drugs and murder border patrol agents this is another example of the out of control border that we allow to
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happen. stuart: i'm with you all the way, tom. how the democrats can drone on about impeachment, obstruction, investigations, when you have invasion of armed men on the border. i don't know what the devil they're doing. i digress. hold on a second. tweet from the president, mexico soldiers, mexico soldiers recently pulled gun on national guard probably diversionary tactic for drug smugglers at border. better not happen again. we're sending armed soldiers to the border. mexico is not doing nearly enough in apprehending and returning. another mother of all caravans is heading to the border. i thought we were getting support from the mexicans. apparently we're not. what is it boeing on? >> i will not second-guess the military men. i don't know what was said. i don't know who did what but in 1986, when i was a border patrol agent i encountered mexican military on u.s. side of the border. me and a few border patrol agents, we did complete
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opposite. we arrested them. seized their firearms. we pros setted them for taking a hard stance on this. mexican military comes as could the border, sometimes you're just lost. other times they're working for the drug cartels. that has been proven over and over again. they supply security for the drug cartels. or are drug cartel themselves wearing camouflage uniforms. all thee situations happen. this is not rare it happens this. is another huge issue americans ought to pay attention to. it as matter of time before there is an armed conflict and someone is going to die. stuart: we put up on the screen, 418,000 apprehensions at the border in the last seven months. we're on track to make it a million by the end of this fiscal year. tom, i will give you the last 20 seconds. i hear exasperation in your voice. go. >> i'm irritated. i'm frustrated i will say for the 100th time. i.c.e. needs to do a nationwide operation, seek out the family
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units and single adults that enter the country illegally. had the due process in court. a federal judge ordered them removed. we have to find them, detain them an remove them. if there is no consequence, no deterrent to the final orders don't mean anything, there is no integrity in the entire system. i did this 3 1/2 years ago. almost immediate reduction in border crossings once we sent planes south. it has to happen. stuart: tom homan. thanks as always. we appreciate you being on the show. thank you, sir. >> thank you. stuart: got a new york teen suing apple for a billion dollars. he claims apple's facial recognition software led to his wrongful arrest. the judge coming up on that one. i want to know. who is liable when facial recognition gets it wrong? we're waiting for the president. he is about to head to atlanta. if he speaks to reporters as always you will hear it first. back in a moment. ♪
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♪ ♪ ♪
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up. up. down. down. ah ah! that's one. up. that's two. down. down. get down, get down.
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stuart: when i say dead flat, i mean it. we're up, no, we're down, .83 as we speak. i'm safe calling that flat. ashley: i think so.
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stuart: this is serious subject here. a teen suing apple for a billion dollars claiming the facial-recognition technology led to his wrongful arrest. andrew napolitano the judge, host of "the liberty file" on "fox nation" joins us now. obviously, very simple question. i'm not sure you have an answer. if facial recognition gets it wrong, who is liable? >> four times four different states for the same young man. this is not a jaywalking charge. these are serious charges that involved his arrest. so the government has what is called the good faith exception. they arrested him in good faith. they weren't malicious, they didn't knowingly arrest the wrong person. he is not suing the government. he is suing apple. here is the question. does apple enjoy the immunity that the government has. the law says when outside vendor
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apple is so intertwined with the work of the government, the government is controlling outside vendor's work, pardon my finger in that the outside vendor joins the government that is what the trial is about. apple made a mistake r they immune from the consequences of that mistake because their client, the government, has immunity? stuart: we have not worked out the jurisprudence in the facial recognition. >> during the break, susan looked at me, when did i consent to facial recognition, cameras taking all pictures of you. my snarky remark to her, when did you consent to anything. do you know how many times that pictures are being taken of you going out this building? a lot. it is answer is un. potential opportunities from so many points of reference particularly here in midtown
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manhattan. stuart: ask but the jussie smollett case. >> why didn't you respond when i said handsome face? stuart: we have limited time, on this program. not like you out there on "fox nation." two brothers accused of attacking jussie smollett. they're suing smollett's lawyers on defamation. on the grounds, his lawyers say he didn't do it, therefore the brothers did do it. >> lawyers accused them of other things including a sexual relationship with jussie. including painting themselves white when they attacked him. look, they got involved in this stunt for money. they cannot now claim that they are entitled to, to financial damages because of the consequences of their own behavior. if the lawyer blasts them, the lawyer has a good faith right to explain the client's case, even if the client is not telling the truth. stuart: but if it goes to trial, jussie smollett has to appear and all the documents --
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>> testify. stuart: has to be out there. >> does not have a right against self-incrimination in this case. >> the brothers win. whether you like it or not. >> somebody will pay the brother as few bucks to go away. that is what you mean. [laughter] stuart: judge, thank you. look at that you're out of time. perfect timing. >> pentagon, look at this. the pentagon wants to use space robots to repair satellites in orbit? why not. could be a game-changer. a money saver. we will explain it. feds giving google the go-ahead to use delivery. i want to know when i can have drones deliver products to my rural retreat? i do have one. bernie sanders is in texas. he is on the way to becoming the democrat nominee. his trip to texas, i don't think it will hurt. my take on that. ♪ i knew about the tremors.
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stuart: 11 this new york city, 8 in los angeles. moments from now we are expecting president trump to leave the white house. he's heading for atlanta. and as we always say -- and it is important -- if he speaks to reporters, you will hear it. he often does. we don't want to miss it if he does. as for the market right now, we've turned around. it's now a modest gain, 14 points up for the dow. now this: today bernie sanders takes his campaign to texas. what's going on? he's a socialist, and we don't normally think of to texas as socialist-friendly. yes, he starts his trip in houston, and then he's off to fort worth, both solidly pro-trump republican. he's going for a variety of reasons. number one, he wants to show that he's not afraid to take his campaign into what you might
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call enemy territory. he could easily hang around the coastal elites, preaching to the choir, but in texas he'll show up. he'll show up, and he shows that he is for a fight. number two, texas has a large hispanic population. he wants that vote, and he wants to take it off beto o'rourke. he's from texas, and he's also running for the presidency. bernie is going right onto his turf. number three, bernie is showing that he's actually campaigning, going state to state, pushing his issues. how many of the other 18 declared candidates have gotten out there on the stump in not many. number four, most important, bear ifny wants to get -- bernie wants to get out way in front just as joe biden gets into the race. we're told to expect the biden camp to release a video this week. that's the start of the candidacy. really? a video? bernie is taking a live-fire campaign into a largely republican state, and joe has a
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video. add it all up, and you've got a vigorous campaign from a passionate campaigner. and he wants to debate the issues, not impeachment. that'll go down well with any moderates still left in the democratic party. here's one caveat: bernie will have a hard time convincing texans and other americans that terrorists should be allowed to vote. overall, i think bernie is on his way to becoming the democrat nominee, and a heldline-grabbing -- headline-grabbing trip to texas will not hurt. the third hour of "varney & company" is about to begin. ♪ ♪ stuart: let's get some reaction to what i just had to say about bernie in texas. and, by the way, i'm going to show you where he's going, boots on the ground in texas -- ashley: cowboy boots. [laughter] stuart: i don't think so. tonight he'll be in houston. he's holding a rally on the discovery green. that's a well known park.
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and tomorrow he's in fort worth at burnett park. lawrence jones, fox news contributor, is with us now. he's a texas guy, so he should know what he's talking about here. [laughter] why texas? why do you think that bernie is going to texas? is he prodding beto? >> well, it's a bug state. and, remember -- a big state. and remember, you know, we're talking about him trying to win the primary first. even though if he can't win the state, in the general he still wants to win all those delegates that are going to be in texas, which texas has a large amount of delegates. i know a lot of people like to go back to beto, but people fail to realize that ted cruz was a tough -- he was an easy candidate to go up against because ted cruz z is not likable. texas is very conservative, but in those cities like dallas, houston, austin area, there's a big progressive push. in the statewide electorate, the governor of texas went against valdez, he won by 13 points,
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right? it's not more about conservative versus liberal, it's about the candidate that is messaging those issues, and ted cruz has been coined as an unlikable candidate. so i don't think bernie in a general would beat donald trump in texas. stuart: i've got to talk my hat off to bernie sanders. look, i don't like his politics, but he seems to be the only candidate with what i might call skin in the game. he is campaigning. he is traveling across the country meeting with real people, holding big rallies. i mean, he's this thing, and a lot of the others are just hanging around their home states. >> well, you do gotta give him credit for campaigning, but what he fails to realize is why he's on these campaign trails and doing all of these town halls, he's giving his opponents so much to work with. the fact that the other night he couldn't condemn terrorists and say they shouldn't be able to vote is insane to me. what he does run as far as getting to the general election, that's going to be problematic.
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and so, yes, great job coming to the state of texas. everybody wants to come to texas to campaign anyway and get the good food while they're there. so great job. but at the end of the day, you're giving your opponents a lot to work with. stouter stuart great food, did you say? >> well, barbecue. i mean, that's what people come, get tex-mex. we season oured food very well in texas -- our food very well in texas. stuart: a guy who was born in england, has no reason to -- [laughter] >> we'll help you out. stuart: thanks for joining us, lawrence. fox news has confirmed that joe biden will announce his bid for the presidency tomorrow. his first campaign appearance is slated for monday in pittsburgh. deirdre bolton's with us. he's been fairly silent, joe biden, on his policies, but what do we know about -- >> so four things to focus on. first of all, middle class and workers.
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he says when the middle class does well, everyone does well. he was for the $15 minimum wage, and he also supported to ban non-compete clauses and have salary transparency. but he also says i'm not bernie sanders, so he talk it is about billionaires, and he says, listen, the 500 billionaires that we have live anything this country are not the problem. so he is also, he says rich guys can be just as patriotic as poor guys, and this is why a lot of people think he might be the most palatable candidate, because he is moderate. some of the ore details, i mean, tax code he says the cut, of course, that the trump administration passed in 2017, he says does favor those at the top. this is possibly where he's the most critical of the republican side. and then he is also for free, or has been in the past made statements for free higher education. but then also supporting community colleges. so he's not -- he's a little bit lesses pie in the sky on education and the cost of education than some of the other
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candidates. again, this is why people think, okay, this is actually -- even if he's goofy and sort of seems to have some awkward interactions, that he is at least financially more moderate. stuart: i want a lot more specifics on this. >> yeah. stuart: does he want to -- ashley: sounds like it. stuart: i simply don't know. >> he's talking around it by saying these kind of ideas, but not saying if you make more than $500,000 a year, we will tax you at this percent. those kind of details have not been released. stuart: i'm dying to hear. deirdre, or thank you very much. >> sure. stuart: model gain, 15 points -- modest gain, 15 points higherrer on the dow. look at the nasdaq, another all-time high. 8137. we've been watching these two big name tech stocks all week, and they've been going up all week. facebook and microsoft. okay, facebook's up a fraction now. microsoft down a fraction.
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we'll get their formal announcement of their earnings at 4:00 this afternoon. absolutely soaring as of late, both of those stocks. maybe that means they're looking at a blowout profit report this afternoon. i'm not sure about that. i'm going to be watching. we're going to break it down for you tomorrow morning, and watch fox business this afternoon. we'll cover it. two dow components have already reported, boeing. it's going to take a billion dollar hit on the grounding of the max jets. when you know the number, that's a good thing. maybe that's partly why the stock is up this morning. and the hit to its cash flow is not as bad as expected. and look at caterpillar, down despite reporting higher profits. it says it might be losing market share in china. that's the problem. down $3 there on caterpillar. speaker pelosi, minority leader chuck schumer getting ready to talk infrastructure with the president next week. my opinion, pelosi will push for a gas tax of some kind, and i
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don't think president trump will accept it. will this be another go-nowhere meeting? like the border meeting where nancy offered a penny for the border. that was rather wawrkd. president trump heading for atlanta, a speech about opioid abuse and what the administration is doing about it. coming up, we're talking to the man who invented the narcan nasal spray. what does he want to hear from the president today? and the democrats still deeply divided on impeachment. could be good for the president. by the way, president trump said he would go straight to the supreme court if the democrats ever filed on impeachment. we're on it. jam-packed hour ahead, and we may hear from the president real soon. ♪ ♪ from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time...
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♪ ♪ ♪ ♪ ♪
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stuart: the president did speak to reporters as he left the white house. we've got the tape, roll it. let's listen in, please. here he comes. there is a short walk to --
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[laughter] the place where he's going to make those comments. i don't mean to the leave everyone hanging there. the president is on his way to the microphones, he will be speaking. you can hear them shouting questions already. the president and the first lady, of course, on their way to atlanta just a little later on this morning. they're going to be discussing and talking about the opioid crisis. meanwhile, they've left the white house. you can tell they're walking towards the cameras, and here we go, everyone. >> so the stock market and our country from an economic standpoint is doing the best probably it's ever done. we're hitting new highs again. we've hit new highs, i guess, close to or over a hundred times since i'm president from the time of the election. unemployment numbers are the best they've ever been by far. we have almost 160 million people working today in the united states. that's more than we've ever had working in our country before.
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we're doing well on trade, we're doing well with china. things are going good. i'm bringing the first lady, right now she's worked very hard on the opioid crisis. we're down about 17% from last year, which is pretty amazing. we're down 17% with the opioid problem. it's a big problem. it's a big addiction. and we're handling it. the doctors are working with us, the labs are working, the clinics are working, the pharmaceutical companies are working with us, and we've made a tremendous amount of progress. john, go ahead. >> what do you plan to do -- [inaudible] >> well, the subpoena is are ridiculous. we have been, i have been the most transparent president and administration in the history of our country by far. we jutte went through the -- we just went through the mueller witch hunt where you had really 18 angry democrats that hate
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president trump, they hate him with a passion. they were contributors in many cases to hillary clinton. hate him with a passion. how they picked this panel, i don't know. and they came up with no collusion, and they actually also came up with no obstruction, but our attorney general ruled based on the information there was no obstruction. so you have no collusion, no obstruction. now we're finished with it, and i thought after two years we'd be finished with it. no, now the house goes and starts subpoenaing. they want to know every deal i've ever done. now mueller, i assume for $35 million, checked my taxes, checked my financials which are great, by the way, you know they're great. all you have to do is go look at the records. they're all over the place. but they checked my financials, and they checked my taxes, i assume. it was the most thorough investigation probably in the history of our country. i think i read where they
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interviewed 500 people. i say it's enough. get back to infrastructure, get back to cutting taxes, get back to lowering drug prices. that's what, really that's what we should be doing. [inaudible conversations] >> well, we're fighting all the subpoenas. look, these aren't, like, impartial people. the democrats are trying to win 2020. they're not going to win with the people that i see. and they're not going to win against me. the only way they can maybe luck out -- and i don't think that's going to happen, it might make it even the opposite, that's what a lot of people are saying -- the only way they can luck out is by constantly going after me onion sense. been on nonsense. but they should be focused on legislation, not the things that have been -- this has been litigated. just so you understand, this has been litigated for the last two years almost since i got into
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office. now, if you want to litigate, go after the dnc, crooked hillary, the dirty cops. all of these things, that's what should be litigated. because that was a rigged system. and i'm breaking down, i am breaking down the swamp. if you look at what's happening, they're getting caught, they're getting fired. who knows what's going to happen from now on, but i hope it's, i hope it's very strong. but if you look at drain the swamp, i am draining the swamp. thank you very much. [inaudible conversations] stuart: i think the president concentrated on two things there. number one, the strength of the economy, the strength of the stock market, things are going well economically. number two, he's fighting all the subpoenas that are coming at him from house democrats who want to investigate everything and anything in his financial and business life. matt schlapp joins us now,
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american conservative union chair. matt, no surprises there. what it was good to see was that he's telling us about the economy and the markets, which is something the establishment media does not do. >> yeah, that's right, stuart. and once again the president really is the best messager for the achievements of his administration. he just hammers this home. but even just listening to it again, isn't it staggering to think more americans working today than at any point in our history? the lowest unemployment for all these important minority groups, the fact that the markets are so high. i mean, this economy's going crazy. stuart: look, what we deal with on a daily basis, matt, the dow -- the value of all stocks since president trump was elected november '16 has gone up $9.4 trillion. most people with a 401(k) or an ira, the value of their holdings has gone up by one-third. now, that's an extraordinary
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performance. but, again, you never, ever see this in the establishment media. i just, i enjoy seeing our president tell everybody, hey, things are going pretty well. >> the other thing, stuart, is that people like me, geeky political people like me like to go back and look at polls. and if you look at consumer surveys, if you look at where the american people are and the direction of the country, they feel much more optimistic than they have in the last decade. when you have more dollars in your pocket, when you feel better about the future for your grandkids or your kids or your own economic prospects, you know what? you just feel better about the country. stuart: do you think he's right to fight all subpoenas in. >> absolutely. look, i've worked for a president. i've sat in the oval office. i've told things to a president that he needs to hear. and you must have the confidentiality around and the constitutional protections around those conversations or, guess what, stuart? people won't tell the president what he needs to hear because they'll be fearful that they'll
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be live on television having to testify before congress. congress has a legitimate role of oversight, but it's not to get in between the conversations between the president and his advisers that are not senate-confirmed. stuart: well said, matt schlapp. we appreciate it. >> thank you, stuart. stuart: nancy pelosi, speaker pelosi -- i'm sorry, i've got to bypass on this one. i want to talk about google. big day for google. their drone delivery service, it's called wing, is now the first of its kind to get approval by the faa. they beat amazon. but when will these things go mainstream? when am i going to have deliveries by drone? i don't have an answer for that yet, but things have started. that looks interesting. [laughter] did you know the pentagon is investing in space robots? we'll tell you all about it. but first, check this out. speed golf. former major league baseball player set a new world record.
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how many holes did he manage to hit in 24 hours? we'll show you next. ♪ ♪
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stuart: all right, speed golf. i call that pretty self-explanatory. you try to play as many holes as you can in the shortest period of time. eric burps is a former outfielder for the seattle mariners. he shattered the record for the most holes played in 24 hours. 420, he plaid. the previous record? 401, and that was in 22 hours. congratulations, mr. burns. my goodness me. now this: the pentagon has a new plan to maintain and repair the country's 400 plus satellites in orbit. deirdre: it's a five-year plan. if you would like to go and give your personal public proposal on may 22nd, you are welcome to do so in front of a group of darpa engineers. all of these satellites are rotating about 22,000 miles above the earth, so that's hard to imagine. but what is easy to imagine is when these parts break down, it's pretty difficult to fix them. so the government is saying, hey, if we can get some robots up there who can fix and change
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out broken parts, this will save us money. these satellites are used for -- stuart: what kind of robots? deirdre: well, ones that go in, you launch them as satellites, they can swap out parts and chips? stuart: do they exist? deirdre: they're kind of on their way, i'd say. [laughter] stuart: all right. let's see if that works. white house economic adviser kudlow took a big shot at socialism, calls it a loser. says we can't repeat the mistakes of the past. you're going to hear it, next. president trump said he would go straight to the supreme court if the democrats ever filed for impeachment. the democrats are pretty divided on the issue. that might be ad good thing for the president -- a good thing for the president. more "varney" after this. ♪ ♪ you wouldn't accept an incomplete job
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i swibecause they let metual, customize my insurance. and as a fitness junkie, i customize everything, like my bike, and my calves. liberty mutual customizes your car insurance, so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ stuart: go nowhere, i think everybody's waiting for microsoft and facebook at the end of the day with their earnings reports. right now the dow is down a mere 8 points. the democrats still split on impeachment. speaker pelosi told top democrats to ease off on impeachment talks -- talk, i should say, but the movement still going ground. we have the rnc communications director.
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cassie, i have the distinct feeling that you want the democrats to go after him, to impeach him, because it backfired on the republican when they did it with president clinton. you want impeachment, don't you? >> well, if they want to keep talking about it, it will be at their own political peril. there is no appetite from the american people for impeachment, but there is appetite for results and for fighting for the american people, which president trump has done time and time again. democrats have shown they're only interested in fighting president trump. stuart: well, the president just said as he left the white house on his way to atlanta, he just said he's going to fight all the subpoenas that the democrats have laid on him for his financial records, tax records and everything else. he's going to fight them all. he does not want investigate, investigate, investigate, does he? he don't want that. >> well, of course not, because the american people don't want investigate, investigate, investigate. and president trump has been very forthcoming, his entire team very cooperative with the mueller report which has taken
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up more than two years of this presidency, and now he's saying let's move on. we're not going to continue to take part in this partisan hackly. meantime, we're going to deliver results for the american people. stuart what's his strategy to fight back against this avalanche. to investigations and impeachment talk? >> he's taking the his message direct hi to the american people. we're seeing that this weekend with his rally in wisconsin. continue to talk to the american people, continue to deliver on the promises made and kept to the american people, and and let's get reelected so we can keep making america great again. stuart: sorry, i misunderstood you, perhaps. he goes to atlanta today, that's about the opioid crisis. do you know if he's going to hold a rally someplace in the next couple of weeks, do you know? >> well, we know about the green bay rally coming up in wisconsin this weekend. stuart: yeah, but that's to counter the white house correspondents dinner, isn't it? >> certainly. but a rally is a rally is a rally. that's where the president likes to be, and he's take his message
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to the american people so they don't have to figure out where he is through the filter of the media. stuart: but he's telling his administration, you can't go to that dinner, i'm not having it. do you think that's a good strategy? >> i think what the president is saying is it's time that we stop allowing the media to take us out of context. let's spend our time going directly to the american people, which is where he likes to be, where he will be on saturday. and most of his team will be with him anyway, so i don't really think this is a big change in schedule for anyone. stuart: got it, cassie. thanks for joining us, see you again soon. president trump heading to atlanta, as we said. he's in the air right now. he'll be speaking at an opioid abuse summit. i want to bring in dr. roger crystal, ceo of opiant pharmaceuticals, he created the narcan nasal spray. welcome back to the program, always good to see you. let me ask you this, what do you
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expect -- what do you want to hear from the president at the opioid summit today? >> well, i'd like the president to acknowledge where we currently stand in this crisis. and while i expect that he will talk about some of the improvement, nevertheless, we still have a crisis that is immense in nature, and we see this really as a fentanyl crisis rather than just specifically an opioid crisis, fentanyl being responsible for over 55% of opiate overdose depths in 2017. deaths in 2017. so it's really recognizing where we are and where we could, in fact, be going if further measures aren't taken. stuart: i'm not clear, doctor. does narcan snap you out of an overdose of fentanyl? >> the drug in-under-par con is naloxone -- narcan is naloxone, we know that that does, however, what we are hearing is larger amounts of naloxone are required
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to resuscitate someone who's overdosed on fentanyl perhaps compared to heroin which would have been typically what someone would have overdosed on a few years ago. therefore, our efforts as a company, we can't be complacent, and we're looking at a product where we think this being a more potent, stronger drug is more likely to resuscitate someone from an opiate overdose that contains fentanyl. so that's where we're going. we'd also like to see president trump talk about how we get people on more definitive, longer-term care for diction like a person with diabetes would receive long-term insulin. some of our efforts include a heroin vaccine and an opiate-antagonist implant lasting six months. so once again, people not just get resuscitated from an overdose, but can be in long-term treatment to prevent this from happening again.
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stuart: i understand that narcan is available in vending machines. i think i'm right in saying that. if that is the case -- and you're nodding -- i thought you had to have a prescription for narcan. how come you can get it on a vending machine? >> so there are in each state, there are different regulations and laws allow great access, which i think is a great thing. the more that people have access to naloxone, in particular the narcan nasal spray, then a greater likelihood of saving a life. if you deliver as close to the scene of the actual overdose itself. for example, a mother of a teenager who's abusing opioids, it would be very useful for her to have naloxone in the bathroom cabinet, in the car, etc. and these vending machines, from what i'm aware, are in nevada where they have some programs in place that allow people just to access them. i would say that i think in pretty much every state now the
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medical director of each state has a standing order that allows anyone to obtain naloxone mostly from the pharmacist without a prescription even though it's officially a prescription-only medicine. stuart: okay. making progress. dr. crystal, thanks for joining us, sir. appreciate it. thank you. >> sure thing. stuart: white house economic adviser larry kudlow spoke at the national press club in d.c. yesterday singing the praises of the new trump economy and, of course, taking a shot at social i feel. roll tape. >> socialism is a loser. i don't want us to forget the lessons of the past. today we have other examples. i'll cite venezuela which is a focus point for our administration. it generates poverty, not prosperity. the voters of the country do not want to go there. why substitute poverty for prosperity? it makes no sense whatsoever. [applause] stuart: i don't understand why
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socialism has come to the fore in this -- ashley: i don't either. what socialism does is, basically, take away your freedom to spend your money any which which way you want. stuart right. ashley: it presupposes that the government knows better, it will spend your money and give you what it believes you need. what a crazy system. deirdre: and i think it ends up, instead of lifting everybody higher, it ends up tearing one group down in the hopes that more will follow, but that's a tricky balance. i think it works in textbooks, perhaps. stuart: the lowest common denominator. brings you all down to that level. success? forget it. you're not allowed. we have lived it, let's not forget. interesting nudes out of the white house -- news out of the white house yesterday, presidenh jack dorsey in the oval office. he tweeted this shortly afterwards, here we go comfort great meeting this afternoon at the white house jack from twitter, lots of subjects discussed regarding their platform and the world of social media. look forward to keeping an open
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dialogue are. deirdre, what did they talk about? deirdre: they did talk about you can trust what i you see on social media, and we know the president had at times been very critical, yet he also does use twitter very effectively. but he spoke out against twitter saying there is a buy crass against republicans. -- bias. he said that he was losing follower, that twitterer was filtering out people. twitter said, yeah, we did take care of some bots. jack dorsey himself lost some 200,000 followers. dorsey said, listen, i have met with every single world leader that has asked to meet with me, we're addressing our problems internally, and if you look at the past 48 hours, the stock, i have to say, is on fire. stuart: yes. deirdre: even in the past year you have it up 29%, so if you are an investor in twitter, probably pretty happy. stuart: it's not fair, we've got more daily users. in june president trump does go
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to britain, and it's a big state visit. it commemorates the 75th anniversary of the d-day landings, but it's also about, in my opinion here, a u.k./u.s. trade deal. i say the brits had better roll out the welcome mat. what does steve hilton think of that? first, though, reports that california governor gavin newsom could put an end to oil doyleing in california. -- drilling in california. ♪ ♪ so with a nationwide annuity, you can get protected monthly income for the rest of your life. that's what i'm talking about. how about those song lyrics? what song lyrics? tell him again. tell him again. repeat it. yeah, same thing. (advisor) so with a nationwide annuity, you can get protected...
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stuart: baby boomers, i'm one of them, listen up, please. a debt problem among that generation, the baby boomers, sweeping the country. more money owed than recent college graduates owe. wait a minute. you've got to tell me, deirdre, what is this baby boomer debt?
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deirdre: student loans, not for the baby boomers, but they are cosigning for their children and their grandchildren. so this is piling onto debt that they may have. and i'm actually not counting mortgage debt, because i think that, you can say, is an investment. this is auto loans, credit cards and then student debt for their children and grandchildren. is so, for example, in houston which is sort of the highest average of any u.s. city, the average baby boomer has about $32,000 worth, slightly less. but there's the top three. stuart: $32,000 worth of what? deirdre: debt. that does not include the mortgage. stuart: not including mortgages. deirdre: that includes credit cards, autos and student loans. what a lot of personal finance advisers call that is bad debt. at least a mortgage, you have an investment. credit card debt, that's usually just messy and useless. auto you think, well, maybe i should have just used a cheaper car -- stuart: for your grandkids? deirdre: tugging at the heart strings. stuart: got it, good story.
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thank you. president trump making a state visit to britain in june. he meets with the queen. let's bring in another guy with a british accept for this, steve hilton, host of "the next revolution" on the fox news channel. steve, i've been ranting about this all morning because i think the brits need us more than we need them. and i suspect that they're going to insult our president, and i think that's a very dangerous game. what saw you? >> for sure. you're completely right. and their going to insult him not just in terms of demonstrations and protests and we hate trump and all the rest -- which, by the way, doesn't give you a true picture because, in my experience, many people, particularly working class people in the u.k., really admire president trump and wish that they had a leader who stood up for the kinds of issues that president trump does as well. so it's not an accurate portrayal of u.k. public opinion. you're going to get the protests, but more importantly, you've got substantive insults that are happening. not just on trade where,
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actually, because of the complete mess they've made of brexit as you say, what they really need in the u.k. is a fan tsa the tick trade deal -- the a fantastic trade deal that president trump would love to give them. but because they've made such a mess of it, they can't deliver it. brexit still won't be resolved in june, but there's another issue. you're seeing reports coming out of the u.k. today that theresa may is going to give the gad to huawei to build the u.k.'s 5g network which is directly contradictory of what the u.s. administration has said about the chinese telecom giant and its threat to national security. so this relationship that used to be so close is actually, from the british side, being completely squandered. stuart: is it possible that if president trump doesn't get to speak before parliament and the speaker of the parliament says they don't want him, is it possible that if the president doesn't get the carriage ride with the queen down the mall, if
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he doesn't get those two things, you know, it's possible given the huawei situation, it's possible he'll just walk away from the whole thing. that's not out of the question, is it? >> no, because he has shown time and again -- and this is one of the things i really admire about him -- that he's absolutely prepared to upend the traditional norms and upset people if he thinks that they're treating him, or more importantly america, unfairly. and i think those things would be incredibly unfair, particularly when all those trappings of a great state visit were laid on for xi jinping of china and other dictators from around the world. the fact that they might not do it for the leader of america, britain's greatest ally -- or should be -- is just ridiculous. but it could happen. stuart: well said, steve hilton. always right, young man. [laughter] steve, thank you very much, indeed, and we'll be watching your show sunday night. thank you, sir. let's talk gas prices in california. over $4 a gallon.
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governor somehow in, gentleman on the left-hand side of your screen, he's floating an idea that could make things worse for gas in california. what's the deal? deirdre: so he may ban new oil and gas drill anything california and may phase out any fossil fuel extraction. and california, as we know, one of the biggest petroleum-producing states, also one of the biggest consuming states. so it would be a very drastic kind of move. now, in fairness to him, he has said one cannot just turn off the switch, we cannot immediately just turn against a century of practice and policy, so it is being said that he is moving slowly, but he is being lobbied very, very hard internally. as we know, california wants to become a completely green state. that is the goal. stuart: good luck. ashley: yes. stuart: you want to pay $5 or $6 for a gallon of gasoline, go for
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it. a nice sting in the tail there. thank you very much. google has won the first faa approval for regular drone delivery. i want to know, wren -- when are we actually going to see these things happening? we've got an answer from a drone expert who's next. ♪ ♪ who's idea was this? ♪ ♪ i'm workin♪ to keep the fire going for another 150 years. ♪ for beauty that begins with nature. ♪ to make connections of a different kind. at adp we're designing a better way to work, so you can achieve what you're working for.
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stuart: it's a big day for google and de delivery because google has just are got its wing unit, it's got the first approval by the faa of drone delivery. they've beat amazon. that's part of the story here. bring in our drone guy, brett. he nose -- he knows all about drones. when am i going to have drones deliver stuff to me? >> well, i mean, you could give me your address, i could send a drone to you at any point. stuart: wouldn't be an amazon delivery -- >> no,, we're not quite at that stage yet are. stuart: when is it really going to be a commercial service? >> right. the fact that this project now with google, we're going to start seeing drone deliveries taking place in southwestern virginia hopingly by the end of the year -- hopefully, by the
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end of the year. this is a big step that's just happened with google for the drone industry. most of the time these organizations like amazon, google have to test these things overseas. google's project, wing -- which is doing this delivery product, they've had to test it in australia in the suburbs. and what they found was most of the residents during this testing were asking for coffee to be delivered to their homes. so i think we should very well see the day when that happens. stuart: this is happening in virginia. is it rural areas of virginia where they're delivering? >> it's a rural area because it's a pilot project. the faa, obviously, wants to be safe with that. but what's happening here is google's been given this sort of limited authority to fly no higher than 400 feet, likely within line of sight of the operator, and the drone will hover over the top and then drop down this patch delivery to residents. they haven't decided exactly what's going to be delivered just yet, but probably some sort of food. stuart: it's on the screen now, it literally looks like the
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package just drops. does it have a parachute or something? >> yeah, exactly. stuart: it looks like it glides down. >> it does. it hovers over the location at about 20 yards in the air, and then it's going to lower this package. the truth is that companies like amazon and google, they've had the ability to do drone delivery for years now. they've been really looking at their watches saying, hey, what's taking so long. the privacy issues and regulation has really deterred this from happening, but for the most part, this is some technology that's already existed for a while now. finally, we're seeing a point where this could go mainstream if google does it right. stuart: you used to work in the military. you operated real drones. hellfire missiles and all, am i right? >> yeah, i sure did. stuart: what's the size of these drones that google is thinking about using commercially, anywhere near the hellfire size? that's the missile -- >> predators. nowhere close to that, but maybe
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we would see something like that delivering hundreds of pounds of cargo in the future. i know there are some start-ups that are looking on these -- working on these longer range delivery systems. but when it comes to this particular area, i think this is such a huge step, you know? the fact is we've been delivering terrorists, hellfire missiles via drones for decades now -- [laughter] so why can't we do it here in the u.s.? the truth is we're able to do that with packages and make it better for consumers. stuart yeah, it's time. i've got a place in rural america, it's ideally suited for a delivery by drone. do you think i'll get it in two years? >> well, it depends on where it is. where is it located? >> north and west, 100 miles -- down state new york, upstate new york. >> if it's an open area, we could see it. google has to prove that they can do this in the u.s., but i already know they can. we've seen them prove it overseas, we've seen them test it. but one of the things these companies really worry about,
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the drone delivery part is actually easy. what they really focus is on the loss prevention side of it. they're very concerned about these packages getting stolen. so that's going to give rise to the counter-drone industry. not anti-drone, we're talking about an ecosystem that's able to authenticate these drones and make sure people understand, hey, that's a google drone in the air that's carrying my package and stopping potential thefts. stuart: okay. so we've got a ways to go, but we're getting there. brett, thank you very much for joining us. there will be more "varney" after this. ♪ ♪ . . fact is, every insurance company hopes you drive safely.
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stuart: i think this is a go nowhere market until late this afternoon. at 4:00 this afternoon we're go to get profit report from microsoft and from facebook. those are two giant technology companies. how they perform will make a great difference to the market
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going forward. as we run up to four we have facebook down 80 cents. that's nothing. microsoft is down 48 cents. that's nothing. just wait, 4:00 this afternoon, watch fbn we'll cover it. neil, it is yours. neil: meanwhile at noon you might as well click on. stuart: stay with us, everybody. neil: that's fine. that's fine. thank you, stuart, very, very much we're following developments of "after the bell" earnings with microsoft and facebook. stuart is right on that. that will be closely scrutinized. even boeing with a one billion dollar hit with all the 737 max issues, that stock is up. that is containing losses in the dow right now. as earnings season ensues, with a quarter of the s&p 500 companies reporting, they're up, they're up about 6% versus a year ago. that is not contraction that many envision. doesn't the president know

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