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tv   Varney Company  FOX Business  May 3, 2019 9:00am-12:00pm EDT

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american worker and let them enjoy this prosperity. >> absolutely. j powell has been overlooked on that comment. >> jackie, lindsay, charles and joni, maria bartiromo's wall street tonight at 9:00 p.m. with secondary pollution and steve schwartzman, stuart take away. stuart: i'm raring to go. good morning to you, good morning everyone. that job report spectacular. 263,000 new jobs last month, wages up 3.2% over the past year and look at this. implement rate down to the .6% that is a 50 year low. how has the economic side of the schema cluster into the politics, shall we connect joe biden told us this week that wages were stagnant and he was dead wrong, wasn't he? he said middle america is not benefiting from the tax cuts but again dead wrong. look at that report. we will cover it all morning and larry kudlow, present chief
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economic guy joins us later this hour. how is that spectacular port played out on the markets? dow will go well over 100 points roughly 140 at the opening bell, smp up with half a percentage point gain and look at that now that go. up close to 1% on the nasdaq. that is money. listen to this. the president is making news on two fronts with his interview with fox news catherine [inaudible]. first off, he said were close to a trade deal with china and if we don't make a deal we will tariffs china and make a lot of money. that is what he said it will be use our military in venezuela kind of a noncommittal response for the president said there's always a tipping point for military intervention. it is friday and of course we are jammed packed and we will again to why the democrats are so afraid of the attorney general built bar.
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and we show you the side of the president that the media does not want you to see. varney & company is about to begin ♪ ♪ >> a character in this 1944 play is said to be like a piece in her own collection, to exquisitely fragile to move from the shelf or did you come up with the glass menagerie? you did indeed. you have gone over 1 million 608,627. stuart: you have to admit that guy is good. what a champion. he continued his winning streak as you just saw there. how much has he won? >> 21 straight wins and it eclipses julia collins 120 in a row. alex trebek said 1,608,627 dollars and shows no signs of slowing down.
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it's interesting because social media has been going nuts over the sky to find a scene and some of them say he's fundamentally changed games how we go back to the days of $18,000 average daily winnings. if i start studying now so someone in 17 years time james will still be the champ and when i get there and other people saying how disheartening for those who make it onto jeopardy just have to face the sky. stuart: but you still have to answer the questions. >> he is remarkable. stuart: i like to see his ratings of mac. [laughter] of get to this blockbuster jobs report. a spring in dr barton for this. 250,000 new jobs, 3.6% on appointment and i got to believe that is big and good news for the stock market. what say you? >> certainly good news for the stock market. we see net and results that you
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have been showing on the ticker already, stuart. you said something very important earlier at the top of the hour when you are talking about the democratic people especially from my home state, joe biden from here in delaware, talking about the middle class not participating you hit the fact that wages were up 2.2% year-over-year, a nice in between goldilocks number, good growth not too fast but the other thing is the categories where the job support came in and where the jobs came from business and professional as well as we also had instruction jobs up in 4,000 manufacturing jobs added. those are all good, strong middle-class numbers. stuart: i don't want to go overboard but i have to say it's a goldilocks economy. strong growth, low interest rates and we have virtually very little inflation.
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is that good enough to launch a new leg up for the stock market over the summer. i mean a real, new big move up? >> i will use the term that i've been using for a while now, stuart. i think the set this up for a market melt up. in other words, not just a leg up at a really strong leg up and i think one of the main reasons is you hit it on the head, this goldilocks economy has the fed helping out instead of taking money away. we've got their dual mandate and they're supposed to watch inflation and watch employment, employment as you have already said the best it's been in the tears and inflation is about just right. as a matter of fact, some people are calling for them to draft the interest rates to get inflation higher so we are in a great sweet spot in love to hear it, dr. thank you for joining us. we will see you again soon. promise you that. >> i want to switch to what i
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will call a bombshell in the new york times. look at that headline. fbi sent investigator posing as assistant to meet with trump aids in 2016. isn't it that's fine on the trump campaign? was a that denied by everybody in the media? no, it is true. they spied on the trump campaign. former deputy assistant to george w. bush is with us and you are smiling because at long last we find out the truth about this investigation. go. >> no doubt. remember when the president came out and alleged his campaign had been spied on the democrats pounce on him and president has no pool so how can the president say that now would never happen and it happened in america. you know what? what they are scared about and do not think it through his they thought they were putting all their eggs in one basket and trump would be quote unquote convicted by mueller to be removed and impeached but that is not happening. what is happening is bar is now
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going to get to the bottom of how this whole mess started and that is what they're really scared about. >> that is the gist of kim's column in today's wall street journal and he has covered this almost as well as anybody in the media and she said look, democrats are rattled by hobart because he's going to investigate how this whole thing started out and go right back to the beginning to see how russia, russia had a that going in there - i think they're worried the bill far will investigate obama, hillary, brennan, komi and all the rest of them and they must be really shaking in their boots about this. >> absolutely. what's one thing not hearing out of democrats? release the dossier and release the fisa warrant that was the basis of how this got started in that they want to release the motherboard in its totality without reduction when i release the fisa warrant? why not have the fbi speak to
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the judge and find out what the judge relied on? this is something democrats are absolutely frightened of because they know there's something there. stuart: you are having good day, aren't you? we got this job support which i think is a spectacular and now this investigation into what really happened back in 2016. password to you. feeling good? >> i am feeling good look at the market. if the markets were great the president of the nitrates would be impeached or moved to the markets would be doing well? but the to realize is outside the beltway terms policies are working americans are working in the system is working. it's not enough to be against the president to beat him you got to stand for something and they stand for nothing. >> if the market believed that either joe biden or bernie sanders would become the next president of the united states that market would be selling off big time but it is not in its
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railing. the market is only trump woman. again, as word to you. >> no doubt about it. they can't beat trump on policy so there trying to beat him on ideology and it's not going to work. stuart: what a great way to start the party. thank you again, brad blakeman. i got to look at individual stocks and they are moving. first of all we got activision blizzard that came out with that not so rosy forecast and the stock is down and the thing is down 2.2%. cbs revenue fell short despite a strong showing of the super bowl and had that broadcast but the stock is virtually unchanged. we got a nice pop. i mean up 12% that is weight watchers and i want to know why, susan. >> gaining weight today. 12% so that is thanks to some of the mixed forecast or mixed report cards but things are getting better specially as you roll out the powerhouse of oprah
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winfrey. they said agreement went up 1% of setting recruitment decline that they saw in the first three months of this year and that is because oprah whose second-largest shareholder in weight watchers can see the hold 11% stake in feature prominently going forward in their commercials and advertisements and don't you just love the bread? >> i do, who doesn't? i'm big on carbs of mac. [laughter] stuart: that shows you the power of oprah winfrey. she really does have clout in the market place. >> it had a record last year in june 2018 and slid 50% in 2019. stuart: nice gain of the 12% today but look at future the overall market bearing in mind that spectacular job support and we go up right from the opening bell. especially the nasdaq up three quarters of 1%. interesting story about facebook
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getting into crypto currency. users will be able to use crypto to buy and sell items on the site. exactly how it will work? i don't know what we find out for you. stephen moore withdrawing from consideration to serve on the federal reserve board and will be with us next hour. i want to know what is divorce and past comments about women have to do with monetary policy but not much in my opinion. we will talk to larry kudlow the first time we hear from him since the job support came out that will be later on the carpet big day, big show, parting company just getting started. ♪ i was ready to make my mark, but i didn't know how. i was working the same job for a few years. i had a degree and some experience but no career. i opened the careerbuilder app and found an awesome job at a company i love.
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♪ ♪. stuart: let's see if we can get understanding. facebook will build a crypto currency payment system and again i don't understand it but i got someone here who does. jim anderson with social flow and his company helps companies deal with social media companies like facebook.
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i've got a facebook account and you got a facebook account. facebook introduces this payment system based on block a chain technology, crypto currency so i can go on this book and pay you privately. >> yes, this is facebook giving into commerce and payment a logical extension and at its core is a fantastic business idea. stuart: that is huge. i look at benbow personal payment system and that is gigantic so facebook is a piece of that action. >> 2.1 billion people who use facebook. it's the perfect will for them. >> one point five to six active daily users. >> 1.56 billion. stuart: sorry, forgot that billion part with all those people when this site is up and opting the crypto they can all exchange money? >> that is the idea that they can buy merchandise and not just me paying you for the dinner debacle by things and remind you of the company.
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called amazon? stuart: no, there might be of the federal reserve creating money. >> that is the challenge but i'm a huge fan of boxing and i think that a transformative potential but the idea that the facebook will create his own money and have its own monetary policy that to me seems like they could do the boxing and payments without going all the way to crypto currency. that the concern is due on facebook behaving like the fed? stuart: i'm not sure about that. will they create their own crypto or use bitcoin? >> not a lot of detail but my guess is they are not ready to talk about it the general idea that they will create their own capital based on block chain that will be the payment mechanism across all of facebook and its 2.1 billion users that you can use to transfer money or by things. stuart: this privacy angle because boxing that is a very secure system in real privacy. >> the problem with block chain is its high school and girls. everyone's talking but not doing anything of mac facebook is
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coming in to try to do something. all you hear is boxing but show me an actual block chain pollution. facebook contains a. stuart: i don't know what you are doing but they will - stop laughing. [laughter] i was in high school a half century ago. okay, facebook is banning alex jones, extremist but i have a problem. how do you find hate speech? >> i don't think they know anyone knows how to do that but facebook makes a terrible victim and have been passive previously saying it's just a platform and we can control what happens and have been criticized by the lee. in some cases, justifiably when you get into shootings and things like that but what they've decided is that has to be aggressive and say our platform you will draw the line but i'm looking for a degree of
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transparency. why can you explain you made that decision? or is it how did you make that decision? is that one person in a call center and this person is not allowed. arbitrary part that has people worried. stuart: stock this morning is up just a fraction, close to $200 a share for jim, thank you, sir. look at features but up about 130, 140 points at the opening bell and look at that nasdaq go. this is all about the job support which was spectacular. alexandria ocasio-cortez thing staying silent on venezuela she usually comments on just about everything so white when she say anything on venezuela? we are asking. omar not backing down on the comments and wait until you hear what she is saying now about us going and helping venezuela. will be back. hey, who are you? oh, hey jeff, i'm a car thief...
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♪ ♪. stuart: venezuela still in the news as reporters asked aoc at the madero regime is legit. she did not answer. instead, she deferred the democratic leadership. she usually has a comment for everything. >> yeah, she does but in this case she says of the for two caucus leader on how we navigate on venezuela and says that violence is horrible.
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not exactly forthcoming at least not in the aoc style but the joe biden did tweak the madero violence against protesters was criminal and that the u.s. will stand with the national assembly and on their efforts to restore democracy of the nancy pelosi and house leadership madero needs to acknowledge the will of the men of the women and they been heard around the world. stuart: democrat leadership opposes madero and aoc can't afford to step too far out of line with democrat leadership and appeared to be on madero side. >> and not agree with president trump. >> more on this and i have more on this with congressman omar was down on what she said about venezuela and as i recall she said venezuela's mass was our fault. >> yes, it's been muted and double down saying it is america to blame for all of this advocating for a regime change which is not our business. take a listen to the loudest soundbite for representative omar. >> the united states should be
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one that is advocating for there to be fair elections. it should be one of guidance and technical support. i don't believe that interventions that are pushing for regime change are in the best interest of venezuela in the best interest of the american people. ashley: let us not forget that she said american politics helped to lead to the devastation we've seen in venezuela and that american policies were responsible for the complete collapse of the intersection of the company or country. it's absolutely insane and we should point out that the others around her on that side of the party, the far left, have not said where did she's an outlier on this one, believe me. stuart: i will leave it at that. why not? but not get too far over that. it might explode. [laughter]
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will check features. well up over 100, 130 on the dow up about 60 on the nasdaq and that's a very solid gain same with the s&p across the board you have a stock market rally in one big reason for that. that is a spectacular job support. coverage in full after this.
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♪ ♪. stuart: what we are talking about this morning when it comes to your money is the job support. i keep using the word spectacular and i will use it again. 263,000 new jobs created last month and the other planet rate went all the way down to 3.6%. 50 year low but susan, what am i missing? >> the fact that with upward revisions as well in march but blowout wages were up above the% again for the third straight month and sometimes going faster than the present because older folks leaving the workforce, younger folks for the wage inflation happens are entering. we might even be at 4% real wage growth. stuart: but that is not so strong that the federal reserve which stepped in that inflation and we won't raise rates. >> goldilocks says yes. [laughter] stuart: i'll use that word.
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we are opening this market in precisely ten seconds. expecting a significant rally right from the get-go and i'm pretty sure that's what we would get before the futures market. here we go. morning, may 3, 930 eastern time and we are up 71, up 90, up 93 still have not opened all the dow stocks, 118, 119 opening them up and i'll leave it at that for the dow. up nearly half percentage point. so maybe s&p. this is a broad-based rally? yes, another half% gain there two-point higher in the nasdaq better-than-average up two thirds of 1%. if the five points higher. well above 8,000 on the nasdaq. big day who better to join us then david dietz and david barnes is back with us, susan and ashley. the job support david barnes and, is this a good enough
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platform to launch another big leg up for the overall market? >> it's a reflection of why the market is going which is the underlying strong economy that productivity growth the number we saw yesterday is a bigger deal than the job support is even today. 3.6% biggest move in five years. they were expecting 2.2% and that was optimistic and that is why the job growth is so strong and we have an economy that is productive and moving and that is constraining the inflationary effects of wage growth. stuart: what you have to say, david? >> follow number but when that number doesn't bring the fed back into play and i say no. why? because your participation rates are still lower and of course were seen nice wage gains but not so much that inflation will cause a problem.
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stuart: let me hold you up. participation rate what you're telling us is there so people on the sidelines who could still come into the labor market and still get the job. >> more jobs open. >> as susan was telling us wage gains are not so short that they would be inflationary. >> but the demographics as well because we do have an aging population and they don't necessarily need to work at that point so you can't look at the participation rate as you did in the past. stuart: big dow winners. apple is up $211 a share, chevron oil company up not that much but it is up. walmart is up, microsoft is up $1.46, pretty much across the board we have a rally. >> 1% for the record high by the way. very close. stuart: i think we should bring in the man of the hour. his name is larry kudlow. national economic council director and i was hoping to see a huge grin on the man's face but there you go - look, larry,
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i have said this is spectacular and it will not support do you want to add to that? >> is another blowout number. solid 3.2% gdp which is a blowout number last week. very strong economy and again i will say we talked about president trump's policies tax cuts the regulation opening energy, trade reform, stable dollars and so forth he is rebuilding this economy and i heard your guest talking about productivity surging and that is hugely important and maybe we'll get it up today's job number but that and here's a very key point and 3.2% growth 263,000 jobs which continues the strong trend we have no inflation. virtually no inflation. strong growth, with virtually no inflation.
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i think the inflation measure for the first quarter is 0.9% in year-to-year is about 1.4 so that is an important point. very strong growth, very low inflation and policies are working. stuart: can bring out one big negative. very strong growth with terrific employment market and yet you still got $800 billion deficit in this fiscal year and that's not supposed to happen, larry made strong growth you should be bringing that is it down and it's 800 billion. what do you say? >> give me another year or two on the deficit because i noticed cbo put out its own estimate but they have very low growth assumptions and hence very low revenue assumptions coming from low employment but we don't agree with that. their models are view is the% growth plus so what i am saying is as a shared gdp we will cycle
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down that budget deficit in the years ahead and have been following the numbers with the help of my pal, dan clifton, and revenues are coming in very strong. we will see, i think, those deficit numbers will be much better but the key point here - you have a ten year covenant bond note or government no great at two and half percent and does not look like a definite panic to me. the main point is economic growth continue strong and if you take your productivity or whatever called 2.5% last four quarters your growth and employment at least 1% that is stronger than that we are now in a three, 4% growth stone and that's a huge change in a couple of years again i would argue because the presidents policies on taxes and regulations and so forth are rebuilding the economy. this is a very good story, good growth low inflation and i would
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say this to echo the president periodically he says this - i think we can do better. folks are telling me it will slow down from here but i don't buy it. i think as the capital deepening from the is this tax cuts continue you will see stronger growth more capital goods and better productivity and continued increase in real wages and jobs. it's a very good place to be. stuart: i want to delve into politics, larry, i know your economics but let's talk politics. speech from joe biden this week of producer of the second soundbite. one that deals with the tax cuts. joe biden says look, you have this whopping great big tax cut and much of it is gone to rich in business and america's middle class are not feeling it and have not seen it. i'm going to roll that soundbite for a second and want your comment. roll the tape, please. >> stock market is roaring. but you don't feel it. there are 2 trillion-dollar tax
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cut last year and did you feel it? did you get anything from it? of course not. stuart: i thank you heard that, larry, would you deal with it, please? >> all that many times i interviewed joe biden down to the years and in another tv show on an other network, heaven forbid i never was able to convince him of the merits of the incentive model of growth in my lower tax rates improve growth for everybody. here is the fact. very important. the strongest growth in jobs has come from the blue-collar sector. it is not the upper end and in fact, the wage increases in the bulk of the wage increase faster wage growth is not the upper end but the blue-collar middle-class working folks in the 10%, ten percentile has been the leader not the top 1%. joe biden needs to get his
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backside and re-examine our policies. we are getting done what we hoped to get done. manufacturing is rebounded and to get these trade deals strictly usmc eight which i think will be economic growth in investment we will see continued search and auto workers, farmers, manufacturing and so forth but that is the sweet spot. it's not the upper end but middle-class folks in the working folks in the hardhats and those are the ones i love. stuart: can you give me a forecast for the rest of the year? will we get any growth in the quarter? will beget an unemployment rate below the current 2.6% rate at any point this year? 4% growth below 3.6% at any point this year? will you forecast that? >> i will say there's a strong probability that that may occur. great center of it we will call it the varney scenario. [laughter] stuart: thank you.
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>> i meant nonpartisan, bipartisan guide whatever you say is aborted. all i want to say again is yet the .6% on employment, job gains 263, gdp growth the .2 and still, here's the quick point. virtual price stability. high-growth, high jobs, low unappointed rates low inflation. that is the message we been trying to send and i think that's where policies wi-fi policies to rebuild the economy are working. a lot of these old models from various institutions around washington dc i would never want to name names have missed this. they don't believe it. they should because the numbers are bearing that outfit to your scenario the varney scenario we could see a% growth rate of less than 3.6% of women but growth is good and higher wages are good and more jobs are good, low unappointed is good working successfully is good this is a sweet spot i hope folks take
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notice. stuart: you have to be disappointed that stephen moore has withdrawn from consideration at the federal reserve board. i for one do not understand why a man's personal life in the past should have any influence on his position and ability characterize military policy. your comment, please. >> i do think it's unfortunate because one through personal tax would have nothing to do with his excellent record analysis as an economist but it is too bad. i'll give one thing here. steve moore's view which is coincidental with our view is winning the battle of ideas which is, again, suggests a strong economic growth and coexist with low inflation and in fact as steve tries to say i will tackle this and it's a long-held view of mine and the president for that matter these incentives for low tax rates and
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deregulation are working. they are working so this is the kind of non- inflationary growth with the stable currency of the dollar money pointed to the usa from the world so i think steve with the battle of ideas and will live to fight another day. stuart: do you want the federal reserve to cut rates and the president wants federal reserve to cut rates and cut right now? you want him to do that? >> the point is that these low inflation numbers the fed is absolutely looking at rate cuts. some of which were priced into the market may be up until a few days ago. >> is that great after a job support like that? >> well, look, i will not guess the timing and the do what they do on their own time but what i will say is using the analysis what we found is that all these incentives in the economy creating strong growth and jobs with no inflation and the fed is looking at the inflation numbers
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and i don't think they are inclined to fine-tune real gdp. they are inclined to think low inflation i suggest the need for lower interest rates in their target rate and i myself believe that is the case. the fed is looking at inflation and that is a good way - our views right now intellectually are not far apart from the federal reserve best i can determine. stuart: you were proven right. you have been on this program many times in the past and i was a skeptic, don't call this the varney scenario because it's not. i was a skeptic and did not think we could get the% growth in the first quarter but you consistently said that we could. and now you're on the program think there's a good chance of 4% growth below the .6% unappointed in this calendar year. last word to you. >> every ten, 15 years, stuart i
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get it right. [laughter] stuart: to remember when i first met you? i remember meeting you in the plaza hotel in new york city about 1982 when you worked with ronald reagan at the treasury and i remember distinctly because i know you ever since. >> i was in omb but yes, you and lou dobbs i was your [inaudible] you made me get up and i was on there at 6:30 a.m. stuart: you got mad at hell as me because i woke you up in the middle of the night and that you never speak to me again. >> and lou who is an old friend would not give me money for that and said he'd send me a box of cigars i'm still waiting for those cigars. [laughter] stuart: all have a word with him. sir, pleasure. thanks for being with us. larry kudlow. let's check the big board following that interview. we have added to the gains now
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we are up 140 points, 26,452 i have my colleagues sitting here in your reactions? >> kudlow says the fed is looking at great cuts actually and to low inflation suggesting the need for lower interest rates. that's pretty bullish for the markets and that's what wires have picked up on. stuart: david i know you listen to this end your response to what mr. kudlow had to say? >> larry is like the billy graham of supply-side evangelism. his articulation of this accurate generational economic message is unbelievable and stuart, larry is a good friend of mine and i agree with everyone that was that but i want to add to something that you asked him about the deficit and said pbo had their revenue production wrong for the growth that we will get what that revenue will generate treasury. i want to go back to the bush second tax cut, 2003 produced investment taxes and supply-side
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and we were off by 50% of what the revenue increase to treasury ended up being in a couple of years that are after. this corporate tax cut was supply-side and effective and i think they will be way off and how much it stimulates revenue rates and increases deficits. >> there's nothing about having a less strong gdp or less strong employment number that will help that deficit. i don't think people should forget that. the thing we did discuss is what's the message here to congress. potential huge objector bill out there and we had the capacity in the job market take this economy further and i think it's the time for congress to get off and consider it but after spending and take it to the next level. >> politics of this job support are fascinating but what will the democrats say? >> to trying to figure that out now, do. stuart: what do they do?
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widespread prosperity in the united states, rapid growth and - >> that is the trump growth and red tape agenda? >> of leasing the agenda exact opposite of what the democratic do if they win the presidency in 2020. it's really start. >> there was criticism with the tracks tax-cut to their belief it would filter through to the economy and the democrats were very skeptical of that and here we are at the present in the first quarter and we continue with job gains. get to 4% as larry kudlow said. >> when you drill down to the report all segments of the preparation are benefiting. for example, women have the lowest unappointed rate [inaudible] seen great implement gains so this focus on saying it's all going to the top of his look at the stock market,
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general. >> women built over the 50% of the jobs created so far in the last year. stuart: you been digging into this and i did not elaborate lowest underlayment for women since 1954. >> unbelievable. stuart: want to bring david barnes, any other nuggets from the support that we should be reporting on because it's just got nonstop good news so far? >> i agree but you brought up unappointed rate o-uppercase-letter 2.6% and i might add that if the unappointed rate goes higher at 3.8, 3.9 that could be a good thing because it would probably mean is labor participation force is growing even more sense trump came in 7 million people have come into the job market so unappointed rate can be deceiving because what you want is more people in the job force and that is what really fell apart during the obama years but some of the people that gave up looking for a job. we have positive momentum there as well. when they brought up a second
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ago about how these wage growth and job growth benefits are coming to that part of the economy the fact of the matter is when joe biden says stuart you are not feeling the benefits - guess what? give us another because this is from the corporate tax side with individual tech side the president would agree they do not get what they wanted on individual tax side but if you think it was not good enough go do it again. stuart: just repeal salt. >> no, no, no, don't get me started their, stuart. stuart: don't get me started. >> the way you repeal salt is let's talk to the governor of california where i'm sitting now in the governor of new york for your sitting and let them lower their of noxious state rates but i don't thank you need to have the citizens of texas subsidizing the bad policies of new jersey, new york and california. stuart: point taken. by the way, i've been sitting in the seat now for almost two
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hours they say an hour and half and i have monitors in my studio got a monitor on msnbc. yes what? for the last 90 minutes they are covered nothing other than insults build bar but that is it. they are barely reporting the unappointed rate and barely looked at the blockbuster story about yes the fbi did spy on the trump campaign way back when and not a mention of it. not a mention of it. headline right now legal conflict between house democrats escalate. [laughter] i'm fit to be tied here, i really am. should i go on to other corporate news? >> please, do. stuart: this is a good one. one of berkshire hathaway's remark works with donald trump or works for warren buffett. [laughter] one of the money managers there but amazon stock. it wasn't buffett who bought it but somebody in that organization did buy it and look
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what it has done for - it's a stamp of approval for amazon. there are 43. >> it is not surprising. every brookshire meeting warren buffett talks about how much admiration he has for databases and amazon. they are in a partnership with amazon and j.p. morgan decline to build healthcare solutions and not spies they finally bought some of the stock although it is not warren buffett. >> but they bought stock in a $13 billion each in the port folio. buffett overseas the rest of the berkshire hathaway funds. they need a winner. it's down 25% they bought it so apple is doing well for them but . stuart: they need the midas touch. >> yes some diversification. stuart: but when they buy today they have not bought in the past and that is the stamp of approval. >> usually has people bought apple as well and that he bought into it cannot the finances and
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saying it was a cash machine and this might happen them with amazon. stuart: 1945 is your price on amazon right now. how about this one? beyond meat. >> how could we forget? stuart: they went public yesterday. stocks skyrocketed yesterday. >> question is should investors jump in now and i'm thinking one of two groups were idiots. either the company and underwriters who set the price and guess what, i tend to believe the company and underwriters saying it's a great concept but obtain hundred times, but thank you. >> no meat in this - [inaudible conversations] >> biggest debut in history of the markets and we fill that 100 to 2% jump in at $25 apiece were talking about this we oversee so much market that might be cheap but doesn't matter about the vales or earnings ratio but it's about dominance.
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stuart: this is not the stock you would buy, david because i don't believe beyond meat still has a dividend. [laughter] >> or profit or barely revenue. stuart, i had a steak tartare appetizer last night and a double lamb chop for dinner $87 million of revenue, revenue, and a 4 billion-dollar valuati valuation. i don't have any production on where this nonmeat meat business will go. i'm not interested as a consumer. stuart: i have to break but moments go mike pence appeared on fox news and here is what he had to say about the job support. >> that's right. it's remarkable. good to have you here at the white house, senator. what people are witnessing is the agenda the president trump ran on and that we been delivering on the last two years is working for every american. the job support 263,000 jobs in the month of april and the
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lowest unappointed rate in nearly 50 years. it is simply a confirmation of what the president has said all along. let americans keep more of what they earn, cut taxes on individuals and businesses, rollback federal redtape, unleash american energy, fight for the trade deals that put american jobs and american workers first in the american economy would come roaring back and we are witnessing it. it's truly inspiring. first-quarter number 3.2% after eight years under obama and biden were we saw less than 2% economic growth and this is a great day for america and it's all a result of the way president trump has been advancing on the economy. >> wage growth is a concern as the economy was booming and folks were quick to point out were not seen wages budge but then we saw wages start to come up. the support did not so much reflect that growth so that could be an area of concern
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going forward. with 2020 quickly approaching - >> but wages are growing and that's important. back when i was governor in indiana for saber heavy manufacturing in the last demonstration and is president said will you do wave a magic wand and bring manufacturing back but with this number and over the last two years we seen manufacturing come roaring back and what is most exciting, remember when president trump that the forgotten and women of america would be forgotten no more, or talking working americans who weren't seen their wages rise or incomes rise and now we are seeing the most rapid increase in wages in the last ten years and the best increase wage over the last year has been among working americans, blue-collar americans take the folks i was with in dearborn, michigan for the folks i was just with down in norfolk, virginia. working americans know this economy is working for them. >> that is where you will hear 2020 democrats pushed back on this robust economy. they will say that not all americans are benefiting from
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those tax cuts, deregulation, booming stock market what you say to that? >> i think the washington post gave joe biden for pinocchio's on that assertion. he said the tax cuts were not be felt by middle americans and american people know differently. that's why you saw that recent poll number by another network that reflected on a strong approval rating for the president's leadership on the economy. look, in the campaign and every day since this businessman turned president has said if you cut taxes, rollback regulation, fight for free and fair reciprocal trade, unleash american energy and the american economy will do as it has always done in creating jobs, grading opportunity and that's exactly what we are seeing. >> you hear so much about the stock market accurately reflects economic growth in this country while it is up over the dow is up over 40% in the present was elected into office.
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>> it is soaring. >> it is - >> member that makes a real difference for americans 401k's and their retirement and a lot of people talk about wall street and stock market but were talking people's retirement and it's doing well for the american because of the expanding econo economy. >> do you look at the stock market to indicate how strong and robust this economic boom is? what is your favorite indicator? >> ross, the stock market is a daily indicator of what's happening what attitudes are in the market place but it's all about jobs. stuart: be all about jobs. yes, it is when you get it all on party and comedy. vice president mike pence and before that larry kudlow how about that? admitted a nice rally on. we are up 136 points, 26,446. democrats furious over attorney general bill bar. why are they so angry? the attorney general will find out what some very powerful
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people are up to back in 2016. my take on that next. i was ready to make my mark, but i didn't know how. i was working the same job for a few years. i had a degree and some experience but no career. i opened the careerbuilder app and found an awesome job at a company i love. . . careerbuilder. work can work.
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stuart: look at the stock market to. now we're up 130 points. nice gain. we're following the blowout spectacular jobs report. 260,000 odd jobs in the new month. by the way, larry kudlow, president trump's top economicfy, told us on the show there is good shot getting 4% growth rate sometime this year. a good shot getting unemployment rate below the current historic low of 3.6%. we'll have more coming up for you. and now this. >> what an embarassment. the democrats turned politics into a name-calling farce. they just can't conceal their hatred an contempt for president trump t was all on full display this week with the barr
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hearings. look at this, just plain silly. representative steve cohen eating fried chicken in the hearing room, implying the attorney general was a chicken for not show up for another round ever insulting slander. i call that juvenile. things turned serious when speaker pelosi said mr. barr had lied to congress. them's fighting words. what was the lie exactly? let me try to explain it. bob mueller said he had some misgivings about barr's summary of his report. later barr said he didn't know whether mueller supported his summary. that is what speaker pelosi consider as lie. on this, hangs the future of the republic. democrat leaders have thrown a temper tantrum, all right? enter kim strassel "wall street journal" columnist. today she writes, that what really rattled the democrats is mr. barr's investigation of how the russia probe got started in the first place. ow oh. that spells trouble. he is looking at the dossier,
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which hillary clinton funded. he wants to know who leaked classified details of the probe. that is a criminal offense. the attorney general is on it. one last point. "the new york times" reveals today that the feds did indeed spy on the trump campaign in 2016 is. who ordered it? who knew about it? all of this explains why the democrats are furious at the attorney general. he is going to find out what some very powerful people were up to. for the left it is not going to be pretty, or the media either. the second hour of "varney & company" is about to begin. ♪ >> what possible motivation could the attorney general of the united states have to dishonor the office that he holds by writing there for the whole world to see, to
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misrepresent the facts of the congress to the united states? >> chicken barr should have shown up today and answered questions. he was afraid of barry burke, he was afraid of norm ice son. a attorney general picked for legal acumen, would not be afraid of other attorneys questioning him for 30 minutes. stuart: that is laughable, when i talk about political farce. tammy bruce, with us, fox news contributor independent women's voice president. let's have it. i agree with kim strassel, what the democrats are really rattled about is bill barr finding out how this whole thing got started in the first place. >> this has nothing to do with the mum letter report now. it has nothing to do with the attorney general's persona, his legitimacy. they know, that is what is troubling their behavior indicate they know what he is already going to find. they need to diminish how people view him. they will fail, mr. barr has a
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great reputation for a reason. he is clearly in command when the american people see hill. he is clearly working with variety of information. working with inspector general horowitz's information. he exposed the fact he already assigned people who are already investigating. what's troubling is that they anticipate as they should, i guess, whether it is criminal indictments or the revelation from not just from people like comey on down, but many, many people including of course, remember a great deal of this happening if not most of it during the obama administration. so they're ready for this windfall of information that they're terrified of. stuart: that is the they're afraid of the truth. the trying is going to come out. what do you make of this, "new york times" this, is a blockbuster article. it admits that the fbi sent an investigator posing an assistant to meet with a trump aide. they spied on the trump campaign. >> yes "the new york times" cast it as you know, looking for information.
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well now that we know again the dossier of course is false. the argument is here that in fact this was an effort to frame, to give a legitimacy to continue the spying, to not just look for information that they knew wasn't there already, the dossier they were using was false, but in fact the argument is to frame them. so we have this. i think "the new york times" also knows what is going to come out. this isn't that they have suddenly seen the light. it appears to be something to cover themselves, because it would be kind of weird for them to not have covered any of this legitimately all this time. now they know it is going to come out. in a way preemptive framework oh, yeah, we're finding this out too. stuart: you know, tammy, you and i will calm down for a couple of seconds. we'll get back to you in a few moment. >> sounds good. stuart: let's get to money shall we. look at the market go. these are the big gainers. this is big tech right there.
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every single one of the big tech companies, apple amazon, facebook, microsoft alphabet all on the upside, very significantly so too. i want to bring in bruce bittles, chief investment strategist at baird's. first sometime on the show today. we'll give you deference. let's talk about big tech. i think you're a bit worried that big tech is a bubble. tell me why? >> well, i'm not really worried about big tech being a bubble. i think certainly valuations have risen this year but in relation to a bubble, you really don't know you're in a bubble ever until after the fact. so that is a mute question, really. stuart: is there any reason you can think of why these big tech companies should come down significantly? >> i don't see any reason right now. certainly when you look at the employment data this morning and you combine that with the
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extraordinary productivity numbers we saw for the first quarter, i think it's a very powerful combination and that would not suggest any trouble for the stock market at least anytime soon. stuart: so you think we might, on a big picture basis here, we could go onward and upward even from here? we're at all-time highs? more to come? >> it will depend how earnings are translated into economy. the economy is growing at a moderate pace. it all depend own how much the bottom line the companies can bring the profits in terms of revenue. what we're considered about is margin contraction. if we don't see that i think the market could go considerably higher. >> what is your forecast though? everybody knows it. ii have a little bit of microsoft. should i go buy some more? >> i think you can buy more microsoft at a certain point in time. now the market is up, almost 16,
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17, 18% since the 1st of the year. nothing goes in a straight line. we had a lot of good news recently. perhaps we'll get a china-u.s. trade deal also in the next couple weeks but i think this summer the market would likely consolidate gains we've seen this year. our forecast has been the fourth quarter of 2019 would probably be the best quarter of the markets. stuart: whoa. okay. bruce that was a fine first performance on "varney & company." if you're not careful you will come back. bruce, thank you very much for joining us. we appreciate it. thanks very much. >> thank you. stuart: i want to go back to tammy, and i want to talk facebook. you're the ideal person to talk about this. they banned accounts of several political figures they consider dangerous, alex jones, mile yo yiannopoulos. louis farrakhan as well. my problem with all of this, who defines hate speech? i don't trust facebook to define
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hate speech. >> this is what they have been doing, they have been doing it in the past in kind of a covert way by "shadow banning" people and trying to manuever it, manipulate it to control and stop certain conversations. at least now they're having to do it in the open, right? it's a reminder when you have a private company not deemed to be a publisher, if you will, they have got controlling so much of our national conversation, that this is the danger. so we've got to make a determination. if they're going to be not a publisher, not under the same rules of the fcc, about the nature of what you say, if you're controlling information an content, but they're still banning people or, you know, alternately only allowing certain kind of speech, the government has to look at this, how is this affecting our national conversation? who is going to make these determinations? what is fair and what is not? because right now, obviously you have to the social media, twitter, facebook, instagram, which facebook owns, controlling
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this conversation. i think this is where the danger is. in all honesty, i did not follow those individual. i'm not going to miss them. there can be a toxic environment that's created but you can also control who you follow, what that environment is for you personally. that is the other issue. it is not like you're subjected to them without choice. stuart: that's right. >> you can make decisions. that is were the marketplace comes in. stuart: you make the decision to look at them. >> correct. stuart: not they're blasted at you. that is the not case. >> correct. it has to be a larger conversation. stuart: thank you. >> in our other conversation, kim strassel's piece in the "wall street journal" i recommend everyone. remarkable point of nature what is happening with attorney general barr and democrats. stuart: she nailed the turning point perfectly. >> see has indeed. stuart: enjoy the weekend please. next, stephen moore has withdrawn for consideration on the federal reserve board. i want to know what his sense of
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humor, his personal life has the ability to shape monetary policy. he is on the show. e-sports filling arenas with thousands of people. clearly booming. i will ask the ceo of a publicly-traded e-sports company, is it just a fad? blockbuster jobs report. 263,000 new jobs, the economy under donald trump is clearly thriving. linda mcmahon, on the show, formerly small business administrator. i'm sure she will agree and will be on later in the show. ♪ see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step
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your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. stuart: we've lost much of the rally, hate to say it. we came out with the blockbuster jobs report. we were up 150 points. now we're up only just 70 points
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higher at 26,378. we have the "wall street journal" reporting that boeing's own test pilots did not have key details on the flight control system of the 737 max jet. the stock down there at 374, down just a fraction on that news. dish tv, their profit missed the mark. so what, the stock is up 3%. here is some good stuff from the federal reserve. this is breaking now. what have you got, ash? ashley: chicago fed president charles evans had been somewhat dovish, he said if this carries on with low inflation, we may indeed have to look at a rate cut which gave the markets some hopes. apparently he changed his mind in a speech that has been embargoed until now. he basically says i would put under the file of captain obvious. he says if growth runs close or somewhat above its potential, maybe further rate increases are needed. but if it shoots below or
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inflation does not meet expectations, then perhaps policy shoed be loosened. that is very obvious statement. he is backing off a little bit sayings hey, you know what? we have great growth. inflation remains stubbornly not up to pace with expansion we're seeing in the economy. so maybe a rate cut could be needed. stuart: possible that headline hurt the market. ashley: maybe. stuart: strong jobs report, take as rate cut off the table. may be a rate increase. market goes down. ashley: that would be it. stuart: i think that is the background. we have an important guest with us, his name steve moore. welcome back to the program. good to see you, young man. i want to ask you first of all, do you think we need a rate cut right now? >> first of all, this idea how high the growth rate should affect the decision to change rates is wrong-headed. i'm a believer we could get 3 to 4% real growth with very little inflation. my whole mantra since the trump
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tapped me for this, i'm not going to be in the seat now, was that the growth does not cause inflation. trump believes that. larry kudlow believes it. i believe it. when i look at the situation right now i will second quarter with what i said the last several months. the december rate increase was very wrong-headed. the fed did right thing reversing course back in january. but they have not reverses, stuart, the rate increase. they announced they wouldn't raise rates this year. they should go back to prior to december. i would favor a quarter point reduction in rates. i think that is what the fed should have done this week. i don't see any inflation out there. maybe you guys, stuart, see something i don't. i don't see it. the fed has been below the inflation target for four straight months. stuart: my position on this is, it would be nice to have ammunition a couple of bullets if we fire, need to fire them.
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>> no, no, stuart, no! this is wrong, okay? this idea, you're sounding like a phillips curve conventional wisdom guy. that is one. ways they didn't want me on the fed i'm not conventional wisdom. i do think out of the box on this i never understood this logic, going back to the summer of last year. we hit 4% growth. no inflation. rising wages, low unemployment. most beautiful picture you could imagine for the economy. all the fed starts saying maybe we should raise rates. if the economy falters we can lower them later. that logic to me makes no sense. should look what is happening with inflation. we're below the inflation target. that means we should cut rates so we get back to where we want to be. if we do that i think it will give a nice lift to the markets and real economy. my god, stuart, look at last 10 days. we get the 3.2% growth number. productivity numbers yesterday which were off the charts.
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today we get the jobs picture which is absolutely beautiful. there is nothing to complain about in this economy. i want to hear what the democrats and liberals who said trump would destroy the economy, what are they saying now, stuart? stuart: i would like to know that that is the first time i've ever been confused using conventional wisdom. that is another story. i have to get to this, steve. >> i almost never disagree with you stuart. but -- stuart: let's do this you wrote this headline in the "wall street journal" today. here it is. my brush with personal destruction. as you write, you've been taken, you've withdrawn yourself from consideration on the federal reserve board. here is my question, it is really your question too, what has your divorce, your personal life, what has got to do with your take on monetary policy? that is the question that you raised in that article. answer it. >> look, i'm bummed out. i'm really disappointed. i'm not a quitter. i hate quitting. donald trump is not a quitter.
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he didn't want me to quit. it became so evident i was never going to be able to get through this, they are looking at things i wrote 20, 25 years ago. i have 2,000 articles i've written. i've been on 500, you know, speeches i have given. they're picking out snippets, he doesn't like women, doesn't like this group, that group. i'm a flamboyant person. sometimes i get a little carried away in things i say, if i insulted people i apologized for that. what really bummed me out about this whole thing, when president asked me to do this, i thought this would be a great plot -- platform, how should the operate, how should we grow the economy. the left didn't want to talk about that they wanted to talk about my divorce. about things i wrote 20 years ago. that is unfortunate. i'm proud with the role i helped donald trump play getting place we are now. as i said earlier none of my critics from paul krugman to
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"the washington post" editorial board, harvard people, none of them said it was possible. when trump said he would get to 3 to 4% growth. we have secular stagnation. he can't possibly do that. how will he do it, with a magic wand? maybe he has a magic wand. stuart: there is hard break coming. i rue the day we take people off the table for a responsible job because of something they have said or written many, many years ago which has nothing to do with the job they were for. >> thank you. thanks for saying it. i totally agree. stuart: i hope you can come back real soon. you will be welcome here. thanks, mr. moore. >> thanks, stuart. stuart: for the moment we'll forget the market. we'll forget even politics. that is unusual. that is one of the favorite stories. that is the beluga whale which is allegedly a russian spy. ashley: incredible. stuart: what a story. we witnessed a remarkable event, the press service at
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white house brought some of us to tears. that is not on the screen now. we'll deal with ambien as well. we have a lot to go at it and we'll do it after this. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves all your worst symptoms, including nasal congestion, which most pills don't. and all from a gentle mist you can barely feel. flonase sensimist.
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stuart: there it is. the beluga whale with all the harness. is this a russian spy, ash? ashley: the target has written on it equipment of st. petersburg. beluga whales shouldn't do it. this whale is apparently defective. it is hanging out in the norwegian town. it wants to be petted. it is gorgeous. we believe he is defected. could be fbi finding russian collusion. all the possibilities are there. he is damn cute.
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look at that picture. susan: who is next? a penguin? i have seen that movie. called "madagascar." ashley: that is the cutest thing. stuart: i want to check apple. look at the stock. we have one of the most important apple watches in the land. he says that stock goes to 350. his name is gene munster. he makes his case at the top of the hour. now we get to ambien. it just received the strongest possible warning from the fda. it is so strong this warning, some people are being urged to chuck it out if they have got it. what a show. we've got everything. ♪
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♪ quote let it be." ashley: one for you, stuart, let it be. stuart: you're referring to me getting hot under the collar, trying to introduce one our guests. i will let it be. ♪ check the big board. look at that, we lost some of the rally. 86 points higher. earlier today on this program, i spoke to larry kudlow about the spectacular jobs report of course. i also asked him about joe biden, who has said the middle class needs to be rebuilt? roll that tape, please. >> i think joe biden has to get his facts right. he might want to reexamine our policies. we're getting done what we hoped to get done. manufacturing is rebounding. all right, if we get the trade deals, particularly usmca which
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i think will be very bullish for economic growth and investment. we'll see continued surge with auto workers, participates, manufacturing, so on. stuart: he was actually still talking right there. you might not have heard him but he was. he was getting passionate. jonathan hoenig a passionate kind of guy is with us now. he is a fox news contributor. what is your reaction to that? first what biden had to say what larry kudlow had to say. >> joe biden, number of interesting things he said, stuart, most notably about the comment about china, is it or is it not an economic threat. i have to say, i normally wouldn't say this, but i actually agreed with joe biden. we shouldn't see competition, economic competition as a threat. there is not fixed number of jobs. there is not a fixed number of wealth. i know most americans wouldn't necessarily believe it or understand it, but we benefited tremendously with trade with china. to mr. kudlow's point resolving
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trade issue the sooner the better. farm bankruptcies are exploding, multiyear highs, specifically because of lack after trade progress and trade agreement. so we've got some work to do. stuart: i understand that i will move on because you brought us two stocks that you really like. i got to start with the first one, an amusement park company. the other is a, start with cedar fair, which is the amusement park company. what is so good about them? do you own them? have you wrought them already? >> no, i don't know these names but i'm looking for ideas, given the fact it is still a bull market, a little off the radar screen. not apples, netflix, microsoft that dominate so many indices. cedar fair demonstrating what disney is demonstrating lately, getting them while they're young, if you will, bring them into a theme park can be extraordinarily lucrative business. this stock yields 6%. off the radar screen.
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if we see some consolidation in entertainment properties cedar fair could do really well. stuart: the other company, get pronounciation right, el pollo loco. chicken chain, what is good about it? the chart is awful looking at it a one-week chart. it took a plunge. you like it. >> it really has, you have to look pretty deeply to find value oriented names, off the radar screen names, we seen time and time again, busted ipos given up for dead, el pollo loco, if the economy goes down, they might go down from higher priced quick service restaurant to lower priced quick service restaurants. this name off the radar screen investors could consider for the portfolio if they have od'd, apple, microsoft, netflix, the same old suspects. stuart: i did, but i done well. >> you done very well. stuart: tell me, you do not yet,
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you own el pollo loco, are you going to buy it today at this depressed price? >> i will quote gordon gekko who says i look at 100 deals a day. i choose one. i'm definitely looking at all these names. again i think now is is the time not to be bearish on the market per se, look at off the radar screen ideas that aren't so widely covered. these are two names on my list. stuart: we'll consider it, jonathan. >> very good. stuart: capitalist pig that you are. >> have a great weekend. stuart: what a pleasure. you've a good man. okay. here is a story i struggle to get to grips with, the gaming revolution. our next guest is taking a popular video game and bringing to it arenas. that is how you write the introduction. now i understand it. i'm no longer hot under the collar. ashley: let it be. stuart: this is about e-sports. our guest is the chair and ceo of super league gaming.
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an ann welcome to the program. >> thank you, stuart. you're getting really good. i will get you in a jersey. stuart: what? >> competition, super league jersey. it will happen. stuart: that is funny, did you know that. you have this new game, street fighter 5. >> that's right. stuart: you will put this on in a competitive game in arenas all around the country. >> that's right. stuart: it is an old game. it has been around since the '80s. >> that is has a community passionate about it. the way the platform works we partner with top golf, cinemarks, allow the communities to come together, socialize around the games they want. stuart: convince me this is not a fad. >> right now predicted e-sports global audience will be 600 million people by 2023. within the next two years, it will be larger than major league baseball than the nba. stuart: what is it now? >> over 300 million.
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stuart: e-sports marketplace. >> those are the audience. people viewing e-sports, not just the players. 2 billion gamers around the world. half of them identify as competitive. they want the aspirational path to the pros. stuart: 300 million watch video games, in a commercial setting? e-sports, they watch this stuff? >> exactly. if you think about it, not that different early days of what fox sports did so well. they introduced a mass market to sports and that is what super league platform is doing. through our game play we're uniquely in the live events capturing a pretty significant amount of content and thirst around amateur e-sports we can distribute over time. stuart: how many venues do you play to per year? >> yeah. so we have several hundred venues that we have access too. stuart: wait a second, there are several hundred competitions -- >> thousands of competitions at the amateur level. stuart: you have 300 of them. >> we have a couple hundred venues right now. stuart: you make your money by charging for admission, and
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making money on the streaming that you get and people viewing it from a distance. >> yes. stuart: that is how you make your money? >> you hit it on the last point. in the early day looks more like a traditional sports team. brand sponsorships, merchandise, all those other streams. what is really happening our platform is uniquely cure rating a pretty significant amount of amateur e-sports content so is it really an -- stuart: is it going to become an olympic sport? >> they do say it will be a demonstration sport at the next olympics. stuart: yeah? >> yeah. stuart: will you be involved in that? >> if there is amateurs there we will be. we're focused on the bottom of the pyramid. stuart: wait a minute. you don't have professionals coming in. >> there are professionals around the world. there are 15,000. stuart: not at your locations? >> no we're absolutely about recreational leagues underneath. you play tennis, you want to get better at tennis, take tennis lessons, go to a tennis camp and
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eventually join a team. that is what we're providing. stuart: is it family affair? do people buy tickets as family? >> it is multigenerational. fathers play for the adult leagues. children on the youth leagues. fathers and teenage sons play together. 46% of gamers play with their parents to spend more time together. stuart: when are you going public? >> we have going for -- it is okay, we're still in the early days where we really need to get the message out there is a way to participate in the public markets in e-sports. we're the first one out there, slgg is our ticker. it stands for, gg is a little wink to gamers. that is it what they say to the at end of the game. gg is good game. slgg. first call being public company, first quarterly call couple weeks. stuart: you're up 3% today. is that because of the games. >> it is because i'm here. absolutely. we had a pretty good clip of
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some significant announcements. we announced a announced a partnership with internet cafe, gg circuit, that brings us access to couple hundred locations. our relationship with top golf. rolling in big game titles with street fighters and other big ones. we knew going public we better have our game on and be ready to execute and show the trajectory and performance we can deliver. so we're ready. stuart: tell me, ann, do you do a lot of interviews with people like me that don't know what they're talking about? >> i raised a lot of money from investors who really are fascinated. it is funny. a fear of missing out. they want to know before. sports. they want to participate. you know, look this was new to me five years ago. i enjoy being a translator. i like converting. so i will be converting you into the club. ashley: very good. stuart: i know what fomo means. fear of missing out. >> i spelled it out, you did.
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thanks for joining us ann. >> thank you. stuart: jobs market, new jobs, a surge in april. next president trump's former small business administrator, linda mcmahon. we'll ask her again what will democrats say now about the trump reaction? i'm not sure she is the right person to ask that question. but i am going to ask it. security cameras, baby cameras, vulnerable to line chinese hackers. we have the story for you next hour. ♪ fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost.
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unfortunately, it can't do anything about that. now that you know the truth... are you in good hands?
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stuart: we're coming back a little bit at least. now we're back to a triple-digit gain. the dow up 124 points. 26,400 where we are. how about this one. hard to believe, it is happening. the california state senate
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passed a bill that says you cannot be on california's presidential ballot if you haven't released your tax returns for the past five years. is that a shot at president trump? yes it is. linda mcmahon with us. former administrator of the small business association. didn't la, welcome back. >> nice to be back. stuart: i can't vote for you if he hasn't released his tax returns? >> if they can't beat him at polls. they tried it before. governor brown vetoed it. stuart: it is uncone constitutional. >> i don't think it has any basis in law. stuart: glad we shot that down. >> shoot that right down. stuart: your rook action to the jobs report. i know you've been listening to me. >> i am. stuart: your reaction. >> ecstatic. president's policies are working. they continue to work. when i was at the small business
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administration until a couple weeks ago, all over the country, when i was visiting all of these jobs in all 50 states, small businesses and touring a lot of those talking to over 800 business owners, telling me how effective tax cuts have been for them, regulatory role back, we continue to see it. manufacturing jobs, u.s. steel will spend about a billion dollars in new plants in pittsburgh. that was announced recently. we're seeing all this come back. the president predicted it. he said this is what we need to do. it is working. the economy is growing. the facts are the facts. stuart: indeed, but what do you make of what the presidential front-runner, joe biden on the democrat side, joe biden said, look, you got the tax cuts. you didn't get the tax cuts. you didn't feel it? the stock market is rallying, you didn't feel it, means nothing to you. wages are stagnant he said. what is your answer to that. >> wages are not stagnant.
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they're continuing to grow. they're growing at 3.2%. you do feel that. it is, we'd like to see it grow more, but it is consistent. i asked somebody the other day. i was touring and i said, just give me a common man's answer to that? he said you know what? i drive around, you know what i see i didn't used to see, i see help-wanted signs. stuart: true. >> haven't seen those in a long time. see help-wanted signs. when you see help-wanted signs, people come back in the labor market. it makes wages competitive. the job market is so tight. we have many more jobs than we have people to fill those jobs. and so it makes wages more competitive. people are holding on to those jobs. you can leave a job, go someplace else because there is that opportunity. stuart: i just want to know, i haven't seen it yet, what are the democrats what are the front-runners going to say about today's jobs report and the growth in the economy? i don't know what answer they are going to have? >> other than let's impeach bill
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barr? let's go after him and go after the president. they can't talk about the economy. it is just, they just have no basis to talk about the economy and economy is growing. people are feeling it. they're happy. and i just think it's a win-win for the president in 2020. stuart: how do you feel about leaving the administration, leaving, you have not left politics but certainly left government, how do you feel about that? >> i'm happy to be in my new position as chair of -- stuart: how do you feel about leaving government? >> i enjoyed my work at small business administration. clearly i was able to go all over the country and meet with small business owners. i went to all 50 states t was invigorating to know we were helping because small businesses are really the backbone of the economy. they're growing and creating jobs. so i really enjoyed my opportunity there. stuart: i never thought of you as someone who would enjoy working in a government bureaucracy. >> well, i was out among the people, talking to the small business owners around the
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country. it was a real thrill. stuart: linda mcmahon pleasure to have you on the show. >> i would like to. stuart: if you're not careful you will. thank you very much. texas may ban junk food for food stamp recipients that came right out of the blue. i want to know more. susan. susan: may be government overreaching, maybe ask linda about it a little later on. >> i'm out of here. susan: basically proposing if you're on food stamps you should not be able to use the food stamps to buy unhealthy things like cola, like candy, chips, even sugary drinks. we know that 40 million americans are on food stamps. there are 3 million in the state of texas that have diabetes. they're trying to curb, basically. stuart: what do you think? do you think that is a good thing? is that good move? >> i think people have the will to decide what they want to do. ashley: it is nan in i state. government getting involved in
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your own business, telling you what you can and spend your money for. stuart: well-said. this will rile a lot of people here. ashley: or not. stuart: popular sleeping aids like ambien, ambien just got the highest warning at the fda a warning so strong people are being urged it chuck it out if you got it in the medicine cabinet. are they dangerous, these things? we'll ask doc siegel next. ♪ there's a lot to love about medicare.
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and this is the only plan of its kind endorsed by aarp. that's the icing on the cake... i love cake. finding the right aarp medicare supplement plan for you could be just a quick call away. stuart: back to a triple-digit gain. the dow up almost half a percent, 117 points higher. now this, the fda has given ambien and other sleep aids a black box warning label. apparently that is very strong. doc siegel is here to tell us what it means. what does it mean? >> we're finally looking at this group of drugs seriously, sedative hypnotics, that too many docs throw on the problem. people come in, i'm having disruptive sleep, get up in the middle of the night, here, take a pill.
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these pills can lead to things like sleep walking, sleep cooking, yes, even sleep driving f a patient comes in to me, i have a problem sleeping, you know what i have to do, stuart, figure out why, not throw a pill. sinned them to a sleep center, get a sleep study. if you have a problem where you have disruptive sleep pattern, i give you this type of drug, it may lead to some fatal outcome even. stuart: so some people who have taken these sleep aids, wake up in the night, don't know if they're cooking or driving, is is that a problem? >> i don't want to scare anyone but it has happened. more commonly it is sleep walking. you wake up and you don't know exactly what happened. these drugs work for millions too. i'm not saying they're not abused. stuart: fda saying throw them out if you to the them? >> absolutely not. the fda is saying doctors better be more careful when we
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prescribe them. patients shouldn't demand them. stuart: i have to get to this, the chief executive of therapeutics, they manufacture opioids, found guilty of series of racketeering. do you feel this is a series of dominoes to fall? >> yes. stuart: what is the racketeering? >> it starts with fentanyl, we talk about a lot, a heavy opioid we brought on the market to treat cancer pain, people with unremitting cancer pain. the companies that manufactured it, in this case insys is others made opioids, mismarketted them, trying to get doctors to prescribe them for other they intended to. still doctor's fault. the doctors were put through lap dances. an in service reportedly dressed up as a bottle of fenn at that at that nil to -- fentanyl to give instructions. they brought to dinners,
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nonexistent. fancy dinners they supposedly gave fake lectures. all was intended to lead to overprescription. it worked. a lot of people ended up on heroin and a lot of people ended up on illegal fentanyl. stuart: doc siegel. thank you. >> very bad stuff. stuart: you got that right. yesterday president trump hosted a meeting of people for all faiths for national day of prey. it was a -- prayer. it was joy just day. the media didn't cover it. my take on that coming up. look at this. kimberly strassel of "wall street journal" writes that the democrats are rattled by bill barr because he wants to know who leaked castfied details of the russia probe. he wants to know how this thing got started. boy, are they rattled. kim strassel writing bit. we'll check on the wedding business, the ceo of the knot. a lot of people don't get married and who does get married
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they wait till later. this is what we call the power hour. hour three by the way. ♪
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stuart: at this time yesterday, president trump appeared in the rose garden for the national day of prayer. it was anything but a normal religious event. it was not a somber, restrained affair, no. it was a joyous call for unity at a time when unity is surely vitally needed. it was a very different spiritual occasion. for me, the highlight -- if i i may call it that -- was the appearance of rabbi goldstein. the president called him to the podium, and he told the story of the poway synagogue shooting where he had faced the killer. he said, quote: you need to stand tall, to stand fast to do what it takes to change the
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world. end quote. no pieties there, just reality none of this our thoughts and prayers are with you. that was a platitude. stand up, face down hate, that's what the rabbi said. that struck a chord. christians, jews, muslims, sikhs all in the audience. we also discovered that in this president begins all cabinet meetings with a prayer. we doesn't know that. we'd never been told. mr. trump clearly doesn't wear his religion on his sleeve. i'm not going to make a big deal out of this, but what we saw is another side of the president, perhaps that most of us didn't know. and this is the side of the president that the media doesn't show us. we covered the entire prayer event and so, too, did fox news. no other media outlet did. other news channels ignored it. and there's barely a mention in the media this morning. what a shame. the prayer event was an extraordinary thing and timely.
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following the slaughter of muslims in new zealand, christians in sri lanka, jews in pittsburgh and poway, a call to spiritual unity was exactly what was needed, and that's exactly what president trump delivered. the third hour of "varney & company" about to begin. ♪ ♪ >> every citizen has the absolute right to live according to the teachings of their faith and the convictions of their heart. this is the bedrock of american life. together we are building a culture that cherishes the dignity and worth of human life. prayer works miracles, and prayer saves lives. we once again place our hopes in the hands of our creator. >> you are the first person who began my healing. you heal people in their worst
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of times, and i'm so grateful for that. stuart: we picked out those clips because we thought they were the more poignant moments from the president's event yesterday. later this hour we're going to bring in joe concha, media reporter for "the hill." i want to know why the rest of the media basically ignored this extraordinary event. we'll find out. first, though, 11 in the east, 8 on the west coast. let's check that big board. we're back up again, look at that. now we're back up 150 points, 26,463. and a big gain -- there's a gain for the nasdaq of over 103 points. that's a rally and a half, bottom right-hand corner of your screen. staying on money, i want to bring in tech watcher gene munster. i want to talk apple, gene, because you're out there saying that apple's stock will hit $350 within a few years. you've got to be more precise than that. give me a better time frame, and then you can make your case for
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hitting 350. go. >> so, stuart, i'm going to say two years or less, and the simple reason is this: investors are going to progressively change the multiple. and this is really what is unfair, and the way we like to think about it is the scoreboard is broken. when companies like google and facebook and amazon put up earnings, they typically get kind of this 20 to 40 times next year multiple, and then you look at apple. when they put up those numbers, they're getting a 15 multiple. and i would bet apple is as foundational as google. i think netflix, facebook are less foundational to our future. so, stuart, when i think about where that -- we can get to that called 70% upside to the stock, i think it actually doesn't take much of an exercise to get there. and i would even think about this perspective, is that if you simply look at apple as a consumer staple company similar to coca-cola or chlorox that we, our lives are based on it can,
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those type os companies -- coca-cola specifically -- gets a 22 multiple. and if you get just a simple 22 million billion, you can get that 73% -- multiple. you can get that 70%. stuart: that caught our attention, gene. i want to move on to facebook. as you know, they're going to try the cryptocurrency business, creating their own coin to use on their own site so that you can buy and sell and transfer money using a cryptocurrency. i think this is very important, gene, because they're going to be able to create money, getting into a huge market. i think it's very good for the company and the stock. what say you? >> agree with you, stuart. i have some strong feelings about what facebook does to how we think about ourselves. i'm going to set those aside and look at just what's in front of us here, them getting into crypto. this is a big deal, and the reason why is because the company has an opportunity to sell more specifically on
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instagram. that is a good use of instagram, is for people to shop around and be, get ideas about new things to purchase. and, ultimately, a payment platform that makes the merchants better off, in this case by using crypto, you essentially eliminate 2-3% processing fee. right move for facebook, having a company like that standing behind crypto will inevitably be good for the crypto marketplace, and you're seeing that in the shares more recently. and obviously, negative for companies like american express, visa and mastercard. stuart: okay. so 350 for apple within two years, will you give us a forecast on facebook, where within two years? >> i think just -- facebook's going to be around -- i'm 50 years old, facebook is going to undoubtedly outlive gene munster, but i think your money's better invested in owning apple. i'll just leave it at that. stuart: 50 years old, okay. i've got you beat.
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gene munster, thank you very much, indeed. we'll see you soon. >> thank you. stuart: what i would give to be 50 again. [laughter] i want to get back to the jobs report. oh, what a blockbuster it was. let's just listen to what larry kudlow had to say about it earlier on this program. roll tape. >> 3.2% growth and 263,000 jobs which continues the strong trend. we have no inflation. virtually no inflation. you have strong growth, strong growth with virtually no inflation. stuart: really pumped it up there. what a fine report, what a terrific situation for the economy. that gentleman on the screen is jeffrey cleveland, and he is with raiden and righting. i call this a blockbuster report and a goldilocks economy. where am i going wrong? >> you're right, stuart, what's not to like? you have the job -- the unemployment rate at multi-decade lows back to 1969.
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if you include discouraged workers, your u4 unemployment rate, it's at 3.9%. so even it's below 4%. really low unemployment, and we don't see signs of inflation. so we used to work, stuart, at a misery index where we'd add unemployment and inflation together, and that's very low. so i don't know why some investors keep talking about recession and being miserable about things. the misery index is very, very low. stuart: i've got an explanation for you, they're democrats. [laughter] okay, now, is this report and the economy as it is now, is it strong enough to bolster the market and lead the market up to another big second leg up? what do you think? >> absolutely. absolutely. what you have here is 104 consecutive months of job growth. on average, we're seeing about 200,000 jobs per month. that means by the end of the year, stuart, the unemployment rate will be below 3.5. that is a fantastic back do. at the same time, as long as you
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have low inflation, sub 2% inflation, the fed probably sits on its hands here. no movement on interest rates x. that gives you this nice tailwind for risk assets. great growth, easy monetary policy, in our view. and that is a great backdrop for stocks and risk assets generally. stuart: great guest for a fried morning with the -- for a friday morning with the dow close to record highs. jeffrey cleveland, you're all right. see you soon. >> great to see you. stuart: back to facebook for a second. they are banning several individuals that they consider dangerous. this list includes louis farrakhan and several right-wing commentators. should facebook be the ultimate decider of what speech is banned? it's a decent question, isn't it? we'll try to answer it. u.s. steel making a big investment in pittsburgh, spending a billion dollars to upgrade a facility. we'll tell you what president trump's saying about that. and we'll get back to my editorial on president trump's
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national day of prayer. i thought it was a joyous call for unity. we were rivetted watching it, so why did the rest of the media ignore it? we'll get into that. ♪ ♪ now i'm thinking...i'd like to retire early. let's talk about this when we meet next week. edward jones came to manage a trillion dollars in assets under care by focusing our mind on whatever's on yours. 2,000 fence posts. 900 acres. 48 bales. all before lunch,
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which we caught last saturday. we earn our scars. we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) they feel like they have to drink a lot of water. patients that i see that complain about dry mouth, medications seem to be the number one cause for dry mouth. dry mouth can cause increased cavities, bad breath, oral irritation. i like to recommend biotene. biotene has a full array of products that replenishes the moisture in your mouth. biotene definitely works. it makes patients so much happier.
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stuart: well, listen to this from u.s. steel. they've announced a plan to funnel over a billion dollars into a plant right outside of pittsburgh. that is their biggest expansion yet. the stock's up 11%. by the way, this deal caught the eye of the president. he tweeted this: congrats to u.s. steel for investing a billion in america's most innovative steel mill making pennsylvania and usa more prosperous and secure. tariffs are working. pittsburgh is again the steel city. usa economy is booming.
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got it. back to my editorial, top of the hour. i was talking about the president's moving remarks at the white house rose garden ceremony yesterday. all but ignored by almost everybody in the media except us and fox news. joe concha is with us, he's the media reporter for "the hill." why did the -- we were, fox business, fox news, we were the only news outlet that covered it. why? >> because those are positive and uplifting remarks. and when you're, say, cnn and msnbc -- and study after study, analysis after analysis, stuart, shows that coverage by those outlets is 92, 93% negative. you have anchors and pundits who will have to change everything in their dna and actually listen to the president. or in this case, show his remarks without any editorial by going live, like you said. and when fox shows trump rallies, you can't editorialize
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those. cnn and msnbc have stopped doing that after, during the campaign in 206 dropping all coverage to show him because he rated well, and they thought he would never win. now it's like, well, we can't show this guy numb. we have to spin what he's saying -- stuart: they just can't let it go, can they? >> oh, god no. stuart: mueller failed them, and they can't let it go. they're paying the price. i saw the numbers the other day. cnn's prime time ratings are down 26% from a year -- they've lost a quarter of their audience in the month of april. they just don't learn. >> do you know how hard that is to do? think about what happened in april, stuart. the mueller report was released, right? it's the climax of the movie. and then when that comes out and you have 20, 21 democrats running for president and all the news that we saw and you lose one out of four people that watched you at the same moment last year during that month? you're exactly right, they're doing something wrong because people don't like echo chambers.
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they like to hear different opinions. and maybe something positive about the president, if you want to argue that, that's fine. but they don't allow argument. it's all one note. stuart: which brings me to the lead story in "the new york times" today, i know you've seen it. the fbi sent an investigator to meet with trump aide. they were spying on the trump campaign. when they did this two years ago -- >> spying, are you sure you want to use that word? stuart: yes, i am. [laughter] >> bill barr used it, and it was the most pejorative thing anybody could ever say, and now, oh, gosh, look at that. stuart: i've seen some clips from the media two years ago when they were saying, oh, this is a lie. when trump said they wiretapped my campaign, chris cuomo out there, that's a lie. >> they mocked him as well. what, is he crazy? stuart: exactly. >> he's unfit. who could make an assertion like that? stuart: where's the apology, that's what i want to know. they branded him a liar falsely. >> you want contrition in this environment?
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stuart: yes, i do. >> there was no contrition when the mueller report came out, and you had all that reporting around russian collusion. the only thing that happens is the pivot. okay, let's go negative, negative, negative on trump on something, and when it doesn't work out, let's pivot to something else. we saw that with bill barr. let's talk about collusion between barr and trump instead, and let's just find a bogeyman somewhere. their business will be hurt. remember the 2008 financial crash? of course you do. yeah, that's what's going to happen to our media once donald trump leaves the stage. same thing. everything will crash because you take the central figure off -- the bad guy, in their case -- they won't have anything left to talk about, and their credibility will be shot anyway. stuart: don't be such a stranger to this show. >> especially on fridays. it's got a happy hour feel to it, eggs and kegs. stuart: well, this is "varney & company." [laughter] >> we're two jersey guys. stuart: thank you very much for being here. >> thank you. have a good weekend.
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stuart: i've got to check some individual stocks here, they are moving. look at that, that's act vision blizzard, makers of call of duty. missed on profit expectations, you know how that is. numbers down from this time last year. monthly users falling. down goes the stock yesterday, down again today. 5% lower this morning. check -- ah, this is a good story. beyond me a at, the -- meat, the meat alternative people. the stock really popped, a huge ipo yesterday. now they're another 3% higher, $67 a share. i think that's more than double their initial offering price this time yesterday. how about that? that's a pop and a half. wedding season, full swing tomorrow. by the way, may the 4th -- that's tomorrow -- the most popular day for a spring wedding. we're going to talk to the ceo of the knot. i'm sure you know it, it's a very popular web site. k-n-o-t. thank you, ashley. i'm going to ask him about
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demographic change because fewer people are getting married. and those that do, they're waiting til they get older. what's that do to his business? warren buffett, berkshire hathaway, bought some shares of amazon. buffett didn't do the buying, one of his people did, but it's a seal of confidence on amazon. look at it go, $57 higher. back in a moment. ♪ ♪ back then, we checked our zero times a day. times change. eyes haven't. that's why there's ocuvite. screen light... sunlight... longer hours... eyes today are stressed! but ocuvite has vital nutrients to help protect them. ocuvite. eye nutrition for today.
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♪ ♪ stuart: we're holding on to a 110-point gain on the big board, and you look now at berkshire hathaway, that is warren buffett's company. also at amazon which one of his people, one of warren's people, has been buying amazon stock. that's a significant vote of confidence in amazon, if you ask me, and it's now up $57 a share. liz claman, come on in, please. you're holding the weekend with warren -- [laughter] are you going to ask him which one of his people was buying amazon? >> okay, i'm going to make a wild guess here. i think it was todd colmes.
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he has ted wexler and todd who are in charge of this $210 billion stock portfolio, and, of course, as you heard last night from cnbc, getting the news that, clearly, warren buffett said one of them has bought amazon. i ran into todd colmes, and he looked very happy. they don't give away anything in their faces or in their words or gestures, but i know for a fact it is not the warren buffett who we know who would have ever bought amazon. here's why, stuart. that stock's price to earnings ratio is 81. that is crazy. that makes it a very, very expensive stock. warren buffett has always said, you know, amazon's an incredible company, i missed the boat, it's too expensive now. one of his two people has, of course, bought it. why is this mattering at the moment? well, watch amazon because while it is up $57, earlier this morning the high, i believe, up
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$65. but then people are realizing, wait a minute, it wasn't really warren buffett who pulled the trigger. speaking of stock, berkshire hathaway's stock, which i believe it's about $290,000 per share -- that's because it's never split over the 54 years it's been public -- >> that stock is up only about 6% year to date. and for the s&p 500, that's up 13, 14, 15%. so it's underperforming at the moment. and that's what we're going to be talking about all day long, but we are also going to be talking to everybody inside. we have your press pass. and if you peek over my shoulder here, you can see the lines are even beginning right now, though the doors do not open for another nearly two hours. please keep in mind today isn't even the shareholder meeting, stuart. this is just, hey, come on in and see what warren buffett's some 90 companies have for sale. of course, he owns dairy queen, fruit of the loom and all these other companies that they sell their stuff here. so they're running in to get the
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real feel. but you don't need to come to omaha, we've got it here. 3 p.m. eastern, we've got warren buffett's kids, susie, howard, peter. this state is in a state of emergency because of the floods, the governor is going to be speaking with us, and the ceo of home services america. stuart, the largest residential real estate company in america. warren buffett's done it. back to you. stuart: 3:00 this afternoon. liz claman, everyone. thank you, liz, we'll see you soon. thank you. let's get to facebook. banning some right-wing commentators. coming up, charlie kirk, now, he says when big tech bans conservatives, everybody should be worried. he's going to make his case momentarily. actually, he's next. chinese hackers might be listening and watching everything you do and say in your home. those internet-connected baby monitors and security cameras, they're vulnerable to chinese hacking and spying.
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what a story. more "varney" after this. ♪ ♪
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stuart: we're up 122 points as we speakd 25 of the dow 30 are in the green. that means they're up. this is a broad-based rally. the nasdaq is up about 100 points. 91, to be precise. facebook are going to announce some high profile purges, alex jones, louis farrakhan, they say these characters are dangerous, and they use hateful speech. our guest had this in response: tech censorship is one of the most dangerous issues happening. if tech companies are silencing those just because they disagree with their viewpoint, they're nothing more than flashy vehicles of leftist activism. [laughter] you know who said that, charlie kirk. man smiling with me right now. turning point usa today founder, i believe. >> yes, sir. stuart: here's my problem with this whole story, how do you define hate speech? i certainly don't trust facebook
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to define it for me. >> no, that's exactly right. and there's very few -- there's no objectivity in any of this. you notice whether it be on twitter, facebook or google, it's almost always people on the right or conservatives that have their tweets taken down. and i don't agree with a lot of these figures, i want to make this very clear. my own philosophy is not what a lot of these people talk about. but i think they should be allowed to talk. that's a big difference. a mature, civil society allows differences of opinion. in fact, when you start to shut people up just because you disagree with them or they make you uncomfortable, then who's next? then all of a sudden people don't hear those ideas, and the marketplace of differences disappears. stuart: like it or not, i believe that facebook and google steer leftism towards me. if i'm on -- i think they're steering -- >> yes. stuart: -- stuff towards me. and i've got a real problem with that. they've not convinced me they've fixed this problem. >> it's so dangerous. you just look at google, the power google has over search
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engine manipulation. they can change elections, they can change public sentiment on any issue at any time. millions of people every second go on google -- stuart: and how do you rein in that power? >> it's very difficult. here's my struggle, stu. i'm a conservative, free market guy. so i'm hesitant to say the government should get involved, but i also believe that monopolies generally are not ad good thing for markets. and when 80 plus percent of all search results go through a singular company, alpha bet or google, i don't know if that's good for the market. stuart: so would you break them up? >> as a conservative, i hesitate to use government -- stuart: i'm with you. >> but i'm open-minded to it now. i think if you have the equal application of the law, the sherman antitrust act, there's no way that -- exxonmobil, for example, had 80% of the market share, there'd be protests in the street. yet 80% of search engine results going through a singular company? 45-50% of online content going
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through amazon? these are monopolies by any other standard. especially when they're all left-wing, they can do a lot of damage to our society. stuart: i think the value of what you're saying is bringing sunlight is the best disinfectant to a clear problem. charlie kirk, very much, indeed. president kirk in roughly 2048. [laughter] venezuela, update, please. the number two opposition leader, lopez, he says he met with senior venezuelan military official about an ending of maduro's regime. all while he, lopez was under house arrest. christian whiton is with us now. there are clear cracks in the maduro armor, but nothing is happening. how long til we let this situation drag on? >> well, you know, we don't have a lot of -- we do have a fair amount of influence, but not, you know, we can't force this on to a timetable, a timeline of our discussion. it's clear that the venezuelan people want this done yesterday.
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they keep adding pressure. and it does, you know, continue to look good. you have some figures coming over from the de facto -- the actual government to the one we hope will come into force. and then you have this sign that generals previously who are unwilling to do it. it's not just a matter of generals switching allegiance, they're going to have to push out the cubans that have infiltrated this regime. stuart: i don't think that president trump and certainly not john bolton are prepared to sit around and wait this thing out for months and weeks to come. i don't think they'll do that. wait a second, we had a suggestion from general jack keane yesterday. why not put american troops on the border to facilitate the entry of aid into venezuela? and if anybody shoots at 'em, we'll shoot back. that's not an invasion, that's real pressure if, military pressure on caracas. what do you say? >> i think that's a good idea, and that's consistent with the emerging trump doctrine which is
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not an interventionist, neo-conservative doctrine of intervening elsewhere, and we do want the venezuelans to intervene for themselves. but that type of activity and a show of military force is helpful. think if you're having a nice, placid dinner with your family, but there's someone with outside the window leering at you with an axe in their hand, it'll change the way you think. putting our forces into our ally, colombia, putting a marine amphibious group off the coast, i think that would be constructsive. stuart: i think you've got a point. quickly, there are reports that chinese hackers could get into, like, baby monitors or security cameras in america and watch all kind of stuff that we're up to in our own homes. do you take this seriously? >> i do. and the takeaway, i think, here is not just huawei, the chinese technology companies can compromise the things that are important to our life. that's when apple starts making iphones in wisconsin, i would be willing to pay more. this is the big threat. even if we get to yes on a trade
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agreement, this will be a lingering issue going forward. stuart: you know, i'm a little hesitant to say that this is a big deal. i just, i somehow can't imagine chinese folks roaming around look at my baby monitor. i mean, it just seems rather unreal, doesn't it? [laughter] no? >> but the amount of data they could sort of sweep up about americans in general, the family members of members of the military and, you know, potentially exploitable, blackmailable information is a concern, i'd say. stuart: i think you're right, and i stand down on my comment. i think it is serious, and i'm not going to make a joke -- >> don't tell joe biden that, though, he thinks china's a-okay. stuart: that was a sarcasm, and i laughed. [laughter] christian whiton to, see you again soon. we have another guest lined up here. he's an attorney general of a big state, and he met with the number two guy at the energy department yesterday.
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the attorney general is patrick morrissey, and he is the attorney general of west virginia. mr. attorney general, welcome to the program. i have to think that you're from west virginia, that is coal company. i have to believe that you were at the energy department to talk about coal. were you not? >> well, thanks, first of all, for having me on. we were talking about the importance of energy in west virginia because we still have deep coal reserves and also we have an abundance of oil and natural gas. so we actually talked about different ways we can continue to insure coal can remains vibrant, but also some of the amazing opportunities the appalachian storage hub and the development of a petrochemical industry in west virginia. it was a great meeting. i think dan and rick perry are really taking the president's command seriously to try to reach out to these energy-producing states so we can do even more. stuart: i missed what you said there. are you sitting on top of a big shale deposit in west virginia
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as well as a lot of coal? and my question is, do you allow fracking in west virginia? >> yes. so we are sitting on top of marcellus and utica shale, and that's very powerful. and, of course, we also have a deep array of reserves on the coal front. so we are believers that you can use all the above -- stuart: do you allow fracking, mr. attorney general? >> yes, we do. stuart: okay. would you please have a word with the attorney general and the governor of new york? [laughter] because we, i have property in new york, and we are sitting on top of a gigantic reserve which could fuel all of america, but they won't allow us to get at it. would you have a word with new york, please? >> well, one of the things we talked about is how states can partner up with doe and folks within the trump administration to clear out a lot of the legal and regulatory barriers including pipeline issues. coming up soon, i'll be leading
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a legal brief to try to insure that the atlantic coast pipeline goes through, very big for appalachia and the eastern part of our country. stuart: it's big for everybody. mr. attorney general, or thank you very much for taking time to be with us today. we appreciate it, sir. >> hey, thank you very much. stuart: yes, sir. coming up, star guest kimberly strassel, wall street journal. her latest article, an absolute bombshell. it says that democrats are rattled by william barr. why? because he's about to find out who got behind, who started this spying on the trump campaign. he's going to get to the bottom of it, and he's really rattling the democrats. big story, big guest next. ♪ ♪ when you rent from national...
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stuart: democrats are really going after attorney general william barr, all kinds of reasons for these attacks. they're calling for him to resign. one senator told him he was a liar, to his face. come on in, kim strassel. she's been following this from the get go, and she says -- i want to paraphrase this -- barr is being attacked because he's putting some powerful people in danger. spell it out, please, because that was a bombshell article today, kim. >> well, thanks, stuart. he's certainly not being attacked over the mueller report because he did exactly what he said he was going to do with the mueller report. he released a lightly-redacted version of it very quickly. and if anything, that report was very damaging to the president or certainly unflattering to the president, so democrats should be thrilled. that's not what they're unhappy about. what they're unhappy about is that the attorney general has made very clear, and he will not back down on his promise that he is going to now thoroughly look into the question about how we ever had an fbi launched a
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counterintelligence investigation against a presidential campaign on what we know was now no evidence. stuart: so he's going to get to the bottom of it. who -- he's going to get right back to the election of 2016 and find out exactly what hillary clinton, maybe president obama, mr. clapper, mr. brennan, mr.-- and all the rest, he's going to get to the bottom of it. he's going to tell everyone what they were doing, is that it? >> that's right. and think about that list of people that you just named. i mean, these are some of the most powerful and influential people in the country, and they certainly wielded a lot of power up until recently. and one thing that i think people forget when we look at this is some of the information that comes out, it's shocking, right? you think about the fbi surveilling u.s. citizens, members of political campaigns, that just sort of rattles your brain. but we forget that rules and regulations were likely broken here, right? you know, there are rules the
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fbi is supposed to follow when it engages with a source like christopher steele. did they adequately vet him. did they understand that his material was being paid for by the rival campaign? did they move ahead with it anyway? did they verify anything in that s do year before they -- dossier before they presented it as true to the fisa court? these are things that the fbi, there are standards for. and what people are worried about is that bill barr is going to find out that a lot of people broke a lot of rules. stuart: he said all this, i think, when he was appearing before the senate. i think that was wednesday, when they were throwing insults at him left, right and center. that's when he revealed far-reaching investigation into the russia probe, a focus on the dossier paid for by hillary clinton, multiple criminal leak investigations underway into the disclosure of classified details. he said all of that and the media and me, we just gloss -- i didn't even see it. everybody glossed right over it.
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and that's why the democrats are really so unhappy. that's your story today. >> well, that was the news of the hearing. everyone wanted, as you said, to focus on these insults and macy hirono's performance, you know, calling him a liar when, in fact, he was pretty explicit about what he was doing, and he made some news. he's already tasked people within the department of justice who's helping him with this, he's collecting information from a very broad sweep out there. he's getting information from the hill investigations, he's working with the inspector general, michael horowitz. he said he's ion going to look -- he's ivan going to look at the underlying evidence that mule got. he announced, as you said, there are criminal leak investigations, multiple ones going on. by the way, those can carry jail terms potentially for people because it is a felony to leak classified information. you know, and some of these questions, especially about rule break, are not just ones for
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people who are are retired and reputational questions, but there may be people still serving in parts of the government who are going to be asked about their roles, what they did, and this is what's driving the panic and the desperation to attack him and demean him and shut him up before he gets there. stuart: i'm sure you've seen "the new york times" article in this morning, the fbi did, indeed, send an investor posing as an assistant to meet with trump aide. they did, indeed, spy on trump's campaign. it feeds right into what you're saying. >> well, you're going to see a lot of stories like that. this is my wager, stuart, in the coming weeks. because everyone is going to now try to get out ahead of the inspector general report when it comes and, ultimately, mr. barr's findings, try to put it out there and get their spin on it before the actual results. also we now know that donald trump, he told catherine herridge yesterday here at fox that he intends to finally disclose all of those documents. so americans are going to get to
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read for themselves some of the actions that all of these people took. and i think that's going to be very revealing too. stuart: please make me a promise that you'll come back on this program and reveal all the facts that you've got on this spin campaign. kim, thanks for joining us -- >> anytime you'd like, stuart. stuart: whoa, okay. you're on. [laughter] kim strassel, thank you very much, indeed. next case, the knot, okay? k-n-o-t, the knot. huge wedding web site. i think the knot may have a problem. fewer people getting married, and when they do get married, they get married much older. we've got the ceo of the knot next on "varney." ♪ ♪ fact is, every insurance company hopes you drive safely.
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but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost. unfortunately, it can't do anything about that. now that you know the truth... are you in good hands? i was ready to make my mark, but i didn't know how. i was working the same job for a few years. i had a degree and some experience but no career. i opened the careerbuilder app and found an awesome job at a company i love. it even built a resume for me with skills i didn't know i had. i applied with a tap. and i start on monday. careerbuilder. work can work.
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stuart: breaking news happening now froe white house. white house spokesperson sarah huckabee sanders just said president trump spoke with vladimir putin for a little over an hour earlier this morning. deirdre -- >> so there is a lot. they spoke for over an hour so
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you can, obviously, cover quite a lot of topics. our sources are telling us that the topics ranged from nuclear agreements, trade, north korea, ukraine, venezuela -- stuart: venezuela. surely that was topic one -- [laughter] i've got to believe it. >> spoke about the mueller report as well but, apparently, that portion of the call was quick. stuart: venezuela -- >> i'm sure it's the key. stuart: aye got to believe that our president said to vladimir -- >> get out. stuart: out, sop. i've got to believe he said that. >> i'm sure he did. ashley: pure speculation. stuart: we have with us this morning, it's friday, the ceo of the world's largest wedding planning company. that company is the knot, k-n-o-t. tim chi is with us, and he is the ceo thereof. welcome to the program. >> thank you for having me, stuart. stuart can i ask you and will you tell me, what's your gross revenue this year?
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>> we're on track for $300 million. stuart: so you plan a wedding, and you charge for the wedding. >> actually, our revenue model is centered around connecting engaged couples in the 15 countries that we operate. stuart: what does that mean? >> we have wedding planning sites in france, portugal,e rue, colombia, most recently india, and we serve millions of engaged couples as they're planning their wedding, we connect them to service providers. stuart: so you take a piece -- >> yes. stuart: you direct the -- >> the flow of business, and we are trying to help engaged couples plan the perfect wedding. stuart: i have no problem with it. taking a piece is a good idea. here's what i think might be a problem for you, and you tell me whether i'm right or wrong. fewer people are getting married these days. >> well, so marriages are actually relatively stable in the last five years, but we have seen a trend in people getting married a little bit later. so average age now is around 20-30 whereas, you know, maybe 30, 40 years ago it was in the
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early 20, and that's partially the reason why is partially, you know, engaged couples, they're sometimes looking for a little more financial stability, maybe finishing up school a little later, so we just see that the weldings themselves are still happening, they're just pushed later. stuart: there's not that big a decrease in the number of weddings, not that big of a deal? >> not that big a deal. stuart: it doesn't matter to you anyway -- >> it really doesn't. whether you're 20 or 40, you're going to need the same thing. you need a venue, entertainment, food, you need a way to talk to your guest, and we provide that at the knot. stuart: you only started this 14 years ago? >> i did. i started wedding wire out of my living room -- stuart: not the garage. [laughter] >> the living room. stuart: that's, that's remarkable. i mean, you've come a long -- did you say $300 million gross revenues? >> yes, sir. stuart: 14 years on from the founding. >> that's correct. stuart: do you have a large piece of the action?
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>> well, actually, most recently the knot and wedding wire came together. they were the global largest wedding resource. we serve a $250 billion industry. the two companies came together in a merger in december of last year. combined we have 40 years of wedding planning experience, and we've helped over 40 million engaged couples plan their big day. stuart: that's good stuff. thanks for joining us this morning. if i ever intend to use the service -- [laughter] >> you know where to find us, stuart. stuart: no, i'll ask for a discount. [laughter] thank you very much, sir. >> thank you. stuart: there will be more "varney" after this. ♪ ♪ . .
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stuart: significant news item came to us moments ago. president trump held a better than one hour phone conversation with vladmir putin today, earlier this morning.
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i have got to believe venezuela was one of the topics and it was. look at the big board. we'll leave you with the dow at the high of the day. we're up 165 points, 26,471. here you go, neil. neil: stuart, thank you very, very. you have to go back to a certain historic event to put this in perspective. that unemployment rate it, was 1969. now what happened that year? well remember this? man walking on the moon. that is the last time we had an unemployment rate this low. it is staggering. all politics aside no way you can play this red or blue. you have to look at the green. you have to look at record unemployment levels not only for average americans, but virtually every key demographic group in the latest report, for example. the unemployment rate for hispanics, officially got to the point where it is the


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