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tv   Varney Company  FOX Business  May 14, 2019 9:00am-12:00pm EDT

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have gone after him for. at the end of the day, joe biden's integrity will be unquestioned. he's going to have a moral high ground in terms of running for president. maria: will he win? >> i think it will be a very competitive race between him and trump. and you know, depends on where the country is. maria: you heard it here first. great to see you. arthur, thank you for being here. right to "varney & company" we go. stuart: good morning, everyone. obvious question. how's the market doing today after yesterday's huge selloff? take a look. we are up but it's hardly a big rebound after that 600 point drop. the dow is up maybe 130, s&p 19, the nasdaq coming back almost 1%. not bad. but it's worth noting that since may 3rd, when the president imposed big new tariffs, the s&p 500 has lost 1.1 trillion worth of value. not much of it has come back so
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far today. we do have a flurry of tweets from the president this morning and he's holding his hard line on china trade. one of those tweets says this. we are now a much bigger economy than china and have substantially increased in size since the great 2016 election. we are the piggybank that everyone wants to raid and take advantage of. no more. i call that hard line trump on trade. let me throw these headlines into the mix. the "new york times" says the administration has a plan for deploying up to 120,000 troops to the mideast. that after reports of attacks on shipping in the gulf. the saudis say the iranians did it. big news from walmart. they are going for one-day shipping. that is a direct hit on amazon. it's all about delivery and walmart looks to get ahead of the game. bayer takes a huge legal hit. a jury in san francisco has awarded $2 billion to a couple who claim the weed killer
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roundup gave them cancer. more lawsuits to come. bayer faces financial ruin. "varney & company" is about to begin. proudest thing about serving is there wasn't one solitary single hint of scandal all eight years. i was proud to serve alongside of him as vice president for eight years but never more proud than the day the affordable care act passed. health care should be a right, not a privilege. i believe whether or not you have health insurance through your employer, on your own or not at all, you should have a choice to buy into a public option health plan of medicare, a medicare health care plan. stuart: biden there trumpeting the obama years as scandal-free. that's one point. point number two, attorney general barr is having his bulldog prosecutor probe the 2016 election. let's see if it will be a
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scandal-free. joining us, jason chaffetz, fox news contributor, former utah congressman. jason, first of all, deal with that one. the scandal-free statement from vice president joe biden. what do you make of that? >> wow. he must have had his head in the sand because it started with fast and furious, where the obama/biden administration knowingly and willingly gave the drug cartels nearly 2,000 weapons and we had a dead border patrol agent as a result of that. you have billions of dollars that went out the door in solyndra and other types of organizations that was a terrible scandal. you have the internal revenue service targeting conservative groups. that was so bad. you had the benghazi scandal, the e-mail scandal. you just keep going down the list. i don't know where joe biden was but to say it was scandal-free is just an outright lie. stuart: we might get some more on this. attorney general barr has appointed this bulldog prosecutor to look into the origins of russia, russia, russia. that could, i don't know, but
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that could expose some more scandal from way back when, couldn't it? >> well, i believe it's the fourth person named by the department of justice to probe what was going on in the spying, to use the attorney general's words, spying into the trump administration during the campaign. you have unmasking that is unaccounted for by certain people within the administration. there's a lot there. you have this inspector general report coming out scathing in its first blush when it went by on the department of justice, the federal bureau of investigation, but the second one from michael horowitz which is right on the verge of being released. stuart: we're not scandal-free. can we say that? >> no. i mean, look, for part of that i was chairman of the oversight committee and my in-box was full. it was full. stuart: jason, thank you very much for joining us. an important subject. i've got to segue away to money
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and markets and all of that. china, some investors are concerned that china may stop buying or even sell its u.s. treasury debt as this trade dispute continues with america. peter morici is with us. is that likely? would they really pull that lever, pull that trigger and start selling treasury securities? >> well, it would cost them money and we could offset it. essentially they would be swapping pictures of george washington that pay interest by selling them for dollars which don't pay interest. that would reduce the supply of dollars in the world that were in circulation but increase the supply of bonds. the fed could simply offset that by purchasing those bonds. much as it did during the obama years with quantitative easing. it was essentially monetizing that portion of the debt. this is not a real threat that has any teeth. my feeling is the only problem we have is getting jerome powell to support the president, much
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as the way chinese monetary authorities, as i speak, are supporting president xi. they are trying to provide support for markets because people are panicking needlessly over these tariffs. stuart: so you would think, you want to see a federal reserve interest rate cut as we go further into this china trade dispute? that's what you're looking for? >> i would prefer to see them ease off of letting the balance sheet run off before september. i would prefer they did it that way. i don't know that i want a cut in interest rates just yet but i would like to see them ease back on selling off the balance sheet. stuart: as an economist, what do you make of the president's plan to take money from tariffs, a lot of billions of dollars from tariffs on chinese products, and give that money indirectly to the farmers, to buy them off in a way, to keep them on the president's side? that's the plan. you think it would work? >> well, i think it's going to be difficult. first of all, conceptually it's a sound plan.
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basically we have had a change in the trade environment induced by government policy. the loser should be compensated just like adjustment assistance for workers when we lower tariffs. the real problem is implementing it, getting the money to the right and deserving people. longer term, i think we need to reconcile that these tariffs are likely to be permanent. we are not going to make a deal. so we have to help the farmers develop new markets. that should be part of the plan. stuart: at this point, i don't see anybody breaking away from the president, no significant politician breaking away and saying end this dispute, forget these tariffs, let's get on with business. i don't see anybody saying that. in other words, i think at this moment political unity has been preserved. am i right? >> the important thing to recognize is that china is refusing to do what every other civilized nation does. when we enter into a trade agreement, for example, with mexico or canada, and the wto even explicitly requires this of anybody who signs on, including china, is that they change their
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domestic legislation to be consistent with the requirements of the agreement. that's why we're sitting here with the chinese now negotiating, because they didn't keep their promises when they joined the wto. now them saying oh, this is a point of honor and sovereignty, what president xi is basically saying is what we have known all along. he views china as above the rest of us and he above all other leaders, as basically being able to dictate terms. we need to stand firm on this. china is behaving like an international renegade nation. stuart: looks like it's going on for some time to come. >> yes. stuart: thanks for joining us. always appreciate it, sir. thank you. let's get to some of the big corporate stories today. walmart taking a direct shot at amazon, launching its own free next day delivery. it's free in three cities. susan: three cities, that's right. phoenix, las vegas and southern california. it's only free if you have orders over $35. next day shipping.
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this is of course part of the delivery wars since amazon is launching one-day prime. $800 million investment by amazon. we don't know when that's going to launch. as you know, amazon is ramping up. yesterday we told you the story of them paying their workers $10,000, three months' salary, if you want to start your own van delivery service. walmart is going to do the same. so this lowers walmart's cost per delivery and helps them hopefully take more market share when it comes to e-commerce and delivery off online sales. stuart: by the end of the year walmart expects to be able to serve 75% of the country with one-day shipping free. susan: that's right. stuart: by the end of the year. that would put them ahead of amazon. susan: yes, but don't forget they tried this battle head-to-head before. they tried their own prime service called shipping pass for $49. that didn't work out for them. stuart: i think premarket, walmart stock is back above $100. that would be premarket. okay. investors kind of approve of that, i guess. now let's get to that story from the "new york times."
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it says there's a plan in case tensions with iran escalate. this is the 120,000 troop. ashley: american forces come under attack or threat or more accelerated work on their nuclear capability in iran, one of the plans by acting defense secretary patrick shanahan indeed calls for 120,000 troops to the middle east. that's a significant number of troops, close to what the u.s. sent in to invade iraq in 2003. this is just one potential view. the administration is a little split, we are told. the hard liners, bolton, shanahan, saying we need scare tactics. if they are going to start ramping up their efforts against the united states, we need to respond. we already have an aircraft carrier and bombers in the region. this is just one of the plans being discussed. others within the administration say diplomacy, much like the europeans told mike pompeo yesterday when he was in brussels, hang on, tensions are high, all it would take is one
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mistake and this thing could really kick off. but the administration wants to send iran a very strong message. stuart: and is doing so. ashley: oh, yes. stuart: now this. we have news on hulu. susan: that's right. we knew when 21st century fox went to disney in that bidding war that something had to be done about hulu since disney owns the majority stake, acquired off 21st century and hulu as well. they saw about 60%, comcast still held 30%. as you know, these two are competitors, not friends. right now, it looks like we have disney assuming full operational control of hulu going forward. so another streaming service on to the bob iger balance sheet. it assumes that hulu has a value of $27.5 billion. don't forget, disney actually wrote up its value and stake in hulu by $4.5 billion in its recent earnings. stuart: disney has full control. susan: that's right. full control now. stuart: of course, everybody
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knows the market took a big dive yesterday, down 600 for the dow. any rebound today? yes, but not much. we are looking at a gain of maybe 95, maybe 100 points at the opening bell this morning. mcdonald's and chick-fil-a, the latest to consider jumping on the meatless band wagon. coming up later this hour, we will talk to one of the companies that's raising millions of dollars by going meatless. i want to know exactly what is is in these meatless burgers. more calls for facebook to be broken up. joe biden says he would be willing to bust them up if elected. and the latest numbers from the border show the crisis getting worse. more than a half million apprehensions so far this fiscal year. what are we doing about that? "varney & company" just getting started. ♪♪ ♪♪
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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: fox news confirms former homeland security secretary nielsen and a top immigration official challenged a white house plan to arrest illegal immigrant families. they didn't like it.
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were they fired? ashley: these were going to be a series of raids against families and their children, major cities, new york, chicago, l.a., other metropolitan areas. apparently kirstjen nielsen pushed back on that, thinking it was too hastily put together, lack of preparation. they were also worried about the public outrage and the fact you would be taking resources away from the border to do this. they didn't play with the president's bottom line on this going after criminal aliens. we all know what happened in the wake of this. they pushed back on the plan, they are no longer with the administration. stuart: point taken. fox news also confirms that the number of apprehensions at the border coming in at 504,000 for the fiscal year that began last october. brian hastings is with us. he's with the united states border patrol. in a nutshell, what are we doing about this? >> good morning. as you have already noted, we are facing a humanitarian and national security crisis. we are seeing challenges that we
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have never seen in the history of border patrol, frankly, just the flow combined with the demographics. as of today, we have made over 517,000 apprehensions. the past seven days alone, we have made about 4500 apprehensions per day. so that is obviously challenging all of our resources and it's difficult to be able to apply a consequence to most of this demographic overflow we're seeing. about 63% of this demographic are families and unaccompanied children, mostly from the northern triangle, that we simply can't apply a consequence to. stuart: am i right in saying that a family or any group including children walks across, applies for asylum and because they've got children on board, they are simply released into society? i think that's what's happening. my question is what do you want? you are the border patrol guy. what do you want to see happening here? >> so we certainly need changes to the outdated laws that are
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currently in place and currently hampering us from applying that consequence that we need. you're right in -- stuart: but you're not going to get it. congress is not going to do that. certainly not in the immediate future. so what happens? >> well, that's what we need, frankly. internally, this is not an issue that cbp or dhs can solve alone. we are doing everything internally and with our partners that we can. we have detailed agents down, we have increased our contract medical, our contract transportation, we have thrown everything we have at this issue but this is something we need congress to act on. stuart: can i say this. you have lost control of the border. not you, but america has lost control of its border. can i say that? >> when you are putting 40% to 60% of your manpower toward the humanitarian mission when they should be doing the national security mission on the border, that's definitely creating many, many challenges. stuart: you are a diplomat.
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we thank you very much for being with us this morning. i know what you would like to say. i know what you can say. we appreciate you being here. thank you, brian hastings. >> thank you. stuart: we better check futures again. we are going to be up but it's not exactly much of a rebound from yesterday's big loss, maybe up 100 for the dow industrials. bernie sanders and alexandria ocasio-cortez out with new proposals this morning. they want your local post office to double as a bank. good story? we've got it for you. hey, who are you? oh, hey jeff, i'm a car thief... what?! i'm here to steal your car because, well, that's my job. what? what?? what?! (laughing) what?? what?! what?! [crash] what?! haha, it happens. and if you've got cut-rate car insurance, paying for this could feel like getting robbed twice.
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stuart: bernie sanders and aoc want post offices to double up as banks. okay. hold on a second, susan. what kind of banking services will these postal things -- susan: checking and savings account, debit cards, for instance, bill payments, atm services, online banking services and this is to help the lower income communities. we have been talking about these cashless bans that are taking place in cities across the country because lower income communities can't get access to banking. they are underbanked is the term. they can't get access to credit cards or even to checking accounts as well. this might help them and also to help the postal office. don't forget, they bled around $69 billion from 2007 to 2018. there's 31,000 postal branches across the country so it helps
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lower income communities and also helps the postal office maybe reap some type of revenue hopefully to stem the losses. stuart: it's not such a bad idea from bernie sanders n my personal opinion. won't go on about it, though. add another name to the list of democratic presidential hopefuls. who is this? ashley: number 23, come in, montana governor steve bullock. you have to hand it to him because he's a democrat in a state that is very conservative, elected donald trump by 21 points, but he won the governorship by four points. considered a very moderate democrat. but unknown, of course, on the national stage. you just look at the sea of faces, it's going to be tough for him to make any headway but he's thrown his hat in. he's announcing today at helena high school. i know it well, state capital of montana, used to live there. he was the attorney general before he became governor. so he is number 23 on the list of hopefuls. susan: very crowded. stuart: can't get them all on
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one screen. quickly to the futures market. yes, we will open higher but not that much higher. we will be up about 100 points. not much after yesterday's big drop. back to wall street after this. as a financial advisor, i tell my clients not to worry about changing their minds in retirement. you may have always imagined your dream car as something fast. then one day you decide it just needs to be safe enough to get her to college and back. principal. we can help you plan for that.
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stuart: all right. as we head toward the opening of the market, we have some
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political pressure on facebook. joe biden is talking about breaking them up. is that what he's saying? susan: he says he's open to breaking up facebook. we should take a really hard look at this. i don't think we spend nearly enough time, he says, focusing on antitrust measures and the truth of the matter is i think it's something we should take a really hard look at. don't forget, elizabeth warren of course has called for the breakup of not only facebook, but google, amazon and the big tech giants. bernie sanders praising chris hughes, facebook co-founder recently who says that facebook has a monopoly position, is too powerful, should be broken up. kamala harris, california senator, mind you, saying that facebook may be, they should be looking at more regulation, more oversight and it should be treated like a utility. interesting from the senator from the home state, home to silicon valley. cory booker, here's something interesting. he says it's a donald trump thing. stuart: facebook yesterday
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closed at $181, down significantly. i think it was just caught in the whole downswing of the entire market as opposed to reacting to the candidates and what they've got to say. here we go, folks. we have seven seconds and we will find out how much we rebound, if anything, from yesterday's big loss. we're off and running. here it is. 9:30 tuesday morning. you see it on the screen, we are down 670 yesterday. first thing this morning, we are up 69, 70 points. 85 points. 85 points. one-third of one percent. not much of a comeback after the 2% loss yesterday. show me the s&p 500, please. that took it on the chin yesterday. modest, very modest bounce back this morning. eight points is all you got. nasdaq, huge loss yesterday, down 3% at one stage. back up just a half percent this morning. if this is a comeback, it ain't much of a comeback. disney and comcast, look at them. those two companies have announced that disney will now assume full control of the streaming service hulu.
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disney back up to $133. not much change in comcast. who's with me on a difficult day? mike murphy, d.r. barton, susan li, ashley webster. to you, mike, first of all. this ain't much of a bounce back thus far now, is it? >> it's not much of a bounce back. we had a major selloff yesterday and the market needs to digest it a little. the focus is on china and president trump told us we're not going to get anything definitive for a few weeks. stuart: you're not worried, are you? you're not worried? >> i'm not worried at all. if anything, i'm looking for opportunities out there to put money to work. stuart: yesterday was a difficult day. yesterday was a difficult day. i don't think today's as difficult. i think without any major headline on china, we have already come back. i know it's not much, 100 points, but it's certainly in a better direction. i'm saying this ain't much of a bounce back. what say you? >> yeah, i agree, stuart. it's less of a bounce back than we would like to see. i'm with murphy, i'm looking for
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places to put some money to work here, too, but cautiously. because i think we are going to get some up and down until we get something else going on. right now, all the market can see is, you know, this godzilla movie playing out with two titans battling. they can't see anything else. there's nothing big playing on the horizon. all the big earnings have already gone. we just have to live with some volatility but i am buying some things here. susan: s&p and nasdaq up 15% on the year despite the selldown yesterday. mau i you made up pretty good cash already. keep things in perspective. stuart: walmart are taking a direct shot at amazon, launching their own free next day delivery. d.r., walmart is mounting a very serious challenge to amazon here. i see the stock has gone back to $100 a share. >> yeah. i think walmart is the only number two in this market,
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target looked like they might make a run. they are not doing as well. this is a great shot across amazon's bow and the real winner are the consumers. just imagine how much everyone is benefiting from these companies putting technology to work to do things better, faster, cheaper. it's a good thing all across the board. stuart: mike murphy is sitting next to me and i don't think he would ever invest in a retailer like walmart. >> i most certainly would. stuart: you would? >> i would invest. we don't own the stock currently. i would buy on a pullback but i would argue walmart is less of a retailer now and becoming more of a technology company. if you apply a tech multiple to walmart after their -- ashley: based on what? that they are doing fast shipping? >> fast shipping. ashley: they still have a massive retail footprint. >> they most certainly do. here's the thing. the way you get your products, the way you as the consumer get the products is changing. it's no longer just walking in brick and mortar although it's
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still a very small portion of the overall sales, but if walmart can continue to push out getting products quicker, it deserves a higher multiple. susan: there are signs walmart is picking up some online traffic from amazon. they are still a distant second. what they found success in is pickup and delivery of groceries. we are expecting the numbers on thursday, the earnings, and we should be seeing some increased foot traffic along with online sales. stuart: with walmart, you put your order in online, then you go down and pick it up. susan: or they deliver it to you. that's the most expensive. ashley: you are still going down there, just having someone load it in the back of the car. susan: that's much faster than shopping through the aisles themselves. ashley: i don't have to get in the car at all. have them drop it at the doorstep. stuart: if they boost business that's what they want. they want the revenue stream. keep it coming. susan: you come in the stores, you will buy something higher end. stuart: we need some judgment on apple. they took a hit yesterday after the supreme court said iphone owners can sue the company for
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monopolizing the app store. looks to me, set me straight, murphy, set me straight again, looks to me like they are in for a flood of litigation. >> i disagree, stuart. i think tim cook did a great job getting out in front of this and saying the people who create apps on the app store and set their own prices and you the consumer can choose to pay them or not. however, the market agrees with u that selloff yesterday in apple wasn't just the 600 point downturn. that selloff was more selling due to this supreme court -- stuart: just $185 now. that's all it is. susan: i spoke to apple about this yesterday. they didn't even put up a defense in this case. as they see it, it's a procedural ruling that the cases can be heard and they say their app store is not a monopoly. you have choices. you can go to smart tv or gaming consoles, other places to download apps as well. they see developers as the ones who decide how much you should be paying for the app, not apple. stuart: but no bounce for apple
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this morning. hold on, d.r. got to check the overall market. we are at the five-minute mark here. five minutes into the trading session, we are up 97 points after the 600 point loss yesterday. big tech, show me, please. boy, did they take it on the chin yesterday. apple is now down a fraction. amazon's down -- no, no, amazon just bounced back up four bucks. facebook is down to $180. alphabet, $3 higher. microsoft, 64 cents higher, that's it. no bounce for big tech after the huge losses yesterday. the retailers, every sector of the market came down yesterday. not much of a bounce for the retailers this morning. how about financials? did they do well yesterday? no, they did not. are they doing well this morning? not that great. most of them are up but wells fargo down a bit more. there you have it on the screen. financials. a big headache for the opioid maker, the stock very close to a seven-year low, 88 cents a share. they may file for bankruptcy. where is the price of oil this morning?
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with this report in the "times" that maybe 120,000 u.s. troops are headed for the mideast, the price of oil going nowhere. the price of gold, going nowhere. that's a surprise. i would have thought both would be up but no. how about bitcoin? susan: there you go. stuart: $8,100 per coin. i know -- is that a flight to safety? >> no. it is not. this is the trading vehicle, stuart. there are a lot of traders out there looking for volatility, the momentum stops going down, it's now going up, so people are betting on it, saying i got in here or there. now it's at $8,000. if you don't know what bitcoin is, you shouldn't be trading it. stuart: d.r., would you buy bitcoin at $8,127 a coin? >> well, it's interesting, i think bitcoin got caught up in a bit of a perfect storm here, because they got some institutional buyers coming in a few weeks ago that took them from $3500 to $5,000 and then
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$6,000, then the markets started selling off so that you already had bitcoin adding up and people who are out there with high risk money started flooding into bitcoin and that's really what's driven it up from here. it will be interesting to see if it can continue this momentum for another week or two, because i think you're right, i think this is not a flight to quality. this is a flight to just anything that's moving. stuart: got it. i want to take a look at uber. the ceo has sent an e-mail to employees following the very difficult ipo last week. he tried to reassure them. okay. $37 a share on uber. i'm going to buy it. how about you? >> we bought a little yesterday. we will buy more today. i think down here in a $64 billion market cap is a similar valuation to where they were raising money in the private markets three years ago. i think there's a much bigger picture for uber and i love the way the ceo got out in front of
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the recent, it's only been two days but he sent an all hands on deck e-mail to uber employees talking about the long-term and he said we will win. susan: he says i expect some tough public market times over the coming months. the ipo didn't perform as expected. but he says remember that facebook and amazon post-ipo trading was incredibly difficult. i would be hesitant to say they are like facebook or amazon. in fact, growth is slowing for them and profitability, they haven't made one. i know it took amazon seven years. to me, if you are spending $1 billion in cash burn each quarter, you might need more capital. ashley: a bet on uber, so different to microsoft or one of these established, you know, high-flying companies. it's unusual. you are willing to roll the dice. it's a long-term play. stuart: to me, it's a very long-term play. >> it has to be. stuart: i don't know whether they will make money in the future. no idea. but i like the kind of company.
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at $38 a share, what's your problem? >> no, i agree with you. if you want to talk about a company that can compete with an amazon or be the next amazon, i think uber is the one who can. they have uber, uber eats, and people talk about a loss, a $900 billion loss -- $900 million loss per quarter, but if they just raise the price similar to netflix, raise the price a dollar on an uber ride, they do -- susan: they can't do that. you have competition. lyft is already subsidizing, undercutting you. there are other ride hailing services as well. >> but i think uber can absolutely raise price. there are other streaming services also but netflix has been able to raise price. i haven't gotten rid of netflix. i will still ride uber, if the price goes up by a dollar. and if it does, they go from losing $900 million to making $600 million per quarter. susan: what if your market share goes down to 50%? is that okay? >> what if microsoft's market share goes away? stuart: we've got to go.
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it's 9:40 eastern time. that means wrap it all up. i may well buy uber later on today. ashley: well, well, well. stuart: we will find out tomorrow morning. i shall have to declare it. thanks very much indeed, murphy, d.r. gentlemen, thanks very much indeed. now, bit of a bounce in the market, not much. we are up 118 points, 120 points. i believe that's the session high. nothing compared to the session low of yesterday, down 600. okay. president trump is heading to louisiana later on this morning. he's going to promote america's energy dominance. if he speaks to reporters before he jumps on air force one, you will see it right here, promise. hostess, maker of the twinkie, celebrating its 100th anniversary. big milestone for the company because it's back in business. remember it went out a couple years ago. well, the hostess guy, ceo, he's on our show at the 11:00 hour this morning. ashley: will he bring some goodies? stuart: i hope so. facebook getting flack after
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banning pro-populism pages ahead of the european union elections. steve hilton on that, next. nah. not gonna happen.
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bath comes with this?hler n fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... for a free kohler touchless soap dispenser with in-home quote or visit kohlerwalkinbath.com for more info. stuart: i'm sure you're tuning in to find out whether or not there is a bounce after yesterday's selloff. well, look at it. that's a modest bounce in the extreme, up 130 points, a half percentage point. 25,400 is where we are. i would have thought this should get more publicity. ups is expanding service to 122 new countries. they are going to be in a total of 179 countries.
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that's their expansion. i would have thought that would warrant more space but apparently not. the stock is up just a half percentage point. we have news on boeing and the max jet. tell me. susan: again, questions about what boeing knew before those two fatal crashes. according to the "wall street journal" an internal faa review has tentatively determined that senior agency officials, they didn't participate when it comes to monitoring crucial safety assessments of the boeing 737. also, just quickly, it also indicated that boeing did flag the automated stall prevention feature and the system's malfunction or failure could cause a catastrophic event. again, boeing didn't really want the public or faa officials, they didn't warn them about some problems with the 737 max internal system. stuart: no bounce in the stock there. facebook shut down what are called pro-populist pages by the italian government or part of the italian government. facebook is clamping down on
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populism in europe. let's bring in our european expert, steve hilton. >> i'm an expert on everything. stuart: this is another example, though, is it not, of facebook clamping down on what might be called conservative opinion. >> yes. and what it really goes to from a business perspective is exposing the lie at the heart of what they have been saying for years. for years they have been trying to have it both ways. they have said we're not a publisher, not a media company, we're not responsible for the content that goes on our site, we are just a platform that enable people to upload their own content. therefore, we should not be bound by the same rules and regulations that affect publishers like this broadcast or newspapers or whatever. but when they make these decisions, to take down something that they think is objectionable, they absolutely are acting as a publisher so they should be regulated like a publisher. the reason they don't want that, it would massively increase
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their costs. stuart: they don't want to do that. i'm just worried about the power that facebook has. >> exactly. stuart: to direct what you see, what you read and how you think. >> that goes to the monopoly question that's been in the news which is we wouldn't mind so much if there were 100 facebooks and one or two of them took down these sites, you go to another one, but there aren't. it's one social network for the world. that's been their aim. therefore, it strengthens the case when they do things like this, breaking up facebook. stuart: as long as they make billions and billions in profit, nothing happens to that stock. it's down to $180. so what. this is capitalism versus socialism week on the fox business network. i know where i stand. i'm a refugee from socialism. how about you? >> actually, my parents are hungarian. they were refugees from communism, the extreme version in hungary. i know all about that. i think what's really interesting is this debate, as people start to focus on the actual practical realities of
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what a socialist program would mean, for example, on ehealth care, they start to run away from it. that's going to be the story of the next 18 months as we move into the election. you just saw joe biden who is presenting himself as a moderate, yet saying we should have free health care for anyone in the world who wants it because we've got to have it for illegal immigrants as well. people start thinking about the cost of that, i don't think they are going to like it. stuart: sunlight is the best disinfectant. if we shine sunlight on the socialist ideas, i think that would disinfect our body politic. how about that? >> i like that. stuart: you like that one? we are in agreement here. we are both refugees from socialism, right? >> exactly. stuart: excellent. we are glad to be here, are we not? >> i love it. stuart: i'm a citizen and you're not. >> i can start the process in a couple of months. i'm on a green card. got to wait five years. that's in august, i think. i'm soon going to get going on that. stuart: don't worry. i will speak up for you. steve hilton. fortunately going to be an american citizen, we do hope.
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thanks for joining us. thanks very much. that would be capitalism versus socialism. fox business, we are holding a town hall on that. that's this thursday at 2:00. i'm part of it. ashley: look out. stuart: there's going to be a live audience. they are going to question me. susan: are you ready? stuart: i'm shuddering. check the dow 30, why don't you. let's see where we are after the big drop. we are mostly in the green. i see 26 dow stocks up, four of them are down. the dow is up about 100 points. the maker of the meatless burgers raised hundreds of millions of dollars from new investors. could go public soon. one of the top guys at this meatless company is going to join us shortly. i want to know all right, if it's not meat, what are your burgers really made of? ashley: good question. stuart: he will tell us. introducing the first-of-its-kind
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stuart: i think this is the best story of the day. big infusion of cash for the meatless company, impossible foods. they brought in $300 million. they've got a total now of $750 million. a meatless company. david lee is the chief money guy at this company, which is called impossible foods.
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did i get that in? >> you got that exactly right. stuart: you've got a remarkable amount of publicity here. ip looki i'm looking at the front page of the "financial times" and it says impossible foods' mission to bring veganism to the meat-eating masses. are you vegan? >> i'm a hardcore meat eater. i'm exactly the target of impossible foods. 90% plus of the people who keep coming back for this impossible burger, they are coming because they are meat eaters who want that cravability that hits the spot but they want to feel better about their health, they want to feel better about the impact they're having on the world. stuart: what is in this meatless burger? >> the impossible burger is made entirely out of plants which means it uses a fraction of the world's resources, a fraction of the amount of water. it produces i think an eighth of the greenhouse gases you would get from a burger from a cow. but it has that same magic molecule. the only molecule that makes cravability happen. it's called heme.
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heme is what a cow needs to turn itself into delicious beef. we found it in a plant. we are the only ones with the patents and the know-how to produce it at scale to make delicious cravable meat entirely out of plants. stuart: you are very fashionable. i mean -- >> well, i don't know. stuart: beyond meat went public, big splash, made a lot of money, the stock went straight up. so are you going to go public? >> we are in no rush to go public. stuart: why not? you've got a piece of the action, david. you could cash out and become an even more wealthy guy than you are already. >> we are in a rush to make sure we can serve or mission by increasing our supply for meat eaters but we have had the benefit, this is a great example. $300 million raised out of 750 from great long-term investors like he ri like horizon. many of us came from large company backgrounds. dennis woodside, who took dropbox public. i have predominantly a public company background. we know how to operate as if we
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are public. stuart: you don't need to cash out. i've got it. >> we are in no rush. stuart: if i go to white castle, can i get a meatless burger for less than two bucks? >> at every white castle, you can get an impossible slider for less than two bucks. stuart: get the name out there. >> absolutely. you know what, you should try it and tell me what you think. i think you'll like it. stuart: we would like you to come back to the show and bring some samples with you. >> i should have done that. stuart: i would have eaten them on camera. i would do that for you. >> next time i will bring you a bevy of impossible burgers. stuart: a bevy. impossible foods ceo, thank you very much for joining us. we appreciate it. come on back, soon. good stuff. bayer, no, wrong, bayer, i keep doing that, bayer, boy, did they take a legal hit. a jury awarded a california couple $2 billion in a roundup cancer trial. i'm going to call that a travesty of justice. yeah, very strong opinion on that. it's coming right at you next.
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stuart: oh dear, get your case in front of a sympathetic jury, who knows how much money you can walk away with but is it justice? case in point a california couple has been awarded $2 billion because they said the weed killer, roundup, gave them cancer. there is more lawsuits to come. the german company which makes roundup faces absolute ruin. a little background is useful here. roundup kills weeds but not plants that have been genetically-modified to tolerate it. so a farmer can round up the weeds, let crops grow strongly. the greens hate genetic modification. environmentalists. it is like blasphemy to them. they go after bayer, which maked round up you see what is
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happening here? heavy dose of environmental politics. if the plaintiff's bar can pin a cancer verdict on roundup, they can take down the world's biggest gene modifier. that is what they're doing. the jury which awarded two billion dollars evidently ignored both america's fda and united nations food agriculture organization which studied the active ingredient in roundup considered it safe. the research they said does not show it causes cancer. the san francisco jury said, yes it does. no company should be financially ruined because a politicized court rejects science of the plaintiffs lawyers chose san francisco because they knew that activists of any stripe cannot lose in san francisco. what happened here is a travesty of justice. financial ruin for the world's popular weed killer. they haven't made the world safer. they made themselves.
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in a moment a response from judge andrew napolitano, as the suck hour of "varney & company" begins. ♪ stuart: left-hand side of your screen. a senate hearing into 5g technology getting you know way. if anything happens well have it for you immediately. right-hand side of the screen, the white house. president trump heads to louisiana at the top of the next hour. if he speaks before getting on marine one you will hear it pronto. that is a fact. check the big board, modest bounce back after loss by on big board. big tech took it on the chin yesterday. not much of a bounce-back so far today. apple is up a little. alphabet is down. amazon is up. facebook is down. microsoft is up. mixed bag after huge losses yesterday. how about uber? the ceo sent a letter reassuring
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employees after that disasterous ipo last week, it has not done the stock that much good. it is up 1cent. it is at $37 a share as of now. let's get to my rant, the editorial it's called by which the jury awarded a california couple $2 billion after they blamed the weed killer roundup causing them cancer, a travesty of justice, wouldn't you agree with that, judge andrew napolitano? >> yes. stuart: you would? >> two billion plus verdict a small amount, about 100 million is compensatory to compensate the people, husband and wife couple, that demonstrated to the success of the jury, notwithstanding scientific evidence to the contrary, that roundup a product made by monsanto at the time before bayer bought monsanto, dissass decision but they're stuck with it, causes cancer. the two billion is punitive. stuart: yeah. >> why would they be able to get
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a billion dollars each from bayer? because plaintiffs were able to demonstrate that monsanto, at the time it made this, was aware of potential harm and did nothing to warn the user. when bayer bought monsanto, bayer is stuck with monsanto's poor decision. stuart: you think a warning label on roundup would have solved the whole thing? >> no. but i'm not on that jury but the jury apparently does. stuart: that is ridiculous. >> i'm certain a judge will reduce this substantially. stuart: doesn't matter. >> does matter dollarwise. stuart: there are thousands of lawsuits still to come. i don't care when they reduce it from two billion to 10 million. doesn't matter. >> there have been three so far. they're all reduced but they're all heavy numbers. 289 million, reduced to 7 -- stuart: all san francisco. >> yes. stuart: gee, i wonder why san francisco. >> for the reason you articulated in your rant. it wasn't a monologue t was a rant. >> it was a rant. this is wrong. this is the wrong use of our
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court system this is the politicization of our court system. to me, utterly wrong. is it wrong to you? >> yes it is wrong to me but i am not comfortable, that the wrong will be righted particularly after the way the supreme court yesterday made it easier to sue big tech for class action cases. you have an attitude on the part of five justice of the supreme court. let these people roll the dice before the jury. i think you are quite correct. there is also an issue here with what we call forum shopping. choosing a court because of its known liberal anti-environmentalist, whatever you want to call it tendencies and likely attitude of the jury pool on issues like that. stuart: you can't lose. in san francisco, you're an activist you can't lose in court. >> we'll come back here when the 2.2 billion is reduced. it will save bayer some money. what are they going to do with that money? start litigating the next case
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because there have so many coming down the pike. i don't know how much they paid for monsanto but i'm sure it's a decision they profoundly regret. the judge's job not to decide on the evidence, but decide what evidence is competent to affect the jury. this judge just let everything in whether it was scientific or not. stuart: thank you, judge. i'm glad we agree. >> same hear. stuart: we can laugh. the treasury, that's our treasury, says, that the federal government spent more than 2 1/2 trillion bucks in the fiscal year so far. that is just from october to april. $2.5 trillion. i think that is a record amount. come on in ohio senator rob portman. mr. senator, i don't think there is any way you will ever get a cut in government spending ever. it will never happen. what do you say? >> well i say that spending is the problem.
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one of the things we've been hearing as you know, stuart over the past year, is that the tax cuts and tax reform package have led to these larger deficits. we now know from numbers from the deficit that is not true. in fact revenues have increased. so again think about this, after the tax cuts, the tax reform, revenues have increased. not substantially. two or 3% but that is billions and billions of dollars. so it is not the tax cut that have caused higher deficits. it is the spending. stuart: politics of the day which will not allow us to cut spending. you're right, that is the problem, mr. senator. >> spending is clearly it. part of the spending something that republicans and administration supported. trump administration was right. the military was cut to the bone in many instances. we had training fatalities year before last than because of combat fatalities because of lack of preparedness and we needed to increase spending for military. the big spending is on the other
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side of the ledger, automatic spending, so-called entitlement spending. interest on the debt, important programs like medicare, medicaid, social security. that is where the big spending increase. that is where 70% of the spending increase is now. stuart: i want to talk about the new bill, aimed at helping more people save for retirement. make it easier for them. i know you have bipartisan support for this. without going into the weeds, do you think we'll get this passed in a divided congress? >> yes. this is where we can get something passed. it relates to the first topic. social security is in trouble. everybody knows that it needs to be reformed and improved. meantime, shouldn't we encourage everybody to save more for their own retirement? unfortunately americans are woefully behind in that. half of the baby boomers, my generation, is not prepared for retirement. to the extent they have no retirement nest egg at all. this allows people to save more on the 401(k) and ira. it helps small businesses to offer plans which is where most of the problem is.
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larger businesses tend to have pretty good plans. smaller businesses less so. helps with regard to lifetime savings. so people are encouraged to save their money over a lifetime. deals with minimum required distribution you're probably aware of, stuart, you turn 75 1/2, you have to get out of 401(k) and ira you're still working this is good partisan legislation that can get passed. stuart: let me stop you there, mr. senator. are you going to stop that? i turned 70 1/2. i have to take the distribution. i don't want to. i will almost lose all of it in tax. can you get that stopped? >> it is expensive. we pay for it. what we do we extend the age from 70 1/2 to 75, number one. stuart: yes. >> number two, if you have less than $100,000 in retirement saving there is no minimum required distribution at all. it is crazy we're telling people again who are still working, like you, that they have got to start taking money out of retirement, to pay taxes. people are living longer,
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healthier lives. we want it to be there for you. stuart: i didn't realize this was music in my ears, until you said it yourself. anytime you want to come back on the program to plug that, you can plug it, with my absolute acceptance. >> good to be on with you. stuart: rob portman a fine senator from the great state of ohio. thank you, senator. thanks very much for joining us. >> take care, stuart. stuart: wow, wouldn't that be something. save me a fortune. the big board shows a gain of 150 points. got it. that is the sum total of a bounceback thus far. new video of saudi oil tankers damaged in the gulf. u.s. officials now say iran was likely behind the attack. there are talks of sending troops to iran if things escalate further. look at apple. the stock took a beating after the supreme court allowed lawsuits to continue. accusing their app store of being a monopoly. coming up we ask nyu professor scott galloway about this. he said we should break up big
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tech. rod rosenstein, unloading on former director of the fbi comey, says he is acting like a partisan pundit. this comes as attorney general barr appointed what is known as a bulldog prosecutor to investigate the investigators. is the tide turning here? we'll get into it after this. ♪ ♪
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stuart: all right. after the big drop yesterday we're back up, just 150 points this morning. 25,474. modest bounceback. that is what i call it. ups announced they're expanding international deliveries to 122 new countries. i thought i would get more coverage. ashley: apparently not.
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stuart: 122 new countries being served by ups? the stock is up about 75 cents. conagra, there are six lawsuits, these lawsuits claim that pam, i think we -- pam, the cooking spray, explodes. what is the problem here. susan: there is a problem with the design of events in the can. you're looking very dramatic video from houston, texas. this is set of incident, as you see, captured off surveillance video. they're basically contending that pam cooking spray, the can bursts into flames causing severe burns, blindness, disfigurement. the vents at bottom of it, apparently space flammable content. inadvertent i catches on fire. hence all the horrible incidents. stuart: six lawsuits. dramatic video. susan: definitely. stuart: listen what rod
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rosenstein has to say about fbi guy james comey. roll tape. >> i do not blame the former director for being angry. i would be too if i were in his shoes but now the former director seems to be acting as a partisan pundit, selling books, and earning speaks fees while speculating about the strength of my character and the fate of my immortal soul, i kid you not. that is disappointing. speculate about souls is not a job for police and prosecutors. generally we base our opinions on eyewitness testimony. stuart: clearly, mr. rosenstein is not happy with mr. comey. here is another story, the attorney general appointing, john durham are to investigate spying on the trump campaign. chris bedford, editor-in-chief "daily caller" t was russia, russia, mueller all over the
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place. now maybe we'll take a closer look at the election, 2016, changing of the tide. what do you say? >> that is what it is looking like. durham has a reputation for being not political, no-nonsense. he was appointed by barack obama eric holder to investigate whether the bush administration gone over what it should have interrogating detainees. before that he was appointed by george w. bush's attorney general to investigate similar claims. before that he was appointed by bill clinton's janet reno to uproot corruption in the fbi in boston where they were working with "whitey" bulger. this is someone in the past who has been willing to take on democrats or republicans take on corruption in the intelligence community, or allegations of that. get to the bottom of it. stuart: he is a prosecutor, which means he could file actual charges and someone could be fined, suspended or even go to prison. he has that power? >> he does. the hard left so far is probably going to criticize him.
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they were unhappy that he decided that, under the bush administration the, we had acted within legal means when interrogating suspects an al qaeda suspects and other people taken on the battlefield. they were very disappointed in that. eric holder said he was okay with it. he will get criticism from the hard left. he has reputation for being a bulldog. he has the capability like you said to bite here. stuart: we have the inspector general's report on the doj and fbi. that comes up in a couple weeks, maybe, even shorter time. we have this prosecutor looking into the election of 16. we have got senator lindsey graham holding hearings calling all kinds of people to testify what went on way back when. we're going to have a hot summer, aren't we? >> there are some republicans, definitely a lot in the democrat who would rather move on. i think it is good idea to figure out what went wrong here because there are serious allegations of corruption of our secret courts an corruption of our intelligence for political
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purposes and it is good for our democracy to figure out what happened. stuart: well-said. chris bedford. "daily caller" guy. we'll see you again soon. thank you, sir. >> see you soon. stuart: progress or not, but news on the opioid crisis. opioid maker, insys may file for bankruptcy. can't take the strain of opioid lawsuits. that raises a question, do you solve the opioid crisis by bankrupting companies that make them. that is the question of the day. we'll try to answer it after this. ♪ termites.
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we're on the move. hey rick, all good? oh yeah, we're good. we're good. terminix. defenders of home.
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stuart: the drugmaker, insys therapeutics, considering filing for bankruptcy protection because of all the lawsuits about, well they make opioids. dr. marc siegel is with us. obvious, question, doctor, is this how you kill off the opioid epidemic, by bankrupting the makers, is that how you do it? >> the way you phrase that the answer is no. let me point out in this case we talked about the ceo, john kapor, tendencies in this company to wine and dine doctors, to have lap dances, people dressed up as a bottle essentially fentanyl spray. those practices should have been prosecuted. what is interesting in the tobacco industry, $200 billion of attacks to of tobacco industry, by the time they got to that, the people were gone or died. the ceo's are actually alive. they are being made examples of. i believe it is bringing the
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companies down. stuart: does it control the opioid epidemic if you bankrupt the makers? >> you know what i think. the problem is who is prescribing them, what pharmacist giving them out. the drug companies flooded the market. they did push this. i don't think they're guilt-free. i don't think they're guilt-free. here is what i think is better. i will answer you directly. in oak open, purdue paid a settlement of $200 million instead of being killed off in court, they spent $200 million for center for wellness and recovery that treats addiction. gave them a public face, philanthropic face. that can save the company. move the money direction of helping people with opioid addictions. stuart: good point. you get rid of opioids, nobody makes them any longer what happens to people who really do need these chronic pain killers? >> i'm really glad you brought that up. every time i talk about overuse of opioids i get a ton of emails. what about me?
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i have chronic pain. my leg was blown off in the war. granted people are that need opioids. we have to keep enough of them around, they have to be prescribed in a way i can prescribe them to treat people that really need them. we're away away. we have too many of them. way too easy to prescribe. stuart: is there substitute, some kind after painkiller, you can use, a opioid not as addictive which kills the chronic pain? >> there are some, the answer is first diagnose it properly. what is causing pain? could muscle relaxant work. could physical their pip work? in time new drugs that will come out that are more effective. stuart: the answer is no, you have to have the opioids, there is an alternative to opioids, there is? >> there are self alternatives. stuart: morphine? >> morphine is an opioid, i'm talking about things lukoil tran, there are drugs i can use,
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muscle relaxants, there are cases you need opioids. but we're way overprescribing them. here is another point. how long are you staying on opioid? maybe wisdom tooth out need it for three days. maybe getting prescription for a month. how about a leg operation. maybe you need a week or two of opioids. you get 100 pills. they end up in medicine cabinet. someone ends up using them end up on heroin. that is the problem. we're flooding the community with these things. they're not without uses but way overusing them. stuart: thank you, dr. siegel. >> yes, sir. stuart: watch out, amazon, walmart announcing plans to offer free next day shipping. should amazon be worried? we will ask the question too. bitcoin it, has been on a tear these past few days. now it is above $8,000 per coin. look at it go right now. momentarily we'll talk to a congressman who is on a mission to make sure cryptocurrency
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businesses stay in the u.s. more "varney" after this. some things are out of your control. like bedhead. hmmmm. ♪ rub-a-dub ducky... and then...there's national car rental. at national, i'm in total control. i can just skip the counter and choose any car in the aisle i like. so i can rent fast without getting a hair out of place. heeeeey. hey! ah, control. (vo) go national. go like a pro.
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♪ stuart: ticket to ride, you never heard this before? susan: i have on the show. >> very sharp looking "varney & company" mug. susan: how come it doesn't have the face on it? ashley: we want to drink it. stuart: everybody's a critic here. here we go with these wonderful mugs. ashley: four years, here we go, finally got a mug. stuart: four years? ashley: yes. stuart: we're close to the high of the day, how about that. up 188 points as we speak. 25,500. ryan payne with us, payne
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capital management guy. you say that the trade war with china, or this dispute i guess you could call it, doesn't hurt our economy that much? is that what you're saying? >> let's put it in perspective, stuart. look at the collective gdp of the u.s. and china it is $31 billion, excuse me, trillion. if you look at total tariffs right now, it is about 65 billion. that is 1.9% of gdp. you're literally talking about a drop in the bucket. stuart: what about supply chains though? that totally disrupted that is a big deal? >> small percentage. if you look what we export to china versus what they import to us, still small number when you look at gdp. we're focused on wrong thing when you're investor. stuart: if it doesn't hurt the economy, small thing in great scale of things, you don't think the selloff is a big deal? it is coming to an end, isn't it? >> i think it's a gift from the gods. every time i'm on the show, market ramped up higher and
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higher. markets going up 2/3 of the time this year. we had very little selloff. if you have cash on the sidelines, you're getting opportunity to invest, so you're looking for things to buy? >> absolutely. absolutely. stuart: would you buy uber at $37 a share where it is now? i ask the question, the ceo came out in an email with employees, reassuring them, last week's ipo, don't worry too much about it. it is at 37. are you buying? >> i'm not that bold a man. one billion dollars loss per quarter. we don't know what the market will look like out there. with lyft taking a lot of their passengers. i think it's a very, very risky bet. stuart: you think i'm crazy if i buy uber this afternoon, i pay $38 a share, am i crazy? >> i admire your boldness. but you're crazy. stuart: i want to get into the long term type of company. >> problem what it will look like five or 10 years. stuart: it won't go away?
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>> with prices going up, pricing pressure, we have had sirius and xm radio, we thought satellite would be the future, they had to combine because the market share was not great. stuart: tune in tomorrow, see if i did or did not buy uber at $38 a share. watch it. you might be on the show. walmart taking a shot at amazon. launching free next day delivery. are you buying that? >> i think it's a smart move. they already, if you look at online, they really ramped that up. you can pick up same day delivery, things like that. 60% of orders you can pick up in store. this is another good move they're making with amazon. well-played. stuart: you don't buy stocks like walmart? you're not into that, are you? >> sure. old school retailer like walmart is a great buy right now. look at the valuation versus amazon. it's a lot cheaper. they have a large part of the market share. definitely a good buy. stuart: would you buy walmart at 100 but wouldn't touch uber at
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37, 38, new an up-and-coming company and you wouldn't tough them, i'm crazy if i do. >> convenience of profitability. walmart is very profitable company. uber is not. stuart: amazon on your screens right now at $1834 per share. took years, amazon didn't make a profit. susan: seven years before one profitable quarter. stuart: thank you, susan. okay. and your point is? >> how lucky are you? that set as real question. how many companies went out of business during dot-com era that didn't make it. if you have that foresight, stuart, yes, i want to hang out with all the time. stuart: i think you're in a corner, ryan. are you criticizing my purchase of microsoft 20 years ago? >> that was well-done. stuart: you may be on the show tomorrow. ryan payne, everybody. not buying uber. see you later. thanks very much. look at twitter. they admit accidentally sharing your location data tell me what
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happened. ashley: they put out a statement. we'll be careful with your data. for that we want to be open when we make a mistake. this is the fourth time in the past year. basically gave location data to trusted advertising partner. they blame a bug. the advertising partner said we don't use this stuff. delete it out of the system. if you ever think you get any privacy anywhere these days, absolutely forget it. because it is almost a daily story someone released your data to someone else. stuart: it's a daily story. absolutely is. precisely that. ashley: a bug, oversight, whatever it is. often we have the exposures. stuart: nothing changes. ashley: nothing. stuart: how about this one. bitcoin, have you seen this? on a tear. now at $8,000 per coin. we have a special guest on the show this morning, congressman warren davidson, republican from ohio. congressman, welcome to the show. >> thank you. you have.
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stuart: you have proposed legislation would which try to keep bitcoin and blockchain businesses in united states but wait a minute, i wasn't aware they were wanting to move out of the country, are they? >> to be clear about it coin, they don't have a clear geographic location. there there is no headquarters for bitcoin. it is decentralized ledger. when people think about blockchain they think about bitcoin. reality a lot of innovation in this space is american. it is american companies or american founders. when they want to launch token economy, similar to bitcoin but tokennizes the asset, not shares of company, value can be exchanged for a good or service but can represent all sorts of things. when they're doing this, they're leaving the u.s. they're not doing it to find, not avoiding u.s. regulation, they're finding places like singapore,
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switzerland that they passed laws to give them clear legal protection. stuart: you want to pass laws in the united states which gives them clear legal protection so they will stay. >> absolutely. it will define what is a security and what is not a security. the fcc wants everyone to check in with them. talk with us one-on-one and we'll let you know whether we believe you're a security. that won't be really binding. that is a big check on capital if you have this idea, and you come to venture capital like andreessen horowitz, say we would like to raise money. i don't know. i don't know what you will do. companies like andreessen, like the u.s. chamber, like ibm supported the bill i have got, the token tax act. stuart: are you a bitcoin type of guy yourself? >> i don't personally own any assets. stuart: that would be conflict of interest. >> that would be certainly perceived of this way. stuart: you like it, the idea? >> i feel like the opportunity cost is huge. i feel like this is phenomenal space. the token economy is happening
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around the world. the u.s. is losing out in market share. stuart: when you say the token economy that is based on blockchain technology, isn't it? >> block blockchain technology. stuart: you can't crash into it, is that correct? >> blockchain you have distributed ledger. it is literally a public record with a private key. you have a more secure way to move data and, when you see how it goes, like mount gox was early hacks. it was solved. you could follow the ledger. stuart: they didn't get the money back. >> they haven't. still in the process of litigating it. how many heists happen with fiat currency. it goes on. reality if you have cash, you could lose it. if you have a token you could lose it. depending how it is secured. some things use, similar logic but it is not truly a blockchain
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it still has central authority behind it. stuart: it seems obscure to me. why would a congressman from ohio get into this so big? >> reality of ohio, pierce from the sec, brian from the cftc, myself, ohioians accept bitcoin for payment of taxes. stuart: it does? >> we're an innovative state. a great place. stuart: nobody told me that. you can pay taxes with bitcoin in ohio. >> we would love for you to be a taxpayer in ohio.stuart: unfortr taxed taxpayer in new jersey. >> much more favorable than new jersey. stuart: you're right. thank you for being on the show. we're obliged to you. this is happening now, breaking news. russia's foreign minister sergey lavrov meeting with secretary of state mike pompeo. do we know what lavrov is saying? ashley: putting out all the right statements. time for the two countries to
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work together constructively. pompeo is in social think. resort city on the black sea and meeting with putin. tensions between the u.s. and russia have been there going back to 2014. annexation of crimea. we put in sanctions. they will talk about arms control, but differences over syria, iran, venezuela. there are plenty of areas, issues they can discuss where they can find some common ground. this is kind of a bit of a peace making tour for pompeo to try to find the common ground. stuart: they are smiling at each other. ashley: doing all the right things as they say. stuart: by the way, the dow hit the high of the day. moments ago we were up over 200 points. that is where we are, up roughly 200 points for the dow industrials. we have can desant, dig cannabis company. look at this, if you live in california, you can have their product delivered to your door. we have the ceo on the show momentarily. i want to ask him if you're in california, is ordering weed, pot, easy as ordering a pizza?
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sure looks like it. ashley: is it legal? stuart: i believe it is. he will tell us. a report says the united states will has a plan to send 120,000 troops to the middle east to counter the iranian threat. more "varney" after this. - the world's central banks added more than $27 billion of gold to their holdings in 2018. that's an increase of 74% compared to the previous year. in times like these, it just makes sense. gold is considered the world's oldest store of wealth. so, when the concern is that stocks and bonds may start losing value, smart money managers and world banks often look to gold as a hedge, or safety net, to protect a complete portfolio loss. and this is just one of the reasons that many experts predict the next gold rush is just beginning.
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stuart: disney announced they assume full control of the streaming service hulu. chief bob iger just announced disney plus, that is their streaming service will eventually be rolled out in india. kristina partsinevelos joins us now looks to me they're trying to be the king of streaming. reporter: they are trying to compete with netflix. hulu had streaming structure. eventually a lot of companies
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owned it. disney went in to buy up the stakes. what is the case between disney and comcast, which operates nbc universal, can get confusing, disney signed the deal, like a lease, buying the property after the lease is over. disney signed a deal five years, giving money to comcast for hulu content. at end of five-year period they can buy out the 33% stake for hulu for at least $27 billion. the question you asked me, will this make disney the king of all streaming? disney said in the past it has a three-legged stool. disney plus launching in the summer for children 6.99, espn plus, and hulu, all the "handmaids tales" on there. stuart: all-time high. reporter: the question is netflix. what happens to netflix? stuart: i think they will lose "the office." ashley: yes. stuart: kristine thank you very
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much indeed. check this out. new video of nuclear capable b-52 bombers flying defense missions in the mid-east. big show of force. "new york times" reports there is plan to send 120,000 troops to the mid-east if iran attacks. big deal. come on in, joel rubin, former state department official. joel, are we heading with some sort of ground war with iran? >> stuart, i surely hope not. the feels like potential getting tripped up into a war are quite frankly president trump getting tricked into a war is very real. that is going against his instincts. we have to remember that president trump in the 2016 campaign spoke out against the invasion of iraq. he got cheered for it. he said he wants diplomacy but seems like the system, john bolton, mike pompeo, they're pushing us in the direction where it is very reminiscent of the prewar activities in 2002 what we invaded iraq.
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stuart: what do you mean president trump tricked into a war with iran? >> yeah, what's happening right now is that there is a system in place in the state department and the white house that is looking to ramp up pressure on iran and tate president trump continually states he wants diplomacy john bolton is to his right. he has to pull him back. there are a lot of third party actors right now. we may see that as well in some of these attacks on saudi arabia, on the u.a.e. we don't know what is going on and president trump will hear about this. his instincts are to try to look for a diplomatic out but it doesn't sound like his team is pushing in that direction. stuart: that is understandable, isn't it? there have been reports of ships attacked in the gulf and the saudis say it was iranians that did it. iranian economy is contracting rapidly because of the sanctions on their exporting of oil. they're in a tough spot. they could easily lash out. that is what the president is defending against, isn't it?
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>> right, we have to defend ourselves and we have to defend our assets if they're hit. it is unclear what was hit and who did it but we also have to remember that when we're talking about war plans of 120,000 troops, we're talking about the need for congress to authorize military action. it is one thing to defensively protect yourself. we have 30 to 40,000 troops already in the gulf. it is another thing to actually prepare for a massive amount of troops of 120,000 which is a very different signal from defending ships in the gulf. stuart: yes, that is. joel, thanks for joining us. see you again soon. okay? remember draftkings, big sports betting platform? they had a pretty good year after the supreme court allowed states to legalize sports gambling. $500 million paid out to winners in new jersey alone. how about that? we're talking to the head of draftkings sport book after this. ♪ what if numbers tell only half the story?
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it's a revolution in sleep. the sleep number 360 smart bed is on sale now during our memorial day sale. it senses your movement, and automatically adjusts to keep you both comfortable. it even helps with this. so you wake up ready to hit the ground running. only at a sleep number store. during the memorial day sale, save $1000 on the new queen sleep number 360 special edition smart bed, now only $1,799. only for a limited time. sleep number. proven, quality sleep. stuart: let's talk sports. remember zion williamson, the duke player whose nike shoe
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broke apart? you see it there. the nba draft lottery is tonight. whoever wins will likely draft williamson. susan, who will get him? susan: new york knicks hope he comes here. new york knicks, cleveland cavaliers, phoenix suns, have 14% chances across the board. the nba changed the rules for the draft latterry, they wanted to disincentivize teams do as badly as possible to get number one pick. the first three get 14% chance odds. zion williamson is best player of generation. the lebron james of his time. whoever gets number one -- stuart: were the knicks worst team? ashley: by a long way. stuart: i live in new york. enough of that, stu. since the supreme court allowed states to legalize sports betting, draftkings says 17 million bets have been placed, and $525 million were
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paid out to winners and that is just in new jersey. whoa, big deal. jamie che with us, the head of draftkings sports book. welcome to the program. >> thank you very much. stuart: let me recap, 17 million bets in new jersey. you paid out $525 million. >> we have, you will not tell me how much you took in. >> no. stuart: i either won't or can't, which it is but you're not going to do it. i guess football is the number one betting sport? >> nfl definitely. it is number one. college football right behind it. what we did notice, you take college football and you take college basketball, combine them together they meet nfl. it really is growing every day. stuart: nfl first. most bet there. second is college football and college basketball combined. >> correct. stuart: third is what? >> you know it depends. we get a lot of soccer and tennis. stuart: wait, soccer? english premier league socker? >> i should say football and not
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soccer. stuart: don't care what you call it. stuart: english premier football? >> we get a lot of bets. we have diverse group of people. ashley: yes. >> i can tell you on my own team a lot of people are betting soccer that love it. stuart: whose team? >> i don't have a team for soccer. i have guys, liverpool is their favorite. i have man united. we have mixture in the office for sure. stuart: by the way, jamie, manu, that will get you in with the conversation. how about golf? you must have taken in a lot of money with tiger at the masters? >> we did. paid over 1.5 million in the masters to tiger. stuart: just in new jersey. >> we boosted his odds. we want you to bet. stuart: what is he now, 15 to 1. >> 15 to 1. stuart: for the u.s. open? >> we do. stuart: 15 to 1? >> yes, you definitely should do it. stuart: gambling skill i don't have into i could teach you.
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stuart: a lot of people come from new york city where it is illegal, go across the george washington bridge, hang out at a bar and gamble. >> it is true. they have half the wages are people across the border. stuart: making a run for the state line. jamie, fascinating stuff. >> thank you so much. stuart: good stuff, thank you. hostess, of course you know them. they make twinkies. they make ho-hos, cream filled chocolate cupcakes. ashley: why are you looking at me. stuart: a iconic american company. brought it back from the brink. the ceo is with us. he turned the company around after going bankrupt. here is the question? did the man bring samples with him today? we'll find out shortly. president trump will depart for louisiana. he will speak at a natural gas terminal. we are about to play a big role in natural gas exporting. that is big deal in my opinion. my take coming up.
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stuart: president trump is about to take off for louisiana. he will visit a natural gas export terminal. sounds a little mundane, perhaps, but this is a very big deal. america is about to become an energy exporting giant. that gives us foreign policy leverage and it gives us climate change credibility. yes, it does, really. i'll explain. america has reduced co2 emissions more than any other industrial country. the greenies, they don't talk about that very much and the media rarely reports it, but it is true. we are. and america did it by switching
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from high-polluting coal and oil to our very own natural gas. fracing technology has released it and now we are going to export it. think of the foreign policy leverage that gives us. europe uses natural gas, gets much of it from russia. that of course gives putin a lot of power. that power is taken away if you buy cheap, reliable nat gas from america. our exports to europe are up 300% this year. so the president leaves shortly to see for himself america's dominant energy position. two more giant projects will open in louisiana soon. i call that an energy success, a foreign policy success and a climate success, too. how about that. the third hour of "varney & company" is about to begin.
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stuart: we are indeed awaiting president trump -- sigh from my socialist colleague to my left. we will get to that shortly. the president is about to leave the white house. he's off to louisiana. i want to get reaction to my editorial. let's bring in maria bartiromo, host of "mornings with maria" on this network. staying up late for us today? thank you very much indeed. am i right, i think energy dominance, exporting natural gas, is a foreign policy win. where am i going wrong? >> you're not. you're absolutely right. the fact that oil has been the leverage for so many other countries to have something over the united states has been a real detriment to the country. the fact that now we have become the number one producer as a result of deregulation and the opening up of the spigot it s a big deal. it's very smart economic policy. i totally agree with you. stuart: the dow at the moment is
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up 200 points. not a great comeback after yesterday's 600 point loss. you think this china trade thing has stalled the market for some time to come? >> i do. i think this is going to be with us for a long time. there's a lot of nervousness. we don't have a resolution yet. the president is obviously looking at the remaining $300 billion in chinese imports and looking at tariffing those. that will not happen at least until july. now we focus on the potential meeting, the probable meeting between president trump and president xi at the g-20 at the end of june. we're not going to have a resolution before that. i expect a lot of uncertainty and nervousness in this market. i would be cautious here, frankly. stuart: do you think these ta s tariffs which we have imposed on chinese stuff coming to america, does that damage our economy significantly? >> i think it does take some juice out of the economic growth story. economists are ranging from .2% to .5% in terms of annual economic growth story. yeah, you have to believe that
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if tariffs are going to be put on these products and the companies will respond, by raising prices, that will impact consumer spending and perhaps takes economic growth out of our story. however, i don't think the president's had a choice here. let's face it, the chinese have been stealing intellectual property for decades. they have been forcing the transfer of technology. this is not just a trade story. this is an economic story and a military story. stuart: you know, i envy you. you go on the air live at 6:00 every morning. >> yes, i do. stuart: that means -- >> you envy that? stuart: i do envy you that. also, i envy you the fact you get all these tweets coming in from the president. you are the first to get out there and report them. you've got news sitting for you right there. >> all three hours. love it. stuart: you are really good, too. thank you for being with us. >> thank you for having me. stuart: i've got to talk apple for a moment. they have responded to that supreme court ruling against them for their app store practices. apple says they don't have a
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monopoly over app listings and it's ultimately the app developer's choice to list on the app store. the stock is down at $186. no bounce back this morning. scott galloway is with us, the socialist i was joking with just a moment ago. he's got a book out, "the al algebra of happiness." socialism does not bring happiness, you realize that? >> seven of the top ten stories reporting happiness have one thing in common, socialism. you want to talk happiness and data we have to talk socialism. stuart: you are totally humorless. socialists are without humor even though you're smiling. >> you kidding? come on. look, it's not our way, but if you were to talk about happiness, that recent poll, 7 out of 10 -- stuart: now you're repeating yourself. you have one line. that's all you're good for. >> happiness is not only about what you get but also about not having the fear of having
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certain things taken away. other countries offer a better safety net, better health care and better upward mobility. the american dream is alive. it's just alive in canada. stuart: you give me any day of the week of freedom as opposed to your version which is freedom from. the freedom to is much more freedom-loving, much more dynamic than freedom from. >> i love the macho and leaning in so i'm going to acknowledge your point but i think a lot of the american dream we are talking about has unfortunately gone away. upward income mobility, freedom from fear around health care costs, the american dream is alive. unfortunately it's alive in canada. stuart: rubbish. let's move on to apple, shall we. we? you want to break them up? >> the supreme court ruling, they basically said they will let the case move forward. i would argue that the key with antitrust is to thread the needle between ensuring there's competition but at the same time not kneecapping the company. you want to maintain economic growth and maintain that stock.
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i think apple is the least likely to be broken up because the question would be who is in charge of the brand. you do have enough monopoly with apps. if you want to build an app, you have to go through the app store. just as it makes sense to have monopolies around certain things including power or energy, some of the things you were talking about, i think it should be regulated. i think the app store should probably require regulatory oversight around pricing because spotify is a superior app, superior music service, and now apple music is growing faster, an inferior service, because spotify has to pay a 30% tax. apple can decide what presence or visibility they get in the app store. competition, which you love, which is key to the american dream you espouse, is being hamstrung in the app store at apple. stuart: you think that the least likely to be flat out broken up, apple and microsoft, i think you would include microsoft there. >> i think that's right. stuart: the most likely would be amazon, correct? >> i think you break up amazon or facebook and two years forward, you have a combined
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companies that are worth more than the original company. i think the sum of the parts is greater than the whole. you have more competition, more job growth, more m & a and more shareholder value. the only real loser would be the ceo who doesn't oversee an empire as large. typically with breakups, whether it's at & t or oil companies, you go five, ten years forward and each of the companies is worth more than the original company. it unlocks a lot of shareholder value. stuart: are you still an amazon shareholder? >> yes. stuart: you aren't selling in the immediate future? >> i don't know who the first trillion dollar company will be again but i'm 100% confident the first $2 trillion company will be amazon. it will be off the backs of the most disruptable industry in our economy which amazon is starting to make moves into, health care. stuart: interesting. for a socialist you're all right. seriously. thank you. >> thank you, stuart. stuart: thank you very much. i want to talk bitcoin. it's been going straight up recently. up 2,000 bucks per coin in a few
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days. now it's above $8,000 per coin. we thought we would bring that to you because it has been on a tear. uber, up very slightly today. still well below the ipo price of $45. that was last week. their ceo has admitted that the ipo was a disaster, sent an e-mail to employees. he says just wait it out. not helping the stock that much. uber is at $37. look at lyft. also a couple of bucks higher today. $2 higher. $50 a share is the quote now but remember, it went public at $72. it's taken some heat. we continue our fox business capitalism versus socialism week with a look at hostess. what? they make twinkies. that's archie bunker on the screen eating one. he had one every day at lunch. here's the movie "ghostbusters" and remember the line, that's a
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big twinkie? what has that got to do with socialism, i really don't know. some call hostess an iconic american company. i would. i think they are. they made a comeback after the unions took them down. next we talk to their ceo. we are calling it a capitalism love story. that's the connection. we'll be right back.
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now... grandpa, what about your dream car? this is my dream now. principal we can help you plan for that . stuart: we are told that new york city mayor bill de blasio is considering a run for the white house. he held a green new deal rally at trump tower yesterday. deirdre is with us. deirdre: the mayor was meant to be outside trump tower rallying this whole green group. as we all know, really cold, really rainy, really nasty so
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they were forced to go inside and even mayor de blasio said okay, the whole tone of this event changed. essentially he was in the place where president trump initially announced that he would be running for president, kind of coming down the escalator so it's quite a juxtaposition. people were holding up signs saying worst mayor ever. there it is. he was trying to lead chants but the staff of trump tower kept just upping the music. you had tony bennett, "i've got you under my skin." you had a couple basically blasting him out. the mayor actually got hoarse trying to pull this off and even just admitted not our best effort. stuart: glad you brought it to our attention. deirdre: it was a circus. stuart: the signs tell a story. now this. everybody knows hostess, american icon, twinkies, ding-dongs. this year marks their 100th
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anniversary. birthday, you could say. we have with us no less than andy callahan, the ceo of hostess. welcome to the program. >> thanks for having me. stuart: just so everybody knows, the gentleman did bring a lot of samples. we really appreciate it. deirdre: i need a break. stuart: what are you doing tomorrow? can you come back? >> as much as you need. stuart: i remember the story being they went bankrupt, out of business, closed down, as i recall. i don't know the reasons for the closing down. i don't care. but you and your team brought them back to life. how did you do it? i know you have only been ceo for one year. i got that. how did the team do this? >> the team did it under leadership of dean and his vision. basically had an american iconic brand and three manufacturing plants and reimagined the way they go to market. we moved to a warehouse business from direct store delivery. as opposed to having a bunch of trucks all delivering directly to the store we went through the
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well-established retail warehouse model. expanded it and therefore went to market in a much more efficient, innovative way. brought out new products and today, five years later, we are a growing company. we just reported earnings up 6.7%. stuart: you are making a profit? >> we are highly profitable, one of the highest margin businesses in food. and we are growing. and we have the entrepreneurial spirit of a new team and the iconic brands of 100 years. stuart: is there any difference between the cupcakes which -- the twinkies -- no, i've got cupcakes. where are the twinkies? >> they are for the next segment. stuart: what's the difference between the twinkie you sell today and a twinkie on sale ten years ago? >> well, from a consumer standpoint, they are very similar if not the identical. but what they do have is a longer shelf life for them to get through into the market.
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stuart: how long is the shelf life? >> over 70 days. stuart: 70 days. i'm laughing because i thought it was longer than that. >> that's what's great about our brand. our brand elicits a response and engagement. people love to talk about it. it's part of americana. stuart: give me some numbers. how many twinkies will be sold in america this year? >> that's a good number. i don't know that exact number. stuart: how many twinkies were sold in america last year? >> we will grow our twinkies well greater than the marketplace. we grew up -- stuart: are you going to give me the number or not? >> i'm not going to give you that exact number. stuart: why? why not? >> because we don't disclose exactly what our revenue is but we grow and twinkies is one of our most iconic businesses. stuart: give me a ballpark number. are we talking millions? >> hundreds of millions. stuart: hundreds of millions? >> absolutely. last year we had revenue of close to $900 million in sales. we will do over that this year. stuart: it is really an iconic
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brand. that's a fact. it's not supposed to be very good for you. >> well, americans, there are two trends in america today. eating healthy and eating indulgent. stuart: this is the indulgent side. >> we live in the indulgent side and we do it in a very responsible way. we are not trying to be 100% of someone's consumption but when they need the indulgence we want to give them products they love and engage in. stuart: you are a capitalist success story. we love it. thank you very much indeed for coming on and delivering the samples. >> we have a great entrepreneurial team and a great brand that makes it happen. stuart: that's your advertisement. you got it in nicely. thank you very much indeed. the delivery battle is heating up. walmart announced they will be rolling out free next day delivery in the coming months. that's a direct shot at amazon, isn't it. next day delivery is only available for prime members. that's $119 a year. that's amazon. check the big board. we've got a rally. that's the high of the day, up
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242 points. as i said, that is the high of the day and it follows, of course, the whopping selloff yesterday. check this out. it is the oldest porsche in the world hitting the auction block, 80 years old. how much would you be willing to pay for it? ♪ i have heart disease,
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stuart: put it on the screen. there you have it, the world's oldest porsche. it's 80 years old, set to be auctioned off this weekend in california. deirdre is here to tell us how much it's going for. deirdre: want to take a guess? i just want to give you one little clue. this was built ten years even before the official start of the company porsche. stuart: $40 million. deirdre: that's generous. we would like to invite you to california. it's meant to go for $20 million. it's the oldest surviving porsche so for collectors, i do think it's going to go higher. the oldest surviving porsche. stuart: $20 million? i think it goes up from there. thank you, deirdre. the theme on the network
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this week, capitalism versus socialism. here's the question. can america truly afford socialism? jackie deangelis has the answer and i hope it's the right one. she's next. the markets right now, high of the day. yeah, look at that. we are now up 270 points, better than 1%. market watcher donald luskin says we are getting close to a trade deal. how would he know? he will explain in a moment. can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful.
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i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. but i can tell you liberty mutual customized my car insurance so i only pay for what i need. oh no, no, no, no, no, no, no... only pay for what you need. liberty. liberty. liberty. liberty. ♪
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stuart: high of the day, no less. now we're up 282 points. we gradually climbed since the opening bell, modest recovery from yesterday's big selloff. 28 of the dow 30 are in the green. i'll call that a rally. i want to talk china trade. for that, i want to bring in donald luskin, cio of trend macro. why do you say we are closer than ever to a trade deal? what makes you say that? >> because when big negotiations
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like this, especially hostile ones, are near their conclusion, they look like they're about to fly apart. and when they are about to fly apart, they look like they're at a perfect peaceful conclusion. that's the way the theatrics of these things work. china wouldn't even be negotiating with us at all if we weren't threatening them with things like tariffs. this whole thing begins in drama queen mode where we are imposing tariffs we don't really want to impose. at the end of the day they hurt us too but that's all drama, all to get china so it will come and negotiate with us. now trump's position is oh, well, we don't even want to negotiate with you anyway, i love tariffs, think of all the billions going into the treasury, right? we are just in that kabuki phase and that's how you know it will come together. it always comes together at the point of maximum threat. stuart: forgive the expression, are you putting your money where your mouth is? in other words, if you think we are on the cusp and right close
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to a trade deal, which would presumably make stocks go up, are you buying stocks aggressively at this time? >> yes, i am. you will never guess which ones i'm buying. i'm buying chinese stocks. because even though china doesn't really want to do a deal, that's just the chinese communist party. that's not china, the country. that's not china, the economy. they're just trying to preserve their power. when china's communist party backs down just a little bit and does the deal, the big winners are going to be the chinese economy and chinese people and chinese stocks, right? stuart: give me a china stock that's easy for someone like me to buy. off the top of my head, i'm thinking alibaba, something like that? >> no. see, the problem with dealing with individual chinese stocks is you have to figure out how to pronounce them. i admit alibaba is simple. even i can do that. but the thing you want to do, you want to buy one of these etfs. you want to buy a broad spectrum of chinese stocks so you're not getting in the business of picking exactly the right one.
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we don't need precision work here. you just need to get the right country. stuart: okay. i've got to bring this to your attention. the chinese foreign ministry just said this. quote, china never succumbs to external pressure. we have the resolve and the capability to defend our lawful and legitimate rights and interests. they just said it. make any difference to your forecast? >> okay. you need a political translator. allow me to perform that service for you. in politics, when they say never, it means always. okay? that clear? stuart: okay. you are putting your money where your mouth is. that's good enough for me. thanks for joining us. we will be checking this very carefully as you might expect. i want to get back to the theme on this network of the week, capitalism versus socialism. let's bring in jackie deangelis to break this down. so let me put it to you straight. i don't know why you're laughing. you know where i'm coming from.
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can america afford socialism? >> all right. we are going to answer the question in a minute. i will lay out a case. i am going to start by saying today we are looking at the pitfalls of socialism. we broke down the two systems yesterday. tomorrow we will look at the pitfalls of capitalism as well. neither system is completely perfect. let's start on the socialist side. one of the problems is stifling competition. stifling innovation. when people aren't motivated, individuals aren't motivated, to create wealth that they are going to benefit from, it keeps them from innovating in the proper way. i ask you this. imagine a world where there's no microsoft, there's no apple, there's no facebook or amazon. these companies create billions and billions of dollars in revenue, they create thousands, hundreds of thousands of jobs in this country as well. you can argue whether the services are necessary or they need to be regulated. that's a separate conversation. but the innovation was there to push the ball forward. stuart: you are talking about europe which doesn't have those kind of companies. >> it's not just about technology, but do you want
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state-run oil companies? pharmaceutical breakthroughs? they all happen in this country. there's a reason for it. stuart: okay. now, can we afford socialism? >> well, really quite frankly, to our point yesterday when we were talking about population, in terms of what we see in this country, we really can't. because once you distribute the wealth that's already been generated, if you run these companies into the ground and can't keep those engines going, you're not going to be able to take care of the population. stuart: can socialists always deprive companies of any kind of capital? all the money has to go to the workers, not to reinvestment in capital equipment. that's their breakdown. they don't innovate or move forward. i think that's the way it is. >> that is the way it is. i think we answered the question. stuart: i think you did. you answered it correctly. you want to come back tomorrow? >> see you tomorrow. stuart: yes, you will. jackie deangelis gets it right every time. thank you very much. congresswoman aoc and
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senator bernie sanders, they both want post offices to double as banks. that was part of their big green campaign that they announced yesterday. make post offices banks for low income people. i think that's a pretty good idea. it may be a socialist idea but it's pretty good. it would work. we have an adamant foe of anything connected to socialism. where am i going wrong here? i think post offices would do just fine as banks. >> i think that if you're going to have the post office take on any additional responsibilities they should at least be able to manage the responsibilities they have now. i think that should be the rule of thumb. the postal service, all it does now is deliver the mail. that's it. just deliver the mail and they lost $3.9 billion, $3.9 billion in the last fiscal year. no, i don't want the postal service taking on any additional responsibilities until they can at least bring down that $3.9
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billion and prove they have any ability at all to manage their own affairs. stuart: look, at that rally yesterday, bernie sanders and aoc, they were pushing hard, they mentioned him indirectly, joe biden, trying to push him out of the scene. do you think, bearing in mind the latest polls which show biden way ahead of bernie sanders, do you think that the socialist push to take over the democrat party is just about over? could you say that? >> no, i don't think so at all. i think that the vast majority of candidates running for office right now in the democratic party are basically socialist. they all either co-sponsored or promote the green new deal, many of them are co-sponsors in the senate. the green new deal is basically socialism and so the only candidate out there right now who is not openly calling for socialism is joe biden who by the way is really not that moderate. he's pretty far to the left, too. he's just not a socialist. i think the socialists are in a
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pretty good situation. they are in the best situation they have been in in the united states in its entire history. the only question is, can they rally around one socialist candidate. that's going to be the big question. if they can't pick one socialist candidate, joe biden has a really good shot but if they do rally around one person, and it just becomes bernie sanders against joe biden, then i think bernie sanders has a decent chance. stuart: that's revolutionary stuff. thanks for joining us. i'm sorry to cut this short. i've just got something else coming on to my plate at the moment. i just want to remind our audience that fox business is holding a town hall on capitalism versus socialism. it will be this thursday at 2:00 p.m. eastern. i'm going to be part of it. let me show you the big board. new high of the day. again, i have to remind you we were down over 600 points yesterday. this morning we opened up 100, 200, now up 300. we have got half of it back. what's the factor?
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hold on. sorry. here is the president of the united states. >> so the economy is doing very well by every measure. we're having probably the greatest economy that we've had anywhere any time in the history of our country. we're having a little squabble with china because we have been treated very unfairly for many, many decades. we're actually, for a long time and it should have been handled a long time ago and it wasn't and we'll handle it now. i think it's going to be -- i think it's going to turn out extremely well. we're in a very strong position. we are the piggybank that everybody likes to take advantage of or take from, and we can't let that happen anymore. we have been losing for many years anywhere from $300 billion to $500 billion a year with china and trade with china. we can't let that happen. the relationship i have with president xi is extraordinary. it's really very good.
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but he's for china and i'm for the usa and it's very simple. we are again in a very very strong position. they want to make a deal. it could absolutely happen but in the meantime, a lot of money's being made by the united states and a lot of strength is being shown. this has never happened to china before. our economy is fantastic. theirs is not so good. we've gone up trillions and trillions of dollars since the election. they have gone way down since my election. so that's the way it is. that's the way it stands. we're going to do very well. yeah. [ inaudible question ] >> well, you never can say that but we're doing very well. i think we probably have the greatest economy that we've ever had. employment numbers came out as you know. they're record levels in almost every category. african-americans, the best in
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history. you take a look. hispanic american, the best in history. yesterday, asian american numbers came in. they are the lowest in history. the history of our country. women, i think it's 61 years and soon that will be historic, too. so we are doing -- and as far as employment numbers, we have the most people working today in the united states that we've ever had before, almost 160 million people. so it's really good. [ inaudible question ] >> you got a machine over there. no, we have a very good dialogue. we have a dialogue going. it will always continue. but we made a deal with china. it was a deal that was a very good deal. it had to be a good deal. otherwise we're not making it. because we have been down so low in trade, other presidents should have done this a long time ago. we can't just make a good deal. i told that to president xi. we had a deal that was very close, then they broke it.
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they really did. i mean, more than just -- more than renegotiate. they really broke it. we can't have that happen. [ inaudible question ] >> no, i didn't ask him to do that. i didn't know it. i didn't know it. but i think it's a great thing that he did it. i saw it last night and they want to look at how that whole hoax got started. it was a hoax. and even mueller, not a friend of mine, even bob mueller came out, no collusion, and he had 18 people that didn't like donald trump, that were hillary clinton fans, they contributed many of them to hillary clinton, they came out. it was the greatest hoax ever perpetrated on the people of this country and you know what, i am so proud of our attorney general that he is looking into it. i think it's great. i did not know about it, no. reporter: were you surprised by the chinese retaliation? >> no, no, no.
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i wasn't surprised. but you have to understand, they do $600 billion, meaning we buy $600 billion. they buy $100 billion. we have all the advantage. it's a very small factor for us. we have a much bigger economy now. since my election, we have gone up so much, we have a much bigger economy than china. but if you take a look, $600 million versus $100 million. it's a different world. [ inaudible question ] >> we're looking at that very strongly. about the $325 billion, we're looking at it very strongly. david? reporter: did you tell dhs to round up [ inaudible ]? >> i don't know anything about that. i read that's probably fake news but i read that this morning. i don't know anything about it. reporter: why [ inaudible ] to testify in congress? >> it's really a tough situation
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because my son spent i guess over 20 hours testifying about something that mueller said was 100% okay and now they want him to testify again. i don't know why. i have no idea why. but it seems very unfair to me. reporter: are you planning to send 120,000 troops to the middle east? >> i think it's fake news, okay? now, would i do that, absolutely. but we have not plans for that. hopefully we're not going to have to plan for that. if we did that, we would send a hell of a lot more troops than that. but i think -- where was that story, in the "new york times"? the "new york times" is fake news. go ahead. reporter: don't you understand [ inaudible ]? >> so you have no tariffs to pay whatsoever if you're a business. all you have to do is build or make your product in the united
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states. there's no tariff whatsoever. so that really works out very well. [ inaudible question ] >> i think we're winning it. we're going to be collecting over $100 billion in tariffs. our people if they want can buy from some place else other than china, or they can really, the ideal is make their product in the usa. that's what i really want. we'll win again. you know what? you want to know something? you want to know something? we always win. we always win. reporter: do you have confidence in christopher wray after he said -- >> well, i didn't understand his answer because i thought the attorney general answered it perfectly. so i certainly didn't understand that answer. i thought it was a ridiculous answer. thank you. stuart: that's it. he's walking away to marine one. he's on board by now and off to
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louisiana to inspect a natural gas export terminal. what the president had to say was fairly classic mr. trump. we are a very very strong position, he's talking about china trade here, in a very, very strong position. we've got the greatest economy we've ever had. we do well, china does not do well but he did say, he did say that we are looking very strongly at 25% tariffs on an extra $325 billion worth of chinese goods. now, the market went up during these comments. now we're up 300 points. ashley: they came down on that comment because thisat's a very strong statement, the next $325 billion. deirdre: something like 6,000 new products as well. that would be quite serious if we do it. to ashley's point, we are still at pretty much our highs of the day. he also said we are winning the trade conflict with china. i think what was clear for business people, even people who honestly don't like president trump, even his critics say he has handled the situation with the trade tensions with china beautifully. even people who don't like him
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have to say the way he's handled china -- stuart: so far he has preserved political unity. ashley: correct. stuart: a unified political body behind him. on that note, i want to bring in senator jon thune, south dakota republican. mr. senator, your farmers in south dakota, it's a farm state to a large degree, are getting hurt by these tariffs. the president has a plan to siphon $15 billion to american farmers to make up for the shortfall that they're not going to get from china. is $15 billion enough to keep the farmers on the president's side? >> i'm not sure i know the answer to that, stuart. i do know one thing. farmers want to see the president succeed. they really -- they know china has been a bad actor when it comes to trade and they want to see him get a deal that will open up more of their markets to our farm commodities and other types of products and things that we make and we raise and
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grow in this country. so i'm hoping that these negotiations, discussions that we're in the middle of will ultimately get us to a good end and good result. in the meantime, if they do make payments to farmers, i think farmers obviously would view that as a short-term solution. what they want in the long term is a market, of course. stuart: is the republican party, are the republicans united in support of president trump on the china trade issue? >> i think that the republicans in both the house and senate are trying to give the president a lot of running room on this because they think -- we believe that he is doing the right thing in trying to get china to the table and get them to correct what had been trade abuses that literally go back for decades. so i think he's got a deep reservoir and well of support among members of congress. i think across the country, for that matter. honestly, it goes both democrats and republicans, because i think everybody agrees that china really is the big threat of the future and that if we don't get them to play fair and play by a set of rules that we can all
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agree upon, it's only going to get worse down the road. so there's that. but i condition that by saying that in the middle of the country in farm country, this is getting really hard because the economic impact of these tariffs is being felt in a very deep way in terms of our economy. stuart: we have another very important story which we would like to cover with you, mr. senator. that is robocalls. lot of interest on that. i know you introduced the trace act in the senate, aimed at ramping up punishment for robocallers. can you give us the latest on this? >> i think everybody in the country is sick and tired and annoyed with the nuisance of robocalls, but it's more insidious than that. there are these bad actors, these violators, scam artists, if you will, who prey on people. they prey on vulnerable populations, particularly the elderly, and we have a bill which is growing in support and hopefully will eventually get passed and signed into law by the president, that go a long ways toward preventing these types of scams. it's going after these bad actors, going after these
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violators, essentially upping the penalties they would face and making it very clear to them this kind of behavior isn't going to be accepted. it's not going to get rid of all of them, hofobviously, but we tk it will go a long ways to addressing what many people consider a major problem. stuart: i can assure you this country is cheering you on. senator thune, thank you, sir. appreciate it. we have to take a quick look at the stock prices. disney are going to assume full control of the streaming service hulu. that really positions them very well for their streaming service coming up later this year. could be a real competitor, probably a real winner. stock's at $134. legalized marijuana hitting a roadblock in new york and new jersey according to the "new york times." what's the timeline if any for federal legalization? we are going to talk to the head guy of a big cannabis company. get this. you live in california, you can
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have their product delivered right to your door. it's like ordering a pizza. how about that. ashley: which you will probably want. stuart: we'll be right back. some things are out of your control. like bedhead. hmmmm. ♪ rub-a-dub ducky... and then...there's national car rental. at national, i'm in total control. i can just skip the counter and choose any car in the aisle i like. so i can rent fast without getting a hair out of place. heeeeey. hey! ah, control. (vo) go national. go like a pro.
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stuart: you get it all on "varney" including this. pot. we've got the ceo of a company called candescent with us. they grow and distribute the plant, weed, marijuana, all across california. he's been with us before. he's back for more. he's a glutton for punishment. welcome back. >> thank you, stuart. stuart: just out of interest here, if i live in california, can i go online and order up a delivery of pot and you'll deliver it to my door? can i do that like a pizza? >> oh, yes. there's a number of on demand services that will -- we partner with a platform named ease to deliver our products. you can order any of our products through these platforms. it will be there in 30 minutes or less. stuart: wait, 30 minutes or less? >> 30 minutes or less. stuart: do i get a choice of which kind of pot i want? which form? >> oh, yes.
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you just pick the sku you want or you can buy oil, any form factor. stuart: so a guy or lady comes to my door with a little briefcase, opens it up, mr. varney, what would you like? >> no, no. you have already prepaid and ordered online so they just check your i.d. to make sure it's you so there's no distribution to minors, and they check your i.d. and give you your product. stuart: another question. i understand that you are working on a specific new kind of cannabis. new kind of thc which doesn't give you the munchies but suppresses your appetite. >> yes. there's over 117 known cannabinoids with different effects on your body, one of which is thcb. the idea of producing products which is more of a skinny weed is very attractive. stuart: you are going to call it skinny weed, aren't you? i knew it. i knew it. here's the most important question of the day. >> fire away. stuart: where are we going in terms of federal legalization of
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marijuana? any progress? >> i think there's a lot of progress. i think you'll see some of the logjam in the next six months break on some of the research. you know, there's one facility at the university of mississippi that's allowed to grow cannabis under the dea and i think you will see that open up on may 7th, a number of congressmen, 30 of them, sent a letter encouraging ag barr to break that logjam. we expect the research to open up. in terms of timeline for legalization, i would expect somewhere after the 2020 election cycle to be our first real window at the federal level. stuart: adrian seldon, thanks very much for joining us. fascinating stuff. appreciate you being here. thank you, sir. now this. "u.s. news and world report" ranked all the states. they have a list of the best and worst based on health care, education, economy, et cetera. who came out on top? hold on a second. deirdre has the answer but you
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have to wait for it until after this commercial break.
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stuart: deirdre has a list from u.s. news and world report. best five states, worst five states. number one. reporter: home of amazon, microsoft, washington state. health care, education, economy, opportunity. that is what the survey was based on, residents of all 50 states. stuart: go through the top five. >> if you like rain. >> live free or die, new hampshire, minnesota, land of lakes. utah, vermont, maryland. stuart: vermont? socialist state. just joking. >> lots of cows.
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very good ice cream. that is not how they decide. very serious things. >> sun-drenched palm tree beaches in any of those. stuart: change the graphic. give meet worst five? >> louisiana, alabama, mississippi, and then you have west virginia and new mexico. people love new orleans are going to have a word with the people who put the survey together. stuart: new mexico, bottom of the list, worst states to live in for education, health care, opportunity and -- >> economy. whether you feel like you have a job. i saw some of the questions. whether you feel like fairly compensated in the job, whether you feel like you have prospects. stuart: new mexico on the bottom. >> louisiana is number 50 and alabama. stuart: other way around. i'm sorry. louisiana is what they say is the worst. >> i think a lot of people love new orleans. i assume some has to come back still probably from the comeback from katrina. stuart: i will segue to the market because that is the big story of the day.
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huge drop yesterday. bounceback this morning. we're halfway back. down 600 yesterday. >> not bad. stuart: now we're up 322 points. there you have it. that is the tuesday morning bounceback, not that strong. but we'll take it. neil it is yours. neil: thank you very much. to stuart's point. 29 of the dow 30 stocks are in the green. number was mirror opposite 24 hours ago after i was taking to the air after stuart. a little bit after comeback even among trade sensitive issues that got disproportionally bashed yesterday. we're all over this, because the president intimated he might up the ante still doing so with a velvet glove. we'll deal with that with ed lawrence at white house. lauren simonetti the effect that could come sooner than you think with average folks. later on, iowa senator chuck grassley is worried about farmers who could be in the trade cross-hairs.

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