tv Making Money With Charles Payne FOX Business July 16, 2019 2:00pm-3:00pm EDT
it. , apollo 11 blasted off from cape canaveral and cape kennedy 50 years ago. saturday marks the 50th anniversary since neil armstrong and buzz aldrin walked on the lunar surface. wow. charles payne was too young to remember that. charles: neil, great to see you back. good afternoon, everyone, i'm charles payne and this is "making money." stocks more or less hugging the flat line, trying to move further into record territory. investors digesting a mix of earnings, you always hear that, but we had a blockbuster retail sales numbers. i have a great lesson for you. president trump vowing to take a look at google after billionaire investor peter thiel warns of potential treasonous acts. a house subcommittee is holding a hearing on the power of technology in general.
hearing over cripper to currency planned by facebook, getting panned by the likes of the president and fed chair jerome powell. we'll go to capitol hill for that and so much more on "making money." ♪ charles: facebook welcomed with not so open arms in capitol hill. senators making their displeasure with the company on a grilling of libra cryptocurrency. ebb wardlaw recognize live in washington with more. edward? reporter: senators were very concerned about facebook's past problems, now their plans to lawn of the cryptocurrency called libra. >> i don't think for a minute that facebook created hate but we know that their competing missions of connecting people and turning a profit creating an algorithm and a business model that intensified it. >> the head of colibra david marcus defending what facebook has done with privacy breaches,
selling customers data and slow to react to russian agents trying to affect the election. >> why in the world should facebook of all companies given the last couple of years do this? >> senator, because we have the ability and the means to innovate on behalf of the people we serve and we shouldn't, we shouldn't stand back and wait to do it if we can help the very people that we want to serve because we have the resources and the engineering talent, i believe we should. reporter: it wasn't just democrats. republicans also very concerned about facebook's problems with privacy in the past. senator martha mcsally list ad few concerns, downloading customers pictures, selling customers data without permission to third party. >> how do we know you will actually do that based on your track record of failing and violating and deceiving in the past? >> we've been working really, really hard on addressing the
issues. some of them you have raised. we have invested incredible resources in election integrity and privacy. reporter: facebook promises to keep data separate from their social media website. the head of colibra, argues it will be more stable and more viedly usable, because it is based on cash asset and short term government securities and self currencies like the u.s. dollar, u.s. pound and the japanese yen. charles, libra will be run by a conglomerate, 100 or so companies, with no one company having the majority. back to you. charles: edward thank you very much for insights. for the challenges on facebook dealing with former congressman whose district saw some of this. joining me now darrell issa. you are the perfect guest to have. you understand both sides of this as well as anyone else. what we saw going back to last week, in fact to the hearings
for jay powell it is amazing bipartisan animosity towards facebook and resentment and actually fear that they would try to usurp america's currency. >> this is interesting. this may be the first cryptocurrency that has some legitimacy how it is being put together and yet it is being, it is being tested in a way that none of the early bitcoin, that had no value at all were sort of allowed to rise. you know what is interesting though, this bipartisan animosity. there is an old expression in washington and around that says power seeks money and money seeks power. oddly enough this is the reverse of that. it's power, being members of congress objecting to the power that they perceive. some of them because of actual misuse and some of them because they object to any entity having even for a short period of time
the tuned of power these companies currently v when i came to congress, i know i'm filibustering microsoft was being scrutinized this way. you don't hear anything about microsoft today even though they are a huge company, because they lost that dominance now they perceive google, facebook have. charles: this is somewhat difference. feels like washington, d.c., all of the entities from the executive branch, congress, to the federal reserve circling the wagons we must protect our fiat currency if we give that up? what do we have, the money is power but the ability to control money is the ultimate power. >> that i bit. they're basing currency on some direct or indirect value. while you said it, charles, our fiat currency is only good as we want it to be. amazing when we left the gold standard during the nixon era, we left it, just trust us. country after country could be
trustand country after country couldn't be trusted. chinese manipulation, south america, zimbabwe where they have trillion dollar currency. the fact i am not a big fan of cryptocurrency but also as you alluded to not a big fan of endless fee fiat derivatives ofr already fiat money. charles: david marcus, last week, was not arrogant but certainly confident, feels like there is time for a better system. there is something that could be a he profound change for the entire world. taking that saying this is not a threat, not a new system, not a threat to national securities but yet you consider the ecosystem facebook has, two billion people. if it was a country, it would be the largest country in the world. should there be some concern if they were able to have their own
currency, trading amongst their own members, that somehow they could hurt other economies? >> there should be a roll for congress which is to evaluate what the laws are, what an executive branch could do, using those laws, or private citizens using the courts, and whether they're sufficient. that is legitimate. that is what congress should be doing. not vilifying some company, saying because of you we have to have a host of new laws. there is, charles i know you will agree with this, there is a incredible inefficiency left in our market. when you go to use your visa or mastercard, the discount you and the merchant are paying is an awful lot considering how efficient computers have come. if the people that are talking about new money are talking about slimming that exchange rate down both in a country and globally, they will allow money flows to be more efficient and more effective and there is a value to all of us but if all
they want to do is extend the money supply artificially, that is going to be like those famous tulip bulbs of centuries ago, it will rise and when it falls it will take an economy out. that is where the treasury secretary he has to look at it. charles: treasury secretary steve mnuchin ran off an alphabet soup of entities and agencies that have to look at this against circling the wagons. we have less than a minute but i do have to ask you, sounds like you're saying this is good wake-up call for america and other currencies to get their act together? >> absolutely. the real money supply should be include all the derivatives of fiat money it represented. only a few years ago we saw a crash in our real estate market because we guaranteed highly leveraged real estate. what was that? an expansion of money.
yes it is important for the treasury and congress to make these evaluations. they should do it but not vilifying any company in the process. charles: congressman, a unique perspective a few have. >> thank you, charles. charles: google execs are about to testify before capitol hill. whether they pose a threat to competition, that's right. house lawmakers started a antitrust investigation into big tech to determine whether or not these companies have monopoly powers. senate judiciary members, hold a hearing, whether search engines are censoring search specifically if there is anti-conservative bias. hillary vaughn joins us live from capitol hill with the latest. hillary? reporter: charles, we're expecting the hearing to get you know way in less than an hour -- underway. we expect execs from google, facebook, amazon to face the house judiciary antitrust panel. they will have to argue they do
face plenty of competition for consumer choice with other companies, and defend their dominance. today's hearing is not meant to be an investigation into each individual company or put pressure on one over the other. really, this is an open hearing so that these lawmakers can get a sense of, what competition these companies do face. one house judiciary committee aide tells me there is not bipartisan agreement. that there should be a critical, targeted investigation into one tech company over another but this is kind of a fact-finding mission to hear their perspective. so facebook also we're expecting them to address or at least lawmakers to ask about the ftc fine for $5 billion over what happened with the cambridge analytica scandal. google is going to face a lot of questions over search at this panel but later today apple will need to address whether or not they have enough competition. the one interesting difference between apple and these other
companies are mainly a hardware company where these others recently explored hardware in addition to being a tech company and a platform. so a lot of interesting topics we're expecting to hear in under an hour today. charles? charles: hillary, thank you very much i want to bring in harvard law distinguished fellow, author in the driverless car, vivek wadhwa. congratulations on the book, and also congratulations. you look fantastic. obviously losing weight as you go out to promote the book. everything is falling in line with you because you have been the first, you were one the most outspoken critics from silicon valley about these companies, sounding the alarm a long time ago. now that the rest of the world is catching up, what exactly should we be doing about this. >> charles, you were one of the few people listening to me saying what i was saying you now we need to understand what the problem is, lawmakers are finally waking up that we have problem over here.
these are the same monopolies of days of standard oil, oil barons, railroad "barron's." now the tech titans. these companies have been getting away with literally murdering capitalism. they have been able to confuse the policymakers and the public. look at the mess we have right now. >> i argued two years ago on this network against other people here on the channel, there are two-ways to look at antitrust. it is not just about low consumers prices. look great atlantic and pacific company, some other potential antitrust battles in history, this would not be the first time the government zeroed in on companies, not because of prices but because of barrier to entry. is there really though a big, such a steep barrier to entry that authentic competition can't deal with what many are now asking the government to do? >> you know, take the search engine. google is it, okay? even microsoft isn't able to make a dent in google's search
market share. google has a monopoly on search and there is nothing we can do about it. amazon is getting a monopoly on consumer goods now. like operating a mall, having largest store there, and eat every company in your mall if they're doing well. this is the type of power these companies are getting. facebook, oh, my god, the fact that it bought instagram and whatsapp, it can use money and power to buy everything in its sight and amass all these assets, and now we're worried about facebook getting into digital currencies. god forbid if they took over the banking industry and had the type of power they could get from that. this is dangerous. good that policy make remembers finally waking up this. is not left or right. everyone is waking up at the same tile, oh, my god, something is wrong. they should have listened two years ago, my friend. charles: i saw in "the ft" yesterday in europe, hey, facebook for the most part their users haven't changed a lot.
instagram and facebook but revenue per user has gone through the moon. that is the kind of chart as an investor, that's what you want. you want to find companies that find ways making more money off their installed base but these governments are saying, no that is the exact reason to break them up. if you break them up, what do you get? >> you get smaller competitive companies, you get more innovation. what happened in silicon valley any now, if you step on the turf of these big companies they eat you. therefore you don't start a company which might overlap or search engine or social media company because they might kill you in the process. you don't have the power to do this. we want the american way, competition, capitalism. this is why we need it rein in monopolies. there are checks and balances in capitalism. it's a great system until it doesn't work. this is why we have antitrust. we need to bring in the checks and balances to start regulating companies. figure out what the problem is. charles: we have less than a
minute. one thing i have to last, is it too late? are these tech companies too big to fail? you could easily argue that these companies are significantly larger than the banks our government actually had to rescue. subsequently they have gotten bigger. are they too big to be broken up? maybe the best our government will do is hit them for fines from time to time? >> facebook could be broken up. you could get rid of whatsapp and instagram, keep it as a social network. these companies can be broken up. amazon has limits. it is not too late. it is good we're waking up. don't lose this opportunity. charles: congratulations on the book and the weight loss. you look fantastic my friend. >> all right. charles: better than expected retail sales proving the american consumer feeling real good about this economy and why not? the market hit another high today, earlier today. we'll break down this market. how you can still invest in it. also billionaire investor peter thiel doubling down on his bombshell allegations towards
google, demanding the company come clean when it comes to china and the president says he will look into this. hedge fund manager kyle bass will weigh in on that on our show later in the hour. ♪ 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. who used expedia to book the vacation rental which led to the discovery that sometimes a little down time can lift you right up. expedia. everything you need to go.
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jo big tech under fire from facebook's proposed cryptocurrency. jess from the companies yielding too much power. i want to bring in member of house financial services committee, sean duffy. thanks for taking the time out. >> good to be, thank you for having me on, charles. charles: big tech three years could do no harm, in fact they would do no harm. what is going on right now? >> we are having a hearing tomorrow on financial services with facebook and cryptocurrency this is exploratory hearing, how will you be regulated? how do you make sure no fraud, invading the by the irs? what about data privacy? social scoring on your network only some can use your
cryptocurrency, some can't, based on your view how people behave and what they post on facebook. we'll explore answers to those questions. you're in a situation where you have a left-leaning company like facebook, to take this leap, into cryptocurrency is a little bit concerning for a lot of us. but we want to be supportive of innovation and creativity, facebook is definitely doing that. charles: what about big tech in general and pushback from all sides? i know a lot of this is because of the sort of anti-conservative leanings that they have and suspicions that it is only going to get worse but in general we see, where everyone is kind of talking about, maybe they need to be broken up, maybe they have gotten too big, where do you come from on this? >> my perspective, i think facebook is definitely leaning left. when you look at the public square which we all participate. if you want to reach voters, go through facebook or twitter or youtube owned by google. when there is a political bias
at the networks we're shut out of that space. we don't get equal time. so that is greatly concerning. then you look at the power, even liberals get concerned about this, look at power of big corporations that control such a large space, that is their pushback. we don't want to stifle innovation, chars, but when you have so much power consolidated in these big companies it gives both sides a lot of concern, how we navigate this, that is yet to be determined. we haven't had clear voice from the administration whether there is anti-trump -- ant at this -- antitrust lawsuit in effort to brick them up. charles: president trump again commenting on four female lawmakers known as "the squad." take a listen. >> it is up to them. go wherever they want or they can stay but they should love our country. they shouldn't hate our country. look what they have said. i have clips right here. the most vial, horrible statements about our country, about israel, about others.
it is up to them. they can do what they want. they can leave, they can stay but they should love our country, and they should work for the good of our country. charles: this comes after he defended weekend tweets telling them to go back to the countries they came from, fix them, they can come back to america. he says the tweets were not racist. i don't have a racist bone in my money. the so-called vote is democrat con game. republicans should show weakness, and fall into the trap. this should be a vote on filthy language, statements and lies told by the democrats the democrats are expected to condemn president trump's comments. we heard from relationship. now we heard from leadership. kevin mccarthy says he does
not think president trump is a racist. mitch mcconnell says he does not think they are racist. that these attacks are battle of ideas. that these are ideas. the notion that president trump's tweets are racist? >> i don't think they are racist. we have a lot of members of the democratic party like ilhan omar are not fans of america. she was in somali refugee camp, came to america with the american dream. i'm not saying that this country cannot strife to do better. i run for congress. take a week off every week from my children, make it better, more prosperous. she lambs and condemns our country at every turn -- slams. i think for the president to call out that is fair. when you look at african-american conservatives, justice thomas, "diamond & silk," omaha rose so, candace owens, said about african-americans who are conservative they go absolutely unleashed not on race but because of their ideas.
why can't we push back on someone based on ideas. they want socialism, destroy this country, replace the model given us so much freedom, prosperity and generosity and give us socialism which destroys countries. why can't we call out on that? why is that racist? they called the speak he have the house now, she is a racist. this is used just as political tool, as opposed to actually engaging the debate what is the best pathway forward for the country. it is disheartening. charles: hopefully the debate emerges as main topic and solutions rather than this stuff. congressman duffy. appreciate it. >> thank you, charles. good to see you. charles: apple, amazon, facebook, google, they are about to go on the defense, lawmakers investigate if these tech giants are stifling competition. is big tech on the verge of actually being regulated? the markets are trying for another record. we're kind of grinding away. stay with us.
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charles: stocks sliding right now, this after the dow hit another all-time high. then we had some wobbliness if you will with president trump saying there is a long way to go in the china trade deal. still, folks, the american consumer continues to step up to the plate, buoyed by a strong job market, higher wages, retail sales for june, way better than expected. the key trends internet continues to soar. department stores on other hand continue to crumble. the underlying confidence of households, eating out at restaurants, growing much faster than spending on groceries. how do investors ride the consumer wave? think about this in the era of selfies, materialism, nothing has outperformed louis vuitton the last four years. walmart shares finally come on, they have subsequently underperformed amazon. there is a lot of areas to buy. bring in bellpointe chief
strategist, david nelson. if somebody was saying what are we confident about? the confident about the american consumer, making money, wages are going up, job security, spending it, debt to disposable income ratios extraordinarily low, how do we capitalize as investors? >> you said the key word, wages. the tightest labor market in 50 years, according to goldman. you're seeing numbers, i don't care online or big box, the consumer is lifting up this economy. growth certainly led the way for the last decade, know question about it. 100% better than value stocks. there are value names. charles: before we get to the value, on the consumer side, is there anything you're exposed to in consumer discretionary. louis vuitton shares are up today but who wants to chase the stock? >> i own amazon and walmart. charles: you own them both? >> i own them both but walmart is the better name. charles: does target have any value? >> i own target as well.
charles: so you believe in the consumer at this point? >> i believe in the consumer. i want to invest in companies investing themselves and certainly walmart and target meet that bill. charles: when you see, for instance, i thought when the president talked about china, we have a long way to go, the dow pulled back 50 points. it was not a big deal. do you feel like at least to the sabre-rattling of all of this, we're getting sort of immune to it? >> i think partly because of what trump said. i think more really the fed. people will think good news is bad news. they will start to question, where do we get the cut? i think the cut is a lock. i think we get it this month. charles: you mentioned value. on the yesterday's show i highlighted unusual shares in j.b. hunt. to me it telegraphed smart money taking position despite the stock is hated on wall street. a slew of downgrades. they reported after the bell, they missed again, right? the stock is number one player, performer of today. value. how do people find and invest in
value in this market? >> you did it a unique way, looking at that chart, it was a gutsy call. it is hindsight, obviously a lot of bad news, a lot of fear in there. if you strip out one time charge it was a slight beat. charles: how would you do it? industrials look good. materials look good. seems to me smart money is looking for value. isn't possible a bad company could have a oversold stock? >> sure you could have invested in big companies all along. you could have invested in bad oil stocks all the way down. they're losing money these companies, but if you catch them the right day you get a pop. if you look at industrials, i focus on things like defense companies, that has a strong backdrop. one of my biggest positions is lockheed martin. charles: thank you, david, appreciate it. >> thank you. charles: next how billionaire investor peter thiel treason allegations is recommending that trump have his attorney general look into the google's actions.
which 2020 candidate has him the most afraid? we're monitoring big tech testifying on capitol hill. it is expected to get heated. they want to know if the tech giants have too much power. stay with us. we have continuing coverage. ♪ this buttonwood tree, is where people first gathered to form the stock exchange which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪
♪ charles: welcome back. the dow hit another all-time high earlier today. the market on pace, what was on pace for the fourth straight record close. you know what? probably could still get there. the 3:00 hour is so important. meanwhile johnson & johnson having a pretty good session initially but then it is down. the company posted sales in the second quarter, got a boost in the profits by 42% but it turned down. blue apron adding beyond meat to
the product lineup. look what it is doing to the stock. blue apron is struggling to maintain subscribers. the plant-based products will be available in mid-august. investors love that news. billionaire facebook board member peter thiel is pulling no punches. he accusing google of potential treason for working with communist china. take a listen. >> how many foreign intelligence agents infiltrated google? have the chinese in particular infiltrated, why are you working with communist china and not the u.s. charles: now president trump is actually calling for action. >> i would like to recommend to the various agencies, including perhaps our attorney generals who is with us, to maybe take a look. it's a big, it's a big statement. when you say that that google is involved with china not a very positive way for our country. so i think we'll all look at that. i know our other agencies will be looking at it.
we'll see if there is any truth to it. charles: joining me now to discuss, kyle bass. kyle, thanks for returning. >> of course. charles: this is, these incendiary accusations but someone who is considered a silicon valley insider. how concerned are but the potential, that google can be working in a treasonous manner with china? >> i think if you follow up after peter's interview, a guy named joe lonsdale in his interview, said in each of his companies there were chinese spies arrested or found. when you look to the the u.s. national intelligence apparatus, you think about u.s. national security, none of these companies are tasked with defending the national security of our nation. that is our government's job. peter is a friend of mine. i do believe when peter says something like that he says that with authority and he says that
with knowledge and i think when you look at the contracts google let expire, see the internal work groups refuse to engage with the u.s. government in a number of different places now i'm no expert in google but i know they're helping to work with china to build a censored internet. it is not just google. there are a number of companies chasing profitability with a complete disregard for u.s. national security, like twitter, like nike. many others out there don't really care about national security. they care about quarter to quarter p&l. at some point in time it has to stop. charles: to that point, turning down a monster contract with the department of defense because you don't want artificial intelligence to aid us in protection of our country, perhaps for our troops in future battles, that is a p&l issue. they gave up lot of cash there. this goes to a different deeper ideology.
saying i'm really more committed to china than i am to america? >> yeah. i mean i don't know. i don't know how you weigh the one contract versus the potential market opportunity in all of china but i would be willing to wager that, that one defense contract versus their opportunity in china, i would say the chinese opportunity looks larger to them over time. charles: right. it is just that they shouldn't be -- perhaps they could have done both. the idea they would reject the department of defense and embrace china, to your point, every company that does business in china understands there will be theft involved, espionage involved. we've seen amazing cases on this. in fact it is a central issue in the trade battle, which you've been very vocal about. president trump voicing more and more concerns, voicing more frustrations there. how do you see this so far at this stage? >> you know, i think the u.s. foreign policy, the u.s. doj are pushing hard, pushing back on
the theft and the coercion and the everything that goes on in the u.s. to our detriment china is involved in. there is a case this september with with an enormous amount of i.p. theft with zte and a professor out in silicon valley, i think it is in san francisco, in early september, with titanium dioxide paint u.s. is bringing against the chinese next year. there have already been number of cases we have to strengthen our own legal system, be able to attach, introduce a concept of secretary liability, if one chinese company steals technology and another one launches to commercialize it, we should be able to bridge that gap and attach these decisions to these assets. charles: right. >> we should start being able to sue the chinese government for their wrongdoing. charles: right. >> if we made the one internal
change, i think we would turn the tables here in the u.s. charles: i hope the white house is watching and listening. we always appreciate it. thank you very much. >> absolutely. charles: despite the house preparing to vote on a resolution condemning his comments, president trump is doubling down about controversial tweets about progressive lawmakers. is this all about politics as hoist minority leader kevin mccarthy says? our panel will debate that next. ♪
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charles: president trump insisting in another series of tweets today there is not a racist bone in his body. this comes a day after declaring many people would agree with his tweets, telling four female lawmakers of black color, to go back where they came from. now he says that they hate our country and that should be the focus of the house vote tonight. not on him, but on them. so i want to bring in our political panel to discuss. fox news contributor doug schoen, "daily caller," stephanie hamel. as i recall you might be of mexican heritage? >> correct. charles: so when you hear the comments, hey, go back to your country, fix that, show us how
it is done, how do you take that? >> charles, as a conservative woman who special about immigration often i get dozens of emails from liberals telling me to go back to mexico. i was born in the united states of america. my mom was an immigrant from mexico. we're not going back. we love this country. charles: those comments are offensive to you? >> they're silly. they're attacking me being patriotic american, loving our country, believing in the u.s. constitution. i don't listen to it. i don't like to play the victim. the democrats and the left always want to paint president trump as racist. we heard this over and over again. the same card they played. they're devaluing their currency. we have the two sides. we have the people that already think president trump is racist and white supremacist. we have trump supporters who know that he is not a racist. at the end of the day president trump has done more for minorities and women than these four women combined will ever do in their lifetime. charles: we don't know what they will do in their lifetimes. doug talk about today, maybe
tomorrow. >> sure. charles: where does this, some people are saying that maybe president trump was brilliant in this move, in a sense it forces nancy pelosi to embrace the four young ladies, four congresswoman who actually called her a racist last week, whose ideas she really does not want to embrace? >> well i think anytime you polarize the way the president did, or the four members of the squad did, it is destructive of the national character and national interest. i think the president would be better served to underscore what we've all achieved as a people and not seek to polarize and demonize. charles: so today the big criticism yesterday coming into today we hadn't heard from leadership. there are some republicans who pushed back on president trump on those tweets and his comment but the leadership, mcconnell, kevin mccarthy saying a, he is not a racist.
this is b, about ideology. this is battle of ideas, that is what president trump is. how did it come across to you? how did it play out? >> i know president trump, i don't believe he is a racist but his comments were intel per rant and dare say impertinent. he should bring people together. he has a pretty darn good record, charles as you were saying. why doesn't he say what he has done for all of us, polarize, divide and conquer approach which is not in our interest? charles: stephanie, some republican strategists are saying hey, the president went into the weekend with a amazing set of momentum, wind at his sails. market all-time high, unemployment all-time lows, waynes are soaring, a traumatic infighting with democrats. sit on the side, have a drink and watch all of this play out, non-alcoholic drink of course? >> that is interesting move by the president i think at some point some people can't hold
back when they see some of our democratic leaders and politicians just trashing america. he was highlighting the fact if you don't love this country, if you want to continue to trash america for the whole world to see, if there is somewhere else better to go you should go there. you can say that maybe he crossed the line, that is what a lot of people are saying but those same people are not criticizing some of the democrats for calling our border patrol agents, calling them out concentration camps all these other things. their words matter. we saw antifa terrorist attack happen at i.c.e. facility in washington. we're hardly hearing about that. in his manifesto -- charles: hold on a second, stephanie. there was not a lot of pushback on omar and the anti-semitic -- does this make nancy pelosi and anybody else who is upset with president trump, is it hypocrisy? >> i don't know if you call it hypocrisy, answer of pushing
back, pelosi and schumer should push back on her anti-semitism and hostility towards israel we see. charles: right. >> i would like to see commit ourselves to only stable democratic ally, israel. charles: doug, stephanie, thank you very much appreciate it. >> thanks, charles. charles: why an undercover visit leaves disney's heiress abigail disney, unhappy with the happiest place on earth. ♪ i switched to liberty mutual, because they let me customize my insurance. and as a fitness junkie, i customize everything, like my bike, and my calves. liberty mutual customizes your car insurance, so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ dto experiencer gthrilling performance. now, at the lexus golden opportunity sales event. get 0.9% apr for 60 months on all 2019 models.
charles: walt disney heiress abigail disney taking her crusade against income inequality especially at her grandfather's company to new heights. she recently went undercover to disneyland in california, and claims that employee after employee tells stories of trying to make ends meet. she says it left quote, her livid. kristina partsinevelos joins me to discuss. she's really, really on a crusade here. >> it's not often you have doubts raised about the happiest place on earth. she went to disneyland, she told this to yahoo! and said she was livid as how they were treated. she says employees are being paid -- are just trying to make ends meet. it's not the first time she brought up this topic but now she says she wants to conduct
her own investigation into disneyland to see how employees are being treated. charles: does she cite specific examples? >> no. she didn't. i listened to the portion of the interview. she didn't give any examples. she more went after one ceo, bob iger. she brought up his salary at almost $66 million. he makes roughly, according to her, 1424 times the median salary of a walt disney employee. she is the granddaughter of roy disney, who is the brother of walt disney and they co-founded the walt disney company. she raised awareness about this before. maybe not we talked about it but in general, she brought up the wealth tax. she signed this proposal to create a wealth tax with george soros and several other very, very wealthy individuals that feel the rich aren't being taxed high enough. charles: why do they think a wealth tax would change the circumstances of someone collecting tickets at the front gate of disneyland? if you take money from rich
people it doesn't give poor people better job skills overnight, doesn't give them more money overnight. what does it do for poorer people except perhaps make them feel better? >> it's the idea of fairness and equality. i think that's what we're seeing across the board with politicians, especially on the extreme left. they want an equal playing field. when you have this discrepancy of 1424 times salary, they believe again, this is just from her point of view, that they are not being treated fairly when it comes to income and the fact they have to make ends meet as well. charles: you know -- >> doesn't mean it's right. charles: this is part and parcel of the long argument, same thing with amazon, you know, people see rich, successful, prosperous places, companies or people and say we want a piece of the action but you always have to wonder if that really is the solution and if the solution isn't just, you know, getting in there, grinding it out and climbing the ladder of success. >> to that point, she should be pushing the company to be providing better training programs which they said that they are doing, and like amazon is retraining, you are starting
to see examples of that but not enough i guess to satisfy a lot of extremely wealthy people. charles: disney stock has been going crazy and that's what people are paying a ceo for. great stuff. appreciate it. liz, can you believe the market is essentially flat as we hand it over to you? liz: a little confusion. there have been so many headlines, right? we are actually expecting a whole bunch more because we have some breaking news when it comes to breaking up big tech. you're looking at a live picture from capitol hill, where executives from silicon valley's biggest names are just minutes away from facing off with congress. bigwigs from apple, amazon, facebook, google have arrived at the rayburn office building where they will appear before members of the house judiciary subcommittee on antitrust, who want to know whether these companies pose a threat to competition in both the cyber world and the business world. we are going to take you live to capitol hill in moments for what could be some fireworks that might move these stocks.