tv Varney Company FOX Business May 30, 2017 9:00am-12:01pm EDT
shake-up changes the conversation and we'll see a new day for the white house and talking more about tax reform. >> new messaging. dagen: ought to hire lee carter. lee, john and heather, a pleasure to spend the morning with you and hand it off to mr. stuart varney. stuart: i'll take it. the president is back, we are back and the summer begins. good tuesday morning, everyone. now, could it be, america's getting fed up with the media and the left, could it be? they're still going on about russia or jared kushner's contacts, and they're still on europe, and the young presidency, and speculating about indicting the president of the united states. as you get back to work today. what are you concerned about? well, let's start with your money. here is a positive. the dow closed last week at 21,080.
i'll repeat that, the 21,000 level. that's what, 25 points away from its best level ever. the s&p and the nasdaq, they are already there. this may be the way when amazon hits $1,000 a share. it's, well, pre market, it's about a buck 94 away from $1,000 a share. then there's this. the average credit reached the best level in a decade, 700. and who gets the car loan and a mortgage and who doesn't. we're now more credit worthy and that's a very good thing. as the summer begins, what makes a difference in your life? surely it's money in your pocket, the chance of a promotion, an upgrade for your house and financing it. the left are going the other way, they're obsessed with bringing down a president they don't like. it's a turnoff because it's nothing to do with your life. but we, oh, we concentrate on
you. great it be back, "varney & company" about to begin. ♪ right, tuesday morning, where are we opening up? ever so slightly lower, 15, 20 points, maybe, but remember, we're at the 21,000 level. amazon and alphabet, their stock prices neck and neck, near all-time highs. they're in a battle to see who gets to $1,000 per share first. not sure which will win. looks like amazon at the moment. we'll see when the market opens in 27 minutes. and microsoft crossed, and i own some of it, it will be checked thoroughly this morning, look at this, an article in yesterday's new york times says, it asks, actually,
if the president can be indicted, they used that word, indicted. look who is here, you probably heard him laugh a moment ago, it's judge andrew napolitano. talk of an indictment. where is the crime? what's the crime? >> well, the new york times claims that the crime would be obstruction of justice, but the new york times is overlooking the overwhelming concensus, the supreme court has never ruled on this, it's just concensus, legal scholars, lawyers, that the president cannot be indicted while a sitting president because that would materially affect his ability to run the executive branch, that would interfere with his ability to comply with his constitutional obligations. the remedy, if there is evidence of presidential criminal behavior, would be impeachment and then indictment. so that he would be defending himself not while he's running the executive branch. according to the new york
let's not forget that the hillary clinton campaign also had multiple conversations with russian officials. nobody is asking what the content of those phone calls are. there's a report out on a different network that the russians may have had bad information used as blackmail the president? you don't think there's not bad information on hillary clinton either? there's the other side of the story here. stuart: i want to turn to the president's overseas trip. i was pleased to see the president confront them about paying for their own security. and all of a sudden, they think it's a problem for america. >> i love that president trump went over to europe, stood in the brand new fancy, expensive nato building and said, look, 23 out of 28 of you aren't paying your fair share and it's time that you make the alliance stronger by paying up. 2% of gdp. and the best part about that,
stuart, was the looks on their faces when he was saying these things to them. you know, they say a picture is worth a thousand words. absolutely they were not happy about it. angela merkel coming out saying europe has to go about it alone. good luck, you rely on the united states for a whole lot and they're concerned about the russians, they'll continue to try to make up for the nato downfall. stuart: angela merkel has backtracked a little this morning and now says the nato alliance is of quote, paramount importance. >> so pay their share, stop taking your nap, get to work, pay a little more in taxes to go to your defense. i think that you guys can make it happen. stuart: you can tell i'm a recovering european, i know you can. now, the white house confirming that communications director has defined. >> that's a tough job to do, took them a long time to fill that position and he wasn't
there long, a little over the month. when you have the president taking to twitter on a regular basis, it's good he stayed through foreign trip and obviously on the way that the foreign trip went and the success that they had, he did a good job. >> katie, you're a suitable antidote to the depression that comes to people who read the media and watch the media over the memorial day weekend. great to see you on a tuesday morning. >> thanks, stuart. stuart: you're welcome anytime. >> see you later. stuart: where are we going to open up? the market opens in 20 minutes' time. we will be ever so slightly lower for all three of major indicators. i've got a positive signal though for the economy. and that is, credit scores are up. ash. ashley: yeah, impressive, an average score in april of 700, that's the highest since 2005, the highest level in 12 years, why? well, falling unemployment. the economy is improving. also you look in the rear view
mirror, you have the housing meltdown, the recession, a lot of bankruptcy and forecasts have been on credit reports they're starting to fall off. another 6 million will fall off in the next five years, therefore, as a result of that. credit scores or rising. >> they can borrow for a car loan, for example. >> correct. it means that more loans will be made or your interest rate that you're paying will come down because you're a better risk, which means ultimately, the ripple effect on the economy is very positive. >> and the new york financial times reported the other side, where maximum debt right now. mortgages, et cetera, et cetera, add it all up, 12 trillion, never been higher. >> and this is fun and games as the summer begins, watch this. big brawl, washington nationals and the san francisco giants, it all started in the 8th. the pitcher strickland hit harper, hits him and harper
charges the mound and helmet tossed aside and benches clear and harper and strickland ejected. the surprise, in my opinion, nobody in that pileup and that fight, nobody was injured. okay. big trouble and serious embarrassment to tiger woods arrested over the weekend on dui charges. woods says he wasn't drinking, he had an unexpected reaction to prescription medication. that's what he says. more on that coming up. and how about this? british airways got a computer glitch and forced them to cancel, we believe over a thousand flights, 75,000 travelers affected very badly. british airways says that glitch could cost them more than $100 million. speaking of travel nightmares, the department of homeland security, tough rules on what you can and cannot bring on a plane. if you're flying to any foreign country you may not be able to pack your laptop on your
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>> to baghdad, another horror story, isis responsible for a nighttime bombing at a popular ice cream store. ashley: it happened just avram dan -- after ramadan fasting. a car bomb planted outside the ice cream business. 31 dead at last report. isis says both-- there was another bombing during morning rush hour this morning as well in baghdad that killed 11 more and they're targeting shia muslims with those attacks. stuart: ashley, thank you. a disturbing story, there may be a ban on laptops in cabins for passenger flights in and
out of the u.s. here is homeland security secretary john kelly from yesterday, roll tape. >> are you going to ban the laptops from the cabin on international flights in and out of the u.s. >> i might. there's numerous threats against aviation and that's the thing they're obsessed with, the terrorists, the idea of knocking down an airplane in flight, particularly a u.s. carrier. stuart: and joining us, pete, what's going on in the background. what do the authorities know. >> on the laptop side. what they know it that isis has developed sophisticated bomb making technology to conceal weapons and explosives inside a laptop that can get through scanning technology. for the secretary of the dhs to say this, it's massive. imagine inability of laptops on flights and to be able to work.
the sophistication of isis is such a level we're not able to detect it and isis is obsessed with taking down an airliner, specifically an airliner full of americans. they know their targets, shia, muslims, kids at an ice scream shop. girls at an ariana grande concert and they hate anything who is the other. in this case they want more american dead bodies. stuart: it's the threat to international travel, that makes people change their lives and alter their plans and lets them, the bad guys win. >> they want to sew terror and-- >> there's no way around it. >> there's no way around it, destroy their ideology until you crush them on the battlefield. stuart: general mattis says we have a new plan now, we're going to annihilate isis.
roll tape. sorry, we've got the tape, not quite ready to roll. >> shift from attrition tactics where we shove them from one position to another in iraq, in syria to annihilation tactics where we surround them. our intention is, the foreign fighters do not survive the fight, they'll return home. stuart: what have we been doing the last few years. >> great question. this has never been a military problem, this has been a political problem. president obama wanted to show progress on the ground what they control and we control first the dirt bags only defeated when they're dead. and instead of getting the objectives to north africa and elsewhere. they're saying we're going to surround you and annihilate you. that's going to mean changes in engagement and unfortunately more casualties. we're not the good guys, we're
not perfect, but we're fighting the enemy who fight among women and children and use human shields, that's going to be. stuart: i want to see them with white flags walking down the street surrendering. >> when they do that, they've probably got a suicide belt attached to them as well. this he don't play fair ever. stuart: you're all right. check our futures, here is how we're going to open ten minutes from now. down slightly. not a huge drop by any means, but we will be at 21,000 when we open up this tuesday morning. tiger woods arrested for dui, the question for you, is he in jeopardy of losing 45 million dollars in endorsement deals? that's what he made in endorsement deals last year. more varney after this.
>> oh, dear. trouble and embarrassment for tiger woods. he's blaming his dui arrest on a reaction to medications that he is taking. he reportedly makes $45 million a year in sponsorship money, that's sponsorship money, half of what he made before his 2009 sex scandal that cost him his marriage, but he did make 45 million.
market watcher mike murphy is with us this morning. a different kind of subject for you. is he in danger of losing the $45 million endorsement deals? he is. stuart: he is? >> these brands stuck with him through the last scandal and i don't know if they have the stomach to stick with him again. it's one thing after he's winning golf tournament after golf tournament and breaking record after record. and he hasn't won a tournament in four years, i wouldn't be surprised to see them walk away. >> nike is paying $20 million and endorses golf balls for $2 million. and clubs, rolex watches as you can see, a japanese pharmaceutical company and so on and so on. analysts say he could lose at least $20 million off of his endorsements next year alone, we'll see. it will be interesting to see
nike's reaction to him. stuart: my heart goes out it a man of extraordinary talent in one area of his life and falls down in another area of his life, and i feel badly for him frankly. the market opens in four or five minutes from now, we'll be down, but not much, 33 points lower for the dow industrials, so what? we're at 21,000. back in a moment. think again.
>> right. we're opening up this morning after a three-day holiday weekend. where are we going with this stock market? let me point out, that on friday of last week, the dow industrials closed within 25 points of an all-time record high. the s&p and the nasdaq closed that, i think, at all-time record highs. in other words, this market has taken off and stayed way up there since the election of donald trump in november of last year. where are we going to open up this morning? likely on the downside, but not by much. we closed friday at 21,080. we will likely open 30 points lower which means after a couple of minutes' worth of business, we should be still at or slightly above 21,000.
i know that's what you're asking. how are we going to open up after a presence in the media, and good solid news coming our way from the economy. you hear the roar of the crowd, there they are, three seconds to go on tuesday morning, we're almost up, bang! there you go, it's 9:30. we're off and running and we're going to be down, 34 points, 41 points holding, 21,039. 40 points down and 39 points down. ashley: you should work at christie's. stuart: i should be a horse race commentator, i believe. down 37. any advance on that, yeah, 36. here we go. a lot of red on the left-hand side of the board, and including microsoft. >> 2,400 is the level. the nasdaq, 6,203. that's the level there.
there's an indicator that's been going straight up since the election, straight up, not many breaks. it's a dead heat between alphabet and amazon, both of them very close to $1,000 a share. my money is on amazon to hit that mark first. 997.95 as of right now. okay. we're off, we're running, we're down a little bit, not much. who is with me this morning? ashley webster, mike murphy, scott shellady, still in london, i know not why. mike, first to you. [laughter] let me get to that. are we in for a summer rally? >> i think we could be. there are a lot of things lining up and we talked about it up until this point of the year, earnings have to support this market and you look, the market, there's a big bid underneath the market. there are buyers that want to buy this market on any sort of pullback like we had a few weeks ago. buyers are going to win this out and i think the market has
another 5 to 10% move to the upside. stuart: did you say 5 to 10%? >> i'm sticking with this story. stuart: this year or this summer? >> this year. it could come sooner if we get tax cuts. stuart: i'm trying to do the math. 10% rally would put us at 23,000. scott shellady over in london, again, i not know why. you don't have to explain yourself, you've got to tell us whether you've got a rally started or not? >> we need to see one of the three things that donald trump was elected to do happen. that's it for me. i agree earnings supporting market where it's at right now, but we're going to need to see something come out of washington that gives us a leg higher. as much as i'd like to see it 5 to 10% higher, if we get something and we should, it's going to keep us from having a summer slumber. so it's predicated on the fact of doing something that donald was elected for and that's going to give us the next bump. it's not a strong one, but it will propel us higher from
here. ashley: mike murphy and i has been in london too long. he's pessimistic and very dower. stuart: scott, why do you take on the european tone of voice, are you high flutein' or what? >> no, my blood pressure has gone down, i don't have to hear about the anti-donald trump stuff in the united states every day and makes you more easy going. stuart: understood. now, here is a story which i think is a big deal. we reported on it extensetively this morning, and that's credit scores. they're moving up. in fact, at the best level now, the average is 700, that's the average credit score. i think that's a good economic sign, mike? >> i think it's a great economic sign, stuart. what's going to happen, as people get better credit scores, they can go out and buy homes, housing, you hear about millennials all the time and they're not buying home, rent, live with their parents and i think that millennials weren't able to get the credit.
now that they have higher credit scores, i think they will be able to go out and buy homes. this is a big positive for the entire country. stuart: am i right in saying, ash, 700 is often the cut-off point. if you have 700 you might get the loan or not. ashley: you can use that as a benchmark. benchmark. >> amazon 999-- very close. look at alphabet, a race to who gets to 1,000 first. it looks like at the moment that amazon is the one that does it. 80 cents away. would you be put off, mike, buying a stock $1,000 a share? >> not based on the price, but they've had a strong move to the upside. if you missed the move, you don't need to chase here because they're going to break through 1,000. what are you looking for, 10%
upside? 20% upside? i think the risk-reward. ashley: there you go. stuart: right there, $1,000 per share, amazon. ♪ >> there are the trumpets. we used to save it for microsoft because i own microsoft, but we'll do it for amazon, why not? you're a trading sort of guy, people often, it hits $1,000, and you sell that thing and waiting for the dip, is that accurate? >> yeah, there's going to be sellers up there, like mike said, weak money coming in for the $1,000 level and they don't have the staying power if it starts to dip. you'll see shorts enter the markets at those orders and the sell orders because the market doesn't have the staying power and they just want to hit the big figure and then make it attack on that number two or three times before it finally goes through and you saw that with dow 20,000 and we kind of did the same thing then. stuart: check the big board, we're five minutes into the
trading session and we're five minutes into the trading day. let's not forget the price of oil, below $50 a barrel, 49 as we speak. the price of gold has not been moving that much recently, we're at 1266 as we speak. take a look at pepsi. it may be interested in buying a coconut water company. that's interesting, they're doing what they have been doing for years, buying into the healthy market and away from soda. >> they have to make the switch, people are consuming less and less soda. we have talked about it before. the healthy living choices, we own a company, juice press. sales are up through the roof, up 40% year over year because people want to go out and they'll spend the money if they believe what they're getting is healthy for them. so, the large guys, pepsis and cokes and dr. pepper's need to go out and acquire companies like that. stuart: got it and business is
good. even though you're charging a slight-- no, a significantly higher price for the just market. >> significant premium. people want what's going to make them healthy. if they believe it's good and healthy for them, they'll spend the money. stuart: another story that's interesting that affects our lives actually. hotel chains, they're not playing nice anymore with the travel sites like expedia or priceline. scott, what are they up to here? i guess the hotel chains, they're tired of having their commission taken away and given to the expedias of this world, is that right? >> right, i think they're going to try to slowly, but surely end this parasitic behavior and drive more of the clientele to websites directly because the commissions they're having to get up to get people to their websites and ultimately book their hotels is eaten away by the parasites, a good word for them. i'm not quite sure they're going to work out. they're going to declare war in the short-term, but they've been a large part how the
hotels and chains have gotten traffic in the first place. now that they've kind of solidified themselves they'll take shot at them. ashley: it's convenient. stuart: exactly, it's so easy. ashley: you put in the dates you want to go and you go to trigago or expedia, and give you the special rooms, where you're going. perfect for the consumers, maybe not so much for hotels. stuart: and it's bad for the hotels, the commissions. ashley: i'm had the consumer. >> it will give us the consumer, a better experience if they want to keep our business. stuart: a story that rocked a lot of people over the weekend. 75,000 british airways passengers stranded, again, over the holiday weekend. look at that, you want to be a part of that crowd wherever you are? big headaches. ashley: that picture is a pr nightmare, seeing people strewn across the floor. 800 flights stranded in
heathrow and others around the world. there was power surge so strong it blew out their backup system as well. and they were left with nothing and people have been separated from their baggage and they're trying to use a file, you can file nor a delayed bag and that's down. they're on a full schedule now, but the amount of money that will cost them in compensation and everything else, could be well over $100 million. stuart: scott, you're travelling back and forth, it was in chaos, heathrow? >> stuart, the knock-on effect is unimaginable. a guy flying to rome to get on a ship, these people have plans at their destinations, and those things they're missing out on. they're missing cruises and other flights and that's the big part of this and you're right, the pr nightmare is going on for a while and you
know what i'd like to say, if your backup system is getting blownup by the surge of that magnitude, you didn't have a backup system. stuart: should have protected it. cost them $100 million, apparently british airways. a stanford researcher says that tesla system does not recognize bicyclists, that might be a minor pediment to this, but i don't think anything is going to stop it. scott, what say you? >> unfortunately there will be things along the way to highlight inefficiency. we'll get this. kind of like when we took the guys off the horse and buggy and put into the fords. i think they're here to stay. >> technology is going to change the way, we'll have self-driving cars, but also a small glitch could have
problems. they need to make sure is works. >> and bicycles beware, there may be a car coming across that doesn't have a driver and doesn't recognize you. stuart: they haven't worked out the liability problem, i don't know, doesn't seem like it. ashley: that's the big issue. stuart: who is at fault, who pays in the event of an accident? i don't know. i have to say thank you very much, mike murphy, scott shellady, thank you for joining us this tuesday morning fresh off the holiday weekend. republicans scrambling to find a way to pay for president trump's plan to cut taxes. according to some reports, they're not having much luck. we're on it. "varney & company" returns momentarily.
just down 28 points, and the dow is at 21052. chipotle, hackers again stole credit card information. this is a new hacking story on chipotle. details, nicole, please. nicole: another day and another scary story about personal information being taken and in this case, it's chipotle. it was during the month of march, from march 24 through april 18th. they acknowledge this hack on the 25th of april. and with that, they're saying, basically, all of more than 2200 locations may have been at risk. we're talking about your account numbers, the magnetic stripe on your swipe, personal numbers, identification numbers. what happens? this is after, don't forget, in 2015 chipotle had to deal with e. coli, salmonella, norovirus and they bounced back from that and now they have to deal with with this. i will leave you one thought,
the malware has been removed and that's great news. i'll leave you with one looming thought. target agreed to pay $18 1/2 million because they had to resolve their situation with the breach and pay that out to the government. that's the largest payout because of a data breach settlement. let's see what happens after this. stuart: i've got to say, nicole, i don't think that 18 million was a very large payout by target, but there you are. nicole, thank you very much indeed. talk to you later. republican lawmakers having a tough time significanting out how to pay for tax cuts. here is the headline from the wall street journal. here it is. g.o.p.'s proposed tax changes are no match for the status quo. peter morici here, economics professor from university of maryland step back for a second. what impact on the markets, what impact on the economy if we don't get a tax cut done this year? >> i don't think very much. quite simply, donald trump might not be getting much done.
think about the alternative. if hillary had been in office getting all kind of things done, very few of which would have been good for the market. stuart: are you in favor for paying for tax cuts upfront with some kind of other tax on the border, for example, or are you in behavior of just lowering tax rates and get on with the growth? >> my feeling is if we went to border tax adjustments we could ameliorate most of the concerns about lowering rates, getting rid of deductions and so forth. most people would be paid off and the concerns that are voiced by retailers are false. my feeling is they would come out quite nicely. and a lot of what they're publishing about their taxes doesn't make sense to me, my feeling it would align us with the rest of the world the right now we're subsidizing the rest of the world we're paying taxes on exports into their markets and they're paying none on exports into ours. stuart: could you cut at least
to pay for tax cuts elsewhere? >> my feeling with corporate tax, we could go to 20% and still be revenue neutral and that would be very nice. that would likely give the economy a big boost. it wouldn't be just a temporary boost like with cross the board cuts. the structured problems would put us on a somewhat higher growth path. 3%, probably not, but a higher gross tax. stuart: i've got to raise this with you. facebook's chief mark zuckerberg is floating the idea of a universal income, roll tape. >> now it's time for our generation to define a new social contract. we should explore ideas like universal basic income to make sure that everyone has a cushion to try new ideas. stuart: okay, university -- universal basic income, sounds like money for all. peter, you say what. >> if i could go back to the
garden of eden. man didn't do good with universal income, he sinned. if we did, there would be indoe lent people, in scanndinavia and others getting an income just for going to school. we would have students into their 30's. everybody ought to work. and this is kind of the la la sector, when zuckerberg is willing to give up this, and pay like i do, until then i suggest i stick to the website. stuart: check the dow industrials, we've come back a little bit. it's a pretty even split between the green and red for the dow 30. president trump says he's going to make a decision this week on whether or not to leave the paris climate accord.
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>> well, look at this, the dow may be down 30 points, but all kinds of big name companies are hitting all-time record highs. amazon, tesla, netflix, mcdonald, alphabet, all of them record all-time highs. let's not forget microsoft, that's at 70 a share. not quite retirement territory, but close. and president trump is going to decide this week whether or not to stay in or move out of the paris climate deal. pet peter morici with us. let's say we pull out of the paris climate deal. i'm not talking environmental, you'll talking about money. in what way does pulling out help me and my money? >> i don't know that it helps very much. right now we're not a member of
the climate deal. president obama never submitted it to the senate. as a consequence, trump doesn't have to enforce it if he doesn't want to. our economy is headed in that direction. look at tesla and electric cars and so forth. even without this deal, our emotions are falling rapidly. the request he-- the question is does china feel bound if we don't? that could hurt our economy and it's a long-term thing. stuart: china doesn't have to do anything about the co-2 emissions until 2030, it can pollute away until then. only after 2030 it's supposed to make a good faith effort to get co-2 emissions down. i don't see that china factors into this. >> i think it has to position itself if it wants to do that in 2030. and it's hard to move china quickly, but there's internal pressure. the pressure from china is not pronounced. i think it comes down to the
chinese is disinclined to polluting industries and might feel they could go the other way if they're not involved. stuart: actually, peter, i disagree with you. i think that china is trying to cut the smog pollution, a health problem in all of its cities. that's tangential to the co-2 emissions, get rid of the smog, solve the public health crisis and they're committed to that. >> they certainly are. the problem that china has in doing that is maintaining the growth rate. and cutting down on those create challenges, maintaining enough employment and a growth rate around 6%. stuart: i think we're coming out of that climate accord this week, but we'll see. peter, see you soon. and because of a bond deal with venezuela, you've got to explain this. ashley: goldman sachs bought
2.8 billion dollars worth of bonds from a state oil company in venezuela. what did they pay for those bonds? 865 million. 31 cents on the dollar believing things will change in venezuela, and they'll get a payout. and opposition says that they're are in this goldman says they bought it from a broker and not the government and that life will get better in venezuela. but no doubt a lot of people are upset they're making investment in the current leadership of venezuela. stuart: i've got a shocking number, 38% of all murders committed in one new york city, new york county, are carried out by the latin american street gang. and the sheriff of that county is coming up on this program. online u.s. equity trades...
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stuart: nina turner is activist, democrat and supporter of bernie sanders. listen to what she is saying? >> no one in ohio is asking about russia. we have to deal with this we definitely have to deal with this. on the mind of people in ohio, they want to know about jobs and children and everyday americans are left behind because of russia, russia. do we need all members of congress deal with russia? >> let me ask -- stuart: i'm not sure democrats are listening. old guard is in charge of the party, charles schumer, nancy pelosi, former president obama, hillary clinton, they are leading resistance movement. they are using russia as excuse to stop the president's growth plan, everything else. they are working hand-in-glove
with the media. unproven allegations, endless investigations. it's a turn off. you wake up on tuesday morning after holiday weekend, you are confronted about media headlines about impeachment? turn this around, concentrate on you and what is important and relevant to you. check your 401(k). most will like what they see because the market, the dow has gone up 3,000 points since donald trump's election to the presidency. evidently investors are not worried about russia. you see the number on your screens. here it is. 700, that is the average credit score, the best since the financial crisis that number is far more important to america than who jared kushner met with. oy, remember all the media negatives about president trump's overseas trips. he upset the europeans! well this morning germany's angela merkel has changed her tune a little. the nato alliance, she now says, is of paramount importance. yeah, they need us.
the you summer is here. we're back from a long holiday weekend. your thoughts turn to sunshine, vacations all things positive. there is plenty to celebrate. you just have to put the swamp in its place. that is what we do. the second hour of "varney & company" is about to begin. ♪ stuart: there are numbers on consumer confidence, ash. ashley: coming in 11.9 which means absolutely nothing to anybody -- 117.9. that was better than expected. the consumer confidence absolutely surged to a 17-year high in march. it came back a little bit in april. it has come back a little bit in may but still up there. don't read too much into this but perhaps not quite as high as we like it to be. stuart: pretty much at record levels? ashley: it is after that march number. stuart: the dow is down 35, 40
points. ashley: still at 21,000. stuart: by the way, look at this, for big names, very big names, we have all-time record highs, amazon, tesla, netflix, at mcdonald's, alphabet, all of them record highs. amazon hit a thousand bucks a share earlier. microsoft reached 70.06, $70 a share. it is unchanged. big names all-time highs. staying on the markets, positive economic signs. stocks near all-time highs. tech on a tear. fox news contributor steve cortes joins us now. i want to know, steve, i know you have a dog in this hunt. i know you're a gung-ho for trump kind of guy but tell me honestly, objection tiffly, are you telling your people we'll have a summerallly? >> yes, i believe we are, stuart. you're right, as disclaimer i
have a dog in the fight, the big dog in this case, donald trump but irrespective of that i think what is important for viewers, for investors all americans ignore the mainstream media and their cacophony of negativity. the reality on the ground, that is economy accelerating. you mentioned credit scores. that is great news. we healed since the recession as company, as a country, excuse me. small business surveys, of course the stock market, there are so many examples of palpable optimism and growth that has already happened. while washington waffles and washington establishment wales, it is summer and sunshine in this economy -- wails. stuart: suppose we don't get tax reform this year, for whatever reason we don't get it, what happens to the dow industrials? >> in that case take out your umbrella, i don't think it will be sunny. i think a major warning that
could cloud this expanding optimism and this expanding economy. i believe, i disagree with a lot of folks in washington, d.c., i believe it's a necessity. the markets already priced it in. i think we're going to get it, i'm optimistic but if we don't, continue with the tax burden this country suffered for the last decade plus, if we continue with that, then i'm not nearly as optimistic, regarding financial markets i think we could be due for a backup. stuart: real fast, can you justify the current price of these big, big name technology companies. i believe amazon at 1000 bucks a share and alphabet at 993, microsoft at 70, can you justify that? >> i think so, again assuming we get the tax cuts through which i believe we will. if we do though i think we'll see the kind of growth that will absolutely just if i these admittedly high valuations. stuart: steve cortes, appreciate you being with us day after the
holiday weekend. back to my take editorial at the top of the hour, the mainstream media thoroughly distracted by russia, deliberately, not focused on issues we care about. joining us lawrence jones from the blaze. favorite guest on the program. always good to see you. >> like seeing you brother. stuart: brother, i like that. i think that the left and the media has gone overboard, and i think it is becoming counterproductive for them because i think people are so turned off by this negativity, that they are just not listening to it anymore. >> well, i think it is turning americans off because it is obvious what they're doing. i was very critical of donald trump during the primary but he is our president. so it is our duty to support him but we're seeing is, hypocrisy. obama can do one thing but trump can't. they're going down this constant character assassination.
they asked for a fair investigation and they got bob mueller but they continue to leak. and so what has been cleared now, what the american people know now is that donald trump has a target on his back, but the question is why? stuart: it is never going to to away, lawrence. the media holds our president in contempt. i don't think that will change. >> it will go away if he is impeached. it will go away that is their objective. anything they can do to have the narrative he has done something shady, that can lead up to impeachment process. stuart: i think he is on the way back frankly. i have not seen the latest approval ratings but i believe he bottomed out a couple weeks ago and about to about a 40 approval rating. i think he bottomed out. i have to ask you this, lawrence, another topic for you. hillary clinton comparing president trump to president nixon while giving a
commencement address at wellesley college. i will roll that tape for you. watch this. >> we were asking urgent questions about whether women, people of color, religious minorities, immigrants would ever be treated with dignity and respect. we were furious about the past presidential election of a man whose presidency who would eventually end in disgrace with his impeachment for obstruction of justice. after firing the person running investigation into him at department of justice. stuart: reaction what you heard. >> talking about treating women with respect, she needs to look at her husband, who was impeached who was actually impeached. nixon was not impeached. when we go forward after this, it is clear hillary clinton won't go into the sunset. she won't go away. she repeats the same narrative
that made her lose. i don't think we'll see hillary clinton go away. she needs money. she needs something to fund the resistance. she will continue to stay into politics. stuart: i want to raise this, president trump tweeted this literally moments ago, i'm quoting now, the u.s. senate should switch to 51 votes immediately and get health care and tax cuts approved. fast and easy. dems would do it, no doubt. again, your reaction to that, lawrence. >> go for it, mr. president. go for it. use the bully pulpit. go into some senators and congressman's face and make things happen. that is what the american people sent you there. you have a target on your back. the democrats will do anything they can to destroy you. time to start playing politics as they are today. stuart: you know, lawrence, i have been out and about for the month of may very much so. taken a lot of time off. i'm talking to a lot of people
so this is purely anecdotal. i find a lot of people, democrats and republicans are simply turned off by this endless stream of negativity about our president. what say you? >> i think they're turned off but it is really starting to affect donald trump. you can tell he is frustrated. i think it was great to see him go out of the country and show the world that he can lead but now he is back in the swamp. so the question is, what is he going to do this week? again the negativity will continue. i think the american people are turned off. i think starting to take a toll on donald trump and his administration. stuart: thank you, brother. >> always good to see you brother. stuart: here is headline, not fun any, since 2016, 38% of murders in one new york county,
committed by the violent street gang, ms-13. the signature weapon? machete. we're on that for you. the dow trading down 55 points now. 21,000 is still the level for the industrials. then there is tiger woods arrested for due in florida. we have an update for you after this. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov
stuart: tiger woods arrested dui over the weekend but we have some new details? ashley: this comes from "tmz" sports, i didn't know they had a sports area, but apparently they do. it has a police report. he was asleep in the wheel at a stopped car, in the mercedes, the motor running, right blink are flashing. had extremely slow and slurred speech. he told the cops he was coming from l.a., california, golfing, changed his story, didn't know where he was. four drugs listed under medical conditions including vicodin.
he flunked the field sobriety test very badly. couldn't do one-leg stand, or touch his nose. he was asked to do alphabet test, recited entire national anthem backwards. he was taking to testing facility, blew zeros. didn't say he had alcohol in the system. the report is unclear. he was cooperative as much as possible. droopy,py, hard to keep eyes open, hard to walk. stuart: he is in changer of losing endorsement contracts paying him 45 million bucks? ashley: nike alone pays him 20 million bucks. stuart: thank you, ashley. sad story. more red than green amongst the dow 30. however, amazon, tesla, netflix, mcdonald's, alphabet, all of them hitting record highs as of this tuesday morning. you now this. long island, new york, hit
hard by murders linked to ms-13, the street gang. suffolk county sheriff vincent demarco joins you now. sheriff, we were telling our audience that 17 of 45 murders in your county since january of last year committed by members of ms-13. that is extraordinary high proportion. >> extraordinary, extraordinary. stuart: we were telling our viewers that the weapon of choice is machete and baseball bat? >> yes. stuart: what is going on here? what we have the unaccompanied minor program the united states has which is run by hhs and the office of refugee resettlement, is bringing in a large number of unaccompanied minors from the border into the town of brentwood in suffolk county. stuart: specifically to that, your county? >> to our county. stuart: have these people just recently arrived or did they arrive under the obama administration? >> well, since 2014 we've had about 4500 unaccompanied minors put into the brentwood community.
stuart: so there is nothing you can do about this? if they're put there by a government agency, what do you do? >> well, we brought this up to attorney general sessions when he came to visit us, and i don't know if he was totally aware of the numbers and the intelligence we have that ms-13 in el salavador is exploiting loopholes in the program. about 80% of the sponsors of these children that are already in the united states are in the united states illegally, and hhs is placing unaccompany minors from south and central america into families that are already here illegally and they are not, there are no consequences when those families don't make sure these kids follow the rules of the program. part of the rules are that you have to go to immigration courts and keep up with hearings and these kids just get lost in the system. stuart: sounds like we have a system built for failure, built for problems in suffolk county like your own? >> yeah. stuart: if you know that someone
is in the country illegally, can you go get them? are you allowed to do that in suffolk county? >> we don't have, we're not endorsed to do that type of work but we have i.c.e. agents that work in the county jail. when someone commit as crime, in the country illegally, we have information-sharing agreement with the department much homeland security and we honor their detainers and their administrative warrants. stuart: i want to bring this to your tangs, you may have seen this already but there is a new law trying to crack down on sanctuary cities in texas. it has come under fire. protests erupted at the state capitol building yesterday. there were some pushing and shoving on the floor there, because a republican has suggested that illegals who were in the audience saying we're illegal, we're here and we're not leaving, he said, bring i.c.e. in and get rid of them. that prompted that pushing and shoving that we just saw on the screen there. what do you make of all of this? >> i think start off with, i think it is very sad state of
affairs a state government has to pass a law to force local law enforcement to cooperate with the department of homeland security. really it is intelligence irsharing. people want local law enforcement to share intelligence with federal agencies and we should be doing that. it should be encouraged. i think of this protest particularly in texas emotions got better of everybody here but it is understandable. stuart: yes it is. do you happen to know if any other county in america has 38% of its murders committed by that particular street gang? are you unique? >> i don't know of any other county has that high rate. stuart: that is extraordinary. thank you for joining us, sheriff. good luck, sir. >> thank you. stuart: actor robert de niro not a fan of president trump. next we'll find out why he is comparing the country to the a tragic comedy. germany's angela merkel changing her tune over trump's
stuart: robert de niro, an actor, slams the current state of the country as he was speaking at brown university. i know you weren't there but what did he say? ashley: no, i can give you some. flavor if you like. he said the u.s. was once an inspiring, uplifting drama. what is it now? has turned into a tragic dumb-ass comedy. that is what he told the students. under president trump the political climate is nightmarish and said president trump was an idiot. he encouraged students to quote, stop the insanity. that is where he stands. stuart: that was commencement
address at brown university. one of the elite colleges at united states of america. ashley: word elite is very prominent. stuart: i have a problem with guys very talented, he is a talented actor, no question about it. ashley: oscar winner. stuart: i don't agree with his politics,. ashley: i don't care what he is saying. stuart: we reported it. jo yes. stuart, new numbers they show this. average credit score in the america hit the best level since before the recession. tracee carrasco has numbers and explanation and analysis, go, tracee. reporter: average credit score hit 700. this is the best since 2005. what we're seeing financial setbacks like foreclosure, bankruptcy, those are falling off of the credit reports. we had some time since the recession, since the housing meltdown, so people, their credit scores they have been able to recover in that time. stuart: we think that is a positive because i think 700 is kind of a a cutoff point.
if you got a credit rating of 700, you might he get that auto loan. >> absolutely. stuart: you might not get it. reporter: get the auto loan, the home loan. so what we're seeing, loan approvals, credit card approvals which will turn into more spending economic growth. stuart: okay. now the other side of the coin is, if you have got a credit score of 600 or less, you're in deep trouble. you're not going to get a loan. but the number of people in that category i think is way down, is that correct? >> it is shrinking, yes. they consider those risky consumers. that number is going down as well. stuart: credit scores, unheard of, what, 15, 20 years ago. ashley: now they're everything. stuart: you have to have a good score. i understand people when dating sometimes ask, did you do that? reporter: yes i did. that is one of the things people look for. do you have a good credit score? okay. forget asking phone number. they ask for the credit score. i'm kidding. they don't do that.
stuart: no, i don't believe that. ashley: may be a 10 but only 580 on the credit score [laughter]. reporter: ouch. stuart: ouch, baby. you're in trouble ash. ashley: i'm sorry. stuart: tracee thank you very much for a fine report. ashley, keep quiet. we're coming back a little bit, down 52 points now, still above 21,000. tiger woods dui arrest in florida, found asleep at wheel. motor running. he says i wasn't drinking. we'll get brian kilmeade's response to that after this. there's nothing traditional about my small business so when
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netflix, alphabet, across the board, all of them hit record highs earlier this morning. the economy has been on a modest roll lately. there is some concern that the economy will slow if congress can not pass tax reform. moody's managing director john lonski joins us now. let's suppose we get no tax reform, no tax cut. what do we grow at, this economy. >> we'll probably grow between 2 and 2.25%. which is fine. stuart: that's it? that is not what we wanted? >> the important thing profits are probably still going to grow. stuart: okay. >> and that is of critical importance to the equity market. stuart: did you see any big negative for the economy other than we might not get a tax cut? >> only big negative is if something goes wrong with consumer spending. we just got reports of these highest credit scores on record. we have relatively low credit
card delinquency rate. jobs are growing, incomes are growing. why should consumer spending stall. stuart: do you think we could have a summerallly? >> yes i do. could probably grind higher maybe a percentage point per month. you're not at a point looking at contraction for profits that otherwise would perhaps drive equity markets sharply lower. stuart: you can understand our viewers, coming to watch the program. it is tuesday morning. we had a long holiday weekend. here we go the media is intensely negative about president trump and all of his doings. we're back at work on a tuesday morning. here comes the somer. what are investors supposed to do when they see loads of dow winners. big name technology companies going to 1000 bucks a share on amazons of this world, they are saying, when are we going to get a pullback?
can you answer the question? >> i would say hold. if you see bargains go ahead and buy. i don't think there is any reason to become panicky about the equity market. granted it is highly overvalued. overvalued equity market can go higher. the big important factor profits grow, that they don't begin to shrink. stuart: now okay, what about, i hate to use the expression like, asset allocation, i hate to do that but there is awful lot of people in our audience you may be close to retirement age and -- [buzzer] i was just buzzed for asset allocation. that is the jargon on the program. >> you got into trouble for that. what i would say right now, hitting retirement age, getting close to that, i would be careful about increasing my exposure to riskier financial assets. stuart: what is that? stocks? >> stocks, right. junk bonds, stuff like that because both are richly-valued. there is, eventually you are
going to have profits contract maybe not this year, but sometime within the next several years. when that happens, in the context of richly-valued equities you are going to have quite a price plunge by equities. is it going to happen soon? probably not. i would be careful. i would proceed cautiously. would i sell now? would i determine market top is here? no. i would stay where i am. put whatever additional cash you get on hand into relatively safe investments. stuart: put another shrimp on the barbie, what is wrong with that. >> that too. i will bring up something else, 10-year treasury yield, 2.22%. treasury yields are moving lower. that reduces the risk of a deep selloff on the equity side. stuart: fascinating. leave your money where it is, john lonski, thank you very much indeed, sir. appreciate it. got it, interesting story. the department of homeland security considering new rules on what you can and can not take
into the passenger cabin on an international flight. ash. ashley: right now there is a ban on any device, electronic device larger than a cell phone in the cabin from flights bound for the u.s. from middle east and africa. that is in place now. what homeland security secretary john kelly said he was considering. charles: banding that ban to all international flights coming in or leaving the united states. there are 4300 international flights every day, carrying half a million passengers but they, they put this ban in place initially for those 10 countries because intelligence suggesting terrorists could hide explosives in devices bigger than a cell phone. stuart: their technology has improved to the point where they can get plastic explosives inside of a laptop up to a kilo inside of a laptop. that would blow a plane out of the sky. ashley: makes me wonder, no one cannance this question, why is it safer in the cargo hold than in the cabin?
if there is some way triggering it, obviously terrorists, according to homeland security secretary, the prize for terrorists is a u.s. carrier blowing up in midair. stuart: that is what they want. ashley: biggest prize of all. so they're very aware of dangers posed by electronic devices. stuart: i noticed that the airline stocks are down virtually across the bored. that may be because people may be changing travel plans because they're nervous to be blown out of sky. one of baseball's biggest stars gets a brawl during the game. i'm sure we see it. give me the story. ashley: batter bryce harper gets hit by hunter strickland this. is bad blood between the two players which started all this. strickland gave up two home runs to harper in division series half up. for some reason they don't like each other.
bryce harper said if you hit me, i'm coming after you. bench clearing brawl. a lot of people standing around. amazingly, despate all of this, in san francisco, no one was injured. stuart: no one injured. ashley: a lot of handbags thrown but no one injured. stuart: handbags. all much ado about nothing but there you go. stuart: it is 10:36. we're allowed to go to brian kilmeade. by the way the media still hammering away at the russia story, ignoring news people actually care about, come on in brian, "fox & friends" host first thing in the morning. all right, brian, i think the media has got it in for president trump and i don't think it will change and i think we're get being tired of it. we want to hear about stories and issues about us, our lives. what relevance does jared kushner have with who he met with or didn't meet with months ago? >> couple of things, stuart. i think what you're presenting is a solid argument.
however when other networks get big ratings, in readership, clicks, doing russian soap opera, it is up to the administration to take stuart's varney stance nobody cares. we got confirmed about kellyanne conway, rumors of war room for rapid response is going to happen. for example, why did we wait as americans two or three days about the kushner story pushback there was contact but it was ambassador reaching out to him. so he followed up with a meeting which is totally natural? why do we get pushback and recourse. why do we kate for kim strassel to hop on "meet the press" to talk about 2008 contact with candidate obama with iran, sent a emissary to iran, if i get elected you will have a friend in the white house? why is the 2014 bloomberg story about them trying to get a back
channel with russia even though they took crime, invaded ukraine and went into sear i can't without permission -- syria without permission why isn't that being hammered by the white house. stuart: we understand what is going on. i don't think you're fooling people with this stuff. we can all clearly see that the media has a vendetta against president trump and they want him out. that is what they want. we can all see it plain as daylight. i think they're losing their clout with the american people. >> could be, but i do think the american people want some, want to be armed with information, whether you're driving a truck or trying to make your daily work at home or working two jobs, they have a buddy at work that keeps saying see trump is corrupt, see what they did to win an election, you have to arm them with some information. you have to say listen, i will give you pushback, if i say a whole bunch of things about stuart varney and never respond, so outlandish no one will believe it, if you hear it for 130 days, you start to believe it. i think you have to arm the
people that support you while getting on offensive elsewhere talking about what happened on the trip. talking about how the border, the border crossings are down. maybe even calling out republicans for not pushing across your agenda when it comes to tax reform and everything else. stuart: i do want to talk to you about tiger woods, arrested over the weekend for dui. we just learned that he was found asleep at the wheel, engine running. i'm not so much concerned with him losing endorsement deals. i just want to make the comment that here is a man who is brilliantly talented in one area of life, but falls down in other areas of life. that clouds his whole golfing career. i feel bad for the guy. what say you? >> a couple of things, before everyone dismisses says he is in denial, i take full responsibility for my actions but i want the public to know alcohol was not involved. what happened was unexpected reaction to prescription medication. i thought he is in denial. but i'm reading police report
here why i'm holding it, i didn't know if we were start with, he said, the athlete was, person was cooperative as much as possible. very sleepy. extremely sleepy, hard to keep their eyes open. that is a sign of maybe there is a mix of medication. it doesn't excuse it. nor does he want it. having said that i think we passed the tipping point with tiger. at 35, five years ago when all this stuff blew up with his marriage, people said wow, so high for so long, maybe on some level we want to see him fail a little bit? now i think it is okay at 41 years old you brought so much money and attention to golf, somebody to root for or notice, we miss you, this generation of great players in the 20s, grew up and many played because of tiger woods. his peers may be on the fence, but the next generation wants him to be successful. golf needs him. he tweeted two days before the last back operation made him feel better than offer, brought
him out of pain first time in long time. made one think at 41, something would be more exciting on last day of a tournament, with tiger three-stroke lead, 50% of the country would be you watching even if great football game on, when i say football, i don't mean soccer, stuart, i mean actual football people watch. stuart: you got me, brian kilmeade. we boosted his ratings. he boosted mine. >> simulcast. stuart: that's right, simulcast. see you real soon. check the dow. we have come back nicely, we're down 33 points despite all the media noise over the trump administration. markets still at the 21,000 level for the dow industrials. there are green shoots in this economy. get my take on that at the top of the next hour. how about this? the collapse of socialism in venezuela. goldman sachs could be out billions, maybe, find out why after this. when you have something you love,
at legalzoom, our network of attorneys can help you every step of the way. with an estate plan including wills or a living trust that grows along with you and your family. legalzoom. legal help is here. buttrust angie's list to help., [ barks ] visit angieslist.com today. ♪ ashley: now this, economics professor peter morici says a border tax would align us with the rest of the world. >> my feeling if we went to border tax adjustments we could could ameliorate most of concerns about lowering rates, getting rid of deductions and most part. most people would be paid off.
the concerns voiced by retailers are false. they could come out quite nicely. a lot of information they talk about taxes. we're subsidizing the rest of the world because we're paying taxes on our exports into their markets and they are paying none on their, ports into ours. ♪ think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov
stuart: we're down 30 points on the big board. by the way we're down all morning but not by much. 21,000 has held. homeland security chief john kelly condeming the leaks that continue to come out of washington. roll that tape. >> i think it is outrageous. i don't know why people do it. it jeopardizes investigations but puts people's lives in jeopardy. i don't know why people do it. but they do. and, that is the world we live in. stuart: yes it is. joining us is the former fbi assistant director james kallstrom, a frequent and valued guest on this program. why can't we stop the leaks? >> it is very frustrating. stuart: yeah. >> i can only assume that they're trying hard. between, lie-detector tests, for the current employees and really
aggressive investigations who was wear, much better controlling of where the information goes. it seems to me like it is out of control, like that leak from manchester was outrageous. where did that go? it went to the fbi or nypd that is over there and then where did it go? that all has to be tightened up. stuart: there seems like a faction within the fbi, maybe within the cia, maybe within the justice department, i don't know, a faction is putting out in coordinated attempt to undermine the presidency? >> the fifth column is very strong, stuart. stuart: why is it so strong? they don't like president trump? >> i don't know, you have to ask psychiatrists. it is irrational to me. here is the guy that wants to do the right thing for the country. wants to build up the middle class. wants to get the economy going. wants to do something about education. wants to go into the inner
cities and make life better for people. why they can't get behind them is strictly political. they can't see past their nose. they don't care about the country. they care about their own political success. it is outrageous. stuart: you never seen anything like this before? >> no, absolutely outrageous. back to the leaks, they have to polly graph people in the government. bring them in polygraph. i can't imagine they're not doing it. stuart: if they found somebody doing it what happens to the person? fired or prosecuted? still legal to leak this stuff? >> depending on what they leaked i would think they would face federal felony charges. the least thing they would happen they would be fired and face felony charges that needs to happen. i hope it is happening. we're not going to know it. they will not publicize it. but i have a lot of faith in the attorney general. stuart: let me raise this with you. our president went over to the middle east. then he went to europe and he confronted europeans face-to-face. hey, pay for your own defense.
we've been carrying you for heaven knows how long. he was telling angela merkel and the others you got to pay for it. what do you make of that? >> i think it is fantastic. i think it was great. i cheered, wow. this is what has to happen. stuart: the media thought it was terrible. >> come on get out of your dream. come on. look what she has done to the culture of that country. look at stuff they swept under the rug. look at all rapes of women on the streets. this stuff is out of control. stuart: but bottom line is europeans do not like donald trump, president trump. they don't like that type of american. elites smooth guy. >> they want someone to fall into that routine. everything, you know, let's all join this club. let's agree to every damn thing. that is crazy. trump is not going to naturally agree with all of this stuff. he will look what is best for united states of america. he made that a hundred times. to hell with the europeans, quite frankly.
look what they have done to europe? stuart: you're talk to the right guy. that is why i'm here. >> president is doing great. stuart: you are -- >> i hope he picks the right person to be fbi director. i'm concern about that. stuart: what way are you concerned? >> someone deeply invested in investigations. there is a lot of retired agents that were high level before the bureau was politicized, you know, i would love to see one of those -- there is handful of them. i would love to see some of those guys come back and straighten the bureau out from there, political correctness. stuart: you come back and see us when we get the name of the person who will run the fbi. we'll talk about it then. >> i certainly will. stuart: james kallstrom, a popular guy on this program. thanks for joining us. see you soon. >> thank you, stuart. stuart: now, facebook's mark zuckerberg, he he is making the case for the case for universal
income, government giving you free money. you, the varney viewer had something to say. your response coming up. another check of the big board. we're down 30 points. there are positive economic signals out there but if you paid attention to the mainstream media you wouldn't know anything positive. my take on that at the top of the hour.
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>> it is time for our generation to define a new social contract. we should explore ideas like universal basic income to make sure everyone has a cushion to try new ideas. stuart: yes, free money for everyone, come on, what is wrong with you people!? that was mark zuckerberg last week. he said we should explore basic universal income. many wrote in on that one. first off from linda. perhaps zuckerberg could put his money where his mouth is and live on average salary of tax-paying american. give the rest of the money to the masses to even things out. dave says giving people money will not free them up to do greater things. it will just make them lazy. ash, i have a feeling the man is running for office at some point. ashley: certainly feels like it from the lofty tower easy to come out with the social ideas. give everyone money. take away more incentive for them not to work.
yeah, live on average salary and give everything else away. look, it sounds to me is on a campaign stump. stuart: he does, doesn't it? vote for me and look what you will get. ashley: free money. stuart: free money. everybody gets some money. ashley: actually it is not. it is taxpayers providing that. stuart: from sighsly. let's be honest. if he says, i have 20, 30, $40 billion, i should be tax and reattribute that? ashley: no, of course not. stuart: is he saying tax capital, is he saying that? ashley: taxing wealth? he is not, let's be honest. stuart: i do believe the man is running for office. or a very good pr stunt to make facebook look more attractive some way to a global audience. but i digress. good to see you back again, arcly. good to be back. ashley: good to see you back. stuart: yes, we are back. we shall return momentarily.
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stuart: down a fraction, .09 percent, and how about that nasdaq which has, indeed, gone straight up since the election of donald trump, it's down .04% this morning, unchanged virtually. now look at this, amazon, tesla, netflix, mcdonald's, alphabet all those stocks hitting record highs earlier this morning. all of them, record highs. amazon actually hit $1,000 a share. bestelling new york times author of "american mojo lost and found," peter kiernan is with us this morning. now, whilst i was doing my editorial there, i was saying that the credit scores averaging now 700, i thought that was a big deal. i think we're primed for growth. but out of the corner of my eye, i see peter kiernan throwing cold water over all of it. [laughter] oh, no, it's not a big deal. >> i did not bring my bucket, but i do think they've rigged the rules just a little bit. first of all, in the next 60 months six million people who were bankrupt, those
bankruptcies will roll off the credit scores, as they've been doing. the second thing is that some of the ways that you calculate debt have changed. so medical debt is not treated the same. debt that you settled is not treated the same. so there's a little bit of grade inflation going on here. and i think it's good news for the economy, but i wouldn't get too excited because grade inflation is grade inflation. stuart: so having destroyed the premise of -- >> i'm so sorry. shall i go now? it's just a cup of water, not a big bucket. stuart: you're a successful guy, you're an investor. are we going to get a summer rally this year in. >> yes. i think it's -- you talk about a tale of two cities. you referenced something very important. if you look at the gain on the s&p so far this year, 8%, 40% of it has come from six stocks, and they're the ones you mentioned. the all-time highers every day, every week. look around. some other things have done really well. last week utilities were up
2.5%, of all things. consumer staples up 2.5%. but the leadership concerns me a little bit. transportation, not so hot all of a sudden. financials, not so hot all of a sudden. and worst of all, energy is down 11% for the year. it's the only negative sector. so what you're really starting to see is segments of the economy doing really, really well, enjoying enormous momentum. and some others are being left behind. it's the leave-behinds, big caps doing very well, so look for your spots, and you'll enjoy a rally. stuart: don't necessarily sell just because the markets are close to all-time highs, no reason to just jump out and sell. >> oh, my gosh, stuart, that's the key question. this is a buy and hold moment. do not be -- bull markets don't get tired or old age. that's not what kills a bull market. if you're investing in companies that are creating and adding value, don't worry about the daily price volatility. hold here and you'll be richly
rewarded. stuart: got it, peter, stay with us please. i want to bring in zane tankel, he runs last count, what is it, 43 applebee's -- >> about, yeah. stuart: okay. you've got your finger on the pulse of what's going on. is the economy expanding nicely? are you seeing some pick-up in the restaurant business which has not been really good -- >> it's not been -- in fact, peter coined the phrase restaurant recession, and i'm never going to let you forget it, peter. >> sorry about that. [laughter] stuart: is it over? >> no, i don't think it's over, and i think most of -- peter's the expert, but i think most of this rally and this bullish stuff is in anticipation of getting health care reform and tax reform. if either of those two things don't happen, i think we see an adjustment somewhere along the line. you're always wishing for the good, and you go ahead and invest because you want to be ahead of the good, but -- stuart: you guys really need obamacare to be gone with all
those mandates, and you really need lower taxes -- >> tax reform. stuart: you really need that. >> 100%. as i've said to you before, when people get tax refund checks, we see our business go right up like a rocket ship. and then it levels out after they've received and they spend and they go out, it's newfound discretionary income. if we could get tax reform, it'd be a permanent tax refund, if you will, and i think then you see this economy start to really turn certainly in our space. stuart: but there is a direct response,ç tax refundses come n as you're heading towards -- >> 100%. stuart: you see it. >> stuart, we know, like memorial day, we know when those refund checks come through, we staff up. every year. we can determine what our sales increases will be approximately plus or minus 10% depending on when they get their tax returns. stuart: my premise on this program this morning has been that we want news, we want
coverage about things that affect our lives. >> absolutely. stuart: that are important to us. i don't think that news about jared kushner, whomsoever he may or may not have met with months ago, i don't think that's important. i think we're being distracted by a media that's determined to unseat president trump. what say you? >> well, there's some of that on the one hand. on the other hand, if you look at the macro and you look at what are the implications down the road, i think it is important as to at least know if it's true or not true, the denials and the pallor that it puts on the academy -- on the economy and the uncertainty of will the president -- i don't want to use the word i-p, but will that occur, will the congress be tied up in these investigations, what bills go through or don't go through are all dependent on this stuff. and we shouldn't just let it pass, in fairness. it does have an impact on the united states of america.
as an american, as a good american which i know you are and i'm not saying that in any way other than in a complimentary way. i know we joke, but as a great american you are, and i mean that sincerely, i'm a good american. stuart: i've gone from good to great. [laughter] >> you're a great american. stuart: ten seconds. i love you, zane. >> i'm a good american, and i think we need to know. i think there's some impact on the overall economy on what our russian relations might be. stuart: peter kiernan, what say you? i think the media's determined to unseat the president, i think we should ignore them. >> if you're going to focus on russia, if that's going to obsess you, look at history. jfk sent his younger brother, 36 years old, by the way, same age as jared kushner, as a secret envoy during the cuban missile crisis to meet with the russians, and then rfk ins instigated some dialogue with a noun russian intelligence officer -- known russian
intelligence officer living in d.c. what was the result? we figured out the way to solve the cuban missile crisis. not a bad outcome. ronald reagan had william casey, before he was president, negotiating with iran. what was the result? the day after he was inaugurated, the iran hostages were released. aand i've had some experience with russia, anybody who negotiates and deals with russia will not be shocked when they hear that russia doesn't always tell the truth and that you have to -- >> what? [laughter] >> this is a news flash you'll get if you go to the other stations. but if you have a few back channels, it is enormously helpful in trying to decode what russia's staying. stuart: peter kiernan, you stay because you're right, zane tank el, you're wrong -- [laughter] now this: a new law cracking down on sanctuary cities in texas really coming under fire. protests erupted in the state capitol building. some pushing and shoving,
actually. dana loesch next on that. she is a texas resident. and this, comedian adam corow la and radio host dennis prager filming a movie about political correctness at colleges. [laughter] i want to see this. they're now launching a crowd-funding campaign. listen to what adam says in his pitch. roll tape. >> the epicenter of free speech was always college campuses, the very same place that advocated, foughting and a couple of people actually died at kent sate for free speech -- kent state for free speech now are shutting down everybody who disagrees with them. earning your cash back shouldn't be this complicated. yet some cards limit where you earn bonus cash back to a few places. and then, change those places every few months. enough with that! with quicksilver from capital one you've always earned unlimited 1.5% cash back on every purchase, everywhere.
that's an enormous number. why such a large number of concealed carry permits? >> well, varney, always good to be with you. stuart, begun, thanks for having me -- again, thanks for having me. this is a trend we've been seeing for quite a long time. first off, we've seen a number of women who have been leading the charge in termsf getting their conceal carry licenses. women have been wanting to protect themselves. they like having that equalizer. they like being able to go where they want when they want without having to worry about their safety. but furthermore, stuart, i know you've been seeing in the headlines so many different instances of terror either in europe or instances of domestic terror here in the united states. people want to be safe. and it's easier to carry a firearm than it is to carry a cop. i mean, that's something that law-abiding gun owners have said for a long time. people want to protect themselves and their families, it's the number one reason why i carry a firearm concealed. and also nra carry guard, i think, is going to see a huge --
i think it's going to contribute to a huge uptick in this, because people are going to realize they have someone in their corner if, heaven forbuild, they are forced to use their -- forbid, they are forced yahoo! use their firearm this self-defense. stuart: hundreds of protesters rallied against governor abbott's ban on sanctuary cities yesterday in texas. one lawmaker said arrest those people, they're illegals, and the republicans said let's bring in i.c.e., get ridç of these people whereupon there was a pushing is and shoving match. what do you make of all -- you're a texas resident. what do you make of this. >> yes, sir. it's insane. i mean, that was representative matt rinaldi of irving who saw some protesters in the chamber that actually had the sign we're illegal, we're here protesting, sort of the hazard of admitting that you've committed a crime is you could, perhaps, have law enforcement called upon you. what was really unfortunate is that two democrat lawmakers actually threatened
representative rinaldi there on the floor. of course, he said i'll defend myself if youump me outside, because they threatened to g him as he was going to his car simply because he brought in law enforcement after the unruly protesters and after some of them were saying, look, we're here illegally. for crying out loud, we need to be able to have law and order in the state capitol. and all of these individuals who say that this is now going to contribute to -- this is somehow going to contribute to an increase in crime, i want to point everybody to this study that i.c.e. came out with back in 2014 where they had released over 8,000 individuals that had entered illegally, and close to 2,000 of them went on to reoffend. they ended up being charged with 7,000 different crimes. that's huge. stuart: dana, hold on a second. i want to bring to your attention. comedian adam corolla is working on a documentary called "no safe spaces."
it bashes political correctness at colleges. check out this teaser. roll tape. >> our commitment to diversity means that nobody graduates until they think just the right way. >> at utopia university, there are no violent words to hurt me. i will punch you if you're a fascist. >> i'm going to be the next che guevara. >> we speak out against privilege. >> we checked our privilege. >> welcome to utopia u -- >> a wonderful place to learn that everything your parents taught you is wrong. >> all here at utopia u, man. >> it's not based in reality, it's based on your reality. >> wait, hold on a second. that campus doesn't even exist, does it? that doesn't look like parody to me. you could run that after d lemon's show on cnn, and it would play like a commercial. stuart: very interesting. crowd funding is being used to pay for the film. they've raised $40,000 in one single day. dana, i will contribute. how about you? >> i will contribute, and i will
go see it several times. it sort of reminds me of this movie that i saw -- of course, this looks like it's in the modern time -- pcu that had jeremy piven in it, a movie that came out in the '80s. and it's insane because everything that happened in that movie is happening now, but it was always considered a joke in the past. now it's our reality. i think that movie was a prophesy, and i cannot wait to see this. i think adam corolla is hysterical, and the time -- the fact that he teamed up with prager-u, i'll watch it. stuart: dana, thanks for join us. >> always good to see you. thank you, stuart. stuart: oh, dear. big trouble and big embarrassment for tiger woods, arrested over the weekend on dui charges in jupiter, florida. he had an unexpected reaction to prescription medication. more on that in a moment. to jupiter, the planet, look at this. pictures of jupiter captured by nasa during a fly-by.
yeah, you get it all on -- look at that. that is extraordinary, isn't it? who would have thought, that's jupiter. you get it all on "varney & company." peter kiernan and all. [laughter] we'll be back. ♪ ♪ at crowne plaza we know business travel isn't just business. there's this. 'a bit of this. why not? your hotel should make it easy to do all the things you do.
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>> one nation, under wood -- stuart: ah, "house of cards" back on netflix today for its fifth season. some people are upset it's coming back on a tuesday because it's harder or to binge watch during the week. >> oh, my god, are you serious? stuart: that's what the script says. >> life is so tough, isn't it? stuart: the stock, by the way, record high. 164, netflix. now look at this, please, extraordinary images from jupiter, the planet, captured by nasa. first pictures we're seeing from the juno mission which launched back in 2011. the spacecraft went 370 miles to jupiter and sent back these extraordinary pictures. those blue swirls, they're actually massive storm systems. they're gearing up at nasa for a
major announcement about its next mission, quote, to touch the sun. nasa going to hold a news conference tomorrow discussing plans to send a spacecraft closer to the sun than ever before. it's set to take off next summer. and then there's this, huge brawl between the washington nationals and the san francisco giants. the nationals' right-fielder, from giants' pitcher strickland. both teams cleared the benches, and off we go to the races. surprisingly, nobody was injured. british airways, here's a problem. computer glitch, thiss a glitch, ladies and gentlemen? forced them to cancel thousands of flights over the weekend. 75,000 travelers affect 3 very badly -- affected very badly. the glitch could cost the company more than $100 million. and this, hillary clinton comparing president trump to president nixon while giving a commencement address at
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stuart: goldman sachs under fire for bug venezuelan bonds. they bought them at a very deep discount, and it looks though -- here's the appearance of it -- that they're basically supporting the social dictatorship of venezuela. all rise, judge andrew napolitano is here. okay, face value, $2.3 billion. they picked them up for just over $800 million -- >> oh, my god, ask kiernan what a deal that is. almost too good to be true. stuart: but they are, indeed, supporting -- >> right. as i understand it and, again, i'm going by my knowledge of the market and my tutor on the other side of you there, goldman sachs bought thefor clients. stuart: irrevan >> it's not irrelevant. stuart: it is irrelevant. >> clients want to -- if you, stuart varney, could spend $80 million in return for $2.3 billion, would you not do that, mr. varney? stuart: the point $831
million, i think it was, is a real support for the socialist dictatorship of venezuela. whether you make a profit on it or not is irrelevant. >> so what what are you suggesting, there should be a statute against it, or it violates the moral law because you disapprove of the government? stuart: i want you to pass some moral judgment on those who support socialist dictatorships. >> my moral judgment is if you can spend $800 million in order to get $2.3 billion, you're pretty smart. stuart: the whole thing is predicated on those bonds being paid off at face value -- >> now we'll get to the paul singer paradigm and the problems he had with argentina which tried to do the same thing to him. he didn't have to seize property, but he was within days before he got -- you're going to see crude oil tankers being seized by u.s. marshals if these guys don't pay the bonds. so the opposition or the government can make all the claims it wants, it's going to have to pay. as long as it has assets, the
american courts will reach them. stuart: by the way, the opposition leader in venezuela has said if he becomes the leader of venezuela, he will not pay off those bonds now owned by gold goldman sachs' -- >> i don't think he'll have any choice. assets in the u.s. will be seized or u.s. marshals will be dispatched to seize assets on the high seas, which is the singer paradigm. stuart: so you have no problem it? >> i wouldn't put my moneyany many -- in it, but i have no problem with your rich friends -- i mean, ask kiernan if he's ever seen an investment of this magnitude. stuart: can you read the prompter? see that? what's the first two words up there? >> thanks, judge. [laughter] something about hillary coming up? [laughter] stuart: you know, judge, you are very good on this subject because you are quite right. in basic terms, basic economic terms -- >> yes. stuart: goldman sachs made a
very, very good deal, and it is their right and duty to make maximum profit for their clients. >> absolutely. stuart: and i agree with you. >> all right. stuart: i was just having a go at you. >> absolutely. such a good man, mr. varney. happy to be here on the morrow. [laughter] stuart: all right. now this, hillary clinton comparing president trump to president nixon while she was giving a commencement address at wellesley college. roll tape. >> we were canning urgent -- asking urgent questions about whether women, people of color, religious minorities, immigrants would ever be treated with dignity and respect. we were furious about the past presidential election of a man whose presidency would eventually end in disgrace with his impeachment for obstruction of justice. after firing the person running the investigation into him at the department of justice -- stuart: by the way, she was introduced as the almost-electe
hilla clinton. [laughter] that man on your screen right there is larry elder, salem radio nationally syndicated radio host. do you think hillary clinton is basically preparing a comeback, that she will, indeed, run in 2020? >> oh, i think she probably wants to. whether or not she will is a whole other question. but this comparison to richard nixon is not very well taken. richard nixon resigned before he would have been impeached because congress passed three articles of impeachment, andç they had to do with things like using a slush fund to go after clinical enemies, suborning perjury, getting people to lie under oath, none of which donald trump has done, so the comparison is absurd. she's very, very angry that she lost. she's delusional if she thinks she's going to get another crack at it. running for office is probably not going to be anytime in the future for her. stuart: but is it working, larry? we've had a long holiday
weekend, we're starting out with the summer. we've got some pretty positive news on the economy and the markets, and yet the media is totally absorbed by this crisis. do you think that's effective? i mean, is that an effective tool being used by the media on behalf of their allies in the democrat party? >> well, look, we've got this beef known as the 24/7 news cycle, and it's got to be fed. they do not like donald trump, and he's given them a lot of ammunition. if he deliver as 4% gdp, none of this is going to matter. stuart what do you make of this talk of impeachment and indictment? >> i think hillary shod have a history lesson, becae richard nixon was not impeached. but frankly, i think this notion of impeachment which requires a majority of the house and two-thirds of the senate to convict feels like a very, very, three more veries, you've been
talking about jupiter, it'll take about that long. [laughter] basically, we're talking years particularly in the hands of someone as skilled and fair as robert mueller. so i think this is something we're going to have to get used to, but i think we'll hit diminishing returns. you can't keep litigating this every day in the press, but i think some people will try. stuart: i think they will too. >> stuart? stuart: go ahead, larry. >> even if the democrats succeed in taking over the house, i do not believe that 100% of democrats believe that donald trump has done something that's impeachable. firing james comey, saying, hey, do you have to continue the flynn investigation? giving the soviet union some top secret information? do you believe this is substantial enough to impeach a president? i don't think democrats believe that. this is all about stopping donald trump's agenda which they have been successful in doing so far. stuart: larry, university of california is refusing to pay for board members' meals, and
you reported some lavish spending like $17,000 for a banquet, and they held that banquet the night before they voted to raise tuition. total spending on meals, $225,000 since 2012. isn't this janet napolitano's wheelhouse here? didn't she run the university system in california? >> you suggesting that a democrat cannot handle money efficiently? i'm shocked! look, theeal scandal here is five years ago the national association of scholars, which is a nonprofit organization that looks into academic integrity, put out a study that said at the uc system kids are getting an education that really is an indoctrination. it's a scandal, the education that kids are getting, and the lavish perks and all of the money that's wasted on bureaucracy on their diversity training apparatus, all of this is simply a symptom into a larger problem of liberals running this one-party state,
taxing, spending, regulating and running things into the ground. shockingly, this is what's going on with a one-party state like california. stuart: do you ever expect things to change, peter kiernan, in california? >> i don't, but if i was on the board i would say that board should pay for their own supper. and i think that's manager -- i'm on a bunch of boards, and that's what they require. stuart: really? okay. >> absolutely. why should you stick the state with that? stuart: larry, any sign that california may change its political ways? any sign at all? >> i think so. california is unfunded about a trillion dollars. sooner or later taxes are going to get to the point where even left-wing people are going to say enough is enough. i don't know when that's going to happen, but i believe that the captain of the titanic would have taken evasive action a had he known the iceberg was ahead. there's an iceberg ahead. stuart: i like your angy, that's pretty good -- angy, that's -- analogy, that's pretty good.
larry elder, thank you. check that market, please. this is the tuesday after a long holiday weekend, we're down 30ç points, but the 21,000 level is holding. a couple of other markets, the price of oil $49 per barrel as of today. the price of gold well below $1300 an ounce, we're at $1265 as we speak. look at pepsi, the stock. it may be interested in buying a coconut water company expanding its health ideas, health services, okay? pepsi down on that news. now this, the woman about to appear on your screen, nina turner, democrat, an activist, supporter of bernie sanders, she's calling out congress for spending all its energy on russia and not enough on jobs for americans. she sounds like a republican. and apple developing an artificial be intelligence chip -- artificial intense chip. that story in 90 seconds. ♪ ♪
apple's working on a dedicated chip to power artificial intelligence devices, and this has been reported. we might learn more on june 4th when they actually have their meeting. but we know that qualcomm and google have done much the same. tim cook, who's generally tight-lipped but has alluded to the fact that augmented reality and artificial intelligence are part of the game for apple. these new technologies will power self-driving cars, also sophisticated digital assistants. they broke the mold when they did siri back in 2011, and they continue to develop. and i'm sure we'll learn more on june 4th when they actually have their next meeting. keep it right here on fox business.
>> no one in ohio is asking about russia. i mean, we have to deal with this. we definitely have to deal with this. it's on the minds of the american people, but if you want to know people in ohio, they want to know about jobs, about their children. everyday americans are being left behind because it's russia, russia, russia. do we need all 535 members of congress to deal with russia? stuart: that's ohio state senator nina turner, democrat, bashing congress because it's russia, russia, russia all the time. joining us now, chris stirewalt, fox news political editor. actually, she wasn't bashing congress, she was bashing the media, in my opinion, because i think it's the media that's distracting us completely from
what's really going on in our lives. you're laughing again. of go ahead, chris. take me to pieces. >> no, i would never. i would never! i think she's right to criticize congress. i definitely think that's so, and if congress is not able to focus on its own work and is instead distracted by what they see in the newspaper, the simple answer to this is all robert mueller. it's all robert mueller. you read the excellent "wall street journal" piece today that said mueller is moving with alacrity, he's putting his staff together, getting ready, trying to move this as quickly as possible. he's snapping out the ball, and he's getting ready to move. that's the whole point not just for congress, but also for the trump administration, for everybody. there is an intact investigation in the hands of a respected, trusted individual. it will proceed, and everybody else can get back to work. stuart: but it's not changed the whole progress of the media in attempting to block everythin
that president trump stands for. they're still using russia, russia, russia, kushner, kushner, kushner as a way of avoiding the real issues in our society and block going forward with obamacare reform and tax reform, etc., etc. it is a successful tactic on the part of the media and the left. >> well, the republicans are doing a pretty good job of blocking themselves on some of those things. stuart: that's true. >> but, yes. look, this white house very much needs message discipline, this congress very much needs issue discipline. we just heard and i know to you've been reporting the debt ceiling is going to come much sooner than expected. the hurdles are going to get higher, not lower for the republican congress. and you saw the president's pressure today, he wants nuclear option for every piece of legislation, not just for nominations. things are going to get intense fast, because remember, the august recess is right around the corner. they've got to, got to get busy. and any distraction, any question about russia for any
republican member or democratic member of congress should be the same which is i would refer you to the investigation from the special counsel, robert mueller, we'll see what he concludes. stuart: you're right. president trump tweeted early this morning he wants 51 votes, that's the nuclear option. in other words, you don't need 60 in the senate, you need 51. who's in a position to say this bill will require just a 51-seat majority? who says that? >> well, the majority sets the rules for the senate. and what the president wants is a rule passed with 51 votes to say that henceforth all legislation needs only 51 votes, not 60 votes, to end debate and move on to the final vote. so that would be a pretty precipitous change. it's one that republican senators, a lot of republican senators have resisted because they think that supermajorities are a good thing for the senate so that they can cool down legislation and not have things get jammed and rammed through. can they get 51 votes for the rule change in i don't know. i think that you're going to
start out with a basic, core group of points. and as we've talked about before, the president may prefer the idea of having one fight for everything, if you put it all into one basket and say we're going to fight it out over this and get the rest of the agenda through on the other side. stuart: chris stirewalt, thanks for joining us. >> you bet. stuart: pete per kernan, what do you say? >> i think the congresswoman was right. when you get a president, as donald trump has done, saying we're going to spend on infrastructure, all kinds of things start happening so we can hit the decks running. what do i mean by that.ç a couple of weeks ago blackstone announced, maybe six weeks ago, that they're going to launch a $40 billion infrastructure fund with the expectation they'll spend $100 billion alongside the government. in fact, i went and looked. today there are 86 such funds with $280 billion of raw, ready capital waiting for congress, waiting for our government to
say here are the important infrastructure projects. how can we build these together. you have money lining up. everyone is saying let's do that and create jobs. and tell me that the two years it's going to discover all there is to discover on russia can't be done in parallel with building our infrastructure. stuart: well said. >> you and first met talking stuart: yep. >> jobs is number one through five, and anybody who's discussing any other thing is missing what the american people want. stuart: you're right about that. pete err, thank you, sir. we're following a very long 200-mile march to the illinois state capital toll. it's part of a protest over the state's budge. they're not doing well financially in illinois. jeff flock joins us now. i can see quite a few demonstrators there, jeff. >> reporter: you put it uncharacteristically mildly, stuart. we're definitely not doing well, and many of these people have been marching 200 miles from chicago all the way to
springfield. as you can see, some of them have different agendas, but they're all together on one thing: illinois' in serious trouble. the pension debt in this state we are now, since 2002 when the pension debt was about $35 billion, we are now $129 billion in debt. that's what happens when you don't do anything. i heard your segment earlier about california. these folks are gathered in front of the, that's the old illinois capitol building. back in the day when they passed a budget in illinois, we haven't had a budget in this state in two years, for over 700 days, and credit downgrades, the state's debt has been downgraded 19 times since the year -- since fox business went on the air. the debt has been downgraded 19 times. and i'll tell you, there's plenty of blame to go around. both democratic legislatures, republican governors, they've all passed budgets that have put the state in a hole. that's where we are. and, you know, in this state you can't declare bankruptcy, though i'm sure they'd love to
stuart: i'm sure they would love to. all right, jeff, good stuff. thanks for joining us. peter kerr pharynx that number -- peter kiernan, that number jeff flock just used, in 2002 the pension obligations was $35 billion. it's now $129 billion just 15 years later. that's -- can you can't do anything about that. >> and one of the things that you have to do about that, and i've served on some committees on some states that are looking at this, you have to go and meet with the pensioners and say, listen, we have made a promise. some a long time ago. we may not be able to fulfill it. so what do we do about it now? do we wait until the time comes when we can't fulfill it, or do we try and proactively do something now? stuart: like what? >> what you've got, basically, you have to make choice. you have to make choices. sometimes they're cost of living adjustments that are baked into these things. maybe you take them out, maybe you reduce them. maybe you move the retirement age. but if you do nothing, what
you've seen right there is the best example i know of of this compounding effect. it's not getting just worse, it's what the economies call increasingly. and that is a bad economic outcome. stuart: when we first went on the air, i remember talking constantly about state government worker pensions -- >> yes. stuart: -- deficits. gigantic. >> these are good people who have been working hard, and they were made promises, and i don't think some of these -- stuart: and we can't meet 'em. all right, different story, very sad. tiger woods arrested over the weekend on dui charges. he said he wasn't drinking, he said he had an unexpected reaction to prescription medication. the full story r you next. ♪ you always pay
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stuart: tiger woods arrested in floridaa dui charge. tmz reports tiger was asleep at the wheel of his car and that he failed a field sobriety test. that's different from a breathalyzer. tiger claims he was not drinking. he said in a statement: what happened was an unexpected reaction to prescription
medications. i didn't realize the mix of medications had affected me so strongly. reportedly, he made $45 million in sponsorship deals last year alone. that includes $20 million from just nike. peter, to me, this is not an endorsement story, it's a tragedy, a brilliant man in one field of his life hurt by maybe problems in another sphere of his life. >> it's -- i agree with the tragic assessment there. you know, i met tiger when he was 21. he had just won his first major and won the masters, and the light literally shone from him. and he was a beacon for all kinds of young people. he was a great role model. and i find this just a really sad story. stuart: yeah. he did fail the sobriety test, i know that's where you bring -- >> he refused the breathalyzer, but he couldn't stand on one leg, he couldn't touch the end of his nose with his finger, he was asked to do some sort of alphabet test, which he didn't do -- stuart: he's had chronic back pain from swinging a club for
most of his life. >> right. stuart: he suggests that maybe it was the medication for that that did @il in. >> it might well be. stuart: one hopes. all right, we will have more "varney" for you after this. ♪ ♪ think again. this is the new new york. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov
stuart: almost done, but time for favorite story of the day. peter kernen. >> watching explosion in the tech stocks. they represent 40% of the gains this year. this is quintessential alt part of the american rally. i own microsoft. >> robert de niro, you're brilliant actor, love everything you done, you call this current administration a tragic dumbass
comedy. just act mr. de niro. stuart: brilliant actor. stick with that. >> some of the movies would fit that, tragic dumbass comedies. stuart: neil cavuto. neil: seems odd you would target a famous italian-american. stuart: did it just for you man, just for you. neil: okay, just checking. thank you, guys, very, very much. following up on a shake-up on the white house. this could be preview of coming attractions. not sort of a veteran of the trump campaign. came in right after the election. some would say, formally really after the inauguration. he is out there. now the queson is, is this just the kickoff to even bigger shake-up? blake burman with the latest from the white house. hey, blake. reporter: brought in here into the white house a few months ago to basic