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tv   After the Bell  FOX Business  May 7, 2018 4:00pm-5:00pm EDT

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of berkshire hathaway. [closing bell rings] stocks paring gains in the final hour. the gain still ended in the green. that will do it for the "claman countdown." on behalf of ourla. , new york, kansas-based crews at team fox business, we're signing off. see you tomorrow back in new york. david: we were worried a little bit about the market going into the red but it didn't. three in a row. the dow ending higher for the third straight day. well off session highs. but it came off the end of the day. all of the major averages ending the day higher. i'm david asman. melissa: i'm melissa francis. this is "after the bell." we have more on the markets but weigh have much more coming up this hour. will he stay or will he go? uk foreign minister boris johnson meeting right now with vice president pence at the white house in a last-ditch effort to convince the
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administration to stay on board. a live update from the white house and the state department where things stand right now. plus massive eruptions now spreading. the kilauea volcano, spilling lava and toxic gas. david: look at that. melissa: forcing more than 1000 people to evacuate. the latest from hawaii's big island. look at that. attorney general jeff sessions and i.c.e. director thomas homan holding a news conference on immigration at the san diego border. we'll watch it. bring you headlines as they come. david: a lot going on this hour. the dow closing in the green today. it took a tumble immediately after this tweet from president came out this afternoon about 2:44 eastern. i will announce my decision on the iran deal tomorrow from the white house at 2:00 p.m. immediately oil fell as well in after-hours trading. phil flynn is watching all of the action from the cme. but first nicole petallides on the floor of the new york stock exchange. nicole, we've been up three
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digits. went down to two, almost one at one point. but we did come back. >> right now we're up for the third day in a row. the dow holding on to gains of 1/3 of 1% gaining 94 points. plenty of winners on the dow helped to lead the way. phil flynn will do a good job covering oil. the dollar has shown strength. tomorrow is key as we hear more about iran. that being said, look at major averages. it is interesting because s&p 500 edged above the 50-day, and 200-day moving average. the s&p 500 finishing up 1/3 of 1%. tesla, look at intraday chart, just after 3:00 p.m., you see it pop in the stock. there it is. that is because the reports came out that elon musk reports that open market purchase of 33,000 shares of tesla. stock finishing higher by 3% earlier in the day. there was talk that they would may be raising additional capital. so we've had a couple of pieces of news on tesla for the day.
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then there is apple of course. we heard from warren buffett, with our own liz claman. you can see the stock is up 3/4 of 1%. buffett and charlie monger tout apple. that is to the upside, gaining again. quick peek at starbucks. nestle payingbillion dollars with the right to sell and market starbucks coffee around the globe. back to you. melissa: thanks, nicole. oil closing up to $70 a barrel. after-hours trading, news on iran deal decision coming to tomorrow. phil what are traders saying about all of this? >> i think the traders, this is classic case of buy the rumor, sell the fact. we were buying announcement on iran, when the news came out, we fell almost a dollar from the close to after that tweet right now. there is speculation by some traders maybe this is not necessarily a sure thing that donald trump will get out of this deal. with boris johnson, the uk
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finance secretary, giving him the hard press, it is putting doubt in their mind. record open interest for crude. 2.7 million contracts. that is huge. back to you. melissa: phil, thank you so much. david: let's bring in today's market panel. gary kaltbaum, kaltbaum capital management and fox news contributor and fox business's kristina partsinevelos. kristina, first to you, the president's tweet on iran coincided with the market drop. not a coincidence, right? >> you saw the market sell-off, with the why are we seeing price of hitting $70 peak today? a lot with investors pricing the fact that president trump will take the negotiation, rip it in half. obviously dramatizing it. melissa: we like it. >> they could possibly expect, preparing for the worse, why you're seeing the price of oil climb higher because they're expecting supply to drop, that pushes the price higher.
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david: gary, i think the market is not preparing for the worst because of diplomacy of donald trump. they realize all the hyperbole you get real progress on things like north korea. perhaps things like iran. it will not be simple as tearing up a sheet of paper. that is what it sounds like he will do, but when the rubber hits the road, that is not what he does? >> i think he has done a real good job diplomaticwise. what you're seeing in north korea is nothing short of fabulous. maybe he doesn't rip up the deal, maybe he does, i don't know. maybe he finds something in between that makes everybody happy. david: gary, let me take you back to something you wrote me earlier. i'm privileged to be on your mailing list i get your wonderful market notes every monday morning. >> thank you. david: loads of resistance in the markets moving up but the tone is better. i think you're absolutely right, the tone of the marketplace is more optimistic. more thinking that despite all the doom and gloom that you read in the press about what trump
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might do, doesn't turn out to be that bad. sometimes it's a turn for the better? >> well, let me just say on thursday we had a great reversal to the upside. on friday had a strong day. today, in spite of the fact we pulled back late we finished up pretty darn well. i think market is in better stead. let me say this one word, earnings. they are just fantastic. david: yeah. >> especially for a lot of growth names. my biggest issue going forward is if oil prices keep going up. every 10 cents according to my rusty abacus is 10 billion-dollar tax to the consumer and i think we're up about 30, 40, 50 cents. we're talking about 30, 40, $50 billion a over a year's period coming out of the consumers pockets for gas instead of cheetos. worst acting stocks are airlines, cruise lines and retail is getting hit. david: i'm stuck on the fact you use an abacus. melissa: i love it.
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>> can i weigh? melissa: we have more. u.s., canada, mexico may be closer to reaching new terms for nafta. edward lawrence is live in washington. reporter: melissa, yeah, this is a critical week for nafta, actually. the u.s. trade representative robert lighthizer says if this congress wants to pass nafta or revise nafta the deal has to be finished this week or next week. there is a sense of urgency in the u.s. camp. also for mexico, the mexican elections are july 1st. the mexican president would like to say to his voters there is a revised nafta deal he has completed here. there are no trilateral meetings. all three are not getting together but there is a bilateral meeting. the second meeting starts any minute. we're waiting on the canadian representative. earlier the u.s. met the mexican representative. >> very strong attempt to try to settle our differences. you never know if you really get
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this commitment to finish. it all depend on flexibility. reporter: that is the mexican representative involved in this. the main sticking point is the rules of origin for automobiles. u.s. would like 70% of automobile made in america up from 62%. wages. the american delegation would like automobiles made of 40% of light autos, 45% of light trucks made with workers who make $16 an hour or more. the mexican delegation, mexican side, make $6 an hour. that is contentious. today is very critical, the rest of the week to see if a deal is done in the next two weeks. back to you, melissa. melissa: edward lawrence, thanks so much. bring our panel back in. gary, i have to go to kristina first. she was the one itching to go to last time. kristina we'll dictate to the
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other countries what the wage will be? tell me there is more to it than that. >> there is definitely more to it. in canada, as well as journalists, as well as the bbc, they will have an agreement in principle, agree at later point. they will come to agreement specifically focusing on the auto sector. that is contentious point. invests in the auto sector can't move forward unless there is a little bit of confidence regarding content and salaries of workers. like you mentioned it is difficult for any type of auto manufacturer, i will decide, 40% of the car will made by countries pay $16 u.s. an hour. that is putting a strain on the mexican economy in terms of boosting their pay. on average it is $8 per hour. they need to double it to $16 per hour. that is a lot ofty task for them. that is a opportunity to push salaries higher.
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melissa: gary, if you talk to anybody making anything they would rather make it here in the u.s. if you make it in a country where wages are lower, there tends to be certain amount that goes along with that the product don't mean code. you do that lowers cost of in the u.s. energy, taxes not by dictating to someone else the wage needs to be higher. i have to think there has to be more to it than that. what do you think? >> my biggest issue when you start mandating wages to this country or back to this country you never know what the repercussions are going to be and you don't know who is going to make what out of it. my biggest problem with all the trade deals, i'm with trump on this to go after them, they're so byzantine, no doubt past administrations have been too easy on other countries. i'm good with it. my only issue when i see richard trumka doing op ed praising donald trump i get a little bit worried. i saw that on the tpp in the
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last day. melissa: kristina, i always feel that is the opening offer, we have to judge where we end, see what they get instead. if we get back the wage, what is the other thing he got in the concession? >> this is deal negotiated for 25 years. it needs to be updated. it is more, it is going to increase administration costs for all of these auto manufacturers to actually -- they are the ones who have to figure out, yes, 40% of the content of this car came from here. they are the ones doing the legwork. that will be a lot of difficulty going forward for the auto manufacturers. melissa: you guys are great. david. david: our own liz claman spent the weekend with warren buffett, spent the last hour of the "countdown to the closing bell." you asked him how he is doing. he said i have never been better. i love to hear that from an 87-year-old. >> he means it. he tap dances to work still. that he is in to what he is doing.
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i was asking him about succession. he was beaming when he talked about his two vice chairs, ajet jane, greg able. they will split the 63 or so businesses. energy will go to greg able. ajit jain will do the other. he is unbelievable. they had a record-breaking crowd as you sue. people still come even though this is streaming live on yahoo! finance, the saturday meeting which is certainly very interesting. it is not always so much about the state of berkshire. it is how he thinks. he is sort of a horse whisperer of investing. what he thinks of other business leaders. here is what he said about jeff bezos of amazon. >> i made a huge mistake in not getting into it but i make a lot of mistakes. liz: do you think you made a huge mistake not getting into facebook? >> no. not because, i just, i was not
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capable of evaluating that. the truth is, i wasn't capable of imagining just how far and how fast that jeff would take amazon. i knew he was extremely good but i did not predict what has happened. liz: yeah, he said he would only buy it, you guys, if it really went down, but in the end it is about what happens next year. charlie monger is vice-chair. i pointedly asked him will you be here next year? he is 94. said he will do his best. he will definitely try. i suppose what really did make news too, we get that first interview once they get out of their board of directors meeting, david. he said the entire board is unanimously for the slate of possible successors that warren buffett has picked. it is secret but unanimously they support it. back to you. david: also, to hear the best stock-picker in the world say he makes big mistakes, that makes me feel so good.
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makes me feel i have a chance in the stock market. good to see you, liz. thank you very much. melissa: state budgets across the country getting a boost. the new tax law is getting a lot of credit. more on that with the "wall street journal's" dan henninger coming up. david: voters heading to the polls for primaries in some key battleground states tomorrow. the president weighing in on a very tight three-way battle in west virginia. why he says voters should steer clear of one of the candidates. melissa: the president blasting the mueller probe, saying nothing but a witch-hunt. as a second federal judge throws a wretch into the investigation. judge andrew napolitano weighs in next. we'll ask him about the war of words heating up between him and president trump's attorney rudy giuliani. how it all got started. >> if rudy wants the public to believe that donald trump reimbursed michael cohen $130,000 and didn't know what it was for, didn't know that it was going to silence stormy daniels, that is unworthy of belief.
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david: so will he tear it up? the president says he will make announcement about the iran deal tomorrow 2:00 p.m. eastern. meanwhile rudy giuliani over the weekend suggesting that the president could plead the fifth if he is subpoenaed by the mueller investigation. a lot on the plate for the president and our own man at the white house blake burman who joins us now. hi, blake. reporter: hi, david. the press secretary sarah huckabee sanders gave us no indications, but gave us short answer what the president might do on iran nuclear deal. after the press briefing, the president tweets out, 2:00 okay tomorrow he will tweet out what he will do about the deal. he is swayed mightily across the
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globe. allies in europe hope the president stays in the deal. allies in the middle east, benjamin netanyahu hoping that the president nixes the deal. we'll learn from him tomorrow 2:00 in the afternoon. monday morning it was flury of tweets from the president. nine in total to start his work week. four of them relating to the russia investigation and folks within the fbi. the president critical of both. at one point the president saying there are quote, 13 angry democrats who are among the special counsel. there is no obstruction of justice saying, it is called fighting back. in one tweet he suggested that this whole thing has to do with the 2018 midterms. the president writing at one point, quote, is this phony witch-hunt going to go on even longer so it wrongfully impacts the midterm elections which is what democrats always intended? republicans get tough and smart before it is too late. i asked the press secretary if the president feels the investigation is meant to sway the midterms?
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>> the fact that we're still talking about it will, and has the potential to impact the 2018 election, i think the point he is making how ridiculous it is we're still having this conversation and the depths to which this research is has gone on and investigation has been conducted and still produced nothing. reporter: since rudy giuliani has joined the president's legal team there has been a huge shift in tactics, specifically giuliani going on television defending the president over last four or five days. i asked sanders, if the president is happy with his performance schuss far. he said that giuliani brings quote, added value. david: blake, do you remember life without the trump tweets? i can't remember what life was like. every morning we get five or six of these? reporter: i don't know what you're talking about, david, because that is the only thing i know. david: imagine somebody just born into this generation. blake burman. doing a great job. melissa. melissa: judge andrew napolitano, fox news senior
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judicial analyst. i hardly know where to start. i will start with the fact that your name was brought out on the weekend on the sunday shows. you had been critical of rudy giuliani trying to make the public believe that donald trump reimbursed michael cohen $130,000, didn't remember it, doesn't know about it, didn't approve it. to silence stormy daniels. he took you on directly on abc this week. go ahead. >> judge doesn't know the facts of the case. he knows less than the facts about the case. wonderful guy judge napolitano, he shouldn't be speculating on facts he doesn't know. i think he would regret that if he thought about it. melissa: i love it. if you say someone is wonderful guy it is fine to insult everything. you have to -- >> i start out by saying mayor giuliani is wonderful guy. i've known him for years. obviously knows the facts better than i do. my evaluation is on what mayor giuliani said was credible on basis of what he knows.
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what he said to sean hannity, that donald trump reimbursed michael cohen for the $130,000 payment to stormy daniels but didn't know what the 130,000-dollar was going for. i know donald trump personally. he knows where every spent has gone. it is inconceivable to he didn't know what the $130,000 gnaw what it was going for. the mayor added to the president's woes, whether this was intentional or not, because the president likes chaos. suggesting in the interview with sean hannity and same interview you ran a clip from with george stephanopoulos not only was stormy daniels was paid, other women may have been paid and the payments had to be made during the campaign. can you imagine if these women spoke. melissa: what matters if it doesn't come from the president. it was just embarrassing. >> it was benefit of campaign.
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>> can donate as much money as you want to the campaign. >> you have to report it, but this wasn't reported. this gives robert mueller. melissa: he can say not to embarass my wife. >> he can say that. but rudy gave him opportunity -- melissa: net-net, rudy is not helping very much. >> i can't say that because rudy is brilliant tactician. melissa: talk about the development where you had the federal judge, he doesn't believe everything coming out against manafort has nothing to do where the special counsel wants to go and he wants to see the scope memo to see if the special counsel is going beyond the scope. >> yes. melissa: seemed like before we had that legal opinion, special counsel bus what they want. if they go in and follow as trail somewhere else. they are allowed to do that he seems to say that isn't the case. you have to stay with the original intent. these are events prosecutes him for before the campaign? >> i have a lot of respect for
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judge ellis. i will not say he is a wonderful guy. i don't want to use the same language and i don't know him personally. i think he was wrong. for two reasons. rod rosenstein already signed an order indicating that bob mueller can go wherever the evidence takes him. if the order wasn't good enough for judge ellis, rod rosenstein can sign another one retroactively. this was dick tax the judge's opinion. melissa: the scope memo doesn't matter? >> no, it doesn't. if he dismisses the indictment against manafort because mueller doesn't have the jurisdiction to prosecute -- melissa: he can refile it somewhere else. that different. >> would be different. same prosecution with different team prosecuting. >> different team prosecuting. >> guess if they negotiate with, if they want to settle it? mueller. melissa: interesting. melissa: thank you so much, judge. >> you're welcome,. david: next time get the judge and rudy on together. >> that would be wonderful. david: going from deficits to surpluses, why states all over
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the country are celebrating the new tax law. has marco rubio heard about this? we'll ask dan henninger from the "wall street journal" coming up. plus as the president is set to announce his decision on the iran nuclear deal, john kerry is reportedly out doing freelance diplomacy of his own. is that legal? we have a live update from the state department coming next. ♪ polident is specifically designed to clean a denture.
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melissa: so looks like a decision was made. president trump will announce the fate of the iran nuclear deal from the white house at 2:00 p.m. as british foreign minister boris johnson is in d.c. lobbying the trump administration to stay in the agreement. here from the state department is rich edson. reporter: that last minute push, they want the united states and the trump administration to stay in the iran nuclear deal. the latest part from the united kingdom.
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boris johnson coming to the state department, meeting with secretary of state mike pompeo. pushing the case to hold the agreement together, working on a larger deal to address iranian behavior. he writes in the "new york times," i believe we're very close to a position that addresses president trump's concerns and strengthens transatlantic unity. at this delicate juncture it would be a mistake to walk away from the agreement which pushes restraints on iran. they say they will stay in even if the united states withdraws. former secretary of state john kerry is quietly trying to hold this deal together. he is the guy that negotiated the deal. he is meeting with officials from iran, germany, france and the european. that was first reported in "the boston globe." to kerry's diplomacy, president trump quotes, united states does not need john kerry's possibly illegal diplomacy on the badly-negotiated iran deal. he is the one that created this mess in the first place. sources close to kerry saying he
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is meeting with his former counterparts like previous secretaries of state. trying to hold this thing together would be wise policy. melissa, back to you. >> i wonder if they realize the president would do exactly opposite kerry recommends. they could use reverse psychology. anyway, rich edson, thank you. david: here now is former ambassador lincoln bloomfield who will be testifying tomorrow before the house foreign relations committee about the iran deal. ambassador, good to see you. talk first if you don't mind about john kerry's sort of freelance diplomacy. i know it is unusual but what really bothers me is whether or not kerry is giving our enemies some information that might be useful against the strategy of our own commander-in-chief. what do you think? >> well, it doesn't look good. if he is actually trying to cut some kind of a deal with all of the players in the negotiation, then obviously that raises serious questions. i'm not a lawyer. there is an old law called the
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logan act that people talk about. david: right. >> i have no idea whether it's a violation. frankly the iranians have to know that former secretary and senator kerry is really not very influential with the new administration. what's interesting to me is that i wonder if mr. kerry understands that zarif, the foreign minister of iran doesn't carry much weight with the supreme leader of iran. i think they're both wasting their time. david: he should, mr. kerry, he has run for office, should understand if you lose an election, you don't get to set policy. it is that simple. the american voters voted for a change in policy. donald trump represents that change. he was quite clear on the campaign trail that he didn't like the iran deal. he was thinking of tearing it up. he may have changed that a bit. but the point is, kerry doesn't get to make policy because his party lost! >> that's right. here's the real deal. in 2013, when president obama was starting off this process he went to the u.n. and he said we're going to try to negotiate the nuclear deal, and, and we'll
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see if iran wants to become moderate and wants to become reformist and have a better relationship with the u.s. now we have the answer five years later. according to mr. pompeo a month ago they're not violating the deal but beyond that, we have the answer. iran has no interests at all in being friend with the united states. they are, burning up the middle east in every direction. david: we know the answer, ambassador. it is very simple. melissa and i both hit upon it with our reporter before we started talking to you. the iranians like it. if the iranians like it in my mind there is something wrong with it. is that too simplistic? >> here is what i would add. what we don't see very well, because mr. zarif smiles a lot and seems very comfortable with the situation iran is in a lot of trouble. that regime is on thin ice. the people, as you saw rose up in 140 cities and towns. even some clerics, ayatollahs are against the supreme leader being too political. there is real divisiveness.
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they're afraid what could happen. they're actually whistling past the graverd i can't. why president trump can step up the pressure. we'll see what his decision is. if he fines a way to do this with the europeans we'll be in a strong situation. david: mr. ambassador, in your testimony tomorrow will you recommend mr. president tear up the treaty or i shouldn't say the treaty, the deal? >> my job is go right down the middle to thread the solution, as mr. trump said when he was a candidate in the primaries, he said it's a contract. they're not violating it. i have no problem if he says, okay we'll stick to the deal but it doesn't cover enough. so we'll take care of ballistic missiles. we'll take care of human rights. we'll take care of all the trouble they're causing in the middle east with a much stronger policy. david: ambassador bloomfield, thank you for being here. >> thank you. david. melissa. melissa: disaster unfolding in hawaii. lava spreading across the big
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island forcing thousands from their homes. what residents are up against. that is coming up. david: 2018 midterms is kicking off tomorrow. why president trump is urging voters to reject one of the republican candidates in west virginia. why? we have the answer next. from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in down markets. so they're less concerned with market volatility and can focus more on the things they're passionate about. talk with your advisor about shield annuities from brighthouse financial- established by metlife.
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david: 2018 midterms off to a wild start. voters in four key states heading to the polls tomorrow including closely-watched west virginia. there republicans hope to unseat democratic senator joe manchin
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in november but there is a quite a ruckus going on. fox news's peter doocy is live in charleston, west virginia, with the latest. hi, peter. reporter: david, the president's opinion is very, very important in west virginia. he won by 42 points over hillary clinton in 2016. now he is telling west virginianss who will vote in the primary tomorrow not to back don blankenship. he says this, to the great people of west virginia, we have together a really great chance to make a big difference. the problem is, don blankenship currently running for senate can not win the general election in your state. no way. remember alabama. vote representative jenkins or ag morrissey. that message came as a surprise to don blankenship. he was in touch with the white house political advisors about the next steps if he would have won here. >> i went to them personally and talked to them, all along the path of this campaign to make sure they knew what we were doing and answer any questions
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they had. i don't know whether he doesn't listen to the political advisors that i was directed to talk to or what but they assured me that the president was neutral. reporter: so much of this primary has been a fight over who would help president trump the most. now two candidates have his support. evan jenkins, tells us he is elated. >> we're excited about the momentum. we're excited that president trump gave us a shoutout this morning. we feel really good. reporter: the attorney general patrick morrissey also in this race trying to do something else to diminish don blankenship, call his probation officer, because blankenship has not filed a financial disclosure. >> my campaign will be informing his probation officer in nevada about this issue right away, to determine if this refusal to comply with federal law violates the terms of his supervised release.
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reporter: blankenship though not expected to be hauled off in handcuffs before the election. he checked with his probation officer said, nothing to worry about. david: peter doocy, covering all bases as usual. well-done, peter, thank you very much. melissa. melissa: joining me, melody potter, west virginia gop chairman. boy, you got your work cut out for you right now. can i ask you first of all we heard recent polls saying blankenship is in the lead. is that how you're seeing things on the ground right now? >> well, you know, we're hearing rumors but we have not seen anybody produce a poll. but we all know what makes a difference who shows up on the election day. we've already had almost 70,000 people early vote. tomorrow is our primary. so what is going to down is who comes out to vote. melissa: what does that feel like right now? does it feel like more people are coming out than normal? what is the mood and volume like? >> well historically in west virginia during off-year elections i can go back to 2002
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elections, everybody is excited because they realize their vote is their voice. melissa: when you have the president intervening, saying, vote for either of these two guys, not this guy, what is the outcome of something like that likely to be? there is always a chance that it backfires, he splits the vote between the other two people and it actually helps blankenship? >> all 55 counties in west virginia voted for donald trump. we love the president. but this is going to be up to the voters of west virginia to decide who their nominee is. the voters are pretty independent-minded. we'll have to wait and see. but whoever our nominee is, the west virginia republican will get behind that person, push them across the finish line in november to beat senator manchin who is a liberal. melissa: there are people outside of the state saying they don't want to make the same mistake that was, was made elsewhere.
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that they don't want to repeat alabama. if you, blankenship is not actually, he is not able to win across the entire state. you don't think that's true? >> well i think they ought to leave it up it the people of west virginia. in other states it should be up to the people in the states who are actually voting. as i said earlier we'll do everything we can to push the nominee across the finish line in november, regardless who it is. >> melody, you have your work cut out for you. good luck. >> hey, i'm excited about it. melissa: i bet you are. it is an exciting race. >> thank you. david: exciting. you have three people and so much controversy, the president is weighing in. melissa: great for television. david: we'll be watching as well. meanwhile the folks in hawaii are watching destruction in action. our own reporter is on the ground with extraordinary close-up look at the lava. it is on the move, destroying great parts of this beautiful island. that's coming up. ♪
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melissa: absolute destruction on hawaii's big island as lava from the kilauea volcano continues to gush through the streets. william la jeunesse on the big island of hawaii where dozens homes were destroyed and forced his crew to row locate. william, what can you tell us. reporter: remember we had two major earthquakes in this area. there have been multiple eruptions since then from the kilauea volcano. in this neighborhood we got pictures, we were here yesterday, brief period of time. there is mandatory evacuation underway. they allowed a few people in to get items this is what it looks like. houses under fire. some swallowed up by lava. 700 homes are built by the rift zone. down from the crater or summit of top of kilauea. it is sending tons of hot magma down through underground tubes
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and haven'ting out literally at the subdivision. there are 10 active disruptions going on. the one you're looking at twice as long as a football field. we talked to residents as they turned from the burned-out neighborhood, filled with medication, appliances, pets. some homes are gone. some are untouched. >> my house is 200-yard from the initial erupt ture. i'm on the lower street. reporter: are you optimistic? >> absolutely. madam will do her thing. we will come back when she lets us. >> tools, electronics. reporter: official count, 26 homes destroyed. another 3structures if you will totaled. we went to a red cross shelter. about 200 people are sleeping there each night. unlike many disasters, hurricane or tornado, it is over. they get rescue, love, rebuilt. not this one. people have no idea when or how it will end for them. david: imagine seeing that out of your window?
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melissa: no, i've seen it in person. it moves so slowly but there is nothing you can do about it. david: nothing you can do about it. nature in its full fury. giving credit to tax reform. states are finding the federal tax cuts are helping budgets as the economic boom is bringing them more money to state covers. is this what it will take to satisfy the skeptics? dan henninger of "the wall street journal" weighs in next. ♪ it took a whole lot more. that's why i switched to the spark cash card from capital one. with it, i earn unlimited 2% cash back on everything i buy. everything. and that 2% cash back adds up to thousands of dollars each year... so i can keep growing my business in big leaps! what's in your wallet?
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david: tax and regulatory cuts are fueling a booming economy, which in turn helping a lot of states with their budgets. many states are reporting a positive fiscal forecast as a result of a strong economy but are these positive effects temporary? here now to react is dan heninger from "the wall street journal."
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he is also a fox news contributor. dan we've been hearing a long time from editorial page of the journal, steve mnuchin says it, larry kudlow has been saying it for years, a growing economy cure as lot of ills, including state budgets. >> that is what is being reporting right now. states like connecticut, governor dan malloy has been raising taxes. companies have been fleeing, aetna, general electric. individuals have been fleeing the state. the connecticut budget director, even they for the first time in years, their budget will not be on restraint because of revenue flowing in from economic growth. david: deficits are going to surpluses. another state that used to be free-spending, minnesota, minnesota will report a $329 million surplus. >> yeah. david: that is an estimate, looks like what they will come in. it is very simple. the more people work, the more they pay in taxes. the more companies make, the more they pay in taxes.
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i mean that's why a he going economy cures a lot of ills. >> if you're a democratic state, connecticut, minnesota, why would you not be in favor -- if you're a democrat, you have to ask why are they not in favor of tax cuts? going back to john f. kennedy when they cut taxes, revenue increased -- i have never understood, david, why democrats don't agree to tax cuts. take the money and run? the money flows in if you're in charge of the state, you get to figure out how to spend it. they won't do that. david: i remember a "wall street journal" editorial back in the 1980s, shows you how old i am, if you want to soak the rich as democrats claim you want to do, lower tax rates because they put more money in. >> as a result of doing more, producing more, bringing more people into the economy. i think the reason is, david, that the democrats have gotten to the point where if they were to cut taxes they would have to concede in some way that the government should step back and allow the markets to function.
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they're at a point in their party's ideology simply will not and can not do that. david: dan, it is not just the democrats. you have marco rubio coming out suggesting that the tax cuts do no good on an individual basis. yet, we find out another stat we can throw up there, senator marco rubio, real earnings, after taxes in the first quarter of 2018, real earnings, were 3.4% for individual taxpayers. that's a huge jump in income for individuals. >> yeah, exactly right, david. and also we had the employment statistics came out last friday and they showed that unemployment among black americans and hispanic-americans is at one of the lowest points it has ever been down around 6% -- david: why are not republicans picking up the banner and shouting it as loud as they can? >> that is really good question. i don't think they should be merely running on tax cuts. that is a phrase a lot of middle
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class people didn't get tax cuts but they are benefiting from a strong economy. jobs are being created. their relatives are getting jobs, people they know. incomes are rising. that is what, the way republicans should be selling this. look around you. see what is happening to the economy in your town, in your city. you can just feel the dynamism going on right now. david: yet you see republicans like rick saccone who ran in that special election in pennsylvania, he lost and he ran away from the tax cut message. maybe that will be a lesson as we look at the primaries tomorrow that republicans should jump on the bandwagon for tax cuts. >> west virginia, ohio, indiana, getting to the point getting a little difficult for even republican candidates to ignore the evidence in front of their faces. it is hard evidence about real people and real jobs, david. david: hope somebody would bang that into the head of marco rubio. he needs to be the first to understand it. >> he is very, very confused. david: florida understands tax cuts. dan henninger, thank you very
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much. melissa, over to you. melissa: why not. coming to a fast-food restaurant near you, calorie counts starting today. will it affect what you eat? ♪ they appear out of nowhere.
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my secret visitors. hallucinations and delusions. the unknown parts of living with parkinson's. what plots they unfold, but only in my mind. over 50% of people with parkinson's will experience hallucinations or delusions during the course of their disease.
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if your loved one is experiencing these symptoms, talk to your parkinson's specialist. there are treatment options that can help. my visitors should be the ones i want to see. melissa: one of the last obamacare rules in effect, required to post calorie exownt on menus and restaurant displays. david: for chains with 20 or more locations, even vending machines, i can't help but think this is part of reason why restaurants are disappearing in manhattan. melissa: you have to have 20 chains, i want to know, i am surprised by thing with lower calorie, said someone who weighed same thing for 30 years. david: the point is.
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a lot of restaurants complaint, they are real costs. melissa: the small restaurants don't have to it. david: a lot of small restaurants. melissa: here is evening edit. >> all president trump saying he will announce his decision on pulling out ofs iran deal tomorrow, politics money we have you covered, i am john in for liz, the evening edit starts n now. john: word that president made a decision on the iran deal. but first a big primary election day tomorrow, midterms

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