tv Varney Company FOX Business May 15, 2018 9:00am-12:00pm EDT
>> grey show everybody appeared to have a day, everybody. stuart varney, take it away. stuart: good morning, maria. good morning, everyone. my thanks to charles, josh and lives for doing all the hard work was lounging around. i want to thank you all. perhaps i should've stayed away. the market has gone up every single day of my vacation in on the day i come back, we'll put lower, sharply lower. two negatives here. home depot is down sharply dragging the dow down in the yield on the ten-year treasury taking up right around 3.04%.
the market doesn't like that, so we are down triple digits for the dow. no telling how we end the day. that is the market. amazon takes a hit from the seattle city council. it approved a new tax on workers. big businesses like amazon and starbucks. seattle has a homeless problem so it is same old, same old. business must pay. you got it, we want to, payout. one more item from amazon will open two more bricks and mortar stores that do not have cashiers. take something off the shelf and you are automatically charged. and then google, hard to believe this one. some staffers have resigned. they will not work on military drones or artificial intelligence for the military. they will not defend america. but we will. "varney & company" is about to
begin. i want to update you on the first lady. she had surgery at walter reed medical center. this news broke monday afternoon. train for a benign kidney condition. she will be leaving, according to the president to eat, the great first lady is doing really well. initially it was reported the president would be there for a week. the long-distance nancy reagan. underwent a. don't know why she went in. reports indicate neurologist theorizing noncancerous ngo myeloma. no complications or the surgery. a benign, possibly again with no information about this, but are saying perhaps a benign growth.
stuart: i'm sorry, and i sometimes have problems with the degree of intrusion into the first lady's privacy. she's not the president. she's first lady. liz: the president has said it was a long scheduled procedure. they voted for a scaled-down version of attacks on big employees. amazon, one of the big employers not happy about it. the city does not have a revenue problem. it has a spending efficiency problem. we are highly uncertain with the antibusiness positions for expending inefficiency will change for the better. the aforementioned former president cabinet when p. is with us now. five dollars per employee, per year. that is a lot of money. but the left is arguing that
only business has the kind of money required to fix the homeless problem. >> we are in the right problem. i remember when seattle had a large increase in a lot of jobs were lost. but part of that don't they understand? businesses will try and balance the bottom line and they cannot hold all the taxes they want to, but it's going to cost jobs and secondly, it's going to cost wages to be suppressed. stuart: i don't think the socialist seattle city council give a hoot. >> they don't. they just want to hurt capitalist enterprises. you're absolutely right. a lot of socialists on the council and across this country and as margaret thatcher said, the only thing with socialism is when you run out of other people's money and they try to take other people's money and not not going to work. what is going to say earlier, i didn't mean to interrupt. i've had an embolization when i was going through my cancer
surgery, and i simply means go when. it nonintrusive to cut off the blood flow to the bad parts you talked about. stuart: we didn't know about this. are you well now? >> i am 12 years a cancer done. not a survivor. i went through that procedure. but the city council, they just won't learn. workers have to find jobs. long-term, some businesses will either slow growth and some are going to even leave, but they are willing to acknowledge the long-term effect of taking an action like that. the homeless problem has been a problem of the businesses. that's another problem they're not addressing. stuart: thank you, sir. futures we will open the market in 24 minutes. we will be down about 150 points.
the government retail sales number show some weakness when you take out auto sales. that's got something to do with it. home depot sales growth forming short cooler weather in some states with the slower than did start to the renovation season. stocks down five bucks. so that is hurting the overall average. ge hit a two-month high and analysts said by that they had 14. market watchers dennis garvin is with us. on previous occasions he's told us if you like ge, he spotted a neoconservative now. dennis, is it going to 20? >> i'm not sure it will go to 20 next week or next year. in the next two or three years are probably goes to 20. i had bought it at 18. anybody began two weeks ago and
i'm ahead a little bit on the trade. if we trade about 15, i'll add more. i will do more of that, which is working on less about witches and by positioning ge is working. i like the dividend. the management is turning the thing around. the news has been nothing but extraordinarily irish and the worst is behind this long-standing great company here in the united states. stuart: the dallas e-mail has been up eight days in a row. -- vidal has been up eight days in a row. open 150. big picture we are starting a new leg up? >> we started a new leg up about a month and a half ago. it has been a bull market for several years in bull markets make new highs through the loser always higher, the hives are always higher. if i had -- if you make me buy
anything, i'd rather own the stocks of countries where the monetary authorities are being expansionary. a much more bullish in japan and interestingly of europe than i in the united states. it is a bull market globally in stocks want to go high year. stuart: got it. thank you indeed. are you in florida right now? >> no, i'm in virginia beach. actually, i live in softball, but we have to drive to virginia beach because we don't have a television station. stuart: there you go. dennis, welcome aboard if we will see you again soon. here's something that me away. one doesn't google employees have resigned in protest over artificial intelligence to a drug project. i've got to tell you, i don't care for this. these are wealthy young folks out there on the west coast and they won't defend america. >> i hope they have enough money to live a long time without a
job because what they don't realize is another technology company will not tire troublemakers. secondly, what part of national security don't they understand? the world is not safe everywhere and for them to use a liberal leaning and basically try to impose that opinion of war in general by saying we're not going to work on that, that is upside down. stuart: i don't understand it. >> i don't either. stuart: you work on computers or the military uses computers and software. >> it doesn't make any sense. stuart: you don't think they'll get a job elsewhere? >> it will be difficult if they identify where they worked and why they left and that's a legitimate question someone can ask. employers do not like to hire troublemakers. stuart: they will be principled martyrs. >> give me a break.
liz: the silicon valley bubble they live in. while other people are putting their lives on the line. stuart: thank you very much. checked out market again, please. 20 minutes away from the open and we are down about 140, 150 points. got it. you better check this out. an off-duty cop, a mom by the way, taking down an armed robber out of mother's day event. the moral of the story is this, don't mess with moms come especially if they're packing heat. new details coming in about the latest tesla crash. the driver says the autopilot was turned on when a car rear-ended a fire trap. that could be trouble for tesla. next, patrick morrissey, the man running against joe manchin for the west virginia senate seat. one of the states hit hardest by the opioid epidemic.
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stuart: less than six months until the midterm elections are joining us now, patrick morrissey, senate candidate in west virginia. welcome to the program. really good to see you. >> great to be back. thank you so much. stuart: you are up against joe manchin paired with your main line of attack? >> a couple things bigger start differences between my background and joe manchin. we'll start with joe manchin is a strong supporter of chuck schumer and with chuck schumer in charge we are talking higher taxes, more regulation and a strong opponent of president trump. west virginia is looking for a conservative fighter with a record of accomplishment. that is my background. taking on the obama power plant,
advancing conservative values and fighting the opioid epidemic. on all of those issues with a much stronger record, a much better position to appeal to west virginians and joe manchin. stuart: have you position yourself as a 100% down the line on how donald trump, president trump supporter? >> i'm a big supporter of donald trump. you should've seen he called in, i spoke to him on thursday. he is talking about to west virginia. he knows just how important the feed is because the reality is president trump won west virginia by 42 points and he's been here four times. i would love it if he came back another four times between now and november. stuart: west virginia has one of the worst opioid addiction rates in the nation. as you obviously know, president trump has talked about executing drug dealers. do you support that? >> we need to do everything
imaginable to go after this drug crisis and we have to tackle the problem holistically from a supply, demand an educational perspective. i've been leading on that front with a lot of enforcement actions and i think we need to be tougher on the drug kingpins. if there is intense and you have to be careful here, but if you know that these kingpins are poisoning people and causing massive death, the ultimate penalty should certainly be explored. stuart: is there any distance between you and president trump on any issue? >> i'm a big supporter of president trump, but i want to exercise where i have in common with him because he's done so much good for west virginia. stuart: would you tell us where you differ from president trump? i know you don't want to do that, but tommy anyway. >> i want to emphasize a stand for west virginia and a big supporter of this president because of his judicial picks, regulatory action in the trump tax cuts. that's a big plus for west
virginia, doubling the standard deduction. joe manchin was on the wrong side of it voting no and joe manchin has not been a supporter of president trump the way that west virginia really needs. stuart: you want president trump to come down to campaign for you? i would welcome that. we want you here as much as you can tell. stuart: he does occasionally watching the show. that was the pitch direct you to the president. mr. morrissey, thank you for joining us. >> thanks so much. appreciate it. stuart: back your money. the market still done roughly 150 points. a few negatives in play today, including a rising interest rate on the other the 10 year treasury. more detail on that in a moment. cynthia nixon, former star of sex in the city. she has become a major government oriole kennedy. she's bragging she's pushing your democrat governor even
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year treasury come your basic interest rates on the upside, three points or 5% as of now. investors don't like that. to brazil where an off-duty police officer being called a hero. liz: 21-year-old guy walks up with a 38 revolver to a group of women and children celebrating a mother's day event. this 20 year vet of the military police first kept her eyes on him. she was watching him the whole time and pulled out her pistol and shot him three times in the chest. he has since reportedly passed away. he later died in the hospital. she's the mother of two girls ages seven to two and is married to a police lieutenant. her name is scott the day silva. now she's been lauded in brazil for quick and heroic action. she was really afraid he was going to kill women and children at that event. he was there to rob them. >> pistol packing mama.
the new york state governor's race, cynthia nixon kennedy taking a shot at governor cuomo. here's the quote since i got in the race, cuomo has moved left. before the campaign is the overcome you get arrested by his own administration. this is typical throughout the country of democratic candidate pulling the party further and further to the left. >> it depends upon the state. new york, california and the district of columbia. keep in mind that the narrow lens of the media only shows those isolated moving to those events. secondly, if knee-jerk moves further to the left, the only thing left is the class. but it's not -- it is not across the country in one broad brush. i see it and hear it every day.
it is just an isolated state, isolated cities they give the perception that country is becoming more socialized. stuart: that is kind of bad news for democrats running in more moderate you two don't necessarily want to be tactically socialist label. >> exactly. an uphill battle for those running in the more moderate date. but now, the other thing is democrats want to create the perception that this is true across the country. it is not. stuart: do you think the republicans can hold the house? >> i believe they can hold the house hold the house and pick up some seats in the senate. stuart: very positive outcomes for republicans. i'm just going to get this thing. hawaii volcano eruption spreads again. ashley: yes, the pressure continues to build in the lava a flow of molten lava trying to find a way to get out of the ground, creating fissures in the
ground and leaving flying lava bombs, some up to 500 feet in the air. this lava, the temperature of these things is 1100 degrees. we also have noxious and dangerous gases coming out of these things, too. a thousand people have been evacuated. as this goes on, some of the escape routes out of there may be affected by the lava. time is running out on this could go on for a while. stuart: heaven forbid the top the way it did with mount saint helens. ashley: -- was even hanging on inkling. mount saint helens. he went over to europe. that's how powerful these things are. trade two yes indeed. my advice would be to leave. down on the opening bell this tuesday morning and we are going to be down about 140 points on the dow industrials. stay right there, folks. we will take you to wall street.
days in a row. i'm backstop shrugging your should percent and literally five seconds this market will be down at least 100 points i'm sorry i came back folks but here i am. bang, it is 9:30. it is wait a minute, it is up no there you go. down 100 -- and i sea of red on the lngd side now we're down 100, 102 down 99 okay i'm not going to say to stabilize after a minute worth of business but we're down 100 right from the get-go now that's the dow down .4%. compare that to s&p similar loss there compare it to nasdaq had is down .6% so you've got a bigger loss and tech stocks than about everything else check price of oil where are we this morning down 70 a barrel wasn't like that before it went away it was about 67. up two -- [laughter] never go away again.
home depot their sales growth apparently fell short -- the stock is down a buck 90 that's taken a few points off the dow. we've got more headaches for tesla. details on that in a few moment bees down sharply off $8 there back to 283. amazon they're going to open two more of those cashierless brix and motor stores here in america the stock is down $16 backing away from the 1600 level. it is tuesday, i'm back and so is liz. ashley, dr barton and mike murphy i'll start with amazon. they're opening two more many of those cashierless store. are they serious about getting back into high-tech brick and brick-and-mortar >> i was in seattle at the amazon store an amazing place to visit they're doing great there. the city is booming arranged them and no, this is a real push for them they've already concurred e-commerce and now they want to concur the brix and
tar a place to go after wal-mart share in the space. so this is real. >> a cashierless -- version of 7-eleven and what's at play? people walk out of the store not knowing what their total order is until they walk out so they could be spending more than they expected. >> got you. what do you got? >> i believe that this is a much big or amazon play not to build a million stores. they want their technology in every single store and that whole foods go but they'll be in kroger, wal-mart everywhere to have this technology you're going to be behind. >> that's very interesting. now i've got the point of story. okay look at a home depot please i'm told sales growth fell short of expectation. [laughter] cool earl weather in some states led to slower start to renovation season. but when the whole overall retail sales figures came out this morning 8:30 eastern time,
the market prompghtly sold off. why was that? >> because they hit the number in the bigger number the "empire" state resales number but ex-auto other big things it was stronger than expect sod that gives some inflation fear to the market. that's why we sold off immediately thereafter. i think home depot is fine buy it on -- buy it right now not pulling back. that's why because of inflation that's why the yield on ten year treasury went up is it it? not happening -- we need a little bit of inflation we need an improving economy you can't get one without the other it is going to come a little bit. so it is completely fine and like the r said in heel depot nothing to worry about. move along. [laughter] sh the dow is down 176 points to reminding you have that. okay. because i'm back. a lot going on with with tesla, another accident and a the driver says autopilot was on.
mike i don't get tesla and had all kinds of problems that can't raise money. it needs money. it can't produce enough 3, executive shakeup you name it they have a problem. but it is still at 283. it is, but i think this is hitting some levels right now stuart that technically could start to pierce levels that you wouldn't want to see so i've said, sell the stock if i remember among it and tesla sets up as a good short. elon musk was out this morning incomplaing about coverage that media is giving this accident. that tesla accident. i think that that is again -- shows negative signs for me great technology but i wouldn't want to own -- >> google remember that was talk in 2013. way back. way, way back. [laughter] yes. fascinating but maybe he wants to focus own -- >> google might get the better price than they would have gotten in 2016 if this thing keeps dropping not really gone up since then. but the technology mike is right. the cars are amazing.
the running of the company is not morgan stanley downgraded this morning adam johannes that's why their off big today after yesterday. crashed -- maybe he sells and focuses on space. which seems appropriate for him. we shall see. >> all right. get become to interest rates the yield on the treasury ten year treasury 305 we're still there 305 more importantly perhaps goldman sachs says that yield on the treasury the tenure could hit 3.6%. next year, that seemed like awful long way away to be worried about a long-term forecast and if we look at big picture how many years have we spent in total with interest rates at 3.6 or above? about 95 a% of the history of the treasury market. so that we can stand this our economy to mike's point a growing economy is going to bring a little inflation and higher interest rates that is a progression of the business cycle. nothing to see here folks move
along please. >> move along. [laughter] move along. get back on vacation. the dow is down 164 point at 24,700. look at ge, that stock hit a two month high, after an analyst from gabelion company down at 1460. then we have avengers infinity war that hit china. and it becomes the fifth biggest pimg ever a dis gnu movie, of course, that disney vir chummily unchanged don't forget about oil still at $70 per barrel. more important the price of gasoline keeps going up before i went away i think we were at like what was it 2.81 as e recall now back on tuesday morning it is 2.87 that is natural average by the way that's 54 cents gallon up from this time last year. you can afford is murphy don't worry about it. next case i want to talk about shale. shale oil please produce reverse
ramping up production as prices go up so how do i play this? if i expect prices to go up an -- shale oil producers moving towards that higher price point how do i play it? >> i think the oven answer would be to just get long energy means. so get along energy sector but i wouldn't rush out to do that right now stuart because oil made this big run up to where it is over $70 i would tell investors at home to not -- to overweight energy at this point and time. overweight energy when oil is at 40 and 30 and the the forecast are coming out where oil is going into 20s oil had a big runup to north of 70 and balance look for the growth and technology name we always talk about, don't chase energy. >> so irony is if they rush to produce more that ultimately bringings price down because it offset when is we're not getting out of iran and elsewhere so double edged sword. >> investigation force don't have a strong enough stomach and i include to buy energy stock when oil is cracking below 40 a
barrel. a strong stomach and i don't have it chipotle with a strong stomach don't for that either. >> been on vacation. i'm wrong. i should not say that i shouldn't be about that. stocks recovered nicely. their chief says company is still trying to fix its watch this -- queso recipe. i think it is delicious. >> that big of a deal? >> i guess. i can't believe why am i reporting that the chief says they have a problem with the queso recipe? what am i doing? >> it was so good. so low when they were so beaten down, this was going to be savior of the menu to bring more foot traffic back in and a didn't help and done other things that helped an i'm serious you doubted me about all day breakfast at mcdonald's not wrong about this one either. [laughter] stuart: queso to --
underestimate don't underestimate. say regurgitate but stock is actually performing quite well in the company is doing very well right now. >> they are. [laughter] foot traffic -- all right. stuart: facebook a popular personality quiz app a left 3 million facebook private information exposed on vulnerable website four years ago. so what? >> this is because it was sitting out four years these are popular quiz withs that tells you if you're e rot erotic or not and sitting out there for people to see and other tech companies poured in to find out the -- has a name attached to these personalities. so i repeat so what -- so what my fully expect any stuff is out there. don't we know this? the market says so what. i say so what as personal and company owner of facebook and
here's the thing. this again, cambridge professors can you believe it that that august institution who put it on servers and did not guard it as well as they would like. this is three steps removed from facebook when you get down to where data is at. >> million of facebook users so shut it down 3 million out of 2.2 billion -- okay. >> look stock is what -- is what 15 -- six or 7% away from its all time record high. >> every gain 135 billion since the -- enough said. enough said. on vacation give it a few weeks. [laughter] oh, did you hear that from murphy give it weeks new high is coming. >> north of 195 near term. stuart: i want to comment on this a dozen google employees have resigned in protest of the company providing artificial intelligence to emergency drone project. herman cain has that is not a patriotic thing. i don't think it is a very patriot tick thing but it effect
the stock? >> what next, google is in the running to bids on the pentagon's cloud contract. are they going to say that's $10 billion that money pungdz their jobs. that's the point and by the way, eric schmidt sits on pentagon defense innovation board to make him skid off of that board too. what's the next step here? >> do you think stock is down today? because some employees -- are not patriot snick >> -- no because nasdaq is down and i had to make this same decision out of college i worked for defense project coming out, and the defense -- by keeping military and our technology strong it is what allowed these people the right to protest and give another job after this whatted without that, we don't work. >> the voices of reason. murphy and dr gentlemen thanks for bailing me out on my first day back. much oblige good stuff. [laughter] check the big boards, this is the low of the day i do declare we're down 186 points as we speak 24,700.
what's next? i'll tell ya, netflix plans to spend big original content thousand we're talking billions and billions of dollars we'll deal with it. and president trump may give chinese phone makers of the epe a pass, deal maker and chief that's mr. trump getting done but as expected hate reverse coming out in full force we're all over it. before i had the shooting, burning, of diabetic nerve pain these feet... ... made waves in high school... ...and built a career in construction. but i couldn't bear my diabetic nerve pain any longer. so i talked to my doctor and he prescribed lyrica. lyrica may cause serious allergic reactions suicidal thoughts or actions. tell your doctor right away if you have these,
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come on in nicole you tell me. how much are they spending? >> they are spending up to $8 billion all origin nailing programming for nement netflix continue their strive and stocks down 1.5% today but up over 70% this year they're going to have over 1,000 piece of original content television show, film other productions, everybody you know stranger things 13 reasons why they renewed lost in space for season two. so they're going to be spending big time and they say that 90% of that puts viewers are actually watching original content. back to you. stuart: that's pretty good if i would say $8 billion is a lot of money. all right nicole see you begun later. thank you. let's gets to trade. the white house and china working on a deal it seems to help china's tech firm zte and american farmers at the same time here's what the president tweeted this morning. trade negotiations are continuing china they've been making hundred was billions of
dollars year from us from the u.s. i should say. for many years -- stay tuned. economist peter is with us now. peter, do you think that mr. trump is getting ready to make a deal? easing up on zte in return for them helping our farmers with agricultural products? >> i think it is more to it than that. i think we have also the deal for its acquisition of a dutch firm that does business in china and so forth. the real question here is that zte pose a threat going forward to national security or or in past tense because they mishandled sanctions opposed to being by intengt. and if that's not the case, then he's justified in making some kind of deal here and not really end of the trade talk but side deal with bigger issues going on but the american side so divide on what their octave should be that is trade is fighting among themselves that -- you know it's justified to do
that right now. >> well -- okay there's a trade core i got that. how do you know that they're fighting amongst themselves who's on who's side? >> you basically have the tension with the wall street perspective trade deficit is not a problem and then others in between. if you're looking at the stuff that light proposes some of its protectionists, but on the other hand if you look at larry kudlow's history and attitudes it's much more that this is not a problem don't poke an eye or stick in your bankers point of view and it's -- widely reported in places like wall street journal and they're not denying the fact that they have these decisions so much so when they're over in china they peel off munn chin for separately for talks. >> isn't north korea also a factor in the u.s. china trade toss because we need their help with north korea. that's all wrapped into these discussions is it? >> yes but i don't think they needs their help so much that we have to pay for it. because china has an interest in
this situation resolving as well. we only give them a big chip on that. they only have a big chip on that if we give it to them because at the end of the day if we have to do something about north korea china won't like what it means for them. >> what do you say at the a end of the day we don't have a radically different structure between the u.s. and china we have a wrath arer passive watered down agreement? >> i think that's where we're going. sh and i've written that and i think it's a bad thing. unfortunately the trump administration is very unified on security issues on north korea they know exactly what they want, and exactly how they want it to come out and what they're not willing to settle for. with china on trade, there are numerous opportunities for china to play divide and concur to cut some kind of deal that mr. trump can hold up and say is victory when it is not to get through midterm and reelection. i thinks that the real danger. they're playing american
political system very effectively. this deal on agricultural is an example. >> peter always a pleasure. see you again soon. >> take care. check that market in particular we call this the market scan, that's all 30 of the dow stocks as you can see, 28 of them are down. only 2 disney and a wal-mart are are up. imagine this, you're a progun teenager, a minor. who supports the the second amendment now a judge in florida rules that your identity must be made public if you are coming up against that state's new gun control laws. we'll ask the judge about about this in just a moment. your company is constantly evolving.
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remaining anonymous to longering an option for teenage plaintiffs challenging a sweeping antigun law in florida. all rise judge napolitano will explain it. now wait a second does young man i believe -- and he is filed a lawsuit opposing the new gun control law in florida. was it to be remained anonymous we want a name. defendant is governor of the state of florida. the plaintiff is not a minor. but a young person, a high school senior, the nra is
funding a rare lawsuit where all a parties agree on one thing. the nra boyed remain anonymous boy wanted to remain anonymous. the governor of florida said let the boy remain anonymous because i know what's going to happen to hmm wonings his name becomes made known. but the court rules do not permit it. when you are invoking power of the court you file a complaint you invoke power of the court to take money from your adversaries to change the law of your adversaries what had this is about. you can't hide behind a shield as and hide your name. but -- this young man where his name is revealed he will be almost certainly harassed all a the way down the -- >> my hat is off to the governor of florida he's running for the senate but who recognized that. even though he and his lawyers are defending the law, he and his lawyers recognize it's in the best interest of this person who is -- 16 or 17 barely out of childhood
nawm not be there so many judges all and thet the same they think but give it to them because judges view their job as resolving disputes and no dispute. but in this case, i believe that judge would have been reversed by an appeals court if somebody appealed it. because the court rule is pretty clear. you cannot file an anonymous lawsuit in the united states except under the narrowist conceivable circumstances in this young man does not fit in circumstances. >> and principle of i think you and i are probably in agreement that we do not like anonymous lawsuit it is that seek to take money off somebody else anonymously. ment because you don't know who is winning you don't know who is getting money or don't know who is causing change to start is another lawsuit and we wouldn't know that it is the same person. >> on the other hand, i think anonymity in this case is required because this young man is a minor. he's under age of 18 and he will be harassed something -- >> he won't be a minor before the litigation is over.
look if he wanted to stand on street corn with a mass gun and condemn legislation he could do it. if he wanted to deliberate lethal and down to legislation without saying who he is this is not election but legislation sorry the the law he can do it if invoking power of the court that prevents you from wearing that mask. >> you think you withdraw the lawsuit? >> no, with i don't these people are steadfast and he has the power and might and money of the nra behind him. >> good stuart it is so nice to see you back. awe -- awe, you mean it. >> i mean it almost. it is not the mother's milk of television. the same -- and awe, now this, socialists in seattle have finally done it. purring through a tax on business -- more on this tax the rich nonsense from the west coast you'll get my full opinion on that in just a couple of minutes. i think we did.
stuart: they did it. the socialists of the seattle city council pushed through a tax on workers. if you run a business there and you gross $20 million, you will have to pay the city $275 a year for every employee. and that charge will rise in future years. this fits neatly into the tax the rich nonsense that the left has been peddling for the november elections. seattle has a homeless problem. so the city council demands money from big business. it is always the same. you got it. we need it. pay up! seattle is ignoring the huge jump in revenues that business has already delivered to the city. it is roughly doubled in the last eight years, from two to over $4 billion. but that is not enough. it is never enough. seattle's new tax is just another example of the left's dislike of capitalism, and big businesses in particular. amazon and starbucks, they are
the city's two biggest employers and will be saddled with most of the bill. this is ridiculous. amazon guy jeff bezos detests president trump, and starbuck's howard schultz gone out of his way to make his company a social justice standout but the socialists have no time for them. they are after all, capitalists. it is called cutting off your nose to spite your face. seattle will not solve the homeless problem with this tax but it will chase jobs away. it should really be called idealogical purity because the socialists are not going help their fellow citizens but hurt the businesses they so thoroughly detest. the second hour of "varney & company" is about to begin. ♪ stuart: oh dear, low of the day
ladies and gentlemen. we're down 224 points. back down to 24,600. that is where we are. microsoft is one of the biggest losers of the dow. it's a dow stock. it hit all-time high yesterday. look at that, ouch. my pension plan is suffering. ashley: keep working stu. stuart: down 1 1/2%. i have to keep working. glad i came back. home depot one of the biggest losers in the dow. sales growth falling short. it's a dow stock. that is taking a few points off the dow, off 1.7%. disney, one of the dow gainers, avengers infinity war arrived in china. biggest film ever. disney just a fraction higher. tesla, a slew of bad headlines. morgan stanley cut price target on the stock. i want to bring in ben phillips, events share cio. ben, i will tell the audience what you've been saying.
they may not like this. you say sell, facebook, google and twitter. >> i think if you look at our whole approach at vent shares we look at policies. stuart: you bring in political policy in the future coming down the pike. >> exactly we think it gives you a heads up what happens to the company, overwhelm the economic data and overwhelm earnings potential for these companies when regulations change. stuart: you think regulation is coming from facebook, google, twitter that will affect their business model and longer term profitability. >> we do. people start pricing things six months, 12 months, out, 2019 we're look potential regulatory events may occur. the fine is capped 4% of revenue. that is massive. say the u.s. did the same thing, talking about a potential 20, 25% hit to facebook's eps. stuart: that is unlikely, isn't
it, america would hit facebook with a multibillion-dollar fine? >> we saw zuckerberg dragged into congress for two-day hearing fairly painful for him i'm sure. we think that is the beginning. we think more is coming. we think regulations are just starting. we put out a note. find it at event shares.com. three specific bills targeting social media companies use of data and how they handle the user data. stuart: you think it is bad enough to sole the three stocks. >> sell for sure. stuart: what about the rest of the market? you think we have had eight days of gains, we're down 197 down, is that the start of another leg up for the market, a summerallly? >> i'm not sure. we're more cautious longer term. we try not to look day-to-day or week to week. maybe we get a rally. i'm into the one to predict short term. we're looking at cautious 2019
earnings and looking to short stocks and etfs. stuart: viewers who may have fresh cash to invest you wouldn't tell hem to put it in the stock market, might tell them to put it into the bond market. >> i think that is not a bad place to go. we're approaching top of the cycle potentially. economic numbers are looking good. you have the huge optimism going on. that is the kind of thing that concerns us. we step back to say every one is very positive saying the market is going up is there too much euphoria going on? we are concerned. so we're starting to get ready to short the market. we're starting to get ready to take risk down in our portfolios. stuart: okay. we'll still have you back. fresh-faced young man. >> new opportunities out there. you have to know where to look. stuart: we'll look. ben phillips, thank you very much. >> thanks for having me. stuart: now this, president trump challenging congress to get something done on the wall or forget the vacation in august. here is his tweet. the senate should get funding
done before the august break or not go home. wall and border security should be included. also waiting for approval of almost 300 nominations. worst in history. joining us is nick adams, old friend of the program. green card warrior is his nickname. nick, i don't think that congress will appropriate the money. do you? >> no. it doesn't really look all that crash hot right now, stuart varney. i definitely agree with the president. before they go anywhere, before they go off jet-setting, wherever they're planning on going something needs to be done. on that note i must say you coming back today from your vacation, you're very tan, very relaxed,. stuart: makeup. let me introduce you to makeup. it works wonders every time. do you think, do you think the democrats absolutely don't want a deal on illegals? they want to keep this issue in front of the public, is that
where you're coming from? >> stuart, they are hanging their hat on illegal immigrants. they are hanging their hat on immigration. look, there has never been a better time to be an american. this last week that we have witnessed here is truly historic. i think president trump has eclipsed president ronald reagan of who i am a massive fan, have been lifelong, but i can tell you that i think this is the greatest president america has ever had, and i think that these people are clinging to the possibility of changing the cultures, of changing america because that is the only way that they can win this is one issue that they want to fight on. i just think it is so telling, that real americans support americans and phony americans want to support illegal immigrants over americans. stuart: tell me honestly now, do you think america actually wants
to build that wall? because i look, i don't know. i'm not really closely in touch on this particular issue, and i'm not sure which we would go, free vote, build the wall or don't build the wall, what do you think? >> stuart, i'm unswervingly convinced majority of americans want a 12-foot wall at least. it is for variety of reasons. number one, if we don't have borders, we don't have a country. number two, we want to send a very clear message, if you're not coming to america the right way you're not welcome. number three, we want to say if you come to america you have to be an american, there has to be buy-n you have to want to love the place. you want to work hard, make not take, give, not receive. join the place, not complain about it or change it. so i think there is definitely a strong desire, i have the great
privilege of being able to be in a different city in the united states almost every day by the virtue of the work that i do for my organization. i can tell you everywhere i to, i have people saying, nick, we need to build that wall. next time you go on "varney & company" make sure you tell stuart. stuart: okay. you told me. i hear it. nick adams, green card warrior. thanks for joining us. we appreciate you being with us. >> always a pleasure. stuart: sure thing. want to get back to seattle. as you know the city council passed a bill placing 275-dollar per worker tax per year on the biggest employers in the city. that money will be used to help the homeless so we are told. hillary vaughn is in seattle. hillary, amazon, give me their response. they're not happy about this, are they? reporter: no, stuart. they're calling the vote hostile towards larger business. they're making them question their own growth in their hometown. supporters say the richest man
in the world, jeff bezos is the villain. blaming him and other job creators in the city for poverty and homelessness in seattle. >> you would rather cause pain to homeless pain people then cause pain to jeff peace soes. reporter: critics of this plan say the city has plenty of cash. they think this is a money grab by city officials who aren't going to spend it to actually solve the problem. under this new tax amazon could end up spending 10 million more a year to cover its 45,000 employees in the city. amazon vice president says seattle doesn't have a money problem they have a spending efficiency. they plan to spend 32% on emergency shellers, trash pick up and pay raises for service workers. the goal, stuart to build a
little less than 600 apartments over five years from this new cash. stuart? stuart: we hear, you hillary vaughn, thank you very much indeed. see you soon. ashley: remarkable. stuart: you're shaking your head, ashley. ashley: i can't get over it. stuart: totally different subject. ashley: yeah. stuart: i am told we'll be all over the royal wedding here on "varney & company." that is news to me. a british baker created a life-sized replica of the couple. i believe you're looking at it. a sponge cake decorated with buttercream. took her 650 hours over five weeks. ashley: a million calories. stuart: legoland. they have unveiled a miniature model of the royal wedding. 11 people put 60,000 lego pieces together. it is on display from the theme park three miles from the royal windsor castle.
that would be the real windsor castle. stuart: team owners in the nba and nfl, turning their stadiums basically into casinos. that is an interesting story. we're on it. the tiger effect i should say. his presence at players championship boosting the ratings, best in five years. brian kilmeade joins us later. i'm back. lucky you. you are watching the second hour of "varney & company." ashley: yes you are. ♪ ♪ with expedia you could book a flight, hotel, car and activity all in one place.
the supreme court ruling that states can legalize sports betting. this is big. ted leonsis, owner of the washington wizards and capitals he is thrilled. watch this. >> for consumers this will be great because they are already taking action today and gaming and betting, playing fantasy at about $150 billion a year, and it has been in the shadows. stuart: joining us now is sara slane, senior vice president of public affairs for the american gaming industry. this is a very big thing as far as you're concerned. i got that i am carrying this forward. i am hearing that we may see sports stadiums turned into casinos. you sit down, got an ipad, place the bets on watching on any game you want, big screens all over the place, stadiums as casinos. are we going to see that?
>> this will depend how the state approaches their sports betting platform. it will be all about the consumer, providing the best entertainment experience possible for them. i don't envision a scenario by which you're going to see a bunch of casino per se at every single stadium or arena. i think this will be an innovative platform though, for both the sports betting industry as well as the sports industry. stuart: what do the games themselves, the clubs, the teams, what do they get out of this? >> look, they are going to be the biggest beneficiary from this. you're going to see more fan engagement, longer viewership of programs is where they really make their money. they have multibillion-dollar contracts with tv programs. more eyeballs means more revenue for them, more advertising, more sponsorship. this really will be transformational for their industry. stuart: can you bring me up to speed on this? is this, if a state legislature
says yes, does that mean that in that state you can bet on any sport at anytime wherever a bookie wants to make a book, is that it? >> so it will really depend on a state by state basis. right now 40 states that have casino gaming. you will see a brick-and-mortar experience or a mobile online platform emerging. stuart: can i place a bet if i live in new jersey, i can place a bet on a sporting event in nevada or florida, anywhere, anything? >> yeah, it will largely depend how the state sets up their program. we would advocate, professional, amateur sports are available to the about on. it is all about stamping out this illegal market. what is happening right now you have off-shore websites are providing the ability for consumers to bet on both amateur and professional sports. so in order then to move those
consumers to the legal regulated platform to be able to compete. stuart: seems like it's a bit like britain. i'm sure you have been over there. you can bet on anything anytime, any day anywhere. will we see that here? >> britain has largely a very successful sports betting platform. the english premier league benefit from that. so yes, that is pa great model for us to emulate. right here in the united states, nevada had legal regulated sports betting for the past 40 years. there is no need to reinvent the wheel. law enforcement, the leagues, sports betting companies all do work so well in tandem right now. stuart: you're happy, aren't you, sara? >> we're thrilled. stuart: why not just be happy. big smile. sara, thanks for joining us, we appreciate it. >> thank you. stuart: next case, different subject, violence in gaza after the opening of the new american embassy in jerusalem. "the new york times" calling it, can't believe this, a growth
desk spectacle in jerusalem. let's see what sebastian gorka has to say about that. he is with me later this hour. paying to move, rural counties in need of workers offering people big incentives to make the move to their county. we'll tell you what's being offered and whether or not it is working. ♪ it took guts to start my business.
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keeps going up. we have national average of 2.$7, national average, that is -- $2.87. smaller cities across the country need workers. as incentive, some of them, are paying workers to move there. jeff flock in indiana. jeff what are the workers offering workers to come there? reporter: if you don't, stuart, make it in the television business, would like to work in grant county, indiana. this town is booming, construction, all sorts of stuff. take a look what they're offering. they will pay you $5,000 towards down payment on a house. that goes a long way in this town. or, they will give you 20% off your rent. we're in a building now just being developed. they just, they don't have enough people to do the work in this town. phil bowers, jg bowers construction, you don't have the workers this is a job that you have to perform and you don't have enough people to do it.
>> getting carpenters trained and skilled with their craft has been very difficult. grants for grads programs helped us recruit talent. reporter: this is not just here. 's we walk back, victoria, walk back over here. this is not just going on here but going on all over the midwest. some people are paying off your student loans for you. some people are offering -- there is a town in iowa, offering free land. it is like the homestead act all over again. victoria herring is part of the county. why are you doing this? i mean this is public money now to bring folks here? >> we saw a need for employers here for skilled labor. it is crucial to do this. reporter: you have jobs, you don't have people. >> exactly. we listened to employers here. responded to the need. did something to bring them here. reporter: need a job? come to grant county, marion, indiana, they will pay you.
they will pay you. stuart: that is a really good story. who would have thought that the labor market would get to this point. our economy to this point. that is really good stuff. jeff, thank you very much. and rest of your crew. coming up, yes, seattle did it. pushed through a tax on workers. amazon, starbucks, they're big employers in seattle. i say it will drive jobs away. we have the tiger effect. his presence at the players championship, boosted the ratings big time, best in five years. brian kilmeade next on that. ♪
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oh, yes. this was, this was the song in the early 1960s, when i was a young teenager, you didn't want to be in the same room to listen to this with your parents this was out of bounds. twist and shout. i had long hair then. liz: you had long hair then? stuart: no, i had long hair in 1970. there is a picture which you will never see. ashley: come on. stuart: we're down at the low of the day, 207 points. 24,600 is where we are. big tech names. microsoft down a buck after it hit an all-time high yesterday at 98. it is down as are all the big tech names. how about disney? "avengers: infinity war," went to china. fifth biggest film ever. only one of the dow 30 stocks on the up side. just a fraction there in a big
down market day. the government of singapore, they own tenesec, that is their sovereign wealth fund. all their sovereign wealth goes into that fund. they cut stakes in goldman sachs, amazon, morgue morning, that is helping push all those stocks down. amazon down 30 bucks a share. that is a big drop. back to my editorial at top of the hour, seattle, passed a bill that will tax big businesses, $275 per worker, per year. come on in scott shellady. come on, i think we agree on this one. this is terrible. this is the socialists who hate capitalist enterprises. they don't care if they drive jobs away. where am i going wrong, scott? >> you're absolutely right. it flies in the face of conventional wisdom. it flies in the face of common sense. you're taxing things that you need the most. doesn't make any sense, anybody from outside looking in, you're right, center-left is the center
there, they go even way further left than that this is something that will hurt them, not help them. i don't understand why you want to bite the hands that feed you. that is exactly what you don't want to do and exactly what you need. they will pay the price. hopefully, shorter rather than longer. stuart: i think you got it wrong. i don't think care about driving away jobs. i don't think they care about biting the hands that feed you. i think they detest capitalists. they are bloody-minded, you know that expression, they are bloodily-minded, aren't they. >> this is the head tax started margaret thatcher, part of herdown faull. the next thing is living wage. all the rich people have to pay money for people that don't want to do anything. that is absolutely insane idea. those folks that want to go against capitalism, punish people working hard, doing the
best, that is what you will see happen next. stuart: let's get serious to talk about tesla. morgan stanley cut tesla's price target. series of bad headlines there. is another crash. driver says the autopilot was on. what i don't understand, the sea of headlines about tesla the stock is holding up relatively well. it is still around $280 a share. what is going on? >> number one, subsidies, who will stand behind that idea? there are a lot more injuries than regular cars. there is common sense, taking note there. but here is what i think. number one, i don't like the car, hard to fit in it, number one. number two, i don't understand where we have got all this demand coming from, so-called demand. stuart, yes it will help to see these oil price rally, that is going to be good for those cars, right? we have oil back 100 bucks, electric cars will be cool again. what we're finding as far as oil
in the fields, this will be toward the high-end of oil. we've seen oil going back down to 40, $45 a again, who will want the electric car that much? that will be expensive to buy and what happens to batteries and things that go along with it. i just don't understand where the huge demand for electric cars and driverless cars on top of it, where is it coming from? whose idea is this? why are we suddenly talking about it all the time? stuart: maybe because the cars themselves, originally the model s, is remarkably good car with extraordinary acceleration. that is it what i'm told. i have never driven one, but quality of the car and its futuristic elements. that is where the demand comes from. >> you and i have been a large part of making that car, right? because of government subsidies they have got already, number one. stuart, think about this. there are european countries stopped subsidies for electronic cars or for people buy electric
cars, they have seen sales pump up 80%. there is large part of the government helping this go a long way. we don't see a ton of competition yet. what happens when we see big ones start to compete. i'm not a big fan. i can't get in them that well. i think we'll see a lot of that field change going forward in the near future. stuart: scott, thanks very much for joining us. we hope to see you back in america at some point. >> i will be soon, very soon. stuart: we miss you son. come on back. thank you, scott. see you later. >> see ya. stuart: we've come back a little. we were down 211, was the low of the day. we've come back, we're down a minus 174. looks like we're actively coming back as we speak. we're down to 24,725. can you show me amazon's stock one more time please? like to see that again. it is such a big loser, and i think we're missing one of the stories. look, it is down 27. the story is that singapore's sovereign wealth fund, that is a giant fund with hundreds of
billions of dollars in it, they have cut back drastically on their holding of amazon. liz: by nearly half. stuart: by nearly half. the stock is down $27. 1574 right there. all right, it is tuesday morning. it is 10:30 six, that is time for brian kilmeade, host of the "brian kilmeade show" to join us now. brian, as you know the supreme court ruled, okay you can legalize sports betting if the state says yes, that is what you can do. the ncaa not happy about it. they say it undermines the integrity of collect athletics, what do you say, brian? >> no. they have done a great job undermining the integrity on their own. i will give them that. when the fbi is investigating you, basically telling you all your why is nevada, they were
grandfathered in. but it makes no sense. it certainly will be good economically. i do know it fuels the addiction for many, i get that, but there are a lot of alcohol i believes walking around seeing every bar as temptation. we don't leave a lot of bars in las vegas. the interest is strong. what the sports leagues say, they don't say it, but they know, a lot of viewership is buoyed by gambling. stuart: i can imagine going to giant the stadium there in new jersey, watching a football game, having ipad with me, placing bets, legally as i'm watching the game. you can do that. that will change the way we watch and go to a sporting event, wouldn't it? >> wouldn't maybe they could offer that.
we want to get people to games because homes are so nice they're not going like they used to and it costs so much. you might offer to come to a stadium, you might have a special opportunity to gamble in-house. that might be another way to attract you. that is the entrepreneurship. i'm showing off to you a little bit, stuart, let you know, something was to open up, radio could loosen up, i could go to fbn because i have that make money gene. stuart: you're welcome on fbn. that's a fact. i want to talk golf. you saw tiger's ratings at the pga. i think the best in five years. it was because of tiger woods. it is great to see him back, brian. >> he had a couple of downturnments including the masters but had three strong prior to that you're witnessing very average, thursday, friday. all of sudden on saturday he moved up multiple shots as he shot a 65 and then shot a 69 on sunday. people say he was 11th. watch how many were tied in second and third. people were saying the thing so convincing about tiger woods,
there was no element of his game struggling. he didn't have to drive because he wasn't hitting greens. he didn't have to worry about overcoming his bad short game. everything was hitting. it gives people great hope. i think high mark a few years ago was 5.7. he ends up getting 4.1 because of the surge. people like having him around and in contention. i will is a this, he has 14. jack nicklaus was 18 majors. if he gets to 15, you say to yourself, can we sell 16? you can sell 16 if you could get to 15. if he gets a major tournament win, people say he can close again. more importantly in his head he will know he can close ahead. i would love to see him get a coach, a cutting-edge coach. stuart: what? hasn't he got every coach under the sun? >> at one point. had one guy prior to back an i jury. one guy goat a book about him. he fired the first guy. a guy come in, assess skills at his age with back is surgeries
and say i know how to get you over the hump. he is so close. people love comeback stories. we loved to see george forman back in the ring, fighting fight after fight until next thing you know he is fighting for the heavyweight championship the we would like to see tiger get a few wins, this is the classy thing about nicholas, he wants tiger to beat it. stuart: ratings gold. get back to the radio job. >> all we do is talk about the royal wedding. stuart: you're on your own, son. brian kilmeade. >> all right. thanks. stuart: totally different subject, very serious stuff too. clashes leaving dozens dead at the gaza border after the jerusalem embassy, america's embassy in jerusalem opened. sebastian gorka says the palestinians are to blame. he is going to join news a moment. president trump will have lunch with republican senators this is afternoon. south dakota's john thune will be there. he will be with us in our next hour. more "varney" after this. ♪
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schumer. take a listen. >> there are just stark differences between my background and joe manchin. i will start with joe manchin is a strong supporter of chuck schumer, and with chuck schumer in charge, we're talking higher taxes, more regulations and a strong opponent of president trump. west virginia is looking for a conservative fighter with a record of accomplishment. that's my background. taking on the obama power plan, waters of the united states rule, advances conservative values and fighting opioid epidemic, on all of those issues we have a much stronger record, a much better position to appeal to west virginians than joe manchin. ♪ factory-trained technicians. or it isn't. it's backed by an unlimited mileage warranty, or it isn't. for those who never settle, it's either mercedes-benz certified pre-owned,
stuart: take a look at boeing. the reason we're showing you this is, that stock is up 88% in the last 12 months. okay, it is down today. but that has been a stellar performance. boeing right now, 3.41 per share. got that? let's get to jerusalem. the u.s. embassy opened with many u.s. officials in attendance of course. on a gaza border violence erupted leaving dozens dead. this is "new york times" opinion piece by michelle goldberg. i will read it to you. a grotesque spectacle in jerusalem. the sub headline, is a celebration, and a massacre. this gentleman on your screen is
sebastian gorka, fox news national security strategist and former deputy assistant to president trump. sebastian, the left clearly blames the trump administration for the violence in gaza. your response please? >> insanity, sheer insanity and double standard. so the palestinian authority wants to be recognized as representing the people of that region, at least the people who live on their territory, but they won't allow -- let's put this in a bumper sticker, stu. they won't allow a sovereign nation to have its own capital recognized by another sovereign nation as its capital? people died because the palestinian rabble-rousers were objecting to us opening a building in jerusalem. that is sheer insanity, stu. open a history book. open the old testament. jerusalem always was and always will be the capital of the israeli people and that you
incite violence where your own people die? that is mentally just incredible. stuart: the western europeans, i don't think they sent a single representative to the opening of the embassy yesterday in jerusalem. >> nor did the democrats, stu. think about that. stuart: yeah. >> the whole democrat establishment in washington, d.c., not one individual could be happy for our best friend in the middle east, israel, and snubbed that event yesterday. it is reprehensible. it is disgusting. not one individual. more democrats have met with louis farrakhan, a radical, an individual who has hateful attitude towards israel than went to see our embassy building open yesterday. that is indictment of their own party, stu. stuart: there is another side to the coin. if you look at the violence in the gaza border, israel was using snipers to pick off some of the demonstrators.
and there is a report that artillery shells were used to keep them away from the border and at bay. what do you say to that? >> well, look there is a technique, when a large mass is people becomes violent, it is, it has been established for decade, whether you're in northern ireland, whether you're in algeria, there are instigators, people who are responsible for the violence that, that create broader violence. they must be neutralized. this is not some new israeli tactic. if you want to save lives, you have to stop the instigators. but at the end of the day, who started it? who started it? who has the right to sovereignty? israel. who has the right to declare where their capital is? israel. and you're objecting to it on what grounds? nikki haley gave a speech, on what grounds do you deny a sovereign nation its own capital? there are no grounds. unfortunately the responsibility
for these deaths rest on the palestinians and the palestinian authority. stuart: would you hold on just for a second, sebastian, because the treasury department is just announcing new sanctions on iran. i will get back to you in a second. ashley: just a couple from the treasury department. one targeting the head of iran's central bank. the other sanctioning a particular islamic bank, al belad bank, islamic bank. those two entities are being targeted for sanctions. stuart: sebastian, two items here. the europeans objected to the embassy opening in jerusalem. i'm sure they will object to new sanctions on iran. quick response. >> they will whine and moan for couple days or weeks. guess what? american leadership is back. they will not cut off their nose to spite their face. they need america. they will follow america. stuart: whining and moaning, oh, i know it so well. sebastian, thanks for joining us, sir.
first lady melania trump still in the hospital after having surgery. the president visited her next. doc siegel updates her on her condition now. e-overs. then, use the ultimate power handshake, the upper hander with a double palm grab. who has the upper hand now? start winning today. book now at lq.com.
underwent surgery for kidney embowl lizzization. dr. mark siegel what is a kidney i am bowlismization. >> it is not surgery. it is threaded up the catheter to the renal artery. there it introduces some substance this is modern medicine a coil or a foam or a plastic or alcohol actually, into the artery and collapses the artery. why does it work in what i think this is, angiomylopoma that is fancy word for a tumor. that is vascular, loaded with blood supply. if i put coils in it, alcohol in it or close it, guess what happens? the tumor shrinks.
how does she know she has it? it could be asymptomatic or causing her back pain or nausea. could have symptoms that led to a scan which revealed a benign tumor in the kidney. stuart: when you hear the word tumor, immediately you start to get very worried. is there really strong cause for concern here? >> ought sly are not. one of the -- absolutely not. every one is so concerned, misplayed in the media. they say she will be in the hospital one week. that is not true. i will stick my neck out. of the president of the united states said she would remain in walter reed for two tore three days. here is my prediction. generally you're out one or two days. why two or three days in the case of first lady united states. because she is the first lady united states. you want to observe her more. that there is no swelling in the kidney area and no infection around the tiny puncture site or pseudo and an.
stuart: i feel uncomfortable asking for details of the first lady's medical condition. i'm uncomfortable to do that. she is entitled to privacy. if he were the president you have to know everything, he is the president of the united states, but the first lady i think we should keep her distance. >> white house press corps has been doing that they have not been revealing all the medical details. i want to be very clear here. i don't know the facts what i just said. i gave you the most likely scenario. i think you're 100% right, we're all nosey, aren't we? we don't have the right to know someone's private medical condition but we have every reason to believe a planned procedure here. embolization, that it is benign. stuart: that is what we want to know. she is well loved as first lady. we want to know she will be okay and that is what you told us. >> absolutely in couple days. stuart: dr. seeing gel, you
>> for a long time gas has had a to handle, in other words the first number on the gas station sign is a two, but not in california. it's a three. look at this there is a four at an increasing number of stations but this one near death valley charges way above four dollars. gallon. that is applicable issue. it's one of the reasons why, in california, of all places, there may be a republican renaissance. the national average for gas is $2.87. in california the average is 369. why so much more?
because the state government in sacramento insists on a special high-cost blend for its gas and it just imposed an extra tax to pay for road repairs. of course the greens love it. the wealthy elites can afford it, but the rest of the population has had it up to here. a million signatures were collected to reverse the tax. when californians go into the voting booth in november, are they going to kill the tax and vote for the democrats who first imposed it? no pay the gas tax is a wedge issue and it favors the republicans. wait. there's more. sacramento democrats are now telling californians which form of energy they must use for their homes. all new houses must install solar panels. it's only going to add a
- $12000 to the home. the mandatory inspection and cleaning costs are only three to $500. year and the average repair costs are only $650,000. yes the greens love it, your leads can afford and they don't care but one wonders what everyone else really thanks about it. you throw in the sanctuary state revolt, skyhigh taxes, the 20% plus policy rate and you have the makings of a revolution in the formally golden state. that is the right word to use. they have voted solidly democrat for the longest time but the left has made a mess of it. by the way, the most extensive gas station in the continental united states within california. i've got it somewhere and it is $4.79. gallon.
the third hour of "varney and company" is about to get began. i'm sorry, i was scrambling with my lines with the most expensive gas station. we will get reaction soon. i will be asking him if high gas prices are the biggest political issue. he will give a speech at the peace officer memorial service when the president starts talking, you will see it right here. also happening, president trump is having lunch with republican senators. joining us now is one of those senators. welcome to the program. good to see you. >> what you want to hear from the president. you want to hear his game
plans. >> i think bottom members will be interested in hearing what's happening in the negotiations with north korea what's happening on the international stage. also i think there's a lot of interest in our conference about the president's trade policies both respect with nafta and china trade and the broader question of the economy since the president has taken office is really taken off. a lot of good news out there and we will have those who want to hear from the president about the issues i mentioned. >> maybe he will mention this tweet that we put out. the should get this done before they go home. wall and border security should be included. senator, will you be prepared to stay through august to get funding for the wall.
>> our members are prepared to do whatever it takes to get these issues across this finish line. they are trying to throw roadblocks in the way of this president's agenda. he talked about nominations and that's a good example. literally, if you go to the last six presidencies combined, the number of times that they have been filed is now over 90. you take the last six presidencies combined and combined with what they're doing with that president and it means the obstruction tactics, the delay tactics are making it extremely difficult for the president to get his nominees in place and for us as senators to do our jobs as part of the confirmation process. they can use the rule to their advance. if we have to stay here through the month of august to get money for the wall and address other issues, so be it. >> if they said to you, get
rid of the filibuster, just make it a straight 51 vote role for everything, what would you say? >> i would say i am open to not entirely doing away with it on legislation but there are some issues, we should change the rules. the democrats should be able to drag this out and require 30 hours of post culture debate on nominees that are going to get 90 votes. that is simply a tactic. i would argue we could probably do away with the 60 vote threshold on the motion to proceed. they have been masters at blocking every single preparation bill that comes up on the floor of the senate. if we can get on those bills and open up the amendment process i think we could get some final votes. i'm not in favor of doing away with the 60 vote threshold but there are some areas i think we can make this work a lot smoother. i think the president is right to ask congress and the senate to make some changes particularly with regard to
nomination. >> senator john thune, thank you very much for joining us. >> let's go back to your money , it was down but not quite as much as we were, up 189 as we speak right at 247. rising interest rates, something about problem the yield on the ten year treasury has gone up a bit more. it's a 3.06% and goldman sachs says it could take up to 3.60% sometimes next year. higher interest rates, stock investors don't like it. home depot is a drag on the dow. it had a slow start to the selling season and the sub stock is down. that hurts the dow. tesla, morgan stanley has cut its price target for the stock. that's the latest in a latest headline. still holding. about amazon, way down. singapore souther sovereign
wealth cutting back big time on its investment in amazon and that stock is down $33. share. here's a number for you. 21% of adults have no retirement savings at all. zero. joining us now is jack, he's with wealth advisors. you are in wealth management. that's what you do. >> and then ask a question which is kind of out of your area but nonetheless, who's to blame. if 21% have no savings whatsoever, who's to blame? >> i'm not sure there's any one particular entity to blame. i think it's human nature. tent people tend to focus on the present day and not consider the future as much. i think the other piece could be the housing market, it may be that those who invested in a house expected have retirement from selling that.
we are disappointed given the housing prices, but you're right. 33% of single retirees claim social security is 90% of their income. it's a challenge. it's something we reverse. >> if you got no wealth, you can manage it for them. i would suggest this. when you go to work for a corporation of any size, i think you should have to opt out of the 4o1k program. in other words you are automatically in it as soon as you sign on. that's not the way it is. i think that's the way should be. what say you. >> it's part of your responsibilities as americans to make sure you are set for retirement. social security wasn't meant to be a pension plan.
more americans are relying on it. one of the things were noticing is if you look at the labor participation rate, as you know it's been steadily the declining over the past few decades. interestingly, the participation rate of americans 55 and up have actually gone up over the past ten years. largely because people need to work longer into retirement. people are healthier. perhaps 60 is the new 70 or 70 is the new 60. but probably the way to say it. >> i prefer that because i'm going to be 70 in a couple weeks time. i prefer to be the new 50. >> you look 60 to me. >> anytime you want to come back to me on set, you're on. host the show, why don't you. thanks for joining us. two items on the housing market. the inventory is at an
all-time low class wall street is now getting into the whole flipping business. samantha is with us on that subject later this hour. starting in 2020 most new homes in california have to have solar panels. we will be joined by the building association. they support this mandate. not sure i do, but they do. we will battle it out. the revolt against the century state continues. next, california republican and his take on skyhigh gas prices in california. we are waiting for president john to give us a speech any moment. stay with us. it is the third owne -- third hour of "varney and company". ♪ ♪ ♪ ♪
any moment president trump gives a speech at the national peace officers memorial service when they start to speak you will see it, you will hear right here on this program. three economists from the chicago bears say illinois homeowners should pay more in property taxes to wipe out that states massive pension debt. $730billion worth of unfunded liability. a massive amount. these economists, they want a new statewide tax. under the deal, the tax deal would go from 116 to $16000. they say the tax could plug the states pension gap in ten years. how many people leave the state?
let's go back to my take on rising gas prices. what you're looking at is a picture from the viewer, it's a gas station near death valley and as you can see, all grades are well above four dollars. gallon. come on in republican party chair. jim, i say this is the biggest political issue in california. democrats, republicans, independents, everyone hate it. what say you? >> i absolutely agree with you. when jerry brown first ran for governor he promised he would not support any taxes that have been approved by a vote of the people. he kept that promise for about four years. this was one that was passed by the legislature, signed by the governor, and i think the reason he violated his promise was he knew if you told californians they were going to pay 12 cents a gallon and we were going to raise five-point to gallons. year and we were going to be on what the administration calls a rogue diet.
if you told them they would pay the extra tax and we won't add one highway mile or one additional road, the voters would reject it. stuart, i think you're absolutely right and the voters will have a chance to weigh in on this. i think it gives you an in. i want to talk to you about this revolt. it really seems to be growing. mariposa county is the latest addition to the list. they are authorities opposing century state rules but i will put on the screen the counties and cities opposed to the law. as our viewers can see, most of them are located in southern california. a lot of places on the south. jim, when does this revolt spread? >> the last time i checked there was nine counties are now oppose the century state law and about 35 cities. the rogal started in southern california with san diego and orange county and a lot of cities, los alamitos, but
mariposa county is up in the central valley. we are now seeing this up and down the state. there is a scientific principle that is for every action there's an equal and opposite reaction and the people representatives and the city are reacting to the democrats who would rather protect people who are here illegally than citizens in their own cities. >> for long time i said in my lifetime you're not going to see a republican elected to statewide office in california, but jim, i'm beginning to walk that back a little. i think you've got a shot. i've gotta leave it there because of the time. jim, come on back and keep us informed on the revolt we want to hear about. >> different markets. we have to check them all. the price of gold this morning is down. i mean big time. it's up $23 below $1300. ounce.
have a pickling? when i left for my vacation ten days ago we were about $9000. coin. now it's 8500 and were down $140. now this. heading to the polls in pennsylvania oregon, nebraska, idaho. the primaries could set the stage for a few key races come november. pennsylvania got a lot of attention, it's the state's first election since it read through its congressional map. and they're looking to flip the democrat seat in the senate. they will face state representative jim christiana. the winner will go up against democrat senator bob casey in the fall. listen to this. bernie sanders son levi is giving credit to president trum trump. he says the president has done an incredible job boosting voter self-esteem, and then he slammed the democrats. we will tell you what he said.
and we are waiting president trump to give a speech at the national peace office memorial service any moment. stay with us. you'll hear from him directly. more money in a moment. more "varney and company" in a moment. ♪ ♪ ♪ ♪ man: i got scar tissue there. same thing with any dent or dings on this truck. they all got a story about what happened to 'em. man 2: it was raining, there was only one way out. i could feel the barb wire was just digging into the paint. man: two bulls were fighting, (thud) bam hit the truck. try explaining that to your insurance company. woman: another ding, another scratch. it'll just be another chapter in the story. every scar tells a story, and you can tell a lot more stories when your truck is a chevy silverado. the most dependable, longest-lasting, full-size pickups on the road.
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this is a pinball machine. one woman used 815,000 lego bricks to build it. it is fully functional. the whole thing is made of lego bricks and rubber bands. the creator spent 300 hours building this thing. it does work. nintendo is bringing back its classic nes game counsel next month. it was first released in the 1980s. they re- released it in 2016 and it totally sold out so they bring it back again. it comes stock with 30 classic games including super mario brothers.
a diamond omega watch that once belonged to elbows just sold for $1.8 million. it's the best price ever for an omega. it's 18 karat white gold. it was a gift from his record label. he got in 1964 selling 75 million what records worldwide. two items on the housing market. sales are at all-time low. plus wall street is getting into the home flipping business. should she be worried about flipping houses? then we have legalize sports gambling. this could mean big revenues for states like new jersey. does this mean governor murphy will not have to raise taxes in my home state? we're waiting president trump any moment. he will give a speech at the national peace office memorial service. you will watch it when it starts. more "varney" after this. ♪ ♪
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the national peace officers memorial service. as soon as the president starts, you'll go there and see what he's got to say. as for the big board, we're off the low of the day, we're down 194 at 24,700. 27 of the dow 30 are down. some headlines on housing, the inventory of homes for sale at an all-time low and, second, wall street getting into the home flipping business like kkr, goldman sachs. they're issuing loans to people to buy, renovate and then resell homes. samanthaty by yankee is with us. you're a broker. i mean, they're invading your turf. you've got to be worried about this. >> i mean, not so much. as far as home flippers as a whole, home flippers made up 6% of homes sold in 2017, that's up from 2016 where it was 5.7%. we have no inventory right now. i mean, according to the
national association of realtors there's only 900,000 new homes that are predicted to come on the market in 2018. we need be 1.3 million homes just to meet normal population growth. so whether it's a house flipper, whether it's wall street firms buying and writing these loans for flippers, nobody's going to take business from me, everyone's going to work with me. i'm not concerned at all. stuart: but the big problem not necessarily for the brokers, the big problem is from buyers. because when wall street money arrives for used homes, existing homes, that pushes up the price. and there's already a very, very low inventory of homes for sale in the first place. newcomers to the market could have a very hard time getting in. >> right. well, again, like we said in previous weeks, you know, home buyers, they're a lot more savvy, they're a lot more educated. and i will say home prices are increasing. the national association of realtors has said that home prices are expected to increase by 4% over the next 12 months,
and some states like washington and colorado they might even see price gains of 8%, which is nuts. but with that said, buyers aren't really all that concerned because they will wait, they will rent, they will sit on the sideline until they find something they want, or they'll also buy something that might need some renovations. they might say, well, this is kind of a fixer-upper. we'll buy something that's maybe less expensive, carry that mortgage. once they save up some extra money, time and convenience, they'll also put that money into their home. they'll build that equity, they'll add some upgrades, and then they too might also become a house flipper one day. stuart: i think you're being awfully relaxed about this because if i'm a first-time buyer or somebody in my 30s, a second-time buyer, i don't want to be waiting around while prices and interest rates rise. i want in now. and your industry -- >> i mean, but, stu, you bought a house at a 12 interest rate.
rates right now for a 0-year fix -- 30-year fixed is about $4.5%. so that is -- there's no comparison. it is still a great time to buy if you can find the right house and if you have the money. it is definitely a great time to buy. and if you don't find that home, it's okay to rent until you do find that because we all say there's no inventory, there's nothing out there, and so many people -- whether it's house flippers or, you know, new construction -- we're trying to get that out as quickly as possible. so i definitely don't think there's any issue here, and buyers don't have to worry, they just need to be patient. stuart: well, that's interesting. don't need to worry, there's no issue here. they just have to be patient. well -- >> patience is a virtue. stuart: we have some opposition to what you're saying in our studio right now, but i don't have time to get into it. samantha, we'll see you again shortly. thank you very much, indeed. >> thank you. stuart: the supreme court, as you know by now, i'm sure, will allow states to run sports betting. come on in, new jersey senate
prime minister -- president steven sweeney, with whom i have sparred many times from my home state. steve, new jersey's governor, he wants to raise taxes. now, we've talked about this before. but if we we get sports betting in new jersey, that could supply some much-needed revenue for the government in trenton, and maybe governor murphy won't be pressing so hard to raise taxes. what do you say? >> well, stuart, you know, it is going to be a benefit, and i really want to thank governor christie and former senator ray lesniak for leading the charge, but this helps our situation but doesn't fix anything. we can't raise enough taxes to fix the structural problem that we have. there's a structural problem in the state of new jersey, that's why you keep hearing me say it's a last resort. we've got to start fixing things instead of taxes things, stuart. it's pretty common sense. we can't fund this stuff anymore. stuart: well, are you still at
loggerheads with governor murphy? because he wants a millionaires' tax, and he wants to raise taxes generally speaking. i don't think you do, and you run the in new -- the senate inw jersey. are you still at loggerheads, the two of you? >> i think there's still a disagreement on whether there's a need to raise taxes or not. again, stuart, we could tax everything, and at the end of the day you still won't fix the problems in new jersey. there's structural problems with the pension and health care and things that are billions of dollars, and growth in the economy, you can't grow the economy enough to fix the problems. and as you know, taxing the, taxing everything more is only going to slow the growth in the economy. so we're in a situation right now where we have to have an honest discussion on what we can afford and what we can't. i went through the budget the other day, and we're not funding education, higher education. we're not funding education properly. there's a lot of things we're not funding, and even if you raised all these taxes, you still wouldn't fund it because we have structural problems with
the pension and our health care programs. stuart: are you committed the paying the pensions which are owed to retired government workers? because that's a big nut to crack. are you committed to paying them? >> yeah, i'm committed to paying them, but i also there needs to be a discussion like we need to be in 2011 this time with the unions on how we fix them going forward. we're not paying or funding anything anymore. we're going to be, within a couple years, doing nothing but funding pensions and health care, and everything else is falling off the table. and that's not good because this is priorities that we all have that we care about that need to be funded. stuart: yep. i hope you come back, steven, because obviously it's an intractable problem, and you're almost an experimental state because you've got to do something about it. come on back and tell us what you're doing, please, because we're all interested in this. steven sweeney. >> thank you. thanks, stuart. stuart: seattle did pass the tax on large businesses like amazon and starbucks. they say it's to fight
homelessness. big business going to pay $275 each year for each full-time worker. they're going to raise maybe $48 million. amazon's not happy, here's the quote: the city does not have a revenue problem, it has a spending efficiency problem. we're highly uncertain whether the city council's anti-business spending will change for the better. despite the vote amazon did say it's going to go ahead with planning for a major downtown office building that it had put on hold over objections to the tax. starbucks also opposed, they're the a big employer in seattle. they said no one believes the city can make housing affordable. i'm going to quote you the stock, nothing to do with the tax in seattle. amazon is way, way down today, down $31. the singapore sovereign wealth fund has pulled out of its big amazon investment. and starbucks, well, they're down slightly for the year. they are actually down a little bit today. not had a great year there on starbucks. next case, look at this.
video from hawaii. the kilauea volcano erupting, and it's sending what are called lava bombs hundreds of feet into the air. a lava chaser says he ignored evacuation orders to capture this video. some of these lava bounds are about half the size of a volkswagen beetle. next one, two-month high on ge stocks after an analyst said is buy the thing. well, they're selling it a little bit today. it's at $14.65. avengers: infinity war, a movie, it's arrived in china. it is the fifth biggest film ever. disney's up just a tiny fraction. by the way, that singapore government sovereign wealth fund, they did buy -- not sell -- they bought 70,000 shares of disney recently, and the stock is up just a tiny fraction. starting in 2020, california will require most new homes to have solar panels. you've got to have them. very soon we'll be joined by the
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is an act of mutuality. we can help with the financial ones. learn more or find an advisor at massmutual.com stuart: president trump is about to spea gathering of police officers and law enforcement officers. he's just being introduced at this point. he's going to stand up and make that presentation, and you will hear it when he starts. it's actually taking place on capitol hill. as we await the president, i'm just going to get this brief reader for you. >> yeah. stuart: it's interesting, this is why i'm doing this. bernie sanders' sop, levi, he's giving credit to president trump. he told a british newspaper that the president has done an, quote, incredible job boosting voters' self-esteem. he slammed the democrats. he said the democratic party has done a very poor job of bolstering people's confidence
and self-esteem, and that has significant consequencings when it comes to reaching out to lower class people. when hillary clinton used the word deplorable, that had a significant effect on so many people. yes, sir, it really did. levi sanders is running for congress in new hampshire, he is running as a democrat. >> wonder what his father thinks about that? be interesting over the dinner table. stuart: i wonder. is his son a democratic socialist like his father? >> no, maybe he's a more moderate democrat. who knows? >> the working class democrats do feel abandoned. stuart: yes. >> they're working hard to make better lives for everybody around them -- stuart: let me get this in before the president speaks. in 2020 california will require you must have on all new homes solar panels. our next guest is a big supporter of this. his name is bob ramer with the california building industry association. okay, bob, look, i disagree with this on principle because i want to decide what energy i want in
my house. i realize it's very good for you guys, you contractors, so make your case. why is this a good thing? >> well -- stuart: i'm sorry, bob, i'm terribly sorry. i've got to interrupt you. the president has just taken the podium. he's just approached the microphone, and he's starting to speak. let's listen. >> thank you very much, chuck. [applause] i want to start by saying that melania is in the hospital doing really well. she's watching us right now. and i want to thank the incredible doctors, walter reed medical center. they did a fantastic job, so thank you. [applause] she sends her love. i also want to thank jim pascoe, linda happyny, chaplain wiggins and everyone at the from term order of -- fraternal order of police. and all you do to insure our
brave people that we're so proud of, we are honored to have these cherished officers, and we're honored to have all of you with us today. and it's my great honor to be here for the second time, and i'll see you i guess about another six times. and then after that perhaps -- [cheers and applause] perhaps you'll have had enough. [laughter] [applause] we stand with our police, and we stand with you 100%. and i think we've shown that. vice president pence, members of my cabinet, members of congress and distinguished guests, thank you for joining us on one of the most important and solemn occasions of the year. the day we pay tribute to law enforcement heroes. and that's what they are, heroes, who gave their lives in the line of duty.
they made the ultimate sacrifice so that we could live in safety and in peace. to the families and survivors with us this morning, i know today is filled with sadness and pain. but today is also filled with love, the love of an entire nation wrapped its arms, and they have wrapped their arms right around you. they love you. they're praying for you. they're grieving with you and pledging to you that we will never forget our heroes, ever. [applause] and thank you, thank you. [applause] you know what i mean. [applause] you know what i mean. they're looking down, and they're proud of you, and they love you so much. thank you.
the morning i especially -- this morning i especially want to speak to the young sons and daughters who join us here today. i want you to know that your moms and dads were among the bravest americans to ever live. when danger came, when darkness fell, when destruction loomed, they did not flinch, they were not afraid, they did not falter. they stared down danger, raced down alleys, chased down criminals, kicked down doors and faced down evil. brave. and they did it all with courage, with dignity, with pride, with love for their nation and with love for their families. they lived every day of their lives by that most sacred
calling, to serve and protect. their immortal legacy lives on in each and every one of you. their strength lives in their soul, their courage glows in your heart, and their blood flows in your veins. and today every american heart bleeds blue. [applause] that's for sure. this morning i want to share with you the american people a few stories about the heroes we have gathered to celebrate and and remember. with us today is the family of lieutenant aaron allen. special. of the southport police department in indiana. his wife, stacy, and his two
sons tj and aaron, where are they? where are they? where are they? yes. thank you. [applause] thank you. thank you. [applause] lieutenant allen was an air force veteran. after his service he followed his childhood dream to become a police officer. he served in law enforcement for 20 years. no job was too great, no job was too small. he took extra shifts at night, and he was always available. he stopped by to say hello to members of his community. during christmas time he took children in need shopping for presents. he was always there more anybody that needed him -- for anybody that needed him.
in 2015 he was given the officer of the year award after saving two lives. last year lieutenant allen walked his son to the bus for his first day of kindergarten. just hours later, lieutenant allen was shot and killed mt. line of duty -- in the line of duty. since then the whole southport community has come together to support the allen family, and i hear that if you go to the the police station, you'll find that 6-year-old aaron jr -- and he's up there, and he's giving orders. and he is respected and loved by everybody there. and his father was a true hero.
to stacy, t.j. and aaron, today all of america sends you our love and our support. allen will live in our hearts forever. thank you. [applause] incredible man. today we are also joined by savannah and isaiah hartfield along with their amazing mom, veronica. where are you? where are you? thank you. thank you. [applause] thank you. we honor their father and husband, officer charles hartfield of the las vegas metropolitan police department.
as many of you remember, officer hartfield was off duty attending a concert with veronica when that horrible shooting began in las vegas last october. officer hartfield, an army veteran, immediately leapt into action rescuing the wounded and shielding the innocent. you all read about it. i remember it so well. as he did, he was shot and killed by rounds of gunfire. he knew he was right in the path, and it made no difference. he gave his life so that countless others could live. savannah and isaiah, your dad was a guardian angel to those in
need. now he is keeping watch on you from heaven. very special family and a very special man. thank you. thank you very much. [applause] also here with us today is the family of border patrol agent rajulio martinez from el paso, texas. agent martinez, known as roger to his friends and family, worked on a dangerous part of the southern border, a part that you've been reading about so much lately. and a part that we're doing a lot with. agent martinez took immense pride and joy in serving his country as a border patrol
agent. finish he was extremely proud of what he did. every day he would go to work and risk his life to keep america safe. roger said he wanted to prevent terrorists and drugs from coming into our country. we all do. and we're going to get it done. but that's exactly what he did. he bravely confronted the cartels, the smugglers, the human traffickers, the gangs that threaten our communities. one night last november agent martinez died in the line of duty. it was horrific, it was violent, and he was brave. to agent martinez's mom, eliva,
his son sergio and the entire martinez family, roger's profound and unselfish love of country is an inspiration to every american; everybody here and everybody here and to me, i can tell you. [applause] a great inspiration. thank you. [applause] we will always remember agent martinez, and we will honor his noble sacrifice by continuing his vital mission. the first duty of government is to protect our citizens and the men and women of dhs are on the front lines of this incredible, heroic fight. that is why we are calling on congress to secure our borders,
support our border agents, stop sanctuary cities and shut down policies that release violent criminals back into our communities. we don't want it any longer. we've had it. enough is enough. [applause] recently, ms-13 gang members called for the assassination of new york city police officers so the gang could, quote, take back the streets. they got it wrong. we are the ones who are taking back the streets. we are getting them out of our country by the thousands. [applause]
every week we're setting new records on -- we have a catch and release program too, it's called we catch 'em, and we release them in the country they came back from. we're getting 'em out. [applause] or we're putting them in prison. the trump administration has a policy, and it's very clear: we will protect those who protect us and who do such a great job in protecting us. [applause] that is why, as i promised all along, that we are allowing local police to access the surplus military equipment they need to protect our officers and
is law enforcement agents -- and law enforcement agents and save their lives. and they are taking equipment at a record clip. millions and millions of dollars of surplus equipment is going to our police departments. [applause] if we want to bring down violent crime, then we must stand up for our police. we must confront and condemn dangerous anti-police . can you believe there is prejudice with respect to our police? we're not going to let bad things happen to our police. [applause] so we must show appreciation, gratitude and respect for those
who police our streets and patrol our communities. in 2016 an officer was assaulted in america on an average of every ten minutes. can you believe that? it is outrageous, and it's unacceptable. we must end the attacks on our police. and we must end them right now. we believe, criminals -- [applause] all right. we believe criminals who kill our police should get the death
penalty. bring it for the. [applause] doctor -- forth. one of es mo alarming crimes taking place against our police is ambush attacks, think of that ambush attacks. i have directed the justice department to do everything in its power to defend the lives of american law enforcement. we are honored to be joined today by the family of detective murisitisffamilia. the detective