tv After the Bell FOX Business May 25, 2018 4:00pm-5:00pm EDT
points. nasdaq holding on to gains of 8 points. [closing bell rings] oil will con to be the big story in the after-market. it is still in the after market session down three dollars. have a safe holiday. cheryl: stocks are not ending the day the way they began the day. indicative of entire week. stocks slip on the last trading day before the holiday weekend. the dow ending down 60 points. kind of settling in. we have finished higher for the week for the dow. s&p is fighting for a comeback in these final moments. nasdaq has it in positive territory. weave got that. s&p, it is not going to make it. hello, everybody, i'm cheryl casone. i'm in for melissa francis. >> good to see you. happy friday. i'm david asman this is "after the bell." so glad you could join us. more on the big market movers but first here is what else we're covering for you. yes, ladies and gentlemen, it's a very busy hour and it's not
over yet. president trump signaling a north korean summit could still happen next month. white house has reopened talks. back in business, the trump administration striking a controversial deal with chinese telecom giant zte. you think it had anything to do with the north korean negotiations. the company had been banned from operations in the u.s. after violating sanctions with iran and north korea. details of the new agreement. reaction is pouring in and what relation it had, if any to the north korean developments. forbes media chairman steve forbes will weigh in with us. new political firestorm brewing after a top democrat says a classified briefing revealed no evidence of an fbi spy in the trump campaign despite evidence to the contrary. a look at what happens now. cheryl: obviously a lot of news breaking out of washington. back to these markets. got to talk about oil today. that was the big story. plummeting and dragging the dow
lower. particularly energy names. nicole petallides on floor of new york stock exchange let's bring in larry shover from the cme. saudi arabia and russia reaching a deal to end their one-year freeze. how significant is this and for oil prices moving forward? >> it is potentially very, very helpful to the market as judged today. hard to believe oil is trading $5 higher just four days ago. i think more than the headlines. i think added to the moving pieces in the market. starting on wednesday when we had the inventory report that nobody really looks at. they both came out moderately bearish. crude end products, bullish for distillates. we had 10-year yields dropping. keep in mind they were 3.06 on tuesday that doesn't help a lot
with the market. then the whole thing with opec. a lot of longs liquidating their positions. the fundamentals are still the same. price action and market was priced to perfection for a very long time. cheryl: larry, thank you so much. great job from the cme. nicole, oil is having a big effect obviously on the dow and big energy companies. >> that's right, with that big selloff larry spoke of, biggest selloff in 11 months. you can see that weighed on our markets. we had back and forth action. the dow managed to finish down a quarter of a percent. i will get to the weekly numbers in a moment. nasdaq squeezes out a gain. we can see chevron, exxon weighing on the dow jones industrial average. those were among the big laggards for the week
we'll look at foot locker, not only food locker to nike and under armour. to the locker came out with same-store sales numbers on the rise after quarterly report showing demand. the stock is up 20%. what a move! brings nike up along with it. all-time new high for nike. under armour gaining 1.3%. look at the market cap, the value of these three companies. netflix for very first time surpassed disney. yesterday, today we were looking at the close who has larger market cap. looks like netflix beat out disney and comcast. cheryl: that story will go back and forth for a while. it's a fun one to cover. nicole, thank you very much. david: today's market panel. jack how much, baron's senior editor and carol roth, investment banker.
companies were hit hard by drop in oil prices but it has to be good for the economy overall. consumers i think were a little put off, getting more so by high energy price. >> you're absolutely right. what do you care more about, short-term profit swings for energies companies or the financial well-being of the consumer in america? we wouldn't mind seeing oil pushed a little lower. we hope gasoline will soon follow. david: carol, when does gasoline fall? oil companies claim they don't play games. they rise prices during beginning of summer season but nobody really believes that. >> no. it is very, very difficult and especially with opec potentially meeting i wouldn't want to be putting a bet on that. it's a time of year when you have a lot of people going on vacation, using their cars. even though you would think potentially we would see a benefit, if i was a betting woman i wouldn't necessarily be making that bet. david: even when we see oil go down we see high gas prices stay
high for a while, particularly going into the summer driving season. cheryl. cheryl: this is not going lower, mortgage rates, soaring to a new 7-year high. average rate for a 30-year mortgage 4.66%. jack, i have to ask you, obviously housing sector there is an effect on their business but what is the broader effect do you think of mortgage rates at this level? >> an excellent question. there is a little bit of softness, not much in housing. the question is because rates are going up or because there isn't a lot of inventory right now? i think it is the inventory. it is not that great of a difference on the mortgage rate. i would have thought coming off the floor to a little bit higher rate would take some people on the fence or waiting to see what's going to happen to spur them to buy the house. i think there are not as many houses available right now. i think it is pretty bullish for homebuilders going forward which trade pretty cheaply right now. cheryl: what is interesting, carol, on the selling side. there are commentary from
economists at freddie mac. owners looking to sell, sit back, maybe hold the fort for a few minutes, hold the home, if you will, maybe not put their homes on the market. that creates a tight inventory we're talking about. >> i think so. there is a psychological effect. you hit something like 5%. all of sudden everybody goes oh, boy, this is really a high number. if you go back to 1999 people were paying 8%. not only that, but also tax effect. think about people who can no longer deduct mortgages. why would you flip your house get into a new mortgage maybe that puts you out of that deduction? all of those things work together and will keep it tight. cheryl: try 1982 and 14%. david: i was going to say, i remember 14%. cheryl: those were the days david. david: amazon closing seven bucks higher, despite major backlash over echo recording and sharing a couple's private conversation in oregon.
like your worst nightmare, right? the company is acknowledging it could happen to others saying, i'm quoting the company now, unlikely as this string of events is we're evaluating options to make this case even less likely to happen again. let's bring back our panel once again. carol, since amazon was up, i'm wondering if the press actually cares more about this story than consumers who generally want an easy life and alexa makes their life easy? >> i hope the consumers taught to care. you were taught by your parents not to let stranger into your house and that include artificial robots and intelligence. how laysry are we? david: very, very. >> i can turn off the lights, right? i can get up, turn off the lights. that is an easy thing to do. as a consumer you need to have the expectation these devices are listening to you. david: yeah. >> don't put that in your house. by the way turn off computer speakers and phone as well, because they are all listening.
david: jack, i can so imagine you with a beer in your hand and your feet up on a recliner watching a sports program, saying, hey, alexa, get me another beer! you have to have alexa. you're willing to trade off the privacy for a little extra comfort. >> have you been watching my house? we have a brand new alexa. david: i knew it! >> if any of my private comments came out in advance i apologize. only great things about you. my 3-year-old daughter says play dolly parton songs. then my son comes up alexa, play, who let the dogs out. they have to play solve sibling dispute. david: comfort right now with the american consumer so much more important than privacy. despite we talk a lot about it in the press. i see carol shaking her head, no. the way things are, folks. carol, jack -- >> a luxury of the future. privacy will be a luxury of the future. david: that is a good way of
putting it. have a good weekend. thank you very much. cheryl: i have no interest in putting my lights on. no, i have an app for that. coming up, hiring our heroes, we'll bring you amazing story of a company whose mission is made in america and made by vets. co-owner of title new york is going to be joining us. david: a great story. president trump striking a controversial deal with chinese telecom giant zte this afternoon. strong reaction pouring in for and after the decision. again what does it have to do with perhaps north korea being on again, that summit? a live report in washington what was actually agreed to. forbes media chairman steve forbes is going to weigh in. cheryl: it is not over until it's over. the president signaling that a north korea summit could still happen next month. this is all connected. saying talks reopened magically. latest details from the white house prompting this move next. >> we're talking to them now. they very much want to do it. we'd like to do it. we're going to see what happens.
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david: what a difference a day makes. president trump now suggesting the summit with north korean leader kim jong-un may still possibly happen and on its original date june 12th. blake burman with the details from the white house. blake. reporter: david, they're taking a wait-and-see approach at the white house. 24 hours ago when the president called off the summit on june 12th between him and north korean dictator kim jong-un however the north koreans last night responded with a much softer tone you could say, saying they are still willing to the meet with the united states. with that the president earlier today said, potentially, maybe, they could meet on june 12th >> we'll see what happens.
we're talking to them now. it was a very nice statement they put out. we'll see what happens. we'll see what happens. it could even be the 12th. we're talking to them now. they very much like to do it. we want to do it. we'll see what happens. reporter: yesterday when the president announced this meeting was off he also said all options are on the table as it relates to north korea. coincidentally the president happened to be giving the commencement address at the u.s. naval academy today where he reminded of the u.s. military might. >> next year we're committing even more to our defenses, and we're committing even more to our veterans. you're less likely to have to use it if you have it and if you know how to work it and there is nobody knows how to work it like you. reporter: what remains to be known at this hour, david, is whether or not the u.s. advance team will head within the next
couple hours here to singapore over the weekend, for discussions, advance discussions, low he gist ticks essentially with north korea. the white house said, that there were supposed to be a meeting both sides last week but the north koreans essentially blew off the united states. sarah sanders telling us here at the white house a little while ago as to whether or not this team gets on the plane, goes to singapore this weekend is still tbd, that should be resolved at some point by the end of the day. that will tell a lot going forward, david. david: last-minute deal-making. that is what it is all about. blake, thank you. cheryl. cheryl: here to react with all the back and forth, florida congressman francis rooney, member of the house foreign affairs committee. congressman, thank you for being here. we have to get your reaction to all the back and forth this last 24 hours. it is on, it is off, it is maybe. what do you say? >> i think the on and off posture something probably not a bad idea to set the stage for
better talks. this president has done a pretty good job getting china and north korea in a better spot than any of his predecessors has been able to do. so just remains to be seen if we can avoid the historical american desire to get a deal done at any cost and remain disciplined. >> congressman, you brought up the issue of china, i have to bring that up as well of the timing of all this seems a little suspect. kim jong-un met with president xi. right after that meeting, kim jong-un's rhetoric, north korean rhetoric turned negative for us, insults were flying in, mike pence for instance. all of sudden we back out and a deal for zte, and that is china's, big, i'm sorry, big piece on the chessboard. trump says, okay, we've got a deal for zte. all of sudden north koreans are maybe back in the game again? doesn't this all seem a little too convenient from a timing perspective? >> it certainly would seem to
be, that north korean talks have something to do with the zte deal, but it also could have to do with agricultural products and everything we want china to buy and i'm sure the president heard from a lot of agricultural interests in the united states about it. cheryl: there has been a lot of criticism, especially with zte, we're not getting enough out of this deal. do you think this change of heart on zte, do you think this is fair to the united states? >> no, i don't think the zte bailout is a very good idea for the united states, given what i heard from the military and the intel people about how suspicious they are of their telephones and things like that. we're enable enabling a technology pirate. cheryl: do you think the summit with the north koreans is going to happen? our correspondent at the white house saying we should know later today whether another advance team will make the trip overhead of this scheduled summit which is still a maybe. where do you think we're at in this process because the calendar is getting a little
short? >> it is getting short. i was thinking the summit would happen if not on the 12th but sometime before long because we have again north korea in a spot where they seem to want to talk. we've gotten regime change taken off the table. we're in a lot better position for the united states as long as we're willing to walk away. cheryl: well i mean also what about the nuclear program? we have heard kim jong-un and it has been reported widely they don't want to be the next libya. don't want to be the next muammar qaddafi even though president trump said he would be protected if he denuclearized. do you think kim jong-un is actually going to fully comply and denuclearize? >> no, i really don't. i think that the best we could hope for is the kind of iran deal we would have wanted to have if it were broadly forcible and monitorrable, not just limited in the sense that it is now. you know there is a way to have some denuclearization without total denuclearization. that means a lot,
denuclearization could mean a lot of different things to a lot of people. we need a standstill inspection that we can count on and verify or we can't do anything. cheryl: we'll see if we can trust them if we talk to them. that is the whole question. >> we can't trust them. we know we can't trust them. that is why reagan said, trust by verify. cheryl: exactly. gosh. congressman rooney, thank you for being here. have a great memorial day weekend. >> same to you all. thank you very much. david: you can't trust them and you have to verify. it is slightly different variation on what president reagan said. cheryl: yeah. david: you can't trust these guys. president trump delivering a commencement address at u.s. naval academy at fleet week. if you haven't heard it, it is quite spectacular. we have some of it for you. his message to more than 1000 naval grads. democrats say there was an informant in the trump campaign, they're admitting it, not calling it a spy. why not? dan henninger from
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>> there is no evidence to support any allegations that the fbi or any intelligence agency place ad spy in the trump campaign or otherwise failed to follow appropriate procedures and protocols. david: congressman adam schiff admitting the fbi had an informant working in the trump campaign but denying that that amounted to spying. president trump isn't buying it, tweeting out earlier quote, the democrats are now alluding to the concept that having an informant placed in an opposing party's campaign is different than having a spy as illegal as that may be but what about an informant, who is paid a fortune and who sets up way earlier than the russian hoax? joining me now "wall street journal" deputy editorial page editor and fox news contributor. let me repeat something adam
schiff said in that sot, the sound bite. he admitted there was an informant there. he said, quote, these were appropriate procedures and protocols. now where in the fbi manuel is there a protocol for putting an informant in a presidential campaign? i defy adam schiff to show me what page that protocol is on. >> yeah. because i'm sure it does not exist, david. we have gotten to the point where we, sort of assume and agree that the fbi or someone assigned an informant, to try to get close to carter page and papdopoulus and some of the other people at the far edges, that is the thing, at the far edges of the trump campaign. but the thing about this is, it is always sort of described in terms of donald trump, this larger than life figure. let's understand what is going on here. the united states government set up a counterintelligence
operation against a u.s. presidential candidate. you are right, david, there is no precedent for that. but, let's say they assumed that the russians were trying to penetrate a candidacy. they wanted to know what was going on. i think that is one thing. but it went way beyond that. this lasted for a long time. i think the question is, did they ultimately include what this informant or spy was finding out in the fisa warrant to continue to spy on carter page? david: and now jim clapper wants us to believe they were doing it to help the trump campaign. we just wanted to make sure that they were, that their campaign was run according, according to specs. why didn't they help the hillary campaign by implanting a spy in her campaign as well? >> why this late in the game, david, are we sitting here asking these questions. this is serious issue that has come up. house oversight committee chairman devin nunez has been trying to find out just, the details and the facts.
david: yesterday there was a meeting where supposedly the doj was supposed to reveal everything. they were going to have the big reveal where everything unredacted apparently, it was all top secret. so we don't know, but we're hearing that apparently they didn't get everything. >> they didn't get much of anything out of that meeting. when the "gang of eight" and both democrats and republicans went in to talk to justice department officials, my understanding vert all relationship nothing emerged from that meeting -- virtually nothing emerged from that meeting. we can't have a status quo, where cia, fbi engaging in this spying and not answerable to congress. david: you said something i said before, "wall street jornal" editorial page, may not be true, it may have happened before. the fbi apparently did spy for lbj, lynn done baines johnson when he was running against goldwater in 1964. but it is that kind of thing that is not supposed to happen in our democracy.
we take steps, the founders had checks, counterchecks, oversight. >> yeah. david: congress is not being given oversight. >> it is credited with j. edgar hoover at the end of his tenure was out of control. we don't want a repeat. the fbi is answerable to congress. there is oversight. we don't want it to be established that the fbi could indeed spy on a presidential campaign without revealing completely what they were doing. david: but congress is not being given oversight. instead they're being given a stonewall. it is that simple. they're not given everything they're asking for. they're not being allowed to oversee what fbi is doing. >> i think it will come out eventually because i don't see -- the fbi, this is a trump fbi to a great extent trying to protect the obama justice department and fbi, and i don't think that will sustain itself. david: dan, have a great memorial day weekend. >> you too, david. david: cheryl? cheryl: david, here is another
look for you at the biggest market story of the day. that was oil, ending down more than 4%. that is the biggest selloff in 11 months, dragging the dow and s&p lower today as well. but all major averages managed to end higher for the week. there is some good news for you. david: turning himself in, disgraced movie mogul harvey weinstein surrending to police, facing charges that could put him behind bars for a very long time. cheryl: and a breakthrough on trade. the u.s. agreeing to a tentative deal with chinese telecom giant zte, but how will it affect the ultimate deal, the one with north korea? steve forbes, forbes media chairman, claudia rossette, independent women's forum, joining us next. they appear out of nowhere.
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10 miles on every dollar they spend at thousands of hotels.e giving venture cardholders brrr! i have the chills! because of all those miles? and because ice is cold. what's in your wallet? david: we have some break news right now. president trump is set to sign three executive orders aimed at civil service reform this afternoon. let's go back to blake at the white house. friday surprise, here, blake. reporter: north example, david, how we barely have time to breathe here at the white house. here we are at 4:30 on friday afternoon, we're told there is more news coming down from this president. in the form of three executive orders that he is set to sign here. essentially trying to make the federal government more accountable. let me tick through them real quick. the first will make it easier to fire poor performers within the federal government. the second will set up a group to analyze union contracts within the federal government.
the third executive order will focus on federal unions. it will require federal employees to spend at least 75% of their time working on the job they were hired to do. it will allow the federal government start charging unions for office space in federal builds. they note this was something the president out lined during his state of the union address. this will not happen on camera, david. it's a friday afternoon. they are going to do this one behind the scenes. david: you're laughing, blake. only inside the beltway would have to have a rule requiring workers, while they're working to do more work on their work than something -- it just, you know, this is why government doesn't work! reporter: the link here they want you to do what your actual job as opposed to working on union work. david: i understand. it shows how totally out of touch the real world the government is. we thank you, blake. unbelievable. never stops. cheryl: that was good. making a deal. the trump administration coming to an agreement with chinese
telecom company zte, reviving the firm crippled by recent u.s. sanctions. here with more from december see is edward lawrence. edward? >> hey, cheryl. reactions coming in from all over especially on capitol hill. senator marco rubio tweeting out, yes, they have a deal in mind, it's a great deal for zte and china. china crushes u.s. companies with no mercy and they use their telecom companies to spy and steal from us. now many hoped this time would be different. now congress needs to act. he is actually agreeing with democratic senator chuck schumer who says in a statement if the administration goes through with this reported deal president trump would help make china great again. what we're talking about is a settlement action on an enforcement action taken by the u.s. commerce department. the president says there was some back and forth but they settled on a $1.3 billion fine. also the management and board of directors of the company must change. there will be security
guaranties, that come from compliance committee, with an officer who has experience in international trade. the president says, a large percentage of parts will be from u.s. companies. this could play in de-escalation from a trade war this week. china announced they're reducing tariffs on u.s. imported automobiles from 25% to 15%. they had state-run soybean company show up at the market this week on wednesday for the first time since ape. they actually placed an order today. that was a 12 billion-dollar export business for the united states. so this deal with zte may be sort of a dance with the united states but it still seems they're looking forward to a long-term trade deal. cheryl. cheryl: we hope so at this point. edward, thank you very much. >> i'm a little disappointed because when kim jong-un had the meeting with president xi in china, the second meeting, the first meeting we knew about, the second meeting i think there was a little change in attitude from
kim jong-un. so i don't like that, i don't like that. david: president trump on tuesday saying that china was holding north korea back from a summit deal in order to squeeze for more in the trade deals that the u.s. is doing with china now. indeed today, a deal with the chinese telecom company zte appears to coincide with the summit back in place. is the summit as much as about chinese trade and north korean nukes? here is steve forbes, chairman of media enterprises for forbes media enterprises and claudia rossette, foreign policy fellow from the independent women's forum, and one time editorial editor of the asian "wall street journal." steve, the zte deal gets done and the summit is back on or at least possibly back on. is that just coincidence? >> david, no. the chinese combined these all together. they were pleased by the reaction of agricultural sector
in this country having tariffs on soybeans and the like that. will hurt republicans in november. chinese hinting they back off on that for certain concessions. by golly they make things happened. it is all tied together. david: claudia, what besides the soybeans and zte deal could the chinese squeeze us for in order to get the summit going? >> there is a very complicated set of calculations going on and exactly what is -- i agree it was zte summit but what are they going to squeeze us for, david? in the big picture, what they're squeezing us for, getting us out of the western pacific. they're squeezing us getting out of that region. i don't mean on trade, as far as american reach. and that is where north korea comes into it. china has been north korea's backer since the soviet uncollapsed. before that they were but they really became the major friend and backer, russia is too.
north korea serve as useful function for china. this is not china's official line but my interpretation watching it for years. china says it is disappointed with its nuclear tests and antics -- david: i don't buy it. >> china is not disappointed. david: of course not. >> china is delighted. it humiliates us and and that is china's real play here. expect a lot of bumpiness. david: steve, i want to go back to what is happening politically. the democrats are painting this as terrible failure for president trump, suggesting it was john bolton talking about the libyan example. that was the reason why north korea pulled out, when in fact the president himself said, you know, he started to get bad signals when he felt that china was talking into north korea's ear and telling them what to do. is there any credence at all to what the democrats are saying about this being bolton's fault,
using the libya model? >> of course not. they're using a pretense to gum things up and try to get real concessions. ultimately what they will try to do in this whole process david, is to try to drive a real wedge between us and south korea. hint that good things may happen if we start to withdraw troops. they could get the real deal of the century, just withdraw fall back from south korea. that would have severe repercussions from japan. china is playing long game. we shouldn't pull back if we don't get something to our interest. david: claudia, was the president pulling back because he realized he was being played? >> yeah. david: i think we're playing long ball too. i don't think it is not just the chinese. they realize north korea is a great bargaining chip. they will use it as long as they possibly can. we have a timeline, june 12th is a day when the
summit will happen. will this game-playing end with the summit on june 12th? what is your guess? >> no, look, i thought trump, president trump canceling the summit was terrific, and it will probably materialize at some point. the north koreans really do want it. that is a big get for kim to sit down with a sitting u.s. president. david: but would kim, the point is, would kim be allowed by the chinese to do that? >> oh, i think he might be allowed to do that because unfortunately i don't this the summit, it doesn't lead to an end to the north korean nuclear threat. i don't see that. i just don't see that, unless there is a change of regime in north korea. david: very quickly, let me go back to steve. steve, do you think, finally, we're running out of time, is it a possibility that we really could denuclearize north korea? >> the only way we get a denuclearized north korea, if we leave south korea ultimately, reduce our presence where it has
no credibility of preventing an attack in the future that is their goal. that is what we've got to realize. we have to ramp up the sanctions because this will be a long-drawn out battle diplomatically and otherwise. david: i think the trump administration is prepared to ramp up sanctions. steve, claudia, thank you for being here. cheryl i don't back home, facing justice, disgraced movie mogul harvey weinstein led off in handcuffs charged with third-degree rape and sexual abuse turning himself into police. weinstein's lawyer says he will enter a plead of not guilty. >> my job is not to defend behavior. my job is to defend something that is criminal behavior. bad behavior, mr. weinstein did not invent the casting couch in hollywood. cheryl: weinstein was released on a one million dollar cash bail and set up with a gps tracking device.
he has until next wednesday to decide if he wants to testify before the grand jury. david: are you heading out of town for the holiday weekend? you're not alone. aaa says a record number of americans hit the road for the holiday weekend. details on record prices could you be facing at the pump today, we're renewing our commitment to you. fixing what went wrong. and ending product sales goals for branch bankers. so we can focus on your satisfaction. it's a new day at wells fargo. but it's a lot like our first day. wells fargo. established 1852. re-established 2018. jardiance asked: when it comes to managing your type 2 diabetes, what matters to you? you got a1c, heart, diet, and exercise. slide 'em up or slide 'em down. so let's see.
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david: this weekend marks unofficial kickoff to summer. aaa says 40 million americans are heading out of town. jeff flock checking out the scene from interstate 294 outside of chicago. jeff, i'm wondering how much fast you have used today? i've been seeing you driving ever since varney. reporter: i got an 84 mercedes. you know how that burns gas. david: that is a gas gobbler. reporter: yeah, you use high test on this thing too. that is a pain in the neck. by the way, you're looking 294
toward milwaukee. i'm moving fast, because everybody is going south in the other lanes. if kyle moves over, look to the left, kyle, look that way. they're all moving south. we're going north, tells you something, maybe. another thing went south today, would be oil prices. wow a huge selloff on news maybe opec limits could come off. so, that is potentially good news down the road. for right now it is bad news if you're at the pump. driving this memorial day, 4.7%, price of gas is up about 25%. so you think maybe fewer people could be driving. apparently not the case. we can apparently afford it in a split economy. last thing i leave you with, graphic tells you maybe, one of the worst times to drive are. headline on that. if you're on the east coast or central time zone, if you
haven't left yet, pretty much forget it. it will a mess. unless you're headed for milwaukee. which case it is all clean and green. i don't need to go to milwaukee. david: excuse me, jeff, interrupt with the audience, driving life, keeping all those what we call elements in television, whether it is video or full screen graphics or whatever it is. that, you do pretty amazing job there. i have got to hand it to you. reporter: you know i can drive and talk at tame time. if i try to chew gum that is out of my element. david: three would be pushing it. jeff flock, in his '84 mercedes. i would die for a car like that. nice car, jeff. cheryl: it is his car? that was my question, was he driving his own car? david: '84 mercedes, you can't rent one of those. cheryl: coming up, made by our nation's heroes. how one company is honoring our veterans and putting the brave back to work. that is coming up next.
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cheryl: this memorial day weekend as we're remembering our heroes it is the perfect time to speak to our next guest which helped create a company with the mission making products in america and making them also exclusively with, by veterans. new york title cofounder tim gibb. i love your story. you and your brother really created this company because you wanted your business to mean something. >> yeah. you know we, both of us have been working in the shoe business for a long time. a lot of trips to asia. we worked in the sourcing and things, a lot of time in factories, and it was time to bring them back home. cheryl: we can say that is a big deal because you're manufacturing everything in the u.s. your suppliers, you want
your suppliers to be u.s. based as well? >> correct. cheryl: very focused on made in america. >> yes. our suppliers are in missouri, massachusetts, maine and new jersey. so that was important to us. for us, the ultimate, you know version of transparency is when you can make it here, you take that body of water in that ocean out and you can really see where it is made. we're opening our doors. our doors are open a lot of times when you walk by. you can walk in the door to see us making shoes. cheryl: when did you decide to start, when did the veteran piece of this come in to you? why focus, why make sure veterans that you're employing, veterans making shoes because that is the business proposition? >> i'm a political science minor and then my brother had gone to a share event where it was really about training service dogs for veterans with ptsd. it really affected hill. so when we were writing the business plan when that happened. and so he brought it and i said,
this is in our wheelhouse anyways. i think the bigger piece you would be hard-pressed to find a family in the country, no matter where they're from, no matter what their story that doesn't have a veteran in it. a lot of it comes down to stigmas. we wanted to break down stigmas every way we can. cheryl: you do that with the card. i want to show viewers on the cards you have faces of veterans. these are the guys that are, sometimes gals making the shoes. you have shows. made by adam, hector, joe, maria. that is pretty incredible you're really showing us your employees. >> that is important to us too. it wasn't, you know, a big piece of this is to break the stigmas down, joe, adam, pat, these are all friends of ours and family members of ours at this point and so it was about saying hey this, is joe, this is adam, and
it was about this is the human bsings and they happen to be veterans. think that is the point. cheryl: it's a great. the price point for these is great. that helped you become a successful business as well. $29, $39. that is a great spot for you to be in. >> yeah, we thought at $28 price point it would be a really great place for us. it is accessible but part of that too, we're making a product built to last. it is durable. we say five times more durable than the average flip-flop. less waste. will last longer. cheryl: made in new york. made by veterans in new york thanks for coming in, tim. >> thanks for having us. cheryl: thereby the way cute. tim, thank you very much. david, over to you. david: great memorial day weekend, everybody. no more apologies though. president trump reminding naval
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during the course of their disease. if your loved one is experiencing these symptoms, talk to your parkinson's specialist. there are treatment options that can help. my visitors should be the ones i want to see. president trump: we are going to stand up for america, no for oops apologies. we are going to stand up for our values, and we are going to stand up for our men and women in uniform because we know that a nation must have pride in its history to have confidence in its future. david: president trump honoring our country and our heros during his commencement address to the graduates of the u.s. naval academy. >> trump giving praise to the newly-commissioned u.s. navy and marine corps officers ahead of
memorial day. david: making a point of saying we don't have anything to apologize for when you look at the great realm of this incredible good that this nation has done for the rest of the world. that does it for us evening edit starts now. president trump: we're going to see what happens we're talking to them now, and it was a very nice day, we'll see what happens we'll see what happens, it could even be the 12th we're talking to them now. they very much want to do it, we'd like to do it we're going to see what happens. liz: north korea announcing it is still open to a summit, with president trump. this after it was canceled yesterday the president vowed to resume pressure and he's also saying the countries are now talking two top leaders from each side are talking now we'll bring you the breaking news and the very latest on that also democrats in the media slamming president trump for canceling, now that it may be back on we're go