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tv   Varney Company  FOX Business  June 12, 2018 9:00am-11:59am EDT

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fantastic show ladies thanks. >> strong women holy cow you i love this t i love it. take it away. >> i'm watching out and that's a fact. [laughter] good morning ladies. good morning maria and good morning everyone oh, what a night. historic. hehat hapned and here's what's happening now. well, they met, and there was that hand shake followed bay 45 minute meeting with only translators present like secretary of state pompeo they joined in later. then, the signing, an agreement with both leaders would work towards the complete denuclearization of the korean peninsula that was historic. now this was the moment that a few months ago seemed impossible. certainly highly unlikely i call it a political win for president trump. then, the president held a news conference, the media skeptical
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but not that hostile. here's what emerged from questioning one sanctions stay until denuclearization is complete. two, war games that is u.s. military maneuvers in area will stop. three, american observers will be in north korea kreking nuclearization now hum rights were discussed didn't dwell on it they wereed but remain of american soldiers will be brought home. the president concluded that peace was worth the effort. now it is tile to implement vigorously the agreement and left an signing. president trump is onboard air force one right now. he's flying home. we should also add that economic advisor larry kudlowfered what was described as minor heart attack monday and is now in walter reid mental facility that was a key advisor. now look at the markets. i'm surprised no real strong reaction either way to the summit.
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inflation number out a half hour ago they were benign interest rates front and center with the fed meeting but it didn't make that much difference to the dow industrials we'll open only what 20 points higher a hicks day but only jtngtartedtill is to come, the democrats reaction, just wait till you see nancy pelosi and what she's saying. "varney & company" sb to begin. ♪ >> prepare does not have to define the future. yesterday'sonflic does not have to be tomorrow's war. and as history as proven over and o again adversaries can can indeed become friends. we can honor the sacrifice of our forefathers by replacing horror of battle with the blessings of peace. there is no limit to what north
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korea can can achieve when it gives up its nuclear weapons and embraces comers and engagement with the rest of the world. smtion that was the president -- the press conference there after the historic meeting with kim jong-un secretary of state and bush 43. you know, that press conference there were a lot of questions about human rights. the president's answers kind of short on details -- was that a fault was that a problem? do you think for thishole ent tohe press conference? >> no. stuart. i actually think you he to take things in sequence and that is down the line in sequence. think a you look at this greem there's no reason that everybody in the world including every american shouldn't be happy with with this. i understand some will probably call this significant turn toward peace. crumbs iran doesn't like it but in the grand scheme of things,
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this p has ain -- that he has the ability to look ahead in ways that others can't or haven't. and what he's done is articulated the possible. he's then kind of put that vision in front of people and tedes ofuy-in f it. what he did with kim let's make no mistake about it. he created a win, win situation. he has empowered kim the way ronald reagan empowered gorbachev and will kim pursue that? i think when you're pulling somebody out of darkness iothe f blinking there's recoil. there will undoubtedly be to is and starts. but this is a significant turn for the world. in the right and i think american should be happy this morning i noted that markets weren't up yet but guess is they'll go there because this is a significant move. you know the last thi is -- implemen, you just turned into a stock market forecast.
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that's kind of unusual for robert chals but i want to get in denuclearization that's at the heart of this agreement that is history making. here's president trump with sean hannity on that. roll tape. >> we going to start the process of denuclearization of no korea and ive that he's going back and will start virtually immediately. and he's already indicated that den you look at what he's done but they've blown up one of their testing sights prima, in fact, some say only testing sight to getting rid of a missile which isn't in document that was done afterrds but getting rid of a missile testing sight and doing so much now. >> that view now 9:00 on the fox news channel. robert, how c we verify this nuclear -- denuclearization actually takes place? >> so that is the, you know, hundred million dollar question. at the end of the day
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implementation is everything. be you can't get to implementation without a plan and can't get a plan without a shared vision so we're at the sharn verification will include and have to include really blanketing the country to get into the key sites particularly the military sites. which is probably why iran looks at this anday wow, with i can't believe north korea is going to do this. at the end of the day north korea gets two important thins out of this. they get security guarantee and they get a path to the future economically. and i think at the end of the day what kim jong-un who is smarter than i think a lot of people realized -- is figured out is that wagging nuclear weapons at the world is really a dead end almost literally a dead end street so you have to look back at where you want to reverse engineer yourself into a more promising future. you're going to have to start somewhere, and you know the beautiful thing here rare th is that i think it's probably the only time in his
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lifetime when this would have been a possibility. ry he often, and donald trump is saw here the possibility of a future that was denuclearized on peninsula and kim jong-un i think taken him at the word is beginning of trust that's a very important start. >> very important and remarkable new start. robert charms thank you sir, appreciate you being with with us. en trump he's about the economy -- hours before the historic meeting with kim jong-un look at this. stock market pup almost 40% since the election. with 7 trillion dollars of u.s. value built throughout the economy. lowest unemployment rate in many decades with black and hispanic unemployment lowest in history and female unemployment lowest in 21 years. highest confidence ever. well with that as back drop, look at this. futures will open higher. but not that much -- i would he thought they would have been up but 15 points up for the dow in 20 minutes time
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but remember there are other positive economic signs just about everywhere you look.firstt good news from small business. >> we should checkhe russell 2,000 stocks there and unpreced 1 months streak high or in shabz historic optimism. so it's on a stratus traject that says look at this. they're talking about wages going up. at increases they vpght seen in 45 years they're going to raise prices the best in ten years. they are trying to find qualify workers that's their number one problemut mainstream optimism is on the move higher. >> thanks liz back to the summit and i want to bring in larry o'connor with washington times look i'm saying flat out i think this is a political win for president trump. what say you? >> as of now it sure is. listen we should all be violently skeptical of the north korean regime because we've been down this path before.
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but there is something different i think this time arranged stuart especially because we've been warned for the last few months how dier things were that we were on the brink of nuclear war that trump was bringing us to global destruction and maybe at the end of the day the the best way to bring north korea to the -- negotiation table actually bring them to acquiesce is to send a fleet of war ships instead of jimmy carter may have been a brilliant move. >> car sarcasm democrats didn't waste time opposing this and here's the quo from nancy pelosi in his haste t reach an agreement, president trump elevated north korea are to the level of the united states while preserving the regimes status quo what do you say? >> aligned herself with iranian regime so he was big winner two weeks ago when president trump
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weaked away from the prospect of summit in singapore remember that -- i don't think things are going well for nancy pelosi right now and i think the best thing to do for her party is to stop talking. was watching that in press conference like 4:00 thi rning a lot we didn't see but i was up watching. the media was not that hostile. very skeptical about human rights. but not that hostile they seem to be may having themselves better. >> compared to the paths from the media i think i heard an interview on wmal i think we were taken by the historic nature this have and they got blindsighted by it because there was a rapid fire event that happened, and i don't think that they were expecting it. listen, again, i want to say they were right to be skeptical and we should continue to bring up issues of huge rights and hopefully free the people of that nation. but this is a beginning not an end and it is a pretty positive beginning i think so far. >> i would say so.
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larry o'connor thanks for joining us, sir. again check the futures again i was expecting bit more of a positive response on the market. we've got benine inflation numbers we do have the fed meeting maybe interest rates will play a role but only up 21 points and that historic summit understand now 25,369 other stories and we're following for you today first off google. removing the egg from its salad emoji. why would they do that they thet to be ins collusive to vegans, however, let's not forget refuse to work with pentagon to protect our country. how's that for inclusion? now we have elizabeth holmes founder of the defunct blood testing company -- trying to get silicon having big wigs to invest in a new company that they wants to start holmes charged with massive fraud accused bilking out of millions of dollars. more varney after this. doozeld, doozles are dozing.
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now here's an example of what happens to your stock if company givers a rosy forecast. we're looking at restoration hardware it gave a rosy forecast that sup1%. better sales at dave and busters who would have thought up 14% on the back of sales. not been there -- but back to the summit and bring in congressman greg walden republican from oregon who joins us in new york today. congressman welcome to the show. >> good morning. good to be with with you. portland as i said missile range, the north koreans are your -- constituents happy this morning? >> i think they'll wake up happier and made really good progress there. weal see. devil is in the details of any of these agreements we've seen this pattern before but never seen a president like donald trump take this initiative and with backing and enforcement
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with secretary of state on my committee two years ago,here's a guy who knows intelligence world and headed cia and secretary of state he gets diplomacy host a really smart camable backup for the president and i think we're in the best shape we've been in a long time. >> political win for the president and a for the republican party. >> it is good for the world. but a political win -- >> i think sure any time you're progress. i think it will now we'll negotiate a long way from a final product but brought kim jong-un to the table and negotiated this. thistep, but he's in the reagan mode trust and very is if i, and i think this is a much better place than we were two years ago in the past administration. six monthses ago who would have thought we were report on a successful summit and signing of a denuclearization agreement unthinkable six months ago. >> it is unthinkable when you
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think about what the president has achieved in such a short span of time whatoing is checking off boxes of things he promised. he's following through that's a powerful message for the messager. >> eve this a hard tile getting used to politicians actually going through. >> remind us too of when the -- intelligence said tear down this wall and they put it back in trump is the same way like no i'm going to lead and this is what leaders -- hard line trump. >> i want to talk to you about about opioids because there's a package of bills, but you're on record say look we have a long way to go. going to be years before we fix this thing so what's missing? >> been in the making for years with help on opioids out to our communies nowe're coming back to about two years of wor in committee bipartisan legislation, 15 different -- 57 different changes in law. we start this week and we'll go
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into next week but we know this is not going to be a one and done we're not going to finish the end of next week say that's it for opioids because it's not that simple we need to chase to cont investment i nonaddictive pain relievers that's what they're doing. >> a replacements that's part it have we need to make sure that we put an tend patient brokering where there's a shady operation going on around the country in some of the pain clinics where they suck your insurance dry conclude you out and all kinds of rebaits that's under investigation we have to make sure you have best practices in place for prescribing most of the parents i've talked to have lost kids say this started with a sports injury and a prescription for a pain reliever for a sports injury in high school that led to addiction -- >> doctors have some responsibility. all across the spectrum we all have to learn from the mistakes of the past. buckle under get down to it and do it. good to be with you. yes, sir.
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check the futures again same story we're up about 20 points. 12 minutes from now, 20 point gain for the dow that's your loss. at least for the opening bell. how we close i have no clue. [laughter] win for businesses in seattle -- amazon and other big companies with sharply critical of the city passes that tax on big employers. seattle here's the newseattle is backingn. how about that? we'll bring you the full details in just one moment. how do you win at business? stay at laquinta. where we're changing with contemporary make-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
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on the way rallying to what is lose to a three-year high. jpmorgan says that stock is going to hit $50 a share. it is at 42 this morning up 3%. google i can't really believe this story. google removed the egg from its salad emoji to make it vegan but -- ashley they still won't hp defend our country. j they won't but they will protect vegans but according to google inclusion and diversity. so it is very important that the vegans do not look at emoji with a boiled egg in it, however, as you point out stew we are apparently or google does not want to help the military defend this country. so we should instead be focusing
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on unicorn and rainbows. >> i can't get to grips with that. you remove the egg from a salad emoji because you don't -- >> vegans but you won't defend itself on the tax on foreign with artificial intelligence. >> that bubble of the silicon valley and they live under that bubble and they know what's best for you all of us and others are putting their lives on the line. i have rather strong feelings for google these days. >> all right. remember seattle tax on amazon another large employer -- yes they have to pay for home waitor it. lizzyy're going repeal it. >> it was a head fax so off flip head tax not going to happen. the amazon starbucks and business lobbyist -- in the business group said you know what, you will create job losses and create even more homelessness and majorities of the city council who unanimously approved this a month ago 7 out of nine of them up for reelection this is political
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back pegdzing in a massive scale that became too toxic for them to hright now so no head tax in seattle. >> that lady, i can't remember -- and actually who is lead of the counsel -- >> she's tweeting this is capitulation by bullying by amazon call it back room betravel about what stopped homelessness and creation of jobs in economic growth. and so the city councilman, member said you know what we agree with the business lobby we're not going to do this tax bad idea. >> down around. oh, boy. we're going to open this market in precisely four and a half minutes. we will be up but not as up as much as i thought we might be up. the economic news is terrific. i think president trump scores a political win with the summit in singapore. nonetheless, we'll be up what 25, 6, 27 points. maybe more than that by the time we get rolling. stay with us please. we're going to take you to wall street in just a moment.
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right in 30 seconds we with will know how and which this mark is going after historic summit in singapore after pretty good economic news that broke this morning. the futures market indicates
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we've got a gain of between 20 and 30 points. as i've said all morning i thought it might be more than that. but happy opening bell probably all we're going to get. we'll find o in four, three, two, one, boom it is tuesday morning 9:30 off, running where are we going all right initial early going up 19 points. we're up 20 point we're up 24 points. i think i'll leave it at that not going sharply higher but as i thought -- 35 i'll take that too. benefit of our radio listeners we've got a sea of green on lngd side of the screen most dow stocks are up but dow itself is up just 36 points. how about the s&p -- any sharp gain there? no. same as the dow up .15%. how about the nasdaq same story -- up .18%. i thought we would have a solid rally we do not it is a modest rally at best. let's see if my colleagues characterize this differently
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elizabeth macdonald ashley webster dr martin and mike murphy i have to start with the summit. mike i say this is a political win for president trump, and i think it is a win for investors. >> it is a win for trump and investor and united states of america and whole world this is something that people said couldn't be done and now that it has been done remember when this meeting was called off about a month or so ago the market sold off big on that news so now that this is over with one less thing for investors to worry about. ten months ago we were all scratching our heads and worrying about every time a nuclear test went off market was dropping black rock was telling people to get into the gold because of the global disruption this was causing this has to be a huge win, especially in the face of the global, trade that we've been talking about this is a monsterlus. >> only up 38 point. go -- go figure. president trump is stepping at a
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hinge moment in time for north korea. it now wants economic growth that's what the dear leadser said to the communist party on april 20*9. we wan ecomic growth we've got our nukes let's potion on economic growth so see uncorking that maybe bringing north kor to be a normalized country. human rights issues, though, are atrocious in north korea. stuart: turned corner in this -- >> more a story of the market saying okay, this is what we expected nothing concrete but we're still talking. the biggest story qowld have been all out the window donald trump storms out or -- the north korean leader storms out then maybe market reacts more. i think this is telling you okay it is good news but still skeptical. big week for the the economy. we've got news this morning on inflation. it is benign, fed meeting starts what do they do with interest rates and opec meets as well. mirk any of those three give you cause for concern. >> not major concern, the only one i think that could derail are the markets here stewart is
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the fed if fed were to overreact which i don't think with they're going to do but if they were to come out with a hike or looking to hike faster, i think investors would not like that market to sell off but i do not see that. j we do have more positive signs for the economy. first thing this morning small business optimism that i believe is at a generational high and staying high. and we've got -- more of a bigger equity stake for homeowners in the first quarter o this year. i believe l their homeowners equity state went up average. >> year over year. a gai i call this a gold lox economy when it was here last week. what do you say? >> a perfect term stuart. [laughter] excellent it really is. because -- the fed is in the -- in the job of doing the balancing act mike is spotlight on that if they wanted to step in and do something if something came along that scared them and bear of inflation came along that would be one big thing and
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home price is going up. we're seeing stock prices moderating they're not just going straight up anymore. so there is a lot of good solid things happening without getting overheated. but i think that homeowner stuff stew is important. right now the first quarter 6% of properties that have a mortgage on it are underwater but the of the c -- 26% of all properties that had a mortgage underwater we've come a long way and i ask for consumer confidence. >> we're up 32 point on dow induals. okay got it. president trump chief economic ease advisor did suffer what was described as a minor heart attack. is this -- this could be a negative portrayed negotiations. >> it could be if mr. kudlow is out for a long time that would have a negative impact on what he's able to accomplish so far but as it looks right now with looks like he's on road to recovery. so if that's the case i think it will be a nonevent. >> we wish him a speedy recovery.
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back in order. quickly -- okay, check that market -- four, five minutes in still up just 38 points. 25,300. this afternoon, we're going to get a ruling on at&t warner proposal hope stock is barely budgeing in early going today. twitter stock is rallying -- close to a three-year high and stock price is going to to or $a share. it is at 43 right now. new high for weight watchers, not sure of the reason but that's a new high. 5% higher they're going upgrade from jp morgan very funny. overweight -- okay. how about the -- the dave and bustsers they're in my ear so i can't talk. dave and busters look at that 15% higher better sales up she goes, and look at restoration hardware -- they've got a rosy forecast -- how about that? the stock is up 22% on a rosy
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forecast. then we have mcdonald's -- they're going to do some layoffs who is getting laid off? >> decentralizing they're getting rid of the corporate jobs. the middle manager pink slips but they took an 08 million charge expectation 90 million charge and here's what they're doing. donald's revamp is pretty stunning. they're trying to be more nimble talked about kiosks indoor and outdoor where people do order food, faster. cable service, service at home, so this is where mcdonald's is headed. not just fast casual to upgde to the middle market. shoppers, but really fast so really interting. i like really fast. so you've seen that from dominoes recently to figure out how to get starbucks trying to get you what you want right now where you are. >> this is really big they are moving from monitoring franchises for cleanliness to
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helping franchises with their business model. that's what this whole restructure is about. that's a big deal. >> as we've gotten more room to grow at 166. it does have more room to e grow they're hoping to move a lot more businesses into the franchise model. they're hoping to add a thousand store this is year. those 8,000 new kiosks they still have upside. >> attention new jersey, my fellow resident of the state, governor phil murphy signs sports betting into law so actually you can start betting on thursday after tomorrow. >> world cup many time for the world cup. [laughter] now you soccer fan. how do you -- other than pick a win withing team? >> it is really tough because a lot of casinos have prices and already i think what this could mean is really -- it is a win for the states because the states are going to be able to get money that people have been illegally gambling in the past so i don't see long or short casino but i think the a tax win for individual states.
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for new jersey. >> absolutely. i hope they "don't ask, don't tell" overstate tax revenue they expect because with atlantic city and new jersey book fell into the red so we don't want phil murphy to get it and spedged it ahead of time that's what happened. j between gambling and marijuana a lot of -- it the illegal revenues coming to legal side to it can have a major impact. >> that's interesting. [laughter] the tax work in new jersey -- t forget big check dr is with us and likes amazon and microsoft but netflix not so much. so start with amazon and microsoft why are they kind of not as vulnerable as the rest? >> number one their core cloud business and that is the huge growth engine for the next couple of years we see in our analysis. microsoft is catching up to amazon with a big lead as number one on the cloud. that's why they're so good. netflix will continue to go up but first negative quarter they have -- for getting that many customers
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to come in as we've been seeing will see a big popown in that. >> they have to keep up the groats an subscribers that is all -- >> the whole big tech you have it keep the growth rate up. but with netflix been negative on it but not short but stock continues to perform, and now that market cap figure is bigger than disney maybe buy them financial >> you got into it and out of it in the 90s and all of the share and now it is way up there. 366 not buying at right time stuart but selling also. a long time. mike murphy admitting to a mistake. don't have time. sales -- well done. i have to say good-bye to mike murphy and dr thanks so much for joining us check the big board and gain is almost completely gone we were up what 38, 39 now up four points despite good
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economic news and what sing a political win for the president at the summit. we're up now -- 3. check this out, domino pizza people getting into the pothole repair business might be a marketing stungt it's not a joke. we will explain it all in a moment and trump and kim jong-un reached that agreement to denuclearize and europe is left on the sidelines. where are they not even mentioned in the agreement but we're on it. [laughter] some cash back cards send you on a journey to get to your bonus cash back. first they make you sign up for bonus cash back and it's only on a few categories. and when those categories change, you gotta sign up again. when does it end?! with the capital one quicksilver® card,
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good news this morning on the economy and dow industrial ises are down 4 points we will tempt to address that shortly. now coming to a street near you, dominoes pizza filling potholes
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you have to come on in and tell me what that i up to. love the concept and fix a pothole in your town wongsdering how they myc money off of this when you nominate your town in your pothole at the bottom you have opportunity to order paving for pizza, in fact, in milford, delaware fix 40 potholes four crew members. so you can do this. you can go ton the website and nominate your town to get ready for potholes. okay. i'll take your word for that one nicole interesting story i have to say thanks very much. now, one of theeasons you might be attempted to take über car is that you have had too much to drink. well now, über has new technology and it will know when you have had too much to drink. actually -- interesting no -- part of this technology out there that when you have had too many drinks the angle of which you hold your phone is different to what with you wouldma it. also, how you're walking how you interact with the app how you
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swipe and go through pages there's technology out there who say wait a minute, this is -- this is someone who is is not fully in control of the faculties. so there's a chance you could indeede inebriated. stop and take it and then they say is that they would rather direct you to a driver who has training and deal requesting drunk people. also -- also -- trying to attract more female women drivers and theyay one of the -- throwbacks is they "don't ask, don't don't want to be dealing with drunks late at night and have this technology help for drivers to avoid the drunks it is interesting because -- >> point of iewb per and i the car. [laughter] hold on a second we're going to introduce those in a moment. [laughter] trump discussing trade roll that tape. >> for last couple of years this country has lost -- 800 billion dollars on trade with other krkts the biggest one
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being china. 800 billion dollars. 150 million billion with a european union they don't take our products but sending bmw into us by the millions. it is very unfair. and it is unfair to our workers enale straiten it out and it won't even be tough. >> this man to my right not politically but gee imraskly but steve hilton. brought in already by ashley -- europeans forget if china for a second. they completely left out of the summit and irrelevant in a lot of ways because of the problems they have there and -- euro falling apart the european union new government -- they've got so much on their plate and then frankly that did
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you want put them in a strong position to go around lecturing anyone else about anything. right before the summit there. i think this is a political win for president trump. and i don't think anybody saw it coming. where am i going wro >> i agree with most of what you said ting there's one person who saw this coming. i think there's aspect to this that doesn't have analysis really which is -- the strategy that has been involved in. a lot of people are saying well he's so impulsive makes it is up as he goes along actually if you follow this steps here, remember that in that first meeting -- the day after, the election with presidents or two days after i can't remember the first meeting with president obama in the oafl office president obama said to donald trump, the biggest problem you're going to have to face is forth no korea. that's made a profound effect on him. then president trump announces
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that his top foreign policy priority is going to be north korea. then you see him making that stng play for a good relationship with president shi to help him with north korea. you see them with a pressure campaign you see the tweeting you see -- all of this that seems to me is part of a long -- thought out and well excuted strategy not some random thing. >> one more thing that the president said he was going to do and has done. >> people also say well does he have the patience been seeing it all morning and saying has he got strategic patience to follow this through actually this has been going on for at least 18 months and tees it seems to me a thought out strategy here. >> do america is beginning to re-- rethink its relationship with the president? because -- [laughter] don'tnk so. but deserves reare think. the military -- condemned up and down with withe
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entire time in office and comes up good with the economy and -- >> that's one of the most revealing thing about last 24 hours is what it says about america. i it was more positive than what you would have thought and that wasn't true of the reaction here and if you watched networks this morning they're really just going out of their way. not just to be neutral or let's wait and see what happens but to be actively critical and you see words thrown around like this was does disgusting that was the flags together and so on. they're going out of their way to be critical. that tells you with something like this when it's you think everyone would be -- happy with this. there is literally nothing that trump if i could put it like that their hayed tread of trump thouing. not the good economy or jobs not
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qaij growth or peace in north korea nothing is more important to them than hating president trump. i'm glad i don't have time to watch others. thank you very much, sir see you soon. okay. look at this now we're down 12 points okay not a huge loss down 15 points now 25,300. we've got a big credit card -- that will not allow payments on gun related purchases. so you can't use that particular brand of credit card to buy a gun. is that legal? is that right? the judge will discuss is in a moment. allow you to take advantage of growth opportunities... with a level of protection in down markets. so you can bless concerned about your retirement savings. talk with your advisor about shield annuities from brighthouse financial- established by metlife.
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>> on the day-of-the- summit and on the day of good check news the dow is down 27 so whichstks? well i'll tell you united health nike, boeing, wal-mart, with johnson & johnson all dow stocks all down, the dow is off 25 points. then there's this. the tech company -- stops processing credit card payments for gun purchases. all rise napolitano is here. who are they to say what i can and cannot buy with a credit card? >> well they can choose their customers, their clients unless that choice is faced upon some
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protected aspects so you can't refuse a customer because of race or age or gender or sexual orientation but you can refuse a customer because you don't like their business that's the general answer. the precise answer is they may very well have interfered with their customers businesses by not telling them ahead of time. people use the credit card walked away with a gun and then the credit card tonight come through. and the gun seller had to go out to find the person to whom he sold the gun and say now you owe me cash. >> i think it was a bad business decision, anyway, that is terrible business decision. to do without notice. ii understand businesspeople mae bad decisions bases onash i don't think i would or yo could you've to give your customers notice before you do that. a credit card processor over an issue. they're not visa but they won't let you boy a gun or visa if it
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is processed through. if i process on this they take it from this to the bank and they won't do it. the disgraced founder elizabeth holmes she was convicted of massive fraud -- >> i don't think she's been convicted. >> she said she qowld would she was charged with. very important to make the distinction i don't to jump down your throat on words because this was a civil fraud. not a criminal fraud. she accepted the terms of the civil fraud which was an enormous -- gorgement of money and a shares of stock. now gone to silicon valley asking for more money to start another company. >> would you give her a nickel? >> shkreli bad boy farmer ised guy who is going to prison to -- i think he did less than ms. holmes did. i remember discussing this at the time that shkreli trial was going on. and the money involved in shkreli is less than hers how does the government decide to do
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civilly or criminally a very fine line if they think you attempted to line your own pockets and harm your victim -- they'll go after you criminally. if they think you merely made a material misrepresentation in the hopes that things would get better they'll go after you j civilly. that's what we did to her. they did to her. the fcc after her and could have refer ared it to department of justice. they did not. this is not an exact science. and it's not always fair. you can make a very strong argument and should have gone after shkreli civilly. you can make a very strong argumenthey should have gone after her criminally. t you cannot make an argument that she is worthy of your hard earned investment dollars. now can you? >> no i cannot. i cannot. really puts over the top. you lawyers that's what it is. but thank you judge see you in the 11:00 hour. always, always, always -- you was truly a historic moment kim jong-un president trump they shook hands, they made it a deal. it's a groundbreaking summit.
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and my editorial will be on that in a moment. until... we lost it. 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. . . . .
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stuart: no way around it, that was historic and it wasn't just a symbolic handshake, oh, no. the president and kim jong-un signed a groundbreaking agreement. they are going to work towards complete denuclearization of north korea. the president acknowledged it would take years. during that process though, sanctions stay in place. so the economic pressure remains. hard-line trump. the agreement called for and kim jong-un signed on to astle,n north korea. that surely is a kim reversal. how about verification? the treatment did not use the words verifiable and irreversible but president trump said in his press conference and american and international on
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searchers would be in north korea to check. getting rid of the noko nukes is right at the heart of this deal and both sides have agreed to it. add it all up, it is a remarkable turnaround. when first elected mr. trump was warned he was warmonger. pundits were assuring us soon we would be at war with north korea. you can't say that now. what is remarkable a switch in diplomacy. the europeans are left out, not mentioned in the agreement. the iranians will be watching. they are looking at what kim gets for an agreement with trump. so will the russians. new sanctions have been applied to them and mr. trump is talking about a putin summit. lots of moving parts in trump's diplomatic world. one last point, the president's style surely had a lot to d this history-making day. kim jong-un would not have come to the table if he thought he could bamboozle this president. he knew hard-line trump was no game.
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the second hour of "varney & company" is about to begin. ♪ the summit dominates the day. we'll check your money. a small downside move for the dow, we're off just 17 points. big technol companies, mostly, in fact all of them are higher this mornings, every last one of them on upside. look at tesla rallying yet again. one investment firm raising its estimate for model 3 delivery by 50%. the stock is up another 3.3%. 343. general motors saying it is increasing production of its all-electric bolt this year because of global demand. it says at least 20 new all-electr versis will launch globally by 2023. remember the retail ice age, doesn't apply to the parent company of restoration hardware. they're looking down the road.
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they have got a rosy forecast. look at that the stock is up 26%. president trump taking war games off the table in the noko deal. listen to this. >> under the circumstances that we're negotiating a very comprehensive, complete deal. i think it is inappropriateo be hing war games. mber one we save money, a lot. and number two, it really is something that i think they very much appciated. stuart: war games by the way are those joint south korea-united states military m t n that region but they ar off, they have been stopped because of this summit agreement. joining us gordon chang, the author of, nuclear showdown. gordon, why don't you like the idea of stopping war games now? >> well, i you stop the war games, what you're doing is reducingeadiness of south korean and u.s. force, and they're there to protect south korea. even if north korea today had no nukes and certainly has them,
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maybe 60 of them, it still has chemical a biological agents. it has estimated 14,300 artillery tubes north the demilitarized zone which separates the two koreas. seoul is at risk. you look at the north korea military, still forward-deployed south of the pongyang line. 70% of its forces a there right on the border. stuart: but it was a concession obviously on the part of president trump. but a necessary concession to get the other stuff, he is not he removingions. stay until denuclearization is complete. that's a hard-line. >> that is important and that's very good. the tngbout this is, we don't know what all the provisions are and apparently there are things there they have agreed to at least to us, unknown. we know that because president trump mentioned at that press conference that the north koreans agreed to destroy their missile testing, missile engine testing facility. that is not part of the joint
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statement. there is probably other parts there undisclosed. stuart: china should be happy with this, on the grounds if you get rid of nukes on the korean peninsula, that is good for them. if we reduce our american troops in south korea that is good for china. are they happy. >> i'm sure they're happy. they said they're happy but also this ending of the war games, that is aeze for freeze. we freeze military exercises, the north koreans freeze nuclear and missile testing. this was a chinese proposal. president trump accepted it. stuart: you're kit call of stopping of war games, i got it, but overall you think this is really good start to negotiating real peace in korea? >> this is important because what president trump has done is created momentum. last year he had the sanctions, he had threats to go to war. that actually pushes the north koreans in a better direction. also according to observers in asia, andre longkof, some think is the leading north korea expert, that both north korea and south korea changed their
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policies because of president trump's threats and so did china. that is what moved everyone to the negotiating table. president trump deserves a lot of credit for that. stuart:im jong- wou n have agreed to anything if he thoughtha having agreed to anything he would be out of power. he has to be assured that he stays, maximum leader of north korea, doesn't he? >> that is important because we know that the military in north korea is not happy with him talking about giving up nukes. also he created expectations among the dong, the really the money class as well as poorest north koreans. the expectations things will get better. he so he is in a very difficult position. he needs trump to help the economy. at the same time he has a lot of generalsnd admirals who are no copastetic with this. stuart: that is the deal, you get prosperity, you have to get rid of nukes. >> that is it.uart:don, you'renf this. thank you very much for being here. >> thank you, stuart. stuart: that is politics. that is the summit. i want to move to the economy.
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the president has been tweeting about it. here is the latest economic twee stock market up 40% since the election. lowest unemployment rate in many decade with black and hispanic unemployment lowest in history. female unemployment, lowest in 21 years. highest confidence ever. joining us now, scott shellady. the economy is humming along. i think the president is right what he said there but my question to you, what could derail the booming economy? do you see anything on the horizon? >> if i did, i might keep the secret for myself. no, i don't see anything on the horizon, number one, stuart but here's the deal. i don't think we'll have issue with the market when it comes to trump. a lot of people bet against the market and put their hand back in their pockets. it doesn't pay to bet against him, number one. number two, the real problem will come on a non-trump headline or a non-trump problem. a good example, what if the
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italian situation would have blown up and still could blow up and they fall out of the european union or some other emerging market somewhere in the world? that will be the problem. it will not be a trump problem. stuart: i understand that could be a problem but i don't think the north korea negotiations are going to be a problem. i don't think asia will be a problem, do you? >> no, i do not. i mean, think about all of the things that come with this, right? we've got south korea, that would now have an access to china and russia through all the tributaries going through north korea. think of all great things happening there. not alone all the things could happen with the north korean economy. and, you know what? china has never not backed north korea in its history. maybe this is another way that trump backs into some really good relations with china as well. stuart: right. >> there are some good things happening over there now. i think it will be a european issue i think is the next hiccup. stuart: why is the market not onding with a nice solid rally hours after the signing of
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the agreement? >> because we've had the headlines all weekend about this being the biggest week for the year in the financial industry. we had the fallout from g7 on monday. day weave north k tomorrow wveot the fed and more "brexit" stuff. european central bank on thursday and bank ofapan on friday. we've got opec next week. that is why we're sitting here with our hands in our pockets, waiting to get all the information for people to take their foot off first base. stuart: there is always something like that. why can't we celebrate now for once in a while? >> we should celebrate. i think it will come through later in the month. we're up 4% i june so far anyway. this is a great start for something in the summer. the only thing i'm worried about a non-trump headline. keep that in your eyes. stuart: don't worry,e'll look for it. scott, thanks for joining us. >> see ya. stuart: coming up this hour, democrats going after the president on the summit with
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north korea. nancy pelosi doesn't think much of this deal. david bossie, he was on the trump campaign team, he is going to respond to that in a moment. >>member how the world was terrified of nuclear war when trp called kim jong-un "rocket man" or fire and fury? maybe the hard rhetoric worked. we're all over it. brian kilmeade, he got what he wanted, a hard-line on trade. kilmeade will be with us later this hour because you are watching the second hour of "varney & company." ♪
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stuart: one group of stocks that is coming down today are the defense issues because good deal with north korea is not good news for defense contractors. raytheon, northrop grumman, lockheed martin, all on the downside this morning. and that's actually helping push
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the overall market to the downside. different story for lands' end, clothing retailer. les down 20% in the last quarter but they loss less money than expected to lose. they're not doing too badly. have come back to just about dead break even. that is where we are, down just a fraction of a point. 25,320. democrats, they're going right after president trump after the north korea summit. here is nancy pelosi. quote, in his haste to reach an agreement, president trump elevated north korea to the level of the united states while preserving the regime's status quo. coauthor of the book, let trump be trump, and citizens united president david bossie is with us now. why don't i clear the stage, let you go right at what nancy pelosi had to say. go. >> look, she is once again delusional.
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she continues to hate this president more than she loves our country. she has a complete disregard for american history. she said and others like her said the exact same thing about ronald reagan wn he met in the first of several meetings with gorbachev back in the 1980s. how could you meet with a dictator. they have human rights abuses. all these issues which by way president tmp fully understood, discussed with the leader of north korea, and in his press conference he talked about at otto warmbier, we woult have gotten to this point without otto, that he didn't die thosere issues very important to this president but the left only wants to focus on things, nitpicking things that really don't want to give any credit where credit isue. stuart: david, it is not
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nitpicking when you look at north korea's human rights record, that was frankly not addressed in the agreement or in the press conference. i mean they still got gulags. they still have hundreds of thousand of political prisoners. how about the world's human? rights? how about america's human rights? how about the human rights that this president wasnking about which were theuman rights of every person across the world when he is trying to denuclearization the korean peninsula? that is about human rights, okay? so let's, we can talk about the gulags and those are important things but again, president reagan had those same issues. gorbachev had gulags. you had the iron curtain up. let's not forget these are very similar types of people but american leaders have a history of dealing with bad guys and, what we try to do is move them forward to try to make the world
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a safer place and are concerned about the world's human rights. stuart: is this a complete realignment of our foreign policy? because the europeans, we're at odds with the europeans over trade and they're bitterly critical of us. they're not even part of this agreement with the north koreans. we seem to be getting very close to the koreas, a new relationship with both koreas, in fact? >> well let's put it in perspective. the g7 summit which is what i think you're talking about, the bitterness there, of course this president is a change agent and leaders of those other countries love the 40-yeartatus quo which has been broken from america's standpoint and our leadership has failed to act. this president has put america first. he said we are going to rebuild american industry over his presidency, and that is what he is saying to these leaders of their countries. they don't like it. it's okay. they don't have to like it.
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they need to do the best jobs for their countries just like this president is for ours. and when it comes to the koreas, he is dealing with the number oneiol security threat that barack obama told him about during the transition. president obama said watch north korea. north korea will be your biggest problem. the president has taken the last 18 months to act decisively and to get together with him yesterday at that summit. and it is the first step of many, just like reagan and gorbachev, it took several meetings over many years to get together to, to then, several years later, have the berlin wall fall. so these things don't happen overnight. but the left is so delusional, they hate this president more than they love the country. i continue to say it because it is true. and it is leftists like ben rhodes and others on other networks will not see reality. stuart: you know the berlin wall eventually came down. i wonder if the d wil
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eventually be dismantled? >> we hope so. stuart: we'll have to debate that another day. david bossie. see you soon. >> thanks for having me. stuart: switching gears. more retirees getting a side gig, as in another job. liz: this is really stunning trend. so basically, people are not retiring. they're doing side jobs because of the internet. so they're doing things, becoming handymen. they're signing up on home advisor, if you're retiree. they're continuing to work as handymen. not just tutors, tour guide or crossing guard. they're becoming internet photographers. we're talking retirees. they're becoming uber drivers and lyft drivers. they're doing the gig economy. 34% of the gig economy are retirees. it is reall superfast nating trend. there are seven million jobs openings out there. people can't find qua workers. the retirees are still working.
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ashley: the question is why? do they need the money? liz: they need money in retirement. stuart: you're bored stiff sitting around. that is my personal opinion. ashley: you're probably right. stuart: remember this story? seattle imposed amazon tax, a tax on biggest employees in the city, to p for the homeless problem? well, here is the headline. seattle has revolted. the city is about to back down on the tax. we'll have details for you in a moment. ♪
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stuart: good economic news. good news from the summit. we're down 20 points. 25,298 is where we stand. the price of gold this morning
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is down 80 cents. barely above $1300 an ounce. bitcoin, it was down big yesterday, a hack attack on south korean exchange. cryptocurrencies wiped out since sunday. bitcoin at $6700 a coin. city of seattle wanted big companies luke amazon to foot the bill for homelessness and build affdable housing. they have a new tax. however, there is a push to scrap the tax. dan springer is in seattle with the latest. what have you got, dan? >> stuart, i know you covered the story a few weeks ago, when seattle stunningly passed this 275-dollar per employee head tax on companies that gross $200 million, or -- or $20 million. they did a stunning reversal. yesterday it came out, they would scrap the tax later on today at a special hearing which they say they no longer want to
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dos thing. it is supposed to raise $47 million, the tax affecting about 400 big employees, big employers in the city of seattle, the biggest of course being amazon. amazon balked as soon as this thing was talked about, seemed like it was going to pass, they stopped construction on a large office tower. theylso said they may sublease a second office tower, costing about 7,000 jobs. city counsel came back from lower proposal from $500 a head to $257 to raise money for the homeless crisis. as soon as this thing passed three weeks ago, a group started putting referendum on the ballot in november. they had 3 how more signatures than necessary. the city counsel saw the writing on the wall. they came out right away and we'll scrap the thing away, avoid a embarrassing defeat in
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november. stuart: they want re-election. reporter: yeah. stuart: dan springer in the middle of it. dan, see you soon. remember how the world absolutely was certain that president trump would lead us all into nuclear war. the war didn't happen. maybe tougher rhetoric from the president actually worked. we'll cover that story. dennis rodman, in an emotional interview praising president trump, saying president obama didn't take kim jong-un seriously years ago. brian kilmeade is with us on that. ♪
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stuart: i thought we had that within the last 30 days? i thought we had. apparently not. ashley: anyone listening? no. stuart: no, no. not -- [inaudible] check that big board. we're down 22 points, right at 25,300. big tech names, they're higher, only just. facebook, amazon, apple, alphabet and microsoft, which is now unchanged. i see plenty of green there for the big techs. a deal with north korea not good news for defense contractors. rayton,orthrogrumman, lockheed martin, all of them on the downside, quite significantly so as well. different story for lands' end. they're a clothing retailer. sales down 20% in the last quarter. however, they lost less money than wall street was expecting. so the stock is up 17%. perverse, isn't it? citigroup says sell
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seaw. down 1%. 20 bucks a share. higher sales at dave and buster's, the stock doing very well. 13% higher for dave and buster's president trump has been told talk tough on north korea. watch tape. >> north korea best not make anymore threats to the united states. they will be met with fire and fury like the world has never seen. the united states has great strength and patience, but if it is forced to defend itself or its allies, we will have no choice but to totally destroy north korea. "rocket man" is on a suicide mission for himself. stuart: joining us now, the author of the borke, a world in disarray. his name is richard haass, the president of the council on foreign relations. richard, you didn't like that
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bluster but the hard-line, would you agree, it did in the end work? >> we don't exactly know that. it is possible it worked. obviously the sanctions had a role. but also north korea got done with enough testing of its missiles and nuclear warheads it may have simply concluded it reached a point where it could safely and securely go to a summit with the united states. stuart: it seems like a real turnaround with america's diplomacy, vis-a-vis noh korea. you're not prepared to say trump pushed for it and trump got it? >> he talked tough. he got sanctions through the u.n. he is one of the reasons we got the where we were. my problem he talked a lot tougher than he negotiated. stuart, we haven't, how do you know what he is going to negotiate? he himself it will take years for the denuclearization process. how do you know how he is going to negotiate in the future? >> we don't. all i'm saying we left with no
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definition of denuclearization. no timeline. no north korean commitment to verification. one tangible thing was the uned states gave up its military exercises. and i didn't notice, maybe you did, i didn't notice any north korean reduction in the conventional military threat it poses to south korea, and that is the reason we have our troops there. that is the reason we exercise. stuart: but the president did say there would be americans and international observers on the ground in north korea to make sure verification. >> verification is not looking for things. verification is just that, it verifies things you know about. verification in arms control, whether with the soviets or russians now or anybody else, first requires the opposite side to give you an accounting of all they have. we don't know if north korea has 20 nuclear weapons or 60. we don't know where their production machinery is. we don't know where the materials are. so verification is never any better than the baseline you're working from. stuart: richard, you don't seem
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very happy about this. >> no. look, i think, again we've taken a step away from war. if you had me on six months ago, i would have said odds of going to war, were 30, 40, even 50%. now i would say they're probably down in the next six months a year to 10%. that is all to the good. i just think it's a mistake to exaggerate what was accomplished. this is, this is the top of the first inning in a nine inning game. let's be realistic here. stuart: could any other president have brought kim jong-un to the table? >> we've had other presidents, while they didn't have direct meetings with kim jong-un had negotiations with north korea and for what it's worth the agreements they reached were far more detailed and far-reaching that an this one. so you brought them to the table. the question what did he leave the table with. stuart: forgive me, richard, the council on foreign relations doesn't seem prepared to give president trump for anything? >> council on foreign relations doesn't take positions. this is me speaking.
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when i agree with him i so. when he used force in the middle east that was good. it is good we provided ukraine with defensive systems. i think some of his critique of china on trade is justified. the fact again, we're a step farther away from war is all to be welcome. i think you have got to be careful of be on the other side. don't exaggerate what was accomplished here. stuart: what do what do you thie the odds, give me odds on it, of eventually this is a true success? that north korea does denuclearization? kim stays in power, he has got security and north korea becomes prosperous, what are the odds th eventually comes to pass? >> i say less than one out of 10. i think north korea made assessment that countries that give up their nuclear weapons, ukraine, iraq, libya, those leaders payee enormous price for that. i simply don't see them going down the path with their nuclear weapons. they're not anxious to open up economically. if they do that, their political
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grip would weaken. so i think this idea that north korea seeks to become a modern, open, society, i just don't see that in their playbook. stuart: richard haass, thank you very much for being with us today. we appreciate it. >> thank you. stuart: okay, sir. joining us now, yeah, bang, it is 10:36, the i go to brian kilmeade the moment we hit it and we hit it. >> that is because of my agent. my agent said, 10:36. not 10:35. it will cost you more. stuart: i have to fit into your commercial breaks. you always want ad hard-line, a hard-line on trade. we finished a g7 tumultuous summit. you got what you wanted, didn't you? are you happy? >> i was, i was shocked when you are approached with a deal and someone want as new deal, instead of emotionally upset saying how hurt you are, address the issue with the dairy
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farmers. around canada to work out acid rain. evidently 20 years to work out the lumber issue between our nations. the president says, i have a huge problem with the way you have 279% tariff on farming, if you don't believe that, come back with facts, work it out. hey, america, i don't like when you do this, okay. we're rebalancing, as larry kudlow said, the president is looking to reform trade. when it comes to the eu, he is extremely upset. he says, i don't like, i don't like the way france treats me. i have a problem with the way european union treats us. instead of addressing automobiles, with purchase and distribution and import, export. this is not the way we're usually treated. just understand things are not as usual. stuart: yes. >> get your hands dirty. work it out. stuart: things have really changed. president trump has completely, international diplomacy works. and he is not backing down.
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his hard-line is right there. come up with something for me. that is what he is saying to europeans and canada. >> people say, nicer to our enemies than he is to our allies. not really. he is going very tough on china. china is playing ball. they're getting mad. they're coming back. they have countier offers, we have for our five different meetings. european union says this is not happening. not the way is usually happens. at least china understands there is a problem. i'm not for the air force one tweet storm. i don't think that works, peter navarro coming on next day is a special place in hell is overstatement no one benefits from. for me, if i'm about to send an angry text i want stuart varney say next to me say, brian, not a good move. might feel good the moment but not a good move. peter navarro says not a good move, n send two. when people like you, respect you they don't want to tell you
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not to do something. my thought is, maybe, presumptuous, my thought president trump would want that back. instead after g7 no one remembers, it will be one that no one forgets. stuart: that's true. listen to dennis rodman and his emotional response to the president's meeting with kim jong-un. ro. >> i, i was sitting protecting everything. and i believe in north. i went home, i can't even go home. i can't even go home. i had to hide out for 30 days. couldn't even go home. but i kept my head up high. this is great day for everybody. singapore, tokyo, china, everything it is a great day. stuart: rodman also criticized president obama for not listening to him years ago. should rodman get any credit for anything in this? >> yes. and, here is the issue. he overcame, this guy was unbelievable successtory from a junior college.
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basically adopted by a family. it was "reader's digest" story i remember reading. he becomes, defies all the odds. makes nba. become as hall-of-famer with championship pistons and bull. he acted wacky in the middle, wearing wedding dress and saying crazy things. when you act like that, you want people to take y seriously and they don't. when i watched last night, i thought he knew the only person in the world, president trump as billionaire host and knew kim jong-un as wacky dictator, he could have helped provided more information about the psychological makeup of the 34-year-old than anybody else. i thought he came out great. what i thought was important, he talked about being an american. he talked about the pride he has in the country. he wanted to do something for the country. at a time athletes are standing and kneeling and taking side. he talked about the country. the reason why he was wearing the maga hat not because he is
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republican but the president listened to him. he had his secretary call him, thank you, he is proud of you for your work. he got respect from president trump. it doesn't mean he is a republican. but, he, he is a victim of his own antics but i thought yesterday, he really i thought, despite the part you showed, i don't blame you for showing it because the most sensational, he was making a lot of sense before that. >> kilmeade take as stand on trade and kilmeade takes a stand on dennis rodman. >> two for hundred. stuart: you might be back if you're not careful. see you soon. next hour on "varney & company," guests we could call this the international hour, nigel farage, sebastian gorka, david ruben, they will join me. all angles covered on the summit and why the europeans are so far out in the code. more "varney" next. ♪
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♪ ashley: congressman greg walled enof oregon says ceiling -- zealing a deal with north korea is always going to be tricky. take a is en. >> i think they made really good progress there. we'll see.
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we've seen this pattern before, but we never seen a president like donald trump take this kind of initiative w fullbacking and force of mike pompeo, secretary of state, was on my committee, two years ago. this guy knows the intelligence world. he headed cia. he head he had diplomacy. he is great backup to the president. i think we're in the best shape we've been in a long time. ♪ [ sigh ] not gonna happen.
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stuart: restoration hardware came out with rosy outlook. your stock goes up by 1/3. better sales at dave and buster's. that stock is up. 13.3%. for dave and buster's. more reaction from the democrats on the summit with kim jong-un. listen to what senator bob menendez. roll tape. >> i have to be honnist with you, this the is weakest statement i have seen coming out of any engagement with north korea, much less highest ranking of president of the united states meeting with kim jong-un. it's amazing. i think that we have to even change the nature of ronald reagan's, you know, trust but verify, we have to verify
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what north korea means before we could evertrust it. stuart: joining us now congressman lee zeldin, congressman from new york. you're on foreign relations committee. what do you make about senator menendez. he said it is weakest statement he's seen. >> complete denuclearization of north korean peninsula. north korean deal we never even got signature. so that respect, president made further progress with north korea. complete denuclearization of korean peninsula. putting pen to paper as far as peace on the korean peninsula, that is pretty good for first meeting. stuart: you mentioned iran nuke deal, we're walking away from, iranians look ad the summit, what the kim looks if he gets rid of nukes.
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they're looking closely for the deal. >> important for us to learn our lessons of the past, because in the iran nuclear deal we agreed to a sunzest provision we shouldn't have of the we agreed to verification regime has no united states weapons inspectors inspecting iran. didn't deal with iran's behaviors. learning lessons of our past relationship with north korea. what did bill clinton do wrong in establishing the framework in thes. when strategy changed with president bush and changed again with president obama, what lessons have we learned? i think for the president having secretary pompeo with him, ambassador bolton with him, ng lessons from north korea, learning lessons what we did in iran i think it's a great first step w we've seen over the course of last 12, 14 hours. stuart: media questioning this deal, number one there is nothing about verification. the words irreversible and verifiable were not in the
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agreement. so there is some criticism there. and there is also criticism that president trump is shaking the hand after man who is vicious dictator. that is worthy of crism. where are you coming from on verification and shaking hands with a dictator? >> the president gets criticized when he is supposedly, according to his opposition not being diplomatic. he gets criticized from his opposition when they say he is being too diplomatic. he can't do right. if kim jong-un showed up with all the nuclear weapons all the opposition would say how do you knowt is not everything? even if everyone said that north korea, they would still be criticizing him, saying how do you know? he will not make everybody happy but the president is sitting down with a foreign leader. this is a first meeting between them. he is trying to get that foreign leader to sign a document agreeing to complete denuclearization, something he was inherited generations in his own country. i think president has approached it well.
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he came across very presidential, very prepared. i think as far as the verification goes, learning our lessons from the past, is that we should have united states inspectors that we should be able to go wherever we need to and, also could get a read in yourounterpart, ability to go anytime, anywhere you want to verify whatever you think you need to verify. stuart: the president did say today, i heard him say, there will be americans and international observers in north korea for the verification process. >> that is better than what we see any ran. stuart: congressman lee zeldin, thanks for joinings. thank you, sir.te it. florida senator marco rubio tweeting about kim jong-un. here it is. one more thing about kim jong-un, kgu, while i know potus, president of the united states, is trying to butter him up to get a good deal, kim is a talented guy. he inherited the family business from his dad and grandfather. he is a total weirdo who would not be elected assistant dog
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catcher in any democracy. that is senator marco rubio. >> great. stuart: there will be more "varney" after this. she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day.
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stuart: we just received this from senator charles schumer on the north korea deal. he says, the joint statement is
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quote, very worrisome and imprecise. mr. schumer also says that the president has given up substantial leverage. joining me now, bill parker, from the east-west institute. bill, welcome to the show. >> thank you. good to be here. stuart: worrisome, imprecise. deal with that first of all. your response? >> my response this administration read "the art of the deal" and they have also read the art of war. they realize that the win is using all the instruments of national power and that is exactly what they're doing right now. they are looking at the specifics. you do that by first having a conversation. stuart: senator schumer also says that the president has given up, given up substantial leverage. he may be referring to america ending the war games. wh you sayo that? you're a military guy? >> the war games are important. you're increasing your ability of your country to fight and allies to fight, that is important part of it, if what you're getting out of this is
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denuclearization of the korean peninsula to back after those in the short term. that is not a bng. stuart: is ts realistic? north korea has been committed to nuclear weapons and development of mles for a very long time. presumably they have facilities all over the place and personnel all over the pce of the is it realistic we can verify that they have given it all up? >> it is, devil is in the details here but reality they are starting with that conversation. they both signed the paper saying that denuclearization is going to happen. the inspection and verification part is a long process that will take many years. do i think it is realistic? i think it is realistic but i think it will be a long process to see where that goes. stuart: at the end of the day, after many, many years, do you think this could actually happen. >> i do. stuart: really? >> yes. stuart: cost? >> i'm confident this can really happen if the verification process is done properly and if we're offering both the possibility of you being military strike happening against you and at the same time
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your economy growing. that is what is happening. you're using allhe instruments of national power. yes, i think there is a possibility. stuart: bill parker, thanks very much for joining us. >> great to be here. stuart: thank you very much indeed. packed hour of "varney" coming up. we'll get going . how do you win at business? stay at laquinta. where we're changing with contemporary make-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
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senior living has never been better, and there's never been an easier way to get great advice. call today. a place for mom -- you know your family, we know senior living. together we'll make the right choice. . stuart: i'm going to call it a political win. against all the odds, president trump pulled off a remarkable summit in singapore. previous presidents could not do this. trump did. and now the media is left to nitpick history, and the left is looking for anyway, any way at all, to criticize this noko deal. they know the summit makes the president look good and will not help them in november's elections. they also know a strong economy is bad news come november and as the president flies home, there is very good news on the economy. one-third of small businesses have raised wages. we haven't seen that in two
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generations, if you're a home owner, check how much money have you in the house. the average equity increase was 14% in the first three months of this year. a big gain for millions of people. we're back on the road to prosperity, and the president has just completed a summit that was unthinkable just a few months ago. it is a political win on the economy and a political win with north korea. november doesn't look so grim for this president and the party heleads. the third hour of "varney & co." is about to begin. . stuart: it is a dead, flat market. will you look at that? down three points. >> no reaction. >> no. >> ho-hum. stuart: no reaction on the north korea summit. you heard my take and i'm saying it's a political win for the president.
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that's good news for investors and a political win on the economy. good news there as well. so what's with this market? maybe john layfield can straighten things out. he's with us now. i was expecting a solid gain and we don't have it. what's youre on is? >> market kind of got what they wanted. the de-escalation of the tension with north korea is a huge deal for the market. the de-escalation started happening, the market sold off and taking that off the table. n't know if a deal goes through here. the mere fact there's not an escalation in north korea takes one of the hot spot events out of the global finance world. stuart: so why isn't the market up? we're almost dead flat on a morning where just hours ago, got this historic agreement, and we also got pretty good news on the economy from small businesses and people's home equity stake. you got to explain to y don'te have decent rally here? >> we've had a great rally. the rally has not abated.
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that's the big news. the market is not going to go up every single day, obviously. you've covered the market long time, and i've invest a long time as well. the good news is the president has -- the market has continued and not sold off. we've seen something in north korea that is historic. a huge political win for this president. if this president would get off twitter, his approval rating would be 70%. stuart: we're at 25,300 on the dow at this moment. about 1200 points shy of the all-time record that we hit back in january. are we going to start a run to another new high this summer? >> i think we are, there's no black swan event on the horizon. the only problem is the trade tariffs and potential trade war. the market sees this as negotiation tactics does, not see it coming to fruition. the unemployment rate is going to drift down to 3.7% which would be the lowest since lyndon johnson wasresident in the late 60s.
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that's huge for the republicans going into the midterm. more importantly for the country, the country, the market is starting to trade on fundamentals in this economy. we had the best earnings beat this last earnings session in 25 years, since 1994, and right now themarket's projected to go at 20% earnings. that's huge for a bull market in this state. stuart: what you're saying is be calm, be patient, hold your power to dry. don't worry, folks, a rally is coming. can i sum it up like that, john, or am i going overboard here? >> i believe you can. the u.s. is the place to be for equities, it has been and continues to be. a lot of problems in europe. problems in asia, a bifurcation of wealth in china right now they have a problem with. oblems with debttaly and e eu just as a whole. so the place to be right now is u.s. equities. yes, that's where you should stay. stuart: john, appreciate you being with us.
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many thanks indeed. quickly, let me update the market for you. for the benefit of our radio listeners, we are not rallying, far from it, we are down one point. dead stuck. the fed bank is coming up, the bank of japan. >> the g7 trade fight, right? the market's flat. stuart: what's going on here? sct shellady is fit to be tied. >> relax. stuart: when we were planning the show, by the time we get rolling into the 11:00 hour, surely we have something to tell them about a rally. fit to be tied. is mr. gorka with us? yes, he is! the mainstream media remain -- i'm being serious here, skeptical regarding the noko summit. just for a moment before we get on sebastian gorka, listen to the questions they asked president trump in singapore
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this morning. roll that tape. >> methods to verify either with the united states or international organization, that very process. >> yes, we do, yes, we do, and we'll be verifying. >> north koreans didn't promise what we thought we had reged on the promises. what makes this time different, mr. president? >> well, you have a different administration. you have a different president. >> you can talk about how you -- >> sure. >> i don't think press kim jong-un for complete verifiable irreversible and can you say why you didn't secure those details in this agreement? >> because there's no time. >> okay, here isebastian gorka, former adviser to president trump, and sebastian is in singapore right there. you know, the media, they'll never give him any credit, will they? ever! >> somebody else said it, but i'm going to use it here. if after that presser yesterday, the president had
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walked out here behind me to the singapore bay and proceeded to walk on the water, they would have said, look, president trump can't swim. they're just deranged, they are truly pathological. stuart: you got that joke from me sebastian gorka, and you know it. >> i did? stuart: i used that joke, and i think you heard me use it. >> i give you full credit. i give you full credit, full credit. stuart: listen to what president trump told sean hannity. i know you know this already, sebastian, i think you were in the room during the interview. for the benefit of our viewers, here's when asked about the tough language that the president used to north korea in the past. here's the response. roll tape. >> a lot of people, critics, quickly saying when you said little rocketman or fire and fury or, you know, when he said, oh, i've got a red button on my desk, you said mine's bigger and works better than
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yours. how did it evolve from that to this because he did say at the very beginning we're going to basically start over, and that has been building behind the scenes. >> well, i think without the rhetoric we wouldn't have been here. i believe that. we did sanctions and all the things you would do. without the rhetoric, you know, other administrations, i don't want to get specific on that, they had a policy of silence. if they said something very bad and very threatening and horrible, just don't answer. that's not the answer. that's not what you have to do. so i think t rhetoric, i hated to do it, sometimes i felt foolish doing it, but we had no choice. stuart: sebastian, the president's hard line worked. that's the bottom line, isn't it? >> both you and i come from the british tradition. we understand the stiff upper
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lip and the queens bury rus, but guess at? for 25 years it failed. whether the president was a democrat or republican, north korea's capability to do us and our friends damage has increased every year. they didn't have nuclear capability when clinton was in office. they didn't have ballistic missiles that could fly more than2,000 miles when bush was in office. but they got them, and the president understood it had to stop. so he used every tool within certain limits that was necessary, and at the end of the day, stuart, this is the language that dictators understand. they need to be shown that they are dealing with somebody who is serious and is backed up by his team. because remember, it wasn't just the president who talked about his button or little rocketman, you had a former four-star marine corps legend
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like jim mattis as secretary of state saying, if you threaten us, kim, we will annihilate your regime. you don't pussyfoot around these issues and you don't have -- you know, series after series of fancy meetings in hotels in geneva or vienna. you send a very clear message they have no more options left until they come to the table and that's exactly what we saw in singapore today. stuart: sebastian gorka, thank you very much for taking time out. it's late,at at night there, and you have been up for probably 72 hours. appreciate it. see you soon, sir? >> thank you. stuart: as the north korean summit finishes president trump is reportedly interested in meeting with vladimir putin and putin says he's ready. we'll talk to nigel farage about the possibility of us seeing a trump-putin get-together. wouldn't that be something? ♪
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. >> there is no limit to what north korea can achieve when it gisp i and embraces commerce and engagement with the rest of the world. stuart: you heard it right there. president trump speaking in singapore earlier this morning. one group seemed to be left out from the north korea talks, and that would be the europeans. joining us now, fox news contributor nigel farage. you know, they are left out of all of this. doesn't that represent a shift in our america's diplomatic focus? >> of course it does, and we saw this at the g7. you see, europe is very confused. you've got a european union in brussels that wants to represent the whole of europe and got a new government in italy, for example, who want to have an italian voice. there is this huge conflict and battle going on within europe
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as to who should speak for it. what was interesting is the photograph at g7 of all the leaders, this is before president trump decided to leave, and at the end of the photograph, both ends, we have mr. junca and mr. toosk. the bosses of the european union. no accountability to the people. because of that, no legitimacy on the world stage. however hard the europeans try to become a global player, it just doesn't work. >> you are right. what do you make of this idea that maybe there will be a trump-putin summit. putin likes the idea, president trump voiced the idea. if they did get it, wouldn't it leave the europeans further out in the cold? >> well, you would have thought on the face of it that a russia-america summit at this stage would make the gap even bigger within the g7, and yet the new italian premiere
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mr. conti says we must improve relations and talk to putin's russia. i think what's hning here, the old guard, the old order that existed fair long time with clintons and bushes and various german/british/european leaders is crumbling. this is a new world. brexit, trump, hungarian elections and italy, the third biggest country in the eurozone with a different leader and we're headed to a completely different place. and personally, i'm very pleased about that. stuart: do you think that we're heading towards a different feeling among europeans for president trump? i would imagine after the g7 turmoil and the blowup, the europeans would be apoplectic about president trump. any sign that's changeing? >> well, the old guard are apoplectic, mrs. merkel, the new politics coming in,
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governments in austria, governments in hungary, governments in italy and probably more countries to come over the next couple of years, who actually think trump stands up for america just as we're going to stand up for our own countries and from that starting point, we can be friends and work together. the new world is coming. rt: whe eurea media making of the noko agreement from last night? it would have hit first thing in the morning there? >> yes, about 3:00 in the morning, we heard it. i was drinking a cup of coffee and cheered loudly. wow! this is a good day for the world, but you know, there are still those on the left of politics and media who still cannot give the presint any credit at all, and i think actually on a day like this, they demean themselves when. you've got potentially the most dangerous country in the world signing up to a program albeit,
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it may take time but signing up to a program of denuclearization, that's a good moment to put left- and right-wing politics aside. stuart: time you paid a visit the morning, not this tea in stuff. >> i'll be in new york next week, okay? stuart: you are going sit right next to him and i'm going to shake your hand. faraj, thank you very much. navarro apologized for special place in hell comment directed towards canada's prime minister trudeau. navarro made the remark on "fox news sunday" after tension between trump and trudeau escalated following the g7 summit. coming up on this program, david rubin, our expert on u.s.-israeli allegations, comparing the north korean deal with the iran nuclear deal but says kim jong-un and the
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ayatollah are very different. question, does rubin want to see a trump-ayatollah meeting? wouldn't that be something? mgx minerals' disruptive technology can extract lithium -
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. stuart: i've been away for three days. where's the price of oil? $66 a barrel, up0 cents today. where's the price of gas? it's come down since the last time i was here. $2.91. that's the national average. 13 states are in the $3 club where the price average is three bucks or more. politics, five states holding primaries today. maine, nevada, north dakota, south carolina and virginia. those closely watched congressional races in virginia, six democrats taking on republican barbara comstock, she won re-election despite hillary clinton's win in her district. also in virginia, democrat senator tim kaine is facing a tough re-election fight. nevada, senator dean heller, the only sittingepublican up for re-election in a state that hillary clinton won. so watch those races closely. more politics for you.
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kid rock and former navy s.e.a.l. rob o'neill hitting the campaign trail today, supporting a candidate for the republican senate seat in michigan, holding a rally for john james, the senate hopeful is one of several republicans hoping to take on debbie stabenow in november. seen kim and trump, talked about putin and trump, will there be a meet be with the ayatollah, ayatollah and trump any time soon? sounds far-fetched. don't know. we'll talk to david rubin in a moment. he's here in the studio today. and the headline, from a former top reagan aide mark weinberg, assistant press secretary. he says the world is safer place today than it was yesterday and president trump deserves full credit. he is next.
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. stuart: despite all the good news on the economy, despite the trump summit meeting in singapore, despite all of that, stocks aredown. dow industrials down 10 points, i don't pretend to understand it. maybe get our experts to fill
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me in. next case this afternoon, a judge will issue his ruling on the at&t-time warner proposed merger. both stocks little changed in advance of that ruling. how about the gaming stocks? check them please, new jersey is going to allow sports betting, starts thursday. governor phil murphy said it yesterday, gaming stocks are up today. the big techs, we always do, that's where the money is. apple, amazon, microsoft, netflix, all on the upside one more time. back to the noko deal, our next guest says this is not like the iran nuclear deal, there are big differences between kim jong-un and the ayatollah and big differences in the deals as well. look who's here? david rubin, by special request, joining us in new york, the author of the new book, trump and the jews. do you think the meeting the
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happen? it's not happening. >> we're talking about kim jong-un, yes he's a dictator, and, yes he's an oppressive leader, but at the same time, he's someone who doesn't have a strict islamic ideology. a shiite islamic ideology guiding him. that's a key difference. rememberllah khamenei, this is ayatollah death to america khamenei. stuart: he would never change? iran will never change its position? >> i didn't say iran will never change position, i said the ayatollah will never change. stuart: he will not allow iran to change position, even when offered prosperity. >> the only possibility with iran, barring a military tribing would be that there would be an overthrow of the ayatollah. that there would be an uprising which already has started in iran but hasn't reached a peak
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level, that would overthrow the ayatollah. that is the way that the ayatollah will be stopped in his nuclear quest. you have to remember, he comes from an ideology. the ayatollah khomeini, his predecessor, the one who overthrew the shah of iran 30 years ago, he was the one who who coined the slogan. the ayatollah khomeini. stuart: watching what's going on in singapore. >> they can't like it. they've lost an ally, basically. that's how they do it. if things go according to the way they seem. they will have lost an ally. because north korea and iran
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and the islamic regime in iran have been pushing for the nuclear bond theve both been on the same track. dohink this summit and the agreement they got by doing kim jong-un and president trump, do you think that agreement and that summit is very good news for israel, saudi arabia, united states, as >> anyone whos concerned about the shiite islamic march in iran to the nuclear bomb has to be pleased. there's no way around that. it's interesting that you point out saudi arabia, because we've spoken about this in the past, you and i, and the leader of bahrain and the persian gulf countries which are mostly sunni muslim are very concerned about ayatollah and shiite muslim iran. so when you bring up israel,
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now when you talk about israel and israel's opposition to the iranian nuclebomb, you always have to mention the crown prince of saudi arabia and bahrain and other countries in the persian gulf. they are just as concerned. stuart: you mentioned that the internal strife within iran, the problems with their economy is not yet reached peak. >> certainly not. north korea is a country that is in darkness. they literally that they don't have electricity, but also that they are truly is in darkness. they're stricken with poverty, they're a primitive backward country, and kim, he's a dictator but he's not an ideological dictator wld and like to bring prosperity to his people, i believe, and to himself, of course. i think that if you look at iran, though, we're still talking about a country with
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the third largest oil supplies in the world. the third largest oil reserves in the world. they are a country that is rich in resources and a country that is not exactly starving. though the economy is not doing great. stuart: they're not willing to move towards prosperity by making a deal with america, saudi arabia, iran and sunni islam. they won't do it. >> anyone who says that doesn't understand the ayatollah and doesn't have respect for his ideology. i don't like his ideology but respect his beliefs and principles though his beliefs are abhorrent. stuart: david rubin, always a pleasure, thank you for coming to new york. thank you. we're going to stay on the north korea deal, the summit. our next guest says the summit is reminiscent of president reagan's first meeting with gorbachev of what was then the soviet union. look who's here? this man is mark weinberg,
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former assistant press secretary to president reagan and author of the book movie nights with the reagans. i like that book. >> thank you. stuart: now then, what's the similarity between the meeting and the summit last night and the first gorbachev-reagan meeting? >> it was the first one, it's the beginning of a process. a chance for the two leaders to size each other up and agree on a path forward. no one summit solves everything. we didn't get where we were with the soviets or where we are with the north koreans overnight, and we can't solve it overnigh stuart: howan meetings did gorbachev and ronald reagan have? >> five. they had five summit meetings and many, many, many other staff meetings where the nitty-gritty work gets done. reagan and gorbachev sat across from each other five times. stuart: did ronald reagan always maintain a hard line? in other words, this is what i want, this is what we're sticking to. i get the impression that president trump is also
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sticking to a pretty hard line. >> you bet he did. it was clear in reykjavik when president clinton walked out of the summit that soviets wanted him to cross the line. until the soviets said only if you put the strategic defense initiative on hold and reagan said, oh, no. stuart: that was star wars. >> fdi. that i cannot do and he left. and less than a year later, a treaty was signed. stuart: a treaty? it was an actual treaty, was it? >> yes, the inf treaty. stuart: and the senate ratified? >> yes. stuart: you said this morning the world is a safer place than yesterday bearing in mind that the summit was in the middle of the night and full credit should go to president trump. spell that out? >> i think it should. i think his policy of pressure brought them to the table. i think they knew he meant bu and it wasifferent kind of president, and that's why this meeting occurred. hasn't occurred with anyone
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else to this point. i'm not assigning any blame. i'm saying these two new and differenrs fin realized things weren't as they used to be and i don't believe for a moment if he hasn't pressured them and spoken about the way he did, yesterday would have occurred. it is much better to talk to each other than about each other. stuart: that's not the wayhe democrats s it. >> what do you expect! >> he didn't do much on human rights, you didn't specify how you're going to verify the removal of nukes and gave up leverage by abandoning w games, preparation. >> he didn't abandon war games forever. he said they could be resumed if circumstances warranted. he was very clear on that point. with regard to human rights, he raised it, he will continue to raise it. you cannot raise and solve everything. i don't believe in we gavep this, they gave up that. the important point is north koreans agreed to
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denuclearization of the peninsula. the rest is process. stuart: fascinating, mark weinberg, you were in the middle of it all a few years ago. thank you for joining us today. >> i appreciate it. thank you. stuart: i've got another big story today. seattle, expected to repeal the head tax on amazon and large businesses, ty could repeal it later on today. money from the tax was supposed to be used for homeless services and building affordable housing. we'll have the judge on the seattle revolution -- not a revolution. the reversal. >> off with the heads. stuart: the head tax. president trump will end military drills with south korea as part of the agreement with kim jong-un. we'll ask sergeant larry bowedermilk. they are slamming the noko deal. nancy pelosi and chuck schumer saying that the predeid indeed give up too ch.
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. reporter: i'm nicole petallides with your fox business brief. dominos pizza want you to have a smooth ride while driving pizza home or when they deliver
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. >> chairman kim has told me that north korea is already destroying a major missile engine testing site. that's not in your signed document, we agreed to that after the agreement was signed. that's a big thing for the missiles that they were testing. site is going to be destroyed very soon. stuart: as you heard, that president trump speaking to reporters in singapore. the president says the u.s. will end military drilling with south korea. so-called war games, they're off. joining us congressman barry
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loudermilk from georgia. congressman, you are a military guy. some democrats are saying this will harm our military readiness and that we have given up some leverage by giving up the war games. your response please? >> it's the same democrats who yesterday were saying kim jong-un is leang early so the whole negotiation is going to fall apart. this is a farce. look, it's not going to hurt military readiness. president is willing to suspend these annual war games that we have, which i've participated in the past when i was in the air force. he said he's willing to do that if they totally denuclearize. e war games are to prepare to defend to defend south korea against an north korean attack. if we can bring peace, why don't we suspend them. he's willing to do it. there's going to be verification they do what they say they're going to do. stuart: democratic in leadership positions, npelosi,
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his haste to reach an agreement, president trump elevated north korea to the level of the united states while preserving the regime status quo. and senate minority leader schumer said the joint statement is very worrisome and imprecise and the president is giving up substantial leverage. congressman, look, they're having none of this. what say you? >> they must be confused, stuart. they must be talking about obama's agreement with iran, that'sent toly dif than what i'm seeing. you look at nancy pelosi said that he gave concessions for vague ises. that is far from the truth. he said, look, we're going to go down this path, we're going to verify. they're going to denuclearize, we're going to make sure they do this. it's amazing they felt the jcpoa was a good deal which did elevate iran to the united states, other than this, you know, this, which i think is a good step in the right direction. look, this is not a one and done deal. we knew that going in.
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it's going to take awhile to get all the details of the negotiations down. but it's just status quo that they put their party above america's safety and security. stuart: in your re-election battle, in your home state in november, will you use the north korea deal for your side, to get votes for you? >> i wouldn't say for my side, but if it continues down the path it appears it's going right now, this is good for the safety and security of americans for generations to come. we need to promote the progress that we're making in this nation. look, compared to where we are today to just two years ago, two years ago no one would have thought this was conceivable. they said you would be crazy if you brought this up, much less the economy is going in the direction that it's going, wages are up, unemployment is down. we're making tremendous party. it's not about party, it's about the american people. that's only the case we're going to make. look where we are as compared to where we have been. stuart: congressman, thank you
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very much for being on the show today. you hit it short notice, and we do appreciate that. barry loudermilk, republican, georg georgia. thank you for joining us. >> thank you, sir. >> a d.c. parade for the washington capitals defeating the vegas golden knights in fivegames. that will be a joyous celebration, one of the few in the nation's capital today. now a win for business in seattle. amazon and other big companies were very critical of the city for passing that tax on big employers. here's the news. seattle is backing down. we'll have full details for and you judgment from judge andrew napolitano next. hi. i'm t he only bed that actually senses your movements and automatically adjusts to keep you both effortlessly comfortable...
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go long. . stuart: here's another headline for you. the nasdaq just hit another all-time high. look at that. 7700. how do you think that would happen? in the late 1990s it crossed 5,000, it plunged. thought it would never get back to that. now we're at 77. how about that? next case, seattle, they're
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expected to repeal the head tax that would have cost amazon and other big employees a lot of money. millions of dollars. all rise. judge andrew napolitano is with us. so you're a libertarian. what's your input on this? quon don't know where taxation is theft, no matter in what form it comes, but you don't want to go through this. stuart: no. >> what's interesting is this tax hasn'tven been collected yet and it's about to be repealed. that's how unpopular it was and the target are two large corporations. stuart: here's where you're wrong, judge. >> tell me what i'm wrong, stuart. stuart: the tax was very, very popular with the people of seattle because they're mostly socialists who want to beat up big business. it was unlar with elected representatives and facing re-election in november. >> i have nevereard of a tax being rescinded before it was even collected. that's fascinating.
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and that's democracy at work. so to that extent i'm happy. i'm ecstatic that the government will have less cash! [laughter]. stuart: what about all the poor homeless people who won't be care of? have you no heart? you people. you lawyers, you judges have no heart whatsoever. >> just giveaway cash. do you give away cash to the homeless who are right outside this building? stuart: what's wrong with the tax? amazon could afford it. bezos could solve the entire homeless problem for the entire world. >> take all his money and take his money while we're add it. stuart: a head tax is valid, y be unpopular but nothing morally wrong with it. >> yes, it's morally wrong. stuart: why? >> to take from those who worked and earned and give to those who don't. even magy would be on my side.
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stuart: nope, lady thatcher introduced a pole tax, it was a head tax as a way of raising money and equal tax. everybody paid the same. >> i'm joining the miner's union. merry christmas, maggie thatcher. billy elliot. stuart: billy elliot? >> the musical where they ripped into her, an attack on maggie thatcher but cleverly done. stuart: it is? i'm going to go and see it. where were we? the tax, nothing wrong with taxing corporations to make available -- >> taxing corporations, it's either the shareholders or customers who pay that. you know basics economics 101 better than almost anyone i know. you're making it sound like a faceless thing is paying the money. stuart: you realize i'm just having a go at it. >> yes! [laughter]. stuart: i'm very glad the tax is being repealed. never being introduced in the first place. >> of course. stuart: i just want to know,
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what do the socialists of seattle going to do now? >> well, throw the representatives out of office and get more socialists in office? i don't know what they're going to do. it's fascinating this happened in record time. stuart: lizzie, am i not right in saying when the tax was passed the entire city council wa in favor. >> the majority. stuart: the majority. now up for re-election and they're not, they're going to repeal. >> jeff bezos must have sent a message of some sort. here's the largest >> it was unanimously. unanimously wanted it and now 7 out of 9 don't want it because they're up for reelections. it's too toxic. >> a ton of signatures for the petition to repeal it and it was going to be on the ballot and it was clear it was going to be on the ballot. >> it's not morality, it's not economics, it's politics. stuart: i'm with you all the way. but not heard the last of this. >> no. stuart: they will start this up in other es. >> not from that part of the
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country, not heard the last of it. stuart: all governments, local and national are desperate for money. >> yes. stuart: they will go wherever they think they can get money. >> even at the price of taking property. stuart: they're going to take money of google, they'll take money of facebook. they'll call it a fine, whatever itis that's what the going to do. >> take money off of varney. stuart: not if i can handle it. you and i live in new jersey. >> highest taxes in the union. stuart: and it's a catastrophe. >> worse than the northwest. stuart: tm package for us in new jersey and for those in new york, especially new york city and california. >> taxes went up. stuart: it's a killer. taxes went up. if you have a break at the high-end, the top rate of tax came down. >> tax bill is much higher. stuart: much higher. because you can't deduct the local taxes which you paid -- >> what kind of republican came up with this idea? paul ryan. [ laughter ] >> that was a little harsh.
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i think it was gary cohn. >> and he's gone. stuart: he needed money and that's the way you got it. judge, live to find another day. >> yes, we shall. stuart: yeah. >> go give your money to the homeless. stuart: more "varney" after this. ♪ running a small business is demanding. and that's why small business owners need more. like internet that's up to the challenge. the gig-speed network from comcast business gives you more. with speeds up to 20 times faster than the average. that means powering more devices, more video conferencing, and more downloads in seconds, not minutes. get fast internet and add phone and tv for only $34.90 more per month. comcast is building america's largest gig-speed network to give small businesses more. call 1-800-501-6000 today.
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. . . . [ sigh ] not nna happen. that's it. i'm calling kohler about their walk-in bath. hi, i'm calling about kohler's walk-in bath.
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now at a three-year high. jpmorganays, given price target now of $50 a share, it is up 6%. new high for weight watchers. get that in before i pitch to neil cavuto. jpmorgan says overweight inweig. really yours. neil: found that a tad rude. stuart: sorry, neil. neil: i will think of something tomorrow. thank you very much, stuart. we are following all these developments, including waiting for that big decision on at&t and time warner. everyone is still talking the day after about what happened yesterday in singapore, the fallout for stocks has been largely positive, particularly for foreign markets. it would have been very, very different, if one or both of these parties would have walked away from the talks. that was a fear that didn't materialize. now they're digging into the deal, what they have got going here. south koreans have investment interest from all of this. get a


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