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tv   Varney Company  FOX Business  June 21, 2018 9:00am-12:00pm EDT

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>> great show everybody. good to see you. >> it's still a great economy. >> it's sure is. have a great day everybody. >> you've got to listen to james freeman. that lad is always right. good morning everyone. talk about toxic politics. the president canceled the congressional picnic. it was supposed to be today. bothties and family members invited. following the debate he said the picnic didn't feel right and it's off. late last night a toxic fight within the republican party. mark meadows sharply criticized,.his finger at speaker paul ryan. on immigration, democrats are united between open borders.
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republicans are divided. as for the president, in minnesota last night he said the border will be just as tough as it's been. he said that in front of a very large crowd. it was hard line trumpet have a big corporate story. was it sabotage or with blowing? they claim he stole data and passed around. he said he was just speaking out after seeing some really scary things. corporate dilemma. how do you keep corporate information safe when employees have access. the story of the market is technology this morning. it's making yet another run. it will open very close to another all-time high in those big names are powering ahead. netflix, amazon, facebook are all moving up. netflix is more viable than disney.
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amazon's founder is by far the richest man in the world and facebook founder is wealthier than warren buffett. "varney and company" is about to begin. ♪ ♪ ♪ ♪. stuart: as we said it's the technology stocks that are standout this morning. the rest of the market is slightly lower. we will be down about 70 points. the price of oil is making news. there's drama in the background. russia and saudi arabia want an output increase. he ran does not want an output increase. it's being squeezed by the threat of sanctions. the price of oil is $65 a barrel now. it had been 64.
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i have to get back to politics with republican infighting. look at this. that is mark meadows jabbing his finger at speaker paul ryan. a furious argument on the floor. i'm calling this toxic politics. i want to question you, have you ever seen anything like this? >> i don't thanks -- i don't remember things being this bad. it's a little surprised when you look at the mess at the southern border and the way congress has failed to act and failed to fix this problem. it's terrible for americans and terrible for these families that are lured into thinking they can cross our border with no response and they wind up at the border. it's a terrible situation.
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stuart: the language used by the left, and not the concentration camp and finger-pointingnse eottom lines nothi gets done. >> i think that's right. talbout how democrats are unified behind an open border policy. that's true but the only thing i would take objection to is the word policy. they are behind lawlessness. that's why we have the situation we have. election in 2016, he ran on this message of doing something about the border. if you want to and these images, there is only one silver bullet that will stop the flow of illegal immigrants coming across the border so that it works fairly and justly and benefits america.
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uart: yo are absolutely right. abc news. [laughter] okay, let me explain while you're laughing. abc news is doing a special report and briefly aired a graphic on the bottom of the screen and it said paul manafort pleads guilty to five charges of manslaughter. manslaughter. this is the same network that tainted reports about russia, russia, russia. what's going on here? >> it was a very special report. [laughter] it's incredible. there's blood in the water, they have this thing about donald trump and anybody who's had any association with donald trump, they think the worst of them. they come up with stuff like this and it was sort of a freudian slip. i'm sure they sought to correct it and took the
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headline down, the venom they have for this president and the people who support him. there's no headline that it's too outrageous. it is so dangerous. it's a threat to the republic. stuart: thanks for joining us. news on tesla. a former employee sued by the company. they say it was sabotaged, he says he was a whistleblower. >> now the question is who is martin trip. he only started last october. he is alleged to have planted software on other computers so the data could be exported out
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of the worker computers to his off-site computers which he then allegedly gave to third parties. it could be whistleblowers, short-sellers, car rivals, it includes dozens of photographs and videos. now they want access to his cloud accounts and home computer. the question is why was he doing it. was he paid by knows who and give it too others? >> guest: how do you keep your secret safe from employees who might not want to be secret. do check intel. brian has resigned after a consensual relationship with an employee. robert swan will become the interim ceo. no impact on the stock. peter navarro writing in the wall street journal about china.
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china seeks to achieve its goal of economic and military domination in part by acquiring the best american technology and intellectual property. president trump's new will provide a shield against this aggression. joining us now is greg with verizon investments. summit up for us. are we in a trade war or a round of negotiating. >> i think a trade war on many fronts. steel, aluminum, tariffs are very controversial. something has to be done about china. something has to be done on this front. stuart: i want to talk to about european automakers. they floated this idea of no tariffs at all for cars going either direction between america and europe.
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that seems to be in line with his suggestion that he made to canada, note tariffs at all. can i read this as progress? >> some. in a pfe world. stuart: economic surge gives president more firepower in trade battle. maybe the upper hand? >> there are so many good stories coming out. there was a piece yesterday about social security disability applications plunging because people are going back to work. there are a lot of positives as the economy gets a lot stronger over the next two or three months. stuart: we just have to get that word out so we don't keep talking about children in cages and trade wars all the time. i have some video for you. it's on a loop so if you miss
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it you will get a second time. it's o from california. a bear stuck in a car. it did so much interior to the damage the car door wouldn't open. there's the video. seattle is solving a homeless problem. they will turn the lobby of city hall into a homeless shelter. you want to hear more about that. if you go up in the 80s or had a child who did, you remember the nickelodeon show double-decker. kids answered trivia questions and ran through crazy obstacles and never forget getting slimed. the show is coming back. the original host of double there is mark summers and he is on this program later to tell us all about it. president trump held a big rally in minnesota last night. big crowds. 10000 people showed up in a lot more outside who couldn't get in.
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can mr. trump turn the democrat stronghold into a red state? we will discuss after this. >> the greatest phrase in the history of politics is on all of those red and white hats that i see out there, make america great again, and that's exactly what were doing good you know what our new phrase is into a half years? keep america great. she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb s 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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stocks are moving. let's start with all of gardens parent company darden restaurants. a rosy outlook. up 11%. same story with kroger. investments in delivery and online services paying off. stock is up 8%. back to politics. president trump in duluth
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minnesota. you might call it a bright spot for a gop and an otherwise democrat leaning state. he is running for congress as a republican. sir, you want to get into this mess? you saw what's going on with toxic politics in the republican party. >> yes i do. i want to work on behalf of the citizens in the minnesota district and this country and i want to use my experience as a law-enforcement officer, city counselor, small business owner and bring those common sense solutions to washington. stuart: you will fight an uphill struggle with all this news on immigration and the intense emotion about splitting families. that's the backdrop today. you have a hard time in minnesota because it's leaning
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democrat. >> president trump won this district by 16% and i've been on this campaign for almost a year end are messages resonating. the tax cut and jobs act resurrected our economy. businesses have optimism and manufactures as well. the mining community is strong because of the tariffs that president trump put forward. >> i take it you went to the rally last night. >> yes. in fact the president called me up on the stage and announced our candidacy. stuart: how many people were there. >> that's the arena for the college hockey bulldogs, by the way, national champions. i hold about 9000 and outside to get in i bet there was another seven or 8000.
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it was packed. i had a privilege of riding in a motorcade. is there something about the duluth area that makes it receptive of his message. >> yes. he supports manufactures and jobs and our way of life. that's the economic engine that drives northern minnesota. stuart: thanks for coming on the show. we appreciate it. >> we've got about 12 minutes to go. we will be down but look at
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the nasdaq. on track for yet another all-time record high. radical new plan for the white house. merge the department of labor and the department of education into one. were trying to figure how they're going to do that.
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it's worth looking at the bottom line, the nasdaq composite set to open higher again. if it does it will be yet another all-time high. that tells y the strength and technology. these chips are in demand. it will open high to the tune of four and a quarter percent. the parent company is a gun company. it sees another year of falling gun sales. the stock is down 7%. twelve dollars. share on american outdoor. that's the proper name these days. now this for the white house wants to merge. [inaudible] is it too much to hope this will slim the swamp. >> ronald reagan said the nearest thing to eternal life will ever see in this planet
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is being in a government bureaucracy. this is the plan. when you look at the numbers, the education department has nearly 4000 workers, labor has 15000 so the focus here is to slim the government. th doe budget is 70 million. slim these two down by combining them and focus on getting a skilled workforce. the doe is now about working young people be active and creating skilled workers. >> that's a good rationale. i think mick mulvaney is around the spread he's a good guy and he wants this slim that swamp. the chances of getting rid of workers in the education department is slim to none. >> yes. there's a government union in there. i think you just going to new phrase slim that swamp. stuart: will take it. let's go to seattle.
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let's not go there, let's just look at it. the city may turn city hall into a homeless shelter. >> here's the plan. they're talking about doubling the beds in city hall 220 or hundred and 60 beds. this is their answer. it's not about fixing policy and what creates homelessness, it's about the backend stuff. this is a 13 million-dollar plan coming out of seattle. it's already sparking controversy. the beds are already in their and their talking about increasing the number of homeless beds in city hall. everybody wants to fix homelessness and help the poor. the question is how do we fix homelessness. stuart: i do want to show you technology again. the nasdaq will hit another all-time high. like to see three markets,
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amazon, facebook and netflix. if we can see that it will tell the story of the market. amazon 1755. it's approaching $1800. share. facebook firmly above the $200. share level 202 and 90 cents. look at netflix powering beyond $400. share. this is another leg up for the american technology companies. that's the big story when the market opens in for a half minutes. we will take you there.
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we have a minute to go before this market opens. i've got a question. why doesn't amazon split? that stock is very close to $1800. share. someone my age remembers when you get to a hundred dollars a share you split so more people buy the stock. christina is with us and she has an answer on why amazon doesn't split. >> it has to do with exchange traded funds. they follow the market. they are cheap. they don't want shares to be traded a lot. that means higher costs. amazon stock prices so high
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that it will be traded as much. if isow it will be traded more. that's my theory. brookshire halfway shares were $8500. >> that's the best explanation i've heard so far. >> it's now 930 eastern and were off and running. we are down 30 points know, i see two different numbers on my screen. we are down 60. i see quite a lot of red on the left-hand side of the screen. i see about five stocks in the green for the dow jones industrial average but let me get to the big tex. show me amazon, netflix, facebook. all-time high on netflix. 421. amazon all-time high 1758. facebook, pretty close at $202. share.
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we will follow those things all morning. look at tesla. a former employee has been sued by the company. they say he was sabotaging tesla. the employee says he was just a whistleblower. interesting dilemma. more on that in a moment. look at intel. that stock is up even though the ceo is out. we explained. we've got elizabeth and christina. welcome. we have john over there and mike murphy to my right, not politically, but right here my right. murphy, you are the one who will explain why the intel ceo is out after admitting to a consensual relationship. >> it has to do with company policy. the company came out in a statement and said it violated company rules so they ousted him. i think the big concern is they don't want to have a negative impact on the price of the share. this could, if this were to leak out in a week or month or
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even a year it would cast a big negative cloud over intel so they acted preemptively to oust someone who has been a solid ceo. >> wait a minute. fbi agent peter struck at a long-term relationship with someone beneath him on the food chain, his page, and he kept his job for a long time. >> no shareholders. it's the government. >> thank you. what are we doing about it? >> let's move on. go back to amazon, netflix, facebook, put them on the screen. comment john, asked you this question every single time, are these 32 expensive for you to buy more of? >> may be to buy more of part i own all the stocks except for netflix and there's a couple reasons for this is where all the growth is pretty look at the top ten largest companies in the world right
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now, seven of those companies are tech. you look at exxon mobil and others, they can't turn on a dime and introduce a new product that creates a who huge new revenue stream. these companies can. you have ten economies of scale. you can't fight these big tech companies. they are big it will get bigger. i just shake my head. 1800 on amazon. >> for the people watching at home, all the stocks have had a big run up with the exception of apple. facebook is not in china. they are banned in china. you have amazon who is not in china. netflix is not in china. i think what you're seeing is a rotation. in cases a trade war, companies who have exposure to china would get hurt. money is rotating into facebook and amazon and netflix because they are not in china. >> but say trump wins with the trade fight. china has built entire sectors and industries off stolen
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intellectual property. what if trump wins? do you invest in those companies? >> good question. >> that's what china has done. they have built entire sectors off stolen intel. >> the dow is down seven days in a row. why is that? >> it's all because of these trade tariffs and the potential trade war that could happen with china. this is not good for anybody. nobody wins a trade war. you don't want to win a trade war especially if you're the second biggest economy in the world and that's what this is about. people believe, the market believes and i believe that this is a negotiation tactic otherwise the market would be down multiple of what it's down. people don't like the escalation but they believe it's a negotiation tactic. if so this will just be a
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blip. >> i agree but just the preface of the dow is a weighted index. when you have boeing trading on there and it's affected by the terrorist, the stock goes down and this follows it. stuart: have got to get the tesla. a former employee has been sued by the company. allegedly he stole large amounts of data. that's a lot. when you look at tesla's loss in the alleges of what he has said to have done of planting. [inaudible] so that data could be transported to his own computer after he left the company pretty only started in october. who was he? was he retailing that data to short-sellers or electric car rivals? who is he.
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tesla wants access to his cloud account in his computers and his usb drives. who was he and what was he doing with the data. >> and why did he do it. the stock is actually up again, 364 on tesla this morning. european automakers getting out in front of the trade issue. they propose no tariffs. we send the car to europe, no tariffs. when they send one to us no tariffs. john, this sounds like a bit of an improvement in the trade dispute picture. what say you? >> i agree. the tariffs we have are not really affected by automakers in the united states because gm produces about 4 million cars much more than the united states and china. they get around these tariffs for the problem you have is diamond and these other countries, the european countries produce these cars in the united states to export to china. they are getting hit by these tariffs. they want them to go away completely. most of these carmakers get
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around by locating factories in these other countries but we are down 80 points. lookout smith and weston, the parent company of american outdoor. it's a gun company looking to the future to say watch out, another year of falling gun sales. down goes the stock. micron chips in demand. the stock is up 3%. barnes & noble lost a lot of money. where's the stock? down 9%. better profit and sales at olive garden's parent, that is garden restaurant. look at it go up 10%. rosie forecast from kroger. apparently investments in delivery and online services are paying off. that too is up 10%. one of my favorite stories of the day, mcdonald's. rubik's cube will be featured in a happy meal promotion. the happy mailbox will even look like a rubik's cube. have you got anything to say?
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>> if it's a small rubik's cube they don't work. they break. it needs to be a real sized rubik's cube otherwise it falls apart in a day. >> but i like the idea. smart kids and smart toys. >> mcdonald's traffic is booming. their driving people into the store. they have the kiosks going, their advertising is phenomenal. they're in a good position. >> the thing is, will the rubik's cube drive children to the store. hopefully the stickers stay on. maybe next will be abacus. >> starbucks. they are blaming the health and wellness trend for sagging sales of the fred frappuccino. it's a very sugary drink. >> there blaming interest in healthy eating? tofu has been around for 2000 years. watch this, look how much sugar is in a fred frappuccino. the equivalent of about three snickers bars, three three kick cap bars or three
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paydays. that's a lot of sugar. stuart: do you know i've never had a cappuccino. >> i have. gatorade just launched. [inaudible] >> they run around all day long so the not worried about the calories. the thing about starbucks, if you think about another large corporation compared to mcdonald's, you don't know the political beliefs of the ceo or the people running mcdonald's but you do know the political beliefs of the people in charge of starbucks. i think they have really turned off, they've emboldened half of the country but they turned off half the country because it's such a politicized company. the mcdonald's is up 160 bucks a share and starbucks is thinking around 52. >> stewart, do you really believe starbucks is unaware that healthy eating trends started in the 80s or 70s. >> mcafee is doing really
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well. they've stepped up their game. >> you are right. welcome to the show. excellent. shake shack is adding more cashless kiosks to its locations. they say shake shack restaurants will have automated kiosks in conjunction with cashiers. automation is beating out higher minimum wages. >> and it's helping sales. it's not just having to pay for the workers but it's also letting you revie the menu and pick more things and buy more things. it's the wave of the future, like it or not. >> is there a mcdonald's or shake shack in bermuda? >> no. there's a kfc that was grandfathered in. can have any chains. i'm a huge fan of colonel sanders. i think it's one of the greatest military. [inaudible] there's a kfc grandfathered in but there's no chain allowed. >> it was time to get you in the conversation. you did very well. 940 eastern time.
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i have to say goodbye to mike murphy and john in bermuda. thanks for joining us. where are we now? it's 9:40. we are down 75 points. that puts us at 24582. we have apple getting serious about original content. earlier this year they scored a deal with oprah. now they have a partnership with one of the biggest names in children's television. can you explain that one? apple stock is at 187. the house set to vote on two separate immigration bill today. neither one is going anywhere. i don't believe it is. mark meadows, pennsylvania republican, no, could we have with us next? it's luke who is on the show just after this. ♪ ♪ ♪
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>> the story on the market today is the dow is down again. this will be the eighth day in a row. we are up 85 points. the other side of big tech is doing very well and the nasdaq is at a record high. intel, the ceo is out because he engaged in a consensual relationship with an employee. that is against company rules. the script stock was up earlier now it is down one and half percent. 52 on intel. apple signing a deal with sesame workshop for kids shows. susan lee at the stock exchange. this is all about content? >> always about content. as you can guess from the name this is a nonprofit educational organization between sesame street. this is a multi- series deal with live action, and animated
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series and a puppet series but it doesn't include sesame street which broadcast daily on hbo and noncommercial on pbs for the last 50 years. apple is getting big into content signing oprah winfrey, jennifer aniston and reese witherspoon. stuart: the stock is up again in a down market. look at at&t offering a new streaming tv service. fifteen dollars gets you 30 channels? >> it looks pretty decent. if you get to wireless plans had nothing drives people to distraction or insanity more than gas prices going up at the pump or their cable bill. were looking at 180 a year instead of a month for 30 channels. they're talking tnt, the history channel, hallmark channel and more. it sounds like a great deal because people are saying why are we spending $120 a month
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for cable. it's cord cutting. >> pick up the merger was going to cause cost to go up, at&t is way up with this skinny bundle. >> it's fascinating. let's get back to immigration. the houseboats on two bills today. joining us is a congressman from pennsylvania. right from the get-go, you're not expecting to pass either. >> i'm hoping it will pass but it's unlikely that will have the votes and i'm hoping that the second compromise bill won't pass. >> i have to say, the republican party appears to have let mr. trump down. would you comment on that? >> there's no question there letting him down. the president, this was the centerpiece of his campaign of stopping illegal immigration. listen, there's compromise but
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this build is everything but that. it's amnesty, it continues chain migration and with the promise to the american people that were going to build the wall. he believes washington will keep his promise. you can't advance appropriate money. you can say that there's no guarantee with next years congress will will do and the congress after that. to say that this is a guarantee that the wall is going to be built is simply not the case. >> what we are looking at is a continuation of what we've got already which is a crisis at the border which will probably get worse. i hate to be so negative, but really that's the way it looks to most people. would you agree with that? >> there's no question about it. people are taking advantage and every time are talking about a pathway to citizenship or allowing people to come, you know what happens, more people come in. it's a fact and it's been going on and we are letting this president down by not making sure the wall is being built, give him the money for the wall, and let's stop illegal immigration once and for all. that's the way we and all of this.
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this compromise bill is an attack on the american worker because it continues chain migration which will drive down wages and make them compete for their job. why would republicans do that? stuart: what are we going to do when tens of thousands of people arrive at the border from nicaragua, el salvador, southern mexico, what we going to do? are we going to say you're in on humanitarian grounds because that would remind me of what happened in europe three years ago. >> i want to be part of the 1986 amnesty. we all know what happened. it was a promise to the american people that this won't happen again and that's exactly what's happening right now. i always tell the story about a guy who came in as an agricultural worker in 1986 and got amnesty. the only thing he planted with a bomb in the wor trade center. i don't want to be part of that. this whole idea was let's take
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care the children who came through no fault o their own. now they want to take care the children but also the people whose fault it was, their parents who knowingly brought these kids here. i just think it's not a good idea b5 i do have to ask you about the paul ryan mark meadows tussle we saw last night. that doesn't look good for unit unity. >> i think there's a lot of frustration with what's in this bill was not in this bill and what the people thought was going to be in the bill. i think there's a lot of frustration around this issue right now. i wish we would stick to the bill and let's try to get a pass. remember whatever we pass in the house will go to the senate and nothing will happen or will get water down and come back to be something really bad that we don't like. thank you very much for being on the show. it's unfortunate we can be
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more positive but were glad you're here to be with us. thank you. >> thank you. >> mark meadows will respond about this tussle on the house. he'll respond later today on after the bell at 4:00 p.m. eastern on the foxbusiness network. doubled their. remember that game show that every kid who grew up in the 80s really wanted to be on? it's coming back. a reboot of the hit series. it premieres next week. we are talking to the show's original post. remember mark, he's next. thing r like a beach trip,
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i wonder if you remember this. if you raised children in the late 1980s you remember the kids game show double there. it was on nickelodeon. who could forget stuff like that. kids would navigate crazy obstacles. it was extremely popular. can you imagine that from 30 years ago? the show is going back. it's back on nickelodeon june the 25th. guess what. this man, mark summers, the original host to the show is going to come back to. he's on the show right now. welcome to the program. >> how are you nice to see you. why was double there so
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popular? >> i think we hit a nerve. back in the day nickelodeon did some research and found out that kids didn't have their own game show and were ling vicariously through their parents watching "the price is right" and things like that so they gave them their own show where they are prizes the money and got to get messy and the timing was perfect. you're not going back as the host of the show, but you are going to be a commentator what are you going to do. >> that's a big question. there's a young lady who is a 22-year-old person, there are 22 euros now hosting television shows. she is a youtube star and i am the announcer/elder statesman so i get out there and participate in the physical challenges. you'll see a lot of me but liza is running the ship. >> is a going to be the same? kids diving into a pit of mashed potatoes and that kind of thing. we will make it bigger and messier. the obstacle course is about 20% bigger. were bringing back some
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classic obstacles and a lot of new stuff as well. stuart: what about the slime? is that coming back. >> i never understood the concept. when i first auditioned in l.a. and then we went to philadelphia to shoot it, they didn't tell me about the obstacle course. i walked in and they were putting whipped cream and chocolate and slime everywhere and i said what is best. they said at the end of the game if they win they run through the obstacle course and get messy and i stupidly said do you really think they want to do something like that. i had no idea what i was talking about. slime is back, bigger than ever. the have a different recipe. used to be applesauce and develop putting and food coloring but now there's a secret recipe. >> it was brilliant and i'm glad to bring it back. my grandchildren will watcht this time. june 25, nickelodeon, double there is back. this is a tease for what's coming next.
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political tension at a fever pitch on both sides. i think we all need to calm down. or, i'm telling you, summary could get hurt. i take on that, top of the hour. . . ♪
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stuart: here's a quote from rush limbaugh. if the media keeps this up, they're going to get somebody killed. how about that? well hes is right. in my opinion the language used in the immigration debate has been so extreme it does indeed encourage violence. nancy, concentration camps, child internment camps, slave labor, we heard all of them used. the people using these word should think carefully about what they're doing. a disagreement on immigration should not be an excuse to label your opponent as the most despicable human being on earth. they are fighting words. the left doesn't need much
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encouragement. tuesday night a socialist mob ambushed the homeland security secretary. it was ugly. one of the activists was an employee of the department of justice, can you believe? the thug-like antifa organization is tweeting names of i.c.e. agents. occupy wall street remember them? they promote the killing of i.c.e. agents in a gory cartoon. let's be cheer what is going on here. the left and their media allies are whipping up hysteria. based on hate, hatred for our president. it is wrong and it is dangerous. it's a terrible thing for america. the second hour of "varney & company" is about to begin. ♪ thursday 10:00 eastern time the latest read on mortgage rates. emac? liz: flat at 4.57%. they stablized.
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why? because existing home sales according to freddie mac have hit a wall. they're down six of the last nine months. why is that? existing home sale median prices are the highest in a decade at 264,800. stuart: 30-year fixed-rate mortgages 4.5%? liz: yeah. stuart: that's it. dow industrials down 120 points now. we've gone down seven days in a row. looks like we might be going down an 8th day in a row. is is inon your screens. this is the biggest drag on the dow industrials. their ceo is out. he violate company policy having consensual relationship with another employee. against the policy rules. he is out. verizon, biggest gainer on the dow. got upgrade from goldman sachs, that verizon is long-term leader in broadband and 5g. in otherwise down market that stock is up. 48 on verizon.
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supermarket chain kroger on the upside. it made investments in delivery, online services to fight amazon. looks like it might be working. the stock is up 9% as we speak. darden, record high, $104 a share. better sales there. amazon, netflix hitting all-time highs yet again today. facebook at $202 per share is very close to an all-time high. netflix retreating fractionally, down 41 cents. staying on technology, that is the story of the day. market watcher gary kaltbaum is with us. is there any big-name tech stocks, gary kaltbaum, money manager, money advisor, any you would buy at these prices? >> we bought a little facebook here recently. others i would just wait. they have had a good run over the last three or four weeks. let's leave no doubt. there is a rhyme and a reason. the bears will say valuations
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are high, which they are. but when are growing the business even at these levels, 40, 50% a year you can cut through the valuation over time and i think that is what the market is paying up for and the other thing i'm noticing which could be bearish in the neck couple months, the nasdaq is way outperforming the dow right now. i'm not sure that will last. i think you get pull backings probably over the next quarter. stuart: earnings season coming up in soon. does what is happening with the tech stocks imply they will be able to report, 20, 30, 40% gains in sales and revenue and profits a couple weeks from now? >> i can guarranty that. i watch these companies closely and i know what the guidance looks like and i know what they're coming in and they usually beat estimates. so expect some darn good numbers again. amazon is actually, even at these levels, accelerating earnings and revenue, so is
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netflix. i think longer term t pretty dn good. short-term i'm not so sure. they have had 100-point move in the last few weeks and probably need to pull back. stuart: can they keep -- look, they can not keep up that kind of growth, 30, 40%, you can't do that for long term. you're not expecting that, are you? >> you can do it for the long term. you just can't do it forever. there is always the law of large numbers which walmart ran into eventually. they used to grow 20% a year. coca-cola used to be 20% a year. once you own the world it is very tough to continue growing. starbucks is bumping up against it right now. there is eventuality. these companies we're talking about, they're in the sweet spot. i think they may have a while to go. the reason like netflix the reason you're seeing all these buyouts is because of the netflix effect. they are pretty much a dominant force right now and i think food things ahead. again ultimately the growth will
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slow because you get so big but right now they are in pretty good shape for growth. stuart: takes your breath away, at least does for me. doing this a couple years. tesla ceo, elon musk, he is suing a former eyee, his name is martin tripp. elon musk says this guy was sabotaging this operation. martin tripp says he is just a whistle-blower. gary this is a dilemma for all companies, isn't it? a rogue employee, a whistle-blower has access to all your computer data. we have not heard the last of this stuff? >> a lot of these companies will see the story and batten down the hatches they say to make sure nothing like this is going on. leave no doubt, this guy is a rogue employee. he did the wrong thing. being a whistle-blower doesn't mean you take secret stuff from a company, proprietary stuff and start leaking it to the media and sending it out to other people. so he is being sued, rightfully
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so. he is trying to use the whistle-blower effect to get him out of any trouble. i guess we're sitting here in chapter one of this story and we'll see what happens going forward but again this is a great lessen for companies out there. you never know who is lurking around in your business. stuart: no, you really don't. gary kaltbaum, thanks for joining us. back to my take, editorial at the top of the hour. look at this, this is dhs head kirstjen nielsen being heckled, vigorously shall we say at a mexican restaurant she was yingo eat dinner in. it was near the white house t was tuesday night that got really ugly. violence right there, just, right on the edge of a violent confrontation. now the language that is being used by the left, i also say that that is encouraging violence. joining us now, heritage foundation founder edwin fuelner. great to have you back. i really don't like what is going on. i think there is a real danger
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here. i'm worried. do you scharre it? >> i certainly do, stuart, earlier in the week i thought we were boeing into the silly this i't sly anymore. this is serious stuff putting i.c.e. agents phone numbers on the internet, things, home addresses. this is serious. heckling a cabinet member. where was management at that restaurant? why weren't they doing something about it? this is, it is out of hand. it has nothing to do with rational politics and alternative viewpoints. this is not where we should be going as a country. stuart: i do not see any change. the emotion still at the boiling point, no matter what the president did with executive order on families at the border, emotions are still at a boiling point. i see this all the through the summer, do you? >> unfortunately i do. it doesn't matter what the issue is. heck a month ago, stuart, donald trump was canceling the summit with north korea.
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nancy pelosi and everybody else was going crazy because, what he was doing, to encourage nuclear war. and off the top, on that subject, he came along, somehow he managed to not only defuse it, but actually make some progress in that regard. we'll look for something else, so the next thing you know, hollywood actors calling for the rape of the, of young mr. trump, barron trump. this is beyond the pale. this is not what sensible, political dialogue should be about. stuart: on our screens just moments ago we showed the fingerpointing, near-fight, between speaker ryan and mark meadows. we also showed the vigorous heckling of the president by the hispanic caucus. what i'm saying is, you got a divided republican party, which you can not get anything done in. you just got a plan here to fix obama cair.
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i put it to, you ed, you haven't got a prayer. nothing is being done by this republican party in this congress. >> stuart, what you have to do is lay the groundwork, come up with a good foundation, so you can build a better function. we know good foundation was not obamacare was reduce choice and raise premiums on everybody. what we've done with a broad group of people, state representatives, a whole host of think tanks, hey for the individual we can lower the premiums and increase the numbers of choices they have for real health care choice and here's the objective. let's figure out how we get there. yes, it will be one small step at a time. no, it may not happen this year. 's at least lay the groundwork, change the debate from this incredible hostility how we get america moving again. every day when i watch stuart varney i hear the great things about the u.s. economy. hey, concentrate on that. make things better.
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find out where we agree instead where we have to be fighting. stuart: well-said. you don't hear the good news about the economy in the general media. that never penetrates through. ed, sorry to be out of time. thank you as always for joining us. ed fuelner. >> thank you, stuart. stuart: what do you want to say? liz: to your point about rhetoric, one-year anniversary of the 2017 congressional baseball shooting where republicans were shot on the baseball practice field. stuart: well-said. i had for gotten that. one year ago. liz: one year ago. stuart: coming up, i want to know what is really happening at the border. brandon judd, active duty patrol officer, he will tell us what happens when a family steps foot on u.s. soil. he should know. he has been there. peter navarro, one of trump's trade advisors, he says the tariffs are against china's aggression of u.s. technology. we talk to someone who was at the white house couple days ago
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and knows what the u.s. next steps are. abc news, the network that gave us brian ross, the false report on the president and russia probe, sent markets in a tailspin. abc is at it again, airing a banner that was about paul manafort, not only wrong but implicated him for something he is not even accused of. you're watching the second hour of "varney & company." ♪
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is down, chevron's down. 3m, caterpillar, united technologies, boeing, they're all dow stocks, all of them on the downside. look at the price of oil now, $65 per barrel. remember, please, opec meets tomorrow. in advance of the meeting we're hearing russia and saudi arabia want to increase out put of oil. that will bring of course the price down. iran objects. they're being squeezed by president trump's threat of sanctions. oil production up, oil prices down. the house is set to vote on two immigration bills today. joining us now congressman kevin cramer, republican from north crack. congressman, i don't think either of these bills will pass. are you going to tell me i'm wrong? >> well i hope that you're wrong. i think if we had the vote yesterday, certainly both would have failed. the original bill, goodlatte one, as they're calling is very unlikely to not pass. i am a cosponsor, plan on
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supporting it because i think it has many important things. goodlatte two, the compromise bill, is better and has a chance of passage. stuart, it is up to the leadership all the way up to the president of the united states convince more members it is good idea. stuart: republican party can't agree with amongst themselves. you saw the near fight on the floor with speaker ryan and mark meadows. you're not going to get anything done here. immigration, nothing is going to get done. i think i can say that conclusively for a long time to come. am i right? >> it will get done, the president can do with executive orders but i hope you're wrong, stuart. i'm cautiously optimistic, things will be worked out, we will be able to get this passed. remember we had zero help from democrats on this, every time the president does something to move the ball forward, every time the republicans propose something, we proposed ideas with regard to daca more generous than the democrats want, they are suddenly against it.
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we need to work together. stuart: couple years ago, democrats were for the things that which they are now radically against. let's look forward to november. one, wait a second, a good thing going for republicans is the performance of the economy. but children in cages drags over into november that is looking real bad for you. >> there is no question. stuart, there is a lot of good news we need to be talking about we would prefer everybody would be talking about. but right now this issue is driving the news of the day, no question. you used the term children in cages, we're not talking about children in cages. talking about children who have been brought across our bored illegally, from mexico in dangerous and in harm. they're put in buildings have in some cases walls that are made of chain-link so easier to observe and protect them. but it is rhetoric that turns that into cages, that dominates news, drives up emotion. consequently we all step back and we legislate out of fear rather than out of reason. i think we need to step back
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have a reasonable discussion. we have two good bills before us today, that solve that problem and many others, including incentives why people come here illegally. by the way, stuart, one of the most important things that dovetails with the growing economy in both of these bills is the repurposing of visas, like chain migration visas, and lottery visas into merit-based, employment based visa system. stuart: it is great stuff. it is not going to pass. kevin cramer. stuart: thanks for joinings us sir. >> i will do my part to make it pass, stuart. stuart: thank you. coming up, the robot revolution. study after study says automation will kill lots of jobs. we have someone who says, just a scare. that is not true. robots he says will compliment our workforce, not replace it. he will make his case later this hour. ♪ brighthouse financial
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9:30 this morning, about an hour ago, we were up about amazon, five or 10 bucks. now we're down 25 at $1724 per share. this is a very important ruling. i'm going to try to repeat it without the legalese. essentially the supreme court has said, that states, state governments, can collect sales taxes on purchases of goods out-of-state. so if you're amazon, and you sell something to somebody in new jersey, you can, and, the item comes from say minnesota, you have to pay, and the state can charge sales taxes on that purchase, even though it was made in another state? liz: tt is correct. there is no way for an online shopper to avoid this tax. and watch out who wants, wanted this tax. walmart, the big box retail stores like target, best buy, walmart. they wanted this new sales tax because they felt it would level the playing field.
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remember they have brick-and-mortar stores. so with amazon and online shopping crowd, those companies, can sell anywhere without having to collect sales tax. now it is turning. stuart: way fair at bottom of the screen, that is online furniture outfit. they're down. now they're down 5 1/2%. overstock down two, et cetera. liz: that is a big deal. we should check ebay and other small online businesses and entrepreneurs. their compliance costs will have to go it. they have to figure out, 10,000 different sales tax jurisdiction. that's a lot. stuart: yes. liz: they could be subject to audit from all 46 states that have sales taxes. stuart: essentially, to some degree it levels the playing field between the walmarts of this world which are mostly bricks and mortar retailers. liz: right. stuart: and the online people like amazon. liz: should check h&r block.
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tax calculating software guys, go up. they will need the software, 46 sales tax regimes. this is a big, sweeping, a big change. it has been contested for years. just came down now. big breaking news. stuart: it is not helping the dow, which has slipped a little further to the southland. it is on the low of the day. right now we have it down 185 points, 24,472. on't think that this is down because of that supreme court ruling, but the supreme court ruling did not help. that is a fact. liz: that's a fact. stuart: big news. breaking on our show. tell you all about it. there will be more "varney" after this. how do you win at business?
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stuart: i want treport and repeat breaking news from the supreme court. it has just ruled that states can collect sales tax on out-of-state purchases.
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now, again, i'm trying to simplify this. you got it right, liz, consumers and online sellers can not avoid any which of way the payment the state sales taxes. can't avoid it. liz: right. 46 states level a sales tax. big box stores wanted this. brick-and-mortar stores wanted this they feel like it levels the plang field between the online sellers and brick-and-mortar sellers. they have to deal with sales tax. what will likely go happen, happen, rather, american consumers, internet shoppers costs will go up. internet crowd, online sellerses, their costs grow up. you wonder like small business guys like ebay, etsy, online businesses where their costs will go up as well. stuart: i can tell you right now that wayfair, online furniture
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seller, online, down 5%. liz: the sy is down. watch ebay. stuart: that is down 1.7% as we speak. they are down. on the phone, judge andrew napolitano. judge, you've seen this cities. are we interpreting it correctly when we say from here on out consumers and online sellers can not avoid the payment of state sales taxes? >> in a word, yes. you know the old rule for 75 years was, the taxpayer needed to have a physical presence in the state imposing the tax. the court radically broke the rule today, court recognizes modern realities of the way we purchase things. so the measure is no longer physical presence of the
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taxpayer, but rather financial activity generated by the taxpayer in the state. baseline for the imposition of the tax. saying differently, everything will cost more. stuart: that is the bottom line. >> every state you pay sales tax. stuart: judge, is the law catching up with modern technology? >> according to the majority it is. according to reason it is. the states have lost, i'm not defending taxes. you know my view on that but the states have lost billions to which they otherwise would have been entitled had the courts recognized the modern way that we purchase goods prior to today interesting alignment though. there is a by the chief justice, four of the liberal justices. three of the liberal justices saying you can't change the law like this.
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only congress can change the law like this. it is law of the land for 60 years, we shouldn't be in business of changing it. majority rules. it is modern day recognition realities how we buy and sell goods today. everything will cost more. stuart: do you happen to know, judge, when this goes into effect? if this is a supreme court ruling, just come down. we know what they're saying. does that mean if i go on amazon this afternoon and buy something from my home in new jersey, buy something from minnesota, now i have to pay sales tax, is that it? >> no. it would only -- activity in south dakota, which is the plaintiff in the case, which already has the taxing mechanism in place. all of it shows. wished to. this is green light for the states. stuart: judge, you're breaking up, thank you so much for jumping on the phone in a moment like this.
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appreciate it judge. sieve you soon. liz: imagine tax-and-spending states, revenue hungry states, have not gotten a grip on their own budgets they would love to tax sellers and businesses in other states. they can't vote, those guys who they tax can't vote them out of office. the whole thing that we've been talking about is, how do states attract residents and businesses to their home states with the right policies. now, this, scotus decision has blown off the doors out of that. and now, you know, if you're in illinois or high-taxed state like california, you can really slam internet sellers and other states that don't have a physical presence in your state. stuart: on the phone, burt flickenger, retail analyst, go-to kind of guy. he has just seen this result from the supreme court. bert, can i some it up like this, relatively good news for bricks and mortar retailers, relatively bad news for online
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retailers? what say you? >> stuart, perfect synthesis. it will slow the accelerating ice age and darwinian destruction put over 100,000 bricks and mortar stores out of business, put them on a level playing field. and where the way f.a.i.r. cofounders bragging not paying sales tax. everybody has to pay it. overall this is a win to save retail across the country. stuart: if i buy an item of furniture through wayfair, i used to be able to pay no sales tax even if it is a big ticket item, now i will have to pay sales tax and that is a big negative, isn't it? >> it's a big negative, but at the same time from albuquerque to pittsburgh, over 50% of the local budgets are funded by sales tax, hence uncollected by allison and wayfair, et cetera. important that not bankrupt
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public sector budgets all the way to pension plans. ultimately gives everybody a fair chancemi across the country especially the people who create a lot of jobses in the community. amazon, way fair were taking advantage of those resources without collecting the taxes to pay for what they were using. stuart: burt, look at it from the state's point of view for a second. if you're a high-taxed state, you're california, you're new jersey, you're new york, you're illinois, is this a bad ruling for you, your state government, california, illinois and new jersey? bad for them? >> bad for new york, illinois, california and arizona. going to be the prime beneficiaries record amount of people and businesses move from high-taxed california, low-taxed arizona. the same thing will be happening from the high states you referenced.
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stuart: hold on a second, burt, let me sort this out. state government of sacramento, high-taxed state, california, this ruling from the supreme court is bad for you, is that correct? >> correct. very bad because people in and businesses will move to the economic advantage, low-sales tax to no sales taxed states. this will really impair california economically over a longer t even worse for illinois. big impacts, new york state, northeast new jerseys the others you referenced well. stuart: so who gets the money here? i mean consumer pays. who gets that money? >> the money goes to city, count, state governments, big winners, new mexico, state of pennsylvania, south dakota, had courage to bring this lawsuit against wayfair and its cofounders. so ultimately the taxpayers do
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win in important area. taxpayers subsiding wayfair and other providers not collecting sales tax. hopefully state budgets will have better resources from the internet sales taxes so taxpayers across the state hopefully will see taxes going up less or stop going up all together in some of these states. stuart: burt fleckinger, thanks for jumping on the phone very short notice. we appreciate it. now as you've been seeing on your screens we've been showing some of the stocks which have been affected by the supreme court ruling. i see awful lot of stocks down, whether bricks and mortar, online sellers. a lot are down. what you have got there is wayfair, that is an online furniture seller. they're down 4%. what else we got? liz: the judge brought up an important point. this is about federalism versus
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states rights, right? prior to this sweeping scotus ruling the federalism standard was, you are supposed to protect individuals from overreaching states and states from each other. so high-taxed california, high-taxed new york, if you were in another state you would be protecterred by that. so they had prior to this ruling, this physical presence standard. in other words, you can only tax if you had a physical presence in that state. and that protected business owners from what amounted to taxation without representation. so you're a business guy, internet business guy. you're sitting in texas. you sell to new york, you now have to collect new york sales taxes. you see what i mean? stuart: i do. liz: now 10,000 jurisdictions, small business guys, amazon will have to deal with. that's why i'm thinking, look attacks calculating software companies. their stocks could go up. stuart: if you're in new york and you're selling a product on the internet, selling it to
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texas, that is bad for you in new york. that is bad for you, the seller, the producer of this product in new york because, people in texas will have to pay your high new york state tax. is that right? liz: yeah. stuart: disinclination to buy that from new york. liz: i hear what you're saying. stuart: you can expect some to move. i'm trying to put this in english. states can now require internet sales tax collection. i think i can say that. liz: that's correct. stuart: look at amazon this morning, it opened, way up there, 1740, 1750. now it is down 24 bucks a share, 1726. i can put a load of these online sellers on the screen for you. wayfair, we told you about that, the furniture discounter. can we get ebay, etsy, hand craft seller, i apologize,
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ebay is down. there is a full list of them. groupon down. ftd down. wayfair, etsy, overstock. liz: rare market day when you see so many stocks hit by one ruling. the reason why the little guys are taking hits, they have the small online businesses and entrepreneurs. they are going to see their compliance costs go up because they have to deal with the costs and jurisdictions, i think of about 10,000 distinct, separate sales tax jurisdictions across the country. not only that they will have to deal with audits, potentially 46 states that have sales taxes like this, audits. stuart: that's right. liz: this is astonishing this ruling. stuart: the smaller the internet retailer you are, the worse it hits you because of compliance costs. liz: yes. stuart: you now have to figure out what the sales tax is over there in wherever. liz: yeah. i'll tell you something, we have national federation of independent businesses. they had a generational high in
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small business confidence. we have to watch that measure now. this is a main street entrepreneur that needs to sit up and take notice of this very serious supreme court ruling that could hit their pocketbook. stuart: now look at bricks and mortar people. walmart is actually a little higher. not exactly a rally, up 33 cents, but it is up. even though it does have a now significant online presence. macy's is down a fraction. buy, jcpenney, they are up. sears, that is different kind of retailer because it has not been doing well and it is down five cents. that will be 2%. but the big guys, the wal-marts, best buy, jcpenney, are up. i got more for you. big lots, target, tuesday morning corporation, nordstrom, jcpenney, all of them on the upside. i think those on the screen, almost all of them, they are primary bricks and mortar.
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this supreme court ruling gives an advantage to them. it gives them a leg up in the battle with online sellers like the amazons of this world. now amazon is down but it is not taking such a huge loss as some of the others because amazon can afford to pay compliance costs which liz was talking about. they have to work out what is the sales tax on xyz, in all these locations. you need good software. amazon can afford it. others can not. bottom line for me, from here on out states are allowed, can require internet sales tax. that means you're going to pay, to put it bluntly. liz: yeah. stuart: we will be back. this is a big story. a lot going on today. back with more after this.
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i mwell, what are youe to take care odoing tomorrow -10am? staff meeting. noon? eating. 3:45? uh, compliance training. 6:30? sam's baseball practice. 8:30? tai chi. yeah, so sounds relaxing. alright, 9:53? i usually make their lunches then, and i have a little vegan so wow, you are busy. wouldn't it be great if you had investments that worked as hard as you do? yeah. introducing essential portfolios. the automated investing solution
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that lets you focus on your life. stuart: repeat this, the supreme court has ruled that states can collect sales tax on out-of-state purchases. this is good news for state governments. they will get the money. and i think, let's bring in susan li on this, at the new york exchange. i think this is good news for bricks and mortar people, isn't it? >> absolutely. kohl's is is up over 100%. target seeing 70% gains on the year. it has been a huge 52 weeks. this obviously helps the stocks. target up close to 2%. jcpenney also rallying as well along with dollar general and dillard's. the big loser, amazon opening at record high over at nasdaq. let's see now being sold off by 1%. that could be a drag on the nasdaq as we were trying to make another record high for second day in a road. drags here though, don't forget
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we're down over 100 points, stuart. we could look at nine-day losing streak. last time we had a nine-day lose streak? guess how far back? october 1974. yeah. let's see how it closes. stuart: i remember october 1974 and you do not. that is another story entirely. good report on breaking news. appreciate that indeed. by the way i will judge this online ruling, this sales tax ruling as meaning that you and i, anybody else who buys stuff online, got to pay sales taxes from year on out, way i see it. switch gears. talk trade. hudson institute, senior fellow michael pills burly. you went to talking trade in the white house. what is the next step for this presidency and this administration? >> well, stuart, i think you see the president coordinating a verymart approach. he's got a new report describing, perhaps aimed at president xi himself, describing
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30 or more techniques that china has been using to attack our innovation base. at the same time wilbur ross, others for the administration have taken a much more conciliatory line. wilbur ross yesterday spoke of the need to get to a deal. our many a ambassador in china is here in town at an investment summit. also saying he looks for a good resolution to this. so it is a combination of saying president xi, you're my friend, you didn't start this. it began before you, these predatory techniques. somehow hairtives are a warning to president xi, please stop this. stuart: michael, these tariffs are really leverage, aren't we? >> that's right. stuart: we'll do this to you. what about you doing something for us on intellectual property and transfer of technology from us to them? tariffs are leverage, right? >> that's exactly right, stuart. they're not an end in themselves. they're not a self-defeating kind of punishment.
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they're meant to get president xi's attention. your country, not you personally. that is very important distinction, has been doing a lot of things for 15 years or more. if you go back to warren buffett essay that peter navarro has quoted. warren buffett in 2003, stuart, 15 years ago, warned of the dangers of u.s. being colonized, being owned, rather than some sort of a conquest or more traditional attack. what is happening here, president trump is coordinating and trying to avoid sending mixed messages. he wants to offer a way out in this new report, the white house released yesterday. it lists really objectionable things in great detail with many cases. at the same time, you want to say look, increase your purchase of our exports, 200 billion a year for the next two years is the top hope shall we say. cancel some of these programs. by the way, invest more in america. stuart: okay. >> don't get our high-tech with
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your investments, but certainly investments are welcome. it's a complex strategy. stuart: it is complex strategy. it will not be over tomorrow morning or even next week. >> right. stuart: how do you see it going? in the long run, do you think president trump, with these tactics, this strategy, can get the deal, a deal will be attractive to him and the american people? >> i'm optimistic. i think that what the reaction i heard in beijing, when i was there the last few days, i have jet lag. just got back yesterday but beijing to seems to understand what president trump's strategy is. they're even sarcastic, meaning your president, president trump, has succeeded with his lavish phrase of president xi, repeatedly calling president xi his friend and trying to separate the bad conduct of china's government president xi himself. i think that strategy is going to work. but it may take some time. stuart: very interesting isn't it. i admire you for being with us,
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as jet lag hits you. thank you very much. >> you've covered this story very well, including some republican senators who are angry about it. stuart: got it, michael pillsbury, thank you for being with us. >> thanks, stuart. stuart: another change of subject. i will get back to the sales tax imposition by the supreme court, get back to them in a second, joining us on immigration is border patrol union president, brandon judd. frequent guest on the program. welcome back, sir. >> thank you very much. stuart: you're not just head of the union, you are on the front lines. >> i am. stuart: you're an active border control guy. i want you to make this personal, tell me, you're on the border, you're a border patrol officer and at that border somebody steps across, i mean a family or an illegal crossing. tell me what you do as a bored are patrol officer. >> well the thirst thing we do, we approach them. we determine whether or not they're here legally. if they're not here legally, we take them into custody. we take them back to the border
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patrol station. we process them. we have to look at this family separation issue. if we have people that have children and they have no documents to show that these churn are theirs, we then have to separate them for a period of time to determine whether or not in fact they are theirs. the other thing we have to do is we have to determine whether these children are being smuggled into the united states, for sex trafficking. stuart: sure. >> which is a very serious issue. stuart: after the president's executive order, can you make that separation? or do the family, or this group, i should say, do they have to stay together? >> no. we c separate them to ininvestigate whether or not these children are actually those, those parents, now that separation takes place for maybe an hour, two hours tops. we go back to the original separation. i'm very disappointed in the mainstream media, in the way they portrayed it. if they would have done a deep dive into it, and would have looked deeper into it, they find
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the separation we're talking aboue're talking abo separation for a couple hours. all law enforcement does that, not just the border patrol. if you get arrested at target for shoplifting, you have two children with you, when you get arrested the police officers are going to call child protective services. they are going to separate you. but of course they're going to reunite you at a certain time. which is exactly what is happening in this case. so these separations that the mainstream media has been portraying, we're talking about a separation of seven to 12 hours, in most cases. if they get jail time, then there, we're talking about the separation until jail time. but then, you also have to look at the very serious crimes, when we arrest somebody just a cpl days ago, we arrested somebody who had a conviction for rape in the united states. he had a 7-year-old daughter. we're going to separate those two individuals. we're not going to put those two individuals back together, because this person was convicted of rape. now we have to be concerned
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about the welfare of that child. so this is a very complex issue. but the mainstream media tried to water it down and tried to embarass the president, which in my opinion is absolutely disgusting. stuart: brandon judd, we thank you very much indeed, for giving us a front line situation report. we appreciate that we like it. >> thank you. stuart: thank you, brandon. we see you real soon. big hour coming up. there is lots of news going on. i have to tell you this. house speaker paul ryan holds his weekly news conference. he will talk immigration ahead of the house vote this afternoon. he is going to probably address his altercation with mark meadows. it occurred late yesterday on the floor of the house. it was really sharp-edged stuff. we'll cover that in our next hour. the third hour of "varney & company" is about to roll on. i can do more to lower my a1c. and i can do it with what's already within me.
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stuart: has president trump been let down by his own party? that is a fair question. it was the republicans who failed to kill obamacare right from the start of his administration, the so-called moderates in the gop refused to kill the bloated, expensive failure known as the affordable care act. that set the pattern. the president had just been elected to the oval office, and the republicans ran the house and the senate, but they couldn't even agree to get rid of obamacare. 9 let him down. what have we got today? a bitterly dividedded republican party that's almost certainly going to fail on immigration. look at in this, mark meadows in a furious argument on the floor of the house with speaker paul ryan x the fight was about immigration. the american people want border control. the president ran on border control. and he won on border control, but his own party can't give it to him. we have of to point out that the democrats have completely changed course on immigration for purely political reasons.
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not too long ago senator schumer said all legal immigration is wrong, pure and simple. said it. hillary clinton said this: we have to send a clear message that just because your child gets across the border doesn't mean your child gets to stay. she said it. and senator harry reid described the immigration lottery system as outrageous. he said it. they're not saints,s but they play politics very well, and they know how to maintain unity. the republicans should learn the unify message. unify with the president and do what has to be done to get the country on the right track. the third hour of "varney & company" is about to begin. ♪ ♪ stuart: jam packed hour. here we go. in about 15 minutes, white house senior communications adviser mercedes schlapp will react to
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my editorial that you just heard moments ago, and it's a busy hour ahead. first, on capitol hill house speaker paul ryan holds his weekly news conference. we expect news on immigration, and he will be asked about his confrontation with mark meadows. and at the white house, president trump holds a cabinet meeting. there could be video, you'll see it. ing. check the dowvilles and the dow 30. -- dow industrials. we have 25 of the dow 30 in the red, they're down. finish big ruling from the supreme court, it said states can collect sales tax on out-of-state purchases. the online retailers -- amazon, wayfair, etsy and others -- mostly are down on that news. moody's managing director john lonski, fox news contributor scott martin. and i'll start with you, scott. this ruling appears to be, let's say it like this, puts the
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bricks and mortar people more on a level playing field with the on hine people. what say you? >> sort of. the problem i have with that, stuart, is the game's over. and met me throw a bone to some of my favorite met fans over at fox business. john franco, my friends, has already pitched the ninth meaning this game's over, it's done. the amazons, the overstocks, the someones you've talked about today, they've already beaten sears and jcpenney and some of those other names, the best buys ott world, in my opinion. so the playing field's done, it's irrelevant. what does happen is this is probably something that was a long time coming, and when you think about why you and me and all the viewers shop at amazon and wayfair and some of those other places, oregon if it's to really hide from the -- i don't know if it's to really hide from sales tax, it's the reliability of the service. to me, i don't think this makes a big difference at all for the big box stores. stuart: that's very interesting,
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scott. i've not heard that point of view expressed thus far, but i do take it to heart. you shop because it's convenient and fast. good point, scott, stay there, please. jon lonski's with me. i say this ruling hurts consumers because we now have to pay. >> that's exactly right. you know, this is exactly when we are worrying more about consumer price inflation. this ruling's going to put upward pressure on consumer prices. is it can going to be a back-breaker? perhaps not, but it does reduce the purchasing power of consumer income. stuart: all right, back to you, scott. i know you're a fan of big tech, and i know you know that they have been on a tear lately. amazon, netflix, record highs earlier this morning, facebook pretty much the same thing. would you buy any of them at these prices? is. >> man, you know, they've been on a tear for the last few months, for years, ever since it seems like we bought 'em. here's thing, i would like to
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wait for some sort of pullback. there's going to be some market dislocation in the next, i don't know, couple weeks, months to where you're going to see facebook drop a few bucks, amazon pull off maybe $30, $40 in a day, and t when i'd put new money to work as far as what we own, those guys are still in our portfolios and are staying there for a while. stuart: okay, scott, we always like to get your individual stock picks. go through these fast, please. first one, you like alarian mlp. >> oil and gas pipelines, we've got a lot of production in the u.s. it's got a nice dividend on it too, kids, almost%. stuart: i'll take it. how about wynn resorts? i know you like that. why? >> yeah. gambling is on its way to being fully legal depending on your state of choice, and so to me, that's going to benefit a lot of companies that already have a foothold in the gambling space.
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wynn resorts has pulled back, i believe it's not only a takeover candidate, but one to retrace the move we saw downward already. stuart: we packed a lot in scott, we'll see you again real soon. john lonski's still with me. i want to talk trade with you. peter navarro says that the president and he -- he's a trade negotiator -- holding a very strong line on china. he's got an op-ed in which he suggests that these tariffs are leverage on china to make them give in a little on intellectual property and that kind of thing. what do you say? >> i think he has a point. but the problem is that the political cost of imposing these tariffs may be greater than the political benefits. and you know those midterm elections are fast approaching. we just talked about this imposition of state sales taxes on internet sales. now, on top of this we might be looking at higher consumer prices as an option of these tariffs. and moreover, a lot of small businesses, medium-sized businesses are totally confused
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about whether or not they get exemptions from these tariffs as they apply to steel. we're getting into somewhat of a messy situation. nevertheless, the underlying argument that the u.s. is being treated unfairly has validity. stuart: another one for you, the white house wants to combine the labor department and the department of labor. they say -- >> education. stuart: i'm very sorry, education and labor, they want to combine them to produce more skilled labor. i just don't see that this will slim the swamp, because you can't get rid of government employees. >> i think maybe in a way it's a step in the right direction. it perhaps makes government more efficient, and there's no reason why we can't outsource some of the functions performed by the federal government. bls unemployment data, my goodness, we do have the adp employment report. we could probably build on that. they could farm it out to the private sector -- stuart: wait a second. they've got 19,000 employees, if you combine them. none of them's going to go away. you can't -- they're never going
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to go away. >> not overnight, but perhaps through attrition over time you slim down government. stuart: would you say a decade we might slim this down? >> well, it would take some time, a decade or so. this is not going to a take the budget from a deficit to a balance or a surplus, that's for sure, but it's the right direction. stuart: you like this. >> yes, i like the idea. give the taxpayer more bang for their buck. stuart: i'm not a cynic unless it's around government employees. lonski, you're all right. we'll give you a check of bitcoin, it's been like this for a long time. the price of gold on a down day for the market, down day for gold at 1269. how about oil? remember, opec meets tomorrow. russia and the saudis want to increase production. looks like they might get their way even though iran objects, and the price of oil is down at $65 a barrel as of now. oh, and look at this, please, the price of gas keeps on coming
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down, $2.87 is your national average for regular, down a little from yesterday. the house has a vote on two separate immigration bills today. next, mercedes schlapp. i'm going to put it to her, you don't have the votes for either of them. and late last night a fight between -- well, not exactly a fistfight, but it was an altercation between mark meadows and speaker ryan on the floor of the house. that's a divided party, isn't it? will paul ryan address that today? he holds his weekly news conference in 20 minutes. we we may get some fireworks. and this hour as well president trump meets with his cabinet. if there's any headlines on those videotapes, you'll see it. it's a live, action-packed, well, 50 minutes we've got left. that's all we've got. [laughter] but the third hour is rolling along nicely, thank you. ♪ ♪ we have got a problem.
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stuart: well, the house is expected to e on two immigration bills later on today. joining us now, mercedes schlapp, white house senior communications adviser. without putting too fine a point on it, neither of these bills will pass, will they? >> we'll see what happens in the house. obviously, for president trump he's for months been trying to push forward his four pillars, his immigration priorities to solve this border crisis as we're seeing. and so the president yesterday met with speak ryan and over about 20 of the republicans here at the white house, he fully supports this compromise bill. he wants it to happen. as we know, what we need right now is for the department of homeland security to have the authority to detain and swiftly remove these family units because the issue that we're having, stuart, is the fact that
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those family units that are here, our option is release them into the u.s. interior. what does that mean? that means open borders, and that's the policy that the democrats support. stuart: understood. mercedes, do you think -- maybe i'm going a bit or far here, but i do believe that president trump has been let down by his own party. the divisions within the gop are such that you can't get done what the president wants to get done, obamacare and immigration. they've let him down, haven't they? >> look, this has been, this immigration issue has been, it's been a problem and a contending white house debate for decades. the reality is that president trump has been working with republicans. he is asking, urging congress to act, act immediately to move forward on having significant immigration reform in this country. what he has offered for is for closing those legal loopholes, ending the catch and release meaning that release of those ill gruel immigrants who come --
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illegal immigrants who come into our country -- many who we do not know, many, these children, for example, who are being smuggled into our country. so in essence, we want to stop that. we want to make sure that the department of homeland security, that their hands are not tied, that they are able to do their job and detain and swiftly remove these family units back into their country, and that's what we want to be looking for. and the president has been a leader on this issue. he's asked congress to act. congress is the only one who can make these changes to the law, and that is why it is important that congress moves forward on these immigration bills. stuart: i know we're going to agree on this, but i do want to raise the issue. i editorializedded about at 10:00 this morning. i think the climate, the temperature has risen to such a level that somebody's going to get hurt with all this vicious rhetoric and t vicious language that's being used. i'm sure you're with me on this, but i think it's time to calm down. >> well, you know, i think that
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when you look at those families who have lost loved ones because you've had these illegal immigrants come into our country, you've seen the surge of ms-13 gang members, many who have been recruited through this unaccompanieded minor process, that they're simply released into our interior. again, not knowing who these people are. and where the smugglers are the ones who are winning because you have 10,000 of those 12,000 children who are being sent alone, young women, for example, who have these plan b abortion pills because they know they're going to be assaulted along the way, that is ine credibly tragic. so not only do you have the crimes that are being committed inside the united states from these ms-13 gang members who have basically benefited from the unaccompanied minors program, but then also you have the fact of these children who are being exploited by the smugglers. and so it is, it is very difficult. it's a moment to also bring up the fact that the democrats,
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their policy is one where they were talking about family reunification, and now they're talking open borders. that's the policy that they're supporting. they don't have resolution for that. for them, they are completely fine if these family units are being released into the interior. that is not what the american people want, and that's what the president wants to insure, that we secure our borders. it is a campaign promise he made and something he's committed to achieving. stuart: mercedes schlapp, thank you very much for joining us. >> thank you very much. stuart: always appreciate it, especially today. all right, the battle for fox assets continues. disney has raised its offer, comcast is expected the counter. that's the situation as we see it. 21st century fox, parent company of this network, at $48 a share. how about that? look at tesla. the former employee sued by the company tells "the washington post" he was just a whistleblower. tesla claims he was a saboteur. tesla's stock is down $10. ten minutes from now paul
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ryan, speaker, it's been a highly emotional week on both sides regarding immigration, and mr. ryan got into a confrontation with mark meadows on the floor of the house last night. 9 he may be asked about that at his news conference. right-hand side of your screen on the white house, president trump holds a cabinet be meeting shortly. stay with us, please. we'll get some headlines from that meeting, and you'll hear them first if they come out. we'll be back. ♪ ♪
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stuart: i believe it's on your screen shortly, a 1962 ferrari 250 gto, expected to sell for about $45 million in august, that would make it t most expensive car ever at auction. it was one of only three -- i'm sorry, one of only 36 gtos ever built, and it's in pristine condition. why? it's never been in a c. looks great, doesn't it? orlando international airport will use face scammers to match international travelers
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to a federal database. for now, u.s. citizens will be able to opt out. nine airports already use facial scans for some departing international flights. seattle will turn part of its city hall into a homeless shelter. the council approved a plan to house 120 homeless people in the lobby overnightment it'll cost $13 million. plan comes weeks after the tax was repealed that was suppose supposed to pay for the homeless. president trump will be going to columbia, south carolina, sunday night, a man who truly loves the people of south carolina, governor henry mcmaster. henry works so hard and was so loyal to me that i look forward to reciprocating. south carolina governor mcmaster will be on this show monday before that rally with president bush. two things going on shortly in d.c. number one, paul ryan holds a
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news conference. we're waiting for fireworks on immigration. number two, president trump holds a cabinet meeting. we're waiting for any headlines that come out. big news this hour, we're on it. stay with us. ♪ ♪ polk county is one of the counties that you don't think about very much. it's really not very important. i was in the stone ages as much as technology wise. and i would say i had nothing. you become a school teacher for one reason, you love kids. and so you don't have the same tools,
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stuart: well, big action coming up any moment now. paul be ryan holds his weekly press conference. immigration is sure to come up and so, too, he's going to likely get a question about that confrontation with mark meadows that was last night. and president trump holds his cabinet meeting. again, if there's headlines, you will get them. right now i'm checking the big board for you, for our radio listeners the dow is down 130 points. take heart, it was down about 180 earlier. look at amazon, netflix, facebook. amazon and netflix hit all-time highs earlier today, and facebook's powering above $200 a share. but amazon is now down just $8. the supreme court has ruled that state governments can now collect sales taxes on internet
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transactions. that's a big deal. look at bmw. it's the latest european carmaker to support the idea of dropping all auto tariffs. volkswagen, daimler, bmw, gigli -- which owns volvo, by the way -- on the downside because maybe the tiff with america are hurt profits down the road. got that get back to immigration. our next guest has a piece in "the wall street journal." the title is kids in cages. the writer is dan henninger who joins us every thursday morning at this time. i've read the piece -- >> okay. never hurts. [laughter] stuart: never hurts. and you say that president trump should just let the economy handle illegal immigration. you know, dan henninger, that sounds a lot like open borders, let 'em in and let 'em take the jobs. that's what it sounds like. >> really? no, not in the least. open borders means people walking in whenever they want to. i'm talking about people coming
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in at legal transit points and exiting from legal transit point ifs they had a work visa that allowed them to do work available and then go home when the work was done. now, conservatives through the obama years have always argued we don't want to do that because all of these immigrants are taking jobs from americans. stuart: yep, true. >> so that was the argument. and i could see how you might get some elevation with that during the obama years because the economy was so terrible, stuart. here comes donald trump, reverses all of the obama regulations, cuts the corporate tax by 40%. you talk about it every day. within 18 months we have a booming economy, the up employment rate is 3.8 and falling, black unemployment is 5.9%, the lowest since 1972. everyone who wants a job can get it, so we have an opportunity, i think, to met the trump economy -- to let the trump economy solve the immigration
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problem by giving these people legal work visas to take jobs americans do not want. stuart: so expand the number of visas offered. >> work visas, just for the purposes of working. a guest worker program, legal. they pay taxes while they're here, and when they want to go back home for a period of months, they're allowed to do that, and then they come back in to do work as it is available in the industries -- stuart: so you're not referring at all to the illegal immigration problem. >> i think this would legalize the illegal immigration problem. you don't want to be -- i think a lot of these illegal immigrants would prefer to be working in a legal system that allowed them to do productive work rather than hiding. stuart: i'm going to interrupt you, dan, because paul ryan has appeared at the podium. we're going to listen to this. >> while we enforce our immigration laws. as i said previously, we do not want children taken away from their parents. on the economy, unemployment claims have now dropped four weeks running.
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america's job market is only getting stronger. more people are are being drawnf of the sidelines. we heard yesterday from some manufacturers what tax reform has meant for them and for their coworkers, and that's since tax reform has been an absolute game-changer for people in this economy. these companies now have the confidence to make the investment ands to take the risks that lead to growth. for workers this has already been translating into higher pay and more chance for advancement. this economic insurgence -- this economic resurgence, it happened just six months ago. in fact, the job market is so strong now that the number of job openings now exceeds the number of people looking for jobs in america. think about that. there are more job openings in this country than there are people looking for work. so today we are going to be voting on a farm bill that will help close the skills gap and get more people into the work
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force and on the ladder of opportunity. this is a perfect time to pull people out of poverty, into the work force, onto the lad arer of opportunity -- ladder of opportunity. we see this as a great moment to get the folks who have been marginalized in this society, who have been on the sidelines on to a life of self-sufficiency, to advancement. it's going to help more families take part in this economic resurgence. do any of you have any questions? [laughter] nancy. >> first off, what do you think should be done about the children and parents who have already are been separated. >> well, i believe hhs is working on that, and i -- we obviously want to have families reunited, so i believe hhs is working on that -- excuse me, dhs a working on that with hhs. >> the bill allows for the indefinite detention of these families. how long is it humane to hold children even if they're with their parents? >> obviously, we're trying to put the families at the head of the coup so that -- of the queue
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so they can be adjudicated faster. i'm beginning to think the democrats are less interested in keeping families intact and more interested in having open borders. and the last thing we want to do is have an incentive for illegal immigration and open borders. we want to keep families intact and enforce our laws and secure our border. that is what the vast majority of americans want to have happen. we are finishing up about 70 opioid bills of a two week run here, and one of the biggest problems we have facing this opioid crisis in this country is cheap heroin coming in from the mexican cartels from the southern border. so i don't think americans want to see an open border. we want to see a secure border. we want to enforce our immigration laws, and we want to keep families together. we can do that, and i would encourage the democrats to join us in doing that. juan. >> mr. speaker, many of your
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colleagues, gop colleagues as wes some people from the white house are predicting that both immigration bills are going to fail today. what's plan c at this point, a stand-alone bill in. >> so we will cross that bridge if we get to it. let's take a step back here and remember why we're here this week with this process. our goal was to prevent a discharge petition from reaching the floor. because a discharge petition would have brought legislation to the floor that the president would have surely vetoed. it would have been an exercise in futility. but a lot of our members want to be able to express themselves by voting for the policies they like so that they can express their votes on the floor. and what the president helped us do this week is he answered the questions members had which is are these bills or that are coming to the floor that, if it made it to his desk, he would sign them into law? he was extremely helpful on that front. so the bills that are coming to the floor today are bills that, if it got to his desk, he would sign into law.
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it's not a discharge petition, but members are going to be able to express themselves. if these bills do not pass, we will cross that bridge when we get to it, but the last thing i want to do is undercut the vote we are about to have -- >> but you're saying it would still be a success if the bills failed because it did away with -- >> yeah. so we're bringing bills to the floor that, if it got to his desk, he would sign it verse us a a discharge -- versus a discharge petition. and we're giving members the ability to vote for the policy of their preference. anna. >> how can you call the discharge petition a futile gesture and call this a legitimate exercise when your vote counters don't think east of these bills -- >> because we are bringing legislation to the floor that, if it got to the president's desk, he would -- >> [inaudible] >> let me say it this way. when the supreme court removed our daca deadline, look, you all -- you guys cover congress. congress functions best when it has deadlines. and when the supreme court removed our daca deadline, the
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democrats took a walk, and they basically did not participate in working on solving these problems. so we've been trying to solve these problems on our own. and what we did not want to do is bring legislation to the floor that we knew would simply result in a veto. but our members wanted to, press themselves -- express themselves on issues they care a great deal about, and they wanted to do it inside of legislation that, if it got to the president's desk, would get signed into law. the president's -- he and i have talked a lot about this this week. he's as frustrated about the filibuster as anybody is these days. even if we pass the bill, it's going to take nine democrats in the senate to even get it through the senate because of the filibuster before it gets to his desk, and that is also a source of the frustration we have around here. cain. >> imagine a world where there was no president and no senate. >> next question. [laughter] >> is there any bill that you could produce that would get out of the house of representatives? >> i don't know the answer to
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that question. we're going to have some votes today, and we're going to see. here's the way i look at this. daca is broken, the immigration system is broken, the border is not fullly secured. -- fully secured. these are facts. they need to be solved. and at the end of the day, i really believe we will come back around, if a bill isn't passed around, we're going to come back around to president's four pillars. the president put out an extremely reasonable man of his four pillars on how to solve some of the thorniest immigration issues that have been plaguing us for a long, long time. hey, don't forget for a second here when barack obama was president, for a while he had 60 votes in the senate and a huge majority in the house, and he didn't do anything to fix the broken immigration system. nothing. and they had total control of government. so here we are with filibusters galore in the senate trying to fix this problem when the democrats have taken a walk on this thing. so i think at the end of the day when this, whe push comes to
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shove, when deadlines come around, we're probably going to end up with the president's four pillars. okay. i'm calling on you because you won. >> i know, thank you very much. [laughter] >> you're happy that our members through this game to you guys. [laughter] out of deference and respect for the first amendment. [laughter] >> thank you. we can use all the respect we can get. why should what the president wants override what the house republicans want -- [inaudible] >> the house republicans want what the president wants because we want to secure our borders, we want to have a nation of laws that is enforcing the law, and we want to fix the broken immigration system. and by the way, when we pass legislation around here, we'd like it to go into law. that's kind of important. and, therefore, you want to make sure you're bringing bills to the floor that would have the president's support if it got to his desks. that's the conversations we've had this week. >> are you confident that the discharge petition is a dead issue at this point if these votes do fail -- >> the promise and the goal was
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always we were never going to be able to promise an outcome, but we could promise an effort and a fair process, and that is what is being delivered on today. yeah. >> thanks, mr. speaker. republicans have talked a long time about the problem with the immigration system, and if you are able to pass east of these bills -- either of these bills today, it would be the first time republicans had been able on their own -- >> that's right. >> -- to pass a more comprehensive immigration bill. if it fails, if the bills fail today, do you have any counsel for your successor or even later this fall -- >> again. >> -- is it time for republicans to acknowledge that they are unable to pass, they are unable to bridge their irreconcilable differences on this issue and -- [inaudible] >> [inaudible] it also is the frustration that, again, once our deadline left, the democrats took a walk. i think in many cases they're more interested in the issue than the solution.
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i think when you get deadlines, it's going to make it easier. and i do believe the president's four pillars is a very good landing spot to ultimately making law. so i actually think we're advancing the cause even if something doesn't necessarily pass. i think we're making advancements, because we're putting ideas on the table, members are able to express themselves, and we brought to the floor the kind of process that our members have been asking for even if it may not result in law. because as i mentioned, even if we g something out of here, you need nine democrats to stop trying to stop things and voting with us. and i don't see that happening. >> are you going to bring the bill -- something up later this year in. >> we'll c that bridge when we get to it. >> mr. speaker, leader pelosi called your bill perhaps a compromise with the devil but no a come propoise with the democrats. what do you make of that language? >> not even worth coming on. >> mr. speaker, entirely different topic. >> [inaudible] [laughter] >> last week you met with rod rosenstein over the dispute you
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have of a record. some of your members want to hold him in contempt. are you supportive of -- >> making sure we get the documents we rightly deserve, that we legitimate requested. we expect compliance. i'm still getting daily reports from our committee chairs about the progress on compliance. i'm going to regroup with them tomorrow. but i expect them to comply with all of our very legitimate document requests, because this is legitimate congressional oversight of the executive branch. >> but are you concerned some of your colleagues are using this fight and calls for contempt in a pretext for the president to fire rod rosenstein? >> no, i'm concerned they've been dragging their feet. they could have spared the country a whole bunch of drama if they would have complied months ago when they were made in the first place. >> last question. >> mr. speaker, the follow-up on what was said, is is immigration the new third rail for republican politics? are you finish. >> there's a bunch of third rails.
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>> it seems to be the house -- [inaudible] >> i think this issue -- look, you know me on entitlements. i've been trying to reform entitlements ever since the day i got here. these are hard issues, but these issues will ultimately get solved in this country, you know why? because it's broken. >> congress is broken. >> we have a lot of problems that are broken. i do believe we're advancing really good ideas today with the votes we're having, and i think these are the seeds that are going to be planted for an ultimate solution. whether they get through today or they get through tomorrow or the day after that, these are good ideas that are going to ultimately show a way forward on this. but the democrats, i think, basically decided to take a walk when the deadline went away, and i think what we will ultimately get at the end of the day is something that looks like the president's four pillars. thank you very much. stuart: okay. what's your takeaway from that? speaker ryan talking extensively about immigration. here's my takeaway, the writing's on the wall. the two immigration bills before the house today will probably be
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voted down. mr. ryan's vague hope is that one day a bill will arrive on the president's desking which he can sign because it contains the four pillars which are build a wall, end chain migration, end the lottery and some kind of daca legislation. where am i going wrong, dan henninger? >> well, you're not going anywhere wrong. let's put the substance of immigration aside. this is a political issue. before this week it wasn't going to be a huge voting issue in the midterm elections. because of what has happened down on the texas border with the separation of families, it is front and center. now what are the house republicans facing? they have to control 24 seats in that november election. at least 20 of them are very tight seats. in california, minnesota, pennsylvania, new jersey and florida. the people running there now need something to with be able to present to their constituents. they want to be able to vote on one of these bills affirmatively
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to say i am for, for instance, the four pillars that you just mentioned. because they don't want to have to go in front of their constituents and say i have no position other than separating families. that's what's going on here in the house today. they need cover. stuart: laz word, lizzie? elizabeth: this has been decades in the making, and and it's unfr to the boots on the ground having to deal with these flawed laws that congress refuses to fix. stuart: all right. i want to alert this, happening right now at the white house president trump holds that cabinet meeting. i say this every time, if we get any headlines on video, you will see them very, very quickly. let's get back to immigration. listen to what president trump said last night about the cost of illegals. roll tape. >> democrats put illegal immigrants before they put american citizens. what the hell is going on? illegal immigration costs our
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country hundreds of billions of dollars, so imagine if we could spend that money to help bring opportunity to our inner cities and our rural communities and our roads and our highways and our schools -- [cheers and applause] stuart: he goes right at it. the cost is hdreds of billions of dollars. new report claims illegal immigration costs a more precise number, $113 billion. that report says the burden falls mostly on urban african-americans. joining us now is horace cooper with the national center for public policy research. all right, horace, first of all, how do you arrive at that number, 113lion, and why do you say that it mostly hurts african-americans? >> what we've done is we've asked the feds, the omb, to tell us what they're spending at the federal level, and we also looked at what state governments have represented that they're spending at the state and local level. that brings you to $113 billion.
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-- 85 billion of which is being done at the state and local level. the reason that we know that working people and many african-americans are ending up paying for this is that most state governments use regressive taxation. they use excise taxes, they use sales taxes, they use property taxes. some of them -- but not the majority -- use progressive income taxes. the result of that is that, generally speaking, the beneficiaries of social programs at the state and local level end up actually paying for it. but with the influx of illegal immigration, what you have is poor and black people pay for the services, but then he was to get in line behind -- but then they have to get in line behind illegals who are using the services as much or more than they can. stuart: so is your organization calling on congress to ban illegals from receiving public
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aid? >> we -- there's already a soft ban in effect. we're asking to harden that for emergencies only and to also get state and local governments to agree that they're not going to do the same thing. it is fundamentally unfair to have to pay for these social programs that you don't get to use, and if you're independent and you want to work for yourself, these illegals compete with you and they can underbid you. stuart: if you're right that the cost is borne largely by urban african-american, why are those african-americans giving maximum support to the same political party, the democrats, to which the hispanics give maximum political support? why are hay in the same party -- why are they in the same party? >> well, one of theems is that there's very little understanding or appreciation of what's going on. our report is intended to make
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sure people understand. liberals like nancy pelosi have been taking black america for granted for decades. now we're seeing and we're showing that a black americans are actually having to pay the bill for the fancy ideas and schemes that are not working for america. be. stuart: all right are, horace, you went right at it, and we like that. horace cooper, we'll see you again soon. >> thank you. stuart: now this, a new report suggests susan rice told cybersecurity9 officials to stand down in response to concerns about russian meddling, and this occurred before the 2016 election. we need the judge on this to simplify it and tell me exactly what'soing on. well, he's joining us shortly. right now, as we speak, mr. trump holds a cabinet meeting in the white house. headlines if they come, you'll get 'em first.
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stuart: according to reports, president obama's cyber chief says susan
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rice told him stand down. this was in response to concerns about russian meddling. and this order came down before the election of 2016. judge napolitano is here. the implication, judge, seems to be that susan rice got hold of i think it was daniel prieto and said, hey, i know the russians are coming at you, but stand down on the psycher defense -- cyber defense. is that what happened? >> >> well, if it happened that way, stuart, she engaged in such gross misconduct in office -- she's not an official of the government, she's not confirmed by the senate, she's the number two person in the west wing, but when she speaks, she speaks by and with and for the authority of the president. and this means that the obama administration at its highest levels had reason -- again, if this report is true -- had reason to believe that the russians were interfering with the election and willfully did nothing about it. and i ought that mr. mueller open up another investigation,
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another line of investigation with respect to these people. in terms of the cyber guy, he should have rejected that order. he should have become a whistle blower and either gone to the media or gone above her head directly to the president. stuart: well, according to -- it's daniel prieto, is the gentleman, and he wrote the book "russian roulette," and he testified before a senate committee yesterday. he said that susan rice had said don't get ahead of us on this. they knew that the russians were pinging the campaign, so to speak, and she said don't get ahead of us. >> well, you know, it's very odd because i don't know what they thought the russians were doing. if they thought the russians were helping trump, that was profoundly against their interests. if they thought the russian were going to reveal dirt about hillary, that was against their interests. but put aside politics. their job is to run the government. the states run the election. but if they're aware of an
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entity that is attacking each of the 50 states' ability to run a fair election and count the votes accurately are and they do nothing about it, that needs to be investigated and exposed by criminal investigators, and mueller is equipped to do that. stuart: real fast, i've got to get to this. the supreme court says states can require internet sales tax collection. now, i asked you about this earlier. i didn't quite catch your response. does that mean that if this afternoon i living in new jersey go on aman and buy something from california, i've got to pay california's state sales tax? >> only if new jersey enacts a tax and governor murphy signs it this afternoon. the only place where that tax would kick in today, literally today, is south dakota because south dakota has the tax, and south dakota is the plaintiff in this case that prevailed. this is -- stuart: they all will because they all want the money. >> absolutely. and we'll be paying for it,
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sire. stuart: yes, exactly. sire, get out of here. we'll deign to watch you later on today, judge. thanks for joinings. thanks a lot. all right. more "varney" after this. ♪ ♪ . . how do you win at business? stay at laquinta.
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stuart: it has been a jam-packed day of action but wait, there is more. that man on your screen is john bolton, national security advisor, reportedls going to moscow next week. why would he do that? word is he will prepare for a possible meeting of president trump and vladmir putin. as if there is not enough news today with that. liz: i know. the question, is it timing of-- this meeting. when will meet? trump is expected to attend the
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nato summit july 11th or 12th. kremlin says this meeting will not happen before the 11th or 12th. stuart: first kim, south korea's leader and putted tin and maybe xi too. neil. neil: thank you, stuart. we're following what looks like the longest losing streak in the making in better than 15 months. a lot of trade talk fueling that selling. but it is not as bad as you would think. the president is meeting with his cabinet on china, how to mete out these new tariffs. e will be new outlined tariffs. if the chinese so much think of responding in kind, additional tariffs on top of those tariffs. by now you heard the supreme court that states can force on-line retailers to collect sales tax. this has had interesting fallout in the financial markets here, especially for issues that were thought originally to get hit like amazon,


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