tv Varney Company FOX Business July 17, 2018 9:00am-12:00pm EDT
the bank. maria: today they will come up with tax plan to point out and make this individual cut permanent. >> and turn the attention to the economy and away from what happened in helsinki. >> it's nice to have those tax-cut. maria: gray show. right to "varney" we go. here is stuart. stuart: good morning, maria. good morning, everyone. money makes the headline in the giant technology companies that have so dominated the market and the economy. can they keep it up? amazon, also but, facebook, microsoft will soon be telling us how much money they made and how much their business is expanding. if they don't report at least 20% gain, the stock price may take a hit. netflix, and other big tech company will be down 13% of the opening. that's a huge loss for a former highflyer. why is this happening?
subscriber growth rate became in below their expectations. investors, what are you going to do? buy the dip, so some big-name techs you might own or wait and do nothing, just sit it out. look at this spirit overall the market will open lower, dragged down by the netflix fell off. a big loss for the nasdaq which is technology's own turf down 17 points there. the president wrote home last night. he's back home for a 2:00 p.m. meeting on tax cuts to point no talking about changes that goes straight to the middle class. a permanent higher standard deduction. a permanent child tax credit and new rules the patient plans to let you save more for retirement. politics and money that moving shape the world. "varney & company" is about to begin. ♪
>> do you see the sun as a turning point, by the west in recent years to isolate russia? >> i think you will see for yourself this effort failed and they were never bound to succeed. >> may give this to you to look at, sir? >> all of us have plenty of political rivals. i'm pretty sure president trump has political rivals. >> but they don't end up dead. stuart: a little test there when chris wallace interviewed vladimir putin after his summit with president trump. president trump is receiving a lot of criticism from his own party, from the press conference. speaker of the house paul ryan said this. the president must appreciate the russia is not our ally. there is no moral equivalence between the united states and russia, which remains hostile to
our most basic values and ideals. the statement from trump ally orrin hatch. from the president on down we must do everything in our power to protect our democracy by securing future elections from foreign influence in interference regardless of what vladimir putin or any other russian operative says. how about this or newt gingrich. president trump must clarify his statements in helsinki on our intelligence system. it is the most serious mistake of his presidency and must be corrected immediately. joining us now, chairman david avella. the gop is in revolt over this press conference at the summit. should the president correct the mistake? >> the president needs to be forceful in making sure russia knows we are putting resources behind cybersecurity to make
sure elections are kept safe. but it's also important that we distinguish between those and classify some republicans who are unhappy with the way the president framed the issue and those who want to punish him. they're a democrat than those in the media who want to punish the president for his particular comment. nothing short of the president saying russia alike to me. i am going to resign and put me in jail the rest of my life is going to do anything to suffice the critics on the other side who were displeased with what the president said about the election meddling. stuart: at his four months to the elections. democrats will make this an issue in november, won't they? >> will try to make an issue just as republicans are out there talking about the growth the economy is seeing. they are talking about the money that this budget has put into military spending to make sure
that we have the protection we need from foreign adversaries. we are going to make sure we are talking about the moves being made in north korea and its not being talked about them we don't have much insight right now on exactly what president trump and vladimir talked about with north korea, but there are indications progress was made to make sure north korea doesn't become a nuclear power. that is the discussion of this election. we're going to be okay, stuart. stuart: you are a power republican party. would you be more comfortable heading towards november if the president walked back a little from where he was at the press conference and say yes, the russians did it, don't do it again or else. would you be more comfortable that way? >> the president has indicated you trust the community and we are not talking about it. in 27 team direct or by the
government gave states more money to make sure we are protecting ourselves and the cybersecurity pack as it relates to the election. we need to talk about what we're doing and that republicans have the white house and both houses of congress. we need to talk about what we are doing to bring economic and personal security to america. if soa focus on versus the democrats message of civic chaos, we'll define this election. stuart: we appreciate you being with us and answering directly to questions put to you. thank you. appreciate it. a little politics there. where we go in when the market opens down ever so slightly. technology will have a selloff there. three dow components have reported their earnings and profits before the bell this morning. goldman sachs, johnson & johnson, united health, all of them beat, two of them out, united health is down 2%. netflix, that is the stock of
the day. subscriber growth fell way short of its own projections and is facing new competition. it did not give a rosy forecast the left side of your screen. for the benefit of radio listeners, netflix will open with a loss of over $50 a share. that is about 13%. take another look at the big tech names would check so frequently bearing in mind netflix, amazon, apple, facebook on the downside and that is premarket. john layfield, market watcher, come on in. netflix down $50 in the opening bell. would you buy that? >> the stock is up 100% this year. they did not have a bad quarter. they had about 5 million subscribers globally right now. about 5,694,000,000 pay-tv viewers right now. you get to appoint a skill that you will not see great growth. the problem with internal
forecasts. they have missed three of the last 10 quarters and they're not very good at predict gene, which is kind of ironic because the best thing netflix does is to predict is suggestion software, meaning five more shows that you probably will like. they are keeping people more regularly. however they are not subscriber growth. stuart: within the next two weeks, the big tech companies will be in their financial position. if they don't report 30% or 40% profit and revenue gains, some of them go down sharply. >> they are driving the market. 25% of the s&p earnings are coming from the big tech companies. i own all the same stocks as i had an incredible run up right now going about 20% to 40%. if you have any hiccup at all, these things are priced to
perfection. these things get hit, the market gets hurt. stuart: before you go, tax cuts round two, to plan a was i called them. the president made today with republicans pushing for a permanent child tax credit, a permanent standard deduction increased in easier ways to save in your 401(k) and ira. if you got all of that before the november elections, would it help the economy that much? >> i don't think it would. not right away. earning estimates are coming in predicted to be 20% growth. 35% to 40% ur d.c. the economy doing quite well. this stuff right now i don't think it's going to pass. depending on how many received republicans lose that they still have enough majority, but i don't think it's going to help
the economy significantly. the economy is doing well. this whole thing is about trade and potential trade wars. we can take that off the table or the market and economy will do well. stuart: if you get rid of the trade jitters, the market will go straight. i know you've got to go. we appreciate you being with us. amazon prime day is underway. a few technical glitches to start with. give us some detail. >> i like the 100 global prime numbers watching at 3:00 p.m. yesterday same time to shop. we put off our conference calls, met with disappointments for three hours. something went wrong on our end. no kidding. when it was back up and running, you still got the deals and it looks like they will bring in $3.4 billion according to estimates of the three-hour outage and the revenue numbers still saw the shares react to
the website glitch as we'll call it for three hours. stuart: but it's over? >> yeah come they earned a billion last year. we'll see how they do. ashley: if you couldn't get in the first three hours come you still got three hours to do it. >> three hours is a big deal. ashley: do they go away for good? stuart: still about $1800 a share. overall the market will open down 20 points. down to boston on the dow. the big leadership change at one of the biggest banks, that would be goldman sachs. leblanc find stepping down as ceo replaced by president david solomon who takes over october october 1st. after strong earnings report, shares are not doing that much, down 24%. a terrifying scene in hawaii. a lob a bomb hit a tourist boat off the coast of the big island. 23 people injured.
we will have more on that in just a moment. you've got to hear this. office space rental as a startup company we work all over the place. they are sent a letter to employees saying they could no longer expense meals that have any meat in them. they are doing it for environmental reasons. great story we are following it after this. because you've made sure this sensor and this machine are integrated. & she can talk to him, & yes... atta, boy. some people assign genders to machines. and you can be sure you won't have any problems. except for the daily theft of your danish. not cool! at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & this shipment will be delivered...
stuart: look at this. a lob a bomb from the kilauea volcano had a belt. ashley: the hotspot ironically. since the killer while in volcano erupted back in may, it has created a tourism hotspot if you like. we have a boat that got too close to the lava and what happened if you want to go for the technical term, came down through the roof. very dangerous of course.
23 injured, three seriously, the worst of which was a woman who had a sizable and broken. there were some versions as well. you shouldn't get close to a thousand feet. don't forget, the lava of reacting with the ocean creates acid and tiny dust particles in the air. very dangerous. the passengers $3250 a head to go out on the boat. did they get too close? that's the question for the captain of the bow. stuart: for the lawyers. president trump riding high after the nato summit. he went to the russia summit, came in strong and then out deferring to putin and a lot of people said that didn't look good. robert charles, secretary of state for bush 43. did he make a mistake, which should be corrected immediately as newt gingrich suggests? >> i think stuart he did. words matter and imprecise words matter and that conference for
all the oxygen out of the air. he had a good summit about six or a very important things happening and it's not the end of the world. a nuclear bomb is the end of the world. that's why we have summits to prevent that. at the end of the day, let's cut right to the chase. this presently is an admission of meddling or interference in the 2016th cycle undermines logistics partisan tea. i understand they try to interfere. the chinese did aggressively in 1996. that does not mean they have any statistically significant effect on my election and i love my intelligence community behind me. i am foursquare behind them i need to speak more directly and more plainly and tell you guess they interfere but it was not statistically significant. that's the problem. stuart: it is how president trump answered his critics. this is what he had to say.
as i said today many times before i have great confidence in my intelligence people. however, recognize in order to build a brighter future we can focus on the past. we must get along. so how do you respond to the president own defense? >> my answer to that is that as a partially absurd, not a complete answer and at the end of the day he's hardly defensive. he needs to be confident in salo, some some people out there will never agree it was statistically insignificant. i also understand they attempted to interfere in the election and a lot of examples of this. we get thousands every day. it does happen. stuart: should we make a distinction between meddling, which is what the russians clearly did in collusion. that is collusion between the trunk people in the russians, which there's no evidence to support that.
>> you're absolutely right, stuart. stuart: they are making in all the same and it's not the same. >> they benefit by the confusion which is why the president is to clarify. 32 indictments in the remainder have nothing to do with this election. if you want to get to the fine point, mr. mueller needs to either indict people in the white house, get it done and if he does that, he needs to wrap this thing up because it is the shadow and it is a cloud affecting the geopolitical situation. i believe the president's trying to triangulate russia to get china to do something, but that the end of the day, this confuses everything. stuart: thank you very much for your clarity. we'll see you again soon. down slightly at the opening bell. 18 points down. 30 points down for the nasdaq while the technology stocks are. it is amazon's fourth annual prime day.
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pic when the bell rings to open the market is tuesday morning, will be down about 16 for the dow and 27 for the nasdaq. flat to lower today. amazon prime full swing. this your whole foods as senate. deirdre bolton at a whole foods store. you've got a list of deal for me. go. >> i certainly did. in case he won a picnic lunch for them, organic strawberries, 16 ounces two for $5. boneless chicken $3.99 a pound. icelandic cod fillet about a $6 per pound saving and allegro bad coffee buy one get one free. if you remember when amazon not whole foods last year. 13 by $5 million. amazon doesn't want to just your place for entertainment and movies and books. they want you to buy groceries. if you show up here is an amazon prime member, but give you a coupon, $10 off any delivery
from whole foods and one for a future day. tons of other things on sale, but a million of them if you count. echo., fire stick, amazon's hardware products. worth noting as well a lot of other retailers are feeling the pressure from amazon as so often happens. more than a few matching any of those 1 million items at home depot, staples, best buy, bed bath and beyond will match a price that you find us an amazon prime member. target is running a cyberin july. macy's is running a black friday in july, so all of these other retailers realizing amazon is moving the needle for retailers and was on the good stuart: it's really time i got out there and bought some stuff i think. thank you indeed. ashley: or we'll send someone to do it. stuart: dow industrials opened
on. s&p down, nasdaq down. huge selloff in progress. we'll bring up to speed when the market opens after this. ♪ hawaii is the first state in the u.s. to have 100% renewable energy goal. we're a very small electric utility. but, if we don't make this move we're going to have changes in our environment, and have a negative impact to hawaii's economy. ♪ verizon provided us a solution using smart sensors on their network that lets us collect near real time data on our power grid. (colton) this technology is helping us integrate rooftop solar, which is a very important element
fourth day in a row for the dow industrials are huge losses like netflix really drag everything down. big taxing question this morning. 30% to 40% profit and revenue gains. trading day has begun and was opened with a loss of 20 to 30-point. above 25,000 ever so slightly lower. there are three dow components which have reported their earnings and profits already this morning before the bell. goldman sachs did well. a leadership change and goldman is out. j&j did well. they are up $3.81. that is 3%. united health are less money coming in for premiums down five
bucks shaping about 50 points out the dow industrials. stock of the day, netflix. that loss after subscriber growth fell short. netflix is down $54. 1345%. susan lee and ashley webster are with this tuesday morning. mike murphy is here. we are altogether, folks. netflix got a deal first of all. 13% from a $346 per share. are you buying? >> not yet. i think i will be. anytime there's a pullback and everyone starts jumping ship is saying they can't continue this, it's a great buying opportunity. netflix has made a run from 302 north of 400. i would like to see a little bit
lower. >> subscribers with 1 million of the forecast from an international subdivision in the next quarter. it shows saturation in the u.s. >> ups called this last week. they downgraded to neutral stand the last five years have been great, but the competition is not going away. costs are going up in subscriber growth is slowing down. should you sell your tech stocks that could change overnight? >> way, way. dr barton sitting right here. maybe he's the exception. would you? >> i will and i am. two reasons why. they were embarrassed internally for their forecast. that's why they cut from six-point free for the next quarter. that is the biggest reason they got slammed i believe.
look at the number that matters. 40% growth in revenues year-over-year. they missed internal numbers. >> cash flow negative spears >> true. they will continue to be because they are spending and to bring in subscribers. stuart: you are by netflix at $345 a share. >> i will buy it when i get my beautiful hook as it starts to move back up and beat some of these overnight lows about 360. stuart: you haven't got the spirit shall we say. >> i have plenty of spirit. i just got more smart than spirit. >> remember, they have the ability to raise the price by a dollar. it's not going to hurt numerous. they've seen they can raise the price of that potential to raise profits for the company. they can raise prices the dollar
. >> 310 multiples but still not making that much money. >> not here. anytime you've got netflix over the last five or 10 years it has been a great time to be in honor of the stock or the stock has performed so sometimes at amazon you can't rely on old-school price-earnings. stuart: speaking of amazon, full swing with the amazon prime day. my producer had a shopping cart full of stuff you couldn't buy because of the technical glitches that have been on early on prime day. >> i want to know what was in that part. i had problems. >> i was buying something in my normal fashion it didn't work i had to use the amazon back channels and tried three different ways before i could buy the insert read thermometer
i was after. true to the glitches over amazon stock is barely above $1800 a share. down $18 as we speak. would you buy that dip? >> if you haven't been involved, but as a stock changing the way we live in a change in in the country. if you own it, hang onto it. stuart: the big tech very much in the news because if they don't report 30%, 40% increase in profits and revenue, those stocks take a hit. what is your advice for all of our viewers who are investors, have a little money in the stocks on the screen right now. what should they do before the earnings report? should they sell now, get out of dodge, hold on a do-nothing or buy the dip? >> they should not put any new money to work right now.
you hit the nail on the head. the expectations are here so you have to go to hear. if you have all of them, hold on because the balance each other out. if you've got your eggs in one basket come you might want to lighten up. >> you want to try to top one of these high-growth stocks are probably going to lose. number one come you're guaranteed to tax unless it's in a retirement account. number two you have to be smart enough to know when you get back and good if you're lucky enough to be along for the ride, stay there. >> okay, i will. >> a handful of stocks responsible for 80% of the games this year. stuart: that is why we talk about big tax all the time. 80% come from by the stocks. ashley: if they go down, what
happens? >> i run the numbers just yesterday and this is if we look at the equal way all of the things. still a three-point 4%. a lot of tags still tagging along. the s&p 500 stocks are positive on the year. a lot of people are playing. they are the ones pulling the card. >> the one thing about the companies as they continue to innovate and by startups innovated before they get to a point where they get bigger. stuart: then you raise the issue to break them up. >> at some point that comes up. the big lord we are now seven minutes and then we are down 50 points. just about 25,000. show me the s&p down about a quarter of 1%. the nasdaq down even more
suspect. dummy for half a percentage point. ford has agreed to a $299 million settlement over toccata airbags done in the $10 range right now. roh crew announcing wireless speakers but they only work with its own devices. up about 1%. the price of oil done that yesterday. this morning it was down $67, $60 a barrel. is this the time when you don't buy any more companies that lay off? >> this is a pullback double drive them down. we've got this huge drop yesterday because the saudis and kuwaitis will open up a big oilfield that will bring half a million barrels a day online by the end of the year. that's why we got the big draw. these things moderate themselves
with a short-term upswing in oil in a big stock you want to invest on the energy side you can jump in. >> as an investor it is a tough kind of flat market to be in. stuart: score one for the greetings. i.d. does has committed to using only recycled plastic by 2024. >> they are following along all birds. all birds started this trend about a year ago in this trend is that going to go away. so many plastic bottles out that you can see the pictures and the oceans being flooded. making shoelaces out of the analogy does this following. stuart: that the polish is made completely out of discarded plastic. turning to you all approve?
>> it is a tough economic cell. polypropylene are so cheap to make. it's a big advantage to use recycled aluminum because there is a big cost difference. it will be an uphill climb for the environmentalists on the economic side. stuart: i think we've got it. tend to say goodbye to you mike murphy and deirdre birt. appreciate it. 65 points, 60s points, 67 points. we drop below 27 on the dow. republican candidate kevin eccleston from his parents are democrats coming as the republican candidate. his parents are so upset if some of the republican that supporting his opponent. kevin nicholson on the program next hour. chicago considering a plan to
pay 1000 families a universal basic income $500 a month. free money from the government. more "varney" after this. and now for the rings. (♪) i'm a four-year-old ring bearer with a bad habit of swallowing stuff. still won't eat my broccoli, though. and if you don't have the right overage, you could be paying for that pricey love band yourself. so get an allstate agent, and be better protected from mayhem. like me. can a ring bearer get a snack around here?
stuart: just holding barely above 27,000 on the dow. microsoft teaming up with wal-mart for cloud computing. nicole, come on in and explain this so i can understand that. >> i will. what we talk about is the teaming up of wal-mart and microsoft. wal-mart will use microsoft cloud and artificial intelligence in the two have in
common they are both rivals to amazon. wal-mart in the retail area and i'll tell you how it will all make it better. saying exactly that, he had an exclusive interview with maria bartiromo. take a listen. >> your home or work place is getting embedded in the real world. wal-mart is a good example because if you think about wal-mart they have an amazing lead when it comes to anything of offline commerce. their increasing momentum online. >> so what is going to be data sharing, purchasing. i will make everything better and they will both have the rivalry to get the one-two punch to amazon. stuart: there may be a lot of money. thank you for joining us. we'll see you again soon. the office rental startup called
we work are going vegetarian. >> they will no longer reimburse employees on company meals with red meat, poultry or pork. they will stop serving the red meat and poultry import on the policy changes made to reduce the carbon footprint. this was in an e-mail to 6000 employees. we work with $20 billion. a step too far. stuart: you don't need me to a new help and save the planet. >> for help and religious purposes you need to eat certain meats you can talk to the company h.r. department. stuart: which religion insists you eat a certain kind of meat? i don't know one, do you? moving on swiftly. netflix stock is way down today. down 46 points as we speak.
they didn't have a great earnings report, but one of the reasons they are done is they've got competition. jim andersen is a tech guy. his company organizes others to get them on as efficiently and promptly. if they've got competition >> tech companies, we know about google and amazon, but facebook is investing. you've got google and apple. a golden age for video. who's got a watch at all? stuart: that's a good point. netflix was the king of streaming. everybody else is coming on stream. i notice you didn't mention in didn't mention any didn't mention any small companies geared at helping small companies can get in. >> netflix is an international company and they specifically commented in france and other companies that have local competitors in there are cultural differences, but
there's also a negative that is interesting. nobody's talking about turn. 124 million customers. they have 10%, and 12 million customers leaving that they have to replace. that's where scale is subscription balances use 10% of customers come you've got to get 12 million to replace the one to left. it's not surprising the growth rate is slowing. stuart: i know you are not a stock analyst that you think may be the business model of netflix is reaching a peak and plateauing. >> i don't know, but that is what people are worried about. stuart: what is this about you can watch it all? >> at the ratings game. you know a little bit about ratings. >> i do. >> at 24 in a day to watch
television, phone, ipad, et cetera. who's going to watch the video? >> my problem is netflix shows this stuff to me. i want to go to netflix and say show me this. i want to be in control of what i watch and i suspect some of the streaming companies don't do that any longer. they are waiting for me to look at what they're giving me. >> you and i talked about that. the big tech companies use their artificial intelligence to predict what you want to watch and they are good at it. if you like this, you may like that. that's the primitive way of doing it. they just were to figure out what you like to give you more of it. trained to use on the last time you were on the show that they can tailor programming specific to individuals. they can tailor it to an entire country, an entire culture. >> your list of recommendations is different than my list of
recommendations. everybody must be seen the same thing. you and i can sit in the same room on the same wi-fi network. i see something completely different then you see. stuart: that is fascinating. jim andersen, thanks for joining us. check the dow 30. coming back a bit. an even split between winners and losers in the dow was down 47. charles schumer, democrat in the senate blasting president trump after his meeting with mr. putin. putin must have some on our president. you will hear what he has to say after this. guaranteed, when he books direct at choicehotels.com. or just say badda book, badda boom. book now at choicehotels.com.
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stuart: senate minority leader chuck schumer calling a president trump over the russia summit. roll tape. >> what could possibly cause president trump to put the interest of russia over those of the united states? the only possible explanation for this dangerous behavior is the possibility president putin holds damaging information over president trump. stuart: that is quite an accusation. mark simone, wor radio hosts.
mark, would you defend the president in this case where he is being attacked by charles schumer? >> anytime you're being attacked by schumer, you know you're in the right side. chuck schumer is a reverse barometer of what to do anything. what possible could he have that all these crazy networks try to use on the trough investigators on donald trump. the whole idea of a summit. it was like with hillary or he doesn't have the top of his game. but the second or third debate, he was great. stuart: do think president trump should in any way correct the impression that he left yesterday? >> you should double down, which you probably will. these guys, clapper, brendan, stzrok, they've been running and
shooting up this nonsense about russia coalition which kept inflating it to the russian meddling and that is what muddied up the waters here. stuart: you're exactly right. that's exactly what happened. they conflated collusion for which there is no evidence with the hacking of the dnc computer with influencing the election in that way. they conflated the two and they should not be together. they are totally separate issues. that's what the president has right now. >> you can take on the intelligence community. i was the whole campaign of 2004. the intelligence was wrong, they lied. if you want john f. kennedy once said whether the cia. you can attack them when they're wrong. stuart: last one row faster the election in november about four months away. do you think this is a negative for president trump on the gop,
this russian summit yesterday? >> it's always a positive. every time there's a john mccain joe, the gold star family always turns around works in its favor. they never miss an opportunity to miss an opportunity. too hyperbolic on all of this. stuart: mark simone come you shouldn't be such a stranger to the show. you should sit right next to me. get off the phone and sit next to me. >> you know, that the great stuart varney, but my own show takes place around the same time. stuart: thanks for fitting us in. i think you're all right. mr. simone, thank you, sir. next, far left candidates take it over democrats. my take on not top of the hour.
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stuart: happening this hour, fed chairman jerome powell will testify before the senate. we know what he will say, and in 10 seconds i will tell you what he will say. can't fet there yet, because it is embargoed precisely until 10:00. it is 9:59, 56, 57, 58, 59, it is 10:00. edward lawrence. you know what he will say. give us the headlines. reporter: jerome powell says the trade dispute problems weakening economy is balanced because we have strong economic growth. he will paint rosy picture of the economy going forward of the he will say inflation is little over 2%, with core inflation at 2%. mainly increases because of energy and oil prices. the fed chairman points to job and wage growth assigns after good economy. with a wage growth we're not seeing spike in inflation according to the federal reserve.
the gdp rose 2% in the first quarter. the federal reserve chairman will tell senators in the second quarter he will see quote considerably stronger economic progress for the gdp in the second quarter. this report signals that the fed will stay on course for possibly two more rate hikes. the federal reserve chairman will tell the committee, gradual rate hikes is the way to go forward. we'll watch back and forth related to trade. he will get a lot of questions from senators. stu. stuart: food stuff, lawrence. gradual the way to go. what did the dow industrials do? the news announced a minute ago. became public a minute ago. the markets had what, a minute to digest that. it has come back a bit. we're down 50 or 60. we are down 30. now we'll see where we go from here. now this. embarassment for the democrats on both coasts. far left candidates are taking over. they may be elected but they spell trouble for the democrat
party. start with the 28-year-old socialist who recently beat a high-ranking democrat in a primary in new york city. alexandria ocasio-cortez did a tv interview. she talked about the occupation of palestine. to her, israel is not a valid state. it is an occupier. she was pressed by the interviewer. she retreated, floundered saying she didn't know much about geopolitics, however she has a degree in international relations from a prestigious university in boston. asked about the low unemployment, high growth economy, she complained that people have to have two jobs and can still barely make ends meet. she is the new darling of the democrats. she is almost certain to win a seat in congress. trouble for any middle of the road democrat if there are any left. on the west coast, moderate democrats just took a big hit. dianne feinstein was badly beaten in a vote within the
california party. she was beaten by kevin deleon. he is running for her senate seat. mr. deleon is the force behind california sanctuary statement movement. he is the man allowing illegals to get a driver's license. he is a total open borders kind of guy. he may not win, but a strong showing mean as big split among democrats. it's a fascinating political season. president trump has a pretty firm grip on his party. the gop is united behind his successful growth agenda but the democrats are badly divided between left and far left. now under scrutiny on of their more extreme positions just don't stand up. four months to the election. second hour of "varney & company" is about to begin. ♪ stuart: a lot happening this hour, including this.
house top leaders hold a weekly news conference. they could talk tax reform. the president is talking tax reform with members of congress this afternoon. any headline on tax reform or anything else we'll bring it to you real fast. that is a promise. speaking much taxes, we have breaking news on high-taxed blue states trying to fight the latest tax package. what is going on? ashley: interesting, new york, connecticut, maryland, new jersey, suing the u.s. government to void that 10,000-dollar cap on federal tax deduction on state and local taxes, so-called salt. i don't know legally speaking i don't know they have much to stand on but they're upset they're not getting those, as you are, and many people living in those states are. stuart: there are high-taxed states. you can no longer deduct the taxes you pay to the state governments. ashley: on your federal -- >> essentially being double taxed. stuart: your tax bill, anybody who makes serious money in those
states your tax bill goes straight up. those states don't like it. i agree. they haven't got a prayer. ashley: people are leaving. this is huge impact on tax base revenue. go figure. stuart: i'm not sure where i will be living. we come back a little bit after the fed chair in his opening statement is going to stay gradual rate increases are the way to go. we are down 30 points. we had been down 60. unitedhealth is a big drag on the dow. it's a dow stock. less money coming in for premiums. that is down $10 a share. that is down a whopping 3.9%. that takes 50 points off the dow. without united health we would be on the upside. goldman sachs strong earnings, ceo, lloyd blankfein is stepping down. david solomon takes over october the 1st. goldman is down two bucks. netflix, what a story.
it was down 54. now it is down 42. subscriber growth fell short of its own projections. coming back from the drinking drop in the opening bell. big techs all of them down except my own microsoft. i have a sliver of it. price of oil is down again, $67 per barrel. there is a lot of supply coming to this market and it's down. back to my take. listen to democrat congressional candidate, alexandria ocasio-cortez trying to walk back comments over her israeli occupation of palestine comment. roll tape. >> you used the term occupation of palestine? >> um, i think, what i meant is like the settlements and places where palestinians are extremely seeing difficulty. >> do you think you can expand on that? >> i'm not the expert on
geopolitics on this issue. stuart: even though she got a degree on international relations. that is the far left getting involved in the democrat party. here is a headline from our next guest. it is not bernie holding democrats back, it is obama. f. h. buckley is columnist. i say the far left taken over the democrat party and poses a threat to them. you say it is obama. make your case. >> i think everyone has the instinct to get to the middle of the road. they used to talk about me-too republicans. if you want to win an election you want to be purchase dead center. dems are off the map, personally direction of socialism and also in the direction of identity politics that is the greater problem. i think that most americans could respond favorably to some part of a democratic left agenda, to on form of single
payer for people with preexisting conditions, but what's holding them back is the idea that about half of the americans smell to quote peter strzok. half of americans are deplorable, irredeemable, they're not even americans according to hillary clinton and that's new in the democratic party. most of us would like to see a healthier political debate involving a revived democratic party which would be the party of, well, going back 50 years to jfk or even a hubert humphrey. stuart: that is very interesting, sir, because i got the distinct impression in the last presidential election campaign that ordinary, everyday americans were talked down to, hillary in particular was talking down to them. reminded me of my own childhood in england where as ordinary working class, lower middle class kind of kid i was talked down to by the aristocracy and
upper middle class. i really didn't like it. you're talking about exactly the same thing. >> that was part of the success of the labour party. remember as crazy as some of the dems sound, gosh, think of jeremy corbyn winning nearly the last british election. the wheel turns. people get tired of people in charge and they say let's have a change. stuart: but do you think that the far left candidates i was talking about in my editorial there, are they pulling the whole party to the left? >> i don't think so. there is a lot of nuttiness. much of it is unleashed by trump. frankly talking about treason and steve cohen, democratic congressman suggests maybe the army should step in if we were south america. this is absolute madness. but the point is, they have some policies that the dems do which are moderate left which would attract people because after all trump himself was not an idealogical right-winger.
stuart: got it. mr. buckley, quick question, your accent, is it british from a long time ago or boston or is it irish? >> no. it is actually canadian. mixture of all three. [laughter] stuart: thanks for joining us. >> but i lived in virginia for a bit. stuart: sir, it was a pleasure. thanks for being with us. >> thank you. stuart: coming up republicans running for the senate, a republican, running in wisconsin, that gentleman on the left, his parents are democrats. he's a republican. they're so upset with their son running as a republican they're backing his opponent, his democrat opponent. that gentleman on the left will join us next into. >> president trump facing backlash from both sides after his summit with russia's president putin. what was brian kilmeade's take on it? he is with us later this hour. then we have the guaming phenomenon, esports, coming to your tv set. espn will air the ""overwatch""
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tripadvisor. visit tripadvisor.com stuart: where are we now after fed chair, mr. powell, says gradual rate increases are in store? we're holding with a loss of about 60 points, just above 25,000. where is the price of oil? down again, $67 a barrel. where is the price of gold? is it too, still down again? yes, it is. down 7 bucks. down to $1232 per ounce. our next guest is a republican. he is running for the senate in wisconsin. his parents, who are long-time democrats are backing his opponent, democrat senator tammy
baldwin. kevin nicholson is a republican candidate in question who joins us now. all right, kevin -- >> good morning, stuart. stuart: do you have a decent relationship with your parents still? >> no unfortunately parents made decision to cut off extended family, not just my wife and family and kids, but siblings and nephews and nieces. what i said this is not conflict we looked for. i became a experience through time of combat, my experience as husband and father and time in business, working as management consultant. i don't run rub my politics in people's faces. people make choices like this but that is not the goal. stuart: forgive me, are they never-trumpers and can't stand any republicans? >> clearly a big part of this. there is more to it, i made decision as become a adult, husband, father, seen innocent
loss in life with combat to be pro-life. i again firmly believe conservative policies push opportunity down to families to people, allow them to be successful. i also too firmly believe faith is important in all of our lives as we pull together families to find ways to be successful together. these are conflicts i guess i have with my family, but my goal is not again to see our family broken up. my goal is to save my country. that is why i'm running with the u.s. senate. stuart: you're standing as religious guy, husband, combat veteran, father, free market guy on economy. you still have to win a primary. i don't know who your opponent is in the primary in wisconsin, you're pretty much trump down the line, aren't you? >> well i think the president's put forward a good set of policies through the agenda and tax reform package and iran and north korea which are great opportunities to push heads down on our enemies and adversaries.
you see president making massive deregulatory effort which allowed for economic growth. these things are good for people of wisconsin and people across the country to be more successful. it is common sense. i'm an outsider. i'm not an officeholder. we raised 3.2 million in the race, double our primary opponent. there have been nine polls, we are winning eight of them. we'll win the primary on august 14th. our focus is on tammy baldwin who doesn't support any of our policies any way, shape or form. i'm not a democrat. does the democrat party put policies that make people successful. that is my message in wisconsin. that why we'll win in november. stuart: wisconsin is badly-divided state between republicans and democrats. it's a volatile situation. that has not changed at all, hasn't. >> sir, there is lot of former democrats in our state, why our state in essence center left to center right state. frankly a lot of democrats, former democrats look at democrat party there is no
policies appeal to me, make my nation more prosperous and secure. what they got from president trump, this surprised a lot of people, somebody identifying problems they were worried about. trying to find ways to matter of factually go after problems we see in washington. the real answers here is the solution to the problems created by political class will never come from the political class. it is going to take outsiders. in our own state, senator ron johnson. president trump winning wisconsin in route to the presidency. i'm endorsed by ted cruz and endorsed by mike lee. these were senators not elected to office before they were elected to the senate and went there and provided solution. stuart: kevin, thank for appearing on the show. thank you very much. >> thank you, sir. look forward to talk to you again. stuart: we reached out to mr. nicholson's primary opponent, leah vokm-ire i think is the pronunciation, and tammy baldwin. we have not heard from them.
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welcome back, burt. it is at $1800 a share now. you say it is going to 2,000 or 2100. make your case. >> all-time high yesterday, stuart. going up two or $300. by the time we hit prime day 2019. stuart: why? >> you hit 154% growth in sales per hour, first three hours. compared to alibaba singles' day of 25 billion, amazon is 1/7, 1/8 of that, there is much more of a runway nationally and internationally. it is a low-cost provider and their analytics are great and the good news it is encouraging, helping competition. while it is driving down prices, microsoft teaming with walmart on analytics plus cloud. so walmart.com will win, amazon will continue to grow at 25% and takeoff.com, curt avalon's
group, will help all the regional retailers win. so all three of them will win with fastest robotized fulfillment and country and world has ever seen. stuart: fastest, robotized fulfillment, robots in the warehouses don't need human beings plunge it down in the right place and goes away seamlessly, that is? >> everyone will do it well and everyone will win. stuart: i put it to you that amazon does not reach $2,000 a share unless it keeps on reporting every three months, 30, 35% increases in revenue. >> reason why you're correct, stuart, is amazon can ultimately add a amazon prime day every quarter. every quarter they need to achieve the growth beyond black friday, cyber monday, and prime day. prime day instead of 24 hours last year it is 36 hours this year.
it will be 48 hours in future years. they can add quarterly pulses on it to get geometric growth. stuart: will they do that? they have got prime day, started 3:00 eastern time yesterday, ends at midnight tonight. doesn't all the extra buying in that 36 hour period take away from buying next week and week after on amazon? >> yes it does. the plus minus is still up 55 to 70%. like julius caesar's version of retail roman empire. amazon is on the way to conquer the world with alibaba and walmart.com, with little guys using takeoff.com to win too. stuart: interesting analysis. roman empire. the burt fleckinger, $2000 a share. we'll hold you tonight. we helped your fox business network friends go from 500 to 1800 and get them over the 2,000 for amazon shares. stuart: yeah, yeah he.
i got it. universal basic income promoted by far left and chicago to test it. what does former chicago resident scott shellady think about that? you know the guy in the cow jacket? he is next. note ♪ greatness of an suv? is it to carry cargo... or to carry on a legacy? its show of strength... or its sign of intelligence? in crossing harsh terrain... or breaking new ground? this is the time to get an exceptional offer on the mercedes of your midsummer dreams at the mercedes-benz summer event, going on now. receive up to a $1,250 summer event bonus on select suvs. mercedes-benz. the best or nothing.
above 25,000. big tech names. they were mostly lower. now facebook is moving up, 207. amazon, alphabet are down. microsoft reaching $105 a share up about seven cents. chicago considering a universal basic income program, you know where all the adults get a certain amount of money from the government per month, regardless what you do? joining us is scott shellady. he happens to be in london at the moment. i can see big ben behind him but he is from chicago, and i'm teeing him up here, what do you think of the universal basic income plan for chicago? >> well i find it very odd. i mean i just left the green room where i could listen to what jerome powell was saying about the economy. here is what i would say. you can't have both. you need to choose. either a economy running 3.8, 4% unemployment, or we have abject disaster need to have universal
base being income. you can't have an economy doing what we're doing now, some employers say there is not enough candidates for advertised jobs out there, also have a universal basic income. make sense. i know which one i would choose. the country need to choose one. if the fed selling us true you know where my choice is. stuart: it makes political sense. a politician says vote for me, you get money. i'm not being sarcastic you about that is the truth, isn't it? >> unfortunately being that overt will pay off a little bit. number two, how about this making political sense, lower taxes, less regulation, cutting taxes? when running again this november, whomever has to run for office, is it better idea to run on tangible things you can show to put in people's pockets for the good that don't cost people anything, and make the government money as well, or, we'll take from you to give to you over here because that is what we'll do, universal basic
income. that is not fair. doesn't jive with most americans how they feel about going to work ever day. ultimately those tangible tax cuts, less regulation ultimately win out over the left's plan to advertise free money for he one. everybody knows if you get something for nothing, you won't appreciate it. stuart: you got it, scott. stay there for a second. i want to talk to you about the market. first of all netflix, way down. subscriber growth fell short, they have some competition, there are worries about the growth in the future, they're down $37 a share but what is happening to netflix, scott, brings up what might happen to the big-name technology stocks. i think you've been saying this for some time. if they don't come through in the next two weeks, the big-name tex, with huge increases in profits and revenues, they too could take a big hit. i'm saying it. what say you? >> yeah, you know what? i think you're right, stuart. i have been saying it. here is where my worry lies. we have to take into a little
perspective, after today's downdraft for netflix, for the year they're still up 85%. those type of numbers, you're going to have days like today. yes, i think big tech stocks, they need to have numbers come in. all about the earnings. they have to support where they're at. you know what? a few are more vulnerable to others. amazon is up 50% for the year. amazon up 80, 85%. you have doing fells and alpha the abouts, the other ones, apple, those type of stocks are up only 12 to 15%. so those guys can be ones to bolster high-flyers going forward if they come in with earnings that i think we need to have. stuart: i have got 20 seconds. do you think i should sell any of my microsoft? >> no, i don't think that will pay off. stuart, no matter what, look how these guys, behavior of the investor. facebook had an absolute armageddon moment, 180 down to 150. it is over 200 now. that is investor type we deal with today. that will be here in the near
future. stuart: thank you, scott. very much indeed. that is fine stuff. come on home whenever you're ready. now this. forbes has ranked its highest paid celebrities. susan, who came out on top. >> do you want to guess at least guess? stuart: no, i couldn't. >> doesn't surprise me, floyd mayweather. $285 million. stuart: how much? >> 285 million in the year. 2 billion in career earnings. most comes from the highly-publicized fight with conor mcgregor last year. number two, george clooney, banged 239 million. most coming from the sale of his tequila brand to diageo. ashley: what about the kardashians? >> always. kylie jenner, the younger of the kardashians. stuart: she is in the kardashian clan. >> 166 million. she caused controversy, featured
in "fortune" magazine as self-made billionaire. really, self-made? she has family backing. number four, "judge judy,," syndication rights $147 million. ashley: the judge, yes. stuart: $140 million. ashley: incredible. >> number five, the rock. dwayne johnson. $124 million. am i only one who thinks his movies are getting repetitive? ashley: you think. >> same story lines, jimming out of movies. ashley: earthquakes. >> comedies. stuart: i don't know work of many of those celebrities you put up there. >> highest musician, group them together, musicians, u2, $118 million. you make more money from touring than you do actually from sales of songs. stuart: still pulling in, u2, a generation ago they were big. 180 million still. that is astonishing.
>> 118 million. stuart: i'm shocked, ashley, the amount of money involved. $140 million. ashley: where does stu come in? not on the list? >> distribution rights. stuart: all right. enough of this. joining us on the radio, brian kilmeade. brian, where are you? can i see you please? yes i think he is there. ashley: there he is. stuart: got it. precisely 10:36, at that moment we see him. look how upset senator cory booker was over mr. trump's summit with vladmir putin. roll tape. >> asked about the comments here? >> talk to you later on. stuart: okay. now you may not have caught that. should have put it on the bottom. he was to quote, po'd, pissed off. he called the president weak and submissive. president trump responded. here is the tweet just in. while i had a great meeting with nato, raising vast amount of money, i had a even better meeting with vladmir putin of
russia. sadly, it is not being reported that way. the fake news is going crazy. brian, respond to all of this, please. >> not an adequate explanation. part of reason why we don't know how the meeting went, he might be 100%, right, maybe he is, there was nobody in the room. two-hour meeting with two ofmost powerful meeting that was choice president made. bilateral session reports went exceedingly well. up until one or two questions in the press conference, we have the reports, i believe my intelligence agencies, this bert not happen again or this relationship has no opportunity to flourish, that would have been it. i think president has got to tweet differently. those afake news. it is important for me to clarify because a lot of people that usually understand what i'm trying to relay seem to have missed my message. let me try it again. not an apology but let me clarify. clarify. i believe my intelligence unit. i believe that there was
meddling in the election. but i believe it is important not only acknowledge but to make sure it doesn't happen again. my apparatus will make sure it doesn't happen again in november. if it does happen or indications it is happening, we will never be able to have a productive country to country relationship. he has got to clarify. stuart: i think there should be some clarity between, clarification between what is meddling, i think russians did meddle, quite deliberately, we know they did it, with collusion. that is totally separate is rat thing. there is no evidence that president trump colluded with the russians to rig the election, no evidence whatsoever. certainly none we've seen so far, yet the left and some republicans are conflating the whole thing together, meddling is the same as collusion, and trump's wrong. we need some clarity about that difference between meddling and collusion surely. >> i like the way you divided that but i will say this, the best thing to happen with the president and political fortunes
are overreaction of all his enemies. if you watch what is happening on other channels, if you see what is happening on the floor, everyone is so apoplectic over it, "new york times," thomas friedman, to nancy pelosi and chuck schumer, to john brennan, who is already been defame and defiled, his whole legacy is in jeopardy, saying the most craziest things. after 24 hours, you will see, wait a second. stop overreacting to a press conference you didn't like the way it turned out. part of a four year journey, have a chance in few months to decide the direction of the country's foreign policy please name for me a foreign policy success over the last eight years that the president's running to overcome? there has been none. almost none. the middle east is a mess. there is no way nafta, the nato relationship has been strengthened. no way that russia has been tamed. president had a hand grenade in north korea and he is trying to
put the pin back in. please tell me the foreign policy that he is screwing up? he is trying to fix it. stuart: paul ryan just told his press conference that russia is trying to undermine democracy. he is just said that. so he is doing what he want the president to do, i think? >> i think the president can do it in in a tweet. he will do it in a situation where maybe he walks over to couple of boom microphones. he will begin to bury it. this is a day he shouldn't be relishing. should attack it like everything else. stuart: run that sound bite from paul ryan. we just got it in. roll it please. >> to the world and the country, we stand by our nato allies and all those countries who are facing russia aggression. how many times have i stood up here and told you what i think about vladmir putin? vladmir putin does not share our interests. vladmir putin does not share our values. we just conducted a year-long investigation into russia's interference in our elections.
they did interfere in our elections. it's really clear. there should be no doubt about that. it is also clear it didn't have a material effect on our elections. but as a result of that we passed tough sanctions on russia. so that we can hold them accountable. i understand the desire and need to have good relations. that's perfectly reasonable but russia is a menacing government that does not share our interests, it does not share our values. i think that should be made very, very clear. >> brian, don't know whether you heard that. >> heard it all. stuart: paul ryan coming down strong on the president. >> he didn't say it is treasonous. he didn't say the president has to walk it back. listen they meddled in our election. i understand they have to have relations. all the president has to do is respond directly. the president spoke at press conference 45 minutes, you didn't like three to sick lines of it. excuse me. he has to go do it. here on in, we don't need to win them over. we need to get them to fear and respect us.
who has done more, president obama or president trump? and guess one of complaints from vladmir putin was? that the nato has built up to a point where they're even closer to their border than ever while pouring in more money. one of president putin's complaints is reaffirmmation of donald trump's policies is. so as usual, drill down a little bit more and i think you might be happier and i think critics might be sleeping better. stuart: got to go, brian. you and i are in agreement on this one. we appreciate you being here. >> thanks, stuart. stuart: here is what is coming up for you. putin calling out bill browder. he is the founder of hermitage capital management. during that news conference, browder has been named an enemy of the state. he is with us in our next hour. your insurance company is gonna raise
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♪ ashley: market watcher john layfield told us in the last hour that he thinks the economy is already so strong that a he can round of tax cuts -- second round the tax cuts isn't really necessary. >> economy is helped. earnings estimates are coming in. 20% growth. 35 to 40% is because of corporate tax cuts. you're seeing economy doing quite well because of tax cuts. this stuff, i don't think this
is going to pass. i don't i think this is is posturing for midterms. i think it should, depending how many seats republican lose, to have majority to be able to pass this stuff. i don't think it will help the economy significantly. i think economy will do well because of corporate taxes this whole thing is about trade and potential trade wars. if we take that off the table, the market and the economy will do well.
stuart: big news for the videogame industry, big news indeed. the "overwatch" championship coming to espn. live broadcasts of playoffs, championships, goes all of next season too. "overwatch" commissioner nate nanza is with us. that is a breakthrough. that is the first time esports leagues have gone on cable tv, i think. big break through? >> definitely. super exciting news. since we last spoke we moved to the playoffs. quarterfinals last week. semifinals this week. we have awesome matchup. and all of that leads towards next weaken where we play the grand finals at sold out barclays center in brooklyn. as you mentioned that will be broadcast for the first time on espn's flagship network in prime time, first competitive gaming event on espn 1 in prime time. stuart: we're giving you free
commercial on grounds this is news to me. i think it is news to a lot of our viewers just how big of an industry, this is esports, isn't it? that is what we're talking about here, competitive teams, competing on a videogame, sometimes in a big stadium, with tens of thousands of people watching. how many billion dollars a year is this industry worth, not the games themselves but the watching and the playing of the games? >> yeah, you know the esports industry is growing rapidly. look if you think about traditional sports and you think about, i don't know, maybe you play golf or tennis or basketball, another sport, it is very common if you have an activity that you do, big part of your life but you want to know who is the best in the world this thing i do. competitive gaming is just that. you have billions of people around the world play video games around the world. a big part of their lives. i'm a gamer myself. it's a big part of my identity. natural i want to know who is the best in the world for the games i love.
that is what esports is about. next week will be great example. 20,000 fans gather at barclays center in brooklyn, biggest city in the world and showing off "overwatch" league, with our city-based format, something should look familiar to fans of traditional sports. "overwatch" league is really dined to be an epic, competitive entertainment experience that anyone can enjoy. we're really excited to introduce a broader audience to the league next weekend. stuart: nate, thanks for being with us. that was a fine commercial you delivered. i didn't charge you a penny for it. next time you have to pay. >> if you want to come next weekend, let me know. stuart: i don't go out at night. we appreciate it. come back again. i want to hear more about this. thanks, nate. >> will do. stuart: next, coming up at least, "leakers, liars, and liberals." the case against the anti-trump conspiracy. that is the title of judge
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stuart: dealing again with the trump-putin summit. listen to the media blast president trump over his performance. roll tape. >> you have been watching perhaps one of the more disgraceful performances by american president. >> this would many would say disgraceful performance with vladmir putin. >> they came across as playmates on soccer field, more than they did international rivals. >> mr. putin is the master puppeteer of donald trump. >> you should call this the surrender summit. stuart: joining us now, howard kurtz. he have he is the media guy at the fox news channel. he works with us as well. howie, welcome to the program. >> hey, stuart. stuart: do you think it is legit for news anchors to make those kind of political value judgments on our president's performance? >> i don't think straight news anchors should use words like disgraceful but i do believe president trump gave his critic as lot of ammunition with what many white house officials are privately conceding was a serious set of mistakes at the putin press conference. what makes this difficult,
stuart, again i'm not saying anchors should suddenly morph into commentators but they often seem to when they can't contain their animus towards president trump, you have many republicans, many conservatives joining in criticism. i heard a lot of criticism of president in helsinki on fox news channel, fox news network. this is not the usual left-right wrestling match. stuart: that is true. what upset me more than anything is the conflation of meddling in our election, which clearly the russians did, and collusion between president trump and mr. putin, to fix the election, which i don't believe happened and i've not seen any evidence for it. that is what got to me? there was this conflation, putting the two together, when in fact, in my opinion they're really separate. >> yeah. it is conflation the president has engaged in before. he is so personally invested not allowing anything related to russia to seem to in any way taint his own election which was perfectly legitimate, that he
answers every question about it in, well, there was no collusion, when that wasn't what we're talking about. the difference here, he did it on the world stage, white hot spotlight, standing next to the leader of russia. that is why the there is a, there is severity and intensity to the condemnation here. even have the conservative "weekly standard," which admittedly no fan of this president, saying congress should censure him. others calling for dan coats, national intelligence director to resign. i don't think this is one or two-day story. dan control efforts and media criticism will play out over at least a week or mo. stuart: my judgment is the trump haters, detest him now, they will detest him in the future. they will detest him forever, no matter what he does. the die is cast, let me put it like that. you're nodding your head, you agree with me? >> absolutely. one of the things i off then say about the trump presidency when he says something that is over
the line or people find offensive, the reaction in the mainstream media often is so over the top that kind of plays into his hands because his supporters don't buy it. in this case however, i think things are different. when you have newt gingrich. stuart: got to go. hard break. see you soon. thanks a lot. more "varney" after this. ere, io make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade. ..
cbs2 the economy is booming here that is the right word to use. the official numbers next week or at all signs point to an economy growing at a 4% rate. that is a bug or the economy's best performance in years. and we are feeling appeared a record number of people leaving the jobs they already have. that's a very positive indicator. they will take the risk of moving because of a growing economy offering opportunity to advance. the american dream is in the air at a record low in the number of people being laid off.
they offer higher wages to keep them. another very positive sign. if you watch the program regularly, you know we have a jobs boom that's cut the unemployment rate to historic lows for minorities and brought millions of people off the sidelines and back into the workforce. new numbers from fox show 121 million people have gone from part-time to full-time work during the term presidency. a big plus. have you seen the stock market rally? check what that is doing for your 401(k). make no mistake, this is the result of trumps growth agenda. the full effects of those policies have yet to be felt. this afternoon the president meets republicans planning tax cut to .0 directed at middle america. he wants the economy to keep on growing. if the vote in november is about prosperity, this president is riding high.
the elections or four months away. what is that about a blue wave? the third hour of "varney & company" is about to begin. i'm going to start with president trump's meeting this afternoon about new tax measures. join us as congressman jim renée c., republican from ohio. you are going to be at that meeting. go through some of the things which i think are up for discussion at the meeting. how about a child tax credit to be made permanent. am i on the right track? >> everything about this meeting is talking about permanency. we've got to make sure tax to point there was permanency and people know what they have in front of them. we can't have these individual issues like this one you are talking about and. everything is a discussion about permanency and making a
permanent. cbs2 the child tax credit goes away 2025. the standard deduction would go away in 2025. let me repeat, you're working on making a permanent, correct? >> absolutely. we need to make certain predictability available to individuals as well and that permanency is in the statutes of people know this is a permanent tax cut and not something played around with in the future. cbs2 are you also talking about how to add more money, save more money in your 401(k) or ira. is it possible you'll make it a rule that you have to opt-out. when you take it, you are already in it. i am told that is a change being proposed. >> one of the things i can tell you in ohio is people now have more money in their pockets.
we need to make sure they are able to save them. we have to have opportunities for savings. i had a 401(k) plan for all of my employees. when people can get signed up right away, let them opt-out or make sure they are signed up to see the savings opportunity. i am a big fan of that. we will push for opportunities for savings. it ties in with the tax-cut plan. cbs2 i've got a daughter who works for a large corporation who has a 401(k). she's worked there for three years and still hasn't gotten to the 401(k) and she's watching you please tell her to get into 401(k) while she has a chance. >> have a daughter the works for the corporation and i told her to get energy than it. cbs2 good luck in the meeting this afternoon, sir. we will hear from you later ensure. >> i'm saying on the tax-cut plan proposals. peter moore reaches with us,
emeritus professor of economics at the university of maryland i believe. these proposals, which we just outlined, i don't think the make much difference to the economy, will they? >> they will make a difference, but not immediately. they will sustain the recovery in the out years because they will permit people to continue to have more take-home pay. i like the ira idea because i've got a son in new york who runs a great deal of money, who hasn't signed up for his 401(k) either. i would like the congresswoman to personally go and make them fill out the form. stuart: but it is a serious thing. so many youngsters in their 20s and early 30s don't realize how much is offered to them and which they are doing. it's a terrible thing not to take on a 401(k) when it's available. >> absolutely. the real issue is how do they come up with a plan to pay for
it? the house is unwilling to cut entitlements. they haven't been able to come up with an agreement within the republican caucus to do that. how do they gain a majority in the senate of 60 votes so they can cut taxes without reconciliation and somehow or another find some way to make them permanent and pay for it, too. my feeling is it's difficult not to increase the budget deficit and difficult to give votes to do that. stuart: update us on your view of economic growth. july 27th we get the first look at the second quarter growth rate expecting about 4%. what you say? >> my numbers for .1. i'm sending that that out to bloomberg, reuters. fox doesn't pull me because they don't have a poll, but all the others, marketwatch, dow jones, i'm on the service list. the real question is can we continue into the third and fourth quarters.
so we have the average of the year at 3%. we are getting very close to being able to do that and what happens next year? when the impulse of a tax cut goes away, consumers are spending that they will not further spending that much. while investors keep their promise to america? will they invest more. stuart: before we close, you've got a gripe with the new apple app. it is called screen time i think. alerts parents limit how much time they spend on the phone. you don't like it? >> i don't like the idea of parents using an app to monitor what the kids are using, limit their time on him. stuart: why not? >> i think the parents should be teaching their children how to set limits and behave response delay. this is just like any other compulsive habit. if you monitor your kids that
closely and control them, we will be able to do in the years to come with artificial intelligence, then you send them off to college, they turned the apps off, spend the first six months playing computer games and flunk out. you have to teach children how to manage their own lives. >> there is nothing wrong with a seven, eight, nine, 10, 11-year-old being monitored by their parents, what they're looking, where they're going on the internet. >> it goes far beyond that. you'll be able to look at, you know, they are chatting, e-mail, things like that. i think we need to be very careful about intruding on the runcible children's privacy. >> this is irresponsible by definition. >> so was my son who won't sign up for an ira. go down to morici opposite of
what his nose into it. i'm not going to advocate turning off the cell phone because he hasn't signed up. this is not the way to go about parenting. you must teach the children to behave responsibly on their own without being there. it basically puts the parents there all the time. stuart: bring your son to the studio will make him act responsibly. we are out of time unfortunately. thank you very much, sir. three dow components have reported profits early this morning. oldman saxe, johnson & johnson, united health, united, that is the biggest drag on the dow. the stock is down 3%. the book at amazon. still in the middle of prime day. the stocks going up despite some glitches at the start of prime day yesterday. 1837 is your amazon stock price now. netflix don beyer, but not as much as it was earlier. now it is down 32.
it was down 52. subscriber growth fell short. we will get into netflix more later this hour. he has been named an enemy of the state in russia after is a massive corruption and putin called him out during the news conference in helsinki yesterday. stay with us because bill browder will join us next. >> we can bring up this particular case. business associate of mr. browder has earned over $125 billion in russia. they never pay any taxes, neither in russia nor the united states. and yet, the money escapes the country.
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stuart: to trump putin summit. let's get to it. our next gas has been named an enemy of the state in russia after exposing massive corruption there. president putin mentioned him during a news conference yesterday. roll that tape again, please. >> we can bring up mr. browder in this particular case. the associates of mr. browder have earned over 1.5 william dollars in russia. they never paid any taxes. neither in russia nor the united date and they escape the country. cofounder of hermitage capital management. all right, bill, did you follow up your chair when you saw and heard that yesterday? >> i was actually not watching
the news conference but as it happened, but my mobile phone started melting with messages and notifications and all of a sudden i thought whoa, what is going on here. that's when i found out i was at the tip of vladimir putin's tom. for me it is not a surprise. i've been under his skin for a long time. i have come up with a piece of legislation named the magnets be act which freezes assets and amd says of him and his cronies for doing human rights abuses named after my lawyer who was murdered in russia by the putin regime. so putin is really mad at me. it's no surprise he brought it up. he's been talking about me for a long time. generally he doesn't like to bring up the name of his enemies, but in my case he so mad. stuart: one time you ran this management fund and it was based on russian investment in a believe you lived and worked in
russia. you expose some corruption in the left in fear of your life. i take it you can't go back now even if president wanted to go back to answer questions, you can't go back? >> no, he wants me back very badly. i've been sentenced in two different criminal trials to 18 years in prison and they've been chasing me all around the world to try to get me back to russia. i was recently arrested in madrid on may 30th. they were after me like you can believe. stuart: you're the equivalent on the american side of the guys in russia who hacked into the server. you are being likened to russia intelligence agents who did indeed get into the computer. >> there was one very big difference which is the guy in russia are criminals. i was the guy in russia exposing the crime.
there is no equivalence there at all. from an emotional standpoint, er, putin wants to like, you know, kill me as quickly as he can, get me out of the picture in the same way the united states and the rest of the world want these russian guide hacking the elections. stuart: i hope you stay in america and come back on this program and sort out the u.s.-russia relationship, the trump relationship would value having you back on again. thank you for joining us this morning. appreciate it. >> thank you. stuart: wal-mart, microsoft teaming up. they've got a new tech partnership. susan, this is all about taking on amazon. >> definitely. wal-mart is amazon's competitor in retail. microsoft is amazon's largest competitor it comes to cloud computing. wal-mart is going to use microsoft's cloud computing technology to be more efficient in their business and that
includes maybe the right products on the shelves, optimizing use of freezers and other uses for other equipment. earlier today, here's what he had to say about the partnership going forward. >> everything that we think about, every place being digitized, whether it is a retail outlet for a hospital, stadium, home or work faces increasingly getting embedded in the real world. in the case of wal-mart is a good example because if you think about wal-mart come and they have been amazingly today when it comes to any offline commerce. but they are increasing momentum online. >> they are. wal-mart believes they haven't indicated they will use microsoft when it comes to their cashier list stores in the future. wal-mart going high tech has teamed up with google express as well and they've bought.
stuart: i love him. he's the guy who turned around a gigantic company and made them in the forefront. he needs to help me make some money. >> you must be generated more revenue than amazon will be. stuart: thank you very much for that report. check oil down again today. no impact on the stock market other than oil company stock. dinah $67 a barrel. the price of gas, national average of a tiny fraction from yesterday holding $2.87 per gallon. apple rolling out 70 new evo jesus the head of today's date. red hat, lobsters, cupcakes. even a new sub one for bald
people and people with gray hair. apple says okay, tell them all. people who are bald or gray like me. rolls-royce fitted design for flying taxi. of total can carry four to five people, 250 miles an hour. it's got wings to take off and land vertically. they generate electricity. they do not think it is flying until the early to mid-2020s. more "varney" next. phoenix in july. what's the weather like today? hot. what's the weather like tomorrow? hot. ♪
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big one is on subscriber growth. they are saying they are going to be 5 million in the next quarter. it's all about international for them because it accounts for more than 60% of the revenue. i still think it is a growth area. ashley: don't panic. been going solidly for five straight years in the international growth is where the growth will come from. what's interesting is how it brings down the tech sector. i don't think it's any different today than it was yesterday. stuart: when you get the big tech earnings in the next 10 days, they too will show slippage from what was expected. they too will be taken down. >> five stocks, 80% gains for the year. stuart: got a cover of because that's where the money is.
president trump has returned home, and critics on both sides. next, judge jeanine pirro on sabbath may here in new york. she's telling everyone to calm down. this should be interesting. by the way, take a look now at the george washington bridge. showing pictures of california and traffic. bridge to nowhere. ♪ ♪ i can do more to lower my a1c. because my body can still make its own insulin. and i take trulicity once a week to activate my body to release it, like it's supposed to. trulicity is not insulin. it comes in a once-weekly, truly easy-to-use pen. and it works 24/7.
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stuart: we were down. now we are up 12 points. an even split, winners and losers on the dow 30. president trump will meet with members of congress to stop her name. they will discuss tax cuts to point out. brenda major vic with the laffer center for supply-side economics. we know what they will talk about. more money into 401(k) or your ira making permanent the child tax credit, making permanent the standard deduction. without actually help the economy? >> that it's okay, stuart, but the best thing to do is cut tax rates. that's way more important than the other stuff. the other stuff is very nice but
when the tax rates were cut in december, the economy just took off. that's what's to concentrate on tax reform. stuart: you're not going to get more actual tax cuts because you need 60 votes in the united states senate doing on them. >> the atlanta fed is talking about 5% growth this quarter. we used to do that all the time. once we get used to economic growth probably might start to say let's cut the capital gains rates, make them permanent and cut the corporate rate further. it actually is possible. stuart: you really think you can get that through? you've got to have 60 votes in the senate. i just can't see 60 senators voting for more tax cuts. be realistic. i know that's what we should be doing. let's be realistic. it's not going to happen. >> i think we've seen this extreme partisanship in areas of low economic growth.
this whole millennia we been growing at 2% per year. back in the 1990s, bill clinton passed a bipartisan tax cut, capital gains. reagan when the economy is growing at four, 5% passed a bipartisan tax cut, took the top rates down. we start to grow, we'll get bipartisanship. stuart: i don't think we will see eye to eye on this because i don't think you've got a prayer of getting more tax cuts through. put that aside for a second. he talked about 5% growth in the quarter we are now in. april, may and june. you think will get 5% annualized growth in the quarter, do you? >> the very preliminary estimates of the atlanta fed. "the wall street journal" how to report suggesting the same thing this morning. i used to be fairly routine. 5% growth coming out of steeper
sessions. i expect we can get someone to 4% range. if so, why not five? lots of people in the workforce again. obama's policies to 10 million people out of the workforce. those people are ready to roll back in. if that happens we cannot be growth. stuart: we hear you and we like to hear that. i% growth would please everybody. thanks for joining us. we appreciate it and we'll see you again. president trump got some flack for his news conference with putin. judge jeanine pirro, hostess of justice with judge jeanine. i'm told you want everybody to calm down. >> i did say that earlier today. stuart: do you think the president should walk it back or you're going to defend the president's position? >> i don't think the president should walk it back unless he did something wrong. the democrats, left, liars and the leakers and liberal which is the name of my book, have been
doing everything they can to try to get this president impeached. they said it would destabilize the country and the president gets out yesterday and says i have great confidence in the intel community. but that's not enough. what's he supposed to do, take a gun and shoot hooton? we don't know what he talked about for two hours. this guy has as much nuclear power as we do. stuart: between meddling in collusion, the president should turn around and say you mental. we know you did it. knock it off, don't do it again. stuart: he said to boot when obama was in the middle of it, knock it off and i have this image of obama on a bicycle and couldn't bare chested on a horse. that's good. everybody goes home. stuart: why does the president say it publicly? >> wait a minute, the job of the president right now is to make sure the united states does not
going with an enemy, a clear enemy who has missiles pointed at us and we had missiles pointed at them. we've got to find common ground between the two of us stop with that. all of this started with the liars in the leakers. he is head of the cia and he's the one who started with this fake dossier today could begin an investigation of donald trump so they could impeach him. is anyone surprised the president did something treasonous. i'll tell you what is treason. treason is using the department of justice in a way where they want to disenfranchise the american electorate who voted them in an office simply because he's an outsider. turning to calm down, judge. you've got hours before your next performance. >> i've got like 18 days.
stuart: the name of the book is liars, leakers and liberals. i think you have a copy of the cover, don't you? stuart: with on the screen right now. >> i've been a prosecutor judge in the da for 30 years. i don't like people who lie. i believe in law and order and i know crime and i know a con when i see it. that's what i wrote about in the book. stuart: you think there's a deep state conspiracy to undermine president trump and protect hillary clinton. >> there's no question. i prove it in my book and put my evidence for my obligations are. >> the book we've not seen outside the boat. stuart: there's a lot you need to read and see and i'm not going to tell you about it now. stuart: what are you on my show for? >> because we love you. the book makes it very clear that people like rod rosenstein for 20 years have been in a
position of taking care of people like hillary clinton. jim comey is the deep swamp for sci-fi. so is peter stzrok. whatever people think of, this is political, this event. the evidence is in the book. stuart: the name of it again. liars, leakers and liberals. >> the case again the anti-trump is here and see. stuart: the sales go up following this interview, send it to me. great stuff, we appreciate it. >> bye, bye. stuart: connecticut, new jersey, they are suing the government to fight the latest tax reform deal, which will hurt them badly. lieutenant governor of new york, betsy mccoy breaks it down for us next. question, elon musk twitter rants becoming a liability for his companies?
100 a month to 400 a month and 22 million followers listening up, making investors a little bit nervous. we spoke with an analyst a short time ago about these tweets. it is higher. he recently treated about this particular person said that the elon musk efforts are basically for not actually a pr stunt. the producer here just spoke with consumer edge research analyst. great auto companies, but why does elon musk need to tweets? twitter has been a great benefit. you should apologize.
stuart: some markets where you pay the price of gold up $10 at 1229. larry fink supposedly interested in bitcoin. >> we have a working group. apparently looking on block chain and crypto currencies like bitcoin. leary set himself recently that his clients have shown zero interest in exposure, but i guess you to prepare for the
future, maybe? >> if he's in favor of block chain technology. >> $6 trillion not 1 cent is invested in any current day. >> crypto currencies are more in-depth than money laundering than anything else. >> is that the working group to look into block chain technology >> they've actually invest it in group two currency, even opening the trading arm of people are interested. stuart: bitcoin down around 6000 bucks a coin. >> you can't buy anything. not to my knowledge at least. >> they're actually doing real estate transactions now. stuart: several state that will be new york, new jersey, connecticut, maryland are suing the government here this is in
part over the the top for state and local taxes or they don't like that because it hurts them badly. joining us now, former lieutenant new york governor betsy mccoy appeared you sue the government over tax change come you haven't got a prayer. >> that's right. this is a pr stunt by the tax help states. the only real losers here are footing the bill for this judicial boondoggle. the real issue here is not whether the state and local taxes are deductible. it is that they are too darn high. look at a state like connecticut there have been a gubernatorial race this fall that's actually a tossup because connecticut residents are so upset about the state of their taxes and they know they can't attack them, but the real issue is they are too high. stuart: come to new jersey where there is unanimity on the left. that is it. say goodbye to it.
>> or maybe change because the fact that people are writing those checks now for the full amount of those taxes in pretax dollars, that is a killer. stuart: sure is. tell me about it. kevin brady is in talks to restart the obamacare payments. pay them out, get this payments out to the insurance companies? >> that is ray. these cow towing to the democrats demagoguery claiming that the trump administration is sabotaging obamacare. it was actually they went to court and put the kibosh on these payments by claiming they were quite big enough yet. the back story here is when obamacare was written, the insurance companies had a big seat at the table. it not only for several into buy their products, but guaranteed they would lose money. can you imagine being guaranteed a profit.
>> they don't put more money into the insurance companies, then obamacare actually collapses in the premiums go through the roof and they cannot be paid. >> they're already triple what they were. a little bit more, but the major driver of these enormous increases in premiums every year is a guaranteed issue of community that should help people to pay the same as sick people. ever independent analyst to blame about one role. the preexisting conditions role. it is not these risk adjustment payments. stuart: but it still with us. it's not going away any time soon. >> that is ripe. don't follow the demagoguery the trump administration is sabotaging. it the insurance companies. by the way, and the new mexican judge, the state of new mexico
who ruled against the current formula suggested that maybe taxpayer money should supplement is to give more money to the insurance companies and make sure they don't lose money. over my dead body. [inaudible] stuart: we hear you. lieutenant governor of new york. see you soon. down in the $10 range, they have to pay, they're going to pay $299 million settlement over toccata airbags. right now at 1083. brokaw announces wireless speakers that only work with its own devices. for some reason the market likes that. look at netflix again. the stock is having his worst day in two years. now done 7.5%.
it was or 10% earlier. back in november, self driving bus in las vegas got into an accident on its first day of operation. the incident was due to human error. today, a california startup is testing their new self driving bus in times square, new york. one of the busiest places in the world. gary gasped aloud if they are. something a crazy idea but will have bear to see that done on macs. ♪ to keep you both comfortable. and snoring? how smart is that? smarter sleep. to help you lose your dad bod,
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stuart: a california startup is test in a new self driving bus. gary castello is in times square, new york city where they are doing the testing. why would anybody pick times square to do a test like that? >> i love driving. i do love driving in new york city, so this is a perfect place for this kind of vehicle. i am here right now with rick baker. he is the former mayor of st. petersburg, florida.
we are going to be heading down here now. >> welcome aboard. >> tens of billions of dollars being spent on this technology. >> we are no different in each. they are trying to go 40, 50, 60 miles an hour. we are at a low speed cell technology. going forward, you have the ability to recognize things quicker if there's my reaction time is her going down the road. that makes it so we don't have to spend the same amount of money and also we can get it deployed quicker. [inaudible] >> that's exactly right. you might be at a college campus in a business park, downtown airport. that's the kind of places you see these vehicles. >> you're going to provide them a service? >> our intention is to provide
them with a service. we will operate the service. >> this is not an app or a smartphone. this is a high risk endeavor. how do you think your investments feel good? to make sure you can avoid. >> the very definition of low speed technology means that 20 miles an hour you are at last risk of getting into an accident. you are also going to see them react to people quicker than any obstacle and we have a failsafe. under our technology, if there is an obstacle in the road, it stops. not to try to figure it out, but to stop. safety is the very first thing. [inaudible] >> we think by next year at some point we could be in operation. they could be deployed at based on a pilot project next week.
>> instead of -- [inaudible] >> things for a great story. we appreciate it. we will have more on that i'm sure. amazon will bring this to your attention. an all-time high on track for its fifth straight record close. any game today for amazon is a new all-time high. eight teams .42. more "varney" coming up. ♪ - how do you know your car insurance company has your best interests in mind? well if you don't, you're not alone. but me tell ya', for the past couple of years i've had the great pleasure of catching up with dozens of people 50 and over who are actually customers of the aarp auto and home insurance program from the hartford. . .
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finland, people who were chronically unemployed were getting income, $800 a month and found that they were quite happy to do this and the only jobs they got was part time jobs, just enough to add what they were giving from the government for free. stuart: one proposed in chicago legislative that would provide a thousand families with $500 a month stipend. do with it what you like. susan, what do you say to that in. >> i was looking at the case and stocks in california, home of a lot of rich tech moguls. close to sill couldn't valley. stuart: long way away from silicon. >> in the same state, it's closer than new york. the point is that 300,000 populations, no one lives below
poverty line so they couldn't give away 500-dollar. stuart: they couldn't, i thought they started the program? >> no, they haven't. they were looking at it. ashley: the concept is disincentive to work. stuart: yeah. >> i agree. ashley: lower taxes, the economy, exactly. low ambition. i don't think it's good for anybody to do that. stuart: you were born and raised in england, you were born and spent little time in canada. i was born and raised in england, when we all came to america surely there was a basic understanding that if you want money you work for it. work hard, try to climb the food chain. you don't take a handout -- why on earth -- it's buying votes, isn't it? that's what it is. vote for me and i will give you 500 bucks a month. that's incredible. it really is. where does the money come from?
ashley: relax, big breathes. stuart: i have another 10 seconds to go and i can throw it to neil cavuto. i'm having my last rant, 5, 4, there you go, neil. neil: i've never heard that. stuart, thank you very much. the president, by the way is doing equivalent of online rant, if you will, tweeting out that he thinks everything went fine in russia among some of the other things he's been talking about is that referring to while i had a great meeting with nato, raising vast amounts, even better meeting with vladimir putin of russia. sadly it is not being reported d that way, fake news is going crazy. i don't think it's fake to say that he might have had a real mez on his hands, here he's just trying to clean it up. not disaster but raising a lot of questions about not buying his own united states ig