tv Varney Company FOX Business July 25, 2018 9:00am-12:00pm EDT
maria: great to see everybody. at that thank you so much. great show. "varney & company" begins now. thank you, stuart. stuart: good earn mornings maria. good morning every one. he has arrived. he is going to the white house. he does have the power to do a trade deal. jean-claude juncker is is president of the e.u. trade commission. he will have 15 minute closed-door session with the president, 15 minutes. "new york times" says he brought proposals with him. most interesting one, automakerrers worldwide would slash tariffs on foreign cars. president trump wants more than that. he no tariffs. i have an idea for them, eu and
u.s. drop tariffs and subsidies, would be called free market and freire trade. hope they do it, we are ready but they won't. i will pose this question throughout the show, if there is any agreement and easing of trade tension after today's meeting, will the stock market take off. i will have that question today. it's a possible. >> into in georgia the race for the governor's job, president's pick won pick. hard-line conservative brian kemp beat casey cagle. the president's endorsement was a big factor. he won by 40 points. sergio marchionne underwent surgery on his shoulder three days ago, he reportedly suffered a stroke and went into a coma. he did not recover. he merged fiat chrysler 10 years ago. it was his creation. sergio march cone knee was 66.
wednesday july 25th, the dow will head lower at the opening bell. all of that loss is from one stock, boeing. "varney & company" is about to begin. ♪ >> we're confronting the unfair trade deals and we are doing it like nobody has ever done because our workers have been cheated, our companies have been cheated. they have stolen our wealth. they brought it to other countries. as you know i campaigned on that issue. it is very close to my heart. i understand that issue better than anybody. i don't like that. i don't like it. [applause] we're stopping it. we're stopping it. stuart: that was president trump last night talking trade obviously. today he meets the european chief to talk trade at the white house. more on that in just a couple minutes. first of all take a look at this. dow jones industrial average will open in 27 minutes time.
it will be down about 60 points. now look at this, boeing, that is the biggest drag on the dow after commercial airplane sales fell short. boeing also said higher costs in the defense business sector would cut into profit margins. currently with boeing's stock down eight bucks, it is on track to shave 70 to 80 points off the d.o.e. at the opening the opening bell. in other words, without boeing the dow would be flat to slightly higher. >> >> there is this, a sure prize, shocking piece of niecenews, the man who built chrysler, sergio marchionne has died. he was the architect of fiat chrysler. >> brave corporate leader. i would say during the 2018 merging fiat and chrysler with 8 billion-dollar loan when liquidity was drying up. some say he was one of the best personalities in the auto industry. not only that, quadrupling
shares since 2014. bug thinker, even proposed merging with general motors once again. that has been put off in 2018. liz: he is a legend. he is a bold visionary. he had keen observations. he is blunt, a workaholic. other ceos are saying he had passion. he loved what he did. "wall street journal" had tidbits, he had closet full of sweaters because he liked to travel lightly. he played poker on planes. he enjoyed what he is doing. turn around not just one, but two distressed auto companies and paid back all the loans for chrysler. he worked with unions to build not one but two car makers is legendary. stuart: the stock price went up 229%. liz: tenfold under his leadership. stuart: what have we got here,
under sergio marchionne up 229%. i'm moving on. president trump meets european chief jean-claude juncker discussing trade. president tweeting, when you have people snipping at your heels for negotiation, it will talk longer to make a deal. the negotiations are going really well. be cool, the end result will be worth it. liz peek with us, foxnews.com columnist. juncker has come with a man that would slash tariffs on autos. president trump wants no tariffs. do you think there's room for some kind of wiggle room, agreement of some sort, lessening of tensions between the two? >> we hope so really because the endgame there is to get the eu and the united states aligned pushing back against china. really it is not the ambition to bust up our trade relations with the eu although they do have
tariffs, 33% on dairy imports from the united states. they have restrictions on imports of gmo-altered crops. there are barriers eu erected particularly the last decade against u.s. imports. we want to see some of that relieved. the main objective, we must keep our eye on the ball, personning back against. the eu does too. way to do that is seriously reforming the wto. no one is talking about that robert lighthizer is working on that every day and the eu can help us. stuart: the subtext, do something with your on and america and that let's us do something. >> we need a partner with the trade war against china and it's a trade war against china. the problem without going into the weeds, the wto was not set up to confront state-owned enterprises in china being subsidized with the chinese
government. there are trade distortions with china the wto can't address. that is what the trump administration wants to rectify. i think he needs a win here on trade. i think it is more possible with nafta than the eu let's hope today does provide a win. people need to know in the united states there is a strategy, there is a plan. all this storm and drone actually has a objective and i think it does. i was saying, is that a word? stuart: it is. >> okay. stuart: let's suppose there is lessening of tensions, just that, a lessening of tensions. you see smiling faces come out of the white house, a nice handshake going on you think the market would go up? >> i think the market would go up. it is amazing through most observers the market held up through all of this drama and it has been dramatic with critics on the left and the right slamming the president for
endangering our economy. that is what people are talking about. stuart: we have a strong economy. >> we have strong economy and incredible earnings gains in the second quarter. which bolstered this market prevented any selloff related to trade. you see articles like yesterday in the "new york times," today again, they can not believe businesses remain optimistic. stuart: yes. >> there is front page article in the "new york times," like the subtext, we don't get it. how is it that business remains optimistic? lower tax cuts, less regulation, a pro-business white house, trump is right, people need to be patient on this. i do think there is a plan. i think it will win. stuart: okay. let's hope it does. >> let's hope. stuart: you're all right. let's get to politics, brian kemp, talk about a big win, he won the gop runoff in georgia. he now faces stacy abrams in the governor's race for november. karl rove is here. kemp got president trump's full
endorsement, all out. is this a win for president trump? >> i think it is evidence of president's value as endorsee. it is evidence that don't have conversations that you think are private with former defeated competitor which you say things are not going to like when the tape of that conversation becomes public. as you know, casey cagle, the front-runner in the primary was expected to win the runoff handily. the lieutenant governor had conversation with one of the also-rans. said impolitic things. turns out the conversation was tape-recorded by his confidaunt, former candidate. it got leaked. it wasn't a pretty sight. stuart: no, it wasn't. a 40-point loss for casey cagle. >> yeah. stuart: refer to deep blue oregon for a moment. the gop challenger there has pulled even with democrat governor kate brown who is a vocal critic of president trump.
according to a poll published in the oregonian. karl i was shocked when i saw, a republican drawing even with a democrat in the governor's race in deep blue oregon? what on earth is going on? >> one word, taxes. knute buehler is in the legislature and fervent opponent of governor brants increases. she passed $13 billion in additional taxes including a controversial tax on small business. bueller is taking the position, we have biggest budget in history. we're spending money like no tomorrow and getting poor results. our kids are not educated. dropout and come msnbc shun rates are dreadful. we're wasting a lot of money and not taking on problems causing difficults for the stout in future, namely runaway pensions and runaway spending.
he has a great ad, if i'm a governor and they send me a tax bill i will veto it with this pen and holds up a pen. a runaway legislature helped republicans in deep blue states like massachusetts. there is real shock in this year in oregon for a fiscal conservative who comes across as a social moderate to win. stuart: in my lifetime it is possible that we will see a republican win statewide office in california and or oregon. that is headline and a half karl. i want to give it. thank you very much for your team. >> incidentally -- [speaks german] stuart: how about this one? [speaks german] liz: need a fox business translator. stuart: -- half of life. a lousy accent. but a pretty good slogan. we'll check the futures down about 80 points. all of that loss is accounted
for by one stock. that is boeing. look at this. wildfires in greece. 80 people dude, that is at least 80 people are dead, dozens missing. the greek fire brigade says 1500 homes have been destroyed right around athens. that is a sight. first ritz crackers and goldfish and queso dip. queso dip is being pulled off the shelves, recalled over fears it could be contaminated with botulism. we have more coming up. former trump lawyer michael cohen releasing a recording of a conversation with president trump about a "playboy" model. whatever happened to attorney/client prief edge? judge napolitano is next.
better demand for the new version of diet coke. better profits at ups, no surprise there. online shopping boosting package volumes up it goes only by 80 cents. maybe it was expected. let's switch gear, audio of a conversation between president trump and his former lawyer michael cohen was leaked to the media. here is what the president tweeted this morning. what kind of a lawyer would tape a client? so sad? is this a first? never heard of it before. why was the tape so abruptly terminated, cut, while i was saying positive things? i hear many other clients and many reporters are taped. can this be so? too bad. sy back, judge andrew napolitano. welcome back judge, good to be with you. >> good to be here. stuart: number one, what is client doing recording his client's conversation? >> lawyers are obliged to make notes of conversations but lawyers can tape their clients
but they're supposed to tell their clients before they do so, some clients say i don't want you to tape me, i will look at the notes. i will help you go through the notes make sure you record correctly. the idea of taping a client is not unheard of but the idea of tapeing a client without telling the client it is unheard of. stuart: what about taping a client. >> attorney/client privilege was could not be revealed quote without the client's consent. there are two exceptions. one is relevant here. it is called the crime fraud exception. if the attorney and client are discussing commission of a crime, not one that has been committed but one going to be committed, there is no privilege. if the attorney and client are discussing commission of a fraud, that is one that comes here, not one that has been committed, but one that is going to be committed there is no privilege. stuart: no privilege.
>> correct. if money went from donald trump to michael cohen to "the national enquirer," to this woman mack dougell, because she thought she was selling her story to the "national enquirer," and was going to publish it and never had any intention to publish it, the commercial transaction was done to dupe her, silence her. that is fraud and president and michael cohen arguably participated. therefore, there is no attorney/client privilege protecting confidentiality of their communications. i suggest to you that mayor giuliani knows that. which is why he waived the privilege and didn't fight the revelation of this tape. stuart: was there any crime outlined in this tape? >> in my opinion no, because there is civil fraud and criminal fraud. civil fraud is when you dupe somebody to enrough yourself. when you dupe somebody to harm them. this was at worst a sill fraud. not a criminal fraud. stuart: to me this is sordid
gossip mongering designed to bring down the president politically. i don't think it will have any impact whatsoever on his political standing. >> it is sordid gossip mongering i agree but impact on his political standing could come from whatever is in those 11 remaining tapes. the president, you know him, i know him. speaks very candidly in private. we don't know what is in the other tapes. he thought in fairness to the president, he was talking to his lawyer and the communication was privileged. if they talked about something that is of interest to bob mueller, mueller will get it. stuart: 30 seconds, do you think there is any evidence of anything on the tapes or anywhere else that will be available to impeach the president? >> oh, no. this is not impeachable. this goes to the president's character and personality. it does not go to treason, bribery or other high crimes or misdemeanors which is the standard for impeachment. stuart: got it. stay there, judge. have something else for you. >> thanks. stuart: check futures. we're coming back.
we're down about six at this points. this is plea market, down about 60 points. all of that loss is accounted for by one stock, that is boeing. more on that in a second. >>? this comes as a surprise. liberal, nutty ninth circuit court siding with second amendment advocates. they said your right to carry a gun in public is guaranteed by the constitution. what will the judge say about that? we'll be back after this.
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state of illinois pertain to ownership in the home, not carrying. if this opinion became law, any law-abiding person could carry a gun in the state of california and the state and local authorities could not interfere with it, as long as the gun was carried openly. stuart: you see why i'm so shocked, liz? i never expected that. liz: who would have thought it for california. we were talking at break, how the judge brought up, hillary clinton went after bernie sanders being too moderate on gun control. >> there is species of lefty, this there is word, bernie sanders is progun. liz: he doesn't like the background checks. stuart: he is senator from vermont. which is hunting state. >> i gave a speech in vermont, they said to me, would you like a gun for a day? what? so easy to get a gun and carry it openly in vermont even if you're from another state. stuart: this is fascinating. what a shock. the market opens in less than
to cheer and clap. that means they're about to open this market this wednesday morning. we're going to open ever so slightly lower in about 10 seconds. by the way the dow is firmly above the 25,000 level. [opening bell rings] some would say we're in the middle of a summer rally. we'll see how this progresses. wednesday morning 9:30 eastern we're open and running. we're down 50 points in the very, very early going and we're holding at a minus a. that is loss of a fraction of 1%. a quarter of 1% on the downside and we're staying down 50 as of right now. check the s&p. where's that? it is down a tiny fraction, .09% and the nasdaq with all the tech stocks in there, where's that? it es down.2%. in other words, the big loss is concentrated in the dow and that is because of this stock, otherwise known as boeing. a big drag on the dow. what was that eric? liz: 80 points. stuart: that stock is down six
bucks. down 1.8%. the dow would be only slightly lower if it wasn't for boeing. take a look at facebook. they report after the bell today. that is the big earnings report. 215.99, call it 216 i think that is a record high. >> that's right. stuart: before earnings are reported today. there is a story for you, 215 on facebook. look at fiat chrysler. it cut its revenue forecast and on a very sad note, long-time ceo sergio mark -- marchionne died at 66. elizabeth macdonald is here. susan li is here and shaw ghailani is here and kristina partsinevelos is with here. shah ghailani is here. last time you were here there was a blip down for the market
because of trade worries, you said buy it, you did buy it. now it is looking good. would you buy it today today even though we have trade talks coming? >> yes. the market is strong. it shows a lot of strength. i thought we would test the lows. it didn't come anywhere close to that. i love the market. if there is any positive news from the trade talks the market will soar higher. stuart: you said when we had the election, it is 18,000, it is going up. when it got to 20,000 and it is going up. now we're 25,000 and change you say? >> going up. stuart: where too. >> no stopping this market. stuart: no stopping this market? >> earnings hitting it out of the park. that is what stocks look for. they want earnings. they're getting it. don't buzz me, price earnings basis, valuation on the market is fanlous here. [busker sounds] stuart: i will pose a can
hequestion if we get positive news out of the trade talks what does the market do? liz: the market goes up. he said the eu is open to a free trade, fair trade zone with the u.s. the president is going to push for that. we have to watch automakers. they're under pressure because what is going on. stuart: if we get positive news what does the market do? >> it will go up. higher tariffs on steel which makes up over who%. stuart: ball in your court. >> i will not say it goes up. i want to take the other end. all these member-states mao not agree. one woman leading the trade policy told a swedish newspaper within the last 24 hours the eu is prepared to put forth another set of tariffs on u.s. good. this could go back and forth once again. will they lower to nothing, zero which president trump wants? maybe. it will be difficult to get with
all member state. stuart: you think always present a problem to markets? >> which we've seen the farm aid just in the united states. stuart: no, i disagree. the markets consistently gone up despite all the negative trade headlines since february. >> the market is not a barometer how the economy is doing. >> in the long term -- stuart: i am talking about relationship between negative trade headlines and performance of the stock market. the market gone up despite negative headlines. >> investors don't know how to handle the tit-for-tat. you see a lot of -- liz: kristina makes a point. >> digested these trade wars. stuart: next case. liz: 3m, united technologies saying not affecting them right now. they are passing on the costs. stuart: facebook reports earnings after the bell. i have a nugget for facebook. its top lawyer is leaving at the end of the year. he led the company's
investigation into russian election interference. the stock is at 215. >> no impact. they have a top communications leader also leaving as well. relatively intact in terms of the top management. they report after the bell today. this is prove-me quarter. they are trading at record valuations. most important thing for facebook, monthly active users after the cambridge analyst at that scandal. we're talking about two billion users a month. 1 1/2 billion users a day for facebook. yeah. they and google still generate and control 70% of the ad market. stuart: nothing shakes facebook. >> earnings should be out of the park. data marketing firm says instagram ad sales are up triple. up three times. and at facebook they're up 40%. expectations for revenue to be up 40%. >> at least. >> hit it out of the park. >> i think instagram is a huge binner for them. they need to break it at numbers. going forward, so many people
use instagram. we have to get you on that as well. it i the n.o.w. way to do it. stuart: good luck. i take your point. instagram is a have big deal. >> everybody shifted over, millenials, have shifted over to instagram instead of facebook. stuart: i want to discuss the sad passing of chrysler chief sergio marchionne who has died at the age of 66. he was architect of fiat chrysler get together. if i'm not mistaken the stock went over 200% during his tenure. liz: to susan's point earlier, turned around not just one but two beleaguered carmakers, dealing with automaker unions at same time. he repaid the government for the chrysler loans. he is visionary, legend. he love what he did. had passion for his job. that is what gm and ford ceos are saying now. >> i agree. interesting gm, ford, reporting hon day we lost marchionne.
stuart: it is. we're down about 80 points. down 77. 25,161. look at gm. tariffs apparently according to the company, biting into gm's profit forecast. they're looking to the future saying tariffs will hurt them. to your point, kristina. general motors up 37. it is down two bucks. that is a whopping 6% drop. general dynamics very strong profits. they make gulfstream jets and navy ships. that is up 1 1/2%. higher profit at another defense contractor, northrop grumman. healthy demand for fighter jet parts. that is what they're doing. why is the stock nearly down 4%? i don't know. i'm trying to find a reason for you. we'll look at it. rosy outlook from hilton. strong demand stateside but again the stock down 2.7%. we'll figure out what is going on there. the. price of oil this morning is where?
$68 a barrel. average price of gas around the country staying put at 2.84 cents per gallon. dow industrials down 72. "the wall street journal" reports that google and microsoft are offering their cloud-based services to manage the oil and gas industries data. what's that? liz: coolest story of the day. you know the moonshot into space. there is moonshot underground the oil guys have been struggling with. 3d seismic surveys they get so much data, they don't know how to map out underground. cloud computing of google and microsoft is coalescing data to find more wells to do 3d mapping. google signing up total, schlumberger. google and microsoft leading waa on this this for me the coolest story of the day. enormous data sets. >> google, alphabet say, microsoft and alphabet say only using 5%, oil companies are only using 5% of the data they
actually have. it is opportunistic. we have oil back up to $70 a barrel. cap-ex is back on as opposed to shrinking. liz: cuts half the time to find wells. unbelievable. stuart: all the billions of dollars big tech is making is flowing to other industries to help them computerize. >> make money. liz: tech revolutionized fracking. stuart: here is my opportunity to shah ghailani. would you buy microsoft at 108? >> love it. i have a lot to go in terms of the upside like all the big tech names. i don't own, we don't own netflix. i think netflix is starting to look down 15%. i think that's a buy. all the big tech names will continue to go up. they are driving market for years. they will continue to drive the market. they have the growth, they are brands of themselves. stuart: welcome back, shah. what are you doing tomorrow? this for kristina. ford motor company committing $4 billion to the self-driving
car unit. if you want to be in the auto industry you have to get into self-driving. >> exactly. they want to open a unit specifically focused in detroit. why, to compete against big players. they believe the landscape will be onlied by only a few players. google will launch their self-driving car this year. stuart: this year? >> this year. doesn't mean that we can go in it but this they are launching it and test driving it. all the major players are trying to get in and dominate the market as early adopters. stuart: ford's stock down 3%. >> everybody is in it. gm. stuart: it is that time. 9:40 eastern time. we have to say good-bye to kristine n thanks for joining us. shah ghailani, what are you doing tomorrow? see you again. thanks, shah. good stuff. down 68 points on the dow industrials. 25,178. we have a winner. single ticket picked right
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>> it's a fight. you have these companies battling it out. amazon is the leader according to one report and walmart is half of amazon's delivery but they are battling it out. they're overlapping in cities. you have walmart now expanding its delivery partnership in parts of california. amazon whole foods is coming into new york city and miami. they battle it out with the other guys. instacart, peapod, give you understanding how big this is, right now online delivery of groceries is about two to 4 1/2% of the total groceries sold. it is anticipated to go up to 20%, 100 billion-dollar business. so if you love to go to the produce and pick freshest pepper or want to look at the meat, forget about it. everybody has to get used to now this delivery service. that is the future is. and stuart, i just wanted to tell you, i had one number,
powerball. had i won i still would have come to work today. i would still be on with you stuart. stuart: i don't believe a word of it, i am sorry i really don't. i'm sorry you lost. okay? come with us very soon, nicole. good stuff. the cord-cutting story, more people are doing it, cord-cutting and streaming instead. how many cord-cutters this year? >> 33 million. stuart: what? liz: expected to cut the cord to pay it. v. 33 million people. so watch this, stuart. 205 million watching pay tv, cable. now it is down to 187 million. so it is dramatic. the slide in the number of people watching cable. what they're watching, youtube, according to e marketers, 192 million watch youtube. netflix gets 148 million u.s. watchers at some time, checking in on netflix during the month. stuart: did you say 192 million watch youtube?
>> check in on it in america. on youtube sometime during the month. >> 1 1/2 billion monthly worldwide users. liz: amazon 89 million people watching some time. stuart: we get the point. somebody is taking over. >> we know where it is going. stuart: get back to trade. very important stuff here. this afternoon, president trump meets european chief jean-claude juncker. talking on trade. james, "the new york times" said juncker brought proposals with him including slashing tariffs on automakers. mr. trump wants no tariffs at all. do you think there is enough common ground between the two to get some kind of deal this afternoon? >> yeah, i think there might be some momentum to get something done. by the way i'm so excited to participate in a conversation where the word north korea and putin don't come up. stuart: you're welcome. >> look, the reality is germany is under a lot of pressure.
germany can really drive eu policy when they want to. so the germans might be looking for an off-ramp. we can have a broad deal, could look at agriculture, stuff like that, but something on autos there is something to give on both sides i don't think that is off the table. stuart: you're right. angela merkel is under great pressure because germany really, relyies on exporting cars. they're good cars. they rely on exporting these things. if tariffs are slapped on they, then germany has a real problem. they are squeezed at this point, aren't they? >> yeah and let's look at it from the u.s. perspective. if the president could, take the sting out of the u.s., european competition, and walk away and say, you know, this is how we make progress here, then allows him to really shift his sight and focus on big game which is china. a lot of his advisors all along let's not take on everybody all
at once. let's take on china. that was not the president's strategy. he could say i have a win here, potentially get something out of nafta. it would allow him to pull the full attention on china and that would put an awful lot of pressure on the chinese. stuart: that is the gameplan then? get together with the europeans, somehow or other, fix that dispute, get them together. then go after the problem number one, which is china, is that the way, is that the global strategy that is going on here? >> well that is what seems to be evolving, and this also makes sense, get something from the europeans and then walk away. let's be honest, we're coming up on european elections. european parliament could look very different next year, very, very different. we'll have a whole new european commission. we'll have a whole new european governance structure in 2020. you will not get a lot from the europeans now. that is in the future. take something, bank it. hope you get a better european
commission. roll back in 2021. and then further liberalize the agenda then. stuart: i think the tide is on our side, can i say that america's side, when it comes to the europeans? no it's a roller coaster. look, what trump likes and what we actually have here is a situation where we both can get something we want. those are actually the kind of deals he favors. he doesn't want to do an obama-like everything where i get everything and you get nothing. he doesn't feel the other guy has ownership. here is opportunity for both sued to get something. this is classic trumpian deal. stuart: yeah, if that happens, watch that stock market. james, thanks for joining us sir. we'll see you again. we'll talk north korea and putin another time. we'll do that for you. >> appreciate that. stuart: we're 20 minutes into the session. we're down 50 points. there you have it. it is even split, winners and losers amongst the dow 30. listen to this, record heat in phoenix.
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>> >> boeing, that is dragging on the dow. the stock is down nine dollars. that is 2 1/2 airplane sales fell short. without boeing we would actually be up ever so slightly. susan: down 30. stuart: you remember irobot? they make the roomba floor cleaning robot? you got that? huge prime day sales. look at the stock up 20%. that shows the power of amazon. susan: even with three hours of outage, right? stuart: with three hours of outage. irobot 85 bucks a share. craft heinz recalling 7,000 cases of taco bell cheese dip. that is the queso thing. susan: you said it right like my enchiladas. because it could potentially show signs that allow for the growth of bacteria that causes botulism. botulism potentially fatal in
tom says this is pretty serious. the company is recalling 15-ounce cases of taco bell salsa con kay sew. this is what dates should be ranging from october 31st, 2018, to january 21st, 2019. this follows goldfish and ritz crackers. stuart: and the whey powder. liz: can you microwave all of that have a lovely meal? >> if you nuke it? susan: i don't get it is baked, heat, doesn't that kill salmonella? stuart: talk about heat, excessive heat warning for phoenix. dangerously hot. fox news meteorologist janice dean is here. all right, janice, give me the temperature, not the heat index, the temperature. >> okay, so today it is going to be 116 in phoenix. they tied a record yesterday. they hit a record the day before. so hitting records in phoenix in july, that is very impressive. the good news here is that we've got one or two days left. we'll get back to more seasonal
temperatures around 107 degrees in phoenix. the problem, stuart, we have heat advisories for parts of the southwest, southern california, up toward the northwest. things are going to improve over the next couple days relatively speaking of course. this is the desert. so here are the forecast highs. make mention that we have heat across the southern u.s. as well, well over 100 degrees for our goals in texas and oklahoma and parts of the gulf coast states. we will track it all for you. the good news, back to balmy 107 in phoenix by friday. stuart: here is the bad news. if you took your kids to the beach in the northeast for the past week it has been raining a lot of the time. >> that is going to improve too. i promise. stuart: you're all right, janice. excellent stuff. we'll come back tomorrow. there are some very good ideas inside the tax cut 2.0 plan. too bad they will likely fall victim to d.c. politics. my take on that top of the hour coming up.
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stuart: there are some very good ideas embedded in the tax cut 2.0 proposal. they would benefit middle america, they would benefit the economy, but sadly they will fall victim of politics, 2.0 is highly unlikely, it will not make it, that's my opinion, it will not make it through the senate. oh, what a shame that is. we could have made individual tax cuts permanent, that's a big deal when doing financial planning, we could have expanded retirement savings, wouldn't that have been nice, we could have allowed early withdrawal from 401(k)'s without penalty if you have a child or adopted child. we could have allowed new businesses to write off, start-up expenses, that would have been good for small
business formation, a, but the proposals need 60 votes in the senate, they need support from all republican senators an some democrats crossovers too. not going to happen. republican senators jeff flake and bob corker oppose it. they worry about the deficit. senate democrats have been told to resist anything trump suggests, the votes aren't there. 2.0 is doomed. meanwhile we are finding out the democrats would help the middle class, tax the rich, they want the top tax rate to go up to 45%, senator warren wants it above 50%, this would not lower the deficit, it would not grow the economy, it will not help the middle class, so a proposal of republicans that would help millions probably going nowhere and a proposal that would go nowhere adopted by democrats. what a shame. the second hour of varney & company is about to begin.
♪ ♪ stuart: all right, breaking news, new home sales, what do we have susan. >> 631,000, that's less than what economists have forecast for the month and that's a decline of 5.3% from the previous month in may, again, worst than anticipated and guess what, the median home sale price in june 302,000 down from a year ago, down 4% from a year ago. stuart: really? >> yeah. stuart: i'm shocked on all counts, i thought it was a pretty strong number. >> not when there's so much supply, it's a supply problem right now. too many homes for sale with 11-year high. stuart: you got me on that one. no reaction on the market, still down by 60 odd points but i am shocked, got it. boeing by the way is taking 70 points off the dow, boeing stock
is way down, its cut forecast for defense business, the stock is down 2.8%, again, that shaves 70 points off the dow, without that the dow would be slightly higher. coca-cola is the biggest gainer of all the dow 30, better profit, better sales and strong demand for new version of diet coke, big-tech names here we go. check them all of the time, facebook, they will report later this afternoon earlier they reached an all-time high, amazon 1834, alphabet 1266 and microsoft at 108. facebook after the bell today. back to my take, tax cuts 2.0, i think it's a great plan, doesn't have a prayer of getting through senate. jason chaffetz, former republican congressman from utah. am i right, haven't got a prayer to get through? >> your analysis was spot on, all of the benefits, they can't get through the senate given the rules. i would add to that the medical device tax which, you know, even
-- stuart: that's part of that? >> that would expire if that doesn't extend that as well. i think the house could potentially have something. the only thing in the senate is passing out supreme court nominee and getting additional judges in place. in the house there's only nine legislative days before the november elections -- stuart: not just you can't get democrat senators to come across an vote for 2.0, the legislative log jam it's so stuffed with material, you can't get it all done. >> democrats can take 30 hours per judicial nominee, that's why they will come into part of august and try to push through as many as they can, plus they have to do a continuing resolution and omnibus before the end of the fiscal year. stuart: that's terrible. >> so, you know, we will get caught up with an election here. i think they will pass a short term, they will bump it for a few weeks, that's typically what they do. stuart: aren't you glad that you're out of politics? >> oh yes. stuart: have you having fun?
>> yeah, better balance in my life. smile on my face every day. stuart: true. you walk on the set when we have you on, you have a smile, the book is titled the deep state, army of bureaucrats protected barack obama and working to destroy donald trump, i don't think any explanation is necessary other than to say, you are convinced that there's a deep state conspiracy? >> when i went into congress i was there for 8 and a half years, when i walked in i didn't understand what the deep state was, scratching my head about that, when i left i was totally convinced that there was, people that take action, do things that make sure that no information gets out or make sure that damaging information goes out, they don't like a disruptive president like donald trump and do things to congress and especially investigators, people that want to look into the hood to embarrass congress but it's a very real thing. if you want to know how it is and how it works, is it true and that's why i wrote this book. stuart: we know that people in
the deep state, people in the fbi, justice department, we know how they think, we have seen messages, got that, how do we know that they acted on dollar believes and really did undermine the president? >> well, you can look at the scores of inspector general reports, we have 13,500 inspector general that is have uncovered a lot of this. i can tell you as chairman of oversight committee i was spied upon, i had 45 secret service agents in multiple different offices around the country diving into my personal records for nothing more than i was a member of congress. we get into the epa, sexual harassment issues that are there, we go through the department of justice and state department, they would send people to literally just document everything i did and everything i saw and you'd be really appalled at how your taxpayers are used to do things that do nothing to further our government other than to spy on members of congress. stuart: why would they do that to you? >> well, i was the lead investigator in oversight committee and they want -- literally we have a memo that
was written out from the number 3 person at the secret service saying, it's time to embarrass jason chaffetz. we need this to be fair fight. stuart: you're kidding me? >> no, it happens. stuart: they followed you, tap your phones. >> anything like that? >> the inspector general wrote a detailed report, none of them had any repurr cushions, do you think anybody was fired, no, we go from fast and furious investigation, what they did to stonewall us to irs investigation, what they did with lerner and all of that, but people need to know this is very real. stuart: the book actually comes out in september. >> you can order it now, deep state available but it actually be on book shelves in september. stuart: you can order now, orders come in. [laughter] >> thank you. stuart: this is a business program. ly get that book and read it.
>> appreciate it. >> yes, sir. sergio marcioni. the former fiat chrysler chief, he has died, marciani was at the front, jack howe, he was central character of formation of fiat and major figure on the world business stage. >> we was a warren buffet for cars. he knew how to do the right deals, right acquisitions and also make the types of vehicles that people want to buy and he turned around, you know, really two companies here in fiat and chrysler and left the company by the way in great shape, has the great growth profile, it's going to be the best earnings grower in years ahead. >> i think it -- he was a bull
thinker, taking on $8 billion during that time and then even proposing in the last few years to merge with general motors because it is all about growth and trying to find ledge somewhere. >> he had a lot of big ideas, i almost be tempted to buy the stock and earnings are good, but no one cares in the car space right now, mommas don't let your babies to be car stock investors. [laughter] stuart: interesting. i will move on from that, i want to talk trade, this afternoon president trump sits down -- i think 15-minute meeting in private this is with the eu chief john it's at the white house this afternoon, yeah, they are talking trade. now, jack, let's suppose there's any kind of agreement, any kind of deal, even just a few smiley faces, a less tension, does the stock market go up? >> well, yeah. stuart: what do you mean, well,
yeah? >> it wants to go up no matter what. we haven't had tremendous selloff as the tariff back and forth has school slated, i don't think that's price followed the market, people are watching the tax cuts, watching record levels of profitability. if you have broad agreement -- liz: if he gets agreement with e, what does that say with the deal with china? secretary mnuchin saying eu is open to trade no tariff zone. stuart: if americans line up with europeans, you will unify against the big problem which is china, that would be rosy thing in and of itself. >> what do you establish in 15 minutes of discussion? stuart: you can do a lot. what do you think we do in 15 minutes? here is what's coming up for you, russian hackers can reach
control rooms of power plants in america, could cost massive blackouts, and it's likely this hacking is still going on is the question what should president trump's response be, what should he be, walid phares advises the president on foreign policy and he is next. president trump competing yunker, our next guest sees deal with u.s. and méxico by midterms, he will make his case for that and shows how hard it is to leave high-tax states for low-tax states. later this hour new jersey state senate president will join me, he's a democrat, you're watching the second hour of varney & company.
stuart: sudden turn south for the market, now down 94 points, this turn south coincided with rather weak new home sales which figures were released at 10:00 o'clock, now we are down 92, better profit at ups, online shopping helped it. stock is up 3 and a half percen. grub hub, food ordering and delivery company, record high, bought mobile payment service and investors like it, it's up 15%. grub hub. politics, president trump worried that the russians are going to influence the midterms, here is his tweet, i'm very concerned that russia will be fighting very hard to have an impact on the upcoming election based on the fact that no president has been tougher on russia than me, they will be pushing very hard for the
democrats, they definitely don't want trump. walid phares is with us, former trump policy adviser. the president is saying the russians can do this and will do, what should the president do now in. >> well, first and foremost let's make the largest distinction between two things, one, russian attempts to use cyber-attacks against our infrastructure, that's acts of war, that's the fact, we need to investigate, know who is doing it, government, private sector or third party and then respond, that we know how to do. if it's operation of influence in the united states, then basically we need to ask the question will cyber-attacks really shift one party to another and what is the actual russian goal? why would they do those attacks if it's not to place people in front of legislative body who would be more sympathetic to them? so the big -- question is, is really this is the most influential act that the russians can do or do they have other ways to influence our
politics? stuart: you mentioned this but the russians are accused of hacking into our utility power plants. do you think -- we had the story yesterday they've gotten inside, they've seen how things work in our utility plants, what should we do? should we attack them and show them what we can do as demonstration projects, i'm sure we could if we we wanted to? >> look, this becomes really almost military/national security issue but we need to make sure that this is the government and not elements within the government, all of that has to be vetted and done first before we engage. second, we have to shield our institutions, our infrastructure and we need to do a lot of work, second, we need to respond, yes, at one point in time after several warnings if those attacks are repeated at the same time we have summits between the two presidents, something is not going right here, we need to respond and in a measured way so that would be balance of power here. stuart: i take it walid phares
that we could do this, we have the capacity to attack? >> most likely, experts say that we have higher capacity and have not used higher capacities yet because we are dealing with another nuclear super power, we have to be very careful but we have to do something if we are under attack of cyber force. stuart: why is the president planning another meeting with putin? >> during cold war it was not cyber-attack, it was about to become hot topic with nuclear heads and conflicts across the world in africa and latin america and asia and yet u.s. is presidents and soviet leaders met because they have a huge responsibility, they have 90% of the nuclear power on their ground alone. they need to meet and make sure that this is not going to to be a problem for the whole planet. stuart: what are we getting out of a second meeting? >> first meeting i assumed because we calculated the time, you can't cover everything in the first meeting, you covered probably the area of we need to
discuss those matters, the most serious matters, syria, ukraine which is very important but then in the second meeting, you know, they will have to talk about how to do it, set up forces, joint committees so on and so forth and messages by our president to their leader, this is the second meeting an opportunity to deliver those messages. stuart: i believe that secretary of state mike pompeo will address lawmakers, i think it's today and tell them what he thinks was discussed in the two-hour private meeting with putin but we don't actually know concrete wise what was in the meeting, do we? >> look, for many decades the system was that when our leaders would meet with foreign leaders, i mean, you don't have to have the entire congress in or you don't have to have entire buddy of observers, they meet and they have to talk to somebody around them that will be the cabinet, national security committee and executive branch leaders will go to congress and inform them. they will inform them as much as the chief executive wants to
inform them unless there's something very serious, this has been the tradition. i don't know why we are questioning the system unless it fails. stuart: well, i think that the president should be allowed to conduct foreign policy in absolute secrecy if and when he thinks it's necessary. i'm on his side on this one. last word to you, walid phares. >> well, i think the same, the president has all the power he's elected to do so and when he decides that he needs to share, he will have definitely share what is important to share with the members of this cabinet and with congress, absolutely. stuart: walid phares, thank you very much for joining us, we will see you again soon. >> thank you. stuart: i'm going to really do a left or right turn, something really different here, a woman in oregon got a surprise when she came home, came to face with a mountain lion, the big cat hid initially behind the softa after the roommate's friend screamed in surprise, it fell asleep for about 6 hours, the woman was never afraid of the animal, her and her cat communicated trust
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inflation rate soaring. give me a number? >> a million percent. a month ago it's 13,000. this is the most notorious now that they rank up with those countries in terms of inflation, he basically left military and control mind, commodities, gold, copper, oil, it has the democrats socialist on the rise and doing their version of the republican's tea party in 2010, so, you know, sandy meet with ocasio-cortez in dc, you won because of a certain faction of your population that doesn't match the rest of the country. stuart: lizzie, gowf gone way off base there. socialist venezuela. liz: forgive me, we have yet to hear bernie sanders to weigh in
and what's going on in venezuela. he did say -- the only time he did weigh in food lines are a good thing. stuart: no socialist in america will touch what's going on with venezuela because it would be very painful. nice pivot. liz: i brought a smile to your face, makes me very happy. stuart: president trump is talking trade with europeans this afternoon but our next guest says mr. trump will make a trade deal with méxico first, probably by the fall, our guest will make his case on that one. bipartisanship on the hill, there's a proposal to fast track any bill against bipartisan support. does it have a chance? we will have the congressman who wrote the bill on the show next.
♪ stuart: yeah, okay, i remember this. got me there. say the word. i don't know the actual name of the song. the word. the word. susan: you don't? liz: revolution album. stuart: susan could not name the four beatles. never let you forget it. susan: come on. three out of four is not bad! stuart: weak new home sales numbers taking you down. oil inventoryies. liz: down 6.1 million barrels. they were looking for drawdown of 2.3 million. it is nearly triple what they expected in terms of a drawdown. less barrels in joiner to. stuart: we're using a lot of oil. demand is strong. price of oil going up as we speak as the numbers come in, $68 per barrel. much check out the big techs. tough. that is where the money is. look at them go.
facebook, 214.98, earlier today record high. apple almost 1 president. alphabet 1262, microsoft 108.29. big techs continue their torr. politics. our next guest has an idea to end gridlock in congress. congressman tom reed, republican in new york, would push through, expedite, speed up bills that get any degree of bipartisan support. congressman reed is with us this morning. sir, why would the democrats get on board with this when they resist and oppose everything? >> well, because the american people are losing with the status quo. this gridlock in the house and the senate is leaving problems on the table that they had into be solved. what we're proposing are rule reforms would bring in those legislators that want to govern for the people back home, give them opportunity to have their ideas and ideas voted on the floor of the house. stuart: try, make me understand
how this would work. you propose a bill and it get as democrat on board with it. therefore, because it is bipartisan, it's fast-tracked is that correct? >> no. actually, we did this as a group, stuart. this is the problem solvers caucus, 48 members, 24 republicans, 24 democrats, came to consensus position. what we're proposing if you get majority of the majority or majority of the minority, 290 members to could sponsor piece of legislation, you bring that to the floor of the house, have up-or-down vote. we're trying to encourage consensus, encourage, reward collaborative process. stuart: tell me an issue where you would get that degree of bipartisan support, 290 votes? >> what we were able to show in the problem solvers caucus, health care, immigration, prison reform, we were able to get to 75% we in the caucus vote together as a bloc. we are 48 members reflect where
the governing body of the institution is, can move forward. you need to encourage it, reward it, promote it, like we are with the reform package. stuart: okay. i want to talk about the tax cuts 2.0. we have gone through them on this program. i think they're a wonderful idea. they really help america's middle class, but, sir, i think you agree with me they will not pass muster in the senate? it is not going to happen, isn't it? you're on the tax committee on the house but you're with me it will not get through the senate? >> you will need 10 democratic senators to break over and support it. that is difficult. all we can do in the house, move ideas we believe can get there. that is what tax reform 2.0 is all about. locking individual and corporate temporary provisions on permanent basis. proposing savings promotion in the tax code so people can save for retirement. these should be things we agreed upon. hold them accountable. have the vote. give it to the senate.
see what they do. stuart: have you got time on the legislative calendar? it is a very full calendar, you don't have time for tax cuts 2.0, do you? >> it will be a very tight window, you're absolutely right, stuart. you can only start every journey with the first step. this is a step in the right direction. stuart: this is such a shame. this will be so good for middle america. extend tax cuts indefinitely. mach changes to pension planning, education a.m. saving, small business writeoffs. everybody wins, the economy wins but you can't get through the politics. you know this will not be popular. >> that is why we have proposed breaking the gridlock with these rule reforms because the american people lose in that stuart, you're absolutely right. it is time for the institutions to move forward. stuart: would you get rid of the 60 vote rule in the senate, get rid of it? >> i would. i know senators are adamantly opposed to that we have to deal with reality. 60-vote in the senate is the rule. develop policies in the house to
get a chance to get there. >> tom reed, republican in new york. >> always great to be with you. stuart: yes, sir. trade, got to talk trade, especially today. our next guest says president trump is going to get a deal with mexico before the midterms. let's bring in gary hoffbauer, peterson institute fellow of economics thereof. make your case. we're surprised we might get a deal with the incoming president of mexico by november. make your case. >> thanks. well, the stars are aligned at the top. that is to say between president trump and lopez obrador. president trump has a fight going with china. that will not be resolved anytime soon. he has a fight with the european union. i would be very pleasantly surprised if something good comes out of meeting in washington. maybe, but not very likely.
however it would be beautiful for the president it he could say we made progress on nafta, on reforming nafta. on getting a better nafta. that is his view. and, it really would be quite a payoff for him prior to the november election because so far, with all these trade initiatives he has mounted there is no big success. stuart: look at it from the other side, why should the incoming mexican president should he agree to that? >> you're right. but, lopez obrador has the problem that the mexican economy is really suffering from the uncertainty about nafta, about the future of trade with the united states. this is really limiting new investment in mexico, and mexican growth is not very good. now with lopez obrador as
president want to spend the first year or two of a six-year term wrestling over nafta? no. he would like it to behind him and any bad parts of the new deal he could blame on the previous government, nieto. nieto the current president, would have to sign off. lopez obrador doesn't take office until december 1st. that is his payoff. get certainty for the mexican economy. get the bad stuff behind him. that is how its aligned with the stars. stuart: president trump is dealing from a position of strength with mexico. certainly with the europeans and with china and that position of strength is based on our very strong economy, 4% growth. so would you agree with that, that we are in a position of strength here? >> oh, yes. united states is doing very well and it is in a position of strength with all three but with
china and the european union you have very strong resistance but with mexico, you know, they would like to see better times and it's a much, obviously a very small economy compared to the united states. stuart: am i right in saying that the top trade advisor to the incolling president of mexico said exactly what you're saying, there could be a deal with mexico within nafta by the fall? i think he said that? >> yes. that we've known him in united states for quite some time. he is well-established but also marquez, the new advisor, she is very much on board. in fact both of them are going to be in washington, or are already in washington. now i do want to emphasize there are a lot of technical -- stuart: sure. >> very difficult details. so what we might expect is a
very strong handshake. stuart: got it. >> we won't get something ratified in the congress and probably not in the mexican congress either. stuart: but a declaration of untent, a declaration of positive intent. that would work wonders. sir, i'm sorry i'm out of time. thanks for coming to us today, that is very interesting strategy. >> thank you, thank you. stuart: coming up in a few hours president trump meets e.u. commission president jean-claude juncker. juncker wants to slash tariffs. mr. trump wants no tariffs at all. is there room to get them together? nigel farage on that in the next hour. tax exodus. the maybe not. a new report shows how hard it is to leave high-taxed states for low-taxed states like my state of new jersey. new jersey president steve sweeney is with us.
>> this is where it gets a little sticky. when i went to law school 100 years ago the attorney/client privilege was absolute, no matter what the lawyer and talked about, it could not be revealed without the client's consent. there are, there is exception to that. there are a number. only one relevant here. called the crime fraud exception. if the attorney and the client are discussing the commission of a crime, not one that has been committed but one going to be committed, there's no privilege. if the attorney and the client are discussing the commission of a fraud, that is what comes in here, not one that has been committed but one that is going to be committed, there is no privilege. ♪
we're down what, 69, 70 points on the dow jones industrial average. coming back rapidly. big news from amazon and walmart. they announced expanded grocery delivery operations. amazon stock is 1832. walmart down just a fraction. now this. new jersey gives tax breaks to lure and keep businesses in the state. apparently that is not what is happening. tell me, susan. susan: no it is not. you get tax breaks if you build new offices in the state. you hire more workers or move some of your offices to new jersey. instead of actually using these tax credit to lower their tax rates the companies have been selling them, 78% of
$595 million in state tax credits since 2011 have been sold. sellers include pan sonic, prudential. they have sold off, buyers include apple and verizon. so that is what happens in high-taxed states. stuart: you give them tax credits and they sell the tax credits. susan: they probably helps their bottom line than using it to offset the taxes. liz: what a racket. stuart: racket, thank you. liz: illinois is considering selling back tax breaks if those businesses move and leave the state. talk about taking them back. stuart: steven sweeney, new jersey state senate president. that is a racket. wait a minute, you give people tax credits to the come to the state. then they sell the tax credits. meanwhile you are going to raise taxes on people like me who live in new jersey and you won't let us leave. >> stuart, you know the tax credits, so you understand when they sell them, they sell them
80 cents on the dollar. we actually make out on the tax credits. the tax credits are used to bring businesses to the state, or retain businesses, in the state of new jersey. and when, you have to give them a, to be able to sell them. at end of the day i give you a dollar, you sell it for 80 cents i made money on that. it is not as -- stuart: you get the point, steven? >> sure. stuart: people are selling tax credits, which were available to get them to come in. i am a resident of new jersey, i've been there for nearly 40 years. you're going to raise my taxes and you won't let me leave. i'm a prisoner. you know it. >> if i can fix the state and you are a resident and we're thrilled to have you, i'm coming out with a whole host of reforms that are going to start, we're going to start proposing. stuart: are you lower taxes in new jersey? are you going to lower them? >> the goal is to reduce taxes
yes. the goal is to reduce taxes at end of the day, by reducing cost of government. stuart: your governor will not have any of it. >> we just did a new funding formula we weren't all in the same place. stuart: steven, i'm sorry to be rude, yes, you've been on this program, you've been on this program many times. last time you were on you told me you were negotiating with the governor, somehow or another get a tax deal. it wasn't much of a deal, because they raised taxes on individuals, they raised the state sales tax. you have a tax on uber, a tax on airbnb. i have to pay all of that and you won't let me leave. i thought we had freedom of movement in america but we don't. >> stuart, we didn't, they have expanded the sales tax to uber and airbnb and those init industries were asking to be taxed, believe it or not. we didn't raise the sales tax as governor proposed. he wanted to raise it $700 million. we did not do that the governor wanted a strict tax of, on
millionaires, at one million one dollar. i settled for 5 million. i wasn't happy with that i don't think that is the way to keep people in new jersey. we don't want to keep you prisoners. we want you to be in new jersey. stuart: i am a prisoner. if i want to move across the state line to pennsylvania and pay a much lower tax rate, you're going to keep me in new jersey. you won't let me leave. you will tie me down with lawyers around accountants and auditors. you won't let me leave. >> new york does that, stuart. stuart: you do it too. you do it too. 10% of all households in new jersey, 10% of them, will end up paying more in tax on april the 15th next year. 10% of households will pay more, because of the new tax law. and you won't let those people leave. >> well, stuart, you know, that is the federal tax cut everyone talks about. you're right, it will hurt
people in new jersey. that is why we're against it. stuart: because you have high taxes and raising them some more. it is a vicious circle, don't you see it? the state is going nowhere. you can't pay retired employees and you're raising taxes in the face of a tax hike for the rest of us. >> stuart, the focus is he reform, start to reform of government. it is long overdue. regardless of the, you know, we'll work with the governor to start moving forward. there is a lot of fixes that have to happen. new jersey is a great state. you know it. you live this. that's why i live there. but we need to fix it. it is too expensive. stuart: when are we going to get the fix? >> it is coming, stuart. stuart: you told me that last time. you've been the program three times i think in the last 18 months. every sing fell time you told me we're going to fix it. we'll look how we're spending money. we'll look attacksization. nothing has happened. nothing. all i have got is a tax increase. >> next week we're rolling out reforms. i would be happy to come back and discuss them with you after
we do them. stuart: tell you what. you come back, when i see taxes go down in the state of new jersey, how is that? >> fair enough, stuart. stuart: thank you, steven. you're a gentleman. thanks for being here. >> thank you, stuart. liz: fired up. susan: yeah. angry? stuart: you know what they are going to do to me? liz: taxpayers. stuart: i lived in new jersey 40 years, i paid more money in taxes most people have, they want more out of me, they won't let me leave. you bet i'm fired up. coming up, a story we're covering, san francisco's homeless problem getting worse. we'll head there next. ♪
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stuart: as you know, big homeless problem in san francisco. claudia cowan is there. claudia, come on in because i hear the problem is getting worse. is that accurate? reporter: it is accurate, stuart. good morning. depending on where you go, now, boy, you better hold your nose, watch where you step even here in union square which is popular tourist destination in san francisco, because drug
users are simply dumping their used syringes, thousands of them litter streets and sidewalks and parks. most of these needles were handed out for free by the san francisco department of public health to help reduce drug-related diseases. that part of this needle giveaway is working but with no reliable way to get them all back, the city spending $750,000 to hire 10 people whose sole job is to pick them up. some 8,000 needles every month. critics say that is treating the symptom, not the cause. san francisco's brand new mayor, london breed made it top priority. she held a photo-op with police as they cleared out homeless encampment. san francisco already spends hundreds of millions of dollars every year to help an estimated 7500 homeless people. stuart, critics say, what is needed, isn't more money here, but really a bold new approach. many in the tourism industry say
their bottom line depends on it. back to you. stuart: that is astonishing, the sight of needles in the street is absolutely astonishing. claudia, thank you very much indeed. back to you later. coming up trade talks at the white house. european union commission president juncker meets privately with mr. trump hours from now. will they make any kind of deal. we'll see. my take on it at the top of the hour. ♪ ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.
the main focus, taxes on imported cars. while an american car goes to europe commanders to 25% tax. when their cars come here, a 10% tax. juncker is prohibited in a proposal proposal to slash out attacks worldwide. mr. trump wants more. he wants to end all auto tears. let's see if they can get together. not a china trade. the president wants to stop them stealing our software and technology. he wants to reduce china's enormous trade surplus to appear to get some leverage, trump wants tariffs. china responds. buying time, mr. trump will pay up to farmers so they don't bear the brunt of the damage. it's a standoff. neither side has blinked yet. trade with mexico. here's a plus to a top advisor to mexico's incoming president could be completed in the next few months. big picture again. mr. trump is playing hardball.
he's holding to a hard line. tariffs and the threat of terrorists or his weapons to apply pressure. he wants to rebalance world trade because he thinks in the past we haven't got a fair shake. so far no real progress better president is dealing from a very strong hand. we have a very strong economy. no progress so far, but do stay tuned to the president is the europeans this afternoon. jean-claude juncker has the power to make a deal. so does president trump. if there's a fistfight among watch it go down. the third hour of "varney & company" is about to begin. you heard my take. we will hear from nigel for roche, demand on the right-hand side of your screen. fox news contributor can america
get together with the europeans on trade? first, look who is here. charles payne has a show on the fox business. [laughter] >> i think it's fair to say we are spinoffs of the "varney" show. stuart: lizzie and die. >> whatever you prefer. sure into i know you're all fired up this morning saying hey look investors, stop blaming tariffs. >> i'm saying be careful from earning season as investor in the stock enabling terrorists because this could be the new weather. when we have a bad winter and companies come in and say it was that snowfall. look at the numbers closely like whirlpool yesterday. they went down year-over-year. they spent a lot of money on.
by the way, sales were down big time for them in a lot of places around the world like iraq. >> just kind of be careful because earning season is tough to begin with in u.s. stocks that are down. 71 hold, send me what to sell. >> let's suppose in the talk this afternoon, juncker and mr. trump has a way of hope, something positive comes out of it. not necessarily a full-blown deal, the lessening of tensions. i think the market goes up you >> even the lowest of the sessions, one clearly saw the nasdaq up today. s&p went up and i think you're right. i think it will sort of say hey, good news, let's keep the progress moving. >> give us a prediction for friday morning. 8:30 eastern time of reading on how fast the economy is
expanding. >> 5%. stuart: what? >> i'm going with 5%. manufacturing to enact total. business investments. so interesting they keep talking about buybacks. manufacturing come in the coming into the 2% rate now up to 10%. money is being poured into this big capital projects that requires great jobs to build this stuff and long-term prosperity as well. stuart: charles payne on tape saying 5% growth. >> of his four-point night i'll take credit, too. what do you think? >> for point to one side. now, for .2. barclays agrees with charles. they are saying 5% as well. stuart: you would agree with our close? >> just on this. >> personal income has been going up.
i think it's going to be a pretty strong somewhere. stuart: i've been doing this for 40 years that i can't remember a single quarter. 4%. third quarter was 5%. the third quarter was 5%. but unfortunately the first quarter was down. >> i hate to bring politics into this, but all this growth makes it irrelevant. a sort of like the houses on fire and they are still smoking in bed with their nothing burger ideas. what is their economic growth plan? >> it does play into this gdp number because people have been spending capital expenditure ahead of a possible terrorist. >> i disagree with that. capital expenditures or three years to 30 years that no one is going to build the fact hurry
because -- i just think that is bs. be careful. stuart: there's a banner running across the bottom of the screen that says 4% growth? charles payne says it's 5% growth. >> i just dropped my pen. stuart: i'd love to see that. i'd be overjoyed. >> to your point regarding it will go down. we need to sustain it. that the key. the present testing their self driving cars. this is in pittsburgh. there is a change. >> what happened in march when they had the really tragic event of the pedestrian being killed in tempe, arizona because of an uber self driving car. looks like the autonomous cars are back in pittsburgh.
they are being triggered by human safety drivers. it's not autonomous. it's a research project with mapping. autonomous driving spinning off the $4 billion. into a self driving >> that's right, separate units based chemical and .5 driving unit called cruz. alphabet has someone. stuart: are you convinced is the future? >> someone cuts and big deals for some retailers. they'll pick it up and bring it to this door. >> we've dealt with self driving cars. >> we get to have someone else drive us, too. stuart: okay, more people are cutting the cord. they are choosing streaming instead.
lizzie, how many people? >> we were than expected. 33 million ratcheting up dramatically. 205 million. now it down to 180 million range. a lot of people ditching cable and saying we can do streaming. we can get our nurse or other streaming platforms. youtube, netflix, amazon had sizable consumer bases. they check in at least 190 million for youtube. stuart: you are talking about the decline of cable. but your cable supplier is also offering your internet supplier as well. cable supplier doesn't lose hands down. liz: that's correct. stuart: last word to charles payne. >> i think we've covered it all. stuart: charles payne, struggling for words. never seen that before. thank you.
>> great seeing you guys. stuart: checking oil at $60 a barrel. check gasoline national average is 284. put on full screen to doubt. can you do that for me? the dow has just taken a turn south. now we are down 116 points. a sudden move south. i'm not sure what the reasoning is. i do know an hour ago we got some very weak numbers. >> an eight-month low on home sales. >> it is the fashion model for the dow industrials as of right now. we will follow that one and that's a promise. home sales in southern california dropped very sharply last month. could be a warning sign for the rest of the country. is it? we will bring the story next. the chair of the joint economic committee, republican congressman erik paulsen. tax reform to point out doesn't have a prayer of being passed. let's see what he has to say. big day in washington.
20 minutes from now, president trump meets a senate majority leader mitch mcconnell and speaker ryan. in the afternoon the president meets with e.u. leader in your watching all of it here on fox business. the third hour of "varney & company" just getting started. why don't we show you a picture of sunshine in chicago. ♪ ♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest.
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yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call for a free kohler nightlight toilet seat with consultation, or visit kohlerwalkinbath.com for more info. drink your home sales in southern california dropped last month by 11%. is this an indicator for the rest of the country or a special case? suzanne. >> with get through the medium person as well. sales of new and existing homes and condos dropped 1120% year-over-year in the month. the prices went up. they shot up to 536,000 on
average. sales might be down. might be an affordability. stuart: if you're high in person, why move into an expensive home knowing you'll get hit with a whopping great big tax bill. can't write it up anymore. >> the biggest drop off down 47%. stuart: a drop in the house. now this. president jean-claude juncker will meet with president trump later on today. here's what mr. trump had to say about trade last night. roll tape. >> with the european union is doing to us is incredible. they made $151 billion last year. i think you have to change. i said okay good we will care if your cars. they said when can we show up.
would tamara be okay? >> it's funny. let's bring in the european spirit he's an englishman actually. do you think there's any room for some give on the part of europeans? can they bend a little towards us? >> the european presents itself with the guys for free trade. jump is the bad guy, the protectionist. not only is it 150 billion between the european union and the u.s.a. incidentally its 100 billion. but what they do, what do you do to america would put heavy tariffs on food and a whole range of products. the truth of it is the real protectionist here are actually
the european union and the effect of term threat name to the 20% tariffs perhaps on german motorcars is now which is god demanding all tariffs are dropped. very interesting. mr. juncker, the president who sits next to me in the european parliament. >> you'd be surprised. i would've thought the pressure is on germany especially appeared they just have to be the be-all and end-all of their economy. i would've thought enough pressure on them to come up with some advanced towards a deal. >> germany is a country run by government. they have not been elected by
anybody. they're accountable to no one. even when it decides it wants to change course it takes a long, long time. the german car industry are beginning to make their voices heard. >> you attended an event to support pennsylvania republican congressman lou barletta. why is an englishman with a very strong british accent over here in pennsylvania. we are a movement. there is a movement of people who believe in putting the nationstate ahead of organizations. the proprietor speak up honestly and openly about what it can do. they dealt with illegal immigration by applying the law as well as anyone in america.
we have different accents, boat we share a common goal in the world. >> i want to go back to europe. i think there's elections coming up. i'm not sure which it is. i suspect that parliament will look very different after the current elections. am i right? >> when i went to the european parliament in 1999, i was literally the only person in the whole room who thought the country should leave the european union and after the european elections which take place, a lot of people, others will be super reformers. i would estimate 25% in the next european parliament will be held by parties and members who are deeply skeptical and being
controlled by an elected bureaucrats like jean-claude juncker. what brexit has done us up enough the whole debate across europe. stuart: that indeed would be a sea change. thank you for being with us this morning. we will see you soon. facebook comes a report financial resorts today. this company's top lawyer who led the investigation is leaving the company at the end of the year. makes no difference in the stock. close to a record high. before the results are announced at 4:00 this afternoon. they manage data in the oil and gas industry. they deal apparently. down 98. boeing is a major drive down about 3% at last count and that
really takes the dow down. it equals about 70 points down for the dow. we would be flat to slightly lower if it wasn't for boeing. one lucky family waking up is a millionaire, multimillionaire. a lottery ticket worth $522 million was sold in san jose. the cash payout in the winter so chooses is just over $300 million, and the fifth-largest in history. to space rocket launchers within 15 minutes. a rocket launching over the atlantic ocean caring for satellite for the europeans and the falcon nine launching from the west coast delivering 10 into orbit. more "varney" next.
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train to talk about extreme weather. heat advisories, excessive heat warning stretcher in the southwest although it to the pacific northwest. firefighters in california in the heart of yosemite. the areas being closed in tourists under evacuation orders. the threat of heavy rain and flooding across the mid-atlantic and up into the northeast. in california to new york or check this out. it's the second time this week. an actual river of chocolate. running right through the park. closed again. i.c.e. agents arrested 65 people in a five-year period in long island. 64 of them had previously been deported from the country. some of those arrested had previous felony convictions. the democrats want to abolish
i.c.e. an illegal immigrant detained after he delivered an army base is now free. the judge put his deportation order on hold. coming up, judge napolitano weighs in. watching washington in just a few moments the president meets mitch mcconnell and paul ryan. we are on it all. first, the new york city skyline on a rather cloudy, rainy day. ♪
look who's here. entrepreneur founder with a big smile on his face. moments ago our own charles payne.com 8:30 friday morning we will get a 5% growth rate. >> a lot about them as soon. it's going to be high when you go back over the years. in the 4% to 5% range and people predict and high. the tax cut which has been quite a day. our exports including agriculture, all very strong right now. stuart: is our economy booming? >> it's very strong. the dallas suffering. most of the s&p is flat. it is hit or miss. if you pick up the stock still do fine. train to come on, get out of here.
the 25,000 -- it was a 10,000 travelers alike did. >> relatively speaking this year stuart: are you a lawyer? >> no, i'm not. small-cap stocks for entrepreneur growth. we think of those contacts. >> at the end of this year, with the dow be higher? >> i think it will be higher. >> i don't know about substantial. i think it will be higher. >> that the judge laughing by the way. >> 5%, 6%. i think it will be positive. i think the gdp for this friday is an unusual number. it's not sustainable. we go back many years at 50, 60
years or 4% to 5% unusually high. >> 2014 we had 5% one quarter. amazon reported "after the bell" tomorrow afternoon. the debate going. if i'm not mistaken. you're telling people buy it. >> i'm still optimistic on amazon. >> you have to remember. the eve growth in the ratio doing okay. i'm not going to say that they're a bargain. attractively priced. [laughter] in the forward peg ratio. liz: acute liver talking about
it. >> sales growth. >> is a very good point. 2200. >> thank you could appreciate that. you think amazon goes to 2200? >> it goes higher. higher than 1800 change now. >> it sounds bold. i am bullish. i think it is going higher. 10% up to 2000 change. they've got 22 billion. r&d growth is. they've got very strong sales growth. they are expanding the margins. i'm almost going to agree with
you. when you sign netflix the other day of and they didn't exceed expectations they took a 10% to 15% hit. the high p.e. ratios. these high stocks are priced to perfection. if they don't come in strong make another hitler. stuart: what you think of microsoft? >> i know you like it. i know you own it. it is a strong company. i would not care there is. >> it just another all-time high. you can't allow. >> a more microsoft. >> microsoft cloud is working as well. distant second to amazon today covered the numbers i can tell you that.
>> without amazon's bottom line of being a red orderly. stuart: is that true? you escape well without too many numbers. thank you. we appreciate it. an undocumented immigrant otherwise known as an illegal arrested after he delivered a pizza to a military base in new york. a federal judge put his deportation order on hold. all rights, judge andrew napolitano is here. >> almost as aggressive with mr. schumer as you are with you sweeney, whom he decimated. i saw him leaving with his hat in his hand. stuart: i gave them a hard time. you and i live in new jersey. we are trapped. >> what he and the democrats have done to her state scimitar real estate values and intends. stuart: thank you. nice addition there. the guy who's delivering a pizza to an army base at a deportation
order against him could be taken into custody, bring him in but a judge says your cake and were going to release you. you agree with that? i do. in a sense, the judge's second guessing the executive branch. the president, the people that work for the president decided this to be deported and president trump has had no tolerance. a line in the sand. you're on that side which is illegal you go, decide which is legal you say. he was on that side even though he's the father. his wife's american citizen. his children are american citizens that he is a productive job. he's paid his taxes to these done everything citizens do about. he drives a car, drives a truck, and provides for his family. the executive branch should have exercised his discretion. this is not the type of person we want to kick out. this is the type of person we want to help become a citizen that is effectively what judge crotty here in new york city said yesterday. >> judge napolitano is playing
politics than putting politics above the principle of the law. aren't you? >> i would say compassion. but i will also say this. compassion is for the executive, meaning i can't imagine president trump himself knew about the case. he knows about it now. somewhere between the president and i.c.e. commander there should've been some compassion exercised. stuart: i'm fully in agreement with you. >> after he was s. where he was incarcerated and guess to start is paid for his incarceration. new jersey. which had nothing whatsoever to do with the case. stuart: bring back stephen sweeney. i want to talk to him again. >> only in america. stuart: glad to see you back. >> glad you're here today. please come back. several companies reported their earnings this morning. bowling, commercial plane orders
fell short. the stock is down 2.5% dragging on the dow. coca-cola better profits, better sales notably the stock is up to .3%. general dynamics made the gulfstream jet, navy ships. they reported as high profits as well. look at general motors. looks to the future and profits will be lower. don't do that because the takers sought to the cleaner. gm down 7%. ups making money things to a lot of online shopping. they deliver the packages are the stock is up 4%. we will show you again microsoft. another all-time high. $109.6 per share. i am the tiniest of thin slivers in this thing and i'm not telling. stuart: i doubt it's that tiny.
[laughter] stuart: next, tax reform to point out the chair the joint economic committee congressman erik paulsen. we are waiting for any headlines we can get out of that meeting at the white house right now. now we are going to show you times square. reportedly the crossroads of the world. it is a very rainy day. ♪ you shouldn't be rushed into booking a hotel. with expedia's add-on advantage, booking a flight unlocks discounts on select hotels until the day you leave for your trip. add-on advantage. only when you book with expedia.
>> i'm nicole petallides with their fox business brief. coca-cola reported its quarterly numbers. moving into positive territory for the year 2018. up 2%. ceo james quincey saying we are winning in the marketplace so far this year. our strategy is on track. whether they think of the numbers we've seen? a wells fargo we are impressed with coca-cola's ability to deliver a strong imbalance topline. coca-cola has seen growth in north america with 7%. also diet coke and dear sugar. the stock into positive territory for the year.
you have an amended push around. >> no pets because it's not a big suction volume that it has. stuart: it doesn't pick up dog ear piercing. liz: it does. you don't want to pick up the dog. they did double the volume of sales on amazon. it's sold out on amazon. they have really good deals on the roomba. it was a short seller favorite now turning around. stuart: senate majority leader mitch mcconnell, house speaker ryan at the white house meeting with the president as we speak. on the agenda, government funding. join us, minnesota congressman erik paulsen. i want to talk to you about the tax cut to point out. it hasn't got a prayer of
getting through the senate. when we were pushing tax reform there's a lot of skeptics. repealing the medical device tax. there is an opportunity for the house to lead, push the momentum, having avian measures for middle-income americans. the permanent unicode and get the senate to go along with it. it may take a push but we can get them to go along as we approach the end of the year. >> i agree with you. it will go through the house and so it should. the senate will need 60 votes. that means never public and onboard. where you can get the votes. >> handful of members didn't vote for tax reform. the first version of democrat
say they've seen it in the economy. pay increases, more jobs, the economic benefit. optimism. the one i have a chance to do it over and i think the one i get it right. don't count him out them out yet. the sun is a different animal. at the same time if we create momentum, and the senate may go along with god and recognize the importance of it. >> don't get me wrong. tax cut to pinellas a series of very good ideas. very beneficial for middle america extending the tax cuts to make them permanent. making changes to pension planning and contributions to our one k., ira. it is all wonderful stuff. i just don't think you can get the democrats to go with it. hideout want to leave it there, but give me a strong argument that says you're going to get this thing. >> dissented asserted pass savings. bipartisan support sitting on
the sideline. we can marry that with so we have in the house on tax reform to point out. the president will wait and. this shows how the economy can be stronger and help people save more for the future. >> would you mind if i lobbied you for just one second. one rule change would like to see. if you join a major corporation, which has a 401(k) plan, i want to see you automatically enrolled into it so you have to opt-out. at the moment you have to opt-in. if you make the change will have a profound impact on youngster saving for the future. >> it really would. we've had conversations. what can we do to make sure not only large corporations are doing not, but also smaller companies so they can pull together to have your pension or retirement be less costly so
they get more workers then. my daughter recently took a job. who should have more folksy the compounding interest. though for the benefit. >> i have a daughter working for a corporation for three years and she has not opted in as she should. rachel varney, get out there and join. congressman commit thank you for joining us. various markets recover all the time. gold starting to rise again 12.38. a wonderful has bottomed out. bitcoin hit a bottom a couple weeks ago. right now back up to $8000 per coin, down 200 today. the markets come out quite a bit. could we be positive by the end of the show in 11 minutes time. quick look at the white house good president trump meets mitch mcconnell and paul ryan.
stuart: elon musk says tesla wanted to eliminate contracts for customers and simplify the return process. you have a digital contract. sort of like a considerate test product. figures the problem. getting them to take your three-quarter number. we want to be profitable in the second half. if you'll do faster deliveries with a backlog of paper contracts, this is the way possibly to do it. by the way, tesla has no dealership. it's all through the website. he is saying our cars are like
tech products. you should be able to tapestry may get the car. stuart: that does make sense even though i could not get into the computer. now, we promise you the top airline routes when it comes to revenue and susan has a list of the top five. >> there's only $1 billion brought in the world. jfk. stuart: does that mean british airways brings in revenue of a billion dollars a year just for the jfk. >> the one route with 6% of total revenue. >> so it is one billionaire? 1 billion in revenue. the total revenue for the entire year. obviously you have fuel and all the others out on top of it. let's take a look at number two. qantas to melbourne to sydney
route. in fact, they operate 65 flights a day. so, its airwaves on an hourly basis. the biggest revenue generator route in the world. per hour. strategy generates $819 million on that route. >> correct. revenue. singapore airlines. 709 million. top five. you five flights a day between melbourne and sydney. >> one airway and other airlines fly that route as well. another local one. stuart: people don't realize the distance between sydney and melbourne is huge. it's like a 10 hour drive or
stuart: 45 seconds left, susan your favorite story. >> dip recall and bottom lynch threat. stuart: that is your favorite story. botulism is your favorite story? wow. >> impacts the food chain. my food cain in particular. stuart: welcome to the show. barrel of laughs. susan li. liz, what is your favorite. >> irobot roomba selling out on amazon. stuart: you will buy one? >> no. i have a dog. i'm a little nervous. stuart: asking me what my favorite story? >> what is it. stuart: microsoft.
>> boring. stuart: all-time record high. how about that ladies and gentlemen. if you think i'm going to retire i made a little money on microsoft, think again. i will die in this chair. careful, stu. neil cavuto, it is yours. neil: we can make that happen. so botulism. throughthrow it to cauto. man, oh, man. we're following what is happening on wall and broad. we have the tape out, right? everyone thought that would get all of washington tongues wagging. it has but hasn't got sellers out in mass. sort of like the trade thing. president upping the ante. stern warning to the europeans. do something about this or i will do something about this the latest proposal that seems to get a great deal of attention that could be mitigating the selling going