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tv   Varney Company  FOX Business  March 11, 2019 9:00am-12:00pm EDT

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maria: without even a president trump tweet. what's going on? >> not a single trump tweet. maria: waiting for him to tweet on retail sales and they were pretty good. great to see you. thank you so much. have a great day. seize the day. "varney & company" begins right now. stuart, take it away. stuart: good morning, maria. good morning, everyone. boeing has a problem and so does the market after the second fatal crash in a couple of months. china and indonesia have grounded all 737 max 8 jets. some airlines are following suit. that new jet makes up two-thirds of boeing's future deliveries and 40% of its profits. boeing is america's champion exporter and china is a big market. now the stock is absolutely tumbling. a major loss for such a huge and respected company, it's down 11%, $48 down. by the way, boeing is a dow stock. so today's drop shaves more than 300 points off the industrial average. that's why you have the dow
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opening with maybe a 180, 200 point loss. but the rest of the market is going up. china and the u.s. have reportedly reached agreement on currencies. that's a positive for the trade talks. and jay powell told "60 minutes" the economy looks pretty good and there will be no recession this year. so the s&p will be up six points, nasdaq up about 30. the president wants the wall and he's upped the ante. his budget calls for $8.6 billion for the border and it also includes $2.7 trillion worth of spending cuts. you can see a fight coming with congress a mile off. there's a lot to go after today, this monday morning. yes, more from aoc, just wait until you hear what she says happens to you if you don't have a job. "varney & company" is about to begin. we should not be haunted by
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the specter of being automated out of work. we should be excited by that. the reason we're not excited by it is because we live in a society where if you don't have a job, you are left to die. stuart: what? what? did you hear that? ashley: no. stuart: in my opinion, utter and abject nonsense from aoc at the south by southwest festival. come in, brian westbury with first trust. i don't want to spend too long on this but she also called capitalism irredeemable. give me 20 seconds on why she's totally wrong. >> you know, it was the first sentence. automation is creating wealth and you're not automated out of a job. you are automated into a new job. think about it. if we had never invented the tractor, we never would have invented the ipad, we wouldn't have twitter and we wouldn't have people like aoc. so if you kind of look at
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history, technology always creates new jobs and new wealth and rising incomes, and her first sentence was the right one, but without that part about losing your job to technology. you just change your job. stuart: okay. okay. i think we have had 25 seconds there. i think that's about enough on this. >> there you go. sorry. stuart: let's get serious. no, no, i asked for it, i got it. fed chair powell, he was on "60 minutes" last night talking about the economy, of course. roll tape for our viewers. >> generally speaking, the u.s. economy is coming off a very strong year last year. we had growth just a touch higher than 3%. we have high levels of employment, low levels of unemployment, wages are moving up, consumer confidence is high, business confidence is high. stuart: brian, that was a pretty optimistic outlook. you agree with that? >> i totally agree with that. i think we are going to have another year of 3% plus real gdp growth in 2019. stuart: whoa! wait a second. i have to interrupt you there.
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the first quarter of the year, the first three months of 2019 looks like we are going to be a growth rate of maybe 1%, maybe less than that. >> right. stuart: how do we get 3% for the whole year? how do we get that? you would have to have a huge boost up for the economy in the second, third and fourth quarters. where would that come from? >> i think that we are going to get it. first of all, one of the reasons the first quarter is going to be so weak is this crazy retail sales number we got from december. they're saying retail sales, the commerce department, fell 1.6% in december, which statistically speaking, gets you off to a really bad start in the first quarter. so you end up with 1% gdp growth or something like that. but i think that was a flukey number. no retailer reported sales down that much. i don't even understand where they got that from. so as we move into this year, as chairman powell said, with low
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unemployment, with rising wages, i think we are going to see a couple of 4% quarters. i do believe we are going to get back to that 3% growth level for the second year in a row. stuart: 4% quarters. well, i'm just dying to see that. brian, thank you very much for being with us this morning. you dealt nicely with aoc. we appreciate that. thank you very much. a look at futures. don't be put off by the dow. it's going to be opening down 200 points. the reason for that is boeing, which is falling out of bed this morning, down about 10%, 11% at this morning. down 11%. boeing is a dow stock. it's a big drag on the dow, we know that. after the second 737 max jet crash in months, the latest crash killed 157 people. so here's the question. how many of this type of plane are in service now? ashley: well, there are 350 being delivered since 2017, a third of those go to china, as we know china has shut down, grounded the planes there.
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in the united states, we have about, let me see, u.s. has 69 of those planes in service, delta, southwest among those. they are still operating. we just heard from the european aviation agency saying they are still cleared to operate in europe. they are not grounding the planes there. they are in close contact with the faa, saying it's too early to draw any conclusions but they are grounded in ethiopia, indonesia, china, cayman islands of all things have also grounded the plane. bottom line, they have back orders for 5,000 of these planes, boeing, so they are definitely out there. some are operating today, some not. stuart: if you were flying this morning and knew you were going to be flying on a 737 max 8, would you want to fly? would the airline give you a refund if you said i'm sorry, i'm not flying? policies are being decided right now, i guess. ashley: they did this morning find the cockpit voice recorder and digital data recorder on the
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ethiopian airlines flight. stuart: terrible story. i want to bring in market watcher scott martin on this. okay. you are a market guy. i at a time you would not be buying boeing stock at this point? >> not right now. it's still a little too early. sometimes these are opportunities, though, because the market does tend to overreact if we assume the worst and it nails the stock as we are seeing this morning, but not yet. i'm also a person in the interim, i would have liked to be flying home -- you brought up a good point. what if you wanted to change your flight, social media is exploding, people saying we're nervous. so far we have seen the u.s. is saying it's okay to fly in these things. stuart: the european union says the same thing. let's move on. we have dealt with boeing. you're not going to buy it. you wouldn't catch a falling knife, so to speak. the rest of the market is up. the s&p 500 will open higher. nasdaq will open higher. what's moving the market up this
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morning? >> those comments from powell were pretty good. you hit on them earlier. this comment about no recession, meaning they are probably, the way i read that was they are going to do everything humanly possible, anything federally possible, to keep this music going. so as far as that's concerned, as far as the market looks at interest rates, as far as it looks at liquidity, those are things the market wants to see the fed engaged in to keep the s&p 500 moving on. stuart:-what's your outlook here? you know, we have had a terrific 2019. last week wasn't great but now -- >> i think we are going to see a little lull just because we had a nice rip up so far beginning of the year. i do think as we come into the summer, and the economy refires, you were talking about that, we are going to get that crazy growth rate. i don't know if it will be quite that high but it will be good. there will be a decent growth rate. i think it hits the economy later this year. it will push the market to new highs. stuart: we have larry kudlow and
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dennis hastert on, they are talking a couple quarters of 4%. that's a real robust economy. >> amazing, considering we won't have a crazy tax cut in there, we have very good peak job growth. you have a lot of things going that are firing on all cylinders. stuart: what do you make of retail sales numbers, december, down 1.6% but in january, if you keep cars and autos out, up 1.2%. >> right. then you have recent job growth numbers showing that wage growth is now pushing, believe it or not, to 3.5%, maybe 4% by the summer. you've got a strong consumer, then the only thing that concerns me about the consumer is the housing market. housing market is turning a little bit weak. that's a lot of our biggest assets on our balance sheet. if your housing price isn't appreciating you don't feel as good. stuart: i tell you, after watching that powell interview and listening to larry kudlow and the rest, the idea we will bounce back with a sharp rate of growth for this year, democrats will hate that. >> it's going to hurt them. stuart: i believe so. scott martin, thank you very much. all right. check futures. same story. everything is up except the dow
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and most dow stocks are up except boeing which is really, really down in the tank this morning. that's why the dow is looking at a 200 point loss at the opening bell. remember this? that is the chrysler building, most recognizable of skyscrapers on the new york skyline. it just sold at a big discount. we will tell you how much it went for and into why it's so low. president trump submitting his budget plans to congress, asking for $8.6 billion to fund the border wall. that could set him up for trouble down the road. abbig spending cuts, too. we're on it. more from ocasio-cortez's big event at south by southwest. irresistible stuff here. she accused president reagan of stoking racism in the 1980s. governor huckabee is fired up about that one and he's next. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman?
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or go to. stuart: you're looking at a 200 point loss for the dow industrials. that's entirely the result of the drop in boeing stock. show me the drop in boeing stock, please. now it's down 11%, almost 12%, $50 lower. boeing has a huge problem with its 737 max 8 jet. we will tell you more about that later. suffice it to say boeing, dragging the market down. the iconic chrysler building in new york city, sold. how much for? liz: 80% discount. $150 million. 150. stuart: that's it? liz: here's what happened.
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the abu dhabi investment council bought the chrysler building in 2008 for $800 million and at that time, it negotiated a lease deal for the land underneath the building which is owned by cooper union. cooper union wants to get the free tuition. to really raise astro nnomiccal higher the rent beneath the building. stuart: if you want free college, somebody else has to pay. i have another number for you. president trump's budget has $8.6 billion for the border wall. come on in, former governor of arkansas, mike huckabee. governor, you know this sets up a huge fight just down the road. you know it, don't you? >> of course it's going to be a big fight. by the way, i want you to know i tried to buy the chrysler building but they wouldn't take a post-dated check. this budget battle is certainly heating up and it's going to be the same old, same old.
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the democrats will act like they are always against a wall, even though they have always been for one until donald trump proposed the addition of one. but ultimately, he's going to get it because there are enough americans, i'm convinced, that have the common sense and the reason they lock their doors at night, the reason they close their garage, the reason they have backyard fences, and the left has gone on a ledge and they are about to fall off of it. stuart: by the way, on the left-hand side here, i've got various monitors looking at different channels. i'm watching msnbc go apoplectic at the idea the president should increase military spending and cut domestic spending $2.7 trillion over 10 or 15 years. >> i guess that was to be expected. you know, tell me, i'll go apoplectic when msnbc doesn't think we ought to spend more on domestic programs and cut defense down so we aren't really
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protecting ourselves. the fact is this president is doing exactly what he promised to do. that's why he got elected, was to do the things that he's doing. if he keeps doing them, he will be reelected and i'm convinced he will be. stuart: i don't want to upset you first thing on a monday morning. however, i do want to play you the tape from aoc slamming president reagan. roll the tape. >> i think a perfect example of how special interests and the powerful have pitted white working class americans against brown and black working class americans in order to just screw over all working class americans is reaganism in the '80s when he started talking about welfare queens. stuart: okay. have at it, governor. >> you know, aoc was born the year that communism fell in eastern europe. just last thursday i got back from poland, there for a week.
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ask those folks about what it was like living under socialism. they will give you an earful. in fact, they broke away from it and got rid of communism around their necks the very year that aoc was born. unfortunately, they didn't teach history where she went to school, and therefore, she doesn't understand what the cold war was like. she doesn't realize what socialism did to people and not just economically, stuart. i wish a lot of these socialists who were talking about how great it is knew how many millions, millions of people were murdered because of socialism because when you enact it, the only way to keep people under it is to kill the ones who complain. they don't seem to realize what history is about. i wish they would because they wouldn't embrace socialism if they ever did. stuart: well said, governor. socialism ran me out of england in the 1970s. glad i ended up here but i don't want to see socialism come here now. sorry i upset you so early in the mornings governor. we have to get it out of our system. >> i will take half a baby aspirin and be fine, i'm sure. stuart: governor, always a pleasure. see you again soon. thank you, sir.
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monday morning, i have to repeat this, the dow is going to be down about 200 points entirely because of boeing which is a dow stock, which is down sharply. tell you about it momentarily. the latest out of venezuela. that massive power outage that's been crippling the country has now turned deadly. opposition leader juan guaido calls those deaths murder at the hands of the maduro regime. more "varney" after this.
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stuart: we are seven minutes to go to the opening of the market. we have to bring you this. the dow is going to be down about 200 points at the opening bell, and this, show me boeing, that is the reason why. boeing premarket is down 12% now, $51. that takes the dow down 353, 360 points. that's the story of the day on the market. venezuela, massive blackouts, it's turned deadly. tell us more. liz: 17 dead, many of them kidney patients connected to dialysis machines, e.r.s shut down, prenatal units shut down. local watchdog groups said nearly 80 people have died since rolling blackouts last fall. now add to that the 17 who have passed away because of the blackouts, crippling the hospital system in venezuela. stuart: and the disputed
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president maduro is being blamed for it. guaido is saying it's murder. liz: yes. maduro is claiming that the u.s. saab tabli sabotaged it. guaido said it's old analog systems that are ancient, aging and old. now there's a fight about that going on between the two of them. stuart: hope they work on their generals and see if we can get them out. brexit, a vote tomorrow and it will be a vote on prime minister may's plan. ashley: 18 days to go before the deadline, it's very unlikely. she suffered a humbling defeat the first time around. i don't think she's gotten much out of the eu. it is likely to fail again. then what happens? wednesday they will have a vote on a no-deal. do we vote and just say let's have no deal and crash out. that is likely to be defeated. what happens then? we go to thursday. they vote on extending article 50, the deadline and that could
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indeed pass. by the end of this week, we may have an extension to the deadline for brexit. of course, that just adds to the uncertainty. stuart: if they did that, it would be very much a watered-down exit. ashley: it would be a very soft brexit if we get to that stage. of course, many in britain are very upset about it. it will be very interesting. stuart: on both sides, i think. ashley: absolutely. stuart: fascinating. ash, thank you. we open the market in less than five minutes' time. have i to keep saying this because the overwhelming factor for the dow is the loss by boeing of about 12%. if it wasn't for boeing, that dow futures market that you see on the left-hand side of your screen, it wouldn't be down 220. it would be up 150, up 150. that's how much difference an 11%, near 12% drop for boeing actually makes. stay there. going to be a big day on the market. we will tell you all about it and open the market with you, after this.
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stuart: we are going to open this market in approximately 34 seconds and when we open it, you are going to see a contradiction. you are going to see the dow industrials plunge maybe 200 points. the rest of the market's going to go up very nicely, thank you very much. this is explainable. it's explainable by one stock, boeing. i have been saying this all morning. it is a dow stock and it is way,
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way down following two fatal crashes and the grounding of some of its 737 max 8 jets. that's the backdrop here. you are going to see that dow fall out of bed in three seconds with the rest of the market doing just fine. bang. 9:30 on a monday morning. it is march 11th. look at that. down 225 right from the get-go. if you look on the left-hand side of your screen, you can see there's only two dow stocks that are down. one of course is boeing. so we have a loss of nearly 1% for the dow. now show me the s&p. i think it's going to go the other way. yes, it is. it's up a quarter of 1%. that's a nice gain on a monday morning. how about technology stocks? as in the nasdaq? pretty sure that's up. yes, it is, nearly half a percentage point. so before we go any further, here's how boeing has opened the day. way, way down. it's getting worse. ashley: ouch. stuart: down 12.2%.
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when you talk in terms of percentages, you know it's a big loss. $51 lower. boeing is all the way back to $370 a share. jeff seager is with us along with elizabeth macdonald and ashley webster. boeing, big drag on the dow right from the opening bell. jeff, would you be buying boeing right now? >> no, and the reason, here's the stock that's up 30% this particular aircraft is a cash cow for boeing. they have about 5,000 in back orders and the problem with this is there's been multiple problems with this aircraft. they have to redesign this, this is going to put them on a downward trajectory. that is a big problem for boeing. it's a good company but with the safest form of transportation which is air travel, this needs to be dealt with and it may cost them some money. stuart: hold on a second. let's turn to keith.
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would you buy boeing today at $368 a share? >> not at $368 a share but for all the reasons jeff just talked about, i'm looking for it to settle down because if they can fix this aircraft, if it's proven this aircraft is not the cause of the crash and it's pilot error, the stock comes roaring back. stuart: you have an enormous problem with people who may be flying today in america looking at the aircraft they are going to fly on and say we are not so sure about this. >> that's the big one. confidence is everything, particularly for the reason jeff mentioned. this is a primary form of transportation worldwide. liz: this stock has more than doubled in just two years' time. this plane, i think it's responsible for the majority of its inventory sales. stuart: it went up so much in part because china were supposed to buy a ton of boeing. if we get a trade deal. now, we should say, ash, you reported the europeans are -- ashley: here's the thing. we're not going to ground this plane. we are in close contact with boeing but at this point they
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say out of caution they are just going to stay with this plane. most of the rest of the world still have this plane flying. indonesia, china and cayman. stuart: let's leave it at this. boeing is down 12%. it's a dow stock and that accounts for all the 200 point loss for the dow in the first three minutes of business. moving on, the u.s. and china reportedly close to a deal on currencies. as part of the deal, china will try to give its exporters a leg up. can you explain that to me? >> absolutely. here's what they're trying to do, boost their local industry. they want to ensure it does not fall off the map, pardon the pun. this weakens their currency, gives us an incentive to invest there but also buy more of their goods. is the "wall street journal" seems to imply the currency deal keeps the dollar at a high level. which is an advantage for china. >> well, it is, but it's -- they're not going to let it go into freefall. the chinese government always a
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manipulated it. they have a comfort zone. i don't know what it is. stuart: they won't let the yuan fall out of bed, that what it is? >> i have to imagine. stuart: fed chair powell was on "60 minutes" last night, pretty upbeat about the economy. what did jeff think about this? you often have a little negative feeling about the economy. jay powell is saying the economy is pretty strong for the rest of the year, no recession. >> jerome powell has become the ultimate cheerleader for the economy. what he said yesterday, he came out, he's very, very optimistic in my opinion, but here's what i think. we have investors who are very very tied to low interest rates. what i saw yesterday is he did think that the economy was good but in a world where sometimes good -- bad is good, meaning he will keep interest rates lower
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for longer, that might have been, he might have been too optimistic yesterday. it might have given -- i'm not saying -- he might have given, he might have given some investors the thought that maybe he will raise interest rates sooner than later. stuart: i think i followed that. tortured logic. your interpretation is fine with me. okay. i'm going to give you the latest numbers on retail sales but i've got to tell you, big tech is doing very well this morning. put it up. i see microsoft up over a buck. i see, what have i got? liz: netflix up over 25% this year. stuart: that's huge. liz: in a world of negative interest bonds. stuart: apple, alphabet, amazon, facebook, microsoft, all of them, nicely higher this morning. ignore the dow industrials. ignore boeing, please. one stock taking the dow down. retail sales numbers.
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keith, i need your expertise. down 1.6% in december. that was a shock. coming up 1.2% in january. your reading? >> expertise is a big word but i'll take it. those data points are highly manipulated and highly after the fact. if you have to look forward, that's why tech is moving today. it's up, it's forward. retail is a rearward-looking statistic. take it with a grain of salt. stuart: so not a bad report, up 1.2% in january. >> exactly. but you have to question just how much volatility there actually is in the retail ice age. stuart: bring you up to speed on the dow industrials, six minutes in. yes, we are down. now down 160 points. by the way, if the boeing stock is costing the dow 358 points, then -- sorry, i take that back. doing the calculation. i'm not good at math. it's 338 points. >> still a loss. stuart: i can't remember a single stock taking it down like this.
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>> if it wasn't for boeing we could be up 150, 170. stuart: this market is very strong this morning, except for boeing. that's the fly in the ointment, so to speak. better sales at costco, that gave the stock a nice pop on friday. they are raising wages as well. costco this morning is only down 29 cents after a nice bounce friday. the price of oil still in the mid-$50 a barrel range, $56.86. no impact on the stock market. this is something i don't like. the price of gas going up and up and up. went up much faster than it went down. ashley: that's always the way. stuart: yes, it is. i have to be honest. $2.47 is your national average for regular. moving along. a couple of items on tesla. they are raising prices about 3% on average worldwide. elon musk has to answer the s.e.c.'s contempt charge by today. and they're not going to close all of their retail outlets. the stock is down 74 cents.
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all right, here's your chance. i know you love tesla. you just love them. >> this was a softball for me. the reality is elon musk, yes, he's in trouble with the s.e.c. and what he does is he does this diversion, where he comes out with what would be considered good news to divert the bad news which is the s.e.c.'s probe into him. so closing stores, opening stores, raising prices, lowering prices, anything to just get the attention off of the fact tesla is a dumpster fire, is a catastrophe waiting to happen, and sooner or later investors will realize that yes, they finally made money after all these years, but their days are numbered. that's going to happen. stuart: no, no, no, i didn't know you had that view on tesla. i'm sorry if i maligned your view of tesla. liz: apple could buy tesla.
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>> but they won't. tesla has great innovation. now the other car companies are coming out with that innovation and they know how to manufacture cars. stuart: i'm trying to cut you off. i've got to move on to a very important story. listen to this, ladies and gentlemen, please. american airlines is cracking down on service animals. it is banning lots of puppies and kittens, but miniature horses are still okay. nice sound effect there. look, i'm very happy about this except for the horses. liz: i don't really care about this story. i just care about therapy cheese doodles on the flight. >> the biggest problem, i hate to say it at this time of the morning, the biggest complaints with these animals, urination, defecation and biting. stuart: keith fitz is with us on the set in new york.
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he has to fly back to wherever, the pacific northwest. if a miniature horse were parked next to you, what would you do? >> i can't vouch for what i would do but i had a miniature chicken next to me in china. >> can i put something serious on the table? reality is people do need their service animals. i think what's unfortunate is they have given service animals to people who don't really need them, so the people who need them, having them on a flight is very comforting. >> i agree. >> for someone who knows people with service animals, they just need to tighten it. they can't give someone a service animal because they break up with their boyfriend and they give them a service animal. but the people who have legitimate needs should get one. stuart: you got ten seconds. >> we actually have a licensed therapy animal that works in hospice, works in care, that kind of thing. when you have a legitimate animal, the illegitimate animals make that one's job tougher. it's a very serious issue. they need the right therapy for the right people but they have
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to be licensed. stuart: a miniature horse can't be a therapy animal on a plane. can we leave it at that? we can leave it at that, ladies and gentlemen. glad you made the trip to new york. >> thank you. stuart: dow industrials as we speak down 134 points. if it wasn't for boeing, the dow would be up 160. go figure. senator elizabeth warren going after the big tech companies. she says she wants to use antitrust laws to break them up. you will hear what she has to say. first, though, more trouble in the skies. the faa warning that the dispute between southwest and their mechanics could be putting passengers' safety at risk. we will explain that after this.
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stuart: if you're just joining us, we have to explain this. the dow is down 132 entirely because of boeing. more on that later. the federal aviation administration warns that the dispute between southwest and its mechanics could put passengers' safety at risk. susan li at the new york exchange with more on this one. susan? susan: usually, well, entirely for the faa to step in here. they have issued statements to southwest and the union representing 2400 mechanics that their ongoing contract dispute poses a safety risk for passengers. we had southwest issuing this operational emergency last month and that's why an unusual number of planes were taken out of service and that resulted in delayed flights and also cancellations. this was during the snowstorm back in january. this is a six-year ongoing contract dispute between the union representing the mechanics and also southwest. the mechanics are saying that
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because of this dispute, they have felt pressured basically to overlook defects and cut corners when it comes to some of their airlines and airplanes, to get them into operation. stu? stuart: i should say southwest flies some boeing 737 max 8 jets. i don't think that's helping the stock at all. susan: no. definitely not. stuart: thank you very much. back to you shortly. senator elizabeth warren, also a presidential candidate, is taking direct aim at big tech. roll tape. >> giant tech companies right now are eating up little tiny businesses, startups, and competing unfairly. they're sucking up all that information about every purchase, every sale and every one of the other little businesses that are offering their products on amazon, and when amazon sees one that's profitable, they say hm, think we'll go into business against them. stuart: joining us now, greg baliere. amazon, google, facebook, she wants to break them up.
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could you do that using existing antitrust law? >> you could certainly make life difficult for them, stuart. as far as changing the law, first of all, you would have to look at 2021 as the earliest you would even have hearings. this is two or three years away. i think this is maybe a mild headline risk for the industry but a legislative or regulatory risk, i think that's distant. stuart: in the sound bite we just played there, she's saying look, it kills small businesses. it just puts them out of business. you agree with that? >> to a certain extent, i guess, but i guess to be a real cynic, you could say she and trump agree a bit on this, just like bern yie sanders and trump agre on trade issues. trump is of course the most angry critic of amazon of anyone in the political system. yeah, i suppose they are predatory, they do put companies out of business, but i believe in the votes in the senate and
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there are not going to be the votes in the senate for any kind of socialist agenda. stuart: before we leave the subject, can i just ask you, my problem with google and facebook in particular is the power that they hold. they know everything about everybody and although they don't necessarily abuse that power now, when individuals, multi-n multi-billionaires have that kind of power in the future, i get worried. how about you? >> so do i. you have to say a lot of their wounds have been self-inflicted so i think yes, i think they deserve scrutiny, they deserve hearings, but whether we are going to really break up this entire industry, i just don't see that happening any time soon. stuart: i'm with you on that one. how about the election, 2020. seems to me it's shaping up roughly as capitalism versus socialism. you see it ending up like that in 2020? >> look, no one can play with a foil like donald trump. he's got a great foil.
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a little lack of aggression in condemning anti-semitism, a little infatuation with socialism, these are great gifts for donald trump. so yes, i do see it shaping up like that and that's why i think the democrats have to look to a moderate and in the last week or so, i think biden's chances of being the nominee have improved dramatically, with bloomberg out and -- stuart: could he win the primary? >> yeah, i think he could. sure. i think he has a touch for blue collar workers in pennsylvania, michigan, maybe even ohio, wisconsin, buyediden has the na recognition, the money, the good will. i think his chances of being the nominee have gone up significantly. stuart: got it. greg, always a pleasure. thank you very much. see you soon. check the dow 30. look on the left-hand side of the screen, you can see the big loser here which is dragging the market way, way down is boeing. without boeing, the dow would be up 150 odd points.
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it's one of those days when one stock makes a big difference. the house passing that watered-down resolution condemning hate speech. the vote was 407-23. we are going to talk to one of the congressmen who voted against it, one of the 23 who voted no. he didn't think it went far enough to condemn anti-semitism. he will make his case after this.
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stuart: the anti-hate measure passed the house last week, yes, it did, but our guest voted against it. congressman andy biggs, republican from arizona, is with us now. sir, welcome back. why did you vote no? >> i voted no because i felt it was weak sauce, number one. number two, the reason that we were having that resolution was because of one member who made a series of anti-semitic remarks. this didn't call her out on it. in fact, it basically created this kind of world peace, this puzzle and you have to find out why we're here on it, and then buried it. it just simply buried the issue. we are going to be back again. unless you actually call it out, she's going to keep making these statements and the reality is it shows that the democrats are weak on anti-semitism, and if they would have done a straight anti-semitism resolution, i
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would have been all for that. all for that. stuart: doesn't it seem like, i'm throwing a softball question to you, i mean, it looks to me like they are horribly split, the democrats, just very badly split and honestly, going forward, i don't see how you can keep these competing wings of the party in the same party. there's a direct contradiction between the two. now, it's a softball question. have at it. >> yeah, thanks, stuart, because i think you're exactly right. i think what you're seeing is this kind of radical wing of the democrats right now who basically, they've got control and don't forget, nancy pelosi a couple of votes the other way, she wouldn't be the speaker of the house, but the radicals came in, they've got something, they've got leverage, tremendous leverage over nancy pelosi right now. and that's what you see so it produces this incredible divisiveness within the democrats themselves and i don't know where that ends up. but i mean, you have -- think of it this way. you have ilhan omar making
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anti-semitic rhetoric and rashid tlaib says she's just commenting on policy between the u.s. and israel. that's not the case. that isn't what happened. if it's policy, i'm all for critiques. let's analyze and debate it but anti-semitism could be the wedge that actually causes this party to crumble a little bit. stuart: real fast, congressman, president trump wants $8.6 billion for the border wall. it's in his budget. is he going to get it one way or another? >> it's hard to see that he's going to get an additional $8.6 billion. i think it's a starting point. i think he can make the case. i think we can all make the case objectively that he needs to expand the border wall, expand border security, but the democrats are locked in. they don't want a wall at all so it's going to be a real tussle for this going forward. stuart: it will be a knock-down, drag-out fight. we will be here to cover it. congressman, thank you, sir. always appreciate you being with us. thank you. >> thanks. stuart: fed chair powell, big interview on "60 minutes" last night.
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scott pelley was the interviewer. i think mr. pelley was trying to use powell as a way of getting at president trump and i don't think it worked. my take on that, coming up next. -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.
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do i use a toothpaste that whitens my teeth? or one that's good for my teeth? now i don't have to choose. from crest 3d white. the whitening therapy collection. now with charcoal or coconut oil. it gently whitens. plus, it has a fortifying formula to protect your enamel. crest. healthy, beautiful smiles for life. stuart: fed chair jay powell appeared on "60 minutes" last
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night. now he is the guy in charge of our money, important guy. he told us a lot about the economy. very useful and informative for investors. scott pelley did the interview and his questions and demeanor tell as lot about the media and its coverage of the economy and of president trump. first let's get away with the important stuff for investors. jay powell says he is not in any hurry to raise interest rates. we will be patient, he says. he doesn't see a recession this year. quote, growth will continue to be positive. how about another financial collapse? he says the system is vastly more resilient than before the financial crisis. put it all together jay powell was positive about america's economic and financial health and that is helping stocks this monday morning. the other side of the coin is scott pelley. there was a touch of arrogance, that is my opinion, a up to of arrogance in his questioning, he seemed condescending, trying to use jay powell as a way to get at president trump who cbs
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clearly doesn't like. we isolated some of his questions. >> weighing h weakness in the u.s. economy. retail sales declined in december, fastest pace since 2009. are these things taken together suggesting that the system is blinking red? but the overarching question is, are we headed to recession? are the days of 4% growth over? stuart: now look, any journalist interviewing the powerful fed chair will probe for weakness in the economy. it is your job to expose problems. pelley certainly pushed very hard. virtually every question was about something going wrong but i got the impression what "60 minutes" really wanted was a negative headline on the president. do you still listen to him, asked pelley? can he fire you? watching that interview i thought you guys really want a powell-trump clash or something bad on the trump growth agenda. "60 minutes" is on cbs and that network has no love for the
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president, nor does scott pelley who lost his job as "cbs evening news." anchor in part because of his blunt pronouncements on mr. trump. another facet of the ongoing media contempt for our president. as something in finance i got a lot out of the powell interview and "60 minutes" wanted some dirt on trump i don't think they got it. the second hour of "varney & company" is about to begin. ♪ stuart: well this market really is coming back. we've got a huge drop in the stock price of boeing, which is a dow stock and that huge drop takes the dow down over 300 points. in other words, without boeing, the dow would be up close to 300 points along with the rest of the market. that is what we've got right now. we'll tell you all about it.
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nvidia is buying another chipmaker. that deal valued at $7 billion. that is a lot of money. they beat outbids to microsoft. facebook got a buy rating from instinet. these big techs are going up. alphabet up 10, facebook up 4.78. stock of the day boeing has come back a bit. it is down 8%. it was down 12%. that stock is all over the place on very strong volume but it is predominantly lower and that is taking the dow down with it. dennis gartman, "the gartman letter" publisher. i take it you would not buy boeing at those stocks prices? >> when was down 12 or 13% you might want to as punt but not for the next several days.
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so many airplanes have been on back order will probably if not canceled, delayed. the propensity of american flyers say i will not fly this week if i'm on one of the boeing aircraft is just too strong. give it a week, a maybe a month, maybe then. stuart, i will let somebody else do it. i won't. stuart: when was the last time you can remember a single stock taking the dowdown 300 points? >> i can't. i've been at this since 1972. i cannot remember that, this sort of percentage change incumbent on one stock in my career. i'm sure there has been. i'm sure somebody can go back to the records but honestly i can't find one. stuart: i can see that how about this, federal reserve chair jerome powell on 60 minutes. here is what he had to say on the economy. >> this year i expect growth will be positive and continue at a healthy rate. we see the economy in a good place.
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we think the outlook is favorable one. generally speaking the u.s. economy is coming off a very strong year last year. this was struck at 3%. wages are moving up. >> the economy is doing quite well. i'm surprised he went in front of "60 minutes" camera on sunday night. i preferred the days when the. i do agree what you had to say earlier about mr. pelley. he is not one of the president's great fans, nor have i for that matter i thought mr. powell probably should have not gone in front. "60 minutes" camera last night. i saw nothing for him to gain. the most important thing came across continuation of his
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patience memoranda, patience of maneuvering monetary policy. i'm okay with that. stuart: i think we should be very careful as financial observers when we see somebody from the establishment media doing interview with financial figure we should be skeptical where the media is coming from. a constant stream of anti-trump stuff. that is what i think. >> came across with mr. pelley. he looked a little imperious. he was fishing for an answer he didn't get. but did i come away from the interview being triumphant from the economy? no. i came away patient with the economy. i'm marginally net short in my own account but am i excited either direction? not really. stuart: dennis gartman. always with us, always a pleasure. we'll see you again soon.
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>> thank you, stuart, always my honor. stuart: come on in, steve hilton, host of "the next revolution" who also saw the jay powell interview and observed scott pelley. am i right here? you put the establishment media, have them interview a financial person and you get a negative view of president trump. that is what i see going on. >> that is exactly right. there is a basic narrative that the establishment media wants whole time president trump is ignorant dummy. doesn't know about the economy. all he does is watch tv and tweeting. nothing of substance from his administration could be possibly positive. that is the narrative. it is reflected not in the treatment in this interview, but in the way so much establishment media focuses all the time on scandal rather than the substance of what's going on. for example, even within
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friday's, in some ways disappointing jobs report you had incredibly positive indicators of what is going on be is assistant -- substantively, full-time work, people training, not just sitting on the sidelines, earnings going up. none of that of interest, when the basic narrative is trump is an idiot the sooner we get rid of him the better. they're looking for things to bolster the case as scott pelley was doing last night. stuart: let's turn to congresswoman alexandria ocasio-cortez. she was at this south by southwest festival. steve and our viewers, listen to what she had to say about capitalism. roll tape. >> means we seek and prioritize profit and accumulation of money above all else, we seek it at any human and environmental cost. that is what that means. to me that ideology is not sustainable and cannot be redeemed. stuart: capitalism is irredeemable. to put it bluntly i think she is
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a rising star and i think she is bubble and i think that bubble will burst. what say you? >> i'm not sure that it will burst. that is my worry. i'm going to try to put this in a positive way if i can, stuart, because there are certain things she is saying there that will resonate with a lot of people. the fact we do have to be conscience of the social impact of business activity the way the system works. we do have to be conscious of the environmental impact, those things are true but those are not opposed to capitalism. in fact capitalism is what generates the wealth that enables us to take care of people and to take care of the environment. what i find really upsetting about the way the argument is going within the democrats is that just ignorance about the way things work. another thing that really struck me about that interview was, when she was pressed on the cost of her schemes to take over the economy essentially in the name of the green new deal or
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whatever, she makes this argument if it is first time it ever occurred to anyone, oh, it is not a cost. it is an investment. we have to invest in these things. i've been hearing that as justification for high government spending from left-wing politicians from decades. what they always say. it is not a cost, an investment. the truth we know, because we have the evidence right now today, if you cut taxes, you cut regulation, you generate more wealth. we have got the evidence to prove it. stuart: when was the last time you wore a suit and tie? >> probably a friend's wedding a few years ago. stuart: just asking. just asking. steve, you're all right. we'll see you again soon. do you have a question for me? no, i don't think you do. see you soon. do we have a big hour coming up for you today. we're talking about the legal marijuana business. people spend more than $9 billion on it last year. martha stewart, she want as piece of the action.
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she teamed up with canopy growth. we'll talk to the ceo of canopy growth today. michael bloomberg, former mayor of new york city. he is not running for the presidency. i will talk to his former campaign manager who said bloomberg made the right choice. he will explain why. why elon musk should not be held in contempt for conflicting tweets about production levels. we're on it. you're watching the second hour of "varney & company." ♪ termites. we're on the move.
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stuart: it just happened. we opened down 200 and now we're up one, up three. we completely turned it around. the reason the dow came down so much is boeing. it's a dow stock which is hugely lower but it has come back now. the dow industrials because across the board this is a significant market rally. >> >> look at caesar's. carl icahn is raising his stake, he wants 17.7% of the company up from 15.5%. that is sec filing. how about ross stores? they will add 100 stores this calendar year, 2019. this is bricks and mortar operation that is expanding.
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what happened to the retail ice age? president trump tweeting about apple and the moment he called tim cook. here it is. a recent roundtable meeting of business executives, formerly tim apple as tim apple. is little confusing here as easy way to save time and words. the fake news was disparaging all over this and became yet another bad trump story. i don't know about that. give him a break. there he tweeted about it now. next case, martha stewart, announced she is teaming up with canopy growth, that is one of canada's biggest marijuana companies. they will develop a line of cbd products that is the oil, not the thc stuff that gets high. look who is with us, ceo of canopy growth, his name is bruce linton. >> good to be a back. stuart: what are you up to with martha stewart?
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>> you don't have to say stewart. you say martha. her brand says do it right, health and wellness. on ramp we're starting is as an advisor. she has a view how we do better job for pets. we'll see how it goes from there. stuart: it is camel's nose under the tent. she will deal with the oil, medicinal side of things but ultimately you will get into the ths side of things in america. >> we hope and i can't say exactly where martha ends up but our goal is to enter america when it is not federally illegal. it will be states rights. if it is party and medical in colorado, if the next state doesn't want any, that is okay. when that ruling comes through we would be on side of ever condition and in it big time. stuart: new york state looks like it has the moats advantageous plan for you guys. is that straight? >> new york state got it right. cbd was passed under the farm bill. what is said cbd is governed by
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the fda. i realize those are a lot of letters. it is slow at nda and new york state. other states are saying if you want to mutt amount of ingredients on the container do it in new york state if it is produced here and licensed here and we won't make a health claim. stuart: is that a big thing. >> if you buy something, it is called hemp oil, you don't know whether you get 100 milligrams, 200-milligrams of cbd. you can't label it. if coffee were covered by fda you can't put how many are caffeine. we'll let you put how much cbd we'll govern it unless you make a health claim. it's a big deal. they can see how it works and know where it came from. stuart: in new york state the oil side of the business, the cbd side, that will start fairly soon? >> yeah. stuart: what about the other side of the coin, ths, get high stuff. >> you tell me, really a federal
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decision. there is bunch of work going on. stuart: new york state want to make it recollection krieg alley okay? >> there is governmental level, the feds don't think it is good the banks don't think it is good. stuart: colorado, washington state, d.c. >> like so our business, canopy operates in germany. we operate in more than a does companies. where we operate where it is federally approved. the reason we do that everybody is going to governance of cannabis at federal level. when you stay on sight federally, you can have account at new york city. you can have bank accounts at bank of america. when i go to germany i can apply for a license because i'm not breaking federal laws. we stay on that side, push the rules, rather than break them. stuart: you go with the cbd side? >> absolutely first there is a change in the fed rulings you're there already? >> we have the infrastructure to process. you have products on the shelf. it is just play a long game,
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camel's nose. i know where you're coming from. pleased to have you back. >> thank you. stuart: senator elizabeth warren wants to break up the big tech, to let the next generation of countries flourish. what would a libertarian think about that? we found one and we'll ask. ♪ you.
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stuart: all right. the twitter account is active this morning. the president tweeting again, here it is. wonder if you like this. making daylight savings time permanent is okay with me. we'll discuss later. we will get to that. that's a promise. massachusetts senator and 2020 presidential candidate
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elizabeth warren says she is going to go after big tech companies and break them up. kristin tate is with us, columnist for "the hill." kristen, i think of you as a libertarian and i want to know what does a libertarian think about breaking up google, facebook, amazon? >> well, warren says she wants to use the government to essentially level the playing field and break up big tech companies like amazon but she doesn't say how she would do that. to me, stuart, this is like the government capping light bulb sales in the early 20th century to protect candle makers. that is anti-competition. stuart: i think she would say, they're operating a monopoly and go after them on antitrust grounds because you can't have a monopoly, to undo the deals they have made in previous years. think that i is how she would do it. >> i would argue that amazon has been so successful because they offer better prices. that is ultimately good for consumers, especially people lower down on the economic
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ladder. with every technological advancement comes new opportunities. amazon employs over half a million people. many are high-paying jobs. they pay their low-skilled workers a minimum of 15 bucks an hour. that is double the federal minimum wage. you have these other big on-line retailers like etsy created opportunities for entrepreneurs and local artists to expand their sales. i see this as exciting time to be in tech. not a time to clamp down on innovation. stuart: another quick question as libertarian, how do you feel about the power that a facebook and google has? they know absolutley everything about you? >> that is very concerning to me. warren in the same interview did hint at concerns about data collection by big tech giants. that is a valid gripe, but, stuart, i don't think we need a federal government, especially run by someone like liz warren
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to iron out a lot of these issues. facebook consistently pushed the envelope on data collection. facebook's usership is down 50%. they got sick of the platform and went on to something new. this is the way the platform works. google is losing trust with privacy concerns and flagrant politicization of search results. with that, they will jump to bing and other competitors. stuart: kristin tate, thank you very much. >> thank you, stuart. always a pleasure. stuart: the big story of the day is boeing. second fatal crash of the 737 max 8 jet. china, indonesia, grounded those planes. huge implications all around. we're on it. back in a moment.
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♪ jet baby you can drive my car ♪ stuart: you got it right, liz. liz: lucky guess from me. stuart: we don't play the white album stuff. liz: you don't like it. stuart: ashley: more psychedelic stuff. stuart: we have come back from minus 200 to minus 11. big tech doing very well. apple up four bucks. amazon up 24. facebook, 390. microsoft up a buck 67. big tech on a tear today. tesla, raising prices on most of their vehicles by about 3% on average. they're keeping more retail stores open. this is the day musk has to respond to the sec charge.
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the stock today up 2 bucks at 286. this is developing as we speak. the treasury department sanctioning a russian-based bank. lizzie, something to do with venezuela? liz: yes, it's a way that venezuela evading u.s. sanctions using a moscow-based bank co-owned by venezuela and russia. it was early, one of the first banks to handle petro, that cryptocurrency maduro had too to raise money. maduro saying use russia-based banks for all transactions. now treasury department moved to shut it down. stuart: good. now to the crash that left 157 people dead this was boeing 737 max 8 jet. this is the section time it was
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involved in deadly crash in eight months. china, ethiopia, they're grounding those jets. seth kaplan, airline weekly editor. seth, if i was flying today, i would want to know what plane i would be flying on. i think that could be a huge problem for boeing. what say you? >> yeah. indeed it is. airlines everywhere obviously concerned about what happened yesterday. there was a lyon air crash several months back. airlines and passengers were some degree willing to give boeing a pass. that was airline that had spotty record, after the same plane had issues the previous day, stu. in this case, airline with good safety reputation, suffering broadly similar issues. stuart: so tell me which airlines nye this particular 737 max 8 yet, how many are on order
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for the future? give me a sense of the problem boeing faces. >> 5,000 around the world, stu on order for the future. here in the u.s., american has a couple dozen, about 24 of these max 8. southwest 34 of them. united has about a dozen maxes, in this case the max 9. up in canada, air canada has a couple dozen. west jess, the low-cost carrier there has some as well. this is aircraft, if you don't fly all the time you probably haven't been on one yet. makes up a small percentage of the global fleet. 5,000 on order, that is going to change rapidly assuming issues don't get worked out. stuart: suppose i'm flying today, i'm on a carrier flying one of these jets and i'm supposed to get on one of these jets, i say nope, don't want to do that, what is my option? is there any policy laid down by the airlines? >> not yet. no question people out there thinking exactly that. i think we'll see some flexibility here from the
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airlines. at this point airlines in the u.s., thus far look, we, if we're flying the plane because we're comfortable with the idea that it is safe but let's see here as more information comes out, the good news, stu, black boxes already found. this will not long remain a mystery. we'll find out what happened here. what indeed are the connections. sort of broadly, some similarities to what happened several months ago but way too early to say whether there is indeed a connection. airlines obviously watching closely as are the rest of us. stuart: real fast, 10 seconds, sounds like a software problem to me. what say you? >> yeah the anti-stall avoidance system, clearly last time, possibly this time. we'll see. stuart: seth, thank you for jumping on real fast. we appreciate that. we need the information. we got it. thank you very much, sir. back to my editorial at top of the hour, scott pelley kind of went after jerome powell in the interview on "60 minutes" last night. almost every question was about something going wrong.
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howard kurtz, "mediabuzz" host is with us. this is my opinion, this is an opinion show and here is my opinion, howard. i think "60 minutes" were trying to use jay powell as a way of going after the president because they don't really like the president. what do you say? my main takeaway i struggled to stay awake. these are not two of the most scintillating personalities i have ever seen. seems like scott pelley, who was pretty anti-trump in ways waning days as cbs news anchor before he was eased out. when you break it down when he asked about how would the fed deal inflation if it goes over 2%, can we have 4% growth, can president trump fire you i thought the individual questions mostly fair. stuart: you see we're a financial program. we kind of warn our viewers, you see the mainstream media interview a principle character in the world of finance and you should be kept cable about the questions asked, where they try to make it go.
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am i right there? is it legit to be skeptical about the mainstream media at this point in the trump presidency? >> it is absolutely. you should be skeptical of all mainstream media coverage. powell had a lot of time to reply. it like pelley was interrupting him or badgering him. i take your point, it was a very glum view of an economy by most accounts doing pretty well. stuart: next case, howard, the lawyer for the covington catholic high school students may soon cnn for quote vicious attacks. cnn apparently ran edited video of the encounter and refused to he had it for two days. do they have a case. >> i think lin wood who is representing sandmann. it was "washington post" initial flawed reporting that set the
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narrative many other news organizations followed. a lot of television organizations ran misleading edited tape of encounter which made students look bad when they had not done nothing wrong. whether that evolves into a successful libel suits is. stuart: i saw aoc, she is appealing character and does make news. i still think she is a bubble? what say you? can you express an opinion? >> if it's a bush i don't think it is bursting anytime soon. she made a reasonable critique of the excess of capitalism but throws in a line i think capitalism is irredeemable. she knows that is clickbait. everybody will jump on it. she has the ability to get herself in the headlines but she is polarizing figure. stuart: what got me was, if you don't have a job in america, we leave to you die. a little extreme i would say. that is the bursting of the bubble to rational people.
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but howie, thanks for joining us, sir. we'll see you again soon. >> good to see you. stuart: president trump unveiling his budget in less than an hour. 8.6 billion for the wall. looks like it is setting a real big fight for the house democrats. we'll tell you about that. denver unavailabling mobile voting for its elections this may. tore members of the military and their families that is. seems like this is a test before it could become everywhere, mobile voting. we'll ask the person who is actually doing this in denver. you've seem him before on the show and el be back. ♪
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♪ ashley: former arkansas governor mike huckabee says the expected fight over president trump's proposed budget will be different than the one that led to the government shutdown earlier this year. >> this budget bat sell certainly heating up and it will be the same old, same old. the democrats will act like they're always against a wall, even though they have always been for one until donald trump proposed the addition of one. but ultimately he is going to get it because there are enough americans, i'm convinced that have the common sense is and reason they lock their doors at night, the reason they close their garage, the reason they
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have backyard fences. the left is gone on a ledge and they're about to fall off of it. ♪
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stuart: we really did turn it around. the dow opened with a 200 point loss. now we're uppoints that is a turnaround. the 200 point loss was solely
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the result of boeing's plunge. denver, colorado, will test a program to allow some voters cast their ballots via smartphone app. how about that? our next guest is helping fund this pilot program. it is bradley tusk. he has been on the show before, many times. ain't that right, bradley? >> i have. for some reason you keep having me back. i keep assuming each one will be the last one, then you guys call again. stuart: it is never the last one. there is an app. if i'm in denver, there is an app i can vote on a mobil phone. >> okay yes, why, how? stuart: what is my question? you will use this as an entry point to go nationwide, aren't you? that is what it is all about. >> what i'm trying to do. stuart: are you worried about hacking, that kind of thing? >> look if our only problem in life was hacking you would say paper only ballots make sense except for those remember bush versus gore in 2,000, paper has its problems. we live in world turnout in most
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elections is less than 20%. primaries 10%. gerrymandering, most primary elections are the general. jenna: election. that means the far left and far right control the elections. guns, health care, continued to be sensible in the middles those views are never heard because they don't vote in primaries the politicians who only in my experience get about reelected they just take the advice for people that vote for them in the primaries. you were talking about mike bloomberg, why he is not running for president. this is really the same thing, having worked with mike for years, run his mayoral campaign i know a lot of his views line up pretty well with the country as a whole but i know his views are not particularly radical. they're fairly centrist. they don't line up with people who vote in democratic primaries. stuart: that is interesting. if you had mobile phone voting in the iowa caucuses for
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example, you think mike bloomberg would have a shot? >> i do. stuart: but without that, he doesn't? >> i think that without that, when turnout is really low, you tend to get the extremes, right? people who are motivated are angriest, most fired up, which tend to be the most partisan. totally on both sides. stuart: when i first heard about this, election, presidential election or congressional election. >> anything. stuart: anything, that is more important. >> denver municipal. let me give you two sad stats. bill de blasio phenomenally a mayor, was elected, won his primary with 300,000 votes which is 4% of the city's population. couple weeks ago we had special election for public advocate. totally useless job, citywide job, if mayor leaves, public advocate becomes mayor. do you know how many votes the winner got in77,000. less than 1% of the city's
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population picking a citywide position. de blasio was really bad mayor in the first term, he governed for the 300,000 and didn't make sure the other 97% suffered. >> having learned so much how bad politics is the need to do something. as we discussed before on this program. i'm early investor in uber. that worked pretty well. gave me ability to create family foundation. one. two things we're funding. we did it in west virginia last year. we're doing it in denver this spring. stuart: if the system were adopted you would make money out of it? >> i have no interest at all in the companies working on. by the way, makes my investment team and my fund i won't invest in it but i won't. stuart: i'm sure. back to mike bloomberg for a moment. he is not running. he said he couldn't win.
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he couldn't win the democrat nomination. >> right. stuart: that is really because he has gone so far to the left, isn't it? whether you have app voting so far to the left he doesn't want in. >> you had member of congress make wildly anti-semitic congress they couldn't even condemn her by name, right? you have a party run amok on the left, like many would say the republican party on run by trump on the right. as a result a candidate competitive in the election. incredible experience in the public and private sector, all the money he needs to run his own race to be independent is not viable. stuart: what about biden? >> biden on one hand is a little more viable. he is career politician and obama's vice president. we may live in a world where biden is too centrist. stuart: you believe, i do certainly, democrats have shifted so far to the socialist left. >> the people that actually vote in the primaries, yes. do i think the overall party has? not as much. but when you look at people who show up at caucus, show up at
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the primaries show up at rallies, watching msnbc and tweet out what rachel maddow says, they moved so far to the left centrist candidates can't compete in the primary. stuart: five years from now will i be voting on this. >> i certainly hope so. everyone that has power, if u exploit low turnouts on the right, teachers union on the left or nra on the right you won't want this. this disempowers you to bring everybody to the system. i'm not naive what i'm up against. what i learned with uber and other things in technology, when you let the genie out of the bottle you can't put it back in. my job is to get it out of the bottle. stuart: you're such a centrist. >> people say i'm pretty extreme one way or the other. stuart: we'll get into them. bradley, thanks. >> thanks for having me. stuart: paying day for elon musk. he has to explain why he should not be held in contempt. all the conflicting tweets about model 3 production numbers. here is question how bad could this really be for musk and
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stuart: well, let's face it, this is a turnaround. we were down 220 odd points. now we're up 80. that is a 300-point turnaround and we welcome it. we're back to 25,500. across the board stocks are up. the trump administration warning germany's government over huawei. what is this about? ashley: the journal reporting that the administration warned the german government it would limit intelligence it shares with german security agencies if berlin allows huawei to put in infrastructure for germany's next generation mobile internet. if you do that, we'll cut back intelligence we share with you. those are strong words. stuart: it is a threat. we have this breaking for you. the democrats have chosen milwaukee, wisconsin as site for 2020 convention. the other choices were houston and miami. they're going to milwaukee. now this, today is the deadline for elon musk to explain to a federal judge why he should not be held in contempt of court.
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judge napolitano is with us now. let's leapfrog this, suppose he is held in contempt, what could happen to him and tesla? >> what will happen to him if i may modify the question, moderating of the fine and tightening of the screws. he is under a consent decree that the tesla entered into with the sec for the last time he sent out a tweet, we have all the investment dollars we need. it affected the market. the result was a 20 million-dollar fine for the company. he lost his position as chair of the board but stayed as ceo. and he agreed all tweets involving tesla would be run past general counsel. last week he tweeted, tesla is going to produce 500,000 vehicles in 2019. ten minutes later, no, it is 400,000. he didn't run any past general counsel. secc is saying you violated agreement. we want you held in contempt. could he go to jail? yes. is it likely? unlikely. he is not a danger to the public
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but the sec cannot roll over on this because they aggressively pursue these things which we don't follow because the others are not celebrities the way musk is. stuart: something bad happens to tesla, to musk and tesla? >> yes. probably a fine. perhaps the tightening of the screws, meaning they will name the person before whom this information must be passed and they will monitor that person as well. stuart: there is one other thing here though. musk could lose his security clearance. >> this is crazy. stuart: because he smoked marijuana in an interview with mr. rogan. >> yes. stuart: because he got the security clearance because of spacex. >> the security clearance is not aimed at marijuana. you have to obey federal law. federal law prohibits using marijuana. he not only used it but used it on a program viewed by five million people. stuart: you can't do that. >> you can't do that. they may give him a break on that. government is interested if
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spacex as he is in the government. at some point, i love the guy, because he is a little wide of the mark, does his own thing but at some point these breaks will stop. stuart: judge napolitano, at some point these breaks will stop. good word. thanks, judge. we talk a lot about the tax exodus on this program. people leaving high-taxed states like new york, heading south to florida or maybe texas. however the blue states, high-taxed states are not letting go easily. we'll tell you the extreme lengths they go to keep the wealthy almost as prisoners. third hour of "varney" coming up. ♪
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stuart: you will not believe what great lengths new york is going to to keep wealthy people in this state. they may want to move because of new york's extremely high taxes, but the state is not letting go easily. you are going to be seeing a lot of this from other high tax states. if you live in new york city, you pay a 12.7% tax rate. in florida there is no state income tax at all. moved south in the savings are astronomical, specially for people earning millions of dollars a year. so you have your taxes and say i've moved. now you've got to prove it in
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the tax collectors to run your back like you wouldn't believe. you say you now live in florida, let's see your travel records. where do you spend your time? do you have your receipt from a gas station or states, airline tickets. it's much more than a mere paper trail. you have to prove you really have cut ties to new york in your true home is now florida. where are your wedding photos or your jewelry? after all, that's where your home is in the auditors will sometimes check your house spirit of go go when look inside your house. is it really the place is nearest and dearest to you? is it really your home? they want to know. a season pet does come a safety deposit boxes, gym memberships. where is your dentist? let's see her phone records, too. they will even check inside your refrigerator. the onus is on you to prove you really live in florida. new york connect to 3000
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residency audits between 2010 and 27 teen and that number is going straight up because of the new tax law. this kind of intense audit will rapidly spread that the authorities try to hold the exodus of the 30s started. it's come to this. taxpayers will be held prison in the states that are unwilling to pay the price for their fiscal mismanagement. it's going to get really rough. the third hour of "varney & company" is about to begin. i think we better bring an charles payne, the host of making money on this very network and i believe lives in the northeastern part. it seems like you could check out. money gambling. part of your wallet will stay
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behind. i tried to do a little research and i saw a report 128 pages so it's pretty tough. to check out your homecoming or business can your time, what they call near and dear things like that and make personal observations. they may interview the postal carrier. they may interview a doorman. this is the most intrusive thing i've ever, ever heard about. they've recovered a billion dollars on this. stuart: they can say subjectively we don't believe you. we don't think you are really living in florida and this is a new york tax court. you're guilty. i have. >> it's expensive to fight. here's the thing between 2015 and 2017 per audit is 144 grand.
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stuart: i've got to move on. fed chair jay powell put out a fairly optimistic view of the economy last night on 60 minutes. growth, wages, unemployment. you sense the animal nerds are loose? >> unfortunately scott pelley missed the one golden opportunity to ask what the fed will do if things get a little weaker. there is a big, big feeling out there this federal reserve will follow the colleagues in japan and europe encoded negative interest rates. it's controversial. a lot of peers and orthodox economists hate the idea. i think the air of aggressive central banks is over for a long, long time. and if that happens it might be music to the years of wall street but a lot of peers think it could be ultimately a big, big issue. think about this. when you hear from aoc and all
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of them, part of it is the fact that as long as the fed can justify printing trillions of dollars are banks why not print it for the new deal. stuart: the president's latest budget, a $.6 billion for the wall, but he wants all kinds of welfare like food stamps. >> and 100% on board with that. bill clinton did it. it was successful. one thing politically incorrect after looking at the jobs report on friday. a lot of americans still don't want to work. a lot of americans still don't want to work. you have 7.3 million job openings and yet last month 45,000 people last labor force. a lot of americans don't want to work and now the current conditions they still don't have to work. there's enough programs out there to take advantage that even a $15 an hour is not lucrative enough to get and hit the brakes.
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>> that is saying something. i could do with the big story of the day which is battling an ethiopian airline disaster. china come in in a shot from ethiopia all announcing that they've grounded boeing 737 max eight jets as a safety precaution. jeff flock is at best an in which airlines fly these planes can fly them out today in america? >> this is why we are at midway airport here in chicago which is of course a big hub for southwest. southwest in the u.s. is the biggest customer of this aircraft. here are the latest numbers with god. according to boeing, 31 being flown by southwest. we believe three more since he got that number appears others 34. united has 12 in the air.
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multiple other, other airlines around the world fly this aircraft. many more are ordered that are currently in the air. about 350 currently have been delivered. 5000 have been ordered. hugely important and it's out there. you may be online whether you know it or not. >> that's very interesting. i wonder if the airlines have a policy if i'm due to take a flight to date someone of these particular planes and i say i don't want to fly, do i have an out? i don't think we've got a policy on this yet. >> if they do i don't know that. that's a good question. stuart: thanks, sir. we'll see you again very shortly. boeing stock down well below 400. i think 375, 380.
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it's come back a bit. would you buy it? >> i'm in a? >> and long-term. i've been talking about this for a decade and i wouldn't sell it today and i would like to buy it i want to put my kids through college this one and the number one stuff help me do it. >> boeing has to have a fix. >> i thought that -- i do want to be too tough on it, but i felt they were a little bit nonchalant with their public response. i don't know what they were doing behind the scenes they need to have a sense of urgency right now. it's not just 730 sevens. people are afraid to take a plane pretty soon. the brand-new airplane can say it's not us. got the black box. get over there. everyone's saying it's a software. fix it. say something on fix it. get this thing done. stuart: you can watch charles payne everyday 2:00 p.m. eastern time i do declare.
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thank you, charles. let's stay on the big airlines. check southwest. we told you about their ongoing feud with the mechanics union. the faa is getting involved. they said a vacuum for this putting passenger safety on the line. the union playmate and send southwest blaming them for the massive uptake and flight cancellations. the stock is down and yes they do fly some of those max eight jets. american airlines starting april 1st will no longer be a will to bring your emotional support kitten or puppy on board. animals under -- [inaudible] trades you've not heard the last of this. under four months old prohibited it's limited to only dogs and cats. if you've got a miniature horse under special circumstances you can bring. don't ever forget that.
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switching gears to brexit. vote tomorrow in britain's parliament. next, mr. brexit himself nigel for russia's got. he will break down what may have been today and thereafter. venezuela come in the massive power outage crippling the company has turned deadly. opposition leader -- we are on that one. just as a record number of families are set to cross. say you have the budget will give president trump sol 2020 budget request in 20 minutes. stay with us. it is the third hour of "varney." ♪
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stuart: would really want to keep you up to speed on the comeback on wall street. we've had about a 340-point swing since the opening bell. less than two hours ago. boeing still way down but the big tech companies have come up very, very strongly. right now we're up 113. venezuela, the countries now entering the fifth day of the deadly nationwide lockout causing looting, protest and the near collapse of hospitals.
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today the government ordered a national holiday. schools and businesses closed. sources from the country's opposition say at least 17 people who died as a result of the blackout. that is a collapse. brexit come another landmark roe to be held tomorrow. prime minister theresa may is headed to strasburg tonight may be looking for some last-minute concessions. she needs them. let's bring in mr. brexit himself, nigel farage, vice chair of britain's gleaming weight. we have a long delay. i'm going ask you this. is she going for last-minute concessions and will she get them? what will be the outcome of the vote tomorrow and what happens thereafter? no. >> okay, she gives, she gives compressions that all shall lose the vote tomorrow visit heavily. she is coming tonight here. last-minute meeting with the e.u.'s top bureaucrats. she needs to get something that
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says we can get out of the new arrangement if we choose to unilaterally. that's the key. it's called the average backstop as it's currently designed its a trap that could keep a stack in e.u. custom union in perpetuity. will she get it? i think she'll get words. i think it'll be more cosmetic. i could be wrong. the reason i believe that is the e.u. have got us where they wanted. we're in trouble. the u.k. have been beaten down with european elections coming in a few weeks time, so my guess is -- my guesses by the end of this week will see a parliament that is basically extend article l. that means we will not be leaving on march the 29th the country will have a very sad pass. stuart: i'm just going to ask award and more question.
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look down the road a ways. look into the summer of this year. where is britain at that point? >> air force document extension, the likelihood this will have to fight a european election which will be a chance to the insurgents namely people like me that comeback in i just fear -- i fear that if you extend article li seat extended again. there's a perfectly reasonable solution to all of this. they mean to become an independent country. and if, just if the prime minister says he know what i'm going to defy that. i'm going to stick with the original legislation, we could get out on one of those terms. the economic dumps in the road we would be out. we would be free. i wouldn't hurt the chances of that better than 15% to 20% but it is still a chance.
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tree into nigel, what i'm looking for is a huge trade deal between britain and the united states is written as a hero. i know you can't reply to this. thank you very much for being with us. i want to see you again. now this. if you frequently travel from the u.s. to countries in the european union because 392021 you need to apply for visa. just land in the country. it's fairly simple you can apply for the beside mine. you have to pay a small fee. by the way, the new rule does not apply to britain. big oil news. according to the iea, the international energy agency, the u.s. is set to surpass russia's oil exports by 2024. it is an america site. in 28 t. and the u.s. was the biggest producer of oil beauty now russia and the saudi's.
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the u.s. is on pace to supply 70% of the worlds oil by 2024. talk about energy dominance. the price of gasoline today averages 247 nationwide. it's gone up 26 days in a row. got it. check the big word again. we are up almost 100 points. what a turnaround since the opening bell. congresswoman alexandria ocasio-cortez using the stage of the south by southwest festival to slam capitalism. where is their outrage at what is happening in venezuela? we will do with that. she kind of liked that already. first, we are waiting the full budget report out in about 10 minutes. stay with us. ♪
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in honor of my dad, who was alzheimer's. i decided to make shirts for the walk with custom ink, and they just came out perfect. - [announcer] check out our huge selection of custom apparel for every occasion. you'll even get free shipping. get started today at customink.com. stuart: space, the final frontier. we told you last week about the crew dragon capsule and the successful docking with the space station. as you can see it made it up for this return to her through the
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weekend. just off the coast of florida through usable. i believe i had a bit of a tan. from reentry. chris. something new for not on your screen. footage from the new high-speed cameras that allow you to finally see the supersonic boom, the wakes of the boom from an aircraft. it was developed to help nasa understand he is so they can develop supersonic craft of their own. something that's order producers this morning. art deco inspired has been sold for only $150 million. i can shake my change out of my sofa. why so cheap? because the land under it as an exorbitant rent down the value of the building. a couple stories from test love. they're walking back their
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announcement to shut their bricks and mortar stores is that keeps them open but all sales will be done online. they're also raising car prices 3% except for the model three which stays at $35,000. big day for elon musk. he's got until the end of the day to convince the sec that he should be held in contempt over some agreement wreaking tweets about tesla sales. he's got until the end of the day to do that. doctors at $2. well under 300 bucks a share. trade, the u.s. and china close to a deal on currency is part of the deal china would try to have a leg up. we'll certainly deal with it. in three minutes, trump administration releases its budget request for 2020. big news, we are on it. ♪
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train to the market's been open for two hours aired and those two hours we have now seen a 330 points thing down to 32 the open now up 100. boeing got off the selling that the rest of the market cap on
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rallying hurt the dow 30, 29 of them are a. only one is on the downside. that is a reversal. we are going to turn to politics. we have some breaking news and i can give you this precisely. values just 1130. the white house has unveiled a new budget. blake burman from the white house. give me the bullet points come in the main points. >> some of the headlines. a point x billion dollars a request for while funding president trump is taking here along with an increase in military spending. $750 billion budget while decreasing nondiscretionary defense spending by 5%. cut nondiscretionary spending by 5%. it also calls for a balanced budget in 2034. let's break all of these out for a second considering this is a request to congress.
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congress is the one that actually assigned to the money goes. chuck schumer and nancy pelosi saying a $.6 billion for a border wall is not happening. when you talk about raising military spending by cutting nondiscretionary defense spending, you've got a thing that democrats will not go along with that either. a balanced budget in 2034 will be to come and maybe three presidents down the line. i've got an infant and a toddler at home. they will almost be able to vote in 2034. it's one of the reasons why a lot of people they do what the president is putting forward is a nonstarter. true to a certain it will lead to a major fight and there's no question about it. thank you very much indeed. let's go back to the boeing story. china has announced that they are grounding all of their 737 fax eight jet planes. edward lawrence knows more about this. edward, could this have any
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impact on the china trade talks? >> long-term probably not. what it could do because were talking of a dual tragedies right now when indonesia last october also ethiopia now could open the door for chinese manufacture of the nine main team. that is meant to compete. the chinese have had trouble in part because china will not share the crash i'm not playing. bill in january the chinese airlines took delivery of 17% of all the oil in 737 finished in january regardless of the retaliation tariffs on chinese companies have ordered 100 of them and all. we'll see you china cancels any of those orders. a series of teleconference meetings are set up for this week to work out the trade deal. the chinese vice premier and announcing they are working day and night towards the deal in a speech in beijing the chinese version of their congress or the
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goal is to remove all impose tariffs in the bilateral trade relations can return to normal. the u.s. needs to see that then with the first partnership of companies. china expected to pass a law preventing the government agencies and employees are demanding trade secret. they also want to see specific enforcement provisions. white house advisers backing off the timetable saying that there may not be a meeting between the two presidents in march. only saying that they are bullish a delicate time. we first reported the chinese took the face-to-face meeting with xi jinping and president trump off their schedule. further economic pressure. auto sales in china fell 14% in february from february 2018. train to edward lawrence, thank you indeed. i turned to ashley. we've got breaking news on china trade. ashley: a statement from piling on the investigation and ethiopian airlines crash.
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safety is our number one priority and are taking every measure to fully understand all aspects of this accident. working closely with the investigative team and regulatory authorities involved. the investigation is in its early stages but at this point based on the information available we do not have any basis to issued new guidance to operate. stuart: i think that allowed it to come back a little. fifty-one dollars now don't dirty dollars. read the last line again. >> the investigation in its early stages but at this point based on information available we do not have any basis to issue new guidance. stuart: fascinating. let's get back to the president's proposed budget. within the budget funding for renewable energy initiatives basically on the chopping block. a former epa official mandy is with us. as i understand it, the company wants to cut 70% of the business
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on renewables. now that is drastic. is it justified? >> ask him absolutely. the president isn't a politician. so ensuring they get the biggest return for taxpayer dollars being invested in this budget. but he's prioritized is rooting out the inefficient programs like what's under the umbrella of the office of energy efficiency and renewable at the department of energy. stuart: webcam programs will be rolled out in this budget? >> limited funding for investment in electric vehicles and investments in capturing energy. that is not to say the president does and also prioritized advancing cutting-edge technology for capturing energy in an efficient way. the problem is these have been funded for years and years are they started in the obama administration. a lot of the money goes to propping up investment instead of making budget decisions make sense for the american people.
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stuart: give me an example. these are paid to companies or projects propped up by left-wing donors. give an example of that? >> what would be the electric vehicle industry essentially being run by one company where the rest of our companies are subsidizing the sales of tesla to millionaires in california and government funded program should go towards emerging innovative technologies, not ones that have been around for a while and receive millions and millions of dollars of taxpayer benefit without a serious return on about men. today for example, they make up less than 3% of the total vehicle market share, but the government subsidies has continued in earnest. the president is turning to surround his budgets and that's why it's a smart proposal. stuart: the democrats come the left is going to say the president is not on board with climate change. the president believes that the hoax indy scouting programs
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favorable to renewable energy. what is your response to that? >> the president is investing in ways that are smart. he's investing in r&d. there is a program to modernize the grade in ways that make sense. it's not about picking winners and losers which was the way of the last administration. it's looking at what is out there in investing in a way that maximizes the return and you have to do that through smart policies and that's what you see in the budget. stuart: the president getting away from politics and business basically. that day. >> absolutely. he's a businessman at its core. it's a clear difference between the democrats could you have your liberals out there trying to solve this whole gory new deal that comes at $93 trillion of cost. but what does that go into the environment were not sure. we do know it will increase the price of every day act committees for american families all over the country.
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the president's budget is completely opposite. in boston a smart way and assures american families are safe and can be prosperous. stuart: former epa lady, thank you for joining us. we'll see you again soon. trader joe's getting greener. they're getting rid of plastic tags. they also makes plastic and styrofoam in favor of recyclable in reusable materials and packaging for example. they'll even post information to customers on how to correctly recycle their products. trader joe's. i approve of that. retailers this morning we received the latest government numbers on retail sales in january of 1.2%. december was revised down to a 126 drop in december. nobody quite figured that one out. all of the retailers direct
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today. a loose most of the good ones. congresswoman ocasio-cortez using the stage of the south by southwest festival to slam capitalism and ronald reagan, we will deal with that. the president -- things like this is setting another border funding fight. we are going to talk to the former i.c.e. guy tom homan next. ♪ you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves all your worst symptoms, including nasal congestion, which most pills don't. and all from a gentle mist you can barely feel. flonase sensimist.
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trained you well, my goodness, what a turnaround. 930 part this morning down 230 points. we're up 100. but it's a turnaround. what's going on? boeing was the original selloff. it was down $50. now it is down 3028 so it's come back a little bit. tell me, what is really bolstering? trade for apple, 3m, overall a market high. stuart: apple at 178. alphabet 18. amazon of 36. they spoke of three and microsoft up to 25. all across the board today except for boeing. that's recovering a bit and now we are up 100 will be back.
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stuart: there is a crisis on the border. a record number of migrant chaplain that spammers will try to get across. according to "the wall street journal" 178,000 migrants are acted to try to enter the country between march and may. it's a staggering number compared to the 46,000 entering the country in the same
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timeframe last year. staggering increase. by the way, the president's proposed budget includes a plastic alien dollars to build a border wall. moments after releasing the budget he treated those. republican senators have a very easy vote this week about border security and the walls stopping crime, drugs, better. not constitutionality and precedent. it is an 80% positive issue. the dems are 100% united as usual on a 20% issue. open borders and try. get tough, republicans. tom homan is back with us, former acting director of vice. i know you agree with the president, but tell me more about this a loose. i have to call it innovation. 106,000 people traveling as families in that very brief time frame. that innovation, tom. >> absolutely. are the first six months of this
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year, more people have entered illegally then the entire year last year. this is a crisis those humanitarian national security crisis. i said they'll keep coming until congress closes the loopholes. change the asylum laws. we do that up front at the border. they need to change the traffic in fact the children from central america. they need to oppose the settlement agreement were families get detained for 20 days because that's not long enough to see a judge panel decide to the 600,000 fugitives already in the united states. congress has to act. the wall will help significantly in the congress has to act. stuart: am i right in saying that they're not all family groups mom, dad, son, daughter. not quite like that is it. then they tried to bring children on a couple adults to make them into a family and get
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across. >> the go. some of these children. the cartels -- come across as a child then you may not be detained. then release. it's happening. there's been investigation surrounding it. for people to say they care about the safety of the children, they're certainly not showing it. doing whatever he can to secure the border. name one thing the democratic leadership has done to address this issue. one thing that will slow down. they've done nothing. they've offered nothing in that is why it's really sad they are putting their hatred of this president and they want this president to fail. they put that ahead of their responsibility to protect the americans and secure border. stuart: i said at one point a lot of people want to come here.
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is that accurate? >> yeah. you're getting into the united states and even if you lose your case, you're not leaving. that's what i've been saying for the last couple weeks. they need to do a national operation, have their due process if those orders don't mean anything the whole system doesn't work. they need to be arrested and removed. i did that three years ago. stuart: tom homan, thank you for keeping us up to speed on what's going on. now this. senator elizabeth warren taking direct aim at the attack. roll tape. >> giant tech companies right now are eating up little tiny businesses, startups and competing unfairly. they're up all the information
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and every one of the businesses that are offering their products on amazon. when amazon sees unprofitable, they say i think will go into business together then. >> look at the stock prices. amazon, facebook, also that, google to break them out. all although stocks are up today. >> usually break up a company because they cause prices to go higher. amazon is causing them to go lower so much that they've noticed on inflation keeping it low. thousands of businesses operate. thousands of them survive and operate on amazon. trent radio to manila for that they've got a competitive damage because they not only on the platform that they have their own products on the platform and not the monopoly. not just google amazon facebook but apple for the same reason. train for but there's never been cases where you break up the platform for the reasons cited.
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stuart: look, i've got a problem with a brother, but i don't have a problem with them created jobs because they do create jobs. now this. here we go again. alexandria ocasio-cortez given the rockstar treatment at south by southwest. she totally sold this age while slamming capitalism. good story. we'll check on it. >> it means that we seek and prioritize profit and the accumulation of money above all else and we seek at any human and environmental costs. that is what that means. to me, that ideology is not attainable. stuart: any human costs are you kidding? would you say? ♪
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stuart: sorry, can't help it. we can't go for an entire hour without mentioning aoc. she did make quite as washed up without i southwest plus well over the weekend. she went after capitalism. roll that tape. >> it means that we seek and prioritize profit in the accumulation of money above all
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else and we seek it at any and environmental costs. that is what that means. to me, that ideology is not sustainable and cannot be redeemed. stuart: i think you heard me explode at that moment before the commercial break profiting any human or environmental costs. the gentleman on the right-hand side of the screen is a favorite of ours, alfredo ortiz. that is simply not true. we do not pursue profit at any human cost. we just don't do that. >> yeah comest you are. we are group that put the billboard in times square and honestly i don't think there's enough billboards in times square that i can put up. this is absolutely ridiculous. i don't know what society she's talking about. where she's even coming from. the only society imploding the way it is is venezuela which is a model regime we see falling
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apart because that's exactly what they believe in. it's unbelievable. stuart: if you hold on a second time i want to place our audience some other material from aoc at south by southwest. watch this. >> we should not be haunted. we should be excited about that. the reason we are not excited by it is because we live in a society where if you don't have a job you are left to die. stuart: what? handle this for me because i am going to explode. if you don't have a job you're going to die. >> venezuela is the only society where that happens. if you don't have a job you're left to die. this is the model down their she's talking about. in this country we are one of the most enabling countries on the planet. people are coming here because of the american dream. stuart: if what she's saying and
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i think just plain ridiculous, when do she implode? when does the bubble burst? >> stuart if you know, elizabeth warren is already walking away. she this weekend is saying i'm not a socialist. people are starting to walk away from us because she's trying to represent such a radical wing of the democratic party. for all the talk that exist about republicans than civil war that exist between the trump and never trump, the real civil war is the democrat party. the two leading candidates for the 2020th democratic primary it's the opposite folks now. by now most seems like a moderate democrat. stuart: i've got to go. keep those billboard coming. >> will keep the attack failing.
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stuart: there will be more "varney" after this. . . . .
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stuart: this selloff in boeing's stock. we have a late development. ash? >> india's faa saying only pilots with 1000 hours of flying experience are or more will be allowed to command the boeing 737 max 8. stuart: that was the big fear. airlines would put restrictions
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who can fly, which airlines can fly. boeing 737 max 8 jet. that is coming from india. ashley: yeah. stuart: the overall market is back. we're up 100 after being down 220. connell mcshane in for neil. connell: i'm connell mcshane, filling in for neil, he will be back tomorrow. this boeing is the story boeing is the only exception. after second fatal crash after 737 max jet in just five months. we have number of developments. indonesia followed china grounding all 737 max

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