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tv   After the Bell  FOX Business  March 29, 2019 4:00pm-5:00pm EDT

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where we were crushed. i wouldn't worry. investors stay the course. [closing bell rings] markets go up 8% not just every year. i think we'll be softer market. liz: with you. show the lyft board here. we look to close around $78 and change. melissa: there we go. connell: nice finish to a crazy day news weiss. green on the street. last trading day of the quarter. good way to end it. on top of all that, we're waiting for new comments to come in from florida and president trump any minute now. as we wait, we see the dow up 210. settling in to close at session highs. nasdaq ending up for the third time in the last four sessions. good to have you with us. i'm connell mcshane. melissa: happy friday. i'm melissa francis this is "after the bell." the dow fighting for gains, s&p 500, nasdaq in green for third month in a row.
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for the quarter, major averages up more than 10%. with the s&p 500 marking the best first quarter in 21 years. connell: that's a long time. melissa: yeah. connell: not bad at all. fox business team coverage from wall street to washington with gerri willis on the floor of the new york stock exchange, blake burman at the white house, kristina partsinevelos at the nasdaq covering the lyft ipo and we also have edward lawrence reporting on the latest veriments in the trade world. we wait for the president, with all news breaking, let's start with blake. reporter: friday often busiest day, connell and melissa. this is no different. we heard from bill barr, two-page letter he sent to congress. we know when the full mueller report, most of it will be released. boil it all down the two page letter says the following the report will be released mid-april or possibly sooner. it will contain redactions, attorney general says, like grand jury testimony and sources and methods. barr will protect material that
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could affect on going matters and individuals that could have reputations smeared. barr said the mueller report is nearly 400 pages long. there are no plans for the white house to claim executive privilege. he adds he will testify on capitol hill as early as may 1st. barr pushed back on democrats who criticized him for boiling down the writing as well in that letter, quote, my notification to the congress and public provided pending release the report of summary of principle conclusions that is its bottom line f that news is not big enough, we heard from president trump he could potentially shut down the southern border by next week. the president is down in florida earlier today. he went to lake okeechobee to talk about ongoing infrastructure efforts there. the president had this threat for mexico. watch here. >> so mexico is tough. they can stop them but they chose not to. now they will stop them.
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if they don't stop them, we're closing the border. we will close it and we'll keep it closed for a long time. i'm not playing games. reporter: president talking about caravans originating in central america making their way up through mexico. you mentioned hearing from president trump. we're set to hear we believe shortly. he will be joined, speaking about the small business administrator linda mcmahon. we're told she will leave the sba. she will join one of the super-pacs to support president trump's re-election. connell: as you say on a busy friday. thank you, blake. melissa: tons of breaking news. trade optimism boosting stocks. edward lawrence with the latest on negotiations between the u.s. and china. edward? reporter: melissa, a renewed sense of optimism as u.s. finishes two days of intense negotiations. the talks ended with a picture as the lead negotiators shook hand as they finished friday on beijing. enough progress to continue here
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in wash on april 3rd. sources say the chinese put more things on the table. because they were waiting for the mueller report, because that did not weaken the president the chinese may have put more on the table because they have to deal with the president's tray policies through 2024. now those sources say the chinese are more serious about making a deal. the chinese foreign investment law pose into effect january 1st. that makes it illegal for government agencies in china or employees to demand trade secrets protecting intellectual property. that is one of the major priorities for the u.s. >> it is not about disadvantaging our friends. and partners. it is really about leveling the playing field. and, i think that lots of other presidents probably wanted to make progress but they haven't had success. president trump has had success. reporter: white house economic advisor larry kudlow says the
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chinese may expand ownership of when companies do business in china. kudlow says adding that the u.s. may remove some tariffs leaving other tariffs in place until china follows through with the agreement. the talks move to washington next week. the chinese don't want to have president xi xinping meet president trump face-to-face until an agreement is finished. it looks like we may be headed for a signing possibly the g20 in june, if an agreement can be reached. kudlow also wants, told the website "axios" he believes the federal reserve should cut rates 50 basis points, back to the 2% range. kudlow says the fed went too far in december with the rate hikes and needs to correct that mistake. melissa: 50 basis points. i like it. thank you, edward. connell: carol roth joins us, future file legacy planning system creator. john layfield is here today, layfield report ceo. fox news contributor. carol, you first, what we saw in the market today, which is the best quarter for the dow in six
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years, even more than a decade as measured by the s&p 500. if we get the china deal edward is reporting on, can the market continue along the lines what we're seeing? what do you think? >> certainly maybe not along the lines what we're seeing. i don't think you will have this level of strength repeat itself for the full year but i certainly think there is room to run the i think china is somewhat baked into the market expectations right now. if we get closure on the deal i don't think it is fully baked in and i think that is something good for the global economy. i think that is something good in turn for the u.s. economy and i think the market will rate it as such. connell: john, what about the kudlow comments in the afternoon, cut 50 basis points right away? melissa: great idea. connell: melissa says great idea. some say there is setup if the economy slows down there is somebody to blame, that somebody is the federal reserve? what do you think is going on
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here? >> i think he is promoting his book. president trump when he was candidate was against the fed having such low interest rates because it could create a bubble. now he is president it is political. any president wants lower interest rates. any president who came during this time, whether president trump or mrs. clinton would face a rising rate environment. now that has been taken off the table. i think that helped the economy. i'm not sure about cutting rates but at least not raising rates certainly helped the market. melissa: there you go. we have liftoff. lyft surging on first day of trading on nasdaq. christina part part on the scene with details. kristina? reporter: you could say surging the stock popped at the open but the momentum didn't continue throughout the day. we know it closed below $80. a lot of investors and analysts looking for the ipo price to stay for today, for lyft to end
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the day above $80. what are some of the concerns about the company? you have another unicorn, maybe later in the game for a tech company to go public, but it hasn't made any money. net losses for 2018 was $911 million. the company has definitely been investing. they doubled revenue. market share isne. when you comparing to uber, it is much, much smaller. if you look at valuation, we have to talk numbers, $24 billion. that is what is being valued at. when you compare at to other companies, we looked at market cap of five other large, think of them transportation mobility companies. that would be ford, american airlines, delta, jetblue and royal caribbean, when you add up those five companies, their market cap comes out to little bit above $113 billion. you compare that to the uber valuation, 120 billion. then lyft at 24 billion.
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so it is just put into context, how large some of these companies are, and with uber and lyft, neither of them are making any money. a lot of investors i've spoken to, notes i read, they're concerned about the long term profitability when it comes to lyft. how are they going to make, turn themselves around in the green? will it be all about autonomous driving? if so, can they compete against the likes of google and larger auto companies investing in that area. today was a big day. a lot of excitement about this ipo at the nasdaq right behind me but the stock still closed below 80 bucks a bucks a share. i throw it back to you guys. melissa: thank you. connell: gerri willis is on the floor of the new york stock exchange. i'm curious what people are talking about down there, gerri? also about lyft but obviously uber will be one that trades down there at nyse, right? reporter: connell, you got that
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right, following on comments from kristina, a lot of concern what she is mentioning, losses last year for lyft, $911 million. nearly a billion dollars for that company. traders were telling me it's a bet on future growth for lyft. they say the party will end quickly as investing in non-profitable companies is not a sustainable model. so color them cautious here. they have big questions about lyft and interestingly they say that the fact that lyft was able to come first, the numbe two, ride-sharing service company in the country wasbl bad for uber. they think that is not good news for uber which is currently valued, if you use lyft results from today, at $109 billion. uber five times bigger than lyft. this is a company is well-known among retail investors. presumably it will draw lots of attention when it does come out. a lot of questions about lyft and now concerns that uber could
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be plagued by the same thing. one trader telling me this morning, that uber was watching every bit of this today as clues to how their own ipo could go when it does come to the floor. back to you guys. connell: gerri, good stuff. melissa: carol, john back with us. carol, what's your take? >> as recovering investment banker it's a new world. we didn't used to be able to take companies like this public. the market pays more for possibilities than realities. this is a company that has negative cash flow but is spending to juice revenue. does that ever drop to the bottom line? we don't know. it doesn't matter. there is no real benchmark. as it starts getting more profitable, you have things like valuation multiples. this is very dangerous type of company for the average retail investor. it is great for the vcs, something happens when the fed frankly allows people to take on extra risk. i agree with what gerri was
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saying in terms of long terms possibilities for these type of companies. it is one you should definitely watch out for. melissa: john, do you agree with that? these companies are innovators. i'm trying to argue the other side here. you know, uber has gotten out there, they have sort of taken on a lot of risk having a lot of political fights in various cities. lyft has come along being beneficiary of all that. now it is so embedded in everyone's lives at this point, the idea that you can dial up a ride on your phone, it is not going anywhere? >> yeah. i agree with that. i kind of agree with all sides here. i hate to be a politician and ride the friends. they were a beneficiary, talking about lyft, uber, being second as far as going into cities. they were beneficiary as gerri said, huge way being first going as an ipo because it's a matter of supply and demand. this ipo was oversubscribed which means retail investors didn't get into it until today.
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retail investors are hopping on the bandwagon. it was very important they were first. i was like carol saying worried about valuation but as far as the story it's a great story. it shows you how much money is out there chasing yield. connell: that's true. where is the story, carol, go from here. kristina, gerri brought up future of all this, maybe time if it happens as when it will happen, if we move to autonomous driving. >> absolutely. that is why it is very challenging sometimes to be early movers in the market. then the market leapfrogs you they could be a big player or mechanism and platform for autonomous cars. there could be a different platform that develops. that is one of the big questions out there. so type of stock you will have to keep really close eye on. day-to-day. month to month, this is not one of those necessarily being there
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10 years from now. we never know. connell: appreciate, carol. melissa: president trump taking a victory lap for bringing back american jobs. listen. >> one of the gravest threats to the survival of the u.s. auto industry was the job-killing sovereignty-wrecking transpacific partnership. one of my very first acts in office was to withdraw our country from that horrible, potentially disasterous trade deal. [cheering] and stop the offshoring of michigan jobs. your empty factories are still all over the place. they still haven't recovered from nafta. melissa: joining us byron york, "washington examiner" chief political correspondent. also a fox news contributor. byron, i wanted to highlight this part of the speech last night, his pushback on the mueller probe, that victory lap. that is getting all the
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attention but he did a big segment on the economy, if you listen to the crowd, that really got them fired up. you couple that with university of michigan sentiment today, looking deep into the data. majority of people in the u.s. got a raise for the first time. you had people in lower middle class jobs, majority getting a raise for the first time since 1966. there is a big economic message out there. is this the most powerful part? >> what we've seen with trump in the campaign as president and now. he give as long speech. the press fixates on a sentence or two or doesn't hear all the parts he devotes to the economy. it is not an accident here. he is in michigan, a state he needs to win again in 2020, and today he is in florida, a state he absolutely has to win. he won it remember on election night in 2016, if he hadn't won
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florida we all would have just gone home. that is absolutely critical to him. and the, the economy is critical to his message. why i think you will hear a lot of democrats doing their absolute best to talk down the economy in the next year-and-a-half. melissa: no, it is really true and a lot of front pages this morning talking about how the economy stalled. talking about the fact, yes, gdp was revised down but when you look at the sentiment numbers, you look at the wage numbers, people are taking home larger paychecks in a broader swath of the economy than they have in a very long time and it is interesting you harken back to the message last year was making promises to michigan a lot of us thought couldn't be fulfilled. the idea he would take apart the trade agreements. he would get rid of nafta. he would renegotiate terms with china, he would stand tough on all of these different things. that is large part how he took
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the industrial midwest. he is going back, this is what i done so far. how do the democrats counter that message? >> he has done those things. they are in various states of progress. he has done those things. he is pushing china and renegotiated a north american trade agreement. as far as democrats are concerned they will be able to find some sort of indices of economic health that they will focus on and declare this is the worst economy in x number of years. you make a very good point, many working class americans wages had not gone up for decades but they actually have enough money that you actually notice wages actually going up, that is a huge, huge thing for voters. melissa: byron, appreciate your time. waiting for president trump.
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melissa: any second, prommably about linda mcmahon, could be about anything. melissa: could be about anything. connell: president took on democratic rivals using mueller report finds as strategy in the 2020 race s this going to work? we have karl rove coming in, former senior advisor. president george w. bush. the party of great health care, i'm sure you heard that the last few days. republicans are working on counterplan as democratic candidates push "medicare for all." what does it mean for you and your wallet? steve forbes, forbes media chairman coming up. ♪ e. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead.
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♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ connell: breaking news from mar-a-lago. here is the president sitting next to linda mcmahon. let's listen. >> okay. thank you very much, linda mcmahon has done an incredible job as the head of the small business administration. she has been a superstar. the, the fact is that i've known her for a long time. i knew she was good but i didn't
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know she was that good. she has been one of our all-time favorites. just so smooth. she helped so many people in the world of small business and, she will be leaving. she is going to go go and help us help us with a very important year coming up, the re-election as we call it. she will be working very strongly and doing a fantastic job. she will be leaving. we'll be making a new nomination and appointment in very short distance. that will be in consultation with linda but i just have to say this is an outstanding woman who has done an outstanding job, and linda, i wang to thank you very much. >> thank you very much, sir. i really appreciate that. >> i would like to know what is your highlight and some of the great things you've done, so we can all know and put it on the
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record? >> well the highlight certainly has been the fact that you asked me to take on this position. it has been an honor to serve the country in your cabinet. and serve the administration and the people of the united states and small businesses, 30 million small businesses, 99% of the businesses in this country are small businesses. so we've been able to help them at sba we reimagined at sba with a great team there. they have been awesome helping us do everything. we had great outreach to the community of small businesses. i have traveled all over the country, been to all 50 states, been to 6district offices. toured 200 businesses. that optimism out there it is there, it is palpable. businesses are happy, they're taking their tax cut money, they're expanding, they're hiring more people, they're giving wage increases.
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it is incredibly powerful when you're out feeling it and talking to the businesses. so we've had great outreach, more outreach through women entrepreneurs through a project i've been working with ivanka. >> that's right. >> the learning platform. we took your salary you donated, we developed a pilot program for your vets. >> good. >> we are working really closely with sonny perdue and usb a to go out to the world prosperity order you put in place. not many people know about sba, how we move in with a natural disaster. i want to thank you for letting me go to houston and puerto rico and my hometown in north carolina, i got to see first-hand what it is like when the commander-in-chief is on the ground and folks know you're attending to them. so i want to thank you again for serving it has been an honor and
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privilege, thank my great team at sba. it has been awesome. >> thank you. >> thank you, sir. >> i do have to say i witnessed first-hand during the hurricanes because we had numerous hurricanes. they were big and tornadoes. we had some vicious ones we just left alabama. i watched linda and her peep, the great job they have done, helping people that really needed help. they needed it quickly. you have just been outstanding. so we're very, very thrilled at the great job you've done. >> thank you, sir. >> and the job you're going to be doing. we're staying together, very importantly we're staying together. we'll announce the next administrator in the very near future. >> right. >> we pretty much know who that is going to be. so we'll be putting it out there pretty soon, okay? somebody that is really good. somebody that we know very well, somebody that will fit in beautifully and really i think somebody you will be very happy
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with. reporter: mr. president, the attorney general said he intends to release the mueller report in full to congress and in the public. do you agree with the decision? do you want the white house to take a look at privilege? >> i have great confidence in the attorney general. if that is what he would like to do. i have nothing to hide. this was a hoax. this was a witch-hunt. i have absolutely nothing to hide and i think a lot of things are coming out with respect to the other side, but i have a lot of confidence in the attorney general. reporter: mr. president, are you are talking to president putin about venezuela? >> we'll be probably talking at some point. we're looking at venezuela. venezuela right now is a big fat mess. the electricity is gone. power is gone. fuel is gone. gasoline for cars is gone. they have a lot of electric cars. that is all gone because they have, they have nothing.
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what a job -- we talk about socialism, take a look at venezuela. so i will be talking to a lot of people, perhaps, president putin, perhaps president xi of china. my people right now are in china. we're negotiating the trade deal. we'll see what happens. but we're doing very well. reporter: [inaudible] >> i think it is going very well. the trade deal is going very well. we'll see what happens, but it is going very well. we're in china right now the highest level of our people meeting with their people. they will be coming back here for another round. it is a very comprehensive, people like to use, some people don't like, i think it is okay, but it is very comprehensive detail listing of problems that we've had with china over the years. and, it is going to have to be a great deal. if it is not a great deal we can't do it. reporter: [inaudible] >> i'm very happy with pat
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shanihan. i think he is doing a really great job. we knocked out the caliphate. you look at syria, what happened in very short period of time, far shorter than people said was even possible. we're working together very well on the wall and on the border. i'm very upset with mexico. i think mexico is doing a lot of talking. they have the strongest immigration laws anywhere, anywhere in the world, they probably have the strongest, and we have the worst. we have the weakest, the most pathetic, the most laughed at immigration laws anywhere in the world. they're the democrats laws. i got stuck with them. i hope congress will change them rapidly. they have a lot of opposition from democrats, not because the democrats don't think they would be right in changing them, just because they don't want to make anybody look good. they want no victories. they don't care if the country suffers. they don't want any victories. we have two brand new caravans
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coming up big ones and mexico could stop them very easily. mexico has trade surplus with united states for many years a 100 billion a year at least. this is for many years, mexico is taking a big pores of our car business -- portion of our car business. mexico is doing well because of the united states. frankly they have to stop the illegal immigration. we've run out of room. we have this ridiculous catch-and-release program where you catch them, and then you're supposed to release them. and you release them into our country. we've been very, very tough. the border patrol has been incredible. the people in the border patrol, e job they do is unbelievable. i.c.e., the same thing. and law enforcement but mexico will have to do something otherwise i'm closing the border. i will just close the border. with the deficit like we have with mexico, had for many years, closing the border would be
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profit-making operation. when you close the border, you stop a lot of drugs from coming in. we take in tremendous drugs from mexico, as you know, as well as i do. so you close up the border. you watch the drugs go way down too. i will close the border if mexico doesn't get, get with it. if mexico doesn't stop it, they come in from guatemala. they come in from el salvador. they come in from honduras. they come in from all over. they come in from mexico. we're working very hard to stop it. we're building the wall but until the wall is completed, and it is really moving along well. in fact we'll have a news conference very shortly over next couple weeks at the wall as it is being completed and going up, at sections of the wall. it is moving along rapidly but still we have a current crisis. we have a know you can go back 30 years and go back 40 years, but i can't imagine than it being any worse right now.
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reporter: two children died in december in u.s. custody, migrant children. do you believe, given the rising numbers of migrant families and children at border your administration is equipped to handle that in a way to try to insure children are not dying? >> i think that is has been very well-stated we have done a fantastic job. one of the children, the father gave the child no water for a long period of time. he actually admitted blame. the other one was being brought to the hospital in an emergency on emergency basis. it's a very tough situation and that trek up is a long, hard trek. you see what is happening to women. you see what is happening to children. it is a horrible situation. mexico could stop it, right at their southern border. they have a southern border. they have a southern border. they have a border that could be very well-structured. it is very easy for them to stop people from coming up and they don't choose to do it. we're not giving them hundreds of billions of dollars and tell
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them that they're not going to use their strong immigration laws to help the united states. so there is very good likelihood i will be closing the border next week. that will be just fine with me. reporter: -- overturn north korea sanctions? >> i have a very good relationship with kim jong-un. he is somebody that i get alongwith very well. we, we understand each other. they are suffering greatly in north korea. they're having a hard time in north korea. and i just didn't think additional sanctions at this time were necessary. doesn't mean i don't put them on later but i didn't think additional sanctions at this time were necessary. they are suffering greatly. they're having a very hard time in north korea. and i think because of the relationship, relationship being good thing, not a bad thing i think it is very important you maintain that relationship at least as long as you can. but we get along very well, we have a very good understanding.
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so i didn't think that those sanctions were necessary at this time. reporter: [inaudible]. >> no i have not. reporter, help treasury department put the sanctions in place? >> not at all. they were intended to go at that time. they had the right to do that i just decided i would not let it happen. in a certain way, like the special olympics for many years it hasn't been approved, then at some point it gets negotiated out in congress. well, i went out and i said we're going to have funding for the special olympics. that is why i approved that. so it is a little bit after similar situation with different parties to put it mildly. so i just want to again, i want to thank the job you've done. i'll tell you what, linda has been so great. when somebody does that good of a job, i would rather do it this way, than just say bye-bye. so i'm doing it this way.
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i'll tell you linda mcmahon is a very special person. and now she is going to be working with me very hard so we keep this miracle that we've built. you saw what happened last night in michigan. we had, if they would really report it, many, many thousands of people outside of the arena. the arena was packed. that arena was absolutely packed last night. there was tremendous love in that arena. you look what is happening with michigan and ohio and pennsylvania and florida, so many places, north carolina, south carolina. you look at what is going on, iowa. wait until you see what is going on in iowa. so many different places. new hampshire i have tremendous reports of something we did up in new hampshire. our country is doing really well. we're the hottest country in the world economically and it is going to stay that way for a long time to come. thank you all very much. linda, thank you very much. [reporters shouting questions] connell: donald trump announcing
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at mar-a-lago that linda mcmahon leaving small business administration. the concentration will be about the mueller report and immigration right? melissa: very good chance he would have to shut down the southern border next week a lot of nuggets there. connell: karl rove, former senior advisor to president george w. bush, also fox contributor. i will point out as i go to karl, you had an op-ed that appeared in the journal, the mueller report, encouraging the president to move on. i thought it was interesting to see, maybe how challenging to some degree that is with the news this afternoon, right, that the formal report with redactions will be released here in the next few weeks. the president saying, i'm quoting him here, i have nothing to hide. what do you make of that? >> yeah. well look, i think the president is entitled to a victory lap, i thought, ironically enough i put my column to bed 5:00 on wednesday afternoon and later that night on "hannity," the president in essence mirrored
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what i said in my column. he was asked by hand at this to make sure people are held accountable? the president rightly said i leave it up to to attorney general barr and i have great confidences in him and i leave it up to lindsey graham. i have great confidence in him as well. the president's voice is vital. if he wants to advance his cause but have the victory lap, the focus has to be on what people care about. what people care about is more than the investigation itself. they're sort of over with it. there was pew poll, top priorities for trump and country this year. this is pew poll. 70% of everybody saying top priority, economy health care. 15 items. none of it had to do with the mueller investigation. nor interesting enough, climate change. but the number one issue for republicans and republican leaners, people he will be depending on terrorism, followed by economy, social security and immigration. number four was military.
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five, reducing crime and so forth. he has a lot of things he will talk about. it is important to talk as much as he can. connell: if he is pivoting, two things, one that came up this week, health care. some in his own party criticized that is not the right way to pivot. one thing we saw now immigration, it is clear the president wants to focus on issue but he did as melissa said, he made some news, moment ago, very likelihood in his words i will have to close the southern border next week. >> boy, i bet in a lot of plant managers around america this afternoon, when they heard that news for their, for their glass of water and a couple of aspirins because our supply chains, that are so cana, united states and mexico could be terribly damaged by that. it could really hurt the economy, particularly if border states like the one i live in texas, we're intensely dependent
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upon cross-border trade both for american exports and for the importation of items that are necessary for our manufacturing process. connell: so that could backfire in your view possibly because of economic concerns. what about health care? same thing there, if that is issue you go too hard at it could backfire as well? >> it could if you don't have a plan. i'm of mind set, long of a mind-set the republicans need plans they can lay out to the american people for increental improvement for the health care system, people say, i feel better about it, association melt plans. allow small businesses to join together to pool risk get same discounts big boys get. tax-free for out-of-pocket expenses. transparency, pricing in out comes. we need to know what it costs when we go to the hospital, how good we are at it. those things are important to do. i'm all in favor of republicans to do that. but you got to have a plan. connell: that is the lesson. got to replace. always good to see you, karl.
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thanks for sitting through the president's comments with breaking news. appreciate it. melissa. melissa: crushing defeat for theresa may. british parliament votes down the brexit plan for the third time delaying departure from the eu. deirdre bolton has the details. reporter: next chapter is written on monday. parliament will seize control again from prime minister theresa may and hold a second round of votes where they try to find a solution different than may's plan, then vote it into action. earlier this week, remember on wednesday this happened but none of the 8 alternative plans had enough support to pass. so if parliament can't find a solution again, the risk increases that britain face as hard exit or a crashout as people call it to leave the eu on april 12th. one possibility is that britain gets more time from the eu but keep in mind the eu has 27 member-states. so each one of them has to a i
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agree to give more time to the uk. president macron is president vocal that he is sick of the situation and england not take it for granted the eu will give more time. ideally the britain figures out how to the leave the eu by the april 12th deadline. the eu called an emergency summit. that is on the 10th. most economists say the worst-case scenario is the crashout. which means essentially there is no plan. no trade agreements in place. no plan for how people cross borders. on a granular level, some british citizens are worried about medications how they are delivered if they cannot go through customs without agreements in place. there are very real consequences to lives of everyday people. so next chapter, melissa is monday. hopefully somebody comes up with something that garners enough support. a plan can be put into place. back to you. melissa: we'll see. good luck to them.
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connell: we stay on breaking news. more than a dozen parents accused of paying bribes to get their kids into top universities making their first court appearances. will they be held accountable? we'll talk to a leading admissions process for all kids and their parents going forward. we'll be right back. ♪ fact is, every insurance company hopes you drive safely.
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connell: the parent trap. 16 parents embroiled in the college admissions scandal appearing in district court in boston. molly line is there joining with us late-breaking details? reporter: today's group of parents are the first to appear in this case in federal court. all of them stand accused taking or making bribes, rather through the ringleader of massive
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college admissions scam. they went before a federal court judge at noon, 2:00, 4:00. among those who appeared, michelle a california mom from a manufacturing food company that developed hot pockets. they paid bribes to get one daughter into usc as beach volleyball recruit and paid to cheat on admissions tests. court documents revealed recorded conversation between the scheme's ringleader, william singer and which she expressed fears that her younger daughter would get suspicious. singer assured her quote, in most cases michelle none of the kids know. joey chen of newport beach california. he operates warehouse related services through the shipping industry. he paid $75,000 to have his son's s.a.t. answers corrected. augustine, own he of a vineyard in napa valley stands accused
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paying exam cheating and paying to bribe water polo coaches at university of southern california to get his daughter in. thousand she did not play water polo a fabricateed profile had a photo of someone else playing the sport. also in california court, president and ceo after l.a. based real estate development firm. prosecutors said he participated in the test cheating and coach i am problem. he is represented about william wine rick, u.s. assistant attorney on the team that prosecuted marathon bombing trial. there will be more parents in court here next week, wednesday is the day to watch that is the day that tv stars felicity huffman and lori loughlin and her fashion designer husband are expected to be in court. we don't get a lot of tv stars here in boston federal court. connell: he guess. molly, thank you. >> parents and trying to get
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their kids in college honest way. she is the founder of cuellar quest prep. in full disclosure, my son takes one of your prep courses in new york they say it is the best but i paid full price for the record so everyone knows. let me ask you, you're in this business, you do the test prep and you guide people into college. when you heard these details, were you shocked or did you feel like maybe some other people in the business were doing stuff like this? >> you know, it is very troubling and it is not common practice for students to cheat their way. i'm proud to tell you that the students at queens, manhattan at the prep school they don't do anything close to this. they study, common practice for students, prep, prepare, study, get ready for these exams many students sacrifice their season, weekends, just to get ready for entrance exams. they participate in sports outside of school for weeks at a time. melissa: right. as opposed to photoshopping their face into pictures of
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other kids playing the sports. one of the things we heard was out in california. h they're talking about regulating your industry to make sure stuff like this doesn't happen. what do you think about that. >> i'm already a member of snags association for college counselors. the industry is based on model of integrity. you're looking at a very anomalous situation. these students, beside getting caught, these are students not the model in any way shape and form this is not common practice in any way in the industry. >> biggest question, when i hear people talking about the story everywhere i go. the amount of attention is staggering because it is so shocking but the question they have, what now? how will colleges change the process or change the way kids take test in reaction to this if at all? what are you hearing or what do you think will happen? >> there absolutely will be
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stricter scrutiny on things to come. they will look at sewing media. they want to see students grades 9 to 12, social media accounts, instagram, twitter correlate with the actual college aplycation. moving forward there are more layers and cross checks before a student is accepted this is definitely something no college wants to repeat. melissa: some people said based on cheating on the test, does the test go away? is it given in a different way? does the emphasis change? what do you think happens? i know that is one of your big focuses, is practicing for the test. have you heard anything about any changes coming down the pike for the test itself? >> none of that information has been released yet but there is so many different metrics that go into place. the issues that we have right now dealing with the scandal are students who blatantly lied. they had others take exams for them. it was a sophisticated process that is not something that is done under any kinds of normal circumstances. melissa: what was your reaction when you heard? were you floored?
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what did you think? >> it is really just an example of people with low integrity. we gave a number of integrity talks at the wkeller the weekend that the scandal broke out. they are sacrificing weekend to be at kweller. we posted videos on youtube and told kids we were so brought of them. one of speeches we gave, remember, your kids love, your parents love you more than the kids who are here because the parents who send their children to test prep school to give up hours, upon hours of their weekend, they love their kids. they trust their own kids to perform. melissa: as opposed to cheating. >> of course. melissa: they do sacrifice a lot. i found you because of another mom whose child was going all summer long. he gave up his whole entire summer to get into a better school, he did succeed. it was really hard. it was so much work. he gave up all the sunshine all summer long. they worked hard.
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thanks for coming on. >> thank you so much for having me. connell: crazy stuff. melissa: crazy. connell: as you watch the campaign, we're going to get back to that in a moment, the idea of running on "medicare for all," you probably heard it from many 2020 democratic candidates. they eliminated almost all private insurance? with that president trump vowing the republican party has a better plan. will that post-mueller strategy work? the pivot to health care with steve forbes from "forbes" media. he is next. ♪ after retirement? after planning for retirement. oh... retirement.
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connell: promising a better plan president trump pushing for a new gop healthcare proposal that would cover preexisting conditions still come cheaper than obamacare. take a listen. president trump: obamacare is a disaster. right now it's losing in court but we're doing something that is going to be much less expensive than obamacare
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the republicans are going to end up being the party of healthcare connell: here to ask the chairmf forbes media and let's start with that last bit from the president because i was speaking to karl rove about it earlier in the hour and that's the highlights of the week political ly. is this a good idea the president has been saying it over and over the gop will be the party of great healthcare. what do you make of this strategy? >> well he saw in the last elections the republicans got hit in the congressional elections because the democrats portrayed them as uncaring people with chronic conditions are thrown out on the streets, wheelchairs are mobilized to get grandmas off the cliff and that kind of thing so i think the president's realized that instead of being reactive to things like medicare for all let's go on offense and get rid of obamacare but critically at the same time have an attractive alternative. connell: that is the issue right the republicans found themselves challenged by that in the past where they say we're going to get rid of it and the democrats
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promise everything under the sun medicare for all or whatever the case may be that's what it is now apparently and the republicans say we're getting rid of it and then criticized for not having something better to take its place. >> that's right so i think you'll see a package of things like nationwide shopping for health insurance, scoresanies cr business, more equal tax treatment, removing obstacles on health savings accounts so anyone can get them very easily, true comprehensive coverage for people with chronic conditions, i think and i think you'll also see some moves on drug prices such as the role of what they call pbms, pharmaceutical benefit managers, and the middle costs that are involved there. connell: sounds like you think or the president that the republicans can actually win this argument there's a lot of criticism with them. >> i think the white house recognizes and we'll see how well they deliver on it that they've got to take the lead on this. in 2017 the caucus and the republican house of reporter tirajis came up with package
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after package and it has good parts bad parts but it came across as a big mess. this way come up with a package have some real headliners in there that people find attractive such as a health savings accounts covering deductibles and things like that and i think how about transparency i think the administration is beginning to move on having hospitals and clinics post prices online easily so you can see what these things cost in advance. i think you're also going to see a push for transparency on patients who die in hospitals from infections received after they're admitted to the hospital post that online and that'll save tens of thousands of lives a year, but go on offense but don't let the democrats win this issue by default. connell: maybe if they're listen ing they get good advice. >> it's free. connell: let me get you quick on trade before we wrap up today, not necessarily on china which you talk about all the time but the washington post had a story about the u.s. mca, the trade deal with mexico and canada possibly facing an up hill
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battle down the congress a little bit of a stall there. should we be worried about this thing not passing in congress? >> i think it will pass and some of the objections are valid objections the big one keeping tariffs on steal and aluminum from mexico and canada. removing those would be good for us because the less cost of what they call inputs, raw materials and it's something that should be done. the u.s. mexico canada agreement , so, let's remove the catalyst for the new agreement in the first place. connell: that seems the hangup. always good to see you sir have a great weekend. >> you too. melissa: getting listed on the nasdac, the car-sharing service surging during its market debut closing above its opening price but way off those session highs. that was wall street and now we have reaction from main street take a listen. >> commuters are now faced with a big decision, lyft, uber or good old fashion taxi cubs. >> uber.
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lyft. >> taxicab. >> lyft. >> lyft. >> i was doing uber now i'm on lyft. connell: to the point, jamie gets right to the point. melissa: she does. connell: uber. melissa: bulls & bears starts right now. >> president trump doubling down on his threats to close the u.s. border with mexico as early as next week, if mexico doesn't stop illegal entries immediately listen. president trump: mexico is going to have to do something otherwise i'm closing the border , i've just closed the border and with the deficit like we have with mexico that we've had for many years closing the border will be a profit making operation. mexico has a trade surplus with the united states for many years of 100 billion a year at least, and this is for many years mexico has taken a big portion of our car business, mexico is doing very well because of the

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