tv Varney Company FOX Business May 28, 2019 9:00am-12:00pm EDT
nothing but love what they are doing to help out a little bit. but that's why. and they are short term. where you have career people, for example, in the nsa, the cia. maria: they want to stay in power. great to have you this morning. thank you so much. >> always a pleasure being with you. maria: have a great day, everybody. "varney & company" begins right now. charles payne in for stuart today. charles: thank you very much. good morning, i'm charles payne. stuart will be back tomorrow. we have several big stories for you including president trump on his way back to washington after spending the holiday weekend in japan. the president making a lot of news during his visit. he downplayed the recent missile launches by north korea and also tried to cool tensions with iran saying that he's open to talks. and he went after joe biden, saying he agrees with kim jong-un that biden has a quote, low iq. in other news, the results are in from the european parliamentary elections. they show populists gaining ground with voters in the uk doubling down on brexit. nigel farage's brexit party got more than 30% of the vote. take a look at equity
futures this morning. the dow is on its longest weekly losing streak in almost eight years. it's been down five straight weeks. looks like we may be up slightly at the opening bell. we have had a huge year so far. also, we have news on another burst of tornadoes in the midwest. a multi-billion dollar merger in the auto industry. and the "new york times," get this, folks, admitting that the economy could help president trump win 2020. "varney & company" starts right now. they want to make a deal. i think they probably wish they had made the deal they had on the table before they tried to renegotiate it. they would like to make a deal. we're not ready to make a deal and we're taking in tens of millions of dollars of tariffs and that number could go up very very substantially very easily, but i think sometime in the
future, china and the united states will absolutely have a great trade deal. charles: that was president trump saying not so fast on a trade deal. joining us, liz harrington, rnc spokesperson. liz, are you worried about losing the president's base as this trade war drags out? we know farmers in particular have been targeted. >> no, not at all. the question isn't whether we are going to get a great trade deal with china and japan. the question is what will the do-nothing democrats do in congress because we already have a great trade deal negotiated with mexico and canada. it's sitting there. we know the deal will grow the economy even more than it is now, increase wages, solidify our manufacturing sector, and the house democrats refuse to bring to it the floor. so we know we can negotiate good deals. it's just whether the democrats will work for the american people like the president has continued to do. charles: interesting point. we doubled exports to canada and
mexico than we do with china so it's hard to say for the farmers if we don't get usmca through. nancy pelosi says she still needs to study this. in the meantime the media will continue to hit hard, the economy, you know, last week we saw gdp estimates come down a little bit. you know, it's still a long ways between now and 2020. at some point, is there going to be a sense of urgency from the white house to get some sort of deal done before the election? >> there is always a sense of urgency to work for the american people, which is what the president has been doing day in and day out. he's following through on the promises he's made. what are the democrats doing. they are doing nothing except endless investigation, pushing conspiracy theories, pushing impeachment in search of a crime when we know there's nothing there. that's the real question whether the democrats will work for the american people. you have joe biden who says he doesn't regret his nafta vote. the american people regret that vote. they regret that horrible deal. now we have a replacement with the usmca sitting waiting for
the democrats to do their job. charles: speaking of sitting, if you can just stay right there, i will get back to you. i want to bring in danielle demartino booth. the president says no trade deal any time soon. how do you think this will impact the markets, which seem to be holding up okay this morning? >> they have been. they have kind of been treading water trying to figure out what the next big set of news is going to be. the european elections were obviously nothing like what was feared. there wasn't any major swings to one side or the other. but i would say if the trade war, if we don't see resolution at some point, you know you have been in the markets for years, as have i, markets like nothing -- dislike nothing more than uncertainty. this will act as kind of a constant drag, the longer this plays out, on gdp growth, on the upside potential in the financial markets. this is not what we want to see. charles: that's why i find it
ironic the lows from that sunday tweet have held up. honestly, i thought it could have been a lot worse than it is. perhaps the market really hopeful in believing still a deal is going to get done. i want to go to the next topic here. i want you to take a look at the title of this opinion piece in the "new york times." quote, trump's formidable 2020 tailwind. the author says the economy could give president trump a win next year. do you agree with this? >> well, a, the author himself was the one that surprised me the most, being that it was stephen ratner. that kind of took me by surprise from the get-go. but he cited a yale model, if you will, as well as eight others that suggest that given history and what we know about incumbancy, this election is one president trump would have to give away. this is according to not just one but eight other academic
models that are cited that simply say because of where we know where the economy is right now, that it is his election to lose. charles: there were also other studies, moody's and i got to tell you, i respect mark but i know he's left-leaning. 12 different models all saying donald trump should win. it reminds me of australia. the polls said that, you know, the conservatives were out but when people actually had to go in the voting booth and make that decision, they stuck with a pretty strong economy, hasn't seen a recession in almost 30 years and they didn't want to upset the apple cart. >> that's the thing. if the status quo is working for the majority of americans, the majority of voters are not going to want to vote in any kind of change. not if they are seeing their incomes grow. not if they are not seeing major disruption in the economy, who would vote against such an environment? it makes absolutely no sense. that's why i think the word
tailwind in the title of this particular column is so important because again, these are things that should help propel president trump to maintain the presidency in 2020 because who doesn't like a strong economy. charles: well, it's not a rhetorical question but we only have three hours to hash that out. thanks very much. appreciate it. some democrats are doubling down on calls for impeachment. here is congresswoman rashid tlaib. reporter: why do you think you can't convince a majority of house democrats that it's time to impeach him? >> i think it is moving toward that. it's going to demand it. it already is. this is a time in our country right now that we can't look back -- charles: want to go back to liz harrington. i got to tell you, it's that kind of rhetoric that nancy pelosi is grappling with. she heard that in the room prior to her meeting with president trump and it rattled her, and she came out and started talking
about cover-ups and stuff like that but she doesn't want to do impeachment so how's this all going to play out? >> she's got a complete mess on her hands because she's got a very radical base and unfortunately, it's a small minority but they are the loudest among them. they are very far left wing and they are demanding for impeachment absent a crime. in the eyes of the democrat president trump's only crime was winning the 2016 election. they are still not over it. they have never been able to grapple with the reasons why. that's why we have seen this push of a russia conspiracy that fell completely flat. we know there is nothing there. the mueller report even though it was written by very biased sources, 19 democrats, they still couldn't find anything, they couldn't find collusion, there was no obstruction so they are grasping at anything because they can't win on the issues and nancy pelosi has to deal with this very rabid base. that's why i think she throws an impeachment bone to them calling for cover-ups when tell me this.
how do you cover up when you are declassifying everything, when you want to show everything to how this whole mess got started in the first place. charles: now there's a major uproar about declassifying the information they have demanded was declassified. i'm confused about that one. nancy pelosi's got a mess on her hands for sure. we always appreciate you, though. thanks for helping us hash it out. folks, let's check on some individual stocks. fiat chrysler and renault are pursuing a $35 billion merger. fiat up almost 8% on that news. there's a big opioid trial today. johnson & johnson, you can see that stock is unchanged but probably will be under a fair amount of pressure. also want to take a look at home builders. we just got the latest numbers on home prices. jackie deangelis is with us this morning. give us those numbers. >> good morning, charles. the headline is that home prices are actually seeing its slowest growth they have seen annually since 2012.
the case-shiller home index rose for the first time since march. slightly better but not that much. pretty similar to what we have been seeing in the housing market for the last year or so, even possibly longer. those days of double digit growth for home prices are gone. charles: i should ask, what's the most important word here? slows or growth? it's still kind of surprising, a decade into this rebound, that they are growing. it feels somewhat of a surprise. >> it is somewhat of a surprise in terms of the recovery we have seen but at the same time, there's a lot of reasons you would think the housing market would be strong right now. mortgage rates right now for a 30-year fixed around 4%. we have low unemployment. consumers seem to be positive and there is economic growth so you think more people would be willing to go into the market which would drive prices up. charles: thanks a lot. let's check the overall market, look at the futures here this morning before we open. looks like we will have a relatively flat open. the nasdaq has been under the most pressure, maybe it has the biggest bounce at the start of
trading. then there's apple facing a new class action lawsuit. hear what the company is accused of doing with customers' itunes listening data. it will shock you. also, professor bremer getting a lot of slack for twee tweeting a fake quote and attributing it to president trump. it's got the president's attention. another retailer is shutting all of its doors in the united states as a number of closures accelerates across the country. next, we talk with a retail expert who says the thinning of the herd is just getting started. we'll be right back.
charles: topshops closing all of its doors. jackie, what's going on? >> this is the latest trend. we have been talking about it. we talked about it with dress barn and we have seen other retailers go out of business as well. they basically are looking at what the other retailers are looking at and saying digital sales are driving growth right now and that's where we're
seeing the strain, it really costs too much to operate brick and mortar stores and we are going to close up shop, if you will. topshop has about 800 employees. they didn't exactly say when they are going to close these specific stores but it sort of just speaks to the larger problem that we are seeing in retail. you could call it a problem or you could just say it's a shift and maybe the brands will be stronger by focusing on the digital space. charles: yeah, this is perhaps creative destruction on steroids. jackie, thank you very much. i want to stay on retail and bring in retail watcher. michael, you say the thinning of the herd is actually accelerating. explain how that's happening. >> we are entering now what we call the new retail era. what's happening is the old guard is thinning out, boring middle of the road, middle market's going down. what we are really looking at, the companies who are winning like walmart are completely integrating online/offline technology and logistics for a completely new value chain. charles: last week i looked at the names that had the biggest
problems, jc penney. combined they had less than a $1 billion market cap. is it just too late for any of those names although they may be historic, iconic names to get in the game? >> i think for some of them, it is a little bit too late. digital's a mindset as much as it is a technology. but there is hope for some of them. charles: you've got to have also, listen, walmart cut the deal with, i mean, amazon cut a deal with kohl's, right, so the physical location has value these days as well. >> like we say, you know, the store is dead but long live the store. what we are talking about in new retail is the store is more important than it's ever been. what we are seeing is a thinning of the herd in the number of stores and the type of stores. smart, digitized stores work. we can see the proof in this where the digital native companies like harry's razors or casper in mattresses, they are
opening physical locations. the digitals are opening physical and the smart digitals are opening physical. charles: the names like dress barns of the world, it's just, again, or topshops or jc penney, it just feels like maybe they were just too flat-footed. listen, this is an industry that is the best example of creative destruction, woolworth's at one time ruled the world. historically, we have seen this happen over and over again but it's different this time with this whole digital element, isn't it? >> we tend to see a retail revolution every 30 or 40 years. there were the department stores, then the big box stores, and specialty big box stores. amazon obviously has changed everything. it's the amazon effect. now we are seeing amazon going to physical and the smart companies are following that lead. charles: when jc penney's in trouble we don't use that as a proxy for the american consumer, do we?
>> we are seeing a little bit of the thinning of the herd in the middle market, in the traditional middle market department stores. essentially department stores are a dead concept. i'm confident that the guys on the mass market side, dollar general, family dollar, walmart -- charles: who are the names you like? >> i like them. charles: they will survive this whole period and come out stronger? >> yeah. only thing we need to watch out for is if the tariff issue does not get resolved relatively soon, it could start to impact consumer spending power and the prices that some of these lower market companies have to -- charles: dollar general, dollar tree, walmart. you own any of them? >> i don't. charles: okay. thank you very much. >> thanks, charles. charles: let's take a look at the futures. we will be opening in about 12 minutes. we have been slightly higher all morning long. again, the market has weathered the storm but it's still pretty, you know, lot of pressure has been on stocks. meantime, speaking of weather, there has been severe weather in this country that continues to hammer the midwest. millions of homes now without
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without power. janice dean is here with the details. janice? >> we have bad news. we have a report of a death in salina, ohio, north of dayton. this batch of thunderstorms that turned severe overnight and brought reports of tornadoes in ohio has now turned deadly and the damage is extensive and in some cases, catastrophic. today, we had the threat again for some of the same areas across the central u.s., across the ohio river valley in towards the midatlantic. you can see the tornado reports in ohio, moving into towards indiana, illinois as well, chicago over the weekend. we had a tornado so this area is on high alert for more severe weather today. we have a severe thunderstorm watch in effect for parts of iowa and we will see those watches and warnings spread out throughout the day. now we have a moderate risk for severe weather, according to the storm prediction center, but really, from texas through the central plains across the ohio river valley and into the midatlantic and the northeast, we could see the potential for strong to severe storms. it just takes one tornado moving
through a heavily populated area to cause massive amounts of destruction and millions without power. this threat is going to be ongoing this morning, throughout the afternoon into the overnight. your noaa weather radio needs to be turned on. it could save your life, especially if the power goes out. on wednesday, the same areas again across the plains states from texas across the ohio valley in towards the midatlantic and the northeast, for more strong to severe storms. good news here is that the pattern will start to break down as we head into thursday. but i want to make mention that something that's going to be with us throughout the work week is the flooding. historic flooding. in some cases, catastrophic flooding along portions of the arkansas river and the mississippi river and the missouri river valley. we will watch it throughout the work week. back to you. charles: janice, thank you very much. folks, the opening bell will be ringing in just a few minutes. remember, down five weeks in a row. although the market has held its lowest levels since president
trump's sunday tweet just a couple weeks ago. we will be right back with the start of trading. patients that i see that complain about dry mouth, they feel like they have to drink a lot of water. medications seem to be the number one cause for dry mouth. dry mouth can cause increased cavities, bad breath, oral irritation. i like to recommend biotene. biotene has a full array of products that replenishes the moisture in your mouth. biotene definitely works. it makes patients so much happier.
one time or another but the world health organization now saying burnout is real. it's a real medical diagnosis. the difference between figuring out if you've got anxiety or are just stressed in general is a little harder. here's how they are defining it. feelings of energy depletion or exhaustion, increased mental distance from one's job and also the feeling of reduced professional efficacy. i think everybody has felt it at some point. again, pinpointing what part of your life -- charles: what's the cure? >> there is not necessarily a cure for this. although there are things, we talk about it all the time, ways to destress. trying to do some yoga, meditating, taking a deep breath here and there. i know you don't -- charles: no, no. i've got to learn how to do all that stuff. listen, it's interesting that that's now an official diagnosis. stressed out. can you use that when you take your next day off. i want to know if you can come back to work afterwards. with just 19 minutes away from the opening bell, we will be
just a little higher. amazon just got a price target of 2500. remember last week, someone said it could go to $3,000. activision looking better boeing looking pretty strong. we have some movement here. a lot of firms are saying buy the market this morning. our first pick, look at that, not bad, 30 points to the upside. we will start to populate the board. the number one mover, cisco followed by nike, microsoft on the down side, goldman sachs, jpmorgan, the financials have been a disappointment for a few years running now. they start out today as anchors in this session. let's move to the broader s&p 500. up three points there. again, very modest gain to the upside. while we're at it, there's a major flight to safety last week. let's check on the ten-year yield. there's the nasdaq which has actually taken it on the chin more than the other major indices. there's the ten-year yield, 2.28. yeah, it's been a rough may for the stock market. want to bring in mike murphy,
keith fitz gerald, susan li, jackie deangelis is with us. mike, i guess they were right this time. >> we should have talked about it four weeks ago. when you look at the market having a little bounce this morning, if you just go in and you know this, after a five-week selloff usually you can find pretty good bargains out there, like apple that has gotten hit pretty hard but still has good prospects out there. i think you are looking for people looking for some companies on sale this morning. charles: that's the other part of this. someone did sell in may, i think mike's point is correct, you sold because you want to raise cash and maybe buy a dip. you've certainly got your dip this morning. is it too late to buy? >> no, i don't think so at all. charles: too early to buy, rather. is it too early to buy? >> no, not even. at some point you got to say oh, gee, i got to stop hiding and what do i want to buy, which companies are still great, still growing, still producing
earnings. microsoft is a good example of that. i like it. charles: we have a bunch of names on the screen, early winners and there's a lot of bids and a lot of firms are coming to the rescue of some of these names. susan, what do you make of it? >> we have been up some 18%, best start to the year since the late 1980s. so little bit of money coming off the table, not unusual when a market has ridden up so much in the first four or five months of the year. i think people are staying on the sidelines until they get a clear indication of a u.s./china trade deal. i think the market is still saying it will come to fruition. charles: that's the most interesting aspect. president trump saying he's not in a rush, increased china saber rattling and listen, a couple weeks ago that would have started us off at triple digit loss at the minimum on the dow but not today. maybe the market's compartmentalizing that and looking at other things. >> i think it is. i think it's becoming immune to this back and forth. we haven't really lost that much
ground on the dow. you see we are trading 25,000 and change. it's almost like we have been going sideways. we lose a little one day and buyers come back in, buy the dip and stocks will pop a little bit. it seems to be the see-saw back and forth. a lot of analysts say expect to see that going forward until we have something more concrete to go on. >> i think it's also the optics we should be aware of in terms of where president trump was saying this as counterpoint to china in the asia pacific region, a long-time ally of japan saying hey, maybe we're not ready for a deal but we are ready to deal with japan instead. the optics of that is pretty strong in terms of getting china to the table, looking at who might be a threat in the asia pacific region. charles: abe has been something of a thorn in the side of china, even bringing back the so-called samurai spirit. >> nationalist spirit. charles: i think he was the perfect person for president trump to visit this past weekend. >> to expand on the optics, as people are waking up and seeing we don't have a china deal in place, we have no clear time
when we will get a china deal, yet the market's not falling out of bed. the market is actually rallying a little bit. it's making people feel a little more comfortable that maybe we don't need a deal in the imminent future to move higher. charles: but maybe not needing a deal but we need something, right? there's not a lot of potential catalyst perhaps until we get back to the cycle of economic updates beginning with the next round of employment. what are other potential catalysts out there or could we have something of a stealth rally that doesn't need a catalyst? >> i think we are going to probably have a stealth rally and people will hate every minute of it even as they laugh to the bank. this is one of those moments when you have to hold your nose, pick great companies and wade in anyway. charles: you think that's what people are doing? >> yeah, absolutely. you need to bide your time. you can never time the market correctly but if you buy on the fundamentals, good companies will always do well. charles: last week we had the durable goods number, jpmorgan went from 2.25% to 1% first
quarter gdp. lot of other folks are starting to sharpen their pencil. this brings the fed back in. maybe the rate cut wall street has been hoping for, but maybe not for the reason they were hoping for. >> definitely not the reason they were hoping for. i'm not necessarily sure you would see that, you know, until the end of the year. i think that's when most investors were expecting it. i think it would really come as a surprise to the market although it would be seen as a positive sign. it certainly would lift things. charles: what do you think? i think it's interesting that this became a topic. honestly, that okay, i think the december rate hike was obviously a mistake. jay powell, the only way he could, has sort of verbally walked it back but all of a sudden, wall street is clamoring for a rate cut. i just found that to be interesting in the first place. >> i agree. i think the president obviously is also clamoring for a rate cut but i think it would be a mistake right now. the fed, they talk about being data dependent. they need to sit back, let all the data play out, see where we are and only act if we really
absolutely need it. charles: what about the new school that's emerging on both sides of the political aisle that the fed should play a different role than it's played in the past? it shouldn't be the fireman that puts out problems but since they have the power to create trillions of dollars of thin air, why not help the economy? what's wrong with the fed taking a 3% gdp and making it a 4% gdp? >> i think on paper, that's great. but when they get to 4%, do they go to 5%? from 5% do they go to 6%? if the fed is going to be pulling levers to goose or slow down the economy at all times, i think that creates a problem. the market should dictate where we go with the fed. charles: let me ask about the fed and also china. again, it's pretty quiet although we don't hear a lot of things from the higher echelons of china. we are hearing it from a smaller, lower level proxies. >> well, that's a classic chinese negotiating strategy because what they are doing is feeling it out, making us frustrated, trying to get us to the point where we are so exacerbated our leaders sign a
deal that's favorable to china. this is par for the course. i'm nervous that the fed will all of a sudden make a reappearance. this is a free market function. we don't need the fed which has been wrong every step of the way so far in this financial crisis starting all the way years ago to get back in to suddenly start pulling levers. charles: years ago it was at 1913? >> people don't realize. charles: have they ever been right. that's what i'm saying. it was going to be the end of recessions, the end of everything else, these economic cycles. guess what? it hasn't ended recessions. we had the great depression. i'm wondering what the role of the fed was in the first place and why it still exists. keith? >> tell you what, that's a question i can't answer but i think they ought to hang a sign up that says we messed up, we are out of business and we're not going to get it right. let the markets do their job. charles: let's talk about merger mondays. not a lot today but the big potential fiat chrysler renault $35 billion merger, you like
this one? i'm not too sure. >> i'm not that excited about it. i think neither one of the companies really want the deal. they are doing the deal more out of necessity. i think they have much -- even if they do defincombine, they h much bigger problems just in the overall macro picture for the auto industry. charles: peak auto around the world, especially in europe. in america, people are buying crossovers, pickup trucks, and paying a lot of money for them. i don't know why any auto company would want greater exposure to the european market. >> i feel like it's a sign of the times. it's more consolidation. even though sales are strong here, globally like you said, peak market makes it a little difficult to be able to compete. i feel like this is just -- like mike, i don't look at this as a positive sign and i agree, the companies don't seem have been revved up about it. >> size matters at this point, especially when you have a
truncating market. also, fiat doesn't really want to be in the auto business anymore. he's reducing his majority holdings to 14% if this merger goes through, he will be allowed to shed that even further down because if you don't have anything over 25% threshold, you can continue to reduce. he will use that to spend on technology. that's obviously where he sees the future. not in making cars anymore. charles: keith? >> i think that that's the precise point, where is the technology going. renault has been doing a lot of work in this area, as has fiat. this is a consolidation move at a time when the industry rightfully should. i'm looking at this saying it's not a bad thing but i'm looking at the technology because what's beyond cars? that's the key here. charles: let's talk about technology. apple, most recent news because there's news every five seconds, being accused of selling itunes customers' listening data. sounds like a lot more big brother and bad behavior. >> basically the supreme court made that ruling that says they will allow class action lawsuits for a group of users of apple's
app store, because they allege that apple has a monopoly here. in this case, they are saying apple is selling off people's itunes user data and they are asking for i think $5,000 in michigan but they are allowed to group together for another class action lawsuit, that's just probably money and the dollars for apple but does it really change their business model? i'm not sure. charles: i don't think so. hey, folks, thank you all very much. really appreciate it. great stuff. meantime, check on the big board. near highs of the session, up 115 points, 25,700. meanwhile, the left continue to push for that green new deal but the operator of one of the largest coal mining operations in this country calls it a jobs killer. he joins us later this morning. impeachment talks gaining some momentum among democrats. but what would the senate do if the house actually goes after president trump? we will ask senator kevin cramer
during our 11:00 hour. uber, well, uber is stepping up to the plate, ready to release their first earnings report since going public. the stock still trading much lower than the pricing level of its initial offering. remember, this was going to be a blockbuster, $150 billion market cap. we are way off of that. we will ask one of uber's early investors what went wrong.
then there's gold. lot of flight to safety there. some of that coming off as folks maybe rotate back into the market. bitcoin with that stealth rebound. don't bury bitcoin yet. $8,654. it's come back really nicely. then there's uber. want to take a look at this because they are reporting as a public company for the first time after the bell on thursday. its shares have had a rough ride since the ipo. joining us, venture capitalist bradley tusk. everyone expected a blowout when they started trading, at least a month before, two weeks before, maybe expectations started to come down. they started to make adjustments themselves with the price and things like that. at one point, this was supposed to be a $150 billion market cap company. >> oh, yeah. there were rumors back in the day of $200 billion. i think the board of directors made a mistake when they replaced travis kalanik. maybe he needed to go but they solved for the wrong problem. they solved for effectively the media public relations crisis.
it was a media firestorm that was a real problem so they brought in someone who could handle it really well, and dhe did. he's a very stable guy and is calm but they didn't think about the markets. what we are seeing right now is while the media said yeah, this guy has calmed things down, investors are saying he's not an innovator and if we are investing in uber we are investing in their promise and potential. charles: there is always risk to breakneck growth. the kind of growth that was under travis was remarkable growth. they put that, to your point, feels like they put that aside to focus on governance and other issues. one of my problems i have is with all of these unicorns of late, they have done so many private rounds of funding, i think they had 19 or 20 private rounds of funding. you go public, i think the public, the general public, is sort of hip to that now and are saying you know what, if you really cared about me, you would have gone public a year, two years ago. i could have gotten in this and enjoyed the growth with you as
your customer, consumer, instead of me being your exit plan. >> not just that, but any of the honeymoon that a new public company typically gets doesn't exist for these tech companies. you have raised a dozen rounds of private financing, you are valued in the tens of billions of dollars, you don't get the benefit of the doubt. uber effectively took all the growth on the front end and investors are paying the price. charles: you see that changing? >> yeah, i think ultimately valuations, they are only based on what people are willing to pay. i invest early stage, series a. right now we are paying higher prices than we would like to as well. i think as you see some of these unicorns underperform in the market, everything should settle down. charles: you will see more companies maybe going public? >> or maybe not being valued at quite these crazy numbers. $47 billion valuation. charles: let me ask about where uber's growth may come from. lot of folks looking at uber eats, particularly with this new subscription model. is that where they could deliver some growth? >> it's very clever. right now there are all these
different food platforms. i live in new york city, and i order dinner all the time. i have no particular loyalty to any platform. it's just whatever kind of strikes me as the most convenient at that moment. if i'm paying a monthly subscription fee, at least in theory i'm using that platform because i'm paying for it, i'm saving on the delivery fee and given that the market for delivery just keeps growing and growing and growing, it's really smart. charles: 30 seconds. ultimately, will it be the driverless car that gets them to profitability and to the ultimate promise? >> no. i think what gets them to profitability is if they can stitch together all these different components of their network. trucks, drones, self-driving cars, all the different -- scooters. if they can figure out a way to get anyone from point a to point b profitably, it works. if not, they've got a problem. charles: thank you very much. really appreciate it. want to get a yquickup date on james holzhauer. he picked up his 28th consecutive win last night, took home $130,000. his latest victory puts his
total winnings over the $2 million mark. he still has a way to go before catching the all-time champ. you remember ken jennings. he won $2.5 million. something tells me he's quaking in his boots right now. let's check on the dow 30 right now. we are near the highs of the session. virtually all the names are higher. intel, goldman, jpmorgan. visa, however, up nicely this morning. a major legal case goes to trial today. oklahoma faces off against johnson & johnson. it's accusing the company of playing a big role in that state's opioid crisis. we are on it.
charles: let's take a look at shares of dow component johnson & johnson. actually up, but they start a huge opioid trial today. joining us, former new york lieutenant governor betsy mccoy. betsy, what do you expect to come out of this trial? they are being accused of being a major player in the opioid crisis. >> that's right. there are 600 similar lawsuits around the country. but the fact is, this is the trial lawyers and ambitious politicians out to make a quick buck. because the evidence shows that legitimately prescribed opioids are not to blame for this epidemic of deaths. for example, let me just give you some of the facts, charles. high dose opioid priepescriptio
are down 41% since 2010 even though the deaths are way up. the national survey of drug use and health shows that three quarters of opioid addicts and nearly all heroin addicts were never legitimately prescribed an opioid for their own pain. charles: that goes against early, you know, early conventional wisdom, that the majority of folks started with an overabundance of pain medicines. >> that's right. but that's not true. in fact, the annals of internal medicine has a study that shows 87% of people taken to the e.r. for an opioid overdose were not prescribed opioids for pain themselves. they stole them. let me ask you something. if a guy stole a buick and robbed a bank, would you sue general motors? charles: what's a legitimate amount of painkillers? you mentioned at the start of this conversation that, you know, somehow too much wasn't prescribed. it feels like most people, doctors, pharmacies, drug
makers, purdue in particular, have acknowledged that maybe too many opioids were prescribed, going further back than even 2010. was there at some point too much of these pills being prescribed? >> it's probably true that they were prescribed in too large quantities so that people didn't use the full quantity, put them in their medicine chest, their kids stole them, their neighbors stole them, somebody working in the home stole them. a lot of these pills on the street are stolen. others, of course, are manufactured in huge quantities and flooding the marketplace. charles: was there a responsibility for johnson & johnson and others to talk about the possibility of addiction? >> perhaps. charles: okay. >> but in the law, there's something called proximate cause and johnson & johnson has a bench trial, not a jury trial, for a very strong reason. that is, they can present the facts to the judge and i give them credit for not just settling the way so many of the
other pharmaceutical companies did, just throwing money at these trial lawyers and saying leave me alone, because the fact is, they're not going to be able to prove proximate cause. charles: if, though, you're wrong for whatever reason, and they lose this case, then listen, i'm with you, i hate when companies settle, i hate when people settle -- >> you think they should sue mcdonald's for the obesity epidemic? charles: people want to do that but this is different. as much as i like a big mac, i can never say i was actually addicted to one. >> that's right. but there are plenty of people who eat too much. the fact is individuals, including teenagers or their parents, have a responsibility to monitor their own conduct. charles: the bottom line is you think when johnson & johnson is going to win this? >> i think they have the facts on their side. charles: let me ask you quickly, i want to switch gears here in new york city because the city spent over $3 billion on the homeless problem and of course, we have bill de blasio running for president. what the heck is going on?
what do you make of that? is he nuts? >> he is suffering delusions. charles: he's got to be. >> what else can i say? he's a legend in his own mind. charles: does he go over these potholes? does he see the homeless? does he see the subways? >> children's deaths under the agency charged with protecting children from abuse, those deaths have soared and he has been unable to manage that agency. we know that the public housing projects are in such disarray they had to have a federal agency come in and take over the management of public housing. charles: there was a cover-up. that's where there was a cover-up. new york city tried to cover up problems where elderly women had 20 flights of steps with no heat or hot water. >> and lead paint for the children, which is also terrible. charles: betsy, great seeing you. thank you very much. well, we will switch to another politician because a lot of people are saying where in the world is joe biden? it's been more than a week since he's held a campaign event. is this low key strategy a smart move or is he kind of sleepy
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charles: i'm charles payne. stuart will be back tomorrow. we have a lot of big stories including this one. texas congressman chip roy on this hour. remember on friday he unexpectedly blocked a 19 billion-dollar aid package. the another vote for the package is scheduled today. president trump returns to washington this afternoon after a weekend in japan. we have the u.s. ambassador to japan coming up. we have "mediabuzz" host howard kurtz to take you through a tweet that misquoted president trump and got the president's attention. we were up now over 100 point, hanging in there.
we may get extra. in a few moments we get latest reading on consumer confidence in may. do we have it? susan: it is pretty good. conference board came out with consumer confidence for month of may, jumping from april, 134 read in may. it has been improving as the year has gone on. that matches optimism we saw from the michigan consumer confidence we saw in may hit a 15-year high. tax breaks, strong economy, good jobs market is making americans feel confident to go and spend. charles: this is a huge number. i can't wait to comb through it. it has been lower 2/3 of household income has been most optimistic. now there is this, look at the title of this. the opinion piece. now this is in "the new york times." trump's formidable 2020 tailwind. the author says the economy could give him the win next year. joining us mat macvoiak.
matt, do you agree with this headline? >> worst-case scenario, charles, the president has a 50/50 shot to be reelected. depends a lot where we are next year. is the trade stuff behind us? is the economy still strong? who the democrats mom? what steve rattner of "new york times" he look at most accurate forecaster, professor at yale university, looks at the economy and gdp inflation and power of incumbent system four out of the last five incumbent presidents were reelected. george h.w. bush would probably have been elected if there were not a third party candidate. he needs to broaden his collision and con sit weapon sy as much as he can and the continue to hold the rust belt. charles: it wasn't just ray foil
at yale, don luskin, did his own work on the electoral college. when you talk about broadening the base, a lot of people have a job become part of your base, isn't that what history telling us? >> it is. most important takeaway if the economy is strong, incumbent presidents are very difficult to beat. we'll have to see how the economy looks. it may be slowing down in the current quarter. most people are not predicting a recession in the united states this year or next year. if the economy is productive he will will have strong chance. if democrats flip two of those three, president has to go to another state to get the electoral votes. it is very close path. charles: no one has seen joe biden. he hasn't been on the campaign trail lately. even "the washington post" is
beginning to wonder about it. what do you think? is this a deliberate strategy on his part? >> it is. his team understands the more he talks the more he creates for himself. he has done that throughout four decades in public life. slow and steady, you don't have to work like crazy. >> isn't that what hillary thought? >> maybe. hillary was, had advantages of the way the primary was set up. she had a number of advantages over bernie don't exist now. they proportionnal allocation of delegates on the democratic side. the biggest strength biden has, you have 21 other democratic candidates. his 35 or 40% of the electorate of the democratic side gives him first place. if that field were to narrow, were to shrink it may by the end of the year, certainly will after iowa, we'll see whether he maintains his lead. he is trying to run out the clock. trying to maintain his place there at the top, and not cause problems for himself. charles: i don't know. i understand the biden gaffs are
infamous, but this is an odd way to run for the presidency in my mind. we'll see if it works. matt, thank you. >> thanks. charles: switching gears to the european elections, joining us market watcher scott shellady. you're over there. you spend a lot of time in the uk. nigel farage's brexit party, they crushed it. what do you think overall of the results, scott? >> i think overall the results came in really what the people want is for a government to carry out the will of the people, right? to make it easy on everybody here in the state can you imagine if donald trump was elected president but had to be ratified by congress. that is basically what brexit was, right? the congress who doesn't want to lead, they are stalling this. they have a bigger quagmire than we do here. that was ultimate undoing of theresa may. we have italy, won 33%. le pen won more votes than macron.
orbon won 52%. in poland the justice party crushed all the opponents. place like spain went overwhelmingly for socialism, the next three parties were all ultraright parties. something is going on around the world particularly in europe. it feels like it will have economic conferences at some point. what could that be? >> it is call common sense, right? you can sleep easy at night. now peoplerying this clearly. everybody wants to call it progressivism. donald trump was definitely one of the started it along with exabout sit but at the end of the day we have common sense taking over. people are sick and tired of what has been foisted upon them, told how to think, people can spend their money better than they do, know what to do in their lives, slowly but surely see a sea change rejecting that idea. charles: sea change is becoming a tsunami. elites all over the world are getting kicked out, scott. >> yeah.
charles: president trump says we're not ready to make a deal. china wants to make a deal. we're not ready. what is your reaction to that? >> i want to vote on the side of the u.s. i think we're in a good spot. i think this will go on longer than we think. ultimately he has done a great job not telling us what he wants to win. whatever deal he gets he come out and say i got what i wanted because he never told what he wanted and it will be good for the market and get on with our business. we have big numbers coming out in china to keep an eye on for their economy. slowly but surely will sink in they need to the come to the table. we'll not get everything what we want obviously. but trump will come away much better than had he done nothing like all the administrations before. charles: in china, industrial profits were down almost 10%. they took over a pretty sizable bank. first time they had to do that in two decades. we keep saying massive, massive issues in china where i keep hearing they can hang out for
100 years but it is obvious there has to be a sense of urgency to get something done on their side too. >> yeah, this is the problem. it was real easy taking the guy off the bike, putting him in a car and taking off rice and putting them with beef. take the beef or car away, that is the new problem china has got. charles: what i said, very same thing to someone this morning. you can talk about mao's long march and boxer revolution. you're talking to people buying rolexes right now. they don't want to hear about buckle down, hunker down, wait them out for next 100 years. >> take them out of the car to put them on a bike, it's a hard thing to do. charles: it is real hard, tell me about it. buddy, appreciate it. big board, pretty good start to the week. it will be a short week. you know what, scott -- do we still have scott? okay. let's continue on the china thing then, susan.
huawei, you know, the ceo of huawei, i guess, i don't want to use the word belligerent but he is getting a lot bolder. he told bloomberg in an interview there he is ready. susan: they stockpiled chips and all the components they need. how long will that last them? we're not sure. they're reviewing a relationship with fedex. charles: what happened there? >> huawei says two packages sent from japan meant for addresses for huawei in china were instead diverted to the u.s. they say without any explanation at all. and then two other packages sent from vietnam meant for china and huawei again an attempt to rerout these packages to be sent back to the united states. huawei says look, this is undermining our confidence in federal express and our use of fedex in the future. these packages contained only documents, no technology. fedex itself says we are aware
huawei is on the u.s. trade blacklist where initially they were going to be black listed from any components being shipped over from u.s. companies and other u.s. companies and american companies would have to get licenses to work with huawei. that has been shall we say relaxed for 90 days for now, but huawei as we know, congressional report says that huawei is an outlook for spying, conduit for chinese spying. that hasn't exactly been proven but there is concerns. charles: concerns around the world. a lot of countries issued these concerns and warnings. we'll see how it plays out. susan, thanks. up next the u.s. ambassador to japan. we'll see how president trump was received. plus what the japanese think about president trump downplaying north korea's missile tests. ahead in this hour, 19 billion-dollar disaster relief bill delayed after texas congressman chip roy blocked it. we have congressman roy coming up.
charles: folks market pulling back. i'm not sure why. we're still up. but some of it is coming off. we look at activision blizzard, gaming company up big. goldman sachs raised it to a buy rating. nice pop there. president trump tweet about north korea while he was in japan. quote north korea fired off small weapons that concerned some of my people but not me. chairman kim when he pulled swamp man joe biden and a low
i.q. individual, and worse. perhaps at that that's sending me a signal? how should we would worried about north korea and president trump's confidence in kim jong-un? >> charles, president trump and the prime minister are completely in sync on another cree. as the president said in teak yo, made clear all along the sanctions will remain in place. but at the same time the president is making it clear there is an opportunity for a brighter future for north korea. charles: no doubt about that he has said that as much. obviously kim jong-un is curious about all of these things. yet, you know, for him to give up the nuclear stockpile that he has, which is his only currency in the world, i have never heard yet what we're going to offer
him in return for that? >> charles, the president has clearly changed the negotiating dynamics but he has kept the focus where he needs to be, on denuclearization, he made it very clear to kim jong-un, that is the goal. i understand this is a different environment than the north koreans are accustomed to. but i think it present as great new opportunity to hopefully get a much better result for north korea and the rest of the world. charles: speaking of the rest of the world, japan, apparently some media outlets are a little frustrated even though these are small, these are con intercontinental ballistic missiles, kim jong-un firing off rockets, not a good sign and not for the region. >> nobody is happy about what is happening on north korea but the president is remaining focused on the larger goal, anytime line for the larger goal or do we sort of wait it out?
the last guard who left at the dmz, he was riddled with parasites. he was malnutritioned. he was supposed to be an elite member of the military there? >> charles, i think you're hitting on an important point. the sanctions are biting north korea. they will continue to do so. i don't know what the exact timeline is, but it has got to be getting increasingly difficult for the north korean regime. charles: before i let you go ambassador, president trump suggesting that we get a trade deal with japan by august. do you think japan is on the same page there? >> a the president said in tokyo he is very interested and concerned about the u.s. farmers. he pressed japan hard to step up an make the markets of japan open for american ranchers and farmers. also while the president was here, i hosted a event at my residence for japan's to 30 ceos. at that event the president
called on the ceo's to invest more and create more jobs in america. charles: that's good news. we need to see more foreign direct investment. we're number 12 for china. despite all the money they get from us for trade they do very little investing here. ambassador, thank you very much. appreciate it. >> charles, thank you. great to be with you. charles: congresswoman rashid talib bless the house of representatives is moving towards impeachment. how badly will it backfire for democrats? relatable podcast host alley stuckey is coming up. more and more wealthy people moving out of northeastern states. florida is taking a big influx. we'll tell you which other states are big losers next. ♪
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charles: quick of the big board, a. jamie dimon warning that u.s.-chinas becoming a real issue that could deter investment. we heard that before. it took a little bit of momentum out of the rally. let's look at roku. the stock is down after an analyst at stevens downgraded the stock. had a pretty big run this morning. faa expanding safety procedures in older 737s. what is going on here, jackie? >> the faa hitting back as a result of this experience saying if there was a fall function in the software but linked to how pilots were using it and they needed more training on an ipad, for example, we should sit back to look at the rest of the fleet to help with training procedures as well. that is definitely a positive side. there are also, boeing coming out saying there is not a
problem with the other planes. they don't want people to be scared to fly already than they are at this point but brings the idea of saved in terms of consumer confidence wanting to fly in the planes. the 737 is grounded now. united says we'll cancel more flights. we'll be overly cautious on this and wait until august. charles: no one is arguing about abundance of caution. faa has egg on its face, essentially boeing self-regulated itself when it came to the things. instead of an ipad everyone should get in a simulator. >> this should be less than sort of a mechanical issue left to software but a human issue. people should be trained to use the technology themselves. that is why you have pilots in the planes. charles: thank you very much. about five million americans are moving from one state to another every year and florida getting the biggest influx of these people. one northeastern state is the
biggest loser. susan, which one is it? susan: guess? charles: i would say new york. susan: yes, really? get me on "jeopardy." susan: the main recipients of this money going to florida for the sunshine, yes, seashore and low taxes. this state florida has no income tacks, no state income taxes. a lot of wealthy individuals from new york, new jersey, i will snow have been taking a look at florida since you have state and local taxes being capped. that means you owe the irs a lot more. beneficiaries of these high-taxed states and exodus high-taxed states. idaho, oregon, texas, washington as well. new york the biggest net loss was $8.4 billion leaving the state. second biggest net loss,
illinois, 4.8 billion leaving state and new jersey. charles: irony the states try to make it up through, higher taxes. >> higher taxes. charles: triggered the exodus in the first place, right? then they say let's go back to the well. some of these states crossed the rubicon. they can't go back. whatever ultimately gets them on firm ground because they keep going back to the well with more taxes driving out people. >> if you can use your job at home, using technology, not like us where we have physically easy to move. i have countless number of friends made the journey to florida. they love the life there. susan: moving to south beach, how about that? that is a great place to do the show? charles: let's check on the big board. we're up for the session, we gave some of it back on comments from jamie dimon on the trade war. indiana, ohio, ravaged by tornadoes overnight. we'll take you inside of a badly
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"hey jude," everyone knows the song. a big hit. their biggest in fact. rally stalled. i think comments from jamie dimon. we were up as much as 125 points on the dow. nevertheless we're starting the week in upward direction. let's shift now to representative talib talking about impeachment. let's role what she had to say. >> i think it is moving towards that. it will demand it. it already is. this is time in the country we can't look back -- charles: want to bring in allie stuckey, host of the podcast, relatable. ali, not just dems, newbie getting more serious about impeachment but is it going to backfire on them? >> it's a little bit difficult to watch right now because not all democrats are completely united behind this but they're also not united behind the why of impeachment. is it going to be they will try to prove obstruction of justice,
arms sales thing to saudi arabia which is something that talib brought up in the interview? is it other financial dealings? the majority of american people whether they like trump or not, are actually not in favor of impeachment. if democrats want to go forward with impeachment they will have to make a better, consolidated case than they're making right now. charles: nevertheless this is the whying to nancy pelosi and she came out of meeting with president trump, accusing president trump after coverup, she was rattled. i think the voices are fewer than we think are very loud and they're demanding. >> yes, they are and i think nancy pelosi, we have said many times, a lot of people noticed she kind of lost control of her party. wasn't too long ago, she was saying no, no, we'll not go through impeachment right now. she realizes that is politically risky but at the same time they have been making a case for a while for the past couple years that he needs to go.
that he needs to be impeached. so whether, what are they going to do? are they going to go back on the case they have been trying to make. we know we'll keep the president there even though we know they are completely corrupt? or are they going through with it to hurt their own chances in 2020? that is difficult place for nancy pelosi to be in probably. charles: since the mueller report came up a dry hole, feels like the democrats have been a rudderless ship for the most part. you brought up 2020. it has been more than a week since the last joe biden sighting. many people are wondering what is going on. he is holding an event in houston with randi winegarten, president of the american federation of teachers. this low profile approach, some people see this as arrogance he got it in the bag? because that approach didn't work so well for hillary in the general campaign? >> well i can't assume why he is kind of, he is kind of playing it below the radar right now,
i'm not really sure except for the fact i don't think when it comes to crowd size he drums up that much enthusiasm. really just by existing that he is soaring in the polls. i think that democrats see him as a safe bet. they know moderates uncomfortable with trump have no qualms voting for joe biden but he is knot going to drum up the support of the far left. he will not drum up the support of young people. so rallies and bad pr, maybe low attendance at a rally could possibly bring, he maybe doesn't want to make that risk right now. i'm not sure if that is smart. i guess we'll see in the coming weeks. charles: also afraid of those infamous biden gaffs i think. thank you very much appreciate it. >> thank you. charles: this caught everyone's eye over the long weekend. in nyu professor, columnist ian bremer tweeting out a fake president trump quote. kim jong-un is smarter and would make a better president than
"sleepy" joe biden. president trump fired back with a tweet. bremer admits he made up completely ludicrous quote attributed to me. this is what goes on in fake news. the libel laws should be changed hold the fake news media accountable. howard kurtz, host of "mediabuzz" on fox news channel. howard, does the president make a point here? >> what ian bremer did was dumb. if you're an academic and professional writer you have to apologize as he ultimately did, putting out something a lot of people thought you were fabricating putting words in the mouth of the president of the united states that is not a good weekend. in his partial defense he said he thought it was obvious satire of something president tweeted in japan. charles: even if you give him the benefit of the doubt, ian
bremer is one of these folks, puts out a lot of research, has a lot of opinions, sets himself up as sort of someone who takes on those people who use the internet and social media in a divisive manner. in other words, he is seen in the past asset himself apart from the crowd. he has still doing the same things that other people are doing. really frustrating because it feels like, who out there that, that the dislike or anger towards president trump, it doesn't make them do things that later on they have to apologize for? >> yeah. i mean i think the fact that the president for those who are on the left, who lean left is such a big target, they perhaps do feel like they can take liberties and get away with things that other people can't. now look, what president trump did tweet from japan in which he picked up on criticism from kim jong-un about joe biden, basically said he smiled when he heard it, has caused some criticism of the president, not just from liberals but from some
conservatives, even republican congressman peter king but that is no excuse because ian bremer could have written, i thought this was terrible, the president shouldn't have said this, politics stops at water's edge, whatever you want to say, that is free expression. when you give some leaders the impression that the president said words you are writing you leave yourself wide open to be smacked down not just by trump reaching his 60 million twitter followers especially as you say you hold yourself out elevating the discourse. this is not exactly that. charles: howard, has it been this bad, animosity, constant fighting, to be quite honest with you the number of times the mainstream media had to apologize for maybe in haste to quote, unquote, breaking news that turned out not to be news, whatever it is, it feels like this is a weekly occurrence? >> weekly, sometimes more than weekly, charles. no, it has negative been this bad, never been this polarized.
we never had so many in the media pursuing pretty obvious agenda against the president they despise, having to correct, apologize for stories. not everybody obviously but a lot of that been on anti-trump side. on other side we don't know who created this doctored nancy pelosi video that got a couple million hits online. it is not like one side of the battle has monopoly on this but i do think the record of the mainstream media going after this president, almost like there is lower bar. you can throw anything at him, call him any kind of names. he punches back as you know, as he did in this case. charles: vitriol is amazing. howard, appreciate it. >> good to see you. charles: at&t wireless customers can use things like cryptocurrency like bitcoin to pay their bills. susan, how does this work? susan: bitcoin is going mainstream with one of the
largest telcos in the country will accept bitcoin. at&t is partnering with bit pay services. they will take bitcoin cash, genius usd, and circle u.s. dollars which are different crip cocurrencies. i didn't say xrp as well. at&t is not the first company to do this we also had whole foods, nordstrom, gamestop, they used payments network, flexa to take bitcoin payments. there is not a lot of adoption. i will use one example that has been reported. corn hub would let users pay for pornography with cryptocurrency. less than 1% of payments are used by cryptocurrency. charles: i think people want to hold it as an investment than a currency. susan: if i was holding bitcoin, wait until the value goes up. too much volatility and fees are high. charles: paying your bill three
times. susan: exactly, right? it is the value. charles: appreciate it. texas congressman chip roy is coming up. we'll get to him. he will tell us why he blocked that 19 billion-dollar disaster relief bill. apple facing more privacy troubles. a new lawsuit is claiming that the company is selling your itunes data. judge napolitano will tell us how much trouble apple is in now. ♪
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ground there in ohio. mike, how bad is it out there? reporter: it is really impactful. this is the house of jeremy. he bought it five months ago. he got warnings over facebook half an hour before the hit -- [inaudible] put this mattress in the middle of the hall. something like this and put a blanket over the top of themselves. what hearing for people went through the tornado, instead of sound they felt pressure. this is what he was looking at with his house. the power lines are knocked out there. power out to five million people. [inaudible]. they need oxygen and they don't have power at home. so they have gone to the hospital. we do know of one person who died. he was in salina, ohio, 81-year-old man sleeping in his bed and the tornado tossed a car right on top of him. people are still in icu.
first-responders are going through neighborhoods looking at structures -- [inaudible]. charles, a loss of life right now is very low. destruction of property is very high. back to you. charles: thank you very much. meantime, 19 billion-dollar disaster relief package hitting a major roadblock in the house. one congressman, chip roy, republican from texas, blocking that bill's passage. congressman chip roy joins us on the phone. congressman, fox news is reporting that the house may try to pass the bill again today during a brief session it is having this afternoon. you won't be there to vote on it. so do you think it will pass? >> well, charles, first thanks for having me on. my thoughts and prayers go out to dayton under the terrible tornado as my thoughts and prayers go out to florida, georgia, puerto rico, others impacted by emergency disaster. the federal government should have dealt with this a long time ago because nancy pelosi prefers to play politics. we should have been in
washington friday to do our job. she tried to pass the package that didn't deal with the border security problem. tried to pass it by unanimous consent. that is not how that should work. so i objected. i have a number of colleagues, a sizable number of colleagues agree with me. we're going to go to object. i decided to go do it because i was only one in town able to do it. most people had flown out not knowing the speaker scheduled it. there will be other members who will object this week if she tries to do it by unanimous consent again. she should call us back and vote if they want to get it done today, i will hop on a plane, i will be in d.c. and vote. she ought to do her job and vote. charles: congressman roy, you had self reasons for wanting to block this, including the tactic, that nancy pelosi used. i think you're right. i think american people are tired of this sort of, our politicians who don't work many days to begin with, fleeing washington, d.c., getting extended weekend and pushing through bills no matter how
large they are. but you also, from what i understand were upset there wasn't enough attention to the border. you thought that it was unreasonable price tag. now some people are saying though, we've have had massive disasters in this country. you reeled off a few yourself including puerto rico. how do we get assistance to americans if we don't pass these bills? >> first of all congress should come together on bipartisan basis to restructure the way we deal with disasters. we need something built into the budget to deal with it, do the things the federal government is appropriately tied to army corps of engineers, ports, things that directly impact the federal and have it built into the baseline. figure out how to do that we should have a balanced budget. we have to get to the business of the people. they sent me there to represent texas 21. i campaigned on balancing the budget, having a strong border. you mentioned that. unfortunately the speaker was going to move the emergency package through after she has been blocking five months any
effort to deal with the border crisis where 100,000 people are apprehended every month, 100,000. the mayor in texas tweeted out me on friday, thank you for standing up because their town is getting overrun. we have literally thousands of people coming into texas. it will impact our communities, our schools and our way of life. the president sent an emergency supplemental ask of 4.4 billion. it should have been a a part of this package. charles: representative roy, i have to jump in. your feed is coming in and out. i will say this, a lot of people are calling you a hero for doing this they said was brave. to your point it will be interesting to see if any of your colleagues step forward to do this, there is a lot of criticism comes with this, particularly talking about the disasters out there and people clamoring for help. thank you very much. really appreciate you taking the time. >> thank you, charles. thank you for having me on. take care. charles: apple, they have been accused now folks of stealing your itunes listening history.
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ends sunday. sleep number. proven, quality sleep. charles: checking the big board, we're hanging on by a thread but we're still higher for the session. we were 100 points higher than that jamie dimon made comments that sort of changed the tone of the rally. then there is this, more privacy problems for apple a new lawsuit claims the company is selling data on customers itunes listening habits. all rise, ganch -- judge andrew napolitano is here. this is interesting with tim cook saying we don't do this kind of thing. >> tim cook himself, i don't know if he said it in tulane at the commencement speech he gave over the weekend, what is said on your iphone stays on your iphone? obviously that is not the case if they're selling this. who knows if they're selling it, but plaintiffs allege they are and they are using apple's
serious advertising and anecdotal statements out of the mouth of their chair, tim cook, to show if it is being sold it is against what apple said. boiled down, the allegation is that consumers are being defrauded. if the lawsuit is allowed to go forward it will be a class action, meaning everybody who has one of these will be in a position to collect some cash or something from apple as a result of it. charles: could there be though, something in the fine print that protects apple? you know because we all have this fine print no one reads. feels like ultimately, despite what tim cook may have said apple is prepared for this? >> i would think that the public face of apple would negate statements in the fine print. charles: really? >> i do. because so many human beings involved, they are so huge, they sell so many products to so many people. here is what their lawyers would basically say to a judge. we do tell everybody we don't do this but in the fine print we admit we do, we do really commit
fraud on everybody and are protected. i don't think that washes. the lawsuit has been filed. we haven't heard apple's answer. they may very well have a answer comparable to the hypothetical answer you just suggested we don't know. charles: it will be tough for them. as they move into service model, not to go after that money. that is a lot of money. 1.3 billion eyeballs, listening habits, that is a lot of money. >> is this money for the consumers or can i channel my stuart varney, i know you're watching, stu, is this a windfall for the lawyers? charles: windfall for lawyers. >> because when you have a class action, the class is enormous, a billion people, who get as coupon, who gets cash? lawyers get the cash. the people that buy these things or rent them get a coupon. charles: i have to ask you about j&j and opioid trial in oklahoma? >> i'm shaking my head this is the first of many headaches for
j&j. the question is did they know how addictive opioids were and did they not reveal? now i'm going to suggest to you that j&j's defense will be the same as purdue pharma's defense was, we didn't sell anything that wasn't approved by the fda. the fda today even approves our advertising language. we should be protected by the decisions and granted to us by the fda of. the state court in oklahoma doesn't care. they may have to make the argument before the supreme court of the united states if some jury in oklahoma hits them with a verdict out of proportion to whatever harm they may have caused. charles: right. i tell you though, absolutely amazing. thanks, judge. >> pleasure. charles: big headline in "the new york times" of all places, president trump wins in 2020 thanks to the economy. you can bet we're all over that one. president trump is says he is not worried about north korea firing missiles.
we'll ask kevin cramer about that. a blue state lowers a tax, it leads to a boom in sales. talking about boat sales in connecticut. you won't believe about all of this, but we've got it in power three, "the power hour" straight ahead. ♪ ... i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these.
charles: it's 11 a.m. in new york, 8:00 a.m. in california i'm charles payne, stuart varney will be back tomorrow but we've got a lot going on in the markets for you right now dow jones industrial average up 31 you can see all the major indices starting the week in the green. remember steven ratner, the car czar under president obama. well he's got a piece in the new york times that says that president trump is likely to win 2020 based on the economy in fact here is the headline. trump's 2020 tailwinds "the economy ranks among the top issues on the minds of voters in
presidential elections" at the moment appears to offer president trump a meaningful tailwind. so, how is that one going to work out for joe biden? remember, he refuses to give any credit to president trump for this booming economy, and stay with us, it's the third hour of varney & company and we're just getting started. >> mr. trump likes to take credit for the economy and the economic growth and the low unemployment numbers but the facts not the alternative facts. >> [applause] >> president trump, inherited an economy from obama/biden administration. >> [applause] >> that was given to him justed like he inherited everything else in his life. charles: that was joe biden who says president obama, not president trump, is to thank for this booming economy want to bring in market watcher ryan pay ne, along with other guests including, let's rollback here a
little bit. welcome. susan li, ryan let me start with you, this whole argument over the economy, you have two completely different economic models, you know, one with high taxes one is low taxes one with a mountain of regulations one is removing those regulations. what we're seeing right now with particularly in wages has not happened in a decade, a decade. so it looks like even democrats are admitting if it stays this way trump is re-elected. >> yeah it's an obvious point everyone tends to vote with their wallet and if the economy is doing well you're making more money you don't want to rock that boat so i think that's the obvious play that trump will stay in if the economy stays strong absolutely. charles: nathan you of course talk about capitalism all the time you say president trump is making it pure again what does that mean? >> well capitalism was a bit destructive historically and this comes into play when you're in unfair deals and things like this true capitalism is pure competition prices come down for
consumers it's a great deal for everybody and trump has run this play book exponentially well and it doesn't surprise me trump has created jobs in his past and private life biden has never done this before. charles: there are trillions of dollars of embedded interest in the status quo. there are a lot of businesses that want things to stay the way it is. there are a lot of billionaires that want things to stay the way it is right now. whatever you want to say they're benefiting big time from it and they still present the promise for president trump. >> yeah this is true but if we talk about status quo there's never been a president more against status quo than president trump and he's doing the things that creates incredible amount of leverage for him but most importantly the american people and that's showing up in our 41 o can and in the stock market and it's going to be very hard as that writer articulated again for him to lose the election and he would win by a landslide. charles: one of the models, the professor from yale has him at 56% but susan it won't be 56% because he will lose some on the
personal side. >> well rbc came out with a survey as well saying 70% of wall street says trump will win re-election in 2020 you can't argue with an economy growing at a 3% to 4% pace that we haven't seen in 15 years mind you and the strongest jobs market in 50 years how do you lose an election with those type of numbers maybe the personal side, but on the economic front it's pretty tough. charles: we were reminded of the elections in australia two weeks ago and the climate change issue was a slam dunk and the polls show there's a new leader there, the great barrier reef in trouble, the hottest summer there in history and yet at the end of the day, people, went in the voting booth jackie and said i'll stick with what i know with the economy. >> and that's what i think you'll get this time around too. we learned last time people went into the voting booth and they didn't necessarily want to tell you exactly how they were voting it took about a year, year and a half for some trump voters that i know to actually admit they voted. charles: after they moved out
of new york? >> [laughter] yes, so i tend to agree with ryan and also with susan. the economy is everybody's number one driver right now, and he has just hit it out of the park in that regard. charles: all of jackie's friends moved to oklahoma. i voted for trump see you later. >> [laughter] charles: i guess the big question mark would be china. that's the china trade issue. at least it's dominating the headlines what do you think? >> yeah, as a long term investor i would say it's a gift from the gods, and china's pretty irrelevant if you think about the context of everything. the longer we wait to get a trade deal here you'll get american companies saying maybe my supply chain should go somewhere else. charles: they definitely got that, keep it going keep it going, but some of those jobs are going to come back to america not all but some will. >> you're optimistic charles but you'll see most of those stay probably in asia but i think they will move away from china and that's a big deal.
charles: that takes us back to your point a pure form of capitalism. >> you're derisking people who said the united states is dependent on china trump is very quickly saying china listen you have way more to lose than we do and we'll test it and he has other leverage points with china , and talks with taiwan, just so you know we're reestablishing power in the region and again u.s. companies have to be creative now and figure out how to do supply chain in other parts of the country and the world which brings leverage back to the united states. charles: thank you both very very much appreciate it. meanwhile we've got some cable companies that have a new plan to offset losses from cord cutting and now they are offer ing cheap cell phone plans so jackie how exactly does that work? >> so the wall street journal offering a monthly unlimited date service offering it for 20 to $30 offering half of what the rivals are charging and they are trying to compete with comcast and charter and this is just a part of the latest trend.
altise will run on the sprint network, and it's supposed to launch this summer but it's interesting because if this is supposed to keep people on their system keeping cable, but using it on their phone, the opposite is the trend that i see happening with a lot of other people they cut the cord, they get the phone, the verizon whatever it is and then they get to services like hulu or netflix and run them on their phone so two ways of looking at this depends on how hooked you are to cable. charles: a lot of people are cutting the cord though. >> yes. charles: a lot of folks watch their phones, tv on their phones >> i'll tell you something i got hulu because it streams the news services so i feel like i can be mobile doing it get my password, but i'm really not that technologically savvy, along with my handwriting, along in the same place, but it's interesting because people want to be mobile, they're not home. they don't want to, they're not
clicking on the remote any more. charles: susan this one is for you because uber eats taking a page from netflix reportedly going to start a subscription plan for deliveries. >> so 9.99 a month unlimited deliveries, for the entire month , in case you need those late night mcdonald's fries, but it is a smart move because usually for uber eats deliveries , they charge a 15% extra fee on top so if you have a $10 unlimited fee, no extra fee if you pay $10 a month, boost up membership and you know right now we have uber eats it is already the largest food delivery service outside of china. in fact during the ipo, that business alone, uber eats valued at $20 billion. $20 billion! it makes up a sixth of the revenue. charles: all of the deflationary forces right? >> they just need a new way to extract money out of the sharing economy and why not do this with the subscription service that brings up the membership numbers
as well. charles: thank you both very much. sports illustrated sold, the corporation selling the magazine to a licensing company authentic brands group for $110 million deal and under this deal meredith will continue to publish the magazine, manage the website and will still be responsible for advertising and social media, authentic brands will focus on turning sports illustrated into a licensing cash cow and we've just spent the last few minutes talking about this booming trump economy but that isn't stopping the democrats from talking of impeachment. congresswoman has said the house is getting closer to impeachment up next we'll talk to senator kevin kramer if the democrats impeach president trump could it actually back fire on them?
charles: check out the price of bitcoin spiked over the long weekend and one analyst saying it's ready to blast past $10,000 , so jackie, what is it? its been ressurected. >> i think part of it that it was smashed down so low after it first peaked, and also some people are saying look, investors are board they came back from the holiday and they're sitting back they don't necessarily know what to do and there's definitely momentum here so they are sort of picking up on that and you see electronic trading pushed these hitting certain technical levels and when you do that it just snow balls. >> i think it's also diversification i think when things aren't going right you have the safety of treasury but why not diversify and maybe take a play on something like bitcoin and if you look in charts its been in tandem with the market sell-off, so we're at 9,000 highest in a year, and also, yeah, this is probably the
momentum play once again, right? charles: but who ever thought we would say bitcoin would be a flight at risk? >> actually diversification not safety. i said if you're going to -- charles: also because we talked earlier about how little of it is actually used at places accepted because people believe the value will go higher ultimately doesn't that matter if enough people believe in this and they keep buying it i think success will be get success. if this thing breaks through 10,000, i think it's off to the races. >> we have broke through 19,000 and where did that go? it went back down actually. charles: but that's how the charts are formed though right so if something goes all the way up it comes down and then when it turns around whether it's a stock or a commodities they start to get that momentum again and bitcoin of course has so much people believe it young people millennials really believe that this is the future. >> we've broken through the 200 day averages so the charts are on your side in terms of momentum but in terms of
cryptocurrency bitcoin is not the only play out there. but i feel like there is a best known and that's why people tend to flock to bitcoin if they want to get into this space so if the breakthrough happens at 10,000 then 15,000 would be the next level to watch and we couldn't see this thing go back. charles: and susan you've got a little bit? >> i've got a little bit. i say srp is another example. there are examples of cryptocurrency. i think blockchain is here to stay maybe not bitcoin. charles: thank you very much. meanwhile democrat congresswoman says that the house is getting closer to impeachment. listen to this. >> no, i think that it is moving towards that it's going to demand it . it already is this is a time in our country that we can't look at it. charles: joining us now senator kevin kramer republican from north dakota senator democrats do move forward with impeaching president trump. how do you impact for them? >> well i think i would respond by saying do you remember, bill clinton and newt gingrich? this is typical over reachreach
but at the same time charles but for 24 hour cable news, she would be as known as she is relevant which isn't much so it's fun rhetoric and fun to talk about it and become a challenge for the speaker speaker pelosi has to balance this interest of the radical left she needs to remain speaker with governing which she needs to remain speaker and she's got a management problem on her hands and i don't mind telling you a feel a little guilty cheering the pro impeachment crowd on a little bit. charles: with all due respect though i'm not sure that we want to dismiss, you know, the relevance of rashid or alexandria ocasio-cortez or any of these newbies they've made a lot of noise but also seem to be pushing the party, despite the fact that i think most democrats are still in the moderate democrats they seem to be pushing the agenda these days. >> well there's no question they are. i don't think there's any doubt about that certainly in the
presidential politics they are you've seen all of these founder s and others that have been reasonable in the past that have become radical in the recent and but that's primary politics. charles at the end of the day when you get to that one on one that general election campaign you have to appeal to the vast middle and i'm telling you coming from the vast middle, these people are not appealing to them and in many respects they're going so far to the left that it's going to be difficult to find their way back but i also think that this is why vice president biden is enjoying such a tremendous lead even in the democrat primaries because there is that quiet majority that gets to have their say, every few years, when they get polled or go to the ballot box. charles: next one senator, i want to take a look at this tweet from president trump he sent this in japan. "north korea fired off small weapons, which disturbed some of my people and others but not me. i have confidence that chairman kim will keep his promise to me and also smiled when he called
swampman, joe biden and low iq individual and worse perhaps that's sending me a signal? senator cramer, president trump believes that kim jong-un when he does things like this, that he wants his attention, that they have a very good relationship, he understands this is not intercontinental ballistic missiles but others from japan to even folks in your own party are concerned. >> well some people are more hawkish than others some people live closer to north korea than others and it's understandable they'd have differ differing views but let's remember president trump's tough rhetoric is what brought kim jong-un to the table in the first place and began a discussion and while it's three steps forward one step maybe one and a half steps back every now and then, he plays good cop when he needs to bad cop when he needs to but he's always the top cop and i think that he's frankly playing it very well right now and to not panic in light of the minor
tests, these minor tests i think is an appropriate response for keeping the momentum toward peace rather than just if you excuse the expression, blowing the whole relationship. charles: we've got 30 seconds so you like the relationship with the john bolton scene going against president trump's natural instincts and promises to avoid getting america involved in any kind of wars? >> well donald trump ran on getting us out of wars not into them and i might just remind that donald trump to his own presidency let his own administration have public debates as policies he watches the upon response as much as he does listen to the facts in his own boardroom if you will, and i think he manages pretty well by listening closely. charles: senator thank you very much. checking individual stocks here is johnson & johnson as we've noted they are a defendant in a major opioid trial that starts in oklahoma the oklahoma attorney general claims j & j played a big role in our nations
opioid epidemic. and a big auto merger could be in the works fiat chrysler is pursuing a $35 billion merger if these companies can get together they would be the third largest auto maker in the world behind toyota and volkswagen and then the 20 city home price survey prices rose just 2.7% in march the slowest year arrayer gain since 2012 and coming up we'll be looking at u.s. cities with the most vacant homes and listen to this one once they cut the boat sales tax in half and now that business is booming, with boat dealers hiring 85% more full time workers go figure. cut taxes but this is really going to blow your mind it was a blue state don't peak, when we come back i'll tell you which one. hi i'm joan lunden.
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a list for us with u.s. cities have the most vacant homes had one is number one. >> so this is interesting it's very geographically focused. across the country, only 1.5% vacancies but gary, indiana almost 20%, hilton head almost 17%, flint, michigan 15.7%, detroit having problems 11% and baltimore, maryland, 8.1%. housing recovery is definitely happening we talked about this when we talked about home prices a little earlier in the show but certain areas of the country certainly being hit, you know, substantially harder. charles: that looks like when you drive out of there, the surrounding area has been devastated for years. you want more proof the tax cuts helped the economy? a big blue state cut tax on boat sales and now boat business in that state surging, susan what state? >> so connecticut boats are not cheap as you know but they
reduced the boat tax from originally at 6 and 1/3% and they cut it to 2.99% last july and as a result boat sales are surging 41% on average per month and even during the winter sales period when you don't think people want to be on their boat. >> that's the time to buy a boat you get a better price. >> increases of 8% during that period as well and 85% of the boat dealers because business is booming they've hired more people however there's a fly in the ointment because governor, he might want to raise that boat tax back up to 6% to boost the government coffers but do you know why they cut the boat tax? because of the wealthy elite leaving the high tax state. charles: sure. thanks a lot really appreciate it. you know, i want to get back to that new york times piece from stephen ratner, on president trump and the trump economy. the chief economist at moody's
analytics looked at 12 models and mr. trump was in all of them , and reached the same conclusion and his examination of the electoral college. the man on your screen, we'll bring him up right now, and he's going to make his case so stay tuned. >> ♪ ♪ fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer. giving you the power to actually lower your cost.
charles: checking the big board holding on by a string, you could see right there split just about evenly, visa leading the way up, intel the biggest loser in the dow. meanwhile president trump not sounding too positive about the trade deal with china. listen to this. president trump: they want to make a deal. i think they probably wish they made the deal that they had on the table before they tried to renegotiate it. they would lick to make a deal. we're not ready to make a deal and we're taking in tens of billions of dollars of tariffs and that number could go up very very substantially very easily, but i think some time in the future, china and the united states will absolutely have a great trade deal.
charles: joining us now, former u.s. international trade commission chief, peter, president trump says that we're not ready right now to make a deal, but he's encouraged that ultimately it happens. it's a negotiating toy how should we read into it? >> i think that's just campaign talk. the reality is the chinese was supposed to change their laws to conform to wto disciplines when they joined up early in the first decade of the century and they didn't and now we're asking them to do that again and they won't. that is something that every other nation that participates in this trading system has done. the reality is china leans on sovereignty and what it's saying is it's above the law. until china changed its tune, there can be no deal, that benefits the american worker, in the u.s. economy. the real question is does donald trump really have the stomach to pull the trigger? when the 90 day grace period is up with regard to huawei and zte does he implement the sanctions? that would deal president xi a
very heavy blow. it could shake his grip on power charles: so is it too early or from what you seen so far, president trump he goes back and forth, he's got a negotiating style but he does go through, he's leveled tariffs on a lot of people beyond china, a lot of countries beyond china so push come to shove if nothing is done during this grace period do you see those tariffs going into effect? >> well the tariffs can go into effect but it doesn't mean they will mean something. when he put his first tariffs in place the currency dropped by about 10% at 9.5% to be attacked and now it's dropping again the chinese can drop the value of their currency to offset terrors and what they can't do is to offset the effects of other sanctions. for example, if we really did cutoff supplies and software and components and what not to zte and huawei, that would deal them a very heavy blow, and if we
then implemented some sort of financial boycott on firms that do business with them or either from here or from their home countries that would deal them a heavy blow. right now they are calling his bluff because they have things they can use to offset the tariffs. look outside charles you see a lot of inflation from these tariffs like the new york banks are saying? charles: no absolutely not. >> it's the currency effects. charles: peter next one i've got to ask you about these european elections looks like the political division is deeper than ever and the prime minister of ireland just said there's a growing disc of no deal on brexit is ultimately what does it mean for the economy over there and over here? >> well the european union is rapidly becoming a debating society with a common currency less the uk. it can't get anything done in terms of economic reform so it doesn't grow. it can't get its about together with regard to foreign policy so it's irrelevant in places like the middle east. my feeling is that people have
voted out of the eu and britain had it right. why link yourself to a corpse? now, the french want the brits out. it would give them more leverage with the germans but the french being what they are want to extract a price from britain and that's what they did with theresa may. they saddled her with a lousy deal. in the end the brits have only one of two choices. knuckle under the eu, or just plain leave. it would be costly but independence sometimes is. long term britain's future isn't tied to the continent. charles: i think the new brexit party underscores what you're saying the people there want to leave that's what they voted for peter thank you very much appreciate it. >> take care. charles: i want to get back to steven ratner's op-ed in the new york times he says the models are predicting a trump win in 2020 thanks to the strong economy. here is a quick coast from that piece. the chief economists at moody's analytics has looked at 12 model
s and mr. trump mentioned all of them, donna luskin is concluding in his examination of the electoral college so look whose here? donald luskin, trend macro ceo himself, so you point to the economy, you tied into the electoral college which is a little bit different than some of the other models. explain how that works? >> well so many of the other models have been calibrated back over the years to try to correctly predict the popular vote. that's not the game we're actually playing under the u.s. constitution. the guy or gal who gets to be president gets the majority of the electoral college votes. charles: but you must be looking at some of these key swing states that president trump was able to win and looking at the economics i guess into pennsylvania, the economy in michigan, wisconsin, some of these other states that's where you must still be focused in. >> nope. that's not how it works. charles: really? >> yeah, you actually don't
need to get that granular. you don't have to look state-by- state. turns out you can look at american economic variables of america as a whole, and you come up with a model that has just in credible predictive power in 2012 our model predicted obama we got it within four electoral college votes and we did that on a national basis. we didn't look what was happening in pennsylvania or new jersey and in 2016 our model predicted trump and didn't look at any individual state and they had everyone else no matter what they were looking at. they all predicted hillary didn't they? charles: you got to share a variable. what are we looking for here blue collar wages, without giving away the secret sauce. >> there's no secret i'd be happy to tell you. we're looking at oil prices because that's something that everybody feels in the pocket book every week when they fill up. we're looking at inflation, looking at gdp, we're looking at income growth, we're looking at your tax burden and we're
looking at job creation. those six things just that simple. charles: all right congratulations, do you know what? you're getting the kind of attention on this you deserve because you've been spot on and of course this moring at 5:30 i sent my team an e-mail saying we got to get donald on and varney already had you so we'll see you again soon. >> cool, thank you. charles: take a look at apple, it's being accused of selling itunes customer's listening data jackie what's going on? >> this is would be of those situations where apple may potentially be going just a little too far and it's not so much susan was talking about this earlier about them selling the data but they are saying they're not doing it and there are also different user populations who aren't expecting this who could fall victim to it what i worry about the most is children are buying things on itunes and these patterns are being an aized and sold for god knows what person. charles: susan best buy canceling orders from samsung, those foldable phones and they
break apart after a couple of days? >> sometimes they don't work, fold open, the screen doesn't pop-up like you see there. best buy says it's canceling all pre-orders because that's just a month after samsung itself said it was indefinitely delaying the reloose of this revolutionary foldable phone it was may 31 delayed to june and now we might not even get the phone until july at the earliest, so okay well we'll just cut the cord at this point you get $100 back in free credit online for the pre- orders. charles: couple years ago they had to shelf a phone with the battery problem? >> yes it basically overheated with the battery but this is a phone to show off their two year revolutionary what was it the display technology. it hasn't really worked out for them. charles: oh, boy hey amazon not giving up on its new york city dreams, and now, they are actually according to sources
eying office space on the west side of manhattan, and susan li, you've got the details on that next? >> i do, indeed. charles: and the left they continue to push for the green new deal, but the operated one of the largest coal mining operations in the country calls it a jobs killer the ceo of american resources corporation here in studio, next.
charles: amazon reportedly thinking of buying up office space in manhattan's new, well west side, susan, well of course we know that didn't work out too well last time they had grand plans to move to new york city. >> that was a $2.5 billion initial investment they were looking for 4 million square feet in long island city so this
is a subdued office they're looking for according to sources reported by the new york post it looks like amazon still loves new york looking for 100,000 square feet in these two brand newman hat an sky rises a block west of penn station and amazon still has 5,000 workers here in the city despite the fact they are not going to build their second headquarters in long island city that was supposed to bring 25,000 jobs and so they need more office space. charles: there's new york city offers them a lot of things including tax incentives and workforce you necessarily can't find everywhere. >> that was the point of why they chose new york and why it took so long for them to narrow down the cities but in the end if the politicians don't want you here you have to walk away according to bill bill deblasio. charles: american resources is a big coal mining company and joining me now mark jenson ceo
of american resource corporation so when you say a major impact like how would it hurt your industry? >> anything steel-related everything we produce in the coal industry is the essential key components. charles: you're metallurgical coal? >> that's correct. charles: so now is it the part where i know new york city mayor deblasio is putting out plans or talking openly about limiting the height of buildings, the structure of buildings, it's just sort of worrisome in so many different ways but that directly impacts your business. >> it would. i think the reality of it is it won't happen because at the end of the day our economy is built around infrastructure, it's built around buildings, it's about growth and without that, we would be in a tough spot in the country. charles: but it is interesting that it's even being floated out there that the idea has gained this much momentum, this much steam and listen i've got to tell you just this winter every time i was out p the road and i'm sliding around in a jeep and
i see the big trucks i'm glad we've got fossil fuels and steel to move things around and have these industries homegrown and we can't afford to lose them can we? >> we can't. the united states produces the highest quality of metallurgical coal in the world, so not only in the united states but all infrastructure growth worldwide come from our products and the steel that we produce is of the highest quality, because of the coal. we're the essential key components, the building block that enables that to happen and so without it it's our safety as a country it's our safety as citizens. charles: some people may conflate metallurgical with the thermal use for heating and where you have country after country really going after them and is that a mistake? are you okay if people, if the politicians want to find alternatives to thermal coal? >> i think at the end of the day the most efficient process should win, and so if you take out the subsidiaries and you take out the other components of it, as a world we should always folks on efficiency and
productivity and the colin dust are will thrive under that. we now days in the philosophy that american resources brings to the table is we want to be the most productive and efficient company out there. charles: how you feeling about president trump removing the steel and aluminum tariffs on canada and america? >> i think president trump believes in american exceptional ism as we do and at the end of the day he doesn't believe in adequate, he believes in great and that's what's going to make our country, we're doing great and rapidly growing and we'll continue to rapidly growing. charles: mark thank you very much appreciate it. >> thank you appreciate your time. charles: folks take a look at chipotle shares up more than 50% this year so jackie it was i think the sixth best performer than last year its come back and a lot of people wrote them off. >> they did. charles: how did they do this? >> fourth best performer on the
s&p 500 and everybody got scared consumers were scared and wall street was scared after e-coli breakout in late 2015-2016 obviously that is a scary thing but chipotle has managed to restore confidence in the consumer and bring the band back. it's brand loyalty, even with african swine flu there's a little concern that they may get hit obviously by the profit margins there, but there are other places to source pork right now, so -- charles: but it seems more than that right? they brought in a guy from tack to bell and they have innovative things, and they shaken it up a little bit. >> they've absolutely made menu changes like a lot of the other fast food changes are to a deal to changing customer tastes and it is working here. at the end of the day, their offerings are a little different than the rest of the competition in terms of what's out there as well so i feel like they are unique. >> i covered the restaurant space for a bit it was like 211 in february 2018 have sky rocket ed back up and what brian
nichols brought in is ding think station so talking about mobile ordering and delivery and he's got on the keto fads as well so he's done a great job in terms of getting in early. charles: i put out a special report last year for our viewers and one of the stocks said and and hold for the next five years so far so good. check out roku because they're having a tough session and they make those video streaming boxes that's had a huge run up but today it got downgraded by an analysts can see it down almost 6% there. meanwhile president trump calling out joe biden for his role in a 1994 crime bill and he says there's no way he gets elected because of it so could this be one of the issues that moves the needle for black voter s? we'll be right back.
i, on the other hand, was responsible for criminal justice reform which had tremendous support and helped fix the bad 1994 bill. joining us now, kayleigh mcenany , trump 2020 president secretary. kayleigh, this is interesting that this came up at this time, considering that joe biden right now is enjoying high marks particularly amongst all their black voters how do you think bringing these topics up changes that? >> oh, it's extremely damaging to joe biden. he goes around masquerading as this great warrior for men and women of color in this country and yet he has this horrible history of comments that he's made and legislation he's passed , that disproportionately incarcerated black americans and president trump reversed that so instead of talking about the black vote let's see how presidents or leaders have acted for black americans and it's this president that brought historic low unemployment of criminal justice reform wages growing up at the fastest pace in a decade so the record speaks
for themselves and president trump is moving to substance. charles: probably good president trump is bringing this out i don't know that the mainstream media will really talk about it to the degree that they should because i think on the other hand if president trump has said a lot of the things that joe biden has said in the past particularly when it comes to black people he would be blown out of the water top story every single day, in the mainstream media. >> that's exactly right. he would be absolutely lambasted for saying some of the things joe biden b but nevertheless joe biden gets a free pass but we won't let him. we're going to bring up these past comments just like in the case of hillary clinton he was held to account for her super predator remarks so we likewise will be holding joe biden to a standard that unfortunately the mainstream media overlooks and will not hold him to. charles: kayleigh one thing i find interesting i had a bunch of my friends over for the weekend from harlem and the bronx, all of those folks the biden/obama thingworx for them.
they love obama so much they give obama so much they give biden a pass where the younger millennials aren't buying it or buying into him so there is certainly an age gap there as well, and it's just to me it's fascinating because when people don't see what's going on, instead they go with their feelings. that's what biden is running on. he wants us to feel like things are a lot worse than they are in this country. >> that's exactly right and meanwhile when you look at the facts they do not lie, joe biden lied, he lied about his record for the trump economy but the facts don't lie that he oversaw the worst economic recovery in modern history wages were stagnant, loss of nearly 200,000 manufacturing jobs so get a good dealing about joe biden, but facts should matter a whole lot more than feelings and we're con any den the american electorate will recognize that. charles: you've got your work cut out for you kayleigh thank you very much appreciate it. >> thank you. charles: before we go, we want
to pay tribute to bill buckner. dead at age 69, he died surround ed by his family, after losing his fight, with louie body dementia and a 22 year baseball career and became unfortunately stamped by that one critical area in game six of the 1986 world series that opened the door for the mets to be buckner's red sox but no player had as many hits in the 1980s as bill buckner other than pete rose. >> ♪ take me out to the ballgame, take me out with the crowd ♪
treasury yields. susan: 2.26, lowest since september of 2017. that is almost two years. we're coming back on the stock market down from the 100 points gained despite the fact we had near two-year high read on consumer confidence this morning. charles: what do you think, jackie? i saw comments from jamie dimon, i think that might have had something to do with it. maybe we're on tenterhooks. when nothing is said, anything can nudge the market. >> that is the thing. market opened with optimism. looking at president trump, us in. ca, positive news over here potentially coming down the line. we have positive moment over there. china is only thing that hangs in the balance here. what they realize that really means the market pulls back a little. charles: this is discovery process, price discovery process. we love it. we establish support levels, resistance levels, we also can
find good stuff to buy during all these gyrations. i happen to love it. david asman loves it too filling in for neil cavuto. david: i loved the show on socialism. they repeated it over and over but it is very good show. charles: thank you, david. david: i'm david asman in for neil cavuto. this is "coast to coast." trump says the u.s. is not ready to make a deal with china. edward lawrence in d.c. with the very latest on all this. hi, edward. reporter: hi, david. the comments by the president could further signaling a setback in talks might last for a while.