tv Your World With Neil Cavuto FOX News June 29, 2018 1:00pm-1:33pm PDT
lebron, lakers? kawhi? soccer? and the corner of wall and broad. imagine it's -- the dow is up. rare territory these days. still down for the year. i'm trace gallagher in for shepard smith. neil starts now. >> neil: all right. not exactly gaining set backs. welcome, everybody. i'm neil cavuto. you're watching "your world." we're putting a month of stock trading to rest. a quarter of stock trading to rest. the first half year on the month. we saw the dow surrender a little ground. the nasdaq and the s&p 500 did more than okay. look how we've been doing so far this year with the dow down about 1.7%. nasdaq, s&p 500, 1.8%. the technology stocks leading the way for the nasdaq.
the dow advancing and the s&p 500 as well. the quarter was the only period that registered the hat trick averages. this is a convenient time to step back and look where we stand six months into the trading year, economic year. six months into the tax cuts that the claims that got all of this going. kevin corke with more. >> an economic miracle, neil. that's how the president described what happened with those fay news now tax cuts. keep this in mind. he would like to see more where that came from if they can somehow manage a proposed second round of tax cuts again. maybe inching ever closer to 20%. let's talk about what happened here today. very important day for the president. clearly that's looking ahead as we talk about what may happen. today with a chance to look back at what many are crediting for a roaring economy.
>> it's my great honor to celebrate six months of new jobs, bigger paychecks and keeping more of your hard earned money where it belongs, in your pocket. >> and that's the idea. keeping the mind in your pocket. you know what to do with your money better than the government knows what to do with your money. that's the idea. the white house facing another big battle as the president is looking to solidify support for his supreme court nominee. he talked about that with maria bartiromo. >> are you going to ask your nominees beforehand how they might vote on a roe v. wade? >> that's a big one. probably not. they're saying you don't do that, you shouldn't do that i'm putting conservative people on. >> don't do it. that's what his advisers are telling him. just get the best people for the job. the fate of roe v. wade is the lunch pin of discussions for many democrats and republicans.
some of whom are by the way listening to a bevy of 2020 presidential hopefuls that big helped organize the rally against the pick he has yet to made. that pick could come in as soon as ten days. very interesting if that happens between now and our trip to europe. also today, want to share this with you. the irs rolled out the postcard sized 1040 form. you heard steve mnuchin talking about it. the white house source told me this afternoon, a great example of promises made, promises kept, neil. >> neil: and they're saying from that, seven out of ten taxpayers could use that form? >> yes. simple, simple. if you're not making a bunch of itemized deductions and you don't have property and businesses, this is the thing. this is the ticket, man. i have to tell you, when you look at it and it's so simple, you can really change the game
in terms of what people do in terms of tax preparation. i love it. i can't probably use it myself. but for the people that can, get for you. >> neil: you have all of those investments all over the world. >> what can i tell you. >> neil: thanks very much. by the way, we got a comment from the accountants foundation on this, what this means to their business as a result of taxes that you could fill out on a card. goes something like this. ahh! they didn't like it. all right. let's get the read on this from heather, john is here as well and deidra bolton. deidra, we're getting indications the president wants to follow up on what he's done on the tax cut front with more tax cuts to come. here's what he told maria bartiromo earlier about re-visiting the corporate tax cut. i want you to react to this. >> because we've seen the impact to the economy. what do you want to see happen now? does the economy need more stimulus?
are you looking for phase two? >> we're doing a phase two. we'll be doing it probably in october, maybe a little sooner than that. it will be more of a middle class. we did a lot for the middle class but this is more aimed at the middle class. we're bringing the 21% down to 20. for the most part, the rest of it would go to the middle class. it's a great stimulus. >> that's surprising. what did you think of that? >> it surprised me. but as you know, the president and administration have taken a lot of criticism. maybe that's why he's moving forward, maybe not. the last round of tax cuts, people said really favored corporations more than people. although we heard first hand from some of his guests at the white house today, business owners that said for the first time they got significant bonuses, talked about educating their children, talked about taking in one family's case the first family vacation in five years. so i think anything for the middle class is, of course, wonderful news. the question that we come back
to, where does this money come from, how do we pay for it. there's many economists that say, listen, if you give american consumers more money, that ultimately helps our economy. consumer spending 2/3s of our gdp. it's the engine of our economy for sure. one thing to note as well, even with the tax cut plan that was passed in december, just as far as the markets, if you use stocks as a report card, we're closing up the first half and that is even with the volatility, the added uncertainty or trade tiff, if you'd like. >> neil: the nasdaq up 9%. the s&p better than 2%. john layfield, not a bad follow up to last year's sizzling markets. i wonder what you're looking at for the next half of the year. >> i think the markets will be up 7 to 8% barring a trade war. the earnings expected to be up
20% and talk about the tax cuts, 35 to 40% of that is attributed to the tax cuts for the corporations. it has added a huge boost to the economy. the economy is doing fantastic right now. if we can keep the trade talks out, the market will do well. >> neil: and you already have g.m. saying we're worried this could hurt us. g.m. could be odd man out in a trade war here. it echos concerns of harley-davidson maybe for different reasons. but there's concern growing that it could rain on this market party. what do you think? >> right. i do think that a lot of second quarter profits, companies did better, their bottom line, to the tune of $30 billion because of tax cuts. my concern is that companies are hesitating on reinvesting or buying back shares and increasing dividends because of uncertainty over the tariffs. the economy is booming. the one thing that could derail
it is if this trade debate escalates. i don'ts think we're in a trade war yet. >> neil: very few traders saw the huge gains we had last year let alone the follow that up we have this year. is there a worry that trade is that wild card development? what do you think? >> i think so, neil. we've seen the market can adjust and can absorb what we know is coming as of july 6 between the u.s. and china. $34 billion in tariffs. we've seen july 1 this plan for canadian tariffs between is u.s. and canada worth $13 billion. investors can adjust to that. when we see in the headlines talking about $200 billion worth, we do see investors sell off. so i think the markets can support rather trade tiffs, trade spats. i think a trade war is a different category.
i'd like to see us avoid that for sure. >> i'm curious. without the tax cuts, where do you think this market would be? >> i think it would be down from where it's at right now obviously. like i said, 35 to 40% of the innings are attributed to the tax cuts. the market is on a fantastic run since the president first got elected this year. it's been tax cuts. this market in the stage of a bull market it's in right now, the market would be stagnant and going sideways. we have low unemployment, which would have probably been there no matter what. still the economy, the big boost to it in this late stage of the bull market is attributed to the tax cuts. >> neil: what do you think, heather? >> i agree. the question it comes down to, will the tariffs eat into the benefit that the stock market -- that the economy has seen from tax cuts. my take on it is it absolutely wild. tariffs are a tax when you buy from abroad. that will increase in prices for
the consumer. in the ends, that's who will bear the real cost and that will have an impact in terms of losing more jobs than we gain out of, this i understand he wants fair and reciprocal trade, specifically targeting china, but i'm not sure all the blanket tariffs across the board are the best what i to do it. >> neil: thanks very much. meantime, we'll be looking at this from a quarter and a month and half year perspective, a special edition of life life tomorrow at 10:00 a.m. eastern on this channel among the many issues we're following, crunching the numbers and where we might go the rest of the year. meantime, the maryland shooting suspect was in court today. turns out five years ago there was a criminal investigation into that shooter over threats against, yeah, the "capital gazette." what happened? who dropped the ball? my day starts well before i'm even in the kitchen. i need my blood sugar to stay in control.
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>> in may of 13, we did have a situation where online threatening comments were made. we had a detective assigned. he spoke with legal counsel for the "capital gazette." it was discussed that the "capital gazette" did not wish to pursue criminal charges. there was a fear that doing so would exacerbate an already flammable situation. >> neil: and yet five years later, the man that made those threats against the "capital gazette" is now suspected in the killing of five journalists there. fox news channel's lea gabriel has more from annapolis with the very latest. lea? >> the judge ordered jarrod ramos to stay in jail on five counts of first degree murder in one of the deadliest attacks on american journalists.
he used the pump action shotgun to kill four journalists and a sales assistant. the state's district attorney describing the scene in the newsroom. listen. >> we brought to the judge's attention the evidence that suggested a coordinated attack, the barricading of a back door and the use of a tactical approach of hunting down the innocent victims. >> police searched his apartment for evidence but he's not been cooperating. he had a longstanding dispute with the "capital gazette." it started in 2011. that's when a columnist wrote about a criminal harassment case against ramos. he sued them for defamation. the case was dismissed. since then ramos made threats on social media. the threats realized yesterday. police arrived one minute after
the first shot was fired. a employee in the same building describes the moment it was started. listen. >> i was on the phone with a client. i heard a loud noise. a loud bang. i poked my head around the corner of my desk so i could see to the front door of the "capital gazette." i saw a guy holding a gun. >> that guy, rob hiaassen, the assistant editor. 61-year-old gerald fischman, the editorial winter. wendi winters, john mcnamara and sales assistant, rebecca smith. the community coming together to remember these victims and their loved ones. the "capital gazette" often showing their resilience. they put out a paper reporting on their own story. we're also learning that ramos will be prosecuted by grand
jury. >> neil: would have should have could have. and howard schaffer on these events. what do you think? >> this is a terrible tragedy. annapolis is a tight knit, safe city. this shows what the new normal is becoming. i'm been in that capital office a number of times. it's an open building, open door to a reception desk. anybody could walk in. what we're going to have to do is going to have to look at potential targets unfortunately like the media and going to have to harden these targets. >> neil: that's what they were recommending yesterday night, the sense of urgency and caution, beefing up protection around a lot of news operations. there you find out that some are well-battened down and others are not. there's a new way of looking at
that. >> that's true. the majority of communities in this country are just like the "capital gazette." they expect people to come in and out, not like what happened with ramos. it's interesting. everybody is now doing monday morning quarterback of the situation. but maryland in april passed a red flag law. basically it says that if you think somebody is a danger and has weapons, you can go to the police and they can immediately confiscate the weapons and you have seven days to convince a judge that they should not have confiscated them. in february of this year, the capital did an op-ed supporting a red flag law. in april of this year, it was signed by governor hogan into law. in march one of the victims,
john mcnamara did an article about the red flag law. >> neil: incredible. you knew another one of the victims. >> i did. i knew wendi winters. she was a wonderful person. we have a house in annapolis. our house was home of the work, which was an article that they do weekly on houses in annapolis. she spent a number of hours with my wife and i. it was a great time. she was a new yorker prior to coming to annapolis like ourselves, a very professional journalist. she did a great article. very tragic that we lost such good people in this town. >> neil: howard, i was thinking about how this guy came in and, you know, shot his way in. you've heard of multiple examples in the past that that has been the way, even in much more protected, you know, environment schools and the like. assailants have come.
i'm wondering how you protect against something like that. someone comes in guns ablazing, what do you do? >> you can't protect everything but you could protect by having cameras on the exterior. by having to buzz people in. it's not something that you really like. but when you have a potential target like that, this is what you have to do. and then you have to pick -- this all happened in seconds. it's a question of flight or fight. the recommendation of people in this industry and my recommendation as well is that there's a place to go and hide, that's where you should go immediately and be as quiet as possible. if you're confronted, do whatever you can. because you're in a situation where you're -- you have to fight for your life. >> neil: what do you make of the fact that police were on the scene within 60 seconds. five people were killed, a number injured. i would imagine them getting
there in less than a minute kept that from getting much worse. >> the annapolis police and the anne arundel police were there in a minute. they had the subject in custody in two minutes. a magnificent response. i know chief baker very well. the fact is, they did and outstanding job and probably saved a good number of lives. >> neil: commissioner, thank you very much. howard safer, the new york city commissioner. more after this. hi.i just wanted to tell you that chevy won a j.d.power dependability award for its midsize car-the chevy malibu. i forgot. chevy also won a j.d. power dependability award for its light-duty truck the chevy silverado. oh, and since the chevy equinox and traverse also won chevy is the only brand to earn the j.d. power dependability award
of the nefarious characters, those with bias or whatever you call it. not everybody is buying it. former justice department official, jay christian adams here to sort this out. what can we believe? i have a tough time understanding how difficult it is to fire someone, period. what do you think is going on? >> at the fbi they move them to are you -- human resources. they're not cleaning house. who did they get rid of? andrew mccabe. he lied under oath. peter strzok, when appears to sabotage a presidential election. he's gone. that's a good start. but the problem is bigger than that. if you read the inspector general's report, there's unnamed fbi agents engaging in this behavior. we haven't heard anything about that. barely scratches the surface at this point. >> neil: i mentioned before, but i did mean it in this regard
about the bias that was clearly evident in the inspector general's report and whether that had influence or not or triggered an investigation or not. what's not seeing is a bias towards the president. you haven't seen an agent texting back and forth praising then candidate donald trump, not a lot of that. in fact, not any of that. >> there's a couple reasons for that. number 1, the fbi agents that may have been in favor of donald trump they know how to do their job. they don't use cell phones and another thing is it doesn't exist. one of the two. either they behave properly like the anti-trump fbi agents or they don't exist. >> neil: what i also don't understand, the idea of context for some of the remarks that strzok made. there was 11 hours of testimony.
so i don't know what came of that testimony. but is it your understanding that there might have been context for this? there might have been revelations that we don't know about that some of these -- giving every benefit of the doubt here. might have been privy information on the russians, if there was such a thing, that was coloring their view? >> well, look, neil, there might be, of course. even if they knew about the russia investigation, that doesn't excuse what they did. if they knew that there was this parallel russia investigation taking place, that doesn't mean you should rush out the closure memo on the hillary investigation like peter strzok said he was going to do after watching the republican convention and being nervous about trump winning. even if you know there's a russian investigation, that doesn't excuse the bad behavior. >> i'm looking at the backdrop
for, this some of these comments are childish. they go beyond worries about the safety of our nation's state. so you're right about that. but where does this go now? we had this back and forth about bias at the fbi, how difficult it is. revelations that come to mind well after the fact. if it w if it wasn't for the texts, strzok would have gotten information, mccain would have helped out with bob mueller and we wouldn't have been wiser. >> and if trump hadn't won, we wouldn't have known. that's the other frightening prospect. where does this go? the top levels of the fbi were biassed about a republican candidate for president. after he won, the bias seems to have continued. at least we have more information. are people going to go to jail? andrew mccabe lied under east repeatedly. will jesse lou, the u.s. attorney in d.c., prosecute
andrew mccabe? let's see if justice a plays to everybody or only to mike flynn and martha stewart. we'll see if that takes place. >> neil: another thing i wanted to see, if nothing is done on this and any of these accusations about bias, what have you, the mueller report comes out and let's say it's damaging to the president, doesn't necessarily get too personal to him but those around him, isn't the report risk being damaged goods period? no matter who it -- >> it already is. if you look at the polling numbers, it's astounding how little trust the america has in the fbi. just because people behave badly. so it's deserved. you had rod rosenstein testifying yesterday. you seem to have very thin skin. he talked about -- he scolded jim jordan for attacking him personally. he's making personal decisions.
these are decisions of rod rosenstein. not some autotron or robot. it's him not giving congress the information they're asking for. so rod rosenstein deserves partial attacks for not behaving personally like he should. >> neil: it's a miss. thanks, jay. >> thank you. >> neil: stay cool this weekend. it's going to be hot. >> thanks. >> neil: we're live tomorrow nevertheless as we are every saturday not only taking a look at this economy and these markets, you know, as we're a month wrapped up, half year wrapped up. looking at that, the pros and the cons, the tax cuts and we're looking into this stuff including bob goodlatte. it all kicks off at 10:00 a.m. eastern time. why go outside? stay cool. you're set. more after this.
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