tv Varney Company FOX Business February 27, 2017 9:00am-12:01pm EST
how to deal with people, they're your primary bets. handle stress, sophisticated enough, but simple enough to he is cute. the same in both worlds. maria: it is. d leadership and you've got it. congratulations. always a pleasure, guys. stuart varney begins right now. over to you. stuart: yes, indeed, he does. selloff monday? no, at least not at the opening bell. good morning, everyone. -actio
president. it's a big week for your monday very clearly and then, there's the oscars. hollywood tried so hard for a politically correct beat up on trump festival, but everyone is talking about the embarrassing chaos that ended the night. i just wonder if the rich trump haters in hollywood will give back the tax cut that president trump will give them? [laughter] dream on, varney. "varney & company" is about to begin. ♪
>> there's a mistake. "moonlight" you guys won best picture. >> this is not a joke. >> this is not a joke, i'm afraid they read the wrong thing. this is not a joke, "moonlight" has won best picture. "moonlight" best picture. stuart: almost laughable i'd say. that's the moment that everybody is talking about as last night oscars, "la la land" was read and they were handed the wrong envelope. liz: i almost thought that was the selection for the new dnc chair. hey, they made a mistake. i thought jimmy kimmel was outstanding, funny, what are you going to do. ashley: we understand the investigations are underway to see if the russians were involved. stuart: i liao --
i like that. [laughter] >> tammy bruce. >> liberalism, obsessed with nothing to do with their job. bashing trump to the point they didn't do their job and screwed up the ending, what liberals do, always done and that was a microcosm of what they've done to themselves. i thought it was fabulous. stuart: that comment was dripping contempt. good stuff. >> they were trying to tweet at trump and handed out the wrong envelope. they can't focus, don't no what they're doing, smug and screw everything up. there you go. >> all protected free speech. stuart: the judge is with us. [laughter] you can tell, okay, okay, get his two cents in worth right there. stay quiet for a second. let's deal with money, shall we? do not expect a big pullback at the opening of trading this morning. maybe you expected a pullback after the huge run-up that we have, it's not going to happen.
we're down maybe 15, 16, 17 points at the opening bell. how we close, that's another story. going by the wiltshire 5,000 total market index we've added nearly $3 trillion in value to america's corporations since the election and dow gained 2,489 more than 13%. we've had 11 straight record closes running up until friday. liz: that's right. stuart: you could have expected a pullback on a monday morning, could have expected it, doesn't look like it's going to happen. liz: this run began the day after-- rather, yeah, the day of, the day the president said the tax cut plan is coming, so if it hits 14 that will be a historic record the most ever. stuart: tammy bruce, none of this-- on the left-hand side of the screen that's a whopping rally, huge increase in wealth. where is it covered? the business section does not
mention it at all, zero, it's not there. >> this is historic, this is really transcendent experience. but as you mentioned in your opening remarks, they're ignoring it and pretending it didn't happen, just like they ignored the barack obama economic failure. the liberals don't know how to deal with the economic dynamic if it's bad or good, but this clearly shows an indictment of obama, you've got a record number of americans in the last eight years now are happy with the direction of the country. optimism is something that trump has brought naturally and interestingly, stuart, that even though the media hasn't covered it, americans know things are better. they're deciding that the future looks good. they don't need the media to tell them. stuart: i thought it was an astonishing omission. >> the want ads at the back page e looking at the new york times business section, you found a want ad. >> advertising in the future they're going to tell the truth
about the economy. >> look how small that section is. >> costs you less than if you got it yesterday. stuart: no, didn't get a discount, i bought it sunday morning. i'll bring in the judge formally to address the serious issue. the white house wants to know who is doing the leaking. spokesman sean spicer resorted, i should say, searching staffers phones. how does a libertarian feel about the boss searching a staffer's phone. >> let me tell you how the constitution feels. if our bosses asked for our phones, this one is owned by fox, all kinds of fox material on it, i have no expectation of privacy, i have to hand it over, but our bosses are not the government. the government is regulated by the fourth amendment which guarantees certain rights to privacy absent a search warrant by a judge. so there are real serious problems with someone in the government taking a government phone back from someone that works for them unless at the
time they began working for the government they waived their rights. i haven't seen the documents that these people signed when they started working there. stuart: you're on thin ground. >> i'm on the ground of the constitution. stuart: your interpretation of the constitution. >> pretty much standard interpretation of the constitution with respect to telephones. stuart: the constitution doesn't mention telephone. >> it mentions persons, houses, papers and effect. and the computer chip is an effect. stuart: are you going to sue? are you going to sue spicer on the grounds he has no-- >> spicer didn't take my phone. if he did, it would be-- >> you have no standing in court. >> correct, correct. but the people whose phones he did take, now, i understand he demanded government phones and requested private phones, and everybody in that room willingly surrendered both. it's a serious constitutional issue, but i'll tell you, there's another serious leak going on that is far more
serious and that is the intelligence community concealing and revealing in order to embarrass and manipulate the president, that stuff is a felony. that's the stuff that the fbi is looking for. there's 60,000 agents who spy on all americans. only 100 have access to that information. stuart: no problem with the government looking for government-owned phones in that event with an intelligence leak, a felony to leak. >> the leaks that frustrated the president and sean spicer from within the white house are frustrating them politically, that stuff is not a crime, it may violate a work agreement, it may mean they didn't pick people that were loyal to them, that's not a felony, but when the intelligence community lawfully listens to what the russian ambassador says, unlawfully repeats what its american correspondent says, mike flynn was protected by the constitution whereas the ambassador may not have been, that's the felony right there. the release of what mike flynn said in that conversation.
stuart: i've been watching the t tew tewed tudors. >> henry the viii, shall we go back to that, the founder of a church. stuart: don't go t on the president's agenda at the white house today. ashley: another busy day for the president. first thing this morning, actually coming up in 20 minutes he'll be stopping by the national governor's association meeting and talking, i think, a lot about health care, in particular medicaid because that's administered by the states even though it's jointly funded by the feds and states and that
he made promises for first 100 days. moving to fast could be a mistake. there needs to be things on the ground moving. the meeting with congress, americans want to see things happen. we don't need it to happen in one more week, but we need to see everybody moving forward to have these things. stuart: the dow is up since november 8th, no, united health-- humana 15%, those are health insurers, way up since the election. ashley: incredible. stuart: that's fascinating. the democrats held their meeting for the head of the apparatus. tom perez won. good coverage for you. a week of a, for the president. he pushes republicans to get his agenda done. will the g.o.p. come together? it's -- i think it's a do or die moment, big week. how about this? playdough, remember it well. now, for the first time in 14
years it will be made in america, a very small part of the trump effect, perhaps? nascar driver kurt busch winning his first daytona 500. dramatic last lap pass got him the victory. >> here they come off turn four for the final time. from las vegas, the 2004 champion of the series kurt busch for gene haas and tony stewart, wins the daytona 500. i realize that ah, that $100k is not exactly a fortune.
well, a 103 yeah, 103. well, let me ask you guys. how long did it take you two to save that? a long time. then it's a fortune. well, i'm sure you talk to people all the time who think $100k is just pocket change. right now we're just talking to you. i told you we had a fortune. yes, you did. getting closer to your investment goals starts with a conversation. schedule a complimentary goal planning session today.
>> ugly news this monday morning, we've got another report of vandalism at a jewish cemetery. ashley. ashley: yeah, in the philadelphia area, 500 headstones have been vandalized. now there's a reward offered of 13,000 foundation and the local police department offering reward money for this. this comes as last week we had an attack at a jewish cemetery over 150 headstones were toppled in st. louis.
so this is certainly a very disturbing trend. the israeli foreign minister releasing a statement saying cemetery desecration is shocking and a source of worry. stuart: not good. thank you, ashley. over the weekend, obama holdover thomas perez was appointed chair of the dnc. basically that's chairing the party apparatus. keith ellison, he appointed-- tom perez appointed him as the vice chair and brought him on board. and taking a big shot at president trump, roll tape. >> our unity is our greatest thing and our unity is donald trump's greatest nightmare. he hasn't proposed anything except chaos and carnage. stuart: an interesting expression. congressman tim ryan we call him a centrist democrat from ohio. are you happy to see tom perez chairing the apparatus so to speak and keith ellison as a
vice-chair, as a centrist, are you happy about that? >> i think that tom perez defended working class people. when he was at department of labor one of his accomplishments was making sure people that work overtime are paid overtime and i would think a lot of workers over the country whether they voted for donald trump or hillary clinton running a party that champions overtime pay is somebody that's going to be in their corner and i think that tom perez will be in their corner. stuart: you didn't answer the question, congressman. do you think this is the party of the center now, tom perez, is he a centrist? is he? >> i think he's a progressive. i don't think there's any question. getting into labels at this point i don't think is really indicative of where we are in our economy. we need an economy that works for everybody, that's actually sustainable and that means we
better have policies that, in my estimation, mr. varney, are progressive and that means we need to lay broadband all over the country so people can compete for these new technology jobs that are getting locked into the coastsment we need help in the midwest to build that out. we need a smart grid that allows us to move to a cleaner energy economy and when we talk about laying broadband and redoing our grid you're talking about putting average people back to work making good money. i heard a story of someone laying google fiber up in new york making about $50 an hour. those are the good paying jobs that the democrats are pushing for. stuart: congressman, i'm surprised to hear this. we want surely a policy, an economic policy which is going to grow the economy. let's get back to 3 and 4% growth. do you think the building out-- >> yeah, of course, but do you think that laying out broadband is a major growth policy? >> oh, there's no question about it.
it is absolutely the future and it's the equivalent of not having roads or waterways going to your community 50 or 100 years ago, you're locked out of the economy. we need an intellectual infrastructure program and i will tell you that there are a lot of companies in places like youngstown, ohio that find it very hard to do advanced manufacturing work, whether it's for the defense department or big corporations because we literally don't have the broadband capability to download the files necessary to do the advanced manufacturing work. you're locking out ohio, wisconsin, michigan, those states that went for trump because we don't have the capability and we can put those people back to work. we're still waiting for donald trump to propose his trillion dollar infrastructure bill and open the steel mills and coal mines like he said he was going to do. democrats are providing a realistic plan forward. stuart: okay. got it. mr. ryan, congressman ryan, look, thank you very much for being with us, sir.
we'll look forward to a centrist democrat party emerging, thank you, sir, appreciate it. i'm not being sarcastic. okay, i'm trying hard here. [laughter] goldman sachs says sell tesla. they have a concern over the model three launch and the solar business. goldman sachs speaks and tesla goes down close to 4% at opening bell. we will have a very small decline for the dow industrials at the opening bell this morning. many of you may be tuning in expecting a selloff, especially bearing in mind the huge run-up that we've had the past few weeks and months. well, we're going to be down 2 or 3 points. that's it. we'll be back with that. your insurance company
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>> this broadcast is being watched live by millions of americans and around the world in more than 225 countries that now hate us. i want to say thank you to president trump. i mean, remember last year when it seemed like the oscar were racist? hold on. [laughter] . stuart: well, i don't know about you, but i don't think
that was terribly funny with jimmy kimmel taking shots at the president hardly upbeat. new poll, wall street journal here we go, 60% of the people contacted say they're hopeful. they're optimistic about of the future of the country. 40% say the country is headed in the right direction of the only 18% who felt that way in july. we have changed. ash, liz, that's where the marketare. liz: and 51% say the media has been critical. he has a 48% disapproval rating, but when you dig deeper into the numbers it's a different story. stuart: it is a different story, ash. ashley: favorable ratings are going up from december so it's headed in the right direction, but no one is going to tell you that. if you believe the mainstream media everything is in chaos and we're all in terrible trouble and we're all, you know, it's a dark day every day. stuart: a dark day. ashley: look at the market. stuart: in approximately 4 1/2 minutes time the market will open up again this monday morning and remember, please,
we're coming after 11 straight days where the market moved up each and every day. how much are we going to be down at the opening bell? 8 or 9 points, that's it. watch that market opening for trading moments from now. [phone ring] hello. hi, it's anne from edward jones. i'm glad i caught you. well i'm just leaving the office so for once i've got plenty of time. what's going on? so those financial regulations being talked about? they could affect your accounts, so let's get together and talk, and make sure everything's clear. thanks. yeah. that would be great. we've grown to over $900 billion in assets under care... by being proactive, not reactive. it's how edward jones makes sense of investing. companies across the state are york sgrowing the economy,otion. with the help of the lowest taxes in decades, a talented workforce,
>> all right. 15 seconds to go on this monday morning before we open up that stock market again. we're likely to open up ever so slightly on the down side. many of you may be surprised, many of you may have been expecting a real big selloff at some point, maybe this monday morning, it's not going to happen. it's 9:30, the trading has begun. how have we begun this monday morning? i'll tell you we're down 16, 18 points, that's hardly a selloff. 20,800 is just about holding in the first few seconds and there's a lot of red on the left-hand side of the board. so quite a few dow stocks are down, but not enough to pull that index below 20,800 in the very, very early going. all right, who is going to cover the market for us on this monday morning? i'll tell you now, it's ashley webster, liz macdonald, scott shellady still in london-- no, he's not. thank god he's come back and keith fitz from the ever present west coast.
the dow coming off 11 straight days. i don't see signs of a huge pullback yet. keith, were you expecting one this morning? >> no, i wasn't. we've got a lot of money on the sidelines, a lot of confidence building. if you look at the wall street journal what happens to the people as opposed to the intellectuals. people want this to grow and that's where we are going. >> scott shellady, you keep saying this is a show-me market. we haven't yet been shown the tax cut or replacement for obamacare, but we still don't have a selloff. you want to explain it? >> well, we're still trading on the fumes of benefit of the doubt. there are a few things that are starting to give me concern here. take a look at 10-year, stuart. that bond rallied where the yields are going down, when that happens, that usually starts to tell me, hey, something is know the right here, we've got investors fleeing stocks and going into at least the bond market. so bonds rallying here is giving me a little bit of a sign of, hey, we start to see
more action here, we've got to start seeing action on taxes or, yes, this could back up a little bit here. stuart: we're expecting something from the president when he addresses the joint session of congress, we should have something about tax cuts there and see what the market makes of that. today, president trump meets the health care-- health insurance executives obviously talking about obamacare, that takes place less than an hour from now. keith, you're the stock guy here. what is the effect on health insurers? because they've all gone up since the election. >> i know they have and that c confounds me because he's having a meeting. it's uncharted territory, with obamacare, it's unclear the mandate. i'm not sure about the stocks. stuart: okay, i think this is a first, actually.
amazon studios scored an oscar for best actor, it was-- was it best actor. liz: yes, it was. stuart: casey affleck in "manchester by the sea", an amazon production. netflix won in documentary short subject category for "the white helmets", the first oscar wins for amazon and netflix. liz: amazon won three oscars. stuart: last night. liz: yes. ashley: the quality of their content, they spend a lot of money, but getting rewards for it. stuart: it looks like although amazon is down $4, but so what? it's at 845 per share and netflix at 142. got it. now, wendy's, this is an interesting story, bearing in mind the push for $15 per hour minimum wage. wendy's planning self-ordering kiosks at 1,000 locations. if you self-order you don't use counter hands. scott, this is the-- what does this say about the fight for 15?
>> this is the massive unintended consequence he wh you start to demand a wage instead of earn a certain wage or the market tell you what the proper wage is. this is 100 going down the route. what we should talk about later on a different show is what bill gates said when it's not just kiosks, and robots, what about taxing the robots? >> we heard about that. that would be interesting, would it not you tax a robot. okay. keith, this thing about the $15 per hour minimum wage. tom perez as labor secretary under president obama pushed for the $15 per hour minimum wage. now we see wendy's with 1,000 locations of these self-serve kiosks and yet tom perez is nning the party apparatus, what do you make of that? >> no surprise there. people who have never been responsible for a paycheck don't understand how margins work better be careful what they wish for, $15 an hour is going to put a lot of people
out of work. stuart: liz. liz: and excuse me, the fast food chains like the kiosks, you can collect more data and information about the buyers. stuart: be careful the law of unintended consequences because they're right there. we are now five minutes into the trading session. the dow industrial is opening this monday morning down 20 odd points right at 20,800. how about this from goldman sachs? they say sell tesla. they've got concerns over the model three launch and the company's solar business. down it goes nearly 4% down for tesla after goldman sachs says sell it. now, goldman likes alibaba, the amazon of china, shares could go up 30% and likes how the company is expanding and how its marketing the product. the stock is down about 50 cents. that would be about 1/2 a percent. thursday, that's the ipo day for snap, snap to the parent of snapchat as snap goes public on thursday.
now, what are the-- any takers for this? it's going at $14, $16 a share. keith fitz would you buy it at that price? >> no way, stuart. they call them, you know, unicorns for a reason. >> what about you, scott. >> we'll look at a rally and we'll shake our heads. and gopro got up around $100 a share and look at this them. this reminds me of gopro. liz: expenses are running at two times revenue the last two quarters. it may not make money and
wanted investors. ashley: facebook and twitter, and people want it to be a facebook, but most people think it's going to be a twitter. stuart: is it a facebook, a twitter? a lot of people say it's a twitter. got it. staying with the snapchat ipo, or snap as it's properly called. nicole, at the exchange, what are they saying on the floor. nicole: it's going to be 14, $16 a share, the excitement is here. the idea of innovation going forward for snapchat is there and the question is whether or not people are believers. this was a company that had growth. user growth slowed and they are now pushing the idea about their spectacles, may have glasses with a camera. they're a hardware company, not just a social media company. when it launched in 2011 this was the sexting apps because people would send pictures and waits for them to disappear, a hush-hush kind of company and since ballooned. it's 18 to 34-year-olds and on there 20 times a day.
what do you do 20 times a day. if they can innovate and continue to grow then they have potential, but right now there are some cautionary tones here on wall street. they love it, bring it, let's see what happens, but the tone is cautionary because they haven't seen the user growth. stuart: yeah, got there. all right, nicole, thank you very much indeed. take a look at hasbro. did you know that they make playdou playdough. do you know it's going to be made again in the u.s. can i call that a trump win? if you ever do playdough with kids keep it out of the carpet and out of their hair. liz: don't let them eat it. stuart: it's like chewing gum in the area. ashley: you speak from experience. [laughter] >> stop laughing, scott. and waiting until president trump speaks tomorrow and tax
cuts out tomorrow. the g.o.p., i'm saying the g.o.p., the republicans have got to get their act together and get some agreement on obamacare and tax cuts. they've got to do it, otherwise, keith fitz, i think this market takes a hit. if they don't get together and end this division, i think the market takes a hit. what say you. >> agree 100%. this is like what scott called the show-me market. you've got to have that for the rally to continue. stuart: last word, scott. >> we're running on fumes, he's a victim of his own success because he did so much out of the box the market starts to expect that now. he's got to be leery and be careful. he can't slow down. he is a got to deliver. stuart: good stuff this monday morning. the dow industrials are down 35 points. 36 points and that's hardly a selloff.
it carries the dow down. the mainstream media totally ignoring what i call the trump stock market rally and a huge wealth gain our country has seen. they don't want to give any credit to president trump about anything that he does. that's the way the media is these days. how about this half of college students expect that their student loans will be forgiven. can you say entitlement generation? we'll be right back. ♪
they've got a downgrade. the ceo did praise president trump and then backtracked and everything is political these days and under amour below $20 a share. defense stocks, president trump wants to increase military spending. do we know by how much? >> we don't. he wasn't given that detail. he's talked about beefing up the military because over the last years it's been weakened. part of it's through cuts to several agencies, one is the environmental protection agency. he does believe in cutting regulation can free up money spent to give the u.s. military a much-needed boost and 58% of the polls say that the u.s. military is stretched too thin. they also-- 45% said military spending is too little. as opposed to 25% who said too much. and over the last eight years, the military has gotten weaker, say 41%. only 15% say it's gotten
stronger, so, there's certainly, most poll numbers there's a belief out there the last eight years the u.s. military has weakened, has equipment that's too old, and donald trump has made it part of-- president trump has made it a big part of his campaign, as we know, to strengthen the military. to pay for it, cut some other agencies that may be bloated. stuart: probably won't pay for it entirely, not unless he spends on the military. got it. the markets have taken off since the election. the dow, the nasdaq, the s&p 500, all of them are up, well into the double-digit range. austan goolsbee is with us, former advisor to president obama. i think the media is ignoring the rally as i've said many times on the show this morning. the new york times, the sunday business section didn't mention the trump rally. didn't mention 11 straight closes, of record high closes
running up to friday. why is there a reluctance on the part of the media to acknowledge wealth creation and a stock market rally? >> you know, i don't know. that is a puzzle almost like the stock market went up 200% under barack obama and you did not say boo about that, showing that he was doing a good job. stuart: actually we did. we ascribed that big rally to the federal reserve and i do believe it was the federal reserve which was behind that rally. >> i see. stuart: are you now saying therefore that this rally since the election has nothing to do with president trump and everything to do with president obama or the fed? >> i think it definitely has something to do with donald trump and i would point out only that if you look at the rise in the dow, for example, some 20% or so is just from the rise of goldman sachs' value and that if you look at financials broadly, they account for something like a third of that increase. so i don't think it's a
surprise that when donald trump gets up and says i'm going to give you free benefits and get rid of the rules and unshackle banks so they can make more money again that their value would go up. i don't think that's a surprise. i think the question for all of us is going to be are we now back on a path that's going to be financial institutions, certain individual companies, will be doing very well or is this going to spread over into the rest of the economy? and that's always the question about the stock market is that we tend not to just use the stock market as a measure of how the economy is doing. stuart: let me ask you this, do you think that we're now on a path towards growth, repeal obamacare, tax cuts, business tax cuts, infrastructure spending are we on a path to growth. >> well, as you know, stuart, we haven't done any of those things. stuart: but if we do, are we on a path to growth. okay. >> republicans--
i don't think if we do those things we will be on a path to growth. stuart: you do not? >> no. stuart: if we get a tax cut, a cut in business taxes on businesses, a cut for individuals and an infrastructure spending plan, you do not think we'll get above the current range of 2% growth? you don't think so? >> two things there, one they've announced they're postponing the infrastructure plan till 2018. stuart: who is? do we know that? >> as you know, that's what the-- that's what the congressional republicans have been saying they do not have time to do the obamacare repeal, the tax reform and the infrastructure in the same year. so if you look at the tax cut, as you know, we're now in this situation with the border adjustment that they're going to pay for a large corporate tax cut with a large increase in taxes on consumers. if you combine a tax cut with a
tax increase, i don't think that there's nearly as big of an impact on growth as you might hope for and i think that you know, the employment record of the last seven years post recession has been fairly strong, more than 2 million a year. we're going to see whether the trump administration can create jobs at that kind of speed. i hope they can, i hope they succeed, stuart, in extending the lead that barack obama created. i guess you're a big fan of joey garafalo, i think that backing the quarterback is not necessarily the super bowl winner. stuart: by the way, austan, it's jimmy garafalo. >> did i say joey? i'm not a big patriots fan. stuart: come on. i think there's an area here where we may agree. i do not think a border tax is a good idea. i want it dropped. you, too?
>> well, look, there are-- if you believe that production should not be taxed because it's mobile, then there are elements of the border tax that do make sense. they say if you can't tax production, then you could tax consumers because they can't go anywhere. it's just that i'm surprised that people have discovered that the people whose taxes are going to go up notice that and they don't like it. so the retailers, you've seen the gas stations saying they're going to raise gas prices by 20 cent a gallon. to your earlier segment statement, stuart, that the republicans have got to find unity and pass these things. i think you're right, there's a rift. it's the first six months when presidents do things, if the republicans fiddle around and say no, but i don't like that one, they're going to blow the window and then i think that trump is not going to be able to pass his agenda.
stuart: this is astonishing, monday morning agreement with austan goolsbee. put the flags out. [laughter] >> austan, thanks for being with us. see you soon, appreciate it. look at the market scan of the dow 30 stocks. give you a sense of the market and its direction. slightly lower, that's what i'm seeing, a lot of red on the left-hand side of your screen. look at this, after california governor jerry brown bashed president trump on his immigration order, now he turns around and asks the federal government for more money. we're on it after this. as after a dvt blood clot,ital i sure had a lot to think about. what about the people i care about? ...including this little girl. and what if this happened again?
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call now, request your free decision guide and start gathering the information you need to help you keep rolling with confidence. go long™. ♪ >> in a slightly down day overall, we've got apple moving up, $137 per share. why is it up in a down day? because warren buffett now says he owns $17 billion worth of apple. he never used to touch technology stocks with a 10-foot pole now jumped in $17 billion worth of apple. a lot of students think that the student loan bailout is coming and think the g is going to help them out of debt. who says that?
>> a survey by lend edu says 49.8% believe they'll get federal forgiveness on student loans after graduation. by the way, you can be forgiven on your student loans if you enter public service jobs for a set period of time, agree to teach in underserved areas, if you die or if you become permanently disabled. those are the four exceptions. the actual number of students who would qualify for getting rid of their loans is actually right around 9%. under 10% could actually get loan forgiveness, but they live in this world i don't have to pay it back, i graduate, can't find a job, i don't pay my loans. stuart: i've got one for liz. california's governor jerry brown calls for billions of dollars for infrastructure in the golden state. liz: 187 billion dollars, that's more than the federal department of transportation, hud, and the justice department combined the budget for that.
he says he needs $12 billion a year to come in. stuart: wait a second, am i right in not saying that the federal government supplies california $12 billion a year. liz: he hopes to provide 12 billion a year. he was asked by lawmakers in sacramento, wait a second, you haven't set aside money for infrastructure over the last six years. stuart: he's saying apocalypse is coming at us with deteriorating infrastructure, highways, bridges, dams, this is the way the world works. hang on. well, it's the way the world works and immediate takes precedence over the incidental. stuart: at the top of the hour, my take on the dishonest media. why they're ignoring the post-election presidential run-up on the stock market. i think it's about contempt for our president by the media. we'll be back. this is my new alert system for whenever anything happens in the market.
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stuart: i bought the sunday "new york times." i checked the business section. i wanted to see you who the left covered the trump stock market rally. it wasn't there. on the front page were stories about deforesttation in the amazon, the rainforest there was a lengthy article about the anti-trump retailer boycott. a story about a whistle-blower beating the wicked banks. nowhere in t entirsection, front page or anywhere else,as there any mention of the trump rally or the new business optimism. it was not in the news section either, just not there. this surely is an example of the dishonest media. the media can not claim to be informing the people if they only cover the news that fits their political point of view. just look what they're deliberately missing. look what they are not telling you. $2.939 trillion worth of extra wealth created just since the election. we've had the most explosive rally in a generation after a significant jump in optimism
about the economy and new signs of growth. that surely is worthy of the front page, or a lengthy segment on the nightly news but it doesn't fit the show contempt for trump narrative. it is not there. i have got a prediction. the media will jump all over the stock market if there is any kind of a pullback. that will be the trump selloff. no wonder the media has lost our trust. the second hour of "varney & company" is about to begin. ♪ ♪ stuart: that is james brown, is it not? yes, it is james brown, thank you very much. >> godfather of soul, and rock and roll. stuart: thank you david. president trump meets with ceos of health insurance companies later on today.
run through quickly who will be there, ashley. ashley: all the biggies. ceos of unitedhealth, aetna, cigna, humana, anthem, blue cross-blue shield, kaiser permanente the whole gamut. they will be there. they will talk about the fragile state of the insurance market which under current, under obamacare how does this all change? that will be the question. stuart: we have to be moving towards a position where republicans in congress have a plan they will put to congress for the repeal and replacement of obamacare. same thing as tomorrow. the president address as joint session of congress. we got to hear about that tax -- ashley: president trump will meet with paul ryan and mitch mcconnell later today, this afternoon. i'm sure that will be a key conversation. we've got to come up with a plan everyone agrees on. stuart: that is the legislative schedule, isn't it. ashley: yes. stuart: every investor is looking precisely at that.
they want tos infrastructure tomorrow night. okay. i want to bring in mercedes schlapp. mercedes, here's my point, the republicans have to end the division because they're divided on obamacare replacement and reform and they're divided on tax cuts. we have to end it this week becae if the republins don't come up with solid plans to get them through congress, got to have the plans this week i think they're toast. >> that's right. by staying divided the republicans risk huge political consequences coming into 2018.
they recognize their political capital right now is high. they have an ability to deliver. i know that it is an aggressive legislative agenda they're pushing forward but look, they repealed obamacare over 50 times in the house. they know that it has to, they have to move together as a united front to he repeal and replace obamacare, and i know that it is going to take the congressional leadership to push along these members. they can not afford in the house to lose more than 22 republicans. they can not afford in the senate to lose two republicans. stuart: "the wall street journal" has a story this morning, look, they might chuck a plan out there and dare republicans to vote against it, whether barack obama replacement or whether it is tax cuts. that is an interesting schedule, or interesting gambit i should say. >> they realize, republicans realize their time is limited. one of the problems that republicans had, democrats
effectively branded obamacare, good, bad, ugly of it. i think republicans the branding of the alternative it doesn't work. they haven't been able to sell it to the american people. kind of too vague. so that is why you're seeing besides the organized efforts by democrats and liberals in these town halls, one of the reasons why you're seeing this confrontation in these town halls with these republicans congressman because they really haven't been able to brand it. i think what you're going to see, stuart, they will move forward what former congressman, secretary of hhs tom price's original bill when he was a congressman. they will take parts of that. plus speaker paul ryan's vision under a better way, which is serious of refundable tax credits and the like, and i think you will, health savings account. i think they put those in place and they will move it through budget reconciliation. that only solves 60% of repealing obamacare. they will be stuck on the other 40% which requires passing or
repeal of obamacare. stuart: forgive me for interrupting, mercedes. we have more headlines, ashley. ashley: we do. the coming out of the governors meeting where you will see possibly tax reform happen and i would say a deadline, my sources tell me, closer, they will introduce it at late spring, early summer, try to get both of these things done by august. it is a very aggressive legislative agenda. this is why as you mentioned stuart, the republicans have to stick together. they will have to work through
those differences because if they do not deliver, they are going to be in trouble. stuart: they are in deep, deep trouble. i wonder what it is like walking around washington, d.c., for you, mercedes. you were the star of cpac last week with matt. you got airtime that i would die for. that was really cool stuff into you're making me blush. stuart: no, i'm not. we'll see you soon, mercedes. congratulations on last week. >> thank you so much. stuart: that was cool 1/2. look at this, the market is coming back just a little bit on the news that we're getting about the infrastructure program. going to be announced big-time tomorrow by the president. and the president just saying it will be a simple tax cut plan that follows the repeal of obamacare. ashley: right. that's it. stuart: market only down eight point now. it opened lower. now down just eight. it is all about the tax cut and the legislative schedule. ashley: fascinating to watch market reaction. liz: he made another statement. we're going to move quickly,
very quickly on regulatory reform. he is really pushing hard on that right now. stuart: he has a legislative schedule and he want to keep it. he will bang heads to do it. market likes it. we're down six points. there you go. amazon, they took home three oscars. it is only down 15 cents. was down four bucks. netflix took home one oscar. we bring you the news, the first oscars, won by amazon, netflix, first time they ever won an oscar. that says something what they're doing. look at tesla for a moment. they got a downgrade from goldman sachs. they're taking it on the chin. down 11 bucks. that is about four, 4 1/2%. strong sales at the auction house sotheby's. got a little bit of a pop. not a bad pop at all. they are 18-month high i full disclosure, i owned 50 shares of sotheby's 35 years. ashley: who knew. stuart: i just remembered.
still the same price i bought it for a generation later. >>hat not so good. stuart: what kind of investor am i, you may well ask? how about this the iranian director won the oscar for the best foreign language film, "the salesman." he refused to attend the ceremony to protest president trump's executive order on immigration. ansari read a statement on his behalf. watch this. >> i'm sorry i am not with you tonight. my absence is out of respect for the people of my country and those of other six nations whom have been disrespected by the inhumane law that bans entry of i am my grant to the u.s. [applause] stuart: now "the hill" columnist and sirius xm patriot host, david webb, what is your reaction to the iranian director not showing up and that young lady taking his place. >> there are couple of points of analysis. can i leak something about mercedes schlapp?
stuart: yes. >> the schlapps are more on sirius xm patriot. the fox and crossover. the stars matt and mercedes going at it. a couple of points on analysis. the focus is not really the headline he is not coming to the oscars. he chose what to come. what he did with sadiq khan in london. i will make very tough points. stuart: the mayor of london. >> they had a video and statement and screening over there but i want to bring something, i will tell the audience what i am about to say something you need to hear and understand full context. iran is the world's largest funder of terrorism. rgc, iranian revolutionary guard corps, largest trainer of terrorists in person and exporting around the world. when using terms like fascism he talks about trump and united states he lives in fascist state run since 1979 by the mullahs where there is no freedom.
younger generation which is 65%,0 seeks real freedom. go to is a cook khan and his hop hypocrisy. there is report out in the "daily mail" for those looking up. there are 200 cases female geital of self-report in london. there were 242 new cases reported to the national institute of health. 29900 females anticipated hospitals, what i'm pointing to, real fascist behavior and real issues to deal with. these hollywood types are making plouffe statements which are false. sadiq khan should be looking what is going on inside the somali, muslim community in london where this is happening to girls. that is real fascism and oppression compared to the fake
ginned up hollywood oppression. stuart: that is fair point. dow is down only five points. we'll be back.f liz: good point. microsoft and its partners are using smart traps to capture mosquitoes and sequence their dna to fight disease. there are over 100 million pieces of dna in every sample. with the microsoft cloud, we can analyze the data faster than ever before. if we can detect new viruses before they spread, we may someday prevent outbreaks before they begin.
martin marietta, that is up over 3%. we're getting tape from the governor's meeting momentarily. as we wait for that, new poll, "wall street journal" nbc. 51% of people believe the media is too tough on president trump. david webb, how about that? >> not surprising the middle, the center of the country is moving to donald trump pause they're sick of divisiveness and no solutions. important part of the poll. 44% of americans approve job performance. this is only 30 days. stuart: let me put that up on the screen, that is very important. 44%, this is the same poll, "nbc/wall street journal," 44% say they approve of the president's performance.
it was only, no -- >> up about 11 points. stuart: let me get the right poll up there. 40% say the country is now headed in the right direction. only 18% said it was headed in the right direction in july. that is an enormous up jump. up from december when it was 33%. >> tie it to what you just said about the companies, the infrastructure companies, for instance, martin marietta and others, those numbers and that positive movement reflects jobs. that means jobs for americans who will continue to work. as they go up, as infrastructure begins to buildout, you will
and he is central casting, do you agree? central casting, he has been great. [applause] good morning, everybody, and welcome back to the white house. the first lady and i were very, very happy last night to host you. we saw some real talent, military talent, musicians who were fantastic. everybody joyed it. [applause] i'm very proud to have so many former governors in my cabinet. vice president pence, as you know, big governor from a very great state, state i like very much, indiana, nikki haley at the u.n. is nikki here someplace? i think so, yes. we have rick perry is going before. we're trying to get people approved. we can't get them out. but rick is going to do a fantastic job. sonny perdue will join the cabinet very soon.
terry branstad will be our ambassador to china. interesting story on terry, every time i spoke in iowa, he would say don't say anything bad about china. i would say what do you mean? what do you mean? i like china, we do a lot of business with china and really, just don't -- hmmm. so when it came time to pick ambassador, you like china. i can tell you, china is very happy with that choice. so we made everybody. [applause] , right. these governors, thank you, and thank you, terry. these governors have been bold reformers and they're success shows why we need to make state the laboratories of democracy once again. many of you have shared past frustrations with waiting for permission from federal government and agencies, and i understand that. i've had many people tell me about it, and it has been catastrophic for some of your states.
you know your citizens and you know they wan things done but they don't get things done and it's not your fault. sometimes it's your fault but they understand that but sometimes it's not your fought. we're going to speed it up. because that is not how a partnership is supposed to work. the government should not stand in your way in delivering needed reforms and services and it won't. we'll move very, very quickly, environmentally with scott and so many others involved in the process of regulation. we are going to be cutting, we're going to be doing the right thing. we'll be protecting people environmentally and safetywise but going to be moving it and quickly, very quickly. [applause] and i can, speaking of that i know many of you and i have spoken to many so of you last night about it, have many projects are en-- literally tied up because of environmental concerns and it has been in for years and years and years.
the project your state want, great for employment, everybody wants them and couldn't get them out of environmental protection. we will get them out. that doesn't mean they will be approved, rejected quickly one way or the other. they will be rejected quickly or get approved. i would say most will be approved. you will not wait nine years, 11 years, some of the horror stories i've heard. under my administration we'll have a true partnership of collaboration and cooperation. we'll get to the answers and get them quickly. and flexibility you need to implement the reforms that you are going to have in order to make decision-making proper and decision-making fast. so we're going to both those things, proper and fast. one of the most important responsiblities for the federal government is the budget of the united states. my first budget will be submitted to the congress next month.
this budget will be a public safety and national security budget, very much based on those two, with plenty of other things but very strong. and it will include a historic increase in defense spending to rebuild the depleted military of the united states of america at a time we most need it. [applause] and you'll be hearing about that tomorrow night in great detail. this is a landmark event, a message to the world, and in these dangerous times of american strength, security and resolve. we must insure that our courageous servicemen and women have the tools they need to deter war and when called upon to fight in our name, only do one thing, win. we have to win. we have to start winning wars again. i have to say when i was young in high school, and college,
everybody used to say we never lost a war. we never lost a war. you remember. some of you were right there with me and you remember, we never lost a war. america never lost, now we never win. we never win. we don't fight to win. we have to win or don't fight it at all. but where we are 17 years, almost seven teen years of fighting in the middle east. we're up, i saw a chart the other day, as of about a month ago $6 trillion we've spent in the middle east. $6 trillion, and i want to tell you that is just unacceptable. an we're nowhere actually, if you think about it. we're less than nowhere. the middle east is far worse than it was 16, 17 years ago. there is not even a contest. we spent $6 trillion. we have a hornets nest, it is a mess like you've never seen before. we're nowhere.
so we'll straighten it out. this defense spending increase will be offset and paid for by finding greater savings and efficiencies across the federal government. we're going to do more with less. i have got involved in an airplane contract. i got involved in some other contracts. and we cut the hell out of the prices. i mean we saved a lot of money, tremendous amount of money, beyond anything that the generals were involved, they said they have never seen anything like this before. on one plane, on a small order of one plane, i saved $725 million. and i would say i devoted about, if i added it up all the calls, probably an hour. that might be my highest and best use f we can do that, our budget will -- might be my highest and best use. [applause] and there are many other places. it is all the same. in one way that is a good thing because we have an answer.
david will do a fantastic job at the va. david is sitting there, shaking his head. stand up there. [applause] so we can't get our people through cabinet, but he went through, 95-0. how the hell did you do that? boy, oh, boy, he must be good. you were the one. 100-0. wow, shows you, we can do it. we still have quite a few cabinet members. they're just in limbo, waiting, waiting, it is like obstruction. it is obstruction. and, but eventually we'll get them and put their people in and we'll get those agencies, et cetera to work. we're going to do more with less and make the government lean and accountable to the people. we can do so much more with the money we spend. with $20 trillion in debt, can you imagine that, the government must learn to tighten its belt, something families all across the country have had to learn to
do, unfortunately, but they have had to learn to do it and they have done it well. my budget increase in spending, increase in all spending, for federal law enforcement also. activities having to do with law enforcement will be substantially increased. we will fight violent crime, look what is happening in our cities. look what is happening in chicago. what's going on in chicago. we will fight violent crime, we'll win and win that one fairly quickly. once we give local police, local law enforcement the right to go in and fight it. we back them monetarily and also otherwise, we'll going to win that one. we'll win it fairly quick i believe. my budget also puts america first, keeping tax dollars in america helping veterans and first-responders, so important. this budget follows through on my promise to focus on keeping americans safe, keeping out terrorists, keeping out criminals.
and putting violent offenders behind bars, or removing them from our country all together. i must say, that we've been treated very well, very, very well on the job that general kelly has done at the border. it is tough, it is strong. i was talking last night to terry mcauliffe, he said you have to mention this, because he met with, where is terry? he is around here someplace. he met with general kelly. i think i can say you were impressed with general kelly. you have to get the point out that they're removing the bad ones. that where our focus is. it's the bad ones. we're getting some very, very bad players out of this country. drug lords, gang members, heads of gangs, killers, murdersers we're getting them out. the press isn't covering that unfortunately. that is something very important. we're getting the bad ones out. i always said that is where i
was going to start. i would start with the bad players. and they are bad. they are rough and tough and we're getting them the hell out of our country and we're bringing them to where they started out. let their country do what they have to do with them. so, the budget, which is going to be a very big part of tomorrow night's speech is going to be, i think a budget of great rationality but it is going to have to do with military, safety, economic development and things such as that. great he detail tomorrow night. we're also going to do whatever we can to destore the authority of the states -- restore the authority of the states when that is the appropriate thing to do. we'll given back a lot of powers taken away from states and great people and great governors and you can control it better than the fet rad government because you're right on top of it. something that is controllable. i think that will be very important. you see that already taking effect.
we have to let the states to compete and see who has the best solutions. they know the best how to spend their dollars and how to take care of the people within each state. and states are different. people are different. so the governors will have a lot more decision-making ability than they have right now. all states will benefit from our economic agenda. we will reduce taxes very, very substantially. and simplify the tax code. we're also going to make taxes between countries much more fair. we're one of the only countries in the world that people can sell their product into us and no tax, no nothing and they get rich. yet if you want to do business with them, you'll have taxes, i've seen as high as 100%. so theysell into us, no problem. we sell into them because we don't sell in, because the tax is so high of the they don't
want us to sell into them. i know that is always a point of contention but, to me, it is just fair. it is just fair. it is reciprocal. it is fair. and so we'll be doing a lot of work on that. that is becoming a very, very important factor, fairness. because i believe in free trade. i want so much tra you know, somebody said he oh, maybe he is a total nationalist, which i ham in a true sense but i want trade. i want great trade between countries but the word free is very deceiving. it is good for them but not good for us. i want fair trade. and if we're going to taxed they should be taxed the same amount the other countries. one thing we'll happen, we'll make a lot of money or the other country gets rid of its tax. like the product, harley-davidson, i was talking to them, the product will flow into other countries where right now they can't do it. we'll make it easier for states
to invest in infrastructure and i'm going to have a big statement tomorrow night on infrastructure. we spenttrillion in the middle east. we have potholes all over our highways and our roads. i have a friend in the you canning business, my trucks are destroyed going from new york to los angeles. they're destroyed. he said i'm not going to get the good trucks anymore. he prided himself on buying the best equipment. he says the roads are so bad b the time we make the journey from new york to los angeles or back, the equipment is just beat to hell. i said, when has it been like that before? he has been in business 40 years. he said it never been like that, 40 years, never been like that. so we're going to take care of that infrastructure. we'll start spending on infrastructure big. not like we have a choice. it is not like, oh, gee, let's hold it off. our highways and bridges are unsafe. our tunnels, we have tunnels in
new york where the tiles are on the ceiling and you see many tiles missing. you wonder, you are driving 40 miles-an-hour, 50 miles-an-hour through a tunnel, look at lincoln tunnel and queens midtown tunnel, driving you see all the loose material that is heavy. it was made many years ago, so it is heavy. today it is light. used to be better. the problem is, you got to hold it up and i say to myself every time i drive through, i wonder how many people are hurt or injured when they're driving at 40, 50 miles an hour through a tunnel and a tile falls off? there are some missing tiles. such loose concrete. so we have to fix our infrastructure. it is not like we have a choice. we have no choice. and we're going to do it and it also happens to mean jobs which is a good thing. we're going to repeal and replace obamacare and get states the flexibility that they need
to make the end result really, really good for them. very complicated issue. we have tom price, just got confirmed, sitting here. [applause] stand up, tom. and i spent a lot of time with governor walker and governor rick scott the other day, we're talking about it, they're very expert on the subject. i want to thank them. they spent a lot of time with my. governor christie is here someplace. where is chris? governor christie, thank you. so we have a lot of, we have a lot of talent and expertise here and i will tell you and we have come up with a solution that is really, really i think very good. now i have to tell you it is unbelievably complex subject. nobody knew health care could be so complicated and statutorily and for budget purposes as you know we have to do health care
before we do the tax cut. the tax cut will be major. it is going to be simple and the whole tax plan is wonderful but i can't do it until we do health care because we have to know what the health care is going to cost and statutorily that is the way it is. for those people say, oh, gee, i wish we could do the tax first, it doesn't work that way. i would like to do that first. actually tax-cutting has never been that easy but it is a tiny little ant compared to what we're talking about with obamacare. and you have to remember, i say this to democrats in the room of which we have many, obamacare has failed. if you go to minnesota where they had a 66% increase, and governor of minnesota, who is with us today said obamacare, the affordable care act is no longer affordable, something to that effect, that might be it exactly but the affordable care act is no longer affordable, obamacare has failed.
i say to the republicans, if you really want to do politically something good, don't do anything. sit back for a period of two years, because '17 will be a disaster a disaster for obamacare if we don't do something. let it be a disaster. we can blame that on the dems in our room and blame that on the democrats and president obama. let it implode. and then it implode in '18 even worse. don't do anything. they will come begging for us to do something. but that is not the fair thing to do for the people. not the fair thing. politically i think it would be a great solution because as soon as we touch it, if we do the most minute thing, just a tiny little change, what is going to happen, say it is republicans 'problem. that is the way it is. we have to do what is right
because obamacare is a failed disaster. it is interesting, you see it with politicians, see it with president obama. when you know he is getting out of office and the clock is ticking and he is not going to be there, his approval rating goes way up, even though, not that active in the last period of time. the approval rating goes up. that is not him. that is like -- almost everybody. i see it with obamacare. people hate it. they see that the end is coming, saying oh, maybe we love it. there is nothing to love. it is a disaster folks, okay? so you have to remember that. and very importantly we are going to work to restore local control to our nation's education system. betsy is here someplace and she is going to be, i think, fantastic. i think she is going to be fantastic. [applaus stand up, betsy.
betsy feels soing strongly. she had such support from so many people. you don't see that so much. you see the anti, but never see the support. that was tough, tough process. she hung in. so many people were calling betsy, you will do fantastic job once you get it. sometimes i say much tougher to get into harvard than it is to stay there? does that make sense. it is tougher to get into the wharton school of finance. you can't get in, if you get in it's fine you get through. i think you will do a fantastic job and we're very proud of you. you took a lot of heat but you will do great. so she wants to bring decision-making powers back to parents, back to the families and back to the states where they can really control education. just finally i'm looking forward to working with you on these projects and so much more. we'll do these projects and so many more.
i thank you all again for being here. it will be a productive discussion, it will be so productive i will ask the press to start leaving i don't want them to see any great, productive session. stuart: we'll take over from here, mr. president. the highlight from me what the president just said, he wants tax cuts. they are going to be major tax cuts. they are going to be simple. the president would like to have tax cut done first but he can't do that. first order of business is repeal and reima of obamacare. then major and simple tax cuts. that helped the market which is now up 14 points. it was down, what, 11 or 12 when he started to speak. so tax cuts. that was my highlight. lizzie, what was yours? liz: border tax. other countries have a form of it. we should too. a growing number of republican senators don't like it like tom cotton, david perdue, also ceo of dollar general.
paul ryan likes the border tax. stuart: the president wants that border tax. for him it is still in. liz: that's correct. stuart: david webb, highlight for you, please? >> states laboratory for democracy, constitution, powers not delegated to the united states by the constitution or prescribed by the states are reserved to the states. let's let the states do their work. that is what made this country great. stuart: that is a shift. ashley: i know he watches this show, mr. varney, because he spoke very clearly what we've been talking about. i hear from everybody. i want tax cuts first but he said health care is unbelievably complex, more so than i could ever believe. we've got to figure out how much is it going to actually cost to repeal and replace before we can touch tax cuts. kind of makes sense. stuart: a lot of major subjects touched upon by president trump just moments ago. howie kurtz is with us, host of "mediabuzz" on the fox news channel. as i understand it, howard, you were on the press call with the
office of management and budget while the budget was a big part of the president's presentation. can i ask you to be a reporter for us, what was on the press call, can you do that? >> this is moments ago, stuart. a senior omb official, you might describe him as anonymous source, telling reporters that deep spending cuts are coming, $54 billion president trump wants to add to military spending, major priority. that is supposed to be offset taking money from agency, epa, other functions but not according to president, medicare, social security, two big ticket entitlement programs. this will be very controversial see lots of stories about all the wonderful programs will be sliced under this approach. stuart: that is fascinating, howard. glad you could report that for us right there and then. we got that out first. seems that president trump is again going over the heads of media broadcasting, he is on
everywhere at the moment, broadcasting directly to voters. this is the pattern of this presidency, isn't it? >> yeah it is pattern of every successful president. ronald reagan was successful doing that at the same time, when you get down to it, pass this kind of budget, increase in military spending, taxes, deep cuts in spending programs and foreign aid, will be cut, less than 1% of the budget, he will have to work with both parties of houses of congress. in other words all the great press in the world will not substitute for the difficult work of passing something through the hill. stuart: can i return to something i've been riding my high horse all morning about this, howard. i don't know whether you seen me doing it or not -- yes you have. i bought the sunday "new york times." i bought especially the business section which i wanted to see, did they carry anything about the trump rally? it is not mentioned, howie, not mentioned at all. i don't see how you can claim to
be a major media outlet if you do not cover one of the major stories of the day, which is the 3 trillion doll can lars increase in wealth that our society has gone through since election day. am i on to something here? >> absolutely. i do think this, more than 10% rise now in the stock market since the election, is a major story. now presidents can't take complete credit but this is fueled by optimism surrounding president trump's election. i put it to you this way, the market had gone down since president trump was elected i bet you see a bunch of stories how he is wrecking the economy. stuart: i guarranty it, i guarranty when the selloff comes, there will be a selloff of some sort, it will be the trump selloff and headline news. do you have information about the "new york times," "politico," cnn, supposedly excluded from some press event at white house? >> i do. and you know, my initial reaction was, this is awful, the
optics are terrible because it came hours after the president, cory eighted media -- excoriated the media at cpac, as i have done reporting this is not that big of a deal. it was off-camara gaggle. only so much room in sean spicer's office. the pool reporters were there. it was shared with everyone. cnn, "politico," "new york times," excluded, they ran out of room but conservative reporters were added. not sean spicer would make a reaction, people calling it un-american, cnn anchor did that, making not letting reporters in on daily briefings. he calls on them all the time. stuart: i cover the finance, stock market, economy, i'm a little jealous i would love to cover the media as much as you do as well. that is a great beat to be oat this moment in time. >> we can talk about. stuart: i guess not. howard kurtz a pleasure. i appreciate it.
>> can i back sean on this quickly. i spoke to sean. i've known him a long time. at cpac, he came out, went out to the media along radio row. nobody was being cut out. i was there. and i spoke to sean myself. stuart: i just want to add one thing. repeat what howard kurtz told us he was on the call with omb, office of management and budget official who said there will be 54 billion-dollar cut in non-defense spending. that is a serious spending cut. you don't hear that often. liz: look at market moving higher. s&p 500 hit record intraday high moments ago. the president is talking about regulatory role back. you talk to austan goolsbee, he said, dow rise is goldman sachs, goldman sachs and jpmorgan benefit from regulatory reform and fed possibly raising rates. ashley: all about clarity, stu, we're finally getting clarity and details.
tomorrow night, that speech will be very important. stuart: pat caddell is with us. i would describe pat caddell as centrist democrat. i see him now. he is not rejecting that. about the election over the weekend, tom perez of dnc, he promptly bought on board keith ellison to act as vice-chair. pat, my opinion is the democrats continue their march to the left and rise of the bernie sanders faction within the democrat party goes on unabated. what say you? >> well, i would take a little exception to that because the sanders candidate lost. however, the party had been pulled very hard to the left. perez represent the establishment of the democratic party but that establishment is already surrendering on most of
the substantive point you know, which is hillary clinton sad in they were last and most recent broadcast on youtube, you know, resist and persist. they are all in a resistance mode, all negative, all no, all the time. and you know, they had a candidate, the mayor of south bend, pete bogusich, i have a purchase, everyone does with the last name. very attractive. veteran, harvard graduate. new millennial candidate, very, talking about the need to speak to middle america and to workers and unite the country. he lost. he had to pull out. the fact is that the democratic party is now conceded, as i saw this morning dick durbin, it is all about one pressure point from the far left, fight everything all the time. and that is not a prescription
that will basically necessarily work. stuart: but, it could work in another sense. if the democrats oppose everything on the president's schedule, and that includes obamacare, tax reform, infrastructure program, they can hold everything up and win a political victory because they will say the president couldn't do what he wanted to do. he was not allowed to wreck america. they will say that. >> yes but here's the problem. that strategy depends on trump failing and, they're doing everything they can to make that happen, and pretending the country doesn't see it. trump has a real opening. he has an opening with independents, with more moderate conservative democrats over the questions of jobs, the economy, the tax cuts you're talking about if they're fair, reducing this and on trade issues that the, there are many democrats
and independents who agree with trump. th white house has not made the kind of outreach i would have argued he should make, but he has two things going for him. he has you talk about the trump rally which of course the democratic party's major ally, the press won't cover. they will have narratives starting tomorrow of these tomorrow, terrible cuts. narratives go back and forth and supportive of -- trump is right to take on the press on this. you can not look at the news and not say it's not biased and you know, if they were mean to everybody or tough on everybody that would be the case but as we see with the russian thing, i watched george stephanopoulos fluff off a point yesterday when it was raised during the irs investigation none of these democrats in my party, as i was, were calling for a special prosecutor.
it was put in the hands of a maxed out obama donor. can you imagine if they tried that? stuart: just imagine. pat, i have got to run, thank you very much indeed. i want to tell our audience we're up 12 points. the president's presentation we saw on this program, that was not a major market mover but it did turn the market around. we were down at the opening bell. we were down when the president started to speak. now we're up 12 points, 20,835. i think that is an intraday high. liz: for s&p 500. stuart: we're still back on that winning track. liz: that's right. stuart: i do want to say one quick thing about the border tax. ashley: yeah. stuart: lizzie, you picked up on that. liz: yes, sir. stuart: the president is very much for it. liz: i think he is. stuart: i think that will be extremely difficult political sell in america. liz: absolutely right. battle lines are being drawn. paul ryan in the house likes it and tom cotton and david perdue in the senate don't like it.
they need 52 votes in the senate. have to watch out for that. ashley: he says if we're taxed they're taxed. fair trade, level playing field. however if they drop their tax on that, we won't impose a border tax. little bit after cat-and-mouse. stuart: if we propose to cut taxes for those who pay federal income tax, half the population will get no benefit from that because they pay no federal income tax but the same half the population will pay higher prices because of the border tax. liz: that is what the koch brothers say. 1.2 trillion increase. that is what the koch brothers are saying on prices. stuart: i want to bring in stephen ball win. i want to get to the oscars a moment. get your take of the president, how he is coming across and how he is handling both the media and voters. are you saying he is a success, a plus so far? >> oh, there is no question, stuart. good morning. he is absolutely a success.
numbers speak for themselves. already i think, in my opinion, kind of on the street and when you tack to that mainstream middle america, 40% undecided voter that was the cause of this outcome that we see now called president trump, i think those folks even more, and those that have even doubted trump are starting to lighten up, wait a second, stock market is better than ever, you know, i love this president because he is crazy like a fox. how about he just keeps throwing these ideas out there about what could be, everybody reacts and make decisions about what is best for everybody? that is a pretty smart system that he is utilizing right there because his heart and motivation is, i'm not going to go and do what is best for this or that. i will do what is best for the american people. that is what he is doing. stuart: i want to get to the oscars. i go to bed very early.
i did not see them. i know you did. i believe it was endless -- >> you missed a great show, stuart. you missed a great show. stuart: how did you feel about it? you were an early trump supporter. you like our president. how did you feel watching the endless stream of, it wasn't just contempt, it was bordering on dismissal of our president, how do you feel about it? >> yeah. well, listen, i think, you know, i tweeted something @robert davi yesterday because all the directors for best foreign film language put out a letter, this and that. i think the further hollywood digs its heels in the further it alienates itself from art meeting commerce and business of hollywood. so, i would like to put a little foreshadowing out there that hollywood should be careful how far it goes in resisting president trump because, those people out there buy those tickets to those movies. so, i don't know.
it doesn't mean don't stand up for what you believe in but at the same time i think it gets right back to a message that, a lot of hollywood conservatives are trying to put out there to our constituency which is, it is only right to give president trump a fair chance to succeed. stuart: fair point. >> we hope that is what is going to happen. stuart: for the benefit of our viewers who like me did not stay up to watch the whole thing, run a quick montage of some of the anti-trump comments that came. roll tape. >> the mexican, as a latin american, as a migrant worker, as a human being, i'm against any form of wall that wants to separate us. >> this broadcast is being watched live by millions of americans and around the world in more than 225 countries that now hate us. i want to say thank you, to president trump. remember last years it seemed like the oscars were racist?
stuart: i'm sorry, that is to me outrageous, but let me skip over that, around go to the end where there was that chaotic, embarrassing moment where they gave the best picture award to the wrong picture. i'm sure you were watching. what was going through your mind when that happened? >> oh, yeah. well -- stuart: shock. >> god bless warren beatty and fay dunaway. they're wonderful, brilliant actors. i guess warren beatty has some history of being a practical joker. for a few minutes there, nobody knew, did he do something just nuts but he didn't. so, we can't blame mr. beatty and price water house stepped up immediately this morning we apologize. listen, in my opinion with the exception of what you just described, you know creating more of this doubt of this presidency and creating more of a divide w is, when they do these things at an award
ceremony for performances in the art form of cinema, they get all political, the oscars themselves will lose audiences next year as a result of that. at the same time, i think that, forgive me, i don't his name, the fellow from "la la land, producer at the microphone, so upably and gracefully turned around and presented the award to moonlight. kudos to that fellow. what a humble guy. what a happy winner, stephen, thank you very much for joining us. stephen baldwin. come back please soon. >> bless you, brother. stuart: dow turning around, not much we're up about 10 points. after the president spoke about spending tax cuts, obamacare. we'll be back.
stuart: this is the week when the republican party has to come together and end its divisions. it is all about repeal and replace obamacare. tomorrow the president addresses a joint session of congress, the tax cut, what we get and when we get it will be the focus along with infrastructure spending. but for all the president's pushing, it really comes down to the republican-controlled congress. they have to pass obamacare and tax cut legislation. it is up to them. at the moment, republicans are divide canned on both issues -- divided on both issues. time for some serious head banging and political horse trading. the "wall street journal" says they might just present a plan
and dare any republican to vote against it. that is how pressing things have become. the third hour of "varney & company" is about to begin. ♪ ♪ stuart: let's check your money. look at it go. we're up four points on the dow industrials. moments ago we actually reached yet another all-time, intraday high. we're only 175 points away from 21,000. look at this, amazon studios -- there's an interesting expression -- amazon studios scored a best actor trophy win for casey affleck in "manchester-by-the-sea." netflix won in the documentary short subject category for the white helmets about rescue workers in syria. neither of those two companies has won an oscar before. they won last night. look at hasbro.
is this a minor win for president trump? be play-doh, hasbro makes play-doh, it will be made in america for the first time since 2004. [laughter] >> i think that's important. make play-doh great again. stuart: that's facetious and sarcastic, and it is wrong. >> sorry. [laughter] >> make it okay. stuart: the trump administration is so liciting -- soliciting ideas fo that's all about repealing and replacing obamacare. betsy mccoy joins us now. she's author of "beating obamacare." now, i should say that speaker ryan and leader mcconnell, they arrive add to -- arriv at e white house at 2:30 this
afternoon. >> they're getting their marching orders because this president campaigned on the promise to replace and repeal obamacare, and he's going to tell them very clearly their job is to get this through, and if they can't? be you're fired! stuart: well, he can't do that. >> i know he can't do that, but he has the bully pulpit. stuart: yes. >> and the fact is, i have the ryan plan here -- stuart: hold on a sec. i want to know whether we should repeal and replace obamacare, i want to know are we actually going to do it in a timely fashion? >> absolutely. stuart: yes? >> yes, because trump talk to both of them and say let's add some sweeteners. maybe we can put the corporate tax cut into this first reconciliation bill. what republican is going to vote against that? we can eliminate that odious cap atyan has put -- stuart: so you're saying the president has some leverage. >> oh, absolutely. now, let's face it, republicans are kind of legislating with one
arm tied behind their backs because the democrats refuse to cooperate at all. so they can only do certain kinds of legislation with 60 votes. stuart: look, the republicans can only lose one or two votes in the senate. >> oh, yeah. stuart: they can only lose 22 votes in the house. you lose that and you don't get obamacare repealed, and you don't get a tax cut either. >> that's right. but the job of paul ryan -- and he knows how to do this, that's why he's speaker -- is to get those conservative republicans onboard, even if it means giving up part of his plan. let's not be so ideological. stuart: you think he can do it? >> he's got to do it, or he will be out of a job, i guarantee you. stuart: this is fascinating. >> the american people will not tolerate -- this is the first time since 2006 when republicans have controlled both houses of congress and the white house. it's now time to get it done. stuart: you know, you used to bang the table about how bad obamacare was. [laughter] and now you no longer have that whopping, great big file with you. now you've got the ryan plan --
>> i took that to the paper shredder. [laughter] stuart: okay. betsy, thank you for being with us. but again, your judgment is it can, will and must be be done. >> absolutely. stuart: in a timely fashion. >> oh, yes. within nine weeks from now, the collapse occurs. insurers have nine weeks to declare whether they will be in the obamacare markets and what their premiums will be for 2018. nine weeks, that's it. stuart: she's slamming it on the table. [laughter] well done, betsy. thank you very much. [laughter] i've got a pol it's from "the wall street journal" or/nbc. 60 say they are hopeful and optimistic about the future of the country. that's a big number. >> yeah, it's a hot. stuart: new poll just out. 40% say the country is headed in the right direction. whoa. 40% in february said right direction. in december, only 33%. in july it was only 18%. >> wow, look at that. stuart there's a turn around for you.
john lonski's with us, moody's chief capital markets economist. that's optimism. if you ask, that is optimism. are you going to give me a hard time on this? >> no, i'm not, and there's a reason for it too, because under the previous administration washington created obstacles for business, prevented business from growing as rapidly as it could. today it's changed radically. now we have an administration that's getting out of the way, if nothing else. who cares about fiscal stimulus. i think what matters most is that washington will no longer create impediments for businesses. stuart: that's a fair point to make, and it's a very professional point to make, but what about the media? the media is not covering the optimism in the economy, it's not covering the trump rally, it's not covering wealth creation, it's just not there in the media. >> well, they just can't get over the fact that they were just so very wrong at predicting the outcome of the election. i think that's a part of the problem, and that's also their world view. and trump presents something against the world view. i mean, how in the world can you
grow the economy more rapidly without additional help from washington? stuart: fair point. now, watch this because the president talked about tax cuts in the speech he made to the governors just moments ago. i've got that part about tax cuts isolated. roll tape. >> the tax cut is going to be major, it's going to be simple, and the whole tax plan is wonderful, but i can't do it until we do health care. stuart: well, he said it clearly, it's gonna come second. i'm not sure the market wanted that. >> but he has no choice, and that's why what betsy said is so very important. ryan's got to get onboard, they have to see to it that health care is taken care of, that that particular issue is set aside, axat it's resolved so we can go reform. stuart: what kind of growth rate are we going to get if we get the tax cut, if we get the infrastructure spending? i mean, goldilocks scenario. we get all of this good stuff, what's the rate of growth? >> we could perhaps over one
year get growth of close to 3.5%. that's the goldilocks scenario, everything goes right. but you have to remember at the same time this is a different economy today than what we had 10 or 20 years ago. i think i mentioned this last time, one of the problems we have is related to demographics. and we might be able to make america great again, but trump cannot make america young again. we have a -- [laughter] situation unfolding where we're going to be looking at two million new retirees every year while at the same time the working age population is growing by half a million. that's the exact opposite of what all the 20 years into 2007. stuart: yeah. but you see people like me of retirement age, i'm not retiring. >> you're not lying about your age, huh? [laughter] stuart: that's a very nice compliment but totally wrong. let's lee it at that -- leave it at that. i don't know if whether you still have a job on wall street after a performance like this, but you're all right for us. >> okay. [laughter] stuart: thank you, sir.
wendy's, they plan self-ordering kiosks at -- wait for it -- a thousand locations. >> a thousand locations. bottom line is they'll tell you, oh, this is to enhce the experience and for the younger customers. you know what it's all about? labor costs. stuart: yes. >> that's what it's all about. you go in, you type it in, you take out the human element. and, let's face it, the fast food restaurants especially are under pressure from these labor costs -- >> yeah, that's right, and tom perez dnc chair fight for 15, the other upside for this for the fast food chains, they get more data about their customers as well. so it pays for itself. wendy's is saying in about two years' time, moving to riosings like that -- kiosks like that. >> they'll get their money back in under two years, then it'll just -- stuart: i was at newark airport the other day, they've got a restaurant area seating 100 people, two runners, okay? because you order on a tablet, and then they run the food to you. >> that's right.
stuart: wait staff, decimated. not there. just not there. that is the result of $15 -- >> and obamacare. stuart: that's true, you're right. you know, we're all in agreement. [laughter] the democrats appointed, they voted for tom perez to lead the party. i think that's moving the party further to the left. i don't think the centrists are in the picture in that party any longer. we're on it. the newly-elected governor of new hampshire signs a bill into law eliminating the concealed-carry license requirement for handguns. in other words, if you've got a license to own a gun, you can carry it and conceal it automatically, no special license required. stay with us, nra spokesperson dana loesch is next. ♪ ♪
morning. first of all, the president says we've got a really, really good solution to the obamacare problem. >> yep. stuart: second, we have a really simple tax cut plan. and number three, he's going to announce a big infrastructure program. and number four, there's another one, offices of management and budget, they're saying we're going to cut $54 billion worth of non-defense spending. now we're getting more headlines from the meeting between the president and the health insurers. liz. >> he's meeting with half a dozen ceos, he's saying it's going to be catastrophic be, obamacare, this year is catarophic. you, health insurers, you have you know, wo on saving americans from obamacare, bring prices down. he's also saying to democrats, i do hope to work with you on a better plan. stuart: okay. reaching out. >> that's right. stuart: okay. is that a headline, outreach? >> outreach. [laughter] stuart: totally different subject, but i find this fascinating. the newly-elected governor of new hampshire signs a bill which eliminates the concealed-carry
license requirement. in other words, this is my understanding, if you've got a gun permit, you no longer need a special extra permit to conceal it and carry it around with you. that comes automatically. dana loesch is with us now, she's an nra spokesperson and nationally syndicated host of "the dana show." have i got it right, dana, new hampshire, i've got a license to own a gun, therefore, i can now put it in my breast pocket, walk around with it anywhere i like? do you approve of that? >> well, yes. new hampshire's the 12th state -- and, stuart, thanks, as always, for having me -- the 12th state to pass constitutional carry. and i'm hoping my home state of texas will be one of the eight states considering it to pass as well. you will have to have a permit if you're traveling to some of the other states, obviously, but i think this is huge. and furthermore, some of the arguments that i hear everyone
says, oh, my gosh, they have constitutional carry. it's going to be like the wild west, and there's going to be blood in the streets and tumblewields and spurs and cowboys. no, actually, all the other 12 states we haven't seen anything like that happen. and also we're hearing tons of reports from states like kansas and missouri, other states which have passed constitutional carry, they're seeing an increase in individuals, stuart, who are signing up for all manner of firearm trainings classes which is great news. they said at first they didn't know what to expect, but now the number of people who are enrolling has far exceeded what they expected. so that sort of takes care of, well, it requires no training. because people want to be educated, and they want to go and learn everything that they can about their firearm and carrying it. stuart: i just find this fascinating. this is an extraordinary trend in america. as a reformed englishman where there are no handguns allowed -- [laughter] i'm trying to get used to this. i'm struggling a little but, believe me, i'm a big second amendment kind of guy, so i'll
get behind it eventually. okay, dana -- >> well, we love that. and whenever you're in texas, stuart, you are welcome to come to the range with me anytime. stuart: i love texas, i'm there frequently, and i'll take you up on that, dana. >> all right, you better. stuart: the first time i ever shot a colt .45, that was the moment i realized how much power is in the hands of one person. that was something else. [laughter] quickly now, i didn't stay up late to watch the oscars. i know they became intensely political. i don't think it's going down well. i don't think people like in any longer. what say you? >> yeah, i'm kind of -- i will say i was a little surprised that they weren't as political as i thought they were going to be. there were a number of actors and presenters who got up on stage and presented and accepted their award, and they were very gracious, and they didn't condescend when they spoke to people. i think the big thing for me, though, the one that did, probably the most intense moment was the best foreign language
film. he's an iranian, he boycotted the oscars, he didn't want to go over because of what he said was trump's travel ban which, as we know, stuart, is an executive order, it's a pause that allows for 90 days' additional vetting on seven other states that barack obama compiled on a list. i thought that was disingenuous particularly about a country that gives him far more leniency than iran ever would. stuart: of course. what do they do to gays in iran? what do they do to women in iran? come on. i mean -- anyway, i digress. >> i will, stuart, i will give him props because he did have the first muslim woman and the first iranian in space that read his statement, but our point still stands. stuart: yes, ma'am, it does. quickly, thomas perez voted in as chair of the dnc. he quickly co-opted his opponent, keith ellison, to be vice chair. i say this moves the democrat party further and further to the left, what say you?
>> i completely agree with you, stuart, on this. i thought for a rare moment that they would maybe, perhaps, try to be competitive in 2018 and in 2020 and maybe lean a little bit more blue dog democrat but, no. i guess they took "the new york times"' advice and decided to go whole hog towards the left which is not going to do them any favors in midterms, and it's surely not going to do them any favors in trying to bring back their blue collar base. stuart: dana, i have to run, because just a few seconds from now i'm going to get the tape of the president and his meeting with health insurers. i want to run that for our audience, so i'll have to say good-bye to you, dana. but as always, you're a favorite with our viewers, come back soon. >> of course, thank you. stuart: this is kind of a go-nowhere market thus far today. we opened slightly lower, now we're ever such a fraction higher. the market has been responding to the headlin that we've had
coming out of the white house. >>eah. stuart: specifically, he's got a good solution to obamacare, we've got a simple tax plan, we've got details of the infrastructure program coming tomorrow night in the joint session, and we're going to cut $54 billion worth of non-defense spending. and now the president with the health care executives. >> you are the big ones, you are the biggest of the bigs, right? [laughter] that's very impressive. thank you for being here. we just had a great meeting with the governors on the horrible effects that obamacare has had, and we're going to change it and straighten it out and make -- we have a plan that's going to be, i think, fantastic. it'll be released fairly soon. we'll be talking about it tomorrow night during the speech, but i think it's going to be something special, and we'll talk about it right now because i think we're going to get you on, and i think you're going to like what you hear. again, thank you for being here, i want to thank secretary tom
price who's doing a phenomenal job on a complex subject, the subject of health care. he's an advocate for the patients. tom is all about the patients, that's what he wants. he wants to have a great health care system. obamacare has been a disaster, and it's only getting worse. last year alone obamacare premiums increased by double digits. since it has gone into effect, premiums are up by almost 100% in many areas, and i think that this year it's going to be really the year that i've always been predicting, '17 is going to be a catastrophic year for obamacare, for payments. and you just take a look at what's happening in various states like arizona, i believe, was up 116%. it's going to be worse this year. obamacare forced providers to limit the plan options they offered to patients and caused them to drive prices way up. now a third of the united states' counties are down to one insurer, and the insurers are fleeing. you people know that better than
anybody. since obamacare went into effect, nearly half of the insurers are stopped and have stpefrom participating in the obamexchanges. it has gotten so bad that nearly 20 million americans have chosen to pay the penalty or received an exemption rather than buy insurance. that's something that nobody's ever heard of or thought could happen, and they're actually doing that rather than being forced to buy insurance. we must work together to save americans from obamacare. people know that, everyone knows that at this point. to create more competition and to bring down the prices substantially. the chaos that obamacare has created and for which congressional democrats -- and you see that -- are alone and responsible for requires swift action. i actually told the republicans that if we did nothing, just do nothing for a two-year period, let obamacare totally implode -- which it's doing right now anyway -- that would be from a political standpoint the best
thing we could do, just let it implode, and then people will come begging, the democrats will come begging to do something to help them out of the jam. once we start doing it, we sort of inherit the problem, we take over the problem, it becomes ours. but it's the right thing to do for the american people. i think allowing this to go on, this disaster to go on is a mistake. so i'm asking secretary price to work with you to stabilize the insurance markets and to insure a smooth transition to the new plan. and the new plan will be a great plan for the patients, for the people and, hopefully, for the companies. going to be a very competitive plan, and costs will come down, and i think the health care will go up very, very substantially. i think people are going to like it a lot. we've taken the best of everything we can take. it's our hope that democrats will stop the obstruction and resistance, and that's what they have. in fact, they have a sign, resist, resist. they want to resist everything including cabinet members. i have many cabinet members that
haven't been approved yet, people that are extraordinary -- all of whom are going to be approved, but they just take forever. it's called obstruct and resist. i hope i didn't give them a new phrase, because their real phrase is resist. i think i just gave another word with, i shouldn't have done that. [laughter] i'm good at branding. [laughter] you can see them now come out, obstruct and resist. all right. well, at least i can take credit for it. and they work with us, and we are going to, hopefully, work with the democrats because, ultimately, we're all people that love this country, and we want to do the right thing including reforms like expanded health care savings accounts, state flexibility and the ability to purchase across statement lines. the state lines are so important for competition. everybody's wanted to do it for years. what's not to do? so that's going to be very important. i want to thank you all for being here. i want to know and i want you to know that it's an honor to do business with you, it's a great honor to have you in the white
house, and we look forward to providing health care that is extraordinary, better than any other country anywhere in the world. and we can do that. we have the tall eleven, we have -- the talent, we have the capacity, and we have the people, is we'll work on that together. and maybe before the press leaves, you can just introduce yourself and your company, and the public will get to see what you're about. and then if things aren't working out, i'm blaming you anyway, you know that. [laughter] we'll start with brad. >> thank you, mr. president. i'm brad wilson, president and ceo of blue cross and blue shield of north carolina. and pleased to represent our 3.9 million customers here today. >> that's great. great. great job. >> mark berlinny, chairman and ceo of aetna. >> aetna. >> matt iles, we represent all health insurance plans in washington, d.c. including a plan to cover medicaid managed care. >> great. >> bruce broussard, ceo of humana. >> pat garrity, i'm the ceo of
blue shield plan in the state of florida. >> great. >> i'm steve hemsley from unitedhealth group, we're a diversified health care company, we have about 230,000 employees. we serve about 120 million americans. and we are contributing in terms of the jobs, 35,000 in the last five years, 10,000 in the coming year. and we're a mission-driven enterprise, help with health care, make the system work for everyone. >> great. thank you very much. >> [inaudible] signet corporation. >> scott -- [inaudible] blue cross blue shield association, we represent 108 million subscribers. >> that's a pretty big group, right? >> it is. >> pretty big. >> good morning, mr. president. ing i'm joe swedish with anthem. we're in 14 states representing 40% of the american public. we have 40 million members, and we've been involved in the individual book probably seven decades.
and deeply embeddedded in the affordable care act situation that has evolved over the last three years. i don't want to miss the opportunity to thank you for the swift and decisive action that occurred most recently regarding some to oi adjustments that have occurred -- >> [inaudible] >> thank you very much. >> it was going to be an implosion. we had to step in. thank you for saying that, i appreciate it. >> thank you. >> i'm bernard tyson -- [inaudible] kaiser permanente. we cover 11.7 million americans. we also are an integrated delivery system, so we provide both the coverage and the care. we have a med cool group that contracts -- medical group that contracts exclusively with kaiser foundation. >> thank you, rnard. >> i'm dan -- [inaible] i'm based in the philadelphia, independence blue cross, independence health group. weaver in 32 statements and the district of columbia. i'm a large medicaid managed care population. we do, we're the only player on
the exchange in five-county philadelphia area and, again, i'd like to echo joe's point. we're thrilled with the initial steps to stabilize the market. we look forward to working with you, vice president pence, secretary price in making sure that we have a sustainable program for years to come, so thank you. >> well, thank you very much, dan. and the market, as you know, we talk about stabilizing the market, the market is disastrous. it's going to absolutely implode. it's why we're meeting today, and i think we're going to come up with something where not only will the market be great, but people are going to be taken care of. so we will work that out, i think quite easily, actually. thank you very much. thank you, everybody. [inaudible conversations] stuart: there you have it, the president's meeting with the leaders of the largest health insurers in the nation. let's be clear exactly what he said, we're not going to allow obamacare to collapse. not gonna do that. he wants the health insurers to stick with their support for the exchanges so that they do not collapse.
if it does collapse, the president says it's ours, it's his fault be, it's trump's fault. he then takes the blame for the collapse of obamacare. is that right, liz? >> yeah, that's right. it's now or never right now because he's got to break through. the republican leaders, it's really a now-or-never approach. it's about the centrists and the moderate republicanses and the conservatives. ashley was saying nearly a dozen different plans, they all have to come together now because they have the majority in both houses. >> what he actually said was we could do nothing, it would collapse, and democrats would come running to us, begging us to do something. the moment we start tinkering, it becomes our plan, so we've got to do it right. stuart: and he did say it'd be fairly easy to get that plan, at the very, very end. stocks are up, the drugmakers -- >> he also said to insurers, sit tight in the exchanges. we need to buy some time until we can fix this thing. so humana wanted to depart entirely by next year but, you know, he's saying if you don't
do it, it's going to totally collapse. stuart: it is that moment where the gop has to get its act together. it must come to an agreement and get the reform and replacement of obamacare passed. peter morici is with us, tenured professor of economics at the university of maryland. that's what it's all about really, is it? as far as the repeal and reform of obamacare, the republicans have got to get an agreement and get it fast. are they close, do you think, peter? >> it's really not that complicated. what they have to do is replace the web sites with some kind of tax credit or what have you for people to buy insurance so they can afford it. what's missing from their discussions are some way to really genuinely bring down costs. in reality, this is going to look a lot like obamacare, what they replace it with, it's just you won't be forced through these exchangeses, and it will be somewhat voluntary. you won't be compelled. stuart: they're going to get rid of the mandate -- >> that's right. stuart: -- so i don't have to buy all those services within that insurance policy which i
don't necessarily want. that's a huge step forward. >> oh, i thi that's a step forward. i'm not diminishing that at all. you'll be able to buy a stripped-down plan again which a lot of my small business friends use. self-insured bought policies that if they went over $10,000, that's what they used. now, the thing about that that is different than total self-insurance is when you go through a company, you get the company's buying power. so when you get to see the doctor, you get the company price. if you walk in off the street to a hospital for an x-ray, it's much more than humana pays, so you want to get that price. there's a lot of advantages to letting people buy insurance that fits them. but in terms of helping the ordinary person, they're going to start to provide subsidies. they're just going to call it tax credits. stuart: okay. i do want to move on to the border tax. president trump this morning said, look, he's obviously for it. he said very clearly in his statement to the governors for a border tax. regard less of -- regardless of the reasons why, he's for a
border tax. i think that makes tax reform very difficult to achieve. you say? >> i think it makes a great deal of sense economically. he's got it precisely. other countries are providing border taxes through their value-added taxes, rebates on exports, applying them on imports. we don't. this would turn the corporate income tax into a value-added tax but more controllable. however, there is opposition from retailers. businesses, by and large, see the merit in this. general electric is behind it. my feeling is, is that he needs to do a better job of leading here, communicating. it's not his strength to talk about this wonky stuff. stuart: look, i don't think -- the votes are not there. >> not right now. stuart: look, half the people in america do not pay federal income tax, so they're not going to get any benefit from income tax cuts. that same half of the population will have to pay higher prices as a result of the import tax, the border tax. that's a political nonstarter. >> well, the thing is this,
they're not going to raise prices nearly as much as people are claiming. it's a demagogue -- stuart: any increase in prices without a tax cut to their benefit be, that -- you're asking for the left to demagogue that thing to death. >> i know. however, it's good for the country because it'll employ a lot of americans -- stuart: it's not good for the country if you can't get it through congress. >> i agree. i don't deny the political obstacles here. but it makes economic sense. that's my job. and as a consequence, you know, if you employ one or two million more americans, is it worth it to pay $2 more for a toaster? you know, i think it might be. stuart: if it works out that way. you know, morici, you and i disagree on this, but they're going of to have to agree to differ, that's the way it goes. >> that's it. stuart: i want a tax cut no matter what. morici, go back to your university and teach that class. [laughter] >> go back to your ivy tower, right? i know. stuart: i didn't say that. [laughter] breaking news, president trump wants to increase defense spending.
i think to the tune of $54 billion. because that's what he's going to cut elsewhere. >> yeah, that's right. and he's looking at the foreign aid budget which is about 35 billion annually. so could he get some of it from foreign aid? possiblying and elsewhere. so 54 billion to the military saying to the pentagon, you spend it however you see fit. it's about a 3% more than what president obama was requesting for 2018, so it brings it to about $603 billion versus what john mccain wants, 640 billion. stuart: okay. and defense stocks are occupy up on that basis. jerry brown is the governor of california, he has asked $400 million to speed up need control and emergency relief in northern california. judge napolitano is here. are they -- what are there, liabilities on this? >> well, the government's been doing this since the eisenhower years. the government builds, the state owns, and the state maintains and operations. so if you drive across new jersey from the george washington bridge to the
delaware river on the main artery in the northern part of the state -- that's route 80, it goes all the way out to california -- paid for by federal tax dollars, maintained by the states. jerry brown, w has not hesitated the poke the president in the nose when he can verbally, is asking for billions to the reconstruct the infrastructure of california. to me, it's absolutely unconstitutional. aside from my views, this has been the way the government has operated, as i said, since eisenhower. in fact, route 80, those mayor arteries -- major arteries, the defense budget. the theory was if the russians attack, people will need to get in their cars and drive to the interior of the country. i know this sounds absurd to the 2017 ear, but to the 1957 ear it worked. it made conservative republicans and liberal democrats agree on spending all this money to build these major highways which we now take for granted. stuart: by the way, i don't know
where that $400 million comes from. jerry brown wants $187 billion -- >> correct. that is an extraordinary amount of money. stuart: yes. >> coming from a state which the president knows has like four or five million fewer votes than mrs. clinton did. stuart: and, by the way, apple is is headquartered in the state of california and has over $220 billion in cash. >> and there is legislation on the floor of one of the two houses of the state legislature to secede from the union. they're never going to get that $100 billion if they secede. [laughter] stuart: i need your comment on the intelligence services leaking information, specifically where they say, oh, no, people coming here from those seven countries that the president wanted to restrict is not a problem. >> we have a very serious problem here. we're not talking about people in sean spicer's office who are whispering confidential but not classified material into the ears of reporters. we're talking about intelligence community first leaking
allegations vehemently denied about the president in a moscow hotel room, then leaking selected portions of general flynn's conversation which was true and accurate but criminal to leak, now leaking an intelligence report undermining the president's choice of the seven countries for the 90-day immigration ban saying people from these countries are no more dangerous than people from other countries. now, there is more to this than meets the eye. what was the ninth circuit looking for in a rational basis for the selection of those seven countries. now the plaintiffs have -- the people that challenged the ban -- a report from the government itself, from the trump administration itself saying these seven countries are no more dangerous than any others. this totally undermines the president's ban. who would have prepared such a thing, and who would have leaked it? so we have very, very serious issues with leaking of classified material. and this is the most recent example. stuart: that's a very serious example.
it undermines the president. >> yes. [inaudible conversations] report this morning, but it came from his own department of homeland security. stuart: hold on a second. ashley, you've got news about this generally from the house intelligence committee chair devin nuñes? >> yes, the congressman saying, look, i see absolutely no need to appoint a special investigator to look into the ties between the trump campaign and russia. he says the only serious crimes, to the judge's point, are leaks to the press and others. he said it's a witch hunt right now for anyone who could have possibly had any links to russia, and he's said he's seen absolutely no evidence of that. >> darrell issa wants it. >> he will make the decision to whether or not there's a special prosecutor, the attorney general. stuart: although darrell issa wants jeff sessions to step aside and appoint a special prosecutor. >> yes. stuart: why a republican would want to do this -- >> this comes down to why a conservative republican, who supported the president even
back in the primaries, wants this. stuart: well, it's the republican split, that's what you got on a variety of issues. judge, you bailed yourself out in that -- >> i needed to from this morning, right? after my protestant tie. stuart: there was orange -- [laughter] the green is matched by the orange. [laughter] >> [inaudible] stuart: you bought and paid for it. thank you, judge, thank you very much. >> pleasure. stuart: coming up, welcome back wright -- bob wright, former chair of nbc universal, we'll get his take on the media v. trump. kurt busch winning his first daytona 500, a dramatic last lap got him the victory. watch this. >> here they come off turn four for the final time. from las vegas, the 2004 champion of the series kurt busch for gene hoss and tony stewart wins the daytona 500.
you have access to in-depth analysis, level 2 data, and a team of experienced traders ready to help you if you need it. ♪ ♪ it's like having the power of a trading floor, wherever you are. it's your trade. ♪ ♪ e*trade. ♪ ♪ start trading today at etrade.com ♪ >> i'm nicole petallides with your fox business brief. after a record day on wall street, we saw the s&p 500 with another record, and we had 11 record closes in a row for the i dow, we haven't seen that in 30 years. some concerns about what we'll hear from president trump and also from fed watchers and also from janet yellen this week. the dow down nine right now. here's a look at some of the winners and losers, caterpillar and chevron gaining while ge and
verizon are pulling back. oil and gold are higher today and the ten-year bond, 2.43 percent. defense stocks are on the rise as president trump has said they are going to pledge to boost defense spending, that has begin a boost in boeing, general dynamics, raytheon, hitting all-time highs today on the idea of further defense spending. watching at&t closely, lowering the price of its unlimited data plan, and the sec chairman saying it does not expect to review the $85 billion deal between at&t and -- [inaudible]
>> we're going to be heading up and joining a number of our colleagues as well up at the capitol to join a number of governors from both parties who are going to be meeting with congressional leaders as well to finish off the day, and we wanted to comment now on this meeting, specifically a bit on obamacare. first off, i should just say and you'll hear from a couple of the other governors, that we really appreciated the meeting today. the president, in his inauguration, talked about putting power out of washington and giving it back to the american people, and one of the best ways to do that is to work with america's governors, to send it back to the states where it's more effective, efficient and more accountable to the people in our states respectively and to all of us here in america. so we were thrilled to hear from the president, the vice president and numerous members of his cabinet who really reinforced that partnership and
collaboration with the states which will respectively help the people that we serve. is we can't thank the president and the vice president think more than repeating that again. specifically though, a number of us have been meeti the president not only today, governor rick scott who's the vice chair of the republican governors' association, i happen to be the chair this year, the two of us met with the president for lunch the other day, a number of us here met with the vice president and secretary price to talk about what the next steps are. but before we talk about anything that regard, obviously out of deferents to the president's state of the union -- deference to the president's state of the union, we're going to let him lay out the details, but we wanted to force be things. first off, let's be clear, obamacare's a failure. it was reiterated today, mark dayton, governor from minnesota, said late last year the affordable care act is no longer affordable. heck, bill clinton said it's the craziest thing. this thing is a mess.
we know from the questions we heard today that if we do nothing -- and as was noted politically for republicans, maybe it would be great if we did nothing, because over the next two years people would lose coverage because obamacare is falling apart, because insurers are pulling out and giving up, and that's why we see rates like we saw in my neighboring state, minnesota, premiums going up 67% and people losing access to coverage because people are coming out of the market because of the failure of obamacare. so one of the things you all in the media need to do better on is pointing out that if nothing happens, problems happen for people in this country and in our states. so what we're here to do is to partner with the president, the vice president, this administration and the congress because we don't want to do what may be politically expedient, and that is to prove it by letting things sit and sowing the failure of obamacare. no, instead, as golfs we're glad -- as governors we're glad
to hear a president who's willing to fix it, the fix things so that what we replace is really about replacing things in a way that insure that we've got access to affordable health care options for all of our citizens and our states across the country. and along with that, we actually reform things. you know, we have the ability, many of our states already have stepped up to put in pce reforms. we can empower rorms all across america that don'tust talk about access to quality, affordable health care, but go even further particularly when it comes to things like medicaid, and that is empowering the states to help people transition from government dependence to true independence, to the dignity that comes from work. and be as governors, we are committed to doing that, and we are so happy to have a president and a vice president that's willing to collaborate with us, to partner with us and who, most importantly -- and i think we'll start to hear it tomorrow night -- will start laying out how he understands, as we do,
that many people are scared because of what's happening with obamacare. they need our compassion now more than ever to recognize that we hear their concerns and that we're going to fix problems of obamacare, and we're going to put, lay out a path going forward that insures that people have the choices that they want, not that the government wants when it comes to health care. and so we're pleased to be here with the president today. we'll defer to his state of the union later in the week. we'll be laying out some of the things that we hope for out of that, but we, in deference to the president of the united states, want to give him a chance to lay out the details on where he'd like to see things head, and later this week we'll be laying out some of the specifics that we've been talking with him and his administration about. and i don't know -- jump right in. >> i want to address, as governor of kentucky, you have often heard our state used as an example to counter the statement that was just made as to the
abject failure of obamacare. and it has been a failure, and it's not just an average, it's not just a broad stripe. it has been individually state by state a failure. and kentucky, which has long been vaunted as an example of the opposite, i'm telling you as a matter of fact has been an unmitigated disaster. the whole point of health care coverage is of no value if you don't create better health outcomes. and i think the point that was just not is one that should not get lost in the course of this entire dialogue. there will be a repeal, there will be a replacement, but it's not lost on those governors here, it's not lost on our president and our vice president, it's not lost on this administration and secretary price or on any other governor that i'm aware of that you can't simply remove something without being thoughtful as to what will come in its place. and there has been an inordinate amount of discussion on that front. and it has been had specifically
so that we understand we want better health outcomes. simply providing coverage -- and that's something i would challenge you all to realize. it's not purely about coverage, it's about access to and the receipt of health care so that folks have better health outcomes. and in kentucky the fact that my predecessor who, ironically, will be giving a follow-up to the president's address, it's an interesting choice, frankly. because he unilaterally chose to expand medicaid in kentucky, enrolled hundreds of thousands of people. the net result of it has been a remarkable decline in access to health care coverage. more people covered, but covered by what? fewer people automobile actually to -- able actually to even see a doctor. 50% of our counties there's only a single health care provider on the coverage front. there are only three now in the entire state. only one that covers the entire state. so it has not been successful
anywhere, including in kentucky. and that's an important reason -- stuart: okay. now, what you're looking at is some of the governors who met earlier today inside the white house with president trump, they've emerged telling everybody about their meeting. it was all about obamacare,. >> president trump has said -- and president trump has said repeatedly in the morning on camera, look, we do not want obamacare to collapse. that wouldn't be the right thing to do. we are going to ask thhealth insurers to keep those exchanges going because people need coverage. we're not going to drop anybody. nobody's going to be left high and dry, and that's what you're hearing now from the nation's governors who are emerging to talk about what they had heard from president trump earlier this morning. they don't like obamacare, they don't want it collapsed, to collapse. they do like the idea of power being returned to the states in this particular area. >> right. stuart: it's had no impact on the stock market, we're down 16
points. it's been that way just about all morning, but you have had a lot of action from the white house on various subjects whether it's obamacare reform, tax cuts, the infrastructure program, less government spending on some programs, more on the military. you've heard all of that this morning, and for the stock market it has been a wash. okay. we'll keep the governors up on the screen there, but i want to introduce our next guest with this: we've got a new poll. it's from "the wall street journal"/nbc. 51% of the people believe the media is too tough on president trump. too tough, they say. 40% say the country is headed in the right direction. that's up from 33% who felt that way in december and only 18% who felt that way in july of last year. come on in, please, bob wright, former chair and ceo of nbc universal. why isn't the media reporting on this huge story, the trump rally, the return of wealth to
our society, $3 trillion worth of wealth created? why is it that the media just will not cover this, bob? >> because they're too busy covering the russian issue. [laughter] stuart: well, that's not much of an excuse, is it? i mean, look -- >> no, i think you have to -- stuart, stuart, stuart, the president is 6-0 versus the media, and that's taking a toll on them. i think perhaps he could declare a victory since he's won all the battles up to this point in time. stuart: but, look, i mean, you can't say that the media is doing its job here. look, i got the sunday new york times business section right here. it came out yesterday. there isn't a word in it about the $3 trillion that's been created on the stock market since the election of president trump. there isn't a word in it about the return of optimism. there isn't a word in it about
signs of growth in the economy which we are already seeing. the media won't touch it. i don't think they're doing their job. >> well, they're still covering the election which, obviously, has long since passed. and they're still harboring all of the issues about who got the most votes and whether we're going to have a collapse with obamacare. we just can't seem to get past those in terms of media coverage. and i agree with you, but the president -- this has not worked to his disadvantage. stuart: okay. i do want to turn to something which, actually, is a great deal more important than whether the media coffers the trump rally or not, and that is pancreatic cancer. i know, bob, that you work very much in this area or. you are, you've organized and founded an organization that fights pancreatic cancer, and i believe you are talking to the administration about legislation on pancreatic cancer. can you tell us more about that, sir? >> i will be in washington
tomorrow. this is my manual. i will be meeting with the key senators and the new secretary of health and human services, price, and i will be seeing president trump tomorrow night. i have the pleasure of seeing him in the capitol as he gives his congressional report. the issue here is really straightforward. pancreatic cancer is a disgrace. and it is killing 50 some odd thousand people a year. it's an emergency, and it just has to be treated as an emergency. it's not impossible to solve this problem, but it has to get solved. and it's the only cancer, only major cancer that's in a state like this where 91% of the people that get diagnosed die within a couple of years. that is just unacceptable.
stuart: it is a death sentence. >> it's gone on for 50 years unabated. stuart: okay. bob -- >> i think i have a very good case. stuart: yes, sir, you do have a good case, and that is a very important subject, and we wish you well in your mission to washington. let's see what we can do about this. >> i just want to say, stuart, stuart, don't you think we should just be focused on immigration and obamacare and put taxes off into 2020? what do you think about that? [laughter] stuart: you've been watching this program. bob wright ors you did your homework, you watched the show. you know i've been pounding the table for a tax cut -- >> you are the most outspoken person on television talking about tax reform, so congratulations. stuart: moi? [laughter] no, i am that way, you're right. i've been pounding the table not because i want a tax cut or you need a tax cut or anybody else in this room or this country. that's not the point. if we don't get a tax cut, we do not return to prosperity.
there is no other way that i can think of of growing the economy. can you? >> well, we have, you know, in prior administrations we have had tax cuts put into place pretty much in the first year, so hopefully that is going to continue. i saw the interviews with the secretary of treasury, those were very promising, i was very impressed with his interviews, i was very impressed with the fact he said something like i have a hundred really great people in my office working on tax reform. stuart: you used to run nbc. what happened to you? >> that'ght. [laughter] stuart: it's incredible. you're a welcome guest on this program, and we're very glad that you did your homework, and i'll pound the table again to return to prosperity, we need tax cuts. bob wright, everyone. a good man. and that too. >> thank you. stuart: thank you, sir, appreciate it. all right, check this out. jamie colby, host of "strange inheritance," she headed to louisiana recently to visit a family which had inherited a
fleet of civil war model ships crafted from scratch. here's a sound bite. >> before he built a ship, he'd study it. he had blueprints from the smithsonian institution, and if they didn't exist, he would draw up his own set of blueprints. >> down to the fine best detail. >> he was a fanatic about it. >> was your mom applauding his efforts? >> not really. [laughter] stuart: not really. okay. this is typical of "strange inheritance." you find these extraordinary stories -- >> we really do -- stuart: weird tough that people get handed to them. >> you know, but this is classic. it's military, it's patriotic, it's incredible. and not only will larry learn more about what he inherited tonight, there's at least a thousand of these ships that his father was commissioned to make for private collectors and museums, and we'll show you tonight how to identify if yours is one of his father's. and he'd love to hear from you. so this collection is all around the world. it's unbelievable, and we did go
to do deep south for it, but we also went to the u.k. we found a ring that belonged to the one and only jane austen who published her first book under the name a lady. she wasn't allowed to put her name on it. she wrote pride and prejudice and emma and so many other great books. and we found a ring, and no one really knows about the romantic life of the woman who wrote some pretty saucy stuff. stuart: she never married, did she? i don't know. >> you've got to watch. [laughter] stuart: she got a ring, a ring. >> she got a ring. a family who owned said called sotheby's -- stuart: is this a wedding ring? >> the couple that called sotheby's and said they had jane austen's ring said to me, and you'll see this, they go: i think they thought that we were a bunch of nutters. it's a nutter, somebody who's a little, you know, nutter. >> around the bend. >> a nutter. anyway, they weren't. stuart: you mean as in a nut case with a british accent. a nutter, that one.
>> she says that somebody thought we might be a nutter, but she had a ring that kelly clarkson was shelling out dough for, and when the u.k. got word that what they declare is a national treasure was leaving the country, they didn't want to hand it over. who has the ring now, is it kelly clarkson, do you think, or is it this beautiful family? we went to hamp shire, oh, let me -- stuart: hampshe. >> we'll talk later. hampton inn, okay? i wouldn't brag about it. [laughter] anyway, they were a great hotel, they took care of us. the ring is somewhere else now, and we found it, and now everyone knows about it and so will you at 9 and 9:30 tonight. model ships and rings. >> love it. stuart: okay. two episodes, 9:00, 9:30. model ships from the civil war and jane austen's ring. >> pretty good lineup, don't you think, stu? stuart: yes, i'd say. >> you and me, kid. you and me.
[laughter] stuart: knock 'em flat. ms. colby, you're all right. and i want you to come back again. >> tax cuts. [laughter] stuart: i'm going to pass this over to neil cavuto, and in passing it over i'm going to say tax cuts! neil: you know, every time i hear jamie, and she's got this phenomenal show, i do worry about some of the people she talks to because i want her to say, jamie, come on down to the base, and, you know, i don't know, does it worry you? >> not yours. [laughter] neil: no, i just worry. i know you've got people and everything else, but i do worry. you don't know quite all the time what you're getting into. >> it's ste inheritance, neil, strange. neil: there could be a varney type all of a sudden -- [laughter] no? be. stuart: tax cuts! tax cuts. >> be counting the coins. basically. neil: there you go.