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tv   Cavuto Coast to Coast  FOX Business  March 12, 2019 12:00pm-2:00pm EDT

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confident that the entire fleet including the max it is safe. stuart: wow a developing story. seems we're heading toward as global grounding of that particular yet. our type is up. what is news day. neil, it is yours. neil: thank you for example connell mcshane and david asman for filling in when i was out kudos to both of them. not kudos to boeing's stock, with this spreading campaign across countries across the globe would feel safer if these planes were grounded, boeing 737 max 8, behind the ethiopian airlines crash and separate lyon air crash months before that. the list is betting long, it is complicated. boeing stands by the safety and reliability about this jet, different views out of the pilot's association, flight attendants. pilots are generally very confident about this plane,
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number of flight attendants, flight attendants's union that the faa investigate the boeing 737 max, continue to do so. many airlines leaving it up to the flight attendants and pilots if they want to board these jets. right now the issue seems to be a thornier one with flight attendants. tracee carrasco has the latest on the story. reporter: pressure mounting on boeing following the second deadly crash of its best-selling 737 max jet in months. germany, france, austria, ireland, most recent to ban the 737 max 8 from airspaces. hours ago, uk aviation authority in issuing instructions to stop any boeing, 737 max 8 flights departing or flying over their airspace. more than 20 airlines around the world removing the plane from
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the flight schedules. canada announcing it will not ground the planes. despite those widespread groundings a spokesperson for boeing telling me, quote, safety is boeing's number one priority and we have full confidence in the safety of this 737 max. we understand that regulatory agencies and customers have made decisions that they believe are most appropriate for their home markets, based on the information currently available. we do not have any basis to issue new guidance to operators. as far as u.s. carriers, both southwest and american have these planes in their fleets. no plans for either to pull the jets out of service. the faa also says it has no plans to ground the aircraft for now despite some lawmakers and the flight attendant's union requesting an investigation into the boeing 737 max. the faa has ordered boeing to make urgent improvements to the plane. boeing confirming it will deploy
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a software upgrade to the 737 max 8, even president trump weighing in on twitter saying quote, airplanes are becoming far too complex to fly. pilots are no longer needed but rather computer scientists from mit. neil? neil: tracee, thank you very, very much. to put it in perspective as tracee was outlining here, there 74 max 8s fly in the u.s. alone but here's the thing that could be a big deal. the fact that there are orders exceeding 4600 of these planes over the next decade. virtually every major airline on the planet is an interested customer. so what happens to that? we heard from democratic senator dianne feinstein. she thinks the better part of valor would be hold off, investigate, ground the planes. be on the safe side. that is opinion shared by mitt romney, former presidential
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candidate, utah senator. what do you do if you don't want to be a on a plane like this? that could prove easier said than done. aviation analyst seth kaplan is with us. just you get wind of particular flight in plan something one of these jets in question, the max 8, doesn't necessarily mean they can't swap out a plane or get a different plane, or swapped out with another max 8, right, in. >> neil that is what it works. people ask me would i get on one? yeah, i would have been a get on one. there have been a quarter million max 8 flights since this plane started flying. we had two disasters and that is two too many. i'm surprised how slowly the faa and boeing moving here. the cost of grounding them goes down, so many, are defacto grounded around the world. but as a customer, look there is the flat tire rule. you show up late with at least
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these airlines that are using 9 max. talking here american, southwest in the u.s., air canada, west jet, air canada. you miss the flight, generally they put you on the next flight where there is available seat, but no guarranty that one won't be a max as well. neil: what is curious, seth what you do, if you feel as a customer a little bit leery flying this particular plane. i know what you're saying, the odds this was involved in two early riley similar crashes doesn't mean at all they're connected. if you want to feel on the safe side, not as if airlines will cut a break for you to allow to swap out that would be a lot easier said than done, right? >> right now they're taking the position it is safe. that is what they're saying. look, i believe they believe that because there is so much risk to being wrong here. nobody wants to be the person that's wrong. on the other hand what we've seen here in the past five months, these two crashes brand
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new type, the two big disasters in the world, both one kind of plane makes up less than 1% of the global fleet, you can't blame people for being worried. you can't blame other countries and other airlines doing what they have done. again, as long as they're taking position it is safe, i don't think on the other hand they will put out a policy saying you don't have to fly one. not to say at airports more quietly agents are maybe using some judgment again. if you show up late for a flight. if you happen to know the next one where you're going not a max 8, it would be like you got a flat tire you on the way to the airport. but you're taking on probability. neil: seth kaplan joining us. >> you got it, neil. neil: boeing is a key dow component that led the market up. right now it is leading and dragging down. there are a lot of other factors here but it doesn't help matters
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when you have u.s. trade representative robert lighthizer testifying on capitol hill, indicating for the time-being, he knows a deal when he sees it. one will not be imminent. he want as good deal. that had a lot of people scratching their head, forget about this particular airplane model, that is veronique derougegy. what do you make of that whether it is overstated? when boeing was hitting multiple all-time highs a little more than a week ago that was overstated but what do you think of this? >> the markets situation for boeing? neil: yes. >> it's a pretty big deal for a company especially because everyone is talking about it. the market is emotional in the short term so everyone is waiting to see what's going to happen. i mean this could have real financial consequences for boeing as you said. there's, there's a big, a large number of planes that are, you know, commissioned already for
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that particular airline. if customers start actually asking for either repayment for repairs or for lost business or the people who lease, there are a fair number of companies that are leasing these planes, you know, they could be asking for money, this could be a big financial deal. so i, i'm really not surprised that actually you can see it so prominently in the market right now. neil: i know you're not a boeing expert per se? >> no. neil: the fact that airlines are set to order about 4661 more of these boeing 737 max 8s in the next few years. i don't know how the contracts look like. if they're concerned they could pull out of them. that is one of the fears that would hurt the stock, right? >> absolutely. uncertainty is never good for the market t paralyzes things and markets don't like
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paralysis. until we know and, you know, they're going to be kind of weighing their options and i mean, you mentioned trade. there is a lot of uncertainty there. so the same applies for boeing and its technical, potentially technical props. neil: you know, it is interesting too, among the first countries to ground the 737 max 8 fleets was china. china of course in the middle of these talks with the united states which going could be a big beneficiary. what did you read into that? >> interesting you should mention this. it is first time so many countries in china leading the way actually just, took these actions unilaterally, just basically not following the advice of the faa i did wonder whether some of the trade issues were part of that decision there
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is a lot of tension between trading partners and certainly a lot of tension between china. i wonder if that is part of the deal of the decision china made. i'm not sure obviously. we'll watch it close sy veronique. maybe early and overdone. if not for boeing we would be up on the markets. because boeing is crucial part of the dow 30, we call the industrials. it is very much a factor in all of this. we're following another story concurrently here. number of well-known actors and actresses including actresses fell list -- felicity huffman and lori laughlin, carrying out a national conspiracy to get students into some of the most biggest colleges in the world. this has implications for top tier schools and a whole lot of kids that wanted to get into
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them and a whole lot of parents who wanted to make sure they did and they paid top dollar to make it happen. after this. this isn't just any moving day.
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>> if we say he is causing harm to society then we have to honor article 2 section 4 of the constitution of the united states of america which calls for impeachment of an unfit president who is causing harm to society. neil: let's say democratic congressman al green doesn't fancy nancy telling him what to do particularly when it comes to pursuing impeachment measures in the united states. adam schiff, jerry nadler agree with the speakers calling for hearings. there seems to be ditch vied with democrats how far to go.
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vince coglianese, what do you think? >> i think inmates are close to running the asylum. nancy pelosi is trying to put down the rebellion. she is concerned about the strange gell hold on power and hand for democratic party would create for president trump come 2020. if all the democrats are indulging their most insane fantasies. if the democratic party is the most sincere liberal socialist caricature of itself going into 2020, president trump gets reelected, and i think nancy pelosi can see the writing on the wall. she is trying to stop it before it happens. neil: you know it is interesting, vince, you could do just as much damage with hearings without going for the jugular or the final call, for impeachment. so congressman greens and others who are advocating still staying on the president like stink on you know what, they would be richly rewarded for just pursuing the hearings, not
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pursuing impeachment. what do you think? >> they made that plan pretty clear actually. jerry nadler plans on what they're calling a slow bleed of the trump administration. a slow bleed is anything but a fact-finding mission. it is designed to hurt the subject of the investigation. they want to look into the president and 81 of their associates. and creates a much scandal they can create going through next year. here is the thing we don't say out loud too often, this is nakedly political. this is designed in order to hurt a political opponent going into presidential election. so much of what congress does actually, doesn't matter which administration you look at, going into a presidential election is designed to enhance or hurt the chances of the guy who is in the white house. that is happening here yet again. neil: we'll follow it closely, my friend. apologize for the truncated chat here. with so much breaking news we wanted to have you on and still pass along breaking news. breaking news what is going on with boeing and the 737 max 8.
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we now have france, ireland, australia, singapore, the united kingdom, china, ethiopia, malaysia, norwegian air, a host of others saying for the better part of valor we'll ground these jets in question, 737 max 8s. we don't think it is a good idea. senator dianne feinstein among the first u.s. public officials saying not a good idea, get to the bottom of this. from abundance of caution investigate what could be going on here. republican mitt romney, the first prominent republican say he agrees. more after this.
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(bird chirping) lots to do, hope you fuelled up. sure did. that storm sure ripped through. yep, we gotta fix that fence and herd the cattle back in. let's get at it. (whistle) (dog barking) (♪)
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neil: now italy is closing its airspace to these boeing 737 max 8s that are in question, behind this reported ethiopian airline crash was one of the planes involved, the same plane involved in the lyon air crash some five months ago that killed 189 people and this ethiopian
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airlines crash, 157 who were killed. there might be no link at all here people are grounding first, and asking questions later. hillary vaughn is at the big south by southwest conference going on in texas and what she is hearing. hillary. reporter: neil, mike kreeger and kevin syttrom cofounders of instagram reacted to senator elizabeth warren's plan to break up big tech companies removing instagram from facebook. they said warren's proposal is knee-jerk reaction that doesn't pick anything. >> companies offer very specific prescription for a very specific problem. if you want to fix economic issues, there are ways of doing that if you want to fix russian meddling. there are ways doing that. breaking up a company doesn't fix those problems.
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reporter: they also talked about warren's plan to unravel acquisitions in several companies saying that it doesn't make sense to try to go back in time to undo something that has already been done. they don't think it is really solving any problems here. but they did say there is a role for the government to have some regulation oversight over these companies but what that looks like is still up in the air. neil. neil: hillary, thank you very much. an advertising expert is with us. he says facebook has the right to block the ads but it should be careful. very good to have you back with us. what do you make of that? at face value or facebook value i can see the rights of a company that has been maligned by a politician to say then, we're not going to run your ads but it's a little bit more nuanced than that i suppose? >> i think it is really bad move right now to be blocking someone's ad technically. they can censor anything they want on their platform. that is bad news, especially they're being accused having too much power and influence over
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what news we receive. i was looking into the story. i don't think it is necessarily true they were in violation. they were trying to say there was a violation. that their logo was being used. that is proving not to be true. it is like facebook trying to stop the conversation. that is silly and futile. you will not stop the conversation by stopping a few elizabeth warren ads. there is a bigger conversation to be had. neil: what if you did? i'm not a apologist for elizabeth warren, someone is trashing you and your company, giving money to run ads on venue, what is to stop you saying you're trashing my company, we're not going to allow it. just admit that? into i think they're begging to be regulated. that is really the issue. they are used by billions of people. where a lot of people get their information. so her point about saying that these companies have grown too powerful is extremely correct. the breaking them up per se i don't know if that changes the issue. neil: but what if they honestly said that? i wasn't being facetious, believe it or not, that they
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were arguing just admit up top that was impetus for this, that look, you have trashed us, you want to break us up, you say we're evil inkarn gnat, whatever, we'll not run your stupid ads f they admitted that, that was the thrust behind this, wouldn't that be better to go through all the other semantics? >> i don't a pr standpoint i don't know how they will manage this. this is news cycle that happens i don't think it will blow up to that degree. if they came out, said be quiet, we're not running your ads, then they have everyone up in their arms. they can call it a blunder, put it back from a brand standpoint was right thing to do. neil: cbs network, or even fox, someone who wants to criminal size, cbs on fox airwaves or cbs airwaves, wouldn't my bosses be in their right we're not running that? >> i don't know the real nuances
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of laws of federal communications and what you're able to do. i think there is nuance to it. i don't think what they did was the rye thing although they have the right. you guys are broadcasters. there are different laws at that apply there. the laws have not been written for internet and social media. as laws are formed, it is issue for a lot of people, best to shuffle step here not be so heavy-handed. neil: what is interesting, we mentioned this before, these tech titans, i don't like to try to assign their all one-way politically, but it is fair to say they're to the left of center and they have had a tight and close relationship, and a productive one with prominent democrats. that's gone right now. to me that looks gone. what do you think? >> i think right now what they care mostly about is making sure whatever it costs, or whatever it takes for them to make money does not get hurt. for instance the data situation is issue for them. them being able to use data is how they make their money.
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they're mostly capitalists in that respect. i don't know how it will actually shake up. but i feel like they would support whoever is going to have their agenda at hand. neil: all right. ian, thank you for taking the time. i appreciate it. >> thank you, neil. neil: we're getting some colleges responding to this sweeping crackdown on what authorities are or prosecutors are calling a rigged selection process going on at some of our most prestigious universities and colleges. for example, the university of southern california, usc, we're aware of the wide-ranging criminal investigation involving universities nationwide. usc has not been accused of any wrongdoing. we'll continue to operate fully with the government's investigation. in case you just joined, what the government is saying particularly a lot of parents tried to pay top dollar to get their kids into these prestigious schools, if they weren't expensive enough, but to pay a premium, a big premium, some cases up to $25,000 to make sure it would happen.
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the new capital one savor card. earn 4% cash back on dining and 4% on entertainment. now when you go out, you cash in. what's in your wallet? >> welcome back to "cavuto: coast to coast." gerri willis from the floor of the new york stock exchange where we're watching airline stocks today. southwest, american, united all down more than 2% as more country the ground boeing 737 max jets in wake of sunday's deadly crash in ethiopia. those airlines still have 737 max jets in service. both southwest and american airlines expressed confidence in boeing. they continue to keep their planes in operation. shares of boeing down 6%. accounting for all of the dow's losses today. also breaking at this moment, southwest airline pilots say they are quote, extremely confident that their entire fleet, including the max is safe. meanwhile good news for tech
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titans like google and facebook, dodging a hefty digital tax as european union scraps plan to issue a 3% levy across all countries. several members blocked the legislation and citing losses and negative reaction from the united states. eu leaders are shelving the plan for now but hope to bring it back up by 2020. google and facebook both trading higher today with the tech sector leading the s&p higher today as well. back to you. neil: gerri, thank you very much. the white house budget is hurting farmers. does the president know that. or is he so convinced farmers are going to be loyal and they will not be going to anyone else? they're already been dinged by the trade friction, not only with china but also a host of other countries that cost them dearly. "wall street journal" editorial board member dan henninger. dan, obviously the president has to weigh these things as you and
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i were chatting during the break so everyone gets gored a little bit here but that is a key constituency. >> definitely a key constituency, very pro-trump. the budget a blueprint. democrats control the house. a lot will not get through the house. you need 60 votes in the senate. democrats will oppose a lot of this as as well. politically the white house has several constituencies they have to deal with. yes they reduced spending for agriculture, epa, interior department but there are a lot of republicans and conservatives out there who were very upset that the white house and republicans in the last budget signed on to a spending increase, notwithstanding to get a decrease in defense spending. that is why they did it. but there are a lot of republicans are bitter about the level of federal spending, size of the deficit. so there was that. on the other hand, yes, there are these farmers out there whose incomes have been declining for about six years
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and are being hurt by the trump, retaliatory tariffs that china, mexico, and canada imposed on our farmers in retaliation for the ones donald trump is imposed on those other countries. so that farmers are hurting. they're being hurt by trump's trade policies. now the president has said, hold on, i'm going to get trade deals. it is going to get better. they tried to subsidize losses by payments from the agriculture department. the question is, what do these farmers think politically? how long are they going to hold with the president under these circumstances? neil: i just think at face value, one thing to kick someone in the heinie once but kick them again when you want to keep them loyal to you. politically it is not very shrewd, say nothing of all the cost cutters that once denominated the republican party. this budget is a joke. >> it is a joke in the sense that it will not become enacted. neil: no one is paying the
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deficits down. deficits as far as the eye can see? >> certain kinds of agricultural subsidies should be addressed. snap program, will reduce the nutritional supplement that should be -- neil: change under the couch. >> as we know, neil this, is so-called discretionary spending in the budget, not the non-discretionary which entitlement spending again, all of those concerned republican voters out there, they are aware of that. social security, medicare, medicaid. but president trump has taken those entitlement issues off the table. he will not touch them. neil: work to get some medicaid, other related benefits. but that is barely going to move the needle here. both parties agree that's where the money is, slowing its growth is where the strategy should be. but neither wants to do it. >> no, they won't do it. that is what makes voters angrier and angrier that washington won't address obvious problems. could you say the same thing, neil, about the immigration issue which we talk about
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constantly. congress has to address the immigration issue. rationalize this mess. whether the asylum question at the border or number of immigrants admitted into the united states. they keep pushing it aside. same thing most fundamental job of congress, appropriations spending, budget keeps going up. voters get upset. neil: we'll add at this pace another 10 trillion to our, to our debt. >> yeah. neil: so we'll be well over $32 trillion. what do you do with that? i mean that's beyond something you can get handle on? >> well the entitlements, the growth of the entitlements clearly has to be addressed. that has to curve, bent, flat, if not down. other thing that absolutely needs to be done, you need to sustain strong economic growth. because economic growth produces
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revenue for the treasury. >> this assumes 3% growth. that is on high side. neil: assuming 3% growth and getting these kind of numbers, something is not right with the picture. >> no, the deficit and debt will get larger but long term washington should be dedicating itself to pro-growth economic policies. that the trump administration has done. now it was a big break from the obama presidency, 2% growth. we now have 3% growth. 3.8% unemployment rate. that is good. washington shouldn't be doing anything to repress that. but on the spending side the white house, at some point has got to get into the entitlement gain to address that all the growth in the world will not make up for the growth in entitlements. neil: problem with both parties they take all the revenue comes in from the growth and spends it. they can't control themselves. >> that is the nature of politics. that is it what they think getting them reelected. neil: it should be --
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>> voters get angrier and angrier. the question, will the farmers vote for the president because they're angry at him or will they stay home? neil: eventually those same workers are going to realize, and voters, better to address slowing the growth of these entilements now than risking not having them at all? >> the problem gets dumped off on everyone's children. young 20-year-olds working now are the ones getting hit by it. the argument gets made, neil, a lot of these young people who claim to be progressives, they say look, you've got social security for people, medicare. we're not getting any of that it is all being paid for by someone else. we'll end up having to pay for it. why shouldn't we adopt socialism and make everything free? cynical reaction. neil: you can understand. >> yeah. neil: all right, dan, thank you very, very much. he is the best. explain this clearly. more politicians could and would, we might be in better shape. meanwhile wells fargo ceo is testifying following a series of scandal broken out about that
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bank. let's say it is not an easy day, after this. i think there are some ways to help keep you on track. and closer to home. edward jones grew to a trillion dollars in assets under care, by thinking about your goals as much as you do.
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at >> their actions were without a doubt insidious, selfish and shameful. and the real victims in this case are the hard-working
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students who did everything they could to set themselves up for success in the college admissions process but ended up being shut out because far less qualified students and their families simply bought their way in. neil: all right. pay-to-play, get into the stop school of your choice or your parents choice. dozens charged in a college admissions cheating scheme and scam that seems to be widening as we hear more details on it. kristina partsinevelos has details. >> hey, neil, at this point 50 people have been charged across the nation ranging from ceo's, two actors, the founder of fashion label, nine athletic coaches in total, 33 parents and what that fbi agent referred to as a catalog of wealth and privilege. what we know thus far this is the largest running college admission scandal. two actors i mentioned before. first one felicity huffman, who is married to actor william
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macy. she is from "desperate housewives." according to documents she paid $15,000 for her daughter to get twice the amount of time to the take the s.a.t. lori laughlin, married to the founder of masimo clothing. she is inful house or was in full house. she made $20,000 for her two daughters to make the usc crew team even though they weren't rowers. meredith, the former women's yale soccer coach. received $400,000 to allow a student to get admission to yale even though the student was not a soccer player. what do we know about the largest college admission scandal. that they either cheated on entrance exams, admitted as athletes, though they were not. done through monetary bribes. schools in the university of southern california, stanford, yale, some wealthy parents paid up to $6 million and all of it
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was run by one man, william rick singer. he ran the company, edge college and career network. but it was known amongst all of these guys as the key. the nickname for the company. so what they would do have somebody take the s.a.t. test or a proctor would change the answers of some of these students. so far no indication schools have been involved of any wrongdoing, however you have several is schools releasing statements at the moment including the university of southern california. they're stating usc is in the process is of identifying any funds received by the university in connection with this alleged scheme. additionally the university is reviewing the admissions processes broadly to assure such actions do not occur going forward. neil, this has been going on since 2011, centered in california. back to you. neil: incredible. kristina, thank you very much. >> thank you. neil: on capitol hill as we speak, wells fargo ceo tim sloan testifying in front of the house financial services committee.
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deirdre bolton with the details on that. >> the bank is trying to clean up it is image after series of scandals uncovered in 2016. bang's sales practices abused customers, no other way of saying it. at that in unprecedented move the fed got involved. order that the bank restrict the growth until improvement in corporate governance and controls. most questions coming from members of the house committee on financial services were basically about how tim has changed, mr. sloan, the corporate culture and the way its employees behave. california congressman brad sherman, he is saying where is the justice for clients who were wronged? here is this exchange. >> congressman, in the situation of the retail sales practices, mistakes that we made, our customers don't need to go to court -- >> you're smart. they're dumb. you have their interests at heart. they have lawyers. they want to go to court and you're telling them they are stupid for wanting to go to
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court. >> part of the abuse was found in wells fargo outlandish sales incentives that led to the following including other abuses. but 1 1/2 million unauthorized deposit accounts were opened. 565,000 unauthorized credit card accounts were opened. so consumers credit ratings were trashed. so sources say wells fargo employees who saw the wrongs, tried to report problems, were fired. wisconsin congressman sean duffy, a wells fargo customer himself, said this. >> wells fargo undertaken reforms to fix the problem? >> we have. >> is the problem fixed? >> it is fixed. >> it is okay. i'm surprised because as you come in to talk to congress i'm shocked you're not in orange suit and a little jail cell testifying today. >> no other way to say it. this is fiery. ceo tim sloan taking a lot of tough questions. a new board is in place. he is the only wells fargo
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insider. the company has been reorganized. risk compliance taken out of the business units. he says there is better system of checks and balances. all employees have gone through retraining, a focus on ethics. for the record, senator elizabeth warren was not in the room today obviously has called for tim sloan to be kicked out. he actually took over once the scandals became public. but, ms. warren sent a letter to fed chairman jay powell trying to get sloan taken out, basically fired. neil, as we know the stock is down slightly today. but very much underperforming the s&p 500 in the past 52 weeks. neil: i think her argument, he was senior executive back in the first scandal days. he should have been penalized for that. what a mess. deirdre, thank you very, very much. house democrats are investigating whether the president personally sought to stop the at&t time warner merger. no one followed this corporate drama more closely than this next fellow, charlie gasparino.
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he clearly didn't want those companies to merge. >> he ran on it, right? one of -- there was a big jane mayer story, basically about fox but one of the sort of inferences or one of the points she made that trump directed gary cohn, his then, then economic advisor to make sure that the justice department tries to kill the deal, basically takes the deal to court, time warner-at&t deal. it was such a nonsensical anecdote. it wasn't just trump told gary cohn, he told everybody. told the world. told people privately. told people publicly. neil: issue was cnn. >> he hates cnn he said it publicly, privately, it didn't matter. makrim della him knew part of the deal he would oppose the merger and came up with the rational to do it, supported by
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none other than than elizabeth warren. elizabeth war return agrees with donald trump and so do dozens of consumer advocates that this deal should be broken up on the grounds when you combine massive amounts of distribution which at&t has, directv, other methods of distribution, must-see content, you can use that must-see content over rival distributors to jack up prices that they will pay for it. neil: wasn't that impetus behind what the justice department did? nothing to do with cnn. >> well, you know, no. cnn was must-see content through the rationale. my point elizabeth warren agrees with this theory. every liberal progressive -- neil: i'm not a lawyer, but if the president were made clear to the justice department people i think this is sham. get together. >> what is wrong with that? neil: that is what i'm asking? is that illegal? >> i'm not a lawyer but no. i can't imagine that that's illegal. i guess the dems, the democratic
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party is now going after trump on he have single thing he has done. neil: he personally sought to see this merger quashed, what i'm asking is, is that -- >> they would have to prove he did that because, came up with a stupid legal rationale that was made out of thin air for, really, that it was essentially a sham legal rationale to do it. now say what but the justice department's legal rationale, there is a lot of critique, criticism both from republicans, mostly from republicans, conservatives because they think it was light on details about showing how at&t will jack up prices for its content, but that legal rationale is supported by career justice department people inside of the antitrust division who are very consumer oriented. it is supported by liberal progressives like is are beth
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warren. neil: you're right. they were joined at the hip. i'm curious about the president was not a fan, that it would make for one strong media entity -- to the white house. i get that we're back to originally arguing, justice departments famously gone after corporations. >> oh, yeah. neil: ronald reagan under his justice department, if you will broke up at&t. >> teddy roosevelt was a big trust buster. franklin roosevelt i think used the antitrust laws. i think the only way they can get any hay here, if you can prove -- listen if you sue me for libel and a fictitious lawsuit i can come back to you. the lawyer that certifies that lawsuit, if it is really absurd suit, gets thrown out of court, there is some legal sort of comeuppance here. that is the only way they can really come after that. the justice department certified a lawsuit that is completely made-up, fallacious, absurd. i'm telling you their first witness for the defense will be
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elizabeth warren who is a law school professor, who agrees with the trump administration's rationale on at&t-time warner. neil: good stuff. thank you my friend. we're just getting word in this no boeing 737 max 8s, poland, joining italy, ireland, australia, singapore, the united kingdom, a host of others that stock is well down below session lows, down 30 points. about 7 1/2%. it is cascading the dow into session lows, down about 117 points. we'll have more after this. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase sensimist relieves all your worst symptoms, including nasal congestion, which most pills don't.
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>> all right, when it rains it pours. elgin now closing the space for the boeing 737 airplanes that are in question and behind ethiopian airline that killed 157 early this week. alliant aircraft was nearly
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similar according to investigators some five months before the beard no connection here at all the people are getting out first on wall street and selling out fast for going is down 30 points right now in excess of 7%. it is among the big, big reasons why the dow is down at all. without that, the dow would be a period jack mcintyre, would you think of all of this, jack? >> you know, this is interesting from an investor's standpoint, clearly this is idiosyncratic specific to boeing. is there a price tag actually be interested in buying the stock? i think there is beard as investors we have to make some type of assumptions. in this case the right assumption is that we will figure out this problem. i don't think the 737 is fundamentally flawed. they've got to do some are pilot training, change some systems.
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whatever it is, boeing will do that. it will create an investment opportunity. that's not today's story. this is too important. my point being is as investors we have to make some type of assumption. you can't wait for all the information to come out because then there won't be an investment to take advantage of. neil: if you think about boeing, that is the doc gone up or down based on the likelihood of a trade deal of the chinese in the better it looks the better boeing stock looks. we do have a trade deal with the chinese, will this oversell, whatever you want to call it, be dialed back? >> yeah, okay, so clearly boeing has to find the problem and identify it. again i think they will. it then you're right. then we go back into what are the major forces driving equity prices higher than market as a whole. the fact that we are seemingly moving towards a trade deal with the u.s. and china appeared as
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the 40,000-foot influence about that's a lot more important for the stock market and even boeing in particular. neil: edit run up so far so fast in these multiyear highs for little more than a week or so ago it was the best by far. it does remind you that highflying stocks can suddenly be hit hard. i am wondering if you tell investors these are outside events and better prepare for when you look at an investment like this. >> you're right. as prices move higher in means the good news has to continue to support those higher prices. once that changes a that changes to get a big adjustment. this is a very negative story for bowing and so the price is behaving accordingly. maybe there's more downside. you've got to make the assumption that they're going to figure this out in the company in the stock will trade more on
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its underlying fundamentals. this is clearly idiosyncratic near this is not to derail your view or the investors view. the more constructive on the u.s. economy and equity markets finish it continue to be done extrapolate this on development for a broader implication. neil: or assume that there is a connection between the one in ethiopia and the one in malaysia. there may be no connection at all. thousands of flights worldwide. we'll see what happens. but it is a reminder to always look for the unexpected. thank you, my friend. edward lawrence has been following all of that. that connects to the boeing story because it would be friendly for a lot of the dow 30 stocks. edward. >> the u.s. trade representative robert lighthizer testified before congress and in the last 24 hours he spoke via teleconference. their next conversation
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tomorrow. the staff he says are working around the clock to try and get this deal done. lighthizer says they are in the final weeks of having to deal or not. he testified in front of the finance committee there's been significant progress but still major differences in his word. enforcement will be a big part of this agreement. he wants to make sure the terrorists say in place until china actually makes change. >> is it your intent to make sure you see evidence of changes on the ground before you lift the tariffs? >> i do agree with you that we have to have real progress and we have to maintain the right to be able to whatever happens to the current situation but direct violation of the agreement and
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that's the core. if we don't do that none of it makes any difference. reporter: lighthizer says this'll cover the intellectual property task. opening to u.s. financial services and nontariff issues except cities. china wants to have all tariffs the u.s. imposed on them and ensure a specific market access certain sectors. that could be a speculation they're trying to get around the rules which are set to come out very shortly to talk about limiting what china could invest and related to technology and the united state. the bottom line is the two sides are talking. the administration backing off saying the deal could be done in march or april possibly. neil: edward lorenz on capitol hill. the president running up the deadline.
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has there, what if they're not gathering in florida for this mar-a-lago or even april. then what? >> with respect to china, china had said we don't need to meet again. most just go ahead and make a deal. it is evident that they're working. whether you support the tariffs or not, they are hurting our agricultural sector in our farmers. the chinese economy has been devastated by these terrorists and they don't want them to get worse. neil: the eighth straight month of declining auto sales. it's not as if we're on fire. we have been racking up record trade deficits ourselves so the expect it improvement to be fair, the strong economy could be the reason. it's alive and well, but what do you make of who's under more
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pressure to sign a deal? >> i think china and regarding the auto tariffs if you remember in 1953, he said what's good for america is good for gm. that may or may not be the case here with respect to auto tariffs because if we are letting 20% tariffs on cars not just fully holing vehicles but if we're also on car components that gm may outsource to china or ford may have supplied in mexico. and that makes it much more expensive to the u.s. manufacturers. it also might hurt the u.s., the german auto manufacturers would take the biggest hit. neil: it did get me thinking and you push that. i appreciate it.
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be careful what you wish for. but the trade gaps still widens because of that committee and part of the american goods from abroad, even if they're buying more goods for us. they cited the need to head of the march 1st deadline we had to increase past to 25% because their costs, consumer costs may go up if the businesses are having higher increase cost. so they are trying to get as much stuff as they can from overseas ahead of increase tariffs. the problem is how do you how do and why not inventory off the shelves off the books as quickly as you need to as you stop up ahead of time. neil: how to commit thank you very much. good chatting.
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the stock continues as much as it was a little earlier. there's been sort of a view out of the unions involved, which is a newsstand by them at the third 737 will be proven. the flight attendant union is not requesting the faa at least investigate these claims and do so promptly. a little more after this.
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>> singapore, new zealand, other places. it makes sense for us to do the same. suggest we should take a close look. but i'm sure it's been done. i think it makes sense to have
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better information. turn to mitt romney becoming the first prominent republican to recommend right now that we ground these boeing 737 macs they found that ethiopian airlines crash five months before that and that combined killed more than 300 people. whether that exact plane is the reason for that is anyone's guess. people are sort of getting away from this plane and asking questions later. norway the latest to say it's closing to the planes. ireland, australia, china, on and on. commercial pilot mark weiss. is this overdone? would you think? >> it's hard to say. it's a knee-jerk reaction to this end i think on the other hand there is a real problem that has to be addressed
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immediately. neil: when you say a real problem that has to be addressed, both crashes are eerily similar taking place so shortly after takeoff. beyond not, is it fair to say that there might be a problem with the plane itself. you know of other incidents where pilots about a problem maintaining altitude? >> keep in mind that this airplane has only been out for about two years. there is about 350 although the book's call for ever 5000. it's a big moneymaker for boeing. inherently the platform, and the initial 737 platform has been around since the late 60s. it's a very stable airplane. i flew it years ago. it's a wonderful airplane to fly. if the modification for this particular model that need to be
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addressed and will that change the flight characteristics, the envelope of the airplane itself in the level of training that has been given to the crews to deal with such an incident like this. >> you know the airline disaster history far better than i., but i can remember as a kid when there were a lot of dc-10 related crashes in your crashes. our particular model we will look at closely. there are others and trust me you know them very well. what do investigators look for when tying cases together to make a statement on the safety and reliability of a model? >> well, any number of different parameters. i'm very familiar with us. what they're going to look at
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primarily is obviously they've got the black boxes. they're going to take a look at what happened with the airspeed, what warren were going off in the cockpit. what were the pilots singing to each other? both of these incidents, which as you said eerily similar. so they're going to take a look when boeing did it testing, did it come up with models that match? did it may make any of these types of problems. and if they did, what was the fix here? apparently boeing put into place a new system that would kind of compensate for the way the aircraft had changed. whether or not the pilots got to train a minute is going to be one of the things that are looked at him very deeply look bad because you have pilots unions that are disagreeing on whether or not they feel comfortable flying this
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aircraft. neil: that leads to crashes of airplane's ethiopian air and into niche. would there be a difference or with investigators look for that training was different or substandard abroad than it would be like saying the united states? >> certainly that's an issue that will be looked at. ethiopian airlines has an excellent reputation, well-trained people. remember lying there has been about eight months ago. since then you expect the airlines themselves would have say we need to put in place an extra training to deal with the system can break your back on a rotating basis saying that this secures this is the procedure
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you should follow but actually by putting people in a simulator. it's very costly, very time-consuming but it would have been the right thing to do. neil: all right, will watch closely. thank you for your expertise as always. we're following this right now. the boeing stock is still bound. without boeing and the dow 30. right now all the news broke down about 12. the dow dominated just on a price basis for nearly 30 points fall off in boeing today down 110-point. a little more after this.
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>> the lack of information. a few results talk about the economy, 53% rate in inflation. lack of basic products for my medication, food. if we look at the database
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suffering, that's not about numbers. it's about human beings. it's about lives who are suffering now who say their lives are in danger to sustain a society in the world. say regarding the crisis going on in venezuela. neil: god was guaido, the president were recognized as the leader of venezuela. obviously the regime in power feels a little bit differently. those who wonder about were coastal of them can go might want to go to venezuela to see the impact. democrats are going too far left by pushing not in ignoring the fact that this was once the richest per capita country on the planet. all that money and all that influence is now gone. very good to have you. what you think of what he was essentially singing? come to venezuela to see that
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not her ripe fruits of that labor. >> yes, trent lott is more qualified to talk about than any other candidate. he seen it firsthand and he understands he seen people starving. not able to do dialysis because there's no electricity. i wish young people were paying attention to his comments rather than liberal professors who say venezuela is irrevocably free are better off under socialism. students take on the excuse you socialism and they're taking it with them to the voting booths. drain too am curious when you don't mention socialism, the term socialism and that talk about medical benefits for life for college, mortgage handled by other folks not you, it does sound very, very appealing when you slap the label socialism on it, little less so. but that is what is proving to be very appealing.
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the governments that promise you everything you want can eventually take away everything you have. >> it's so true. you're exactly right to die. students like to take socialism like medicare for all, tuition free college in the great new deal. they went and interviewed students and asked him about the green a deal. they said yes we love it at face value and not the bad news. the good news here is when you push students in saturday night to give up air travel, are you willing to give up electricity and heat come and they said no, were not willing to do that. that's impossible. we have to be moving forward otherwise they will not understand the movement are signing up for. neil: when you get to be my age, everyone's a kid. one of the things i discovered is that people will then say we don't want a situation where it's so extreme that the rich
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control all the wealth, so maybe socialism is a response to those hazards. what do you think? >> socialism gives more power to the powerful. it is all about control to the government which as we know can be taken back. capitalism is the only system that gives that power in the hands of the people. he gives us the ability to engage in free markets and pursue what we want to do with our lives. students don't know that. they're not being taught the facts and if they were educated on that i think they would take on a much different view of socialism. neil: well put. very well put. good having you. thanks for coming on. neil: yesterday burning center staffer on the show telling bernie sanders is going on a much, much tougher time this go around. >> even though it's so crowded right now, repeated bernie sanders versus joe biden or do you expect or see someone else may be stepping out.
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>> it's going to be very different. i'm not a socialist but i join his campaign because i was antiestablishment. now that's the only choice. either him or hillary clinton. even people like myself who have worked on this campaign will be looking at all of the candidates. neil: does that mean -- let's talk to new hampshire political reporter. very good to have you with us. >> great to join you. >> a crowded field of candidates. there's a whole lot of people left on fire and they might just be more interested. what do you think? >> west time around was a two-person race it's a very different dynamic this time with plenty of other candidates much younger than the 77-year-old
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sanders who's pushing the progressive policies. ernie made mainstream back in 2016. we just had sanders up for his first event since he lost his second bid to the white house. i spoke to a lot of reporters. since they were shopping around. what matters most is maybe somebody younger pushing the same progressive policies would be the way to go. at the same time there's plenty of bernie sanders supporters sticking with him saying he's the original. why go when you cannot the guy who started it all. he came out of the gate strong. it's a very different dynamic for 2015, neil. neil: do you think he has to win new hampshire? you could argue elizabeth warren for massachusetts. i'm curious who has to win that state more? >> they both do let's be honest. we are at 14 right now. we may be up to 20 when it's all said and done. for sanders and for warrant it is a must with state develop. sanders has the upper hand when you look at the public opinion
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polling. we've got 11 months to go. whatever we say right now may not be the same at all. neil: there's been a talk about the soul of the democratic party , but certainly to your point is on the left. the electability tends to be usually in the middle. could democrats risk, you know, drying defeat from the jaws of it very? >> they could. right now all the energy and the parties that they progressive base. you'll see a much larger like dred than the one played on facebook and twitter. the dynamics could change right now. the race is going to change. which is had former vice president joe biden saying he is about to jump in the near future. someone is heading to iowa on friday or saturday and it looks
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like more and more certain everyday he will jump in. it could be a different feel than a matter of a few weeks. neil: to be clear here, do you think the fact that everyone's seems to think he is the guy who could take it to the president. i am wondering, you know, he's been another races before before barack obama to commence his running mate and he does tend to look good from afar, but in a race far from good. are we overrating him? what do you think? >> that's a good point. when he ran he didn't raise a lot of money. he was a longshot both times. this time around it's very different. he's the former vice president. eight years in the white house working with barack obama her remains extremely popular with democrats. it's a very different joe biden then we saw last time. you make a good point. why is bernie sanders at the top of the polls in the democratic race? because they have the name recognition.
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that will change as the campaign goes on in these other contenders get to be better with the voters. things will change between now and next january or february. neil: you know your stuff. i appreciate it. some updates were just getting on this whole boeing 737 max. the latest to suspend all of these plans and operations in europe. that is now shut down the world. we'll have more after this. eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade
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neil: does to force their way again paying bribes and everything else to get into the nation played schools. if you look at the student rob programs that make things like that necessary. this could kill two birds with one done. like byron at the white house.
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blake. reporter: hyder, neil. the outstanding student loan in this country continues to pile up in the amount is staggering when you look at it. the latest rating coming from q4 in 2018 shows one point for $6 trillion combined in outstanding student loan debts and when you dig deeper into the number just a little more than 9% of student loan holders are delinquent in those payments. 9% are in a way higher than any other sort of alone out there whether that be credit card, mortgage payments, et cetera. the trump administration yesterday unveiled at latest budget and when you look into it there are some ideas the administration is floating out there on how to potentially tackle this problem. one of those is essentially a risksharing component trying to incentivize universities to make sure when didn't end up leaving school that they are able to pay back their student loans. here's a portion of the budget.
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a better system would require postsecondary institutions accepting taxpayer funds to share a portion of the financial responsibility associated with student loans. they hope to work with congress. earlier this month president trump in his speech gave out the hands that there could potentially be an executive order coming down. i am told that the white house is considering an education reform executive order and if that eventually gets rolled out, then one of the ideas that could be wrapped into that is this idea of risksharing in trying to incentivize it. so that is one form. another form, which is also unveiled in the budget yesterday is an idea that so long as to get loan -- those who have student loans paid 12 .5% of their discretionary income after 15 years for undergraduate or 30 years for graduate school as long as they pay the 12.5% of there's any outstanding debt, that will be forgiving.
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just some ideas that the administration is throwing out there to a very, very big problem with a whole lot of people across this country. neil: blake, thank you very, very much. a big announcement later this month for march 25th, that has nothing to do with gadgets. nothing at all. after this.
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trent all right, in the last predict in that streaming service could have 100 million subscriptions presumably right off the bat. his is a big apple event, city think about it it's not going to be for a device or a new phone or any of that. managing direct or michael block. those are impressive numbers as they can reach them. you think they can? >> let's see how to get there and monetize that. apple is making better margins on their service business. if devices are slowing down apple still has an amazing brand. they have a huge war chest of cash to create and maybe that's what it is. original movies a few years ago you would've scoffed at netflix saying they would create original content.
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same is true for amazon with marvelous misses my soul. who else can get this right? can apple turn their subscribers into real eyeballs in real money. what are they doing in the news arena, to that's near and dear to our hearts. this is where the margins are and where the money is going. neil: could you argue they are late to this party? you could argue but you have to start somewhere. remember in 2007 apple's announcement change the world. let's see what they can do here. is this the kind for the cable and telecom providers. at&t owns hbo in everyone's excited now and everything they're going to do there. but now there's a new game in town. original content isn't just hbo skein. it became amazon's game and now is apple the next one. his verizon just going to sit
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there with its hands in pockets wondering what's going on? what is next for them. let's face it apple they don't have the creative spark they don't have to, so let's see what they can pull out here if they bring the right talent and names are thrown around for the launch jj abrams. let's see what they can do with all of this. they would not be a gadget company. >> go back further in his array. they had the apple computer. then there is the apple, too. everything else that came out. i had one of the original macintosh computers. very exciting i know. i'm so cool. neil: would you recommend apple at these levels? >> here's what we say about that. the growth numbers are looking
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1% if you're lucky. it comes down in time to buy values talks. kind of growth wherever it is. if apple is taking again this considerable amount of cash they have been applying that towards the server-side of business which is higher margin and higher chance penetration both here and abroad, i would say you want to own those talks, i keep saying follow the growth. here is where it is. it is in stocks like this. you talk valuation in the ifo numbers all you want. services, streaming, that's where this is. neil: michael block, great. it's not only coming for elizabeth warren. but when it comes to players like google abroad or judge andrew napolitano. good to have you. this is picking up steam. >> it is. before mr. murdoch jumped in, i thought this is a political
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thing. a couple things that the courts would look out. what is the marketplace? is it advertising revenue just for photo swapping or is it advertising revenue on all of the internet and has the cost of advertising revenue gone up or has it gone down since they spoke required instagram. if the cost has gone down and consumers love it, the court is not going to get involved. they say to the justice department, go find another industry to break out. if advertising revenue has gone up because competition has been decreased, and then facebook is a candidate that some folks are calling for. neil: republicans and democrats concerned to a man or woman about being too big for their britches. >> well, it is popular to do that. great justice for new york one
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side no monopolist monopolizes unconsciously. everybody knows what they're doing. this myth is not necessarily wrong. it depends on market share in the price structure and whether he were putting your adversaries out of business by lowballing them and raising prices after they go. a lot of this is very fact sensitive. the doj to get involved under the antitrust laws have to do a tremendous amount of economic investigation first to look at market share price structure. neil: don't throw out the baby out with the bathwater. >> they very well could. what is crazy about this as to what the doj be trying to help? consumers love this thing. since facebook has grown astronomically. it makes you wonder what is the government doing. >> the prosecutors cracking down on the scandal that could be
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taking at least more than 50 individuals. maybe more. when you think of it? >> is the government is accurate and the allegations that made in the indictment filed today, and this is a conspiracy of enormous magnitude. it is the interstate movement of money for an improper purpose. so it's a classic federal crime. neil: how can the schools so far not be fingered ms? >> hard to believe the schools didn't know about it. so far we have seen two statements. one from jail and 1% each claiming to be the them. it's hard to believe they didn't know what was going on. it's over 10 years and involves hundreds of human beings. nobody knew about it. i think a lot more is going to come. neil: and how is this different than the wink and a nod?
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>> so to follow your hypothetical, if a rich dude gave $10 million to an ivy league school and then the rich dude's child applied in the standards were low, but they went because they gave so much money, what is the difference between that and what the indictments were for today? very little except in that case the money went directly to that school with the middle-school people siphoning off for themselves. in one lawful? rich dudes have been getting their kids back to school for 110 years. neil: we realize he didn't come from a lot of money. top of your class. unfortunately didn't fit that pattern. we tried. not so barely. it is a sweeping indictment. >> what happens to the kids, the
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students who are innocent of their parents around doing who got good grades at these schools who have graduated and gone on to professional schools by now. >> some have long since gone through the school and graduated. >> these allegations can go back 10 years. this can have a devastating effect on a lot of innocent people. neil: community college. very good. thank you are a match. we a lot more going on. the dow down 74 points. there might be some relief that a crucial brexit vote later today could erase a lot of the problems people have right now. we will explain after this.
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. .
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neil: all right essentially the world grounded boeing's 737 max 8 aircraft. now boeing is putting out on the wires it will make a key change in cockpit software of these planes. we don't know anything more than that but it is responding to the
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development here got much of the world feeling antsy having these planes flying at least at this time until investigators get to the bottom of investigations that involve an ethiopian airlines crash and some points back a lyon air crash, at that in indonesia. this time in ethiopia. we're waiting later on today about a brexit vote and how it affects theresa may. here are her thoughts. >> to deliver on the british public and deliver on their votes for brexit if this vote is not passed tonight if this deal is not passed, then brexit could be lost. neil: will it pass? ashley webster. >> losing her voice figuratively and literally. i don't think she will win the vote. the bigger question how much she will lose by. she lost 230 votes back in january. if she suffers anything close to that certainly her job is in
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jeopardy but throws everything into chaos. if she loses 50, 60 votes, might try and come back to do it a third time. neil: that would be kind of dicey in of itself, right? into of course. neil: why aren't other party members to say you're out of there, this obviously would reflect no confidence? and just replace her? >> well, they could. they did it once, conservatives. she survived. the labour party opposition party did it, she survived. almost on the basis who else will do better than this. we're hopelessly deadlocked into parliament. it is going around and around, nothing is changing. perhaps more calls for general election to get a majority in government. in parliament they can actually get a deal passed. i don't think that will happen. if she loses tonight in couple hours, and we do think that will happen, there will be a vote tomorrow on no-deal scenario. that will be defeated.
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following day they will have vote extending the deadline it, could get through, it could not. the big issue is turning point is a summit in brussels next week, 27 countries coming together. theresa may is i could see once again, wearing out the euro train. neil: would they risk that? >> she would be asked about that in the commons. what if we don't like the results of that one. do we have third one. best of 13? what are we doing here. more likely general election than a second referendum. the problem every little group has their ideas what to happen. there is no majority. this is the 12th. they have 17 days they're supposed to get out. most likely scenario is extension. the problem with that, likelihood of an extension, in the end they will get softer brexit than the hard "brexiteers" want. it is meltdown of uk politics. neil: what do they want? do they want to sever ties with
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the rest of europe? that is the way it is portrayed? >> every time i go there, talk to the taxi drivers and hotel guys, everyone said i voted for brexit. i'm fed up with, i don't even care. i don't think i will get what i want. i want them to do something. neil: are any of them afraid after post brexit world where britain is on their own? >> some are. some say we have strong economy. it will be bumpy in early stages. in the end we'll be fine. opposition party has done project fear, everything will go to pot if we leave without a deal. you know what? anyone can tell you if anyone tells you they know what will happen they're lying. neil: all right. ashley webster, thank you very, very much. >> thank you, neil. neil: 3:00 p.m. eastern time our time. another hour from now. it will be quick. >> i would say by 3:15 we'll know. neil: that would be after
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charles payne's show. that would be a shame. thank you for your hard work. good to see you, my friend. charles: neil, i appreciate it. good afternoon, i'm charles payne. this is "making money." coming up it has been bifurcated session with dow anchored by the shares of boeing. nasdaq in the green as technology stocks continue to reclaim their leadership role. i will go in depth with a clear buy signal i think you probably missed. another slide for boeing. that is weighing down the dow. more countries are saying you are not clear for takeoff. this is the boeing 737 max 8. those jets have been involved in two deadly crashes in the last five months but so far be nothing here in america. the faa saying they're okay. our friend david nelson is with us.


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