tv Mornings With Maria Bartiromo FOX Business July 11, 2019 6:00am-9:00am EDT
the very latest, severe storms hitting the gulf of mexico, state of emergency declared in louisiana as royal evacuated in new orleans with massive flooding, bitcoin plunging this morning after fed jay powell expresses concern about facebook's new offering, mornings with maria begins right now. ♪ ♪ >> big program this morning, coming up philadelphia federal reserve president in studio this morning former secretary of
state bob joining us this morning along with tennessee senator senate armed service's committee marsha blackburn. 5 cohost juan williams, big 3 hours coming up right now. fox business network dagen mcdowell, wall street journal assistant editorial james freeman and former republican presidential candidate steve forbes, good to see everybody this morning. >> good to be with you. >> steve and i jumped into mcdonalds on fifth avenue, breakfast of champions. >> make maria great again, even greater. maria: oh, my god. >> that's right. maria: markets are higher, we had the powell conversation yesterday and, of course, testimony hit markets on the upside, we got that optimism
once again this morning, the chairman jay powell's comments about the rate cuts and -- and the backdrop for the economy, the central bank sounded doveish citing global and economic conditions, watch this. >> we look at a broad range of data, since the june meeting and for a period before that, the data have continued to disappoint. let's go to trade, we have begin discussions with china, that's a constructive step, that doesn't remove uncertainty that we see as overall weighing on the outlook, so i would say that the bottom line for me is that the uncertainties around global growth and trade continue to weigh in the outlook, in addition inflation continues to be muted and those things are still in place. maria: he talked about cross currents weighing on the outlook
as well, steve, what did you think of that yesterday? >> well, he certainly learned lesson from president trump although he never admit it and i think, too, though, one of the things that did not get much attention, he's opened the first shot against judy shelton, they don't want her on the federal reserve board, they will try to do to her like they did to steve moore and herman cane cain. maria: wow, that was all planned in terms of response -- putting the stake in the ground on that. >> at least to say there's no coincidences, comrades. >> i think she's going to prove a more formability than -- >> she's got all the economic credentials, they can't see, you don't have ph.d, she does, that's what they fear, informed
critic. >> she said very doveish, we are seeing that in the minutes too, a group that likes inflation, it's weird when you study the monetary policy to see how much -- i don't want to say obsessed with making sure we have inflation. >> you want to ensure that you have inflation. >> 2% inflation making $60,000, that means extra $1,200 that you to spend, spend the stimulate, not, and they worship the idea that prosperity causes inflation, phillips curve, low unemployment, but in the fed they ignore reality. dagen: finally getting wages north of 3% in the first time in expansion under the trump administration and they want to foul it up. >> those rate increases are coming especially for low-income
workers, nonsupervisory workers, the people you want to have moving up. >> it was surprising what happened, no chance for half-point cut before the testimony yesterday, now there is a 29% chance based on the future's market in half point rate cut in july, half point rate cut in july would signal that there's much bigger weaknesses on the horizon because that's exactly what the fed did in 2001 and 2007 it was when they started, they initiated half-point cuts rather than quarter point cuts when there was clear sign of weakness, be careful what you wish for. >> manufacturing and housing are the two weak spots and cross
currents of uncertainty over trade. you look at the economy today, today things look pretty good, you the uncertainties on the horizon but 60 basis points seems harsh even if it's just uncertainty. >> they are -- maria: in july? >> yeah. >> i don't see the case for any cutting. maria: i don't either. >> you are concerned about the trade negotiations, expenditures not where we would like them to be, that was a great job's report, he basically dismissed it yesterday and you look at where the federal fund rate is versus inflation, still historically very low, i don't hear businesses we need a quarter point lower interest rate and then we will borrow it. dagen: we look back to '95 and '98, quarter point cuts against recession and that did seem to
work, '98 was the russian debt crisis, long-term capital management collapsed and we also had the impeachment of president bill clinton and report and the fed did prevention a recession quite frankly that they cut rates, we didn't get a recession until 2000. maria: that's where the cost -- let's speak middle east tensions, iranian attempt today block uk tanker in the strait of hormuz to be turned around with british airship, drowning of american drone and attacks on u.s. vessels, this is the latest escalation, james, your
reaction? >> still a wait and see if terms of how iran really react to the president ordering and rescinding the retaliatory attack, this was another, i don't know what you want to call it, shot across threatening and retreating warship was there but probably does emphasize the need for ships to be there. maria: let's talk about nancy pelosi taking on her own caucus, the house speaker with freshman congresswoman alexandria ocasio-cortez sounds off on the spat telling washington post is, what the persistent signaling out it got to the point where it was disrespectful, the explicit signaling women out color. basically calling nancy pelosi a racist. dagen: welcome to our world, if you criticize a liberal, left-wing socialist liberal on ideas, on them saying something that you find repugnant or
offensive this is what happens to shut you down and shut you up they call you a racist and a bigot and trying to pull the same thing with the leader of the speaker of the house. maria: unbelievable. dagen: she's been a lot longer than social media. >> she wasn't worried about 20 to 30 moderate seats in 2020, she wants to keep the house rather apiece the extremist in your party. dagen: using your gender, using ethnicity, using gender as crutch that you lean on and then they will turn around and whack with it rather than standing on ideas, standing by what you say, if somebody finds it offensive, then defend it. >> she can't. maria: don't forget she's trying
to get people to replace all of the people who have been there for so long. aoc are trying to primary a lot of the guys and gals out. >> regret sign wong the resistance in early 2017 but -- but i think social media point is right on here because it's not that they have opinion and aoc further to the left, i don't think twitter followers add up to much, i don't think you represent many people in the country. questioning the authority of aoc and i think that's what is driving aoc crazy here. dagen: speaker pelosi did the right thing in getting democrats together and voting for the $4.6 billion in humanitarian aid, the majority of that going to health and human services to take care of children, who didn't vote for it? alexandria ocasio-cortez, she didn't vote for it first time or second time in case she goes down to the border and creates
social media scene to benefit one person, not the children, but herself, the speaker of the democrats in washington, in the house of representatives, you would be you know what too. maria: that was all misinformation, telling people that they were telling migrants to drink water from the toilet bowl, absolutely not true. >> i think there's a classic case where pelosi let aoc hang herself, do at her own words, public opinion on the side of the president and the whole border issue but that raises what's going to happen next week with these ice raids not going after ms13 members, ghiel after them but when when you have children being deported, that will be a tough one. maria: lockheed martin stayed in philadelphia, another victory for the president.
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maria: welcome back, hurricane watches posted in louisiana. cheryl: louisiana under state of emergency as severe flooding stuns new orleans already, flash flooding streams and rivers, some residents had to cross in kayak, heavy downpours will be a threat over the next several days, the industry basing for
what's expected to be the first hurricane of the season, oil is up half percent right now, 60.74 a barrel right now wti, well, labor secretary alex acosta is defending how he handled convicted pedophile jeffrey epstein sex-trafficking case, acosta blamed palm beach state attorney office and ready to let ep spine walk free. >> facts are important, what is the value of a secured guilty plea with registration versus rolling the dice. this is the judgment prosecutors with dozens of years of experience. in our part we were trying to do the right thing for these
victims. >> there's more, nypd reportedly did not check with epstein one time at all since he was labeled a level 3 sex offender back in 2011. epstein should have reported to the police 34 times this is according to report in new york post. all right, deutsche bank is under investigation by the justice department, officials are looking into whether the bank violated antimoney laundering laws when it worked and justice department says likely $4.5 billion being stolen and even led to down fall of the former malaysian prime minister, there's deutsche bank down almost a percent. lockheed martin is staying in pennsylvania after president trump called for it. the president tweeted on the news, quote, i was informed by ceo of lockheed martin of
decision to keep plant in pennsylvania home and humming, we are proud of pennsylvania and the people who work there. thank you to lockheed martin. one of the usa's truly great companies. so more jobs staying in the u.s., maria. maria: all right, cheryl, another good job there, digital coin takes a hit after fed chairman warn congress of facebook's crypto currency, remarks coming up next. raining money, armored truck stopping traffic, those who cashed in, they want their money back, stay with us.
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>> the federal reserve would use postpone implementing libra. issues here that will need to be addressed. does have potentially systematic scale and for all the reasons we discussed, it needs a careful look. maria: federal reserve jay powell said set for second day of testimony in cop toll hill, yesterday he spoke with house financial service's committee warning congress of the risks from facebook's planned crypto currency libra, bitcoin prices down as a result, joining us technology analyst john, john, good to have you on the program this morning, thank you so much for being here. what's your reaction to facebook libra product because bitcoin has been trading on it ever since announcement?
>> my reaction for libra is that it is really a natural next step, bitcoin has been around for 10 years now, it's seen extreme problems and it's also has evolved quite a bit. libra is a step up of bitcoin, technology block chain and apply it to pretty much more mainstream which you can get, so what libra is trying to do is make it extremely easy to basically be able to send money around the world to your friends and families with very little fees and very little of the problems that you normally have today in banking such as the fact that you can only do it on workdays, the fact that you have the substantial fees to transfer money and libra is taking that up a notch and making banking julyy digital, the problem is and what i think our government rightfully points out is that this is a -- it's a very colossal step forward, it's a big difference from what we have
now with traditional banking and does allow a citizen in the u.s. or citizen let's say in germany really anywhere around the world to go around the traditional banking system and i respect the fact as a technology analyst that that does require careful look on government side. >> james freeman on the wall street journal that sounds kind of cool in a lot of ways if you can get around but highly-regulated expensive traditional banking system, sounds like more choice for consumers. >> definitely more choice for consumers and what's beautiful about this, again, reminded that even bitcoin was created on the back of 2008 financial crisis and created for the reason of providing a more financial system and, you know, has fixed some of bitcoin's biggest issues in actually adding a bit more transparency for what the
regulators and transparency for government agencies to actually have some control over this unlike bitcoin which is very, very much i'd say untouchable in many ways by regulators. >> john, steve forbes here, one of the big down falls of the bitcoin is shortcomings, volatility, you know, steak one day and dog food the next one and libra is tieing to stability, if they get that kind of stability you could use this as money, this could break the monopoly of governments on money and no wonder the fed is concerned, is this sort of like ub other and bnb, black the way of doing things? >> right, i think this really has the potential to -- to be something like that and what's so interesting about this is that facebook is actually tagging libra directly to u.s. dollar which is fantastic, you're right, steve, volatility
issue of bitcoin is gone with libra and this makes it incredibly for you to send money around the world as business or as individual, very little fees and that in itself could help economies all over the world and could help some of the more, you know, second or third-world countries who actually struggle with inflation because this is currency that would be pegged for u.s. dollar that would prevent that and all you need is internet connection which we know now top priority of many third-world countries over even let's say finding food. that's what so incredible about this, solves some of the biggest issues that actually threatens democracy around the world and that's why i'm a fan of it, however, i still think the u.s. government needs to really know how it's actually working and what the exact repercussions are which i'm not so confident in right now and so i think that the fact that they will be taking their time to delve into this is smart on them because
this will have a huge impact on the u.s. financial system and on the global financial system full stop. >> but there's no way to predict that in the future, what the impact it's actually going to be, you hand held wallets which are now just being used to transfer payments, they could replace the banking system when you look 5 to 10 years down the road. >> do you believe that, steve? >> i think that has got enormous potential, not just tongue-in-cheek, i suggested in letter to mark zuckerberg, don't be bashful, it's measurement for the libra, the germans gave up the mark, call it that, the mark. [laughter] maria: i like it. social media summit going on at the white house today, president trump hosting prominent conservatives at the white house to talk about how they can stop the suppression of their views on facebook, twitter, google, other platforms, the president told me last month tech
companies may need more regulation, watch this. would you rather see competition or legislation legislation to actually coming down? >> you may need legislation in order to create competition. maria: is what technology companies are doing, what they did that to you, are they breaking the law, mr. president in. >> i don't know whether or not. i tell you what, they should be sued. maria: they should be sued. i know a number of the guys have testified in front of congress, should be noted that the white house is not inviting any tech companies to this event today but you have a lot of people there that have been complained about censorship, what's your reaction, what comes out of this today? >> you know, what comes out of today is stronger sense of centralized message on the trump side of things especially as it relates to his views towards the social media giants, twitter and facebook, and so i do think it'll give him a bit more of an established presence with his
arguments that there is some sort of manipulation happening, however, i do think it'll be extremely important to have the actual tech companies at the table and maybe they do another summit for that, but that's going to be incredibly important because there's going to be -- go ahead. maria: no, please finish. >> because if there's going to be disconnect between the actual problems that trump is raising and the actual pet companies that believe that they are following, you know, a bit of a standard protocol across all accounts, these issues are still going to be up there and what i would like to see is just a reasonable resolution on both sides where both sides are heard and -- and we can move forward. maria: yeah. >> and not be so -- >> i was going to point out that some of the executives have already been to the white house, so you know, jack from twitter met with the president, eric smith, they testified in front of congress and have also been at the white house as well.
dagen: there's not going to be anybody there today to defend the claims that will be aired. >> but those executives have not followed through on the removing things after going after university for crying out loud. politically they are brain dead in terms of they should fix this right away. >> you look at something like a twitter, devin nunes suing twitter because he gets shadowed down and posts are taken down and aoc says whatever she wants and her posts don't get taken down. >> the department of regulation wanted to so -- so consumers be ware, big consensus to have regulation here. >> why doesn't somebody come along and open more social media networks, again that's the frame marketing work, people are upset by the way they get treated of social media companies then bring on the --
maria: you heard what the president just said 2 weeks on the program, we might need legislation to purr up competition, i found that interesting. >> but the -- [laughter] >> it's a warning shot to those companies, fix your problem. maria: john, appreciate you joining us this morning. coming up trade in focus, representative lighthizer expected to meet with democratic leaders in capitol hill more to get usmca passed. it's going to be important. focus on chicken, all of that straight ahead it all started under this buttonwood tree.
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maria: welcome back, good thursday morning, thank you so much for joining us, i'm maria bartiromo, thursday july 11th, top stories 6:34 on the east coast, jay powell driving market this is morning and they are higher, futures indicating gain of 45 on dow, up 17 on the nasdaq adding the gains after powell signaled a rate cut is on the way, the dow, s&p and nasdaq hitting new highs after the chairman spoke yesterday, the s&p crossing 3,000 before going back, nasdaq ended the day at all-time record high at 60 points at 8202 on the nasdaq. in europe this morning, momentum continues, gains, well, look at this this ftse moved to negative territory down 2 points, dax index lower by 40 points, negative performance this morning in europe. checking asia this morning, overnight, markets were higher across the board, best performer was korean index kospi up better than 1%, trade in focus, u.s.
trade representative lighthizer expected to meet with democratic leaders and we have the preview there. mcdonald franchisee asking for chicken sandwich to compete with chick-fil-a. people jump out of their cars to scoop up currency, the incredible video, what police are doing about it now nieceless to say they want their money back. jay powell back in the hot seat this morning on capitol hill, the federal reserve chairman will speak in front of the senate today, yesterday he signaled possible interest rate cut citing global and economic conditions, powell weighed in on economic and trade uncertainties and inflation worries, watch. >> many participants saw that case for somewhat more accommodating monetary policy stance and strengthen, since then based on incoming data it
feels trade tensions and concerns about the strength of global economy continue to weigh on u.s. economic outlook. inflation pressures remain muted. maria: joining me right now the former president of the philadelphia reserve president josh, pleasure to see you. your reaction to what we are seeing in the economy, we know as a backdrop, 51-year low on unemployment, we have growth in first quarter of better than 3% and here we are talking about rate cuts, what's your take? >> i don't find there's a compelling case for kate cut -- rate cut at this point. inflation is low, what -- what's so bad about where we are? it's true, though, there's a lot of uncertainty out there and the certainty centers around policy for the most part, trade policies, perhaps, other things that may happen around the world, slowing and the global
economy in europe or other places, monetary policy can't fix those, the fed cutting rates now is not going to resolve trade uncertainty, it's not going to resolve policy problems. and if we end up in a trade war, the economy will take a heat. the fed can't do anything about that. i'm really concerned that we are expecting the fed to do things that it really can't do and you heard me talk about this before over the years. maria: absolutely. >> putting onus on the fed to take responsibility for things that it doesn't have much control over and i think that's a very bad place and by the way, jay powell, his language about the fed will act to sustain the recovery, i think that's a very bad language, he can't sustain in the recovery in the face of some type of shocks, i think we are just expecting too much and we need to tone it down. maria: when he says sustain the recovery, that's all on
anticipation, apting that things will slow down because of uncertainties around trade, he said the new cross currents have to do with trade uncertainty, is that largely china or are you talking about other countries? >> well, certainly china is a big part of it, but, you know, the president has threatened to put tariffs on méxico, more tariffs on europe. maria: uncertainty of where he is going to be next. >> the fed can't resolve that, it has to react to that, but as you know, you read the newspapers and the headlines and one week trade agreement is on and the next week trade agreement is off, the next week there's a new trade and the fed can't deal with that and it shouldn't be reacting to that kind of volatility in the news about policy. maria: we know that alexandria ocasio-cortez, congresswoman has been the loudest voice in the room in terms of questioning current policy, she's on the financial service's committee,
she talked about phillips curve and inflation, listen to the question, i want to see if you know what she's talking about, i was very perplexed. >> idea of a phillips curve that links unemployment and inflation is no longer describing what's happening in today's economy, have you been considering on that, what are your thoughts on that? >> very much so, the connection between slack in the economy or level of unemployment and inflation was very strong if you go back 50 years and gotten weaker and weaker to the point where it's -- it's heart beat, you can see and i think we have learned that the economy has sustained much lower unemployment without troubling levels of inflation. maria: this was the philips curve and she also talked about a decoupling which is what i was
questioning, what's your reaction to that? >> well, i think the phillips curve is dead, it's been dead for 40 years. and i think the fed is mistaken on basing real economy, unemployment by using control of inflation and vice versa. i think that's very problematic for the whole idea of fed policy, monetary policy being stabilization tool and if the phillips curve isn't there, the fed needs to find another way to meet dual mandate. maria: do you expect the economy to slow down later this year, we are talking so far 3% in the first quarter, maybe a little lower for the first half of the year, but we know that the global economy is slowing, europe is having a hard time generating any growth, do you think things slow down? >> if you go back to forecast, 2019, last fall, 2018 was coming in close to 3%, almost everyone was forecasting something
between 2 and 2 and a half percent for 2019. is that a good number, probably still is. maria: yeah. >> by the way, trend, potential growth is less than 2 or under 2. there's still a forecast that we will be at or near trend for 2019 and so i find the notion that there's a pan that i can we need to react to troubling and the fact that last december when the markets hit a lot of volatility, ting fed overreacted. sent signal that they would be doveish and cut rates and doubled down on that over the course of the spring and now they are in a position where i think to some degree the fed is probably afraid that if they don't now deliver on the rate cuts they are going to cause another volatility and they don't want to do that. that's the curse of paying too much attention. maria: maybe the president's criticisms.
>> maybe the president's criticisms. maria: that as well. >> getting above the prey and not reacting to short-term volatility and short-term reactions is a dangerous place for the fed to be but that's a failure, they've gotten into the -- over the years. >> to be clear, we could have prosperity and growth without inflation. >> of course. maria: why are we so worried that inflation is not meeting the target? >> i don't know. i'm perfectly happen between 1 and a half and 2% inflation, what's so bad about that? maria: exactly. >> i think what's bad about it. the only thing that's bad is fed set rate of 2%, but we can only measure the things so precisely. the public doesn't know the difference between 1.8 and 2% inflation. maria: exactly. >> who cares? maria: real quick on trade, trade representative lighthizer expected to meet with house members to discuss usmca, we know it's real important, is it going to come to the floor, how
does that work its way into the economy, do you think? >> well, i think the -- the good thing if it passes it resolves one more uncertainty out there. that's getting, getting the uncertainty resolved is stabilizing and calming things down a bit. maria: all right, we will leave it there, charles, good to have you on the program, president donald trump just tweeted this morning about today's social media summit and the census, the white house will be hosted very big and social media summit today, would i have become president without social media, yes, probably, at its conclusion we will also go to beautiful rose garden for news conference on the census and citizenship. the president setting off the day this morning on twitter. we will take a break, mcdonalds is feeling the heat, chain to up chicken game, why chick-fil-a is causing stress there. back in a moment with that
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chicago tribune this morning writes, mcdonalds franchisee are pleading for better chicken sandwich to fend off chick-fil-a threats. calling on chicago-base giant to focus more on chicken so they can compete. chick-fil-a sales soar last year, third restaurant chain behind mcdonalds and starbucks. drivers begin to return money after 175,000-dollars in cash storm on i285, the scene right out of hollywood movie, armored car door swings open, spills cash all over the busy highway, drivers hit the brakes to grab and go, police asking those who took the money that ran and return it or possibly face charges. what would you do if an armored truck opens up? >> i would be in the middle of the street for some singles.
>> charge someone for picking up a 50 off the road. i didn't know that was a crime. >> the irs going to ask for photos to see, report the income. maria: right, i won't be able to give the money back. dagen: given how bad drivers are on that state, i don't think -- you better stay in your car. dangerous when you're in your automobile. maria: have you seen the gatorade sports drink, first time in years gatorade has new sports drink and why it's standing out next.
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bolt 24, new drink, no artificial sweeteners or flavors. joining us right now senior vice president of gatorade. tell us why did you decide to come out with new product after 20 years? >> yeah, sure did. this is a really awesome time for gatorade, allows us to think about athletes in a whole different way, for years in 1965 dr. kay invented gatorade because he we wanted to make athletes better, that's great, when you're sweating on court or field of play you want to drink gatorade. how do you best prepare your body and get ready for that moment of participation, for moment of performance when you have to be your best and that's where bolt plays important role,
bolt 24 because it's 24 hours of day of preparation, that's where bolt comes in and does amazing job. dagen: i'm doing the natural southern shake, might not need that but it's watermelon base which i find interesting. >> it is, really interesting way to get -- to get electrolytes. sea salt and watermelon provide electrolytes. maria: why it's important? >> e e -- what does it do for nonathletes? >> keeps you hydrated. it's what you want to be able to have in your body, so you don't have lethargiy, as an athlete,
maintaining -- dagen: so it's very low calorie for the volume. >> it is, low calorie, because the proposition is not about that heavy carbohydrate moment, it's about making sure that what you're putting in your body is maintaining that level. >> can't wait to show them to my grandchildren. [laughter] >> as red bull drinker -- red bull is not for hydration. >> thank goodness you like the taste, it's awesome. >> it's important for nonathletes. >> if you didn't like the taste, it almost back to hydration element. maria: less sugar because everybody knows has become evil.
[laughter] >> depends on the functionality. if you need to be out there participating in heavy weather and putting your best, you need the energy store to get you going. maria: thank you, still ahead, earnings out of the top of the hour, we will bring you the number. (vo) the hamsters, run hopelessly in their cage. content on their endless quest, to nowhere. . . . defy the laws of human nature,at the summer of audi sales event. get exceptional offers now.
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maria: welcome back. good thursday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is thursday, july 11th. your top stories right now. delta airlines reporting second quarter numbers in a moment. the airline has been outperforming rivals. we've got the numbers when they are released. the estimates call for earnings number of $2.28 a share on $2.2. jay powell driving global markets higher, futures pointing to a gain at the start of trading after powell signaled a rate cut may be on the way. dow futures indicate a gain of 86 points, nasdaq up 24, dow, s&p and nasdaq hitting all new intraday highs yesterday.
the s&p crossed 3,000 but at the end of the day, nasdaq ended at a fresh record high at 82, 02, on the day. european and asian markets look like this, european indices are mixed. dax index is down 23. asian markets were higher across the board on the heels of wall street's gain. it was a fractional move in china. delta earnings are out. let's get to lauren simonetti with the numbers. lauren. lauren: the adjusted eps better than expected, $2.35 a share for delta versus the expectation of $2.28. revenue in line at $12.5 billion. look at the stock reaction. it is up 2.1% right here in the premarket. now, delta preannounced they would have pretty good numbers and they certainly did. they're in a sweet spot for two reasons. reason number one, they have no boeing 737 max jets that are grounded in their fleet. there is no capacity hole for
them to fill. number two, remember the philadelphia energy solutions, the refiner that went on fire and bankrupt just a few weeks ago? well, delta gets most of its jet fuel from the monroe energy complex that they own which is about 25 miles from the other energy solutions complex that went bankrupt. so they don't really have to worry about the availability of jet fuel. so those are two good things for del a take. they have also raised their profit outlook for the year. they site strong travel demand. their traffic in the quarter up 6.3%. so pretty good report from del a take take and as you can see, the stock is gaining even more, about two and-a-half percent in the premarket. maria: lauren, thank you. that stock is doing well. we'll keep checking it. our top story this hour is the federal reserve, investors optimistic following jay powell's comments before congress yesterday. powell will be back on capitol hill today. he'll testify in front of the
senate. he sounded doveish yesterday on future rate cuts, citing global economic conditions. >> in the united states, we got a job report that was positive and that's great news and we had some other reasonably good news. i would say the u.s. day a take came in about as -- data came in about as expected. we've agreed to begin discussions again with china. while that's a constructive step, it doesn't remove the uncertainty that we see as overall weighing on the outlook. so i would say that the bottom line for me is that the uncertainties around global growth and trade continue to weigh on the outlook. maria: with those comments, stocks soared to record highs. all three major indices hit intraday highs. the nasdaq gained 60 points. joining us right now is illinois congressmacongressman shawn cas. what was your take-away yesterday from the chairman speaking to your committee?
>> i'm frankly a little nervous. i think it's easy to throw fuel on the fire many i thin. i think our job in washington is to make sure we've got fuel for the next fire. and after running over the last two years a really irresponsible fiscal policy, you're not supposed to pile up deficits and strip cash out of the economy during an expansion, mr. powell's only real tools are interest rates. and we've not created much of a cushion on interest rate for when the next recession comes, as it invariably does. if he is signaling concern about the economy and we don't have the fiscal tools in washington to deal with that and we haven't built up the cushion, i don't want to go back to quantitative easing but it makes me nervous. maria: that's a fair point. lets go through this. irresponsible that we saw 3.1% growth in the first quarter, irresponsible that we're seeing unemployment now at a 51-year low? i mean, after all, we did see the debt double under president obama, no? >> irresponsible because we are
in the midst of a 10-year economic expansion. i give obama 80% of the credit for that. and what we've seen over the last two years is a huge expansion in wealth inequality. yes, we've continued to run that. but we had corporate profits at a an all-time high, we had wages at historic low relative to gdp. maria: we had growth below 2% on average under president obama, average, under 2%, sir. >> we have seen a widening of wealth inequality. for the average person we have seen no median wage growth and really if you look, almost all of the business investment, almost all of the increase in business investment after the tax cut was because of the rise in oil, our increase in producing. >> the boom that happened despite president obama's policies, if you're giving him 80% of the credit, i assume you're giving trump something. doesn't seem to leave much for
the producers had in the economy, the consumers, the creators of businesses. but i want to get to that powell comment about uncertainties. back to your original point. cutting interest rates because there's uncertainty just seems bizarre. i mean, there's always uncertainty, right? >> well, what i heard and you just played it in your clip is essentially what he said was that trade uncertainties are making him nervous about the international outlook and we're tied to those international markets. the trade uncertainties are an entirely self inflicted wound in the trump administration right now. we know the president wants a rate cut. if the message is that the president can create trade uncertainties that hurt the economy, then give them a rate cut, that's pretty dangerous and frustrates the fed's independence. >> steve forbes here. going back to your point on wages, it appears for the first time in years low income
workers' wageser wages are risia faster rate than supervisory workers and others. isn't that a good thing? >> there have been temporary improvements. >> temporary. they move up. why do you call it temporary. maria: wages are up 3% year over year. >> if you look back over the last 20 years, we've seen massive increases in productivity, a massive testament to what workers have done and we've seen virtually no movement in median wages during that time. we've seen a recent hiccup but it pales in comparison to what happened. we've had a huge increase in productivity, which is the engine of economic growth and the gains of productivity have flowed almost exclusively to the owners of capital. dagen: what are the democrats going to do to extend this growing prosperity among lower skill workers in this country, people say with a high school diploma, what are the democrats going to do to make sure that we
actually do see a narrowing of the gap between lower income americans and higher income americans, other than wealth redistribution by taxing the rich and passing the money on through the form of welfare? what are the democrats going to do to continue what president trump has done in his two and-a-half years in office? >> well, if you're putting me in charge of the democrats, that's news to me. dagen: you're the one on the show right now, congressman. >> let me tell you the student of history. the last time we saw wealth inequality and concentrations of power this wide was in the '20s. we had -- at the time, we saw some countries in europe embrace communism and move the capital into government. that would be a massive mistake. we saw some countries in europe essentially out-source government functions to the private sector and install despots and embrace farism. fac. that would be a mistake.
maria: what do you think should be done now? >> in the 1920s we embraced competition. we entered an era of anti-trust and we made sure that consumers benefited because you unleash all this innovation in a competitive environment. maria: in a practice at this l call sense, what -- practical sense, what do you want to he see? >> i want to see a return to competition. maria: what does that mean? >> it means recognizing that being pro-market and being pro-competition is not always the same as being pro-business. i spent 16 years as a ceo and i can tell you, it is really hard to be in a competitive market. there isn't a business in the world that asks for competition. and every time we have embraced competition, the country and consumers have won. >> one of the things that has crushed small businesses is the massive increase in regulation, literally hundreds of thousands of new rules, we're starting to tackle that. don't you want more deregulation of some of the idiot rules that
hurt businesses. >> i spent 16 years as a ceo. i built a company from nothing into an $80 million business with a couple hundred employees. we created a lot of value. there wasn't a point in my life other than when perhaps i was in dc and meeting with people when my barriers were competition. did i have barriers in terms of access total only? to talent? you bet there were. but there is nothing wrong with saying a that we have a role in government to protect consumers, to protect markets, and that that is entirely different from looking out for the interest of any one business. maria: you're not giving us any solutions sir. like i said, what would you like to see in terms of policy? >> look, what i'd like to see, as i said before, embrace competition. maria: how? what's your practical policy, congressman? >> we had a conversation yesterday, when we had a bipartisan concern that facebook, if they created a crip
he totoecryptocurrency, they cod undermine the currency, if there's one company that has that potential, that company needs to be broken up. when we have concentrations of wealth, we need to go through and look at making sure that consumers have choices, that businesses are competing. in sector after sector right now, we have single companies that control those sectors. that's not wealth redistribution. that's not socialism. that's capitalism and that's what we should be embracing. >> i just want todd ased to asku about the libra from facebook. are you against cryptocurrency? are you against an alternative to the u.s. dollar from the private sector? >> look, purely as an individual citizen, i don't put any money in something that doesn't have any innate store of value.
cryptocurrencys are gambling. that's not to say there aren't people who will participate in those markets. we allow people to participate in casinos. we can allow them to participate in cryptocurrencies. they need to be very closely regulated. it is really easy to take advantage of unsophisticated consumers in those markets and we've already seen that. >> i'm usually -- gambling doesn't create a lot of economic growth productivity, but isn't there risk if you're stepping on cryptocurrency that you don't get the benefits of innovation, maybe it's new payment systems, new technology, new ways to bank p outside of the traditional system. aren't you kind of foreclosing a lot of opportunity if you say that's a threat and we need to regulate it? >> well, look, there are innovations around block chain technology that have mass applications, way beyond a whole host of -- whether or not it's a currency. there's innovations around payment systems that have nothing to do with whether you're using a form of currency that has no innate store of
value. my point is simply saying that if you have a form of currency that is not redeemable in any other kind of tender, that is not backed by the full faith and credit of a government, that currency has no inherent value. and if people think it does -- >> maybe the consumer think there is a value to bit curve. bitcoin. i share your skepticism. i'm not sure 11 grand is the right number. >> the dollar has nothing backing it, hasn't since 1971. >> i am not ad vo kateing for the -- advocating for the gold standard. the dollar has the full faith and credit of the u.s. government. maria: we started looking at growth and you criticized the policies in place right now. would you like to see taxes raised and regulations go up? >> what i would like to see is a recognition that we used to take advantage that significant parts of the social safety net were
provided by corporate america. that genie is long since out of the bottle. i don't think anybody wants to live in a world where people don't have access to food and shelter and healthcare but if we can no longer count on employers to provide those benefits, we have to make sure that government is funded in a way to do it and when corporate profits are at an all-time high, relative to gdp, while the social safety net is falling apart, yeah, i think it's appropriate to say that if corporations are not going to provide that service, we need to have resources from them to provide it here. that's not anti-growth. that's recognizing there are some elements of society that none of us want to not -- we want to have those services provided. >> what is the social safety net going away, what are you talking about there? >> we used to have guaranteed pensions. we used to have companies that provided housing to their employees. we used to have companies that provided education. we have a gig economy where people aren't even getting
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maria: welcome back. more wicked weather to report. new orleans already slammed by severe flooding is bracing for a potential hurricane. adam klotz is covering the story. he joins us now in the weather center. >> you mentioned the flooding already there. the storm is still far out. low pressure system likely becoming a tropical storm, tropical storm barry, before today is over. currently it's forecasted to get to a low end category 1 hurricane. it may stop just before that. but either way, this is going to be a powerful storm as it drifts closer and closer to the louisiana close. we see flooding yo flooding acre portion of the gulf states, from
louisiana to the florida panhandle. flood watches and warnings already there. the winds haven't picked up too much just yet, from 20 to 30 miles an hour. as the system gets closer to the coast, the wind will pick up and the storm trent owns. it's going -- strengthens. it's going to push a wall of water up along the coast. we have storm surges from 3 to f the louisiana coast. it's only moving at 5 miles an hour. every time we get an update there's a little bit of a change here which means that there's still time for this to maybe move a little bit farther off towards the west or farther off towards the east. there's still indecision in the models. you see a wide range, some taking it over new orleans, others running into portions of texas. that something we'll have to pay attention to. the biggest story is going to be the rain. wherever this makes landfall
there's going to be spots that get up to 15 to 20 inches of rain. there's time for this to move. we'll be watching it very closely today into all the way into saturday morning when this is likely making landfall. maria: adam, thanks so much. we'll be watching as well. coming up, pelosi takes on her own caucus, the house speaker in a war of words with a new member of congress, the response coming up. stay with us. ♪ baby, baby, where did our love go. ♪ don't you want me. ♪ bay yo baby, baby,. ♪ don't you want me no more i can't tell you who i am or what i witnessed, but i can tell you liberty mutual customized my car insurance so i only pay for what i need. oh no, no, no, no, no, no, no... only pay for what you need. liberty. liberty. liberty. liberty. ♪
chairman's jay powell's testimony to the house financial services committee yesterday. powell hinted that a possible rate cut could be on the horizon, given new uncertainties in the economy. joining us right now is the founder and ceo of parfaha partners, thank you for joining us. i know you're dealing in the private company space and you're making markets and private companies. but first talk about the public markets for a second. we saw a big reaction yesterday to the fed chief. your take-away in terms of what's going on in public markets. >> i'm lamenting the overuse of monetary policy to drive public markets. inc. iti think it's troubling we responding to rate cuts and that's how people are investing. i think we need more fiscal policy than monetary policy. >> you mean tax cuts? we've had tax cuts. let's continue to make them work. let's get infrastructure done like president trump wants to and let's cut regulation. we've spoken about the private
side, take care of the economy, rather than having rate cuts as the solution which is what we do now and have been doing for the last decade. it's pe peculiar. i remember watching candidate trump being interviewed by john paulson. he lamented yellen's influence on the fed helping obama during his presidency. i think president trump should remember that and not push for rate cuts and continue to do a the good job he's doing with the economy. >> wanted to ask you, since you look at -- you're looking at private companies all around the world helping them fund themselves from the early stage until eventually an exit or ipo. can you give us kind of the state of technology? you focus on a lot of the consumer tech companies. its silicon valley, is the united states the heart of innovation? is it china? is it india? is it somewhere else. >> the united states definitely is the cradle of innovation. that's one of the great things about the private companies we work with and why i'm bullish on
the economy generally speaking. if you're on the ground, seeing amazing businesses being created every day privately like we do it's something to be excited about. they're coming out of silicon valley. a lot of them are coming out of manhattan. a lot of private companies are sprouting up. as we discussed, they're taking longer to go public. there's a lot of liquid at this in the private markets that weren't there before. dagen: really quickly, how do you explain, though, with the very high taxes and the kind of egregious regulation in a new york city or in california, how do you explain those jobs being created there? why aren't more of these businesses moving and even starting up in, say, texas or nevada? >> i think they will. that's a great point. the new tax cut probably is going to facilitate that quite a bit when you look at getting rid of the salt reduction to states like new york and california. what washington did with that is
going to challenge new york and california to reduce state tax rates if they want to remain competitive. austin, techs a texas is a t hof innovation as well. >> the source of liquid at this, is it pension funds, you mentioned governments, where is the money coming from. >> a lot of it were former public market players. i used to run the hedge fund business at bank of america and a lot of my old clients are extremely active in private markets because that's where a lot of yield is. so are sovereign wealth funds around the world as well as long only funds that used to only play public markets. almost all of the alternative focused investors are starting to play in the private markets. that's billions of dollars. >> are these as efficient as the old public markets, presarbanes-oxley, are you coming in the breach, they wreck that so you've got to come to the rescue. >> yes, i'm coming to the rescue. that's exactly right. i'm trying. it's a great point. i think this is definitely an opportunity that we're seeing and it's going to continue to
grow as it further institutionalizes. maria: where is the growth in the private companies? technology, biotech? where do you see the most opportunity. >> consumer tech businesses are probably the hottest. if you think about it, almost every company we deal with has a tech element to it. there's an e-commerce portion to it or something. so i think tech is definitely the sector that we see the most growth in and you'll see that if you look at the ipos that have happened. ultimately, they may go public. it's mostly in that sector. >> peter teal makes a point about atoms and bits. will we have more going to manufacturing instead of algorithms for finance. >> it's something i've thought a lot about. i think automation technology, while wonderful for the consumer, does have a negative impact on manufacturing base in the country. we've seen that. it's a variety of reasons. technology is one of them. it's affected wall street to. automation has hurt the amount of jobs that people are employed
by the wall street, big bank sector. the goldman sachs ceo said now he can have three people do the job that 500 used to have to do us because of technology. there are positives and negatives along some of the points you brought up earlier. maria: three people versus 500, that's a big number. >> see what happened with deutsche bank, how many people lost their jobs. maria: the doj is investigating deutsche bank right now. your reaction? >> i read if book about that whole fiasco. i think this is driven by economic need by the banks. so they expanded to asia and other areas in order to generate revenue because the u.s. was contracting. and so it is odd that since compliance jobs were the jobs that have been hired the most since the crisis, that this seems to be a failure of compliance. maria: it's great to have you on the show. >> thank you so much. maria: thanks so much. coming up, congresswoman alexandria ocasio-cortez implies house speaker nancy pelosi is a racist. things are deepening.
the escalating war of words within the democratic caucus coming up. and a coach's yo patriotic call. >> if there's anybody here that's going to be disrespectful to the american or canadian national anthem, grab your gear and get the [bleep] out now. maria: the video going viral. more coming up. stay with us. ♪ i fell into a burning ring of fire. ♪ i wept down went down, down, d the flames went higher. ♪ and it burned.
your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. maria: welcome back. good thursday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is thursday, july 11th. your top stories right now, 7:3. federal reserve chairman jay powell driving global markets this morning. futures pointing to another gain at the start of trading after powell signaled a rate cut could be on the way as early as july. dow up 91, s&p up 7, the nasdaq up 20. the next fed meeting is at the end of the month. all the major indices hit new
intraday highs yesterday. the s&p crossed 3,000. only the nasdaq ended up at a new record high when all was said done at 4:00 on wall street. european markets this morning look like this. as you can see, it's a mixed story, fq100 down 9 points, cac up 7 and the dax index lower by 17. asian markets overnight were higher across the board. fractional moves for the most part but, well, kospi was up 1%, hang seng was up almost 1%. president trump just putting out a few tweets. >>.here's what the president sa. a big subject today at the social media summit will be tremendous dishonesty, bias, discrimination and suppression practiced by certain companies. the fake news media will be there for a limited period, writes the president. the fake news is not as important or powerful as social media, the president says. they've lost tremendous credibility since that day in november 2016 that i came down the escalator with the person who was to become your future
first lady. when i ultimately leave office in six years, or maybe 10 or 14, just kidding, they will quickly go out of business for lack of credibility or approval from the public. that's why they will all be endorsing me at some point. one way or another. the president writes. could you imagine having sleepy joe biden or alfred newman, '99, he's referring to pete buttigieg or very nervous or skinny version of poke ho pocohonts ran what you have now. sorry to say that even social media would be driven out of business along with and finally the fake news media, the president is having some fun there this morning. we want to bring in juan williams on that note. what do you think of the president's tweets this morning. >> so good-looking and a stable genius, maria. you know, we were going to talk in a few minutes about
alexandria ocasio-cortez. maria: let's start here. >> and her use of social media. i think she's number two to the president in terms of politicians with social media following on twitter. that's an example of the power of not only this president and his stable genius and using it, but also what he has set in motion in terms of on the other side alexandria ocasio-cortez building a following that nancy pelosi then says oh, her social media following is not about real politics. i think we can laugh about the president being such a narcissist and maybe in a funny way this morning but it does have power. i don't think there's any question. maria: look, the democrats are divided and it's playing out all on social media, right. alexandria ocasio-cortez implied on twitter that house speaker nancy pelosi is a racist. pelosi called out far left democrats for voting against the $4.6 billion border funding deal. sheaf said they don't have much influence in congress. now, aoc sounds off on the spat
telling the washington post this. but the persistent singling out, it got to a point where it was just outright disrespectful. the explicit singling out of newly elected women of color. why would she bring up women of color? what does that have to do with anything, juan? >> all four that she's signaling out, the four that voted against the border bill, they're the only four democrats who did, are all women of color. i think what alexandria ocasio-cortez is saying is that there's a lack of sensitivity there. i don't think she's calling her a racist. i think she's saying that those four people are voting especially when it comes to immigration with a sensitivity the way people who are immigrants and in large part coming from central and southern america are being treated at the border and that they are deeply offended by this. pelosi's calculation is much more about counting votes and pelosi can count votes not only in terms of her floor, but in terms of the moderates that she needs to stay in power as speaker of the house come 2020. dagen: it's nancy pelosi who
didddid ilhan omar a favor by nt calling out the anti-semitism, the repeated use of quotes about the jewish people, nancy pelosi actually tried to tamp that down. what maria's talking about is alexandria ocasio-cortez is using her ethnicity and the ethnicity of those four women as a crutch to try and accuse her leader in the house of being a bigot. >> i don't think so so at all. dagen: why refer to themselves as women of color. >> they are women of color. dagen: what does a that have to do with her disagreeing with the behavior, for example, not voting for that. maria: more identity politics. >> more what? maria: identity politics. >> i think identity politics is borne on donald trump and the right these days. maria: we're talking about this right now. >> coming back to this topic. i think dagen, what you have to understand is here one of the
big divides within the democratic party and even with democrats on capitol hill is generational. and if we don't talk about it in those terms very often but obviously the younger, more activeist base of the party are more people of color, more immigrants, and much younger. by the way, much more female. and those people feel like you know what, we're not being heard by the older generation that donald trump punches at regularly and they're saying oh, no, the way to beat donald trump is to be more moderate, not to engage in the kind of bullying and name calling that he does. they want him -- they want their democratic party to become ferocious in defending the rights of immigrants, in saying racism is wrong, in saying that you know what, when you look at the republican party today, they practice identity politics to a -- >> dagen: again, they're eating themselves. the democrats are eating themselves. it's something that meghan mccain talks about all the time on the view and she did on this network. they need to look to the mature
leader in the house. >> we can agree. dagen: mature leader and realize that's why you're in power in the house is because of her leadership not because -- >> that was my point earlier. dagen: not because you take a great selfie. >> president trump just this morning and what maria was showing is an example of the power of the great selfie or the -- you know, the self-effacing humor, i hope. i am sometimes not sure when he says l he'll be in power for 10 or 15 years. dagen: let's paraphrase something that nancy pelosi said to these four women. you ladies are new around here. you need to learn lessons from the grande dame that's been in politics for decades. >> we talk about divisions among the democrats. we could talk about what's going on among republicans. the huawei deal set off senate republicans. the issue of the continuing resolution 57bd how we'lresreso.
people in congress are writing a letter to the administration, saying it's too much in terms of military cuts and not enough in terms of deficit reduction. justin amash is calling for the president to be impeached, one of the founders of the freedom caucus. dagen: it's lonely out there. >> there's always that churning in american politics. i would argue, maybe it's healthy. >> on the issue of immigration, do you think the democrats overplayed the hand on the border issue, acknowledging finally this is a humanitarian crisis, and why don't they change the asylum rule or in effect people around the world get the impression you get to that border, you do your 20 days, you're released and you're in. >> i think that that's the heart and soul of the matter. maria: it sure is. >> congress having to change the laws. of course, we have a tremendous history as americans when it comments to asylum. a lot of this goes back to you hohowjews were treated after wod
war ii. maria: most of the cases, it's just they want a better opportunity in america. i was there at the border in el paso, a woman said to me, no, i'm not really fleeing anything. i think my daughter will have a better opportunity growing up in america. we have to actually say that, that, yes, of course you want to be open handed to anyone seeking asylum. that's not what every case is about. >> that's why they've got to change the rule which in effect invites people to come, get across the border, have your 20 days and then you're released a and you don't show up for your hearing. >> i think that's an adult conversation we need to have. >> why won't the democrats deal with that? >> at the moment you're dealing with president trump. you're dealing with a guy who says it's not just a humanitarian crisis as you aptly described it. he was sending troops to the border. maria: obama said don't come here illegally, you'll be turned away. we have sound bites of obama saying that over and over again. not just trump. let's be honest. >> obama was dealing with
unaccompanied minors. trump is separating families. maria: it's because people are renting out their kids in mexico and they're getting -- >> that's not the hear heart anf what's going on. maria: many people are renting out their kids. i saw it for myself. >> i think that's a talking point of the right to try to deflect from the issue. maria: are you saying renting is not going on? >> that's not the heart and soul of the issue. you have families that are desperate to get away from violence and economic -- maria: under obama it was all men coming over the border, young men. today, it's families, quote, unquote. >> that's the different. maria: they know they get an easier take when they get there. when you're a family it's harder to separate them. >> i would argue just the opposite. i think president trump's zero tolerance policies exacerbated the problem. >> why don't the democrats then do what would seem to be a good political thing, not to mention
humanitarian, change that virtual invitation and say okay, we dealt with the problem. >> mr. forbes, if it was you and me, i think we could work it out. we could work it out. >> go ahead. >> i'm wondering, why doesn't nancy pelosi put a public offer on the table? you get your wall. we want these increased a amounts of legal immigration in these categories. we want something for the dreamers. okay. we'll change asylum rules so it makes less likely people who are not actually seeking asylum or coming in, i'm wondering -- maria: why not. >> she has a laundry list of things she claimed for years she wants. >> we're in july of 2019. in january of 2018 --
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maria: welcome back. the u.s. reaching a huge settlement over an opioid drug. cheryl casone with the details in headlines now. cheryl: that's right, maria. the department of justice and federal trade commission reached a settlement with ruket to the tune of $1.4 billion over that drug. the company is in u.s. crosshairs over the actions of the former pharmaceutical unit. the unit produced the open idea addiction treatment. investigators allege the company drove up sales by claiming it was safer to take than other drugs in the same category. the next trade conflict with france is over tech. the french parliament approved a 3% tax on revenue that companies like google and amazon get from
targeted ads in digital marketplaces within france. u.s. trade representative robert lighthizer who has opened an investigation into that tax said the u.s. is very concerned that it unfairly targets american companies. and then finally, check this out. an assistant hockey coach's locker room speech has gone viral after he told players to respect the anthem or get out. >> we're not women's soccer. we're not the nfl. if there's anybody here that's going to be disrespectful to either the american or the canadian national anthem, grab your gear and get the [bleep] out now. because you'll never see the ice in this arena. we don't have that problem in hock east we're better than that. but there's no sense in wasting anybody's time if that [bleep] is going to happen. cheryl: well, the coach made clear there is no room for that kind of protest on his team, maria. back to you. maria: all right, cheryl. thank you so much. the president is tweeting this
morning, he just tweeted about the co-founder of bet, robert johnson. i give the president a lot of credit for moving the economy in a positive direction, that's benefiting a large number of americans. i think the tax cuts clearly helped stimulate the economy overall. if you look at the u.s. economy and you look at the number of people who are no longer looking for jobs but who are seeing the opportunity for job growth, you've got to give the president an a plus for that. thank you, robert. the president says, one of our great business leaders, robert johnson said that recently so the president tweeted about it. he tweeted this this morning, the fake news media loves the narrative that i did not use many banks because the banks didn't like me. no, did not use many banks because i don't need their money. old fashioned isn't it. if i did, it would have been very easy for me to get. remember, a bank that i did use years ago, the now badly written about and maligned deutsche bank was then one of the largest and most prestigious banks newspaper the world. they wanted my business and so did many others the president writes this morning.
the president is having a lot of fun tweeting this morning. dagen: waiting for that tweet about alex across. maria: we'la-- acosta.maria: , talk about had that next. ve the. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star.
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maria: welcome back. media and technology moguls headed to idaho for the annual allen and company sun valley conference. jackie deangeles is there with the latest. jackie, good morning to you. >> reporter: good morning, maria. we're told that 400 private planes will touch down here, they started yesterday, over the course of the next few days with the media and tech giants. as you mentioned, we saw big names coming and going yesterday. namely, john malone, we saw barry diller, diane von ferstenbrg, james murdoch. it's the theme of media and tech
mixer. in the marketplace, who has more power. we had a chance to talk to john malone yesterday, he stepped on the side to answer that question. when asked what he thought about amazon, facebook and google, the answer was interesting. >> they've changed the world and they're the disrupters now. we were disrupters in our youth. now they're the disrupters. we have to figure out how to position ourselves to adapt to the changing world that they're changing. you're not going to fight them. so you better accept them as a fact. >> reporter: so interesting there. they're the disrupters, they are changing the world he said and sort of also said if you can't beat them, join them. that's part of the conversation i think that's happening behind the scenes here today. but the other things people are going to be watching is sheri
redstone. we're looking for an announcement on a cbs, viacom veemerger.maria: another topice potential regulation within the social media space, right? particularly as we've got a tech summit going on at the white house and all of this criticism about censorship. >> reporter: that's the conversation going to be taking place in washington and a conversation that's taking place here. it's going to have such an impact on how the companies develop. maria: jackie, thank you so much. we'll keep checking back. still ahead, the social media summit on the white house, more on that, right here, next hour, "mornings with maria." stay with us. ♪ liberyour car insurance,s so you only pay for what you need. nice. but, uh... what's up with your... partner? not again. limu that's your reflection. only pay for what you need.
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east coast,fr chairman jay powell driving markets this morning, take a look futures pointing to gain start of trading, after paul signaled rate cut maybe on the convey dow up 89 s&p up 6 nasdaq up 19 nasdaq hitting new intraday high closed new high all indices hit all new abc day highs only 2345z deduct to finish there s&p 500 crossed 3,000 yesterday, nasdaq as i said at a record high this morning, at 8202 european indices pretty much flat today take a look ft 100 down two points cac quarante up 6 dax in germany lower by 22. minutes from last month's ecb meeting just released saying the members agreed on the need he to be ready to provide more stimulus to eurozone in an environ of heightened snurnt from from ecb not movement in markets post that that is basically what we heard from mario draghi last pique asian markets higher overnight take a look, pretty much, higher
across the board fractional moving in china escalating tensions with iran iranian gun boats tried to steez a british oil tanker in strait of hormuz the lattered a british warship intervened. >> a profit beat on higher travel demand raising guidance stock up better than 2% as company takes dividend up, the world's highest paid intaernz kanye west number 3 forbes find out you who is earning top dollar steve forbes with us coming up joining me to break it all down dagen mcdowell, assistant editorial page editor wroj james preman forbes media chairmen former republican presidential candidate steve forbes great to see everybody. >> great to be an here thank you. >> interviews about issues of the day what is most important. >> right now the federal reserve. and yeah they are all focusing on interest rates, built, i am
concerned about getting a number fed person on that board judy shelton did a bank shot yesterday with paul going against the gold standard as a way of hitting her there is a big battle we've got to get diverse on the board. >> you want a disdent there yes need hard divest idea of pro sprity causing inflation has to be ataxed. >> what is wrong with into sperity no inflation? >> yeah, a rock star people have talked about president trump, with the kooky tweets rest of it might have trouble attracting talented people called the collapsing of the soviet union that is one of the great calls in history, a lot of smart writing research since then ep. dagen: also, speaking of
hires the labor second the only thing you need to point out his main job is to promote how awesome the job market is how great job growth is. wages growing at fastest pace 10 years, is a distraction can he do that going forward who do we see on jobs, larry kudlow we see heaven hassett all the time economic adviser not alex acosta why is he there is he a distraction in the weeks and months to come if he stays around? i just raised that issue, but -- >> you are there to promote labor policy, the great job market, and all of this too much -- >> we are watching that. >> labor department, has been doing good things removing barriers to hiring don't get much pubs caster deregulation push. >> skills training another important element there we are talking about all that this morning, top story right now, is president trump is host sag
social media summit at the white house later day blake burman live at the white house right now with the very latest blake, good morning to you. >> good morning to you as well very first surprise of the day over at the white house 6:39 this morning came via twitter, president trump announced that after that social media summit here at the white house there will also be a news conference regarding the issue of the citizenship question, on the census break down one by one later went on to twitter to talk about social media summit said the following he wrote quote a big subject today at the white house, social media summit will be the tremendous dishonesty bias discrimination suppression practice by certain companies we will not get them get away with it much longer you can see at end of the tweet followed up about several others, he then went on to rail against with what called fake news yood after that summit the expectation is the president will announce his course of action, regarding thes census
citizenship question earlier this week the president talked up possibility of executive order as supreme court has recently kicked the matter back to a lower court, watch. >> -- we will see what happens -- >> -- maybe addendum after a positive is asking we are working -- including afr executive order. >> if president goes route of executive order you can expect lawsuits to follow after that, because the current dynamic right now is this. this is still a matter that is being handled in the court system, and as relates to the census the census is already being printed the president clearly doesn't like that dynamic or where everything stands right now he is potentially trying to change all of that we will see how he tries to go about it later today. maria: blake thanks so much blake burman the latest interest joining me right now tennessee senator member of the judiciary armed services committee mar marshall
blackburn. >> absolutely. >> we are talking about this white house summit you are urging bike tech to protect young children what do you want out of big technology? >> well what i would like to see, out of big tech is some responsibility and accountability. and maria, they go in and subjectively manipulate algorithms opens doors to children like senate senate letters i sent this week deals with the way pornography is made public, on their site. and this is made available ratings are wrong on these apps, children are seeing this they need to adjust those ratings, and also, parents need to be aware, you need to give parents the tools, to block this. these videos, that are deleted, this becomes a child predator's dream, for contacting children, and there are several cases, where
pedophiles have used snapchat to contact and to coerce these children. >> unbelievable. maria: it is unbelievable. maria: feels like this is one issue big tech hits both corn rz like elizabeth warren, and ted cruz both saying that they want to break these companies up. do you want to see breakups of some large companies that are today as you know more powerful than we've ever known. >> i think where we start with privacy issue, yesterday, chris hughes, who was cofounder of facebook was in my office we had a very productive discussion. about how you deal with privacy and givings consumers the tool box, to deflect i term it virtual use and online so you start with privacy, and data security, you look at how the social media giants are prioritizing their content over content that should be
realli readily available online i am having a meeting later today with ceos of yelp concerning this issue, because they are conducting will go prioritizes their content, so that determines what people see, what they have access to we're also going to look at krens orship antitrust say i to they need to reposition themselves i think first, you look at the privacy issue, and you determine how that forces the media companies to adjust their business model. right now, they are they built business model on a no holds barred they do not have have to inform you that they are taking your data, that they are mining your data. they say he that they are positioning your data to be an sold to highest bidder going to market back to you or is going to go through and sift
your data and then determine what they want to push forward to you in the method of videos, or articles it is like youtube you look at one video then they fill a stream with similar videos. >> quick i want to move to the border but let me end this here on this, because, when i spoke with 2 president a couple weeks ago he side look we might need legislation which will spur competition. do you want to see regulation for bureau of investigations. >> the browser act is legislation that deals with privacy issue that i working to move that forward to get guardedly rails in someplace, and to do that first, like touch, but to put those parameters in place. >> understood the crisis at border immigration enforcement
agents preparing to conduct raids the move after president trump said operation was first delayed you are headed to the southern border with vice president mike pence tomorrow, what are you expecting? and do you think we are ever going to get our arms around these loopholes, that are encouraging so many illegals migrants to flood the border? >> as the thing is we have to get our hands around the loopholes, and we have to plug these loopholes if you will, and make certain, that those who are coming to our country, come here legally, the border patrol i was down there, a couple months ago, and they are in desperate need of some help my hope is that our democrat colleagues will begin to work with us, to give the border patrol three things they continue to say they need, they have been saying this for 20 years. give them a barrier, give them appropriate technology, give them more ofrz agents judges
to deal with this issue. maria: let's be honest they don't want the president to have a victory, i mean some people on democrats side hate him so much, that they are going to try to make a point and not do anything, about this issue, do you really see anything getting done. >> i got to tell you they need to get over their pettiness they need to put this nation and our sovereignty and the protection of the american people first. >> skoo i understand. >> they need to stop this human trafficking, sex trafficking drug trafficking that is taking place on our border. every town is a border down every state is a border state because of the drugs and human trafficking coming through they need to get over themselves. maria: yeah because all people. >> election, they need to work for the good of the american people. maria: all people coming to the border facing the situations, where before they even get to the border, they have got to deal with druglords, so there is that.
maria: . >> that is right. maria: they don't want to do anything there but also an issue on trade, so let me asks about usmca. >> yeah. maria: what is a likelihood the bill comes to the floor for a vote in the fall? >> the votes are there. if pelosi were to pit on the floor today, put it on the floor it would pass. maria: why isn't she? >> i think that there again, you are looking at people that say well do we want to give donald trump a victory, give the american people a victory! the unions, farmers for this, come on guys put it on the floor. maria: you don't know is the answering the she is going to bring it to floor by fall. >> what you are saying. >> she should bring it to the floor next week. maria: exactly, let me ask about china trade representative robert lighthizer going to be meeting with members to discuss usmca. i spoke with vice president mike persons chief of staff marc short on program yesterday said probably coming to the floor in the fall what is plan bin is it she donate
bring it to floor could that happen they doesn't bring it to the floor? >> i think she will see what happened to the border funding bill before he week before lat you will see moderates say come on nancy let's get with it get this job done. and when you have the unions and so many trade groups, all saying usmca, push it forward, she needs to say she and steny need to say put it on the floor call vote let chips tall where they may let -- they need a victory being able to about move something forward we need to get this thing dean. when it comes to china we are going to continue to encourage holding that line against huawei. china will steel our intellectual speaker pro tempore they will embed chips and build huawei as a spy network in that equipment and
consumer products, we need to make certain that we deal with that issue, and not give them an in which we know what they are up to -- >> you have been keeping and president has been keeping his boots on the neck of the chinese on this issue for sure, senator good to see you as always thanks so much. >> good to see you. >> marcia blackburn, coming up awaiting june consumer prices cpi in 150 minutes' time economists expecting it unchanged, zero percent we are bringing the number we will see if markets get impacted there, came up yesterday, in the fed talk then fame and fortunate forbes list is out. ?oet ♪ ♪ ♪ or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade.
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but how do i know if i'm i'm getting a good deal? i tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar. >> welcome back shears delta rallying premarket this morning a lot of news there, cheryl casone on it right now. cheryl: lot to unpack with
earnings second-quarter results beat expectations both top and bottom line strong in an for travel for premium class tickets raised profit guidance for the year, they did raise quarterly dividend stock up premarket 2% they don't fly boeing 737 max jets, those ground following two deadly crashes, now to a different earnings story this morning, this is bed bath & beyond. adjusted profit coming in better than expected but revenue fell from a year ago missed forecast street had down more than 40% from a year ago, as you can see, down almost 4% premarket right now, few stocks is to watch today. lockheed martin staying in pennsylvania, defense giant keeping a helicopter plant open there after president trump called for it. the president tweeted after the news was released quote i was just informed by ceo of
lockheed martin of decision to keep the helicopter plant in pence open coming we are very proud of pennsylvania people who work there, thank you to lockheed martin where u.s. is truly great companies. >> and she may be worth a billion dollars but kylie jenner not world's highest paid celebrity. this iss for steve forbes shaking up stop of forbes list taylor swift earned 1 85 million dollars past year, she came in number two 170 million top five of the forbes list kanye west, lionel messi, ed sheeran. >> folks are list we look forward to great list i love the list at forbes a sense of amount of wealth in this
country. >> we have been characterized putting kylie jenner on cover a year ago saying a self-made billionaire, and by golly doing. >> it quick break waiting consumer price index in 10 minutes time economists expecting it unchanged we bring the number next. >> fed in focus futures hire this morning rallying after, the testimony yesterday hopes that weigh see rate cut in a couple weeks what you need to know this morning, back in a minute. ♪ ♪ ♪ i got me sun coming up, cakes on griddle ♪ ♪ thank god i am a country boy, yeah .
before congress indicated a rate cut could be come this month looking at gains today, dow industrials up 113 points s&p up 7 nasdaq up 23, this right here high of the morning joining us right now invesco advice chairmen of investments great to see you. >> thank you. maria: you said we are looking at further gains, your call is 5 more years of a bull market being. >> yes, so suffice more years of growth therefore five more years of bull market the key point that i would like to make is the lack of inflationary pressures in the global economy provides central bankers flexibility that they need, to manufacture economic outcome they are not being forced into a corner, much the way fed did in 2018 if things get hot and heavy, they start tightening, at right moment, they have the flexibility to pivot what they did that is why they are probably going lower for a while moo how come they don't act like that we have been having debate all morning why
the fed doesn't believe that prosperity is possible without inflation never do anything about it. >> -- >> you don't feel that if the economy starts to do well they are going to talk about overheating incomes going up sweating at night you got to -- >> cool it off? >> they are still working off alleged data sets, in their mind they have been unemployment rate gets to a certain level will reach inflation -- could lead to inflationary pressures unfortunately that is not how things worked out in cycle for most cycle i think, they don't like the current environment, but i think the -- adjusting -- >> actually lagging indicator. >> absolutely, intellectually they still believe in the phillips curve although phillips curve hasn't materialized economy very different globalization demographic pressures technology keeps inflation under control laws rates far
more stimulative. >> do you see threats in europe. >> if you go back in cycle 2011, 12 far more political trouble. >> europe on verge of europe breaking up, the common currency going down, and didn't materialize i think what we need to do is make sure that at the right pivot point somebody comes up, like draghi in 2011 to support economy i think as long as we don't make we don't make mistakes we don't have our own goals, the global growth can continue for a bit. >> markets down by -- >> so i think, the -- the markets are going to be driven ultimately by globe economy global economy overall continues to do well, the -- emerging markets -- . that a speaker is just a speaker. ♪ or - that the journey can't be the destination.
breaking news another important read on the economy, june consumer prices due out in a couple seconds, economists expecting it to be unchanged month-over-month but off 1.6% year-over-year consumer price index measuring prices at cash register are we seeing consumers pay more for goods, when they are at the register? >> month-over-month up one 10th of a percent higher than we are expecting lauren simonetti with more on cpi right now lauren. >> we are getting numbers for cpi maria market reaction not liking this a bit hotter for month-over-month number for the month of june a rise 1/10 of one percent market expecting flat reading. year-over-year in line, ares 1.6%. just looking through the numbers a little bit more right now maria, give me one
quick second. um -- >> if i can could -- i can't get breakdown at this moment but i will check back. maria: lauren year-over-year 1.6% is pretty much in line with expectations, and obviously, we want to look at this number, because the federal reserve continues to say that the inflationary story is below 2% target we are seeing that again, 1.6% year-over-year. >> let me get to core number maria if i can, this is -- x-foobd energy more volatile expecting .2% this came in .3%, so a little bit more inflation in this june cpi read, year-over-year core read also a tad bit higher 2.1% versus 2% expectation so that is more information from this report. maria: all right. we are not seeing a major move but certainly markets have cooled off, from the highs of the morning. >> right before this dow was up 111, seconded before now up
69, s&p was up 7 moments before this report seconded before now up 2 points, so we do have we are looking at higher opening but, nonetheless, we have come off highs much to at all does this change the way fed has to do a cut. >> we are seeing markets off highs thank you. we will keep reading see what they tell us joining us former undersecretary of state for economic growth energy environment. >> when you look at cpi number like this you say what? what what does it tell you? >> first of all, i don't pay a lot of paengs to month-to-month numbers, second if there is anything, moving it up a little bit, it is we've had a decline in health care costs for a while maybe they are beginning to trickle-up a little bit housing may be going up a tiny bit, but in general, we are very competitive global environment, we don't have to worry much about a deflation
slight increase in inflation is not really troublesome do i think if we get into a trade war prices go up because of higher tariffs, that will be inflationary but also in a way, going to slow growth, because it is an effective tax, so that maybe looked at one way as inflation another way as actually growth slowing. maria: good point. >> wondering about case for rate cut fed chairman jay powell talking about uncertainty you are hearing same message from europe if president trump treats tomorrow xi of china he is great guy beautiful country is going to lower tariffs does that mean they raise rates. >> i'm very ufsncomfortable with point links in rhetoric perhaps so much decision making certainly what he said to uncertainty over a trade war because as you correctly point out, a lot of what is going on in trade, is short
term some negotiating tactics we don't know what is going to happen three or four months from now. there is uncertainty but if there is a deal with china all eliminated does that cause fed to change its mind if it gets worse does that cause the fed to get even more concerned, and lower rates further? but to trigger trade policy -- you have trade policy in effect trigger fed policy to me is not a comfortable thing because it is so volatile so unpredictable can change week-to-week month-to-month day to day hour to hour fed should not focus on short term things the long-term trade war that is different matter but a lot of this is tactical. >> on trade front worries about autos. >> yes, i think a terrible thing if we start -- first of all, national security argument for ric restricting tariffs on autos doesn't myakka much sense a major
impact on a lot of consumers third what we should be doing is getting allies among major trading pairnz japanese europeans working with them to deal with global trade issues if we take -- tough action against. >> going to getting caught up in dispute with france over them putting took taxes on. >> i think will be dispute retaliatory measures by united states i hope we don't use a sledgehammer in auto tariffs would certainly be a sledgehammer very disruptive not just to american consumer, but to the global trading system, and at a tame when you need allies if you are going to try to get our rules of the global order, intipd the rest of the world you don't want to make enemies among countries that have the closest sets of views on the markets. >> what do you think of revenue this country is taken in president will always push back when you creative tariffs say i am taking in a hundred billion dollars taking in a
hundred billion dollars in revenue as a result of tariffs on china? >> oh, i think this argument has gotten so confusing, americans pay the tariffs. now the chinese may in some cases lower the price of certain goods, to be able to clear the american market but the tariff is a tax. who. pays the tax in americans pay the tax, second, the amount of money paid by almost all accounts has been something in the order of 20, 20 plus billion dollars not a hundred billion dollars i think you have to look at it. >> final the final 325 billion -- >> -- if he were to do so far it is around 20 billion. if he were to do that americans would still pay tariff the problem is then, you would have a slowing of growth prices would go up growth would probably slow because it is a tax. other countries works there is some argument here, that we wouldn't pay the whole burden we would pay taxes but prices that other countries charge us
to exporters every china for instance charge us would probably go down, in order to clear the market, at a lower price but the tariff payments by americans the final price may not be as high as tariffs, because chinese may in effect cut sales tax. >> let me position it like this. u.s. corporations ship jobs overseas used to be good-paying jobs in the united states essentially shipped them overseas for what was a boost to their profits, politicians sat back went that is fine with us until president trump gets elected we've what is acceptable with tariffs on chinese imports, a not a border tax but it is a value-added tax, on goods coming into this country. but at the same time they cut corporate taxes, so there is that offset so actually almost if you look at it from 35,000 feet, a change in the way that we -- we tax we incentivize savings, is we basically tax
spending if you will, discourage spending in u.s., and we have the offset of the he corporate tax cut in the united states it is kind of brilliant if you look at from it economic perspective. >> corporate tax cut, irtotally agree, that is a very positive thing. what i think is part of the equation here particularly if longer term trade war is that the notion of supply chains is going to be changed there are companies that are moving their source of supply out of china into vietnam into mexico, and some of it back into united states. so we're getting some benefit there, but i would -- i would nt necessarily he equate the hard to figure out overly impact on american -- >> the journal this morning about that. dagen: vietnam lovers donald trump. >> they do. >> you want use light switch tactics to change your supply chain overnight the supply chains have been developed in
china over decades, literally, chinese have great infrastructure vietnam does not chinese have a lot more trained workers, vietnam does not. they have a lot of stem workers in china one reason u.s. wants to invest there, and do research there, is that there are a lot are talented ch go there all the time see them not so easy to change in an instant -- dagen: the journal cites this chinese goods exports to u.s. fell more than 12% year-over-year from january through jay vietnam saw more than 36% increase. >> mostly in labor intensify products. >> us about it is leverage on china. who knows if they will want to stop stealing intellectual property make a deal, but it does suggest if we want to look somewhere other than fed for growth, that if this china negotiation is going to continue, the ought teeing lowering barriers in trade with other countries right.
>> yes, for two reasons, one in effect lower barriers lower taxes in effect. and second, it will boost growth in these countries and there our major trading partners will apply more from us. >> the uncertainty -- the president said over and over again, the europeans treat us worse than china does, that india treats us badly that -- actually even said in interview a week and a half ago with when he joined this program vietnam is another one, so you've got all questions, about who is next. >> largest economy in the world what is the trade. >> i mean -- >> you have to pick your spots when you go into these kinds of things. you can't -- against everyone, and seems to me you want to work with japanese you want to be working with europeans you want october working with canadians mexicans. >> politically -- >> definitely geopolitical. >> do you think she brings to it the floor for a vote. >> probably not in august but
do i think they are working very hard in fact on a bipartisan basis. which is one of the few things that is happening in washington bipartisan basis and dealing with issues like, labor, and o enforcement environ issues i do think that she will bring it to a vote, perhaps they don't want to only have nine days in august but after august recess would guess they would both sides would benefit, i just like to add one more point, on the china thing we are paying a lot of attention, and understandably so to all the issues, with china. because we see china as a major competitor now and particularly in technology and in the future. >> and technology has both economic and national security implications what we are missing perhaps distracted from it we need to do more to strengthen our competitiveness at home if you want to compete with rising china you continue to cut money from national science foundation the national labs you need to take
advantage of talented -- foreigner workers a excessive infrastructure environment you need to support stem education we ought to be dock a, competing with china trying to get rules agreed on base of much more market youngers forts global trading rules bilateral trading rules can't be diverted from if fact we need to a lot more at home as during space race the strengthen hour capabilities. >> flat tax wouldn't that help? . >> flat tax -- >> there is one inventory what do we need to do to strengthen our competitive capabilities as we did during space race. >> all good points, bob great to havities come back more often thanks for joining us coming up markets record run futures higher this morning off major detections intraday highs yesterday stuart varney weighs in ahead of the opening bell, cashing in on cannabis live to one of the world's
largest marijuana companies for closer look at driving what is happening here, but first, check out the ep tennis channel. >> welcome back to a court report for fox business, the mens semifinals set at wimbledon giving us the matchup we all have been dreej federoff, nadal, roger feder defeated in quarter fiemz made history in the process the first man to win 100 marches at single major and broke jimmy conners record in the open era will face nadal won his quarterfinal, that will set up first match wen feder and in a a.m. wimbledon since epic 2008 final what many people call the greatest tennis match of all time, in the other semifinal novak djokovic against batista, djokovic won wednesday under two hours you
rates i think market factoring in three rate cuts moderatelied good news china trade economy pretty strong with no sign of inflation. so that is why i would call it a goldilocks market. because we hit a series of highs left-hand side of the screen going up all three indicators up again first thing this morning. dow is getting close to 27,000, i call it a goldilocks market how about you -- >> you know market looks at what is next ahead now expecting a slowdown toward end of the year, yesterday powell said there are crosscurrents that have developed has to do with certainty over trade. >> he will drop interest rates, to take account of threats on the horizon. i mean going to take care of the market isn't he, he is guaranteeing this market
donate crash. >> the question we have been asking this morning is can a rate cut fix all ailes. >> there you go. >> i don't think so. >> i know you have a lot more we will see you then "varney & company" top of the hour 9:00 a.m. eastern after mornings mornings join stuart after the program, but first, we are cashing in on cannabis next taking you live to one of the world's largest marijuana companies closer look at drug prospect for growth there back in a minute. ♪ and when you smile -- smile, the whole world, you are amazing, yes ♪ this is the couple who wanted to get away who used expedia to book
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live in canada the morning with a look at one of the world's he largest marijuana companies ashley good morning to you. >> canopy do you like this protected suit why? i am inside one of 47, growers, surrounded by marketplace if i bring in contaminant would be in a lot of trouble i am all suited up canada leglived recollect reiterational marijuana nine months ago business booming growing marijuana if you smoke there is also cannabinoid the health benefits supplement is a big business, five billion dollars this year alone there are questions as to whether cbd is safe you can get in it drinks in all types of foods but we spoke to a doctor said you know what he has his doubts right now take a listen. >> think about all these sources of cbd coming into your body is that safe?
i as a doctor don't have an answer but i err on side of caution say that is not ideal we need some sort of regulation here. >> fditcha also says it has -- not okay the ingestion we spoke to ceo he welcomes regulation take a listen to him. >> there are people selling tons every cbd products all over america all over the world right now, so they have a real incentive to put a system in place to make sure that what you are buying is properly labeled has been tested proud to certasercertain produced to standard. >> a huge bet the largest legal marijuana grower believe united states is in outlook, already have seven big facilities one upstate new
york growing hemp, as you can see this is what they believe will be the face of the united states to come, the question is can the federal authorities in washington agree with some was states like california and colorado and legalize marijuana and cbd for that matter across across the board we will wait and see we are here all day showing major sites across the street there is a billion dollars worth marijuana piled up irony like next door to police station who would have thunk it? >>s companies public investors believing. >> one of the best ipos we saw allier -- >> absolutely in fact, there has been a change at canopy the original ceo on fox business a number of times kind of left suddenly, mark we spoke to new ceo i asked what is going on he said bruce was founder kind of -- he is moving on to next job, canopy
continues to grow, on new york stock exchange can betrayed under weed, this is the future cbd in particular. >> good symbol ashley webster in canada final thoughts from all-star panel. we'll be right back. ♪ ♪ morning light, forget about -- you can leave it all behind ♪ -driverless cars... -all ground personnel...
...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. maria: welcome back. final thoughts from this all-star panel. steve forbes? >> watch out on the trade front. watch fourth the fed. maria: for sure. >> i wish the president would realize every other country is not china. he's made a good case that china's mistreatment of american business needs to be addressed. he ought to be seeking trade peace with everybody else. >> again, don't be fixated on the trade deficit because u.s. prosperity, this irrelevant economic measure in u.s.
prosperity means we will probably still have a trade deficit as we do. trade war, still got a trade deficit. maria: we are on the doorstep of second quarter earnings. that will be the driver for the market. the big banks, next week. great show this morning. thank you so much. have a great day, everybody. "varney & company" begins now. stuart: thanks, maria. good morning, everyone. oh, to be an investor. oh, to have money in the market. it's all come together. interest rates, trade, profits, the ever-growing trump economy and stocks are way, way up there at record levels. new highs for the dow, the s&p, the nasdaq and the value of all stocks has now gone up almost $10 trillion since donald trump was elected president. $9.9 trillion, to be precise. all right. now look at this. more gains to come at the opening bell this thursday morning. the dow's going to be up the best part of 90, 100 points. a smaller gain for